Drumcree Parish Church
Annual Report and Financial Statements For the year ended 31 December 2022
Charities Number: NIC 104192
1
Drumcree Parish Church
Annual report and financial statements for the year ended 31 December 2022
Contents
| Pages | |
|---|---|
| References and administrative details of the Charity | 3 |
| Trustees’Annual report | 4 - 7 |
| Independent Examiners Report to the Trustees | 8 |
| Statement of Financial activities | 9 |
| Balance Sheet | 10 |
| Notes to the financial statements | 11-18 |
2
DRUMCREE PARISH CHURCH
References and administrative details
Charity Name: Drumcree Parish Church Charity Registration Number: NIC 104192 Contact Address: 78 Drumcree Road Portadown Co Armagh BT62 1PE Trustees Rev Gary Galway Mr Alan Milligan Mr Geoff Milligan Mr Gareth Moles Mr Edwin McCambley Mrs Shirley Nelson Miss Valerie Newell Mr Alan Sergeant Mr George Sloan (res. 18[th] April 2022) Mr Jonathan Ruddell Mr Philip McKinley Mrs Ruth Tedford Mr Gareth Galway Mr John Gates Mr George Murtagh Mr Brian Ruddell Mrs Laura Sergeant Mrs Gillian Jackson (app. 18[th] April 2022) Principal Office-bearers Clergy: Rev. Gary Galway Church Secretary: Mrs Ruth Tedford Church Treasurer: Mr Philip McKinley Church Warden- Clergy: Mr Edwin McCambley Church Warden - People: Mr Gareth Moles
Independent Examiner Arnold Jackson Chartered Accountant McAleer Jackson Ltd, Chartered Accountants Church House, 24 Dublin Road, Omagh, Co Tyrone, BT78 1HE
Principal Bankers
Bank of Ireland Ulster Bank Progressive Building Society 13 Market Street 20 High Street 12 Market Street Lurgan Portadown Portadown BT66 6AR BT62 1HU BT62 3JY
3
Trustees’ Annual Report for the year ended 31 December 2022
The Trustees present the annual report and accounts for Drumcree Parish Church for the year ended 31/12/2022.
Objectives and Activities
The charitable purpose of the Church of Ireland is the advancement of religion.
The principal function of Drumcree Parish Church is to support the advancement of the Christian religion by promoting, through the work of Drumcree Parish Church 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, Drumcree Parish Church 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 Drumcree Parish Church.
Achievements, Performance & Public Benefit
For over a year we have been using the Church Hall as our Church due to the church building not being fit for purpose at the present time. This has been difficult as our Church Hall is used regularly throughout the week. It has been a huge commitment for those having to set up and take down all the equipment every week.
It will probably be just over another year before we can move back into the church.
The church continues to invest into technology so as to allow its services to benefit those who are house bound, in nursing homes or who simply could not be there in person and it also affords them an opportunity to watch the service at a time which is convenient for them. This is proving to be a great opportunity to reach people with the Gospel and we give thanks to God that people around the world can be with us on Sunday morning. We have also been installing technology equipment in the Church hall, which will be available for all organisations.
The church is also investing heavily in upgrading its premises and has put together a plan for a welcome area (a social gathering area), this is at a significant cost. There are also plans to upgrade the church and bring it up to a standard of “fit for pu r pose” for the times which we live and minister in. We are hoping by this time next year, the work will have commenced and what a difference it will make for all who come together.
We have been greatly blessed during the year by the ministry of our children’s worker and it is hoped that over the next numb er of months we will be able to appoint a youth/evangelistic worker within the parish. It has also been encouraging to see new people joining us from all walks of life, and it is our hope and prayers that this will continue well into the future.
It was also such an encouragement to have our annual fete up and running once again and what a success, never before had we seen such numbers, running into thousands and this was coming from all of the community, what an event and to those that organise and ran it, what an achievement.
