Dominican Fathers Newry Non-statutory financial statements Year gndod 31 December 2022
Dominican Fathers Newry Non-statutory financial statements Contents Page General infomiation Trustees, report Statement of Trustees, responsibilities Independent auditorfs report to the administrators on the non-statutory financial statements of the Dominican Fathers Newry Statement of flnanclal activities 8alance sheet 10 Cashflow Statement 11 Notes forming part of the non-statutory financial statements 12-17 Supplementay Financial Inform8tlon 18-20
Dominican Fathers Newry General information TrusleeB David Tohill O.P. (Prior) John Harris O.P. William David Walk6r O.P. Address St. Catherine's Priory Dominlc Street Newry Co. Down Audltor Walsh O'Brien Harnett, 104 Lower Baggot Street Dublin 2 Bankers First Trust Bank Allied Irish Banks Sollcftor8 S.C. Connolly & Co. 39 Hill Street Newry Co. Down Charlty r•glstratlon numb•r 101350
Dominican Fathers Newry Trustees, report The Trustees of the Dominican Fathers Newry present their annual report and non-statutory financial statements for the year ended 31 December 2022. Prlnclpal actlvltlos The Dominican Fathers Newry is a Community of Friars livlng in Dominic Street, Newry and having a Priory Church that is open to the public for participation In religious services or quiet prayer or reflection. The Dominican Fathers Newry is part of the Irish Provlnce of the Dominicans (Order of Friars Preachers). The Dominicans were founded by St Dominic de Guzman in 1216 with the purpose of preaching the Gospels. The principal activity of the Dominican Fathers Newry is the advancement of rellglon and education to the public in Northern Ireland. The Dominican Fathers Newry achieve this objective by adapting to th8 needs of the Christian Community in order to raise awareness and understandlng of religious beliefs and practices. Community members are involved in a broad spectrum of religious and social activity including Chaplaincy, missionary work, teaching, and Ilterary work such as writing, publishing and resoarch. Community members participate in Charitable works and groups, and are available to individual members of the publlc who wlsh to consult them on matters of faith, spiritual Ilfe or social issues. In this way the Dominican Fathers Newry ensure a real rellglous, social and 8ducatlonal benefit to a broad range of people. Publlc b•n•flt A direct Public benefft comes from the Charfty to tha spiritual. physical and mental wellbeing of the Catholic and wider Communities in tha Newry area. Public ben8frt is supported and served by the Dominican F8th8rs who conduct Religious seNic8s such as masses and other worship, with a special emphasis on th6 promotlon of Confession, and Rellgious Education through retreats, novenas, bible meditation and other courses or lectures. Members of the publ ar8 encouraged to participate in daily masses. Eucharistic adoration, bible studies in the newly built Lectio centre and various prayer groups. The Community is mindful of those unabla to attend Church through age. infirmity or being away from Newry and their involvement is facilitated by an °on-line° broadcast of Church ceremonies. The Dominican Fathers Newry can also facilitate the publlc through individual Religlous ceremonies such as baptisms, marriages and funerals. Members of the Community are available to a person in need of moral support or comfort to deal with life's difficulties in bereavement. illness or mlsfortune. The importanc8 of the Charity within Newry is evident from the number of people willing to volunteer their time and participate in Religious practice, and active involvement is to everyone's benefit. The Dominican Fathers Newry hold a charitsble objective and in addition to Involvement in social and other works make or organise significant donations to a number of good causes locally and abroad. These include holdlng a special coll8Ction each Monday for a nominated charity. and regular donations to worthy causes. Flnan¢lal r6vI6w The statement of financial activitiés for 2022 Is contained on page 9. This discloses incom8 of the Charity at £439,802 (2022.. £399,833). Expenditure In 2022 totalled £543,389 (2021.. £471, 733). The balance sheet for the Dominican Fathers Newry is on page 10. This discloses a financial base, largely comprising bank accounts, investments and propety. The Charitls SerVeS amount to £753,292 (2021.. £892,040J.
