Loughgilly Parish Church Trustees, Annual report and Statement of Receipts and Payments and Assets and Liabilities For the year ended 31 December 2024 )* Charities Number: NIC104301 Loughgilly Parish Chureh Annual report and financial 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 9- 11 Loughgilly Parish Church References and administrative details Charity Name: Charity Registration Number., Contsct Addr¢ss: Loughgilly Parish NIC104301 115 Gosford Road, Loughgilly, Arniagh, B T60 2DS Trustees Mr Brian Stinson Mr Philip Rea Mr William Moore Mrs Doris Hamilton Mr Nornian Liggett Mr Colin Brown Mrs Jill Carson Mrs Laura Brown Mr David McIlroy Mr Keith Cummins Mrs Irene Cummins Mr Houston Dillon Mr Dale Lockhart Mrs Yvonne Moore Mr Donovan Robb Principal Office-bearers Rector: Rector's Church Warden: People's Church Warden: Church Treasurer: Church Secretary: No Rector. Vacancy period - Archdeacon Elizabeth Cairns Mr William Moore Mr Houston Dillon Mr Philip Rea Mr Doris Hamilton Independent Examiner JDMR Limited Chartered Accountants & Registered Auditors 16 Church Street Dungannon Co Tyrone Principal Bankers Danske Bank POBox183 Donegall Square West Belfast BTI 6JS I |Page Trustees, Annual Report for the year ended 31 December 2024 The trustees present the annual report and statements of Receipts and Payments and Assets and Liabilities for Loughgilly Parish Church for the year ended 31 December 2024. Objectives and Activities The charitablc purpose of the Church of Ireland is the advancement of religion. The principal function of Loughgilly Parish Church is to support the advancement of the Christian religion by promoting, through the work of Loaghgilly Parish Church the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Peing open to and engaging with society as a whole and offering support for those needing help are fundamental to the practical delivery of the benefits of Christianity. As a result of activity in the pursuit of the advancement of the Christian religion, Loughgilly Parish Church has custody of property and of records, materials and artefacts of significance to the cultural and religious heritage and maintcnance of which is undertaken by the select vestry of Loughgilly Parish Church. Achievements Performance & Public Benefit Loughgilly Parish has weekly Services on Sunday mornings comprising of a mix of Holy Communion, Family Servicel Baptism and Mofrning Prayer together with various other special services during the year e.g. Holy Week services, Harvest Thanksgiving services and Christmas Carol services. Pastoral care is also provided. There is also a thriving Sunday school. 21Page Trustees, Annual Report for the year ended 31 December 2024 (continued) Achievements, Performance & Public Benefit (continued) Loughgilly Parish Church is part of a group along with Acton and Drumbanagher Parish Churches. The office of Rector is currently vacant. One member of th¢ Parish serves on thc Board of Governors of Mountnorris Primary School and supports and encourages th¢ work of the school. The activities outlined above demonstrate how Loughgilly Parish Church continues to implement its charitable purposes (i.e. the advancement of religion) and meets the Public benefit requirement. Benefits to members of the public include contributing to spiritual well-being of participants and the reinforcement of Christian values. Loughgilly Parish Church has mitigated any potential hann from the activities through the implementation of the Church of Ireland policy on Safeguarding Trust. The Parish has given careful consideration to th¢ Charity Commission for Northem Ireland's guidance on public benefit to ensure that the activities entered into during the year have helped to achieve the Parish's objectives and activities, as well as providing public benefit. Financial Review The principal source of income of Loughgilly Parish Church continues to be from Donations and Plate Collections. The principal expense of Loughgilly Parish Church is in respect of payments regarding Diocesan Costs/Assessment and glebe / rectory expenses. Loughgilly Parish Church had an surplus of receipts over payments before other gains of £3,180.96 for the year ended 31 December 2024. Loughgilly Parish Church continues to be in a healthy financial state as at 31 December 2024 with total cash funds of £60,049.60. Loughgilly Parish Church aims to retain sufficient reserves to meet its expected future expenditure requirements as well as potential ￿tUre capital projects. 