Charity Registratlon No. NIC104887 SAINT COLUMB'S CATHEDRAL, LONDONDERRY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
SAINT COLUMB'S CATHEDRAL CONTENTS Pagè Charity Information Trustees report Ind8p8ndent examinerfs rèport Statement of financial aclivitSes Balance sheet Not&s to the financial statements 9-24
SAINT COLUMB'S CATHEDRAL LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Very Reverend Raymond Stewart The Reverend Canon John Merrick l Bartleti C Ferguson M Hamillon W Lynn R Mace E Mi115 R McGonlgle J Fields l Hewitt M Forbes M Brown Mr G Hunter J Armstrong S McGonigle L Flelds (Treasurer) M Deans {Appolnted 26 April 2022) (Appolnted 26 Aprll 2022) (Appolnted 26 Aprll 2022) PrSnclpal Offlce.begrers Clergy.. The Very Reverend Raymond Stewart Assislant Clergy: The Reverend Canon John Merrlck Reclorfs Church Warden: l Bartlett People's Church Ward8n: M Hamllton Church Treasurer: L Flelds Asslslanl Treasurer., A Thompson Charlty number NIC104887 Prlnclpal address 17 London Street Londonderry BT48 6RQ Independent examlner Moore (Nl} LLP 21123 Clarendon Street Londonderry BT48 7EP Bankers Danske Bank 1-2 Broadway Ballymena Co. Anlrim 8T43 7PE ScllcStors Mccay Legal 1 Limavady Road Waterside Londonderry BT47 6HF Babingtons Solicitors 9 Limavady Road Waterside Londonderry BT47 6JU
SAINT COLUMB'S CATHEDRAL TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present Ihelr annual report and financlal statements for the yaar ended 31 Dec6mber 2022. The accounts have been prep8red in accordancg with the accountlng pollcles sot ¢JUt In note 2 to the accounts and comply with tha Cathedral's governing documenl, the Charities Act (Northern Ireland) 2008 and Accounllng and Reporting by Charities.. Stalemant of Recommended Practice applicable lo charities preparing Ihelr accounts in accordance wllh the Financial Reportlng Standard applicable In the UK and Republic of Iroland (FRS 102> {effecllv8 1 January 2019). Ob]ectlves and actlvltles The charStable purpose of Salnt Columb's Cathedral is the advancemenl of religion. The principal funcllon of the Parish of Templemore is lo support the advancement of the Christian rellgion by promotlng, through work of Ihe Cathedral th6 whole mission of the Cathedral, pastoral, evang81istic, social and ecumenical. B8lng open lo and engaging with society as a whole and offering support for those needing help are fundamental to the practical delivery of the benefits of Christianily. As a result of the activity in pursuit of the advancement of the Chrislian religlon, Ihe Cathedral has custody of properly and records, materials and artefacts of significance lo the cullural and religious herllage, the malnlenance of whlch is undertaken by Ihe select vestry. Achlev&mentSi performance & publ1¢ beneflt Saint Columb's Cathedral is the Cily's oldest buildlng. having been completed in 1633. The Cathedral is a landmark, whlch speaks lo cltizen and visitor alike of much in the history of the Clty and represents a commodlly of InflnltÈ spirltual value to our parlsh and In the communlly. The Cathedral 8nd assoclated bulldlngs are wldely reeognised locally, nationally and Inlemallonally for Its acllve promotlon of ecum&nlcal and brldge-buildlng acllvilies and the bullding Is held as a rellgious vgnue whlch Is acceptable to all sections of the community. Thls provldes an Ideal platform in whlch to share the many hlstorlcal artefacls and herltage we have on slte. The Parish has glven careful conslderation lo the Charity Commlssion for Northern Ireland's guidance on publlc beneflt to ensure Ihal the actlvltles entered into durlng tha year have helped lo achl8Ve the Parlsh's objectlves and acllvllles as well as provlding public beneflt. Flnanclal rèvlew Total incorne for the year was £225,799, (2021,. £238.595). Income decreased in 2022 due to a reductlon in fre8 will offerings. Total exp8ndlture for the year was £216.564, (2021: £224.491). Nel loss on the revaluation of investments was £51.906 (2021: gain of £43.009). Accordlngly lolal expenditure after loss on investments exeded total income for the year lo the amount of £42.671 which has been reflected in Ihe Cathedral's reserves. Reserves poIIcy The Trustees Consider it prudent lo hold monies in reserve in the event that unforeseen circumstanc&s should l&ad to financial difficulties which might put the future of its charitable work and property in jeopardy. The trusteès have assessed tho major risks to which the Cathedral is exposed, and are satisfied that systems are in plac& lo mitigate exposure lo the major risks. It is the policy of the Trustees to hold reserves at a level equivalent lo between three and slx months exp8ndilur&. The Trustees Consider that reserves al this level will ensure that in the event of a significant drop In income, they wlll be able lo continue activitles while consideration is given to way5 in which addillonal funds may be raised. Based on 2022 expendlture of £216,564, the target level of reserves is £54,141 10 £108,282. Unrestricted general reservas as at 31 December 2022 are £1,341.194, Therefore the Cathedral Is compllant with the res8tv8s.
