Charity re9iStration number NIC101444 THE PRESBYTERIAN CHILDREN'S SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE PRESBYTERIAN CHILDREN'S SOCIETY LEGALAND ADMINISTRATIVE INFORMATION President Rev Dr J l Thompson, MBE, TD. DL, BSC, BD. MTh. Dmin Vice President Mr W N Bennell 8S¢ (Econl Hons, IPFA Honorary Secretsry Mr N WTodd, BEd, MA. Msc Honorary Treasurer Mr l Mcminn. MBE Governors Rev Dr L E Carroll, BA, 8D, PhD. LLCM Mr B Corry, ACII, DipPFS Mrs H Harnillon, Bsc (Econ), ACA Mr C Kerr, QFSM, DL. BA, Msc Rev P A Mc8ride, BEd. BD His Honour JA H Martin. LLB, DipLAW, BL, KC Mrs H Morrow. BA, FCA Rev T C Morrison, BA, BD Mrs J E Wilson, M8. 8Ch, BAO, MRCGP Mrs V McGuffin. M Inst LM Rev T J Slolhers, 8Sc. BD, MTh {appoinled 21 April 20221 Rev M E Donald, BEd, MEd, Dipmin, MDIV, CF (appointed 21 April 2022) Mr L Conway, OBE, FCIM, Dipsw, CQSW lappoinled 27 October 2022) Rev C McKibbin, BO, Dipmin (appoinled 21 April 2022} Responsible for day to day adminlstratlon of tho charity Mr J G Nicho150n, BA (Honsl Charity number NIC101444 Reglstorod oiTIco Glengall Exchange 3 Glengall Street Belfast BT12 SAB Audltor Harbin50n Mulholland Cenlrepoinl 24 Ormeau Avenue Belfasl BT2 8HS Bankers Danske Bank Donegall Square Wesl Bellasl Co. Anlrim Northern Ireland 8T16JS Solicitors Carson McDowell Solicitors Murray House Murray Street Belfast BT1 6DN
THE PRESBYTERIAN CHILDREN'S SOCIETY CONTENTS Page Governors, Report Slalemenl of Governors, Responsibilities Independent Auditor's Report 7-10 Slalemenl of Financial Activities 11 Balance Sheet 12 Slalemenl of Cash Flows 13 Notes to the Financial Statements 14-22 Detailed Slalemenl of Financial Acliviles 23
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Governors present their report and the audited financial statements for the year ended 31 December 2022. The financial slalemenls comply with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 Purpose and Alms The Society's purposes are outlined as follows.. a. Making Grants for or towards the education and maintenance of children selected as outlined in the grant making procedure. The benefit that flows from this is that the well-being of children and their families is enhanced by basic financial needs being addressed andlor poverty alleviated. An annual means lesling procedure ensures families are in need of assistance and therefore will benefit Irom the financial grants provided. The Society invites applications lor the funding of grants lo individuals through their ministers. These applications are then reviewed against specific criteria and objeclives which are sel by the Governors, in accordance wilh the objects of Ihe Society. In addition lo the above, a further purpose is caring for and supporting children in need whether material, physical, menlal, emotional and spiritual and promoling their material, physical, mental. emolional and spiritual development whether through their families. Church or community or olhetivise howsoever that Ihey may grow lo full malurily as individua15 and members ol society The benefit that flows from this purpose is that the well-being of families and Iheii children is enhanced by scheme5 which are financially supported by the Society. The Society's funding provides opportunities for children and their families lo develop rnalerially, physi¢ally, mentally, emotiona51y, and spiritually. Oblectlve, Perfonnance and Achlevements The 2022 objectives included the following.. supporting around 890 Presbytèrian children and young people by way of quarterly and special grants.. increasing Ihe quarterly grants (where possible) by al least the inflation rate., supporting Presbyterian children and young people by way of exceptional grants., providing small grants lo Presbyterian congregations lo deliver projecls which encourage giealer engagement fTom young people in Church life after the pandemic., supporting a programme of education addressing digital resilience in partnership wilh The Thrive Academy. There was a subslanlial level of allainmenl in relation lo major objectives during the year lo 31 December 2022. During 2022 the number of young people being helped by the Society was comparable lo the previous year. Al 1 January 2022 the number was 892 and al 31 December il was 889.
