Rossorry Parish Church Statement of Financial Activities For the year ended 31 December 2024 Unrestricted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total 2024 Total 2023 Notes Income Donations and legacies other trading activities Investments Charitable activities Total income 125,700 1,545 71,633 2,500 128,200 1,545 72.842 141,320 1,745 66,103 1,209 682 682 200 088 3,709 204 479 212 720 Expenditure Charltable activities Total expenditure 161 836 161 836 167 295 167 295 161 984 161 984 Net Income / (expenditure) before transfers 38,252 (1,106) 38 37,184 50.736 Transfers between funds Net Income / (expenditure) before other recognlsed gains and losses 38,252 (1,106) 38 37,184 50,736 Net gains / (losses) on investments 35 25,161 10,750 35,946 33,846 Net movement in fund$ 63.413 (1,071) 10,788 73,130 84,582 Reconclllation of funds: Total funds brought forward 2,052,619 50,238 504,122 2,606,979 2,522,397 Total funds carried forward 2,116,032 49,167 514,910 2,680,109 2.606,979 CavanaghKelly°
Rossorry Parish Church Statement of Financial Position For the year ended 31 December 2024 Notes 2024 2023 Fixed Assets Tangible fixed assets Investment Properties Investments io 673,847 672,987 li 1 402 515 1 364 569 Total flxed assets 2 076 362 2 037 556 Current assets Receivables Cash at bank and in hand 12 19,891 585 156 19,148 551575 Total current assets 605,047 570,723 13 Payables- amounts falling due withln one year Net current assets 603 747 569 423 The funds of the charity (parish) 2 680 109 2 606 979 Unrestrlcted Funds General Deslgnated Total unrestricted funds 2,052,619 2,116,032 2,116,032 2,052,619 49,167 50,238 Restrlcted Funds 504 122 Endowment funds 514 910 Total charlty funds 14 2 680 109 2 606 979 The notes on pages 11 to 20 are an integral part of the financial statements. These financial statements were approved by the Board of Trustee5 on 28 March 2025 and signed on its behalf by.. obert Elliott Honorary Treasurer Mrs Dorothy Helen Wilson Honorary Secretary CavanaghKel 10
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2024 I. GENERAL INFORMATION Rossorry Parish is a Church of Ireland parish registered as a charity in Northern Ireland. The address of the registered office is as shown on page 3. The parish constitutes a public benefit entity as defined by FRS 102. 2. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. 2.1 statement of Compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charites: statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2019 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102} and UK Generally Accepted Practice. 2.2 Basls of Preparation The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial statements, 2.3 Preparation of accounts on a golng concern basls The parish generally meets its day to day working capital requirements from its annual income. The trustees continually review the parish's finances and are satisfied that the parish has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable futu re. Therefore, these financial statements have been prepared on a going concern basis. 2.4 Cash Flow Statement The charity has applied Update Bulletin 2 as published on 5 October 2018 (effective l January 2019) and does not include a cash flow statement on the grounds that it is applying FRS 102 Section IA. 2.5 Income Plate collections, Freewill Offerings, graveyard income, hire of hall and donations are accounted for on a cash receipts basi5 a5 the amount5 are colletted. Legacies are included in income according to the term5 under which the donation is made and when the amount can be quantified with reasonable certainty. Income from charitable activities includes income received under contract or where entitlement to grant funding is subjett to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income included in this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. CavanaghKelly" 11
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2024 2.6 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. Irrecoverable VAT is charged as a cost against the attivity for which the expenditure was incurred. 2.7 Tangible fixed assets The assets of the parish comprise: Church building and graveyard; Parish hall. Rectoryi Sexton's house; Fixtures and fittings. The church building and graveyard are deemed to be Heritage Assets as defined by the Charities SORP (FRS 102). These heritage assets are not included on the balance sheet as information on the cost or valuation is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the parish. The parish hall was built in the 1960's. It is recognised at a deemed cost. No depreciation has been provided on the hall as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. The rectory and sexton's house are recognised at deemed c05t, being the estimated fair value of the property at 31 December 2017. No depreciation has been provided on these buildings as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. Fixtures, fittings and equipment are written off as an expense in the year of purchase. Investments Fixed asset investments comprising investment properties, investments in equities and investment in Representative Church Body and Church of Ireland Trustees Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each balance sheet date. Investments in unquoted investments are recorded at cost and are assessed annually for impairment. Unrealised gains and losses represent the difference between the fair value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and fair value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the fair value at the start of the year or cost if purchased in the year. Both realised and unrealised gains and losses in investments are reported within -Net Gains / (Losses) on Investments" within the Statement of Financial Activities. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, Other short term highly liquid investments and bank overdrafts. Bank overdrafts are shown within Creditors Amounts falling due within l year. CavanaghKelly" 12
