r4
- ￿
¢* * P4
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WJ

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 cl￿ritieS 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 pU￿oSe 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 a￿angement 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 expendi￿re for Parishes was restricted in 2024.
43

P4
tr-
tr- Pl tr-
C 7) £

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

YJYJ w o

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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CO Tt Ttr
oom

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

4# 7J s
# YJ
••

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 LI￿t may fall due,
but the amoiints and timing of any such potential pa￿llentS 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