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Young people on foll al 1 January Added during the year Coming off during Ihe year 865 118 132 862 96 93 Young people on roll al 31 December Young people awaiting selection 851 38 865 27 Total young people being helped 889 892 The backgrounds of young people on the roll as al 31 December were as follows.. 2022 No. 329 169 118 88 108 39 2021 No. 346 183 113 87 112 24 Parents Separaledl Divorced Parenllsl Deceased Single Molhers Parenlls} Disabledl Chroni¢ally ill Parenllsl Unemployedl Low Income Olher 39 20 14 10 13 40 21 13 10 Total 851 100 865 100 The Governors are encouraged by the Society s progress Ihroughoul the year. The generosity of Presbyterians IhToughoul Ireland is inspiring, particularly during a period of prolonged economic uncertainly Congregations and individuals continue lo demonslrale their unwavering support for the Society s work by ensuring a 51eady and consislenl flow of income lo meet any ongoing commitments and support the conlinued development ol our work. Furthermore, the Society remains sleadfaslly commilled lo developing projects which provide for relevant practical pastoral care and support for Presbyterian children and young people, and lo encourage them in reaching their full polenlial in life.
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Flnanclal review The nel expenditure for the year amounted to £40.940. Comparatively in 2021 Ihis was nel income of £3.893. The income for the year amounted to £862,45512021- £884,376), Grant expenditure lo individuals increased by 1.70/0 10 £687,50012021 £875,863} In 2022 bequests lotalled £16.72712021 £52,944). The Governors have been encouraged in the economic Climate by the level of subscriptions of £363,94812021 £333,882). These subscriptions, together with dividends, interest, and income from olher sources, have ensured that the Society remains in a salisfaclory financial posilion lo carry out its charitable aclivilies Inveslmenl managemenl fees increased by 4.6ty/0 10 £64,285 {2021 £61,479), governance cosls decreased by 4.60A lo £123,755 12021 £129,779) and fundraising costs increased lo £9.056 (2021 £6,954). Fundraising costs accounted for 2.50h of subscription income12021 2.1 /0). Investment Policy The Sociely's fund managers during the year were Sarasin & Partners LLP who were inslrucled lo pursue a policy of maximising income whilst maintaining some capital growth. This policy is currently performed in accordance with the Society's ethical guidelines which slates that there should be no direct investment in any company with a 5ignificanl interest in alcohol. tobacco, gambling, indiscriminate weaponry or conventional weapon5. pornography, or exploilalive child labour. The Society'5 preference is for nil inve51menl in any companies in the above sectors, bul the size and complex nature of corporations means they may have uninlended exposures lo certain sectors, This may be a negligible part of Iheir overall business, or they may be in Ihe process of disposing of these operations. Therefore. the use of the significant interest crilcria allows for these practical considefalions. The pararnelers for equity investment use5 a definilion of significant interest as company Ihal derive up lo approximately 10910 of turnover from the above list, Reseples Pollcy 11 is the policy of the So¢iely lo maintain unreslricled funds which are free reserves of the Society. al a level which equate5 to approximately one year's unreslriGled expenditure. This provide5 sufficient funds lo cover management and adminislialion costs and respond lo emergency applicalions for grants which arise from lime lo lime. Risk Managèment The Governors have examined and assessed the major risks lo which the Society is exp05ed, in particular, Ihose related lo the operations and finances of the Society and are satisfied Ihal adequate systems are in place lo miligale any exposure lo major risks. There is a formal risk assessmenl and documentation of process. Going Concern The Governors believe that there are no material uncertainties that cast significant doubl about the Society's ability lo continue as a going concern and the financial slalemenls have been prepared on this basis.
