Magheracross Parish Church Trustees, Annual Report for the year ended 31 December 2024 ststement of Receipts and Payments for the year ended 31 December 2024 Unrestricted Funds Restricted Funds Endowment Funds Total 2024 Total 2023 Recei Donations & Gift Aid Organisations Fundraising events Bank & Deposit Interest Property Rental Administration R.B. & CIT Unit Valuations 106345 2939 10031 7127 6800 5177 106345 13667 15632 7127 111645 35068 7246 5296 7500 4327 2511 10728 5601 6800 5177 2469 71 2398 2398 157217 173593 Total Recei 138419 16400 ment5 Diocesan Assessment Oganisations Church Costs Hall Costs Rectory Costs Cemetery Costs Investment Property Costs Administration Costs Charitable Donations 52174 8197 21595 7562 15794 52174 23037 63257 14840 47138 10753 8717 18487 2040 459 12092 5256 21595 7562 15794 3160 3160 479 479 10458 10458 7369 5392 1977 Asset & Investment Purchase Total Pa ments 124811 16817 141628 168199 Net receiptslpayments 13608 -417 2398 15589 5394 Transfer tolfrom funds Surplus/deficit for the year 13608 -417 2398 15589 5394 Reconclliation 31.12.2024 Funds at 31.12.2023 Surplusldeficit this year Funds at 31.12.2024 121296 13608 15636 -417 75728 2398 212660 15589 228249 207266 5394 212660 134904 15219 78126
Magheracross Parish Church Trustees, Annual Report for the year ended 31 December 2024 Statement of Assets and Liabilities as at 31 December 2024 Unrestricted Funds Restricted Funds Endowment Funds Total Total 2023 2024 Cash Funds Bank Current Accounts 88497 11290 99787 91327 Total Cash Funds 88497 11290 99787 91327 Investment Funds Investments in RCB / CIT Unit Trusts St James's Place Investment 3929 78126 82055 79586 46407 46407 41747 Total Investment Funds 46407 3929 78126 128462 121333 Total Funds 134904 15219 78126 228249 212660 Investment Assets Investment Property 65000 65000 650 Total Investment Assets 65000 65000 65000 Liabilities Approved by the Trustee5 on 4 March 2025 and signed on their behalf by". Rev Lorraine Capper Chair Howard Mcmorris Honorary Treasurer 101 Page
Magheracross Parish Church Trustees, Annual Report for the year ended 31 December 2024 Notes to the financial statements for the year ended 31 December 2024 l. Movement in Funds At 01/01/2024 At 31112/2024 Incomings Outgoings Transfers Endowment Funds Representative Church Body 62958 1168 64126 Church of Ireland Trustees 12770 1230 14000 75728 2398 78126 Restricted Funds Representative Church Body 3858 71 3929 Mothers Union 3053 555 432 3176 Bowling Club 300 300 Youth Ministry 6106 10173 14108 2171 Badminton Club 300 300 Gir15 Friendly Society 42 42 Christmas Charity Sit-out 1977 5601 1977 5601 15636 16400 16817 15219 Unrestricted Funds St James's Place Investment 41747 4660 46407 S Kane Bequest 17976 17976 General Fund 61573 133759 124811 70521 121296 138419 124811 134904 Total Funds 212660 157217 141628 228249 11 I Page
Magheracross Parish Church Trustees, Annual Report for the year ended 31 December 2024 Notes to the financial statements for the year ended 31 December 2024 (continued) Pur oses of Endowment Funds Income gets added to the general funds of the Parish. Pur oses of Restricted Funds Youth Ministry Fund: used towards the payment of the youth worker's salary and youth activities expenses. Mothers Union Catering Fund: used towards capital expenditure of the Mothers Union and of the Parish. Christmas Charity Sit-out: annual charity financial support. 2. Collections for Third Parties 2024 2023 Lord Enniskillen Memorial Orphan society 494 269 Royal British Legion Poppy Appeal 537 362 1031 631 The above amounts have been included in Receipts for the Year under"Donations & Gift Aid" and in Payments for the Year under "Charitable Donations" 3. Accounting policies Set out below are the principal accounting policies which have been adopted in the compilation of the Receipts and Payment5 Account and the Statement of A55ets and Liabilitie5 (a) Receipts and Payments Account All items of income and expenditure included within the Receipts and Payments Account have been accounted for on a cash receipt5 basis. 121 Page
Magheracross Parish Church Trustees, Annual Report for the year ended 31 December 2024 (b) Statement of Assets and Liabilities (l) Assets retoinedfor the Parish's own use The assets of the Parish, retained for its own use comprise:_ Church Building and Graveyard Parish Hall Glebe House and Land Cemetery Fixtures and Fittings The Church Building and Graveyard, the Parish Hall, the Glebe House and Land, and the Cemetery are deemed to be Heritage assets as defined by the Charities SORP (FRS102) No values are ascribed to these Heritage assets in the Statement of Assets and Liabilities as information on the cost or valuation is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the Parish. No Fixtures and Fittings are capitalised. ii) Investments The investment property is recorded at original cost. The St James's Place investment and the investments in RCB / CIT Unit Trust5 are stated at actual value at the year-end date. Notes to the financial statements for the year ended 31 December 2024 {continued) 4. Transactions with the Trustees The Parish paid expenses of £15,794 relating to the running costs of the Glebe House which is occupied by the Rector. £1,939 was paid to four Trustees in reimbursement of expenses during the year. Three Trustees had a personal interest in contracts or transattions entered into by the Parish during the year. 5. Governance Costs There were no Governance costs incurred during the year. 131 Page