St Josephs RC Parish, Clarkston. Financial Statements. Year Ended 31 December 2009

Transcription

1 Financial Statements

2 Index to the Financial Statements Index Page Independent examiner's report Client approval certificate 1 2 Accounting policies notes 3 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 4 5 6

3 Independent Examiner's Report to the Trustees of We report on the accounts of St Josephs RC Parish for the year ended 31 December 2009 which are set out on the attached pages. Respective responsibilities of trustees and examiner The trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations The trustees consider that the audit requirement of Regulation 10 (1) (a) to (d) of the Accounts Regulations does not apply. It is our responsibility to examine the accounts as required under section 44 (1) (c) of the Act and to state whether particular matters have come to our attention. Basis of independent examiner s statement Our examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts. Independent examiner s statement In the course of our examination, no matter has come to our attention 1. which gives us reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or 2. to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. John G O'Hara, B.Acc, CA Radleigh House 1 Golf Road Clarkston Glasgow G76 7HU Date Page 1

4 Client Approval Certificate We approve the financial statements and confirm that we have made available all relevant records and information for their preparation Parish Priest Diocesan Treasurer Date Page 2

5 Accounting Policies Accounting Policies The principal accounting policies are: i. Basis of preparation The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities (Revised 2005). ii. Incoming resources All incoming resources are included when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. No incoming resources are deferred. iii. Resources expended All expenditure is included on an accruals basis and relates directly to charitable activities with the exception of costs of generating voluntary funds, costs of fundraising activities, investment management costs and governance costs which are separately identified. Governance costs include the costs of governance arrangements which relate to the general running of the charity as opposed to those costs associated directly with charitable activities. iv. Tangible fixed assets i) Effective from 31 December 2007, in accordance with the Statement of Recommended Practice, all non-adjoined parish properties excluding the churches, owned in civil law by the Diocese of Paisley, were valued on an Existing Use basis by an independent professional firm. This is deemed to be a reasonable estimate of the assets current value to the Diocese of Paisley. Such external revaluations will be carried out every five years, with an interim review being carried out after three years. Any major property improvement costs in the interim will be capitalised. Depreciation has been charged on buildings assets at 2% on a straight line basis. No depreciation has been charged on any land assets, where a separate valuation amount has been obtained for the land. ii) The financial statements do not include a full valuation in respect of all contents of the Charity s properties. These contents have been accumulated over many years and the benefits of including a meaningful valuation would be outweighed by the cost of carrying out such a valuation. iii) All other fixed assets costs in excess of 2,500 have been capitalised. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Furniture and fittings - 20 % reducing balance Equipment - 20% reducing balance Computer Equipment % straight line A full year's depreciation charge is provided on fixed assets acquired during the year. v. Investments Investments are included at market value. Investments typically comprise monies deposited with the Diocese of Paisley, upon which interest is received. Page 3

6 Statement of Financial Activities Note Unrestricted Restricted Funds Funds Total Total Incoming Resources Incoming resources from generated funds Voluntary income 1 217,606 19, , ,986 Activities for generating funds 2 3,526-3,526 4,821 Investment income ,196 Incoming resources from charitable activities 4 3,334-3,334 3,323 Other incoming resources Total Incoming Resources 224,466 19, , ,326 Resources Expended Costs of generating funds Costs of generating voluntary income 6 1,867-1,867 1,777 Costs of fundraising Investment management costs Charitable Activities 7 266,699 19, , ,424 Governance Costs 8 1,469-1,469 1,468 Other Resources Expended Total Resources Expended 270,035 19, , ,669 Net incoming/outgoing resources before transfers - 45, ,569 6,657 Transfers between funds Net incoming resources before other recognised gains and losses Other recognised gains/losses Gains/Losses on revaluation of fixed assets Gains/Losses on investment assets - 45, ,569 6, Net movement in funds Reconciliation of Funds Total funds brought forward - 45, ,569 6, , , ,052 Total funds carried forward - 536, , ,395 Page 4