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Administrative detai15 and Governors Please refer lo the legal and adminislralive information page for administrative details and a list ol Governors. Structure Govemance and Mana ement Governing document The Presbyterian Children's Society is registered as a charity with the Charity Commission for Northern Ireland (Regislefed Charity Number.. NIC101444}, The Society is governed by Scheme No. 58 under the Education Endowments {Irelandl Act 1885. OrganSsation A Board of Governors of 18 members has overall responsibility for the charity. Meeting bi-annually, Ihe Board possess the authority lo administer the charity and manage ils day lo day operations. However, daily management of the charity has been delegated to Ihe Executive Secretary who is direclly responsible and accountable lo the Board, Appointmont of Governors There is an informal slru¢lure for appointment and Ifaining of Governors. In determining the appropriateness of appointing a new Governor the charity considers the skills and willingness lo serve of that individLtal. Pay pollcy for Governors and staff All Governors give their lime freely and did not receive remuneration during the year. The pay of senior staff is reviewed annually. Related partlos None of our Governors receive remuneration or any other benefit ffom their work with the charity, There were no related party Iransa¢lions during the year. Plans for future porlods The Society s work continues lo be overseen by the Board of Governors and regular liaison in terms of slrale9lC direction, and any mallers critical lo the Society s essential work, takes place between the Executive Secretary and the Honoiary Officers appoinled by the Board. A formal strategic plan will be considered by the Board al a later dale.
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Disc105ure of infonnation to the auditors So far as each person who was a Governor al the dale of approving this report is aware, there is no relevant audit information, being information needed by the auditor in Connection with preparing ils report, ol whi¢h the auditor is unaware. Each Governor has taken all stèps that helshe is obliged lo lake as a Govèrnor in order lo make himselflherself aware of any relevanl audit information and lo establish that the auditor is aware of that information. Audltors Harbinson Mulholland have expressed thèir willingness lo continue in office as auditors. A resolution proposing their ieappoinlmenl will be considered al the Society's Annual General Meeting. The Governors, report was approved by the Board of Governors. Mr J G Nicholson, BA {Honsl Executive Secretsry Dated.. .J,E* 4.-'lo L3
THE PRESBYTERIAN CHILDREN'S SOCIETY STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Governors are required lo prepare financial slalemenls for each financial year that give a true and fair view of the 51ale of affairs of the Society and of the net movements in funds of the Society for that period. In preparing those financial slalemenls, the Governors are required to.. select suilable accounting policies and then apply them consislenlly. make judgements and eslimales that are reasonable and prudent., slate whether applicable aocounling standards have boen followed, subject lo any material departures disclosed and explained in the financial slatemenls, and prepare Ihe financial slalemenls on the going concern basis, unless il is inappropriate to presumè Ihal the Society will conlinue in business. Th8 Governors are responsibl& lor keeping proper accounting records Ihal are sufficient lo show and explain the Society's transactions and disclosè with reasonable accuracy at any lime the financial position ol the Society and enable them lo ensure Ihal the financial slalemenls comply with the Charities Act (Northern Ireland) 2008 the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandafd applicable in the UK and Republic of Ireland IFRS 1021 Icharilies SORP RS 1021 They re also iespon5ible lor safeguarding the assets of thè Society and hence, for laki sleps for the enlion and detection of fraud and other irregularities. Mr l Mcminn, MBE Honora Treasu 202S
THE PRESBYTERIAN CHILDREN'S SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE PRESBYTERIAN CHILDREN'S SOCIETY Oplnlon We have audited the financial slalemenls of The Piesbylerian Children's Society Ilhe 'So¢iely') for the year ended 31 December 2022 which comprise the slalement ol financial aclivilies, the balance sheet, the slalemenl of cash flow5 and notes lo Ihe financial slalemenls, including significant a¢¢ounling policies. The financial reporling framework that has been applied in their preparation is applicable law and United Kingdom Ac¢ounling Standards, including Financial Reporting Slandard 102 The Fiipancial Reporting Slèi7dard applicable iij tlie UK and Ropublic of Ireland {Uniled Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slalemenls.. give a true and fair view of the slate of the charity's affairs as at 31 December 2022 and of ils incoming resources and application of Tesovrces, for the year Ihen ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice,, and have been prepared in accordance with the requirements of the Charities Act INI) 2008 Basis for oplnlon We conducted our audit in accordance with Inleinalional Standards on Auditing (UK} {ISAs {UKII and applicable law. Our rèsponsibilities under those standards are futlher described in the Aijdilorfs rospoipsibililies for tlie aiidil of Ilie fii7aiici81 slaleineiils section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, Including the FRC'S Ethical Standard, and we have lulfilled our other elhical responsibilities in accordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial slalemenls, we have concluded that the Governors, use ol going concern basis ol accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncerlainlies relating lo events or conditions Ihal, individually or collectively, may cast significant doubl on the charity's ability lo continue as going concern for a period of al least twelve monlhs from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Governois wilh respect lo goin9 concern are described in the relevant sections of this report. Other informatlon The other information comprises Ihe information included in the annual report, other than Ihe financial slalemenls and our auditor's report Ihereon, The Governors are responsible for the other information conlained within the annual report. Our opinion on the financial slalemenls does not cover Ihe other information and we do nol express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otheise appears lo be malerially misslaled If we identity such material inconsistencies or apparenl malerial misslalemenls, we are required lo deleimine whelhcr this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing lo report in Ihis regard.
