Bovevagh Parish Church Dungiven/St Eugenlus'/Derry/Church of Ireland Trustees, Annual Report and Statement of Recelpts and Payments and Assets and Liabllitles For the year ended 31" December 2023 Charitles Number: NIC104871 Recelpts and Payments Account for the year ended 31tt December 2023 Unreslrlrted Fund5 2023 Restrlrted Funds 2023 Endowment Funds 2023 Total 2023 Total 2022 Note ecel ts Donailons and plate collection Giftald Fabrlc and malntenance fund Bank and deposlt Interest Investment Income Rental of premise5 Other recelpts 36,216 6,165 2,590 145 2,020 7,711 54,460 2,334 38,550 6,165 2,590 145 2,020 7,711 57,200 39,161 5,921 2,618 106 2,296 5,978 19,899 2,740 109,307 5,074 114,381 75,979 Unrestrlcted Funds 2023 Restrlrted Funds 2023 Endowment Ftsnds 1023 Total 2023 Total 2022 Note Pa rnents Vlsiting Speakers Diocesan Assessment Property Malntenance and Upkeep Utilltles Admlnistration Costs Sunday School Resources Organist Fee5 CharStable Donatlons Financial Charges 60 41,142 1,256 7,537 15,544 44,507 18.448 S,Q85 13,141 247 1,665 3,232 138 13101 50 44.197 18,498 5,085 16,070 472 1,665 4,172 169 2,929 225 1,540 2,500 190 940 31 Total Pa men 86,463 3,86S 90,328 69,769 Excess of Recelpts over Payments for the year 22,844 1,209 24,053 6,21Q On Behalf of the Trustees Rev Mark Loney, Rector Mrjonathan Wilsan, Secretary Iqlts&lL&l* Statement of Assets and Llabllltles as at 31 December 2023 Unrestrlcted Fund5 Reslrlrted Funds Endowment Funds Total Total dEEEIEIE Note 2023 2023 2023 2023 2022 Cash Funds Current Accounts Deposlt Accounts IRCBI Total Cash Funds 87.322 1,450 88,772 66,554 87.322 1,450 88,772 66,554 Investment Assets Equity Investments Other Listed Investments Investments in RCB I CIT Unit Trusts Other unllsted Investments Investment Propertles Total Investment Assets 71,587 6,698 78.285 75,902 71,587 6,698 78,285 75,902 Assets retalned for the Parish's own tsse Parlsh Centre Glebe Land Fixtures and Flttlngs Total Assets retalned for the Parlsh's own Use 531,228 292,580 531,228 292,580 32,07S 531,228 292,580 30,240 32,075 32,075 823,808 855,883 854,048 On Behalf of the Trustees Rev Mark Loney, Rector Mr Jonathan Wllson, Secretary Notes to the financial statements for the year ended 31" December 2023 Accounting policies Set out below are the principal accounting policies which have been adopted in the compilation of the Receipt5 and Payments Account and the Statement of Asset5 and Liabilities.. (al Receipts 3nd Payments Account All items of income and expenditure included within the Receipts and Payments Account have been accounted for on a cash receipts basis. Ibl Statement of Asset5 and Llabilities lil Asset5 retalnedfor the Parish's own use The assets of the Parish, retained for its own use cornprise: Church Building and Graveyard Parish Centre Fixtures and fittings The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP IFRS1021. These Heritage assets are not included in the statement of assets and liabilities as information on the cost or valuation is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the parish. The Parish Centre was completed in 2012. Is recognised at cost of construction. 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. Glebe Land was purchased by the Parish late 2020/early 2021, using funds previously invested with Representative Church Body IRCBI. No depreciation has been provided on this land as the current estimated residual value is not less than it's carrying value and the remaining useful life exceeds 50 years. Fixtures and Fittings are included at the value used for insurance purposes. The Parish has set a minimu m threshold of cost for an item to be considered to be capitalised a5 a fixed asset- i.e. not less than £1,000. ill Investments Fixed asset investments comprising investment in Representative Church Body IRCBI/Church of Ireland Trustees ICITI Unit Trusts are initia51y recorded at COSt and are then subsequently stated at fair value at each year end date. The movement in the fair value from the start of the year to the end of the year represents capital payments to RC8 and the change in book value where no money is received by the parish. Notes to the financial Statements for the year ended 31. December 2023 Icontlnuedl Reconciliation of Cash Funds Total Cash Funds at Beginning of the year Receipts for the Year Payments for the Year Total Cash Funds at end of the year 66,554 114,381 192,1631 88,772 Movement In Funds Atljan 2023 Incoming Resources Outgoing Resources At 31 Dec Transfers 2023 Endowment funds Bequests and legacies 6,503 195 6,698 6,503 195 6,698 Restricted funds Parish Centre Glebe Land GB 531,228 292,580 576 824,384 531,228 292,580 1,450 825,258 3,834 3,834 12,9601 (2,9601 Unrestricted fund5 Fixtures and fittings RCB investments Cl Trustees investment5 General Fund 30,240 62,961 6,438 65,978 165,617 1,835 1,890 298 110,547 114,570 32,075 64,851 6,736 87,322 190,984 189,2031 189,2031 Total funds 996,504 118,599 (92,1631 1,022,940 Pur oses of Endowment Fund5 Income from bequests and legacies, where capital is to be invested and interest only is to be used for charitable purposes. Pur oses of Restricted Funds Parish Centre- this 15 a fund to provide facilities for use by the Parish and community. RCB investments: this is a fund where capital is available for capital project and interest is used for charitable purposes. 111 Notes to the flnancial statements for the year ended 31, December 2023 Icontinuedl Collections for Third Parties 2023 2022 Shoeboxes Lord Enniskillin Orange Orphan Society CMS Ireland Bishops Appeal Tearfund Syria Earthquake RNLI 908 305 252 435 40 550 350 940 1,900 The above amounts have been included in Receipts for the year under "Other Receipts" and in Payments for the year under "Charitable donations" 5. Transactions with the Trustees No trustee received any remuneration or reimbursement of expenses during the year. 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. 6. Governance Costs Governance costs of £1,140 were incurred during the year of which £1,140 relates to fees paid to the independent examiner. Governance costs are included within Administration costs in the Receipt5 and Payments Accounts.