**Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland** **ANNUAL REPORT and FINANCIAL STATEMENTS For the year ended 31 December 2022** ## **CONTENTS** |**CONTENTS**|| |---|---| ||_Pages_| |Foreword|2| |Annual General Meeting|3-8| |Information|9| |Financial Statements|10-31| 1 ## Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland Dear Friend, 2023 marks the Society’s 150[th] anniversary. This is a deeply significant and historic milestone in our history. The continued need for such a ministry of compassion (150 years on) is evident in the applications that we receive each year. We continue to help in cases of real need, making a positive difference to the lives of the children and young people of our Ministers and Missionaries. Thank you most sincerely to all those congregations and individuals who have supported the work of the Society during the past year. I commend the work of the Society to you for your continued prayerful and financial support. Yours sincerely _Mr Jason Nicholson_ ## Secretary/Treasurer Glengall Exchange, 3 Glengall Street, Belfast BT12 5AB: Telephone +44 (0)28 9032 3737 President: Mr H. M. Orr, K.C. Honorary Secretary/Treasurer: Rev S. P. Moore, B.Sc., BD., P.G.C.E. Secretary/Treasurer: Mr J. G. Nicholson, B.A. (Hons) **REGISTERED WITH THE CHARITY COMMISSION FOR NORTHERN IRELAND NIC101833** 2 ## ANNUAL GENERAL MEETING The Annual General Meeting of the Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland was held in The Boardroom, Assembly Buildings, Belfast on Tuesday 7[th] March 2023 at 12 noon. Arrangements for the meeting had been approved by the Board of Directors. Welcoming Directors and guests to the meeting, Mr Mark Orr, K.C., President of the Society, in his opening remarks, said: It gives me the greatest pleasure to welcome you all to this historic 150[th] Annual General Meeting of the Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland. I would now invite Rev Stephen Moore, Honorary Secretary and Treasurer of the Society, to present his Annual Report. > The Report of the Honorary Secretary and Treasurer of the Society , was presented as follows: The inaugural meeting of the Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland took place in May Street school room at 1.00pm on Monday 14[th] July 1873. Accordingly, we are marking the Society’s 150[th] anniversary this year, a truly historic moment. The need for such a ministry of compassion had long been felt but it was in 1872 that the General Assembly warmly approved the proposal of the Moderator for the formation of the Society. In February 1873 a statement was issued which included the following description of the background to and reasons for the initiative: “In the Presbyterian Church there are many devoted Ministers with large families and very limited means. Notwithstanding the utmost economy, they are unable to procure for their children such an education as will give them a fair chance in the battle of life, and not a few die without being able to make any provision for their family beyond the Widow’s Fund – sometimes not even that. When a Minister in such a position dies, one of two things must happen – either the widow and children are left to fight the unequal battle alone and drop out of the ranks of respectability; or the “inevitable” subscription list is opened, and according as the deceased Minister was known or popular, more or less provision is made for his family. In either case pain and humiliation are added to the cup of bereavement. The rate of mortality amongst the Ministers and Missionaries of our Church is about ten annually, and every year furnishes instances of their bereaved families being left scantily provided for, or almost wholly destitute. During the last few months one of our Home Missionaries was suddenly called away, leaving a widow and six young children, for whom no provision had been, or, in the circumstances, could have been made, and the widow and her children are now in an alms-house, and asking aid, to enable them to subsist there, from the Presbyterian Orphan Society. These facts being made known, a strong feeling exists throughout the Church that this state of matters _should_ and _must_ be remedied. A constitution has been drafted, a noble commencement has been made, and there is every prospect of a fund being formed, which will at once put an end to the necessity of begging for their widows and children – which will relieve the mind of many a good man of harassing anxiety and care – which will conserve the independence and respect the delicacy of the recipients – and 3 which, under the Divine blessing, will greatly further the cause of Christ in our midst, and prove an invaluable blessing to our beloved Church.” The draft constitution stated that the objects of the Society were to be: “To aid by grants from its funds the Orphans of Ministers and Missionaries of the Presbyterian Church, assist in prosecuting their education or business training, and thereby fitting them to earn an honourable independence in life.” The Biblical text associated with the Society’s first report was taken from Galatians 6v2: “Bear ye one another’s burdens and so fulfil the law of Christ.” The law of Christ is to love your neighbour as yourself and this is to include a sacrificial and costly practical bearing of one another’s burdens. In his commentary on Galatians, John Stott asserts: “To be a burden-bearer is a great ministry. It is something that every Christian should and can do. It is a natural consequence of walking by the Spirit. It fulfils the law of Christ. ‘Therefore’, wrote Martin Luther, ‘Christians must have strong shoulders and mighty bones’ – sturdy enough, that is, to carry heavy burdens”. In the course of 2022, the Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland supported nine orphans in five families. A total of £22,63 1 in grants was made to these families during the year. Assistance is provided to such children, if required, up to the age of twenty-five. Following the assignment of appropriate funds to the orphan children, the available balance is used to help with the educational and other expenses of ministerial, missionaries’ and deaconesses’ families where there are exceptional needs and where income is limited. In 2022, a total of £17,325 was given in grants to eleven ministerial families, seven missionary families and one deaconess family, comprising the following total numbers of children respectively: twenty-nine, twelve and one. Last year we had an income of £65,821 which was made up as follows: dividends, interest, etc. £45,146, the Francis Curley Charitable Trust £11,258; and subscriptions from individuals and congregations totalling £9,417. A total of £39,957 was paid out in grants (across all categories), expenses were £10,688 and investment management fees were £5,892. There was a surplus of £9,28 5 at the end of the year. The net value of our assets as of 31[st] December 2022 was £1,135,380. It was pleasing to welcome three new Directors onto the Board: Rev Sam Castles (Lisnabreen), Rev Barry McCroskery (McCracken Memorial) and Rev Lachlan Webster (Craigavon). We look forward to their contributions to the work of the Society in the coming years. The articles of our association require that one third of the Directors retire each year by rotation. This year Rev G Farquhar, Miss H Johnston, Mr J Hunter, and Rev L Keys are required to retire but are eligible for re-election. We are grateful to all four individuals for their willingness to continue serving on the Board. Mr Harry Minnion, one of our longstanding Directors, has indicated his intention to resign from the Board of the Society. We note his resignation with regret and thank him for his very helpful input to our work. The Board of Directors once again acknowledge their indebtedness to their counterparts in the Presbyterian Children’s Society for their willingness to facilitate the use of office facilities and the staff resources. 4 We are grateful for the service provided in recent years by Mrs Patricia Strain, Mrs Sharon Norris, and Mr Philip Campbell. We deeply appreciate the dedication of our Executive Secretary, Mr Jason Nicholson, and the invaluable assistance provided by three new members of staff, Ms Val Henry, Mrs Amy Boyd, and Mrs Angela Magill. The Directors look forward to the Society’s ministry of burden bearing compassion continuing for the next 150 years, as the Lord blesses us by His grace with “strong shoulders and mighty bones”! The Chairman, Mr Mark Orr, K.C., in moving the First Resolution, said: I should like to thank my fellow Directors for their diligent support throughout the year. In particular, I gratefully acknowledge the gifts and discernment of the Honorary Secretary, Rev Stephen Moore, who undertakes a significant of work on behalf of the Society whilst also managing a busy Belfast congregation. Finally, I also wish to thank the entire staff team for all their hard work throughout the year. I am also pleased to welcome the Moderator-Designate of the General Assembly, Rev Dr Sam Mawhinney. On behalf of myself and my fellow directors, I would like to offer you our warm wishes and congratulations on your election as Moderator. In seconding the First Resolution, Rev Dr Sam Mawhinney, said: Mr Chairman, thank you for your very kind words of welcome and for the opportunity to second this resolution. I also offer my thanks to my colleague Rev Stephen Moore, as Honorary Secretary and Treasurer, and to Mr Jason Nicholson and the staff team for their excellent work, diligence, and preparation for this meeting and throughout the year. This is a good work, and it shows in a practical way that we love one another. It is in keeping with the observation by Jesus “By this all people will know that you are my disciples if you have love for one another” (John 13:35). Jesus, therefore, gives encouragement that we should do the same. I note the context of the last two years of the Society: The Covid pandemic, war in Ukraine, and off course today, an ongoing cost-of-living crisis. The hardship in the lives of people is real and the Society guided by its principles, rooted in the scriptures, given in the name of Jesus, continues to tell a story of practical loving care, to those who need help. It is noteworthy that the Society celebrates its 150[th] anniversary this year. What a fantastic achievement that is. I believe it underscores that the Society’s founding principles are biblically grounded, that its purpose is in keeping with the will of God, and that its staff have throughout the years worked diligently and with integrity. Mr Chairman, I commend the work of the Society, and its staff, thanking God for it, and have the great pleasure in seconding the resolution before the meeting, That the report be adopted and printed with the Statement of Accounts: that this meeting expresses its gratitude to God for the success granted to the Society and commends it to the sympathy and support of the members of the Church. Following this, the Chairman, Mr Mark Orr, K.C., invited Dr Paul Gray _(former Secretary/Treasurer of the Society)_ to propose the Second Resolution. 5 In proposing the Second Resolution, Dr Paul Gray said: Mr Chairman, Directors, and Friends of the Society, In 1988, at 45 Howard Street, I attended as Executive Secretary the first of what was to be 31 years of Directors’ meetings of this Society. The late Rev Eric Borland, the Honorary Secretary and Treasurer, warmly welcomed me as I sat in the boardroom, with portraits of past dignitaries bearing down like the weight of history. The Boardroom was an office annex of frosted glass panels and mahogany. The office was dark, laden with mementos of past times, the remains of cello tape to help minimise bomb damage during ‘the troubles’ still visible on the windows. The purpose of this vignette, however, is not to paint a picture of quaint and strange surroundings, though 45 Howard Street was both, but rather to convey my sense of the pervasive presence of the premise’s past. There was a connection both real and at times poignant with those who had gone before. In such circumstances it might not be too difficult for any of us to stretch our imagination and enter the world of William Johnston, the founder of the Society’s work. In the later Victorian Ireland of Johnston there was no welfare, only the workhouse. There were no universal state pensions, only precariousness or indeed penury. There was no social security, only chronic insecurity for those on the very edge of subsistence. Johnston’s vision was a radical one already implemented and honed with the setting up of the Presbyterian Orphan Society to assist children in need throughout the wider church. He now used his considerable skills and reputation, and not least his year as Moderator, to extend this vision to the children of ministers and missionaries. If we fast forward to more recent times, from the workhouse to W i- F i if you like, once again it might not be too difficult to imagine how incomprehensible the modern world would be to Johnston from his vantage point in 1872. And yet, and this is the crucial point, the Society’s characteristics are still as clear today as they were in 1872. In the culture of today where for so many people the only person is me, the only time is now and the only thing that matters is money, the values of this Society - care, compassion, confidentiality, service, speak of a different way and link us to the philanthropy of past generations. I am proud to have been associated with this Society for over a fifth of its existence. Indeed, I remember celebrating the 125[th] year. Twenty-five years later, in this historic 150[th] year I know it will continue to do what I saw it doing at first hand. It will continue to conserve the best of the past, not because that was the way things were done, but rather because they were worth doing. It will continue to embrace change, not because it is fearful, but because it is unafraid, knowing it is rooted in what is unchanging. It will continue to compassionately respond to need, not because it possesses some forced sense of duty but because it is motivated by its Christian character from which flows the need to serve one another. 