Charlty registration number NIC1014441Northem Ireland) THE PRESBYTERIAN CHILDREN'S SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE PRESBYTERIAN CHILDREN'S SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Presldent Rev Dr J l Thompson, MBE, TD, DL, BSC, BD, MTh, Dmin Wice Presldent Mr W N Bennett Bsc (Econ) Hons, IPFA Honorary Secretsry Mr N WTodd. BEd, MA, Msc Honordry Treasuror Mr l Mcminn, MBE Governors Rev Dr L E Carroll, BA, BD, PhD, LLCM Mr B Corry, ACII, DipPFS Mrs H Hamilton, BSG (Econ), ACA MT C Kerr. QFSM, DL. BA, Msc Rev P A McBride, BEd, 8D His Honour J A H Martin, LLB, DipL4W, BL, KC Mrs H Morrow. BA, FCA Rev T C Morrison, BA, BD Mrs J E Wilson, MB, Bch, BAO, MRCGP Mr5 V McGuffin, M Inst LM Rev T J Stothers, BSC, BD, MTh Rev M E Donald, BEd, MEd, Dipmin, MDIV. CF Mr L Conway, OBE, FCIM, Dipsw, CQSW Rev C McKibbin, BD, Oipmin Responslble for day to day admlnistratlon of the charlty Mr J G Nicholson, BA (Hons> Charity number Reglstered offl¢e Glengall Exchange 3 Glengall Street Belfast BT12 SAB Audltor Harbinson Mulholland 6th Floor Easl Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT13LP Bankers Danske Bank Donegall Square West Belfast Co. Antrim Northern Ireland BT16JS Solicitors Carson McDow811 Murray House Murray Street Belfast BT16DN
THE PRESBYTERIAN CHILDREN'S SOCIETY CONTENTS Page Govemors, Report ststement of Govemors, Responsibilities Independent Audltofs Report 7-10 ststement of Financial Activities 11 Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financlal Ststements 14-23 Detailed Statement of Financial Activites 24
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Governors present their report and the audited financial statemènts for the year ended 310ecember 2024. The financial statements compty with Accounting and Reportin9 by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}. Purp¢>se and Alms The Society's purposes are outllned as follows: 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 enhand by basic financial needs being addressed andlor poverty alleviated. An annual means testing procedure ensures families are in need of assistance and therefore will benefit from the financlal grants provided. The Society invites applications for the funding of grants to individuals through their ministers. These applicalions ar8 then reviewed against specific criteria and obj8Ctives which are set by the Govemors, in a¢cordance with the objects of the Society. In addition to the above, a further purpose Is caring for and supportlng children in need whether materlal, physical, mental. emotional and spiritual and promoting their material, physical, mental. emotional and spiritual development whether through their families, Church or community or otherwise howso8ver that they may grow to full maturity as individuals and members of society. The b8nefil that flows from this purpose is that the well-being of families and their children is enhanced by schemes which are financially supported by the Society. The Society's funding provides opportunities for children and their families to develop materially, physically. mentally, emotionally, and spiritually. Objective, Perfomiance and Achievèments The 2024 objectives included the following.. supporting around 880 Presbyterian children and young peop18 by way of quarterly and special grants; increasing the quarterly grants (where possible) by at least the inflation rate- supporting Presbyterian children and young people by way of exceptional grants., supporting eligible Presbyterian families lo attend the PCI Family Holiday- delivering a programme of small grants to support congregational acllvlties among chlldren and young people. There was a substanlial level of attainment in latIon to major objectlves during Ihe year to 31 December 2024. Durlng 2024 the number of young peop18 being helped by the Society was comparable to the previous year. At 1 January 2024 the number was 911 and at 31 December it was 877.
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Young people on roll at 1 January Added during the year Coming off during the year 911 95 163 851 129 91 Young people on roll at 31 December Young people awaiting selection 843 889 22 Total young people being helped 877 911 The backgrounds of young people on the roll as at 310ecember were as follows: 2024 2023 Parents Separat8dl Divorced Parent(s) D8C8ased Single Mothers Par8nt(s) Disabledl Chronically ill Parent(s) Unemployedl Low Income Other 37 18 13 10 15 329 172 113 92 128 55 148 19 13 10 14 125 61 Total 843 100 889 100 The Governors were once again encouraged by th8 level of subscription income the Society ra1Ved from Pr&sbylerian congregations and individuals. Their consistent generosity, despite challenging economic circumstances, continues to inspire and demonstrates an unwavering support from across the Church for the Society's work. The Board of Governors remain steadfastly committed to developing relevant projeds which provlde for the appropriate pastoral Care and support of Presbyterian children and young people, and to encourage them to achieve Iheir full potential.
