Dominican Fathers Newry Non-8taiutory financial statements Yttr ondod 31 Decemb•r 2023
Dominican Fathers Newry Non-statutory financial statements Contents Page General infortion Trustees, report Statement of Trustees, re8pon8lbllltleg Independent audltorf8 report to the admlnlstrators on the non4tstutory finarKlal str1ents of the Dominican Fathers Newry Statement of financlal activit108 Bal8n¢e Sheet 10 Ca8hkni Statement 11 fomilnooL_. _ rt of the non4tstutory financtal statéments 12-17
Dominican Fathers Newry General information Trustse• Davkl Tohill O.P. (Prior) John Harr18 O.P. Iliam Davld Walker O.P, Addre88 St. Calherine's Priory Dominic Streèt Newry Co. Down Auditor Walsh O'8rien Ham•t( 104 Lower 88ggot Street Dublln 2 Bankern First Trust Bk Allied Irish Banks sollcltorn S.C. Connally & Co. 39 Hlll Street Newry Co. Down Charlty rngl•tratlon numb•r 101350
Dominican Fathers Newry Trustees, report The Trustees of th8 Dominlcan Father8 Newry present thelr annual report and nostatUtory anCIal ststeff£nts for the year erKled 31 December 2023. Prlnclpal actlvltle8 The Dominican Fathers Newry is a Community of Friars INing in Dominic street. Ntrwry and having Priory Church that is open to the wbllc for participation in religious serviGes or quiet pr8y8r or reflection. The Dominican Fathers Newry Is part of the Irish Province of the Dominicans (Order of Frlars Preachers). The Dominicans were founded by St Dominic da Guzman in 1216 with the purpose of preaching the Gospels. The principal activity of the Dominicsn Fathers Newry is the advanc8m8nt of rellglon and education to the public in Northem Ireland. The Dominlcan Fathers Newry achieve this objective by adapting to the need3 of the Christian Community in order to raise awareness and understanding of religious beliets and pr8Cticè8. Communty members are invofved In a broad Spectrum of religious and social activty including Chaplaln¢y, missionary work, teaching, and literary work such as wnting, publtshlng and research. Conjnunity rnembers participate In Charitable works and groups, and are available to Indlvldual members of the public who wosh to Consu them on matters of faith, spiritual life or soclal Issues. In th15 way the Domlnican Fathers Newry en8UTa a real religious. la1 and educational benefit to a broad range of people. Publlc b•noflt A direct Publlc benefft comès from the Charlty to the spiritual, physical and mental wellbelry of the Catholic and wider Communities in the Newry area. publ benefi't 15 SUPPOrted and served by the Dominican Fathers who conduct Religious seNices such as masses and other worshlp, wlth a special emphasis on the promotion of Confession, and Religious Educats'on through retreats, novenas, bible medltatlon and other courses or lectures. Members of the public are ancour8god to participate In daily masses, Eucharists'c adoration, bible studies in the nLwily built Lectio centre and various prayer groups. The Community is mindful of those unable to attend Church through age, Infirmlty or belng away from Newry and thelr involveff£nt is facilitated by an "on-line. broalczst of Church remonIes. The Dominican Fathers Newry can also facilitate the public through indrvldual Rellglous cerernonies such as baptisms, marriages and ftjnerals. Members of the Corrrnunity are available to a person in need of rTh)ral support or comfort to d8al with life's difficulties in bereavement, illness or misfortune. Tho Importance of the Charity within Newry is evident from the number of people willing to volunteer their tlme and parttcipate in Religious practice, and active Involvement is to evaryone's benefit. The Domlnican Fathers Newry hokl a charitable obj'ective and in addition to involvement in social and other w(Yks make or organise significant donations to 8 number of grjxl causes locally and abroad. These include holding a special collection each Monday for a nominated charty. and regular donations to worthy causes. Flnanclal rnvl•w The statement of financial activities for 2023 is contained on page g. This dlscloses income of the Charty at £483,689 (2022." £439, 802). Expenditure in 2023 totalled £426,699 (2022.. £543,389). The balan sheet for the Dorninan Fathers Newry is on page 10. This discloses a financial base, largely comprising bank accounts, Invesknents and property. The Charity's reserves amount to £844,804 (2022." £T53.292J.
