COMPANY REGISTrATION NUMBER: N1000492 CHARITY REGISTRATION NUMBER: NIC104669 Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Group Financial Statements 31 December 2023
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Group Financial Statements Year ended 31 December 2023 Page Directors, annual report (incorporating the directorfs report) Independent auditorfs report to the members Consolidated statement of financial activities (including income and expenditure account) Consolidated statement of financial position 12 13 Company statement of financial position Consolidated statement of cash flows 14 15 Notes to the group financial statements 16
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Consolidated Ststement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Restricted funds Total funds Totsl funds 2022 Unrestricted funds Nots Income and endowments Donations and legacies Other trading activities Investment income Other income 133,693 393,544 101,003 2,180 214,552 348,245 393,544 101,003 2,180 393,132 357,133 96,834 Total Income 630,420 214,552 844,972 847,099 Expendlture Expenditure on raising funds: Costs of raising donations and legacies Other trading activities Investment management costs Expenditure on charitsble activities Totsl expenditure 212 84,770 17,950 736,020 838,952 10 11 12,13 81,529 7,081 567,830 656,440 81,529 17,370 758,153 10,289 190,323 200,612 857,052 Operating surplusl(deficit) (26.020) 13.940 (12,080) 8,147 Net gainsl(losses) on investments 15 29.243 42,491 71,734 (387,122) Not incomel{expendlture) and net movement In funds 3,223 56,431 59,654 (378,975) Reconciliation of funds Total funds brought forward Total funds carriod forward 2,082,805 2,086,028 2,234,576 4,317,381 4,377,035 4,696,356 2,291,007 4,317,381 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The note5 on 09 16to 33fomi rt of these financlal statements. 12
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Consolidated Statement of Financial Position Year ended 31 December 2023 2023 2022 Note Flxed assets Tangible fixed assets Investments 20 21 1.459,684 2,840,775 4,300,459 1,467,424 2,786,284 4,253,708 Current assets Stocks Debtors Cash at bank and in hand 22 23 11,000 79,991 372,646 463,637 5,633 107,844 262,836 376,313 Credltors: amounts falllng due wlthin one year Net current assets 252,061 162,640 213,673 211.576 4,512,035 Total assets less current liablllti08 4,467.381 Creditors: amounts falllng due after moro than one year Net a880ts 25 135,000 4.377,035 150,000 4,317,381 Funds of the charlty Restricted funds unstrICted funds 2,291,007 2,086,028 27 4,377,035 2,234,576 2,082,805 4,317,381 Total charlty funds These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 14 March 2024, and are signed on behalf of the board by: V71fy Very Rev SB Forde Director Dr V McKinley Director The notes on es 16 to 33fomi rt of these financlal statements. 13
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Company Statement of Financial Position Year ended 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 1,415,824 2.840,875 4,256.699 1,415,824 2,786,384 4,202,208 21 Current assets Debtors Cash at bank and in hand 23 201,819 288.902 174,305 245.541 419,846 490,721 Credltors: amount8 falllng due wlthin one year Net current assets 235,839 155,127 264,719 254,882 4,511,581 Total a8s•ts le88 current Ilabilitles 4,466,927 Creditors: amounts falling due after more than one year Net a880ts 25 135,000 4,376,581 150,000 4,316,927 Funds of the charity Restricted funds Unrestricted funds 2,291.007 2,085,574 27 4,376,581 2,234,576 2,082,351 4,316,927 Total charfty funds The net income for the financial year of the parent company was £59,654 (2022: net expenditure £378,975). These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 14 March 2024, and are signed on behalf of the board by.. Very Rev SB Forde Director Dr V McKinley Director Tho notes on es 16 to 33 form art of these financial statements. 14
