The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Articles of Association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019).
The objectives of the charitable company is to use the Seagoe Parish Centre for activities which will benefit the inhabitants of Seagoe and the wider community, partnering with local organisations, the charitable company aims to provide facilities and services for individuals, organisations and community and voluntary groups.
The principal activity during the period was the hiring of Seagoe Parish Centre, together with the provision of related parish facilities, to various groups in the support of charitable purposes.
The trustees have paid due regard to guidance issued by the Charity Commission for Northern Ireland in deciding what activities the charitable company should undertake.
Income generated from charitable activities was £25,322 compared to £41,012 in the prior year.
The parish centre is used by various church groups, including toddlers, Sunday school, Girls & Boys Brigades, bowls, fellowship groups as well as men and women's groups. It was used by these groups on a weekly basis throughout the year, except during holiday periods.
The centre is also used by external organisations and community groups. They can book via the booking centre system. Throughout 2024 there were approximately 330 external bookings. The charitable company will continue to advertise the facility on their website and church bulletin.
The charitable company's financial results are set out in detail on pages 5 to 13. The charitable company generated a positive financial outcome for the year, with a net increase in funds.
There is an overall surplus on unrestricted funds for the year of £11,178 (2023 – £14,354 deficit). The charitable company has no restricted funds.
At the year end the total funds of the charitable company amounted to £27,853 (2023 – £16,675), which entirely represents unrestricted funds.
The trustees have examined the charitable company's requirements for reserves in relation to general maintenance and upkeep of the parish facilities.
The level of reserves will be reviewed annually and will be built up in stages consistent with the charitable company's overall financial position and its need to maintain its charitable activities. The trustees consider a level of £10,000 to be appropriate. At the balance sheet date, unrestricted reserves amounted to £27,853 of which £26,126 is considered to be free reserves.
The trustees continue to develop the activities of the charitable company and plan to enhance the offerings of the parish centre through the development of the types of activities and different groups using the facilities during the next year and beyond.
The charitable company is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 17 November 2010. The charity is registered with the Charity Commission for Northern Ireland. The company is also recognised as a charity with HM Revenue & Customs, under registration number XT28473. The charitable company is controlled by its trustees who are directors of the company for the purposes of company law.
The trustees who served during the year and up to the date of signature of the financial statements were:
Under the requirement of the Memorandum and Articles of Association, all the members of the Board of Directors retire every five years. The number of directors cannot exceed eleven nor be less than five.
None of the trustees has any beneficial interest in the charitable company. All of the trustees are members of the charitable company and guarantee to contribute £1 in the event of a winding up.
The trustees administer the charitable company and oversee the day to day running of the church hall complex. The trustees meet approximately four times per year. There is a small number of volunteers who are responsible for administration and bookings.
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Registered Office:
46 Seagoe Road
Portadown
Craigavon
Co Armagh
BT63 5HS
Charity Registration No. NIC103440
Company Registration No. NI605446
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Seagoe Ministries (the charitable company) for the year ended 31 December 2024.
It is my responsibility to:-
examine the financial statements under section 65 of the Charties 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 Act; and
state whether particular matters have come to my attention.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Gillian Johnston ACA
Charitable activities
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
Seagoe Ministries is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 46 Seagoe Road, Portadown, Craigavon, Co Armagh, BT63 5HW.
The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.
The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Donated facilities are recognised as income when the charitable company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charitable company of the item is probable and that economic benefit can be measured reliably. On receipt, donated facilities are recognised on the basis of the value of the gift to the charitable company which is the amount the charitable company would have been willing to pay to obtain facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
(i) Charitable activities
This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives.
(ii) Governance costs
Governance costs include the costs of governance arrangements which relate to the general running of the charitable company.
Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are as follows.
Fixed Assets
The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.
Donated facilities are recognised on the basis of the value of the gift to the charitable company, this being the amount the charitable company would be willing to pay on the open market basis. The assessment of value involves judgement by the trustees and some estimation and uncertainty in relation to the market conditions and the benefit derived from the donated facility.
Donated facilities
All amounts in the current and prior year are unrestricted in nature.
Income from charitable activities
The directors consider the charity to have one charitable activity, that being the hire of Seagoe Parish Centre and related Parish facilities.
Charitable activities
Provision of premises and facilities
Donations
Rent
Recharge for staff services
Catering
Maintenance
Utilities
Donations
Depreciation
No donations were made during the year (2023 - £35,000) to Seagoe Parish Church.
All amounts in the current and the prior year are unrestricted in nature.
Recharge for staff services
General
Bank charges
Accountancy
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
All assets and liabilities of the charity in the current and prior year are unrestricted in nature.
Unrestricted funds includes income from charitable activities and donations that the charitable company receives and is expendable at the discretion of the trustees for the general purposes of the charitable company.
Payments of £8,632 for recharging staff services and £478 for catering were made to Seagoe Parish during the year, of which trustees Rev Canon T J Cadden, Mr P A Holland, Mrs P E Richardson and Ms S O'Hare are trustees. The recharge for staff services includes amounts for work completed by trustee Mrs P E Richardson as an employee of Seagoe Parish.
Seagoe Parish also donated facilities for use by the charitable company during the year. £50,000 was included as income for the donated facilities and a charge of £50,000 was included as a rent expense.
Income for the hire of facilities, charged on normal terms, totalling £341, was received during the year from Ms R Richardson (daughter of trustee, Mrs P E Richardson).