Dominican Fathers Newry Trustees, report (continued) The Dominican Fathers use these reserves to support the furtherance of their mission to preach the Gospel by funding its charitable. preaching. education, care and other obligations. Statement that the Trustees have had regard to the Charlty Commlsslon for Northern Ireland public benefit requlrement statutory guldance The Trustees confim that they have complied with the requirements of Section 4(6) of the Charitles Act (Northern Ireland) 2008 to have due regard to the public benefit guidance published by the Charlties Commission for Northem Ireland in determining thè activities undertaken by the Charity. Throughout this Annual Report the Trustees seek to demonstrate that the aims and objectlV8s of the Dominican Fathers Newry are for the public benefit. Structure. governanco and managemant The operations of the Domlnlcan Fathers Ne are overseen by the Trustee Board. Trustees are appointed by the Community of Friars in Newry and Ihe Provincialate of the Dominican Order in Ireland. Trustees are Dominican Friars and recruitment is based upon their knowledge, skills and experience necessary for overseelng the affairs of the Charity to ensure it is solvent, well run and achieves the purposes for which It was established. Rlsk management The Trustee Board actively reviews all major strategic and operational risks to which the Charity is exposed and confirms these have been reviewed and that strategies and systems are established to manage exposur8 to these risks. The main risk areas for the Dominican F8th8rs Newry comprise: Compliance with Health and Safety and list8d buildlngs legislation Safeguarding Maintaining Church income In the modern Society Reduction in reserves due to maintenance of buildings Impact of aging in Community Membership and congr8gations Safeguardlng The Dominican Fathers N8wry adheres to best prackn'ce child protection and vulnerable adult safeguardlng practlces which is overse8n by the safeguarding office of the Dominlcan Order in Ireland. This safeguarding office is managed by a lay person who is a qualified and experienced social worker. The role of the safeguarding office is to develop, implement and oversee best practice children and vulnerable adult safeguarding procedures for the Provin which includes the Dominican Fathers N8wry. This is done In accordance with the National Board for Safeguarding Children in the Catholic Church in Ireland's (NBSCCCI) Standards and Guidance document. Future plans The Dominican Fathers Newry wlll continue the activities detailed already in this report and seek to develop further, particularly promoting involvement in Lectio Devina. The Communty has property, namely the Church. Priory. Lectio Centre and other ancillary buildings. These need careful maintenance due to their age. historical s1gnif?n¢e and availability for worship to the general public. A fundraising Committee continues valuable work on raising funds for essential renovations. In a relatlvely short time period. substantial monies have been raised without which renovations would be impossible. Our thanks to all persons contributing to the fundraising and the volunteers on the Committee for their dedication.
Dominican Fathers Newry Trustees, report (continued) Persons Involved wlth th8 Charlty The Domlnlcan Fathers Newry acknowledg88 wlth gratltude the support of the P80ple of Newry who mean so much to our Community. It would be very dlfflcuFt to contlnue our Mlssion In N8wry wfthout the many people who give thelr tlme In such a variety of ways to the Charity and to our d8dlcated Staff whos8 Input to the Charfty is so important and valued. Dlsclo8ure of Informatlon to Audltor Each person vh)0 Is a trustee at the dato of approval of this report conllrms that. trKre Is no relevant audlt Informatlon (Informatlon needed by the charlty8 audltor In ¢onnectk)n wlth preparlng the audltorf8 report) of whlch th8 charfty's auditor Is unaware, and the trustees have tsken all the st8PS that thoy ought to have taken as truste88 in order to make themselv88 awar6 of any reF8vant audit infomation and to astab118h that the charitr/8 audltor is aware of that Inft)rmatlon. Approved and authorised far18sue by the Trustees on IILo3Ja3 and slgned on It8 behalf by: Trustee ru ee
Dominican Fathers Newry Statement of Trustees, r8sponsibilities The administrators of Domlnlcan Fathers Newry ("the Chartv) have accept6d responsibility for the preparation of these non-statutory financial stst8ments for the year ended 31 December 2022 for the purpose and on the basis as set out in note 1 to the non-statutory financial statements. The administrators have alected to prepare the financl81 statements in accordanc6 With appllcable law and FRS 102 The Financial Reporthg St8nd8rd 8ppIic8ble In the UK 8nd RepubliG ofir8land. In pr8paring th8 non-statutory financial statements, the admlnistrator has: selected $uitabl8 accountlng policS8s and then applled them consistendy; made Judgements and estimates that are reasonable and prudent. and prepar8d the non-statutory financial ststem8nts on a golng concern basls 88 they b811ev8 that the Charlty wlll contlnue In bu51n888. The admln18trators are responslble for keeplng adequate accountlng r8cords whlch dlsclose with reasonabla accuracy at any tlm8 the flnanclal position of th8 Charfty. They hav8 a general resFonslblllty for taking 8uch steps as Bre reasonably open to tham to safeguard the assels of the Charity and to prevent and detect fraud snd oth$r irregularitles. Approv8d and authorfsed for Issue by tha Trustees on Jiio422 and slgn8d on Its behalf by: ¢y Trustee Tr
