COMPANY REGISTRATION NUMBER: N1000492 CHARITY REGISTRATION NUMBER: NIC104669 Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Group Financial Statements 31 December 2024
Board of The Cathedral of St. Anne Belfast Company Limitsd by Guarantee Group Financial Stst8m8nts Year anded 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Consolidated statement of financial activities (including income and expenditure account) Consolidated statement of financial position 12 13 Company statement of financial position Consolidated statement of cash flows 14 15 Notes to the group financial statements 16
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Consolidated Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Income and endowments Donations and legacies Other trading activits'es Investment income Other income 113,356 410,395 95,838 367,849 481,205 410,395 95,838 348,245 393,544 101,003 2,180 844,972 Total In¢omo 619,589 367,849 987,438 Expendlture Expenditure on raising funds: other trading activities Investment management costs Expenditure on charitable activities Total expendltur 99,084 7,487 597,498 704,069 99,084 18,365 889,997 81,529 17,370 758,153 857,052 10 11,12 10,878 292,499 303,377 1,007,446 Operating surplusl(deficit) (84,480) 64,472 (20,008) (12,080) Net gainsl(losses) on investments 14 51,700 75,123 126,823 71,734 Net Incomel(expenditurel and net movement In funds (32,780) 139,595 106,815 59,654 Reconciliatlon of funds Total funds brought forward Total funds carrled forward 2,086,028 2,291,007 2,430,602 4,377,035 4,483,850 4,317,381 4,377,035 2,053,248 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on e5 16to 33forni art of these financlal statements. 12
Board of The Cathedral of St. Anne Belfast Company Limitsd by Guarantee Consolidatsd Statsment of Financial Position Year ended 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 19 1,530,445 20 3,028,701 4,559,146 1,459,684 2,840,775 4,300,459 Current assets Stocks Debtors Cash at bank and in hand 21 22 9,000 267,164 178,197 454,361 11,000 79,991 372,646 463,637 Credltors: amounts falllng due wlthln one year Net current a880ts 24 409,657 252,061 44,704 211,576 4,512,035 Total assets les8 current liabllltles 4,603,850 Credltors: amounts falllng due after more than one year Net assets 25 120,000 135,000 4,377,035 4,483,850 Funds of the charity Restricted funds Unrestricted funds 2,430,602 2,053,248 27 4,483,850 2,291,007 2,086,028 4,377,035 Total charity funds These financial ststements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 3 Aprll 2025, and are signed on behalf of the board by: Very Rev SB Forde Director Dr V McKinley Director The notes on es 16to 33form rt of these financial statements. 13
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Company Statsment of Financial Position Year endad 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 19 1,478.326 20 3,028,801 4,507.127 1,415,824 2,840,875 4,256,699 Current assets Debtors Cash at bank and in hand 22 330,440 135,255 465,695 201,819 288,902 490,721 Cr•dltors: amount8 falllng duo wSthln one year Net current assets 24 389,426 235,839 254,882 4,511,581 96,269 4,603,396 Total assots less current Ilabllltles Credltor8: amounts falllng du• after more than one yoar Net assets 25 120,000 135,000 4,483,396 4,376,581 Funds of the charlty Restricted funds Unrestricted funds 2,430,602 2,052,794 27 4,483,396 2,291,007 2,085,574 Total charity funds 4,376,581 The net income for the financial year of the parent company was £106,815 (2023: net income £59,654). These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 3 April 2025, and are signed on behalf of the board by.. v (?[• Very Rev SB Forde Director Dr V McKinley Director The notes on es 16to33forni art of these financial statements. 14
