Charity numb6r: NIC 102236 (Charity Commission for Northern Ireland) CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND CONTENTS Page Reference and Administrative D8tai18 Trustees, Report 2-19 Statement of Trustees Responsibilities 20 Independent Audltor's Report on the Financial Statements 21-26 Stat8m8nt of Financial Activities 27 Balanco Sh8et 28 Statement of Cash Flows 29 Notes to the Flnanclal Statements 30-44
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND REFERENCE AND ADMINISTRATIVE DETAILS Trusteos Br D Young (deceased 25 November 20231 Br B Monaghan Br C Glav8y Br D Gibson Br R Maynes Charity raglst6red number NIC 102236 (Charity Commission for Northern Ire12nd) Prlnclpal Address Westcourt C8ntr8 8-30 Barrack Street Belfast BT12 4AH Main Portfollo Managers Canlor Fitzgerald Ireland Limit8d Cantor Fitzgerald House, 23 Saint Stephen's Green Dublin 2 Financlal Advisors L&P Trustee SeNice Limited 23 St Stephens Green Dublin 2 Independent audltor RBK Business Advisers Chartered Accountant8 and Statutory Audit Firyn Termini 3 Arkle Road Sandyford Dublin 18 Bankers Bank of Ireland 12 Trevor Hill Newry Co. Down Solicitors Napier & Sons 1-9 Castle Arcade High Street Belfast Co. Antrim Page 1
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Truste8s submit their report and financial statements for the year ended 31 December 2023. INTRODUCTION The Congregation Df Christian Brothers is an international Roman Catholic Religious Congr6gation, founded in Waterford, Ireland in 1802 by Blessed Edmund Rice and since then has b88n engaged in religious and other charitable work in Ireland and across th8 world. The Congregation is now organised into five Provinces across the world- Africa, America, Europe, India and Oceania. The accounts accompanying this report are for the Congregation of Christian Brothers Northern Ireland. This is a charitable trust through which the assets of the Congregation in Northern Ireland are held and finances operat8. PUBLIC BENEFIT When setting the objectives and planning the work of the charity for the year, the Trustees have complied with th8 duty to have regard to the guidance issued by the Charity Commission for Northern Ireland under section 4<bl of the Charities Act (the public benefit requirement statutory guidance), OBJECTS, AIM AND OBJECTIVES Charltable Objects As slated above under Mission, the activities of the charity can be divided inlo seven main areas: Fomal Mainstream Education Non Mainstream Education Social and pasloral work International missionary work Faith Development Peace and Reconciliation Positive Impact Investing Care and Welfare of members Each ofthese is consider8d in turn below.. Fomial Malnstream Education Historically, the princip85 ministry of the charity was in primary and post-primary schools. For a number of y8ars, consideration was given by the then Trustees to the eslablishment of a new structure to tak8 OV8r the trusteeship of Ihe primary and post-primary schools as the capacity of the Christian Brothers lo continue as Trustees diminished. Following oomprehenstv& consideration of this matter and signÈficant preparatory wo, the Trustees agreed to transfer the trusteeship of all of the primary and post-primary schools to a new entity, the Edmund Rice Schools Trust Northern Ireland Ltd (ERSTNI) in February 2009. The Company is not controlled or administered by the Christian Brothers. In addilian, it was deemed necessary to transfer th& mainstream school properties to Edmund Rice Schools Trust (Northern Ireland) to allow it fulfil its obi'ecls. The value attributed to thes@ properties was £48m. ERSTNI is a registered charity in Northern Ireland, Pag8 2
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 From FebNary 2009, th8 Trust's activitie8 in relation to Formal Mainstream Education involve the support of the work of ERSTNI and in that it has, whilst abNays acknowledglng the independenc& of that Trust, specifically provided funding for ERSTNI inclucling the provision and cost of refurbishing their office at Barrack Street, the cost of the employment of their Education Officer (Executive Officer) and the officer's support staff, Th8 Education Officer is charged with the promotion and development of the ethos of ERSTNI in the schools and this includes Faith Development, Charter Implementalion, Edmund Ric8 Awards, Developing World Immersion Programmes, Staff Induction, Edmund Rice Education Beyond Borders {including local and global networking), Safeguarding Children and Pastoral Care. ERSTNI is the Senior Responsibl8 Owner of the school properties and is responsible for any change in the stalus of a school and for any capital works on any Df the properties. The Company Memb8rs and Directors (Trust88sI of Edmund Rice Schools Trust {Nl) are actively involved in all endeavour5 and works of the Trust on a voluntary basis. The Trustees regularly receiv8 a written report from th6 CEO of ERSTNI at every Trustee meeting which encompasses such topics as ethos, school reports, rent and upcoming events, initiatives, amalgamations, capital works etc. The Trustees have provided ongoing support to ERSTNI. This support is one of the charity's main activities under the heading of Formal Education. In addition, the charity has an active rol8 in 8UPPOrting the ethos of ERSTNI, being education in th8 tradition of Blessed EdmLJnd Rice and the delivery of the same as articulated in the Charter of th8 Edmund Fiice Schools Trusl. Non Malnstream Educatlon The charity owns and operates the Westcourt Centre, which is committed to providing an accessible community facilty with a particular focus on young people who do not attend mainstream schools. While the Westcourt Centre places particular emphasis on youth and young adult provision, the centre offers facilities and setvices for the whol8 community, irrespective of age. The objectives of th@ Westcourt Centr8 are as follows.. To provide a ntre in the Greater Belfast area dedicated to 8nriching the lives of the young, especially those at gre8t6st risk of social exclusion, by offering learning and personal dev8lopment opportunities. To encourage the young to be confid8nt, thoughtful, articulate and interested in their own social, emolional, intellectual, physical and spiritual development. To develop a capacity, 88 personnel and resources allow, to identify and meet holistically needs of young people who come to the centre. To create a distinctive location where all, particularly the young, can experience a caring and vibrant learning environment, interact appropriately and transcend differences of ability, gender, religious afh'lialion, social 01 ethnic background or political persuasion. Pagè 3