SAINT COLUMB'S CATHEDRAL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 structure, governance and management Saint Columb's Cathedral is an unincorporated charitable organlsalion and Is governed by Chapter 111 of the Constitullon of the Church of Ireland. The trustees who served durlng the year and up to the date of slgnature of Ihe financial statements were: The Very Reverend Raymond Stewart The Reverend Canon John Merrick J Armstrong (Treasurer) l Bartlett M Boal C Ferguson M Hamilton W Lynn R Mace E Mills R McGonlgle J Fields l Hewltt M Forbes M Brown Mr W Scheel Mr G Hunter J Armstrong S McGonigle L Flelds (Treasurer) M Deans (Reslgned 26 April 2022) (Resignèd 26 April 2022) (Reslgned 26 Aprll 2022) (Appointed 26 April 2022) (Appointed 26 April 2022) (Appointed 26 April 2022) Recruitment and appolntment of Select Voslry All members of the Church of Ireland who are over the age of 18 and are either resldent wlthin the parish or Ilve elsewhore but have been accustomed members of the congregation for at least Ihree months may register as members of the general vestry of the parSsh allowing them to attend and vole 81 meetings of the general vestry and to sland for election to the Select Vestry. Meetlngs of the general vestry are held at least once a year. The Select Vestry Is elected as part of thls General Veslry meeting. The Select Vestry wlll hold thelr poslllons for a perlod of one year. Select Vestry members may be re-elected annually and there Is no Ilmil on tho number of terms whlch may be served, Organlsatlonal Structure The Select Vestry Is responslble for the day to day management of the parlsh. The Select Vestry conslsts of the members of the Clergy serving In the paTlsh, the churchwardens, the gleba wardens and generally not more than Iwelve other members of the General Vestry elecled at Ihe General Vestry. The Select Vestry is chalrod by the Incumbent or other member of tho clergy officlaling In Ihe parlsh. Select Vestry members 8re responsible for making decisions on matters of general concern and Importancè to the parish Includlng declding how parish funds are lo be applled. The Select Ve81ry meets at tlmes fixed by the members by the diocesan synod. Special meetings may be convened at any Ilme by thè chairperson or ihe churchwardens. In 2022 th8 Select Veslry met 9 times during th8 year and average allendance was 810h.
