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2023-12-31-accounts

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland

Annual report and financial statements

For the year ended 31 December 2023

Charities Number: NI 104086

1

Annual report and financial statements for the year ended 31 December 2023

Contents

Pages
References and administrative details 3
Trustees’ Annual Report 4-6
Independent Examiner’s report to the Trustees
 7
Statement of financial activities 8
Statement of financial position 9
Statement of cash flows 10
Notes to the financial statements 11-19

2

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland

References and administrative details

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland

Charity Name: Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Charity Registration Number: NI 104086 Contact Address: c/o 116A Tandragee Road, Markethill, Co Armagh, BT60 1TT

Trustees

Jackson Anderson Sonya Barnes Alfred Collen Jacqueline Farrell Kenneth Gilmore Jonathan Hull Colin Kerr Simon Marshall Matthew McCracken Elizabeth McCreary

Judith Menary Peter Munce Barbara Orr Lorna Quinn Lisa Rainey (appointed 16/4/24) Philip Reid William Reid Lewis Singleton Jackson Wallace Gregory Wilson

Principal Office-bearers

Clergy: Peter Munce Church Secretary: Matthew McCracken Church Treasurer: Jonathan Hull Church Warden- Clergy: Judith Menary Church Warden - People: Simon Marshall

Independent Examiner

Wylie Ruddell Chartered Accountants Armagh Business Centre 2 Loughgall Road Armagh BT61 7NH

Bankers

Danske Bank 45-48 High Street Portadown Co Armagh BT62 1LB

3

Trustees’ Annual Report for the year ended 31 December 2023

The trustees present the annual report and statements of Receipts and Payments, Assets and Liabilities and cashflows for Markethill/Mullabrack, St Johns, Armagh, Church of Ireland for the year ended 31 December 2023.

The principal address of the Charity is Mullabrack Rectory, 6 Mullurg Road, Mullabrack, Markethill, BT60 1QN.

Trustees

The following trustees held office during the whole of the period from 1 January 2023 to the date of this report.

Jackson Anderson Jonathon Hull Judith Menary William Reid
Sonya Barnes Colin Kerr Peter Munce Lewis Singleton
Alfred Collen Simon Marshall Barbara Orr Jackson Wallace
Jacqueline Farrell Matthew McCracken Lorna Quinn Gregory Wilson
Kenneth Gilmore Elizabeth McCreary Philip Reid

Lisa Rainey was appointed as a trustee on 16 April 2024.

Objectives and Activities

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

The principal function of Markethill/Mullabrack, St Johns, Armagh, Church of Ireland is to support the advancement of the Christian religion by promoting, through the work of the Markethill/Mullabrack, St Johns, Armagh, Church of Ireland 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, Markethill/Mullabrack, St Johns, Armagh, Church of Ireland has custody of property and of records, materials and artefacts of significance to the cultural and religious heritage and maintenance of which is undertaken by the Select Vestry of the Markethill/Mullabrack, St Johns, Armagh, Church of Ireland.

Achievements, Performance & Public Benefit

The high point of our week is on a Sunday when we meet together for worship, prayer and to listen and learn from God’s word. During the week we provide pastoral care and support to over 1000 people in the Markethill and Hamiltonsbawn area of Co Armagh particularly through home and hospital visits. We support mission and outreach work in this country and overseas through partnering with individual churches and mission agencies, providing financial assistance and on occasions, personal volunteers.

We have numerous groups and clubs running in our church halls which cater for all ages and many interests. Boys Brigade, Girls Friendly Society, Bowling Club, Pilates Class, Mothers Union, Parent & Toddlers/Babies, Youth Fellowship, Sunday Schools, Children’s and Youth Summer schemes.

These activities fulfil our objectives and charitable purpose and have provided public benefit. Through our activities we aim to contribute not only to the spiritual well-being of people but their physical, practical, social and emotional needs also. Our activities are open to all and are free at the point of use. There are no fees charged. Our charity is funded by voluntary donations and contributions.

