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← LARNE/Larne & Inver and Glynn & Raloo/St. Cedma, Larne/Connor/Church of Ireland

2025-12-31-accounts

Parish of Larne and Inver St Cedma’s Church Accounts 2025

The Church of St Cedma, Larne and Inver Parish, Larne

References and administrative details

Charity Name: The Church ofStCedma, Larne and Inver Parish, Larne
(Larne/Larne & Inverand Glynn& Raloo/ St Cedma, Larne/Connor/
Church of Ireland
Charity Registration Number: NIC 102657
Contact Address: The Parish Office
Church Road
Larne
BT403EU

Trustees (Select Vestry)

Revd David Lockhart, Anne Marcus, John Brownlees, Eleanor Ellison, Norma Nixon, George Thompson, Jacqueline MacFadyen, Eleanor McSeveney, David Millar, James King Snr, James King, Caroline Hughes, Carolyn Wilkinson, Brian Browne, Sarah Nixon, Andrew Colman.

Principal Office bearers/parish team

Clergy: Reverend David Lockhart
Honorary Secretary: Mrs A Marcus
Honorary Treasurer: MrJBrownlees
Church Wardens: MrsJMacFadyen & Mrs Carolyn Wilkinson
Glebe Wardens: Mr G Thompson & Mr D Millar
Chief Recorder: MrJ Brownlees
Organist: DrM McKinty
Deputy: Mrs N Nixon
Sextoness: MrsSNixon

Independent Examiner

MBS Chartered Accountants 3 High Street LARNE BT40 JN

Bankers

Danske Bank

Donegal Square West BELFAST BT1 6JS

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Parish of Larne & Inver

St. Cedma’s Church

Statement of Financial Activities for the year ended 31 December 2025

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|| |---|---|---|---|---|---|---| |Income||£|£|£|£|£| |Donations & legacies|3|122,284|4,928|-|127,212|223,889| |Investments|4|2,564||-|2,564|1,607| |Charitable Activities|5||-|-||2,345| |Other Trading Activities|6|8,881|2,608|-|11,490|12,070| |Other Income|-|3,902|-|-|3,902|579| |Total Income||137,632|7,536|-|145,168|237,908| |Expenditure on:||||||| |Charitable activities|8|110,694|1,160|-|111,854|117,672| |Other costs||5,705|675|-|6,380|6,283| |Governance||636|-|-|636|636| |Total Expenditure||117,035|1,835|-|118,870|124,591| |Net Income before transfers||20,597|5,701|-|26,298|113,317| |Transfers between funds||(232)|232|“|-|-| |Net (expenditure)/income before||20,364|5,934|-|26,298|113,317| |other recognised gains and losses||||||| |Gain/(Loss) on investments|9|-|-|19,898|19,898|78,884| |Net movement in funds||20,364|5,934|19,898|46,196|192,201| |Reconciliation of funds:||||||| |Total funds brought forward||76,702|1,314,111|704,965|2,095,778|1,903,577| |Totalfundscarriedforward||97,066|1,320,045|724,863|2,141,974|2,095,778|

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Parish of Larne & Inver

St. Cedma’s Church

Balance Sheet as at 31 December 2025

Note 2025 2024
Fixed Assets £ £
Tangible Fixed Assets 12 1,295,405 1,295,405
Investments 13 724,863 704,965
Total fixed assets 2,020,268 2,000,370
Current Assets
Cash and cash equivalents 122,306 96,008
Total current assets 122,306 96,008
Creditors—amounts falling due within one year
Accruals 600 600
Total creditors 600 600
Net Current Assets 121,706 95,408
Total net Assets 2,141,974 2,095,778
Funds ofthe charity
Unrestricted funds
General funds 16 100,760 76,702
Total unrestricted funds 100,760 76,702
Restricted Funds 16 1,316,351 1,314,111
Endowment Funds 16 724,863 704,965
Totalchurchfunds 2,141,974 2,095,778

The notes on pages 8 to 17 are an integral part of these financial statements.