WALSH O'BRIEN HARNETT Independent auditor's report to the administrators on the non-statutory financial statements of the Dominican Fathers Newry Report on the audlt of the financlal statements Oplnlon We have audited tha non-statutory financial statements of Dominican Fathers Newry ('the Charlty.) for the year ended 31 December 2022 set out on pages 9 to 17, which comprise the statement of financial activities, balance she8t and related not8s, includlng the summary of signlflcant accounting policies set out in note 1. These non-statutory financial ststements have been prepared for the reasons set out in note 1. The financial reporting framework that has been applied in their preparation is FRS 102 The FlnanGial Reporting Standard applicab18 in the UK 8nd Republic of Ireland. In our opinion, the non-statutory financial statements: give a true and falr view of the state of the Charfty's affairs as at 31 December 2022 and of its daflclt for the year then ended,. have been properly prepared in accordance with FRS 102 Tho Financial R9POrting Standard applicable in the UK and Republic of Iraland". and have been properly prepared in accordance with the requiremants of the Charities (Northern Ireland) Act 2008 and Regulation 8 of the Charities Accounts and Reports (Northern Ireland) Regulation 2015; and have been properly prepared in accordance wlth the accountlng policies and basis of preparation sat Out in note 1 Basls for oplnlon We conducted our audil in accordance with Intematlonal Standards on Auditlng (UK) (ISAS (UK)) and applicable law. Our re8panslbllllles under those standards are further described In the Auditor's responslbllStles for the audit of the non-statutory financlal statements section of our r8POrt. We are independent of the Charity in accordance with ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (FRC)'s Ethical Standard, and we have fulfilled our other elhlcal responsibilities In accordance with these requlrements. We bell6ve that the audit evidence we have obtsined Is sufficient and approprlate to provide a basls for our oplnlon,
WALSH O'BRIEN HARNETT Independent auditor's report to the administrators on the non-statutory financial statements of the Dominican Fathers Newry (contlnued) Report on thè audlt of th8 financial stataments (continued) We have nothlng to report on golng concern The trustees have prepared the financial statements on the going concern basls as they do not intend to liquidate the Trust or to cease its operations, and as they have conclud8d that the Trust's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its abllity to continue as a going concern for at least a year from the date of approval of the financial statements (Yhe going concern period"). We are required to report to you if w8 have concluded that the use of the going concern basis of accounting is inappropriate or there is an undlsclosed material uncertainty that may cast significant doubt over the use of that basis for a pariod of at least a year from the date of approval of the financial statements. We have nothing to report in these respects. However, as we cannot predict all future events or conditions and as subsequent events may result In outcomes that are Inconsist6nt with Judgements that were reasonable at the time they wer8 made. the absence of r8ference to a matarial uncertalnty in this auditorfs report Is not a guarantee that the Charlty wlll continue In operation. Other Inforniatlon The Truste8s are responsible for the preparation of other information presented in the Annual Report together with the non-statutory financial statements. The other informatlon comprises the information included in the Truste8s' report. The non-statutory financial Statements and our auditor's report thereon do not comprise part of the olher informatlon. Our opinion on the non-statutory financial statem8nts does not cover the other Information and we do not express any form of assurance conclusion on that Information, Our responsibility is to read the other information and, in doing so, consider whether, based on our non- statutory financial statement audit work, the infomiation therein ig mat8rially misstated or inconsistent wlth the non-statutory financial slatements or our audit knowledge. Based solely on that work, we hav8 not Identified material mlsstatements in the other Infomiation. Matters on whlch we are roqulred to report by ex¢eptlon In connectlon wlth our audit of th8 financial statements, ISAS (UK) requlre that we read the other information and. In doing so. consider whether that infonnation is