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2023-12-31-accounts

Charity Commission for NI Registration Number: NIC104084

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland

St Aidan’s Kilmore Parish

Report and Financial Statements for the year ended 31st December 2023

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Contents

Page (s)
Charity Information 2
Trustees’ Report 3 - 5
Independent Examiner’s Report 6
Statement of Income and Expenditure 7
Statement of Assets and Liabilities (Balance Sheet) 8
Notes to the Financial Statements 9 - 13

Page 1 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Information

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity Name Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland
Contact Address 38 Vicarage Road
Portadown
Co Armagh
BT62 4HF
Trustees Ian Barnett
Valerie Barnett
Carlton Baxter
Alison Berry
Gordon Brown
Brenda Chaffe
Catherine Crealey
John Crealey
Ivan Glass
Audrey Hampton
David Henderson
Graham Mason
John Matchett
Julie Matchett
Edith McAdams
Brian Sandford
Shelagh Winter

MANAGEMENT INFORMATION

Office Bearers Rev Carlton Baxter. . . . . . . . . . . . .RECTOR
Brian Sandford. . . . . . . . . . . . . . . . .HONORARY SECRETARY
Audrey Hampton. . . . . . . . . . . . . . HONORARY TREASURER
Ivan Glass. . . . . . . . . . . . . . . . . . . . . . INCOME TREASURER
Shelagh Winter. . . . . . . . . . . . . . . . GIFT AID SECRETARY
Shelagh Winter. . . . . . . . . . . . . . . . CHURCH WARDEN - CLERGY
John Matchett. . . . . . . . . . . . . . . . . CHURCH WARDEN - PEOPLE
Valerie & Ian Barnett. . . . . . . . . GRAVES & SURROUNDS
Shelagh Winter. . . . . . . . . . . . . . SEXTON & PARISH CENTRE
OTHER INFORMATION
Reporting Accountant Diamond & Skillen
Sinclair House
89/101 Royal Avenue
Belfast
BT1 1FE
Bankers Ulster Bank Limited
20 High Street
Portadown
BT62 1HU

Page 2 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Trustees’ Annual Report for the year ended 31st December 2023

The Trustees present the Annual Report, Statements of Receipts and Payments and Assets and Liabilities for St Aidan’s Kilmore Parish for the year ended 31st December 2023.

Objectives and Activities

The Charitable purpose of the Church of Ireland is the advancement of religion.

St. Aidan’s Kilmore has a long history of taking the Gospel of Jesus Christ into its surrounding community.

For many hundreds of years the Gospel has been preached, enriching the lives of parishioners and the community in general. It remains the purpose of the parish today to take the gospel and live it out, to be truly salt and light as the Bible instructs and, with integrity and selflessness, to love our neighbours as ourselves.

Achievements, Performance & Public Benefit

The focus in the church remains the preaching and teaching of the Gospel of our Lord Jesus Christ. Everything that goes on in the church is designed to enhance this preaching and teaching, building a sense of community within the church family and growing that church family beyond the fabric of the church properties.

Events have been organised which draw people into the church from outside the main body of parishioners. There is a tremendous cross-community support of what we do and we see that inattendance at services too.

A grant from Church of Ireland Priorities Fund has been applied for in order to replace the existing analogue sound system with a digital AV system and the result of that application will be known in March 2024.

Sunday school continues to thrive.

Given the on-going “cost of living crisis” there has been particular effort this year to boost our food bank donations and the response from parishioners and beyond has been fantastic. It is heartening to see that the Gospel is not just talked about but it is lived!

The Trustees have given careful consideration to the Charity Commission for Northern Ireland’s guidance on public benefit to ensure that the activities entered into during the year have helped to achieve both the Parish’s objectives and the implementation of public benefit.

Financial Review

The income into the Parish from various sources was £57,411 (2022: £47,298) with outgoings of £67,865 (2022: £56,756) giving rise to a deficit of (£10,454) (2022: (£9,458)). There was an increase of £12,828 in the value of Endowment funds (2022: decrease of £19,799) to create a net surplus of funds for the year of £2,374 (2022: deficit of funds of £29,257). The bank and cash in hand balance as at 31st December 2023 was £39,083 (2022: £49,537). It is the Trustees’ Policy to hold sufficient reserves to cover unexpected emergencies, to enhance funds to pay for future maintenance to the Church and grounds to further the Objectives and Activities of the Church of Ireland.

