St. Finnian's Parish Church Cregagh Statement of Financial Activities For the period from 01 January 2024 to 31 Dernber 2024 Unrestricted Restricted Endowment funds funds funds Total funds Prior year total funds Note Income ond endowmentsfrom.. Donations and Legacies Income from Charitable Activities Investment Income Other Incoming Resources Totsl Income and Endowments 240,973 5,968 2.441 12.710 262,092 6.878 5,106 247.851 11,074 2,441 12,710 274.076 222,040 9,493 2.975 26,600 261,108 11,984 Expenditure on.. Expenditure on Charitable Activities Expenditure on Raising Funds Total Expenditure 218.066 6.323 224,389 30.897 455 248,963 6.778 255,741 467,518 14,681 482,199 31.352 Net income / (expenditure) 37.703 (19.368) 18.335 (221,091) Other Recognised Gains1lLosses) 6,170 6.170 2,836 Transfers between funds Net movement in funds 118,178} 25.695 18,178 11.191) 24,504 {218,255) Reconciliation of funds Total funds brought fonvard Total funds carried forward 180.171 205.866 593.757 592,566 773.928 798,43Z 992,183 773,928 16 8T. b INNIAN'S PARISH CHLIRCFL CREG.4GH 2025
St. Finnlan's Parish Church Cregagh Balance sheet As at: 31 December 2024 2024 2023 Note Fixed assets Tangible Assets Investments 11 599,838 12 70,205 670,043 614,737 64,035 678,772 Current assets Debtors Cash at bank and in hand 13 6,424 123,150 129,574 14,352 80,804 95.156 Liabilities Creditors: amounts falling due within one year 14 {1,185) Net current assets 128.389 95,156 Total assets less current liabilities 798,432 773,928 Total Net Assets 15 798.432 773,928 Represented by Funds & Reserves Unrestricted Funds Unrestricted General Funds 16 107,702 71,619 Designated Unrestricted Designated Funds 16 98,164 108,552 Restricted Restricted Funds Total Funds of the Parish 16 592,566 798.432 593,757 773,928 The notes on pages 13 to 22 are an integral part of these financial statements. The Financial Statements on pages 11 to 12 were approved by the Board of Trustees on and signed on its behalf by: Canon J Pierce- Rector May Lavery- Secretary ' ST. b INNIAN'S PARISH CHURCH. CREGAGH 2025 12
Notes to the financlal statements for the year ended 31° December 2024 l. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows. a) Basis of preparation The financial statements have been prepared on a going concern basis in accordance with 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) (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). The Parish meets the defi'nition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transactton value unless otherwise stated in the relevant accounting policy note(sl. b) 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 have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfi'ed 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. c) Income Plate Collections and Weekly Envelopes are accounted for on a cash receipts basis as the amount is collected. Income arising from the rental of Parish Halls to third parties is recognised when the parish has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount can be measured reliably. Income from government and other grants. whether 'capital' grants or 'revenue' grants, Is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Legacies are included within Income under either unrestricted or restricted funds according to the terms under which the donation is made and when the amount can be quantified with reasonable certainty. Donations and gifts in kind are brought into the accounts at their frdir value to the Parish. d) Expenditure Expenditure is recognised 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 expenditure was incurred. e) Tangible assets The assets of the Parish comprise:_ Church Building and Grounds Parish Halls Rectory Curatage ,(: 8,1.. PINN'IAN"S P.-IRIS14 CHIJRCEI, CREG.4GH 2025