There is no doubt we live in challenging times and we continue to reach out to those both within and outside the Parish. We have provided financial help and assistance where required and helped with practical issues. We see this as an opportunity to reach out with the love of Christ to those for whom Christ died. As a Christian organisation we have been called to serve and may we continue to do that through love no matter what we face in the days that lie ahead.
In all the challenges that we as a church face, it is wonderful to know that we have a God who continues to look after our needs, provides in such a way that only He can do and to have people within the church who give in such a Godly way. We thank God first for His provision and all those who carry His heart within them. May we all continue to be a blessing to others, whatever background they may come from.
4
Trustees’ Annual Report for the year ended 31 December 2022 (continued)
Under Chapter 12 of the Constitution of the Church of Ireland, Safeguarding Trust is implemented and adhered to by Drumcree Parish Church in order to protect young people, leaders and vulnerable adults.
Access to Church records is provided to any member of the public requiring information for research and genealogical purposes. This access is provided free of charge. The Parish maintains artefacts, materials and historic building for the benefit of the public and in particular for those appreciative of longstanding Christian heritage. The Parish restricts access to Church properties for public safety reasons. Any visitors who wish to access same for viewing purposes are accompanied by a member of staff.
The Parish has given careful consideration to the Charity Commission for Northern Ireland’s guidance on public benefit to ens ure that the activities entered into during the year have helped to achieve the Parish’s objectives and activities, as well as pr oviding public benefit.
Financial Review
The income in the Parish from various sources was £177,038, with outgoings of £168,837, giving a surplus of £8,201 before unrealised loss in value of RCB investments of £1,177. The overall surplus was £7,024.
The Trustees are deeply grateful to the Parish for their financial support during 2022.
The Bank and Cash in Hand Balance as at 31 December 2022 was £410,937 (of this balance £133,169 were unrestricted funds). 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 ground and to further the Objectives and Activities of the Church of Ireland.
Going Concern
The Trustees have reviewed Drumcree Parish Church’s planned expenditure 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 2022 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 (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 and have paid a minimum of £50.00 per annum into the Sustentation account, 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.
5
Trustees’ Annual Report for the year ended 31 December 2022 (continued)
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, 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 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 2022 the Select Vestry met 14 times during the year and the average attendance was 71%.
Statement of Trustees' Responsibilities
The T rustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in Northern Ireland requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with Generally Accepted Accounting Practice in the United Kingdom (accounting standards issued by the Financial Reporting Council in the UK, including Charities SORP (FRS 102) “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 (FRS102)” and promulgated by the Institute of Chartered Accountants in the United Kingdom and United Kingdom Law) Under that law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charity and of the statement of financial activities of the charity for that period.
In preparing these financial statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently
-
Make judgments and estimates that are reasonable and prudent
-
State whether the financial statements have been prepared in accordance with applicable Accounting Standards and identify the standards in question, subject to any material departures being disclosed and explained in the financial statements and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Parish will continue as a going concern.
The T rustees 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 financial position of the Parish and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, the Charity (Accounts and Reports) Regulations (Northern Ireland) 2008 and the provision of the Constitution of the Church of Ireland. 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 irregularities.
6
Trustees’ Annual Report for the year ended 31 December 2022 (continued)
Statement as to disclosure to our examiners
In so far as the Trustees are aware at the timing of approving our T rustees’ annual report:
-
There is no relevant audit information of which the charitable company’s examiner is unaware, and
-
The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company’s examiner is aware of that information
Independent Examiner
The examiner, Arnold Jackson of McAleer Jackson Ltd, has indicated his willingness to continue in office, and a resolution concerning his reappointment was passed at the Select Vestry Meeting following the Annual Easter Vestry Meeting.
Signed on Behalf of the Trustees
Trustee 1 G Galway
Trustee 2 Brian Ruddell
Date 27/10/23
7
Independent examiner’s report to the charity Trustees of Drumcree Parish Church
I report on the accounts of the Charity for the year ended 31 December 2022, which are set out on pages 4 to 18.