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Consolidated Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating actlvltles Net incomel{expenditure) 106,815 59,654 Adjustments for Depreciation of tangible fixed assets Net gainsl(losses) on investments Dividends, interest and rents from investments Interest payable and similar charges Accrued expensesl{income) 20,228 7,740 {126,823} (71,734) (95,838) (101,003) 2,205 2,385 19,330 14,257 Changes in.. Stocks Trade and other debtors Trade and other creditors 2,000 (187,173) 96,483 {5,367) 27,853 60,164 (6,051) Cash generated from operations (162,773) Interest paid Net cash used in operating activities (2,205) (164,978) (2,385) (8,436) Cash flows from investing actlvltios Dividends, interest and rents from Investments Purchase of tangible assets Purchase of other investments Proceeds from sale of other investments 95,838 (90,989) (377,553) (386,506) 316,450 403,749 101,003 Net cash from investing activities (56,254) 118,246 Net increasel(d8creasel In cash and cash equivalents Cash and cash equivalents at beginnlng of year Cash and cash equlvalents at end of year (221,232) 372,646 109,810 262,836 23 151,414 372,646 The notes on os 16to 33forni rt of these financial ststements. 15
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Ststements Year ended 31 December 2024 General Information The company is a public benefit entity and a private company limited by guarantee, registered in and a registered charity in Northern Ireland. The address of the registered office is Cathedral of St Anne Belfast, Donegall Street, Belfast, BT12HB. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, the 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)) and the Companies Act 2006. Accountlng pollcles Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of fvture events that are believed to be reasonable under the circumstances. Dlsclosure exemptions The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. Consolidation The financial statements consolidate the financial statements of the Board of the Cathedral of St. Anne Belfast and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual Statement of Financial Activity. 16
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notss to the Group Financial Statements (contlnued) Year 8nd8d 31 December 2024 Accounting pollcles (contlnued) Fund accountlng Unrestricted funds are available for use at the discretion of the directors to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the directors for particular future projects or commitments. Restricted funds are subject to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of tsvo sub<lasses'. restricted income funds or endowment funds. Incomlng resources All incoming resources are included in the statement of financial actlvities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will fiow to the charity and the amount can be reliably measured. The ftjllowing specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. income from othertrading activities is measured at the fair value of the consideration recetved or receivable for goods supplied and ServIS rendered, net of discounts and Value Added Tax. revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods)., the amount of revenue can be measured reliably., it is probable that the associated economic benefits will flow to the entity., and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement offinancial activities to which it relates: 17
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (continued) Year ended 31 December 2024 Accountlng policies (continuod) Resources expended (continued) expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable acts-vities. other expenditure includes all expenditure that is neither related to raising funds forthe charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resour. Direct costs attributable to a single activity are allocated directly to that activity- Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible a8g0t8 Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impaimient losses. Depreclation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Motor vehicles Office equipment 250/0 Straight line 250/0 Straight line Depreclation has not been provided in respect of the Cathedral building (freehold propety) and the dwelling of the Dean (long leasehold propety) because their estimated remaining useful economic life exceeds 50 years. Investments Unlisted equity investments are initially recorded at cost, and subsequentty measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. +here the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable 18
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Ststements (continued) Year ended 31 December 2024 Accountlng policies (conlinued) Impalrment of fixed assets (c¢)ntlnued) group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred In bringing the stock to its present locats'on and condition. Flnancial Instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. INhere investments in shares are publicly traded or their fair value can otheThvise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaimient. Other financlal instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 19