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Westcourt Centre Activities during the Financial Year The following is an exiract from the Westcourt Centre Annual Report 2023 Rosemount House Classes.. RosemoLtnt House is a homelessness and recovery hostel. We ran weekly activities to help support men impacted by issues of homelessness, addiction and poor mental health. These include photography and guitar classes and a walking group. Mens Shared Skills Project.. The Mens Shared Skills Group met weekly at Westcourt to help combat social exclusion amongst men aged over 50. The group work through a programme of activtties including visits, discussions and workshops with a focus on promoting health and wellbeing. They focus a lot on the urban garden area and find il very therapeutic. Page 4
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ASIST Suicide Intervention Training On May 4th & 5th we delivered a two days accredited training workshop on suicide intervention skills for staff working lo support people impacted by homelessness, addiction. mental health and food poverty. Thanks to the Belfast Health and Social Care Trust for providing the training resource packs. Homelessness Advocacy We continue to raise awareness of the chronic issue of homelessness. We are involved in the design and delivery of activities at local, national and international levels to advocate with and give voice to people impacted directly by homelessness. We also engage with schools to encourage young people to make their voices heard around the issue. Page 5
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 4 Corners Festival In 2023, Westcourt was invited to produce a photographic exhibition for the 4 Corners Festival. Now in ils 12th year. the 4 Corners Festival was conceived to inspire people from across the city to Iransform it for the peace and wellbeing of all. The festival brings together people from the four main Christian churches and features a range of arts, discussion and faith-inspired events. SOMEBODY Volces for Change Members of Westcourt Camera Club worked with residents in a Belfast homeless hostel, holding weekly sessions to cover basic photography skills, discuss issues and {personal) experiences around homelessness from which to inspire and plan photographs. Four men attended regularly and produced images for the exhibition. The other images were created by members of Westcourt Camera Club based on government slatistics or testimonies from people impacted by homelessness who wished to share their stories but remain anonymous. The exhibition was very well received, with more than 800 visitors viewing it during the week of the festival. These included politicians, city councillors. staff from the housing and homelessness sectors, residents from homeless services, schools and the general public. It attracted a lot of press coverage from broadcast, print and social media, including the BBC and ITV. It even gained a two-page feature in a newspaper in Berlin. Claire Hanna (SDLP), the MP for Belfast South, stated. Ilt's al mowng and necessary exhibition. We need to stop failing these fellow humans. Page 6
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Advocac Throu hTheArts A proud first for us in August as we exhibited our photographs on Homelessness simullaneously in Dublin and Belfast. The images were on display in Photo Museum Ireland the national centre for contemporary photography in Dublin throughout the month of August. And we also opened in St. Mary's University College in Belfast as part of Féile 2023- Ireland's biggest community arts festival. ement at the United Nations Throughout the year, we submitted a number of statements on homelessness in Northern Ireland to the United Nations. In March. two residents at a Belfast homeless hostel, were empowered by their participation in our photography project and became confident enough to present video statemenls to the Human Rights Council at the United Nations in Geneva. One of the men presented a statement to the Special Rapporteur on Housing who referenced it in his concluding remarks. To have someone Currently experiencing homelessness highlighting the issue on behalf of others is an example of advocacy in action. In July, our statement on Homelessness was presented by video to the Special Rapporteur on Extreme Povety at the 53rd session ofthe Human Rights Council in Geneva. Lobb in Local & National Polic Makers We were very happy to see some of our images on display in the boardroom of the Housing Executive in Adelaide Street giving a voice to those impacted by Homelessness and a stark reminder of the scale of the issue here. Page 7
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 We met with the Nl Housing Executive Head of Homelessness Policy and Strategy and also the Homelessness Strategy Manager as part of the ongoing 'Still Somebody- Voices for Change, initiative. They heard directly from people impacted by Homelessness and have invited Ed and Rob from Rosemount House to participate in the Lived Experience programme to help infomi future policy and practice. 44 Pictured on the steps of Stonnont with MLAS, Cty Councillors and front line staff as part of a powerful demonstration calling for more services for people impacled by issues of addiction, mental health and homelessness. People's Kitchen Belfast organised the event and we are humbled Ihat their installation of 212 pairs of empty shoes to mark the government statistics for drug related deaths was inspired by a photo from our recent exhibition. Page 8
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Facilitatlon of other charltable groups From January to December 2023 a wid8 range of groups and organisations from the community, voluntary and education seclors used the Westcourt Centre facilities for various activities. These included,. The Link Centre (The Belfast Education Authority)- Secondary Pupil Support Service. Th8 Andersonstown Traditional and Cont@mporary Music School which is a community based music project that provides opportunities for everyone to participat8 in music classes and associated activitl8S. Belfast Hospital School TOPS Project working with young people that are suffering from depression and other ment81 health issues. Suicide Awareness Training. Asc8rt Drug & Alcohol Support Servic8. National Centre for Suicide Prevention Training IUKI. Edmund Rice Schools Trust Nl. Youth Juslice Agency. Homeless Connect. Mens Shared Skills Group. Rosemount House hostel for men with alcohol addiction. Public Health Authority. Project Zambia- Westcourt Camera Club. Social and pastoral work The following are examples of the social and pastoral work undertaken by individual Brothers.. Working as chaplains in schools and prisons., Spiritual direction and retreat work., Counselling., Adult education., Cross Community initiatives The aims of the Trustees in this area include.. Enabling the Brothers Ici carry out meaningful social and pastoral work within the community after assessing their skills and the needs of the local area., Encouraging and motivating the Brothers to reach out to those in need within soci6ty International missionary work Members of the European Province are working in Africa, India and South America. The Brothers leach in schools and engage in other educational projects. The purpos8 of th6se schools and projects is to promote the spiritual, moral, intellectual, cultural and social education of young people and adults who often come from disadvantaged backgrounds, In previous years, the Trust contributed to the establishment of Edmund RI Bicentennial Trust, an English registered charity whose purpose is to support the mission ef the Congregation worldwide but especially in the majority (developing) worfd. The aims of th8 Trustees In this area are to support the work of the members of the worfdwide Congr9gation where needs arise. Page 9