Financial challenges are ever-present but the Lord has greatly provided and a gift day in November raised more than £6,000 for work on the new graveyard and for the new AV system. More people have also switched to giving by bank transfer or standing order and that has improved cash flow on a monthly basis though there are still those who prefer to give by envelopes and on an irregular basis. The general trend though is encouraging.

Going Concern

The Trustees have reviewed the budgets for the year ahead and are satisfied that there are adequate funds in place to ensure that the Parish can continue its activities and the financial statements for the year ended 31st December 2023 can be signed off as a going concern.

Looking ahead to the next 12 months, the focus remains on preaching and teaching the Gospel of Jesus Christ and making our witness real in the parish and the community we serve. We believe God will honour our perseverance of His work in His power alone.

Page 3 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing Document and Constitution of the Charity

Chapter III of the Constitution of the Church of Ireland governs Parishes and Parochial Organisation. The Select Vestry members are the Charity Trustees.

Recruitment and Appointment of Select Vestry (Trustees)

All members of the Church of Ireland who are over the age of 18 and are either resident within the Parish or live elsewhere but have been accustomed members of the congregation for at least three months, may register as members of the General Vestry and stand for election to the Select Vestry. Meetings of the General Vestry are held at least once a year. The Select Vestry is elected as part of this General Vestry meeting. The Select Vestry will hold their positions for a period of one year. Select Vestry members may be re-elected annually and there is no limit on the number of terms which may be served.

Pay and Remuneration

The Rev Carlton Baxter receives a stipend, office and locomotory allowances in accordance with figures approved by the General Synod of the Church of Ireland in 2023.

Organisational Structure

The Select Vestry is responsible for the day to day management of the Parish. The Select Vestry comprises a member of the Clergy serving in the Parish, the Church wardens, the Glebe wardens and generally no more than twelve other members of the General Vestry elected at the General Vestry meeting.

The Select Vestry is chaired by the member of Clergy officiating in the Parish. Select Vestry members are responsible for making decisions on matters of general concern and importance to the Parish including on deciding how Parish funds are to be applied. The Treasurer is responsible for the Current Account and the Building Funds.

The Select Vestry meets at times fixed by itself or by the Diocesan Synod. Special Meetings may be convened at any time by the Chairperson or Church Wardens.

Compliance with Public Benefit

The Trustees have given careful consideration to the Charity Commission for Northern Ireland’s guidance on public benefit to ensure that the activities entered into during the year have helped to achieve the Parish’s objectives and activities, as well as providing public benefit. As detailed on this page.

Page 4 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Trustees’ Annual Report for the year ended 31st December 2023 (cont’d)

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report, the Statement of Receipts and Payments and Statement of Assets and Liabilities in accordance with applicable law and regulations.

The law applicable to Charities in Northern Ireland with income less than £250,000 requires the Trustees to prepare a Statement of Receipts and Payments and a Statement of Assets and Liabilities for each financial year.

The Trustees are 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 assets and liabilities of the Parish. 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 irregularitie s.

INDEPENDENT EXAMINERS

Diamond & Skillen Chartered Accountants were appointed as the charity’s independent examiners.

Signed on behalf of the Trustees:

................................................. Shelagh Winter

................................................. John Matchett

Date: 30th September 2024

Page 5 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Independent Examiner's Report to the Trustees of St Aidan’s Kilmore Parish Church

I report on the financial statements of the charity for the year ended 31st December 2023, which are set out on pages 3 to 12.

Respective responsibilities of trustees and examiner

The Office Bearers are responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 65(3) of the Charities Act (Northern Ireland) 2008. They also consider that an independent examiner's report is required for this year under section 65(4) of the Charities Act (Northern Ireland) 2008.

The charity’s gross income does not exceed £500,000 and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in Ireland.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

• examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008; and

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

The charity's gross income in the year was £57,411 (2022: £47,298). In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

• to keep accounting records in accordance with Charities Act (Northern Ireland) 2008; and

• to prepare accounts which accord with the accounting records, comply with the accounting requirements of Part 8 of the Charities Act (Northern Ireland) 2008 and, where applicable, section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Nigel V Skillen FCA

Diamond & Skillen Fellow of the Institute of Chartered Accountants in Ireland Sinclair House 89/101 Royal Avenue Belfast BT1 1FE

30th September 2024

Page 6 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Statement of Income and Expenditure (Receipts and Payments Account) for the year ended 31st December 2023

