Charfty registration number 1089081 Company reglstration number 00209009 (England and Wales) SOCIETY FOR IRISH CHURCH MISSIONS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Caladine Chartered Certified Accountants
SOCIETY FOR IRISH CHURCH MISSIONS LEGALAND ADMINISTRATIVE INFORMATION Trustees Rt. Rev. W Benn Rev S J Donohoe Rt. Rev. R Espin-Bradley Mrs D E Jones Mrs R Smith MrCWI Rev Edmond Coulter Mr Andre Mcclean Mr R085 Neill (Appointed 29 Aprll 2024) (Appointed 1 May 2024) (Appolnted 1 May 2024) Secretary Mr C Logue Charlty number 1089081 Company number 00209009 Prfnclpal addrns¥ 28 Bachelors Walk Dublin Ireland D01 P4V6 R•glsterod offlce Chantry House 22 Upperton Road E05tboume East Sussex BN211BF Indepondont examlner Colin Dadswell FCA FCCA DChA Caladine Limlted Chantry House 22 Upperton Road Eastboume Easl Sussex BN211BF Investment advl$or8 Mccrea Financial Services 69 West Nile Street Glasgow G12QB Scotland
SOCIETY FOR IRISH CHURCH MISSIONS CONTENTS Page Trustees, report Indépendent examlnerfs report statement of financlal actlvities Balance sheet Statement of ca8h flows 10 Note8 to the fin8nGSal 8tstements
SOCIETY FOR IRISH CHURCH MISSIONS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accountlng policies set out in note 1 to the financial statements and comply wlth the Mission's Memorandum and Articles of Assoclation, the Companies Act 2006 and "Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102)" (effective 1 January 2019}. Oblectlves and actlvitles The charity's objects are to promote the Glory of God by advanclng his Kingdom amongst the Irish pèople (with special concern for Roman Cathollcs). by spreading the Gospel of our Lord Jesus Chrlst as revealed in the Holy Scriplures and a5 expressed In keeplng with the princlples of the Reformatlon as expressed In the Articles of Religlon In the Church of England and the Church of Ireland. The activities that we undertake to achleve our objectives are threefold. Flrstly, w8 engage In direct evangelism or misslonary work with different people groups In Ireland. Wth the work focused in Ihe Republic of Ireland, we engage dlrectly with bolh 'new' lrtsh - those who have contlnue to arrlve from oversees for work, study or asylum - and 'indlgenous' Irlsh including third- level students of the malor universities in Dublin along with young professionals and suburban familie8. We also are engaged In direct outreach to Iranian Muslims ID the Republic Ireland. This legds to our second major activity In pursuit of our objectives,. church-planting. We want to start new Anglican evangelical churches today for the future health of Ihe gospel witness In Ireland. To this end much of Ihe resources of Irish Church Misslons (ICMI are given lo exploring, resourcing and equipplng such works. Currentty In church membership wlth ICM we have self-sustainlng churches, Immanuel Church Dublin and City Church Dublin and also three fledging works., The Iranian Gospel Church Dublin, Dublln Bible Talks and Christ Church North Dublln {which became an independent charity in the year). The development , care and growth of these churches and minlstries are of the highest priority alongside discusslons relating to starting new works of a similar nature. Thirdly we pursue our objectives through the Btrengthenlng of Christians and Gospel workers for outreach in Ireland, particularly wlthln the Angllcan Church. This is achieved in multiple ways. We co-ordinate a series online of seminars throughout the year (Shepherd's Hut Seminars) thal look at particular issues of doctrine or practlce that may be challenging for leaders to implement in church leadership and pastoral care. We also host In-person conferences that allow for a sustained study on speclfic topics relating to mission and cultural engagement from a Biblical perspective. In addition as Ihe opportunities arise, we are also privileged to teach and lead at national events for churches and church leadershlp giving Blble expositions and semlnar input. Public b8nefit When planning the adlvltles of the charfty the Trustees have paid due gard lo guidance issued by the Charlty Commission regarding publ1¢ benefits in partlcular to the speclflc guidance on charltles for the advancement of religion. Achlevornents and perfornian¢• Signifi'cant activities and achievements 8gainsf objectives In the past year ICM continued to oversee three new fledging churche5 and ministries. Along with Christ Churdi North Dublin and a mid-week outreach aimed to equip Chrlstians in the work place called the Dublin Bible Talks, IGM also continued it commitment to support a work among Iranian5. The Iranian Gospel Church Dublln meets weekly in the ICM building providing opportunities for Farsi-speaking peoples to hear and explore the gospel in Iheir own language. This mlnlstry has also developed a considerable following on YouTube, allowing the teaching of the Bible to reach further afield than simply Ireland. On 31 January 2024 Christ Church North Dublin became an independent charlty registered with the CRA, though still a member church within ICM. The role of the dlrector continues to include pgstoring this church.
