Charity Registration No. 102902 PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW CONTENTS Page Charity information Trustees, report Statement of Trustees, responsibilities Independent examiner's report statement of financial activities Balance sheet 10 Notes lo the financial statements PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW LEGAL AND ADMINISTRATIVE INFORMATION Charity information st. Patrick's is silualed in Church Slreel in the centre of Coleraine while St Andrew's is located in Hazeldene Drive close lo the heart of the Ballysally Estate. The correspondence address for both churches is the Parish Office, Sl Andrew's. Hazeldene Drive, Coleraine, Co. Londonderry, BT52 2HJ. Tel.. 028 7034 4213. Email: admin@stpals.co.uk. The Parish is registered with the Charity Commission for Northern Ireland as COLERAINEIColerainelSt.PatricklConnorlChurch of Ireland - NIC102902. Further information about st Patrick's & St Andrew's is available on the Parish website http'.Ilwww.stpals.co.uk. Independent examiner Dr R I Peters Gallagher, OBE, FCA Moore INI) LLP 32 Lodge Road Coleraine Co Londonderry BT52 1NB Bankers Danske Bank 22 The Diamond Coleraine BT52 1 DE Solicitors Martin King French & Ingram LLP 52 Catherine Street Lirnavady BT49 9DB PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW LEGALAND ADMINISTRATIVE INFORMATION (CONTINUED) Membership The 2022-2023 membership of Select Vestry was as follows: Ex-officio The Rev Roger Cooke Rector Elected Gillian Anderson Alan Bennett Scott Brown Helen Cushion Claire Holmes John Wisener Alice McAlary Jacquie Todd Jenny McGeehan Barry Mitchell Alan Robinson Patricia Taylor John Wisener Hon. Secretary Alan Robinson Hon. Treasurer Nominated James McDowell David McGeehan Rector's Church Warden People's Church Warden Henry Switzer Billy Waddell Glebe Warden Glebe Warden Co-opted Bridle Leese Lexie Hynds Chapel Warden Chapel Warden In attendance The Rev Malcolm Ferry Chairperson PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Introduction The Select Vestry presents their Annual Report and Financial Statements for the Parish of Coleraine for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Parish's constitution, the Charities Act (Northern Ireland) 2008 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015)" Objectives and activities The charitable purpose of the Church of Ireland is the advancement of religion. The principal function of the Parish of Coleraine is to support the advancement of the Christian religion by promoting, through the work of St Patrick's and Sl Andrew's, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Being open to, and engaging with, society as a whole and offering support for those needing help are fundamental to the practical delivery of the benefits of Christianity. As a result of activity in the pursuit of the advancement of the Christian religion, the Parish of Coleraine has custody of properly and of records, materials and artefacls of significance lo the cultural and religious heritage of Coleraine. Maintenance of these is undertaken by the Select Vestry of St Patrick's and Sl Andrew's. Achievements and performance As a parish, St Patrick's and Sl Andrew's, seeks to be 'al the heart of the community with the Gommunity on our heart,. In order to fulfil this vision the Parish & Community Audit carried out in 2014 identified a number of key 8ims and purposes. These form the framework for the parish's vision, aim and purposes.. A. To work for the advancement of the Kingdom of God. B. To be a church Ihat prays. C. To be evangelistic and 'grow' disciples. D. To develop both the church as a family and ils links with the community it serves. E. To fulfil its civic role. PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Public benef it The Parish has given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit lo ensure thal the activitieg entered into during the year have helped lo achieve Ihe Parish's objectives and activities, as well as providing public benefit. Financial review Strategy The Trustees, financial strategy is based on achieving a sustainable financial position whereby expenditure and income are broadly in balance and on ensuring that financial planning is based on the core principles of transparency and accounlabilily. Overview In 2022, there was a net deficit of £58,810, which included losses on investments of £92,143. In 2023 a net Surplus of £201,864 was recorded, this included gains on investments of £57,173. The increase in net income from 2022 to 2023 is due to an increase in investment income and an increase in donalions and legacies per Note 3. Investments The Parish has inveslments with the Representative Church Body {RCB) and the Church of Ireland Trustees {CIT). £300,000 from the Uprichard bequest has been invested in a portfolio managed by True Potential Investments LLP. The Parish also has three houses which are held as long-term investments. The sale of the Parish Ha15s was completed in March 2017. The sale proceeds are held jointly by the RCB & Diocesan Board of Education. Reserves Policy The Trustees believe that unrestricted funds that have not been designated for a specific use should be maintained at a level al least equivalent to between three and six months expenditure. Maintaining Reserves al Ihis level will ensure that. in the event of a significant drop in income, they will be able to continue the parish's current activities while consideration is given to ways in which additional funds may be raised. This level of Reserves has