We have mitigated any potential harm from the activities e.g. We uphold the standards of the Church of Ireland’s Child protection policy – “Safeguarding Trust” which includes undertaking Risk Assessments of rooms, buildings and events.

4

Trustees’ Annual Report for the year ended 31 December 2023 (continued)

Financial Review

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 31 December 2023 can be signed off as a going concern.

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

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 of the parish, allowing them to attend and vote at meetings of the general vestry and to 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 Incumbent (Rector) of the Parish stipend is paid directly by the Diocese, and receives a stipend in accordance with figures approved by the General Synod of the Church of Ireland together with approved office and locomotory allowances.

Organisational Structure

The select vestry is responsible for the day to day management of the parish. The select vestry consists of the member of the clergy serving in the parish, any curate assistant (“the curate”), the churchwardens, the glebe wardens and generally not more than twelve other members of the general vestry elected at the General Vestry.

The select vestry is chaired by the incumbent or other member of the clergy officiating in the parish. Select vestry members are responsible for making decisions on matters of general concern and importance to the parish including deciding how parish funds are to be applied.

The select vestry meets at times fixed by the members or by the diocesan synod. Special meetings may be convened at any time by the chairperson or the churchwardens. In 2023 the Select Vestry met 15 times during the year and the average attendance was 67%.

5

Trustees, Annual Report for the year ended 31 December 2023 (continued) Compllance wlth Publlc Beneflt The Parish has glven careful consideratlon to the Charity Commlssion for Northern Ireland's guidance on publSc beneflt to ensure that the actives entered into during the year have helped to achieve the Parish's objectives and activities, as well as provldin8 public beneflt. Statement of Trustees, Responslbllltles The trustees are responsible for preparlng the Trustees, Report and the financial statements In accordance with applicable law and regulatlons. The law appllcable to charlties in Northern Ireland requires the trustees to prepare financial ststements for each financial year. Under that law the trustees have prepared the financial statements in accordance wlth Generally Accepted Accountln8 Practlce in the Unlted Klngdom laccountln8 Standards Issued by the Flnancial Reporting Councll in the U including Charltles SORP IFRS 1021 "Accounting and Reportin8 by Charitles.. Statement of Recommended Prartice applicable to charltles preparing thelr accounts In accordan￿ wlth the Flnanclal Reportlng Standard appllc3ble In the UK and Republlc of 5reland IFRS 1021". Under that law the trustees must not approve the financial statements unless they are satlsfied that theygive a true and falr vlew of the state of the affalrs of the charlty and of the ststement of financial actlvlties of the charity for that perlod. In preparing these flnancial statements, the trustees are requlred to: selert sultable accountln8 policies and then apply them conslstentlv make judgments and estlmates that are reasonable and prudent state whether the financial statements have been prepared in accordance wlth applltable Accountlng Standards and Identlfy the standards In question, subject to any materlal departures belng dlsclosed and explalned In the financlal statements and prepare the flnanclal statements on the golng concern basls unless It Is Inapproprlate to presume that the Parlsh wlll contlnue as a goln8 con￿rn. The trustees are responslble for keepln8 accounting records that are sufflclent to show and explaln the Parlsh's transactlons and dlsclose wlth reasonable accuracy at any tlme the flnanclal positlon of the Parlsh and enable them to ensure that the flnancial statements comply with the Charitles Act (Northern Irelandl 2008, the Charity {Accounts and Reports) Re8ulations (Northern Ireland) 2iJ)8 and the provlslon of the Constitution of the Church of Ireland. They are also responslble for safe8uardlng the assets of the Parish and hence for tskln8 reasonable steps for the preventlon and detection of fraud and other Irregularities. ststement as to dlsclosure to our examlners In so far as the trustees are aware at the timlng of approving our trustees, annual report: there Is no relevant Informatlon of whlch the charltable company's examlner Is unaware and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant Informatlon and to establlsh that the company's examiner is aware of that Information. Independent Emamlner The examlner, Wylie Ruddell Chartered Accountants, has indicated thelr willingness to contlnue In office, and a resolution concerning their reappolntment wlll be proposed at the next Annual Easter Vestry Meeting. On Behalf of the Trustees Trustee I: Peter Munce Trustee 2-Jonathan Hull Date: 27 October 2024