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantse Consolidatsd Statement of Cash Flows Yaar ended 31 December 2023 2023 2022 Cash flows from operating activities Net incomel(expenditure) 59,654 (378,975) Adjustments for.. Depreciation of tangible fixed assets Net gainsl(losses> on investments Dividends, interest and rents from investments Interest payable and similar charges Accrued expensesl(income) 7,740 {71,734) (101,003) 2,385 14,257 11,183 387,122 (96,834) 881 (39,943) Ghanges in.. Stocks Trade and other debtors Trade and other creditors (5,367) 2,959 27,853 (52,475) 60,164 (24,052) (6,051) (190,134) Cash generated from operations Interest paid Net cash used in operating activities (2,385) (881) {8,436) {191,015> Cash flows from Investlng actlvltles Dividends, interest and rents from investments Purchases of other investments Proceeds from sale of other investments 101,003 96,834 (386,506) (255,914) 403,749 190,207 118,246 31,127 Net cash from investing activities Net increaselldecrease) In Cash and cash equlvalents Cash and cash oqulvalonts at boglnnlng of year Cash and cash equlvalents at •nd of year 109,810 262,836 372,646 (159,888) 422,724 262,836 The notes on pa es 16to 33fom) art of these flnancial statsments. 15
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements Year anded 31 December 2023 General Inforniation The company is a public benefit entity and a private company limited by guarantee, registered in and a registered charity in Northern Ireland. The address of the registered office is Cathedral of St Anne Belfast, Donegall Street, Belfast, BT12HB. Statement of compliance These financial statements have been prepared in compllance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng policies Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure. The financial ststements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key source8 of estlmation uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstsnces. Disclosure exemptions The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company (b) Disclosures in respect of financial instruments have not been presented. Consolidatlon The financial statements consolidate the financial statements of the Board of the Cathedral of St. Anne Belfast and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passe5. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual Statement of Financial Activity. 16
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (continued) Year ended 31 Decembar 2023 Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the directors to further any of the charty's purposes. Designated funds are unrestricted funds eamarked by the directors for particular future projects or commitments. Restricted funds are subject to restrictions on their expenditure declared by the donor or through the tenns of an appeal and fall into one of trwo sub-classes: restricted income funds or endowment funds. Incomlng re80urces All incoming resources are included in the ststement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The foll0vng specffic policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and SeiceS are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of serrfices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a ntractUal requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. income from other trading activities is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods)" the amount of revenue can be measured reliably,. it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Resources expended Expenditure is recognised on an accruals basis as a liability is incued. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. 17
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Resources expended (contlnued) expenditure on raising funds includes the costs of all fundraising activities, events. non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds forthe charity nor part of its expenditure on charitable activits'es. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Motor vehicles Office equipment 25 % straight line 25 % straight line Depreciation has not been provided in respect of the Cathedral building (freehold propety) and the dwelling of the Dean (long leasehold property) because their estimated remaining useful economic life exceeds 50 years. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired acwrdingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The Cashenerating unit is the smallest identifiable 18