Respective responsibilities of charity Trustees and examiner
As the charity’s Trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008.
It is my responsibility to:
-
examine the accounts under section 65 of the Charities Act;
-
follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act;
-
state whether particular matters have come to my attention.
Basis of independent examiner’s report
I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.
My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity Trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
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That accounting records were not kept in accordance with section 63 of the Charities Act;
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That the accounts do not accord with those accounting records;
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That the accounts do not comply with the accounting requirements of the Charities Act;
-
That there is further information needed for a proper understanding of the accounts to be reached.
Independent examiner’s statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
Name: Arnold Jackson
Arnold Jackson For McAleer Jackson Ltd
Relevant professional qualification or body: Chartered Accountant
Address: Church House, 24 Dublin Road, Omagh, Co. Tyrone, BT78 1HE
Date: 27/10/23
8
Statement of Financial Activities for The Year Ended 31 December 2022
| Note Income Donations and Plate Collections 3 Proceeds from Fund Raising Events 4 Bank and Deposit Interest Rental of Premises Grants Other Receipts 5 Total Income Expenditure Wages and Salaries 9 Diocesan Costs/assessment Church Running Costs 6 Administration Costs Fundraising Costs Charitable Donations Other Expenses 7 Depreciation Total Expenditure Net Income/(Expenditure) before transfers Transfers between funds Net Income/(Expenditure) before other recognised gains and losses Gain/(loss) on investment assets 12 Net Movement of Funds Reconciliation of funds: Total Funds brought forward Total Funds carried forward |
Unrestricted Funds 2022 Restricted Funds 2022 Endowment Funds 2022 Total 2022 Total 2021 £ £ £ £ £ 114,988 4,031 - 119,019 90,264 14,239 - - 14,239 725 16 10 1,591 1,617 2,157 21,327 - - 21,327 21,650 3,200 - - 3,200 6,375 17,636 - - 17,636 211,813 |
|---|---|
| 171,406 4,041 1,591 177,038 332,984 |
|
| 39,345 - - 39,345 39,794 56,930 - - 56,930 57,189 43,288 - - 43,288 40,200 4,953 - - 4,953 2,485 2,264 - - 2,264 - 15,472 - - 15,472 3,974 476 - - 476 6,110 6,109 - - 6,109 8,056 |
|
| 168,837 - - 168,837 157,808 |
|
| 2,569 4,041 1,591 8,201 175,176 (136,455) 138,046 (1,591) - - (133,886) 142,087 - 8,201 175,176 - - (1,177) (1,177) 4,346 (133,886) 142,087 (1,177) 7,024 179,522 2,660,868 39,884 112,143 2,812,895 2,633,373 |
|
| 2,526,982 181,971 110,966 2,819,919 2,812,895 |
9
Statement of Financial Position as at 31 December 2022
| Note Fixed Assets Tangible Fixed Assets 10 Investment Properties 11 Investments 12 Total Fixed Assets Current Assets Debtors - Gift Aid Cash and Cash equivalents Total Current Assets Creditors - amounts falling due within one year 13 Total Creditors Net Current Assets Total Net Assets The Funds of the Parish Unrestricted Funds Restricted Funds Endowment Funds Total Charity Funds 14 |
2022 £ 2021 £ 1,153,892 1,099,129 1,242,709 1,242,709 15,169 16,346 |
|---|---|
| 2,411,770 2,358,184 |
|
| 15,324 25,887 410,937 450,183 |
|
| 426,261 476,070 |
|
| (18,112) (21,359) |
|
| (18,112) (21,359) |
|
| 408,149 454,711 |
|
| 2,819,919 2,812,895 |
|
| 2,526,982 2,660,868 181,971 39,884 110,966 112,143 |
|
| 2,819,919 2,812,895 |
The notes on pages 11 to 18 form an integral part of these financial statements and should be read in conjunction therewith.
