Rossorry Parish Church Statement of Financlal Activities For the year ended 31 December 2022 Unrestrl¢ted Funds 2022 Restrlcted Funds 2022 Endowment Funds 2022 Total 2022 Total 2021 Notes Income Donations and legacles Other trading activities Investments Charitable activitie5 Total income 115,017 1,395 48,620 115,017 1,395 49,734 117,247 385 1,114 46,691 709 709 166 987 168.810 167 561 Expenditure Charitable activities Total expenditure 125 321 125 321 1,805 127 126 127 126 130 421 130 421 Net income / {expenditure) before transfers 41,666 (1,096) 1,114 41,684 37,140 Transfers between funds Net income / (expenditure) before other recognised gains and losses 41.666 (1,096) 1,114 41.684 Net gains / (losses) on investments 37,140 (84,923} {148) (37.681) (122,752) (36,567) (81,068) 72,285 Net movement in funds (43,257) {1,244) 109,425 Reconciliation of funds: Total funds brought forward 2,036.378 51,699 515,388 2,603,465 2,494,040 Total funds carried forward 1,993,121 50,455 478,821 2,522,397 2,603,465 CavanaghKelly"
Rossorry Parish Church statement of Financial Position For the year ended 31 December 2022 Notes 2022 2021 Fixed Assets Tanglble fixed assets Investment Properties Investments io 670,546 670,546 li 1 323 723 1 446 475 Total fixed assets 1 994 269 2 117 021 Current assets Receivables Cash at bank and in hand 12 19,633 509 795 18,396 469 348 Total current assets 529,428 487,744 Payables- amounts falling due wlthin one year Net current assets 13 528 128 486 444 The fund5 of the charity (parish) Unrestricted Funds General Designated 2 522 397 2 603 465 1,993,121 2,036,378 Total unrestricted ftjnds 1,993,121 2,036,378 Restricted Funds 50,455 51,699 Endowment funds 478 821 515 368 Total charity funds 14 2 522 397 2 603 465 The notes on pages 11 to 20 are an Integral part of the financial statements. These financial statements were approved by the Board of Trustees on 27 March 2023 and signed on Its behalf by: obert Elliott Honorary Treasurer Mrs Dorothy Helen Wilson Honorary Secretary CavanaghKel 10
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2022 I. GENERAL INFORMATION Rossorry Parlsh is a Church of Ireland parish registered as a charlty in Northern Ireland. The address of the registered offlce is as shown on page 3. The parish constitutes a publlc benefit entity as defined by FRS 102. 2. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertalnty in the preparation of the financial statements are as follows: 2.1 Statement of Compliance The financial statements have been prepared In accordance with Accounting and Reporting by Charites.. statement of Recommended Practice (SORP) applicable to charities preparing their financial statetnents in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2019 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and UK Generally Accepted Practice. 2.2 Basis of Preparation The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accou nting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial statements. 2.3 Preparation of accounts on a going concern basis The parlsh generally meets its day to day working capital requirements from its annual income. The trustees continually review the parish's finances and are satisfied that the parish has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable future. Therefore, these financial statements have been prepared on a going concern basis. 2.4 Cash Flow Statement The charity has applied Update Bulletin 2 as published on 5 October 2018 (effective l January 2019) and does not include a cash flow statement on the grounds that it is applying FRS 102 Section IA. 2.5 Income Plate collections, Freewill Offeringsi graveyard income, hlre of hall and donations are accounted for on a cash receipts basls as the amounts are collected. Legacies are included in income according to the terms under which the donation is made and when the amount can be quantified with reasonable certainty. Income from charitable activitie5 includes income reiVed under contract or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income included in this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. CavanaghKelW 11
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2022 2.6 Expenditure Expenditure is recognlsed once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expendlture was incurred. 2.7 Tangible fixed assets The assets of the parish comprise: Church building and graveyard. Parish hall; Rectory; Sexton's house. Fixtures and fitting5. The church building and graveyard are deemed to be Heritage Assets as defined by the Charities SORP (FRS 102). These heritage assets are not included on the balance sheet as information on the cost or valuation 15 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 hall was built in the 1960's. It is recognised at a deemed cost. No depreclation has been provided on the hall as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. The rectory and sexton's house are recognised at deemed cost, being the estimated falr value of the property at 31 December 2017. No depreciation has been provided on these buildings as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. Fixtures, fittings and equipment are written off as an expense in the year of purchase. Investments Fixed asset investments comprising Investment properties, investments In equities and investment in Representative Church Body and Church of Ireland Trustees Unit Trusts are initially 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 difference between the fair value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and fair value at the end of the year. Realised gains and losses represent the difference between the proceeds 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 within "Net Gains / (Losses) on Investments" within the Statement of Financial Activities. Cash and cash equivalents Cash and cash equlvalent5 include cash in hand, deposlts held at call with banks, other short term highly liquid investments and bank overdrafts. Bank overdrafts are shown withln Creditors Amounts falling due within l year. CavanaghKelW 12
