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2024-12-31-accounts

Charity registration number NIC105256 (Northern Ireland)

DERRY DIOCESAN TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

DERRY DIOCESAN TRUST

CONTENTS

Page
Legal and administrative information 1
Corporate Trustee's report 2 - 11
Independent auditor's report 12 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 34

DERRY DIOCESAN TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Corporate Trustee St. Columb's Diocesan Trust
NI012385
Directors of the Corporate Trustee Most Reverend Donal McKeown
Reverend Michael Canny
Reverend Paul McCafferty
Mr Shaun McElhinney
Mr Sean O'Kane
Reverend Michael McCaughey
Ms Aine Gallagher
Mr Ciaran Hampson
Ms Fiona Schlindwein
Ms Brenda Morris
Charity number (Northern Ireland) NIC105256
Principal address Bishop's House
St. Eugene's Cathedral
Francis Street
Derry
Auditor Moore (NI) LLP
21/23 Clarendon Street
Derry/Londonderry
BT48 7EP
Bankers Bank of Ireland
27 Culmore Road
Derry/Londonderry
BT48 8JB
Solicitors Napier & Sons
1-9 Castle Arcade
High Street
Belfast
BT1 5DF
Clarendon Legal Solicitors
48 Clarendon Street
Derry
BT48 7ET

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors of the Corporate Trustee present their report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act (Northern Ireland) 2008 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)".

The Diocese of Derry is a Diocese of the Roman Catholic Church in Ireland with the majority of its parishes and activities being within Northern Ireland and smaller but significant body of its parishes and activities being in the Republic of Ireland. Derry Diocesan Trust is a charity registered with the Charity Commission for Northern Ireland. Derry Diocesan Trust is in essence the registered charity and civil law form of the Diocese of Derry.

Objectives and activities

The principal objects of the charity are:

The Church in the Diocese of Derry, in union with the Catholic Church worldwide, seeks to achieve its objectives through activities including the following:

The means used to fulfil the purposes of the Diocesan Trust are constantly monitored and reviewed in order to ensure that the principal aims and objectives of the charity are adhered to.

Public benefit

The Corporate Trustee confirms that is has paid due regard to the public benefit guidance issued by the Charity Commission for Northern Ireland in determining the activities undertaken by the charity.

The territory covered by the Diocese of Derry is made up of 51 Parishes across parts of Counties Derry, Tyrone and Donegal and a very small part of County Antrim.

Proclamation of the Gospel and Worship of God

Within the Diocese religion is normally advanced through the building of parish communities. This includes provision of places of worship, the facilitation of religious practice and through community celebrations of the Liturgy and the Sacraments. There is a public celebration of Mass every day in the majority of Parishes and on every weekend several community Masses are currently celebrated in public in 50 of the 51 Parishes of the Diocese. All such celebrations are open to the public without any restrictions.

Other activities of the charity include conducting religious ceremonies (such as baptisms, weddings and funerals), running programmes pertaining to spiritual formation and development, encouraging and supporting inter-church relationships and maintaining places of worship, many of which are listed and contain religious works of art and other artefacts all of which form part of our national heritage. As these places of worship are open to the general public, people of all faiths or none, they provide a public benefit for the whole community and for many people they are spaces which offer the opportunity for quiet reflection and for spiritual contemplation.

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

It is within Parishes that people experience what it is to be a member of the Catholic Church and where faith is nurtured and given expression. Parishes, through various means, provide for the moral and spiritual wellbeing of parishioners. Practical expressions of faith are manifested through the means of Parish organised pastoral, social and educational activities, many of which rely on the voluntary involvement of parishioners.

As well as pastoral care and the provision of the Sacraments to the members of parish communities, the Diocese offers chaplaincy services to those who cannot be part of a regular parish community. Hospital Chaplains are available at all the major hospitals within the Diocese of Derry. The Chaplains are regularly available to patients, patients' relatives and staff and are on call to attend in emergencies. The Diocese also provides chaplaincy services in HMP Magilligan.

The important role played by volunteers who participate in the various activities of the Parish cannot be overstated and their contribution is vital in enabling the Diocese to continue to fulfil and develop its stated objectives. Volunteers generously give of their time serving in various ministries, caring for and visiting the sick, the housebound and those on the margins of society. They play a significant role in helping to maintain Parish property and assisting in financial and other administrative duties, such as through membership of Parish Pastoral, Finance and Safeguarding Committees. Such parishioners are the lifeblood of their communities and their contribution is significant. The Diocese has around 1,300 volunteers who provide a voluntary contribution to the Diocese within their respective Parishes on a regular basis.

Although the charity relies principally on donations from parishioners for its funding, access to religious services is never restricted on the grounds of financial contributions. In addition, members of the Catholic community are encouraged, as a consequence of their faith commitment, to contribute towards creating a better society by becoming active volunteers within their local area through membership of charities, local societies and community groups.

The vast majority of Parishes have a Conference of the St Vincent De Paul Society which collect funds at weekend Masses and confidentially provides financial and other support to people in need, irrespective of religious officiation.

Alongside the work accomplished in the Parishes, the Curia, the central administrative office of the Diocese, coordinates and carries out a number of essential functions necessary for the advancement of Catholic religion at local, national and international level. In order to do this, the Curia operates through Diocesan Committees and through various personnel charged with specific responsibilities.

Provision of Clergy

Central to Parish life is the relationship between the Parish Priest, Curates and parishioners. Clergy are not employees of the Diocese, however, in Canon Law the care and welfare of incardinated Priests of the Diocese is mandatory and is, therefore, part of the charity's ongoing commitments.

Support for Families

Family Ministry within the Diocese is dedicated to strengthening marriage and families by coordinating pastoral programs and ministries that have faith as their foundation and Christ as their goal. By responding to the needs of today's families, as they strive to live in a very challenging culture and a rapidly changing world, 'Family Ministry' serves as a resource for families, clergy and parish communities.

Education

The Diocese of Derry continues to dedicate personnel who support the work of the 135 schools which are in Catholic Trusteeship within the Diocese of Derry. This programme not only engages with classroom teachers, schools’ leadership and Governors but also promotes strong links with the local parish communities in the interest of a rounded education.

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Social investments

On occasion, Parishes within the Diocese will choose to assign financial resources to programme-related social investments where they can identify a programme to be delivered by the recipient organisation, which is expected to provide social benefits in a way that is aligned and consistent with the overall charitable objectives of the Diocesan Trust.

Criteria for measuring progress against aims and objectives

The nature of the objectives and activities of the Diocesan Trust are such that it is difficult to measure and assess success using quantitative or other similar measurement methodologies. However, the Diocesan Trust is satisfied that it has continued to engage in levels of activity that safeguard the achievement of its core objectives which in turn continue to sustain the promotion and practice of Catholic faith within and beyond the Diocese. The Diocese has succeeded in providing clergy, pastoral personnel and resources to sustain the structure and activities of parishes. It has succeeded in maintaining programmes of activity in supporting faith-based education, providing pastoral support to communities, families, young people and people who have become marginalised in society. It has succeeded in maintaining in good condition the buildings and properties that it holds to resource its key objectives in current times and into the long-term future.