SAINT COLUMB'S CATHEDRAL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Statement of trustees responslbllltles The trustees ar9 responsible for preparing the Truslees Report and the finandal statements in accordance with applicable law and Uni18d Klngdom Accounting Standards (United Kingdom Generally Accepted AcGounting Practice). The law appllcable lo chariti85 in Northern Ireland requires th8 trustees to prepare financial statements for Oach financial year which give a true and fair view of th8 Stale of affairs of the Cathedral and of the incoming resources and applicallon of resoLtrcas of the Cathedral for that yèar. In preparing these financial statements. the trustees are requlred to- select suitable 8¢counting pollcies and then apply Ihem consistently: observo the methods and principles In the Charitles SORP. make ludg&ments and estlmates that are reasonable and prudenl; stale whether applicable accounting slandards have been followed, subject to any material departures dlsclosed and expl8ined in the financlal slatemonls; 8nd prepare tha flnanclal slalemenls on the golng concern basis unless it Is Inapproprlale to presume that the charlty wlll Gonllnu8 in operation. The trusteès are responsible for keeplng sufflcient accountlng rècords Ih8t disclose wllh r8asonable accuracy at any lime the fTn8nclal poslllon of the Cathedral and enable them lo ensure that the financial statements comply wllh the Charltles Act {Northern Irèland) 2008 and the provislons of the trusl deed. Thèy are also responsible for safeguardlng the assets of the Cathedral and honce for taking reasonable steps for the preventlon and d&18cllon of fraud and other Irregularltles. The trustees report was approved by Ihe Board of Truslees. The Very Reverend Raymond Stewart Trustee Dated.. 4 March 2024 L Flelds (Treasurer) Trustee Daled.'4 M8rch 2024
SAINT COLUMB'S CATHEDRAL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAINT COLUMB'S CATHEDRAL We report to the trustees on our examlnalion of the financlal statements of Saint Columb's Cathedial (th8 Cathedral) for the year ended 31 December 2022. Responslbllltles and basls of report As the trustees of the Cathedral you are responsible for the preparalion of the financial statements in accordance wllh th8 requirements of Ihe Charities Act (Northern Iroland) 2008. It Is our responslblllly to., (l) examlne the accounts under seclion 65 of the Charilies Act (ill follow the procedur8s laid down in the general Direclions given by the Commission under secllon 65(91(b> of the Charitie8 Act (ill) state whether parllcular matters h8vg come to my allenlion. Basls of Independent examlner's report We have examined your charity accounts as required under section 65 of the Charities Act and our examlnatlon was carried out in accordance with the g8neral directions given by the Charlty Commission for Northern Ire18nd under seclion 65(9)(b) of the Charities Acl. Our examination included a revlew of the accounllng records kepl by the charily an a comparlson of the accounts presented with those records. It also included conslderalion of any unusual items or dlsclosures In the accounts and seeklng oxplanatlons from you as charity trustees concerning any such matlers. Wè have completed our examlnalM)n. We confirm that no malters have come to our altention In connection with the examlnatlon giving us cause to believe that In any material respect.. 8ccounting records were not kept In accordance wllh s8Ctlon 63 of Ihe Charitles Act,, the flnanclal statements do not accord with those records; the flnanclal slalements do not comply with the accounting requlremenls of Ihe Charitie8 Act: or there is further InformatSon needed for a proper understanding ol th8 flnanclal statements to be reached, Independent examlner's statement We have completed our examinallon and have no concerns in respect of the matters {1) 1014) listed above and, In connection with following Ihe directions of the Charity Commission for Northern Ireland. we found no additional matters that require drawing lo your allention. Moore (Nl) Chartered 21123 Clare Londonderry BT48 7EP LP ccountant8 don Street Dated: 4 March 2024
SAINT COLUMB'S CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Current flnanclal year Unrestrlcted Unrestricted Reslricted Endowment funds funds funds funds general designated 2022 2022 Total Total 2022 2022 2022 2021 Notes Income from: Donallons and legacles Charitable activities Other activities Investment8 123,543 2,682 29,262 23,893 42,955 166,498 2,682 30,102 26,517 192,219 21,715 24,661 2,624 Total Income and ondowments 179,380 43,795 2,624 225,799 238,595 Ex endlture on: Charitable aclivities Other 184,951 9,145 22,468 207,419 9,14S 216,451 8,040 10 Total resources èxpend8d 194,096 22,468 216,564 224,491 Net gains on nveslmenls 12 {51,906) 151,906) 43,009 Net (outgolng)lincomlng resources bofore transfers Gross transfers between funds {66,622) 21,327 2.624 (42,671) 57,113 17,304) (701) 10,629 {2,624) Net movement In funds (73,926) (701) 31,956 (42,671) 57,113 Fund balances at 1 January 2022 1,415,120 389,020 21,875 28,581 1,854,596 1,797,481 Fund balances at 31 December 2022 1,341,194 388,319 S3,831 28,S81 1,811,925 1,854,595 The slatemenl of financial activities includes all gains and loss&s recognised in the year. The statement of financial activitles includes all gains and losses recognised in the year. All incom& and expendlture derive from continuing activities.
