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St Patrick's Archdiocesan Trust Limited Cashfloiv Statement 31 Marcb 2025 2025 2024 Note Cash flows from operatillg activities Cash flow from operations 20 1,683,792 1,879.603 Finance costs 85 337) 89,142 Net cash enerated from o eratin activities 1,598 455 1,790,461 Cash noivs from investing actÉvities Purchase of property, plant and equipment (490,865) (1,674,434) Proceeds from disposal of property. plant and equipment 959,853 377,472 Sale of investments 3,709,549 2,211,440 Purchase of investrnents (2,108,612) (2,215,894) Investtnent portfolio liquid asset movement 239,668 (111,633) Finance income 369 905 145,882 Net cash receivedl aid) in investin activities 2,679,498 1,267,167 Net inerease in cash and cash e uivalents 4 277 953 523,294 Cash, cash e uivalents and bank overdrafts at be Lnnin of the eaT 19,587,694 19.064,400 Cash, cash e uivalents and bank overdrafts at end of the ear 23 865,647 19,587,694 33
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 Accounting policies General information and basis of preparation St. Patrick's Archdiocesan Trust Liinited (the "charity") is a company limited by guarantee and incorpoi7ted in Northem Irelaiid. The Registered Otrice is given in the charity information on page 3. The Council of the Trust members of the charity are the directors named on page 3. The nature of the charity's operations and principal activities are.. The advancement of the Roman Catholic religion in the Roman Catholic Archdiocese of Annagh subject to any future curtailment or addition of area made in accordance witli the laws and regulations of tlie Roman Catholic Church. The advancement of any charitable PLEwose supported by the Roman Catholic Church throughout the world or in any part of ihe world. The charity constitutes a public beiiefit entity as defined by FRS 102. Going concern The financial statements are prq)ared on a going concern basis under the historical cost convention, modified to iiiclude certain items at fair value. The financial statements have been prepared on a going concern basis as the charity believes that no material uncertainties exist. The charity has considered the level of funds held and the expected level of incoine and expenditure for 12 months froin authorising these fiiiaiicial statements. The budgeted income and expenditure is sufticient with the level of reserves for the charity to be able lo continue as a going concern. Base currency The financial statements are prepared in sterling which is the functional currency of the charity. Statement of compliance The financial statements have been prepared in accordance with the provisions of the Statement of Recoinmended Practice "Accouiiting and Reporting by Charities" issued in October 2019 (SORP 2019), the Charities (Accounts and Reports) Regulations (NI) 2015, the clritieS Acts (Nt 2008 and 2022), the Companies Act 2006 and applicable Accounting Standards in the UK. Summary of significvdnt accounting policies The significant accounting policies applied in the preparation of these financial stateinents are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires the charity to make judgements, estimates and assuinptions Iliat affect the amounts rq)orted. Tliese estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: 34
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 Tangible assets Tli¢ n¢t book value of property held at l April 2018 was established through discounting the insurance valuation of tlTrese assets by 900/0. Land is divided into different categories and has been valued by the charity using a value per acre, witli the exception of investment land, to arrive at deeined cost. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the tUre aiid, by their nature, will rarely equal tlie related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Valuation of investment properties The cliarity carries the investinent properties at fair value with changes in fair value being recognised in the Statement of Financial Activities (SOFA). The charity has used internal expertise available to determine the fair value. based on market value of the investment properties. Further infonnation is available at note 12. Provisions for liabilities and charges- legal claims The charity has provided for the value of claims and the associated legal costs that have been notified to tliem. The charity has taken advice from the solicitors engaged in the claims to arrive at the amount provided. The details of the amount provided is included in note 16. Funds Unrestricted funds are available for use at the discretion of the chartty in furtherance of the general obj ectives of the charity and which have Iiot been designated for other purposes. Restricted funds are funds which are to be used iii accordance witli specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and adininisteiiii¥ such ndS are charged against tlie specific fund. Any capital gains or losses arising