Notes to the financial statements for the year ended 31 December 2024 (continued) l. Accounting policies (conttnued) The Church Building and Grounds are deemed to be Heritage assets as defined by the Charities SORP IFRS102). These Heritage assets are not included on the balance sheetas information on the cost or valuation is not available and such information cannot be obtained at a c05t commensurate with the benefit to the users of the accounts and to the parish. The Parish Halls were built in 1939 & 1971. There are no reliable records of the cost of this construction/ acquisition and valuation approach for such a building lacks sufficient reliability. As a result, this building is not recognised in the parish balance sheet. The Rectory & Curatage are recognised at market valuation being the estimated fair value of the property at 01.02.2017. No depreciation has been provided on the properties as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. Fixtures and Fittings are recognised at cost and are depreciated on a straight-line basis at a rate of 15% per annum. The assets, residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. The minimum threshold of cost for an item to be capitslised as a fixed asset is £1,000. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the new disposal proceeds and the carrying amount is recognised in the statement of financial activities and included in 'Other operating Ilosses)/gains'. f) Investments Fixed asset investments comprising investment properties, investments in equities and investment in RCB/CIT 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. g) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within Creditors Amounts falling due within l year. h) Financial instruments The Parish only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction price and subsequently measured at their settlement value. i) Funds Funds are classified as either restricted funds or unrestricted funds, 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 within the wider objects of the Parish. f. FINN'IAN-S P.4RISII CI.IURCH. CREGAGH 202) 14
Notes to the financial statements for the year ended 31" December 2024 (continued) l. Accounting policies (continued) Endowment funds are funds which have been given on the condition that the original capital sum is not reduced, but the income there from is used for the purpose delined 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. Critical accounting judgements and estimation uncertainty Estimates and judgments 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 judgments 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 carrying amounts of assets and liabilities within the next financial year. 3. Donations and legacies Unrestricted Restricted 360 165,552 142,040 6,071 3,810 44,610 33,227 2,446 3,887 17,660 1,000 3,250 10,512 39,076 6,878 247,851 222,040 2024 2023 Standing Ordersl Envelopes & Sundry Donations Plate Collections Tax Recovered on Donations Special Appeals Gift Day Legacies Other 165,192 6,071 43,788 822 2,446 17,660 1,000 7,262 240,973 4. Income from Charitable Artivities Unrestricted Restricted 2024 2023 Special Fundraising Organisations Rent of Hall & Publications Weddings & Funerals 1,544 3,009 575 5,106 6,650 3,009 575 840 6,539 2,406 548 840 5,968 5.106 11,074 9,493 L S"I'. FINNIAN'S PARISII CIIURCH. CREG.4GH 2025
Notes to the financial statements for the year ended 31$1 December 20241continued) 5. Investments Unrestricted Restricted 2024 2023 Dividends Received 2,055 386 2,055 386 2,015 960 Bank Interest 2,441 2,441 2,975 6. Other Income Unrestricted Restricted 1,846 10,864 12,710 2024 2023 Collection for Curate Grants 1,846 10,864 26,600 12,710 26.600 Analysis of Expenditure Unrestrirted Restricted 2024 2023 Charitable Activities Wages and Salaries Diocesan Costs/Assessment Church Running Costs Church Renovation Project Hall Costs Grounds Rectory & Curatage Costs Rates Parish Organisation Costs Children & Young People Charitable Donations Administration Costs Curates Leaving Gift Other Depreciation 137,595 14,604 12,562 2,609 13,183 2,252 2,016 3,351 3,894 469 989 7,486 1,846 311 14,899 218.066 137,595 134,404 14,604 14,364 12,562 10,343 2,609 217,682 13,183 10,345 2,252 1,176 2,016 990 3.351 2,429 3,894 2,047 469 361 31,886 43,562 7,486 11,909 1,846 311 14,899 17.906 30,897 248.963 467,518 30,897 Unrestricted Restricted 2024 2023 Raising Funds Fundraising costs Office Costs Publications Bank Fees Other 375 375 5,789 190 424 222 3,752 536 417 9,754 455 6.778 14.681 31.352 255,741 482,199 5,789 190 344 80 6.323 224.389 Total Expenditure . A ST. FINNIAN'8 PAtUSH CHURCII. CREG.4GH 2025