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2022 2.10 Financial instruments The Parish only has financial assets and financial liabilities of a kind that qualify as baslc financial instruments. Baslc financial instruments are initially recognised at transaction price and subsequently measured at their settlement value. 2.11 Fund Accounting Funds are classlfied as either restrlcted or unrestricted, defined as follows: Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still wlthin the wlder objects of the parish. Endowment funds are funds which have been given on the condition that the original capital Sum is not reduced but the income is used for the purpose defined in accordance with the objects of the parish. Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If part5 of the unrestricted funds are earmarked at the discretion of the trustee5 for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustee5' discretion to apply the fund. 2.12 Taxation As a charityi the parish is not liable to IncoTne or Corporation Tax. Critical accounting judgement and estimation uncertainty Estimates and judgements made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees do not consider that there are any critical judgements made in applying the Parish's accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrylng amounts of assets and liabilities within the next financial year. CavanaghKelW 13
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Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2022 6. Expenditure Unrestricted Fund 2022 Restricted Funds 2022 Endowment Funds 2022 Total Total 2022 2021 6.1 Church and grounds Water charges Repairs and malntenance Heat, light and power Holy Communion wine Grounds maintenance Books, literature, etc. Muslc, choir, and M-Blaze Vislting clergy and preachers Bible Club, Sunday School, and Confirmation Class Parish visitor5, youth worker Miscellaneous 76 1,914 6,408 76 1,914 6,408 73 1,690 4,327 3,960 332 3,960 332 1,725 112 4,897 57 4,897 57 4,632 388 388 429 208 149 13,345 360 18,392 360 18,392 Unrestricted Funds 2022 Restricted Funds 2022 Endowment Funds 2022 Total Total 2022 2021 6.2 Parochial Hall and grounds Heat, light and power Water charges Repairs and maintenance Grounds maintenance Miscellaneous 2,197 82 2,197 82 618 71 661 661 660 416 1,542 575 374 3,180 660 416 4,016 4,016 Unrestricted Funds 20220 Restricted Funds 2022 Endowment Funds 2022 Total Total 2022 2021 6.3 Rectory and grounds Rate5 Heat, light and power Repairs and maintenance Grounds maintenance Miscellaneous 967 967 1,896 5,492 660 955 1,919 474 1,115 1,052 1,896 5,492 660 CavanaghKelly" 17
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2022 Unrestricted Funds Restricted Funds Endowment Funds Total Total 2022 2022 2022 2022 2021 6.4 Caretaker's / Sexton's house Rates 393 393 388 Repairs and maintenance 44 432 1,426 1,426 Unrestricted Funds 2022 Restricted Funds 2022 Endowment Funds 2022 Total Total 2022 2021 6.5 Parlsh office Computer and office equipment, consumables, maintenance and 5UPPOrt Salarles and PAYE I NIC Rent Heat, light and power Telephone and broadband Grounds maintenance Repairs and maintenance 1,822 1,822 1,434 11,446 2,600 2,606 726 11,446 2,600 2,606 726 9,952 2,600 2,363 986 575 660 660 145 145 711 CavanaghKelly-
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2022 7. Net gains / (losses) on Investments 2022 2021 Unrealised fair value gains / (losses) on investments 122 752 122,752 Taxation Rossorry Parish Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. 9. Analysis of staff costs 2022 2021 Administration salaries The average number of employees during the year was one, being the parish administrator. He is also one of the trustees and a member of the selert vestry. 10. Tangible fixed assets Buildings Total Cost At beginning of the year Additions Disposals At end of the year 670,546 670,546 670 546 670 546 Depreciatlon At beginning of the year Depreciation Disposals At end of the year Net book value at beginning of the year 670 546 670 546 Net book value at end of the year 670,546 670 546 Tangible fixed assets are recognised at their deemed cost. CavanaghKel
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2022 11. Investments 2022 2021 ri al cost At l January Additions 782,818 782,818 At 31 Dember 782 818 782 818 Mar et value At l January Addltions 1,446,475 1,374,190 Fair value gain / (loss) At 31 December 122 752 1 323 723 1446 475 12. Receivables 2022 2021 Gift Aid other receivables 17,804 17,814 582 13. Payables - due within one year 2022 2021 Accruals 14. Analysis of Net Assets Among Funds Unrestricted Funds 2022 Restricted Funds 2022 Endowment Funds 2022 Total Funds 2022 Fixed Assets Investments Current Assets Receivables Cash at bank and in hand Current Liabllitie5 Net Assets at 31 December 670,546 846,312 670,546 1,323,723 1,890 475,521 19,633 457,930 19,633 509,795 1,300 2,522,397 48,565 3,300 1,993,121 50,455 478,821 Endowment funds The parish has received numerous bequests which are invested with the Representative Church Bodyi Church of Ireland Trustees and other financial institutions, the income belng used for parish purposes. The parish treats these as if they were permanent endowment funds where the capital cannot be converted to income. CavanaghKel 20