Parfsh of Lame & Inver St. Cedma's Church Statement of Flnandal Actlvltles for the year ended 31 Deumber 2024 Not In Donatlons & le8a¢les Investments Charltable Actl¥ltle5 Other Tradlng Actlvltles Other Income 222,169 1,498 615 9,085 579 1.720 109 223,889 1,607 615 11,218 579 124,924 1,258 2,345 12,070 2,086 2,133 ncom 233,946 3,962 237,908 142,683 Charltable actlvltle5 Other costs Governance 114,853 5,608 636 2,819 675 117,672 6,283 636 127,581 6,324 636 121,097 3,494 124,591 134,541 Net Income befoie transfers 112,849 113.317 8,142 Transfers between funds 1103,515) 615 102,9 {expendlture)Ilncome before other reco8nlsed 8alns and losses 9,334 1,083 102,9CKI 113,317 8,142 Galnl{Lossl on Investments 78,884 78,884 138,8301 Net movement In funds 9,334 181,784 192,201 130,6881 Reconclllatlon of funds: Total funds brou8ht forward 67,368 1,313,028 523,181 1,903,577 1,934,265 76,702 1,314,111 704,965 2,09S,778 1,903,577
Parlsh of Laine & Inver St. Cedma's Church alance Sheet a5 at 31 December 2024 Note 2024 2023 Flxed Assets Tanglble Fixed Assets Investments Total flxed assets 12 13 1,295,405 704,965 2,000,370 1,296,080 523,181 1.819.261 Current Assets Cash and cash equlvalents Total current aet$ 96,008 96,008 84,916 84,916 Credltors- amounts fallln8 due wlthln one year Accruals Total credltors 600 600 600 600 Net Current Assets 95,408 84,316 Total net Assets 2,095,778 1,903,577 Funds of the charlty Unrestrlrted funds General funds Total unrestrlcted lunds Reslrl¢ted Funds Endowment Funds 16 76,702 76,702 1,314,111 704,965 67,368 67,368 1,313,028 523,181 16 16 Total ch14rch funds 2.095,778 1,903,577 The notes on pa8es 8 to 17 are an Inte8ral part of these flnandal statements. The financlal statements on pages 6 to 17 were approved by the Board of Trustees (Select Vestry) on Ih 17 Aprll 2025 and slgned on Its behalf by: Rev. D. Lo hart, Chalrman of Trustees Mr. J. Br lees, Honorary Treasurer
Parfsh of iame & Inver st. Cedma's Church Motes to the flnancl•l statements for the year ended 31 Dec•mber 2024 1. Accountlng pollcle8 The prlnclpal accountlng pollcles adopted. Judgements and key souros of estlmatlon uncertalnty In the preparatlon of the flnantlal Statements are as follow5: al B•sls of preparntlon The flnanclal statements have been prepared on a golng concern basls In accordan wlth Accountlng and Reportlng by Charltles.. Statement of Recommended Practlce appllcable to charltles preparln8 thelr accounts accordance wlth the Flnanclal Reportln8 Standard appllcable In the UK and Republlc of Ireland IFRS 102) Icharltles SORP IFRS 102)), the FSnancbal Reportlng Standard appllcable In the UK and Republlc of Ireland IFRS 102}. The Paflsh meets the deflnltlon of a publlc beneflt entlty under FRS 102. Assets and Ilabllltles are InStlally recognlsed at hlstorlcal cost and transactlon value unless other*lse stated In the relevant accountlng pollcy note(sl. b) Prepar•llon of •¢¢ounts on • goln8 concem basls The Parlsh generally meets Its day to day worklng capltal requlrements from Its annual Income. The Trustee5 have obtalned and revlewed bud8Èts for the comln8 year and based on these are satlsfled that the Parlsh has resources to provlde a reasonable expertatlon that It can contlnue to meet Its flnanclal obllgatlons as they fall due for the foreseeable future . Therefore, these flnandal statements have been prepared on a golng concern basls c) Income Plate Collectlons and freewlll offerln85 are accounted for on a cash recelpts basls as the amount Is collected Income from government and other 8rants, whether'capltal, grants or 'revenue' grants, Is reco8nlsed when the charlty has entltlement to the funds, any performance condltlons attached to the grants have been met, It Is probable that the Income wlll be recelved and the amount can be measured rellably and15 not deferred. Legacles are Included wlthln Income under elther unre5trlcted or restrlcted funds accordlng to the terms under whlch the donation is made and when the amount can be quantlfied wlth reasonable certalnty. Donatlons and 8lfts In klnd are brought Into the account5 at thelr falr value to the Parlsh. dl Expendlture Expendlture Is recognlsed once there15 a legal or construrtlve obll8atlon to make a payment to a thlrd party, It Is probable that seltlement wlll be requlred, and the amount of the obll8atlon can be measured rellably. Irrecoverable VAT Is charged as a cost agalnst the actlvlty for whlch the expendlture was Incurred.
