Charlty reglstratlon number 104857 (Northern Ireland) ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rev Canon Paul Hoey Charles Donnell Ernest Moore William Driver Wendy Deacon Ann Turner Elaine Way Roberta Sinclair Melonie Montgomery Daphne Pentland Valerie Failh Rebecca Driver Olga Cathers Tracy Jennings Derek Thompson Maeve Curry Charity number (Northem Ireland) 104857 Principal address 21 Main Street Eglinton BT47 3AB Independent examiner PFS & Partners 16 Main Street Limavady BT49 OEU 8ankers Danske Bank 27 Glenshane Rd Londonderry BT47 2LN
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE CONTENTS Page Trustees, report Independent examiner's report ststement of financial activities Balance sheet Notes lo the financial ststements 8-21
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance wilh the accounting policies set out in note 1 to the financial statements and cornply with the charity's governing document, the Charities Act (Northem Ireland) 2008, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021" Objectives and activities The charitable PUTpose of St. Canice's Church is Ihe advancement of religion. The principal function is to support the advancement of the Chrislian religion by promoting through the work of the Parish the whole mission of the Church, pastoral, evangelisti¢, social, and ecumenical. Being open to and engaging with society as a whole and offering support for those needing help is fundamental to the practical delivery of the tenels of Christianity. As 8 result of activity in pursuit of the advancement of the Christian religion, the Parish has custody of a large body of records, materials. and artefacts of significance lo the cultural herilage, the maintenance of which is undertaken by the Parish as a secondary charitable purpose. Public benefit The trustees have paid due regard to guidance issued by the Charity Commissioll in deciding whal aclivities the charity should undertake. The expression of the precepts of the Christian religion through engagement with the general public, and in particular wilh the disadvantaged, the sick, the elderly and the young is a public benefit. This can be measured and evidenced thiough increased social integration and pastoral care delivered at the point of need. The direct benefit of participation in Church life includes the enjoyment of public worship and the giving and receiving of pastoral ministry, improved understanding of the values relating to civic engagement, community cohesion and providing a bridge between diverse groups as well as improved educational outcomes through the Church's ministry of teaching. The beneficiaries are the general public. The public valuation of the benefits can be evidenced through attendance al public worship, participation in Church govemance, willingness to support through contributions and the continuing witness of the Church. The wider benefil to the public will oulweigh any detriment arising in the course of Christian outreach. Any private benefit arising out of the fvlfilment of our Christian ministry or to lay staff is es5enlial to the fulfilment of the purpose of the advancement of religion. No Tru51ee receives remuneration. reward, or other private benefit for carrying out their Trustee responsibility. The dired benefits flowing from maintenance of a body or records, materials and artefacts include Ihe provision of archive records, public enjoyment of cultural and historic buildings and artefacts such as church pte. fumishings, and materials as well as an overall improved appreciation of longstanding Christian heritage. This is demonstrated through on-going provision of access to record5 and the use made of Ihese records in, for example, research and genealogy, through conservation efforts in respect of records, property and artefacts and the subsequent and continued requests for access and use of our materials by wider society. There is no hami arising from the purpose. The beneficiarie5 are the general public. No private benefit is received by trustees fulfilling Iheir truslee responsibilities in respect of these records, buildings, or artefacls, but in the course of conservaion and to make these accessible to the public, the engagement of professional staff and SeiceS is essential but incidental lo the fulfilmenl of the purpose. Compliance with public benefit The Parish has given careful consideration lo the Charity Commission for Northern 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.
