St. Mary's Parish Church, Comber Charity Number: NIC 102535 Statement of Financial Activities For the year ended 31 December 2024 Unrestricted fllnds Restricted Endowment funds funds Total fund$ 2024 Prior year total funds 2023 Note Income and endowments from: Don2tions and legacies Income from charitablc activities Other trading activities Investments Other income Total Income 240.708 15.511 3205 4.834 485 261743 240,708 15,511 3,205 7,269 485 267,178 149.825 13,313 3.395 4.510 3,467 174,SlO 2.435 2.435 F.xpenditure on: Raising funds Expenditure on charitable aclivilics Other expenditure Tot41 expenditure 6.379 191.155 3,572 2111,106 6,379 191,155 3,591 201,125 7,519 162,163 1,560 171,242 10 19 19 Net income l (expendlture) resourc￿ before transfer 63,637 1416 66,053 3.268 Transfers Transfers between funds Net Ineome l (expendllvre) resourceg before otber re¢ogntsed galns and 1055es 16 72314 (6,161) 66,OS3 3,268 Other re¢ognlsed galns I losses Gains / (losses) on revaluation. fAxed as￿1 charity's own use Net movement In funds 3,252 (2,909) 209 209 3,461 69,514 1.926 5.194 72,214 Reconclllatlon of funds: Total funds broughi forTvard 16 IW22 501,096 6,123 646,041 640,847 Total funds carrted fornard 16 211036 49 187 32 715555 The statement of financial activities includes all gains and losses re￿gnIsed in the year. All incorne and expenditure derive frorn continuing activities. Page 9 St. Mary's Parish Church, Comber Charity Number: NIC 102535 Balance sheet As at 31 December 2024 Total fund% 2024 Prlor ear funds 2023 Note Flxed assets Tangible fixed asseLy Invcslments 14 15 404,610 74,944 479,554 404,610 476,093 Current assets Cash at baDk and in hand 294,111 294Jll 233,736 233,736 Llabilltles Crcditors.. Amounts falling du¢ in one ycar 17 5,002 5,002 4.932 Net current assets le88 ¢￿Tr¢￿t Ilabllltles 289J79 228,734 Total assets le￿ currtnt Ilabllltles 768,933 704,827 Llabllltles Creditors.. Amounts f￿1￿8 due after more than one year 17 53J78 58,786 Total net assets less Ilabllltles 71S555 646 04] Reprttenled by Charfity Fund$: Endowment Restricted Unrestricted 16 16 16 6,332 498.187 211.036 6,123 501,096 138,822 Funds of the cburch 715 SSS 646 041 Tbe notes on pagcs I I ￿ 19 are an m1¢g￿ part of these financial staiements. The financial statements were a and authorised for issue by the Select Vesty on 12 March 2025. Reverend S Rector Johnston. Dav Peacock Honorary Treasurer Page 10 St. Mary's Partsh Church, Comber Charity Number: NIC 102535 Notes to the financial statements Year ended 31 December 2024 General infornMtion St Mary's Parish Church. Comber registered as a chartty with The Charity Commission for Northern Ireland on 15 May 2023 (under the name 'NewtownardOComberlSt. Mary/Dovrn & Dromorelchurch of Ireland,). Its principal place of business is The Square, Comber, Newtownards, County Down, BT23 5DU. The nature of thc charity's operations and principal activities are the advancement of religion. Accounting Polici¢s The principaI accowiting policio8 adopte￿ judgements and key sources of estimation or uncertainty in the preparation of the fjnancial statements are as follows.. Basis of preparation The financial statements have been prepared under th¢ Charities Act (Northern Treland) 2008 in accordance with the Charitics.. Statement of Recommended Practice appli￿ble io charities preparing thcir accounts in accordance with the Financial Reporting Siandard app1]￿ble in the UK and Republic of Ireland (FRS 102) - (Charities SORP (PRS 102)), the Financial Reporting Siandard app1]￿ble in the UK and Rcpublic of Ireland (FRS 102) and the Charitie5 (Accounts and ReporLs) Regulations (Northern Ireland) 2015. St. Mary's Parish Church. Comber meets the definition of a public benefit entity undcr FRS 102. Assets and liabiliti&s aTC initially recognised at historical cost or transaclion valuc unless othenvise statcd in the relevani accounting policy notc{s). The financial statements are presented in sterling which is the fijnctional currency of the cbarity and rounded ￿ the neareqt £1. b. Basis of financlai statements The accounts have been prepared on a Receipts and Payments basis, which recognises transactions and events only when Gash is received or paid. Preparation of the accounts on a going concern basis The Select Vesty, as the Trustee body of St Mary's Parish Church, Comber, has reviewed cashflow forecasts for the coming year and are satisfied that the PaTish has resources to provide a reasonable expectation thal it can continue to rneet its f￿ancial obligations as th¢y faIl due for the foreseeable future. Accordingly. these financial statements have been prcpared on a going concern basis. d. Legacies Legaeies are included within Income under either unrestri¢ted or restricted funds a¢cording to the temis under which the donation is made and when the amount