Parlsh of Lame & Inver st. Cedma's Churth Notes to the flnandal statements for the year ended 31 Dec•mber 2024 l. Ac¢wntlr¥ pollde5 Icontlnued) el Tan8lble assets The assets of the Parlsh comprlse:. Church 8ulldlng Paflsh Hall New Inver Hall Rectory Flxtures and fittlngs The Church Bulldlng Is deemed to be a herltage assets as defined by the Charltles SORP IFRS102). Thls herltage asset Is not Induded on the balance sheet as Informatlon on the cost or valuatlon Is not avallable and such Informatlon cannot be obtalned at a cost commensurate wlth the benefit to the users of the accounts and to the parlsh. The Rectory Is reco8nlsed at cost / deemed ¢OSL beln8 the estlmated falr value of the property at 31 December 2016. No depreclatlon has been provlded on the Rectory as the Current e5tlmated resldual value Is not less than Its carrylng value and the remalnln8 useful Ilfe currently exceeds SO years. Flxtures and Flttlngs are recogn15ed at cost and are depreclated on a stral8ht Ilne basls over a perlod of 10 years. The assets, resldual Values and useful lfves are revlewed, and adjusted, If approprlate. at the end of each reporting pÈrlod. The effect of any change Is accounted for prospectlvely. The Parlsh has Set a mlnlmum threshold of cost for an Item to be consldered to be capltallsed as a flxed asset- l.e. not less than £I,K1. Tan8lble assets are dereco8nlsed on dlsposal or when no future economlc beneflls are expected. On dlsposal, the dlfference between the new dlsposal proceeds and the carryln8 amount ts reco8nlsed In the statement of financlal actlvltles and Included In 'Other opeiatlr4 (losses)18aln.
Parlsh of Larne & Inver St. Cedma's Church Notes to the Ilnandal statements for the year ended 31 December 2024 Icontlnued) l. Accountln8 polldes Icontlnued) fj Invertm•nts Flxed asset Investments comprlslng Investments In RCBICIT Unlt Trusts are Inltlally recorded at cost and are then subsequently stated at falrvalue at each balance sheet date. Investments In unquoted Investments are recorded at cost and are assessed annually for Impalrment. Unrealised 1n5 and losse5 represent the difference between the falr value at the beglnning and end of the flnanclal year or, If purchased In the year. the dlfference between cost and falr value at the end of the year. Reallsed galns and losses represent the dlfference between the proceeds on disposal and the fair value at the start of the year or cost If purchased In the year. 80th realised and unrealised galns and1055es In Investments are reported wlthln "Net Galns / (L055es) on Investments" wlthln the statement of Flnanclal Actlvltles. g) Cash and cash equlvalents Cash and cash equfvalents Indude5 cash In hand, deposits held at call wlth banks, other short-tem) hl8hty Ilquld Investments wlth orl8lnal maturltle5 of three months or less and bank overdrafts. Bank overdrèfts are shown wlthin Credltors: Amounts fallln8 due wlthln l year. h) Flnanclal Instruments The P3rish only has flnancial assets and finandal Ilabllltles of a klnd that quallfy as baslc flnanclal Instruments. Baslc financlal Instruments are Inltlally recognised at tran5actlon price and subsequently measured at thelr settlement value. 