Notes Totals
2022
£
Totals
2023
£
Endowment
funds
£
Restricted
funds
£
Unrestricted
Funds
£

Fund balances c/f at 31st December

Fund balances b/f at 1st January
Reconciliation of funds
Net movement in funds for the year
11
Increase/(decrease) in fair value of
investments
9
Transfers between funds
Depreciation
Net (expenditure) / income for the year
Total expenditure
4

Other expenses
4

Legal and professional fees
on other items
4

Programme costs
4

General administration costs
4

Diocesan Assessment
4

Premises & insurance costs
on charitable activities
4

Promotional costs
on raising funds
PAYMENTS
Total income
3

Investment income
from investments
3

Other income
3

Gift Aid tax refunded
from other activities
3

Special collections
from charitable activities
3

Grants and Donations
from donations and legacies
RECEIPTS		 6,839
7,476
0
64
7,412
9,398
11,555
-
-
11,555
0
0
-
-
0
1,995
1,817
-
-
1,817
29,066
36,563
-
-
36,563
47,298
57,411
0
64
57,347
330
336
-
0
336
5,630
900
-
-
900
8,040
9,229
-
-
9,229
152
163
-
-
163
19,564
21,350
-
-
21,350
23,040
35,887
-
-
35,887
0
0
-
-
0
56,756
67,865
0
0
67,865
(19,799)
12,828
12,828
-
-
0
0
-
2,500
(2,500)
0
0
-
-
-
(9,458)
(10,454)
0
64
(10,518)
(29,257)
2,374
12,828
2,564
(13,018)
488,590
459,333
254,796
8,299
196,238
459,333
461,707
267,624
10,863
183,220

The statement of income and expenditure includes all receipts and payments in the year. All receipts and payments derive from continuing activities. The notes on pages 8 to 12 form part of these financial statements.

Page 7 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Statement of Assets and Liabilities (Balance Sheet) as at 31st December 2023

Notes 2022
£
2023
£
Total funds
15
Endowment Fund
Endowment funds:
15
Cottage Fund
15
Bowling Club Fund
15
Hill Organ Fund
Restricted income funds:
15
General funds
Unrestricted income funds:
THE FUNDS OF THE CHARITY
TOTAL ASSETS LESS CURRENT LIABILITIES
NET CURRENT ASSETS
PAYABLES: amounts falling due within one year
12

Cash and cash equivalents
CURRENT ASSETS
11

Investments
INVESTMENTS
10

Tangible assets
NON CURRENT ASSETS		 155,000
155,000
155,000
155,000
254,796
267,624
254,796
267,624
49,537
39,083
-
-
49,537
39,083
49,537
39,083
459,333
461,707
254,796
267,624
0
0
0
0
8,299
10,863
196,238
183,220
459,333
461,707

The notes on pages 8 to 12 form part of these financial statements.

The financial statements on pages 3 to 12 were approved by the Select Vestry on 30th September 2024 and signed on their behalf by:

———————————— ————————————

Shelagh Winter Trustee

John Matchett Trustee

Page 8 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Notes forming part of the Financial Statements for the year ended 31st 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:

Statement of compliance

These accounts have been prepared on the Receipts & Payments basis in accordance with the The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015.

St Aidan’s Kilmore Parish Church meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant note(s).

The Trustee’s policy is to undertake ongoing review of the ‘Going Concern’ status of the charity, taking note of the organisation’s reserves policy and projected availability of funds to enable the organisation to fulfil its responsibilities. A statement on the outcome of the ongoing review is given at note 15 on page 12.

1.3

Receipts and Payments Account

All items of revenue and expenditure are recognised and included in the accounts on a cash basis.

Interest on funds held on deposit is included when received.

Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. The fund comprises the accumulated surpluses and deficits of unrestricted income and expenditure.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of administering such funds are charges against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are funds, the capital of which must be retained either permanently or at the trustees’ discretion; the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place. Investment income and gains are allocated to the appropriate fund.

Fixed Assets are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £2,500 are not capitalised. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life. The estimated lives are shown below:

1.7 Receivables

Trade, other receivables and prepayments are not recognised as the accounts are prepared on a Receipts and Payments basis.

1.8

Cash and cash equivalents

Cash and cash equivalents includes bank deposits, cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Payables and provisions

Payables and provisions are not recognised as the accounts are prepared on a Receipts and Payments basis.

