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2024-12-31-accounts

Charity registration number NIC105893 (Northern Ireland)

Company registration number NI041113

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 17

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Most Rev Daniel McKeown DD
Right Rev Monsignor Byran McCanny
Rev Paul McCafferty
Very Rev Michael Canny
Rev Eugene Boland
Rev Peter Devlin
Very Rev Francis Bradley
Rev Patrick Baker
Rev Gerard Sweeney
Rev Patrick Doherty
Rev Con McLaughlin
Rev David O'Kane
Rev Eamon Graham
Secretary Rev Paul McCafferty
Charity number (Northern Ireland) NIC105893
Company number NI041113
Registered office Bishop's House
St Eugene's Cathedral
Francis Street
Derry
BT48 9AP
Auditor Moore (NI) LLP
21/23 Clarendon Street
Derry/Londonderry
BT48 7EP
Bankers Bank of Ireland
27 Culmore Road
Derry/Londonderry
BT48 8JB
Nationwide
11 Ferryquay Street
Derry/Londonderry
Northern Ireland
BT48 6JN
Solicitors Napier & Sons
1-9 Castle Arcade
High Street
Belfast
BT1 5DF
Investment advisors Gary McWilliam
NST Capital Management
23 Society Street
Coleraine
BT52 1LA

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual 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 governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

In furtherance of our aims, our current strategy is to provide the following services and activities:

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The primary public benefit that is achieved through the Trust Fund's purposes and activities is the relief of the needs of individuals that arise from ill health. The benefits are provided to a section of the public, being ordained members of the clergy of the Diocese of Derry who are members of the Trust Fund. In addition, the purposes and activities of the Trust Fund provide further wider public benefits in that they assist and accelerate the return to full active ministry of clergy of the Diocese of Derry who have been in ill health and in this way, they assist the Diocese of Derry (which is a registered charity under the title Derry Diocesan Trust) to deliver public benefits through the advancement of religion and related activities. The benefits identified above can be demonstrated and measured through the circumstances of individual priests who have been in ill health and who have received prompt and effective medical intervention and care (provided by the Trust Fund) to facilitate a return to full health in as short a timescale as possible.

Achievements and performance

Significant activities and achievements against objectives

Over the last eleven months twelve members, who were in need of assistance through illness, were provided with health care and medical treatment paid for by the Trust Fund charity and thus assisting a return to full health and a return to active ministry as priests as quickly as possible. In addition, the Trust Fund charity maintained its policy of carrying medical insurance cover for the benefit of members in the Republic of Ireland.

The Trustees remain satisfied that the financial statements should be prepared on a going concern basis.

Financial review

The statement of financial activities for the year is presented on page eleven of these financial statements. During the year incoming resources included £42,220 for Health Contributions received on behalf of members and £31,907 contributions from the Derry Diocesan Society.

There was an increase in the investment fund valuation during the year, due to general market conditions, leading to an increase in reserves from the previous financial year.

No significant events have occurred since the date of the Balance Sheet which affect the organisation or which materially affect these financial statements.

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

The trustees acknowledge the need for reserve funds to ensure the financial stability and ongoing operational capacity of the charity. The trustees recognise that increased costs could arise in the event of a high number of claims from eligible members in the future. In light of this, the Trust Fund holds significant reserves to cover the following costs and financial commitments:

Investment policy

The primary investment objective of the Trust Fund is to ensure that adequate financial reserves are maintained to ensure the continued operation of the Trust Fund into the medium- and long-term future. The Trust Fund seeks to produce the best financial return within an acceptable level of risk, maintaining a balance between long term capital growth and income growth. A moderate to dynamic level of risk can be taken in order to meet investment objectives.

Major risks

The trustees identify the following risks and uncertainties facing the charity:

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate the exposure to major risks.

Plans for future periods

One of the Trust Fund’s key objectives is to maintain good governance and quality assurance. The Trust Fund’s strategic plan for the coming years is as follows:

Structure, governance and management

The Derry Diocesan Trust Fund for Sick Priests was incorporated on 3 July 2001, to provide members, who are sick through physical illness or mental illness, with health care and medical treatment paid for by the Trust Fund charity with the aim of assisting a return to full health and a return to active ministry as priests as quickly as possible.

The company is a company limited by guarantee and not having a share capital and accordingly no director has any interests in shares in the company. In the event of the company being wound up, liability is limited to an amount not exceeding £100 per member.

The company is registered as a charity in Northern Ireland on 3 November 2017. It is governed by its Memorandum and Articles of Association.

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Most Rev Daniel McKeown DD Right Rev Monsignor Byran McCanny Rev Paul McCafferty Very Rev Michael Canny Rev Eugene Boland Rev Peter Devlin Very Rev Francis Bradley Rev Patrick Baker Rev Gerard Sweeney Rev Patrick Doherty Rev Con McLaughlin Rev David O'Kane Rev Eamon Graham

Recruitment and appointment of trustees

All trustees are elected or appointed to the Management Committee under the Memorandum and Articles of Association. The number of trustees is not subject to any maximum. The trustees also act as company directors.