7 Balance Sheet Fixed Assets Tangible Fixed assets Note 12 11,490 14,363 Current Assets Diocesan Loans Debtors 15 50,572 21,000 Deposits with Diocese Bank and cash 64,266 42, ,838 63,319 Creditors Falling due within one year 16 35,213 26,130 Net Current Assets 79,625 37,189 Total assets less current liabilities 91,115 51,552 Creditors Falling due after more than one year , ,947 Net Assets - 536, ,395 Unrestricted Funds General funds Designated funds Restricted Funds , ,758 11,490 14, , , Total Funds - 536, ,395 Page 5

8 Unrestricted Restricted Funds Funds Total Total Voluntary income Offerings 177, , ,840 Second Collections Tax recovered on Gift Aid 29,572-29,572 28,020 Votives 2,728-2,728 3,138 Collection boxes (St Anthonys) 1,334-1,334 1,596 Donations 6,681-6,681 2,110 Legacies Other income Lottery Fund Award Grants Grant Assistance from Diocese Hospital Chaplaincy Anniversary Fund Diocesan Special Collections (Note 20) - 14,774 14,774 13,558 Parochial Special Collections (Note 21) - 4,478 4,478 15, ,606 19, , ,986 2 Activities for Generating Funds Fundraising ,565 Hall Lets 3,526-3,526 3,256 Other ,526-3,526 4,821 3 Investment income Interest from Diocese Bank interest ,196 Rental of Hall ,196 4 Incoming Resources from Charitable Activities Stall & Newspapers 3,334-3,334 3,323 3,334-3,334 3,323 5 Other Incoming Resources Insurance claims Gain on disposal of fixed assets Page (6)

9 6 Costs of generating funds Unrestricted Restricted Funds Funds Total Total Costs of generating voluntary income Offering envelopes Gift Aid Commission paid to Diocese 1,479-1,479 1,404 1,867-1,867 1,777 Costs of fundraising Fundraising costs/social Costs of managing investments Management fees Page (7)

10 Unrestricted Restricted Funds Funds Total Total Charitable Activities Grants & donations Donations 2,910-2,910 5,666 Diocesan Special Collections (Note 20) - 14,774 14,774 13,558 Parochial Special Collections (Note 21) - 4,478 4,478 15,631 2,910 19,252 22,162 34,855 Support Costs Clergy allowances 5,400-5,400 2,050 Salaries & NI -: Staff (note 10) 47,699-47,699 46,031 Housekeeping 4,647-4,647 3,421 Repairs 78,594-78,594 17,011 Furnishings 1,420-1,420 12,941 Vestments Divine Service 11,028-11,028 13,942 Telephone 2,323-2,323 5,020 Grounds maintenance Travel Expenses ,707 Council Tax & Non-Domestic Rates 4,680-4,680 5,751 Insurance 4,008-4,008 3,928 Heat & Light 16,131-16,131 16,132 Printing & Stationery 6,494-6,494 3,517 Bank & Other Charges Accountancy 1,013-1,013 1,762 Diocesan Levy 30,327-30,327 30,327 Interest paid to Diocese 23,141-23,141 30,273 Miscellaneous 1,546-1,546 1,374 Training, Retreats etc 5,171-5,171 1,387 Supply Fees (Chaplaincy, etc) Depreciation 2,873-2,873 3,591 Computer Hardware & Software Lottery Fund expenses Legal & Surveyor fees 11,773-11,773 - Letting & Advertising Fees Sisters Fees Youth Office Stall & Newspapers 4,001-4,001 5,200 Loss on disposal of fixed assets Permanent Deacons , , , ,699 19, , ,424 The trustees consider that there is only one charitable activity and therefore it is not necessary to apportion support costs into separate charitable activities. Page (8)

