Receipts and Payments Account for the year ended 31 December 2024 Unrestricted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total 2024 Totsl 2023 Note Recei Donations & Plate collection Proceeds from Fund Raising Events Legacies Charity Collections Bank & Deposit interest Investment income Rental of premises Churchyard Receipts Grants Other Receipts 28,333.99 3,830.98 3,322.00 31,655.99 3,830.98 32,099.60 8,458.10 2,791.87 110.16 388.32 2,791.87 990.74 388.32 2,586.81 552.51 364.08 1,085.00 5,355.00 10,083.00 6,465.01 531.61 348.97 670.00 5,300.00 670.00 5,300.00 3,375.82 3,375.82 Total Recel ts 44,801.14 3,853.61 348.97 49,003.72 67,049.11 ments Wages and Salaries Diocesan Costs/Assessment Church Running Costs Glebe Costs Glebe Land Costs Parish Centre Costs Primary School Costs Administration Cost5 Fundraising Costs Charitable Donations 2,940.00 13,794.32 12,766.05 5,063.86 2,940.00 13,794.32 12,766.05 5,063.86 2,590.00 19,984.68 6,169.38 5,715.41 1,673.26 3,717.92 1,168.65 746.06 5,288.10 1,673.26 4,137.62 1,198.85 746.06 5,288.10 1,434.38 1,206.74 1,207.31 11,029.63 3,348.60 419.70 30.20 Total Pa ments 47,158.22 449.90 47,608.12 52,686.13 Surplus of Recelpts over Payments for the year before transfers 12,357.081 3,403.71 348.97 1,395.60 14,362.98 Transfers Surplus of Receipts over Payments for the year {2,357.08) 3,403.71 348.97 1.395.60 14,362.98 On Behalf of the Trustees Mrs Louise Silvev Mrs Sandra smith Date: l itr I xr
Statement of Assets and Liabilities as at 31 December 2024 Unrestritted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total 2024 Cash Funds Current Accounts Deposit Accounts Total Cash Funds 61,454.20 2.854.00 35.462.23 38,316.23 64,308.20 45,614.57 109,922.77 10,152.34 10,152.34 61,454.20 Investment Assets Equity Investments Other Listed I nvestments Investments in RCB / CIT Unit Trusts Other unlisted investments Investment Properties Total Investment Assets 37,692.80 37.692.80 2,679.24 2,679.24 40,372.04 40,372.04 Assets retained for the Parish's own use Glebe House Primary School Glebe Land Total Assets retained for the Parish's own use 200.000.00 80.000.00 30.000.00 310.QOO.00 200.000.00 80.000.00 30.000.00 310.000.00 On Behalf of the Trustees Mrs Louise Silvey -iJ Mrs Sandra Srnith Date: Lq 114lxs-
Notes to the financial statèrnents for the year ended 31 December 2024 l. Accountlng pollcles 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 la) 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 Llabilitles (i) A55et5 retoinedfor the Purish'5 own use The assets of the Parish, retained for its own use comprise:. Church Building and Graveyard Parish Centre Glebe House Primary School Glebe Land The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP IFRS102) These Heritage assets are not included in the statement of assets and liabilitie5 a5 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 Parish Centre was acquired in 1917. There are no reliable records of the cost of this construction/ acquisition and valuation approach for such a bui Iding lacks sufficient reliability. As a result this building is not recognised in the parish statement of assets and liabilities. The Glebe House is recognised at deemed cost, which the Select Vestry deem to represent the estimated fair value of the property at l January 2016. No depreciation ha5 been provided on the glebe house as the current estimated residual value is not less than its Carrying value and the remaining useful life currently exceeds 50 vears. The Primary School was acquired in 2012 and is re¢ogni5ed at C05t, which the Select Vestry deem to represent the estimated fair value of the property at l January 2016. No depreciation has been provided on the primary school as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. The Glebe Land has been estimated at the current market rate for agricultural land of £10,000 per acre. ii) Investrnents Fixed asset investments comprising investment properties, investments in equities lordinary 5h?res1 and investment in RCB/CIT Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each year end date. Investments in unquoted investments are recorded at ¢05t and are assessed annually for impairment.