Independent Examiners Report to the Trustees of Markethllllmullabrack, St Johns. Armagh. Church of Ireland We reporton the accounts of Markethill/Mullabrack. Stjohns. Armagh, Church of Ireland forthe year ended 31 December 2023, which are set out on pages 8 to 19. Respectlve responslbllltles of Charlty Trustees and examlner As the charlty's Trustees you are responslble for the preparation of the accounts In accordance wlth the Charltles Act (Northern Ireland) 2008. It 15 our responslblllty to: Examlne the accounts under sectlon 65 of the Charlties Act. Follow the procedures laid down In the general Dlrectlons glven by the Commlsslon under sectlon 65i9iibl of the Charltles Act. stste whether partlcular matters have come to our attentlon. 8a$ls of Independent examIne￿S report We have examlned your charity accounts as required under section 65 of the Charitles Art and our examinatlon was carried out in accordance wlth the 8eneral Directlons glven by the Charlty Commission for Northern Ireland under section 6519llbl of the Charltles Act. Our examlnatlon Included a revlew of the accountlng records kept by the charlty and a comparlson of the accounts presented wlth those records. It also Included conslderation of any unusual Items or disclosures in the accounts, and seeking explanatlons from you as charlty Trustees concernln8 any such matters. Our role Is to state whether any materlal matters have come to our attentlon givlng us cause to belleve: That accountlng records were not kept In accordan￿ wlth sectlon 63 of the Charltles Act. That the accounts do not attord wlth th05È accounting records. That the accounts do not comply wlth the accountln8 requlrements of the Charltles Act. That there Is further Informatlon needed for a proper understandlng of the accounts to be reached. Independent examlft•rfs statement We have completed our examlnatlon and have no concerns In respert of the matters11) to {41 listed above and, In connertlon wlth followln8 the Dlrectlons of the Charlty Commlsslon for Northern Ireland, we have found no matters that require drawin8 to your attentlon. D Ruddell For and on behalf of Wylle Ruddell Chartered Accountants Unlt 63 Armagh Buslness Centre 2 Lough8all Road Armagh BT617NH Date.. 27 October 2024

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Statement of Financial Activities for the year ended 31 December 2023

Note
Income
Donations & legacies
3
Other trading activities
4
Investments
5
Charitable activities
6
Other income
Total Income
Expenditure on:
Generating funds
7
Charitable activities
7
Other
Total Expenditure
Net Income/(Expenditure) before
transfers
Transfers between funds
Net Income/(Expenditure) before
other recognised gains and losses
Gain/(Loss) on investments assets
8
Depreciation
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2023
£
123,880
4,306
11,668
5,419
145,273
-
(126,258)
-
(126,258)
19,015
-
19,015
-
-
19,015
163,221
182,236		 Restricted
Funds
2023

£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(10,000)
(10,000)
1,300,000
1,290,000		 Endowment
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
367,416
367,416		 Total
2023
£
123,880
4,306
11,668
5,419
145,273
-
(126,258)
-
(126,258)
19,015
-
19,015
-
(10,000)
9,015
1,830,637
1,839,652		 Total
2022
£
112,023
2,330
10,962
6,459
-
131,774
-
(139,810)
-
(139,810)
(8,036)
-
(8,036)
-
(10,000)
(18,036)
1,848,673
1,830,637

