Holy Cross Ardoyne Trust Statament of Flnanclal Activities Year endad 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Noto Income and ondowments Donations and legacles Charitable activlties 1,000 50,449 51,449 1,000 50,449 51,449 300 53,977 54,277 Total incomo Expenditure Expenditure on charltable activltles Tolal expendlture 58,708 58,708 58,708 63,385 83,385 58,708 Net exp8ndituro and net movement in fund8 17,259) (7,259) 19,108) Ra¢onclllatlon of funds Total funds brought fo￿vard Total fund$ L'arried forward 10,363 10,363 19,471 10,383 3,104 3,104 The staternent of financial activit198 includes all gain8 and losses recognised in the year. All income and expenditure deliv8 from continuing activities. The nates on pages 7 to 13 form part of these financlal statsments. Holy Cross Ardoyne Trust Statèment of Financial Posltion 31 December 2023 2023 2022 Note Fixèd assets Tangible fixed assets 13 1,34g 2,484 Current a88ets Debtors Cash at bank and in hand 14 4,284 23,537 27,821 8,568 30,051 38,819 Cr8ditors: amount8 falllng due within on8 year Not Current asset8 15 26,066 1,755 3,104 3,104 30,740 7,879 10,363 10,363 Total assets less current Ilabllftles Net assets Fund8 of the charrty Unrestricted funds 3,104 3,104 10,363 1D,363 Total charity funds These financial statem8nts were approved by the board of trustee8 and authorised for issu8 on and are signed on behalf ofthe board by., r J Friel Trustee Fr P Duffy Trustee ¢J The note6 on pages 7 to 13 fom part of these financlal statemènts. Holy Cross Ardoyne Trust Notes to the Financial Statements Year ended 31 December 2023 General information Tre charlty Is a public benefit entity and a reglstered charity in Northern Ireland and is unincorporated. The address of the prlncipal office is Holy Cross, 432 Crumlin Road, Belfast, Co Antrfm, BT14 7GE. statement of ¢ompliance These flnanclal statements have been prepared in compllance wlth FRS 102, The Flnancial Reporting Standard appllcable in the UK and the Republic of Ireland,, th$ Statement of R6comm8nd8d Practice appllcable to charllies preparlng their accounts in accordance with the Financial Reportlng Standard appllcable in the UK and Republic of Ireland (FRS 102) (Charltles SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008, Accounting pollclgs Ba818 of preparatlon The financial statements havg bean prepared on th& hlstorical cost basis, as modified by the revaluation of c8rtain financial asset8 and liablllties 2nd investment properties measured 8t fair value through Income or expenditure. Tre financial statements ar8 prepared in stèrling. which is the functional currency of the entity. Going conc6rn There are no material unaertainties about the charity's ability to continue. Judgem8nts and key sources of estimation uncertainty The preparat'lon of the financ181 statements requires management to make judgements, estlmat?s and a8sumplions that affect the amounts reported. The8e estimates and judgements are conlinually reviewed and are based on experience and other factors, including expectstions of future events th8t are believed to be reasonable under the clrcumstances. Fund ac¢ountlng Unrestricted fund8 are available for u58 at the di8cr8tion of the truste6s lo further any of the charity's purposes. Designated funds are unrestricted fijnds earmarked by the trustees for particular future projeot or Commitment. Restrlcted funds are subjected to restrictions on their expenditure declared by the donor or through theterms of an appeal, and fall into one of sub-classes,, restrlctsd income funds or endowment funds. Holy Cross Ardoyne Trust Notes to thè Flnanclal Statements f¢onllnuedJ Year ended 31 December 2023 Accountlng poll¢le$ (contlnued) Incomlng resources All incomlng resources are included in the statement of financlal actlvltles when entitl8ment has passed to the charity., it is probable that the economic benefits associated wlth the transacfjon w]11 flow to the charity and the amount can be reliably measured. The followlng specific policies arg applied to particular categDries of Income.. income from donelions or grants is recognised when th$re is evldance of entillement to th8 gift, retslpt is probable and ils amount can be measured reliably. logaGy Income is recognised when receipt 18 probable and 8ntitJament is established. Income from donated goods Is measur8d at th8 falr v8lue of the goods unless this Is Impractical to measure reliably, in whlch case tha valuels derfved from