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financlal revlew The net income for the year amounted to £244.508. Comparatively in 2023 this was net income of £130,599. The income for the year amounted to £1,141,966 (2023- £1,025,567). Grant expenditure to individuals increased by 0.1. to £680,236 (2023 - £679,468). In 2024 bequests totalled £263,642 (2023 - £187,932). The Govemors have been encouraged in the economic climate by the level of subscriptions of £389,34012023 - £351,202). These subscrlpiions. together with dividends, interest. and income from other sourc8s, have ensured that the Society remains in a salisfactory financial position to carry out its charitable activities. Investment management fees increased by 8.7°/o to £65,716 (2023 £60,445), governan costs increaséd by 2.50kn to £143,400 {2023 - £139,856) and fundraising costs decreased to £8,106 (2023 - £11,199). Fundraising costs accounted for 2.1 •A of subscription income (2023- 3.1 ts/0). Investment Policy Th8 Society's fund managers during the year were Sarasin & Partn8rs LLP who were Instructed to pursu8 policy of maximising income whilst maintaining some capital growth. This policy Is currently performed in accordance with the Society's ethical guidelines which states that Ihere should be no direct investment in any company with a significant interest in alcohol, tobacco, gambling. indiscriminate weaponry or conventional weapons, pornography, or exploitative child labour. The Society's preference is for nil investment in any companies in the above sectors, but the size and complex nature of corporations means they may have unintend8d exposures to certain s8Ctors. This may be a negligible part of their overall business, or they may be in the process of disposing of these operations. Therefore, the use of the significant interest criteria allows for these practical considerations. The parameters for equity investment US8s a definition of significant interest as company that derive up to approximately 100/0 of turnover from the above list. Reserves Pollcy It is the policy of the Soclety to maintain unrestrlcted funds which are free reserves of th8 Soclety, at a level which equates to approximately one year's unrestricted expenditure. This provides sufficient funds to cover management and adminlslralion costs and respond to emergenw applications for grants which arise from time to time. Risk Management The Governors have examined and assessed the major risks to which the Society is exposed, in particular, those related to the operations and finances of the Society and are satisfied that adequate systems are in place to mitigate any exposure to major risks. There is a formal risk assessment and documentation of process. Going Concern The Governors believe that there are no material uncertainties that cast significant doubt about the Society's ability to continue as a going concern and the financial statements have been prepared on this basis.
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Administrative detsils and Governors Please refer to the legal and administrative information page for administrativè details and a list of Governors. Structure Governance and Mana ement Governing document The Presbyterian Children's Society is registered as a charity with the Charity Commission for Northern Ireland (Registered Charity Number: NIC101444), The Society is governed by Scheme No. 58 under the Education Endowments (Ireland) Act 1885. Oryanisatlon A Board of Governors of 18 members has overall responsibility for the charity. Meeting bi-annually, the Board possess Ihe authority to administer the charity and manage ils day to day operations. However, daily management of the charity has been delegated to the Executive Secretary who is dire¢lly responslble and aoUntable to Ihe Board. Appointment of Governors There is an informal structure for appointment and training of Governors. In determining the appropriateness of appointing a n8w Governor the charity considers the skills and willingness to serve of thal individual. Pay pollcy for Governors and staff All Governors give their time freely and did not receive remuneration during the year. The pay of senior staff is reviewed annually. Related partie8 None of our Governors receive remuneration or any other benefit from their work with the charity. There were no related paty transalOnS during the year. Plans for future perlods The Society's work continues to be overseen by the Board of Governors and regular lialson in terms of strateglc direction, and any matters critical lo the Society's essential work, lakes place beeen the Executive Secretary and the Honorary Officers appointed by the Board, A formal strateglc plan will be considered by the Board at a later date.