8

Markethlll/MullabracK St John$, Armagh, Church of Ireland Statement of Flnantlal Posltlon as at 31 December 2023 Charlty Number: NIC lo4￿86 Note 2023 2022 Flxed Assets Tangible Fixed Assets Investment Properties Investments Total fixed assets li 12 13 1,290,Lh)O 155,000 265,924 1,710.924 1.300,000 155,000 265,924 1,720,924 Current Assets Debtors Cash and cash equlvalents Total current assets 14 128,728 128,728 109,713 109,713 Credltors- amounts falllng due wlthln one year Accruals and other credltors Bank Loans Total credltor$ 15 15 Net Current Assets 128,728 109,713 Total net Assets 1,839,652 1,830,637 The funds of the parlsh Unrestrlcted funds General funds Desl8nated funds Total unrestrlcted funds Restrlrted Funds Endowment Funds 17&18 27,236 155,000 182,236 1.290,000 367,416 8.221 155,000 163,221 1,300,OC 367,416 17&18 17&18 Total chaflty funds 17&18 1,839,652 1,830,637 The notes on pa8es 11 to 19 are an Integral part of these flnancial ststements. The flnanclal statements on pages 8 to lowere approved by the Board ofTrustees on 27 February 2024 and sl8ned on Its behalf by: Trustee I: Peter Mun Trustee 2- Jonathan Hull

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Statement of Cash Flows for the year ended 31 December 2023

Note
Cash flows from operating activities:
Net cash provided by (used in) operating activities
20
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Receipt of endowment
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the reporting period

Cash and cash equivalents at the beginning of the reporting period

Change in cash and cash equivalents due to exchange rate movements
Cash and cash equivalents at the end of the reporting period
21		 Total
funds
2023
£
7,347
11,668
-
-
-
-
11,668
-
-
-
-
19,015
109,713
-
128,728		 Total
funds
2022
£
(22,228)
13,292
-
-
-
-
13,292
-
-
-
-
(8,936)
118,649
-
109,713

10

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Notes to the financial statements for the year ended 31 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) Basis of preparation

The financial statements have been prepared on a going concern basis in accordance 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) – (Charities SORP (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 day to day working capital requirements from its 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 resources 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 statements have been prepared on a going concern basis.

c) Income

Plate Collections, Weekly Envelopes and Graveyard income are accounted for on a cash receipts basis as the amount is collected.

Income arising from the rental of Parish Centre facilities 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 other grants, whether 'capital' grants or 'revenue' grants, are 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.

11

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Notes to the financial statements for the year ended 31 December 2023

1. Accounting policies (continued)

e) Tangible assets

The assets of the Parish comprise: -

The Church Buildings 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 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 Parish Centre is recognised at cost of construction / acquisition. No depreciation has been provided on the parish centre buildings as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years.

The Glebe House is recognised at cost / deemed cost, being the estimated fair value of the property at 31 December 2023. No depreciation has been provided on the glebe house as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years.

A residential investment property was purchased in 2019 at a cost of £155,000. No depreciation has been provided on the house as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years

Fixtures and Fittings are recognised at cost 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 recognised in the statement of financial activities and included in ‘Other operating (losses)/gains’.

f) Investments

Fixed asset investments comprising investment properties, investments in equities and investment in 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. Unrealised gains and losses represent the difference between the fair value at the beginning and end of the financial year or, if purchased in the year, the difference 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 with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within Creditors Amounts falling due within 1 year.

12

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Notes to the financial statements for the year ended 31 December 2023 (continued)

1. Accounting policies (continued)

h) Financial instruments

The Parish only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction price and subsequently measured at their settlement value.

i) Funds

Funds are classified as either restricted funds or unrestricted 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 are held generally on the basis that the original capital sum is not reduced, and the income there from is used for the purpose defined in accordance with the objects of the Parish. However the capital sum may still be used at the discretion of the Select Vestry.

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 earmarked 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 trustees’ discretion to apply the fund.

2. 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 factors, 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 accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year.