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to tha Group Financial Statements (continued) Year ended 31 December 2024 Accounting policies fcontinued) Defined contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. en contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmlted by guarantee The company is registered as a charity with the Charity Commission for Northern Ireland. The company is limited by guarantee, not share capital. In the event of the company being wound up, every member of the company is liable to contribute a sum not exceeding £1. Donatlons and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donations Cathedral collections Sit-out donations Stewardship giving Donations and bequests Choir fund income Commercial and fundraising income 16,742 16,742 226,594 62,317 150,569 6,375 18,608 226,594 62,317 26,314 124,255 6,375 10,625 367,849 7,983 113,356 481,205 Unrestricted Funds Restricted Totsl Funds Funds 2023 Donatlon8 Cathedral collections Sit-out donations Stewardship giving Donations and bequests Choir fund income Commercial and fundraising income 8,325 8,325 174,372 53,982 108,803 174,372 53,982 68,623 40,180 2,763 2,763 348,245 133,693 214,552 Restricted and unrestricted grants and donations received during the 2024 year include the following.. £15,000 £4,000 Church of Ireland RCB Priorities Ouseley Trust 20
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantse Notes to the Group Financial Statements (continued) Year ended 31 December 2024 Donations and legacles (contlnued) Restricted and unrestricted grants and donations received during the 2023 year include the following-. £21,000 £10,000 Billy Adair Music Fund Joseph Orr Bequest other trading actlvlties Unrestricted Funds Restricted Total Funds Funds 2024 Car park rental Office rental Shop sales Admission sales Event income other income 209,460 14,766 15,858 55,453 114,358 500 209,460 14,766 15,858 55,453 114,358 500 410,395 410,395 Unrestricted Funds Restricted Total Funds Funds 2023 Car park rental Office rental Shop sales Admission sales Event income Other income 208,963 12,000 15,907 44,956 110,884 834 208,963 12,000 15,907 44,956 110,884 834 393,544 393,544 Investment Income Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Income from listed investments 95,838 95,838 101,003 101,003 Other Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income 2,180 2,180 21
Board of The Cathedral of St. Anne Belfast Company Limitad by Guarantee Notes to the Group Financial Statements (continued) Year endad 31 December 2024 Other trading actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Direct cost of sales Salaries and pension Establishment costs Management costs Other administration costs Support costs 15,608 22,513 26,563 10,584 22,016 1,800 15,608 22,513 26,563 10,584 22,016 1,800 9,864 21,193 26,688 9,104 12,930 1,750 9,864 21,193 26,688 9,104 12,930 1,750 99,084 99,084 81,529 81,529 10. Investment management costs Unrestricted Funds Restricted Total Funds Furbds 2024 Investment management fees 7,487 10,878 18,365 Unrestricted Funds Restricted Totsl Funds Funds 2023 Investment management fees 7,081 10,289 17.370 11. Expendlture on Charltable actfvitles by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Salarles and pension Establishment costs Other administration costs Cathedral Sit-out Support Costs 380,414 129,686 74,234 16,600 23,618 25,687 226,594 397,014 153,304 99,921 226,594 13,164 889,997 13,164 597,498 292,499 Unrestricted Funds Restricted Total Funds Funds 2023 Salaries and pension Establishment costs Other administration costs Cathedral Sit-out Support costs 293,804 168,863 96,463 293,804 170,465 110,812 174,372 8,700 1,602 14,349 174,372 8,700 567,830 190,323 758,153 22
