CHARITY REGISTRATION NUMBER: NIC105437 Inishmacsaint Church of Ireland Unaudited Financial Statements 31 December 2024 GA THOMPSON ACCOUNTANCY , Chartered accountants 24 Main Street Kesh Co Fermanagh BT93 1TF
Inishmacsaint Church of Ireland Financial Statements Year ended 31 December 2024 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements
Inishmacsaint Church of Ireland Trustees, Annual Report Year ended 31 December 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Reference and administrative details Registered charity name Inishmacsaint Church of Ireland Charity registration number NIC105437 Principal office 37 Glenlevan Road Sandhill Derygonnelly Co Femianagh BT93 6ER The trustees Mrs L Muldoon Mrs J Wray Mr E Rogers Mr R Ferguson Mr R Harkness Mrs M Elliott Mr M Byers Mrs J Acheson Mrs L Ferguson Mrs E Carson Revd S Woods Ms E Mcclelland Mr l Rutherford Mr D Bailey Mr D Carson Mr K Kettyles (Appointed 10 April 2024) (Resigned 21 January 2024) (Appointed 10 April 2024) Independent examiner Gary Thompson structure, govemance and management Governlng Document and Constitutlon of the Charity Chapter111 of the Constitution of the Church of Ireland govems Parishes and Parochial Organisation. The Select Vestry members are the Charity Trustees. Recruitment and Appointment of Select Vestry All members of the Church of Ireland who are over the age of 18 and are either resident within the parish or live elsewhere but have been accustomed members of the congregation for the last three months, may register as members of the general vesty of the parish, allowing them to attend and vote at meetings of the general vestry and to stand for election to the select vestry. Meetings of the general vestry are held at least once a year. The Select Vestry is elected as part of this General Vestry meeting. The selt Vestry will hold their positions for a period of one year. Select Vestry members may be reelected annually and there is no limit on the number of terms which may be served.
Inishmacsaint Church of Ireland Trustees. Annual Report (conllnuedj Year ended 31 December 2024 Structurej governance and management fcontinued) Oryanisational Structure The select vestry is responsible for the day to day management of the parish. The select vestry consists of the member of the clergy serving in the parish, the churchwardens, the glebewardens and generally not more than twelve other members of the general vestry elected at the General Vestry. The select vestry is chaired by the incumbent or other member of the clergy officiating in the parish. Select vestry members are responsible for making decisions on matters of general conrn and importance to the parish including deciding on how parish funds are to be applied. The select vestry meets at times fixed by the members or by the diocesan synod. Special meetings may be convened at any tirne by the chairperson or churchwardens. Objectives and activities The charitable purpose of the Church of Ireland is the advancement of religion. The principal functs'on of Inishmacsaint Parish is to support the advancement of the Christian religion by promoting, through the work of Inishmacsaint Pansh the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Being open to and engaging with s¢xiety as a whole and offering support for those needing help are fundamental to the practical delivery of the benefits of Christianity. As a result of activity in the pursuit of the advancement of the Christian religion. Inishmacsaint Parish has custody of propety and of records, materials and artefacts of significance to the cultural and religious heritage and maintenance of which is undertaken by the select vestry of Inishmacsaint Parish. Achievements and perfomiance Inishmacsaint continues to support the work of other charities and missionary work by either making donations or holding special collects.ons during the year. The Parish has given careful consideration to the Charity Commission of Northern Ireland's guidance on public benefit to ensure that all activities undertaken during the year have helped to achieve the Parish's aims and objectives, as well as providing public benefit. Financial review The parish recorded a surplus of £5,472 during the year ended 31 December 2024. The trustees policy on resenies is to ensure that sufficient reserves are retained to meet all future expenditure requirements as well as potential future capital projects. The trustees. annual report was approved on 15 May 2025 and signed on behalf of the board of trustees by: Mrs J Wray Trustee
Inishmacsaint Church of Ireland Independent EXamineS Report to the Trustees of Inishmacsaint Church of Ireland Year ended 31 December 2024 I report on the financial statements for the year ended 31 December 2024, which comprise the statement of financial activities, statement of financial posits'on. statement of cash flows and the related notes. Respective responsibilitles of trustees and examiner As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northem Ireland) 2008. It is my responsibility to: examine the accounts under section 65 of the Charib'es Act., to follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b} of the Charities Act" and to state whether particular matters have come to my attention. Basls of Independent examinerfs report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance wth the general Directions given by the Charity Commission for Northem Ireland under section 65{9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included considerats-on of any unusual items or disclosures in the accounts, and seeking explanations from the trustees conceming any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: That accounting records were not kept in accordance with section 63 of the Charities Act That the accounts do not accord with those accounting records That the accounts do not comply with the accounts.ng requirements of the Charities Act That there is further infomiation needed for a proper understanding of the accounts to be reached.
