Receipts and Payments Account for the year ended 31 December 2020
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|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|
|Funds|Funds|Funds|Total|Total|
|2020|2020|2020|2020|2019|
|Receipts|Note1(a)|£|£|£|£|£|
|Donations & Plate Collection|31,614|12,194|-|43,808|44,887|
|Proceeds from|Fundraising Events|-|-|-|-|620|
|Bank & Deposit Interest|-|87|-|87|135|
|Investment Income|783|27|2,314|3,124|2,813|
|Grants|-|2,500|-|2,500|16,330|
|Total Receipts|32,397|14,808|2,314|49,519|64,785|
|Payments|1(a)|
|Wages and|Salaries|16,932|-|-|16,932|8,686|
|Diocesan Costs/Assessment|4,208|-|-|4,208|4,755|
|Church Running Costs|7,992|-|-|7,992|11,181|
|Rectory and Graveyard|Costs|1,475|350|-|1,825|9,533|
|Refurbishment of Church|-|8,759|-|8,759|30,362|
|Charitable Donations|385|-|-|385|2,430|
|Administration Costs — bank fees|327|8|-|335|391|
|Professional|Fees|re|Building|-|-|-|-|5,230|
|Restoration|
|Total Payments|31,319|9,117|-|40,436|72,568|
|PaymentsExcess/(Shortfall) for the||yearoffF|Receipts:|over|cae1,078rama|7)|5,691ee|a2,314|aa9,083 ca|(£7,783)—e|
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On Behalf of the Trustees
Edward Woolley * ~ ‘ Hon Treasurer (from 9 March 2021) pate.../8 Mibverd...20 24...
Statement of Assets and Liabilities as at 31 December 2020
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|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|
|Funds|Funds|Funds|Total|Total|
|2020|2020|2020|2020|2019|
|£|£|£|£|£|
|Cash|Funds|
|Current Accounts|22,488|29,393|-|51,881|48,124|
|Deposit Accounts|-|64,925|-|64,925|59,599|
|Total Cash Funds|22,488|94,318|-|116,806|107,723|
|Investment Assets|
|Investments|in|RB General|-|-|9,284|9,284|9,251|
|Unit Trust|NI)|
|Investments|in|CIT Unit|-|-|447|447|432|
|Trust|
|Down,|Connor and|-|-|44,901|44,901|44,901|
|Dromore|Diocesan|Board|
|of|Education|
|Total Investment Assets|-|-|54,632|54,632|54,584|
|TOTAL ASSETS|22,488|94,318|54,632|171,438|162,307|
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On behalf of the Trustees
Edward Woolley Hon Treasurer f Ap~ 2/ pate../2 Amd 20
Notes to the financial statements for the year ended 31 December 2020
- Accounting policies Set out below are the principal accounting policies which have been adopted in the compilation of the Receipts and Payments Account and the Statement of Assets and Liabilities
(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 retainedfor the Parish’s own use
-
The assets of the Parish, retained for its own use comprise: -
-
e =Church Building The Church Building is deemed to be a Heritage asset as defined by the Charities SORP (FRS102) This Heritage asset is not included in the statement of assets and liabilities 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.
-
e Vicarage/Kilbroney Centre The Representative Church Body holds in trust for the Parish land and Property at Forestbrook Road, Rostrevor. This incorporates the former Vicarage, and a residential Centre known as the Kilbroney Centre, which are leased to a separate company, the Kilbroney Centre Limited. There are no reliable records of the original cost of construction of either the Vicarage or the Kilbroney Centre, and hence these buildings are not recognised in the Parish statement of assets and liabilities. The cost of building work undertaken at the Centre in recent years, which was supported by grant funding, is accounted for within the accounts of the Kilbroney Centre Limited.
ii. Investments Fixed asset investments comprising investments in RCB/CIT Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each year end date. The investments derive principally from bequests which generate income for general or specific purposes for the Church. Down, Connor and Dromore Diocesan Board of Education holds in trust for the Parish the proceeds of the sale of the old Schoolhouse in Rostrevor. An annual dividend is paid to the Parish from these funds. The investment is stated at cost.
2. Reconciliation of Cash Funds
| £ | |
|---|---|
| Total Cash Funds at Beginning | 107,723 |
| ofthe year | |
| Receipts fortheYear | 49,519 |
| PaymentsfortheYear | (40,436) |
| Total Cash Funds at end ofthe | 116,806 |
| year |
- Movement in Funds
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|---|---|---|---|---|---|---|
|At 1 Jan|Incoming|Outgoing|At 31 Dec|
|2020|Resources|Resources|Transfers|2020|
|Endowment funds|£|£|£|£|£|
|RB General Unit Trust (NI)|-|256|(256)|-|
|Down,|Connor and|Dromore|Diocesan|
|Board of Education|-|2,058|(2,058)|-|
|Restricted|funds|-|2,314|2,314|-|
|Grant for book|-|2,500|-|-|2,500|
|Building Restoration|Fund|69,362|12,111|(8,767)|-|72,706|
|Funds|held by RCB|18,891|27|-|-|18,918|
|Graveyard|Fund|374|170|(350)|-|194|
|88,627|14,808|(9,117)|-|94,318|
|Unrestricted|funds|
|General Fund|19,096|32,397|(31,319)|2,314|22,488|
|19,096|32,397|(31,319)|
|Total funds|107,723|49,519|(40,436)|-|116,806|
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Endowment Funds
The RB General Unit Trust and CIT Unit Trust endowment funds are held and managed by independent Trustees and not by the Parish. These investments principally derive from bequests, and generate income for general or specific purposes for the Church. The Down, Connor and Dromore Diocesan Board of Education hold in trust for the Parish the proceeds of the sale of the old Schoolhouse in Rostrevor. An annual dividend is paid to the Parish from these funds.
Purposes of Restricted Funds
— Building Restoration Fund: This is a fund to provide for the Church restoration project which commenced in 2017. — Funds held by RCB: This comprises funds held in trust by RCB following the sale of sites on glebe land. — Graveyard Fund: This is a fund used for the maintenance of the graveyard.
4. Collections for Third Parties
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|---|---|---|---|---|---|
|2020|2019|
|Bishops’|Appeal|£|£|
|Down|-|170|
|& Dromore|Diocese|re Lebanon|385|-|
|Diocesan|Ministry|
|Other|charities|and|missions|-|790|
|-|470|
|385|1,430|
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The above amounts have been included in Receipts for the Year under “Donations and Plate Collection” and in Payments for the year under “Charitable Donations”.
- Transactions with the Trustees
One-third of the recommended stipend and other allowances payable to the incumbent is paid for by Kilbroney Parish, with the remaining two-thirds payable by the other two group Parishes, Warrenpoint and Clonallon. The Kilbroney Parish share amounted to £16,932 for 2020. The parish is also liable to pay a one-third share of expenses relating to the running costs of the rectory at Warrenpoint which is occupied by the rector. The amount of £1,495 was paid in 2020, which related to 2019 costs.
Elizabeth Farnan was paid £1,720 in 2020 in respect of her services as organist. No trustees were reimbursed for expenditure incurred on behalf of the Parish in 2020.
6. Governance Costs
No Governance costs were incurred during the year as the independent examiner provided services free of cha rge.