Charity Registration No. 102902
PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 DECEMBER 2023

J N

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
BALANCE SHEET
ASAT 31 DECEMBER 2023
2023
2022
Notes
Flxed aysets
Tangible assets
Investment propety
Investments
11
12
13
394,628
465,000
949,656
401,287
465,000
886,795
1,809,284
1,753,082
Current assets
Debtors
Cash at bank and In hand
14
528,271
918,789
545,368
753,062
1.447,060
1,298,430
Creditors.. amounts falling due within
one year
16
4,607
1,640
Net current assets
1,442,453
1,296,790
Total assets less Current Ilabilitles
3,251,737
3,049,872
The funds of the Parish
Endowment funds
Restricted income funds
Unrestricted funds - general
Unrestricted funds- designated
18
19
503,948
1,369,316
942,216
436,257
465,679
1,342,033
1.037,908
204.252
20
3,251,737
3,049.872
I .1 !¥.An .2029
The financial statements wera approved by the Select Vestry on ..
ohn Wi8en8r
Trustee
A Robinson
Trustee
10-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
Charity information
Parish of Coleraine is an unincorporated entity governed by a Constitution.
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard
applicable in the UK and Republic of Ireland" I'FRS 102"}, "Accounting and Reporting by Charities" the
statement of Recommended Practice for charities applying FRS 102, the Charities Act (Northern Ireland)
2008 and UK Generally Accepted Accounting Practice as il applies from 1 January 2015. The Parish is a
Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities {Accounts and Reports) Regulations 2008 only lo
the extent required lo provide a true and fair view. This departure has involved following the Statement of
Recommended Practice for charities applying FRS 102 rather than the version of the Slatement of
Recommended Practice which is referred lo in the Regulations but which has since been withdrawn.
The financial statements are prepared in slerling, which is the functional currency of the Parish. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial slatemenls have been prepared under the historical cost convention, [modified to include the
revaluation of freehold properties and to include investment properties and certain financial instruments at fair
valuel. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial stalemenls, the Select Vestry have a reasonable expectation that the
Parish has adequate resources to continue in operational existence for the foreseeable future. Thus the
Select Vestry continue lo adopt the going Goncern basis of accounting in preparing the financial statements.
1.3 Charltable funds
Unrestricted funds are available for use at the discretion of the Select Vestry in furtherance of their charitable
objectives.
Designated funds are unrestricted funds set aside for a specific purpose.
Restricted funds are subject to specific conditions by donors or gr8ntors as to how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the financial statemenls.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the
Parish.
1.4 Incoming resources
Income is recognised when the Parish is legally enlilled to it after any performance conditions have been met,
the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Parish has been nolified
of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in
relation to donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation.
Legacies are recognised on receipt or otherwise if the Parish has been notified of an impending distribution,
the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a
ontingent asset.
11