Inishmacsaint Church of Ireland Independent Examinerfs Report to the Trustees of Inishmacsaint Church of Ireland (continued) Year ended 31 December 2024 Independent examinerfs statement I have completed my examination and have no concems in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no atters that require drawing to your attention. ompson Independent Examiner GA Thompson Accountancy Bannagh Beg Kesh Co Fermanagh BT93 8BY 15 May 2025
Inishmacsaint Church of Ireland ststement of Financial Activities Year ended 31 December 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Investment income Other income 53,647 922 8.590 1.326 50 54,973 972 8,590 60,184 868 10,640 71,692 Total income 63.159 1,376 64,535 Expenditure Expenditure on charitable actNlties Total expenditure 59,063 59,063 64,709 59.063 59,063 64,709 Net income and net movement in funds 4,096 1,376 5,472 6,983 Reconciliation of funds Total funds brought forward Total funds carried forward 357,024 3,847 360,871 366,343 353,888 360,871 361.120 5.223 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activrties. The notes on pages 8 to 15 fomi part of these finanGial statements.
Inishmacsaint Church of Ireland Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 282,124 16,510 298,634 282.376 16,510 298.886 12 Current assets Debtors Cash at bank and in hand 13 6,135 62,001 6,583 57,429 64,012 68,136 Creditors: amounts falling due wlthin one year Net current assets 14 427 2,027 61,985 67,709 Totsl assets less current liabilities 366,343 360,871 Funds of the charity Restricted funds Unrestricted funds 5,223 361.120 3,847 357,024 Total charity funds 15 366,343 360,871 These financial statements were approved by the board of trustees and authorised for issue on 15 May 2025, and are signed on behalf of the board by: Mrs J Wray Trustee Mr R Ferguson Trustee The nots5 on page3 8 to 15 fonn part of these finanGial 5tatefflents.
Inishmacsaint Church of Ireland Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating activities Net income 5,472 6,983 Adjustments for Depreciation of tangible fixed assets Other interest receivable and similar income 252 (972) 279 (868) Changes in.. Trade and other debtors Trade and other creditors 448 {1) 5,199 (568) Cash generated from operations 5,827 Interest received 972 868 Net cash from operating activities 6,171 6,695 Cash flows from financing activities Proceeds from borrowings Net cash used in financing activits'es (1,599) (1,599) (1,216} (1,216) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 4,572 57,429 5,479 51,950 57,429 62,001 The notes on pages 8 to 15 fomi part ol these financial statements.
Inishmacsaint Church of Ireland Notes to the Financial Statements Year ended 31 December 2024 General infomiatlon The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 37 Glenlevan Road, Sandhill. Derrygonnelly, Co Fermanagh, BT93 6ER. statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practs'ce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northem Ireland) 2008. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fvncts'onal currency of the entity. Going concem There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmation uncertainty The Trustees do not consider that there are any critical judgements or estimates made in applying the Parish's accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk os causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of iwo sulFclasses'. restricted income funds or endowment funds.
Inishmacsaint Church of Ireland Notes to the Financial Statements (conllnued) Year ended 31 December 2024 Accounting policies (contlnued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entttlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and ents"tlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of serVIS is recognised with the delivery of the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charty in undertaking activities that further its charitable airns for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable acb'vits'es. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beleen the activits'es they contribute to on a reasonable, Justifiable and consistent basis.