6 These things are the essence of this Society. I pay tribute to it, it’s supporters, staff and the men and women who served and serve as directors and whose wise counsel I sought and who provided it readily. I remember my attitude when an approach was made asking for help was trying to find the straightest route to the answer ‘yes’ regardless of the complexity of the circumstances. Ministers, missionaries, or deaconesses always knew that the Society would help if it could and this remains part of its DNA, both an attitude and call to action. In this 150[th] year in the inventory of history, the longevity of this Society will be judged a virtue, the Directors’ instincts will always be remembered as decent, and the unstinting help provided to children of ministers, missionaries and deaconesses seen as a model of service. Johnston would be justly proud to see what has been achieved in 150 years. I wish the Society God’s richest blessing in the future and have great pleasure in proposing the second resolution: “That the Directors retiring by rotation be reappointed with the addition of Rev. S.J. Castles, Rev. J.B. McCroskery and Rev. L.W. Webster and that Harbinson Mulholland be appointed auditors for the ensuing year.’’ Mr Chairman, I am very happy to propose and move the Second Resolution. The Chairman, Mr Mark Orr, K.C., welcomed Rev Dr Jim Campbell , who previously served as the Society’s Honorary Secretary, to second the Second Resolution: I am very pleased to have this opportunity to address the Society. I took over as Honorary Secretary from the Rev Eric Borland in 1992. He was very much a man with a caring heart who had a deep concern for our beneficiaries. When I took over, for 21 years I sought, very inadequately, to follow his example. One of the secrets of the continuing relevance of the Society is the way that it has been able to adapt to the changing needs of those who serve our Presbyterian Church. In the early days, the focus was on those manse families where the father had passed away – often in the early years of his ministry. As society evolved and the number of such deaths declined, the Society, while retaining that focus, was able to offer help to an increasing number of manse families where there was a particular need. This was often a child needing some specialist medical help or perhaps a child with great musical or educational potential where we enabled that child to develop their ability more fully. Also, in earlier times, we had a special concern for families in the Republic of Ireland where medical and educational facilities were often a problem at that time. Not long after being appointed Honorary Secretary I remember hearing about the sudden death of a young minister who had recently gone to his first charge, a congregation in a provincial town. A day or two after the funeral I went to visit the widow. As you would expect, she was distraught. Sitting alone in a big manse, and having lost her husband, she was already contemplating the loss of her home. She was from outside Ireland and had no relatives here. What was she to do? – Stay among good hearted folk whom she hardly knew or go back to her native land where her two young children hardly knew anyone? It was good to be able, not only to bring her money for her immediate needs, but to be able to assure her that whatever decision she made, and wherever she chose to live, we would support her children until they were 25 years of age; and, that if she had other specific needs, she could approach us at any time. 7 I was very pleased that with the decline in the number of orphans and indeed, with the increase in the Society’s income due to the wise decisions of those who looked after our finances, we were able not only to give larger grants to ministerial families in difficult situations but have been able to extend our help to licentiates and to deaconesses. In addition to my role as Honorary Secretary of the Society, I was appointed Convenor of the Overseas Board of the Presbyterian Church in Ireland. As a result of this post, I had the opportunity to visit missionaries in most of our overseas fields of service and I found that there many children facing very difficult situations. I visited a couple with two children in a remote location in one of those countries and stayed with them for two or three days. They had two girls about 6 and 8 years of age. They had very few toys or books. They were playing in the dust within a fenced compound. On the third day I was there, the mother, father, myself, and the two girls, set off in the family Land Rover to drive for 5 or 6 hours to take the girls to a boarding school where they would stay for the term. The girls were very quiet. We stopped at a nice restaurant beside a river for lunch. The parents bought chips and other treats for them but there wasn’t much eaten. Everyone was very subdued. Off we went and arrived at the school in the early afternoon. The father and I took the older girl and her luggage and helped her unpack. She had been before and knew the routine. The mother took the younger girl to settle her in and unpack her belongings. The father and I finished and came back to the land rover. We waited… We waited … We waited for ages… no sign of the mother. Eventually we went to the building where the junior dorms were. We looked into the bedroom and there was that young child crying her heart out clinging to her mother, pleading not to be left. It was breaking the poor mother’s heart. We got away eventually – the parents had to deliver me to another venue two or three hours drive away. The three of us travelled in silence. The hearts of all of us were broken. We were so upset we just could not even speak. It took me months to recover from that experience. Thinking of it still brings tears to my eyes over twenty years later. Those parents were making an unimaginable sacrifice to serve where our Church had sent them. But consider the cost being paid by that little child. You wonder what permanent damage was done. Who knows? For your encouragement let me add this – I met that young girl and her parents in Belfast a year or two ago – she now is a young woman in her twenties. She is a charming young lady who seems to be a well-balanced individual who exhibits no trace of resentment towards her parents or towards the Church. Nevertheless, I came away from that experience determined that I would encourage this Society to do all in its power to enrich the lives of the children of our overseas missionaries and I am thankful that we have been able to provide generous grants that _have_ enriched their lives and have shown that we are a Church that cares. For me it has been an honor and privilege to be involved in the work of this Society. I sincerely pray that its work will continue to prosper and that many families will continue to receive help. I am delighted that we have reached our 150[th] anniversary in such good heart, and I congratulate all those involved for their hard work and dedication. And one final thing I must not forget to say – it gives me great pleasure to second the resolution. Both resolutions were put to the meeting and adopted. The meeting closed with the Benediction. 