Dominican Fathers Newry Trustees, report (contin ued) The Dominican Fathers use these reserves to support the furtheranc8 of their mission to praach the Gospel by funding its charitable, preaching, educ8b'on. care and other obllgations. Statement that the Trustees have had regard to the Charlty Commls81on for Northern Ireland public benefit requlrement statutory guidance The Trustees confirm that they have Complied with the requirements of Section 4{8) of the Chanti88 Act (Northern Ir8land) 2008 to have due regard to the public benefit guidance published by the Charlties Commission for Northem Ireland in determining the activities undertaken by the Charity. Throughout this Annual Report the Trustees Seek to demonstrate that the aims and objectives of the Dominican Fathers Newry are for the public benefiL Structurei govomance and management Thè operations of the Dominican Fathers Newry ara overseen by the Truste8 Board. Trustees are appointed by the Community of Fri8rs in Newry and the Provincialate of the Dominican Order in Ireland. Trustees are Dominican Friars and r8crultment is b88ed upon their knowledge, skllls and experiencé necessary for overseeing the affalrs of the Charity to en3ure it is solvent, well run and achleves the purposes k)r which rt was establi5h8d. Rl•k management The Trustee Board actively reviews all major strategic and operational risks ta which the Charity is exposed and confirms these have been r8vi8wed and that Strategies and systems aR e3tabli8hed to manage exposure to these risks. The main risk areas for the Dominican Fathers Newry compri*: Compliance with Health and Safety and listed buildings legislation Safeguarding Maintalnlng Church Income in the modern Soclety Reductlon in reserves due to maintenance of buildings Impact of aging In Community Membersh18nd cor¥Jregats'ons Safeguardlng The Dominican Fathers Newry adheres to best praclice child protecb'on and vulnerable adult safeguardlng practices which is overseen by the safeguarding office of the Dominican Order in Ireland. This safeguarding office is managed by a lay person who ig a qualifi'ed and experienced social woiker. The role of the safeguarding offic8 is to develop, implement and oversee best practice children and vulnerable adult safeguarding produ5 for the Province which include5 the Dominican Fathers Newry. This is done in accordance with the National Board for Safeguarding Chlklren in the Catholic Church in Ireland's (NBSCCCl> Standards and Guidance document. Future plans The Doffinican Fathers Nawry will continue the activitiés deiailed already in this report and seek to develop further, particularly promoting involvement in Lectio Devina. The Community has property, nam8ly the Church, Priory. Lectio Centre and other ancillary bulldings. These need careful maintsnarK8 due to their age, historical significance and avalability for worship to the general public. A fundraising Committee contlnues valuable work on raising funds for essential renovations. In a relativety short ts'me period, substantial monies have been raised without whtch ienovations would be imposslble. Our thanks to all persons contributing to the fundraising and the volunteers on the Committee for their dedicab'on.
Dominican Fathers Newry Trustees, report (continued) Persons Involved wlth the Charlty The Dominican Fathers Newry acknowledges with gratitud8 th8 SUPPOrt of the people of Newry who mean so much to our Community. It would tre very difficult to continue our Mission in Newry without the many people who give their time in such a variety of ways to the Charity and to our dedicated Stsff WrSe Input to the Charity is so important and valu8d. D18c1urO of Inforniatlon to Audltor Eacth pers{ who 13 a trustee at the date of approval of this pOrt confirnis that. there is m relevant audit information linfom*tion need8d by the ch8rity's auditor In connecdon with preparing the auditovs report) of whlch the charity's auditor is unaware, and the trustees have taken all the steps that they ought to hav8 tak8n as trustees In order to mak8 themselves aware of any relevant audit Infomiation and to establish that tha charity's auditor is aware of that information. Approved and authorised for issue by the Trustees on 2 and signed on Its behalf by: Trus Trustee
Dominican Fathers Newry Statement of Trustees, responsibilities The administrators of Dominican Fathers Newry ("the Charity") have accepted responsibility for the preparatton of these non-statutory financial statements for the year ended 31 December 2023 for the purpose and on the basis as set out in note 1 to the non-statutory financial statements. The administrators have elected to prepare the financial statements in accordance with applicable law and FRS 102 The Financial Reporting Standard applicable in the UK and Republlc of Ireland. In preparing the non-statutory financial statements, the adminlstrator has: selected sultable accounting policies and then applied them consistently," made judgements and estimates that are reasonable and prudent: arKI prepared the rn-Ststutory financial statements on a going concern basis as they believe that the Charity wlll continue in business. The administrators are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity. They have a general responsibility for taklng such steps as are reasonably open to them to safeguard the assets of the Charity arHI to prevent and detect fraud and other Irregularities. Approved and authorised for Issue by the Trustees on 24th July 2024 and slgned on its behalf by.. John Harri8 0.P. Trustee David Tohlll O.P. Trustee