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements fcontinued) Year ended 31 December 2024 12. Expenditure on charitable actlvltles by activity type Activities undertaken directly Support costs Total Funds Total Funds 2024 2023 Salaries and pension Establishment costs Other administration costs Cathedral Sit-out Govemance costs 397,014 153,304 99,921 226,594 397,014 153,304 99,921 226,594 13,164 293,804 170,465 110,812 174,372 8,700 13,164 13,164 876,833 889,997 758,153 13. Anatysls of support costs Governance costs Total 2024 Total 2023 Other trading activities Expenditure on charitable activities 1,800 13,164 1,800 13,164 1,750 8,700 14,964 14,964 10,450 14. Net galn81(losses) on investments Unrestricted Funds Restricted Total Funds Funds 2024 Gainsl(losses) on listed investments Gainsl(losses) on listed investments - unrealised 19,556 32,144 51,700 28,415 46,708 75,123 47,971 78,852 126,823 Unrestricted Funds Restricted Totsl Funds Funds 2023 Gainsl{losses) on listed investments Gainsl{losses) on listed investments - unrealised 26,229 3,014 38,113 4,378 42,491 64,342 7,392 29,243 71,734 15. Net incomel{expenditure) Net incomel(expenditure) is stated after chargingl(crediting)'. 2024 2023 Depreciation of tangible fixed assets 20,228 7,740 23
Board of The Cathedral of St. Anne Belfast Company Limitsd by Guarantee Notes to the Group Financial Statements (condnued) Year endad 31 December 2024 16. Auditors remuneratlon 2024 2023 Fees payable for the audit of the financial statements 14,964 10,450 Fees payable for other non-audit services 3,990 4,320 17. Partlculars of employees The total staff costs and employee benefits ft)r tt)e reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 385,890 17,350 18,227 283,359 13,538 18,100 314,997 421,467 Redundancy payments in the reporting period were £Nil {2023 - £5,000). The average head count of employees during the year was 9 (2023.. 71. The average number of full-time equivalent employees during the year is analysed as follows: 2023 No. 2024 No. Clergy Music staff, Organists & Choir tutors Sextons Administration staff Welcome desk No employee received employee benefits of more than £60,000 during the year (2023: Nil). 18. Trustee remuneratlon and expense8 During the year the following trustees reiVed remuneration and pension contributions as employees.. The Very Reverend S.B. Forde received remuneration of £58,000 (2023: £55,971) and pension contributions of £13,338 (2023: £15,225). The Reverend C. Mack received remuneration of £17,360 (2023.. £Nil) and pension contributions of £89 {2023.' £Nil). No trustees received remuneration or pension contributions as trustees. No trustee expenses have been incurred. 24
Board of The Cathedral of St. Anne Belfast Company Limitsd by Guarantee Notes to tha Group Financial Statements {¢ontinued) Year ended 31 December 2024 19. Tangible fixed assets Group Long Freehold leasehold propety property Motor vehicles Equipment Total Cost At 1 January 2024 Additions Disposals At 31 Decembor 2024 1,400,901 14.923 34,100 173,203 1,623,127 90,989 90,989 (34,100) 264,192 1,680,016 (34,100) 1,400,901 14,923 Depreciatlon At 1 January 2024 Charge for the year Disposals At 31 December 2024 34,100 129,343 20,228 163,443 20,228 {34,100) 149,571 (34,100> 149,571 Carrying amount At 31 December 2024 1,400,901 1,400,901 14,923 14,923 114,621 1,530,445 43,860 1,459,684 At 31 December 2023 Company Long Freehold leasehold propety propety Motor vehicles Equipment Total Cost At 1 January 2024 Additions Disposals At 31 December 2024 1,400,901 14,923 34,100 8,304 1,458,228 73,532 73,532 (34,100) 81,836 1,497,660 (34,100) 1,400,901 14,923 Depreclatlon At 1 January 2024 Charge for the year Disposals At 31 December 2024 34,100 8,304 11,030 42,404 11,030 (34,100) 19,334 (34,100) 19,334 Carrylng amount At 31 December 2024 1,400,901 14,923 62,502 1.478,326 At 31 Dernber 2023 1,400,901 14,923 1,415,824 25
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to the Group Financial Statements (continuedl Year ended 31 December 2024 20. Invèstments Group Llsted investments Cost or valuatlon At 1 January 2024 Additions Disposals Fair value movements 2,840,775 377,553 (268,479) 78,852 3,028,701 At 31 December 2024 Impalmient At 1 January 2024 and 31 Docomber 2024 Carrylng amount At 31 December 2024 3,028,701 2,840,775 At 31 December 2023 Company Shares in Listed group investments undertakings Total C08t or valuation At 1 January 2024 Additions Disposals Fair value movements 2,840,775 377,553 (268,479) 78,852 3,028,701 100 2,840,875 377,553 (268,479) 78,852 At 31 December 2024 100 3,028,801 Impalrment At 1 January 2024 and 31 December 2024 Carrylng amount At 31 December 2024 3,028,701 2,840,775 100 3,028,801 At 31 December 2023 100 2,840,875 The aggregate market value of listed investments is £3,028,701 (2023: £2,840,775). Listed investments are recorded at market value. Shares in subsidiary are recorded at cost less impairment. 21. Stocks Group 2024 2023 Finished goods and goods for resale 9,000 11.000 26