SAINT COLUMB'S CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Prlor flnanclal year Unrestrlcted Unrestrlcted Restrlcled Endowment funds fund5 funds funds general designated 2021 2021 Total 2021 2021 2021 Notes Income from: Donations and legacles Other activities Investments 154,041 21,330 24,072 1,200 36,978 385 192,219 21,715 24,661 587 Total Income and endowments 199,443 1,200 37,365 587 238,S95 Ex endlture on: Charilablo acllvitles Other 184,488 8,040 31,963 216,451 8,040 10 Total resources expended 192,S28 31,963 224,491 Nel galn8 on Investments 12 43,009 43,009 Net Incomlng resources before transfers 49,924 1,200 5,402 587 57,113 Gross transfers between funds 15,691 (701) (14,403) (587) Net movement In funds 65,615 499 (9,001) 57,113 Fund balances at 1 January 2021 1,349,504 388,521 30,875 28,581 1,797,481 Fund balances at 31 December 2021 1,415,120 389.020 21,874 28,581 1,854,595 The statement of flnanclal aclivltles Includes all gains and losses recognlsed in the year, The statement of financlal acllvilies includes all galns and losses recognlsed In the year. All Income and expendlture d8rlve from continuing activities.
SAINT COLUMB'S CATHEDRAL BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notes Flxed assets Tangible assets Investmenl propertles Investmenls 13 14 15 882,984 586,446 395,452 886,181 586,446 447,358 1,864,882 1,919,985 Current assets Debtors Cash al bank and In hand 16 24,706 97,834 29,499 84,665 122,540 114.164 Credltors: amounts falllng due wlthln one year 18 (42,948) 137.985) Nel current a8881s 79,592 76,179 Total as8&t8 less current Ilabllltles 1,944,474 1,996,164 Credltors.. amounts falllng due after more than one year 19 {132,5491 {141,569) Net assets 1,811,925 1,854,595 Capltal funds Endowmenl funds Income funds Reslricled funds nrestricled fund D8sSgnaled funds General unrestricted funds 21 28,581 28,581 22 53,831 21,874 23 388,319 1,341,194 389,020 1,415,120 1.729,513 1,804,140 1,811,925 1,854,595 The financlal statements were approved by the Trustees on 4 March 2024 The Very Reverend Raymond Stèwart Trustee LFie ds (Treasurer) Trustee
SAINT COLUMB'S CATHEDRAL BALANCE SHEET {CONTINUED) AS AT 31 DECEMBER 2022 Crltlcal accountlng estlmates and Judgements In the applicatlon of the Cathedral's accounting pollcies, th8 Irustees ar8 required lo make judgements, estlmates and assumptions about the carrylng amount of assets and liabilllies Ihal are not readily appar8nt from oth8r sources. The estlmates and associated assumptions are based on historical experi8nc8 and other factors that are considered to be relevant. Actual results may differ from the8e estimates. Th& 88timat8s and underlylng assumptlons are revlewed on an ongolng basls. Revislons lo accounting esllmat85 are recognised in Ihe period in which the estimate 15 revised where the revisSon affects only Ihat perlod, or in the period of the revision and future periods where the revSsion affects both current and future periods. Accountlng pollcies Charlty Informatlon Saint Columb's Cathedral Is an unincorporated organisatlon registered wlth Ihe Charity Commisslon for Northern Ireland. Th8 reglstered office Is 17 London Street, Londonderry, BT48 6RQ 2.1 Accountlng conventlon The flnanclal statements have been prepared In accordance wlth the Cathedral's Constitutlon, the Charltles Act (Northern Ireland) 2008 and "Accounting and ReportSng by Charitles.. Slalement of Recommended Pracllce appllcable lo charilles preparing Ihelr accounls in accorclance wllh Ihe FinancSal Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019) The Cathedral Is a Public Benefit Entity as defined by FRS 102. The Cathedral has laken advantage of the provlslons In Ihe SORP for charities applylng FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financlal statements are prepared In slerling, which Is the function81 currency of the Cathedral. Monelary amounts In these financial statements are rounded to the nearest £. The fjnanclal statements have been prepared under the hislorlcal cost conv8nlion, modified to include the revaluallon of freehold propertles and to include Investment propertles and certaln financial Instruments at fair value. The principal accounting policles adopted are set out below. 2.2 Golng concèrn At the time of approving the financlal statements, the Iruslees have a reasonable expeclatlon that the Cathedral has adequate resources lo continue In operational existence for Ihe foreseeable future. Thus the trustees contlnue lo adopt th8 golng concern basls of accounting In preparing the flnanclal sla18ments. 2.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of thelr charllable oblectlves unless the funds have been deslgn8ted for other purposes, This designallon has an administratlve purpose only and does not legally restrict the Iruslees, discretion to apply the fund. Deslgnated funds comprise funds whlch have been set aside al the discretion of lh8 trusleès for speciflc purposes. The purposes and uses of the designated funds are set out in the notes to Ihe flnanclal stalements. Restricled funds are sublecl to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial statements, Endowment funds are subject lo specific conditions by donors that the capital must be malntalned by the Cathodral.
SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting polScles (Continued) 2.4 Incomlng resources Income is recognlsed when the Cathedral legally enliued to il after any performance conditions have been mel, the amounts can be measured reliably. and It Is probable that Income will be received. Plate Collectlons, Weekly Envelopes 8nd Cash donallons alè recognls8d on recelpt. Other donations are recognlsed oncè the Cathedral has been notlf6ed of the donation. unless perform8nc8 condltions requlre deferral of the amount. Income lax r&coverable In relation to donatlons received under Glft Aid or deeds of covenant is recognised at the time of the donation. Legacies are Included within income under eilher unreslrlcled or reslricled funds according to Ihe terms under which the donation Is made and when the amount Can be quantified with reasonable certalnly. Donatlons and gifts In kind are brought into the accounts al their fair value to the Cathedral. Income from govemmenl and olher grants. whather'capilal, grants or'revenue, grants, is recognised when the Cathedral has enlillèment to the funds, any performance conditions atlached to the grants have been met, it is probable that the Income wlll be recelved and Ihe amounl can be measured reliably and Is not deferred. Income 8rislng from the rental of Cathedral propertles to third parties is recognised when the parish has entlllement to the funds, any performance conditions allached to the income have been met, il Is probable that the income will be re¢elved and the amount can be measured rellably. 2.5 Resources èxpènded Expenditure Is recognised once there is a legal or constructive obllgalion to make a payment to a third party, it Is probable that selllem8nl will be required and the amount of the obligatSon can be m8asured rellably, Irrecovereble VAT is charged as cost against the activity for which the expenditure was Incurred. 2.6 Tanglble flxed assets The assets of th6 Cathedral comprlse the Church Bulldlng, the Deanery and Saint Columb's Court Propertles, Thè Church Bulldlng is deemed to be a Herltage asset as deflned by the Charltles SORP (FRS102). The 8ccountlng pollcy for Ihls ass&t is oulllned at not& 1.8 below. The Deanery and Court Propertles are recognised at deemed cost, being the valuation placed on the property for Loca5 Property TaxlRates purposes. No deprocialion has been provided on these as the current estimated r8sidual value is not18SS than ils carrying value and the remaining useful life currently exceeds SO years. F5xlure & Fittings are recognised at cost and are depreciated on a straight Ilne basls over a period of 10 years. The assets residual values and useful Ilves are reviewed, and adjusled. if appropriate, at the end of each reporting perlod. Tangible assels are derecognlsed on dlsposal or when no future economic beneflls are expected. On dlsposal, the difference bea&n the new dlsposal proceeds 8nd the carrying amount is recognised In the statement of financial aclivities 8nd includ8d in 'Other operating (losses)Igains'. 2.7 Investment properties Fixed asset investments comprising Investment propertles and investment In RCBICIT Unit Trusts are Inltlally 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 dlfference belween the fair value at the beginning and end of Ihe financial year or, if purchased in the year. the difference belween cost and fair value al the end of Ihe year. Realised galns and losses represent the differen¢e between the pro¢eeds 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 withln "Nel Gains l (Losses) on Investments" within the Statement of Flnancial Activities. 10-
SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles (Continued} 2.8 Herltage assets The Church Building is deemed lo be a Heritage assel as defined by the Charities SORP {FRS102). This asset is not included on the balance sheet as informatlon on the cost or valualion Is not available and such information cannol be obtsined 81 a cost commensurate wilh the benefit to the users of the accounts and to the ¢alhedral. 2.9 Cash and cash equlvalents Cash and cash equivalents Include cash in hand. deposlls held at call with banks, other short-term liquld investments with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 2.10 Flnanclal Instruments The Parlsh only has financlal assets and flnancial Ilabilitles of a klnd that qualify as baslc financi81 Snstruments, Basic financlal instrumen15 are initially recognised at transaction price and subs&quently measured al their s&tllemenl value. 2.11 Taxatlon Saint Columb's Cathedral Is recognlsed as a charlty for the purposes of applicable t8X8tion leglslalion snd Ss therefore not sublect to laxalion on its charitable activities. 2.12 Employee beneflts The cost of any unused hollday entltlement Is recognised in the perlod In whlch the employee's servlces are recelved. Termlnatlon benefits are recognlsed Immedlately as an expense when th8 Cathedral Is demonstrably commltted lo lermlnate the employment of an employee or to provlde lermlnatlon beneflts. 2.13 Retlrement beneflts Paym8nts lo defSned conlrlbutlon retlrement benaflt schemes ara charged as an 8xpense as they fall due. Income from charltable actlvltles Unrestrlcted Unrestricted funds funds 2022 2021 Sale of books Charltable renlal Income - Car park 1,022 1,660 2,682 11
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SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Olher a¢tlvltles Unrestrlcted Restrlct8d fund5 funds genèral 2022 Total Unrestrlcted Restrlcted funds funds g6neral 2021 Total 2022 2022 2021 2021 Fundralslng events - General fundraising Parish magazine sales Church of Ireland Trustees Moiely Funds Dlocese of Derry & Raphoe Grants 10,585 10,585 840 3,028 3,028 385 840 385 12,177 12,177 11,802 11,802 6,500 6,500 6,500 6,500 29,262 B40 30,102 21,330 3B5 21.715 13-
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SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charltable actlvltles 2022 2021 Staff costs Depreci8tion and impairment Diocesan assessment Church running costs Deanery costs Charitable donatlons Administration costs Sundry costs 29,277 3,197 61,164 61,823 6,263 8,275 34,984 2,436 47,240 3,197 66,897 55,137 6,701 3,798 32,852 629 207,419 216,451 Analysls by fund Unrestrlcted funds general Reslrlcled funds 184,951 22,468 184,488 31,963 207,419 216.451 Governance costs of £2,900 were Incurred during the year in relallon to fees of Ihe Independent examiner. Governance costs are included within Administrslion costs. Trustees Key Management and Truslees Key management are deemed lo comprlse the Trustees. No trustee or a person related to a Irustee had any personal Inleresl in any contracl or transaclion entered Into by Ihe charily durlng the year. The Reverend Canon John Merrick, a member of the 8oard of Trustees, received a maintenance allowance In the amount of £8,400 during the year. 15-
SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Employees Numb8r of employees Th6 average monthly number of employees during the year was: 2022 Number 2021 Number Administration Organist Premlses Maintenanca Parish Secretary Tour gulde8 Employmènt costs 2022 2021 Wages and salarles 29,277 47,240 There were no employees whose annual remuneration was £60,000 or more. 10 Other Unrestrlcted Unreslrlcl&d funds funds general general 2022 2021 Investment property costs 9,145 8,040 11 Taxatlon The charity is exempt from laxalion on its acllvitles because all its income is applied for charltable purposes. 12 Net galnsl{losses) on Investments Endowment Unrestrictèd funds funds 2022 2021 Revaluation of investments (51,906 43,009 16-
SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Tanglble flxed assets Freehc>ld land Flxtures and and bulldlng6 flttlngs Total Cost At 1 January 2022 858,056 43,819 901,875 Al 31 December 2022 858,056 43,819 901,875 Depreclatlon and Impalrment At 1 January 2022 Depreciation charged in the y8ar 15,694 3,197 15,694 3,197 At 31 December 2022 18,891 18,891 Carrylng amount At 31 December 2022 858,056 24,928 882,984 At 31 December 2021 858.056 28,125 886,181 Freehold land and buildlngs con81sts of Ihe following properties: Church bulldlng Ihls asset is not Included on the balance sheet as Informallon on the cost or valuation is not avallable and such Informatlon cannot be