has becn received. Tangible Fixed Assets The tangible fixed assets of the Parish. retained for its own use, comprise: Church Building and Graveyard Parochial Hall Youth Hall Glebe Cottage Rectory The Church Building and Grdveyard are deemed to be Heritage assets as defined by the ChaTities SORP (FRS 102). These heritage assets are not included on the balance shett &$ inforn]ation on the cost or valuation 15 not available and Pagell St. Mary's Parish Church, Comber Charity Number: NIC 102535 Notes to the fllwicial statements (continued) Year ended 31 December 2024 such iDforniation cannot be oblained at a Cost commensurate with the benefit to the users of tbe aCCOUDts and to the parisb. The parochial hall. youth hall and Glebe Cottage were built prior to 1970. There are no reliable records of the cost of this constrnction and, integrdl to the Church building and grounds. a valuation approach lack8 sufficient reliability. As a resulL these buildings are not recognised in the parisb balance sheeL Onsurdnce values reconstruction at £2.52m (2023.. £2.40m)). Thc rectory is rccognised al its origmal cost of acquisition. f. Fixed Asset Investments Fixed asset investments comprise boldings in endowment and restricted funds bequeathed to the Parish, where the underlying assets comprise lisled unjt tn￿ts and equity shares. These are stated ￿ fakr value at each year end datc. g. Financial Instruments The Parish only holds financial assets and financial liabilities thai qualify as basic financial instruments. Basic fIn￿ela1 instruments are initially recognised at transaction value and subsequently measured at their settlement amount. h. Fund Structure Funds are classified as either restricted funds, endowment fimds or unrestricted ￿nds. These classific&tions are defined a8 follows.. (i) Rcstrieted funds are subject to sp¢cific requireMe￿ts &8 to their usc which may be declared by the doDor or with their authority, or created through legal processes, but still within the widcr objects of St Mary's Parisb Church. Comber. (li) Endowment funds are tunds which have been given on the o)ndition that the original capital sum is not reduccd, but the income therefrom is used for the purpose defined in accordance with the objects of Si Mary's Parish Church, Comber. (iii) Unr&qtrictcd funds are expendable at the discretion of the Sele¢t Vesty in fiwtherance of the objects of St Mary's Parish Church, Comber. If parts of the unrcstr1c￿d funds are eamarked at the discretion of the Select Vesty for a p&rticular purpose, they are designai¢d as a scparak fund. This designation bas an administrdtive PUTpose only and does not legally restrict the Select Vestry's discretton to apply the fund. 3. Critical accountins Judgements and estin￿tiOn 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 rcasonable under the circumstances. The Select Vesty do noi consider that there are any critical judgments made in applying the Parish's accounting policies or that thcrc are any eritical accounting cstimatcs or &ssumptions which may have a significant risk of causing a rnateriaI adjustment to carying amounts of asscts and liabilities within the next fjnancial year. Page 12 St. Mary's Parish Church, Comber Charity Number: NIC 102535 Notes to the financial statements (continued) Year ended 3 l December 2024 Anal sis of income 4. Donations and legacies Unrestricted Funds Restricted Funds Endowrnent Funds Total Total 2023 2024 Weekly envelop￿ l FWO & collections 114.744 86.128 10,O(Kl 29,836 114,744 86,128 10,000 29.836 105,734 5.707 Donations Legacies Gift Aid Tax rccoveTed G¢neral grants provided by other ¢hariti¢s (as a contribution towards thc costs of the Bell Tower repair schcme) 34,134 240.708 240,708 149,825 5. Charitable activitics Unrestricted Funds Restricted Funds Endowment Funds Total Total 2024 2023 Fundraising Subscriptions Church hall lettings - charitable object Graveyard income 10,296 10,296 5,750 4,965 250 4,965 250 7.063 500 15,511 15,511 13,313 6. Other trading activities Unrestricted Funds Restricted Funds Endowment Funds Total 2024 Total 2023 Rent from land or buildings Catering 2.105 1,100 2.105 1,565 7. Tnvestment income Unrestricted Funds Restricted Funds Endowment Funds Total Total 2023 2024 Bank interest 3.984 850 720 1,715 4,704 1.992 2,518 Dividends Page 13 St. Mary's Parish Church, Comber Charity Number: NIC 102535 Notes to the financial slatements (continued) Year ended 31 December 2024 8. Other income unrestrlc￿d Funds Restricted Funds Endowment Funds Total Total 2023 2024 Encrgy bills relief scheme Other 2,399 1,068 485 485 485 485 Anal sls of ex endlture 9. Raising funds UnTestric*d Funds Restricted Funds Endowment Fund5 Total Total 2024 2023 Interest charge on loan Fund raising costs 3,733 2,646 6.379 3,733 3,711 7,519 10. Charitable activities UnrestTiCted Fun