Inch Parish Church Trustees. Annual report and Statements of Recelpts and Payments and Assets and Liabilltles For the year ended 31 December 2024 Charities Number: NIC 102540 Inch Parlsh Church Annual report and financlal statements for the year ended 31 December 2024 Contents Pages References and administrative details of the Charity Trustees, report Independent Examiners Report to the Trustees Receipts and payments account Statement of assets and liabilities Notes to the financial statements 10-12 Inch Parish Church References and admlnistratwe detslls Charity Name: Inch Parish Church Charity Registration Number: NIC 102540 Contact Addre55: The Priest in Charge 22 Church Road, Crossgar, Downpatrick BT30 9HR Trustees Rev. Dr. aaire Aylward Mr5 Florence Armstron8 Mrs Minnie Cargo (appointed 10104120241 Mr Norman Gibson (Stood down 10104120241 Mr William King Mrjohn Lennon Mrs Agnes Peacocke Mr Matthew Edgar Pentland Mrs Rosemary Shannon Mrs Lorraine Lennon Mrjim Morrison Mr Andrew Morrison Mr Trevor Price lappointed 10104120241 Mr Ed8ar Bassett (appointed 10104120241 Prlnclpal oth￿-bearerS Priest in Charge.. Rev. Dr. Claire Aylward Church Secretary Mrs A8nes Peacocke Church Treasurer.. Mr Norman Stewart Church Warden- Cler8y: Mr Andrew Morrison Church Warden - People.. Glebe Warden- Clergy.. Mr Matthew Pentland Glebe Warden- People.. MrJohn Lennon Independent Examlner Ivan Shannon & Co. 39 Church St, Ballynahinch, County Down, BT24 8AF Bankers Danske Bank 49151 Market Street Downpatrick Bf30 6LR Page Receipts and Payment5 Acmunt for the year ended 31 December 2024 Notes Unrestrirted Designated Restritted Total 2024 Total 2023 Receipts Donations and Plate Collection5 Receipts from General Trustees Appeals Proceed5 from Fundraising Events Grants Bank and Deposit Interest Rental of Premises Other Receipts Total Income and Endowments £39,625.13 £666.65 £981.25 £1.835.00 £1.52 £41,460.13 £681.29 £981.25 £3,240.00 £37,087.57 £651.08 £1,475.00 £3,497.00 £15,200.00 £39.44 £13,082.00 £2,880.00 £73.912.09 £13.12 £3.240.00 £49.66 £49.66 £15.117.50 £2,735.00 £64,264.83 £15.117.50 £2,735.00 £4,571.52 £41,322.69 £18,370.62 Payments Administration Costs Salaries and Wage5 Diocesan Costs/Assessment Church Runnin8 Costs Parish Hall costs Priest in Chargey Running Costs Graveyard Costs Charitable Donations Cotta e Running Cost5 Miscellaneous Costs Total Payments Exce55 of Recelpts over Payments before Transfers Transfers Excess of Recelpts over Payments after Transfer5 £1.019.83 £9,639.94 £4.380.00 £8,846.34 £1,019.83 £9.639.94 £4,380.00 £8,846.34 £20,005.69 £1,590.05 £2,670.00 £3,348.75 £2,445.82 £2.973.45 £56,919.87 £1.594.62 £19,267.43 £4,116.00 £6,040.45 £8,508.82 £1,171.98 £3.870.00 £1,963.80 £31,270.72 £400.00 £78,203.82 io £20.005.69 li £1.590.05 £2,670.00 £2,205.00 12 13 14 £1,143.75 £2,445.82 £2,682.45 £31,748.18 £291.00 £5.166.00 £20,005.69 £9,574.51 1£1,635.071 (£594.48) £7,344,96 1£4,291.731 £0.00 1£982.921 £8.591.59 £982.92 £0.00 {£652.151 (£594.48) £7,344.96 (£4,291.73) Balance Brought Forward £14,978.29 £652.15 £6,421.70 £22,052.14 £26.343.87 Balance carrled Forward £23.569.88 £5,827.22 £29,397.10 £22,052.14 On Behalf of the Trnstees Prlest in Charge Rev. Dr. Claire Aylward Honorary TreasU￿r Mr Norman Stewart Page Notes to the financial statements for the year ended 31 December 2024 Accounting polic*s Set out below are the principal accounting policies which have been adopted in the compilation of the Receipts and Payment5 Account and the Ststement of Assets and Liabilities (a) Recelpts and Payments Account All items of income and expenditure included within the Receipts and Payments Account have been accounted for on a cash receipt5 basis. (bl Statement of Assets and Liabilities (i) Assets retolnedfvr the Por15h's own use The assets ofthe Parish, retsined for its own use comprise'.