Independent auditorfs port to the administrators on the non-statutory financial statements of the Dominican Fathers Newry Report on tho audit of the finanelal statements Opinion We have audited the non-statutory financial statements of Dominican Fathers Newry ('the Charty.) for the year ended 31 Dernber 2023 set out on pages 9 to 17, which comFxise the ststement of financial a¢tivities, balance sheet and related notes, including the summary of significant oUnting policies set out in note 1. Th888 non-statutory financial statements have been prepared for the reasons 88t out in note 1. The financial reporting framework that has been applied in their preparatlon is FRS 102 The Financial Repong Standard applicable in the UK and Republio of Ireland. In our wnlon, the non4tatutory financial statements.. give a true and fair view of the state of Charity's affairs as at 31 Oa¢embef 2023 and of Its surplus for the year then ended; have been properly prepared in accordanc8 wlh FRS 102 The Fin8nci81 Reportlng St8ndard 8ppIic8ble In the UK snd Republic of Ireland, and have been properly prepared in accordance with the requirements of the Charities (Northarn Ireland) Act 2008 and Regulati 8 of the Charities Accounts and Reports (Northern Ireland) Regulation 2015.. and have been properly prepared in accordance with the accounting pollcies and ba818 of preparats'on Set out in note 1 8as18 lor opln We conducted our audit in accordance wlth Intem8tional Standards on Audiknng (UK) (ISAS (UK)) and applicable law. Our SponsIbl11t1es under those standards are fijrther described in the Audito¢s responsibilities for the audit of the non-statutory financial st8tement5 section of our report. We are independent of the Charity in accordance wlth eth¢cal reqUIrents that are relevant to our audit of financial st8tem8nts in the UK, induding the Financlal Reportlng Council (FRC)'s Elhical Standard. and we have fulfilled our other ethical ffjsponsibilities in accordance with these requirements. We believe that the audit eviden(x wa have obtained is sufficient and approprlats to provide a basis for our opinlon.
Independent auditor's report to the administrators on the non-statutory financial statements of the Dominican Fathers Newry (continued) Report on the audil of the flnanclal statrnnts (continued) Wa hayo nothing to r•port on golng concern The trustees have prepared the financial staternents on the golNJ concern basls as they do not intend to liquidate the Trust or to cease its operations, and as they have concluded that the Trust's financial position means that this is realistic. They have also concluded that there are no material unc8rtainties that could have cast slgnificant doubt over ts ability to continue as a going concern for at least a year from the d of approval of the financial statements ("the going conGem period"). We are required to report to you rf have concluded that the use of the golng con¢em basls of accounting is inappropriate or the is an undisclosed material UnrtaInty that may cast significant doubt over the use of th8t basis for a perlod of at le8St a year from th8 date of approval of the financial 8tatsm6nts. We hav6 nothlng to report in these respect& However. as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent wilh Judgements that were reasonable at the time they were made. the absence of referen to a material uncertainty in this auditorfs report is not a guarantee that the Chanty will contlnue in operatbon. Oth•r Informatlon The Trustees are responsible for the pparatIon of other inf0mtIOn presented In the Annual Report together wlth the non-statutory financial statements. The other infomiakn'on comprises the infomiation included in the Trustees, report. The rK)n-statutory financtal statements and our auditorfs report ther•on do not comprise part of the other information. Our opinion on the non-ststutory financial statern8nts does not cover thè other information arKI we do not express any form of assuran conclusion on that information. Our responsibilty 15 to read the other information and, in doing so, consider whether, based on our non- statutory finaTla1 Statement audit work, the infonnation therein Is materlally misststed or inconslstent with the non-statutory financial statements or our audit knowledge. Based sorely on that work, w• have not Identified material misstatements in the other information. Alatt•r8 on whlch w• ar• rwulrnd to rnport by •x¢•pdon In connedion with our audit of the financpl statements, ISAS (UKI r8qulre that we read the other infarmation ar#J, in (toing so, con5Kler whether that Information is materralty inconsistent wilh the financial 8tstements or our knthvkdge obtalned from Our audit work. or otherwise appears to be materially misstated. ISAS {UK) requre that we repirt to you if, based on the knowledge we acquired during our audit, we have identrh'ed informatlon in the annual report that contains a mater6al inconsist8ncy wlth either that knowledge or the financial statements. a material misstatement of fac( or that is otherwise misleading. Vve have nothing to pOrt in this regard. Under the chariiies (Northern Ireland) Act 2008 and Regulation 8 of the Charities Accounts and Reports (Northern Iland} Regulations 2015 we are required to report to you if, in our q)inion: adequate accounting records have not been kept, or retums sdequats for our audit have not been reIved from branches not visited by us", or the financial ststements are not in agrment with th8 accounting records and returns" or we have not receNed the infom7ation and explanations. We have nothing to report in respect of Ihe above responsibilities.
