St. Finnian's Parish Church Cregagh Statement of Financial Activities For the perlod from 01 January 2025 to 31 December 2025 Unrestricted Restricted Endowment funds funds funds Total funds Prior year total fund5 Note Income and endowmentsArom.' Donations and Legacies Income from Charitable Activities Investment Income Other Incoming Resources Total Income and Endowments 414,286 5,147 12,615 12,950 444,998 28,802 3,125 443,088 247,851 8,272 11,074 12,615 2,441 12,950 12,710 476,925 274,076 31,927 Expenditure on.. Expenditure on Raising Funds Expenditure on Charitable Activitie5 Total Empenditure 6,747 248 6,995 6,778 201,435 208,182 36,427 36,675 237.862 248,963 244.857 255,741 Net income / lexpenditurel 236,815 14,748) 232,067 18,335 Net gainslllossesl on investments 1,452 1,452 6,170 Transfers between funds Net movement in fund5 16 124,3501 213,917 24,350 19,602 233,519 24,504 Reconclliation of funds Total funds brought forward Total funds carried forward 205,865 419,783 592,566 612.168 798,432 773,928 1.031,951 798,432 16
St. Finnian's Parish Church Crogagh Balance sheet As at: 31 December 2025 2025 2024 Note Fixed assets Tangible Assets Investments li 12 590,000 109,657 699,657 599,838 70,205 670,043 Current a55ets Debtors Cash at bank and in hand 13 16,662 317,285 333,947 6,424 123,150 129.574 Liabilitie5 Creditors.. amounts falling due within one year 14 11,6531 11,1851 Net current assets 332,294 128,389 Total assets les5 current liabilities 1,031,951 798,432 Total Net Assets 15 1,031.951 798.432 Represented by Funds & Reserves Unrestricted Funds Unrestricted General Funds 16 149,706 107,702 Designated Unrestricted Designated Funds 16 270,077 98,164 Restricted Restricted Funds Total Fund5 of the Parish 16 612,168 1,031,951 592,566 798,432 The notes on pages 14 to 23 are an integral part of these financial statements. The Financial Statements on pages 12 to 13 were approved by the Board of Trustees on £ty1312ulb. and signed on its behalf by.. Canon J Pierce- Rector May Lavery- Secretary
Notes to the finantial statement5 for the year ended 31" December 2025 l. Accounting policies I'he principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the linancial statements are as follows.. al Bas15 of preparation The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charitie5.' 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 IFRS 1021 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Parish meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initiallv recognised at historical cost and transaction value un5es5 Otherwise stated in the relevant accounting policv notelsl. b} Preparation of account5 on a gDing concern basis The Parish Benerally meets it5 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 a satisfied that the Parish has resources to provide a re3sonable expectation that it can continue to meet Its financial obliEations as they fall due for the foreseeable future. Therefore, these financial statements have been prepared on a going concern basis. cl 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 fair value to the Parish. dl Expendlture Expenditure is recogni5ed once there is a legal or constructive obligation to malce a payment to a third party, it IS probable that settlement will be required, and the amount of the ok)ligation can be Measred reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. el Tangible asset5 The assets of the Parish comprise: Church Building and Grounds Parish Halls Rectorv Curatage
Note5 to the financial statements for the year ended 31, December 2025 Icontinuedl l. Accounting policies Icontinuedl The church Building and Ground5 are deemed to be Heritage assets as defined by the Charities SORP IFRS1021. 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 user5 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 recognisect 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 Dn the properties as the current estimated residual value 15 not less than its carrying value and the remaining useful life currently exceed5 50 years. Fixtures and Fithngs are recognised at cost and are depreciated on a straight-line basi5 at a rate of 15% per annum. The asset5, residual value5 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 capitalised as a lixed 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 operating1105sesl/gains'. fl 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. Reèlised gains and 105ses 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 3nd losses in investments are reported within 'Net Gains / ILos5es1 on Investments" within the Statement of Financial Activities. gl Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments Wlth 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 2nd 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) Fund5 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 declaied by the donor or with their authority or created through legal processes, but still within the wider objects of the Parish.