on the investinents fom] part of the fund. Investinent manageiiient charges and legal advice relating to the fund are charged against the fLll]d. Income recognition All incoming resources are included in the SOFA when the charity is legally entitled to the income after any perfonnance conditions have been met, the amount can be measured i"eliably, and it is probable that the income will bereceived. Offertories and collections are included in income wheii received. For donations to be recognised the charity will have been notified of the aniounts and the settlement date in writiiig. If there are conditions attached to the donation and this requires a level of perfom]ance before entitlement can be obtained, then income is d¢f¢rred until those coiiditions are fully met or tlie fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is giveii in the Trustee's Annual Report. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. For legacies. entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity, however it is not possible to measure the amouiit expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. 35
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 Income recognition (continued) Income from fundraising events and other activities is recognised when entitlement has occurred. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. The charity receives grants in respect of the upkeep of properties. Income froin government and other grants are recognised at fair value when the charity has entitlement after any perfom]ance conditions have been met, it is probable that the income will be received, and the amount Can be measured reliably. If entitlement is not met, then these amounts are deferred. Investment income is eamed through holding assets for investment puryioses such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs iiicurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent incoine is recognised as the charity's right to receive payment is established. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised wliere there is a legal or constructive obligation to make payments to third parties, it is probable that the scttlement will be required. and the ainount of the obligation can be measured reliably. It is categorised under the foElowing headings: Costs of raising funds includes fimdraising from within the Parishes and Curia. Expenditure on ¢haritable activities includes administration costs, bank fees. depreciation and premises expenses. Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Resources expended Resource expended are included in the statement of financial affairs on the basis of the amounts payable for work done and services provided in the year. The costs of generating funds consist of expenditure incurred by the charity in encouraging others to make contributions to it. The costs of activities in the furtherance of the charity's objectives consist of all expenditure directly related to the objectives of the Diocese. Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the fomi of personnel development, financial procedures and controls, provision of general office services and equipment and a suitable working environment. All support costs and governance costs are included within the expenditure of the one principal charitabl¢ activity of the Charity i.e. advancing the Roman Catholic faith primarily within the Archdiocese of Annagh. Governance costs comprise the costs relating to the public accountability of the charity (including audit costs) and costs incurred in respect of its compliance with regulation and good practice. All support costs and governance costs are included within the expenditure of the one principal charitable activity namely the costs of activities in the furtherance of the charity's objective. 36
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 Tangible fixed assets Land and buildings Land is divided into different categories and has been valued by the charity using a value per acre. depending upon the iype of land that is held, to arrive at deemed cost. Prior to activation of St Patrick's Archdiocesan Trust Limited on the l April 2018, the accounting policy applied to most buildings was for capital expenditure to bc written off in 11 as incurred. As a result of that policy, the original costs and accumulated depreciation of most property held then was not available. The charity's view was that a reasonable approxiination of the iiet book value of property held at l April 2018, the date the assets were assumed into St Patrick's Archdiocesan Trust Limited, would be established through discounting ihe insurance valuation of these assets by 90 %. This was the policy employed to include the assets for which the cost could not be identified on the balance sheet at estimated historic cost net of accumulated depreciation. Depreciation is provided at ratcs calculated to write off the cost less residual value of each asset over its estimated useful economic life at l°/ for church buildings and 2 % for all other buildings. Other tangible fixed assets Other tangible fixed assets are stated at cost less depreciation. Additions are capitalised wliere the value exceeds £5,000. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, asfollows: Fixtures, fittings and equipment 15 % , 25 % straight line and 20 % reducing balance 25 % straight line Motor vehicles Land is not depreciatcd. Investment properties Investments are measured at fair value at eachreporting date with changes in fairvalue recognised in 'net gains / (losses) on investments. in the SOFA. Investments Investments are recognised at market value at the balance sheet dale which is norn]ally the transaction price excluding transaction costs. Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents Wlth a maturity of less than oneyear. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable orpayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-temi deposits with an original maturity date of three months or less. For the pUoSe of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as dcfined above, net of outstanding bank overdrafts. 37
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash geiierating uiiit, is estimaled and compared to the carryiiig ainouiit. Wliere the carrying aniount exceeds its recoverable aiiiount. an impainiienl loss is recognised in the SOFA unless the asset is carried at a revalued amount where the itnpairment loss is a revaluation decrease. Provisions Provisions are recognised when the charity has an obligation at the balance sh¢¢t date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. Foreign currency Foreign currency transactions ar¢ initially recognised by applying to the t"oreign 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 forei] currency at the balance sheet date are translated using the closing rate. Pensions The pension costs for the charity's pension schemes are Cliarged in the year they are incurred. Termination benefIts Tennination benefits are payable wlien employnient 18 lemiinated before the nortnal retiremeiit date, or wlienever an employee accepts voluntary redundancy in exchaiige for tliese benefits. The charity recognises temiination benefits when it is demonstrably committed to either (i) tem]inating the employment of current einployees accordiiig to a detailed fonnal plan without possibility of withdrawal or (li) providing tennination benefits as a result of an offer mad¢ to encourage voluntary redundancy. Tax It is Collsidered that the charity is largely exempt from income tax in Northern Ireland under the provisions of the Income and Corporation Taxes Act 1988 and the Taxation of Taxable Gains Act 1992 and in the Republic of Ireland under the provisioii s84A of the Taxes Consolidation Act 1997. Recovery is made of tax deducted from Income and from receipts under Gift Aid in Northern Ireland and CHY charitable donations scheme in the Republic of Ireland. The charity was not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive ofVAT. Financivdl Instruments The charity has chosen to adopt Sections I l and 12 of FRS 102 in respect of financial instruments. (i) Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the aangement constitutes a financing transaction, where the transaction is mcasured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired. the impairnient loss is the difference between 38
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 the carrying atnount and the present value of the estiinated cash flows discounted at the asset's original effective interest rate. Tlie impaimient loss is recognised in SOFA. It" there is a decrease in the impainnent loss arising from an ¢veEIt occurrtng after the llnpaim]ent was recognised, the impaimient is reversed. The reversal is such that tlie current carying amount does not exceed what the carrying aiiiounl would have been had the impaimient not previously bceii recognised. The impairment reversal is recogiiised iii tli¢ SOFA. (li) Financial liabilities Basic financiaK liabilities, including trade and other payables. bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt iiistrumeiit is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently caiTied at amortised cost, using the effective interest rate metliod. Fees paid on the establishnient of loan facilities are recognised as transaction costs of the loan to tlie extent that it 18 probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the exteiit there is no evideiice thal it is probable that some or aRI of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to wliich it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they arc presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective int¢rcst Inethod. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, caiicelled or expires. (iii) Offsetting Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set oft" the recognised afftounts and tliere is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 39