THE PRESBYTERIAN CHILDREN'S SOCIETY GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of infomiation to the auditors So far as ea¢h person who was a Govemor at the date of approving this report is aware. there is no relevant audit information. being information needed by the auditor in connection with preparing its report. of which the auditor is unaware. Eath Govemor has taken all steps that helshe 15 obliged to take as a Governor in order to make himselflherself aware of any relevant audit infomiation and to establish that the auditor is aware of that information. Auditors Harbinson Mulholland hav8 expressed their willingness to continue in office as auditors. A resolution proposing their reappointment will ba considered at the Society's Annual General Meeting. The Governors, r8POrt was approved by the Board of Governors. Mr J G Nicholson, BA (Hons) Executlve Secreta Daled..
THE PRESBYTERIAN CHILDREN'S SOCIETY STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Govemors are required to prepar8 financial statements for each financial year that give a true and fair view of the state of affairs of the Society and of the net movements in funds of the Society for that period. In preparing those financial statements. the Governors are requir8d to.. select suitable accounting polici8s and then apply them consistently., make judgements and estimates that are reasonable and prudent., stste wh8ther applicable accounting standards have been followed, subject to any matarial departures disclosed and explained in the financial ststem8nts', and prepare the financial statements on the going concern basis, unless it is inappropriate to presume that th8 Society will continue in business. The Governors are responsible for keeping prop8r accounting records that ar8 sufficient to show and 8xplain thè Society's transactions and disdose with reasonable accuracy at any time the financial position of th8 Society and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102) {Charilies SORP (FRS 102). They are also responsible for safeguarding the assets of the Society and hence, for taking reasonable steps for the p vention and detectlon of fraud and other irregularities. Mr l Mcminn, MBE Honorary Treasu Dated..
THE PRESBYTERIAN CHILDREN'S SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE PRESBYTERIAN CHILDREN'S SOCIETY Oplnlon We have audited the financial statements of The Presbyterian Children's Society (the 'Society') for the year ended 31 December 2024 which comprise the slatement of financial activities, the balance sheet, th8 Statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Rgporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi1. In our opinion, the financial statements.. give a tru8 and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and applicalion of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and hav8 been prepared in accordance with the requirements of the Charities Act INI) 2008. Basis for oplnlon We conducted our audlt in accordance with International Standards on Auditing (UK> {ISAs (UK)) and appllcable law. Our responsibilities under those standards ar8 further described in the Auditors responsibilit18s ft)r the audit of th8 financial statements sedion of our report. We are indep8ndent of the Society in accordance wllh the ethical requirement5 thal are relevant to our audit of the financial statements in thg UK, including Ihe FRC'S Ethical Standard, and we have fulfilled our other ethi¢al r8sponsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a bas[5 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Govemors, use of going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concern are descrlbed in the relevant sections of this report. Other Information The other infonnation comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon, The Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read th8 Other information and, in doing so, consider whether the other informalion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we hav8 performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
THE PRESBYfERIAN CHILDREN'S SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE PRESBYTERIAN CHILDREN'S SOCIETY Mattery6 on which we are required to report by exceptlon We have nothing to report in iespect of the following matt8rs in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the financial statements is inconsistent in any mat8rial respect with the Governors, report.. or sufficient accounting records have not been kept- or rtain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audtt. Responsibilitieg of Governors As explained more fully in the statement of Governors, responsibilities, the Governors are responsible for the preparation of the financial stalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the pr8paration of financial statem8nts that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the Society'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 the Governors either inlend to cease operations, or have no realisli¢ alternative but to do so. Auditorfs re8pon$lbllltles for tho audit of the financlal statsments Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuranc8 but is not a guarantee that an audit conducted in accordance th ISAS (UK) will always detect a malerial misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregulariti8s, 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 to identifying and assessing the risks of materlal misstatèment in r8sped 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 to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience oflh8 sector,. We focused on specifi¢ laws and regulations which we considered may have a direct material effect on the financial slatemenls or the operations of the company, induding Charities Act (Nl) 2008, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtalning an understanding of how fraud mighl occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud.. and considering the internal controls in plac8 to mitigate risks of fraud and non-compllanc8 with laws and regulations., To address the risk of fraud through management bias and override of controls. we.. performed analytical procedures to id8ntfy any unusual or unexpected r8lationships; tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made in detemilning the accounting estimates sel out in Note 2 were indicative of potential bias; and investigated the rationale behind significant or unusual transa¢llons', In response to the rlsk of irregularitl88 and non-compliance with laws and regulations, we deslgned procedures which included, but were not limited to: agreeing financial statement disclosures to underlying 5UPPOrting do¢umentalion', reading the minutes of meetings of those charged with governance., enquiring of managemenl as to actual and potential litigation 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 regulations are from financial transactions, the less likely il is that we would become aware of non-complian. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they rnay involve deliberate concealment or collusion.