Notes to the financial statements for the year ended 31" December 2025 Icontinuedl l. AccountinE policies Icontinuedl 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 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 unrestrlcted funds are earmarked at the discretion of the Trustees for a parb'cular 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 accounilnB judgements and estimatton uncertainty Estimates and judgments made in the process of preparing the financial statements are continually evaluated Bnd 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 jLJdgments 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 2nd liabilities within the next financial year. 3. Donations and legacies Unrestrltted Restricted 2025 2024 Standing Orders/ Envelopes & Sundry Donations Plate Collections 157,906 6,542 39,211 775 158,681 165,552 6,542 6,071 40,120 44,610 2,407 2,446 17,660 21,312 222,117 1,000 3,400 13,222 10,512 28,802 443,088 247,851 Tax Recovered on Donation5 909 Special Appeals Gift Day Legacies Other 2,407 200,805 9,822 414,286 Sub Total 4. Income from Charltable Activities Unrestricted Restrlcted 2025 2024 Special Fundraising Organisations Rent of Hall & Publications Weddlngs & Funerals 610 3,125 3,735 4,007 150 6,650 3,009 575 4,007 150 380 380 840 Sub Total 5,147 3,125 8.272 11,074
Notes to the financial statements for the year ended 31, December 2025 Icontinuedl 5. Investments Unre5t¥icted Restricted 2025 2024 Dividends Received 2,129 8,186 2,299 2,129 8,186 2,299 12,615 2,055 Rent for Curatage ank Interest 386 Sub Total 12,615 2,441 6. Other Income Unrestricted Restricted 2025 2024 Collection for Curate Grant5 Insurance 1,846 10,864 12,800 150 12,800 150 Sub Total Total income and endowments 12,950 444,998 12,950 476,925 12,710 274,076 31,927 7. Analysis of Expenditure Raising Funds Fundraising costs Offlce Costs Unrestricted Restricted 2025 2024 168 168 375 6,391 48 6,391 5,789 Publications 48 190 Bank Fees 308 80 388 424 Sub Total 6,747 248 6,995 6,778 Charitable Activitie5 Wages and Salaries ClerEV Costs/Expen5es Diocesan Costs/Assessment Church Running Costs Church Renovation Projett Hall Costs Grounds Rectory & Curatage Costs Rates Parish Organisation Costs Children & Young People Charitable Donations Administration Costs Curates Leaving Gift & Other Gift5 Legal & Profe55ional Costs Mission Activitieslother Depreciation Unrestrlcted 110,603 2,944 14,700 ii,iio Restricted 2025 110,603 2,944 14,700 ii,iio 2024 137,595 14,604 12,562 2,609 13,183 2,252 12,468 7,089 4,360 3,539 5,297 468 782 7,083 2,000 7,671 1,482 9,838 201,435 208,182 12,468 7,089 4,360 3,539 5,297 468 37,209 7,083 2,000 7,671 1,482 9,838 237,862 244,857 3,351 3,894 469 31,886 6,766 1,846 720 311 14,899 248,963 255,741 36,427 Sub Total Total Expenditure 36,427
Notes to the financial statements for the year ended 31" December 2025 Icontinuedl Gain IILossl on Investment Assets 2025 2024 Reali5ed gains / Ilossesl on investments 1,452 1,452 6,170 6,170 Taxation st 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 2025 2024 Salarles & Wages 110,603 137,596 The total Salaries & Wages costs decreased in 2025 as the Parish wa5 Wlthout a curate for six months. The average number of employees during the year, calculated based on a head count, was as follows.. 2025 2024 Ministerial support Administration Music staff Total There are no employees in receipt of employment benefits in exces5 of £60,000. l(ey Management und Trustees Key manaEement are deemed to COTnpri5e the Trustees. The parish paid expenses of £2,108 relating the running Costs of the Rectory which is occupied by the Rector, and £2,649 relating to the Curatage. Two Trustees- the Rector & the Curate received remuneration during the year. For the year 2025 the values implemented by the Select Vestry of St Finnian'5 Parish Church, Cregagh were.. Rector Curate 15,235 3,702 185 1,371 1,062 21,555 Stipend Locomotory Exper)ses Expense of Office Allowance Employee Pension Contributions Employee National Insurance 42,533 7,000 800 3,358 3,048 The curate was appointed on the 16 June 2025 and therefore hi5 remuneration was pro rata for 2025.