At the heart of the Diocesan strategy, there has been the development of a culture and vision which acknowledges emerging realities but avoids promoting a gloomy picture of the future. The Diocese believes that this is essential if the Diocese is to be a bearer of hope and healing in the face of many real challenges.

Achievements and performance

Significant activities and achievements against objectives

Pastoral Development Highlights

Throughout 2024 the Diocese of Derry continued to provide pastoral care and support across its 51 parishes, responding to the evolving needs of families and communities in a rapidly changing social and cultural landscape. Amidst ongoing secularisation, shifting demographics, and new social challenges, the diocese remains committed to its mission of proclaiming the hope-filled message of the Gospel with relevance, compassion, and integrity.

For a Synodal Church: Communion, Participation and Mission

Following the conclusion of the 16th Ordinary General Assembly of the Synod in Rome in October 2024 which Bishop McKeown attended, the Catholic Church in Ireland and in the Diocese of Derry continues its journey of prayerful reflection, consultation, and discernment as part of the Irish Synodal Pathway. Building on the global process and drawing from the rich insights of the Universal Synod - For a Synodal Church: Communion, Participation, and Mission - the Church in Ireland and in the Diocese is entering a new phase of deeper listening and preparation for its own national synodal assemblies.

The Irish Synodal Pathway, initiated in response to Pope Francis’ call for a more synodal and participatory Church, remains rooted in dialogue, co-responsibility, and the lived experience of the People of God. This journey has involved laypeople, clergy, and religious from all across the country in a spirit of genuine encounter and communal discernment, seeking to respond to the voice of the Holy Spirit in a rapidly changing social and cultural context.

As Ireland moves toward its first Synodal Assembly or Assemblies, planned from 2026 onwards, the Diocese is now engaging in a critical intermediary phase. This includes a renewed focus on prayer and conversation at local and diocesan levels, and the careful integration of the learnings from the Universal phase into the life of the Church in Ireland. This next stage aims to ensure that the national synodal process remains grounded, inclusive, and responsive to both local realities and the wider global Church.

All dioceses were invited to revisit the themes and concerns that emerged from previous phases of listening within the Irish Church. With a spirit of hope and renewal, dioceses were asked to discern concrete priorities for action that could shape the agenda of future synodal gatherings and strengthen the Church’s witness in contemporary Irish society.

These local consultations culminated in a national pre-synodal gathering in Kilkenny on 18 October 2025 in which Bishop McKeown and other representatives of the Diocese participated. Representatives from across the country came together to reflect on what has been heard and shared throughout 2024 and 2025 in order to discern emerging directions, and to affirm key priorities that will help guide the Church in Ireland on its synodal journey.

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Diocese of Derry very actively participated in this process, hosting a series of prayerful consultations and discernment gatherings led by Bishop McKeown involving a representative group drawn from across the Diocese - reflecting a diversity of ages, backgrounds, skill sets, and experiences of faith. At the heart of these conversations were two guiding questions: What are the priorities of the Diocese of Derry in the next two years? and What, as a Diocese, do we need to do? The fruits of this local discernment have been synthesised and formally submitted to the National Synodal Committee on 5 May 2025. This submission contributed to the wider national discernment that fed into the October gathering in Kilkenny. (See derrydiocese.org/synod)

Through the Irish Synodal Pathway, the Catholic Church in Ireland and the Diocese of Derry continue to seek a renewed way of being Church - one marked by active listening, shared responsibility, and a deep commitment to mission in today’s world. This synodal journey is not merely an event, but a transformative process that invites all the faithful to walk together in communion and hope.

Development of Parish Leadership

By the end of 2024, five people were employed in Parish Faith/Pastoral Coordination in parishes across the diocese: Buncrana, Steelstown, St Eugene’s Cathedral/Long Tower and the Three Patrons parish. The focus and responsibilities of their work is on faith formation, how parish communities work to teach and hand on faith; developing new ways of learning and practising our faith; and developing new ways of gathering as parishes for prayer.

The Diocesan Mission Team, consisting of Fr Peter O’Kane and Tony Brennan, engaged with many parish leadership teams throughout 2024 as part of an ongoing programme of support and guidance. In Autumn 2024, and again in Spring 2025, leadership training sessions took place in Omagh, Dungiven and Quigley’s Point, Co Donegal focusing on the use of Sycamore Faith Resource as a resource for adult faith formation.

The primary goal of these evening sessions was to provide potential leaders with a hands-on experience of how Sycamore functions - its content, structure, and educational approach. The training is intended for members of parish pastoral councils and leadership teams, equipping them to take on active roles in supporting and guiding others in their faith journey. Sycamore serves as a practical and structured example of how this leadership can be effectively carried out. During Lent two leadership teams who participated in the training led Sycamore in their own parishes.

On-going engagement with Schools in the Diocese

During 2024 the Diocesan Catechetical Centre remained deeply engaged with schools across the Diocese, offering year-round support to primary and post-primary institutions. This included providing resources, organising events both online and in person, visiting schools, and facilitating staff formation days. The Centre also supported parishes and Pastoral Workers with guidance and materials. Mary O’Boyle, who served as Post Primary Advisor for eight years, retired in June 2024 after making significant contributions locally and nationally, particularly in Relationships and Sexuality Education policy development. Finbar Madden was appointed as her successor in October 2024.

The Centre hosted several gatherings for school principals in 2024, including the annual autumn assembly and additional deanery meetings. These sessions featured input from Fr Paul Farren on prayer in Catholic schools and from Bishop McKeown on Catholic leadership in a synodal Church. Schools also received support for Catholic Schools Week, marked by a Diocesan Mass at Saint Eugene’s Cathedral. Online sacramental preparation programmes were streamed from Cathedral Hall, while Parent and Family Evenings offered in-person engagement to support the Sacraments.

In 2024 the Catechetical Centre prioritised training in Relationships and Sexuality Education to help schools deliver appropriate curricula in line with Catholic ethos. The Fan the Flame Mass for recently confirmed students gathered nearly 3,000 participants at Celtic Park, supported by a large team of volunteers, including those involved in the Pope John Paul II Award. In leadership development, the Centre continued its partnership with Saint Mary’s University, Twickenham, for the Masters in Catholic School Leadership, which now boasts 61 graduates. Fourteen teachers also completed the Shepherding Talent Programme - a pioneering informal formation programme in which teachers identified as having potential for leadership are challenged to explore their vocation to lead.

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Looking ahead, the Centre is developing a new pastoral plan based on broad consultation with youth, clergy, and educators. It is also preparing for the next Diocesan Schools Religious Education Conference in August 2026, following the success of the 2024 event. Representatives and graduates from the Masters programme have presented at the GRACE Colloquium at Saint Mary’s University, Twickenham in June 2025, sharing insights from their work. The Catechetical Centre values the support of the Colmcille Educational Trust, a ring-fenced educational fund within the Diocese, in these vital initiatives for strengthening Catholic education.

The Catechetical Centre will continue its work during the remainder of 2025 and beyond and will continue to develop new programmes, projects and initiatives.