THE PRESBYTERIAN CHILDREN'S SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE PRESBYTERIAN CHILDREN'S SOCIETY Matters on whlch we are required to report by exception We have nothing to report in respect of the following matlers in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the information given in the financial statements is inconsislenl in any material respect with the Governors, report., or sufficient accounting records have not been kept.. or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of Governors As explained more fully in the slalemenl of Governors, responsibilities. the Governors are responsible for the preparalion of Ihe financial slalemenls and for being satisfied that they give a true and fair view. and for such internal control as Ihe Governors determine is necessary lo enable the preparation of financial slalemenls that are free liom material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Governors are responsible for assessing the Society's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Governors either intend lo cease operations. or have no realistic alternative bul lo do so. Auditorfs responslbilities for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are frèe from malerial misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exis15. Misslalemenls can arise from fraud or error and are considered malerial if, individually or in the aggregate. they could reasonably be expected lo influence Ihe economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non.compliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, lo delecl material mis51alemenls in respect of irregularilies, including Iraud. The extent lo which our procedures are capable ol delecling irregularities, including fraud, is detailed below.
THE PRESBYTERIAN CHILDREN'S SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE PRESBYTERIAN CHILDREN'S SOCIETY Our approach lo identifying and assessing the risk5 of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the company Ihfough discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector,. We focused on specific laws and regulations which we considered may have a direct material effect on the rinancial slalemenls or the operations of the company, including Charities Act {NII 2008, laxalion legislation, data protection, anli-bribery, employment, envifonmenlal and health and safely legislation we assessed the exlenl of Compliance with Ihe laws and regulations idenlified above through making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and th@ team remained alert lo instances of non-compliance throughout the audit. We assessed the suscepiibilily of the Company's financial slalemenls lo material misslatemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management a5 to where they considered there was susceptibility lo fraud, their knowledge of a¢lual, suspecled and alleged fraud.. and considering the internal controls in place lo miligale risks of ffaud and non.compliance with laws and regulations., To address the risk of fraud through management bias and overfide ol controls. we.. performed analytical procedures lo identify any unusual or unexpected relalionships.. lesled journal entries lo idenlify unusual Iransaclions., assessed whether judgements and assumptions made in determining the accounling eslimales sel out in Note 2 were indicative ol potential bias., and investigated the rationale behind significant or unusual Iransaclions.. In response lo the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, bul were not limited lo.. agreeing financial slalemenl disclosures lo underlying supporting documenlalion,, reading the minutes of meetings ol those charged with governance., enquiring of managemenl as to aclual and polenlial liligalion and claims., and reviewing correspondence with HMRC and the company's legal advisors., There are inherent limitations in our audit procedures described above The more removed that laws and re9ulalions are from financial Iransaclions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non.compliance with laws and regulations lo enquiry of the directors and other management and Ihe inspection of regulatory and legal correspondence, if any Material misslalemenls Ihal arise due lo fraLtd can be harder lo dele¢l than those Ihal arise from error as they may involve deliberate concealment or Gollusion.