The financial statements on pages 6 to 17 were approved by the Board of Trustees (Select Vestry) on as March 2026 and signed on its behalf by:

Rev. D. Lockhart, Chairman of Trustees

Mr.f. Brownlees, Honorary Treasurer

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Parish of Larne & Inver

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St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2024

1. 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 (FRS 102).

The Parish meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note(s).

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 budgets for the coming year and based on these are satisfied 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 freewill offerings are accounted for on a cash receipts basis as the amount is collected

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.

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.

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Parish of Larne & Inver

St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2024

1. Accounting policies (continued)

e) Tangible assets

The assets of the Parish comprise:-

e = Church Building e Parish Hall e = New Inver Hall e ~=Rectory e Fixtures and fittings

The Church Building is deemed to be a heritage assets as defined by the Charities SORP (FRS102). This heritage asset is 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 users of the accounts and to the parish.

The Rectory is recognised at cost / deemed cost, being the estimated fair value of the property at 31 December 2016. No depreciation has been provided on the Rectory 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 over a period of 10 years. 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 Parish has set a minimum threshold of cost for an item to be considered to be capitalised as a fixed asset — i.e. not less than £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 (losses)/gains’.

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Parish of Larne & Inver

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St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2024 (continued)

1. Accounting policies (continued)

f) Investments

Fixed asset investments comprising investments 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 1 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, endowment 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.

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 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 havea significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year.

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Parish of Larne & Inver

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St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2025 (continued)

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3.
Donations and legacies
Unrestricted Restricted Endowment
Funds Funds Funds Total Total
2025 2025 2025 2025 2024
£ £ £ £ £
Plate Collections 1,393 - - 1,393 1,016
Weekly envelopes/ FWO 62,792 1,300 - 64,092 63,823
Tax recovered on donations 16,083 - - 16,083 15,573
Donations —general - 3,628 - 3,628 3,606
Glynn & Raloo Stipend 20,748 - - 20,748 21,518
Bequest Income 2,500 : : 2,500 103,223
Diocesan Grant 495 - - 495 -
Other Grants - - - - -
Church of Ireland Trustees 18,253 - - 18,253 15,130
Other Income 20 - - 20 -
122,284 4,928 - 127,212 223,889
4.
Investments
£ £ £ £ £
Interest 1,236 - - 1,236 458
RCB Distribution 1,328 - - 1,328 1,150
2,564 - - 2,564 1,607
5.
Charitable Activities
£ £ £ £ £
Donations in memorium Es 7 : - 2,345
- - - : 2,345
6.
OtherTrading Activities
£ £ £ £ £
Use of Facilities 8,840 - - 8,840 8,290
Projects & events - 2,608 - 2,608 3,780
Magazine receipts 41 - - 41 -
8,881 2,608 - 11,490 12,070
7.
Other Income
£ £ £ £ £
Grants 1,000 - - 1,000 -
Funerals 490 - - 490 480
Board of Education 2,412 - - 2,412 -
Murray Foundation Grant - - 99
3,902 - - 3,902 579

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Parish of Larne & Inver

St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2025 (continued)

8.
Analysis of Expenditure
Unrestricted Restricted Endowment
Funds Funds Funds Total Total
2025 2025 2025 2025 2024
£ £ £ £ £
Wages and salaries 45,804 - - 45,804 48,529
Pension contributions 10,447 - - 10,447 11,185
PAYE/NIC 7,388 - - 7,388 8,951
Diocesan costs/ assessment 12,933 - - 12,933 12,280
Church running costs 7,149 - - 7,149 7,206
Church repairs 4,968 1,160 - 6,128 5,658
Rectory rates 1,063 - - 1,063 1,071
Clergy expenses 7,925 - - 7,925 8,810
Rectory expenses 4,655 - - 4,655 3,990
Charitable donations 3,323 - - 3,323 2,815
Administration costs 4,569 - - 4,569 6,615
Sunday school 471 - - 471 562
110,694 1,160 - 111,854 117,672
Other Costs
Insurance 5,432 - - 5,432 5,325
Sundries - - = e s
Bank interest and charges 273 - - 273 282
Depreciation - 675 - 675 675
5,705 675 - 6,380 6,283
GovernanceCosts 636 - - 636 636
  1. Gain on Investments
2025 2024
£ £
Unrealised Gains/(Loss) on investments 19,898 78,884
19,898 78,884

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Parish of Larne & Inver

St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2025 (continued)

10. Taxation

The Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.