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
{Continued)
1.5 Resources expended
These accounts for the year ended 31 December 2023 for the Parish of Coleraine are prepared in
accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreGiation and any impairment losses.
Depreciation is reGognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Freehold land and buildings
Fixtures and fittings
5'/v,
asset
150/0 and 200/0 reducing balance depending on the
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and Ihe carrying value of the asset. and is recognised in the statement of financial activities.
1.7 Investment properties
Investment property, which is property held to earn rentals andlor for capital appreciation, were acquired
many years ago, it is not possible lo obtain an accurale cost. These properties are included in the aGcounls at
the estimated market values. The surplus or deficit on revaluation is recognised in Ihe Statement of Financial
Activities.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaGtion costs, and are
subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net
incomel(expenditure) for the year. Transaction costs are expensed as incurred.
1.9 Impairment of fixed assets
At each reporting end date, the Parigh reviews the carrying amounts of its tangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of Ihe asset is estimated in order to determine the extent of the impairment
loss (if any).
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held 8t call with banks, other shorl-lerm liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.11 Financial instruments
The Parish has elected to apply the provisions of Section 11 'B8sic Financial Instruments. and Section 12
'other Financial Instruments Issues, of FRS 102 to all of ils financial instruments.
Financial instruments are recognised in the Parish's balance sheet when the Parish becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
12-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
{Continuedl
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried al amorlised cost using Ihe
effective interest method unless the arrangement constitutes 8 financing transaction, where the transaction is
measured at the present value of the future receipts discounted al a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Basic financial liabillties
Basic financial liabilities, including creditors and bank loans are initially recognised at transaGtion price unless
the arrangement constitutes a financing trans8Ction, where the debt instrument is measured at the present
value of the future payments discounted at a markel rate of inlerest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-currenl liabilities. Trade Greditors are recognised initially at
Iransaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Parish's contractual obligations expire or are discharged or
cancelled.
1.12 Employee benefits
Termination benefits are recognised immediately as an expense when the Parish is demonstrably Gommitted
lo terminate the employment of an employee or to provide termination benefits.
1.13 Retirement benefits
Payments to defined contribution retirement benefit schemes are Gharged as an expense as they fall due.
Critical accounting estimates and judgements
In the application of the Parish's accounting policies, the Select Vestry are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered lo be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both currenl and future
periods.
13-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Donations and legacies
Unrestricted Unrestricted Restricted
funds
funds
funds
general designated
Total
2023
Total
2022
Donalions and gifts
Legacies receivable
Grants received
other
202,038
96,156
298,194
1,000
2,035
7,235
154,616
1,000
4,070
6,098
1,000
2,035
200
5,297
1,738
207,335
97,894
3,235
308,464
165,784
For the year ended 31 December
2022
7,570
165,784
130,824
27,390
Income from investments
Unrestricted Restricted
funds
funds
2023
2023
Total Unrestricted Restricted
funds
funds
2022
2022
Total
2023
2022
17,330
18,968
2,616
16,967
3,195
2,852
16,967
8,231
2,852
Rental income
Dividends
Interest receivable
17,330
13.280
2,616
5,688
5,036
33,226
5,688
38,914
23,014
5,036
28,050
14-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltable activities
Charitable Charitable
expenditure expenditure
2023
2022
staff costs
Depreciation and impairment
Cleaning costs
Caretaking & maintenance costs
Missions & other groups
Repairs & maintenance of buildings
Insurance
Lighl & heat
Diocesan assessment
Administration costs
Prinling, display & advertising costs
Choir & music group
Renl & rales
Financial charges
Education & books
General expenses
8,670
6,659
5,460
5,396
27,656
10,410
18,681
16,367
17,515
3,982
2,345
8,989
9,614
502
34
7,734
10,016
7,650
6,280
5,946
27,390
15,186
8,884
15,605
16,987
4,509
1,067
9,141
3,011
513
302
5,696
150,014
138,183
Share of support cosls {see note 61
Share of governance costs (see note 6)
19,671
33,002
19,918
2,400
202,687
160,501
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
Restricled funds
164,462
37,680
545
131,586
27,390
1,525
202,687
160,501
For the year ended 31 December 2022
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds
131,586
27,390
1,525
160,501
15-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Support costs
Support Governance
osts
costs
2023
2022 Basis of allocation
Staff costs
Book-keeping
Administration costs
Legal and professional
18,520
365
786
18,520
365
786
33,002
17,980
1,229
709
2,400 Governance
33,002
19,671
33,002
52,673
22,318
Analysed between
Charitable activities
19,671
33,002
52,673
22,318
Governance costs includes payments to the independent examiner of £1,600
{2022- £1,600) for examination fees.
Select Vestry
One of the Glebe Wardens provided gardening and building services to the Parish during the year, payments
made amounted lo £1,67012022 £2,330). None of the other Select Vestry (or any persons connected with
them) received any remuneration or benefits from the Parish during the year.
16-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Employees
Number of employees
The average monthly number employees during the year was.. 1
2023
Number
2022
Number
Administration
Employment costs
2023
2022
Wages and salaries
Social security costs
Other pension costs
16,124
2,069
8,997
15,418
1,821
10,757
27,190
27,996
The Rector's salary has been paid by the Diocese since March 2020. The Parish may be required to repay
the Diocese for the amounts it has incurred. The Select Vestry estimates that up to 31 December 2023 this
could amount to £171,480.
As this is a conlingent liability, this potential cost has not been included as an expense, however, funds have
been designaled by the Select Vestry should repayment be required.
There were no employees whose annual rernuneration was £60,000 or more.
Gains and losses on investments
Restricted Endowment
funds
funds
2023
2023
Total
Restricted Endowment
funds
funds
2022
2022
Total
2023
2022
Gainslllosses) arising on..
Revaluation of
investments
18,905
38,268
57,173
(25,890)
(66,253)
{92,143}
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
17-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11 Tangible fixed assets
Freehold land Flxtures and
and buildings
fittings
Total
Cost
At 1 January 2023
336.842
128,835
465,677
At 31 December 2023
336,842
128,835
465,677
Depreciation and impairment
At 1 January 2023
Depreciation charged in the year
64,390
6,659
64,390
6,659
At 31 December 2023
71,049
71,049
Carrying amount
At 31 December 2023
336,842
57,786
394,628
At 31 December 2022
336,842
64,445
401,287
The church buildings, of St Patrick and StAndrew, and the graveyard are deemed to be Heritage assets as
defined by the Charities SORP IFRS102). These Heritage assetg are not included in the balance sheet as
tangible assets as information on the cost or valuation is not available and such information cannot be
obtained at a cost commensurate with the benefit to the users of the accounts and to the parish.
12 Investment property
2023
Fair value
Al 1 January 2023 and 31 December 2023
465,000
Investment properties comprises houses at 27 Willowfièld Drive, 18 Avonbrook Gardens and 49 Avonbrook
Gardens. The fair value of the investment propertiès are based on the estimated market value..
£140,000
Restricted asset as vested with RCB
£175,000
£150,000
27 Willowfield Drive
18 Avonbrook Gardens
49 Avonbrook Gardens
2023
2022
Freehold
Long leasehold
Short leasehold
465,000
465,000
18-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13 Fixed asset investments
Listed
investments
Cost or valuation
At 1 January 2023
Additions
Valuation changes
886,795
5,688
57,173
(See note 9)
At 31 December 2023
949,656
Carrying amount
At 31 December 2023
949,656
At 31 December 2022
886,795
14 Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
Olher debtors
9,079
519,192
19,638
525,730
528,271
545,368
15 Loans and overdrafts
2023
2022
22
Credit card
23
Payable within one year
23
22
19-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16 Creditors: amounts falling due wlthin one year
2023
2022
Notes
22
1,618
Credit card
other creditors
15
23
4,584
4,607
1,640
17 Retirement benefit schemes
Deflned contribution schemes
The Parish operates a defined contribution pension scheme for all qualifying employees. The assets of the
Scheme are held separately from those of Ihe Parish in an independently adminislered fund.
The charge to the Statement of Financial Activity (SOFA} in respect of defined contributlon schemes was
£8,997 (2022 - £10,757).
18 Endowment funds
Endowment funds represent assets which must be held permanently by the Parish. Income arising on the
endowment funds can be used in accordance with the objects of the Parish and is included as unrestricted
income. Any capital gains or losses arising on the assets form part of the fund.
At 1 January
2023
Gains and
losses
At31
December
2023
Permanent endowments
465,680
38,268
503,948
Previous year:
At 1 January
2022
Gains and
losses
At31
December
2022
Permanent endowments
531,932
166,253)
465,679
-20-