materlally inconsistent with the financlal statements or our knowledg8 obtained from our audit work, or othenvlse appears to b8 materially misstated. ISAS (UK) require that we report to you rf, based on the knowledge we acquired during our audlt, we have identified information in th8 annual report that contains a materlal inconsistency with either that knowledge or the financial statements, a material misstatement of fact. or that is otherwise mislaading. We have nothing to report in this regard. Under the charities (Northern Ireland) Act 2008 and Regulation 8 of the Charities Accounts and Reports (Northem Ireland) Regulations 2015 we are required to rewrt to you if, in our oplnlon.. adequate accounting records have not been kept. or retums adequate for our audit have not been Ceived from branches not visited by us: or the flnancial statements are not in agreement with the accounting records and r8turns' or we have not received all the information and explanatlons. We have nothing to r8POrt in respect of the above responslbilities.
WALSH O'BRIEN HARNETT Independent auditor's report to the administrators on the non-statutory financial statements of the Dominican Fathers Newry (continued) Respectlve responsibllities and restrlctions on use Responslbllltles of Trust•es for the non-statutory flnanclal statements As explained more fully in their statement set out on page 5. the Trustees are responslble for: the preparation of the non-statutory financial statements. which are intended by them to give a true and fair view. such intemal control as they determine is necessary to enable the preparation of non-statutory financial statements that are free from matsrial misstatement, whether due to fraud or error,. assessing th8 Charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concem. 8nd using the going concem basls of accounting unless they either intend to liquidate th8 Charity or to cease operations, or have no realistlc alternative but to do so. Audltor's r•sponslbllltles for the audlt of the non-statutory flnanclal statements Our objectives are to obtain r8asonable assurance about whether the non-statutory financial statements as a whole are free from material mlsslatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not guarantee that an audlt conducted in accordance with ISAS (UK) wlll always detect a materlal misstatement when it exlsts. Misstatements can arise from fraud or error and are considered material if. Indivldually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. A fuller description of our responsibilitles is provided on the FRC'S website at www.frc.or .uklauditorsres onsibilities. The purpose of our audlt work and to whom we owo our rnsponslbllltles Our report has been prepared for the Charlty solely in connection with our engagement letter dated 1 st Jun8 2022. It has been released to the Charlty on the basis that our r8POrt shall not be copied, referred to or disclosed. in whole (save for the Charlty's own Internal purposes) or in part, without our prlor written consent. Our report is made solely to the Trust888 in accordance with Section 65 of the Charities {Northern Ireland) Act 2008. Our report should not therefore be regarded 8S Suitable to be used or relied on by any paty wishing to acquire rights against us other than the Charity for any purpose or In any context. Any paty other than the Charity who obtains access to our report or a copy and ch¢x)ses to rely on our report (or any part of it) wlll do so at its own risk. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the trustees. as a body, for our audit work, for this report or for the opinions we havè fonn8d. Andrew Kevitt FCA for and on behalf of Walsh O'Brlen Harnett Charlered Accountants. Statutory Audlt Fimi 104 Lower Baggot Street Dublin 2 2Clh July 2023
Dominican Fathers Newry Statement of financial activities for the year ended 31 D8C8mber 2022 Note Unrestrlcted Restrlcted Fund Fund Total 2022 Total 2021 Incomlng resourcos from generated funds and charltable acllvStles'. Church and house income Interest and investment income Other income 313,542 121,655 435,197 397,716 17 2.100 4,605 4605 Total Incomlng resources 318,147 121,655 439,802 399,833 Resource8 expended on generatlng funds, Charltable actJvltle8 and other costs.. Employment costs Health and educational Property expenses other costs of church and hous8 Depreciation Bank interest and charges 89,984 35,267 78,119 194,552 8,314 3.219 12.905 102,889 79,870 35,267 23,590 169,819 175,918 223,881 182,703 8,314 6.900 3.219 2,752 91,700 29,329 Total resources expended 409,455 133,934 543,389 471,733 Net (deflclt) beforn other recognlsed galn$ and losses {91,308) (12,279) (103,587) (71,900} Other recognlsed galns and lossas (Loss) IGain on investment assets Gain l (Loss) on revaluation of fixed assets (43,161) 8,000 (43,161) 42,364 8,000 (10,000) Net movement In fvnds Total funds brought forward (126,469) (12,279) 879,761 12,279 (138,748) (39,536) 892,040 931,576 Total funds carrled forward 753.292 753.292 892.040 Net surplusl(deficit) arises from the Charity's continuing operations.