SOCIETY FOR IRISH CHURCH MISSIONS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 ICM is also determined to provide the best posslble support and encouragement for the leaders of its membership churches. Over the past year ICM has continued to provide systems and structure5 for these churches and their leadership in relation to safeguarding policies and procedures, complaints policies and a posrtion paper on spiritual abuse and how to respond to it. ICM has also engaged training for volunteers in its mernbership churches to maintain best practlce when 5ep4ing in children's ministries and leading vulnerable adults. Along with th15 ICM conducted an audlt of each of its membership churches in areas such as vision and values, financial planning and stsffing needs. We do not want to slmply start new churches but also to work towards the strengthening of healthy churches that can last for the long term. We have also enjoyed partnership with Blblic81 Counselling UK through work of Mrs E Lynch across a number of Dublin churthes. The burgeoning Equlpped to Care rninlstry has also enabled ICM member churches to be strengthened as their congregations are provlded with biblical teaching on various relevant topics indudlng anxiety and anger. Investment perfonn8nce The perfomiance of the charlty's investrnents Is regularly reviewed. Durlng the year, the Ilsted investments held by the charity generated income of £9,534 (2023 - £8,482). The market value of the investments Increased by £34.160 (2023 - reduced by £28,481). After withdraw81s of capital. the closing value of investments was £583,304 whlch was a reduction of £19,765 in the year (2023: redudion of £111.2201. The trustees are broadly Content wlth these figures. Flnanclal revlew The accounts of the charity show a deficlt on total funds of £165,180 (2023- deficlt of £45,467). The deficit includes unreallsed gains of £34,160 (2023 - unrealised losses of £28,481 > and realised losses of £6.623 {2023 - realised losses of £8,935) on Investment assets. Exduding the investment movements there was a deficit for the year of £192,717 (2023 - £8,051).
SOCIETY FOR IRISH CHURCH MISSIONS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Reserves policy The Charities SORP defines unrestricted reserves as thal part of a charity's Income funds that Is freely available. By definition therefore, reserves excludes both restricted funds and those which could only be realised by disposing of tangible fixed assets. As ran be seen on the Balance Sheel, unrestricted funds amounted to £1,811,200. Taking the net book value of tangible fixed assets £992,845 from thi5 figure leaves unrestricted reserves of £818,355 (2023 - £985.126). Unrestrlcted reserves are needed.. to provide funds which can be designated to specific projects to enable these project5 to be undertaken at short notice; to cover administration and support costs without whlch the chaTIty could not functlon., to be invested and place on deposit to generate income to cover the day-to-day running costs of the chaTIty. The trustees Gonsider it prudent that unreslricted reserves should be sufflcient.. to avoid the necessity of realising investment assets held to generate Income for the charfty (£583,304)- to cover one year's adminlstration and support CO8ts1£150.000). Based on the above factors, the trustees estimate the required level of unreslricled reserves to be £733,304 {2023 - £753.066) as at the Balance Sheet date. Unrestricled reserves (excluding tangible fixed assets) are currentty above that range and the twstees will be seeking to Maintain thls. Durtng the year ICM has also placed grealer emphasis on Its fundral8lng efforts and has relained the services of Fundraising Consultancy provlder. The Christmas Appeal raised £25,180 and the St. Patrick's Day Appeal raised £1,353. The management of the charity's investment funds 18 delegated to professional inveslment managers. As none of these funds are pemanently endowed, the trustees, investment policy is to aim for safe long4erm grovrth commensurate with planned spending needs from tlme to time. Major risks The trustees have assessed the m8jor risks to which the Misslon Is exposed, and are salisfied that systems are In place to mitigate exposure to the major risks. The Trustees rnaintain a reglster of rlsks which Is reviewed and updated periodically to 8SSiSt further In the risk managèment process. Plans for future perlods ICM contlnues to Cowoperate wlth the outworkings of the redress scheme following the HistorirAI Inqulry into Abuse in Instltution5 In Northem Ireland. This is outllned further In the notes to the account5. Along with a rebranding for ICM that Speaks more accurately of our Purpose, passion and priorities. and a commitment to work in partnership wlth other like-mlnded missionary organisations for the furtherance of our objectives, ICM also continues to explore the posslbility of a complete refurbishment of our dty centre prernises. The reason for such partnerships and refvrtjishments is the desire to reallse more sources for long temi funding for our present and future ministries. structure, governance and management The Mission is a company limited by guarantee, registration number 00209009, and has Department of Trade approval to omil Ihe work 'Limited' from its name. It is govemed by the Memorandum and Articles of Association. The charity is registered with the Charity Commission in England and Wales, gIstratIon number 1089081. Further details of the charity including its registered office, principal address and delails of its professional advlsors can be found on the second page of the accounts headed 'Legal and administrative information,.
SOCIETY FOR IRISH CHURCH MISSIONS TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 The trustees, who are also the directors for the Purpose of company law, and who 6eryed during the year and up to the date of signature of the financial statements were= Rt. Rev. W Benn Canon B J Courtney Rev S J Donohoe Rt. Rev. R Espin-Bradley Rt. Rev. S F Glenfield Rev. N J Hughes Mrs D E Jones Rev. M A Jones Mrs R Smith Mr C Wray Rev Edmond Coulter Mr Andre Mcclean Mr Ross Nelll (Reslgned 14 September 20231 (Reslgned 30 April 2024) {Reslgned 14 September 2023) (Resigned 14 September 20231 (Appointed 29 Aprll 2024) (Appointed 1 May 2024) (Appointed 1 May 2024) R8cruitment and 8ppointment of trustees None of the trusteeB ha5 any beneficial interest In the company. All of the trustees are mernbers of the company and guarantee to contribute £1 in the event of a winding up. Trustees are drawn from the membership of the charity by recornmendatlon of the exlstlng board members. Membershlp of the charity Is by written appllcation accompanied by the support of tsvo exlsting members. Qualificatlons for member8 are detailed in the charty's goveming document. Org8nis8tion81 structur8 The charity operates two offices In Ireland, one in Dublln and one In Belfast. The Trustees have delegated the supervislon of the work to an appointed Director (Rev. David Martin). The director is responsible for the day-towday affairs of the charity wlthin limits set by the Truslees. The dlrector is invited to each Trustee5' meeling and reports on the Progress of the work whilst bringing proposals lo develop the work. Any proposals for changes to the activities are consldered by the Trustees wlth who rests the final decision. Any major capital decisions are tsken wholly by the Trustees. New Trustees are given an overvlew of the aims and objectives of the charity and briefed on the govemance arrangements In place. It Is also explained to new board members what their responslbilities to the charlty are. There are three subcommlttee5 which report to the board of trustees.. The Steering Committee, the Finance Committee and the Safeguarding Committee.
