Charity registration number NIC101833 Company reglstralion number R0000680 (Northern Ireland) THE 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 2023 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND LEGALAND ADMINISTRATIVE INFORMATION Trustees Rev G A J Farquhar DipTh BA MTh Mr M Hampion PIIA Mr J Hunter BA M8A CB Miss H Johnston Bsc CIPD MA Rev S P Moore Bsc BD PGCE MrHMOrrKC Rev L M Keys BTh Dipmin Rev Dr G W Cllnlon Bsc (RCSII Msc Dlpslal PhD Dlpmin MDIV Rev S J Castles Bsc BD Rev L W Webster Rov B J Mccroskery 8Sc BD MPhil Mrs P Mccullagh Bsc Msc Mys A Slowarl MEd CerlEd DASE LTCL MrA McAdoo Mr H Minion {reslgned 10 October 20231 {resigned 7 March 20231 Honorary So¢rotary and Treasurer Rev S P Moore BSG BD PGCE Secretary and Treasurer Mr J G Nicholson BA (Honsl Charlty number NIC101833 Company number R0000680 Reglstered offlce Glengall Exchange 3 Glengall Slreel Bellasl BT12 SAB AudStor Harbinson Mulholland Cenlrepoinl 24 Ormeau Avenue Belfast BT2 8HS Bankèrs Danske Bank Donegall Square Wesl Belfast BT16JS Sollcitors Carson McDowell LLP Murray House Murray Slfeet Belfast BTI 6DN THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND CONTENTS Page Trustees, report Slalemenl of Truslees, responsibilities Independent auditor's report Sl8lemenl of financial aclivilles Slalement ol financlal poslllon 10 Slalemenl of cash flows Noles lo the financial slalemenls 12-19 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 2023 The Trustees (who are also direclorsl present their report and tho audiled financial slalemenls for the year ended 31 De¢ember 2023. The financial slalemenls comply with the Charilies Act (Northern Ireland) 2008, tho Companies Act 2006 and Accounting and Reporling by Cl)arilies.' Slalenienl of Reconimonded Pracliee i?pplicablé lo charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in Ihe UK and Republic ol Ireland IFRS 1021, The charily is governed according lo Ihe company's memorandum and articles. Results Th6 nel Incomlng movemenl In funds for Ihe year amounted lo £58,362 In81 oulgolng movement in funds 2022 £146,036). Total income showed a 75.50/0 do¢reaso on the previous year12022'. £65.8211. Inveslmenl management expenses decreased by 45.80/012022: £5,892), management and governance expenses increased by 4.go/o12022: £10,638) and charilablo expenditure increased by 2.11.12022.' £39,957). The following number ol grants were Issued.. 2023 No. 2022 No. Orphan Grants Educalion GTan15 19 19 Havlng been prevlously agreed by the Board of Dlreclors, no Incomo was taken from Inveslmenls durlng 2023. Granl-maklng aclivilies weio funded from cash reserves held al Oanse Bank. A slmilar declslon was also made in regard to 8clivilies during the 2024 year. Prln¢lpal actlvltlos, rovlow of tl)e buslnoss & futuro dovolopmonts The prSn¢ipal aclivilios of Ihe Sociely aro firstly; lo aid by grants from the funds of the Soclely, orphans and children of Ministers, Missionarles and Deaconosses of tho Presbyterian Church In Ireland, and secondly.. lo assist Minlslers, Missionarie5 and Deaconesses ol the Presbyterian Church In Ireland in necessilous circumstances in Ilie education of Ihelr chlldren, The directors are encouraged by th6 level of subscriptions for the year end would hope (hal congregations will continue lo prayerfully consider the needs of this work of the Church. During the year Ihe objectives of the charity were lo make orphan 9ranl paymenls and education grants lo children of Ministers, Missionaries and Deaconesses. The Soclely for the Orphans and Children of MinSslers and MissionarSes of the Presbyterian Church in Ireland Is registered as a charily wilh the Charities Commission for Northern Ireland with regislralion number NIC101833. Oblectlves The 2023 objectives of The Soclely for the Orphans and Children ol Ministers and Missionaries of the Piesbylerian Church in Ireland are as follows.. -To continue lo pay orphan grants lo children -To conlinue lo provid& education grants These will be dependent upon the applications received and will be paid in line with the criteria as stipulaled by the Society. 