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Faith D8v8lopment As a Religious Congregation, faith developm8nt is of prime importance to the Trustees, All aspects of the Trust's worf( involve th8 advancement of religion whether it is in the educational, pasloial or int@rnalional missionary fields. The Trusl continues to assess its work and to search for better ways of carrying out this ministry in todarfs world. The work in this area is mainly carried out through the schools and th8 local parishes wh8r8 the Brothers reside. As noted earfier, some Broth8rs provide spiritual direction and retreats. Th@ Trustees, in conjunction with the European Province Leadership Team, are developing an Edmund Rice Network of lay people who wish to associate themselves Wlth the spirituality and apostolic mission of the Brothers. The Network consists of local groups of interested adults gathering for spiritual sharing and reflection and involving IhemseSves in forms of social outreach. Allhough the majority of Network participants ar& drawn from staff and parents in the schools, involvement is open lo all who wish in some way, however informally, to connect with th8 charism of B18SS6d Edmund Rice. The aim through the Edmund Rice N8twork 18 to provide, for all int8rest8d adults, opportunities for spiritual conversation and exploration and faith.based social action. Young Adult Leadershlp Development: The Truste&s sponsor young adult leadership development through two projects: Edmund Ric8 Camps India Immersion Project Edmund Rice Camps Edmund Rice Camps are h8ld in Newry and Omagh, with approx. 120 young leaders and 100 children involved. The children come from disadvantaged backgrounds and benefit hugely from their interaction with th8 leaders and fun-filled weeks of activities- art and crafts, drama, sport, music, outings etc. Children r6c8ive healthy food during Camp. The leaders undergo extensive training and preparation, are ACCESSNI vetted and undergo Child Safeguarding training. Peace and Reconciliation The Trust actively supports peace and reconciliation activities. In the mainstream education this is evidenced through the various inter-community proj&cts. In the non mainstream education, this is evidenc by the work of the Westcourt C8ntre as outlined above. Positive Impact Investing We view our investment portfolio as part of our Mission. Alongside our active Ministries, we seek to bring about change through positive impact inv8Sting in our investment portfolios. Additionally, our investment portfolio avolds investments deemed to b6 harmful, such as investments in fossil fuel companies or armaments compani6s. Avoiding these types of investments is an important step in ensuring that our investment portfolio is not involved in harmful activities. While avoiding harmful activities is important, we believe that it is even more important to use our investments to bring about posilive change in the world. We ther8fDr8 seek to investment in activities that have beneficial impacts, for both individual wellbeing and for the environment. We assess these positive impacts under a number of headings that W8 believe are irnportant measures of how our investments are positively affecting the world around us. Below are some of the positive impacts achieved by the investment portfDIio- Page 10
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 co, C02 HELP FOR THEGLCB F055L FU& REEtS TOMMES¢ ERGY gIIKS ofC(Y2 emthd tyt Portth is han FUEL FREE inAslng IA inyLt p hety Q3 ) ofaA 5Vt5 11•i wt tp)rttslo, y C02 sth. OewJ)rffjg SECLIESTER (WIThDRAVI 0.91rn of C02 eftcErKy rnl an abernge relble The Portfolio and the Sustainable Development Goals (SDGS) All the investments within the Portfolio conlribute towards the achievement of the Sustainable Development Goals (SDGS). The SDGS are goals developed and adopted by all member states of the United Nations to achieve "a more sustainable future for all.. They represent a call to action to end povety, protect the planet and promole prosperty and people's wellbeing by 2030. The SDGS are as follow.. SUSTAINABLE DEVELOPMENT ((( 10 11 12 13 SUSTAINABLE DEVELOPMENT GCIALS Page11
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Additionally, the SDGS are closely aligned with the charitable objectives of religious organisations. Since the publication of Laudato Si. Pope Francis has made a strong commitment to sustainable development. His appeal .every person living on this planet for an inclusive dialogue aboul how we are shaping the future of our planet,, provides a firm ethical foundation for actions Ihat need to be taken urgently at all levels. Pope Francis, speech ahead of the United Nations General Assembly's formal adoption of the 17 SDGS gave further support to the ambitious and transformational vision of the goals. To ensure alignment of the SDGS we use a comprehensive Ethical and Positive Impact screen which guarantees the Portfolio remains consistenl with the ethos of the charity. The Portfolio currently excludes companies involved in the production of weapons. tobacco, alcohol, pornography. and acttvtties such as gambling and embryonic stem cell research. Environmental. Social and Govemance (ESG) criteria complements the screening as il improves the overall ESG risk exposure of the Portfolio. Environmental Impact Overall. Carbon Footprint 13 leasiiiemellt of carbon emissiolls is civcial to help lis iillderstaiid the iole oiii illfv'estllient poitfolio plavs ill the cLiillate ciisis. ii-lllle ti( Lillg iiieasiires to address ir. Limitina carboll eJlliSSiOllS illteracts seN'eral SDGS, helpilla addi'ess Climate Actloll in particular. ClÉmate jiistice is allotlier aspect ,Iddressed in oiir portfolio. as cliiiiate challae predomillalltly illipacts tliose iiilio al-e dolle the least to colltribiite to polliitioll alld I.e less tesoiii'ces to deal Il'LtII Lt. Therefore, control of Ci1rbon eIsSioS in oiir poirfolio also COlltL'ibutes to rediiciiia poi'erty {SDG I ). rediiciiiu iiieqiialitN' (SDGIO ). alld