SOCIETY FOR IRISH CHURCH MISSIONS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 oth8r matters Funds held as custodlan trustee Acts 29 During the year the charity agreed to continue to act as custodian trustee for the Acts 29. Acts 29 is an international church planting network with objectives that align with ICM. It has commenced activities in the Republic of Ireland, but as yet has no charty registration there. M Smilh, a former employee of ICM, ha5 also been working wilh Acts 29. As such, ICM agreed to act as Custodian trustee for Act5 29 until they completed the approprlate registration in Ireland. Once process is completed all funds will be transferred out lo the Acts 29 bank account. Balance brought foThvard Received Paid out Balance remalning £3,594 ICM does not have beneficial entitlement or conlrol over these funds, hence the Income, expenses and bank balance have b88n eliminated from the accounts, in accordance with the SORP. Blblical Counsellin UK During the year ICM agreed to act a8 agent for the funds pertalnlng to Mrs E Lynch's Inlernshlp connected to Biblical Counselling UK. The monies received and paid out during the year were.. Balance brought forward Received Paid out Balance remaining £15,249 The monies received Include8 a grant of £6,482 (É7,500) from ICM'S own funds. ICM does not have beneflclal entlllement or control over these funds, hence th8 Income, expenses and bank balance have been ellminated from the 8ccounts, in accordance with the SORP. E ul edloc During the year ICM also agreed to acl as agent for thè funds pertalnlng to Mrs E Lynch's ministry 'Equlpped to Care,. The monles recelved and paid out during the year were.. Balance brought forward Received Paid out Balance remaining £12,099 44 The monies recelved includes a grant of £171.67 {É2001 from ICM'S own funds. ICM does not have beneficial entitlement OT control over these funds, hence the income. expenses and bank balance have been eliminated from the accounts, in accordance with the SORP. Church Dub in lant at Redee er Church Dublln Following the transfer of City Church Dublin across to a separate charity in January 2022, ICM agreed to act as agent for monies received towards Redeemer Church Dublin, a new City Church plant. These monie5 were held on City Church's behalf and were passed onto the new Redeemer Church plant during the 2023-24 year as instructed by the trustees of Cty Church. The monies paid out during the yearwere-. Balance brought fOard £10,041 Received Paid out Balance remaining £10 041
SOCIETY FOR IRISH CHURCH MISSIONS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Relationship with wider network Linked charity Some years ago the charity was granted title to substsntial fvnds known as the Stannus Funds. On 30 November 2006, the Charity Commission in England & Wales sealed a Scheme whereby Irish Church Missions 8 formally appointed the trustee to administer The Stannus Fund. The objects of the latter were also broadened in the Scheme o relieve the needs of and advance education of children and young people in Ireland up to the age of 31 in the Christian Faith,, as amended and approved by the Charity Commission in February 2017. This knnd of missionary work has already been carried out by ICM in both the North and the South for some years, and the fund has now been Completely expended, The trustees, report was approved by the Board of Trustees. Mr C Wray Trustee Date..
SOCIETY FOR IRISH CHURCH MISSIONS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOCIETY FOR IRISH CHURCH MISSIONS I report to the trustees on my examination of the financial ststements of Society For Irish Churth Missions (the Mission) for the year ended 5 April 2024. Responslbllitles and bas18 of report As the trustees of the Mlssion (and also its director5 for the PUTposes of company law) you are responsible for the preparation of the financial statements In accordance with the requlrements of the Companles Act 2006 (the 2006 Act). Having satisfied myself that the financlal statements of the Mission are not required to be audited under Part 16 of the 2006 Act and 8re eligible for Independent examinatlon, I report in respect of my examination of the Mission's financ181 statements carried out under Section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directlons glven by the Charity Commission under section 145(5)Ibl of the 2011 Act. Indepandent exarnineff s statement Since the Mission's gross income exceeded £250,000 your examiner must be a member of a boty115ted in sectlon 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the A8so¢iailon of Chartered Certlfied Accountants, which Is one of the Ilsted bodles. I have compleled my examlnation. I conftrm that no matters have come to my attentlon in connectlon with the examlnation giving me cause to believe thal in any material respect.. accounting records were not kepl in respect of the Mlssion as requlred by sectlon 386 of the 2006 Act. or the financS81 statements do not accord with those records., or the financial statements do not comply with the accounting requirements of sectlon 396 of the 2006 Act other than any requlrement that Ihe accounts glve a true and fair view which is not a matter considered as part of an Independent examinatlon., or the financial slatements have not been prepared In accordance wlth the methods and principles of the statement of Recommended Practice for accounting and reporting by charities applicable to charilies preparing their accounls in accordance wlth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. I have no COnrn8 and have come across no other matters In connection wllh the examination to which attention should be drawn in this report In order to enable a proper understanding of the financlal statements to be reached. Co In Dadswell FCA FCCA DChA Caladine Limited Chantry House 22 Upperton Road Eastboume East Sussex BN21 1BF Dated:
SOCIETY FOR IRISH CHURCH MISSIONS STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestrlcted Restrfcted funds funds 2024 2024 Total Unrestrlcted Restrlctsd funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitsble actlvltles Invèstments Other income 128,064 15,128 12.954 165,554 293.618 15,128 12,954 147,364 17,093 9,174 182,831 330.195 17,093 9,174 41,085 41,085 Total Incom• 156,146 165,554 321,700 173,631 223,916 397,547 Exptsndlturn on: Ralslng fund8 Charftable activities 15,842 364,835 15,842 484.764 14,209 179,342 14.209 420,373 119,929 241,031 Total expondlture 380,677 119,929 500,606 193,551 241,031 434,582 Net gain81(losses) on investments 14 27,537 27,537 (37,416) 137.416) Not Incomel{expendlture) (196,994) 45,625 (151,389) (57,336) (17,115) (74,451) Transfers between funds 20,241 120,241) 117,020 (117,020) Other recognlsed galns and losses: Other galnsl(losses) 16 {10.066) {3,7451 (13,811) 15,473 13,511 28,984 Not movement In funds 11 (186,8191 21,639 (165,180) 75,157 (120,624) (45,467) Reconclllallon of funds: Fund balances at 6 April 2023 1,998,019 488,126 2,486,145 1,922,862 608,750 2,531,612 Fund balances at 5 Aprll 2024 1,811.200 509,765 2.320,965 1.998,019 488,126 2,486,145 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
SOCIETY FOR IRISH CHURCH MISSIONS BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes Fixed assets Tangible assets Investments Programme related investments 17 19 18 992,845 583,304 182,259 1,012,893 603,066 330,211 1,758,408 1,946,170 Current assets Debtors Cash at bank and in hand 20 2,689 576,363 10,268 S47,691 579,052 557,959 Creditors: amounts falling due within one year 21 (16,495) 117,984) Net current assets 562,557 539,975 Total assets less current liabilities 2,320,965 2,486,145 Net assets excluding pension liability 2,320,965 2,486,145 The funds of the Mission Restricted income funds Unrestricted fvnds Unrestricted fvnds- revaluation reserve 24 509,765 1,149,118 662,082 488,126 1,335,937 662,082 2,320,965 2,486,145 The company is entitled to the exemption from the audit requirement contained in section 477 of the CompaniesAct 2006, for the year ended 5 4)ril 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 th respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. 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 Mr C Wray Trustee Company registration number 00209009 (England and Wale5)
SOCIETY FOR IRISH CHURCH MISSIONS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Note• Cash flows from operatlng actlvltles Cash absorbed by operatlons 29 (31,682) (43,218) Investlng actlvltles Purchase of Investments Proceeds from dlsposal of investments Investment Income received (667,040) 714,440 12,954 (142,776) 216,581 9,174 Net ca8h generated from Inv•8tlng actlvltles 60,354 82,979 N•t Incroase In c••h and cash equlv•l•nt8 28,672 39,761 Cash and cash equlvalents at beglnnlng of year 547.691 507,930 Cash and ¢a$h equlvalent• at end of year 576,363 S47,691 10-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles Company Inforrnatlon Society For Irish Church Missions is a Private company lifnited by guarantee incorporated in England and Wales. The registered office is Chantry House, 22 Upperton Road, E8stbourne, East Sussex, BN21 1BF. The charfty operates from 28 Bachelor8 Walk. Dublin, Ireland, D01 P4V6. 1.1 Accounllng conventlon The financial statements have been prepared in accordance with the Mission's Memorandum and Articles of Association, the Companies Act 2008, FRS 102 "The Flnancial Reporting Standard appllcable in the UK and Republlc of Ireland" I'FRS 102,1 and the Charltles SORP 'Accounting and Reportlng by Charities.. Stalement of Recommended Practlce applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland {FRS 102) (effective l January 20191. The Misslon is a Publlc Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, whlch is the functlonal currency of the Mis$lon. Monetsry amounts in these financial statements are rounded to the nearest £. The finandal statements hava been prepared under the hi6torl¢al cost convention, modified to include the revaluation of Investment assets to falr value. The princlpal accounting pollcies adapted ar8 set out below. 1.2 Golng concern At the time of approving the financial 5tatemenls, the tTUStees have a reasonable expectation that the Mission has adequate resources to continue in operatlonal exlstence for the foreseeable future. Thu5 the trustees continue to adopt the going concern basls of accounting In preparing the financial slatements. 1.3 Charltable funds Unrestricted funds ar8 available for use at the dlscretlon of the tnislees In further8nc8 of their charitable objectlves. Restrlcted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restrlGted funds are set out In the notes to the financial statements. 1.4 Income Income is recognised when the Mission is legalSy entitled lo it after any perfomiance condlliong have been mel, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recogni5ed on receipt. Other donations are recognised once the Mission has been notified of the donation, unless performance conditions require deferr81 of the amount. Income tax recoverable In relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donalion. Legacies are recognised on receipt or othefwise if the Mission has been notified of an Impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as 8 contingent asset. 11