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 2023 A budgel Income and expendllure account including Ihe above obleclives is prepared at the start of oach financial yaar and Ihe 2023 objectives were mel. Organlsatlon A board of directors of 13 members has overall fesponsibilily for the charily. Meeting bl-annually, the board possess the authority lo administer the charity and manage ils day lo day operations. However, daily management of Ihe ch8rily has been delegaled lo the SecrelarylTfeasurer who is dire¢lly responsible and accountable lo the board. Grant maklng pollcy The ¢l)arlly Inviles application5 for the funding ol granls lo Indlvlduals. These appliealSons aro then revlewcd againsl specific criteria and objeclives which are sel by the direclors, in accordance wilh the objectives of Ihe charity. Investment pollcy The charlly's fund managers are Sarasln & Partners LLP who are lo pursue a pollcy of maxlmlslng Incomo whilst malnlalning some capllal growth. Thls policy Is performed Sn accordanco with Iho Society'5 011)Ical guidelines which prohSbil Snveslmenl In companles wilh slgnllicanl Inleresls In alcohol, lobacco, gambling, arms manulacluring and exploilalive chlld labour. Roservos pollcy 11 Is Ihe policy ol the charity lo malnlain unreslricled funds, whlch are free ol reserves of the charity, al a level which eqltales lo approximately one year's unreslrlcled expenditure. This provides sullicienl lunds lo cover management and admlnlslralion costs and respond lo emergency applications for grants which arise from lime lo lime. Rlsk management The directors h8v8 examinèd and assessed Iha major risks lo which the charity Is exposed, In particular thosè related lo Ihe operations and finances of th6 Soclely and are satisfied thal adequat8 systems are in placè so Ihal the necessary steps Can be laken lo lessen those risks. Gran1$ to chlldren During the year Ihe Soclely has made conlribulions of £40,81012022: £39,957) to Individuals in need. Golng concern The directors believe that there are no malerial uncertainties that cast significant doubt about tho charily s ability lo conlinue as a going concern and the financial slalemenls have been prepared on this basis. Dlrectors The directors who seNed the Sociely during the year are listed as part of our Legal and Adminislralive information. The directors are appointed in accordance with the company's momorandum and articles. 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 2023 Strateglc report Th8 directors have not prepared a strategic r6porl as th& company is enlilled lo the special provisions applicable lo companles subje¢t lo the small companSes regime wllhin parl 15 of the Companies Act 2006. Dlsclosure of Informatlon to the audltors So far as each person who is a director al the dale of approving this report is awaro, there is no relevanl audit Information, being Information n8eded by the auditor in connection with preparirig this r6porl, of whicl) Ilie auditor is unaware. Having made enquiries of fellow dlr6clors and Ilie compaiiy's auditor, each director h8s laken all the steps that helshe Is obliged lo lake as a director in order lo make hiniselflherself aware of any relevant audlt nlormallon and lo èslablish that the auditor Is aware of (hal informalion. Audltor$ A resolullon lo reappolnl Harblnson Mulholland es auditors will be pul lo the members al th8 Annual General Meeting, Small company exemptlons This reporl has been propared in accordanco with Iha special provisions applicable lo conipanies subject lo the Small companies re9ime within parl 15 of the Companies Act 2006. By order ol the Board Mr J G Nicholson Secretary Dated.. THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also Iho directors of The Society for the Orphans and Children ol Minlslers and Missionaries of the Presbyterian Church in Ireland for the purpose of company18w, are responsible for preparing the Trusl6es' Report and Ihe financial slalemenls in accordance wilh applicable law and regulalion. Company law requires the Trustees lo prepare financial slalem8nls for each financial year. Under Ilial law the Truslees have prepared the financial slalenienls in accordance with United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" and applicable law (United Kingdom Genera15y Accepted Accounting Practice). Under company law the Trustees niusl not approve the financial slalemenls unless they