Parish events and Diocesan pilgrimages

The year 2024 in the Diocese saw numerous pilgrimages, with many more planned for the remainder of 2025. Event highlights included pilgrimages to Lough Derg, Knock Shrine, Fatima, Medjugorje and Lourdes. Additionally, youth pilgrimages to Rome and Fatima have taken place in summer 2025, both led by the Diocesan Youth Team.

Parish highlights in 2024 included an Afternoon Tea with Daniel O'Donnell, hosted by St. Eugene's Cathedral which drew over 400 attendees.

A significant event was the visit of the relics of St. Bernadette Soubirous, on pilgrimage from Lourdes to Ireland for the first time, touring every diocese in Ireland during September and October 2024. The relics visited St. Eugene's Cathedral, Derry, from Sunday, October 13th, to Monday, October 14th, 2024, with an estimated attendance of between 10,000 and 15,000 people over the two days.

Summer HOPE camps continued to thrive in a number of rural parishes in 2024. "Life Camp" for Primary 3 – Primary 7 pupils, led by St. Eugene’s parish, took place in the last two weeks of July 2024, and ran again in July 2025, with the parish of the Three Patrons also holding it in the parish for the first time.

Focus on Vocations

At the end of 2024 the diocese had six seminarians, with one of them ordained a deacon in June 2025. There are currently two seminarians in Rome, one in Maynooth, one on pastoral placement in the diocese, and two in Salamanca. There are currently four applicants to begin their studies for priesthood in January 2026 and there are a number of others with whom the director of vocations, Fr Pat O’Hagan is in regular contact, and there are two further individuals who have recently expressed interest in studying for priesthood.

The Vocations Council has lost two priest members but hopes to "recruit" some new members, including a few lay representatives of groups active in the diocese. There were a number of gatherings of seminarians and discerners during 2024 and seven individuals from the diocese have taken part in an annual retreat in Drumalis in March 2025.

Funding of Parishes

The Diocese and its parishes rely largely on donations from parishioners to fund its pastoral programmes, to maintain its buildings and properties and to meet its running costs. In overall terms, Parishes and the Diocese have been able to continue to meet costs and the Diocesan Trust has provided advice and support to Parishes where financial difficulties have been most acute. The Diocese is exploring new methods of receiving donations. It is planned to roll out a new ‘contactless payment system’ over the next few years.

Laudato Si and Environmental Strategy

In his 2015 encyclical Laudato Sí, Pope Francis made a great call for the practical care of our planet, our common home, especially in this time of climate change. He challenged both the church and the entire world to engage with the environmental challenges presented by climate change. Over the past few years since the presentation of Laudato Sí, the Diocese of Derry has been engaging with the issues raised, and is working towards the implementation of The Diocese of Derry Environmental Strategy.

This strategy provides concrete objectives, as well as practical proposals, in terms of land usage, food, energy usage, design and management of Diocesan and parish properties, water and waste management, and transport, as well as the crucial matters of implementation and monitoring. The areas are focussed on actions by the diocese and parishes, and by groups or individuals.

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Safeguarding

Creating a safe environment for everyone and specifically for young people and adults at risk is of fundamental importance to the work of the Diocese. The Diocese has a clear strategy for creating a safe environment for all those who access its premises and programmes. The Diocesan structures were most recently independently audited in September 2023 on behalf of the National Board for Safeguarding Children in the Catholic Church in Ireland. The published report of the audit assessed all the safeguarding standards had been achieved in the Diocese of Derry. The Diocese of Derry is very conscious of the potential for major damage caused to the charity’s mission, reputation and resources by any abuse of children or adults at risk.

Maintenance of Buildings and Property

The Diocesan Trust has actively continued to manage and safeguard the condition of the buildings and properties that it holds in trust to meet its charitable objectives including churches, parish halls and parochial houses. The Trust aims to maintain all properties in a good state of repair and has completed a number of substantial repair and refurbishment projects during the year. Projects of this nature are financed through a mix of parish financial reserves, project fundraising programmes and collections, special-purpose donations and grant funding from external bodies. The maintenance and refurbishment of property and buildings assist in safeguarding the ongoing activities of the Diocese and also benefit the broader community through the protection and safeguarding of the built environment and heritage buildings.

Structural Change for more effective outreach

Having reviewed along with the clergy of the Diocese, who are most directly affected, Bishop McKeown has proposed creating pastoral communities, with a missionary focus, where the current aim is to have at least two priests in each pastoral community. The purpose is to carry out more effectively the outreach mission of the diocese. The first three of these areas have been established. This model will give parishes more of an opportunity of working cooperatively with their neighbours, sharing their gifts, talents and resources. Parishes, while retaining their individual parish identity, will share clergy. There will be a gradual introduction of these areas over a period of years.

Investment policy and performance

The Diocesan Trust has an Investment Policy which sets out assessment criteria for investments including levels of risk and performance. The primary financial objective of the Diocesan Trust is to ensure that the current and future financial and pastoral obligations of the Diocese of Derry can be met. The Trust seeks to produce the best financial return within an acceptable level of risk, maintaining a balance between long-term capital growth and income growth. The investment objective is to generate a return as specified in the Trust’s Investment Policy over a rolling three-year period. A moderate amount of risk can be taken in order to achieve this objective. The Investment Policy includes a number of areas in which, for ethical reasons, the Diocesan Trust aims not to invest. In particular investment is avoided in areas where the holdings include organisations whose main business and revenue derives from the manufacture, production, promotion or sale of goods and services in the following sectors: abortion, contraception, defence and armaments, medical research methods involving uses of embryos specifically created for medical research or the use of embryonic or foetal material for stem cell research, pornography, and fossil fuels.

The Diocesan Trust holds a number of investment portfolios, and it has several investment managers. Performance is measured and assessed on an ongoing basis in the context of performance returns, portfolio risk profile and compliance with the Trust’s ethical requirements.as set out in the investment policy. During 2024 the Trustee Board was generally satisfied with the investment portfolios in terms of the three criteria listed above, when considered in the context of prevailing market conditions.

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

Details of the income and expenditure for the current and previous financial years are shown in the Statement of Financial Activities on page 15.

Total income for the year was £15,646,837 of which £13,408,748 was generated by Parishes and £2,238,090 was generated by central Curia funds. The principal funding source of the Diocesan Trust in 2024 has continued to be donations from parishioners which have been used primarily to fund the costs of pastoral activity, maintenance of buildings and administration in the particular parishes in which the donations were received.

Total expenditure for the year was £14,149,849 of which £11,896,140 was expended by Parishes and £2,253,709 was expended from central Curia funds.

Therefore income exceeded expenditure for the year by £1,496,988. There were net gains on revaluation of investments to market value of £1,808,528 (2023: £1,580,765) which combined with sterling-euro exchange adjustments resulted in net incoming resources for the Diocese of £3,309,656 (2023: net incoming resources £2,650,506).

Going concern

The Diocesan Trust holds reserves of £82,124,132 at 31st December 2024 (2023: £78,814,476) comprising restricted reserves of £76,861,454 (2023: £73,888,550) and unrestricted reserves, which exclude parish reserves, of £5,262,678 (2022: £4,925,926). Details of the amounts and purposes of restricted reserve funds are included in note 21 in the accounts.