pieseiTr'ing life OLI laiid (SDGIO) alld ill the oceall (SDG14) 10 The Portfolio includes a number of carbon sink-type investments, which sequester or draw carbon dioxide (C02) from the atmosphere. Forestry is a very effective carbon sink. as trees absorb carbon dioxide as part of their growing process. Therefore, the presence of forestry funds means that any carbon emissions from the majority of the portfolio are effectively offset entirely by the forestry investments. Put another way, this means that the Portfolio in aggregate will sequester {withdraw} -229 tonnes of C02e from the atmosphere per annum while an unscreened potffolio of the same size would produce c. 316 lonnes of C02e. We believe that these extremely strong carbon emission statistics makes Ihe Portfolio very much part of the solution to climate change, rather than part of the problem. Fossil Fuel Reserves Following the Trustees decision to entirely divest from fossil fuels in early 2017, the Portfolio now holds no fossil fuel reserves. The Portfolio ensures no exposure to companies that own thermal coal, oil gas reserves and other unconventional sources of reserves such as oil sands, shale oil, and shale gas. Many of these reserves will become "stranded. and may not be useable if we are to keep the targeted temperature rise las a result of global warming) below 2 degrees Celsius. Hence. in addition to the impact. not holding these assets reduces the financial risk within the portfolio. Page 12
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The chart below shows the fossil fuel reseNes held by investments within the Portfolio across the major fossil fuels in comparison to an unscreened portfolio. As the chart shows. the Portfolio holds no fossil fuel reserves at all. This is a key metric to ensure thal the Portfolio is not supporting fossil fuel activities that are diametrically opposed to the impact the Portfolio is trying to achieve elsewhere in the investments. namely promoting transition from fossil fuels to suslainable energy. Fossil Fuel Reserves (thousands of tonnes per am invested) • olIty IA QA oj Cval Chart showing the Charity's Investrnent Portfolio holds no fossil fuel reserves {no blue bar) Renewable Energy Given the Importan of promoting renewable energy sources to address climate change, any investor interested in impact investing generally seeks a high level of renewable power output from their investment portfolio. Within the Portfolio, renewable power is produced by a number of investments based in Sreland, Europe, the US, and the developing world. We note some of the key impact metrics of these funds below.. Renewable Eneryy Fund e({JY lum Iiuiuing wlli F)shofe and Offstrfe FKoje(TS Energy for 3(KJ.C((I houses rw annum Av(ids emisstons of 4(Q££Q tonnes of C02 Fer annum I,(XW).O(K) Mwh of renewable p)wer r annum Page13
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Solar Iorne Fund Fund holding apprcL 4 J iolar plJnlJ .n LU. Energy for150.(YJJ houses per annum Avoid5 emissKffts of162,0(K) ifflnes of CO2 per annLsm 480,CIJO of ienewatAe p)wer r annum The benefit of generating renewable power can be measured by how much fossil fuel power (and resulting C02 emissions} it replaces. In 2023. the Portfolio avoided the release of almost 412 tonnes of C02e. This is equivalent to- Removing 89 cars from the roads every year 947 barrels of oil saved 343 acres of pine forest abso1ng C02 for one year 45 round trips around the world by one typical passenger car (travelling at the equalor). In terms of renewable energy produced, the Portfolio produced 1,124 Mwh in 2023, enough energy to power approx. 225 homes. Environmental Protectlon and Carbon Sequestration Environmental protection is a critical aspect of sustainability addressed by the Portfolio. The forestry investments within the Portfolio have a mandate to.. Produce sustainable timber. Sequester carbon from the atmosphere. Protect natural resources and biodiversty of the area, in order to minimise the effect on the biodiversity and general environmental welfare. Page 14
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Social Impact Job Creation Pi'oi'idillg eillployinent IS Olle of the best methods of rediicillg poi'eiti,. aiid therefore it has a lll1be[ of positii'e beneficial effects across tlie SDGS, fi'o poi'eiry rediiction (SDGI) to proi:idillg Decellt 11.ork alld Ecollolljic Gi'oii:th ( SDG8). A5 the majorit! of the jobs created by the impact illTrestllients are ill tbe deN'elopillg Troi'ld alld telld to fai'our iFOJllell as miich (if llot lliore} tliaii i]]ell: thell job ci'eatloll in these areas improi'es Gelldei. Equalits. (SDG5} and Rediices Iiieqiialities (SDGIO). both betti'eell sexes alld betti.eell the dei:eloped alld deN'elopilla i'egiolls of tbe ii:orld. 51 The Portfolio has a number of funds which provide job creation through their economic activity. The equity funds provide capital to companies that employ anywhere between hundreds lo hundreds of thousands, and therefore additional capital from investors should enable these companies to create jobs, albeil that the job creation impact from additional investment in these typically large. eslablished businesses is low. However, other funds that operale in the developing world tend to produce far higher job creation and Comprise the majority of the additional jobs produced for the portfolio as a whole. The newjobs created by an unscreened portfolio of the same size as the Portfolio would only create 3 new jobs, while the Portfolio helped create circa 6 direct jobs in 2023. Homelessness Crisis In Ireland, there were 13.000 homeless people in 2023, and an increase of over 2500k of homeless families since 2015. Social housing in Ireland is therefore at crisis levels mainly due to limited supply of residential property and a booming population (at the time of the report writing. the population in Ireland had reached 5 million, the highest level Sin 1851). The portfolio now includes the New Haven Social Housing Fund which addresses this chronic shortage of housing for vulnerable groups in Ireland. The goals of the fund are shown below: Social Housing Fund Innovative f und acquires properties for Social housing purposes Provide ÉlCtkn+ in long term capital to housing sertor Target high ESG and sustainability standards SCOF new home5 to be provided for social housing need5 Page 15
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Care and Welfar8 of Members
Those members of th8 Trust who earn salaries or receiv8 p8nsions donate them to the Trust and therefore have
no independent m6ans of support. Many also give their services free in thelr various ministries and continue to
do so well beyond retirement 8ge. Hence the wcrf< of the Trust includes both the upkeep and up-skilling /
relraining of the members so that they will be able to continue in their service lo the public.