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance Significant aclivilies and achievements against objectives Since 2017, the Select Veslry has worked extremely hard to achieve ils vision for a new parish centre, to be known as The Canice Centre. Significani progress has been made during 2024. Imth Diocesan support to build in phases as money becomes available, we were delighted when the project commenced in June 2024. We were grealy encouraged to receive grants of £50,000 from the Benefact Trust, a national charTty providing essential support lo protect and enhance churches and Christian charity buildings, and £1 5,000 from the Representative Church Body (part of the Church of Ireland's govemance structure) in Dublin. Regular sile meetings between representatives of the Select Vestry and the building contractor, archltect, and other professions, commenced from September 2024. As construction has progressed, there has been great interest in the village, and support for the success of the project. The Select Vestry set up a Fundraising Gioup in May 2024, which include5 wider parish representation. Fundraising events have been well supported, and the improved financial position of the Building Fund reflects this success. Parishioners committed to contribute to the church's Building Fund when it was launched in June 2021. By the end of 2024. the Select Veslry was pleased thal parishioners had largety adhered to their pledges, while noting that some contributors had died or left the parish. Nevertheless, the Building Fund remained on target for 2024. In December 2024, the details of a "Count Me In" initiative were sent to parishioners lo encourage futher support for the Building Fund. There has been a positive response thus far. 'Buy a Brick. was also launched to the wider community, with flyers being sent to almost 7,000 homes. An importanl conlributor to the Building Fund is the income received from the parish Thrift Shop "New Beginnings-, which opened in December 2020. As well as bringing much-needed additional income for the church's Building Fund (almost £47,000 nett in 2023), the shop has proved to be an important part of St Canice's ministry in the local community. Its success is due to a team of committed volunteers, and the quality of donations received from across the community. The Select Veslry agreed in November 2024 to give grants of £750 each lo Eglinton Primary School's Breakfast Club and the Faughanvale Community Project, with a further donation of £200 to Foyle Search and Rescue. We also supported a charity providing aid in Ukraine. In this year, the parish also donated to the Bishops, Appeal for the Middle East, and the Earf Haig Fund. We are encouraged that numbers attending church services and Sunday School are being maintained. Although we are challenged by the lack of a usable church hall. we created many opportunilies in 2024 to grow in strength as a church family. We established house groups to discuss the Reclor's sermons, took part in a three-churches, Alpha programme, offered a community-wide healing service, and orgènised a number of social events and activities. In December, we organised a Gifts, service and gave a significant number of gifts for all ages to Foyle Women's Aid. We also support Foyle Foodbank on an ongoing basis. Despite concerted efforts, the parish was unable to fill the Youth Worker post. which is shared with the local Presbyteman Church as a means of reengaging yovng people. During 2024, we were pleased to develop a partnership arrangement wilh Exodus NW to provide support initially to the churches, youth groups. Compllance wlth Publ1¢ Benefit The Parish has given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that Ihe aclivilies enlered into during the year have helped lo achieve the Parish's objectives and activities, as well as providing public benefit. Financial review Our total income in the year was £460,18512023- £151,484 } and this consisted of £282,37512023: £72,758) in our General Fund {Unreslricted Funds), £173,733 {2023'. £74,417) in our Restricted Fund and £4,077 (2023: £4,309) income from Endowments. Total expenditure for the year was £104,96912023.' £123,460) of which £89,330 (2023.. £85,620) was from General Funds (Unrestricted Funds), and £10,419 {2023.' £33,531) wa5 from Reslricled Funds and £5,22012023.' £4,309) was from Endowment Funds.
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Going concem The Trustees have reviewed the budgets for the year ahead and are satisfied that there are adequate funds in place to ensure Ihat the Parish can continue its activities and the financial statements for the year ended 31 December 2024 can be signed off as a going concern. ReseNes policy It is the policy of the chaiity that unrestricted funds which have not been designaled for a specific use should be maintained al a level equivalent to between three and six month's expenditure. The truslees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Structure. governance and management The charity is an unincorporated charity registered in Northem Ireland. Chapter 111 of the Constitution of the Church of Ireland governs Parishes and Parochial Organisation. The Selecl Vestry members are the Charity Trustees. At its April meeting, Ihe Select Vestry confirmed the following policie5 sent to Ihe parish by Ihe Representative Church Body in Dublin.. Code of Conduct Conflicls of Interest Remuneration Policy Expenses Policy GDPR Policy The truslees who setved during the year and up to the date of signature of Ihe financial statemenls were.. Rev Canon Paul Hoey Charles Donnell Ernest Moore William Driver Wendy Deacon Ann Turner Elaine Way Roberta Sinclair Melonie Montgomery Daphne Pentland Valerie Faith Rebecca Diiver Olga Cathers Tracy Jennings Derek Thompson Maeve Curry Recwitment and appointment of trustees All members of Ihe 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 gera1 vestry and to stand for election lo the select vestry. Meetings of the general vestry are held al least once a year. The Select Vestry is elected as part of this General Vestry meeting. The Select Vestry hold their position5 for a period of one year. Select Vestry members may be r&elected annually and Ihere is no limst on the number ofterms which may be setved. The general vestry meeting took place on 14 April 2024. None of the tnjstees 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.