are satisfied Ilial they give a true and fair view of the slate of the affairs of the charitable company and of the incoming resources and application ol resources, including the income and expendilure, of the charitable company for that period. In preparing these financial slalemenls, the Trustees are r8quired lo,, solecl suitable accounllng policies and then 8pply them ¢onsislenlly', obsorve Ihe methods and principles in Ihe Slalemenl of Recommended Pr8cli¢e.' Accounting and Reporlin9 by Charilies120151', make judgments and eslimales Ihal 8re reasonable and prudent., and prepare the financial slalements on Ihe going Concern basis unless il is inappropriate lo presume that the harilable Company will continue in business. The Trustees are responsible for keeping adequate accounting records Ilial are sufficient lo show and explain Ihg charitable coinpany's transactions and disclose with reasonable accuracy at any linie the financial position of 11)e charitable company and enable them to ensure that the financial slalemenls coniply with the Companies Act 2006 and Charities Acl (Northern Ireland) 2008. They are also responsible for safeguarding the assets ol the charitable company and hence for laklng reasonable sleps for Ihe prevention and deleclion of Iraud and olher Irregularilies. In cerlaln circumstances clienls may choose lo Includo an additional slalement here whlch Is requlred lo be made wilhln the directors, report as a result of Secllon 418 of the Companles Act 2006. In accordance with Seclion 418, direclors, reporls sl)all include a slalemenl, in the cas0 of each diraclor in office al the dale the direGlors' reporl is approved, Ihal,, lal so far as the Ifuslee Is aware, Ihero is no relevant audil informalion of whlch the company's audilors are unaware., and (b) he has taken all the slep5 that he ought lo have taken as a trustee in order lo make himself aware ol any relevant audil Snformalion and lo esl8blish that the company's auditors are aware ol Ihal Information. Rev P Moore Bsc BD PGCE Trustee Dated.. 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 ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND Oplnlon We have audited the linancial slalemenls of The Society for the Orphans and Children of Ministers and Misslonaries of Ihe Presbyterian Church in Ireland Ilhe 'charily'l for Ilie year ended 31 December 2023 which comprise the slalemenl of financial aclivilies, the slalemenl of financial position, Ihe slalemenl of cash flows and noles lo the financial slalemenls, Including signilicanl accounting policies. The financi81 reporting Iramework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards. including Flnancial Reporting Standard 102 T176 Finoncial Report117g Standard applicablg in 1179 UK and Republic of Ireland (United Kingdom Gonera15y Accepied AGcounling Praclicol. In our opinion, the financial slalemenls: givo a Irue and falr vlew of tho slalo of tho charilablo company's affairs as al 31 Dècember 2023 and of ils ncoming resourccs and application of fesources, for Ihe yoar then onded., havg been properly prepared In accordance wilh United Kingdoni Gener811y Accepted Accounting Pracli¢e', 8nd have been prepared In accordance wilh the requlremenls ol the Companle5 A¢1 2006, Basls for oplnlon We conducted our audit in accordanca with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibllillos under Ihoso standards are lurllier described in the Aiidilor's respoiisibililios lor 11?e audil of Ihe fin8nGi&l slglemenls section of our report. We are independenl ol Ihe charity in accordance willi tho ethical requlremenls that are relevanl to our audil ol the financSal slalemonls in the UK, Including tho FRC'S Elhical Standard, and we have fulfilled our other ell)Ical responsibililios in accordance with Ihoso requirements. Wo believe that tho audit evidence we have oblainod is sullicienl and approprlale lo provide a basss for our opinion. Materlal uncertalnty relatod to golng concorn In lorming our opinion on the financial slalemenls, which is nol modified, we havÈ considered tha adequa¢y of Ihe disclosur¢ mado In nolo 1.2 to Iho financial slalemenls concerning tho charity's ability lo conlinLie as a going concern. The charity lias been subject lo a Slalulory Inquiry