Inishmacsaint Church of Ireland Notes to the Financial Statsments (continued) Year ended 31 December 2024 Accounting pollcles (continued) Tangible assets The Church Building and Graveyard are deemed to Heritage assets as defined by the Charities SORP (FRS102). These Heritage assets are not included on the Statement of Financial Position as information on the cost or valuation is not available and such information cannot be obtained at a cost commensurate vrfith the benefrt to the users of the accounts and to the Parish. The Glebe House is recognised at market value due to the difficulties in establishing actual cost. The market value has been determined by the trustees. No depreciation has been attributed to the Rectory as the remaining usefvl Sife CuentlY exceeds 50 years. Depreciation Depreciation is calculated so as to vKite off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Equipment 100/0 reducing balance Investments Unlisted equty investments are initially recorded at cost. and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Impainnent of fixed assets A review for indicators of impaiment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairrnents are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The Gash-generating unit IS the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impaimient testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irreSptr.ve of whether other assets or liabilities of the charity are assigned to those units. 10
Inishmacsaint Church of Ireland Notes to the Financial Statements (¢¢>ntinued) Year ended 31 December 2024 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donations Freewill envelopes Tax refund gift aid Church collections Harvest Gift Day Other donations Clothes Collection Panto SK Fun Run Favourite Hymns Carol Singing Legacies 32,927 7,476 661 6,420 2,705 264 380 1,314 32,927 7,476 661 6,420 4,031 264 380 1,314 1,326 200 1,000 200 1,000 Grants RSPB Grant 300 300 53.647 1,326 54,973 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Freewill envelopes Tax refund gift aid Church collections Harvest Gift Day Other donations Clothes Collection Panto SK Fun Run Favourite Hymns Carol Singing Legacies 32,311 7,666 810 6,375 3,341 336 6,236 1,320 1,251 200 32,311 7,666 810 6,375 3,679 336 6,236 1,320 1,251 200 339 Grants RSPB Grant 59,846 339 60,184 Investment income Unrestricted Funds Restricted Total Funds Funds 2024 Bank interest Interest from R.C.B Investrnents 119 803 50 169 803 922 50 972 11
Inishmacsaint Church of Ireland Notes to the Financial Statements (continued) Year ended 31 December 2024 Investment income (continued) Unrestricted Funds Restricted Total Funds Funds 2023 Bank interest Interest from R.C. B Investments 100 757 111 757 857 868 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fees for Headstone Fees for Funerals Rectory Rent Field rent Wayleaves other sundry income 50 650 7.160 250 30 450 50 650 7.160 250 30 450 2,110 7,700 250 28 552 2,110 7,700 250 28 552 8,590 8.590 10,640 10,640 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Inishmacsaint Parish Church 59,063 59,063 Unrestricted Funds Restricted Total Funds Funds 2023 Inishmacsaint Parish Church 63.841 869 64,709 Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2024 Total fund 2023 Inishmacsaint Parish Church 59,063 59,063 64,709 Net income Net income is stated after chargingl(crediting}: 2024 2023 Depreciation of tsngible fixed assets 252 279 12
Inishmacsaint Church of Ireland Notes to the Financial Statsments (continued) Year ended 31 December 2024 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for. Independent examination of the financial statements 660 660 11. Tangible fixed assets Freehold property Equipment Total Cost At 1 January 2024 and 31 December 2024 Depreclatlon At 1 January 2024 Charge for the year At 31 December 2024 279,868 4,719 284,587 2,211 252 2,211 252 2,463 2,463 Carrying amount At 31 December 2024 279,868 2,256 282,124 At 31 December 2023 279,868 2,508 282,376 12. Investments Other investments Cost or valuation At 1 January 2024 Additions 16.510 At 31 December 2024 16,510 Impaimient At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 16,510 16,510 At 31 December 2023 All investments shown above are held at valuab'on. 13. Debtors 2024 2023 HMRC - Gift Aid 6,135 6,583 13
Inishmacsaint Church of Ireland Notes to the Financial Statements (continued) Year ended 31 December 2024 14. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors 129 298 1,728 299 427 2,027 15. Analysis of charitable funds Unrestricted funds At 1 January 202 At 31 December 2024 Income Expenditure General funds 357.024 63,159 (59,063) 361,120 At 1 January 202 At 31 December 2023 Income Expenditure General funds 349,522 71,343 (63,841) 357,024 Restricted funds At 1 January 202 At 31 December 2024 InGome Expenditure Building Fund Organ Fund 1,978 1.869 1,362 14 3,340 1,883 5,223 3.847 1.376 At 1 January 202 At 31 December 2023 Income Expenditure Building Fund Organ Fund 2,604 1,762 48 302 (674) (195} (869) 1,978 1,869 4,366 350 3,847 14
Inishmacsaint Church of Ireland Notes to the Financial Ststements (continued) Year ended 31 December 2024 16. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year 282,124 16,510 62,913 (427) 361,120 282,124 16,510 68,136 1427) 366,343 5,223 Net assets 5,223 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors les5 than 1 year Net assets 282,376 16,510 60.165 {2,027) 357,024 282,376 16,510 64,012 {2,027) 360,871 3,847 3,847 17. Analysis of changes in net debt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and in hand Debt due within one year 57,429 (1.728) 55,701 4,572 1,599 6,171 62,001 (129) 61,872 18. Related parties There were no transactions viith trustees during the year that require disclosure. 15