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisafionsl structure The Selecl Vestry is a body of people elected under the Conslilulion of the Church of Ireland responsible for th8 day-l(daY management of thè p2rish. Tho Selocl Vestry consisls of the member of Ihe clergy I'the incumbenl") serving In the parish. along wilh up lo 16 other members. The Select Vestry is responsible for making decisions on Matters of general concem ?nd importance to the parish including deciding how parish funds are to tp applied. It meels al limes fixed by the members. In 2024. the Select Vestry mel nine times during Ihe year. including workshop and two Zoom meetings. Their work was SilPPOrted by a number of Sub-commillees including a Finance Committee. a Hall Projecl group, a Fundraising Group, and a Parish Developmènt Group. Remunerafion policy An allow8nce of £900 for expenses of office was paid lo the incumbent member of Clergy who served in the parish during the year, along with a further amount of £4,030 accrued in daily running expenses or to reimExJrse him for accounts paid on behalf of the parish. The trustees, report was approved by the Board of Truslees. Rev Canon Paul H Trustee ey EmÈst Moore Trustee 6 April 2025
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE I report on the financial ststements oflhe charity for the year ended 31 December 2024, which are set out on pages 6t021. Respective responsibilities of charity trustees and examiner As the Charity's Irustees you are responsible for the preparation of the financial statements in accordance with the Chaiities Act (Northem Ireland) 2008. It is my responsibility to- examine Ihe financial stalements under section 65 of the Charities Acl (Northern Ireland) 2008-, follow the procedures laid down in the general Directions given by the Commission under section 6519){b) of the Charities Act (Northern Ireland) 2008., and State whether particular matters have come to my attention. Basis of independent examinees report I have examined your charity financial statements as required under section 65 of the Charities Act {Northern Ireland) 2008 and my examination was carried oul in accordance with the gener21 Directions given by Ihe Charity Commission for Northern Ireland under section 6519){b) of the Charilies Acl. The examination included a review of the accounting records kept by the charity and a comparison of the financial statements presented wf(h those records. It also included consideration of any unusual ilems or disclosures in the financial statements. and seeking explanations from you as charity trustees concerning any such malters. My role is to stste whether any material matters have come to my attention giving me cause to believe that- 1. Accounting records were not kepl in accordance with seclion 63 of the Charities Acl (Northern Ireland) 2008,. or 2. The financial statements do nol accord wilh those accounting records., or 3. The financial statements do not comply with Ihe accounting requirements of the Charities Act (Northem Ireland) 2008., or 4. There is further information needed for a proper understanding of the financial ststements to be reached. Independent examiner's statement Since the charity's gross income exceeded £250,000, the independenl examiner must be a member of a body listed in section 65 of the Charities Act (Northern Ireland) 2008.1 confirm that l am qualified to underlake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination and I have no concerns in respect of the matters {1) to {4) lisled above and, in connection with following Ihe Directions of the Charity Commission for Northem Ireland, I have found no matters thal require drawing io your altention. pfrs f&( IMCJ PFS & Partners 16 Main Street Limavady BT49 OEU 6 April 2025
Lnor£O i ri P- fD 73 P4 (D e£1 co O)LnNo* ¢£1 fn DJ (Q (5> (ry T5 7J Zl c c (u CcJL)o co tUUO Z If LL
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed as$et$ Tangible assets Inveslments 15 16 629,786 119,746 275,556 159.134 749,532 434.690 Currènt assets Debtors Cash at bank and in hand 18 31,487 378.727 355,759 410,214 355,759 Creditors- amounts falling due withln one year 19 16001 Net current assets 409.614 355,759 Total assets less current Ilabllities 1,159.146 790,449 The funds of the charity Endowment funds Restricted income funds Unreslricled funds 20 21 22 130.702 561.708 466,736 171.232 347,202 272.015 1.159,146 790.449 The financial statements were approved by the trustees on 6 April 2025 Rev Canon Paul Hoey Trustee Ernest Moore Trustee