the cost to the donor or Ihe estimated rèsale value. Donated fa¢lllties and servi￿8 are recognlsed in the accounts when received if th8 value Gan b8 reliably measured, No smounts are included for the contribution of g8n8ral volunte8rs. IncDrn6 from contracts for the supply of saNices is r8cognised with the delivery cf the contracted seNlc& Thls Is classified as Unrestrict￿ funds unless there Is a GontraGtual requirement for It to spent on a pariicular purpose and returned if unsp8nt, in which case 11 may be regarded 88 restricted. Resources 8xpended Expenditure Is recognised on an accruals basis as a liabillty is incurred. Éxpenditur8 includes any VATwhich cannot be fully recovered, and is classlf18d under headings ofthe ststementoffinancial aGttvities to which it relates.. expenditure on raising funds includes the costs of all fundralsing actlvlties, events, non- charitable trading actlvltles, and the sale of donated goads. 8xpenditur& on charitable actlvltles includes all costs incurred by a charity In undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the gcvemance of the charity apportioned to charitable activities. other expenditure includes all expenditUN8 that is neither related to raislng funds for fhe charty nor part of its expenditure on charitable activlties. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared cost5 are apportioned be￿e￿n the activities they contribute to on a reasonable, jUs￿fiable and consistent basis. Tanglble assets T8nglble asset8 are Inltially recorded atcost, and subsequentlyststed atcostlgss 8ny accumulated dèpreciation and impalrment losses. Any tangible assets carrled at revalued amounts are record6d al the falr value at Ihe date of revaluation less any subsequent accumulated depreciatlon and subsequent aG¢umulated impalrment losses. Holy Cross Ardoyne Trust Notes to the Flnancial Stat8m8nts {oonSnued) Year ended 31 December 2023 Accounting pollcles (¢ontlnugd) Tangible assets (contlnuad) An increase in the carrying amount ol an asset as a result of 8 iev2lualion, Is recognlsed in othér recognised gains and losses, unless it reverses a charge for impalrmenl that has previously been recognisad as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a rèsult of revaluation, Is recognised in other recognlsed gains and losses, ex￿pt to which it off88ts any prevlous r6valuatlon gain, in 4vhich case the 1085 is shown within other recognised gains and losses on the Statement of financial activllles. Dèpr8clation Depreciation is calcLtlated so as to write off the cost or valuation of an as861.18ss its residual value, over the useful economic Ilfe of that 8sset as follow5: Equipm8nt 200/0 straight line Impalrment of flxed assets A review for indicators of impairment is Garrled out at each reporting date, wrth the recoverabl8 amounl being estimated wher8 such indicators exlst. Vvhere the carrying value exceeds tho recoverable amount, the asset is impaired acecrdingly. Prlor impalments sre also reviewed for possible reversal at each reporting date. Forlha purposes of impairm8nt testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the Gash-generaling unit to whlch the asset belongs. The cash.generating unit is the smallest identifiable group of assets that includes the asset and generatss cash inflows that largely independent of th8 Ggsh inflows from other assèts or groups of assets. FDr Impairment testlng of goodwlll, the goodwlll acqulred In a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the Synergies of the combination, Irr88pective of whether other ass8ts or liabiliti88 of the charlty are assigned to those unlts. Flnancial Instrument8 A financial asset or a financial Ilability Is recognised only when the charity becomes a paty to the contractual provisions of the instrumenl. Basic financial Instruments are initially recognised at the amount receivable or payable including Sny related transaction costs. Current assets and current liablllties are subsequently measured atthe cash or other Consideration expected to be paid or received and not dlscounted. D8bt instruments are subsequently Measur￿ at amortised cost. Where Investrnents In shares are publlcly traded or their fair value ¢an othemise be measured reliably, the investment Is subsequently m8asured at fair value with changes in fair value r?cognised in income and expenditure. AJI other such investments are subsequently measured at cost less Impairment. Holy Cross Ardoyne Trust Notss