Charity registration number NIC 103096 (Northern Ireland)
Company registration number N1028287
CHURCH OF IRELAND RETIREMENT TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

CHURCH OF IRELAND RETIREMENT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr R Gardiner
Mr l Gillespie
Rev B Martin
Dr Joan Smyth (Chair)
Canon K Smyth
Mr R Stinson
Rev C Darling
Ms R Patterson
Rev Robert Boyd
(Appointed 16 April 20241
(Appointed 25 Septernber
2024)
{Appointed 21 January 2025)
Mr lan Hardstaff
Secretary
MrA Canning
Charity number {Northern Ireland)
NIC 103096
Company number
N1028287
Principal address
St Anne's Cathedral
StAnne's Cathedral
Donegall Street
Belfast
BT12HB
Registered office
St Anne's Cathedral
St Anne's Cathedral
Donegall Street
Belfast
BTI 2HB
Auditor
GMCG LISBURN
Century House
40 Crescent Business Park
Lisburn
BT28 2GN

CHURCH OF IRELAND RETIREMENT TRUST
CONTENTS
Page
Trustees, report
Independent auditor's report
Statement of financial activities
Statement of financial position
11
Notes to the financial statements
12-17

CHURCH OF IRELAND RETIREMENT TRUST
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with the trust's governing document, the Companies Act 2006 and "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)" (effective 1 January 2019).
Objectives and activities
The objectives of the Trust are to assist clergy of the church, clergy widows and others who are ￿aVIng tied
accommodation to secure a place to live in their retirement or as a result of ill health or other ci rcumstances where
otherwise they might be rendered homeless.
The assistance given can be of a general nature, signposting applicants to manage the transfer from leaving a tied
house (a place to live which comes as part of employment and which must be vacated when full employrrent ends)
and the steps necessary to secure a p5ace to retire.
Assistance given also includes help of a financial nature where an applicant has a plan to purchase a property to
live in but insufficient funds to meet the purchase price. In this instance the Trust will acquire an equity stake in the
property. The Trust sets and reviews the criteria with which applicants must comply from time to time to ensure it
continues to meet the needs of those seeking help. The Trust secures its interest in the propety by legally
registering its interest thereby protecting the interests of each party.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the
trust should undertake.
Achievements and performance
Significant activities and achievements against objectives
During the past year the Trust has given advice to a number of potential applicants who have been considering
retirement in future years as they consider the options that might be open to them. It can give considerable peace
of mind lo potential applicants to know that, if needed, the Trust is there to offer expert propety advice and financial
assistance towards a purchase. Trustees continue to acknowledge that this is an important function of the Trust.
General advice has also been given to a number of individuals who have approached the Trust regarding potential
financial assistance as they plan to retire once they know their accommodation needs can be met.
Based on the ongoing demand for the assistance the Trust provides, Trustees remain assured that the need to help
those who cannot afford to secure a modest home when leaving tied accommodation remains. The Trustees are
not aware of any other charitable body that offers assistance in a manner in which the Trust operates.
Financial review
At the year end the net assets of the Trust were £1,319,539 (2024 - £1,318,672). At the year end the tangible
assets held were £1,100,893 (2024 - £1,040,893). This represents the equity which the Trusl has purchased in the
various properties which will in time return to the Trust along with the increase in equity value based on house price
inflation.
The Trust needs to keep reserves to hand to meet unexpected and unplanned needs (for example as a result of
serious illness or fatality) and therefore keeps its financia5 reserves in accounts which can be accessed urgently.
Going concem
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate
resources to continue in operational existence for the forsseeable future. For this reason they continue to adopt the
going concern basis in preparing the financial statements.
Structure, governance and management
The trust is a company limited by guarantee and was set up by a Memorandum of Association. The charitable
company is constituted under a memorandum ofAssociation and is a registered charity number NIC103096.

CHURCH OF IRELAND RETIREMENT TRUST
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The trustees, who are also the directors for the purpose of company law. and who served during the year and up to
the date of signature of the financial statements were..
Rev J Dinnen
Dr R Gardiner
(Resigned 25 September 2024)
Mr l Gillespie
Rev B Martin
Dr Joan Smyth (Chair)
Canon K Smyth
Mr R Stinson
Rev C Dading
Ms R Patterson
Rev Robert Boyd
Mr lan Hardstaff
(Appointed 16 April 2024)
(Appointed 25 September 2024)
(Appointed 21 January 2025)
RecnJitment and appointment of trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of
the Memorandum ofAssociation.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and
guarantee to contribute £1 in the event of a winding up.
Statement of trustees. responsibilities
The trustees, who are also the directors of Church of Ireland Retirement Trust for the purpose of company law, are
responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair
view of the state of affairs of the trust and of the incoming resources and application of resources, including the
income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them Consistently;
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent- and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will
continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the trust and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the trust and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
In accordance with the company's articles, a resolution proposing that GMCG LISBURN be reappointed as auditor
of the company will be PLrt at a General Meeting.