by Charity Commission lor Northorn Iroland. Those conditions, along wilh Ihe olher mallers explained in note 1.2 to tho financial slalemenls, indicate the exislence of a material uncertainly which may ca51 significant doubl aboul the charity's ability lo continue as a golng concern. The financial slalemenls do not includo the 8djuslmenls Ihal would result if Ihe charity were unable lo continue as a going concern, Concluslons relatlng to golng concorn We have nothing lo reporl in respe¢l of the following mallers in relation lo which the ISAS IUKI require us lo report lo you where.. The Trustees, use of the going concern basi5 of eccounling in Ihe preparation ol the financial slaleillenls is not appropriala,. or The Tfuslees have nol disc105od in Iho financial slalemenls any identified malcrial uncerlainlies Ihal may cast significant doubl about Ihe charily's abilily lo conlinue lo adopt the going concorn basis of accounting for a period ol at least twelve months from Ihe dale when the financial slalemenls are aulhorised for issue. 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 PRESBYTERIAN CHURCH IN IRELAND Olhor Information The olher information comprises the inlormalion included in the Trustees, Report, other Ihan the financial slalemenls and our auditor's reporl Ihereon. Tlie directors are responsible for the other information. Our opinion on Ihe linancial slalemenls does not cover (he olher inlormallon and, exc¢pl lo 11)0 exlenl olherwise 6xplicilly slalod in our ieporl, we do nol express any form of assurance conclusion Ihcrcon. In conne¢llon willi our audil of the financial slalemenls, our re5ponsibilily is lo read th& other infornialion and, in doing so, consider whelher the olher informalion is malerially inconsislenl with Ihe financial 51alemenls or our knowledge oblained in the audit or olhernise appears lo be nialerially misslaled. 11 we identify sucli material inconsistencies or apparenl material mlsslalemenls, we are required lo determine wliell)er there is a malorial misslalemenl in Ihe financlal slalemenls or a material misslalement of the olher Snformalion. If, based on 11)e work we have performed, we ¢onclude that there 1$ a malerlal misslalement of Ihls olher information, we are required lo report that lacl. We have nolhing lo report In Ihls regard. Matters on whlch we are requlred to report by exceptlon In Ihe li9hl of the knowledge and understanding ol the Charilable company and ils environment obtained In the course ol Iha audit, we have nol Idenlilied malerial mi5slalemenls in the Strategic Reporl and the Direclors, Reporl, We have nothing to fQPOrt In re5pecl of the following mallcrs In relation lo whlch Ihe Charities {Accounls and Reports) Regulations 2008 require us lo report lo you If, in our opinion.. adequate accounting records havé nol been kept or returns adequale for our audit have not been received from branches not v1511ed by us., or certain dlsclosure5 01 Iruslees, romuneralion speclfied by law are not made,. or the financial slalemenls are not In agreement willi the accounting records and relurn5', or we have nol received all the informalion and explanations wo roquire lor our audil. Rosponslbllltlos of Trustee5 As explalned more fully in the slalement of Trustees, re5ponsibililies, the Trustees, who are also the direclors of Ilie charity for Ihe purpose ol company law, are responsSble for the preparalion of tho linancial slalemenls and for being satisfied Ihat Ihoy give a Irue and fair view, and for such internal control as the Trustees determine is necessary Io enable the preparallon ol financial slalemenls thal are freo from material misslalomenl, whelher duo lo Iraud or error. In preparing the financial slalemenls. the Trustees are responsible for assossing the charity's ability lo conlinue as a going concern, disclosing, as applicable, mallers relaled lo goiiig concern and using the going concern basis of accounling unless the Trustees eilher intend lo liquidate th8 charitable conipaiiy or lo cease operalions, or have no realistic allernalive bul lo do so, Auditor's rosponslbllltles for tho audlt of the flnanclal statements Our objeclives are to oblaln reasonable assurance about whether Iha financial slalemenls as a whole are Iree from malerial misslalement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always delecl a material misglalemenl when il exisls. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecled lo influence the economic decisions of users taken on Ihe basis of these financial slalemenls. 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 PRESBYTERIAN CHURCH IN IRELAND A lurther description of our responsibililies is available on the Financial Reporting Council's website al.. hllps'.11 www.frc.org.uklaudilorsresponsibililies. Tliis description forms parl of our audilor's report. Our epproach lo identifying and assessing the risks of malerlal misslalemenl in respect of irregularities, including fraud and non-compllance with laws and regulations, was as follows.. Ihe engagemenl partner ensured that the engagement team collectively had the approprlale compelence, capabililics and skills lo identify or recognise non-compllance wilh applicable laws and regulalions., we identified Ihe laws and regulations applicable lo the company through discussions with directors andlor senior management, and from our commercial knowlodge and exporionco of tho soclor,. We focused on specific laws and rogulalions whSch wo considered n)ay have a dlrecl malorlal glfocl on Ihe financial slalemenls or the operations of Iho company, including Companies Act 2006, laxalion legislation, dala protection, 8nli-bribery, employmonl, environmental and health and safely legislation we assessed thè exlenl of compllance wllh Ihe laws and regulalians Sdenlified above through making enquiries of management and inspecting legal correspondence., and Identified laws and regulallons were communicated wilhln the audil loam regularly and Ihe team remalned alert lo inslances ol non-compllan¢e Ihroughoul Ihc audit. We assessed the susceplibilily of Ilie company s financlal slalemenls lo material misslalemenl, including oblainSng an understanding of how Iraud might occur, by.. making enquiries of managenienl as lo where they consldered there was susceplibilily lo Iraud, their knowledge of aclual, suspected and alleged Iraud., and onsSdering the Internal controls in place to miligale risks of fraud and non-compliance with laws and regulallons; To address the risk of fraud Ihrough management bias and overrlde of controls, we.. performed analyllcal procedures lo Idonlify any unusual or unexpecled rolalianships., lesled journal entries lo identify unusual Iransaclions., assessed whether judgements and assumptions mado in delerniining the accounling esllmalps sel oul In Note 2 were indicative of potential bias,, and invesligaled the rationale behind significant or unusual Iransaclions; In response lo the risk of irregularities and non.compliance wilh laws and regulations, we designed procedures which included, bul were nol limited lo: agreeing financlal slalemonl disclosures lo underlying supporting documenlalion.. reading the minutes of moelings of Ihoso charged with governance., enquiring of managemenl as lo aclual and polonlial liligalion and claims.. and reviewing correspondence with HMRC and the company's legal advisors., There are inherent limitations in our audit procedures described above. The more removed that laws and regulalions are from financial Iransaclions, the less likely it is Ihal we would become aware ol non.compliance. Auditing standards also limit the audit procedures required to idenlify non-compliance with laws and regulations to enquiry of the direclors and other management and the inspaclion of regulatory and legal correspondence, if any. Malerlal misstatements Ihal arise due lo fraud can bé harder lo delect than those that arise from error as Ihoy may involve deliberate concealment or collusion. 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 PRESBYTERIAN CHURCH IN IRELAND This report is made solely lo Ihe charilable company's membors, as a body, in accordance with Chapter 3 of Part 16 01 the Companies Acl 2006. Our audil work has been undertaken so Ihal we mi9hl slate lo the parent charitable company's members those mallers we are required lo slate lo them in an auditor's report and for no olher purpose, To the fullest exlenl permilled by law, we do nol accept or assume responsibility to anyone other Ihan the company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. ..o.5,1.0.3j.2olil Ang8la Cralgan {Senlor Statutory Audltor) Chartered Accountants Statutory Audltor Cenlrepoinl 24 Ormeau Avenue Belfasl Northern Ireland BT2 8HS Harbinson Mulholland Is ellgible for appolnlment a5 auditor of the charlly by virtue of ils ellgibilily for appoinlmenl as auditor ol a company under of section 1212 01 Ihe Companies Act 2006. 