Statement of Fillallcial Activities for the year ended 31" December 2024 Ullrestricted funds Restricted fund5 2024 Total 2023 Total Notes Incoming resources Incoming resources from generating funds: Investment income Incoming resources from charitable activities 3 Voluntary Income Other Income 279,244 154,054 2,656,354 925,144 36 279280 154.054 2,656,354 925,144 232,353 84,637 2,845,740 409,312 Total ineomlng resources 4,014,796 36 4,014,832 3,572.042 Resources expended Costs of generating funds- Investment management costs Charitable activities 49,337 4,752,967 49,337 4,752,967 52,429 4,702,397 Total resources expended 4,802,304 4,802,304 4,754,826 Iyet gxins/(losses) on Investments Gain on Sale of Investment Properties (Loss) / Gain on Investments (205,947) (205,947) (223,555) (205,947) (205,947) (223,555) Net movement in funds (993,455) 36 (993,419) (1,406,339) Total Trds brought forward Prior year adjustment 19,420,903 103,075 19,523,978 21,148,318 (218,001) Restated total funds brought forward 19,420,903 103,075 19,523,978 20,930,317 Total funds carrled forjvydrd 18,427,448 103,111 18,530,559 19,523.978 The stateent of fmancial activities includes all gains and losses in the year and therefore a separate Statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The notes on pages 46 to 54 form an integral part of these financial statements 43
Balance Sheet as at 31" December 2024 2024 2023 Notes Fixed assets Tangible assets Investments io 5,905,007 10,353,399 6,866,904 10,925,918 16,258,406 17,792,822 Current assets Debtors Cash a+ kank and in hand 12 49,117 2,296,515 106,148 1,711,377 2,345,632 1,817,525 Creditors: amounts falllng due within one year 13 (73,479) (86,369) Nel eurrent assels 2,272,153 1,731,156 Iyet assets 18,530,559 19,523,978 Funds Restricted income funds Unrestricted income funds 15 103,111 18,427,448 103,075 19,420,903 Total funds 18,530,559 19,523,978 The financial statements were approved by th¢ trustee on 23rd July 2025 and signed on the board's behalf by a3. 04. 2 Sr. Perpetua McNulty Trustee Sr. Aine Campbell Trustee 23. 0*. 44
Cash Flow Statemellt for the year ended 31" December 2024 2024 2023 Notes Net (outgoing)/incoming resources for the year (993,419) (1,406,339) Adjustments for: Prior Year Adjustment (218,001) Depreciation and impairnient charges Impairnient charges Dividends from investments Proftt on sale of tangible assets (Decrease)Ilncrease in debtors (Decrease)Ilncrease in creditors 183,097 203,260 (223,497) (925.144) 57,031 (12,890) (165,307) (409,312) (3.476) 12,048 Net cash (outtlojv) l intlow from operating actlvltles (1,914,822) (1,987,127) Cash Flows from Investing Actlvities Dividends from investments Proceeds from disposal of tangible fixed assets Capital expenditure Increase in value of investments 223,497 1,986,853 (282,908) 572,519 I65,307 469,564 (613,907) 448,060 Increase l (decrease) In eash In the year 585,138 (1,518,102) Reconeiliation of net cash flow to movement in net debt Inerense l (decrease) in cash in the year Net Cash at 1$1 January 2024 585,138 1,711,377 (1,518,102) 3,229,479 Net Cash at 31" December 2024 2,296,515 1,711,377 45
Notes to Financial Statements for the year ended 31. December 2024 Accounting policies The principal accounting policles are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. Basis of Preparation The financial statem¢nts have been prepared 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 (FRS102) (effective I, January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities (Accounts and Reports) Regulations (Nortb¢rn Ireland) 2015. In preparing the accounts, the Trustees hav¢ considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS102 the restatement of comparative items was required. No adjustments to comparatives were identified. This set of financial staternents is the first prepared under this new legislation. Incoming Resources All incoming resources are included In the statement of fmancial activities when the charity is entitled to the income and the amount can be quantified with reasonabl¢ ac¢uraoy. The following specific policies are applied to particular Categories of income: Grants, including grants for the purchase of fixed assets, are recognised in 11 in the statement of finart¢ial activities in the year in which they are receivable. Income from investtnents 18 included in the year in which it