Reserves policy

The Diocesan Trust recognises that its income arises primarily from voluntary donations and that accordingly it is important to seek to carry adequate levels of reserves to ensure its ability to meet future expenditure commitments as they arise. Parishes are encouraged to maintain adequate short-term reserves to ensure that they can meet operating costs in the short-term and to build longer-term reserves that will be available if substantial commitments, such as buildings refurbishment projects, arise in the future. The Diocese centrally aims to maintain adequate levels of reserves to meet Diocesan operating costs in the short- to medium-term and to provide for any significant expenditures and contingencies that may arise at future dates. The policy of maintaining significant long-term reserves is considered consistent with the expectation that the Diocese of Derry will continue to exist in perpetuity.

The Diocesan Trust aims to hold reserves equating to at least the average amount of operating expenditure for three months as Free Reserves. Free Reserves are defined as Unrestricted Funds less Tangible Fixed Assets. Funds invested in Tangible Fixed Assets are excluded from Free Reserves as these funds cannot be released without undermining the Diocese’s ability to fulfil its principal charitable objectives. At 31 December 2024, Free Reserves were £4,640,839 (2023: £4,289,918) and represented 4.68 months (2023: 5.26 months) of Total Operating Expenditure. Total Operating Expenditure takes into account Parish expenditure and is measured against central Curia free reserves. The Trustee considers that this level of Free Reserves is reasonable, especially at the present time, to enable the Diocese to fulfil its immediate financial obligations and commitments and to plan for future investment requirements.

Major risks

The Corporate Trustee engages in a continuous process of monitoring and identifying risk and seeks to implement measures to address the risk and mitigate the impact of any negative outcomes. The Corporate Trustee is satisfied with the charity's ability to continue as a going concern.

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Risk Management

The Trust Council actively reviews all major strategic and operational risks to which the charity is exposed and confirms these have been reviewed and that strategies and systems are established to manage exposure to these risks. The main areas of risk identified and monitored by the Trust Council include:

Plans for future periods

The Diocese of Derry recognises that its core objectives of advancement of the Catholic faith and proclamation of the Gospel remain constant over time and accordingly it aims to maintain its existing activities into the future. At the same time the Diocese recognises the changing environment in which it exists and accordingly reviews its pastoral and operational programmes and plans on an ongoing basis in an effort to ensure that it continues to meet its primary objectives in the context of a changing environment. The Diocese is carrying out a process of review involving broad consultation to plan how it will succeed in delivering its pastoral work in the future given the challenges that exist in terms of numbers of clergy, participation of lay people in church life and finance.

The Diocese will continue to build upon the activities, projects, programmes and initiatives outlined in the narrative above so that it continues to fulfil its principal aims and objectives.

The Board (Trust Council) and Committees of the corporate trustee will continue their work in an oversight role to seek to ensure good management in key areas of the civil administration of the Diocesan Trust including: sound financial management and maintaining financial viability; responsible stewardship of property including adequate programmes of maintenance and refurbishment; best-practice human resource management and maintenance of safe and harmonious workplaces to promote positive working relationships across staff and between the Diocesan Trust as an employer and its staff; proactive compliance with all legislation that is applicable to the Diocesan Trust and aiming to achieve the standards reflected in models of best practice.

Structure, governance and management

The Roman Catholic Diocese of Derry exists in civil law as the registered charity Derry Diocesan Trust, a charitable trust established by a Trust Deed dated 20th July 2009. On 7th July 2016, Derry Diocesan Trust became registered as a charity with the Charity Commission for Northern Ireland under charity registration number NIC 105256. For tax purposes, Derry Diocesan Trust is also registered with HM Revenue and Customs as holding charitable tax status. The sole Corporate Trustee of the charity is St Columb's Diocesan Trust, a company limited by guarantee. The Corporate Trustee is authorised by the Lord Chief Justice of Northern Ireland to act in any charitable or ecclesiastical trust as a trust corporation. The Diocesan Trust is currently carrying out a review of its governance structures and arrangements.

The operation of the charity is overseen by the Corporate Trustee. The Directors of the Corporate Trustee are appointed by the Bishop of Derry who is Chair of the Board (Trust Council). The Corporate Trustee which served during the year and up to the date of signature of the financial statements was:

St. Columb's Diocesan Trust

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Recruitment and appointment of trustees

The directors who served on the Board of the Corporate Trustee during the year and up to the date of signature of the financial statements were:

Most Reverend Donal McKeown Reverend Michael Canny Reverend Paul McCafferty Mr Shaun McElhinney Mr Sean O'Kane Reverend Michael McCaughey Ms Aine Gallagher Mr Ciaran Hampson Ms Fiona Schlindwein Ms Brenda Morris

Throughout the year 2024, the Diocesan Trust continued with its regular series of Trust and Trust Committee meetings to ensure the ongoing good governance of the Diocesan Trust.

Recruitment and appointment of Trustees

Recruitment of Directors is based upon their knowledge of the local Church and their having the professional skills and experience necessary for overseeing the affairs of the charity by ensuring it is solvent, well run, and that it delivers the outcomes for which it is established.

Induction and training of Trustees

New members of the Board of the Corporate Trustee are given an introduction to the structure and governance arrangements of the Diocesan Trust and to the roles and responsibilities of the members of the Board of the Corporate Trustee and its Committees upon appointment. The Diocesan Trust will provide a number of training days for members of the Board of the Corporate Trustee. Training days are delivered by external professional firms with relevant expertise and focus on developments in charity law and practice and on charity governance and management.

Organisational structure

Reflecting Canon Law, the activities of the charity are separated in this report into Parish and Curia functions.

Parishes

The Diocese is divided into Parish communities. Parish Priests/Administrators and Curates are appointed by the Bishop to provide pastoral care for Parish communities and to manage Parishes in all juridical affairs thus ensuring Parishes are administered in accordance with the norms of Canon and Civil Law while fulfilling the aims of the charity.

Each Parish is required by Canon Law to have a Finance Committee to assist the Parish Priest/Administrator in the administration of the Parish. Parish Finance Committees include parishioners with knowledge and experience in finance, property management and administration. In December 2024 the Diocesan Trust issued revised Parish Financial and Administrative Policies and Procedures in order to ensure that there is clear and meaningful guidance in place for Parish Priests, Administrators, Parish Finance Committees and Parish Administrative Staff.

Curia

The Diocesan Curia consists of those institutions which and persons who furnish assistance to the Bishop and Trust Council in the governance of the entire Diocese, especially in directing pastoral activity, in providing for the administration of the Diocese and in exercising judicial power. It also includes all who participate in the overall administration of the Diocese, especially those who direct Diocesan activities such as pastoral support, youth work, education, family life, liturgy, laity and other facets of the local Church's life.

DERRY DIOCESAN TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Delegation of management

In the day-to-day management of the charity, the Bishop refers ecclesiastical-related matters to the Chancellor of the Diocese, the Diocesan Secretary, the Vicars General and other appropriate officials. Civil administrative matters are referred to the executive staff employed by the charity.