THE PRESBYfERIAN CHILDREN'S SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE PRESBYTERIAN CHILDREN'S SOCIETY This report Is made solely to the charily's members, as a btyjy, in accordan¢8 with sectlon 65 of the Charilies Act (NI) 2008. Our audlt work has been undertaken so that we mlght state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fLJllest extent permitted by law, we do not accept or assume responsibility to anyone olh8r than the charity and the charity's members as a bcrfly, for our audit work,for this report, or for the opinlons we have formed. (.fv( l.. C fCL, Angèla Cralgan (S8nlor Statutory Audltor) for and on behalf of Harblnson Mulholland Chartered Accountants Statutory Audltor 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim 1110412025 10-
THE PRESBYTERIAN CHILDREN'S SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Endowment funds funds 2024 2024 Total Totsl 2024 2023 Notss Income from: Donations and legacies Charitable activities Investments 265,493 403,135 472,852 265,493 403,135 473,338 191.434 364.407 469,728 486 Total Incom• and endowments 1,141,480 486 1,141,966 1,025,567 endlture on: Raising funds Charitable activities 73,822 823,636 73,822 823,636 71,644 823,324 Total re80urces expended 897,458 897,458 894,968 Net gainsl{losses) on investments 13 1,019,799 1.019,799 S57,6 Net movement in fund$ 1,263,821 486 1,264,307 688,566 Fund balances at 1 January 2024 12,381,039 23,009 12,404,048 11,715,483 Fund balances at 31 December 2024 13,644,860 23,495 13,668,355 12,404,048 The statement of financial activities includes all galns and losses recognised in the year. All income and expenditure derive from continuing activities. The not85 on pages 14 to 23 form part of these financial $tatsm8nts. 11
THE PRESBYTERIAN CHILDREN'S SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Inv8Stments 14 15 11,937 13.116,180 13,913 11,998,263 13,128,117 12,012,176 Current assets Debtors Cash at bank and in hand 16 6,773 556.218 50,364 366,885 562,991 417,249 Credltors: amounts falllng due wlthin one year 17 (22,753) (25,377) Net current assets 540,238 391,872 Total assets lags current liabllltles 13,668,355 12,404,048 Capitsl funds Endowment funds 19 23,495 23,009 Income funds Unrestricted funds Revaluation reserve 13.642,583 2,277 12,378,762 2,277 13,644,860 12,381,039 13.668,355 12,404,048 lo- ¢>K4 - TrrJ nancial statements were approved by the Govemors on ............... v Dr J l Thompson, MBE, To, DL, BSC, BD, MTh, Dmin Presldent Mr l Mcminn, MBE Honorary Treasurer The notes on pages 14 to 23 fomi part of these financtal statsments. 12-
THE PRESBYTERIAN CHILDREN'S SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from op8ratlng actlvitie8 Cash absorbed by operations 23 (185.887) (378,755) Inve8tlng activltles Purchase of investments Proceeds from disposal of invastments Gainsl{losses) on investments Investment incom8 received (2cKJ,002) 119.766 {17,882) 473,338 (13,238) 113,793 (40.756) 489,726 Net ¢a8h generated from Inve8tlng actlvllles 375,220 529,525 Net cash generated from flnan¢lng activitle8 Net Increaso in ca8h and ¢a8h equivalents 189,333 150,770 Cash and cash equivalents at beginnlng of year 368,885 216,115 Cash and cash equivalents at end of year 556,218 366,885 13-
THE PRESBYTERIAN CHILDREN'S SOCIETY STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estimates and judgements In the application of the Society's accounting policies, the Governors are required to make judgem8nts, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUrs. The estimates and associated assumptions are based on historical experienc8 and other factors that are considered to be relevant. Actual results may differ from these estimates. The estlmates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only thal period. or in the period of the revision and future periods where the revision affects both current and future periods. Accounting pollcles Charlty information The Presbyterian Children's Society is a charity registered in Northem Ireland. The registered office Is Glengall Exchange, 3 Glengall Street, Belfast. BT12 SAB. 2.1 Accounting convention The financial statements have been prepared in accordance with the Society's Constitution, th8 Charities Act (Northern Irelandy 2008 and 'Accounling and Reporting by Charities: Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016}. The Society is a Public Benefit Entity as defined by FRS 102. The financial statements hava departed from the Charities (Accounts and Reports) Regulations {Northern Ireland) 2015 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulalions but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Society. Monetary amounls in these financial statements are rounded to the nearest £. The financial stat8ments have b8en prepared under the hlstorlcal cost convention, modified to include Ihe revaluation of freehold properties and to Include investment propertles and rtaIn financial Instruments at fair value. The princlpal accounting polides adopted are set out below. 