The financial statements on pages 9 to 10 were approved by the Board of Trustees on 27/10/23 and signed on its behalf by:
Trustee 1 G Galway
Trustee 2 Brian Ruddell
10
Notes to the financial statements for the year ended 31 December 2022
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, Graveyard income and Columbarium 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, 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.
e) Tangible assets
The assets of the Parish comprise:-
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Church Building and Graveyard
-
Parish Church Hall
-
Glebe House
-
Fixtures and fittings
The Church Building, Church hall, Graveyard & Linkway 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. However, subsequent additions are included on the balance sheet at cost. No depreciation is charged as the useful life of the asset is more than 50 years.
11
Notes to the financial statements for the year ended 31 December 2022 (continued)
1. Accounting policies (continued)
The Prayer Room (originally known as the ‘Stables’) and the store at the church are physically attached to the Church Graveyard and as such is not separable as an individual asset. As such it is deemed to be a Heritage asset and no value is ascribed to it in 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.
Land acquired for Car Park at church is valued at acquisition costs in 2017 along with costs of building car park. No depreciation has been provided on this land or car park as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years.
The Rectory with yard and Sextons house are recognised at deemed cost, being the estimated fair value of the property placed on each property for rates purposes. No depreciation has been provided on these properties as the current estimated residual value of each is not less than their carrying value and the remaining useful life of each property currently exceeds 50 years.
Breagh Church Hall and Richmount Church Hall are all recognised at deemed cost, being the value placed on each of the properties for Insurance purposes. No depreciation has been provided on these properties as the current estimated residual value of each is not less than their carrying value and the remaining useful life of each property currently exceeds 50 years.
Fixtures and fittings are recognised at cost and are depreciated on a straight line basis over a period of 4 years. The church has set a threshold of cost of an item of £3,000 for it to be capitalised as a fixed asset. 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 investment s 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.
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.
12
Notes to the financial statements for the year ended 31 December 2022 (continued)
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 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 T rustees’ discretion to apply the fund.
2. Critical Accounting Judgements and estimation uncertainty
Estimates and judgements 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 judge ments 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 & Plate collections Envelopes and Subs Annual Subs Gift Aid Loose Collection Special Collections Donations |
Unrestricted Fund 2022 Restricted Funds 2022 Endowment Funds 2022 Total 2022 Total 2021 £ £ £ £ £ 72,883 3,431 - 76,314 55,280 460 - - 460 1,092 17,396 600 - 17,996 17,173 1,298 - - 1,298 1,095 10,560 - - 10,560 2,059 12,391 - - 12,391 13,565 |
|---|---|
| 114,988 4,031 - 119,019 90,264 |
| Unrestricted | Restricted | Endowment | Total | ||
|---|---|---|---|---|---|
| 4 | Fund 2022 | Funds 2022 | Funds 2022 | 2022 | Total 2021 |
| £ | £ | £ | £ | £ | |
| Proceeds from Fund raising events | |||||
| Fete | 12,809 | - | - | 12,809 | - |
| Badminton | - | - | - | - | 100 |
| Richmount | 1,430 | - | - | 1,430 | 625 |
| 14,239 | - | - | 14,239 | 725 |
13
Notes to the financial statements for the year ended 31 December 2022 (continued)
| 5 Other Receipts Graveyard GB/BB Monies for GA Miscellaneous Profit on Disposal HMRC JRS Legacies |
Unrestricted Fund 2022 Restricted Funds 2022 Endowment Funds 2022 Total 2022 Total 2021 £ £ £ £ £ 12,610 - - 12,610 6,449 - - - - - 5,026 - - 5,026 503 - - - - - - - - - 17,361 - - - - 187,500 |
|---|---|
| 17,636 - - 17,636 211,813 |
| 6 Church Running Costs Running costs Utilities, rates, insurance Maintenance Minibus Grave Digging |
Unrestricted Fund 2022 Restricted Funds 2022 Endowment Funds 2022 Total 2022 Total 2021 £ £ £ £ £ 11,862 - - 11,862 10.948 17,738 - - 17,738 17,893 13,688 - - 13,688 11,359 - - - - - - - - - - |
|---|---|
| 43,288 - - 43,288 40,200 |
| 7 Other expenses Richmount Repairs BB/GB Monies ret Equipment Legal Fees and Disbursements Magazine Miscellaneous Planning/surveys |
Unrestricted Fund 2022 Restricted Funds 2022 Endowment Funds 2022 Total 2022 Total 2021 £ £ £ £ £ - - - - - - - - - - - - - - - - - - - 5,878 165 - - 165 232 311 - - 311 - - - - - - |
|---|---|
| 476 - - 476 6,110 |
Governance costs of £870 were incurred during the year which relate to fees paid to the independent examiner. Governance costs are included within Administration costs on page 9.
14
Notes to the financial statements for the year ended 31 December 2022 (continued)
8 Taxation
Drumcree Parish Church is recognised as a charity for the purposes of applicable taxation legislation and therefore, is not subject to taxation on its charitable activities.
9 Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel
Employees
| Wages Analysis Salaries and Wages National Insurance Pensions Organ Playing |
2022 2021 £ £ 34,492 34,923 3,478 3,433 1,375 1,438 - - |
|---|---|
| 39,345 39,794 |
The average number of employees during the year, calculated on the basis of head count was 3. There are no employees in receipt of employee benefits in excess of £60,000.
Key Management and Trustees
Key Management are deemed to comprise the Trustees. The Parish paid expenses of £924 relating to rates on the rectory which is occupied by the Rector.
Mrs Laura Sergeant is the daughter of Trustee Rev Gary Galway and the wife of Trustee Alan Sergeant and herself a Trustee. She has been employed for a number of years as a children’s worker. Her pay is in line with the overall pay structure of the Church and there are clear procedures for the management of any conflicts of interest that may arise. Her remuneration is included in the wages analysis in note 9 of these accounts.
| 10. Tangible Assets Land obtained at Church for car park Car park constructions costs Rectory with yard Sextons House Breagh Church Hall Richmount Church Hall Trailer Digger New Minibus Shipping Container AV Equipment Graveyard Extension Linkway Extension Sports Pitch Total Tangible Assets |
COST DEPN TO DATE NET BOOK VALUE AT 31.12.21 ADDITION DISPOSAL DEPN CHARGE NET BOOK VALUE AT 31.12.22 £ £ £ £ £ £ £ 255,498 - 255,498 - - - 255,498 312,158 - 312,158 700 - - 312,858 235,000 - 235,000 - - - 235,000 110,000 - 110,000 - - - 110,000 97,248 - 97,248 - - - 97,248 74,046 - 74,046 - - - 74,046 3,138 3,138 - - - - - 8,730 8,730 - - - - - 11,994 11,994 - - - - - 4,680 3,323 3,510 5,100 - 2,153 6,457 15,558 7,845 11,669 4,157 - 3,956 11,870 - - - 19,703 - - 19,703 - - - 13,212 - - 13,212 - - - 18,000 - - 18,000 |
|---|---|
| 1,128,050 35,030 1,099,129 60,872 - 6,109 1,153,892 |
15
Notes to the financial statements for the year ended 31 December 2022 (continued)
| 11. Investment Properties House at Dungannon Road “The Rockery’ House with store House at Derryanvil Road Derrycorey site and land Farmland at the Rectory Farmland at Rockery and Derryanvil Road Farmland at Breagh Hall Derrycorey Church Hall Derryall Church Hall Neill Property |
COST DEPN TO DATE NET BOOK VALUE AT 31.12.21 ADDITION DISPOSAL DEPN CHARGE NET BOOK VALUE AT 31.12.22 £ £ £ £ £ £ £ 130,000 - 130,000 - - - 130,000 160,000 - 160,000 - - - 160,000 77,500 - 77,500 - - - 77,500 40,000 - 40,000 - - - 40,000 150,000 - 150,000 - - - 150,000 410,000 - 410,000 - - - 410,000 9,000 - 9,000 - - - 9,000 54,026 - 54,026 - - - 54,026 24,683 - 24,683 - - - 24,683 187,500 - 187,500 - - - 187,500 |
|---|---|