Notes to the financial ststements for the year ended 31" December 2024 {continued) Galn l(Loss) on Investment Assets 2024 6,170 6.170 2023 2,836 2,836 Realised gains / (losses) on investments Taxation 5t Finnian's Cregagh is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. 10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 2024 2023 Salaries & Wages 137,596 134,404 The average number of employees during the year, calculated based on a head count, was as follows: 2024 2023 Ministerial support Administration Music staff Total There are no employees in receipt of employment benefits in excess of £60,000. Key Management and Trustees Key management are deemed to comprise the Trustees. The parish paid expenses of £2,865 relating the running costs of the Rectory which is occupied by the Rector and £1,496 relating to the Curatage. Two Trustee5- the Rector & the Curate received remuneration during the year. The Curate received a gift of £1,846 being funds collected from parishioners for this purpose. For the year 2024 the values implemented by the Select Vestry of St Finnian's Parish Church, Cregagh were: Rertor Curate 41,699 29,262 7,1)00 6,800 800 340 3,292 2,634 3,275 2,468 56,066 41,504 Stipend Locomotory Expenses Expense of Office Allowance Employee Pension Contributions Employee National Insurance (I S I". PINNIA¥"S P.4RISH CHURCH. CREG.AGH 2025 17
Notes to the financial statements for the year ended 31 December 20241continued) In 2024 five Trustees received reimbursement for expenses incurred on behalf of the Parish. Who Role Description Events & Confirmation Class Amount Reverend Andy Hav Jim Haughey Karen Gately Trevor Smyth Brian Lavery Trustee 256 772 Trustee Maintenance consumable5 Maintenance consumables & Messy Church Lisnasharragh School Project Parish Zoom subscription Trustee 4S5 Trustee 68 Trustee 156 11. Tangible fixed assets Fixtures, fittings and equipment Buildings Total Cost At l January 2024 Additions Disposals At 31 December 2024 590.000 119,373 709,373 590,0(K) 119.373 709.373 Depreciation At l January 2024 Depreciation Disposals At 31 December 2024 94,636 14,899 94,636 14,899 109,535 109.535 Net book value: At 31 December 2024 At 31 December 2023 S90,0 590,000 9,838 24,737 599.838 614,737 12. Investments Non-Listed Investments 64,035 Balance at beginning of the year Additions during the year Disposals during the year Fair Value gain / Ilossl on investments Balance at end of the year 6,170 70,205 Analysis of Investments Investments in Col Trustees Other Listed Investments Other unlisted investments 70,205 70,205 .L SI. PNN:IAN"S P.4RiSH CHURCH, CREG.4GH 2025 18
Notes to the financial ststements for the year ended 31" December 2024 (continued) 13. Debtors 2024 2023 HMRC Gift Aid 1,072 4,508 7,860 4,264 805 Insurance Prepayment Rates Prepayment Sundry Debtor5 1,423 14,352 6,424 14. Creditors Amounts Due within l Year 2024 1,057 128 1.185 2023 Accruals & Deferred Income Payroll Liabilities 15. Analysls of Net Assets Among Funds Unrestricted Designated Restricted Funds Funds Fund5 Total 9,838 590,000 599,838 70,205 2,566 129,574 (1,185} 592,566 798,432 Fixed Assets Investments Current Assets Current Liabilities 70,205 38,682 {1,1851 107,702 88,326 Net assets at 31st December 2024 98,164 ST,. FINN'IAN'S P.4RISH CHURCH. CRF.G.4GH 202) 19