Independent auditorfs report to the administrators on the non-statutory financial statements of the Dominican Fathers Newry (continued) Respective responslbilities and restrictions on use Rosponslblllties of Trustees for the non-statutory flnancial statements As explained more fully in their statement set out on page 5. the Trustees are responsible for". the preparation of the non-statutory financial statements, which are intended by them to give a true and fair view., such internal control as they determine is necessary to enable the preparation of non-ststutory financial statements that are free from material misstatement, whether due to fraud or error.. assessing the Charity's ability to continue as a going concem, disclosing, as applicable. matters related to going concem; and using the going concern basis of accounting unless they either intend to liquidate the Charty or to cease operations, or have no realistic alternative but to do so. AudIt0$ responslbllltles for tho audlt of the non-statutory flnanclal statements Our objectives are to obtaln reasonable assurance about whether the non-ststutory financial statements as a whole are free from material misstatemenl, whether due to fraud or error, and to issue an audltor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exlsts. Misstatements can arise from fraud or error and are considered materlal if, Individually or in the aggregate. Ihey could reasonably be expected to influence the economic decislons of users taken on the basls of these financial Statements. A fuller description of our responsibilities Is provlded on the FRC'S website at wW.frc. .ukJauditorsr nsibili The purpos• of our audlt work and to whom we owe our responslblllttes Our report has been prepared for the Charity solely in connection with our engagement letter dated 1 It June 2022. It has been released to the Charity on the basis that our report shall not be copied, referred to or disclosed, In whole (save for th8 Charity's own intemal purpowJ) or in part, wlthout our prior vffltten consent. Our report Is made solely to the Trustees in accordance with Section 65 of the Charities {Northem Ireland) Act 2008. Our report should not therefore be regarded as suitable to be used or relied on by any paty wishlng to acquire rights against us other than the Charity for any purpose or in any context. Any paty other than the Charity who obtains a¢sS to our report or a copy and chooses to rely on our report (or any part of it) will 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 trustee8. as a body, for our audit work, for thls report or for the opinions we have formed. Andrew Kevitt FCA for and on behalf of Walsh O'Brlen Hamett Chartared Accountants, Ststutory Audlt Fln 104 Lower Baggot Street Dublin 2 August 2024
Dominican Fathers Newry Statement of financial activities for the year endpd 37 DeGember 2023 Note Unrestrlcted R?stricted Fund Fund Total 2023 Total 2022 Incomlng rosources from generated funds and charltable activitie8: Church and house income Interest and investment income Other income 344,799 30 750 138,110 482,909 435,197 30 750 4,605 Total Incomlng resource8 345,579 138,110 483,689 439.802 Resourc88 expended on generatlng funds, charitable actlvities and other costs: Employment costs Health and educational Property expenses Other costs of church and house Depreciation Bank interest and charges 103,871 19,473 55,409 197,720 8,314 3,240 11,726 115,597 102.889 19,473 35,267 68,139 169,819 211,936 223,881 8,314 8.314 3,240 3,219 12.730 14.216 Total re80urce8 expended 388,027 38,672 426,699 543,389 Net surplug1{d6fieit) before other recognised galn$ and Ioss•8 (42,448> 99,438 66,990 (103,587) Other re¢ognised galns and losses Gainl{Loss) on inveslment assets (Loss)IGain on revaluation of fixed assets 37,522 (3.000) 37,522 (43,161) (30001 8,000 Net movement In funds Total funds brought forward (7,926) 753,292 99,438 91,512 (138.748) 753,292 892,040 Total funds carried forward 745,366 99,438 844,804 753,292 Net surplusl(deficit) arises from the Charity's continuing operations.