8 ## INFORMATION 1. Objects of the Society - (The following is an extract from the Society's Memorandum and Articles of Association):- The Objects for which the Society is established are: - (a) To make grants from the funds of the Society for and towards the education, maintenance, and advancement in life of Orphans of Ministers and Missionaries and Deaconesses of the Presbyterian Church in Ireland. Such assistance shall, in each case, be given with due regard to the circumstances and needs of such orphans. Each case must be reconsidered at the annual period of distribution. Except in cases of students for the Ministry, no assistance shall be given to persons above 25 years of age. Preference shall be given to orphans who have lost both parents. - (b) To assist Ministers, Missionaries and Deaconesses in necessitous circumstances in the education, maintenance and advancement in life of their children, subject to the limit of age stated in paragraph (a) of this clause, provided that any funds are available after providing for orphans as aforesaid, as the Directors of the Society (hereinafter referred to as "the Directors") shall in their absolute discretion determine. 2. Applications for Grants - should be made not later than 1[st] April for Orphan cases, and 18[th] September for cases in which the father is alive. Application Forms may be obtained from the Secretary. 3. Education Grants - are made for one year only (1[st] October – 30[th] September) and renewals must be re-applied for as above. 4. Donations and Subscriptions - will be gratefully received by The Secretary/Treasurer, Glengall Exchange, 3 Glengall Street, Belfast BT12 5AB. 5. Gift Aided Donations - are an easy and trouble free way of giving to the Society. Simply by signing a gift aid form you can enable the Society to claim back some of the tax you are currently paying to the Inland Revenue. Tax laws in the United Kingdom make this possible at no extra cost to yourself but to the considerable benefit of the Society. Should you require any further advice regarding this matter, please contact: The Secretary/Treasurer at Glengall Exchange, 3 Glengall Street, Belfast BT12 5AB (Telephone: +44 (0)28 9032 3737). Email info@presbyterianchildrenssociety.org 6. Form of Bequest - is set out below: I bequeath to the Society called "The Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland" the sum of * ______ to be paid to the treasurer for the time being of the said Society, free of all deductions whatever, the receipt of the said treasurer to be discharge for the same. _* The sum to be written in full._ 9 ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2022 10 The Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland ## Annual report for the year ended 31 December 2022 ||Pages| |---|---| |Society directory|10
12| |Trustees’ report|11
13| |Statement of Trustees’ responsibilities|14
16| |Independent auditors’ report|15
17| |Statement of financial activities|17
21| |Statement of financial position|18
22| |Statement of Cash Flows|19
23| |Notes to the financial statements|20
24| |Detailed statement of financial activities|29
31| 11 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND LEGAL AND ADMINISTRATIVE INFORMATION Trustoos Rev GAJ Far9￿* DipTh BA MTh Mr M Hamptan Pl Mr J Hunter BA MBA CB Miss H Johr¢51on Bsc CIPO MA MrA McAdoo MT H Minion Rev S P Moote 8Sc BD PGCE Mi M Rea OBE Bsc thpEd Iwgned 08A)3r20221 MrHMOtrKC Rev L M Keys BTh Dipmin Rev Dr G W cb.nlon BSC IRCSII Msc DipStsI PhD Dipmin MDiv S J Casues Bsc BD lappoinled 04110r20221 Rev L W Web51ef lappoinled 0411012022} Rev B J Mccroskery 85¢ BD MPbil lappoinled 04110rd0221 Mis P McCulla9h Bsc MSG Mr5A Slewarf MEd CerfEd DASE LTCL Honorary Secretary and TreasuTer Rev S P Maore BSC BD PGCE Secretary and Treasurer Mr J G NthotsM BA IHoTrsl Charity nurnber NIC101833 Cornpany nurnber RÈgrstÈrpd office GleNJall Exchange 3 Glery￿1 Slreet Belfasi BT12 SA8 Auditor Ha￿l￿son Mul￿n￿ Cenlreptsinl 24 OrmeauAverwe Belfast BT2 6HS Banker5 D8n5ke Bank Donegall SquaieKtsl eelfa 8T18JS Soltcstors Carson Mctknwell LLP Murray House Murray Slreel Bellast BT1 60N 12 ## **THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ The Trustees (who are also directors) present their report and the audited financial statements for the year ended 31 December 2022. The financial statemenls comply with the Charities Act (Northern Ireland) 2008, the Companies Act 2006 and Accounting and Reporting 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}. The charity is governed according to the company's memorandum and articles. ## **Results** The net outgoing movement in funds for the year amounted to £146,036 (net incoming movement in funds 2021 - £90,969). Total income showed a 16.9% increase on the previous year (2022: £65,821, 2021: £56,263). Investment management expenses increased by 2.5% (2022: £5,892, 2021: £5,746), management and governance expenses decreased by 8.0% (2022: £10,688, 2021: £11,622) and charitable expenditure decreased by 3.6% (2022: £39,957, 2021: £41,444). The following number of grants were issued: |The following number of grants were issued:||| |---|---|---| ||**2022**|**2021**| ||No.|**No.