2. Legal status of the charity

St Aidan’s Kilmore Parish is a charity registered in Northern Ireland no. NIC104084.

Page 9 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Notes forming part of the Financial Statements for the year ended 31st December 2023 (cont’d)

3 INCOME

Unrestricted Restricted Endowment Totals Totals
Funds funds funds 2023 2022
£ £ £ £ £
from grants, donations and legacies:
Freewill Offerings 26,507 - - 26,507 26,446
Plate Collections 2,033 - - 2,033 2,620
Other Donations 8,023 - - 8,023 0
In Memoriam 0 - - 0 0
from charitable activities:
Special Collections 821 - - 821 649
Special Lunches (2022: Big Breakfast) 996 - 996 1,346
from other activities:
Gift Aid tax refunded 0 - 0 0
Other income 11,555 - - 11,555 9,398
RCB Distributions 7,062 - 7,062 6,763
from investments:
UK bank interest received 350 64 0 414 76
57,347 64 0 57,411 47,298
4 EXPENDITURE
Unrestricted Restricted Endowment Totals Totals
Funds funds funds 2023 2022
£ £ £ £ £
on raising funds: 0 - - 0 0
on charitable activities:
Premises and insurance costs:
Water Rates 244 - - 244 150
Heat and light 16,714 - 16,714 6,036
Insurance 2,803 - - 2,803 2,609
Repairs and Property projects 15,128 - - 15,128 13,061
Other premises expenses 998 - - 998 1,184
Diocesan Assessments:
Sustentation 14,179 - - 14,179 13,132
Employer NIC 1,495 - - 1,495 1,143
Clergy Pension Fund 2,586 - - 2,586 2,373
Expenses of Office allowance 429 - - 429 393
Diocesan expenses 2,614 - - 2,614 2,471
Legal expenses insurance 47 - - 47 52
General administration costs:
Printing, postage and stationery 163 - - 163 152
Telephone, computer and internet 0 - - 0 0
Programme costs:
Charitable Projects 4,049 - - 4,049 8,040
Visiting Clergy 100 - - 100 130
Organist & Registrar 5,080 5,080 4,900
on other items:
Legal and professional fees:
Other governance costs 900 - - 900 600
Other expenses:
Bank charges 336 0 - 336 330
Sundry expenses - 0 0
67,865 0 0 67,865 56,756

Page 10 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Notes forming part of the Financial Statements for the year ended 31st December 2023 (cont’d)

5 Staff costs and numbers

Totals
2022
£
Totals
2023
£
Restricted
funds
£
Unrestricted
Funds
£
Organists and Registrar
Visiting Clergy		 4,900
5,080
-
5,080
13
13
-
13
4,913
5,093
0
5,093

No employee received emoluments of more than £60,000

The average number of persons, including part-time staff, employed on UK contracts was 0 (20 22: 0) The trustees consider that the charity has no employees during the financial year.

The Organist’s duties are performed under a contract for services.

Payments made to the Graveyard Registrar are a donation towards offsetting some of the travel costs incurred; each death/burial can require four or five return journeys (some 17 miles).

6 Net incoming resources for the year

Totals
2022
£
Totals
2023
£
Endowment
funds
£
Restricted
funds
£
Unrestricted
Funds
£
Independent examiner’s remuneration
Net incoming resources are stated after charging:		 600
900
-
-
900

7

Trustee remuneration and Related Party Transactions

No trustee received any remuneration as a result of their Trusteeship of the Charity.

One Trustee received payments from the Representative Church Body (RCB) which is regarded as a related party to the Charity. The RCB receives payments from the Charity by way of Diocesan Assessment - these charges are levied to cover Sustentation, National Insurance and Clergy Pension Fund contributions due to, or on behalf of, the incumbent, in addition to a contribution to the Diocesan Expenses Account. The details are as follows:

The Rector is employed by the Representative Church Body and the charity funds his stipend and expenses (in partnership with other charities) through the Diocesan Assessments.

Rev Carlton Baxter

The breakdown of the Diocesan Assessment charges is given at note 4 on page 9

No other trustee or other person connected to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2022 - Nil).