In addition, the Trust must also care far the elderly members who are now themselves in need of care. Th8S8
members have no resour¢8s of their own and have devoted a Significant part of their lives to the mission of the
Congregation.
In this regard, the aims of the Trustees over th8 current and forthcoming years includ6-.
Providing the necessary training to ensure that th8 members can continu8 to furth6r the mission of the Trust
Enabling all members to continue with their individual mlnislries for as long as possible.
F
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Policy At 31 December 2023, the Trust had inv88tmenls va5ued at £3,685,027 <2022.. £3,887.0571. These funds are managed by Gantor Fitzgerdld Ireland. These funds have an ethical investment screen,, they exclude companies that contravene certain ethical criteria and in most cases favour stocks that provide positive benefits to the communty. These funds are likely to hold investments that ar8 compatible wilh the charity's religious ethos. In this regard, the investment portfolio is screened according to the following ciiteria.. Damage to the environment Infringement of human rights Manufacture of armaments and supplies to the military Manufacture of anli-lrfe products Irresponsible marketing of breast milk substitutes stem cell research Cosmetics testing on animals Gambling Pornography Tobacco The Trustees, with their investment advisors, review thg inv6stments on a regular basis. R888rves policy At the end of the financial year. the total funds of th8 charity amounted lo £1,074,427 (2022: £2,834,602). Of this, £511,690 (2022-. £518,498) is represented by properties and other tangible assets essential for the running of the charity. The Trustees are intending to designate the remaining funds to provide for the fLrture activities. FUTURE PLANS The Trustees do not anticipate any significant change to th6 activities over the next year. They intend to continue to review its spgnding plans and needs and to make every effort to manage its exisling assets as effici&ntly as possible in order to generate the income necessary to achieve Ihe charitls aims. Page17
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Gov6rnlng Document In terms of Civil Law, the charity is govern6d by a Trust Deed dal8d 1 August 1994 amended, by special resolution dat6d 21 January 2015. The charity Is registered with the UK Revenue Commissioners under charity number XN 46693. The charity is also registered with The Charity Commission for Northern Ireland under charity number NIC102236. In terms of Canon Law, the Congregation is governed al an intemational level by the Congregation L8ader and the Congregation Leadership Team in Rome, They ar8 el6cted every six years 8t a Congr&gation Chapter. The European Province is gov6rngd by the Province Leader and the Province Leadership Team, who are nominated by members of th8 European Province. Recrultment and Training of Truste8S In accordance with the Trust Deed, there shall b& a minimum of four and a maximum of 8ight Trustees. The stalutory power of appointm8nt and removal of a Trustee is vested In the Provincial Leader of the European Province. Trustees are chosen for their personal qualities and th8ir understanding and experience of the ministries of the members. To date, the Trust88s have been members of the European Province and as such theywill already be well infomied about the Mission, governing documents and strategic planning and history of the Gharity. Oryanisational Structure The Trustees are ultimately responsible for the polici8s, activities and assets of the charity. They meet on a regular basis to review developments with the regard to the Charity and its aclivilies. When necessary, they seek advice from the charity's professional advisors. The day to day running of the Westcourt Centre is delegated to a sub-commitLee. The Trustees receive regular reports from the sub-committee. Risk Manag8m@nt The Trustees undertake a full risk assessment on an annual basis and monitor progress on a half-yearly basis. This process is supported by the Finance Office, who works closelywith the Trustees in this area. The Trustees identified the following as being the principal risks to which the Charity is exposed.. Governance and management. considers Ihe efficiency of the Trustee body. Risks considered include a lack of planning, a Trustee body which lacked sufficient skills or appropriate decision making procedures. Such risks could include a lack of training l induction or poor stewardship of resources human, financial and property. The Trustees have addressed these risks by operating both annual and longer term plans, holding regular Trustee meetings which include the monitoring of actual performance against these plans, having meaningful induction I handover for incoming Trustees, attending Tru8lee training days, se8king third party advice as required, etc, Financlal.. considers the financial capacity of the Charity and ansuring it has the available financial r8sources to continue to carry out its activities both now and in the years ahead. This incorporates the management of the Operating {day-lTrday) position, capital or building requirements and the returns earned on the Charitls investment portfolios. These risks are mitigated in a variety of ways, including budgeting, Ihe setting of an investment strategy l investment objectives that consider diversity, prudence and liquidity criteria, regular financial and investmenl reporting against budget, cash-flow planning, the appointment of Stewardship advisors wherè necessary. Page 18
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Age Profile.. considers the aging population of the Brothers of the Congregation of Christian Brothers in Northern Ireland which is supported by the Charity. This incorporates the review of the training, skillsets and energy of the Brothers in a leadership, Minislry or Mission role. The risks are mitigated through training, Trustee visitation to each Community, regular Trust meetings, heatthcare reviews and rotating Brothers in different roles and the sharing of knowledge. The Trustees invest time, energy and allocate resources to ensure the continuing of the Chartty both now and into the future. This can also include the involvement of lay people to support the Brothers and the involvement of professional advisors in relation to stewardship advice to the Trustees. Signed on behalf of the Trustees by.. BrDGi Trustee on Brc latrey Date.. 3010912024 Page19