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantse Notes to th8 Group Financial Statements (ct>ntinuedJ Year ended 31 December 2024 21. Stocks (continued) Company The company has no stocks. 22. Debtors Group 2024 2023 Trade debtors Other debtors 67,491 199,673 61,290 18,701 79,991 267,164 Company 2024 2023 Amounts owed by group undertakings Other debtors 135,015 195,425 330,440 187,624 14,195 201,819 23. Cash and cash equlvalents Group Cash and cash equivalents comprise the following.. 2024 2023 Cash at bank and in hand Bank overdrafts 178,197 (26,783) 151,414 372,646 372,646 Company Cash and cash equivalents comprise the followlng.. 2024 2023 Cash at bank and in hand Bank overdrafts 135,255 (26,783) 108,472 288,902 288,902 27
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notss to the Group Financial Statements (continued) Year ended 31 December 2024 24. Creditors: amounts falling due wlthin one year Group 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 56,783 20,438 80,g72 23,367 228,097 409,657 15,000 188 61,642 20,678 154,553 252,061 Company 2024 2023 Bank loans and overdrafts Accruals and deferred income Social security and other tsxes other creditors 56,783 74,889 9,657 228,097 369,426 15,000 61,642 8,695 150,502 235,839 25. Creditorn: amounts falling due after more than one year Group 2024 2023 Bank loans and overdrafts 120,000 135,000 Loans include instalments due after more than five years of £30,000 (2023.. £52,500). Company 2024 2023 Bank loans and overdrafts 120,000 135,000 Loans include instalments due after more than five years of £30,000 (2023.. £52,500). 26. Penslons and other post-retlrement beneflts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £18,227 (2023: £18,100). 28
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notss to the Group Financial Ststements (conllnued) Year ended 31 December 2024 27. Analysls of charitablo funds Unrestricted funds - group At 1 Jan 2024 Gains and At losses Transfers 31 Dec 2024 Income Expenditure Parochial account Building and Development Fund Belfast Cathedral Enterprises Limited (312,014) 150,361 (584,186) 23,782 311,311 (410,746) 2,397,588 58,833 (20,799) 27,918 2,463,540 454 410,395 (99,084) 2,086,028 619,589 (704,0691 {311,311) 454 51,700 2,053,248 At 1 Jan 2023 Income Expenditure Gains and At losses Transfers 31 Dec 2023 Parochial account Building and Development Fund Belfast Cathedra5 Enterprises Limited (298,133) 163,481 (502,829) 13,452 312,015 (312,014> 2,380,484 73,395 (72,082) 15,791 2,397,588 454 393,544 (81,529> (656,440) (312,015) 454 2,082,805 630,420 29,243 2,086,028 The Building and Development Fund includes £280,000 from the sale of the vicarage in 2018. Unrestricted funds - company Gains and At losses 31 Dec 2024 At 1 Jan 2024 Income Expenditure Parochial account Building and Development Fund {312,014} 461,672 (584,186) 23,782 {410,746) 2,397,588 2,085,574 58,833 (20,799) {604,9851 27,918 2,463,540 2,052,794 520,505 51,700 29
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantsa Notes to the Group Financial Statements (contlnued) Year ended 31 Decembar 2024 27. Analysis of charitable funds (continued) Unrestricted funds - company (cl11nUed) Gains and At losses 31 Dec 2023 At 1 Jan 2023 Income Expenditure Parochial account Building and Development Fund (298,133) 475,496 (502,8291 13,452 (312,014) 2,380,484 2,082,351 73,395 548,891 (72,082) (574,9111 15,791 2,397,588 29,243 2,085,574 The Building and Development Fund includes £280,000 from the sale of the vicarage in 2018. Re3trlcted funds - group Gains and At losses 31 Dec 2024 At 1 Jan 2024 Income Expenditure Specific Parochial Purposes Fund Choir Fund Sit-out Fund Billy Adair Music Fund Chair Fund Joseph Orr Bequest Fabric and Development Fund Ouseley Trust 2,259,455 (7,838) 75,123 2,326,740 6,375 6,375 226,594 (226,594) (6,798) (11,030) 14,399) 19,960 4,270 5,582 13,162 62,502 1,183 69,262 1,740 61,618 4,000 (46,718) 16,640 4,000 2,291,007 367,849 (303,377) 75,123 2,430,602 Gains and At losses 31 Dec 2023 At 1 Jan 2023 Income Expenditure Specific Parochial Purposes Fund Choir Fund Sit-out Fund 8illy Adair Muslc Fund Chair Fund Joseph Orr Bequest Fabric and Development Fund Ouseley Trust 2,234,576 (17,6121 42,491 2,259,455 174,372 21,000 4,270 12,300 (174,372) (1,040) 19,960 4,270 5,582 (6,718) 2,610 {870) 1,740 2,234,576 214,552 {200,6121 42,491 2,291,007 30
