KI ALExA￿D
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Ihj
Commi88ion No NIC1007%
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEPABER 2018
The Fund's purpose is to benefft The Non-subsctibing Presbyterian
Church of Ireland. ft d￿S this by pn)viding financial assistsnce by way of
interest free loans to congregations or grants to church organisations
there-by assisting them to develop projects and fuffil their objeclives within
their communitses.
The Trustees ad(nowledge their Public Benefft obligations and believe
they have discharged their duties accordingly.
During the year the Trustees agreed to fund. by way of a grant. the cost of
the production of ￿ First World War Roll of Honour of the Non-
Subscribing Presbyterian Church of Ireland wh￿h details the names and
regiments etc of the members of the denomination who served in World
War 1. It indudes obituaries of those who gave their lives in the service of
their country. No requests were received for loans and no loans were
repaid - none were due for repa￿nent.
In the final quarter of the year the Trustees agreed to amend the mandate
of the Investment Advrsers from Advisory to Discretionary. For many years
the investments had, to all intents and purposes. been managed on a
discretionary basis as the Investment Committee, having considered ary
proposal put to them. almost invariably agreed that they should act in
accordan￿ with the recommendations of the Advisers. The change will
enable the Investment Managers (as they now are) to act more
expeditiousty as and vthen investment opportunitEs arise in the future.
The Fund recorded a surplus of £28.527 for the year- down £10.623. 27%
on 2017. This was almost entirety due to there being no gains on
investments realised during the year as no transactions took place. The
investment portfolio had a market value of £675,204 at the year end -
down £85.889, 11 % on 2017 mainly reflecting Brexii related weakness in
the stock market during the year. Since the year end the Investment
Committee has reviewed the cash position of the Fund and. having

considered known future out-goings and forecast income. conduded that
a further £25.000 of the bank balan￿ should be passed to the Investment
Managers to be added to the portfolio so as to enhance the Fund's income
for the future. The Investment Committee, following discussions with the
Investment Managers regarding their revised risk Measu￿Ment criteria
decided to reduce the strategic risk category of the portfolio from high to
medium.
The Fund's principal address is:_
102 Circular Road
Be￿ast
BT4 2GE
The following were trustees on 11 June 2019:_
Mr D Alyrner. Rev C Campbell, Miss J Caven, Rev L Cod(roft, Rev I
Gilpin, Rev N Hutton, Mr l LaiTd, Mr l Mccullough, Rev R McKee, Rev J
Nelson, Mrs M NesbitL Rev P Reid. Rev D Steers. Rev R Taggart. Mr C
Wells. All acted as trustees throughout 2018.
The Charrvs goveming document is the will of the late Mrs Ellen Bright
which is dated 27 January 1970.
The Charitvs purpose is to benefft The Non-subscribing Presbyterian
Church of IrelarKJ.
New trustees are appointed by the existing trustees. Their appointment is
proposed and seconded by two of the existing trustees and is subject to a
vote.
The report of the twstees was approved on 11 June 2019.
Rev J Nelson
Honorary se￿tsry
l Lalrd
Honornry Treasurer