THE PRESBYTERIAN CHILDREN'S SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE PRESBYTERIAN CHILDREN'S SOCIETY This report is rnade solely lo the charily's members, a5 a body, in accordance with section 65 of the Charities Act INI) 2008. Our audit work has been undertaken so that we mighl slate lo the charity's members those mallers we are required lo slate lo them in an audilorfs report and for no other purpose. To the fu11esl exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charity and the ¢harily's members as a body. for our audit work,for Ihis report, or for the opinions we have formed. Angèla Cralgan (Senlor Statutory Auditor) for and on behalf of Harblnson Mulholland Chartered Accountants Statutory Audltor Cenlrepoinl 24 Ormeau Avenue Co. Anlrim Northern Ireland BT2 8HS 10-
THE PRESBYTERIAN CHILDREN'S SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Endowment funds funds 2022 2022 Total Total 2022 2021 Notes Income from: Donations and legacies Charitable activities Investments 22,075 376,788 463,106 22.075 376.788 463,592 76,091 345,177 463,108 486 Totsl Income and endowment8 861,969 486 862,455 884.376 Ex enditure on: Raising funds Charitable aclivilies 73,341 830,054 73.341 830.054 68,433 812,050 Total resources expended 903,395 903,395 880,483 Nel gainslllosses) on investments 11 (1.618,4431 {1,618,4431 996,822 Net movement In funds 11,659,869} 486 11 ,659,383) 1,000,715 Fund balances at 1 January 2022 13,352,829 22,037 13.374,866 12.374,151 Fund balances at 31 December 2022 11 ,692,960 22,523 11,715,483 13,374,866 Th8 slalemenl of financial activities includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing aclivilies. The note5 on pages 14 10 22 form part ol these financial slalemenls
THE PRESBYTERIAN CHILDREN'S SOCIETY BALANCE SHEET AS AT31 DECEMBER 2022 2022 2021 Notes Fixod assets Tangible assets Inveslmenls 12 13 16.239 11.500,094 17,171 13.178,866 11.516,333 13,196,037 Current assets Debtors Cash al bank and in hand 14 6,108 216,115 7,519 193.352 222,223 200,871 Credltors: arnounts falling duo withln one year 16 123.073) 122,0421 Nel current assets 199,150 178.829 Total assets less curront Ilablllties 11,715,483 13,374,866 Capitsl funds Endowment funds 22.523 22,037 Incomo funds Unreslficled fund5 Revalualion reserve 11,690.683 2,277 13,350,552 2,277 11.692,960 13,352,829 11,715,483 13,374,866 The fi ncial slalemenls were ap oved by Ihe Governors on Rev Di J l Thompson, MBE, TD, DL, BSC. BD. MTh, Dmin President Mr l Mcminn, MBE Honorary Treasurer The notes on pages 14 10 22 form part of thesè financial slalemenls. 12
THE PRESBYTERIAN CHILDREN'S SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Notes Cash flows from operating activities Cash absorbed by operations 19 1499,996) 1453,1351 Investing activltles Purchase of tangible fixed assels Purchase of investments Proceeds on disposal of investments Gainslllossesl on investments Dividends and interest received (1 1611 (12,463.978} 12,144,530 379,776 463,592 {3,1711 112,463,978) 12.144,530 {138,5551 463,108 Net cash generated from investing actlvities 522,759 1,934 Net cash used In flnanclng actlvltle8 Net Increasel{decroasol in cash and ca8h equlvalents 22,763 1451,2011 Cash and cash equivalents al beginning of year 193,352 644,553 Cash and cash equlvalents at end of year 216,115 193.352 The notes on pages 14 10 22 form part ol these financial slalemenls 13
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcies Charlty infonnation The Presbyterian Children's Society is a Charity registered in Northern Ireland. The r8gislered office is Glengall Exchange. 3 Glengall Street, Belfast, B T12 5A8. 1.1 Accounting conventlon The financial slalements have been prepared in accordance with the Society's Conslilulion, tha Charities Act {Norlhern Ireland) 2008 and "Accounting and Reporting by Charities: Slalemenl of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" {as amended for accounting periods commencing from 1 January 2016) The Society is a Public Benefit Entity as defined by FRS 102. The financial slalemenls have departed from the Charities (Accounls and Reports) Regulations INorthern Ireland) 2015 only lo the exlenl required lo provide a true and fair view This departure has involved following the Slalemenl of Recommended Practice for charities applying FRS 102 rather than the version ol the Slalemcnl of Recommended Practice which is referred to in the Regulations bul which has since been wilhdrawn. The financial slalemenls are prepared in sterling, which is the lunclional currency of the Society. Monetary amounts in Ihese financial slalemenls are rounded lo the nearest £. The financial slalemenls have been prepared under the historical cosl convention, Imodified lo include the revaluation of freehold properties and lo include inve51menl Pfopertie5 and certain financial instruments al fair valuel. The principal accounling policies adopted are Sel out below 1.2 Going concern Al the lime of approving the financial slalemenls, the Governors have a reasonable expectation that the Society has adequate resources lo Gonlinue in operational existence for the loreseeable future. Thus the Governors continue lo adopt the going concern basis of accounting in preparing Ihe financial slalemenls. 