SAINT COLUMB'S CATHEDRAL Flnanclal Statements Forthe year ended 31 December 2023 Re8lstered Charlty In Northern Ireland (NIC 105673) ## **SAINT COLUMB'S CATHEDRAL** ## **TRUSTEES REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The trustees present their annual report and financial statements for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note to the accounts and comply with the Cathedral's governing document, the Charities Act (Northern Ireland) 2008 and “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) (effective 1 January 2019)” ## **Objectives and activities** The charitable purpose of Saint Columb's Cathedral is the advancement of religion. The principal function of the Parish of Templemore is to support the advancement of the Christian religion by promoting, through work of the Cathedral the whole mission of the Cathedral, 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 the activity in pursuit of the advancement of the Christian religion, the Cathedral has custody of property and records, materials and artefacts of significance to the cultural and religious heritage, the maintenance of which is undertaken by the select vestry. ## **Achievements, performance & public benefit** Saint Columb's Cathedral is the City’s oldest building, having been completed in 1633. The Cathedral is a landmark, which speaks to 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 associated buildings are widely recognised locally, nationally and internationally for its active promotion of ecumenical 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 share the many historical artefacts and heritage we have on site. 2023 saw the competition of the next stage of the Cathedral School’s building. Due to various setbacks, the next stages of restoration and maintenance were halted and with it, funding from Tourism NI. As a result of an agreed tenancy with ‘In Your Space Circus’, this money was released back to St. Columb’s Cathedral for completing this next step. The Christmas Tree Festival and generous donations, mainly because of various deaths in the Parish, allowed the 2023 accounts to remain stable. However, the general accounts remain under heavy strain due to the increasing costs, bills and salaries. Repair to the Deanery roof was completed and fundraised through Gift Day donations, external donations, and grant money through the reserve account. The BVRL loan is still being paid off each month with the RCB loan not due to be paid until 2024. The Parish has given careful consideration to the Charity Commission for Northern Ireland’s guidance on public benefit to ensure that the activities entered into during the year have helped to achieve the Parish’s objectives and activities as well as providing public benefit. ## **Financial review** Total income for the year was £307,169 (2022; £225,799). Total expenditure for the year was £264,701, (2022; £216,564). Net gain on the revaluation of investments was £30,554 (2022; loss of £51,906). Accordingly total income after gains on investments minus total expenditure for the year is to the amount of £73,022. - 1 - **SAINT COLUMB'S CATHEDRAL** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **TRUSTEES REPORT (CONTINUED)** ## **Structure, governance and management** Chapter 111 of the Constitution of the Church of Ireland governs Saint Columb's Cathedral, The Parish of Templemore. The trustees who served during the year and up to the date of signature of the financial statements were: |The Very Reverend Raymond Stewart||| |---|---|---| |The Reverend Canon John Merrick||| |L Fields (Treasurer)||| |I Bartlett||| |C Ferguson||| |M Hamilton||| |W Lynn||| |R Mace||| |E Mills|(Resigned 25 April 2023)|| |R McGonigle||| |J Fields||| |I Hewitt||| |M Forbes||| |M Brown||| |M Deans||| |G Hunter||| |J Armstrong||| |S McGonigle||| |G Doherty|(Appointed 25 April 2023)|| ## **Recruitment and appointment of Select Vestry** 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 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. - 2 - ## **SAINT COLUMB'S CATHEDRAL** ## **TRUSTEES REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Organisational Structure** The Select Vestry is responsible for the day to day management of the parish. The Select Vestry consists of the members 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 or other member of the clergy 