CHURCH OF IRELAND RETIREMENT TRUST
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the
audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to
identify such relevant information and to establish that the auditor is aware of such information.
The trustees, report was authorised and approved by the Board of Trustees.
Dr Joan Smyth (Chair)
Trustee
Date..
J¥. q. L.Lr.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Opinion
We have audited the financial statements of Church of Ireland Retirement Trust (the 'trust') for the year ended 31
March 2025 which comprise the ststement of financial activities, the ststement of financial position and notes to the
financial statements, including significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The FirFancial Reporting Standard applicable in the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial ststements..
give a true and fair view of the stste of the charitable company's affairs as at 31 March 2025 and of its
incoming resources and application of resources, including its income and expenditure, for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PraCtI￿-
and
have been prepared in accordance with the requirements of the CompaniesAct 2006.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit ol
the financial statements section of our report. We are independent of the tnJst in accordance wf(h the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going contsm basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the trust's ability to continue as a going
concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the
relevant sections of this report.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT {CONTINUED>
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Other information
The other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The trustees are responsible for the other information contained within the annual
report. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears
to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit..
the information given in the trustees. report for the financial year for which the financial statements are
prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the
financial statements., and
the directors, report included within the trustees, report has been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the trust and its environment obtained in the course of the audit,
we have not identified material misstatements in the directors, report included within the trustees, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have not been received
from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the
requirement to prepare a strategic report.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Responsibilities of trustees
As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the
trust for the purpose of company law, are responsible for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error. In preparing the financial statements, the trustees are responsible for assessing the trust's ability to continue
as a going concern, disclosing, as applicable, matters related to going Concern and using the going concem basis of
accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no
realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is
sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and
non-compliances with laws and regulations, we considered the following:
The nature of the industry and sector, control environment and business perfomance, including the
charitable company's remuneration policies for directors, bonus levels and performance targets, if any.,
Results of our enquiries of management about their own identification and assessment of the risks of
irregularities.,
Any matters we identified having obtained and reviewed the charitable company's documentation of their
policies and procedures relating to..
Identifying, evaluating and complying with laws and regulations and whether they were aware of
any instance of non-compliance.,
Detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud., and
The internal controls established to rnitigate risks of fraud or non-compliance with laws and
regulations.,
The matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable
company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits
under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management
override.
We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
included the Companies Act 2006, and local tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the charitable company's ability to operate or to avoid
a material penalty.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Audit response to risks identified
Our procedures to respond to the risks identified included the following..
Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial statements.
Enquiring of management concerning actual and potential litigation and claims.,
Perfomiing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud-,
Reading minutes of meetings of those charged with governance and reviewing correspondence with tax
authorities- and
In addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments,- assessing whether the judgements made in making accounting
estimates are indicative of a potential bias- and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.
We also Communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the
audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even though we have properly planned and performed our audit
in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of
irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-
compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https:11
www.frc.org.uldauditorsresponsibilities. This description fomis part of our auditor's report.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitatle company's
members those matters we are required to state to them in an auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the ¢haritable
company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we
have formed.
Mr Stephen Houston FCA {Senior Statutory Auditor)
for and on behalf of GMCG LISBURN
Chartered Accountants
Statutory Auditor
Century House
40 Crescent Business Park
Lisburn
BT28 2GN

CHURCH OF IRELAND RETIREMENT TRUST
STATEMENT OF FINANCIALACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
Unrestricted
funds
2025
Unrestricted
funds
2024
Notes
Income from".
Donations and legacies
Investments
1,259
2,742
1,589
2,480
Total income
4,001
4,069
Expenditure on:
Charitable activities
Other expenditure
3,134
5,921
10,000
Total expenditure
3,134
15,921
Net in¢ornel(expenditure) and movement in funds
867
(11,852)
Reconciliation of funds:
Fund balances at 1 April 2024
1,318,672
1,330,524
Fund balances at 31 March 2025
1,319,539
1,318,672
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the CompaniesAct 2006.
10-