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcles (Contlnued) 1.5 Expendlture Expendilure is recognlsed once there is a legal or constructlve obligation to transfer economic benefit to a thlrd party, it is probable that a transfer of economic beneffts wlll be required in settlement. and the amount of the obligation can be measured reliabty. Expenditure is classified by activlty. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaklng each activity. Direct costs attributsble to a single activity are allocated directly to that activity. Shared costs which contribute to more than one adivlty and support costs which are not attributable to a slngle actlvity are apportioned between those activities on a basis consislent 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. 1.6 Tanglble flxed assets Tanglble fixed assets are inltlally measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreciallon is recognised so as to wrlte off the cost or valuatlon of assets less thelr resldual values over their useful lives on the following basls: Freehold land and buildlngs Flxtures, fittings and equipment 2% stralght line 150h reducing balance The gain or loss arising on the disposal of an asset is determined as the dlfference between the sale proceeds and the carrying value of the asset, and Is recognlsed in the statement of financlal activities. Assets are capltallsed if they are antlclpated lo be in use for more than 12 months and cost more than £1,500. 1.7 Flxed 088ot Inve•tm•nts Fixed asset Investments are Initially measured al transaction price exdudlng transacllon costs, and are subsequentty measured at fair value at each reporting date. Changes in falr value are recognised in net incomel(expenditurel for the year. Transacllon costs are expensed as incurred. A subsidiary is an entity Controlled by the Mission. Control is the power to govern the financlal and operating policies of the entlty 50 as to obtain benefits from its activities. Programme related Investments Following the tr8nsfer out of the City Church Dublin activities and assets to a separate charlty, there remains a balance of £182,259 (2023 £330,211) owlng to Irish Church Missions for the remaining cost of the property transferred over. A loan agreement is in place with City Church. The loan was subject to an inilial 1 ¥0 interest charge. As this arrangement forms part (and a continuation) of the charity's Church planting goals, this has been treated as a programme related investment in accordance with the Charity SORP. The trustees have elected to include this balance on a historic cost basls. 1.8 Impalnnent of flxed assets At each reporting end date, the Misslon revlews the carylng amounts of its tangible assets to detemine whether there is any indicallon that those assets have SUffed an impaimient loss. If any such indication exists, the recoverable amount of the asset15 e5timaled in order to determine the extent of the impairment Ios5 (rf any). 1.9 Cash and cash equivalents Cash and cash equivalent5 Include cash in hand, deposit5 held at 11 with banks. other short-term liquid investments with original maturitles of three months or less. and bank overdrafls. Bank overdrafts are shown within borrowings in current liabilities. 12-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policies Icontlnued) 1.10 Financlal instruments The Mission has elected to apply ihe provislons of Section 11 'Basic Financlal Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of Its financial instruments. Financial instruments are recognised In the Mission's balance sheet when the Mission becomes party to the contractual provlsions of th8 Instrument. Flnancial assets and Ilabilllies are offset, th the net amounts presented In the financlal statements, when there Is a legally enforceable right lo sel off the recognised amounts and there Is an Intention to settle on a net basis or to realise the asset and settle the liability slmuSlaneously. Baslc flnanclal assots Baslc financi81 a5sels, which include debtors and cash and bank balances, are initially measured at transaction prlce indudlng transactlon costs and are subsequently carried al amortised cost using the effective interest method unless the aangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Flnanclal assets classified as receivable within one year are not amortised. Ba51c financlal Ilabilitles Basic financlal liabilities, including creditors and bank loans are initlally recognised at transaction prlce 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 Ilabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amorti8ed cost, using the effeciive interest rate method. Trade creditors are obligations to pay for goods or services Ihat have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current118bililies If payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognlsed initialty at transaction price and subsequenlly measured at amortised cost using the effedive interest melhod. Derecognition of flnancl•l Ilabllities Financial liabillties are derecognlsed when the Mission's contractual obligations explre or are discharged or cancelled. 