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 DECEMBER 2023 Unrestrlcted Endowment funds funds 2023 2023 Total Unrestrlctod Endowment funds funds 2022 2022 Total 2023 2022 Notes Income and endowments from: Donalions and legacies Charitable aclivilics Inveslmenls Olher Income 12,221 2,920 12,221 2,920 11.258 9,417 45,000 146 11,258 9,417 45,000 146 960 960 Total Income 16,101 16,101 65.821 65,821 Expendlture on: Raisin9 lunds Charitable acllvilles 3,196 51,950 3,196 51,975 5,892 50,619 5,892 50,644 25 25 To181 oxpendilure 55,146 25 55,171 56,511 25 56,536 Nel gainslllossesl on Investments 13 97,427 97,432 (155,3261 {155,3211 Net movement In funds 58,382 120) 58,362 1146,016} 120) 1146,036) Roronclllatlon of funds: Fund balances al 1 January 2023 1,133,689 1,691 1,135,380 1,279,705 1,711 1,281,416 Fund balancos at 31 Docember 2023 1,192,071 1.671 1,193,742 1,133,689 1,691 1,135,380 The slalemenl of financial aclivilics Includès all gains and losses recognised in Ihe year. All Income and expenditure derive Irom continuing aGlivilies. THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assets Inveslmenls 14 1,146,400 1,048,021 Current assets Debtors Cash al bank and In hand 15 38 50,521 25 90,435 50,559 90,460 Credltors: amounts falllng due wlthln one year 16 3,217 3,101 Nel current assets 47,342 87,359 Total assets less current Ilabllltles 1,193,742 1,135.380 The funds of th9 charlty Endowment fund5 Unreslricled funds 17 1,671 1,192,071 1,691 1,133.689 1,193,742 1,135,380 The company Ss enlilled lo the exemption Ironi Ihe audit requiremenl conlalned in secllon 477 of the Companies Acl 2006, lor the year ended 31 Deceniber 2023, allliou9h an audit has beeii carried out uiider seGliori 6J ol 1110 Charities Acl INI) 2008 The directors acknowlodge Ihelr responsibilities for complylng with Ihe requlremenls of Iho Companies Acl 2006 wilh fespecl lo accounting records and the preparation of financial slalemenls, The members have nol required the conipany lo obtain an 8udil ol ils financial slalcmonls under tho requiremènts of the Companie5 Act 2006, for Ihe year in queslion in a¢cordanGe with seGlion 476. These financial slalemenls have been prepared in accordance with the provisions applicable lo companies subjecl to Ihe small companles reglm@. The financial slalemenls were approved by the Trusleos on Rev P Moore Bsc BD PGCE Trustee MrHMOrrKC Trustee Company regislralion number R0000680 (Northern Ireland) 10 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 2023 2023 2022 Notes Cash flows from operatlng actlvltles Cash absoibed by operations 21 138,9671 135,5181 Investlng actlvltles Purchase ol inveslmenls Procceds from disposal of Inveslmenls Inveslmenl income received (37,9081 1626) 11,453 39,468 36,961 Net cash (used Inllgenerated from Invostlng actlvltles (9471 50,295 Net cash used Sn flnanclng actlvltles Net Idecrease)Ilncrease In cash and cash equSvalents (39,914) 14.777 Cash and cash equivalents 81 beginning of year 90,435 75,658 Cash and cash equlvalents at end of yoar 50,521 90,435 THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crltlcal accountlng estlmates and Judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, èslimales and assumptions about the carrying amount of assets and liabililles that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and olher factors that are considered lo b8 relevant. Actual resulls may differ from these esllmales. The eslimalès and underlying assumptions arè rovlewed on an ongoSng basis. Revlslons lo accounting eslimales are recognised In the period in which the oslimalo Is revised where the revision alfecls only that period, or in the period of the revislon and lulure periods where Ilie revision affects bolh currenl and future periods, Accountlng pollclos Charlty Informatlon Thg Sociely for Ilio Orphans and Chlldren of Minislgrs and