11 Unrestricted Restricted Funds Funds Total Total Governance Costs Independent Examiner s Fee 1,469-1,469 1,468 1,469-1,469 1,468 9 Other Resources Expended Other Staff costs and numbers Salaries and wages 44,663 43,421 Social security costs 2,736 2,360 Pension contributions Total 47,699 46,031 The average number of employees during the year was as follows: Administration - - Premises maintenance Trustee Remuneration and Related Party Transactions The following sums were payable to the Diocese of Paisley: Gift Aid Commission 1,479 1,404 Diocesan Levy 30,327 30,327 Interest paid to Diocese 23,141 30,273 Contribution to Diocese for salaries - - Contribution to Diocese for youth office The following sums were receivable from the Diocese of Paisley: Interest received from Diocese - - Donations from Diocese - - The following sums were payable to other Parishes: - - The following sums were receivable from other Parishes: - - Trustees remuneration or reimbursement of expenses - - Page (9)

12 12 Tangible Fixed Assets Land & Fixtures & Office Computer buildings Fittings Equipment Hardware Total Cost or valuation At 1 January ,054-28,054 Revaluation Additions Disposals At 31 December ,054-28,054 Accumulated Depreciation At 1 January ,691-13,691 Revaluation Charge for year - - 2,873-2,873 Eliminated on Disposals At 31 December ,564-16,564 Net Book Value At 31 December ,490-11,490 At 1 January ,363-14,363 The non adjoined land and buildings (except the church) were valued by McVicar, Chartered Surveyors on 19 January 2009 on an open market basis. This valuation was reflected in the accounts to 31 December If heritable property had not been revalued it would have been included on the historical cost basis at the following amounts: Land & Buildings HISTORICAL COST As at 1st January ,915,223 Additions - Disposals - As at 31st December ,915,223 DEPRECIATION As at 1st January ,203 Charge for year 38,304 Released on disposals - As at 31st December ,507 NET BOOK VALUE As at 31st December ,702,716 As at 1st January ,741,020 Page (10)

13 13 Investment with Diocese Deposits with Diocese as at 1st January Transfers to/-from Diocese - - Interest received - - Balance with Diocese as at 31st December Diocesan Loans Loan to the Fund as at 1st January Payments to/-from the Fund in the year - - Interest received - - Loan to the Fund as at 31st December Debtors Gift Aid Tax Refund Due 50,572 21,000 Amounts owed from Diocese - - Other ,572 21, Creditors Accruals 20,439 26,130 Amounts owed to Diocese 14,774 - Other ,213 26, Diocesan Loans Loan from the Fund as at 1st January , ,949 Payments from/-to the Fund in the year 61,991-55,275 Interest paid 23,141 30,273 Loan from the Fund as at 31st December , , Analysis of Net Assets Among Funds General Designated Restricted Total Fixed Assets - 11,490-11,490 Investments Current Assets 114, ,838 Current Liabilities - 35, ,213 Long term liabilities - 628, ,079 Net assets at 31 December ,454 11, ,964 Page (11)

14 19 Movements in Funds At 1 January Incoming Total Transfer Outgoing At 31 Dec 2009 Resources Gains/Losses between funds Resources 2009 Restricted funds Special Collections - 19, , , ,252 - Unrestricted funds Designated Funds (Plant & Property Fund) 14, ,873-11,490 Designated Funds (Revaluation Reserve) General Funds - 505, ,466-2, , , , , , ,964 Total funds - 491, , , ,964 Purposes of Restricted Funds Special collections, which were passed on to the organisations listed below. Purposes of Designated Funds All the Parish's fixed assets have been allocated to a designated fund, as such assets are required to be held and used to continue the charitable services provided to the community by the Parish. The above transfer between funds is to align the net book value of fixed assets with its associated designated fund. 20 Diocesan Special Collections Communications Ecclesiastical Students 1,722 2,000 Education 1,058 1,556 Holy Places 1, Justice & Peace 800 1,663 Papal & Episcopal Charities 2,327 2,888 Peter's Pence 1, Pro Life 950 1,012 Sick & Retired Clergy 5,142 2,270 14,774 13,558 Page (12)

15 21 Parochial Special Collections Deanery Mission - 5,735 Mission Sunday 2,615 2,687 SCIAF 1,426 1,447 Kenya Appeal - 5,420 St Margarets Adoption Society ,478 15, Events subsequent to year end Page (13)