to tha Financlal Statements (contlnued) Year endad 31 December 2023 Accountlng policies f¢ontlnuedJ Financial instruments (Gontlnugdj Other financlal instrum8nts, including derlvatlves, are initially recognised at falr value, unless payment for an asset is dèferred beyond normal business terms or financed at 8 rate of interest thal is not a market rate, in whl¢h case the asset Is measured at the present value of the fvture payments discounted at a market rate Df interest for a slmllar debt instrument. oth&r financlal instruments are subsequentty measured atfair value, with any changes recognised in the statement of financial activitles, with the exception of hedglng instruments in a designated hedging relatlonshlp. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impalrment at thè end of each reporting date. If there is objeGtive evidence of irnpaimient, an Impairment loss Is recognlsecl under the appropriate h6ading In the statement of financial activities in which the initial gain was reoognlsed. For 811 equity Instruments regardless of significanc&, and oth&r financial assets that are Indlvldual significant, these are assessed Individually for impairm6nt other finanGlal ass8t8 are elther assessed indivldually or grouped on Ihe basis of similar Credlt rlsk characteristics. Any reversals of impalrment 8r6 r8cogni8ed immadiately, to the ext'ent Ihat the reversal does not result in a canylng amount of the financial 8sset that exceeds what the carrying amount would have been had the impairm8nt not prevlousw been recognlsed. Donatlons and legacles Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donatlons Donations - Congregalion of the Passion 1,000 1,DQO 300 300 Charitable activiti88 Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 other Income from charitable activities 5D,449 50,449 53,977 53,977 Expendlture on charltable activitlgs by fund type Unrestrlcted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs associatsd with rental Support costs 56,598 2,110 56,598 2,110 58,708 61,561 1,824 61,581 1,824 63,385 58,708 63,385 Holy Cross Ardoyne Trust Notes to the Flnanclal Statoments (contlnued) Year ended 31 D8c6mber 2023 ExpendEture on charltable activtti&s by activity type Actlvitles undertaken directly Support Total funds costs 2023 Total fvnd 2022 Costs assooiated with rental 56,598 2,110 58,708 83,385 Anatys18 of support Costs Analysis of support costs Total 2023 Total 2022 Support Gost8- Foreign exchange varlanoe Support costs- Bank fees Support costs - Accountancy fees Support costs- Depreclation 151 104 720 1,135 2,110 151 104 720 1,135 2,110 1338) 96 930 1,135 1,823 Net expendilur8 Net expendlture Is stated after chargingl{crediting)'. 2023 2022 Depreciation oftangible fixed assets 1,135 1,135 10. Independent examination fees 2023 2022 Fees payable to the Indepsndent 8xaminer for.. Independent examlnatlon of the financlal statements 720 720 11. Staff ¢08ts During 2023 Holy Cross Trust Ardoyne's ￿ntrIbUtIOn to The Congregation of the Passion of Jesus Christ in relation to staff CDSts for work undertaken on behalf of the Charity was £7,375 (2022: £27,827) 12. Trustee remuneratlon and expenses None of the Trustees have received any remuneration during the year in thelr capacity as trustees. 11 Holy Cross Ardoyne Trust Notes to the Financial Statements fcontlnued) Year ended 31 December 2023 13. Tanglble flxed assets Equlpment Cost At1 January 2023 and 31 Dgcember 2023 Depreciation At 1 January 2023 Charge for th& year At 31 December 2023 5,e73 3,189 1,135 4,324 Carrylng amount At 31 December 2023 1,349 2,484 At 31 December 2022 14. Debtors 2023 2D22 Debtors 4,284 8,568 15, Creditor8: amount8 falling due wlthln one year 2023 2022 Accruals and deferred income 26,066 30,740 1S. Anaty8ls of charitable funds Unr8strlct8d fund8 At 1 Jan 2023 At InGorne Expenditure 31 Dec 2023 Gener81 funds 10,363 51,449 (58,708) 3,104 At 1 Jan 2022 At Income Expenditure 31 Dec 2022 General funds 19,471 54,277 (63,385> 10,363 12 Holy Cross Ardoyne Trust Notss to the Flnanclal Statements (conttnued) Year ended 31 December 2023 17. Analysls of nat assets between funds Unreslrictsd Total Fund8 Funds 2023 Tangible fixed assets Current 8ssets Creditor8 less than 1 year Net assets 1,349 27,821 (26,066) 3,104 1,34S 27,821 126,0661 3,104 Unrestrlcted Totsl Funds Funds 2022 Tangible fixed assets Current ass8ts Creditors les8 than 1 year Net assets 2,485 38,618 {30,740) 10,863 2,485 38,618 130,740) 10,363