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (contlnued) Year ended 31 December 2023 Accountlng policies (continued) Impairnient of fixed assets (contlnuedj group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. stocks stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Financial instruments A financial asset or a financial liability is recognised only when the company becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Vllhere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured atfairvalue, with any changes recognised in the ststement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and otherfinancial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 19
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notss to the Group Financial Ststements fconllnu8dJ Year ended 31 December 2023 Accounting pollcles (contlnued) Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related sen11 is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Vthen contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related servi, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in whlch it arises. Llmited by guarantee The company is registered as a charity with the Charity Commission for Northem Ireland. The company is limited by guarantee, not share capital. In the event of the company being wound up, every member of the company is liable to contribute a sum not exceeding £1. Donations and legacles Unrestricted Funds Restricted Total Funds Funds 2023 Donations Cathedral collects'ons Sit-out donations Stewardship giving Donations and bequests Choir fund income Commercial and fundraising income Insurance claim Ukraine Appeal 8,325 8,325 174,372 53,982 108,803 174,372 53,982 68,623 40,180 2,763 2,763 133,693 214,552 348,245 Unrestricted Funds Restricted Total Funds Funds 2022 Donatlons Cathedral collections Sit-out donats'ons Stewardship giving Donations and bequests Choir fund income Commercial and fundraising income Insurance claim Ukraine Appeal 30,010 30,010 143,400 49,212 111,072 120 1,217 1,101 57,000 393,132 143.400 49,212 92,147 18,925 120 1,217 1,101 57,000 173,687 219,445 20
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (continued) Year ended 31 December 2023 Donations and legacies (continued) Restricted and unrestricted grants and donations received during the 2023 year include the following.. £21,000 £10,000 Billy Adair Music Fund Joseph Orr Bequest Restricted and unrestricted grants and donations received durlng the 2022 year include the following- £18,925 £14,960 £11,031 £7,500 HLF National Churches Trust All Churches Trust Marshal Beresford Fund Other tradlng actlviti88 Unrestricted Funds Restricted Total Funds Funds 2023 Car park rental Office rental Shop sales Admission sales Insurance claim Event income Other income 208,963 12,000 15,907 44,956 208,963 12,000 15,907 44,956 110,884 834 110,884 834 393,544 393,544 Unrestricted Funds Restricted Total Funds Funds 2022 Car park rental Office rentsl Shop sales Admission sales Insuran claim Event income other income 184,855 12,000 14,427 31,471 38,818 74,482 1,080 357,133 184,855 12,000 14,427 31,471 38,818 74,482 1,080 357,133 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from listed investments 101,003 101,003 96,834 96,834 21
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (C(nued) Year ended 31 December 2023 other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income 2,180 2,180 Costs of raislng donatlons and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of raising funds 212 212 10. Other tradlng actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Direct cost of sales Salaries and pension Establishment costs Management costs Other administration costs Support costs 9,864 21,193 26,688 9,104 12,930 1,750 9,864 21,193 26,688 9,104 12,930 1,750 8,617 17,713 30,427 10,137 16,126 1,750 8,617 17,713 30,427 10,137 16,126 1,750 81,529 81,529 84,770 84,770 11. Investment management costs Unrestricted Funds Restricted Total Fund$ Funds 2023 Investment management fees 7,081 10,289 17,370 Unrestricted Funds Restricted Total Funds Funds 2022 Investment management fees 7,318 10,632 17,950 22