31Page Trustees, Annual Report for the year ended 31 December 2024 (continued) Structure, Governance and Management Going Concern Thc trustecs havc rcviewcd its planned cxpenditure for the year ahcad and arc satisfied that ther¢ are adcquatc funds in plac¢ to ¢nsur¢ that th¢ Parish can continu¢ its activities and the financial statements ror the year ended 31 December 2024 can be signed off as a going concern. Governing Document and Constitution of the Charity Chapter III of the Constitution of the Church of Ireland governs Parishes and Parochial Organisation. The Select Vestry members are the Charity Trustees. Recruilment andAppoinlmenl of Selecl Vestry (Truslees) All members of the Church of Ireland who are over the age of 18 and are either resident within the parish or live elsewhere but have been accustomed members of the congregation for at least three months, may register as members of the general vestry of the parish, allowing them to attend and vote at meetings of the general vestry and to stand for election to the select vestry. Meetings of the general vestry are held at least once a year. The Select Vestry is elected as part of this General Vestry meeting. The Select Vestry will hold their positions for a period of one year. Select Vestry members may be re- elected annually and there is no limit on the number of terms which may be served. Organisational Structure The Select Vestry is responsible for the day to day management ofthe Parish. The Select Vestry consists of the Rector, the Churchwardens, the People's Glebewarden and generally not more than twelve other members of the general vestry. The Select Vestry is chaired by the Rector or oth¢r member of the clergy officiating in the parish. Select vestry members are responsible for making decisions on matters of general concern and importance to the parish including deciding how parish funds are to be applied. The Select Vestry meets at times fixed by the members or by the diocesan synod. Special meetings may be convened at any time by the chairperson or the churchwardens. Complionce wilh Public BeneTIl The Parish has given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the actives entered into during the year have helped to achieve the Parish's obj¢ctivcs and activities, as well as providing public b¢n¢fit. 41Page Triistces, Annual Report for the year ended 311)CCL'mber 2024 (continued) tatemeni of Truslecs, Respiiii%ibilili¢s The trubiees are respuii%ible t'or prepariiig thc I'ruslees. Repart ' at anv tinie ihe assets and liabilitics of the Parish. Thc}r arc also rcsponsible for ?*af¢guarding thc as¥et.f ()1" the Parish and hence for takin r￿onab1C slcps for the preveniion and detcction of fraud and othcr irrefFularitlCS. Sfioned on Behalf of the Trustees Mrs DL)ris Hamilion Date: Mr Philip Rea Dale: 31 8 8Dil Independent Examiners Report to the Trustees of Loughgilly Parish Church Res ective res onsibilities of the trustees and examiner The charity's trustees responsibility for the preparation of the trustees report and the accounts, as set out on pages 2 to I I, in accordance with applicable Northcm Irish law and the accounting standards issued by the Accounting Standards Board and published by The Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Northern Ireland) are set out in the Statement of Trustees, Responsibilities on page 5. The charity's trustees consider that an audit is not required for this year but have requested that an independent examination be carried out. It is my responsibility to: Examine the accounts To follow the procedures laid down in the general directions given by the temis of our engagcment and To state whether particular matters have come to my attention. This report, including the statement, has been prepared for and only for the charity's trustees as a body in accordance with the tern]s of our engagement and for no other purpose. We do not, in giving this statement, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Basis of inde endent examiner's statement My examination was carried out in accordance with general directions given by the ternis of our engagement. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented within those records. It also includes consideration of any unusual items or disclosures within the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts provide a 'true and fair, view and the report is limited to those matters set out in the statement below. Inde endent examiner's statement In connection with my examination of the financial statements for the year ended 31 December 2024, no matter has come to my attention which gives me reasonable cause to believe that, in any material respect, the requirements: to keep accounting records to prepare accounts which accord with the accounting records and comply with accounting requirements have not been met 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Jonathan Ruddell For JDMR Limited Chartered Accountants & Registered Auditors Dungannon Date: '( {IS{2 61Page Receipts aEid Paynients A¢coiint for the year ended 31 DeceRiber 2024 Uiirc5tricicd DL.slgnalEd Rc5ti'ictcd fiijlds fiinds 21124 2(F24 TalAI funds 2024 Total funds 2023 2024 Receipl.¥ Doiiation8 & pl￿¢ ¢ollcilioiis ProceeiL% froiii FutKi Raising Events Bank & Deposil iiiterest lThvestm¢i11 incom¢ Rcntal ot premi%es Oiher Reeeipts Receipts frorn Parish Org8J)isaiions Toial Receipts 25.624.17 124.