St. Finnian's Parish Church Cregagh
Statement of Financial Activities
For the period from 01 January 2024 to 31 De￿rnber 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 De￿mber 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