Board of The Cathedral of St. Anne Belfast Company Limitsd by Guarantee Notes to the Group Financial Ststements (conllnued) Year ended 31 December 2023 12. Expenditure on charltable activitles by fund typ• Unrestricted Funds Restricted Totsl Funds Funds 2023 Salaries and pension Establishment costs Other administration costs Cathedral Sit-out Support costs 293,804 168,863 96,463 293,804 170,465 110,812 174,372 8.700 1,602 14,349 174,372 8,700 567,830 190,323 758,153 Unrestricted Funds Restricted Total Funds Funds 2022 Salaries and pension Establishment costs other administration costs Cathedral Sit-out Support costs 274,586 143,764 65.444 28,184 12.842 2.400 200,400 302,770 156,606 67,844 200,400 8,400 8,400 492,194 243,826 736,020 13. Expenditure on eharltable activities by actlvlty type Activities undertaken directly Support costs Totsl Funds Total Funds 2023 2022 Salaries and pension Establishment costs other administration costs Cathedral Sit-out Governance costs 293,804 170,465 110,812 174,372 293,804 170,465 110,812 174,372 8,700 758,153 302,770 156,606 67,844 200,400 8,400 736.020 8,700 8,700 749,453 14. Analysis of support Costs Governance costs Total 2023 Total 2022 Other trading activities Expenditure on charitable activities 1,750 8,700 1,750 8,700 1.750 8,400 10,450 10,450 10.150 23
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to tha Group Financial Statements (conrfnued) Year ended 31 December 2023 15. Net galnsl(1088es) on Investments Unrestricted Funds Restricted Total Funds Funds 2023 Gainsl(losses) on listed investments Gainsl(losses) on listed investments - unrealised 26,229 3.014 38.113 4,378 42,491 64,342 7,392 71,734 29,243 Unrastn'cted Funds Restricted Total Funds Funds 2022 Gainsl(losses) on listed investments Gainsl(losses) on listed investments - unrealised 16,049 23,319 39,368 (173,800) (252,690) (426,490) (157.751) (229,371) (387,122) 16. Net incomel{expendlture Net incomel(expenditure) is stated after chargingl(crediting)- 2023 2022 Depreciation of tangible fixed assets 7.740 11,183 17. Audftors remuneration 2023 2022 Fees payable for the audit of the financial ststements 10,450 10,150 Fees payable for other non-audit sep4ices 4,320 4,320 18. Particulars of employe68 The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans 283,359 13,538 18,100 314,997 285,646 16,069 18,768 320,483 Redundancy payments in the reporting period were £5,000 (2022 - £Nil). 24
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (continued) Year ended 31 December 2023 18. Particulars of employees (continued) The average head count of employees during the year was 7 (2022.. 6). The average number of full-time equivalent employees during the year is analysed as follows: 2023 2022 No. No. Clergy Music staff, Organists & Choir tutors Sextons Administration staff Welcome desk No employee received employee benefits of more than £60,000 during the year (2022.. Nil). 19. Trustee remunoratlon and expen808 During the year the following trustees received remuneration and pension contributions as employees: The Very Reverend S.B. Forde received remuneration of £55,971 (2022: £51.931) and pension contributions of £15,225 (2022.. £12,306). No trustees received remuneration or pension contributions as trustees. No trustee expenses have been incurred. 20. Tanglblo fixed assets Group Long Freehold leasehold propety propety Motor vehicles Equipment Totsl Cost At 1 January 2023 and 31 December 2023 1,400,901 14,923 34,100 173,203 1,623,127 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 34,100 121,603 7,740 129,343 155,703 7,740 163,443 34,100 Carrying amount At 31 December 2023 1,400,901 14,923 14,923 43,860 1,459,684 51,600 1,467,424 At 31 December 2022 1,400,901 25
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements {continuedJ Year ended 31 December 2023 20. Tangible flxed assets (conlinued) Company Long Freehold leasehold property property Motor vehicles Equipment Total C08t At l January 2023 and 31 December 2023 1,400,901 14,923 34,100 8,304 1,458,228 Depreciation At 1 January 2023 and 31 December 2023 34,100 8,304 42,404 Carrylng amount At 31 December 2023 1,400,901 1,400,901 14,923 1,415,824 1,415,824 At 31 December 2022 14,923 21. Investments Group Llsted Inv•stments Cost or valuation At 1 January 2023 Additions Disposals Fair value movements 2,786,284 386,506 (339,407) 7,392 2,840,775 At 31 December 2023 Impairnient At 1 January 2023 and 31 December 2023 Carrylng amount At 31 December 2023 2,840,775 2,786,284 At 31 December 2022 26