The Trust Council delegates oversight of the Diocese's financial, property, investment, personnel and administration matters to the suitably qualified clergy and staff within the Curia. The Board of the Corporate Trustee delegates dayto-day management of the charity (other than areas of a canonical and pastoral nature which are managed by a number of Diocesan clergy). The Diocesan staff who were in office during the reporting period, up to the date of approving the Trustee's Report were as follows:

Kevin McCauley BSc FCA – Executive Director

Teresa McMenamin – Administrative and Financial Secretary Fiona Murphy - Diocesan Trust Officer (appointed April 2025) Anne-Marie Deehan – Diocesan Trust Officer (appointed March 2025) Oonagh Robinson - Diocesan Trust Officer (ceased employment March 2025) Finola Downey - Diocesan Trust Administrative Officer (ceased employment March 2025)

Remuneration policy

The process of setting pay and remuneration of the Diocesan Trust’s key management personnel is undertaken by the Bishop of the Diocese (who is the Chair of the Board of the Corporate Trustee) in consultation with the Diocesan Personnel Committee and the Board of the Corporate Trustee.

Statement of Corporate Trustee's responsibilities

The Corporate Trustee are responsible for preparing the Corporate Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Northern Ireland requires the Corporate Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the Corporate Trustee are required to:

The Corporate Trustee are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Corporate Trustee's report was approved by the Board of the Corporate Trustee.

Most Reverend Donal McKeown

Director of St Columb's Diocesan Trust - Corporate Trustee of Derry Diocesan Trust

29 October 2025

DERRY DIOCESAN TRUST

INDEPENDENT AUDITOR'S REPORT TO THE CORPORATE TRUSTEE OF DERRY DIOCESAN TRUST

Opinion

We have audited the financial statements of Derry Diocesan Trust (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Corporate Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Corporate Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Corporate Trustee are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to report to you if, in our opinion:

DERRY DIOCESAN TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE CORPORATE TRUSTEE OF DERRY DIOCESAN TRUST

Responsibilities of Corporate Trustee

As explained more fully in the statement of Trustees' responsibilities, the Corporate Trustee are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Corporate Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Corporate Trustee are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Corporate Trustee either intends to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 65(2) of the Charities Act (Northern Ireland) 2008 and report om accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Based on our understanding of the charity and its operating environment, we determined that the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework, (FRS 102, the Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, and the Charity SORP). Compliance with these laws and regulations was assessed as part of our procedures.

Other laws and regulations of which non-compliance may have a material effect on the financial statements, e.g. through fines or litigation, were identified as regulations in relation to employment law and regulations in relation to holding charitable status with the Charity Commission for Northern Ireland. Our required procedures in these areas are limited to inquiry of trustees and other management and inspection of any regulatory or legal correspondence. These limited procedures did not identify any actual or suspected non-compliance.

We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur, including evaluating management's incentives and opportunities to manage or influence the reported results. From the results of our assessment, we determined that the principal risks of fraud relate to posting inappropriate journal entries and use of charity funds for purposes outside of restrictions imposed by the donor. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override.

DERRY DIOCESAN TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE CORPORATE TRUSTEE OF DERRY DIOCESAN TRUST

Audit response to risks identified

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. Audit procedures performed by the engagement team included:

We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

John Bradley (Senior Statutory Auditor)

For and on behalf of Moore (NI) LLP, Statutory Auditor Chartered Accountants 21/23 Clarendon Street Derry/Londonderry BT48 7EP 29 October 2025

Moore (NI) LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

DERRY DIOCESAN TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
funds
2024
Notes
£
Income and endowments from:
Donations and legacies
4
781,851
Charitable activities
5
-
Investments
6
82,325
Other income
7
99,900
Total income
964,076
Expenditure on:
Charitable activities
Parishes
8
-
Curial
8
652,413
Total expenditure
652,413
Net gains/(losses) on
investments
12
264,781
Net income
576,444
Transfers between
funds
26
(230,370)
Other recognised
gains and losses:
Other gains/(losses)
14
(9,322)
Net movement in
funds
9
336,752
Reconciliation of funds:
Fund balances at 1 January
2024
4,925,926
Fund balances at 31
December 2024
5,262,678		 Restricted
funds
2024
£
11,231,984
1,195,112
669,754
1,585,911
14,682,761
11,896,140
1,601,296
13,497,436
1,543,747
2,729,072
230,370
13,462
2,972,904
73,888,550
76,861,454		 Total
Unrestricted
Restricted
Total
funds
funds
as restated as restated
2024
2023
2023
2023
£
£
£
£
12,013,835
714,862
11,017,447
11,732,309
1,195,112
-
294,758
294,758
752,079
60,840
409,182
470,022
1,685,811
2,203
866,112
868,315
15,646,837
777,905
12,587,499
13,365,404
11,896,140
-
9,722,006
9,722,006
2,253,709
979,306
1,591,744
2,571,050
14,149,849
979,306
11,313,750
12,293,056
1,808,528
219,930
1,360,835
1,580,765
3,305,516
18,529
2,634,584
2,653,113
-
(238,347)
238,347
-
4,140
(3,582)
975
(2,607)
3,309,656
(223,400)
2,873,906
2,650,506
78,814,476
5,149,326
71,014,644
76,163,970
82,124,132
4,925,926
73,888,550
78,814,476

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

DERRY DIOCESAN TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
15
Investments
16
Programme related social investments
17
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
21
Provision for other liabilities
22
Net assets
The funds of the charity
Restricted income funds
23
Unrestricted funds
24		 2024
£
£
32,814,678
20,965,925
3,556,762
57,337,365
1,196,565
24,814,577
26,011,142
(617,206)
25,393,936
82,731,301
(152,169)
(455,000)
82,124,132
76,861,454
5,262,678
82,124,132		 2023
as restated
£
£
32,368,354
19,757,345
3,732,719
55,858,418
290,489
24,348,977
24,639,466
(796,237)
23,843,229
79,701,647
(212,171)
(675,000)
78,814,476
73,888,550
4,925,926
78,814,476

The financial statements were approved by the Corporate Trustee on 29 October 2025

Most Reverend Donal McKeown Director of St Columb's Diocesan Trust - Corporate Trustee of Derry Diocesan Trust

DERRY DIOCESAN TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
30
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from investing activities
Financing activities
Repayment of borrowings
Repayment of bank loans
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors payable
within one year		 2024
£
£
(23,890)
(950,046)
248,844
(100,050)
700,000
752,079
650,827
(91,135)
(60,002)
(151,137)
475,800
24,297,021
24,772,821
24,814,577
(41,756)		 2023
£
£
583,210
(605,747)
524,205
-
-
470,022
388,480
(115,765)
(178,440)
(294,205)
677,485
23,619,536
24,297,021
24,348,977
(51,956)

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Derry Diocesan Trust is a registered charity in Northern Ireland. The charity operates in Northern Ireland and Republic of Ireland. The address of the registered office is given in the charity information. The nature of the charity's operations and principal activities are:

1) the advancement of Roman Catholic religion in the Roman Catholic Diocese of Derry subject to any future curtailment or addition of area made in accordance with the laws and regulations of the Roman Catholic Church; and

2) the advancement of any charitable purpose supported by the Roman Catholic Church throughout the world or in any part of the world.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's constitution, the Charities Act (Northern Ireland) 2008 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Corporate Trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Corporate Trustee continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Corporate Trustee in furtherance of their charitable objectives.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled 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 donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

The charity occasionally receives grants in repsect of running costs and upkeep of properties. Income from grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Interest income, dividend and rent income recognised as the charity's right to receive payment is established and is included when the amount can be measured reliably. Where it is not practical to identify investment management costs incurred within a scheme with reasonable accuracy, the investment income is reported net of these costs.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes the costs services undertaken to further the purposes of the charity by Parishes and Curia.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable to third parties are within charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance, then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Parish property and contents 1% straight line Curia land and buildings 2% straight line

Freehold land included within Curia land and buildings is not depreciated.