8 Taxation

As a charity, the Church is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or 2256 of the Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

9 Transfers between the funds

Totals
2023
£
Endowment
Funds
£
Restricted
funds
£
Unrestricted
Funds
£
Transfer to Hill Organ Fund 0
0
2,500
(2,500)
0
0
2,500
(2,500)

Diamond & Skillen

Page 11 of 13

Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Notes forming part of the Financial Statements for the year ended 31st December 2023 (cont’d)

10 Non Current Assets

Totals
£
Furniture,
fixtures &
fittings
£
Land
&
buildings
£
At 31st December 2022
At 31st December 2023
Net Book Value
At 31st December 2023
Charge for year
At 1st January 2023
Depreciation
At 31st December 2023
Additions
At 1st January 2023
Cost		 0
-
-
155,000
-
155,000
155,000
0
155,000
0
-
-
0
-
-
0
0
0
155,000
0
155,000
155,000
0
155,000

The Church building and graveyard are deemed to be Heritage Assets as defined in the Charities SORP(FRS102).

These Heritage Assets are not included in the statement of assets and liabilities as information on their historic 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.

The Church Hall is in the Church grounds and as such is not separable as an asset. As such it is deemed to be a part of the Heritage Assets and no value is ascribed to it in the statement of assets and liabilities.

The Trustees declare that these assets had the following insurance values as at 31st December 2023: Church Buildings & Contents - £1,865,962; Church Hall Buildings & Contents - £746,385; Offices - £9,810.

All fixtures and fittings are deemed to have been fully depreciated in prior years’ accounts. No attempt has been made to quantify the historic cost of the fixtures and fittings, many of which fall within the definition of Heritage Assets in the Charities SORP(FRS102), as this information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the Parish.

Land & Buildings comprises 12.5 acres of agricultural land with a run-down cottage.

11

Investments

Totals
2022
£
Totals
2023
£
Valuation at 31st December 2023 - 61,678.7 units @ £4.339
Increase/(Decrease) in value
Valuation at 1st January 2023 - 61,678.7 units @ £4.131
Investment in R.B. General Unit Trusts (N.I.)		 (19,799)
12,828
274,595
254,796
254,796
267,624

Investments are initially recorded at cost and are then subsequently stated at fair value at each year end date. Unquoted investments are recorded at cost and assessed annually for impairment.

12 Cash and cash equivalents

Totals
2022
£
Totals
2023
£
Closing balance of cash and cash equivalents
Movement in the year
Opening balance of cash and cash equivalents		 (9,458)
(10,454)
58,995
49,537
49,537
39,083

Diamond & Skillen

Page 12 of 13

Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE

Portadown/Kilmore/St Aidan’s/Armagh/Church of Ireland Financial Statements for the year ended 31st December 2023

Notes forming part of the Financial Statements for the year ended 31st December 2023 (cont’d)

13 Analysis of charity net assets between funds

Totals
2023
£
Endowment
funds
£
Restricted
funds
£
Unrestricted
funds
£
Current Assets - cash and cash equivalents
Investments
Non Current Assets		 39,083
-
8,363
30,720
267,624
267,624
-
-
155,000
-
-
155,000
461,707
267,624
8,363
185,720

14 Financial Commitments

At 31st December 2023 the charity has no annual commitments under non-cancellable leases nor any other financial commitments that are not recognised in the accounts (2022: £nil). The charity has entered into a number of long term contracts for the supply of services all of which are cancellable.

15 Statement of Funds

At
31 Dec 23
£
Transfers
£
Outgoing
resources
£
Incoming
resources
£
At
1 Jan 23
£
Total funds
Total endowment funds
Endowment funds
Total restricted funds
Hill Organ Fund
Total unrestricted funds
General reserve		 183,220
(2,500)
(67,865)
57,347
196,238
183,220
(2,500)
(67,865)
57,347
196,238
10,863
2,500
0
64
8,299
10,863
2,500
0
64
8,299
267,624
-
0
12,828
254,796
267,624
0
0
12,828
254,796
461,707
0
(67,865)
70,239
459,333

Summary of the Aim and Use of Unrestricted Funds

The general reserve represents the free funds of the charity which are not designated for particular purposes .

Summary of the Aim and Use of Restricted Funds

Hill Organ Fund - to provide for the ongoing management and maintenance of the Hill Organ

16 Going concern

The Trustees consider that the charity has sufficient funding in place to continue its operations in the near future and thus deem the use of the going concern basis to be appropriate.

Page 13 of 13

Diamond & Skillen Chartered Accountants and Registered Auditor Sinclair House, 89/101 Royal Avenue Belfast BT1 1FE