is receivable. Diminutions of individual assets within a portfolio below book cost are not adjusted for provided the portfolio as a whole, has a market value in excess of book cost. Resources Explained Expenditure 15 recognised on an accNal basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and 15 reported as part of the exp¢nditur¢ to which it relates. Costs of generating funds comprise the costs associated with attracting voluntary income. Charitable expendityre comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both ¢osts that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support Costs are those costs incurred directly in support of expenditsre on the objects of the charity and include project management. 46
Notes to Financial Statements for the year ellded 31st December 2024 TangibIe Fixed Assets and Depreciation ALI Properties, including Ministry Properties that may be used by the Congregation, are included and have been valued at Net Realisable Value. Depreciation is provided at rates cal¢ulated to write off the cost less residual value of each asset over its expected useful life, as follows.. Investment Properties Land and buildings Fixttlres. fittings and equipment Motor vehicle$ Not Depreciated 20/0 reducing balance IOO/• reducing balance 250/0 reducing balance Investments Inve8tments held as fixed assets are revalued at mid-market value at the balance sh¢et date and the gain or loss taken to the statement of financial activities. Leasing Rentals payable under operating leases are charged against income on a straight-line basis over the lease Foreign Currencles Monelary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailillg at the accounting date. Transactions in foreign currencies are re¢orded at the date of the transactions. All differences are taken to the statement of financial activities. Investment income Unrestricted funds Restricted funds 2024 Total 2023 Total Income from inve5tment$ Rent receivable Bank interest receivable 223,497 50,598 5,149 223,497 50,598 5,185 165,307 65,442 1,604 36 279,244 36 279,280 232,353 47
Notes to Financial Statements for the year ended 31" December 2024 Incoming resources frotn cbaritable activities Unrestricted fund5 2024 Total 2023 Total Legacies Other income 87,931 66,123 87,931 66,123 52,150 32,487 154,054 154,054 84,637 Voluntary Income Unrestrlcted funds 2024 Total 2023 Total Salaries donated by Sisters of Mercy Pensions donated by Sist¢TS of M¢Tcy Stipends donated by Sisters of Mercy Retirement lump sums donated by Sisters of Mercy 135,225 2,505,359 135.225 2,505,359 125,466 2,632,658 10,000 77,616 15,770 15,770 2,656,354 2,656,354 2,845,740 Other Ineome Profit on Sale of propertie$ Profit on Sale of motor vehicles 911,239 13,905 911,239 13.905 393,238 16,074 925,144 925,144 409.312 Investment Management Costs Unrestricted Funds 2024 Total 2023 Total Investment management costs 49,337 49,337 52,429 49,337 49,337 52,429 48
Notes to Financial Statements for the year ended 31st December 2024 Costs of charitable activities Direct Costs Support Costs 2024 Total Congreg&tionAI Livlng- the Advancement of Rellglon Congregational Living Spirituality, Prayer & Worship 1,881,320 98,438 192,883 10,088 2,074,203 108,526 1,979,758 202,971 2,182,729 HealtheAre & the compasslonate care of the slck and tbose In need 1,519,952 155,830 1,675,782 Rellef of Povertyj promotlon of educltlon, Justice and oth¢r ¢h&rltable actlvltles Education Overseas Development & Support Pastoral, Social Care & Development Support Other Charities 51,374 46,589 322,690 163,449 5,270 4.773 33,086 16,755 56,644 51,362 355,776 180,204 584,102 59,884 643,986 Upkeep of Listed Buildings 227,182 23,288 250,470 Total Cost of Charitable Aetivities 4,310,994 441,973 4,752,967 49
Notes to Financial Statements for the year ended 31" December 2024 Support Costs Legal & Professional 2024 Total Admin Congregatlonal Llvlllg - the AdvancemeDt of Rellglon Congregational Living Spirituality, Prayer & Worship 23,948 1,252 168,936 8,835 192,884 10,087 25,200 177,771 202,971 Healthcare & the CompAsslonate Care of the Slck And those in Need 19,347 136,483 155,830 Rellef of Poverty, Promotion of EducAtlon, Justlce And other charltable Activities Education Overseas Development & Support Pastoral, Social Care & Development Support Other Charities 654 593 4,108 2,080 4,616 4,180 28,978 14,675 5,270 4,773 33.086 16,755 7,435 52,449 59,884 Upkeep of Listed Buildings 2,890 20,398 23,288 Totydl Costs Alloeated 54,872 387,101 441,973 Auditors, remuneratlon 2024 2023 Auditors, remuneration- Audit of the Financial Statements 17,640 13,800 50