1.7 Fixed asset investments

Fixed asset investments are 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 income/(expenditure) for the year. Transaction costs are expensed as incurred.

Programme related social investments are initially recognised and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a 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.

Basic financial 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 constitutes a financing transaction, where the transaction is measured at the present value of the future 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

Derry Diocesan Trust is a charity and is recognised as such by HM Revenue & Customs. As a result, there is no liability to taxation on any of its income.

1.12 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.13 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14 Foreign exchange

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

2 Change in accounting policy

The charity has changed the application of its accounting policy in respect of concessionary loans provided by Parishes within the Diocese to charitable and community organisations. These loans are issued where programmes to be delivered by the recipient organisation are expected to provide social benefits in a way that is aligned and consistent with the overall charitable objectives of the Diocesan Trust. The charity previously recognised these loans as current assets, disclosed within other debtors. The charity has reviewed the application of this policy during the year and determined these loans should be recognised as programme related social investments within fixed assets, in accordance with FRS 102 SORP section 21. The prior year comparative figures have been restated to reclassify £3,732,719 as programme related social investments in respect of this change.

The charity also reversed previous impairment in respect of these loans in the amount of £72,000. Therefore the previously reported net income and net assets of the charity for the year ended 31 December 2023 have been increased by £72,000.

3 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Corporate Trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Property

Curial land and buildings and Church property and contents are stated at cost, where the cost can be identified. Prior to 1996, the accounting policy applied was for capital expenditure to be written off in full as incurred. As a result of that policy, the original costs and accumulated depreciation of most curial land and buildings and Church property and contents held then was not available. The Corporate Trustee's view was that a reasonable approximation of the net book value of the curial property held at 31 December 2016 would be established through discounting the insurance values of these assets at that date by 90%.

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Critical accounting estimates and judgements

(Continued)

Key sources of estimation uncertainty

Provisions for liabilities and charges - legal claims

The charity has provided for the expected financial outcome of claims and the associated legal costs that have been notified to the Corporate Trustee. The Corporate Trustee has taken advice from the solicitors engaged in the claims to arrive at the amount provided. The details of the amounts provided are included in note 20.

4 Income from donations and legacies

Unrestricted
funds
2024
£
Parishes - offertories,
donations and legacies
-
Curia - donations,
legacies and gifts
97,576
Levy income
684,275
Parishes - fundraising
-
781,851		 Restricted
funds
2024
£
9,445,263
869,159
305,998
611,564
11,231,984		 Total
Unrestricted
funds
2024
2023
£
£
9,445,263
-
966,735
108,787
990,273
606,075
611,564
-
12,013,835
714,862		 Restricted
funds
2023
£
8,912,061
1,338,057
269,285
498,044
11,017,447		 Total
2023
£
8,912,061
1,446,844
875,360
498,044
11,732,309

5 Income from charitable activities

Parishes
Grants received
Analysis of grants received
Church refurbishment grants
Other		 Restricted
funds
2024
£
1,195,112
Parishes
2024
£
1,085,767
109,345
1,195,112		 Restricted
funds
2023
£
294,758
Parishes
2023
£
238,709
56,049
294,758

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Income from investments

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Rental income
22,620
249,085
Income from Parochial
investments
-
14,381
Interest receivable
59,705
406,288
82,325
669,754		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
271,705
22,620
227,616
14,381
-
6,772
465,993
38,220
174,794
752,079
60,840
409,182		 Total
2023
£
250,236
6,772
213,014
470,022

7 Other income

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Parishes - Net gain on
disposal of tangible fixed
assets
-
125,996
Curia - Net gain on
disposal of tangible fixed
assets
-
-
Other income
-
2,776
Income from solar panels
and NIE
-
3,788
Income from insurers
99,900
1,064,376
Income from candles and
printed material
-
388,975
99,900
1,585,911		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
125,996
-
450,814
-
2,203
-
2,776
-
4,711
3,788
-
4,273
1,164,276
-
60,649
388,975
-
345,665
1,685,811
2,203
866,112		 Total
2023
£
450,814
2,203
4,711
4,273
60,649
345,665
868,315

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 Expenditure on charitable activities

Staff costs
Depreciation and
impairment
Consumables and
administration costs
Clergy stipends
Pastoral costs
Donations
Premises costs including
insurance
Repairs and maintenance
Diocesan levy
Bank charges and
interest
Accountancy fees
Professional and
consultancy fees
Miscellaneous and sundry
expenses
Legal claims and
associated costs
Retired priests stipends
and expenses
Clerical students' fees
and ongoing formation
Safeguarding costs
Pastoral Centre activities
Catechetical Centre
activities
Regional Marriage
tribunal
Irish Hierarchy
Analysis by fund
Unrestricted funds
Restricted funds		 Parishes
2024
£
1,927,085
352,239
843,163
858,202
258,061
73,171
1,571,955
4,782,064
990,273
77,993
32,709
78,650
50,575
-
-
-
-
-
-
-
-
11,896,140
-
11,896,140
11,896,140		 Curial
2024
£
613,200
28,633
32,855
-
101,899
642,879
68,233
3,019
-
1,134
13,440
88,679
8,812
(128,707)
184,823
75,776
62,492
112,373
229,330
16,376
98,463
2,253,709
652,413
1,601,296
2,253,709		 Total
Parishes
2024
2023
£
£
as restated
2,540,285
1,856,576
380,872
345,073
876,018
777,783
858,202
828,642
359,960
373,020
716,050
56,009
1,640,188
1,541,773
4,785,083
2,855,170
990,273
875,360
79,127
84,757
46,149
33,985
167,329
54,538
59,387
39,320
(128,707)
-
184,823
-
75,776
-
62,492
-
112,373
-
229,330
-
16,376
-
98,463
-
14,149,849
9,722,006
652,413
-
13,497,436
9,722,006
14,149,849
9,722,006		 Curial
Total
2023
2023
£
£
as restated
547,031
2,403,607
28,633
373,706
32,740
810,523
-
828,642
117,947
490,967
664,440
720,449
70,340
1,612,113
4,679
2,859,849
-
875,360
1,200
85,957
13,440
47,425
19,506
74,044
21,167
60,487
220,000
220,000
191,323
191,323
73,590
73,590
75,127
75,127
110,282
110,282
237,956
237,956
30,000
30,000
111,649
111,649
2,571,050
12,293,056
979,306
979,306
1,591,744
11,313,750
2,571,050
12,293,056		 Curial
Total
2023
2023
£
£
as restated
547,031
2,403,607
28,633
373,706
32,740
810,523
-
828,642
117,947
490,967
664,440
720,449
70,340
1,612,113
4,679
2,859,849
-
875,360
1,200
85,957
13,440
47,425
19,506
74,044
21,167
60,487
220,000
220,000
191,323
191,323
73,590
73,590
75,127
75,127
110,282
110,282
237,956
237,956
30,000
30,000
111,649
111,649
2,571,050
12,293,056
979,306
979,306
1,591,744
11,313,750
2,571,050
12,293,056
12,293,056
979,306
11,313,750
12,293,056

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 12,600 12,600
Depreciation of owned tangible fixed assets 380,872 373,706
Profit on disposal of tangible fixed assets (125,996) (450,814)

10 Corporate Trustee

The Corporate Trustee (nor any persons connected with them) did not receive any remuneration or benefits from the charity during the year in respect of the role of Trustee.