Dominican Fathers Newry Balance sheet as at 31 D8cembar 2023 Note 2023 2022 Fixed assets Tangible fixed assets InvestrrEnts 180.640 470,637 191,954 490,156 651.2TI 682,110 Currant amets Bank and cash 206,563 84,485 206,563 84,485 Curr1 liabllltl•s Cr•ditors 1130361 113.303) N•t currnnt u•ets 193.S27 71,182 N•t as•ets 844.804 753,292 R•8erv Genetal purpose fund Designated fund Restricted fund 46A66 700,000 99.438 3.292 750,000 844.804 753,292 Approved and authorwd for issue by the Tnjstees on and signed on its behalf by: Trustee 10
Dominican Fathers Newry Cash flow statement Forthe ar endsd at 31 December 2¢f23 Note 2023 2022 Cash flows from operathg acllvltl Surplusl{DefKit) for the year Adjustments for. Depreciation Gain on disposal of fixed 858ets Interest payable and similar charges Inlerest recelvable and similar Income (103.587) 8.314 8,314 (4,005) 3,219 3,240 130) 68,614 {96.059) (Decrease)finGre&8e in creditors (265) 498 Nat cuh klI(0u10Wl from operatlng actlvlll 68249 {95,561) Cnh flows from Investlng actMtle• Proceods from sale of Investment funds Proceeds from sale of fixed assets Payments for purchase of fixed assets Interest payable and similar charges Interest receivable and simllar Income 67,039 68.888 5,600 {15,068) (3,219) {3,240) N•t caBh Inflow from Inv•stlrvJ actlvltl•8 $3,829 55,981 Net increase1(dec8se) In cash and cash equlvalents Cash and cash equivalents at beginning of year 122,078 84.485 (39,580) 124,065 Ca•h and ca•h •qufvahnts at •nd of yr 206,563 84,485 11
Dominican Fathers Newry Notes fDrming part of the non-statutory financial statements Accountlng pollcles Dominican Fathers Newry C'ihe Charity") is a community of the Dominr2n Order Communities. Irish Province, which is a province of The Chaity of Preachers. a Catholic religious order founded on 22 December 1216 by Saint Dominic de Guzman. The Charity registratK)n number is 101350. The non-statutixy financial statements have been prepared by the Dominican Fathers Newry to present the stat8ment of financial activity and balance sheet of the Dominican Fathers Newry. The non-slatutory financlal stsiements are prepared in accordan with Financial Reporting Standard 102 The Finanoal Reporting Standard 8ppIiGabl8 in the UK and Republic of Ire18nd fFRS 102°). The presentation currency of these non-statutory financial statements is Sterling. The Dominican F8that5 Newry has taken reasonable steps and controts to ensure that, as far as It reasonably can, it is satisfied that the income as recorded is complete. The accounting pollcl88 Set out below have, unless otherwlse Stated, been applied consistently to all perKJdS presented in these financial statements. J19aments mada, in the application of these accountlng policies that have signlficant effect on the financlal ststements and eslimates with a signrficant risk of material adjustment In the next year include the valuation of tsnglble fixed assets. An independent professional valuation of the propety &888ts was carrled out by Avison Young propty consultants at 31 December 2023. Although the prop8ty asset valuab'on is conducted extemalty by an independent valugr, the nature of valuats'on estimates are inherently subj'active and requires the making of $IgnIantJUdg&rnenl$ and assumptk)n8 by the Charity and the valuer. 1.1 MeaBurem•nt convonllon The flnanclal ststement8 ar8 prepared on the hlstOriC81 cost basis except that the following assets and liabilitses are stated at their fair value: property assets measured in accordance with the revaluation model; investments that Can be measured reliabty 8re measured at fair value wSth changes recognised in the staterrent of financial activities. 12 Golng concern The Trustees continue to rnonitor the financial position of Ihe Charity and on the basls of this vieW are ftd8nt the Charty has sufficient reSoUeS to continue in operats'onal existen for the foreseeable future. 1.3 Fornign ¢urrency Transactions in foreign CUncleS are translated to the Charity's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and l'abilities denominated in foreign currencies at the balance sht date ara retranslated to the functional currency at the foréign exchange rate rnling at that date. Non-mnetary assets and liabilities that are measured in tern of historical cost in a foreign currenw are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are ststed at falr value are retranslated to the functional cUencY at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange drfferences arising on transl*'on aR recognised in the Staterrnt of financial acts'vitles. 12