1.3 Charitablo fund8 Unreslricled funds are available lor use al the discretion of Ihe Governors in furtherance of their charitabl8 obieclives unless the funds have been designated for other purposes In addition lo expenditure on orphans and children, such funds may be held in order lo finan¢8 capilal investment and working capital. Designated funds are amounls sel aside from unreslricled funds which have been 'earmarked' for particular purposes. Endowment funds are funds given lo Ihe charity which musl be held permanently by the chaflty. mainly as inveslmenls. Income arising on the endowment fund may be used in accordance with the objects of the endowment Any capital gains or losses arising on the investments lorm part of the fund. 1.4 Income Income is recognised when the Society is legally entitled lo il after any performance ¢ondilions have been mel, the amounts can be measured ieliably, and il is probable that income will be received. Cash donations are recognised on receipt. Olher donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amounl. Income lax recoverable in relation lo donations ieceived under Gift Aid or deeds of covenant is recognised al the lime of the donalion. Legacies are recognised on receipt or otheNise if the Society has been notified of an impendin9 distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a contingenl asset. 14-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng policies {Continued} 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo make a payment lo a third party, il is probable that selllemenl will be required and the amount of the obligation can be mèasured reliably, Expenditure is classified under activity headings. Where costs cannot be directly allribuled lo particular headings they have all been allo¢aled lo activities on a basis consislenl with the use ol the resources. Management and adminislralion cosls are those incuried in connection with adminislralion of the charity and compliance with constitutional and slalulory requirements. Irrecover8ble VAT is charged a5 a cost against the activity for which the expenditure was incurred. 1.6 Tangible flxed assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, nel of depreciation and any impairment losses. Dèpreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Office Equipment Computer Equipment Ground Rents 25 % Reducing Balance or 2001• Slraighl Line 509/9 Reducing Balance or 200/è Slraighl Line 00/0 The gain or loss arising on Ihe disposal of an asset is determined as Ihe difference between the sale proceeds and the carrying value of the asset, and is recognised in the slalemenl of financial aclivilie5. 1.7 Flxed asset Investments Fixed asset inve51menls are initially measured al transaction price excluding transaction cosls, and are subsequently measured al fair value al each reporting dale. Changes in fair value are reco9nised in nel incomellexpendilurel for the year. Transaction costs are expensed as incurred 1.8 Impalrment of fixed assets Al each reporting end dale, the Society reviews the carrying amounts of ils langible assets lo delermine whether there is any indication that those assets have suffered an impaiimenl loss. If any su¢h indication exists, the recoverable amount of Ihe asset is eslirnaled in order lo delermine the exlenl of the impairmenl loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalenls include cash in hand. deposits held al call with banks, other short-lerm liquid inveslmenls with original malurilies of three months or les5, and bank overdrafts, Bank overdrafts are shown within borrowing5 in current liabililies. 1.10 Financial Instruments The Society has elected lo apply the provisions of Se¢lion 11 'Basic Financial Inslrumenls, and Section 12 'Olher Financial Instruments Issues, of FRS 102 10 811 of ils financial inslrumenls. Financial instruments are recognised in the Society's balance sheet when the Society bècomes party to the conlraclual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in Ihe financial slalemenls. when there 15 a legally enforceable right lo sel off the recognised amounts and Ihere is an inlenlion lo sellle on a nel basis or to realise the asset and settle Ihe liability simultaneously.