11 Employees

The average monthly number of employees during the year was:

Curial employees
Parish employees
Total
Employment costs
Wages and salaries		 2024
Number
15
189
204
2024
£
2,540,285		 2023
Number
15
189
204
2023
£
2,403,607

There were no employees whose annual remuneration was more than £60,000.

12 Gains and losses on investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
Gains/(losses) arising on: £ £ £ £ £ £
Revaluation of
investments 264,781 1,543,747 1,808,528 219,930 1,360,835 1,580,765

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14 Other gains and losses

Unrestricted
funds
2024
Gains/(losses) upon:
£
Foreign exchange
(9,322)
Tangible fixed assets
Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation and impairment
At 1 January 2024
Depreciation charged in the year
Eliminated in respect of disposals
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023		 Restricted
funds
2024
£
13,462		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
4,140
(3,582)
975
Parish
property and
contents
Curia land and
buildings
£
£
34,507,265
1,431,673
950,046
-
(135,000)
-
35,322,311
1,431,673
3,296,528
274,056
352,239
28,633
(12,150)
-
3,636,617
302,689
31,685,694
1,128,984
31,210,737
1,157,617		 Total
2023
£
(2,607)
Total
£
35,938,938
950,046
(135,000)
36,753,984
3,570,584
380,872
(12,150)
3,939,306
32,814,678
32,368,354

15 Tangible fixed assets

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

16 Fixed asset investments

Parish
investments
Curial
Investments
£
£
Cost or valuation
At 1 January 2024
5,430,691
14,326,654
Additions
100,050
-
Valuation changes
411,229
1,397,300
Disposals
(700,000)
-
At 31 December 2024
5,241,970
15,723,954
Carrying amount
At 31 December 2024
5,241,970
15,723,954
At 31 December 2023
5,430,691
14,326,654		 Total
£
19,757,345
100,050
1,808,529
(700,000)
20,965,924
20,965,924
19,757,345

17 Programme related social investments

At 1 January 2024
Advances
Recovered amounts
At 31 December 2024		 £
3,732,719
1,654
(177,611)
3,556,762

The carrying amount of programme related social investments at the reporting date wholly represents concessionary loans granted by certain Parishes within the Diocese to charitable and community organisations in their respective parishes. Loans are granted where the Parish identifies programmes to be delivered by the recipient organisation, which is expected to provide social benefits in a way that is aligned and consistent with the overall charitable objectives of the Diocesan Trust. Terms on the loans are not market related, no interest is levied by Parishes and repayment terms are flexible.

18 Debtors

Debtors
2024 2023
Amounts falling due within one year: £ £
Other debtors 1,196,565 290,489

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19
Loans and overdrafts
Bank overdrafts
Bank loans
Other loans
Payable within one year
Payable after one year
20
Creditors: amounts falling due within one year
Notes
Bank loans and overdrafts
19
Other borrowings
Accruals and deferred income
21
Creditors: amounts falling due after more than one year
Notes
Bank loans
19
22
Provisions for liabilities
Legal claims and associated costs
Movements on provisions:
At 1 January 2024
Reversal of provision
Utilisation of provision
At 31 December 2024		 2024
2023
£
£
41,756
51,956
208,989
268,991
158,646
249,781
409,391
570,728
257,222
358,557
152,169
212,171
2024
2023
£
£
98,576
108,776
158,646
249,781
359,984
437,680
617,206
796,237
2024
2023
£
£
152,169
212,171
2024
2023
£
£
455,000
675,000
Legal claims
and
associated
costs
£
675,000
(128,707)
(91,293)
455,000

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22 Provisions for liabilities

(Continued) 2024 2023

The charity has made a provision in the financial statements of £455,000 (2023: £675,000) in relation to ongoing legal claims and associated costs. The charity has quantified the likely financial outcome based on legal advice received. There is scope for amounts ultimately payable in respect of legal claims to be mitigated by insurance cover.

23 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 to how they may be used.

At 1 January
2024
£
Parishes
59,184,101
Bishop's Fund
493,018
Derry Catholic
Building Fund
1,744,792
Formation and
Education Fund
3,889,096
Holy Land
17,126
Lenten Alms
4,801
Peter's Pence
24,122
Propagation of
Faith/Third
World Fund
466,077
Colmcille
Educational
Trust
1,394,577
Fund for Retired
Priests
4,972,461
Derry Diocesan
Pastoral Centre
10,464
Derry Diocesan
Catechetical
Centre
556,060
Diocesan
Retirement
Fund
877,901
Lourdes
Pilgrimage Fund
253,949
73,888,550		 Incoming
resources
Resources
expended
£
£
13,412,746
(11,912,413)
4,274
(14,923)
6,452
(15,439)
128,553
(105,248)
31,091
(30,523)
419,389
(419,362)
60,126
(58,682)
87,658
(88,831)
-
(20,943)
81,129
(38)
16,093
(112,373)
52,980
(226,329)
373,673
(481,304)
8,597
(11,028)
14,682,761
(13,497,436)		 Transfers
£
147,075
-
(147,075)
-
-
-
-
-
(3,000)
(150,000)
93,600
139,770
150,000
-
230,370		 Gains and
losses
£
429,641
46,966
120,016
407,971
-
(6)
(1,115)
56,686
55,554
407,299
-
-
34,202
-
1,557,209		 At 31
December
2024
£
61,261,150
529,335
1,708,746
4,320,372
17,694
4,822
24,451
521,590
1,426,188
5,310,851
7,784
522,481
954,472
251,518
76,861,454