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19 Restricted funds
The reslricted funds of the charity comprise the unexpended balances of donations and grants held on trust
subject to specific conditions by donors as to how they may be used.
At 1 January
2023
Incoming
resources
Resources
expended
Gains and
losses
At31
December
2023
1,342,033
8,923
1545)
18,905
1,369,316
Previous year:
At 1 January
2022
Incoming
resources
Resources
expended
Gains and
losses
At31
December
2022
1,356,842
12,606
11,525>
125,890)
1,342,033
20 Unrestricted funds - designatèd
These are unrestricted funds which are material to the Parish's activities.
At 1 January
2023
Incoming
resources
Resources
expended
Transfers
At31
December
2023
204,252
97,894
137,680)
171,791
436,257
At31
December
2022
Previous year:
At 1 January
2022
Incoming
resources
Resources
expended
Transfers
129,765
27,390
127,390)
74,487
204,252
21 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are
not subject to specific conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At31
December
2023
At 1 January
2023
Incoming
resources
Resources
expended
Transfers
General funds
1,037,908
240,561
(164,462)
(171,791)
942,216
21

PARISH OF COLERAINE
CHURCH OF ST PATRICK & CHURCH OF ST ANDREW
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21 Unrestricted funds
(Continued)
Previous year:
At 1 January
2022
Incoming
resources
Resources
expended
Transfers
At31
December
2022
General funds
1,090,143
153,838
1131,586>
174,487)
1,037,908
22 Analysis of net assets between funds
General Designated
Restricted Endowment
Total
Fund balances at 31 December
2023 are represented by:
Tangible assets
Investment properties
Investments
Current assetsllliabilities)
57,786
325,000
336,842
140,000
445,709
446,765
394,628
465,000
949,656
1,442,453
503,947
559,431
436,257
942,217
436,257
1,369,316
503,947
3,251,737
23 Related party transactlons
The Parish and Kingsgale Renewal Limited are under common control, with the majority of the directors of the
company also trustees of the charity. Kingsgate Renewal Limited owns the properties, as nominee for the
Parish, from 6 to 14 Kingsgate Street. Coleraine, together with the car park behind the properties, which is
accessed from Brook Street.
The Parish uses the properties from time to time, for which Kingsgate Renewal Limited charges a nominal
rent.
Loans have been made to Kingsgate Renewal Limited by the Parish, the balance outstanding at the year end
is detailed as 'Other debtors, at note 14 of these accounts.
24 Cash generated from operations
2023
2022
Surplusl(deficit) for the year
201,864
158,810)
Adjuslments for..
Investment income recognised in profit or loss
Fair value gains and losses on investmenls
Depreciation and impairment of tangibSe fixed assets
138,914)
(57,173)
6,659
128,050)
92,143
7,650
Movements in working capital..
Decreasellincrease) in debtors
Increase in creditors
10,559
2,966
13)
Cash generated from operations
125,961
12,933
-22-