**| |Orphan Grants|5|5| |Education Grants|19|22| Following the 2022 year-end, and having been agreed by the Board of Directors, it should be noted that no income will be taken from Investments during 2023. Grant-making activities will be funded from reserves, making use of cash balances held by the Society at Danske Bank. Principal activities, review of the business & future developments The principal activities of the Society are firstly; to aid by grants from the funds of the Society, orphans and children of Ministers, Missionaries and Deaconesses of the Presbyterian Church In Ireland, and secondly; to assist Ministers, Missionaries and Deaconesses of the Presbyterian Church In Ireland in necessitous circumstances in the education of their children. The directors are encouraged by the level of subscriptions for the year and would hope that congregations will continue to prayerfully consider the needs of this work of the Church. During the year the objectives of the charity were to make orphan grant payments and education grants to children of Ministers, Missionaries and Deaconesses. The Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland is registered as a charity with the Charities Commission for Northern Ireland with registration number NIC101833. ## **Objectives** The 2023 objectives of The Society for the Orphans and Children of Ministers and Missionaries of the Presbyterian Church in Ireland are as follows: -To continue to pay orphan grants to children -To continue to provide education grants These will be dependent upon the applications received and will be paid in line with the criteria as stipulated by the Society. 13 ## **THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ A budget income and expenditure account including the above objectives is prepared at the start of each financial year and the 2022 objectives were met. ## **Organisation** A board of directors of 15 members has overall responsibility for the charity. Meeting bi-annually, the board possess the authority to administer the charity and manage its day to day operations. However, daily management of the charity has been delegated to the Secretary/Treasurer who is directly responsible and accountable to the board. ## Grant making policy The charity invites applications for the funding of grants to individuals. These applications are then reviewed against specific criteria and objectives which are set by the directors, in accordance with the objectives of the charity. ## Investment policy The charity's fund managers are Sarasin & Partners LLP who are to pursue a policy of maximising income whilst maintaining some capital growth. This policy is performed in accordance with the Society's ethical guidelines which prohibit investment in companies with significant interests in alcohol, tobacco, gambling, arms manufacturing and exploitative child labour. ## **Reserves** policy It is the policy of the charity to maintain unrestricted funds, which are free of reserves of the charity, at a level which equates to approximately one year's unrestricted expenditure. This provides sufficient funds to cover management and administration costs and respond to emergency applications for grants which arise from time to time. ## **Risk management** The directors have examined and assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Society and are satisfied that adequate systems are in place so that the necessary steps can be taken to lessen those risks. ## **Grants to children** During the year the Society has made contributions of £39,956 (2021: £41,444) to individuals in need. ## **Going concern** The directors believe that there are no material uncertainties that cast significant doubt about the charity's ability to continue as a going concern and the financial statements have been prepared on this basis. ## **Directors** The directors who served the Society during the year are listed as part of our Legal and Administrative information. The directors are appointed in accordance with the company's memorandum and articles. 14 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORTI {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 StTrtegl¢ rnport The diredors have wepaied a stralegic rep￿ as th• cmipany 15 efflthd 10 the Spe￿ •FOcable 10 pan￿5 subie¢i to Ihe im21 C￿leS wegAne WI￿ P•n IS oflhe 2UA. tXsclosurE of InloTh•iion to th• •udi1015 So far as eath petson is a dyedor ai Ihe of appmw¥ Ihii ffewl is •w8re. Ihvè IB ￿ r•l•v*il audit w)foTmalion, being InfrKmal￿ needed by the audiior m ttffjne¢twi vnlh ptepanng this report. of which the audrtor is unaydre. Hawng made enwiries of fell￿ thredors and Ihe coffwany's 8￿J110T. eath direclor has laken all the slep5 Ihai helshe 1s obliged 10 lake as a direclor in tyder to rnake himsdfthÈrseJf awa￿ ol any relevanl Bud infomalion and 10 e518bk.sh Ihat the auditor 15 awart olthal inforwknon. Auditors Mettil¥J. Small company eAtmptloM small compan*s feg¥n•wilhn part 15 01 Ihe c￿￿SA￿ 2Cth. 8yorder ol Ihe Boaid MrJ G NKholson Set4el8ry Dated.. 7ts73 15 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR fHE YEAR ENDED 31 DECEMBER 2022 The Truslee5, who are also Ihe direclors ofThe Souety for the Oiphans and Chldren of Ministers and Missionarie5 of the PresbYter￿ry Church in Ireland for the purpose ol company law. are respon￿ble for prepanny the Truslee$' Report and Ihe ffftancial siaiemenls in ￿l￿anCe ￿th applIcab￿laW and regulalion. Company law rpquires the Trustees lo prepare finanryal 51atemen15 for eath f5nantial year. Vnder Ihal 13w Ihe Trustees have prepared the financial slalerr*ftis in ar￿rdance United Kingdotn Acwunling stsndards. compDSln9 FRS 102 "The Finanaal Reporting Slandard applicaNe in the UK and Republic of Ireland". and applicable law Iuniled Kin9dom GeneTally Accepled Atcounlin9 Praciicel. Under company law the Trustee5 Inust not approve Ihe financial statements unless Ihey are satisfied that Ihey gwe a true and fair Mew of the $181e of Ihe affairs of the chaniable company ano ol Ihe Incoming resourtes and applitaknn of iesouices, in￿udin9 Ihe income and exppnditure. of thE tha￿￿ble company for Ihal period. In preparing Ihese finano?I slalemÈnlS. Ihe Trustees are required lo.. seled suilable accounting PDlicies and then appty them consis¢eNty.' obsetve the methods and prnw*s in the siatetneni of Recommended Practice.. Accwnling and Reporfing by Charities 120151.. make judgment5 and e51itnaies Ihal a￿ reasonable and p￿￿ent." and prepare Ihe financial slalemenls iy) the going 0)nwn basi4 ude5s il 15 inapyopriale to presume that the chari13blÈ company continue in busines5. The Tru51ees are responsible lor Xeek¥ryJ adequale accouThling rÈuJrd$ thai are sufficaent lo show and explain Ihe thaniable Company's transaclions and (Si5dose Mth rea50TraLle a¢trJracry al any lime the financial position ol Ihe charitable cornpany and enable Ihem 10 ensure that the finanual slalemen15 cIHnpty wth the Companies Act 2006 and Charit4es Act INorthern Ireland) 2(M)8. They are also reswJnsiLle safeguarding the assets of the charitable cornpany and hence for taking rÈasonatAe steps foi the prevenliw and detection of fraud and other irre9ulanlies. In certain circuThslance$ dienls may choose to indude an 3d(libonal 5kkn*ni hwe which is Te4uired lo be m3dÈ ilhin Ihe diFector5' repDrt as a resull oISedion 418 of Ihe ¢ompaniesAc12(I)S. In accordance with Section 418. dirtttors. reports shall irKlude a sMÈmenL in Ihe case of each director in officp al the date Ihe direct￿$. reporf is approv8d. that. 18150 tsr a5 the I￿stee is ￿re. there is rn rewdnt *Kht In&)m￿t￿n of vthich the c(xnpany's audrtors are unaware.. and Ibl he ha5 tsken all the steps Ihal he oughl to have iakÈn as a Ir¥Jslee in order lo make himself awaie of any relevant audit infomialion arKI lo eslablish that the companW5 auditors are aware of that infomiation. Rev S P Moore Bsc BD PGCE Ttuslee Dated". 