Dominican Fathers Newry Balance sheet as at 31 D8cember 2022 Note 2022 2021 Flx•d assets Tangiblè fixed a888t8 Inv8Stments 191,954 490,156 178,795 601,9&5 682,110 780,780 Current assets Bank and cash 84,485 124,065 485 124,065 Current Ilablllt108 Credltors (13,303) (12,805) Net current assets 71,182 111,260 Ngt asjgts 753,292 892,040 Ro$erves General purpose fund Designated fund Restrlct6d fund 3,292 750,000 129,761 750,000 12,279 753,292 892,040 Approved and authorlsed for issue by the Trustees on and slgned on tts behalf by.. Trustee Trustee 10
Dominican Fathers Newry Cash flow statement For the year ended at 310ecember 2022 Note 2022 2021 Cash flows from operatlng actlvltles (Deficit) for the year Adjustments for.. Depreciation Gain on disposal of fixed assets Interest payable and similar charges Interest receivable and slmilar income (103,587) (71.900) 8,314 (4,005) 3,219 6,900 (1,900) 2,752 (17) (96,059) {64,165) Increasel(decrease) In creditors 498 (4.161) Not cash (outtlow) from operatlng actlvltles (95,561) (68,326) Cash flows from Investlng a¢tlvltlo8 Proceeds from sale of investment funds Payments for purchase of investment funds Proceeds from sale of fixed assets Payments for purchase of fixed assets Interest payable and simllar charges Interest receivable and slmilar income 68,668 114.350 (145,298) 4,250 (26,500) (2.752) 17 5,600 (15,068) {3,219) Net ¢ash Inflow l {oufflow) from Invutlng actlvltles 55,981 {55,933) Net (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of y8ar (39,580) 124,065 (124,259) 248,324 Cash and cash •qulvalent8 at end of yoar 84,485 124,065
Dominican Fathers Newry Notes fom7ing part of the non-statutory financial statements Accountlng pollcles Dominican Fathers Newry ("the Charity") is a community of the Dominican Order Communitles, Irish Provlnce, which is a province of The Charity of Preachers, a Catholic religious order founded on 22 December 1216 by Saint Dominic de Guzman. The Charity registration number is 101350. The non-statutory financial statements have been prepared by the Dominican Fathers Newry to present the stat8m8nt of financial activity and balance sheet of the Domlnlcan Fathers Newry. Th8 non-statutory financial statgments are prepared in accordance with Financial Reporting Standard 102 The Financial Raporting Standard applicable in the UK and Republic of Ireland ("FRS 102.). Th6 presentation curr8ncy of these non-statutory financial statements is Sterling. The Dominican Fath8rs Newry has tak8n reasonable steps and controls to ensure that, as far as it reasonably can, it is satisfied that the income as recorded is complete. The accounting policies set out below have, unless othe1$9 stated, been applied conslstently to all periods presented in these flnancial statements. Judgements made, in the appllcatlon of these accounllng pollcles that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year include the valuation of tanglble fixed assets. An indep8nd8nt professional valuation of the propety assets was carried out by GVA Donal O'Buachalla prop8ty consultants at 31 December 2022. Although the property asset valuation is conducted externally by an Independent valuer, the nature of valuation estimates are inharently subjective and requires the maklng of significantjudgements and assumptions by the Charity and the valuer. 1,1 Measurement conventlon The tlnancial statements are prepared on the historical cost basis except that the followlng assets and liabilities are stated at their falr value: property assets measured in accordance with the revaluation mod81; inv8stments that can be measured reliably are measured at fair value with changes recognisad In the statement of financial activities. 1.2 Golng concern The Trustees continue to monltor the financial position of the Charity and on the basis of this review are confid8nt the Charity has sufficient resources to continue in operational existence for the foreseeable futur8. 1.3 Forelgn currency Transactions in foreign currencies are translated to the Charity's functional currency at th8 for8ign exchange rate ruling at the date of the transaction. Monetsry assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilitles that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the statement of financial activities. 12