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees of the Charity are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The Trustees are required to prepare financial statements for each financial year. The Trustees must not approve the financial statements unless they are satisfied thal they give a true and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for Ihat year. In preparing these financial statements, the Trustees are required to: select Sultable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP {FRS 102)- make judgements and accounting estimates that are reasonable and prudent: slate whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2022 and Charities (Accounts and Reports} Regulations (Northern Ireland) 2015. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. Signed on behalf of the Trustees by: Br D Gibson Trustee Br C Glave¥/ Trustee Date.. 3010912024 Page 20
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND Opinion We have audited the financial statements of Congregation of Christian Brothers in Northern Ireland (the 'charitl) for the year ended 31 De¢emb8r 2023 which compri6e the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting polici8s. The financial reporting framework that has been applied in thair preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice}. In applying that framework the trustees have elected to have regard to th8 Statement of R8comm8nded Practice 8pplicable to Chaiities (SORP). In our opinion the financial statements.. give a tru8 and fair view of the charity's assets, liabilities and financial position as at 31 December 2023 and of its incoming resources and 8pplication of resources, including its income and expenditure for the year then ended. have been prop8rly prepared in accordance wtLh Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Northern Ir81and as applied with regard to Charities SORP., and have been prepared in accordance with the Charities Act (Northem Ireland) 2022. Basls for oplnlon We conducted our audit in accordanc8 With International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of th8 financial statements section of our report. We are independent of the charitable trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including th8 Financial Reporting Council's Ethical Slandard, and we have fulfilled our other elhlcal responsibilities in accardance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provid8 a basis for our opinion, Conclusions relating to going concern In auditing the financial statements, w& have concluded that the Trustees, use of the going concern basis of accounting in the pr8paration of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to evenls Dr conditions that, individually or collectively, may cast significant doubt on the charitsble trust's ability to continue as a going concern for a period of al leasl e1ve month8 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with r8spect to going concern are described in the relevant sections of this report. Page 21
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND (CONTINUED) Other Informatlon The Trust8es ar8 responsible for the other information, The other information comprises th8 information included in the Trustees Report and Financial Statem8nls, other than the financial statements and our Auditoes Report therecn, Our opinion on the financial statements does not cover the other information and, except to the &xtent otherwise explioitly staled in our report, we do not express any form of assuranc8 conclusion Ihereon. In connection with out audit Df the financial slat8m8nts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with th@ financial statements or our knowledge obtained in the audit or otherwise appears to b8 materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this is a material misstatement in Ihe financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude that there is a mat@rial misstat8m8nt of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Generally Accepted Accounting Practices In our opinion, based on the work undertaken in the course ofthe audit.. the information given in the Trustees, R8port for the financial period for which the financial statements are prepared is consistent with the financial ststements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to r8port by exception In the light of our knowledge and understanding of the charitable trust and its environment obtained in the course of the audit, we have not identified material misst8t8menls in the Tru5tees' Report. We have nothing to report in respect of the following matters in relalion to which th6 Charities Act (Northern Ireland) 2022 and Charities (Accounts and Report8) Regulations {Northem Ireland) 2015 requir8S US to report to you if, in our opinion.. adequale accounting records have not been kept, or returns adequat8 for our audit have not been received from branches nol visited by us., or the financial slatements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, r&muneration specified by law are not made., or we have not received all the information and explanations we requir8 for our audit,. or the Trustee$ were not entitled to prepare the financial statements in accordance with the small compani8S regime and take advantage of the sm811 companies, exemptions in preparing the Trustees Report and from the requirement to prepare a Strategic Report Page 22
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND (CONTINUED) Respective Responslbilitias Responsibilities of fmstees As explained more fully in the Trustees, Responslbilities Slatement, th8 Trustees ar8 responsible for the preparation of the financial stalemenls and for being satisfied that they give a true and fair view, and for such intemal control a5 the Truste@s detemiine is n6cessary to enable the preparation of financial statements that ar& free from material misstatem6nt, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable trust's ability to continue as a going Goncern, disclosing, as applicable, matters related to going concern and using the going conc6m basis of accounting unless the Trust88s either intend to liquidate the charity or to ase operations, or have no realistic alternative but to do so. Pag8 23
