Church of Ireland, Parish of Ramoan, Ballycastle
Church of Ireland Parish of Ramoan Ballycastle
Financial Statements For the year ended 31[st] December 2023
Charities Number: 102908
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Church of Ireland, Parish of Ramoan, Ballycastle
Annual Financial statements for the year ended 31[st] December 2023
| Contents | |
|---|---|
| Pages | |
| Receipts & Payments Account | 3-4 |
| Statement of Financial Position | 5 |
| Notes to the financial statements | 6-7 |
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Church of Ireland, Parish of Ramoan, Ballycastle
Re ceipts and Payments Account for the year ended 31[st] December 2023
| Receipts Regular Giving & Collections Donations & Legacies Special Collections Parish Centre Fundraising Property Rentals Investment Income Culfeightrin Parish Other Income Parish Organisations Grant Income Sale of investment Total Receipts Payments Stipend & Staff Diocesan assessments Repair & Upkeep Heat, Light & Power Administration Sunday School Charitable Donations Rental Property upkeep Parish Organisations Refurbishment Costs Purchase of Investments Property Sale Costs Total Payments Excess/ (Deficit) of Receipts over Payments before transfers Transfers between funds Excess/ (Deficit) of Receipts over Payments for the Year Cash funds brought forward Cash funds carried forward |
Unrestricted Funds 2023 £ 55,729 4,483 2,081 14,183 11,536 6,419 64,081 6,083 2,380 166,975 92,116 11,888 38,510 13,806 22,565 4,298 3,100 2,205 188,488 (21,513) 58,478 36,965 168,543 205,508 |
Restricted Funds 2023 £ 18,183 2,429 20,612 1,678 87,752 89,430 (68,818) (58,478) (127,296) 665,197 537,901 |
Endowment Funds 2023 £ |
Total 2023 £ 55,729 4,483 2,081 14,183 11,536 6,419 82,264 6,063 2,380 2,429 187,587 92,116 11,888 38,510 13,806 22,565 4,298 3,100 2,205 1,678 87,752 277,918 (90,331) (90,331) 833,740 743,409 |
Total 2022 £ 54,741 5,154 1,989 10,360 9,775 6,389 63,852 12,332 3,731 2,429 12,669 7,600 660,000 |
|---|---|---|---|---|---|
| 851,085 | |||||
| 80,356 14,077 61,465 15,947 17,073 3,671 4,637 1,658 4,024 70,768 10,000 7.920 |
|||||
| 291,596 | |||||
| 559,489 | |||||
| 559,489 274,251 833,740 |
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Church of Ireland, Parish of Ramoan, Ballycastle
Statement of Financial Position as at 31[st] December 2023
| Note Cash Funds Current Accounts Deposit Accounts Total Cash Funds 2 Investment Assets Investment Property RCB Unit Trusts CIT Unit Trusts NI Central Invest. Fund Total Investment Assets 3 Assets retained for the Parish’s own use Holy Trinity Refurbishment St James Refurbishment Parish Centre Rectory Total Assets retained for the Parish’s own use 4 |
Unrestricted Funds 2023 £ Restricted Funds 2023 £ Endowment Funds 2023 £ Total 2023 £ Total 2022 £ 103,840 3,802 107,642 95,519 101,668 534,099 635,767 738,221 |
|---|---|
| 205,508 537,901 743,409 833,740 |
|
| 275,000 275,000 275,000 9,979 1,767,542 338,241 2,115,762 2,053,851 10,522 10,522 10,056 114,529 114,529 108,252 |
|
| 9,979 2,042,542 463,292 2,515,813 2,447,159 |
|
| 653,052 653,052 668,399 755,711 755,711 773,300 1,035,619 1,035,619 1,060,219 250,000 250,000 250,000 |
|
| 2,694,382 2,694,382 2,751,918 |
The notes on pages 10 to 12 are an integral part of these financial statements.
The financial statements on pages 8 to 12 were approved by the Board of Trustees on __ /__ /____ and signed on its behalf by:
D Ferguson
Rev David Ferguson Rector
J McBride
Mrs J McBride Honorary Treasurer
Date:
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Church of Ireland, Parish of Ramoan, Ballycastle
Notes to the financial statements for the year ended 31[st] December 2023
1. Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Receipts and Payments Account
All items of income and expenditure included within the Receipts and Payments Account have been accounted for on a cash receipts basis.
(b) Statement of Assets and Liabilities
(i) Assets retained for the Parish’s own use
The assets of the Parish, retained for its own use comprise:
Church Building and Graveyard
The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP (FRS102). The original costs of these Heritage assets are unknown. The churches have been recently restored and are recognised at the cost of restoration.
Parish Centre
Ramoan Parish Centre is recognised on the balance sheet at cost of construction.
Rectory
The original cost of the Rectory is unknown. It is recognised on the balance sheet at fair value based on independent professional advice.
All property is vested in trust with the Representative Church Body.
Depreciation has been provided on a straight-line basis to write off the cost or valuation, less residual value of tangible assets over their estimated useful lives as follows:
Heritage Asset restoration 50 Years Parish Centre 50 Years
(ii) Investments
Fixed asset investments comprising investment properties & lands, equities and RCB/CIT Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each balance sheet date. Investments in unquoted investments are recorded at cost and are assessed annually for impairment.
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Church of Ireland, Parish of Ramoan, Ballycastle
Notes to the financial statements for the year ended 31[st] December 2023
(continued)
2. Movement in Cash Funds
| Unrestricted Funds General Fund Building Fund Sunday School Restricted Funds Capital Fund Bowling Club Women's Fellowship Endowment Funds Bequests Total Cash Funds |
At 1 Jan2023 £ Income £ Expenditure £ Transfers £ At 31 Dec2023 £ 159,093 139,155 (130,321 24,478 192,405 6,327 21,325 (53,849) 34,000 7,803 3,123 6,495 (4,318) 5,300 |
|---|---|
| 168,543 166,975 (188,488) 58,478 205,508 |
|
| 662,146 18,183 (87,752) (58,478) 534,099 2,591 1,343 (1,506) 2,428 460 1,086 (172) 1,374 |
|
| 665,197 20,612 (89,430) (58,478) 537,901 |
|
| 833,740 187,587 (277,918) 743.409 |
3. Movement on Investment Funds
| Unrestricted Funds General Restricted Funds Capital Fund Endowment Funds Bequests Total Investment Funds |
Valuation 1 Jan 2023 £ 9,436 1,991,032 446,691 2,447,159 |
Transfers In £ |
Transfers Out £ |
Valuation Adjustment £ 543 51,510 16,001 68,054 |
Valuation 31 Dec 2023 £ 9,979 |
|---|---|---|---|---|---|
| 2,042,542 | |||||
| 462,692 | |||||
| 2,515,213 |
Purposes of Designated Funds
Building Fund: The Trustees have set aside funds for the repair and maintenance of Church buildings and Parish Centre. Sunday School Fund: The Trustees have set aside funds for use by the Sunday School.
Capital: The capital fund comprises property owned by the Parish, and investments funded by previous property and glebe land sales. These assets are held in trust by either the Representative Church Body or Church of Ireland Trustees. The Parish has restricted access to these funds for approved property capital expenditure only. Investment income is paid to the Parish to defray general operating costs.
Parish Organisations: Funds raised by Parish organisations through membership fees and fundraisers etc. are set aside to cover the organisation’s running costs. The Parish has no access to these funds for general use.
Purposes of Endowment Funds
Bequests: Legacies and bequests are invested and held in trust by RCB or Church of Ireland Trustees. The Parish has no access to the capital value. Annual investment income is paid to the Parish under the terms of the endowment to defray general Parish costs, e.g. stipend, grave upkeep, etc. Ramoan School Teachers Residence. The proceeds of the sale of the former residence are invested and held in trust. The terms of the trust stipulate that 75% of the investment income be paid to the Parish for Sunday School purposes. The Parish has no rights to the capital.
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Church of Ireland, Parish of Ramoan, Ballycastle
Notes to the financial statements for the year ended 31[st] December 2023 (continued)
4. Tangible Fixed Assets
| Cost At beginning of the year Additions Disposals At end of the year Depreciation At beginning of the year Depreciation Disposals At end of the year Net book value at beginning of the year Net book value at end of the year |
Holy Trinity Restoration £ 767,333 767,333 98,934 15,347 114,281 668,399 653,052 |
St.James’ Restoration £ 879,462 879,462 106,162 17,589 123,751 773,300 755,711 |
Parish Centre £ 1,229,987 1,229,987 169,768 24,600 194,368 1,060,219 1,035,619 |
Rectory £ 250,000 250,000 250,000 250,000 |
Total £ 3,126,782 |
|---|---|---|---|---|---|
| 3,126,782 | |||||
| 374,864 57,536 |
|||||
| 432,400 | |||||
| 2,751,918 | |||||
| 2,694,382 |
5. Collections for Third parties
| Bishops’ Appeal Christian Aid Royal British Legion Mothers Union |
2023 £ 1,806 119 156 2,081 |
2022 £ 1,838 151 |
|---|---|---|
| 1,989 |
The amounts above have been included in receipts for the year under ‘Special Collections’ and in total payments for the year under ‘Charitable Donations’
6. Trustee Remuneration and Expenses
Key management are deemed to comprise the Trustees. One trustee was paid a total of £44,256 for salary & expenses during the year.
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