Bovevagh Parish Church Trustees, Annual report and Statement of Receipts and Payments and Assets and Liabilities For the year ended 31" December 2024 Charity Registration Number: 104871
Receipts and Payments Account for the year ended 31" December 2024 Unrestrlcted Funds 2024 Restrlcted Funds 2024 Endowment Funds 2024 Restated Total 20Z3 Total 2024 Note Recei Donations 3nd plate collection Gift bid Fabric and maintenance fund 8(Jnk and deposit interest Invesfrrient income Rerital of premises oiher receipts 37,856 5,636 2,029 159 1,251 39,107 5,636 2,029 159 2,176 10,272 28,312 38,550 6,165 2,590 145 2,070 7,711 57,200 2,176 10,272 15,761 12,551 Total Recei ts 73,889 13,802 87,691 114,431 Unrestricted Funds 2024 Restrlcted Funds 2024 Endowment Funds 2024 Total 2024 Total 2023 Note Pa ments Viyiiing spel kers DiocesJn Assessment Pri)perty Maintenanr.e and Upkeep 46,243 36,246 6,469 14,795 46,243 36,246 6,469 19,147 44,197 18,498 5,085 16,070 472 1,665 4,172 169 Administration Costs Suiiday School Resources Organist Fees Charitable Donations Fin£incial Chic r8es 4,352 1,470 1.470 1.920 179 1,920 39 140 Total Pa ments 105,363 6,311 111,674 90,328 Excess Receipts over Payments for year 131.4741 7,491 123,983} 24,103 On 8ehalf of the Trustees Rev Mark Loneyi Rector Mr Jonathan Wilson, Secretary aq l0912c2S
Statement of Asset5 and Liabilities as at 31 December 2024 Unrestrlcted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Restated Total 2023 Total 2024 Note Cash Funds Current Accounts i)eposit Accounts IRCBI Total Cash Funds 63,829 1,009 64,838 88,822 63,829 1,009 64,838 88,822 I Investment Assets Eqijity Irivestments oilier Listed IIivL3Strnenrs IIivLJStments in RCB I LIT Unit Ti'u5Cs Other unlisted invLsrmLSiits InvestlTJent Properties Tot31 Investment Assets 73,440 6,822 80,262 78,285 73,440 6,822 80,262 78,285 Assets retalned for the Parlsh's own use Parish CentrL Glebe Land Fixtures aTrd Fittings | Total Assets retained for the Parlsh's own 531,228 292,580 S31,228 292,580 32,075 531,228 292,580 32.075 J2,075 32,075 823.808 855.883 855,883 use On 8ehalf ot the Trustees Rev Mark Loney, Rector Mr Jonathan Wllson, Secretarv a.lloy 1202t£
Notes to the financial statements for the year ended 315t December 2024 Accounting 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 {1} Assets retainedfor the Parish's own use The assets of the Parish, retained for its own use comprise.. Church Building and Graveyard Parish Centre Fixtures and fittings The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP IFRS1021. These Heritage assets are not included in the statement of assets and liabilities as information on the cost or valuation is not available and such information cannot be obtained at a c05t commensurate with the benefit to the user5 of the accounts and to the parish. The Parish Centre was completed in 2012. Is recognised at cost of construction. No depreciation has been provided on the parish centre buildings as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds So years. Glebe Land was purchased by the Parish late 20201early 2021, using funds previously invested with Representative Church Body IRCBI. No depreciation has been provided on this land as the current estimated residual value is not less than it's carrying value, and the remaining useful life exceeds 50 years. Fixtures and Fittings are included at the value used for insurance purpose5. The Parish has set a minimum threshold of cost for an item to be considered to be capitalised as a fixed asset - i.e. not less than £1,000. ill Investments Fixed asset investments comprising investment in Representative Church Body l RCBI/Church of Ireland Trustees ICITI Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each year end date. The movement in the fair value from the start of the year to the end of the year represents capital payments to RCB and the change in book value where no money is received by the parish. 110
Notes to the financial statement5 for the year ended 31" December 2024 Icontinuedl Reconciliation of Cash Funds Restated 2023 66,554 114.431 192,1631 88,822 2023 66,554 114,381 192,1631 88,772 Total Cash Funds at Beginning of the year Receipts for the Year Payments for the Year Total Cash Funds at end of the year 88,822 87,691 1111,674} 64,839 Movement in Funds Atljan 2024 Incoming Resources Outgoing Resources At 31 Dec Transfers 2024 Endowment fund5 Bequests and legacies 6,698 124 6,822 6,698 124 6,822 Restricted fund5 Parish Centre Glebe Land GB 531,228 292,580 1,450 825,258 531,228 292,580 1,009 824,817 3,394 3,394 13,8351 13,8351 Unrestricted funds Fixtures and fittings RCB investments Cl Trustees investments General Fund 32,075 64,851 6,736 87,372 191,034 32,075 66,055 7.385 63.830 169,345 1,204 649 84,297 86,150 1107,8391 1107,8391 Total funds 1,022,990 89,668 1111,6741 1,000,984 Pur oses of Endowment Funds Income from bequests and legacies, where capital is to be invested, and interest only is to be used for charitable purposes. Pur ose5 of Restricted Funds Parish Centre.. this Is a fund to provide facilities for use by the Parish and community. RCB investments.. this is a fund where capital is available for capital project and interest is used for charitable purposes. PaLyc | 11
Notes to the financial statements for the year ended 31" December 2024 Icontinuedl Collections for Third Parties 2024 2023 Shoeboxes Royal British Legion Bishops Appeal Tearfund Syria Earthquake RNLI Belfast City Mission Schools Open Doors Speaker SAMS Ireland Our Daily Bread Christian Institute Care Bible Society Nl 145 40 550 350 150 300 150 375 50 150 150 150 150 150 1,920 940 The above amounts have been included in Receipts for the year under "Other Receipts" and in Payment5 for the year under "Charitable donations" 5. Transactions with the Trustees No trustee received any remuneration or reimbursement of expenses during the year. No trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the charity during the year. 6. Governance Costs Governance costs of £1,260 were incurred during the year of which £1,260 relates to fees paid to the independent examiner. Governance costs are included within Administration costs in the Receipts and Payments Accounts. | 12