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2024 2.10 Financial instruments The Parish only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction price and subsequently measured at their settlement value. 2.11 Fund Accounting Funds are classified as either restricted or unrestricted, defined as follows: Restricted funds are funds subject to specific requ7MentS as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the parish. Endowment funds are funds which have been given on the condition that the original capital sum is not reduced but the income is used for the purpose defined in accordance with the objects of the parish. Unrestricted funds are expendable at the discretion of the trustee5 in furtherance of the objects of the charity- If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. 2.12 Taxation As a charity, the parish is not liable to Income or Corporation Tax. Crltical accounting judgement and estimation uncertainty Estimates and judgements made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expettations of future event5 that are believed to be reasonable under the circumstances. The trustees do not consider that there are any critical judgements made in applying the Parish's accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year. CavanaghKelly" 13
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Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2024 6. Expendlture Unrestrlcted Fund 2024 Restrlcted Funds 2024 Endowment Funds 2024 Total Total 2024 2023 6.1 Church and grounds Water charges Repairs and maintenance Heat, light and power Grounds maintenance Books, literature, etc. Music, choir, and M-Blaze Visiting clergy and preachers Bible Club, Sunday School, and Confirmation Class Miscellaneous 98 3,364 7,147 5,242 490 8,069 820 98 3,364 7,147 5,242 490 8,069 820 113 945 7,848 3,870 738 6,127 896 371 371 1,487 517 26,118 517 26,118 23,483 Unrestricted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total Total 2024 2023 6.2 Parochial Hall and grounds Heat, light and power Water charges Repairs and malntenance Grounds maintenance Miscellaneous 2,270 121 2,270 121 2,301 95 1,665 792 4,445 9,298 1,477 990 653 1,477 990 653 5,511 5,511 Unrestrlcted Funds 2024 Restrirted Funds 2024 Endowment Funds 2024 Total Total 2024 2023 6.3 Rectory and grounds Rates Heat, light and power Repairs and maintenance Grounds maintenance Miscellaneous 1,067 1,506 152 1,682 6,461 1,067 1,506 152 1,682 6,461 1,024 1,584 2,063 1,392 6,823 CavanaghKelly' 17
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2024 Unrestricted Funds Restricted Funds 2024 Endowment Funds 2024 Total Total 2024 2024 2023 6.4 Caretaker's / Sexton's house Rates 434 434 416 Repairs and maintenance 243 173 1,612 1,612 Unrestrlcted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Totsl Total 2024 2023 6.5 Parish office Salarles and PAYE / NIC Rent Heat, light and power Telephone and broadband Grounds maintenance Repairs and maintenance 13,261 2,600 1,304 837 990 60 13,261 2,600 1,304 837 990 60 13,417 2,600 2,492 1,043 792 337 CavanaghKelly" 18
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2024 7. Net gains / (losses) on Investments 2024 2023 Unrealised fair value gains / (losses) on investments Taxation Rossorry Parish Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not su bject to taxation on its charitable activities. 9. Analysis of staff costs 2024 2023 Administration salaries The average number of employees during the year was one, being the parish administrator. He is also one of the trustees and a member of the select vestry. 10. Tangible fixed assets Buildlngs Total Cost At beginning of the year Additions Disposals -At end of the year 672,987 860 672,987 860 673 847 673 847 Depreciation At beginning of the year Depreciation Disposals At end of the year Net book value at beginning of the year 673 847 673 847 Net book value at end of the year 672 987 672 987 Tangible fixed assets are recognised at their deemed cost. CavanaghKelW
Rossorry Parish Church Notes to the Financial Statements For the year ended 31 December 2024 11. Investments 2024 2023 inal c At l January Additions 789,818 2,000 791818 782,818 7,000 789 818 At 31 December Marke lue At l January Additions 1,364,569 2,000 1,323,723 7,000 Fair value gain / (loss) At 31 December 1402 515 1 364 569 12. Receivables 2024 2023 Gift Aid Other receivables 18,917 974 18,314 834 13. Payables - due withln one year 2024 2023 Accruals 14. AnalysFS of Net Assets Among Funds Unrestricted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total Funds 2024 Fixed Assets Investments Current Assets Receivables Cash at bank and in hand Current Liabilities Net Assets at 31 December 673,847 891,608 673,847 1,402,515 1,982 508,925 19,891 531,986 19,891 585,156 47,185 5,985 2,116,032 49,167 514,910 2,680, 109 Endowment funds The parish has received numerous bequests which are invested with the Representative Church Body, Church of Ireland Trustees and other financial institutions, the income being used for parish purposes. The parish treats these as if they were permanent endowment funds where the capital cannot be converted to income. CavanaghKelW 20