Dominican Fathers Newry Notes (continued) Accountlng pollcles (continued) IA Ba8lc flnan¢Fal Instruments Trad• and other d•btors/credltor8 Trade and other debtors are regnised initially at transaction pnce plus attributable transaction Costs. Trade and other crodrtiJr8 are rOgnISed infits'ally at transaction pri less attributable transaction costs. Investments are measwed initially at transactKJn price le8s attributable transaction costs. Subsequent to initial recognition, invéstments that can be measured reliaLty are measured at fair value with Changes recognised In the statement of financial aGts'vities. C•¥h and cash •qulval•nt8 Cash and ca8h equlvalents mprise cash balances and call deposttg. 1.5 Tanglblg ag8et• and depr•elation Property assets (i? EcclesiastKal propety assets Ecclesigstical prop8ty assets are held at nil value as the unique characteristics of those assets render8 them incapable of meaningful valuation. These propert*s are of a wblic nature, have historical significance and are generalty protected structures. Restoration costs are written off to the statsffent of financial activlties as incurred. (li) Other lend and building pmperty assgts Other land and bulldlng propety assets relate to all remainlng land and building propety assets owned ty th8 Charity. These are independenty valued on an annual basis. Galns and losses on rwaluation are reo)gnised in the Statement of financial xtiviti'es. (n'i) Histor tr88sures and otherreligious artefact8 Histortc treaSuS arKI ottRr religious artefacts are nrrt capital181 as a valuation is Th)t considered prdctical. Such items are in the possession of the Charity, wwe created for use in religious vn)rship or devotion and continue to be used for these purposes. The Charity has no intention of disposing of any of the hlstork treasures or other religious artefxts. Other tanglbl• f•d assets JI other tanglble fixed assets are stated at cost, less accumulated depreciation. The charge for depreciation is ealculated to write down the cost of tangible fixed assets to thelr estlmated residual value5 by equal annual instalments over their expected useful live5 which are as follows: Motor vehides 5 years Provision is also made fDr any impairm8nt of tsngible fixed assets. 13
Dominican Fathers Newry Notes (continued) Accountlng pollcles ()ntInued) 1.6 Impalmi•nt oxcludlng Stocks Flnancial &ets (Ineluth"ng trade and other debtors) A financial asset not carried at fair value through the statement of financi81 actNities is assessed at each rertIng date to detemiin8 whèthar there is obiectlve evidence that It Is ImpaId. A financial asset is impaired if objectwe evidenc indicat88 that a loss event has occurred after the initial recognition of the assoc and that the loss event had a negatlve effect on the estlmated lutura cash flows of that asset that can b8 estimated reliably. An impairment bss In respect of a financial asset measured at amortlsed cost is calculated as the drfferènce baten its carrying amunt and the present value of th8 ostimated fure cash flows discounted at the asset's Lyiginal effecb've interest rate. For financi81 irtstruments measured at cost less impaiment an impaimient is calculated as the difference beiween its carrylng amount and the best estimate of the amount that tha Charty would re1Ve for the asset rf it were to be 501d at the reporting date. Inter8St on irnpalred asset continues to be recognised through the unwindln9 of the discount. Inyairment losses are recognised in the statement of financial activity. When a subsequent ¢vent Gauses the amount of impaiment loss to decrease, the decrease in impalrment loss is reversed through the stment of financlal tiVIty. 