(H) 25,748.17 25,3i1.71 120.63 lil.63 2,464,93 16.282,00 226.23 346.86 257,47 151.63 143.69 2,464.93 3.058.21 16.282.00 1.0?9.0 44,643.36 226.23 124.00 44,993.59 29,840.08 P¢Jimeiits Diocesan CosLslAssessm¢ni Church & Hall Running Cos GlebelRector)' Costs Administrative Cosis Fvndraising Costs ChaTitable Donations Othcr Total Pa)"mcnts ?0,557.53 13,491.89 6.003.42 ?Sl.60 80,00 626.00 78.19 41,688.63 20.557.53 22,4￿.49 l).491.89 8,4i7.29 6.003.42 5.530.00 751.60 764.41 80,00 750.00 901).00 178,19 ?60.60 124.00 41,812￿3 38J37.79 124.00 Excess of receipts over pal'ments before trgnsfer 2.954.73 226.23 3,180.96 (8,497.71) Transfer.¥ Gross transferb between funds - in 220.23 117.50 Gross transfers between funds - out 226.23 117.io Excess of re¢eipts oier payments before olh¢r g*ins .96 497.71 On Ilehalf of Ihe Truslec JoQ( f Lltn7 rs Duris Hamillon atc., Mr Philip Ilea 31. e &gig Iv5 Statement of Assets and Liabilitie5 xs at 31 Deccniber 2024 Unreslricled Dcsi%119tcd Rc5tricf¢d Flind5 Funds 2024 2024 Tot&1 2024 Total 2023 2024 C8£h Fuftds Danske No l Account antandei Bunds Dansk'e 8undai' School Danske- Olive Walker Bequest Total Cash Funds 54.169.99 54.169.99 5I.226.25 879.01 879.61 5.000.00 60.049.60 642.39 5,OnO.ot) 56,868.04 5.000. 5,000,00 -￿,049.0& Investment Assets Glebe LandsrFaniiland RCB Invc8trn¢nls Col Trustees Inveslmenl5 Other Lisled Inv¢5tments Totsl Intr'estment Assets 101.131.00 19.415.00 22?9.i3 lQl,131.OQ lQl.131.00 19,415.00 19,064.00 2,279,33 2.Q79.02 122.825J3 122,825.33 122274.02 .4ssets retained for tht Parish's own use Glebe HouselRectory Fi.¥tures and Fillings Totsl A55ets retained for the Parish)s own u.%È 150.000.00 150,000.00 R50,000.00 150,000.00 l?0 000.00 150,000.00 Tolat Assets 327,874.93 s,iioo.00 332,874.93 329.142.66 On Behalf of the Trustees Mrs Doris Hamilton Date: Mr Philip Rca l)aie". 3r. e" Notes to the financial statements for the year ended 31 December 2024 l. Aecounting policies Set out below are the principal accounting policies which have been adopted in the compilation of the Receipts and Payments Account and the Statement of Assets and Liabilities (a) Receipts and Payments Account All items of income and expenditure included within the Receipts and Payments Account have been accounted for on a cash receipts basis. (b) Statement of Assets and Liabilities (i) Assets retainedfor the Parish's own use The assets of the Parish, retained for its own use comprise:_ Church Building and Graveyard Church Hall Glebe House/Rectory Fixtures and fittings The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP (FRS102). These Heritage assets are not included in the statement of assets and liabilities as infomiation on the cost or valuation is not available and such inforn)ation cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the parish. The Church Hall is physically attached to the graveyard wall and as such is not separable as an individual asset. As such it is deemed to be a Heritage asset and no value is ascribed to it in the statement of assets and liabilities. The Glebe House/Rectory is recognised at the estimated net realisable value of the property. No depreciation has been provided on the glebe houselrectory 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 5 years. The church has set a minimum threshold of cost for an item of £500 for it to bc considered to be capitalised as a fixed asset. ii) Investments Fixed asset investments comprising Glebe Lands/Fam]land, Representative Church Body (RCB) Investments, Church of Ireland (COI) Trustees Investments and Other Listed Investments are initially recorded at cost and are then subsequently stated at fair value at each year end date. 91Page st Notes to the financial statements for the year ended 31 December 2024 (continued) 2. Reconciliation of Cash Funds Total Cash Funds at Beginning of the year Recekpts for the Year Payments for the Year Total Cash Funds at end of the year 56,868.64 44,993.59 (41,812.63) £60,049.60 3. Movement in Funds AtlJan 2024 In£omillg Re50urc¢s Outgoing Resources Investment Gainl(L05s) At31 Dee 2024 Trnnsfers Designated funds Danske- Olive Walker bequest 5,(X)O.00 5,000.00 226.23 226.23 (226.23) 1226.23) 5,000.00 5.000.00 Restricted funds Unrestricted funds Danske No l Account Danske Sunday School A.C 51.226.25 642.39 51.868.64 44,756.37 10.99 44,767.36 41,812.63 54,169.99 879.61 55,049.60 226.23 226.23 41,812.63 Total funds 56,868.64 44,993.59 41,812.63 60,049.60 4. Collections for Third Parties Annagh Hospice Royal British Legion 85.00 39.00 The above amounts have been included in Receipts for the Year under "Donations & plate collections" The full amount of £124.00 was paid out during the year and has been included in Payments for the year under "Charitable Donations" IOIPage Notes to the financial statements for the year ended 31 December 2024 (continued) 5. Transactions with the Trustees The parish paid expenses of £6,003.42 during the year rclating to the running costs of the glebe houselrectory which is occupied by the rector during the period of the rector's occupancy of it. 6. Governance Costs Governance costs of £660.00 were incurred during the year which solely relate to fees paid to the independent examiner. Governance costs are included within Administrative Costs in the Receipts and Payments Accounts. 11 |Page