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) Basic financial assets Basic financial assels, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective inleresl method unless the arrangement conslilules a financing transaction, wherè the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the afrangemenl constitutes a financing Iransaclion, where the debt inslrumenl is measured at the present value of the fulufe payments discounted al a market rale of interest, Financial liabilities classified as payable within one year are not amortised. Debt inslrumenls are subsequently carried al amorlised ¢osl, using the effectiv8 interest rale method. Trade creditors are obligalions lo pay for goods or services Ihal havè been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as ¢urfenl liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al Iran5aclion price and subsequently measured al amortised cost using the effective interest method. Derecognitlon of flnancial liabilities Financial liabilities are derecognised when the Society's contractual obligations expire or are discharged or cancolled. 1.11 Employeo benefits The cost ol any unused holiday enlillemenl is recogni5ed in the period In which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the Society is demon51rably commilled lo lerminale Ihe employment ol an employee or lo provide lerminalion benefits. 1.12 Retirement benefits Payments lo defined contribution retirement benefit schemes are Charged as an expense as they fall due, Critlcal accountlng estimates and judgements In the application of the Society's accounting policies, the Governors are required lo make judgements, eslimales and assumptions about the Garrying amount of assels and liabililies that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors Ihal are considered lo be ielevanl, Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 16-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donatlons and legacles Unrestricted funds Total 2022 2021 Donations and gifts Legacies receivable 5,348 16,727 23,147 52,944 22,075 76,091 Charitable actlvitlcs 2022 2021 Subscriptions Eslate of James Bell Francis Curley Charitable Fund Presbyterian Fire Insurance Tiusl Rents 363,948 19 11.258 151 1.412 333,882 19 10,327 129 820 376,788 345,177 Investments Unrestricted Endowment funds funds Total Total 2022 2022 2022 2021 Income from listed inveslmenls Inleresl receivable 462,514 592 486 463.000 592 463,000 108 463.106 486 463.592 463,108 For the year ended 31 December 2021 462.506 602 463,108
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Raising funds Unrestrlcted funds Total 2022 2021 Fundraisin and ublicil Lileralure design Lilerature printing 3,495 5.561 3,260 3.418 9,056 6,954 Investment mana emenl 64,285 61,479 73,341 68,433 Charitable activlties 2022 2021 Staff costs Depreciation and impairment Quarterly regular gran15 Interim grants Summerlwinler bonus Exceptional granls Small groups grant scheme 84,375 2,094 437.560 23,220 150,59D 76,130 15,446 86,111 1.360 437,283 16,760 159,520 62.300 8,407 789,415 769.741 Share of 5UPPOrt costs {5ee note 81 Share of governance c051s (see note 8) 38.167 2,472 39.909 2.400 830,054 812,050 18
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Support costs Support Governance costs costs 2022 2021 Office renl CurrenGy loss Printing and slalionery Postage Telephone Insurance Miscellaneous olfice expenses 14,762 11 ,9481 5.228 4,028 2,775 1,343 11,979 14,762 11,948) 5,228 4,028 2,775 1,343 11,979 11.993 3,403 1,424 4,713 2,467 1,055 14,854 Audit fees 2,472 2,472 2,400 38.167 2.472 40.639 42,309 Analy5ed between Charitable activities 38,167 2.472 40.639 42,309 Governors None of the Governors lor any persons connecled with them) received any remuneration or benefits from the Society during the year, 10 Employees The average monthly number of employees during the year was,. 2022 Number 2021 Number Employment costs 2022 2021 Wages and salaries Social security costs Other pension costs 63,834 12,902 7.639 66,682 12,244 7.185 84,375 86.111 There were no employees whose annual remuneration was more than £60,000.