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 Collections, donations and legacies Parishes Unrestricted funds Restricted fuiids 2024 Total funds Total fulld5 Offertories and collections Donations and legacies Charitable lax relief 8,057,066 1,143,674 1,006,683 10,207,423 8,057,066 1,143,674 1,006,683 10,207,423 8,232,579 841,080 931,265 10,004,924 Curia Offertories and collections 12,586 1,021,048 64,770 1,098,404 12,586 1,021,048 64,770 1,098,404 50,360 1,381,408 74,801 1.506,569 Donations and legacies Levy Income All voluntary income for Parishes and Curia was restricted in 2024. Investment income Parishes Unrestricted funds Restricted funds 2025 Total funds 2024 Total funds Income from listed investments Bank interest 1,250 44,337 45,587 1,250 44,337 45,587 9,489 9,489 Curia Income from inve8lment properties Income from listed investments Bank interest 26.674 26,674 461,436 325 568 813,678 25,300 444,920 136,393 606,613 461,436 325,568 787,004 26,674 All investtnent income, with the ¢xGeption of in¢ome from investment properties, was restricted in 2024. 40
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 4. Charitable activities Parishes Unrestricted flind5 Restricted fuJ]ds 2025 Total fund5 2024 Total funds Grants received 126,255 126,255 171.854 Fundraising Rental income 1,087,595 984,855 1,087,595 984,855 227,723 790,687 891.071 Grave fees 227,723 2,426,428 178,617 2,032.229 2,426,428 Curia Grant8 received 33,623 33,623 46,111 Pilgrimageslrelreals Fundraising 524,923 80,403 524,923 382,764 80,403 77,270 506.145 33,623 605,326 638,949 All income from charitable activities, with the exception of £13,991 was restrieled in 2024. S. Net gains ou disposals of tangible fixed assets Unrestricted funds Restricted Funds 2025 Total funds 2024 Total funds Profit on sale of tangible fixed a%secs Parishes 642,827 642,827 642,827 368,672 642,827 368.672 The net gain on disposals of £368,672 wa8 restricted in 2024. 41
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 6. Costs of raising funds Parishes Unrestricted fund5 Restricted funds 2025 Total funds 2024 Total ndS Fundraising expenses 300,986 300,986 300,986 253,384 253,384 300,986 Curia Fundraising expenses 7,247 7,247 7,959 7,247 7,247 7,959 The cost of raising funds in Parishes and Curia was restricted in 2024. 42
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 7. Charitable Expenditure Parishes Unrestricted funds Restrieted funds 2025 Total funds 2024 Total llds Administration costs 179,150 179,150 49,133 75,413 1,446,907 187,051 Legal and professional fees Bank Charges Clergy revenue payments Pastoral persotmel Premises costs 49.133 53,970 75,413 1,446,907 74,373 ,429,229 69,396 1,870.756 09,396 83,341 1,870,756 573,340 1,837,721 Votives and liturgical costs Parish centre costs 573,340 244,514 590,567 193,283 244,514 Gross salarie5 and employer NIC/PRSUpensions Rates and insurance 1,752,861 1,752,861 707,171 1,728,245 707,171 706.075 Repairs and maintenance Exchange (gain}Iloss Sundry expenses Depreciation School payments Charitable donatiOll5 2,937,842 38,628 2,937,842 38,628 2,461,505 23,979 200,422 200,422 210,805 830,102 830,102 16,724 841,596 16,724 60,973 8,967 47.422 60,973 Diocesan levy 1,529,080 1529,080 980,733 12,582,412 12,582 412 11,458,862 All charitable expendire for Parishes was restricted in 2024. 43
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St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 Investment management costs Parishes Unrestricted funds Restricted funds 2025 Total funds 2024 Total funds Investment manager fees Curia Unrestricted funds Restricted fullds 2025 Total fullds 2024 Total funds Investmeiii manager fees 63,627 63,627 63,627 94,387 94.387 Governance costs Curia Unrestricted funds Restricted fuiids 2025 Total funds 2024 Total funds Fees paid to external auditors for audit 29,780 29,780 25,800 25,800 29,780 10. Net income / expenditure Net income / expenditure is slated after charging- 2025 2024 Auditors, remuneration - audit 29,780 845,731 25,800 857,225 Depreciation - restrtcted funds 45
St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 11. Staff numbers, costs pension contributions The average number of employees during the year was: 2025 2024 Number 15 179 194 Number 15 186 201 Curia employees Parish employees The aggregate payroll costs for the above were as follows: 2025 2024 Wages and salaries Social security costs Employer pension contributions 2,002,256 119,703 17,383 2,139 342 2,019,823 124,011 15.807 2,159.641 No employees reccived ren]uneration in the band £80,000 to £89,999. The charity makes payments through pension auto enrolment in respect of eligible employees. The Charity considers that its key management personnel comprise the Directors, Diocesan Secretary, Diocesan Financial Administrator and Diocesan Director for Safeguarding. The total amount of remuneration and benefits receiv by key management personnel in the financial year is £145,476 (2024: £I35,033). Indeinnity insurance for directors, liability has been purchased by the Charity. 46