2.2 Going concern At the time of approving the financial statements, the Governors have a reasonable eXpeallOn that the Society has adequate resources to continue in operational existen for the foreseeable future. Thus the Governors continue to adopt Ihe going concern basis of accounting in preparing the financial statements. 2.3 Charitsble funds Unrestricted funds are available for use at th8 discretion of the Governors in furth8rance of their charitable objectives unless the fvnds have been designated for other purposes. In addition to expenditure on orphans and children, such funds may be held in order to finance capital investment and working capital. Designated funds are amounts set aside from unrestricted funds which have been 'earmarked' for particular purposes. Endowment funds are funds given to the tharity which must be held permanently by the charity, mainly as investments. Income arising on the endowment fvnd may be used in accordance with the objects of the endowment. Any capital gains or losses arising on the investments form part of the fund. 14-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontlnued) 2.4 Income Income is recognised when the Society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the Society has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverabl8 in relation to donations received under Gift Aid or deeds of Covenant is recognised at the time of the donation. Legacies are recognised on receipt or olherwise if the Society has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 2.5 Expenditure Expenditure is recognised On there Is a18g81 or constructive obligation lo make a payment lo a third party. it is probable Ihat settlement wlll be required and the amount of the obligation can be measured reliably. Expenditure is classifie(l under activity headings. Where costs cannot be directly attributed to particular headings they have all been allocated to activities on a basis consistent with the use of the resources. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Irrecoverable VAT is charged as a cost against Ihe activity for which the expenditure was incurred. 2.6 Tangiblo fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to wrfte off the cost or valuation of assets less their residual values over their US8ful lives on the following bases.. Office Equipment Computer Equipment Ground Rents 25 % Reducing Balance or 200A Straight Line 500/0 Reducing Balance or 200A Straight Line 00 The gain or loss arising on the disposal of an asset is detemiined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the Statement of financial activities. 2.7 Fixed asget inveslments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value ar8 recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. 2.8 Impaimient of fixed assets At each reporting end dale, the Society reviews the carrying amounts of its tangible assets to determine whether there is any indication thal Ihose assets have suffered an impairment loss. If any such indication exists. the recoverable afflount of the asset is estimated in order to detennine the extenl of the impairment loss (if any). 2.9 Cash and cash equivalents Cash and cash equivalents include ¢ash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank ovefdrafts are shown within borrowings in current liabilities. 