1.11 Employèè beneffts The cost of any unus8d holiday entitlement Is recognlsed In the period In whlch the employee's services are received. Terrnlnalion benefit8 are recognised immedlately as an expense when the Mlsslon is demonstrably committed to terminate the employrnent of an employee or to provlde temiination benefits. Contributions into Defined Contrtbution pension schemes are charged as an expense when they fall due. 13-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Critical accounting asllmates and Judgement8 In the application of the Mlssion's accounting policies, the trustees are required to make judgements, estimates and assumptlons about the carrying amount of assets and liabilities that are not readity apparent from other sources. The estlmates and associated assumptions are based on hislorical experience and other factors that are considered to be relevant. Actual results may differ from Ihese estimates. The estimates and underlying assumptions are reviewed on an ongoing basls. Revislons to accounting estimates are recognised in the period in which the estSmate Is revised where the revision affecls only Ihat perlod. or In the period of the revlslon and future periods where the revlslon affects both current and future periods. In¢om• from don•tlong and l•gacle8 Unre8trlcted R8strlGted funds fund8 2024 2024 Total Unrestrlcted Rutrlcted funds funds 2023 2023 Total 2024 2023 Donatlons and glfts Legacies receivable Grants from govemment departments 102,032 26,032 157,973 260,005 26,032 111,065 36,299 174,081 285,146 38,299 7,581 7,581 8,750 8,750 128,064 165,554 293,618 147,364 182,831 330,195 Donallons and glfts Donations Tax repayments Gifts for Mlssion Partners Gifts to Iranian Ministry Gifts lo Christ Church North Dublin Gifts to 288W project Glfts to Immanuel Church Other 91,902 10,130 91,902 10,130 68.485 17,952 100,031 11,034 100,031 11,034 48,040 6,447 66,485 17,952 48,040 6,447 1,037 1,037 12,640 12,544 72,145 22,265 12,640 12,544 72,145 22,265 68,588 3,911 68.588 3,911 102,032 157,973 260,005 111,065 174.081 285,146 Income from charltsble actlvltles Unrestrictsd funds 2024 Unrestrfcted funds 2023 Mlssion actlvltles Charitable rental income 15,128 17,093 14-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Income from investments Unrestrfcted Unrestricted funds funds 2024 2023 Income from listed inveslments Interest receivable 9,534 3.420 8,482 692 12,954 9,174 Other Income Restrlcted funds 2024 Reslrfcted funds 2023 ReseNes brought In followlng transfer with Immanuel Church 41,085 15-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Expenditure on charltable actlvltl8$ Mlsslon actlvltles Mission activities 2024 2023 Dlrect costs Staff costs Depreclation and impalrment General expenses within the mlsslon Telephone Printing, postage and statlonery Book purchases Computer expenses Travel and subslstenc8 Clty Church Dublln grants Chrlst Church North Dublin expen58S Bulldlng costs toward5 28 BW project Immanuel Church expense5 Sundry expense8 164,459 20,048 10,663 1,565 3,377 22 1,906 1,915 122,301 4,354 11,130 12,902 1,136 121,468 20,054 2,297 1,693 3,353 21 3,153 1,335 20,235 120,961 10,466 957 355,778 305,993 Grant fundlng of actlvities (see note 9) 44,891 44,887 Share of Support and governance cost8 (*•• noto 10) Support Govemance 84,702 19,393 56,771 12,722 484,764 420.373 Analys18 by fund Unrestricted funds Restricted funds 364,835 119,929 179,342 241,031 484,764 420.373 16-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Raislng funds Unro8trlctsd Unrestrlcted funds funds 2024 2023 Fundraisin and ubllci Seeklng donatlons, grants and legacles Other fundraislng costs 8,680 9,014 Fundraislng and publiclty 9.014 6,680 Inve mana 6,828 7,529 15.842 14,209 Grants payable Ml88lon actlvlties 2024 Mlssion 8divltles 2023 Grants to Indlvldual8 44,891 44,887 10 Support colts allocated to actlvftle6 2024 2023 Stsff costs Rent and rates Light and heat Repalrs and renewals Insurance Cleaning Administrative support 38,449 8,076 4,971 778 7,565 3,876 31.336 8,110 3,516 753 7.863 1.043 1,550 2,600 19.402 Governance costs 19,392 84.095 76,173 Angl sed betwe Fundraising Misslon activities 6.680 69,493 84,095 84.095 76,173 17-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 10 Support costs allocated to actlvities (Contlnued) 2024 2023 Governance costs comprise: Legal and professional Accountancy Independent Examination Twstees. meetlng costs 10,383 5.233 3,720 56 10,356 5,593 3,360 93 19,392 19,402 11 Net movement In fund• 2024 2023 The net movement In fund8 Is ststed after chargingl(crediting)'. Depreclation of owned tangible fixed as8ets 20,048 20,055 12 Trustee• None of the tTUStees (or any persons connected wlth them> recelved any remuneration or beneffits from the Mission during the year. Durlng the year 1 tru8tee wa8 reimbursed for £285 of expen8es {2023: 1 trustees was reimbursed £147). Trustees, Indemnlty Insurance was purchased durfng the year at a cost of £477 {2023: £550). The totsl aggregate amount of donatlons received (wlthout conditions) from the Trustees and their related parties amounted to £4,860 (2023: £3,222). 13 Employeas The average monthly numb8r of employees during the year wa8.. 2024 Number 2023 Number Management and 8dmlnistration Misslon workers Total Employment costs 2024 2023 Wages and salarles Social security costs Other pension costs 173,813 18,501 10,594 128,038 17,327 7.439 202,908 152,804 18