obtained at a cost commensurale wlth the beneflt to the users of the accounts and to the parlsh. Accordlngly the Church buildlng Is deemed to be a Herllage asset as defSned by the Charities SORP (FRS102). The D&anery Is recognlsed at deemed cost of £250.000, belng the valuatlon placed on the property for Local Property TaxlRates purposes. No depr8clallon has been provided on the Deanery as the current estlmaled resldual value Ss not less Ihan its carrying value and the remaining useful life currently exceeds 50 years. Salnl Columb's Court Propertles no. 1 used for church aclivilies and no.3 - resldence of Canon J Merrick. Both propertles are recognlsÈd al deemed cost of £130,000 each. The valuallon was carrled out by the Trustees and is based on reference to market evldence of transactions for simllar Pfopertles In the area, 14 Invèstmenl property 2022 Falr value At 1 January 2022 and 31 December 2022 586,446 Investment properties at no's 2,4, 5 & 8 Saint Columb's Court, Londondery are held to earn renlals, The year end valuation of the properties was carried out by the Trustees and Is based on reference to market evidence of transacllons for similar properties in the area. 17-
SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 1 S Flxed asset Investments CIT I RCB Investment Cost or valuatlon At 1 January 2022 Valuation change5 447,358 (51,906) At 31 December 2022 395,452 Carrylng amount Al 31 Dec8mber 2022 395,452 At 31 December 2021 447,358 16 D8btor8 2022 2021 Amounts falllng due withln one year: Other debtors Prepayments end accrued income 11,677 13,029 15,470 14,029 24,706 29,499 17 Loans and overdraft8 2022 2021 Bank loans RCB Loan 45,052 99,993 55,991 99,993 145,045 155,984 Payable within one year Payable after one year 12,496 132,549 14,415 141,569 18 Credltors: amounts falllng due wlthln one year 2022 2021 Notes Bank loans other Creditors 17 12,496 30,452 14,415 23,570 42,948 37,985 18-
SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 19 Credltors,, amounts falllng due after more than one year 2022 2021 Notes 8ank loans RBC Loan 17 32,556 99,993 41,576 99,993 132,549 141,569 20 Retlrement beneflt schemes The Cathedral operates a deflned conlributlon penslon scheme for all quallfylng employees, The assets of the scheme are held separately from those of the Cathedral in an independently admlnlslered fund. 19-
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SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 23 Deslgnated funds Th8 unrestrict6d fLFnds of the charlty comprise the unexpended balances of donatlons and grants whlch are not subject to specific condllions by donors and grantors as to how Ihey may be used. Thèse Include designated funds which have been set aside out of unreslricled funds by the truste8s for speclflc purposes. Movement In funds Incomlng Tfansfers rè8ource• Balon¢e ot 1 J&nuary 2021 Balance at 1 January 2022 Transferè Balanc# at 31 December 2022 School Fund Deanery Fund Flxlures & Fittings Fund 189,205 186,893 189,205 186,893 189.205 186.893 12,423 1,200 {701) 12,922 (701) 12,221 388.521 1,200 (701) 389,020 (701) 388,319 Pur oses of Desi naled Funds School & Deanery Funds.. The Irusle8s set aside funds in 2016 & 2017 for th8 renovation of the School property 8nd the Deanery. The cost of these renovations is currently within Fre8hold Property. Funds ar& not released as the property costs are not depreciated. -22-
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SAINT COLUMB'S CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 25 Related party transactions There wer8 no dlsclosable r61ated party transactions during the year (2021 none). 26 Collecllons for thlrd partlès Durlng the year, Salnt Columb's Cathedral collected the following 8mounts In respect of third partles., Bishops Appeal - £2,320 Mlsslon for Seafarers - £133 Orange Order Service - £2.872 Poppy Appeal - £440 Ulster Project - £264 Christlan Aid - £217 The Blshops Appeal collection is held In undislributed funds at the y8ar end. The amounts have been Included in total Incom8 for the year under donations and gifts and In total exp8ndilure for the year under charltable donations. -24-