15-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles {Continued) 2.10 Financlal instruments The Society has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recogni5ed in th8 Society's balance sheet when the Society becomes party to the ontractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise thé asset and settle the liability simultan8ously. Basic financial assets Basic financial ass8ts, which indude debtors and cash and bank balances, are Initially measured at transaction price including transaction costs and are subsequently carried at amortised ¢ost using the effective int8r8St method unless the arrangement Constitutes a financing transaction, where the transaction Is measured at the present value of the future receipts discounted at a market rate of interest. Flnancial assets classified as r8ceivable within one year are not amortised. Basic financlal Ilabllltles Basic financial liabilit18s. including credrtors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditor5 are obligations to pay for goods or services that have been acquired In the ordinary course of operations from suppliers. Amounts payable are classified as Current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade Creditors are recognised inillally at transaction price and subsequently measured at amortised Cost using the effective interest method. Derecognltion of financlal Ilablllties Financial liabilities are derecognised when the Society's contractual obligations explre or are dis¢harged or cancelled. 2.11 Employee benefits The cost of any unused holiday entitlement is r8cognised in th8 period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the Society is demonstrably committed to terminate the employment of an employee or to provide temination benefits. 2.12 Retlrement benefrt8 Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 16-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donatlons and legacles Unrestricted funds Totsl 2024 2023 Donations and gifts Legacies receivable 1,851 263,642 3,502 187,932 265,493 191,434 Charltable actlvitlos 2024 2023 Subscriptions Estate of James Bell Francis Curley Charitable Fund Presbyterian Fire Insuranc8 Trust R8nts 389,340 19 13.265 351,202 19 12,221 164 801 511 403,135 364,407 Invostments Unre8trlcted Endowment funds funds Total Total 2024 2024 2024 2023 Income from listed investments Interest receivable 464,514 8.338 486 485,000 8,338 465,000 4,726 472.852 486 473,338 489,726 For the year ended 31 Decembor 2023 469,240 486 469,726 17-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendfture on rdislng funds Unrestrictod Unrestricted funds funds 2024 2023 Fundraising and publicity 8,106 11,199 Snv8Stment management 65,716 80,445 Total costs 73,822 71,644 Charltablo actlvltie8 2024 2023 Staff costs Depreciation and impairment Quarterty regular grants Interim grants Summerlwinter bonus Exceptional grants Small groups grant scheme Presbylerian family holiday 75,622 1.976 439,061 20,895 155,780 64,500 5,588 12,900 88,585 2,324 450,426 18,985 153,170 58.857 4,918 10.775 776,322 786,040 Share of support costs (see nole 9) Share of governance costs {see note 9) 34,192 13,122 29,*5 7.319 823,636 823.324 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting)'. Fees payable for the audit of the charItS financial ststements Depreciation of owned tangible fixed assets 2,452 1,976 2,520 2,324 18-
THE PRESBYfERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Governance costs costs 2024 2023 Office rent Currency loss Printing and stationery Postage Telephone Insurance MislIaneouS offlcè 8XP8nses 14,132 4,027 1.878 3.581 2,856 1.596 6,122 14,132 4,027 1,878 3,581 2,856 1,596 6,122 12,740 1,283 2.269 3,633 2.997 1,561 5,482 Audlt fees Legal and professional 2,452 10,670 2.452 10.670 2,520 4,799 34,192 13,122 47,314 37.284 Analysed between Charitable activities 34,192 13,122 47,314 37,284 10 Governors None of the Governors (or any persons connected with them) recelved any remuneration or banefrts from th8 Society during the year. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security Costs Other pension costs 57,789 10,702 7,131 67,730 13,118 7.737 75,622 88.585 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 2024 11 Employees {Continued) Remuneration of key management personnel The remuneration of key manag8ment personnel was as follows.. 2024 2023 Aggregate Compensation 46.193 42,486 12 Taxallon The charity is exempt from taxation on Its activities because all Its Income Is applied for Charitable purposes. 