Notes to Financial Statements for the year ended 31. December 2024 Employees Employment Costs 2024 2023 Wages & Salaries - office Community Wages 206.670 1,062,870 187,779 1,196,526 1,269,540 1,384,305 Number of emplDyee$ The average monthly numbers of employees during the year, was as follows.. 2024 1¥4umber 2023 Number 77 76 Stgff costs and k mana ement renumer2tlon All trustees are members of the Congregation of the Sisters of Mercy Northern Province. The trustees consider that they alone comprise the key management of the charity. As members of the Congregation, the trustees living and personal expenses are borne by the ciwity but they receive no renumeration or reimbursement of expenses in connection with their duties as trustees. io. Tangible Fixed Assets Land and buildings freehold Fixtures, fittlngs And equlpment Motor vehlcles Total Cost At 1st January 2024 Additions Disposals 9,297,210 185,420 (1,053,911) 1,719,046 670 (1,471) 1,139,266 12,155,522 96,818 282,908 (98,949) (1,154,331) At 31$1 December 2024 8,428,719 1,718,245 1,137,135 11,284,099 Depreeiation At 1$1 January 2024 Charge for the year On disposals 2,835,347 103,741 1,577,098 14,115 876,172 65,241 (92,622) 5,288,617 183,097 (92.622) At 31st December 2024 2,939,088 1,591,213 848.791 5,379,092 Net book values At 31 December 2024 5.489,631 127,032 288,344 5,905.007 At 3 ISE December 2023 6,461,863 141,948 263,094 6,866,904 51
Notes to FRllancial Statemellts for the year ellded 31" December 2024 ii. Fixed Asset Investments Listed Investments Total Valuation At 31gt December 2024 10,353,399 10,353,399 12. Debtors 2024 2023 Other debtors Prepayments and accrned income 2,630 46,487 2,630 103,518 49,117 106,148 13. Credltors: amounts falling due wlthln olle yerlr 2024 2023 Accruals and deferred income 73,479 86,369 73,479 86,369 52
Notes to Financial Statements for the year ended 31 December 2024 14. Unrestricted Fund5 At l January 2024 At Outgoing 31 December resources 2024 Incoming resouree$ General Fund Designated Funds Tangible Fixed Asset Fund 1,282,206 388,883 (375,426) 1,295,663 6,866,904 (961,897) 5,905,007 Congregational Living 3,811,417 1,156,367 (1,519,195) 3,448,589 Healthcare & the compas5ionat¢ care of the si¢k 4,599,584 1,395,562 (1,519,952) 4,475,194 Other Ministries 2,860,799 868,037 (425,834) 3,303,002 19,420,903 3,808,849 (4,802,304) 18,427,448 Purposes of unrestrieted funds Tan ible Flxed Asset Fund This fund is equal to the total of the tangible assets which are held for the furtherance of the charitable objects. Con re ational Livln Fund Thi8 fund represents the present value of the capital sum required to make adequate provision to fund the Congregation Living activities referred to in the Trustees Report. This is a net position i.e. the projected costs are offset by income allocated to this activity. Health and Com assionate Care Fund This fund represents the present value of the capital sum requlred to make adequate provision to fund the Health and Compassionate Care activities referred to in the Trnstees Report. This is a net position i.e. the projected costs are offset by income allocated to this activity, Other Ministries Fund This fund represents th¢ present value of the capital sum required to make adequate provision to fund tbe Relief of Poverty, promotion of education, justice and other charitable activities referred to in the Trustee5 Report. This is a net position i.e. the proje¢ted costs are offset by income allocated to this activity. 53
Notes to Financial Statements 5t for the year ended 31 December 2024 15. Analysis of net asset5 between funds Unrestricted Funds Restrieted Funds Total Fuuds Fund balances at 315t December 2024 as represented by.. Tangible fixed assets Investment assets Current assets Current liabilities 5.905,007 10,353,399 2,242,521 (73,479) 5,905.007 10,353,399 2,345,632 (73,479) 103,111 18,427,448 103,111 18,530,559 16. Restricted fund5 At l Januydry 2024 At 31 December 2024 Incoming resources Strabane Tst Fund 103,075 36 103,111 17. Authorisation of Financial StaÉemeDts The financial statements were authorised by the Istee8 for issue on 23rd July 2025. 54