SAINT COLUMB'S CATHEDRAL TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present thelr annual report and financlal statements for the year ended 31 December 2022. The accounts have been prepared in accordance wlth the accounting policies set out in note 2 to the a¢¢ounls and comply with th& Cathedral's governing document. the Charities Act (Northern Ireland) 2008 and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 102) leffectiv8 1 January 2019). Objectlves and activitles The charitable purpose of Saint Columb's Cathedral is the advancement of relign. The principal funclion of the Parish of TemplemoTe is lo support the advancement of the Christian religion by promoting, through work of th8 Cathedral the whole mission of the Cathedral, pastoral, evangelistic, social and ecumenical. Balng open to and engaging with socigty as a whole and offering support for Ihose needing help are fundamèntal to the practical delivery of the benefits of Christianity. As a result of the aclivily in pursuit of the advancement of the Chrislian religion, the Cathedral has custody of properly and records, materials and artefacts of significance to the cultural and religious heritage, the mainlerFance of whlch is undertaken by Ihe select vestry. Ach16vementSi performance & public benefit Saint Columb's Cathedral is the City's oldest building, having been cornpleled in 1633. Tho Cathedral is 8 landmark, which speaks lo citizen and visitor alike of much in the history of the City and represents a commodity of infinite spiritual value to our parish and in the community. The Cathedral and assoclaled bulldings are widely recognised locally, nationally and inlemationally for its active promotlon of ecum8nical and bridge-building activities and the building is held as a religious venue which is acceptable to all sections of the community. This provides an ideal platform in which to 8h8re the many historical artefacl8 and heritage we hav8 on site. The Parish has given careful consideralion lo th6 Charity Commission for Northern Ireland'8 guidan on public beneflt to ensure that the acllvilles entered into durlng the year have helped lo achieve the Parish's objectives and activttl6s as well as providing public benefit. Flnancial review Total income for th8 year was £225,799, (2021,. £238,595). Income decreased in 2022 due to a reduction in free will offerings. Total expendllure for the year was £216.564. (2021- £224.491). Nel loss on the revaluation of investments was £51,6 (2021- gain of £43,009). Accordingly total expenditUTe after loss on investmenls exceeded total income for the year to the amount of £42,671 which has been reflected in the Cathedral's reserves. ResèNes policy The Trustees consider Ft prndenl to hold monles in reserve in the evenl Ihat unforeseen circumstances should l&ad lo financial difficulties whlch might pul the future of its charitable work and propety in jeopardy. The trustees have assessed the major rlsks to which the Cathedral is exposed, and are satisfied Ihat systems are in place to mitigate exposure to the major risks. It is the poli¢y of the Trustees lo hold reseNes at a level equivalent to between threè and six months expandilure. The Trustees consider that reserves at this level will ensure that in the event of a signrficant drop in income, they wlll be able to continue activities while consideration is given lo ways in which additional funds may be raised. Based on 2022 expenditure of £218,564, the target level of reserves is £54.141 to £108,282. Unrestricted gener81 reserv8s as at 31 December 2022 are £1,341,194. Therefore the Cathedral is compllant with the reserves.
SAINT COLUMB'S CATHEDRAL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structural governance and management Sainl Columb's Cathedral is an unincorporated charitable organisalion and Is govemed by Chapter 111 of the Constilutlon of the Church of Ireland. The Irustees who served during the year and up to the date of signature of the financial 51atement8 werè: 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 McGonigle J Fields l Hewitt M Forbes M Brown Mr W Scheel Mr G Hunter J Armstrong S McGonigle L Fields {Treasurer) M Deans {Resigned 26 Apr(12022) (Resigned 26 Aprll 2022> (Resigned 26 Aprll 2022) (Appointed 26 April 2022) {Appointed 26 April 2022) {Appointed 26 April 2022) Recruitment and appolntment of Select Vestry All members of the Church of Ireland who are over the age of 18 and are either resident wllhin the parish or live elsewhere but have been accustomed members of the congregation for al least three months may register as members of the general vestry of the parish allowing them to attend and vote at meellngs of the general vestry and to sland for electlon lo 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 perlod of one year. Select Vestry members may be re-elected annually and there is no Ilmil on the number of terms whlch may be served. Organisational Structure The Select Vestry is re8ponsSble for the day to day managemenl of the parlsh. The Select Vestry conslsts of Ihe members of the Glergy s8rving in the parish, the churchwardens, the glebe wardans and generally not more than twelve other members of the General Vestry elected at Ihe General Vestry. The Select Vestry is chaired by the Incumbent or other member of the clergy offioialing In the parish. Select Vestry members are responsible for making decislons on matters of general concern and Importance to the parish including deciding how parish funds are to be applied. The Select Vostry meets at tlmes fixed by the members by the diocesan synod. Speclal meetings may be convened at any lime by the chairperson or the churchwardens. In 2022 the Select Veslry met 9 limes during the year and average attendance was 810A.
SAINT COLUMB'S CATHEDRAL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Statement of trustees rfrsponslbllltles The Iruslees are responsible for prep8ring the Trustees Report and Ihe financial st8lemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Th8 law appllcable to charities in Northern Ireland requires the trustee8 to prepare financial statements for 8a¢h financial year which give a true and fair view of the stale of affairs of the Cathedral and of thè incoming resources and applleation of resources of the Cathedral for that year. In preparing these financial statements. the Iruslees are required to- select suitable accounting policies and then apply them consislenily; - observe the methods and prin(aples in the Charities SORP. make judgements 8nd est1rn8tes that are reasonable and prudent- stale whether applicable accounling standards have been followed. subject to any material departures disclosed and explained in the financial ststements. and prepare the financlal statements on the going concern basis unless it is inappropriate to presumè that the charity will conllnue in operation. The Imstees are responsible for keeping sufflcient accounting records that disclose with reasonable accuracy al any lime the financial position of the Cathedral and enable them to ensure that the financial statements comply with tho Charflles Act (Northern Ireland) 2008 and the provislons of the Irusl deed. They are also regponsible for safeguardlng the assets of the Cathedral and hence for taking reasonable steps for th8 pievenlion and detecllon of fraud and other irregularities. The trustees report was approved by the Board of Truslees. The Very Reverend Raymond Stewart Trusle Dated.. 4 March 2024 L Fields {Treasurer} Trustee Dated:4 March 2024