Misslonarles of Ihe Presbylorlan Chufch Sn Ireland is a privale company limited by guarantee incorporalcd in Norlhern Ireland, The registered ollice Is Glengall Exchange, 3 Glen9811 Slreot, Bellasl, Co, Anlrim. B T12 SAB. 2.1 Accountlng conventlon Tho financial slalemen15 have been prepared in accordance with Ihe charity's memorandum & arliclos, Ihe Companies Acl 2006 and "Accounllng and Reporting by Charities.. Slalemenl of Recommendod Praclico applicable lo charitie5 preparing their accounts in accordancg with the Financial Roporling Standard applicable In the UK and Republi¢ of Ireland IFRS 1021" {as amended for accounting periods commencing from 1 January 20161. The Gharily Is a Public Benefit Enlily as defined by FRS 102, The linancial slalemenls are prepared In sterling, which Ss Ihe functional ¢uriency of the charlly. Monelary amounts In these financlal slalèmenls are rounded lo th8 nèaresl £, The financlal slalemenls havo been prepared under the hlslorical cost convonlion, modiliod lo Include the revaluation of freeliold proportie5 and lo includo inveslmonl properlios and cerlaln linanclal Inslrumonls al lalr value. The prlncipal accounling pollcies adopted are Sel out below. 2.2 Golng concern The directors have assessed that The Sociely for the Orphans and Chlldren of Minislors and Missionarios of the Presbyterian Church in Ireland has adequale rosources lo meel Ihe ongoing costs of Iho enlily for the minlmum of 12 rnonths from Ihe dale of signing the financial sl8lenienls. For this reason, the financial slalemenls have beon prepared on 8 going concern basls which prosumes the realisalion of assets and liabilities In Ihe normal course of business. 2.3 Charitable funds Unreslricled funds are available for use al the diserelion of thè Trustees In furtherance of Iheir charitable objectives. Restricted funds are subject to specific condilions by donors or grantors as lo how they may be used. The purposes and Uses of the restricted funds are set out in the notes to the financial slalemenls. Endowment funds are subject lo specific condilions by donors Ihal the capital musl be maintained by the charity. 2.4 Income Income is recognised when the charity is legally enlilled lo il aller any performance condition5 have been n)el, the amounts can be measured reliably, and il is probable Ihal income will be received. 12- THE SOCIETY FOR THE ORPHANS AND CHILDREN OF MINISTERS AND MISSIONARIES OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles (Continued) Cash donalions aro recognised on receipt. Ollier donations are recognised once tho charity has been notified of the donation, unless porformance condilions require deferral of Ilie amount. Income lax recoverable in relation lo donations received under Gill Aid or deeds ol covei)anl is recognised al the lime ol the donalion. Legacies are recognisod on receipt or ollierwise if Ihe charily has beLin notified of an impcnding distribution, the amount is known, and receipt is expecled. 11 the aniount is nol known, the legacy is Irealed as a Conlingenl assel. 2.5 Expenditure Expendilure is recognised once there is a legal or conslruclive obligation lo Iransfer economic benefit lo third party, il is probablo Ilial a Iransler of Gconon)ic benolils will be requirod in selllcinenl, 8nd Ilie amount of the obligation can bo measured reliably. Expenditure Is classified by activity. The cosls of each aclivily are made up ol the lolal of direct cosls and shared costs, Including support costs involved In underlakSng each aclivily. Direct costs allribulablo lo a single activity aro allocated directly lo that acllvily. Shared costs which Conlribule lo moro Ilian one aclivily and support costs whlch are not allribulable lo a single aclivily are apportionod between those aclivilios on a basis consislenl wilh the use ol rosources. Central staff c051$ are allocated on tho basis of limo sponl, and depreclalion charges are allocated on the porlion of Ihe asset's use, 2.6 Flxed assot Investmgnts Flxed asset Investments are Inllially measured at transaction price excluding Iransacllon cosls, and are subsequen15y measured al fair value al each reporting dale. Changes in falr value arè recognised in nèl Incomellexpendilurel for Ihe year. Transaclion cosls arc expensed