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 measU￿d with sufficient reliability.
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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 Cur￿ntlY 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.
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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.
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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
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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
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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.
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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.
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