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND {CONTINUED Audltor's responsibiliti8s for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole ar8 fr6e from material misstatement, whether due fo fraud or error, and to issue an Auditorfs Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarant88 that an audit conducted in accordance with ISAS {UK) will alway8 detect a material misstalement when it 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 tak@n on the basis of thes8 financial Statements. Irregu18ritias, including fraud, are instances of non-compliance with laws and regulations, We design procedures In line with our responsibilities, outlined above, to detect rnaterial misstat&ments in respect of irregularities, including fraud. The extent to which cur proc6dures are capable of detecting irregularities, including fraud is d8tailed below.. We identify and assess the risks of material misslat6ment of the financial statements, whether due to fraud or error, and Ihen design and perform audit procedures responslve to those risks, including obtaining audit evidence that Is sufficient and appropriate to provide the basis for our opinio)n. In identifying and as86ssing risks of material misstatemenl in respect to irregularities. including fraud and noncompliance with laws and regulations, we consid8r@d the following- the nature of the industry and sector, control environment and business p6rformance', the Charity's own assessment of the risks that irregularities may occur either as a result of fraud or error, results of our enquires of management and other k8y persons about their own identification and assessment of th8 risks of irregularities- any matters w8 identified having obt8ined and reviewed the CharitS documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were awar8 of any instances of non-compliance., and delecting and responding to the risks of fraud and wheth8r they have knowledge of 8ny actual, suspected or alleged fraud. and the internal controls established lo mitigat8 risks of fraud or non-compli8nce with law8 and regulations- the matters discussed among th8 audit engagement team regarding how and where fraud might occur in the fin8nci81 statements and any potential indicalors of fraud. As a result of these procedures, we consider6d the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is r4uired to exercise significant judgement. In common with all audils und8r ISAS (UK) we are also required to perfomi specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in tha financial statements. In addition, we considered provisions of other laws and regulatlDns that do not have a direct effect on the finanGial statem8nts but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. These included the competition and anti-bribery laws, data protection, employment. environmental and health and safety regulations. Pag8 24
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND (CONTINUED) Audit Response to Rlsks Identlfled As a result of performing the above we identrfied several potential risks of fraud. Our procedures to respond to risks identified included the following.. reviewing the financial Statement disclosur8s and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct &ff8Ct on the financial statements., enquiring of management and external legal counsel concerning actual and polential litigation and claims., perfotThing analytical and substantive procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement du8 to fraud,, reading minutes of me8tings of those charged with governance., sddressing the risk of fraud through management OV8rride of controls, testing the sppropriateness of journal entri8s and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of potential bias, and 8valualing the business rationale of any significant transactions that are unusual or outside the nomial course of business., We also communicated relevant identified laws and regulations and pot8ntial fraud risks to all engagement team members who remained alert to any indicators of fraud or non-Gompliance with laws and regulations throughout the audit, As part of an audit in accordance with ISAS {UKI, we 8xercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess thg risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audil evidence that is sufficient and appropriate to provide 8 basis for our opinion. Th& risk of not d81&cting a material misstatemenl resulting from fraud is higher than for one resulting from error, as fraud may involve Collusion, forgery, intentional omissions, misrepresentations, or the ovarride of intern81 control. Obtain an understanding of int8rnal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for th@ purpose of expressing an opinion of the effectiveness of the Charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimat8S and related disclosures made by the Trustees. Conolude on Ihe appropriateness of the Trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material unc6rtainly exists r6lated to events or conditions that may cast significant doubt on the Charity's ability to continue as a going concern. If w6 conclude that a material uncertainly exists, w8 are required to draw attention in our Auditors, Report to the relal8d disclosures in th8 financial statements or, if such disclosures are inad6quate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors, Reporl. Howev&r, future events or conditions may cause the Charity lo cease to continue as a going oon¢8rn. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether th8 financial stat8m8nts represent the underfying transactions and events in a manner that achieves fair presentation, We communicate with thosè charged with governance regardino, among other matters, the planned scope and timing of the audil and significant audit findings, including any significant deficiencies in inl@rnal control th81 we id&ntify during our audit. Page 25
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND {CONTINUED The purpose of the audlt work an(1 to whom we owe our responsibilitl8S This report is made solely lo the Charity's trustees, as a body, in accordance with the Charities Act (Northem Ireland) 2022. Our audit work has been undertaken so that we mighl state to the Charity's members those matters we are required to state to th8m in an Audilor's Fleport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charily and its members, as a body. for our audit work, for this report, or for the opinions we have form8d. R._ kJL Ronan Kilban6 Statutory auditor for and on behalf of RBK Business Advisers Chartered Accountanls and StatuloryAudit Firm Temiini 3 Arkle Road SandyFord Dublin 18 Date. 3010912024 Page 2S