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policles Charity inforniation St Canice's Church of Ireland, Faughanvale is a an unincorporated charity registered in Northern Ireland. 1.1 Accounting convention The financial statements have been prepared in accordance wilh the charity's goveming document, the Charities Act (Northern Ireland) 2008, FRS 102 "The Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Stalement of Recommended Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in Ihe SORP for charities not to prepare a statent of cash flows. The financial statements are prepared in sterting, which is the functional currency of the charity. Monetary amounts in these financial slatements are rounded to the nearest £. The financial statements have been prepared under Ihe 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 Iruslees have a reasonable expectation that the charity has adequale resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopl the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unreslricted 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. Endowmenl funds are subject to specrfic conditions by donors that the capilal must be maintained by the char(ty. 1.4 Income Income is recognised when Ihe charity is legally enlitled 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 donalions are recognised once the charity has been notified of the donation, unless perfomance conditions require deferral of the amounl. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at Ihe time of the donation. Legacies are recognised on receipt or othenmise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amounl is nol known, Ihe legacy is Irealed as a contingent asset.
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies Icontlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or Constructive obligation to transfer economic benefit to a Ihird paty, il is probable that a transfer of economic benefils will be required in settlement, and Ihe amount of the obligation can be measured reliably. Expenditure 1$ classified by activity. The costs of each activiiy are made up of the total of dir cost$ and shared cosls, including support cosls involved in undertaking each activity. Direct costs attributable to a single activily are allocated directly io thal actlvlty. 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 wilh the use of resources. Central staff costs are allocated on the basis of time spent, and depre¢ialion charges are allocated on the portion of the asset's Use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of deprecialion and any impairment losses. Depreciation is recognised so as to write off the cosl or valualion of assets less their residual values over Iheir useful lives on the following bases= Leasehold land and buildings The gain or loss arising on the disposal of an assel 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 Fixed asset investments Fixed asset investments ale initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exisls, the recoverable amount of the asset is estimated in order lo determine Ihe extenl of the impaiment loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposlts held al call wlth banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within bOowingS in current liabilities. 1.10 Financial Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sectlon 12 'Olher Financial Instruments Issues, of FRS 102 lo all of ils financial instruments. Financial inslruments are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the instwment. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is 8 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.
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Bas1¢ flnan¢lal 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 constitules a financing transaction, where the transaction is measured al the present value of the fvture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 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 p8yments discounled at a markel rate of interest. Financial liabilities classified as payable wilhin one year are not amortised. Debt instruments are subsequenlly carried at amorti5ed cost, using ihe effective interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operalions from suppliers. Amounts payable are classified as current liabilities if payment is due wilhin one year or less. If not, they are presenled as non-current liabilities. Trade creditors are recognised initially at transaction pri and subsequently measured at amortised cost Using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contraclual obligations expire or are discharged or Cancelled. 1.11 Employee benefits The cost ol any unused holiday entillement is recognised in the period in which the employee's services are received. Temination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or lo provide temiination benefits. Income from donations and grants Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Freewill offerings and donations In memoriam Grants SpeGial Collections 72,234 820 2,655 1,890 66,676 1,425 74,889 2.710 66,676 1,575 70,006 1.575 70.006 1.575 150 1,624 1,624 73,204 72,646 145,850 71,581 1,624 73,205