Notes to the financial statements for the year ended 31" December 2024 (continued) 16. Funds of the Parish Brought Forward Income Fund Unrestrlcted General Funds General Fund Expenditure Transfers Balance 71,619 246,163 (193,504) (16,576) 107,702 Unrestricted Designated Funds Building & Contingency Fund Church of Ireland Men's Society Cregagh Crafters Dynes Memorial Fund Flower Fund Ladies Friendship Group Local Outreach Parishioner Mission Account Rector's Discretionary Fund Response Fund Special Projects St Finnian's Choir St Finnian's Toddlers St Finnian's Youth Council Youth Fellowship Fund 65,008 624 503 585 190 416 2,772 492 4,839 360 24,742 698 3,813 2,569 941 Sub Total 108,552 Unrestricted Total 180,171 7,993 14,0231 (301 (8441 {811 (8351 (4441 (2421 68,978 595 1,405 504 420 760 2,738 492 4,683 360 9,843 669 3,696 2,080 941 98,164 205,866 2,106 1360} 1,045 788 20 208 63 1219) 114,899) Iiioi 17641 (2,224) ioi 1,347 2.485 120) {71X)I (7501 15,929 262,092 (24,715} (218,219) (1,602) (18,178) Restrirted Funds Charitable Giving & Special Collections Fields of Life Property Ukraine Fund io 2,279 590,000 1,468 Restricted Total 593,757 Total All Funds 773,928 3,511 8,473 (21,829) (8.0551 18,378 (200) 70 2,496 590,000 (1,4681 131.352) (249,572) 11,984 274,076 18,178 592,566 798,432 ¢..,8-I'. PINNIAN'S PARISII CFILI. icl I, CREGAGFI 2025 20
Notes to the financial ststements for the year ended 31 Dember 2024 {continued) Pur se of Unrestricted Funds General Fund- for general running of the Parish Building & Contingency Fund- a repository for funds raised towards major project5 and for general contingency. Church of Ireland Men's Society- To support the work of the COI Men's Society group in the Parish. Cregagh Crafters- To sUPPOrt the work of the Cregagh Crafters group in the Parish. Dynes Memorial Fund- To be used for Bibles and Notes for Young People. Flower Fund-To cover the cost of flower decorations within the Church. Ladies Friendship Group- To support the work of the Ladies Friendship group in the Parish. Local Outreach - To be used for Outreach within local community. Parishioner Mission Account-To support parishioners engaged in a mission activity outside of the Parish. Rector's Discretionary Fund - Funds given to Rector to be used at his discretion alone. Response Fund - In years when allocations cannot be fully distributed, used as a holding fund for use in situations including but not limited to ernergency appeals. Special Projects- Used for Special Projects and to ensure that funds which will be depreciated are not understood as available to spend. St Finnian'5 Choir- To support the work of the Choir in the Parish. St Finnian's Toddlers- To support the work of the Toddlers group in the Parish. St Finnian's Youth Council A generic fund used to receive grants from organisations such as Education authority for use to support children's and youth work. Youth Fellowship- To support the work of the Youth Fellowship in the Parish Pur se of Restricted Funds Charitable Giving & Special Collections- Used for any special collection and for distribution of parish allocations. Fields of Life - Used to support work in East Africa such as school buildinE, school support and hospital support. Property- The fund records the Property owned by the Parish but vested in the Representative Church Body IRCB) and is restricted as permission must be sought frorn both the RCB and the Diocese of Down and Dromore prior to disposal of and use of the resources for other purposes. Ukraine- To support the work of the Ukrainian Refugees. L, S"1". PINryIAN"S PARISII CI IURCFI, CREG.4GH 2025 21
Notes to the financial statements for the year ended 31" December 2024 (continued) 17. Annual Charitsble Allocations from Parish Funds Charity Name/Purpose Church Mission Society, Ireland Church Mission Society, Ireland (M Partners} South American Missionary Society The Leprosy Mission Bishops, Appeal Christians Against Poverty The Larder Divine Healing Ministries Church's Ministry of Healing Royal British Legion Boys Brigade The Hub at Queens Summer Madness Marie Curie Open Doors Local Outreach Diocesan Church Planting Down and Dromore- Outreach to Asylum Seekers & Refugees Alpha UK 2024 1,144 1,976 1,976 2,600 2,080 1.560 520 520 208 536 520 520 520 1,040 208 832 400 520 TOTAL 18,564 18. Collection for Third Parties 2024 1,195 65 1,018 2,278 2023 3,887 Bishops, Appeal Christian Aid Mothers Union 'Big Sing. 3.887 The amounts above have been included in total income for the year under Special Appeals and in total expenditure for the year under Expenditure on Charitable Activities. L. S I". FINryIAN"S P.4RISH CHLRCH, CREGAGH ?025 22