- Church Bullding and Graveyard Parish Hall Minor Hall Fixtures and fittings The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP IFRS1021 These Herltage assets are not included in the statement of assets and liabilities 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 users of the accounts and to the parish. The Parish Hall Is recognised at cost of construction / acquisition. No depreciation has been provided on the parish hall building as the current estimated residual value is not les5 than its carrying value and the remaining usefu life currently exceeds 50 years. The Sextons House which has been converted into a minor hall 15 recognised at the current valuatlon of the property by the Land and Property Services, Dept. of Finance Nl. No depreciatlon has been provided on the Minor Hall as the current estimated residual value is not less than its carryin8 value and the remaining useful life currently e¥ceeds 50 years. Fixtures and Fittings are recognised at cost and are depreciated on a straight-llne basis over a period yet to be determined. A minimum threshold of cost of £2000 has been set for an item to be capitalised as a fixed asset. 111 Bequests Bequests made to the church are held as units invested with either the Representative Body General Unit Trust, the Church of Ireland Trustees or the Northern Ireland Central Investment Fund for Charities administered by the Department of Comrnunities. Units are initially recorded at cost and are then subsequently stated at fair value at each year end date. The interest only is passed to the Church with Unit growth being reflected on the statement of Asset5 and Liabilities Bequests comprise-_ 111 Donations and Bequests held by RCB which generate income for general or specific purposes for the Church 121 Bequests held with the Charty Branch of the Department of Communities which generate income for general purposes of the church. {31 Bequests held by the Church of Ireland Trustees which generate income for general or specific purposes for the Church. Thefair value of each holding as at 31 December 2024 was:_ RCB Investments £1,120.88 Department of Communtties £2,944.05 Church of Ireland Trustees £9,623.16 10 Notes to the financial statements for the year ended 31 December 2024 (contlnued) Reconoliatlon of Cash Funds Total Cash Funds at beginning of Year Receipts for the Year Payments forthe Year Total Cash Funds at end of Year £22,052.14 £64.264.83 {£56,919.871 £29,397.10 Movement in Funds At I" Jan 2024 Incoming Resources Outgoing Resources Transfer5 Gainsl Losses At 31" Dec 2024 Endowment Funds Unrestrirted Funds General Fund £14,978.29 £14,978.29 £41,322.69 £41,322.69 £31.748.18 £31,748.18 1£982.921 1£982.921 £23,569.88 £23.569.88 Deslgnated Fund5 Hall Sunday School Stipend £0.00 £652.15 £0.00 £652.15 £18,357.50 £20,006.29 £1,648.79 (£652.15) 1£13.121 £982.92 £0.00 £0.00 £0.00 £0.00 £13.12 £18,370.62 £20.006.29 Restrlrted Funds Graveyard Fund Defibrillator Arts Club LEEMOS Earl Hai £5,626.00 £425.70 £2,736.52 £2,70.00 £291.00 £5,692.52 £134.70 £0.00 £0.00 £0.00 £6,421.70 £0.00 £370.00 £0.00 £6.421.70 £1,200.00 £411.00 £224.00 £3,350.00 £1,200.00 £781.00 £224.00 £4,758.60 TOTAL £22,052.14 £64,264.83 £56,919.87 £0.00 £29,397.10 Pur oses of Des ated Funds Hall Fund: Funds collected and disbursed for the malntenance and runnin8 of the parish hall. Any deficit/surplus in the year 15 transferred to the General Fund. Sunday School Fund.. Funds set aside for use by the Sunday School. As thls fund is not being used it has been amal8amed into the General Account. Stipend Fund- For collection of specific endowments. Any deficit/surplus in the year is transferred to the General Fund Pur oses of Restrirted Funds Graveyard Fund= Funds set aside for the maintenance and running of the graveyard Defibrillator Fund= Funds set aside for the purchase and maintenance of a defibrillator to be located in the church. Art Fund.. The Art Club raised funds for the Childrens Hospice. LEEMOS: Collection at Orange Order Service to be sent to Lord Enniskillen Memorial Fund Earl Haig- Collection at Remembrance Sunday to be sent to Royal British Legion Page li Notes to the financlal staternents for the year ended 31 December 2024 (continued) 5. Transactlons with the Trustees The Priest in Char8e, who is a trustee, is paid directly by the Parish as previously detailed. In addition, the Parlsh paid expenses of £1,590.05 relating to the running costs of the Rectory which is occupied by the Priest in Charge. These costs include Rates and Insurance. One trustee was reimbursed a total of £165.00 in respect of minor repairs. In all cases. the nature of the payments has been documented and approved by eitherthe Selert Vestryor bytwo unconnected trustees in accordance with Inch Parish Church financial procedures. 6. Governance Costs No governance costs were incvrred during the year. The trustees greatly appreciate the services provided free of charge by the independent examiner. Page Iz