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable activities Unrestrlcted Restrictèd funds funds 2024 2024 Total Unrestrfcted Restrlcted funds funds 2023 2023 Totsl 2024 2023 Church Sale of graves Fundraising income Gift aid income 1,760 1,802 65,117 1,760 41,670 65,117 690 361 690 23,130 39,868 22,769 68,679 39,868 108,547 1,051 22,769 23,820 Incorne from other trading activities Restricted funds 2024 Restricted funds 2023 New Beginning5 shop income 51.262 47,871 11
vj 75 13 U) Z5
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other income Unrestricted Unrestricted funds funds 2024 2023 Net gain on disposal of tangible fixed assets 140,468 Expenditure on charltable actlvlties Church 2024 Church 2023 Direct costs Diocesan assessment Insurance Rales New Beginnings shop rent Heating and lighting Printing and stationery Repairs and maintenance Sundry expenses Equipment Bank interest and fees Clergy expenses of office Fundraising costs Church cleaning Special collections Other charitable expenditure 69,367 5.185 1,879 3,300 3.503 818 65.092 4.825 1,919 3,300 1,813 473 686 637 270 190 5,285 2,160 1,040 800 29,161 1,156 162 4,628 360 1,072 635 6.484 98,549 117,651 Share of support and govemance costs (see note 81 Governance 1,200 1,500 99,749 119.151 Analysis by fund Unrestricted fvnds Restricted funds 89,330 10,419 85,620 33,531 99,749 119,151 13-
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocatsd to activities 2024 2023 Governance costs 1,200 1,500 Analysed between: Church 1,200 1,500 Net movement in funds 2024 2023 The net movemenl in funds is stated after chargingllcredilingl.. Fees payable foi the independent examination of the charity's financial statemenls Profit on disposal of tangible fixed assets 1,200 {140,468) 1,500 10 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Employees The average monthly number of employees during the year was= 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. 12 Other expenditure Endowment Endovrtnent funds funds 2024 2023 Groundworks Repalrs and maintenance 4,100 1,120 3,500 809 5,220 4,309 14-
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Gains and losses on Snvestments Endowment Endovmient funds funds 2024 2023 Gainsl(losses) arising on.. Revaluation of investments 13,481 14 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 15 Tangible fixed assets Leèsehold Assets under land and constructlon bulldlngs Total Cost Al 1 January 2024 Additions 275,556 275,556 354,230 354,230 At 31 December 2024 275,556 354,230 629,786 Carrying amount At 31 December 2024 275,556 354,230 629,786 At 31 December 2023 275,556 275.556 The assets of the Parish, retained for its own use comprise.. Church Building and Graveyard Church Hall Rectory The Church Building and Graveyard are deemed to be Heritsge assets as defined by the Charities SORP IFRS102). These Heritage assels are not included in the statement of assets and liabililies as infomiation on Ihe cost or valuation is not available and such information cannot be obtained at a cost wmmensurate with Ihe benefit to the users of the accounls and to the parish. The Rectory is recognised at deemed Gost, being the eslimaled fair value of the property at 21 Main Street, Eglinton, BT47 3AB. No depreciation has been provided on the Rectory as the current estimated residual value is not less than it's carrylng value and the remaining useful life currenlly exGeeds 50 years. 15-
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Fixed asset investments Unllsted investments Cost or valuation At 1 January 2024 & 31 December 2024 159,134 Carrying amount At 31 December 2024 159,134 Al 31 December 2023 159,134 17 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profit or loss 119,746 159,134 18 Debtors 2024 2023 Amounts falling due within one year: other debtors 31,487 19 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 600 20 Endowment funds Endowment funds represent assets which must be held permanently by the chgrity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capitsl gains or losses arising on the assels fomi part of the fund. At 1 January 2024 Incoming resources ResoUe$ expended Transfers Gains and losses At31 December 2024 Permanent endowments Endowment lunds Investments 12,098 159,134 4,077 (5.220) 10,955 119.747 152,868) 13,481 171,232 4,077 15,220} 152,868) 13,481 130,702 16-