11 Funds Funds are classlfled 35 elther restrlcted funds, endowment funds or unrestrlcted funds, defined as follows. Restricted funds are funds subject to speclflc requlrements as to thelr use which may be dedared by the donor or wlth thelr authorlty or created through legal processes, but stlll wlthln the wlder objects of the Parlsh. Endowment funds are funds whlch have been glven on the condltlon that the orl8lnal capltal sum Is not reduced, but the income there from is used for the purpose defined in accordance wlth the objects of the P?rlsh. Unrestricted funds are expendable at the dlscretlon of the trustees In furtherance of the objects of the charlty. If parts of the unrestrlcted funds are eamiarked at the discretlon of the trustees for a partlcular purpose, they are destgnated as a separate fund. This deslgnatlon has an admlnistratlve purpose only and does not legally restrlct the trustees, dlscretlon to apply the fund. 2. Crltlcal accountln8 Judgements and estlrnatlon uncertalnty Estlmates and judgments made In the process of preparing the flnanclal statements are continually evaluated and are based on hlstorlcal experlence and other factors, includln8 expertatIO of future events that are belleved to be reasonable under the circumstances. The trustees do not consider that there are any crltlcal Judgments made in applylng the Parlsh's accountlng pollcles or that there are any crltlcal accountln8 e5tlmate5 or assumptlon5 whlch may have a slgnlflcant rlsk of causln8 a materhal adjustment to carryln8 amounts of assets and Ilabllltles withln the next financial year. 10
Parlsh of Larne & Inver St. Cedma's Churth Notes to the flnandal statements for the ar ended 31 December 2024 Icontlnued) 3. Donatlons and le8acles Unrestrlcted Funds 2024 Restrlcted Endowment Funds Funds 2024 2024 Total 2024 Total 2023 Plate ColSectlons Weekly envelopesl FWO Tax recovered on donatlons Donatlons- 8eneral Glynn & Raloo Stlpend Bequest Income Dlocesan Grant Other Grants Church of Ireland Trustee5 Other Income 1,016 62,203 15,573 L016 63,823 15.573 3,606 21,518 103,223 1,284 69,306 13,007 1,330 22,068 1,620 ILX) 21.518 103,223 1,250 15,130 15,130 16,679 222,169 1,720 223,889 124,924 4. Investments Interest RCB Dlstrlbutlon 458 1,040 1,498 458 1,150 1,607 185 1,073 1,258 109 109 5, Charhable Actlvltles Donatlons In memortum 61S 615 615 615 2,345 2,345 other Tradlng Actlvftles Use of Facllltles Projects & events Magazine receipts 8,975 8,975 2,133 iio 11,218 8,290 3,780 2,133 iio 9,085 2,133 12,070 other Income Power Nl Grant Funerals Board of Educatlon Murray Foundation Grant 600 280 1,206 579 579 2,086
Parfsh of Larne & Inver St. Cedma's Church Notes to the finandal statements for the year ended 31 L)ttember 2024 Iconttnuedl & Analysls of Expendlture Fund5 2024 Funds 2024 Funds 2024 Total 2024 Total 2023 Wages and salarles Pension contrlbutlons PAYEINIC Dlocesan costsl assessment Church runnin8 Costs Church repalrs Rectory rates Clergy expenses Rectory expenses Charltable donatlons Admlnlstratlon costs Sunday school 48,529 11,185 8,951 12,280 7,206 2A39 1,071 810 48,529 11,185 8,951 12,280 7,21J6 5,658 1,071 8,810 3,990 2,815 6.615 562 51,872 15,253 12,334 12,522 6,779 5,612 938 11,833 1,614 2,415 6,211 2,819 2,815 6.615 562 I1453 2.819 117,672 127,581 Other Costs Insurance Sundrles Bank interest and charges Depreclatlon 5,325 S.325 5,053 306 290 675 282 282 675 675 675 6,283 636 6,324 636 Governance Costs 636 9, Galn on Investments 2024 2023 Unreallsed GaIn(loss) on Investments 78,884 78,884 {38,830) {38,830) 12