Dominican Fathers Newry Notes (continued) Accountlng polici88 (continued) 1.4 Baslc flnanclal Instruments Trade and other debtors/credltors Trade and other debtors are recognised inrtially at transaction price plus attributable transaction costs. Trade and other creditors ar8 recognlsed initially at transaction price less attributable transactlon costs. Invostments Investments are measured initially at transaction price less attributable transaction costs. Subsequent to init181 recognition. investments that can be measured reliably are measured at fair value wlth changes recognisad in the statement of financial activities. Cash and Cash equlvalents Cash and cash equlvalents comprSse cash balances and call deposlts. 1.5 Tanglble assets and depreclatlon Pmperty assets (l) Ecclesiastical property assets Eccleslastical propety assets are held at nil value as the unique characterlstics of those assets r8nd8rs them Incapable of meaningful valuatlon. These properties ar8 of a publlc nature, have historical slgnlficance and are generally protected structures. Restoration costs are written off to the statement of flnancial activities as incurred. (li) Other land and building pmperty assets Other land and building propety assets relate to all remaining land and bulldlng property assets owned by the Charity. These are independently valued on an annual basis. Galns and losses on revaluation are recognised in the ststement of financial activits'es. (iiij Historic treasures and oth8r religious artefacts Historlc treasures and other r81igious artefacts are not capitalised as a valuatlon is not considered practical. Such items are in the possession of the Charity, were created for use In religious worship or devotion and continue to be us8d for these purposes. The Charity has no intentlon of disposing of any of the hlstoric treasures or oth8r r81igious artefacts. Other tanglble flxed assets All other tsngible fixed assets are stated at cost, less accumulated depreclatlon. The charge for depreciation is calculated to write down the cost of tanglble fixed assets to their estimated residual values by equal annual instalments over their expected useful lives which are as follows: Motor vehicles 5 years Provision is also made for any Impairment of tangibl8 fixed assets. 13
Dominican Fathers Newry Notes (continued) Accountlng pollcles (continued) 1.6 Impalmient excludlng stocks Flnanclal assets (Includlng trade and other debtors) A financial asset not carried at fair value through the statement of financial actlvltles is assessed at each reporting date to determine whether there is objectlV8 evidence that It Is impaired. A financial asset is impaired If oblective evidence indicates that a108s event has occurred after the initial recognition of the asset, and that the loss event had a negativ8 effect on the estimated future cash flows of that asset that can be estimated reliably. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and th8 present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financlal instruments measured at cost less impalment an impairment is calculated 88 the difference belmeen its carrying amount and the best estlmate of the amount that the Charity would receive for the asset if It were to be sold at the reportlng dat8. Interest on the imp8ired asset continues to be recognised through the unwinding of the dlscount. Impairment losses are recognised in the statement of financlal activity. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the statement of financial activity. 1.7 Employee beneflts The penslon scheme is a defined contribution pension arrangement, whereby the employer (Dominican Fathers Newry) contributes a percentage of each staff members. salary to the pension sch8me which accumulates over the staff member's period of employment to provide a fund at retirement from which the staff member can take benefit in Ilne wlth leglslatlve and tax limits. 