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.
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