Notes to the financial statements for the year ended 31" December 2025 Icontinuedl In 2025 eight Trustees received reimbursement for expenses incurred on behalf of the Parish. Who Role Descriptlon Alpha Course catering expense5 Fun Day and Christingle Service expenses Malntenance consumables, Curtain Cleaning & Messy Church Grounds & Hall Maintenance and repairs Maintenance consumables & shelving Software subscriptions & printer consumables Pickleball expen5e5 Santa Outfit Amount Canon Jonathan Pierce Trustee S6 Rev Dr Ryan Hawk Karen Gatelv Geoff Harman Trustee 108 Trustee 545 Trustee 191 Jim Haughey Brian Lavery May Laverv Trevor Smyth Trustee 1,844 285 Trustee Trustee loo Trustee 80 11. Tan8lble fixed assets Fixtures, fittings and equlpment Buildings Total Cost At l January 2025 Additions Disposals At 31 December 2025 590,000 119,373 709,373 590,000 119,373 709,373 DÈpretiatlon At l January 2025 Depreciation Disposals At 31 December 2025 109,535 9,838 109,535 9,838 119,373 119.373 Net book value: At 31 December 2025 At 31 December 2024 590,000 590,000 590,000 599,838 12. Investments Non-Listed Investment5 Balance at beginning of the year 70,205 38,000 Additions during the year Disposals during the year Fair Value gain on investments Fair Value (Ios51 on investments 1,780 13281 109,657 Balance at end of the year Analysls of Investments Investments in COI Trustees (General Fund) RCB Unit Trusts INII (Building & Contingency Fund) Other unlisted investments 71,985 37,672 109,657
Notes to the financlal statements for the year ended 31" December 2025 Icontinuedl 13. Debtors 2025 2024 HMRCGift Aid 1,908 1,072 Insurance Prepayment Rates Prepayment FLtneral Tea Income 3,531 898 4,508 844 325 Legacy 10,000 16,662 6,424 14. Creditors Amounts Due within l Year 2025 2024 962 1,498 143 12 Gazette Funeral Tea Expenses Payroll Liabilitie5 95 128 1,653 1,185 15. Analy515 of Net A55ets Among Funds Unrestricted Funds Designated Funds Restricted Funds 590,000 Total 590,000 109,657 333,947 11,6531 1,031,951 Fixed Assets Investments 71,985 79,374 11,6531 149,706 37,672 232,405 Current Assets Current Liabilitie5 Net assets at 315t December 2025 22,168 270.077 612,168
Notes to the financial statements for the year ended 31" December 2025 Icontinuedl 16. Funds of the Parish Brought Forward Sncome Gain/Loss Investments Fund Expenditure Transfers Balance Unrestricted General Fund 107,702 225,148 1173,2921 111,6311 1,780 149,706 General Fund Total 107,702 225,148 1173,2921 111,6311 1,780 149.706 Unrestricted Designated Funds Building & Contingency Fund Church of Ireland Men's Societv Cregagh Crafters Dynes Memorial Fund Flower Fund Ladies Friendship Group Local Outreach Ministry Support Fund Parishioner Mission Account 68,978 595 1,405 504 420 760 2,738 134,020 116,8831 181 11,3091 13281 185,787 15901 15001 1,997 1,593 504 293 654 3,559 63,935 492 539 4,670 360 956 1,243 1,613 74,935 11,1031 11,2491 11,0621 20 iiooi 270 Iii,0001 492 763 130 iiooi 11421 11241 Rector's Discretionary Fund Response Fund Special Projects St Finnian's Toddler5 St Firinian's Choir St Finnian's Youth Council Youth Fellowship Fund Designated Funds Total 4,683 360 9,843 3,696 669 2,080 941 98,164 19,8381 11,0711 iiooi 12,0251 1,635 754 1,801 12501 1701 13751 4,010 1,252 1,482 941 270,077 219,849 134,8901 112,7191 (3281 Restricted Funds Charitable Giving & Special Collections Fields of Life Property 70 2,496 590,000 23,728 8,199 128,8271 17,8481 24,350 19,321 2,847 590,000 Restricted Funds Total 592,566 31,927 136,6751 24,350 612,168 Total All Funds 798,432 476,925 1244,857) 1,452 1,031,951 I¢T. .% I. I.'INNIIAN'S I)AIII&I-I (.'1 IL.,IIC.11 (:IIF.CiACi}1402h