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to th8 Group Financial Statements (continued) Year ended 31 Dacember 2024 27. Analysls of charitable funds (contlnued) Restrlcted fund8 - company Gains and At losses 31 Dec 2024 At 1 Jan 2024 Income Expenditure Specific Parochial Purposes Fund Choir Fund Sit-out Fund Billy Adair Music Fund Chair Fund Joseph Orr Bequest Fabric and Oevelopment Fund Ouseley Trust 2,259,455 (7,8381 75,123 2,326,740 6,375 6,375 226,594 (226,5941 (6,7981 (11,0301 (4,399} 19,960 4,270 5,582 13,162 62,502 1,183 69,262 1,740 61,618 4,000 367,849 (46,718) 16,640 4,000 2,430,602 2,291,007 (303,377) 75,123 Gains and At losses 31 Dec 2023 At 1 Jan 2023 Income Expenditure Specific Parochial Purposes Fund Choir Fund Sit-out Fund Billy Adair Music Fund Chair Fund Joseph Orr Bequest F8bric and Development Fund Ouseley Trust 2,234,576 (17,612) 42,491 2,259,455 174,372 21,000 4,270 12,300 (174,372) (1,040) 19,960 4,270 5,582 (6,718) 2,610 (870) 1,740 2,234,576 214,552 (200,6121 42,491 2,291,007 28. Analysis of net assets b8tweon funds Group Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Other net asset5 1,467,943 1,234,694 (649,389) 2,053,248 62,502 1,794,007 574,093 1,530,445 3,028,701 (75.296) 4,483,850 Net assets 2,430,602 31
Board of The Cathedral of St. Anne Belfast Company Limited by Guarante8 Notes to the Group Financial Statements (c¢tInued) Year anded 31 December 2024 28. Analysis of net assets between funds (contlnued) Group (contlnued) unstrICted Funds Restricted Total Funds F.unds 2023 Tangible fixed assets Investments Other net assets 1,45g,684 1,158,083 (531,739) 2,086,028 1,459,684 2,840,775 76,576 1,682,692 608,315 2,291,007 Net assots 4,377,035 Company Unrestricted Funds Restricted Totsl Funds Funds 2024 Tangible fixed assets Investments Other net assets 1,415,824 1,234,794 {597,824) 2,052,794 62,502 1,794,007 574,093 2,430,602 1,478,326 3,028,801 (23,731) 4,483,396 Net assets Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Other net assets 1,415,824 1,158,183 (488,433) 2,085,574 1,415,824 2,840,875 119,882 4,376,581 1,682,692 608,315 2,291,007 Nat asset8 29. Analy8ls of change8 In net debt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and in hand Debt due within one year Debt due after one year 372,646 (15,000) (135,000) 222,646 (194,449) (15,000) 15,000 (194,449) 178,197 130,000) (120,000) 28,197 30. Relatod partles Group Wlth key management personnel Key management personnel are the persons in the senior management team to whom the trustees delegate day-to-day management of the charity. Paid compensation for services provided totalled £95,722 (2023 - £76,657) 32
Board of The Cathedral of St. Anne Belfast Company Limited by Guarantee Notes to tha Group Financial Statements (continued) Year ended 31 December 2024 30. Relatod parties (continued) Company With Belfast Cathedral Enterprises Llmlted Relationship - Belfast Cathedral Enterprises Limited is a wholly owned subsidiary. Nature of transactions during the year: 2024 2023 Donations from the related party Amount owed by the related party at 31 December 311,311 135,015 312,015 187,624 Outstanding balances are unsecured and Interest-free. Wlth key management personnèl Key management personnel are the persons in the senior management team to whom the trustees delegate day-to-day management of the charity. Paid compensation for services provided totalled £95,722 (2023 - £76,657). 31. Subsidiary undertaklngs The financial statements include the results of the following subsidiary undertaking for the year ended 31 December 2024. Belfast Cathodral Enterprl8e8 Limlted Company giStratIon number: Nature of control.. N1044805 The company is a wholly owned subsidiary of Board of the Cathedral of St. Anne Belfast Gross income.. Total expenditure.. Net income for year: £410,395 £410,395 £Nil Gross assets: Total liabilities- Net assets.. £175,800 £175,246 £554 32. Ethlcal standards In common with many other entities of our size and nature, we use our auditors to assist with the preparation of the financial ststements. 33