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Total funds Unr8stricted Total forthe 16 funds funds monfhs onded 31 December 31 December 31 December 2023 2023 2022 {12 months) (12 months) (16months) Note Income from: Charitable activities Social Investments Investments other income 539,187 82,853 59,703 5,874 539,187 82,653 59,703 5,874 712,472 97,413 123, 440 6, 766 Totsl incom8 687,417 687,417 940,091 Expendlture on: Raising funds Charitable activities 19,359 2,314,014 19,359 2,314,014 32.556 1, 602, 166 Total expenditure 2,333,373 2,333,373 1, 634, 722 Net movement in funds before other recognlsed gainsl(losses) {1,645,956) 11.645,956) (694, 631) Other recognised (losses)Igalns: (Losses}Igains on investment assets 12 (114,219} 1114,219 (30, 040) Net movement In funds (1,760,175) {1,760,175) (724, 671) Reconciliation of funds.. Total funds brought forward Net movement in funds (see above) 14 2,834,602 2,834,602 (1,760,175I (1,760,175) 3,559,273 (724,671) Total funds carried forward 14 1,074,427 1,074,427 2, 854, 6Q2 Th8 Statemant of Financial Activities includes all gains and losses recognised in the year. Psge 27
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments 10 12 511,690 3.685,027 516.496 3,887,057 4,196,717 4,403,553 Current assets Debtors Cash at bank and in hand 12 52,634 1,116,408 39, 383 1,315,278 18 1.169.042 1,354, 661 Creditors.. amounts falling due within one year 14 (4,291,332 (2. 923, 612) Net current liabilities (3,122,290) (1, 568, 951) Total net assets 1,074,427 2,834,602 Charity funds Unrestricted funds 14 1,074,427 2, 834, 602 Total funds 1,074,427 2,834, 602 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Br D Gibson Trustee Br C Glav Tr tee Date.. 3010912024 Page 28
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from operatlng activitles Net cash (used in)Iprovided by oparating activities 17 (280,1811 69,973 Cash flows from investlng activities Purchase of tangible fixed assets N8t movement in investments (Losses)Igains on investments 10 (6,500) 202,030 (114,219) 160,656 (30,040) 12 Net cash provid8d by investlng activlties 81,311 130,616 Change In cash and cash equival8nts in the yearlperlod Cash and cash equivalents at the beginning ofthe y8arlperiod {198,870} 1,315,278 200.529 18 1, 114,749 Cash and cash equivalents at the end of the yearlperiod 18 1,116,408 1,315,278 Th6 notes on pages 30 to 44 form part of thes8 financial statements Page 29
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles 1.1 Bas1$ of praparatlon of financial statements The financial statemenls have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities,, Statement of Recommended Practice applicable to charities preparing their accounts in accord8nce with th6 Financial Reporting Standard applicable in the UK 8nd Republic of Ireland (FRS 102) (effective 1 January 2019), the Finanoial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act (Northern Ireland) 2022 and Charit18s (Account8 and Reports} Regulations (Northern Ireland} 2015. Congregation of Christian Brothers in Northern Ireland meets the definition of 8 public benefit entity under FRS 102. Assets ar)d liabilities are initially recognis8d at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Income from charitable actlvltles Income from charitable activities arises on a weeklylmonthly basis from pensions. All such income is credit8d to the iNcom6 and expenditure account only when receiv8d. Income tax recoverab18 in relation to inve5tmenl income is recognised at the tim8 the inv8stm8nt income is receivabl8. Other income is recognised in the period in which it is reIvable and to the extent the goods have been provided or on completion of the serwce. 1.3 Income from donatlons and legacies Thes6 are included in the financial statem8nts of the Charity when th8 entitlement of the income has been notified to the Trust8es and there is a certainty of receipt. 1.4 Income from social Investments Investment income, realised and unrealised, 18 accounted for in the year in which the Charity is entitled to receive it and is reflected in the Statement of Financial Adiviti6S, 1.5 Investment Incom8 The investment income included in incoming resources in the Slatemenl of Financial Activities is comprised of dividends received directly by the Charity tO9eth8r wilh all bank interest lo which the Charity is entitled in the year. 1.6 Investment managed fund Investments are shown at mark8t value at the balance sheet date. Market value comprises the capital cost tog8ther with realised gains invested, nel cash inflowsloutflows and unrealised gains and losses. Page 30
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (contlnued 1,7 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of 8conomic benefits will be required in settlement and the amount of the obligation can b6 measured reliably. Expenditure is classified by activity, The costs of each activity are mad8 up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are 811ocated directly lo that activity, Shared costs which contribute to more than one activity and suppcrt costs which are not attributable lo a single activity are apportioned belween Ihose activities on a basis consistent with th8 Use of resources. Central staff costs are allooat8d on the basis of tim8 spent, and depreciation charges allocated on the portion of Ihe asset's US8. Expendilur8 on raising funds includes all expenditure incurr8d by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading, Expendytur8 on charitable aelivities is incurred on directly undertaking the activities which further Ihe Ch8riVs objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.8 Forelgn currencleg Monetary 8ssets and liabilities denominated in foreign curr6ncies are translated into sterling at rates of exch8nge ruling at the reporting d8t8. Transactions in foreign currencies are translated into sterling at the rale ruling on the date of the Iransaction. Exchange gains and losses are recognised in th8 Sta18m6nt of Financial Activities. Page 31
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting poll¢les {contlnued) 1.9 Tangible fixed a55ets and depreclatlon Tangible fix8d assets are initially recognised at cost. After recognition, under the cosl model, tangible fixed assets ar& measured at cost less accumulated depreciation and any accumulated impairment losses. All cosls incurred to bring a tangibla fixed asset into its intended worf<ing condition should be included in the mgasurement of cost. All fixed assets held for the beneficial use of the Charity have been capitalised and are included in the financial slatements. These ass6ts are included at original cost wher8 il can b8 determined or at a reasonable notional cost. Such notional cost has been determin8d by taking the historic consumer pri indices produced by the Central Statistics Office and applying those to the insurance valuations of the properties conc8rned. Such property 15 not held for investment purposes and 18 carried in the assets of the Charity at CO8t. The figure for cost, or notional cost where utilised does not take account of the separate value of the und8rlying land of any property. The original cost of the land would not be material to the amounts stated for fixed assets. