ststement of Financial Attivitses for the year ended 31 December 2023 UnrestrKted Restrirted Funds Funds 2023 2023 Endowment Funds 2023 Totsl 2023 Total 2022 Note Income Donations & legacies Other trading activities Investments Charitable attivities Other income 88,642 22,950 5,860 4,977 111.592 6.448 5,901 2.178 12.730 140.671 1.693 3,187 1,712 10.747 924 2,178 Total Income 105,062 33,787 138,849 158,010 Expenditure on: Generating funds Charitable activities Other Totsl Expenditure 112,381 112,381 96,350 112,381 112,381 96,350 Net Incomel (Expenditure) before transfers 17,319) 33,787 26,468 61,660 Transfers between funds 100 (100) Net Income/ (Expenditure) before other recognised gains and losses (7,219) 33,687 26,468 61,660 Gain/(Loss) on investments assets Net movement In funds {7.219) 33,687 26,468 61,660 Reconclllatlon of funds: Total funds brought forward 68,618 790,748 859.366 797,706 Total funds Caled forward 61.399 824.435 885.834 859.366
Statement of Financial Position as at 31 December 2023 Note 2023 2022 Fixed Assets Tangible Fixed Assets Investment Properties Investments Total fixed assets 10 448.072 339.801 448,072 339.801 Current Assets Debtors Cash and cash equivalents Total current assets 11 19.655 419,007 438,662 38.280 482,065 520,345 Creditors- amounts falling due within one year 12 {900) (780) Total creditors {900) {780) Net Current A55ets 437,762 519,565 Total net Assets 13 885,834 859,366 The funds of the parish Unrestrirted funds General funds Designated funds Total unrestricted funds Restricted Funds Endowment Funds 14 61,399 68,618 61,399 824,435 68.618 790,748 14 Total charity funds 885,834 859.366 The notes on pages 10 to 16 are an integral part of these financial statements. The financial statements were approved by the Board of Trustees at a meeting of the Select Vestry on 08 April 2024 and signed on its behalf by= Rev Dennis Christie DrTh s Moody Mr William Arnistrong
Notes to the financial statements for the year ended 31 December 2023 l Accounting poliaes The principal accounting policies adoptedi judgements and key sources of estimation uncertdinty in the preparation of the financial statements are as follows: a) Basis of preparation The financial statements have been prepared on a going concern basis in accordan with 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 (FRS 102) - (Chartties SORP (FRS 102}). the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). The Parish meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note{s). b) Preparation of accounts on a going concern basis The Parish generally meets its dayto day working capital requirements from it5 annual income.The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Parish has resource5 to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable future. Therefore. these financial ststsments have been prepared on a going concem basis. c) Income Plate Collettions, Weekly Envelopes and Graveyard income are accounted for on a cash receipts basis as the amount is collerted. Income arising from the rental of the Church Hall facilitie5 to third parties is recognised when the parish has entitlement to the funds. any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount can be measured reliably. Income from government and othergrants, whether'capital, grants or'revenue, grants. is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Legacies are included within Income under either unrestricted or restricted funds according to the terms under which the donation is made and when the amount can be quantified with reasonable certainty- Donations and gifts in kind are brought into the accounts at their fair value to the Parish. d) Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that Settlement will be required, and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 10
Notes to the financial statements for the year ended 31 December 2023 l Accounting policies (continued) e) Tangible assets The assets of the Parish comprise: _ Church Building and Graveyard Church Hall Glebe House Fixtures and fittings The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP (FRS102). These Heritage assets are not included on the balance sheet as information on the c05t or valuation is not available and such information cannot be obtained at a cost commensurate with the benefft to the users of the aOUnts and to the parish. The Church Hall was built in the 1951Ys. There are no reliable records of the cost of this construction and valuation approach for such a building lacks sufficient reliability. As a result, this building is not recognised in the parish balance sheet. The Glebe House is recognised at cost. being the estimated fair value of the property at year end. No depreciation has been provided on the Glebe House as the current estimated residual value is not less than tts carrying value and the remaining useful life currently exceeds 50 years. Fixture5 and Fittings are recognised at C05t and are depreciated on a straight-line basis over a period of 10 years. The assets, residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the new disposal proceeds and the carrying amount is recogni5ed in the statement of financial activities and included in 'Other operating (10sses)/gains'. fj Investments Fixed asset investments comprising investment properties, investments In equlties and investment in RCB/CIT Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each balan sheet date. Investments in unquoted investments are recorded at cost and are assessed annually for impairment. Unrealised gains and losses represent the difference between the fairvalue at the beginning and end of the financial year or. if purchased in the year. the differen between cost and fair value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the fair value at the start of the year or cost if purchased in the year. Both realised and unrealised gains and losses in investments are reported within -Net Gains / (Losses) on Investments" within the Statement of Financial Activities. g) Cash and cash equivalents Cash and cash equivalents includes cash in hand. deposits held at call with banks. other short-term highly liquid investments wtth original maturities of three months or less and bank overdrafts. Bank overdrdfts are shown within Creditors Amounts falling due within l year. h) Financial instruments The Parish only hasfinancial assets and financial liabilities of a kindthat qualifyas basicfinancial instruments. Basicfinancial instruments are initially recognised at transaction price and subsequently measured at their settlement value. 11
Notes to the financial statements for the year ended 31 December 2023 Accounting policies (continued) i) Funds Funds are classified as either restricted funds or unrestritted funds, defined as follows: Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the Parish. Endowment funds are funds which have been given on the condition that the original capital sum is not reduced. but the income there from is used for the purpose defined in accordance with the objects of the Parish. Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earniarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the tru5tees' discretion to apply the fund. Critical accounting judgements and estimation uncertainty Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other fartors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Parish's account.ing policies orthat there are any critical accounting estimates or assumption5 which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year. 12
Notes to the financial statements for the year ended 31 December 2023 7 Analysis of ExndItUre Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total 2023 2022 Generating Funds Fundraising costs Other Charitable Activities Wages and salaries Diocesan costs Church running costs Glebe costs Charitable donations Administration costs Total expenditure 50,321 18,400 18.904 7,210 7.165 10,381 112,381 50.321 18,400 18,904 7.210 7,165 10.381 112,381 46,521 15,163 13.898 7,452 4,603 8,713 96,350 Totsl Expenditure 112,381 112,381 96,350 Governance costs are included within administration costs above. 8 Taxatlon St Colmanell's Church of Ireland is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitsble artivities. 9 Analysis of stsff costs, trustee remuneration and expenses, and the cost of key management personnel Employees 2023 202Z Salaries and wages National insurance costs 50.321 46.521 Total 50.321 46.521 The average number of employees during the year. calculated on the basis of a head counL was as follows: 2023 Number 2022 Number Ministerial support Music staff Premises maintenan 14
Notes to the financial statements for the year ended 31 December 2023 There are no employees in receipt of employee beneffts in excess of £60,000. Key Management and Trustees Key management are deemed to comprise the Trustees. The parish paid expenses of £2,831 relating to the running costs of the Glebe House which is occupied by the rector. No trustee received any remuneration or reimbursement of expenses during the year other than the Rector. The stipend and other expenses paid to the Rector totalled £46,441 (2022 - £42,891). No trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the charty during the year. 10 Tangible flxed assets Buildings Equlpment Total Cost At beginning of the year Additions Disposals At end of the year 332,421 109,871 97,077 469 429,498 110,340 442,292 97,546 539,838 Depreciatlon At beginning of the year Depreciation Disposals At end of the year 89,697 2,069 89,697 2,069 91,766 91,766 Net book value at beginning of the year Net book value at end of the year 332.421 442,292 7.380 5.780 339.801 448,072 11 Debtors 2023 2022 Sundry debtors Other debtors 19,655 38,280 19.655 38.280 IZ Creditor5 Amounts Due within l Year 2023 2022 Accruals and other creditors 900 900 780 780 15
Notes to the financial statements for the year ended 31 Dernber 2023 13 Analysis of Net Assets Among Funds General Designated Restricted Endowment Total . Fixed Assets Investments Current Assets Current Llabllitles Net assets at 31 Dec 2023 5,780 442,292 448,072 56,519 (900) 61,399 382 143 438,662 (900) 885.834 824.435 14 Funds of the Parish Atljan 2023 At 31 Dec 2023 Income Expenditure Transfers Endowment fund5 Restrlcted funds Buildings Fund 790,748 790,748 33.787 33,787 (100) (100) 824,435 824,435 Unrestrirted funds General Fund 68,618 68,618 105,062 105,062 (112,381) (112,381) 100 100 61,399 61,399 Total funds 859,366 138,849 (112,381) 885,834 Pur oses of Restricted Funds Buildings Fund: This ring fences funds for future building projects Within the Parish which are necessary to support the church's worship and outreach program. 16