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 13 Employeos (Continued) The comparative figures above include the movement on the pension provision. £11,155 was paid in the year to former employees, as a penslon, with the remalning £46,236 released at the end of the previous year as no further payments wlll be required. The number of employees whose annual remuneration was more than £60,000 is as follows: 2024 Number 2023 Number £60,000- £70,000 14 Galn• and1083e8 on Investrnonts Unrestrlcted Unrestrfcted fund8 funds 2024 2023 Gainsl{lossesl arlslng on.. Revaluatlon of Investrnents Sale of investments 34,180 16,623) {28,481 } (8,935) 27,537 (37,416) 15 Taxatlon The charlty Is exempt from t8X8tlon on its actlvltles because all its Incorne is applled for charitable purp08e8. 16 Othèr galns or1088•• Unrestrlcted Restrlct•d fund• fundg Total Unrastricted funds Reslrlcted funds Total 2024 2024 2024 2023 2023 2023 Forelgn exchange 98ln8 10,086 3,745 13.811 115,473) 113,511) (28,984) 19-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 17 Tangible fixèd assets Freehold Fixtures, land and fittings and buildings equlpment Totsl Cost At 6 April 2023 1,239,138 33,279 1.272,417 At 5 Aprll 2024 1,239,138 33,279 1,272,417 Dèpreclatlon and imp41rnient Al 6 April 2023 Depreciatlon charged In the year 226,493 20,011 33,031 37 259,524 20,048 At S Aprll 2024 246,504 33.068 279,572 Carrylng amount At 5 April 2024 992,834 211 992,845 At 5 April 2023 1,012,645 248 1,012,893 The Charity has elected to use a prevlous GAAP revaluation (March 20101 of its freehold properties, held at 6 April 2014, as the deemed cost of those properties on the transition date in accordance with the transilion provlsion contalned in section 35.1 Old) for FRS102. The hlstoric costs of the assets held at the transition date and still held at the year end was £74,062 {2023.' £74,062). 18 Programmo related invo•tment8 Loan to Clty Church Dublln Al 6 April 2023 Adjustments Repayments received 330,211 1126,200) (21,752) At S Aprfl 2024 182,259 Followlng the transfer out of the City Churth Dublln activities and as58ts lo a seperate charlty, Ihere remains balance of £182,259 12023.. £330,211) owing to Irish Church Missions for the remaining cost of the property transferred over. A loan agreement is in place with City Church. The loan wa5 subject to an initial 1 VD Interest charge. As this arrangemenl forms part land 8 continuation) of the charity's Church planting goals, thi5 has been treated as a programme related Investment in accordance with the Charity SORP. The trustees have elected to include this balance on a historic cosl basis. A review of this loan transaction has been undertaken and adjustrnents We considered necessary, to incorporate in the full contributions made from City Church Dublin funds both at the inception of the transaction and when it became a seperate charity. The adjustment of £122,301 to correct Ihe loan balance has been shown as an expense in Note 7. -20-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 19 Flxed a6set Investments Usted Investments lunrestrlctod) Cost or valuatlon At 6 April 2023 Additions Valuation changes Dlsposals 603,066 667.040 34,160 (720,962) At 5 Aprll 2024 583,304 Carrylng amount At 05 April 2024 583.304 At 05 Aprfl 2023 603,066 20 Debtors 2024 2023 Amounts falllng due wlthln one ye•r: Trade debtors Prepayments and accrued income 1,377 1,312 10,268 2,689 10,288 21 Credltorn: arnounts lalllng due wlthln one year 2024 2023 Other taxatlon and soclal security Trade credltor5 Other ueditors Accruals and deferred income 2,518 5,086 790 8,101 10,184 7,800 16,495 17,984 22 Retlrement beneflt schemes 2024 2023 Defined contribution Schemes Char9e to profit or1055 in respect of defined contribution schemes 19,114 14.878 21
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 22 Retirement benerrt schemes (Contlnued) The Misslon operates a defined contribution penslon scheme for all qualifying employee5. The assets of the scheme are held separatety from those of the Mission in an independently administered fund. 23 Unrestrfcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not sublect to specific conditions by donors and grantors as to how they may be used. These Indude deslgnated funds whlch have been set aside out of unrestricted funds by the trustees for specific purposes. At 6 Aprll 2023 Incomlng resources Resources expendod Transfèrs Galns and losses At 5 Aprll 2024 Genéral fund8 1,998.019 156,146 (380,677) 20,241 17.471 1,811,200 Prevlous yoar: At 8 Aprll 2022 Incomlng Ruource8 re80urces expended Tran8fers Galn• and 108s08 At 5 Aprll 2023 General funds 1.922,862 173,631 <193,551) 117,020 (21.9431 1,998,019 22-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 24 R•trfct•d fund• The restrf¢Aod fund8 of the cthirfty ry)rnprf$e th• un8xpend•d b•l•nce8 of don•Uoni •nd grwts hold on wjl wjbloct •p¢dfic condluons by d¢nor8 89 to how may be UBed. Mov•m•ni In fund• Mov•ffl•nt In fund RYT¢ •xp•ndid ine• It n•f•r• IneDrnlnA f•ourG•I 841DnM •t ¢Aprfl2l •pfvd IApA 2013 Bulldlng Fund_ North euldlng Fund- Rwut41¢of Ir*land Cameron Jmes Chrf& Churth Nc¢th Duty ICCNOI 205,7UO 12,600 122,0081 198,192 195,1B2 206,476 81,442 8,793 44,974 1115,9BOI 146,0351 99,292 83,264 7,58U 64,188 95,033 IDI,fl74 2f,BB3 145,2081 (3701 12,840 8,121 3,oe6 e61 10,93D 113.231 4.249 10.438 1,037 17,952 2,300 14.4161 13581 127,4981 18701 15341 22 12341 10,439 100,77fj 14,291 817 4,114 18,9391 1107.9561 Kklfon Lyn Palrons Fund Youlh mlnlstsy ImmUl1 Churth Dad MAithn Hwtho fund 2,310 15,229 20,8&3 88,084 16,483 IP,888 69,342 730 80,588 153.8991 168,BlOI 11,0301 10,436 10,436 808,780 222,918 1227,5201 1117,0201 4A8,128 165.554 1119,9201 120,2411 13,7481 500,764 -23.