3. Donations and legacies

Plate Collections
Weekly envelopes / FWO
Tax recovered on Donations
Legacies
Endowment Income
Special Appeals
Grants
Other		 Unrestricted
Funds
2023
£
95,294
19,332
1,350
2,019
1,967
3,700
218
123,880		 Restricted
Funds
2023
£
-
-
-
-
-
-
-
-		 Endowment
Funds
2023
£
-
-
-
-
-
-
-
-		 Total
2023
£
95,294
19,332
1,350
2,019
1,967
3,700
218
123,880		 Total
2022
£
87,345
17,763
-
2,008
1,543
300
3,064
112,023

13

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland

Notes to the financial statements for the year ended 31 December 2023 (continued)

4. Other trading activities
Rentals from Parish Centre
5. Investments
Deposit interest
Dividends received
Rental Income – Investment
Properties
6. Charitable activities
Graveyard Income
Other Income
Total Income
7. Analysis of Expenditure
Generating Funds
Investment Manager’s Fees
Fundraising costs
Other
Charitable Activities
Wages and Salaries
Diocesan Costs/Assessment
Church Running Costs
Glebe Costs
Charitable Donations
Other
Total Expenditure		 Unrestricted
Funds
2023
£
4,306
4,306
7,449
-
4,219
11,668
2,425
2,994
5,419
145,273
Unrestricted
Funds
2023
£
-
-
-
-
-
57,411
59,096
2,096
7,655
-
126,258
126,258		 Restricted
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
Restricted
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-		 Endowment
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
Endowment
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2023
£
4,306
4,306
7,449
-
4,219
11,668
2,425
2,994
5,419
145,273
Total
2023
£
-
-
-
-
-
57,411
59,096
2,096
7,655
-
126,258
126,258		 Total
2022
£
2,330
2,330
7,007
-
3,955
10,962
2,115
4,344
6,459
131,774
Total
2022
£
-
-
-
-
-
53,669
76,580
4,156
5,405
-
139,810
139,810

Governance costs of £0 were incurred during the year of which £0 relates to fees paid to the independent examiner. Governance costs would be included within Church Running Costs above.

14

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Notes to the financial statements for the year ended 31 December 2023 (continued)

8. Gain/(Loss) on Investment Assets

Unrealised fair value gains/(losses) on investments
Unrealised fair value gains/(losses) on investment
properties
Realised gains / (losses) on investments
Realised gains/(losses) on investment properties		 2023
£
-
-
-
-
-		 2022
£
-
-
-
-
-

9. Taxation

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.

10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Employees

Salaries and wages
National insurance costs
Total		 2023
£
-
-
-		 2022
£
-
-
-

The average number of employees during the year, calculated on the basis of a head count, was as follows:

Ministerial support
Administration
Music staff
Premises maintenance		 2023
Number
-
-
-
-
-		 2022
Number
-
-
-
-
-

There are no employees in receipt of employee benefits in excess of £60,000

Key Management and Trustees

The parish paid expenses of £2,096 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 in respect of their role as trustee.

No Trustee received payment for other professional work done for the charity.

No trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the charity during the year.

15

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Notes to the financial statements for the year ended 31 December 2023 (continued)

11. 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
12. Investment Properties
Balance at Beginning of the year
Additions during the year
Disposals during the year
Fair Value Gains / (Losses)
Balance at end of the year		 Buildings
£
1,250,000
-
-
1,250,000
-
-
-
-
1,250,000
1,250,000		 Fixtures &
Fittings
Total
£
£
100,000
1,350,000
-
-
-
-
100,000
1,350,000
50,000
50,000
10,000
10,000
-
-
60,000
60,000
50,000
1,300,000
40,000
1,290,000
£
155,000
-
-
-
155,000		 Total
£
1,350,000
-
-
1,350,000
50,000
10,000
-
60,000
1,300,000
1,290,000

The year-end valuation of the Investment properties has been based on the purchase price in 2019.