CHURCH OF IRELAND RETIREMENT TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
2025
2024
Notes
Fixed assets
Tangible assets
10
1,100,893
1,040,893
Current assets
Debtors
Investments
Cash at bank and in hand
11
12
126
143,998
76,322
886
141,433
138,460
220,446
280,779
Creditors: amounts falling due within
one year
13
(1,800)
13,000)
Net current assets
218,646
277,779
Total assets less current liabilities
1,319,539
1,318,672
Income funds
Unrestricted funds - general
1,319,539
1,318,672
1,319,539
1,318,672
These financial statements have been prepared in accordance with the provisions applicable to companies subject
to the small companies regime.
The financial statements were approved by the Trustees and authorised for issue on
their behalf by..
241qrs
and signed on
Dr Joan Smyth {Chairl
Trustee
Company registration number N1028287
11

CHURCH OF IRELAND RETIREMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accounting policies
Charity information
Church of Ireland Retirement Trust is a private company limited by guarantee incorporated in Northern
Ireland. The registered office and place of business is St Anne's Cathedral, St Anne's Cathedral, Donegall
Street, Belfast, BT12HB.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's goveming documents, the
Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland. ('FRS 102,1 and the Charities SORP "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)" (effective 1 January 2019}. The
trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash
Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting
policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust
has adequate resources to Continue in operational existence for the foreseeable future. Thus the trustees
continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable
objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met,
the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of
the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation
to donations received under GiftAid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or othewise if the trust has been notified of an impending distribution, the
amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent
asset.
12

CHURCH OF IRELAND RETIREMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Accounting policies (Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of dIr￿t costs and
shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocated directly to that activity. Shared costs which contribute to more than one activity and
support costs which are not attributable to a single activity are apportioned between those activities on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
1.6 Tanglble fixed assets
All fixed assets are initially recorded at cost and represent the Trust's stake in various residential properties
used to provide housing to retired, widowed or infirm clergy in necessitous circumstances. Depreciation is not
charged on these fixed assets as the value of the Trust's stakes are maintained by the beneficiaries via the
normal upkeep of their properties, at no cost to the Trust.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds
and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in Current liabilities.
1.8 Financial instruments
The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther
Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust become5 party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
13

CHURCH OF IRELAND RETIREMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Accounting policies (Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments dis¢ounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or
cancelled.
Income from donations and legacies
Unrestricted
funds
2025
Unrestricted
funds
2024
Donations and gifts
1,259
1,589
Income from investments
Unrestricted Unrestricted
funds
funds
2025
2024
Interest receivable
2,742
2,480
Charitable activities
2025
2024
Administrative expenses
Bank charges
Audit fees
Legal and professional fees
708
36
1,800
590
1,011
36
1,800
3,074
3,134
5,921
14-

CHURCH OF IRELAND RETIREMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Net movement in funds
2025
2024
The net movernent in funds is stated after chargingl{crediting)'.
Loss on disposal of tangible fixed assets
10,000
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the
trust during the year.
Employees
The average monthly number of employees during the year was..
2025
Number
2024
Number
Total
There were no employees whose annual remuneration was more than £60,000.
Other
Total Unrestricted
funds
general
2024
2025
Net loss on disposal of tangible fixed assets
10,000
10,000
Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
15-

CHURCH OF IRELAND RETIREMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10 Tangible fixed assets
Other fixed
assets
Cost
At 1 April 2024
Additions
1,040,893
60,000
At 31 March 2025
1,100,893
Carrying amount
At 31 March 2025
1,100,893
At 31 March 2024
1,040,893
11
Debtors
2025
Amounts falling due within one year:
2024
Other debtors
126
886
12 Current asset investments
2025
2024
Short temi deposits
143,998
141,433
13 Creditors: amounts falling due within one year
2025
2024
Accruals and deferred income
1,800
3,000
16-

CHURCH OF IRELAND RETIREMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are
nol subject to specific conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Resources At 31 March
expended
2025
At 1 April
2024
Incoming
resources
General funds
1,318,672
4,001
{3,134)
1,319,539
Previous year:
At 1 April
2023
Incoming
resources
Resources At 31 March
expended
2024
General funds
1,330,524
4,069
(15,9211
1,318,672
15 Related party transactions
There were no disclosable related party transactions during the year12024 - none).
17-