Parlsh of Larne & Inver St. Cedma's Church Notes to the flnandal statements for the ar ended 31 December 2024 Icontlnuedl 10. Taxatlon The Church Is recognlsed as a charlty for the purposes of appllcable taxatlon le8lslatlon andls therefore not subject to taxatlon on Its charltable actlvltles. 11. Analysls ofstaff costs, trustee remuneratlon and expenses, and the cost of key management personnel Employees 2024 2023 Salarles and wages Includln8 Natlonal Insurance Pen51on contrlbutlons Total 57,480 11,185 68,665 64,206 15,253 79,459 The average number of employees durlng the year, calculated on the basls of a head count, was as follows: 2024 Number 2023 Numb•r Rector MlnlsterSal support Admlnlstratlon Muslc staff Premlses malntenance There are no employees In recelpt of employee beneflts In excess of £60,000 Key Management and Trustees Key management are deemed to comprlse the Trustees. No trustee, apart from the Rector, re¢elved any remuneratlon or relmbursement ofexpenses durlng the year. No trustee or a person related to a trustee had any personal Interest In any contract or transactlon entered Snto by the charlty durlng the year. 13
Parlsh of Larne & Inver st. Cedma's Church Notes to the flnanclal statements for the year ended 31 December 2024 (contlnuedl 12. Tanglble flxed assets Offlce Equlpment Bulldln85 Total Cost At beglnnlng of the year Addltlons Dlsposals At end ofthe year 1,292.706 6,749 1,299,455 1,292,706 6,749 1,299,455 Depreclatlon At beglnnln8 of the year Depreciatlon Dlsposals At end ofthe year 3,375 675 3,375 675 4,050 4,050 Net book value at be8lnnlns of the year Net book value at end of the year 1,292,706 1,292,706 3,374 2.699 1,296,080 1.295,405 13. Investments Llsted Investments Other Investments Total Balance at beglnnlng of the year Additions durln8 the year Dlsposals durlng the year Falr Value Baln l {loss} on Investments Interest Balance at end of the year 523,181 102,900 523,181 102,9C(I 78,884 78,884 704,965 704,965 Analysls of Investments Church of Ireland Trustees Investments In RB Unlt Trusts 673,289 31,676 673,289 31,676 704.965 704,965 14
Parlsh of Lame & Inver St. Cedma's Church Notes to the flnandal statements for the ended 31 De¢ember 2024 Icontlnued) 14. Debtors 2024 2023 Sundry debtors IS. Flnanclal Instruments 2024 2023 Investments Cash and cash equlvalents Sundry debtors 704,965 523,181 84,916 81XJ,973 608,087 15
Parfsh of Lame & Inver St. Cedma's Church Notes to the flnandal statements for the year erKled 31 December 2024 Icontlnued} 16. Funds of the Parlsh Atljan 2024 At 31 Dec 2024 Income Expendlture GalnlLosses Transfers Endowment funds Bequests and legacies 523,181 78,884 102,9CKI 704,965 Restrlcted funds 8uildlng Fund Rectors discretionary fund 1,312,277 751 3,753 209 -2,819 75 615 1,313,151 960 1.313,028 1,829 -2,819 75 615 1,314,111 Unre5trfcted funds General Fund Investment Account 67.368 233.750 196 -121,097 -132,515 29,000 47.506 29,196 Total funds 1,9)3,577 237.8 -123.916 78,209 2,095,778 Pur ose5 of Endowment Fun Income from various bequests as Set out on page 13. where capital Is to be invested and interest only is to be used for charitable purposes. Pur ses of Restrict Funds Building Fund: Thls Is a fund to assist with capital expenditure and major paIrS to churth property. Rectors dlsuetlonary fund: This i5 a fund to be used for pastoral care. 16
Parlsh of Larne & Inver St. Cedma's Church Notes to the flfiandal statements for the year anded 31 December 2024 (contlnuedl 17. Colbectlon lorThlrd Partles 2024 2023 Women's Ald Barnabas Ald Chrlstmas Appeal (Marfs Meals/Bla¢k Santa) Tear Fund Food Bank 300 1,305 1,050 1,230 1,140 20 25 100 Poppy Appeal 2,815 2,415 The amounts above have been Included In expendlture for the year under 'Charltable donatlons.. 17