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23
Restricted funds
Previous year
as restated:
At 1 January
2023
£
Parishes
57,444,193
Bishop's Fund
465,387
Derry Catholic
Building Fund
1,796,092
Formation and
Education Fund
3,102,893
Holy Land
16,726
Lenten Alms
4,802
Peter's Pence
23,543
Propagation of
Faith/Third
World Fund
418,294
Colmcille
Educational
Trust
1,361,725
Fund for Retired
Priests
4,665,855
Derry Diocesan
Pastoral Centre
7,361
Derry Diocesan
Catechetical
Centre
580,508
Diocesan
Retirement
Fund
870,944
Lourdes
Pilgrimage Fund
256,318
71,014,644		 Incoming
resources
Resources
expended
£
£
10,941,084
(9,722,006)
4,684
(15,071)
11,193
(16,402)
558,196
(90,997)
35,156
(34,756)
431,270
(431,268)
58,613
(57,810)
90,986
(89,987)
-
(31,243)
103,544
(40)
13,935
(110,282)
50,668
(237,956)
286,838
(472,231)
1,332
(3,701)
12,587,499
(11,313,750)		 Transfers
£
178,324
-
(148,324)
(30,000)
-
-
-
-
(23,943)
(163,000)
99,450
162,840
163,000
-
238,347		 (Continued)
Gains and
losses
At 31
December
2023
£
£
342,506
59,184,101
38,018
493,018
102,233
1,744,792
349,004
3,889,096
-
17,126
(3)
4,801
(224)
24,122
46,784
466,077
88,038
1,394,577
366,102
4,972,461
-
10,464
-
556,060
29,350
877,901
-
253,949
1,361,810
73,888,550

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23 Restricted funds

(Continued)

The details of restricted funds are as follows:

Parishes

Funds held under parishes represent total net assets held by individual parishes of the Diocese for use in those individual parishes.

Bishop's Fund

The fund is maintained to provide for charitable payments to both individuals and organisations in need and deserving of support.

Derry Catholic Building Fund

The fund is used for the development of churches and buildings.

Formation and Education Fund

The fund is maintained to finance the costs of formation and education of students for the priesthood of the Derry Diocese, the ongoing formation of Diocesan clergy and other educational activities.

Holy Land

The fund is used to administer the annual collection for the Holy Land within the Diocese of Derry and other receipts of a similar nature.

Lenten Alms

The fund is used to administer the annual Lenten Trocaire collection within the Diocese of Derry and other receipts of a similar nature.

Peter's Pence

The fund is used to administer the annual collection for Vatican purposes within the Diocese of Derry and other receipts of a similar nature.

Diocesan Propagation of the Faith and Third World Fund

The fund is used to support missionary activities in Third World countries. From 2010 onwards the fund is used to administer the annual Missions Sunday collection within the Diocese of Derry.

Colmcille Educational Trust

The fund is a Trust under the trusteeship of St Columb's Diocesan Trust and forming part of Derry Diocesan Trust. The purpose of the fund is to support Catholic education in the Diocese of Derry.

Fund for Retired Priests

The fund is maintained as a reserve fund to assist the Diocesan Retirement Fund with the costs of supporting retired priests.

Derry Diocesan Pastoral Centre

The Diocesan Pastoral Centre provides a range of services to support the Diocese and the parishes of the Diocese. The Diocesan Safeguarding Office, the Derry Office of the Armagh Inter-Diocesan Marriage Tribunal and Accord (Derry) are located in the Pastoral Centre. The Pastoral Centre provides administrative and pastoral support to the Diocesan Pilgrimage Committee, the Priests Reading Group, the Diocesan Vocations Council and the Derry Diocesan Society. The Pastoral Centre also assists the work of various Diocesan Commissions and Committees on both a regular and occasional basis, depending on the nature and needs of the various bodies.

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23 Restricted funds

(Continued)

Derry Diocesan Catechetical Centre

The Derry Diocesan Catechetical Centre was founded in 2004 at the request of the Diocesan Bishop to devise and implement a strategic plan for catechesis and evangelisation throughout the Diocese of Derry. The vision of the Diocesan Catechetical Centre is to enable young people, families, schools and parish communities to grow in their relationship with Jesus in the Body of Christ, the Church. The Centre endeavours to meet the challenges in the church and society today with the message of Jesus, proclaimed in a simple, enthusiastic way. This allows all, especially the young to engage with Christ and experience His presence and love in their lives.

Diocesan Retirement Fund

The fund pays wages and retirement benefits to retired priests and housekeepers and general expenses for retired priests and Bishops. The income of the fund is generated from a Diocesan annual levy on parishes.

Lourdes Pilgrimage Fund

This fund administers the annual collection for the pilgrimage to Lourdes.

24 Unrestricted funds

The unrestricted funds of the charity comprise the 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 trustees for specific purposes.

At
General funds
Previous year:
At
General funds		 1 January
2024
Incoming
resources
Resources
expended
£
£
£
4,925,926
964,076
(652,413)
1 January
2023
Incoming
resources
Resources
expended
£
£
£
5,149,326
777,905
(979,306)		 Transfers
Gains and
losses
At 31
December
2024
£
£
£
(230,370)
255,459
5,262,678
Transfers
Gains and
losses
At 31
December
2023
£
£
£
(238,347)
216,348
4,925,926

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 December 2024:
Tangible assets
621,839
Investments
3,058,454
Programme related assets
-
Current assets/(liabilities)
2,037,385
Long term liabilities
-
Provisions
(455,000)
5,262,678
Unrestricted
funds
2023
£
At 31 December 2023 as restated:
Tangible assets
636,008
Investments
2,793,673
Programme related assets
-
Current assets/(liabilities)
2,171,245
Long term liabilities
-
Provisions
(675,000)
4,925,926		 Restricted
funds
2024
£
32,192,839
17,907,471
3,556,762
23,356,551
(152,169)
-
76,861,454
Restricted
funds
2023
£
31,732,346
16,963,672
3,732,719
21,671,984
(212,171)
-
73,888,550		 Total
2024
£
32,814,678
20,965,925
3,556,762
25,393,936
(152,169)
(455,000)
82,124,132
Total
2023
£
32,368,354
19,757,345
3,732,719
23,843,229
(212,171)
(675,000)
78,814,476

26 Transfers between funds

There have been transfers during the year totalling £230,370 (2023: £238,347) from unrestricted reserves to restricted reserves, which represents central Curia funding towards Parishes and Pastoral and Catechetical Centre activities.

27 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

28 Amounts held as agent

There are various collections taken up during the year within the Diocese that are collections undertaken as agent on behalf of other organisations. These funds are lodged to the bank and then paid to the individual organisations. The asset and liability are not recognised within these financial statements.

The amount of funds held by the charity at the year end as an agent was £47,426 (2023: £46,959).

DERRY DIOCESAN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

29
Analysis of changes in net funds
Cash at bank and in hand
Bank overdrafts
Loans falling due within one year
Loans falling due after more than one year
30
Cash (absorbed by)/generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Gain on disposal of tangible fixed assets
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in programme related assets
(Increase) in debtors
(Decrease)/increase in creditors
Increase in provisions
Cash (absorbed by)/generated from operations		 At 1 January
2024
£
24,348,977
(51,956)
24,297,021
(306,601)
(212,171)
23,778,249		 Cash flows At 31 December
2024
£
£
465,600
24,814,577
10,200
(41,756)
475,800
24,772,821
91,135
(215,466)
60,002
(152,169)
626,937
24,405,186
2024
2023
£
£
as restated
3,305,516
2,653,113
(752,079)
(470,022)
4,140
(2,607)
(125,996)
(450,814)
(1,808,528)
(1,580,765)
380,872
373,706
175,957
114,533
(906,076)
(266,155)
(77,696)
262,221
(220,000)
(50,000)
(23,890)
583,210