13. Investments

Balance at beginning of the year
Additions during the year
Disposals during the year
Fair Value gain/(loss) on investments
Balance at end of the year
Analysis of Investments
Equity Investments
Other Listed Investments
Investments in RB Unit Trusts
Other unlisted investments		 Listed
Investments
£
-
-
-
-
-
-
-
-
-
-		 Other
Investments
£
265,924
-
-
-
265,924
-
-
265,924
-
265,924		 Total
£
265,924
-
-
-
265,924
-
-
265,924
-
265,924

16

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Notes to the financial statements for the year ended 31 December 2023 (continued)

14. Debtors

Sundry debtors
Other (detail where material)		 2023
£
-
-
-		 2022
£
-
-
-

15. Creditors Amounts Due within 1 Year

Accruals and other creditors
Taxation and Social Security
Bank Overdrafts		 2023
£
-
-
-
-		 2022
£
-
-
-
-

16. Financial instruments

The charity has the following financial instruments:

Loans and receivables held at amortised cost
Investments
Cash and cash equivalents
Sundry debtors
Other receivables
Investment in short term deposits
Financial liabilities measured at amortised cost
Bank loans and overdrafts
Accruals and other creditors		 2023
£
-
-
-
-
-
-
-
-
-		 2022
£
-
-
-
-
-
-
-
-
-

17. Analysis of Net Assets Among Funds

Fixed Assets
Investments
Current Assets
Current Liabilities
Net assets at 31 Dec 2023		 General
£
-
-
27,236
-
27,236		 Designated
£
-
155,000
-
-
155,000		 Restricted
£
1,290,000
-
-
-
1,290,000		 Endowment
£
-

265,924
101,492
-
367,416
 Total
£
1,290,000
420,924
128,728
-
1,839,652

17

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland

Notes to the financial statements for the year ended 31 December 2023 (continued)

18. Funds of the Parish

Endowment funds
General
Restricted funds
Parish Centre
Glebe House
Fixtures & Fittings
Unrestricted funds
Designated – Investment Property
General
Total funds		 At 1 Jan
2023
£
367,416
367,416
950,000
300,000
50,000
1,300,000
155,000
8,221
163,221
1,830,637		 Income
£
-
-
-
-
-
-
-
145,273
145,273
145,273		 Expenditure
£
-
-
-
-
-
-
-
(126,258)
(126,258)
(126,258)		 Transfers
£
-
-
-
-
(10,000)
(10,000)
-
-
-
(10,000)		 At 31 Dec
2023
£
367,416
367,416
950,000
300,000
40,000
1,290,000
155,000
27,236
182,236
1,839,652

19. Collection for Third Parties

LEMOOS
NI Hospice
Charlene’s Project
Diocesan Ministry Training Fund
Armagh Food Bank
Samaritan’s Purse & Barnabas Fund
Crosslinks
SAMS
Irish Church Missions
Leprosy Mission		 2023
£
221
325
100
-
-
371
192
241
248
59
1,757		 2022
£
287
-
-
356
115
-
233
261
227
65
1,544

The amounts above have been included in total income for the year and in total expenditure for the year.

20. Reconciliation of net income/(expenditure) to cash flow from operating activities

Net income/(expenditure) for the reporting period (as per the statement of
financial activities)
Adjustments for:
Depreciation charges
Dividends, interest and rent from investments
Loss/(profit) on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Rounding difference
Net cash provided by (used in) operating activities		 2023
£
9,015
10,000
(11,668)
-
-
-
7,347		 2022
£
(18,036)
10,000
(13,292)
-
-
(900)
-
(22,228)

18

Markethill/Mullabrack, St Johns, Armagh, Church of Ireland Notes to the financial statements for the year ended 31 December 2023 (continued)

21. Analysis of cash and cash equivalents

Bank Current Account
Notice deposits
Overdraft facility repayable on demand
Total cash and cash equivalents		 2023
£
98,757
29,971
128,728		 2022
£
79,742
29,971
-
109,713

19