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5APRIL 2024 24 thtrfct•d fund• ICMiinu•dl èulldlng fund• Tfve lunds r8v•ll1 monl•i lllv•n ardS bulldlng pro1•¢ ¢3ven Iho curren( gnI1]C•nl exw#lon proled 28 Bi¢h•l¢rA Ik, we O%P¢d l¢+ Iheaa fundB In th• neNrfulure. C4m•rnn Jonq8 fvhd Th1# lund cmt41n• glven iowardl th• iupport ol Cameron Jcnm, one uf our MIOn P8rfnen. Th• agJlnal thls fund aye for and PpOrt p•M•d c•th Cameron. Chrflt Chureh North Dublln In Ter1 yews, ICM planted Chrfot Churth North Dublln ICCNDI. fvnd ¢tAInS fvnds dpnabd by tha congr898llon al well 88 soma fvndlnu IS for the ongokno work and de¥elopmenl of the Church. AJI 8xpensa6 rnI8nG lo CCND aro Ir&81ed 88 reBtnGled. On 31 January 2024. CCND brn• Independent from ICM and io th• remdnlng funds h8ld by ICM a$ 81 that dBIB1£4,0981 Ar8 shown Bs a cfgdh0rlkn1n ihes• 8ccounls 8walUny Iransferlo CCND. lrnnlin Mlnl¥ty fund Thli lund conlalns dOn&0Th glvan tOW8rd8 tho mlnl81ry omong Iml8ni, Along wlih dlrqct cots. Tha lary lor th• Iranlan Mln181ry WOrt8rl8 record MLhin unrected Fund therefore the b8lancA rernilnlng h88 been transferred lo Unresthc¢•d fvnd6 to rhintrflxjla to th18. 80 wllhln Iransfqrn Is An adlu$lmont to SaPAr8le rMJi donattun 91 towgrdshouilng wull, whlch li now sh(n In a Hn9 bjnd. KlwoTr Lynch fund The Kleron Lync* fvnd lo don8Uoni rec•fvod ioward# the c4 tron Lyn¢h, who 18 Iho p85tor Df lrnrnanuel Churth. In pre¢U ytt8rs fflo of these dcfiallon8 from lrnffl#nuel Churth Itoe, hthvovar aB Immanu•l Churth Is now ¢onsdldoied the88 orbiunti. tha fund now conwns donaiion8 from othor ourtes. Imminu•l Church Dublln Immenuel IS a Chur¢fv planl In Dublln ovetseen by onè of ourformer MIS)n P•rfnor8. Dudng the year 2022123, ICM 8oreed lo r818k? lln#nd81 o¥erslghl and unlrol Ihe Church. The Chvrth opernies g bank accowl and all funds donated by Iho congreg#llvn 0$ well 88 some OlS1e fundln91s lor Ibe onooiny work and develwmont of lh8 Church. (txppnses relaisng 10 Immanud Churth are Ir¢aiod as r881ncthd and 4Dy b4iancE ol thts fund represents the (unrJ8 held on behall of Immanuel Church. Youth Mlnlstry fund ThB Ajnd CL1#[n& donallonll knvardB youth mln5$lrywllhln Ihe orgqr4s•liw. Hou•lng lund fun¢J conldn8 a dpniii¢i spedflcally glven low8rd• th• ¢ostof pf8curlng h9 frrourknnn Mlnl8Wy w(wknr. -24-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 R•Bidctsd lund• ICDntlnudl PJtron• Fund Thls frjfid contgln6 dona gIn towardo futUT• thur¢h antIng be umd In tha futurethqn Ihesa projects ara ilart•d. Dad MaA Fund Thls lund ¢cffjlalns donAUon lllv•n towards Da0,8 8818ry In h1$ Te as Ctrodtr ¢1 ICM And Pastor ¢1 Chrf81 Church North Dublln. Dath salary IB rnrd•d thIn Lknrè•thdad ew•nse$•nd thoreforn Eh• b•l•n romalnkng cn Ihhfvnd has been tranthnrd to Unr84tdcled fund& to conthbule lo Ihl8.
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 25 Anatysis of net assets between funds Unrostrl¢ted Restrictsd funds funds 2024 2024 Total Unrestrl¢ted Restrlcted funds funds 2023 2023 Total 2024 2023 Fund balances are represented by: Tanglble assets Investments Programrne related assets Current assetsl{Ilabilitie8) 992,845 583,304 992,845 583.304 1,012.893 603,066 1,012,893 803,066 182,259 52,792 182,259 582.557 330,211 51,849 330,211 539,975 509.765 488,126 1,811,200 509,765 2,320,965 1,998,019 488,126 2,486,145 26 Fln•nelal commltm•nt8• guaranto•8 and contingant Ilablllti•s ICM was includ8d In the historlcal Institutional abuse inqulry (HIAI} into wldespread and systemlc abuse at institutions across Northem Ireland. Specificalty ICM was held responsible for the management of Manor House Home. Manor House Home was 8 children's home In Lisburn managed by ICM'S Northem committee from 1929 until its closure in 1984. The Hart Report was published at the conclusion of the inqulry and revealed a number of failings regardlng the management of Manor House Home including negligence in protecting the children in the home's care from sexual abuse,. and systemic failures in the care of vulnerable children entrusted to the home. As part of the recommendatlon of the Hart Report each Instilutlon was asked to participate In a fomial publlc apology. This took place on 11th March 2022. ICM was represented by one of Its trustees on that day and delivered an apology on behalf of ICM. In addlllon the Hart Report also proposed that èach instilution be included in providing financial redress lo the victims undèr their care. At present ICM has fully engaged with Ihe process and along wlth The Executlve Office of Northern Ireland Is seeking to ascertain what a fair and proportionate contribution mighl be for those who have already been compensated by the Redress Board. Assurance5 have been put forward that such continuations wlll not detrimentally impact any organisation from the ongoing services it is providing today. It 15 as yet unclear whal amount will be expected from ICM. As the amount of the liability is as yet unknown. this is hereby dlsclosed as a contingent liability within these accounts. ICM has been advised by the Executive Office thal a calculation of its share of payments under the redress scheme may amount to £329,319- however this is subject to further discussion, scrutiny and negotiation. As recorded in the 2021-22 accounts, ICM has also serviced three civil claims previous to the initiation of the redress scheme; which totalled £396,360. 27 Related party transactlon8 There were no disclosable relatsd paty transactions during the year {2023 - none). 28 Analysls of changes In net funds The Misslon had no material debt during the year. -26-
SOCIETY FOR IRISH CHURCH MISSIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 29 Cash generated from operatlons 2024 2023 Deficit for the year (151,369) (74,451) Adjustments for= Investment income recognlsed in ststement of financlal actlvities Foreign exchange dlfferences Loss on dlsposal of Investments Fair value gains and losses on Investments Depredation and impalment of tsngible flxed assets (12,954) (13,811) 6,623 (34,160) 20,048 {9,174) 28,984 8,935 28,481 20.054 Movements In worklng capltal: (IncTease)Idecrease In programme related assets Decrease In debtors (Decrease) in credltoryJ (Decrease)lincrease In provision8 147,952 7,478 11,489) 65,303 24 185,138) (46,238) Cash ab8orb•d by operatlon• 131,682) (43,218) -27-