Notes to the financial statements for the year ended 31 Decernber 2024 (contlnued) Reconcillation of Cash Funds Total Cash Funds at Beginning of the year Prior year adjustment Receipts for the Year Payment5 forthe Year Total Cash Funds at end of the 109,911.17 11,384.001 49,033.72 {47,608.121 109,922.77 year Movement in Funds Atljan 2024 Incoming Resources Outgoing Resources At 31 Dec 2024 Transfers Endowment funds Historical Bequests & Legacies 9,803.37 348.97 {o.00) 0.00 10,152.34 9A03.37 348.97 {o.00) 0.00 10,152.34 Restrlrted funds Repair Fund Primary School Account 31,608.62 3,303.90 3,853.61 0.00 {o.00) 1449.90) 0.00 0.00 35.462.23 2,854.00 34,912.52 3.853.61 1449.90) 0.00 38,316.23 Unrestrirted funds General Fund Prior year adjustment 65,195.28 {1,384.001 63.811.28 44.801.14 147,158.22) 0.00 61,454.20 4401.14 (47,158.221 0.00 61.454.20 Total funds 108,527.17 49,003.72 (47,608.12) 0.00 109,922.77 Pur oses of Endowment Funds To provide income in the form of interest which is reinvested for use at the discretion of the trustees. Pur oses of Restricted Funds Repair Fund.. The purpose of this account is forthe maintenance and renewal of the church property. Primary School Account: The purp05e of this account forthe maintenance and renewal of the old primary school property. Pur Oses of Desi nated Funds General Fund.. This fund covers all expenditure and receipt transactions except for those which require separate fund accounting. This fund is to assist with all areas of the Church Life alongside the maintenance and upkeep of all the Chur¢h A55ets. 10
Notes to the financial statements for the year ended 31 December 2024 (continued) 4. Collertions for Third Parties 2024 2023 G.F.S Missions Ministry Training Fund N.1 Children Hospice R.B.L Poppy Appeal Christain Aid Hospice Sunday 2. Benburb Boys Brigade Benburb LOL No.4 Motherfs Union Bowling club 147.50 126.20 311.60 499.71 240.40 293.50 245.00 458.40 297.00 667.50 301.27 136.00 320.00 468.60 492.00 259.00 2.791.87 2A71.81 4A. Charity Allocations from Church Funds 22.73 3.50 This is a sum allocated by the Trustees to the above various collections for third parties. All payments out had not been completed by the yearend. 4B. Charlty Allocatlons frorn Church Funds 0.00 This is a sum allocated annually by the Trustees to support a number of charities not included in Collections for third parties. The above amounts have been included in Receipts for the Year under "Charity Collections" and in Payment5 for the year under'cha ritable donations" 5. Grants 2024 2023 Community Fund Mid Ulster Council Energy Support Scheme 7,383.00 1,500.00 1,200.00 10.083.00 The above grants received from the National Lottery Community Fund and Mid U15ter Council were in relation to our community event organised in November 2023 to cover expenses for our Flower Festival, Santa's Grotto and Christmas tree light 5Wltch on, the cost of these events has been included in payments for the year under"Fundraising Costs" 11
Notes to the financial statements for the year ended 31 December 2024 Icontinuedl 6. Transactions with the Trustees The parish paid expenses of £1,688 relatinE to the running costs of the glebe house which was unoccupied during the vacancy. The Parish reimbursed £462.79 to 3 trustees in respect of minor running cost expenses incurred on behalf of the Parish during the year. Mr David Walker, trustee, received a payment of £1,500 in respect of churchyard maintenance expenses. This has been included in payments forthe year under'wages & Salaries" Mr Paul Robinson, trustee, mceived a payment of £120 in respect of duties as Church Organist. This has been included in payments forthe year under'wages & Salaries" The Glebe land was let during the year to MrAndrew Robinson, a trustee's son. The parish received a eonacre of £350. 7. Governance Costs There was no governance costs incurred during the year. 12