16 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SOCIETY FOR THE ORPHANSAND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRES8￿ERlAN CHURCH IN IREL4ND Opinlort Vve have authled IhÈ finana31 stater1*￿$ of Tho SooÈty ic¥ Ihe Ckphans and Chfidren of Ministers •nd Missionaiies of Ihe Presbyterian Clwjrth in IrekTrY (the 'tha￿l for the ye¥ ￿ded 31 December 2022 Gompn5e Ihe sialemenl ol finanaal aClivit*S. Iha sialemenl of [￿ar￿jaI posilkin. Ihe ¥lalemenl of &2sh flows 8nd nott$ lo the fin8nci81 siaioments. induding $ignifi¢anl Acco￿ling polae5. Thè financ4￿ report￿9 fr¥mework th81 h35 been applied in their preparabDn is ap￿￿¥ble l* ¥rtd United Kin9dom Accounlng Sland¥rds. incivding Fwonual Reporfirv4 Siandard 102 Th& Finawal S18ndartl appkcable tn Ihe UK and Rewblic of Imtsnd In ouropwith. the fmanual Slatem￿lS". I￿rnIng resources and apr*alK)n of rÈstyxtss. for the year then eThJe¢l. have been properly prep￿ ￿ accotdwce wth United K[D9d￿ Generaly A¢c¢pted ￿ar￿a. and ha¥e been prepared in acCrthr￿e wrfh the reqW￿enis olthe Gr￿l￿E¥Act 2c￿. Ba$ls for oplnlo We conducted our audsl in aca)rdw *ryth Intematwl Sland3rd5 on A￿J111￿j IUKI IISAS IUKII and applicable L*v. Our rewwblrties under those starKlarls a￿ lurther des￿￿ed in IhB Awfvrots ￿$￿)￿sibIlit￿$ lorlhe 8uthl of Ihe t5nant￿l $181èmenls Sela￿ ol iepc*i. ¥¢ thidepen(Fenl of Ib8 charty in ¥C￿rdanCe IhÈ eihital reqwremènis th* are relpvani 10 •Jthl of the st*em*)1s in UK. AicludiroJ Ihe FRC'S Eth￿ stsndard, an(1 we ha￿ flthled oui othèr el￿ res￿1)$￿1￿?5 M 3¢x￿dIrt¢e ￿1h Ihese reqLurement5. IA* b¢l¢v¢ Ihai •Jdrt e¥thrbce we have Ob￿ned & suffthni aThl lo wovAle 8 otMfuwL mate￿*1 un¢•rtalnty ￿latfrd to going concèrn In IoTming our opinion on Ihe financlal 51alerneAlS. is I￿1 mr4W. w¢ ha￿ consdered the of Ihe disclosure m8de in note 1.2 to Ihe finanoal slalemenls concemin9 the charity's abilty lo continue as a goinp conctFn. Tho ch4nly has been subj'ed lo 8 Sl¥lul0ry IN4uiry by Charity Commission lor Norihem lieland. These conditions. along wilh the other rnallers explained in nole 1.2 10 the f￿ancIal $i#iÈmÈnis. Indicale the exisience of a material uncertainly whKh May ra5t sigfiiftani 4Yovbt aboul the thanty's ablity lo continue a$ 8 going concern. Tho statsmenis I1* Iha¢ wwkl Itsum il lh• Ghatily vI￿e unable to conlinue js a CovKIL¥lon¥ rel*iiiig to gDirt9 ¢WK•rn loyou wher•" The Tiuslee$' use of Ihe gomg bass uf the Yepara¢h￿ ol Ihe st*menis 1$ )t apptowiaie". er T*e TIu51ees have noi disdosed in iThe finanual slalernenis any identif￿d maierial uncertainties Ihal may ￿51 sKJnificanl doubl aboul Ihe tharily s ablily lo a)niinue 10 adopt the going concern basis ol acrnuniin9 for 8 period olai least twefve monlhs fvfjm the dale the fjnarKial si•iements ale aulhonsed lor isw•. 17 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYfERIAN CHURCH IN IRELAND Othèr ififomi*tso The olhel Info￿alK￿ coriiwis&s the infomiat4)rt th¢ Tntslee5' Report. other Ihan the f￿an￿31 slalemenls and our auditor's ieport thereon. The diredrys are r•spM$￿￿ for Ihe other kifoffmats)rt. opinion on Ihe Iinan&3151aiemenis (knes ¢0s*r Ihe Olher informalicffj and. eycepl 10 Ihe extent othe￿is8 expliulty slated in OUT repon, we do not express any lomi olas$urar￿ condu510n Iheieon. Im ¢onnethon awjit ol the slaterrETrts. our r¢sp￿)$*￿ty is lo read Ihe olher ￿￿OrMatIon and. dr*ng 50. con5Kler the Other thfLmaim￿ 15 ffla1e￿ YK¢nsi51wt wjlh Ihe fwcial slalemeThls or our kntrwle* obtsAied m Ihe audrt CY olheTh￿se appears to b• m•ko* Nmsstaled. If Vie ￿entIty suth rnaierial IrKryISi51enaes or app￿e￿I maien4 Misslaiwf￿t$. we are reqwed to delettnine whether Ihwe 1$ a maleri mkss¢atemenl fft the finanual slaterr*ntS ￿ 3 m3tuial rThssiaiemeni of Ihe Olher hiftyrnati￿ 11. based on Ihe wo rewt Ihal lacL ha¥• nolhing 10 report in Ihis r8gwd. Matters which wè •¥• i•qulmd to tgport by exception In Ihe Ighl ol the th￿VIe￿￿e undwsiaTrJing ol Ihe Charil•ble ¢onwatry and it5 en¥ironmnl obtained ￿ the urse Ollhp audit. we have Th)1 ￿ntified mal¥ia rni5swments In Ihe Stralegic Rep(xt and the D¢rectNs' Report. rvJttwJ 10 repNt in iest*d mallern m ￿lIt￿)n lo Charitses (AcC￿nIS ar¥1 Repthtsi Rewa￿$ 21N)8 iequn lo rewi rf. n wr op¥Ih￿." Iram txar**es Th)1 Visited by us.. the TinancJ315talemenlS *e not ￿ aswewnent Ihe accountsNJ retths and retm.. r* the finantral sialemenls are not in agreerr*ni Ihe ¥ccountiThJ relurris". we have not receivgd am IhÈ inlormalion expL*lai￿n8 we iequr for audA. R•¥ponsibilities of Trust••s As explained rnoie ru￿ in Ihe slatemenl of Tntslees. Tr5pon511 )Jlitie$. Ihe Trvslees. who are also Ihe directors of the th•rity for Ihe putptsse ol company law. ¥e resw)n*ble the PTeparatK)n of the finanu* siaiemenls and for bÈin9 5atssfied that they a Inje and faw ViV4V. aThY for thiem81 c(ntsc4 as the Ttustse$ delormine is necessary to •rtab￿ Ihe wepaJatK)n ol financla stalermts xe free fr(ffj mtsstalewtnl. 7*helher due to fraud L a gtyng Ix)ncern. disdoswHJ. as apphcable. rnaners rdakd 10 gouw ¢4￿￿e￿ the gom9 ¢¢￿effl ba515 of accountsrwj unless the Tru5tee5 wlher ￿lieftd lo hquhdaie the charrtatye (￿TrpanY u lo (eas• operaiKffls. ￿ ha¥t no realistsc attem31ive bul 10 ¢Jo 50. Audito¢s responiibilltl•8 lor ¢ho audit of the Ilnancbal *t*t•m•r Our objeLltYes ore lo oblain reasonable assu￿ abwt whether the finanaal 518lemenls as a whole are free from maienal ryus5tstsmenl. whelhBr due 10 fraL¥J ry wrw. and to issuE an aLKtrfof5 rewt thal mdudps oui OPiniDn. ReasonaNe asswarKe 15 a ltyh ￿ 013S5Ur￿ trtjt t5 rbol a guarantee thai an audrt coNJU￿e￿ in acu)Tdance h ISAS IVKI wil ¢Jetecl a maler44 JTh551aiemnl it Èxtsis. M15s¢aiemenls can a[￿& ftorn or 18 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF THE SOCIETY FOR THE ORPHAN5 AND CHILOREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND A fvrthw desuviw of ow le$w￿5￿d*S ￿ ¥v•1abfe FinwKi•l RepNb'ThJ c￿￿￿.1 %Y¢b5ite ai". hllPS".11 fraud and noTrttffjF4ance *ith aThJ le9￿al￿5. was as lotrm.. . the en9agemenl partw ensurtd Ihal th8 eryJagemenl team h3d •Ppf4Jw￿ t(¥Mpelenco. pabiblies and 5*111s lo i¢Jenlify or re¢oyn15e rvJn-(x)mk*ance Mlh aPP￿¢3￿e laws 8n¢J re9ulalKJns." we Idenlified Ihe law5 and regutslth$ apphcabk ID Ihe wmpany Ihrough discussioths with dife¢lors andlor 5enKM m*n•B¢ment. and from our k￿￿e and experience of the 5eGlor.' fr￿sed on 5peciffic 13¥¥S and Ive con5#Jered may have a dwe0* eltecl w Ihe nw3t Statements ￿ the ap￿31￿￿$ of the c4ynparry. Crry3fMes Acl 