1.7 Employee benefits The pension scheme is a defined contribution penslon arrangement, whereby the ernployer (Domlnlcan Fathers Newry) contributes a percentage of each staff members, salary to the pension scheme which accumulates over the staff memberfs period of employment to provide a fund at retlrenxnt from whith staff member can take befft in lirte with legislative and tax limits. q.8 Provl•lon• A provision is recognlsed In the balance sheet when the Chaiity has a present legal or constructp obligation as a result of a past event, that can be reliabty measured and it is probable that an ouffiow of economic benefrts viill be required to 8etde the obllgation. Provisions are recognised at the best estimate of the amunt required to sett18 the 0b1igats. at the reports.ng date. 1.9 Income recognltlon Church and house income, gifts and donations, income from properties, fvndraising and sundry iOrne are recniSed on a cash receipts basis. Legacies are recognised when reed. Mass stipend income is recognised when the Mass is lebrated. In(y) received in respect of Masses not yet celebrated is included as deferred income. Inte$t and investment income are recognised when received. 1.10 Expernes The cost of a¢Xivities of the Chwity are 8JUnted for when they become payable. Interest roceNabh and Interestpayable Interest receivatle and similar incorrR include interest r8ceivable on fund8 invested and net foreign exchange gains. Interest Payable and similar charges include interest payable and net foreign exchange losses thet are recognised in the statement of financial activity (see foreign currency accounts'ng policy). 14
Dominican Fathers Newry Notes (continued) Accountlng policles (conlinued) 1.11 Restricted fund• Restricted funds can only be used for the particular $tricted purposes of the Charlty Restrlctions arise when speclfied by the donor or when funds are raised for a particular reslricted purpose. 1.12 Unrnstrictad funds The unrestrlcted funds of the Charlty comprise general purpc6e funds and designated funds. Gerat purpose filnds are retained to cover fubJr8 diract charltable costs, general support costs, and inveslment management casts. De31gnatad funds are those parts of th6 Charity's unrestricted funds deslgnated to be used for a particular purpose in the future. 1.13 Taxatlon The Charlty Commission for Northern Ireland number of the Dominican Order is 101350. The Charity has tax exemption. Incom• 2023 2022 Church and house incorne Interest and investment income Other incorne 482.909 435,197 750 4,605 483,689 439,8(r2 Surplusl(d•ficlt) beforn oth•r r•eognl8•d galn• and IosM8 2023 Suus/(d8ficltJ other recognised gains and I0&S is ststed after charging.. DepreGiatson 8.314 8,314 EmployeH numbern and costs The number of p8rsons employed during the year was 6 (2022.. 6). The aggregate amolS paid to above staff are as frillows: 2023 2022 Wage5 and salwies Soci81 welfare costs Employee pension contribution 95,757 6,735 13,105 85,923 8,286 10,680 115.597 102.889 15
Dominican Fathers Newry Notes (continued) Flxed ass•ts Motor Vehlcles Proporty Totsl At 1 January 2023 Additions for year Dlsposals for year Revaluab"on 164,000 57,568 221,568 (3,000) (3.000) At 31 Docombor 2023 161,orAI 57,568 218.668 Deprnclatlon At 1 January 2023 Charge for year Disp08als for year 29,614 8,314 29,614 8,314 At 31 Decembor 2023 37,928 3728 N•t book valu• At 31 Dember 2023 161,000 19,640 180,640 At 1 January 2023 164,1)00 27,954 191,954 An Ind8p8ndent professlonal valuats'on of the propety assets was Carr out ty Avlson Young property consultants at 31 December 2023. Such property 838ets are valued on a market value Invegtm•nt8 2023 2022 Investment fund 470,637 490,156 Investsnent fund8 comprise professlonally managed investments which arg primarily quoted. Investments are carried at rnarket value at reportlng date, 16
Dominican Fathers Newry Notes (continued) Creditors and 8ccrua18 2023 2022 Accruals and other creditors 13,036 13.303 13,036 13,303 Raconclllatlon of re8erv•s Gon8ral Deslgnated purpose fund fund Rostrlcted fund Total Balance at 1 January 2022 (Deflclt) for 2022 129,761 (126,469) 750.000 12,279 (12,279) 892.040 (138,748) Balance at 31 December 2022 surplusl(defIt) for the 2023 Transfers between reseNes 3,292 (7,926) 50,000 750,000 753,292 91,512 99,438 (50,000) Balance at 31 December 2023 45,366 700,000 99,438 844.804 Commltment8 Capital commltments The Charity had no capltal commitments at 31 December 2023. 10 Post balanca sheet events There have been no other events subsequent to the year end that would require disclosure In, or adjustment to, the financial statements. 11 Approval of flnanclal statements The financial statements were approved and authorised for issue by the trustees on 24th July 2024. 17