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 11 Net gainsl(lossesl on investments Unrestricted funds Total 2022 2021 Revaluation of investments {1,618,4431 996,822 12 Tangible fixed assets Offlco Equlpmont Computor Ground Ront$ Equlpmont Total Cost Al 1 January 2022 Additions 13,943 16,651 1,161 21.908 52.502 1,161 Al 31 Decembei 2022 13,943 17,812 21,908 53,663 Depreciation and impairment Al 1 January 2022 Depreciation charged in the year 11,894 558 11.029 1,535 12,408 35.331 2,093 Al 31 December 2022 12,452 12,564 12,408 37,424 Carrylng amount At 31 December 2022 1,491 5.248 9,500 16,239 Al 31 December 2021 2,049 5.622 9.500 17,171 13 Fixed asset investments Listed investments Cost or valuation Al 1 January 2022 Additions Valuation changes Realised loss Disposals 13,178.866 13,853 (1,582,779) 13,365) {106,4811 At 31 December 2022 11,500,094 Carrying amount Al 31 December 2022 11,500,094 Al 31 December 2021 13,178.866 20-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 14 Debtors 2022 2021 Amounts falllng du8 within one year: Other debtors Prepayrnenls and accrued inGome 4.570 1,538 6,769 750 6,108 7,519 15 Creditors: amounts falllng due withSn one year 2022 2021 Other creditors Accruals and deferred income 43 21,999 23,073 23,073 22,042 16 Retlrement beneflt schemes Deflned GontrSbutlon schemes The Society operates a defined contribution pension scheme for all qualifying employees The assets of the scheme are held separately Irom those ol the Sociely in an independently adminislered fund, The charge lo profil or loss in respect of defined contribution schemes was £7,63912021 £7,185). 17 Analysls of net assets between funds Unrestrlcted Endowment funds funds 2022 2022 Totsl Totsl 2022 2021 Fund balances al 31 December 2022 are represented by.. Tangible assets Investments Current asselsllliabi1iliesl 16,239 11,477,571 199,150 16,239 17,171 22.523 11.500,094 13,178,868 199,150 178,829 11,692.960 22,523 11,715,483 13.374,866 18 Related party transactions There were no disclosable related party transactions during the year (2021 none). 21
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 19 Cash generated from operations 2022 2021 (Deficilllsurpus for the year {1,659,383) 1,000,715 Adjuslmenls for. Investment income recognised in statement of financial activities Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets 1463,592) 1,618,443 2,094 1463,108) 1996,822) 1,360 Movements in working capital.. Decreasellincreasel in debtors Increase in creditors 1.411 1.031 {639) 5.359 Cash absorbod by operations 1499,996) 1453,135) 22-
THE PRESBYTERIAN CHILDREN'S SOCIETY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 This page does not form part of the statutory financial statements which are the subject of the independent audilof's report. 2022 2021 Revenue Income Subscriptions Dividends and Inleresl Charitable rental income Bank Interest Eslale Of James Bell Francis Curley Charitable Fund Pres. Fire Insurance Trust 363,948 463,000 1,412 592 19 11,258 151 333,882 463,000 820 108 19 10,327 129 840,380 808,285 Legacles and donatlons Legacies receivable Donations and gifts 16,727 5,348 52,944 23,147 22,075 76,091 Total Revenue Income 862,455 884,376 Revenue Expendlture Quarterly regular grants Interim grants Summerwinler Bonus Exceptional grants Staff costs Miscellaneous office expenses Office renl Printing and slalionery Fundraising Audit fees Postage Telephone Insurance Investment management Depreciation and impairment Small groups grant scheme Currency loss 437,560 23,220 150,590 76,130 84.375 11.979 14,762 5,228 9,056 2,472 4,028 2.775 1,343 64,285 2,094 15,446 11,9481 437.283 16,760 159,520 62.300 86,111 14.854 11,993 1,424 6,954 2,400 4,713 2,467 1,055 61,479 1,360 6,407 3.403 Totsl Revenue Expendlture 903,395 880,483 Net incomingl(outgoingl resources for the year 140,940) 3,893 -23-