Board of The Cathedral of St. Anne Belfast Company Limitsd by Guarantee Notes to the Group Financial Statements (conllnued) Year ended 31 December 2023 21. Investments (contlnued) Company Shares in Listed group investments undertakings Total C08t or valuation At 1 January 2023 Additions Disposals Fair value movements 2,786,284 386,506 (339,407) 7,392 100 2,786,384 386,506 (339,407) 7,392 2,840,875 At 31 December 2023 2,840,775 100 Impalrment At 1 January 2023 and 31 December 2023 Carrying amount At 31 December 2023 2,840,775 2,786,284 100 2,840,875 2,786,384 At 31 December 2022 100 The aggregate market value of listed investrnents is £2,840,775 (2022.. £2,786,284). Listed investments are recorded at market value. Shas in subsidiary are recorded at cost less impairment. 22. Stocks Group 2023 2022 Finished goods and goods for resale 11.000 5,633 Company The company has no stocks. 23. Debtors Group 2023 2022 Trade debtors Other debtors 61,290 18,701 32,280 75,564 107,844 79,991 27
Board of The Cathedral of St. Anne Belfast Company Limitsd by Guarantee Notes to the Group Financial Statements (Cl(1nUed} Year ended 31 December 2023 23. Debtors (ct>ntlnued) Company 2023 2022 Amounts owed by group undertakings Other debtors 187,624 14,195 142,869 31,436 201.819 174,305 24. Credltors: amounts falling due wlthln one year Group 2023 2022 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes other creditors 15,000 188 61,642 20,678 154,553 252,061 1,735 47,385 3,281 110,239 162,640 Company 2023 2022 Bank loans and overdrafts Accruals and deferred income Social security and other taxes other creditors 15,000 61,642 8,695 150,502 235,839 47,385 2,712 105,030 155,127 25. Credltors: amounts falling due after more than one year Group 2023 2022 Bank loans and overdrafts 135,000 150,000 Loans include instalments due after more than five years of £52,500 (2022: £75,000). Company 2023 2022 Bank loans and overdrafts 135,000 150,000 Loans include instalments due after more than fwe years of £52.500 (2022.. £75,000). 28
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (contlnue(lJ Year ended 31 December 2023 26. Penslons and other post-retirement benefits Defined contrlbution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £18,100 (2022.. £18,768). 27. Analysls of charltable funds Unrostrlcted funds - group At 1 Jan 2023 Gains and At losses Transfers 31 Dec 2023 Income Expenditure Parochial account Building and Development Fund Belfast Cathedral Enterprises Limited (298,133) 163,481 (502,829) 13,452 312,015 (312,014) 2,380,484 73,395 (72,082) 15,791 2,397,588 454 393,544 (81,529) 2,082,805 630,420 (656,440) (312,015) 454 29,243 2,086,028 At 1 Jan 2022 Gains and At losses Transfers 31 Dec 2022 Income Expenditure Parochial account Building and Development Fund Belfast Cathedral Enterprises Limited (248,687) 194,747 (443,991) (72,565) 272,363 (298,133) 2,445,629 75,774 (55,733) (85,186) 2,380,484 454 357,133 2,197,396 627,654 (84,770) (584,494) (157,751) (272,363) 454 2,082,805 The Building and Development Fund includes £280,000 from the sale of the vicarage in 2018. 29
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantse Notes to the Group Financial Statements (contlnued) Year ended 31 December 2023 27. Analysls of charitable funds (conlinued) Unrestricted funds - company Gains and At losses 31 Dec 2023 At 1 Jan 2023 Income Expenditure Parochial account Building and Development Fund (298,133) 475.496 (502,829) 13,452 (312,014) 2,380,484 2,082,351 73,395 548,891 (72,082) (574,911) 15,791 2,397,588 2,085,574 29,243 Gains and At losses 31 Dec 2022 At 1 Jan 2022 Income Expenditure Parochial account Building and Development Fund (248,687) 467,110 (443,991) (72,565) (298,133) 2,445,629 2,196,942 75,774 542,884 (55,733) (499.724) (85,186) 2,380,484 (157,751) 2,082,351 The Building and Development Fund includes £280,000 from the sale of the vicarage in 2018. Restricted funds - group Gains and At losses 31 Dec 2023 At 1 Jan 2023 Income ExpendFture Specific Parochial Purposes Fund Choir Fund Sit-out Fund Billy Adair Music Fund Chair Fund Joseph Orr Bequest Fabric and Development Fund 2,234,576 (17,612) 42,491 2,259,455 174,372 21,000 4,270 12,300 (174,372) (1,040) 19,960 4,270 5,582 (6,718) 2,610 214,552 (870) (200,612) 1,740 2,291,007 2,234,576 42,491 Gains and At losses 31 Dec 2022 At 1 Jan 2022 Income Expenditure Specific Parochial Purposes Fund Choir Fund Sit-out Fund Billy Adair Music Fund Chair Fund Joseph Orr Bequest Fabric and Development Fund 2.470,896 28,064 18,925 120 200,400 (25,874) (229,371) 2,234,576 (28,184) (200,400) 2,498,960 219,445 (254,458) (229,371) 2,234,576 30