1.8 Provlslon8 A provision is recognlsed in the balance sheet when the Charity has a present legal or constructive obligation as a result of a past event. thal can be reliably m8asur8d and It is probable that an oufflow of economic benefits wlll be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reportlng date. 1.9 Incoma r•¢ognlllon Church and house Income, gifts and donations, income from propertles. fundraising and surKIry income are recognised on a cash receipts basis. L8gacies are recognised when received. Mass stipend income Is recognised when the Mass is Celebrated. Income received in respect of Masses not yet celebrated is included as deferred income. Interest and investment income are recognised when received. 1.10 Expénses The cost of activities of the Charty are accounted for when they become payable. Interest rncelvable and Interest payabla Interest receivable and similar income include interest receivable on funds invested and net for8ign exchange gains. Interest payable and similar charges include interest payable and n8t foreign exchange losses that are recognised in the statement of financial activity (see foreign currency accounting policy). 14
Dominican Fathers Newry Notes (continued) Accountlng pollcl6$ (continued) 1.11 Restrlcted tunds Restricted funds can only be used for the particular restricted purposes of the Charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose. 1.12 Unrestrlcted funds The unrestricted funds of the Charlty comprise general purpos8 funds and deslgnated funds. Gen8ral purpose funds are retained to cover future direct charitable costs, general support costs, and Investment management costs. Designated funds are those parts of the ChaTIty's unrestrlcted funds designated to be used for a partlcular purpose in the future. 1.13 Taxatlon The Charity Commission for Northern Ireland number of the Dominican Order Is 101350. The Charity has tax exemption. Income 2022 2021 Church and house income Interest and investment income Other Income 435,197 397.716 17 2.100 4,605 439.802 399.833 Deflclt before other rocognlsed galn8 and losses 2022 2021 Defjclt before other recognised gains and losses is stat8d after charging.. Depreciation 8.314 6.900 Employees numbers and costs The numb8r of persons employed during the year was 6 (2021.. 6). The aggregate amounts paid to the above staff are as follows: 2022 2021 Wages and salaries Social welfar8 costs Employee pension contribution 85,923 6,286 10,680 66,903 3.865 9,102 102,889 79.870 15
Dominican Fathers Newry Notes (continued) Flxed assets Motor vehlcles Pn)perty Total Cost At 1 January 2022 Additions for year Disposals for year Revaluation 156,000 50.495 15,068 (7,995) 206,495 15,068 (7,995) 8.000 8,000 At 310ecombar 2022 164,000 57,568 221,568 Depre¢latlon At 1 January 2022 Charge for year Disposals for year 27,700 8,314 (6,400) 27,700 8,314 (6,400) Al 310ecombor 2022 29.614 29,614 Not book value At 31 Dac•mbor 2022 164,000 27,954 191,954 At 1 January 2022 156,000 22,795 178,795 An independent prof8ssional valuatlon of the property assets was carried out by GVA Donal O'Buachalla propaty consultants at 31 December 2022. Such propety assets are valued on a market value basis. Investments 2022 2021 Investment fund 490,156 601,985 Investment funds comprise professionally managed investments which are primarily quoted. Investments ar8 calad at market value at each reporting date. 16
Dominican Fathers Newry Notes (continued) Crodltors and accruals 2022 2021 Accruals and other creditors 13,303 12,805 13,303 12,805 Reconclllatlon of reserve8 General purpose fund Deslgnat•d fund Reslrlcted fund Tolal Balance at 1 January 2021 (Deficit) for the financlal year 169,297 (39,536) 750,000 12,279 931,576 (39,536) Balance at 31 December 2021 (Deficit) for the financial year 129.761 {126,469) 750,000 12,279 (12,279) 892,040 (138,748) Balance at 31 December 2022 3,292 750,000 753,292 Commltmenls Capltal commttmants The Charity had no capltal commitments at 31 December 2022. 10 Post balance sheet events There have been no other events subséquent to the year end that would require disclosur8 in, or adjustment to, the financlal ststements. 11 Approval of flnanclal statements The financlal statements were approved and authorised for issue by the trustees on 19th July 2023. 17