  1. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Employees

2025 2024
£ £
Salaries and wages including National Insurance 53,192 57,480
Pension contributions 10,447 11,185
Total 63,639 68,665

The average number of employees during the year, calculated on the basis of a head count, was as follows:

2025 2024
Number Number
Rector 1 1
Ministerial support 0 Hl
Administration 0 0
Music staff 0 0
Premises maintenance 0 1
a: 3

There are no employees in receipt of employee benefits in excess of £60,000

Key Management and Trustees

Key management are deemed to comprise the Trustees. No trustee, apart from the Rector, received any remuneration or reimbursement of expenses during the year.

No trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the charity during the year.

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Parish of Larne & Inver

St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2025 (continued)

12. Tangible fixed assets

Office
Buildings Equipment Total
Cost £ £ £
At beginning ofthe year 1,292,706 6,749 1,299,455
Additions - * -
Disposals = = =
At end of the year 1,292,706 6,749 1,299,455
Depreciation
At beginning ofthe year - 3,375 3,375
Depreciation - 675 675
Disposals - x :
At end ofthe year - 4,050 4,050
Net book value at beginning ofthe year 1,292,706 3,374 1,296,080
Net book value at end ofthe year 1,292,706 2,699 1,295,405
13. Investments Listed Other Total
Investments Investments
£ £ £
Balance at beginning ofthe year - 704,965 704,965
Additions during the year 19,898 19,898
Disposals during the year -
Fair Value gain / (loss) on investments - - -
Interest =
Balance atend ofthe year - 724,863 724,863
Analysis of Investments
Church of Ireland Trustees - 690,358 690,358
Investments in RB Unit Trusts - 34,505 34,505
- 724,863 724,863

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Parish of Larne & Inver

St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2025 (continued)

14. Debtors
2025 2024
£ £
Sundry debtors - -
15. Financial instruments
2025 2024
£ £
Investments 724,863 704,965
Cash and cash equivalents 122,306 96,008
Sundry debtors = -
847,169 800,973

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Parish of Larne & Inver

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St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2025 (continued)

16. Funds of the Parish

At 1Jan At 31 Dec
2025 Income Expenditure Gain/Losses Transfers 2025
£ £ £ £ £ £
Endowment funds
Bequests and legacies 704,965 - - 19,898 - 724,863
Restricted funds
Building Fund 1,313,151 2,948 -1,160 - 232 1,315,171
Rectors discretionary fund 960 219 - - - 1,179
1,314,111 3,167 -1,160 - 232 1,316,351
Unrestricted funds
General Fund 47,506 140,054 -116,840 - -11,037 59,682
Investment Account 29,196 77 - - -29,000 78
Charity Account 1,000 - - 40,000 41,000
Totalfunds 2,095,778 143,298 -118,000 19,898 - 2,141,974

Purposes of Endowment Funds

Purposes of Restricted Funds

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Parish of Larne & Inver

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St. Cedma’s Church

Notes to the financial statements for the year ended 31 December 2025 (continued)

17. Collection for Third Parties

2025 2024
£ £
Women’s Aid 353 300
Barnabas Aid - 1,305
Christmas Appeal (Mary’s Meals/Black Santa) - 1,050
Action Cancer 900 -
Food Bank 20 100
Poppy Appeal 50 60
Fields of Life 1,000 -
CMSI for Ozo Diocese 1,000 -
3,323 2,815

The amounts above have been included in expenditure for the year under “Charitable donations”.

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