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Endovmient funds Icontlnued) Prevlous year: At 1 January 2023 Incoming resources Resources expended Transfers Gains and losses At31 December 2023 Pemianent endovmients Endowment funds Investments 12,098 159,134 4,309 {4,309) 12,098 159,134 171,232 4,309 {4,309) 171,232 Income from RCBICIT unit trusts used lor mainlaining church grounds and graves. 21 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as lo how they may be used. At 1 January 2024 Incoming resources Resources expended Transfers At31 December 2024 Bishop's Appeal Building fund Church ofthe Cross USA Eglinton CU Flood relief and insurance clairn New Beginnings shop R Cochrane - estate R Driver- in memorium RCB- Mind Matters Reclor's challenge Special collections Youth worker funding 974 273,247 3,678 1,265 119,370 {6351 16,2341 1,604 488.013 3,678 101,630 500 (500) 46,293 46,293 51,262 {3,300) 147,962) 10,000 300 10,000 (300) 11,176) (500) 1,176 500 2,210 10,000 160 2,370 9,750 (2501 347,202 173,733 {10,4191 51.192 561.708 17-
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restrlcted funds IContlnued> Previous year: At 1 January 2023 Incomlng resources Resources expended Transfers At31 December 2023 Flood relief and insurance claim Building fund RCB grant re church hall New Beginnings shop R Cochrane- estale R Driver- in memoriam Reclor's challenge Church ofthe Cross USA Special collections Bishop's Appeal 46,293 185,600 47.584 10,000 300 soo 3,678 2,061 300 10,000 46,293 273,246 24,922 47,871 {25,993) 16.738) 88,717 {88,717) 10.000 300 500 3.678 2,211 974 10,000 150 1,474 {8001 306,316 74,417 (33,5311 347,202 18-
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restrlctod funds (Continued) Flood Relief and Insurance Claim.. A significant part of the village of Eglinton {including the homes of parishioners, the Parish Church, and the Church Hall) was flooded in August 2017. This is a fund representing donations received from parishioners, the Diocese and others to provide flood relief to those affected together with an interim payment from the parish's insurers to help meet ongoing costs whilst the Insurance claim for the damage to Church property is being settled. The Building Fund.. St. Canice's Church buildlng and hall were badly damaged during flooding in the village in Augusl 2017. The Building Fund was established to facilitate donations from parishioners who wished to contribute to the enhancement of the church during its restoralion and Ihe potential new build of the church hall. R Cochrane - Estate.. These funds were donated to be used to fund activities and projects as detemiined by the Rector. R Driver - In Memorium.. These funds were donated to be used to fund activities and projects as determined by the Rector. Reclors Challenge= These funds were donated to be used to fvnd activities and projects as determined by the Rector. Church of the Cross USA- These funds were donated to specifically help with development activities in the Parish. Special Collections.. This is money collected to donate to a specific cause. 200th Anniversary Concert.. These funds were donated to specifically help with the costs of the 200th Anniversary Concert. Youth Worker Funding.. These funds were donated lo specifically help with the cost of a Youth Worker. A small amount was allocated during the current financial year, but Ihese funds are earmarked for a future Youth W0&r. Building Fund.. These funds were donated to specifically help with the cost of building the new church hall. Eglinton Credit Union.. These funds were donated to specifically help to address the needs of parishioners over the winter time. RCB - Mind Matters.. These funds were donated to be used specifically for aiding mental health within Ihe congregation and communily. 19-
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Unrestricted funds The unrestricted funds of Ihe charity tomprise Ihe unexpended balances of donations and grants which are not 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 Iruslees for specific purposes. At 1 January 2024 In¢omlng resources Resources expended Transfers At31 December 2024 General fund Land and buildings 13,S411 275.556 282,375 {89,330} 1,676 191,180 275.556 272.015 282,375 (89.3301 1.676 466,736 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 General fund Land and buildings 9,321 275,556 72,758 185,620) {3,541) 275.556 284.877 72.758 185,620) 272,015 23 Analysis of net assets between funds Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total 2024 At 31 December 2024: Tangible assets Inveslments Current assetsl(liabilitiesl 629,786 629,786 119,746 409.614 119,746 10,956 (163,050) 561,708 466,736 561,708 130,702 1,159,146 Unrestrltted funds 2023 Restrlcted Endovfflient funds funds 2023 2023 Totsl 2023 At 31 December 2023: Tangible assets Investments Current assetsl{liabilitiesl 275,556 275,556 159,134 355,759 159,134 12,098 {3,541) 347,202 272,015 347,202 171,232 790,449 20-
ST CANICE'S CHURCH OF IRELAND, FAUGHANVALE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 21