Organisational structure

The directors of the Trust Fund charity meet regularly and at least several times every year. The frequency of meetings varies to reflect the nature and volume of business to be considered. The directors provide strategic direction and monitor the activities of the charity and delegate the day-to-day operational management to a number of officers.

Induction and training of trustees

A programme of ongoing training is provided to trustee directors to ensure continued relevant knowledge and competence. Training is delivered by suitably qualified individuals in relevant areas.

Relationship with related parties

None of the members receive remuneration or other benefit from their work with the charity. Any connection between a member or senior manager of the charity with a contracted supplier must be disclosed to the full Management Committee in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.

Statement of trustees' responsibilities

The trustees, who are also the directors of The Derry Diocesan Trust Fund For Sick Priests for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees 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, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees are responsible for keeping adequate 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 Companies Act 2006. 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.

Auditor

Moore (NI) LLP were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Most Rev Daniel McKeown DD

Trustee

23 May 2025

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

Opinion

We have audited the financial statements of The Derry Diocesan Trust Fund For Sick Priests (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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 trustees' 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 trustees 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 trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 trustees determine 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 trustees 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 charitable company.

Based on our understanding of the charitable company 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 and the Companies Act 2006). 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 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.

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

We assessed the susceptibility of the charitable company'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 the charity's objectives and activities. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override.

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 charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

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 23 May 2025

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Charitable activities 3 74,127 77,800
Investments 4 8,331 7,739
Total income 82,458 85,539
Expenditure on:
Charitable activities 5 54,584 51,819
Total expenditure 54,584 51,819
Net gains/(losses) on investments 9 336,401 306,771
Net income 364,275 340,491
Other recognised gains and losses:
Other gains/(losses) 11 (2,362) 61
Net movement in funds 6 361,913 340,552
Reconciliation of funds:
Fund balances at 1 January 2024 3,495,309 3,154,757
Fund balances at 31 December 2024 3,857,222 3,495,309

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

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
15		 2024
£
£
3,400,741
8,269
449,412
457,681
(1,200)
456,481
3,857,222
3,857,222
3,857,222		 2023
£
£
3,064,340
5,695
426,429
432,124
(1,155)
430,969
3,495,309
3,495,309
3,495,309		 2023
£
£
3,064,340
5,695
426,429
432,124
(1,155)
430,969
3,495,309
3,495,309
3,495,309
3,495,309
3,495,309
3,495,309

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 23 May 2025

Most Rev Daniel McKeown DD Rev Paul McCafferty Trustee Trustee

Company registration number NI041113 (Northern Ireland)

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

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

1 Accounting policies

Charity information

The Derry Diocesan Trust Fund For Sick Priests is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Bishop's House, St Eugene's Cathedral, Francis Street, Derry, BT48 9AP.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

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 trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue 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 trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. 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.

Income stated derives from the company's ordinary activities including Health contributions from the priests of the Catholic Diocese of Derry. These are recognised as income from charitable activities.

1.5 Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

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

1 Accounting policies

(Continued)

1.6 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.

1.7 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.

1.8 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.

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

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

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are 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.

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Health contributions 42,220 45,583
Contributions from Derry Diocesan Society 31,907 32,217
74,127 77,800

4 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 8,331 7,739
Expenditure on charitable activities
2024 2023
£ £
Payments in respect of priests 53,231 50,531
Auditors' remuneration 1,166 1,090
Bank charges 113 130
Sundry expenses 74 68
54,584 51,819
Analysis by fund
Unrestricted funds 54,584 51,819

5 Expenditure on charitable activities

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

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

6 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 1,166 1,090

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

Administration of the charity is performed by volunteers and there were no individuals employed during the current year or comparative period.

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

9 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 336,401 306,771

10 Taxation

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

11 Other gains and losses

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) upon: £ £
Foreign exchange (2,362) 61

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

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

12 Fixed asset investments

Cost or valuation
At 1 January 2024
Valuation changes
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
13
Debtors
Amounts falling due within one year:
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Accruals and deferred income		 Listed
investments
£
3,064,340
336,401
3,400,741
3,400,741
3,064,340
2024
2023
£
£
8,269
5,695
2024
2023
£
£
1,200
1,155

15 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. Unrestricted funds 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
Gains and
losses
At 31
December
2024
£
£
£
£
£
3,495,309
82,458
(54,584)
334,039
3,857,222
1 January
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2023
£
£
£
£
£
3,154,757
85,539
(51,819)
306,832
3,495,309

THE DERRY DIOCESAN TRUST FUND FOR SICK PRIESTS

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

16 Events after the reporting date

There have been no significant events affecting the charity since the reporting date.

17 Related party transactions

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