Notes to the tinancial statements for the year ended 31, Decembe¥ 2025 (continued} Pur ose of Unrestricted Funds General Fund- for general running of the Parish Pur ose of Unrestrlcted Desl nated Funds Building & Conilngency Fund- a rep051tory for funds raised towards major projects and for general contingency. Church of Ireland Men's Society- To support the worl< of the COI Mèn'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. Ministry Support Fund- To be used to support 'Minlstry' & Ministry programme5 Wlthin the Parish Pickleball- To support the work of the Pick1eball group in the Parish Parishioner Mission Account- To support parishioners engaged in a mission activity outside of the Parish. Rector'5 Discretionary Fund - Funds given to Rector to be Ljsed 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 emergency 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's 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 org3nisations 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 ose of Restricted Funds Charitable Glvlng & Special Collections - Used for any special collection and for distribution of parish allocations. Fields of Llfe - Used to support work in East Africa such as schoo5 building, school support and h05Pltal support. Property - 'fhe fund records the Property owned by the Parish but vested in the Representative Church Body IRCBI and is restricted a5 permission must be sought from both the RCB and the Diocese of Down and Dromore prior to disposal of and use of the resources for other purposes.
Notes to the financial Statements for the year ended 31" Deceynber 2025 Icontinuedl 17. Annual Charitable Allocations from Parish Funds Charity Namelpurpose Divine Healing Ministries Church's Ministry of Healing Royal British Legion The Hub at Queens Summer Madne5S Diocesan Church Planting Alpha UK Local Otjtreach Christians Against Poverty Marie Curie Diocesan - Outreacth to Asylum Seekers & Refugees ChLSrch Mission Society, Ireland Church Mission Society, Ireland IM Partners) South American Missionary Society The Lepr05y Mission open Doors Diocesan Maridi Advent Appeal Bishops, Appeal Boys Brigade 2025 Categorv Home Mission Home Mission Home Mission Home Mission Home Mission Home Mission Home Mission Home Mission Home Relief Agencv Home Relief Agency Home Relief Agency Overseas Mission Overseas Mission Overseas Mission Overseas Mission Overseas Mission Overseas Mission Overseas Relief Agency Parish Organi5ations 690 690 270 690 690 I,iio 690 270 4,830 690 530 1,170 1,520 2,620 2,620 1,380 2,000 3,450 710 26,620 TOTAL 18. Parish Collections for Third Parties 2025 2024 1,195 Bishops, Appeal CAP Christian Aid Leprosy Mission Mothers Union 'Big Sing, Tear Fund 1,177 20 20 65 158 1,018 1,032 2,407 2,278 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. An additional £350 was passed on directly to Tear Fund in cheques that had been made payable to that charity. Similarly, £395 was passed on directly to the Church of Ireland Bishops, Appeal in cheques that had been made payable to that Charitv.