2C(IS. ￿x8￿)rI legisla￿￿. dat¥ we assessed IhÈ Èxbil ol r£fftphance v•th the *)d re9￿81th$ Ihrwyh ma enquiries of rnanagement and iTh5peLling legal correspondence. and ideniified laws and regula11005 weip ¢ommunicaied vnthin th8 audil lewn re9ularfy the team remained alert lo Instances ol ￿n-¢r￿ph"¥￿c• Ihrough(xrt Ihe audit. a5ses5ed Ihe suscepltibty of the Slat•m￿ to male￿1 NsSi*temert irKI￿lIng oblaliw undv5tandMvJ ol fraud ocu¥. ty. kn(Mled9È ol artual. suspeded aTrJ ¥IW ftsLHI. and . CQn5idering Ihe iniemal conurts in place kn miWJale ris*s ol aThJ tmih * regulation$. To *JJre5s the lisk ol Iraud Ihrothah managenwtt bias and ovewth ofojnirds. we.. . lesled Journal enlr*s 10 xlenbfy 1r•is¥ts￿$. Note 2 ¥￿ie of Potenb￿ knas. athd b)¥e51vJaled Lhe ralw)n8le behind swN[￿nI or tsrwsual Iran$x￿S.' In iesponse lo the nsx of irre9ulaiilies and rLofHwlk8nce wilh Lyrts and regulatsOn$, we d8signed wocedures which induded. bul wwe Mt limited to.. . ¢wirn9 01 managemeN as toadual wlenti31 dawths.. wd There are inherent lirniiations wocedures desr¥thd above. The rrwe reftTh)ved thai l**s and regulations ale frem financial Iransxliw5. the ￿ likety Il Is Ihal we vAxJki become aware of non-comp11￿¢e. Auditing 51andaid5 also limit the audit wocedures iequired lo ￿entIty non-compliance Wlh laws and regulations io Ènqury ol Ihe d*•ttors and o1herm*￿9èm8nt and w)speclion ol reyul*W and legal eor¥espNKlen¢e. if •ny. Ma￿131 rrosslatements thal aiise to tr*¥J ￿ be to del¥1 lts)se that Irom erru a¥ Ihey may This re￿ ty made sdety io the rJWl*le Meffl￿￿. as a b(*ty. fft ac£rydance wilh Chapt8r 3 01 Part 16 01 the Companies Ad 2(Kk8. Our au¢Jit work has been uThJertaken 50 thal we mvjht slate lo Ihe parent tharilablp company's mcfflbtrrs Ihose m311eis we are required lo slalÈ 10 them in an a￿litorS repryt and fol no olhEr wrpose. To lullèsl exlenl pertrtrtieo by law. wt do nol accepl ty ossume respDrt&bility lo anyong other than ihtr ¢ompAny and the ¢harilable eompany'5 fflembe￿ as a for w *dil wth. fw Ihis repJrt. or loi the Dpinion$ we have 19 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SOCIEfY FOR THE ORPHANS AND CHILDREN OF MINISTERSAND MISSIONARIES OF THE PRESB￿ERIAN CHURCH IN IRELANO .11104120il Angel* Crniyn (Senior StsbJlwy ¢hartfrred Accountants StItu￿ry Auditor CentreP￿￿t 24 OmMwA7Mue 8￿13$1 8T2 8HS Al￿1r￿ Mulhc418fvJ i5 thJii* •s*tholts clwty trrf ￿ rA its*"bthty k •ppoinkn*nl as au¢kn of • ¢4nyny U￿er ofsth 1212 Of￿ C(wrwNisAci 2(￿. 20 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEAIBER 2022 Unrgstrfcknd EndDwment nds Totsl UnvtStriCt*d EndowThnl funds lunds 2011 Totsl 2022 2022 2022 2021 2021 Notes Income and endDwments from.. Donèiions aDd legaoes Chaiilable adMI￿S Inveslrren15 Olher irw 11.25B 9.417 11.258 9.417 45.Ot¥J 10.327 3.419 42.5 10.327 3.419 42,51X) 17 17 Totsl I￿omE 263 Ex Raising 5.892 5.892 5.746 5.746 ChariiaNe actiwlie5 9).619 25 1.644 53,041 25 S3,￿6 Tol•l exwndfjturn 56.511 25 58.787 25 58.812 in¥esimerts 12 (1S5.3261 1155.321) 93.513 93.518 Not movernellt In Ivnds 1146.0161 (20) {146.0361 9).959 Fund balances 311 2022 1.279.705 1.281.416 1.188.716 1.731 1.190,447 F￿rf balances •t 31 O•cember 2022 1.133.689 1.735￿0 1279.705 .711 1.281.416 All Income an¢J expefidflure derNe Irom cont*MJmB th•I*¥. 21 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL POSITION AS AT31 DECEMBER 2022 2022 2021 Nole5 FSx•d asaets Inveslments 13 1.048.021 1.2Q8.637 Debtor5 Cash 01 bonk and in hand 14 25 S¥J.435 2C 75.658 75,858 Creditorn.. amourbt8 falllng due within on• yoar 15 13.1011 13.0791 Nel currenl a55ets 87.359 72.779 Total asS¢ts less ¢urrentllabifit*s 1.135.380 1.281.416 C•piial funds Endthvmenl fund5. Unrest￿le￿ fvryjs 1.133.689 1.279.705 1.135.380 1.281.416 20(￿. lor Ihe year eThJed 31 [leCern￿ 2022. has teen wl under sect•Jn 65 of the c1w￿A¢1 {Nll 2￿￿. These finan¢481 slaternents ha* been prepw•d ac¢(rfrt￿ th• w*able lo c£fflparAes subject lo tre small compantes rwme. The finanual statem￿lS were apwo¥ed by Ihe Tnths M....... Rev P Moore Bsc BD PGCE TTU8tse MrHMl>rKC TTh¥t•• Company reyistratfjoTh n¥mb•r RODOO880 22 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Cash ftOV+5 from operatin9 O¢tlvltles Cash absorbed by operations 18 135.5181 144.4771 Investlng actlvltles Purchase of investrnents Proceed5 from disFx)sal of investrnw￿s Investment incorne received 16261 11,453 39.468 It.145.5531 1.132.926 33.130 Net ¢ash generated trom Investlng actNitl¢$ 50.295 20.483 Net cash used In financlng actlvtttes Net in¢reaseUdecrea5el in cash and cash equiv•l¢nls 14,777 (23.9941 Cash cash equivalents at beg¢Ming olyear 75.658 99.652 Cash and cash equivalents atend ofyear 90.435 75.658 23 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Aceountlng policie$ Ch•rity Inlornplion r6 a prNale company lunrted by gu**rtee iKYXFO)Taled in Ncrfthem iegstered Offi￿ 15 GW Exchange. 3 Gkngal &reeL BeifasL Co.An1r1￿ BT12 W. 1.1 A¢countiny GonventiOII The finanaal staiemenls have bvn prepared in ¥Lg4*d8nc• Ihe charitvs rneMar*Jum & ¥rtid8s. the Companies Act 20(￿ "AccO￿ling aThJ Reportirrtj by charli￿S. Slalernenl of Recomrnended pr￿11 applicable lo charibes preparing their a(xx)unts in accordance ￿th Ihp Finanaal Reporting standard applicab￿ In the UK and Repubhc ol Ireland {FRS 1021" la$ amended loi accounling periods eommenung from 1 Jafiuary 20181. The chanty is ¥ Pubk Benefrt Enlty as defined by FRS 102. The TinanTr￿ staie¢))enls teen wepared the cost n￿r￿d to mr4￿le the Valual￿ft of Ireehold proport*s and lo propw￿￿ arvj L*rtan fmanual al fa 1.2 Going ¢oneern The directors have assessed that The ￿￿ety for the arKI Chiklren ol M￿lSIerS and Missionarie5 of the Presbyterian Church ￿ lie1￿￿ has adequ31e reswces lo meet the or¥J(xng tOs1s ol Ihe entity for Ihe mhlimum of 12 months from Ihe daie of Ihe fin￿￿al st8lement5. For Ihis ieason. Ihe financial objeclwe5. RestrK2ed l￿d$ are subj'ect 10 c0Th5t*￿ by d￿1￿ as fo hty¥ Itw mty be u5•d. Th• purposes and Iises of the resiiicied fund5 are Sel the ootes to the finantial siatemenls. EndrA¥menl we subjed to SPEtsk ¢(ffid*ons by donors thal Ihe Capit￿ musl bo fflainiained by Ihe chanty. 