been maintained throughout the ye8r. Going concern The Trustees receive monthly financial briefings on income and expenditure plus quarterly reports on the parish investments. They are satisfied that there are adequate funds in place to ensure that the Parish can continue its activities and that Ihe financial statements for the year ended 31 December 2023 can be signed off as a 'going concern,. PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Governance, management and structure Govornance The principal document for the governance of the Parish is Chapter 111 of the Constitution of the Church of Ireland, which governs Parishes and Parochial Organisalions. The Select Vestry members are th8 Charity TTuslees. Diocesan Regulations are also issued periodically: these inlerpret some aspects of the Constitution where that responsibility has been delegated by the General Synod lo diocesan councils and synods. The other major factor In parish governance is civll law - particularly health & safety, child protection legislation and employment and management procedures for lay staff. structure All members of Ihe Church of Ireland who are over the age of 18, are either resident within the Parish or live elsewhere but have been accustomed members of the congregation for at least three months and subscribe to the funds of the parish may register as members of the General Vestry of the Parish, allowing them lo attend and vote at Tneetings of the General Vestry and to sland for election to the Select Vestry. Meetings of the General Vestry are held al least once a year. The Select Vestry is elected as part of this General Vestry meeting. The Select Veslry will hold their posillons for a period of one year. Select Vestry members may be re-elected annually 8nd there is no limit on the number of lem)s which may be seNed. Management The Select Vestry normally meets monthly with the Rev. Malcolm Fery, Rural Dean, in the Chair, In the absence of the Rector. Special meetings may be convened al any time by the chairperson or the churchwardens. In 2023 the Select Vestry met nlne tlmes and the average attendance w8S Sixteen. The primary responsibility of the Select Vestry is to gnsure that the mlnistry and wllness of Ihg Parlsh is malnlalned, developed and safeguarded both legally and financially. It has specific responsibility for the admlnlstration of the Parish financos and the care of the bulldlngs both Inl6rnally and exterrially (the 'thr8o Fs, _ Finance, Fabric & Furnlshings). 11 is also the lègal employer for all lay staff and has responsiblllty for health and safety, Insurance and the care of all th8 Parlsh's assots. The Select Vestry delegates responsibility for various asp8Cts of its work to sub-committees, whlch report back to tho Veslry wlth Ihelr recommendalions. The Trustee5' report was approved by the Select Vestry. hn Wlsener A Roblnson Dated.. ..//. Dated: PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Select Vestry is responsible for preparing the Select Vestry's Report and the Financial Statements in accordance with applicable law and regulations. The law applicable to charities in the Northern Ireland requires the Select Vestry to prepare financial statements for each financial year. Under that law the Select Vestry have prepared the financial statements in accordance with Generally Accepted Accounting Practice in the United Kingdom (accounting standards issued by the Financial Reporting Council in the UK, including Charities SORP IFRS 102} "Accounting and Reporting by Charities- statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" and promulgated by the Inslitule of Chartered Accountants in the United Kingdom and United Kingdom Law) Under that law the Select Vestry must not approve the financial stalements unless they are satisfied that they give a true and fair view of the state of the affairs of the charity and of the statement of financial activities of the charity for that period. In preparing these financial statements, the Select Vestry is required lo: selecl suitable accounting policies and then apply them consistently; make judgments and eslimales that are reasonable and prudent., stale whether the financial statements have been prepared in accordance with applicable Accounting Standards and identify Ihe standards in question, subject lo any material departures being disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Parish will continue as a going concern. The Select Vestry is responsible for keeping accounting records that are sufficient to show and explain the Parish's transactions and disclose with reasonable accuracy at any time the financial position of the Parish and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, Ihe Charity (Accounts and Reports) Regulations (Northern Ireland) 2015 and the provision of the Constitution of the Church of Ireland. They are also responsible for safeguarding the assets of the Parish and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to dlsclosure to our Examiner In so far as the Select Vestry is aware at the timing of approving their annual report- there is no relevant information of which the charitable company's Auditor is unaware., and the Select Vestry have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the Parish's Independent Examiner is aware of that information. Independent Examiners Dr R I Peters Gallagher OBE, of Moore (N I) LLP, has indicated her willingness to continue in office and a resolution concerning their reappointment will be proposed at the Annual Easter Vestry Meeting.