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St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 13. Investments 2025 2024 Investments Opening al 1$1 April 2024 Foreign exchange Addilions Disposal proceeds Net realised investment gains Net unrealised investment (losses)/gains Nel movement in cash and short-terni deposits Closing at 31 March 2025 15,554,699 (6,325) 2,108,612 (3,709,549) 396,602 (300,532) (239,668) 13 803 839 14,819,421 (7,601) 2,215,894 (?.211,440) 150,832 475,960 111,633 15,554,699 14. Debtors 2025 Total 2024 Total Parishes Curia Parishes Curia Gift aidlCHY tax relief Prepayments Other debtors 1,093,372 272,796 660,390 2,026,558 1,093,372 316,307 1,094,301 2,503,980 913,447 173,822 859,442 1,946,711 913,447 195,689 1,349,871 2,459,007 43,511 433,911 477.422 21.867 490,4?9 512,296 15. Creditors - amounts fydlling due within oneyear 2025 I'otal 2024 Total Parishes Curia Parishes Curia Bank overdrafts Creditors and accruals Other creditor5 Tax and social security 379,041 692.808 253,112 18,531 1,343,492 11,858 529,691 390,899 1,222,499 253,112 34,177 1,900,687 366,123 343,325 264,725 53,477 1,027,650 1,034,769 767,553 ,400,892 1,110,878 264,725 49,812 2,826,307 15,646 557,195 {3,665) 1.798,657 16. Provisions The charity has included a provision in these financial statements of £305,000 (2024- £305,000) to cover legal claims and costs. They liave made this provision in this year's financial statements based upon legal advice on the likely outcome of these cases. 50
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St Patrick's Archdiocesall Trust Limited Notes to the financial statements for the year ended 31 March 2025 18. Capital commitments The charity had capital coniiiiitments amounting to £1,885,148 at 31 March 2025 (2024.. £38,446). 19. 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 organis£1tlOLlS. These funds are lodged to the bank and then paid to the individual organisatioiis. The asset and liability are not recognised within these tinaiicial statements. The aiiiount of funds held by the charity was £23,729 at 31 March 2025 (2024.. £ I17,252}. 20. ReconciliatioD of net income to net infloiv/(oufflow) of cash flow from operatingactivities 2025 2024 Nel income for the year Ad uslnients for-. 1,966,628 3,097,818 Depreciation of properly, plant and equipment Profit on disposal of property, plant and equipment Foreign exchange movements Finance income 845,731 (642,827) (143,524) (369,905) 85,337 (982) (44,972) 857.225 (368,672) (203.560) (145,88?) 89,14? Finance costs Movement tn inventories {5,1?4) (1??.711) 234,159 Movement in receivable5 Movement tn creditors and other payables Movement in provisions for liabilities Movenienl in market value of investment 84,374 (926.000) 626,79? orifolio 96,068) 1,683,792 Net cash infloiy of cash enerated from o eration5 1,879,603 52
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St Patrick's Archdiocesan Trust Limited Notes to the financial statements for the year ended 31 March 2025 22. Financial Illstruments The charity has the following tinancial instruments 2025 2024 Financial assets Cash held al bank and in hand 24,256,S46 20,988.586 Oiher debtor5 and accrued income 1 137 812 1,371,738 ??,360,324 Financial assets held at ainortised cost 25,394,358 Financial liabilities Bank overdraft 390,899 1,222,499 253,113 1,866,511 1.400,892 1,110,878 264,7?5 2,776,495 Accruals Other creditors Financial liabilities held al amortised cost 23. Contingellt Liability A contingent liability exists for potential additional liabilities for legal costs LIt may fall due, but the amoiints and timing of any such potential pallentS for additional liabilities for legFal costs cannot be estiniated with any i-easoiiable ceitaiiity and, tlierefore, iio provision has been m<1de in tliese fEiiancial stalemeiits. 24. Directors, Remuneration The dircctors neither received, nor waived, any einoluments nor inade a claim for expenses incurred relating lo duties cart'ied out for tlie charity. Eight (2024- eight} direct013 of the Lharity received stipeiids, in aggregate, totalliiig £163,799 for the year to 31 March 2025 (2024.. £170,176). These stipends were paid to them in respect of their role as serving Ministers of the Church in the Archdiocese of Arniagh aiid not as a result of their director role. No pension contributions were paid on their behalf. Accoinmodation is provided for them exclusively as a coiisequence of their ministries within the Diocese. 25. Related Party Transactions The charity has identified the lollowing transaction that falls to be disclosed under FRS 102 Sectioii 33 Related Party Disclosures. The trustees are deemed to be related parties, as are any entities in which they have a key interest. During the year, building work totalling £90,000 was undertaken by a company in which one of Ilie trustees has an interest. 54