Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2023 I. GENERAL INFORMATION Rossorry Parlsh Is a Church of Ireland parish registered as a charity In Northern Ireland. The address of the registered office is as shown on page 3. The parish constitutes a public 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 Accountlng and Reporting by Charltes: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financlal 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 Basls of Preparation The financial statements have been prepared on a going concern basis under the historical cost convention un less Otherwise stated In the relevant accounting policy. Historical cost is genera Ily based on the fair va lue 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 parish 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 flnancial statements have been prepared on a going concern basis. 2.4 Cash Flow Statement The charity has applied Update Bulletln 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, Freewlll Offerings, graveyard income, hlre of hall and donations are accounted for on a cash receipts basis 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 activities includes income received 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 measUd with sufficient reliability. CavanaghKel 11
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2023 2.6 Expenditure Expenditure is recognised once there is a legal or construttive 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 attivity for which the expenditure was incurred. 2.7 Tangible fixed assets The assets of the parish comprise: Church buildlng and graveyard; Parish hall. Rectory. Sexton's house. Fixtures and fittings. 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 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 hall was built in the 1960's. It Is recognised at a deemed cost. No depreciation has been provided on the hall as the current estimated residual value is not less than its carrying value and the remaining useful life CurntlY exceeds 50 years. The rettory and sexton's house are recognised at deemed cost, being the estimated fair 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 pu rchased 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 1055es in investments are reported within "Net Gains / (Losses) on Investments" within the Statement of Financial Activities. Cash and cash equivalents Cash and cash equivalents Include cash in hand, deposits held at call with banks, other short term highly liquid investments and bank overdrafts. Bank overdrafts are shown within Creditors Amounts falling due within l year. CavanaghKelly' 12
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2023 2.10 Financial instruments The Parish only has flnancial assets and financial Ilabilities of a kind that quallfy as basic financial instruments. Basic financial instru ments are initially recognised at transaction price and subsequently measured at their settlement value. 2.11 Fund Accounting Funds are classified as elther restricted or unrestricted, defined as follows: Restricted funds are fund5 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 within the wider objetts 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 parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. 2.12 Taxation As a charity, the parish is not liable to Income 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 belleved to be reasonable under the circumstances. The trustees do not consider that there are any critical judgements made in applying the Parish's accounti ng 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 liabi lities within the next financial year. CavanaghKel L3
¥J V4 W OLn vj t SD O (n o Q) Ln OJ ql r el OLn tr o) o ¢) o ri o) Ln co ro r4 WJ M 41 O too ¢0 o Ln o mw Lno o) m m Lntr b fn m Ln O ¢J Ln o oi m m
Ln o o tro ijth Ln o o TJ e4 r4 o opJ Q Ln 00 Q Ln Tl r4
Ln cn LV O O Ln rq Pl 0 * LD m cn co oi t Ui ri tti r4 VJV4 J cry o Cn tr) fy m m o o cci cr> fo %0 coo o J o ro VJf4 o m co m ¢J co co t t J ¢J o rri ors o o) Ln o) CQ(y ) ro a) rN rr> Jm C> ro co m tr to rN t o) O QJ O) Ln o)m
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2023 6. Expenditure Unrestricted Fund 2023 Restricted Funds 2023 Endowment Funds 2023 Total Total 2023 2022 6.1 Church and grounds Water charges Repairs and maintenance Heat, light and power Grounds maintenance Books, literature, etc. Music, cholr, and M-Blaze Visiting clergy and preachers Bible Club, Sunday School, and Confirmation Class Miscellaneous 113 945 7,848 3,870 738 6,127 896 113 945 7,848 3,870 738 76 1,914 6,408 3,960 332 4,897 57 6,127 896 1,487 1,487 388 360 18,392 23,483 23,483 Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total Total 2023 2022 6.2 Parochial Hall and grounds H eat, light and power Water charges Repairs and maintenance Grounds maintenance Miscellaneous 2,301 95 1,665 792 4,445 9,298 2,301 95 1,665 792 4,445 9,298 2,197 82 661 660 416 4,016 Unrestricted Funds 20230 Restricted Funds 2023 Endowment Funds 2023 Total Total 2023 2022 6.3 Rectory and grounds Rates 1,024 1,584 2,063 1,392 6,823 12,886 1,024 1,584 2,063 1,392 6,823 967 Heat, light and power Repairs and maintenance Grounds maintenance Miscellaneous 1,896 5,492 660 12,886 9,015 CavanaghKelly' 17
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2023 Unrestricted Funds Restricted Funds Endowment Funds Total Total 2023 2023 2023 2023 2022 6.4 Caretaker's / Sexton's house Rates 416 416 393 Repalrs and maintenance 243 173 243 173 1,426 Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total Total 2023 2022 6.5 Parish office Salaries and PAYE / NIC Rent Heat, light and power Telephone and broadband Grounds maintenance Repairs and maintenance 13,417 2,600 2,492 1,043 792 337 13,417 2,600 2,492 1,043 792 337 11,446 2,600 2,606 726 660 145 CavanaghKelly' L8
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2023 7. Net gains / (losses) on Investments 2023 2022 Unreallsed fair value gains / (losses) on investments 33,846 33,846 122,752) 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 2023 2022 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 select vestry. 10. Tangible fixed assets Buildings Total Cost At beginning of the year Additions Disposals At end of the year 670,546 2,441 670,546 2,441 672 987 672 987 Depreciation At beginnlng 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 672 987 672 987 Tangible fixed assets are recognised at their deemed cost. CavanaghKelly'
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2023 11. Investments 2023 2022 Ori inal cost At l January Additions 782,818 7,000 789 818 782,818 At 31 December 782 818 Market valu At l January Additions 1,323,723 7,000 1,446,475 Fair value gain / (loss) At 31 December 122 752 1,323,723 1,364,569 12. Receivables 2023 2022 Gift Aid Other receivables 18,314 834 17,804 1,829 13. Payables - due within one year 2023 2022 Accruals 1,300 14. Analysis of Net Assets Among Funds Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total Funds 2023 Fixed Assets Investments Current Assets Receivables Cash at bank and in hand Current Liabilities Net Assets at 31 December 672,987 866,446 672,987 1,364,569 1,947 496,176 19,148 495,338 1,300) 2,052,619 19,148 551,575 48,291 7,946 50,238 504,122 2,606,979 Endowment funds The parish has received numerous bequests which are invested wlth the Representative Church Body, Church of Ireland Trustee5 and other financial institutions, the income being used for parish purpose5. The parish treats these as if they were permanent endowment funds where the capital cannot be converted to Income. CavanaghKel 20