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notss to the Group Financial Ststements (continued) Year ended 31 December 2023 27. Analysis of charltable funds (continued) Restricted funds - company Gains and At losses 31 Dec 2023 At 1 Jan 2023 Income Expenditure Specific Parochial Purposes Fund Choir Fund Sit-out Fund Billy Adair Music Fund Chair Fund Joseph Orr Bequest Fabric and Development Fund 2,234,576 (17,612) 42,491 2,259,455 174,372 21,000 4,270 12,300 (174,372) (1,040) 19,960 4,270 5,582 (6,718) 2,610 (870) (200,612) 1,740 2,291.007 2,234,576 214,552 42,491 Gains and At losses 31 Dec 2022 At 1 Jan 2022 Income Expenditure Specific Parochial Purposes Fund Choir Fund Sit-out Fund Billy Adair Music Fund Chair Fund Joseph Orr Bequest Fabric and Development Fund 2,470,896 28,064 18,925 120 200,400 (25,874) (229,371) 2,234,576 (28,184) (200,400) 2,498,960 219,445 (254,458) (229,371 > 2,234,576 28. Analysis of net assets between funds Group Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments other net assets 1,459,684 1,158,083 (531,739) 2,086,028 1,459,684 2,840,775 76,576 1,682,692 608.315 Net assets 2,291,007 4,377,035 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Investments other net assets 1,467,424 1,135,869 (520,488) 2,082,805 1,467,424 2,786,284 63,673 1,650,415 584,161 Net assets 2,234,576 4,317,381 31
Board of The Cathedral of St. Anne Belfast Company Limitsd by Guarantee Notes to the Group Financial Ststements (continued) Year ended 31 Decemb8r 2023 28. Anatysis of net assets betwo•n funds (continued} Company Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Other net assets 1,415,824 1,158,183 (488,433) 2,085,574 1.415,824 2,840,875 119,882 1,682,692 608,315 Not assets 2,291,007 4,376,581 Unrestricted Funds Restricted Totsl Funds Funds 2022 Tangible fixed assets Investments Other net assets 1,415,824 1,135,869 (469,342) 2,082,351 1,415,824 2,786,284 114,819 4,316,927 1,650,415 584,161 Net assets 2,234,576 29. Analysis of changes in net dobt At At 1 Jan 2023 Cash flows 31 Dec 2023 Cash at bank and in hand Debt due within one year Debt due after one year 262,836 109,810 {15,000) 15,000 109,810 372,646 (15,000) (135,000) 222,646 (150,000) 112,836 32
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Ststements (contlnue Year ended 31 December 2023 30. Related parties Group With key management personnel Key management personnel are the persons in the senior management team to whom the trustees delegate day-to-day management of the charity. Paid compensation ft)r services provided totalled £76,627 {2022- £69,393) Company Wlth Belfast Cathedral Enterprl8e8 Limitsd Relationship - Belfast Cathedral Enterprises Limited is a wholly owned subsidiary. Nature of transactions during the year.. 2023 2022 Donations from the related party Amount owed by the related paty at 31 December 312,015 187,624 272,363 142,869 Outstanding balances are unsecured and interest-free. With key managoment personnel Key management personnel are the persons in the senior management team to whom the trustees delegate day-to-day management of the charity. Paid compensation for services provided totalled £76,627 (2022 - £69,393> 31. Subsldlary undertaklngs The financial statements include the results of the following subsidiary undertaking for the year ended 31 December 2023. Belfast Cathedral Entorprl888 Llmlted Company registration number.. Nature of control: N1044805 The company is a wholly owned subsidiary of Board of the Cathedral of St. Anne Belfast Gross incorne: Total expenditure: Net income for year: £393,544 £393,544 £Nil Gross assets: Total liabilities: Net assets.. £204,400 £203,846 £554 33