| 1,242,709 - 1,242,709 - - - 1,242,709 |
12. Investments
| 12. Investments | |
|---|---|
| RCB Investments Total Investment Assets |
VALUE AT 31.12.21 GAIN IN YEAR VALUE AT 31.12.22 16,346 (1,177) 15,169 |
| 16,346 (1,177) 15,169 |
13. Creditors Amounts Due within 1 year
| Accruals and other creditors PAYE |
2022 2021 £ £ 17,331 21,101 781 258 |
|---|---|
| 18,112 21,359 |
16
Notes to the financial statements for the year ended 31 December 2022 (continued)
14. Funds of the Parish
| 14. Funds of the Parish | |
|---|---|
| Endowment Funds McGivern Trust Gardiner Trust RCB Investments Restricted Funds Bank of Ireland Deposit Ulster Bank Deposit |
At 01 Jan 2022 Incoming Resources Outgoing Resources revenue Transfers Investment Gain/Loss At 31 Dec 2022 £ £ £ £ £ £ 75,774 1,286 - (1,286) - 75,774 20,023 305 - (305) - 20,023 16,346 - - - (1,177) 15,169 |
| 112,143 1,591 - (1,591) (1,177) 110,966 |
|
| 38,713 4,041 - 138,046 - 180,800 1,171 - - - - 1,171 |
|
| 39,884 4,041 - 138,046 - 181,971 |
Unrestricted Funds
| General Funds | 2,660,868 | 171,406 | (168,837) | (136,455) | - | 2,526,982 |
|---|---|---|---|---|---|---|
| Total Funds | 2,812,895 | 177,038 | (168,837) | - | (1,177) | 2,819,919 |
- Purposes of Endowment Funds:
McGivern Trust - interest earned on this money is to be transferred to the Repair Account Gardiner Trust - Interest earned on this money is to be transferred to the Repair account RCB Investments - These relate to various permanent endowments that the Church has received that are invested with the Representative Church Body with the income each year from such investments being paid to the Church for general church purposes.
Purposes of Restricted Funds
Bank of Ireland Deposit and Ulster Bank deposit - used for repairs and replacement of assets Sundry Restricted Funds - These relate to various sundry restricted funds
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Notes to the financial statements for the year ended 31 December 2022 (continued)
| 15. Collections for Third Parties Orange Service Adopt a child CMJ Tearfund V Newell Church Army ICM CMSI UFM |
2022 2021 £ £ 560 494 - 100 - 100 9,597 965 403 - - 100 - 100 - 100 - 100 |
|---|---|
| 10,560 2,059 |
The amounts above have been included in total income for the year under special collections (see note 3).
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 |
2022 2021 £ £ 15,169 16,346 410,937 450,183 15,324 25,887 - - - - 441,430 492,416 - - 18,112 21,359 |
|
|---|---|---|
| 18,11221,359 |
17. Analysis of Net Assets Among Funds
| Fixed Assets Investments Current Assets Current Liabilities Net Assets at 31 December |
General Designated Restricted Endowment £ £ £ £ 2,396,601 - - - - - - 15,169 148,493 - 181,971 95,797 (18,112) - - - 2,526,982 - 181,971 110,966 |
2022 £ 2,396,601 15,169 426,261 (18,112) 2,819,919 |
2021 £ 2,341,838 16,346 476,070 (21,359) 2,812,895 |
|---|---|---|---|
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