13 Net gainsl(10889s1 on Investments Unrestricted funds Total 2024 2023 Revaluation of investments 1,019,799 557,986 14 Tanglble fixod agsets Offico Equlpmont Computor Ground Ront• Equlpment Totsl Cost At 1 January 2024 12,475 17,812 21,908 62,194 At 31 De¢emb8r 2024 12,475 17,812 21,908 52.194 Depreclailon and impalmient At 1 January 2024 Depreciation charged In the year 11.696 363 14,177 1,613 12.408 38,281 1,976 At 31 December 2024 12,059 15,790 12,408 40,257 Carrying amourrt At 31 Dember 2024 416 2.021 9,500 11,937 At 31 December 2023 779 3.634 9,500 13,913 -20-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 1S Flxed asset Investments Listsd investments Cost or valuatlon Al 1 January 2024 Additions Unrealised gains Disposals 11,998,263 200,002 1,037,681 (119,766) At 31 December 2024 13,116,180 Carrying amount At 31 December 2024 13,116,180 At 31 December 2023 11,998,263 16 Debtorg 2024 2023 Amounts falling due wlthln one year: Other debtors Prepayments and accrued income 5,011 1,762 48,635 1,729 6,773 50,364 17 Credltors: amounts falling due wlthin one yoar 2024 2023 Other creditors Accruals and deferred Income 463 22.290 398 24,979 22,753 25,377 18 Retirement benefit $¢heme8 2024 2023 Deflngd contributlon schemes Charge to profit or loss in respect of defined contribution schemes 7.131 7,737 The Society operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Society in an independently administered fund. 21
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Endowment funds Endowment funds represent assets which must b8 held permanently by the Society. Income arising on the endowment funds can be used in accordance with the objects of the Society and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. At 1 January 2024 Incomlng resources At31 December 2024 Pèrmanent endowments 23,009 486 23,495 Provlous year: At 1 January 2023 Incoming r•source8 At31 December 2023 PernHn•nt endowment8 22,523 486 23,009 20 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balanc8s of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Galns and At31 losse8 D•cember 2024 At 1 January 2024 Incomlng R•8our¢os resources expend•d General funds Revaluation reseNe 12,378.762 2.277 1,141.480 {897,458) 1.019,799 13.642,583 2,277 Previous year. At 1 January 2023 Incoming resources Resources expended Galn$ and losses At31 December 2023 General funds Revaluation reserve 11,690,683 2,277 1,025,081 (894,968) 557,966 12,378,762 2,277 -22-
THE PRESBYTERIAN CHILDREN'S SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 21 Analysis of net assets between funds Unrestricted Endowment funds funds 2024 2024 Total Total 2024 2023 Fund balances at 31 December 2024 are represented by.. Tangible assets Investments Current assetsl(liabilities) 11,937 13,116,180 540,238 11,937 13,913 13,116,180 11,998,263 540,238 391,872 13,668,355 13,668,355 12,404,048 22 Related party transaGtions There were no disclosable relaled party Iransactlons during the year (2023 - non8). 23 Cash absorbed by operation8 2024 2023 Surplus for the year 1,264,307 688,585 Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investments Depreciatlon and impairment of tangibl8 fixed assets (473,338) (1,019,799) 1.976 (469,726) (557,966) 2,324 Mov•ments In worklng capital: De¢reasel(incr8asel in deblors (Decrease)lincrease in creditors 43,591 (2,624) {44,2561 2,304 Cagh ab8orbod by operatlons (185.887) (378,755) -23-
THE PRESBYTERIAN CHILDREN'S SOCIETY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 This page does not form part of the statutory financial statements which are the subie¢t of the independent auditor's report. 2024 2023 Revenue Income Subscriptions Dividends and Int8rest Charitable rental income Bank Interest Estate Of James Bell Francis Curley Charrtable Fund Pres. Fire Insurance Trust 389,340 465.000 511 8,338 19 13,265 351,201 465,Crf)O 4,726 19 12.221 876,473 834,133 Legaci•s and donatlon8 Legacies receivable Donations and gifts 283,642 1.851 187,932 3,502 265,493 191,434 Total Revenue Income 1,141,966 1,026.567 Revenue Expenditure Quarterly regular grants Interim grants Summertwinter Bonus Exceptional grants Staff costs Miscellaneous office expenses Office rent Prlnting and stationery Fundraising Audit fees Postage Telephone Insurance Investment management Depreciation and impairment Presbyterian family holiday Small groups grant scheme Currency loss Legal and professional 439,061 20,895 155,780 64,500 75,622 6,122 14,132 1,878 8,1C 2,452 3,581 2,856 1,596 65,716 1,976 12,900 5,588 4.027 10,870 450,426 16,985 153,170 58,857 88,585 5,482 12,740 2,269 11,199 2,520 3,633 2,997 1,561 60.445 2.324 10.775 4,918 1.283 4,799 Total Revenue Expenditure 897,458 894,968 Net incomingl(outgolng) resources for the year 244,508 130,599 -24-