1A Income Cash donations we recogn￿1 on vecwpt. (Yher dona1k￿$ are reuJgnised once the chanty ha$ been notified ol lh¢ th?ThalK￿. unles$ perforniance condihons iequirt defeNal of the •)wl. Inc4Jme lax re￿erable in rdatson io donaiion$ ieceNed wder GiftAvJ N deed¥ olryven*l rerngrysed al lh• li￿ ol the donat￿￿. Legacies are recog￿Se￿ on recei￿ c¢ olherwise il (*aDly ha5 been notified ol an impend￿9 dislribulion. the ￿Unt is kno*n. and reL•I is expeL*ed. 11 Ihe amoLN41 is not kn￿￿. the l•gacy is Irealed a5 a 24 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2022 ¢ountlng polkl•* 1.5 Expendilur¥ Expenditure is reMgnised once Ihere is a le9al N cmstruth to Iransler ecornm￿ benefft 10 8 third party, Il is probable Ihal a tran5fei ol benefits be reryx¢d in UIllem￿l, and the arn￿￿1 of the ¢blyaiion can be measured Felrabty. EXPefv￿e is by acti%ity. The tts￿￿ of eath acknty are m•dÈ w) of the lotJ of dired ¢•$16 and shared costs. Ir￿￿￿n9 suNK>n fA)sls in ￿jertak￿Y eath actNJty. Direct C0515 a1tribu1ab￿ lo a singl admly ¥1• 8lo¢•ted io Ihal aclNty. ￿$1$ whK* contsibjie lo more Ihan one actiwly and swpon costs We Th)1 attr*Ij￿ 10 a actmty afe bÈtsvÈen actMkne5 on a cMsis*ni Ihe ￿ of reswices. Centr4 510ff L¥J#S are lh¢ basis ol time ynl. 1.6 Fixed 4¥¥et investments Fixed assei In￿stmentS are init• ￿￿*￿d at exL*dry tran$adh￿ r4)$18, and ar• subsequenlty ￿e8￿re￿ at faw valu• 81 eac* rep￿1￿￿ date. Changes in faK valLt are recL¥f45ed in n in¢omell¢xpendilurel for the year. Transath(* ¢o$is are expen5e(13s in¢ufred. 1.7 Cash and equivalents Cash and tash equNdenis IncaKJe (a¥h ￿ h￿K1. de￿￿￿$ hekl al ¢al Mlh banks. other 5hort.iemi liqtsKI m¥eS￿en1$ orwinaj maiuirf*s ol Ilwe• r￿75 or less. and bank o¥L¥(knft5. Bank owdraft5 are shtr4m 1.8 FInanC￿l Instnmpnts The ¢haniy has elected lo appty ol SEthon 11 '8BsK knStrU￿Trts' and se(4￿ 12 'other Financial Inslruments Issues. of FRS 102 10 aa ol rts f￿￿￿181 ￿$trU$￿er￿. Fin?nry31 inslftjmefils are recognised in the ch*iVs balarK* 5heel vjhen Ihe c*arty ber4)me8 parfy 10 the conlrbciual prowsK)ns of the msirnment. Fmanual 355ets and %￿b￿rtieS ale r4Wsei. the net wnoLmls Ihe [￿aDrial sialements. wh9Tr there is a legally enfry¢e3b￿ Thghl to sel olf the reco9r¥5ed affluuffls and IhEre 15 an ￿rterikn to seiii8 (47 a nel bays or 10 reahse the asset seiie Ihe l• SIMUttane￿. Bask finartlalassets Bas￿ finana￿ as5elS. irt*A• detrtW5 arwl cash aThJ l)•* balwKe5. ate measured at liansathion price Ind￿J￿}9 lrnrwci*l to$1s￿l are sthsewty ￿nied al amr*bsed cosl ugng thè èffedw8 Inleresl method unle$5 the arrangement ton*itules 3 fin2nory IransattKm. wbefe the transadh)n 1$ mtrasured al Ihe presenl value ol Ihe fvlure i¢cew)ts thscwnlod al a m•thet rate of inleresl. Finantial asse¢$ dassifjed as recewable within one year are nol an)￿lised. Basic ￿nancIall13b1Iities 835ic fY)artial liab￿rt￿s. indL4*Thu ueditus wd k)ws are Mlihilly recowi5ed 81 tr8ns*ion p￿¢• ur*ss arrangement t￿stilUteS a finarw tr•tsaclK>n. whwe the de￿ W)￿rUment ts ffleasured al lh8 present valup of fulLwe paYll￿ a markei rnte of wJtwesL F￿an￿1 ILHblil*S das5rf*d as payable TTade twedrtors are 0￿19a￿S th pty for 9(￿5 ow that been wffed In the ¢y¥w￿ry etsJrse or opeialions fmm suppl'ers. Am¢MlS payabk are dassiw as (wNenl labikn rf paymeni is due wlhin 4)ne yo8r oi les$. 11 not. Ihey are presenied a$ TrDr￿￿Nenl ￿abIthe$. Tiade crethlors ￿e recognised INli8ly al Ir•niDclior) pr4ce and Subseouvnlty mèaswed ai amortised co81 Ihe effedivè ￿t￿e$l method. 25 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢ounting poli¢18$ Icontlnuedl Dw¢eagnition of financthl ltsbllitie$ Finan￿ Irab￿rt￿s are derecogrlsed the (•Dtra￿ exwe or aro i*sctspd In ihe application ol Ihe chaW'5 Kcwbn9 PLkn. the Truslees are required 10 make judgements. esiimales and assumptKns aboul the C8￿mg amount of assets and IiaMlie5 Ihal are nol readity apparent from other 50uices. The e51imaies and assotyaled a5sumplion> are based on hislon¢al experience and Dlher faC￿lS Ihal are considered lo bo reiwanLALaual resulls may diffei from these eslimales. The e51imales and Und￿ThJ *e revie￿{1 w an on9L¥ny ba*s. Rewskns 10 8ccDunting e5bmale5 are reco9nised irt the penod in Ihe esiim*e ts rewsed vthere the rwsion affeus only ihal penod. u in Ihe per￿d ol the rewwon * fuiure penr*J5 It￿ revi￿tr1 affeds both curTenl and fulure Dothations and k9aCb 2022 2021 Frnncls Cvrfey Charblabll Fuhd 11,258 10.327 ChèritsblE aclivrti•* ?Q22 2021 CongregalK)nal subscnplio Per5on21 subsuiptKffis 4.037 5.380 2.809 610 9.417 3.419 2022 2021 45.C 42.500 26 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Other incum• Unrestricted Unrestsicted funds funds 2022 17 2022 2021 Inve51menl m•MgemeN tos 5.8W2 5.746 5.892 5.746 27 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Charitable actl¥Stles 2022 2021 22.631 17.325 24.194 15.750 Edu¢gli(w) giarts Ex¢epliMal 9rants K4ana9emenl serMces General expenses Prinling ènd sialionery 8.429 1.548 145 49.oy 51.566 Analys15 by lund Unie511icled funds 50.619 25 53.041 25 Support 2022 2020 Its Audit lees 1,550 1,550 1.500 10 Tw5t••s 28 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 11 Efflployee5 No persons are eM￿Oyed by Ihe Society. Manayement ser¥ic8s are prwtled by Ihe Presbyterian Children'5 SOc￿ty fLYwhith a charge 1$ made. 12 Net gain5100ss0$1 on Investsmn Unrestricted End9￿￿￿t lund$ Totsl Total 2022 2022 2022 2021 1155.3261 1155.3211 93.518 Forthe yearended 31 l¥•e•mb•f 2021 93.513 93,518 13 Fixed asset lThvestm•nls Listed Invesknents Cost orY4lu•¥on At 1 January 2022 Adth￿n$ 1.208.637 626 (3.7441 (6781 1145.36n {11.4531 ReJised gans UNeJised gav15 SP05a At 31 tlec¢mbor 2022 1.048,021 Covrying •mout)t Al 31 2022 1.048.021 Al 31 Dec•mbw 2021 1.208.637 14 Debto 2022 2021 Amoun1$ 14Ning duèwithlrb one year. Tfade debtors 25 2LKS 29 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2022 15 Creditois: amounts fallin9 dut wilhm on• ￿•r 2022 2021 3.101 3.079 16 An•tysi8 01 Mt *s*tts fitnd* Unrestsicted Endo*Tnent fvnds 2022 Tol•l iknres¢rthd EndowTnenl lunds funds 2021 Total 2022 2022 2021 2021 Fund bal￿5 al 31 Oecert*r 2022 osenled tyy. 1.046.3 87.3S9 1.048.021 87.359 1.2C6.926 72.779 1.208.637 72.779 C￿ent asselMW*s) 1.133.669 1.691 1.115.380 1.279.705 1,281.416 17 Rel•t•d party tran5actiOIIS 11 C•sh gènef*ted Imm opern¢bMs Z022 2021 ID•W)Isuw fov the 1146.0 AdJ'u$imeni$ fcf. Inveslmenl income recoynised in Stalement of finalKi￿ act￿￿$ Fair value yains and losses on in¥e8tment5 145.1XX)) 155.321 142,5DJ 193.5181 t*i•ase in deblNS Inuease m Iyedito 175 275 297 ¢￿h *tsothd by opeTrtion• PS.5181 144.477) 30 ## THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND ## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 |Incoming Resources
Investment Income
Dividends and Interest
Bank Interest
Other Income
Francis Curley Charitable Fund
Subscriptions
Congregational
Personal
Total Operating Income
Resources Expended
Grants To Children
Orphan Grants
Education Grants
Exceptional Grants
Management, Administration and Governance Costs
Management Services
Investment Management Costs
Printing and Stationery
Audit Fee
General Expenses
Total Resources Expended
Net Incoming/(Outgoing) Resources
Net gains/(losses) on investments
Net Income/(Expenditure) for the Financial Year|£
£
2022
2021
45,000
42,500
146
17
11,258
10,327
4,037
2,809
5,380
610
65,821
56,263
22,632
24,194
17,325
15,750
-
1,500
8,604
8,429
5,892
5,746
-
145
1,550
1,500
534
1,548
56,537
58,812
9,284
(2,549)
(155,321)
93,518
(146,037)
90,969
1
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