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 by the diocesan synod. Special meetings may be convened at any time by the chairperson or the churchwardens. In 2023 the Select Vestry met 10 times and average attendance was 80%. ## **Statement of trustees responsibilities** The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Cathedral and of the incoming resources and application of resources of the Cathedral for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures 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 charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Cathedral and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Cathedral and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees report was approved by the Board of Trustees. **The Very Reverend Raymond Stewart L Fields (Treasurer)** Trustee Trustee Dated: .........................28/04/24 Dated:.........................28/04/24 - 3 - ## **Independent examiners report to the charity trustees of St Columb ’ s Cathedral** I report on the accounts of the charity for the year ended 31 December 2023. ## **Respective responsibilities of charity trustees and examiner** As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of 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 Charity Commission for Northern Ireland 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. The examination included a review of the accounting records kept by the charity and a comparison 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: 1. That accounting records were not kept in accordance with section 63 of the Charities Act. 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further information needed for a proper understanding of the accounts to be reached. ## **Independent Examiners Statement** As the charity’s gross income did exceed £250,000, I can confirm that I am a registered member of the Institute of Chartered Accounts in Ireland and am qualified to undertake the examination. 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. ## Signed: _David Douglas_ Name: David Joseph James Douglas FCA (Chartered Accountant) Address: 1 Caw Hill Park, Londonderry BT47 6LU Date: **6[th] May 2024** SAINT COLUMB'S CATHEDRAL srATEMENT OF FINANCIAL ACTIVITY {Recelpts and Payments Account) for the year ended 31 December 2023 Note Unrestrfcted Funds Restrlcted Endowment Funds Funds Total 2023 Total 2022 Recelpts Donation5 and legacles Charltable activities Other trading activitles Investment Income Other Income 154.777 3,490 18497 20.088 96,629 251A06 3.490 19.187 33,086 172.998 2,682 11425 38,694 12,356 642 Total Recelpts 191852 109,675 307,169 221799 Payments Charltable actlvltles Other 215.111 11,004 38,586 253,697 11,1 207A19 9,145 Total Payments 226.115 38,588 264.701 216,564 Net Galn5 on Investments 30.5S4 30,554 -51,900 Net recelpts / Ipaymentsl 1,291 71,089 642 73.022 42,671 Transfers between funds 61,490 40,847 442 Net movement In funds 62,781 10,242 73,022 41671 Funds brouBht forward 1,729.513 53,831 28,581 1.811,925 1,854,596 Funds carrled forward SAINT COLUMB'S CATHEDRAL STATEMENf OFASSETS AND LIABIUTIES As at 31 December 2023 2022 Notè Unrestrlcted Funds Restrlctèd Endowment Funds Funds Totsl Funds Total Funds Flxed A55ets Freehold Land and Bulldlnss Flxture5 and Flttlngs 858.056 21,731 858,056 21,731 858,056 24.928 io Totsl Tanolble FIMed Assets 879.787 879.787 882.984 Investment Propertle5 Investments li 600,0(rfJ 383,871 586A46 395052 28,581 412,452 Totsl Flxod A6set8 IA63,658 1,891239 1,864882 Current Assets Debtors Bank and Cash 12 10,741 68,662 10.741 132,7a5 24.706 97034 64,073 Total Current A55ets 79,403 64,073 143,476 122,540 Cr•dltor5 wlthln l ye•r 13 -18,034 -18,034 -30.452 Net Current A55ets 61,369 64073 125W2 92,lJ88 Credltor5 after l year 14 -132,734 -132,734 -145,045 Total Assets Endowment Fund Restrlcted Funds Desl8nated Funds General Unrestrlcted Funds 28,581 28,581 64,073 388.320 IA03,973 28,581 53.831 388,319 L341,194 64,073 388,320 1,403,973 Tot41 Fun Approved by the Trustees on 27/P2024 and slgned on its behalf by A71+12024 27 1è12024 St Columb's Cathedral Statement of Cashflows Year Endlng 31 December 2023 Total Funds 2023 Prlor Year 2022 Net mtwement In funds 73,022 -42,670 Addback Loans Advanced Deduct Loans Repald Addback Depreclatlon Deduct Flxed Asset Addltlons Decreaselllncrease In debtors) Increase/ldeC￿a$e In credltors) 3,476 -12,311 3,197 -13,554 13,965 -12,419 3,197 4,793 -7,533 Net u$h ys•d In operatln8 artlvltl -21.121 3,933 Ca5hflowsfrom Investlnq octlvltles Interest and divldends Investments revalued -17,000 51,906 Net cash provlded by Investlni acthiltles -17,OlXI 51,906 Change In ¢•$h equlvalents In year 34,901 13,169 Cash and cash equlvalents brought forward 97.834 84,665 Cash and cash equlvalents ￿1rfed forward 132,735 97.834 14 SAINT COLUMB'S CATHEDRAL NOTES TO THE ACCOUNTS for the year ended 31 December 2023 l. AccouMnNG POLICIES BASIS OF FINANCIAL STATEMENTS The flnanclal statements have been prepared on a going concern basis. The Trustees do not believe that there are any factors or matÈrlal uncertainties which would impact on the assessment of thls. The financial statements have been prepared in atcordance with the Financlal Reporting Standard 102 and the Statement of Recommended Practice (SORP- FRS1021 "Accounting and Reportlng by Charities" publlshed in July 2014, as required by the Charities {Atcounts and Reports) Regulations (Northern Ireland) 2015. These statements have been prepared on an accruals basls as requlred by the SORP. Assets and liabilities are Inltlally recognised at hlstorical cost or transartion value unless otherwlse stated In the relevant accountlng pollcy. Restrlcted funds comprise lal Income from endowments whlch Is to be expended only on the re5trlcted purposes intended by the donor and (bl revenue donatlons or grants for a speclfic congregational artivity intended by the donor. Where these funds have unspent balances, interest on their pooled investment Is apportioned to the Indlvidual funds on an average balance basis. Unrestrlcted funds are income funds which are to be spent on the congregatlon's general purposes. DesSgnated funds are general funds Set aslde bythe congregation for use in the future. SAINT COLUMB'S CAThEDRAL NOTES TO THE ACCOUNTS (continued) for the year ended 31 Detember 2023 2. DONATIONS AND LEGACIES Unrestrlrted Funds Restrictsd Endowment Funds Funds Total 2023 Total 2022 Credil Cards Free Wlll Offerlngs Porch Box Collections Standing Orders Other Collectlons Gift Ald Donatlons for Speclflc Purpose General Donations Grants-Derry and Raphoe 6,004 42,S56 10.396 32,777 13,636 184 9,123 29.551 10,550 6,004 41556 10.398 34.217 13.836 184 46,740 34.371 63.302 43019 7,838 31.302 4282 401 42,95S 35.903 6.500 1.440 37,617 4.820 52,752 3. CHARITABLE AcrivmES Unre5tTlrt¢d Funds Restrlrted Endowment Fund$ Funds Tot•1 2023 Total 20Z2 Sale of books Car Park Rental 1,022 1,880 3.49) 3.490 4. OTHER Acriv￿lEs UnTestrkted Funds Restrlrted Endowrnent Fund5 Funds Totsl 2023 Total 2022 General Fundralslng events Par15h Magazlne Sales 18,497 18,497 10,585 690 5. INVESTMENT INCOME Unrestrleted Funds Restrlcted Endowment Funds Funds Total 2023 Total 2022 Rental Income Propertles RCB Trust Income CIT Ineome Interest Recelvable 7.660 12.356 20,018 23,707 2,624 12,177 12,1TT 251 11177 251 6. OTHER INCOME Unr•strlcted Funds Restrlrted Endowment Funds Funds Total Z023 Total 2022 Olher Income 7.CHARITABLE AcrivmES Unrestricted Funds Restrirted Endowment Funds Funds Totsl 2023 Totsl 2022 Staff Costs Depreclatlon and Impairment Dlocesan Assessment Church running costs Deanery Costs Charitable Donations Admlnlstratlon Costs Sundry Costs 37852 3197 66905 46853 13551 7226 37.852 3,197 68,90S 81439 13,551 7.226 37.355 172 29277 3197 61164 61823 38S96 8275 37355 172 2436 8. OTHER EXPENDITURE Unrestrlrted Funds Restrf¢ted Endowm•nt Funds Funds Tot•1 2023 Total 2022 Investment Property Costs 9. FIXED ASSET INVESTMENTS Unr•strlcted Funds Re5trlrt•d Endowmont Funds Funds Totsl 2023 Totsl 2022 8alan¢• ot 01 January Valualkn Ch8nges Balanco at 31 D•c•mber 395452 395452 447358 170(10 17000 41906 10. FIXED ASSETS Land and Property Flxture5 and Fittln8S Total 858050 21731 858056 21731 J58056 24928 Thls Includes 3 kYrw8rtle8. the Deanery and 1 And 3 Sl Columb$ Court. valued at cosl plus Improvemgnl costs 11.Investm•nt Propertlès Th1$ Includ88 4 propertles 2,4,5,8 st Cdumb'B Couri,1881 r¢valu8d In May 2021 12.Debtors CIT Molety Renta15 Due Prepayments 6241 4SOO 6241 7177 4500 13029 24706 10741 10741 13.Credltor$ wlthln l Ye•T Wlthheld Payments/Arrears Collectlons Due Other Accruals 7664 3420 18280 3230 8943 30453 3420 6950 18034 18034 14.Creditors greater than l Year Danske B8nk Loan RCB Loan 32741 99993 132734 32741 99993 132734 45052 99993 145045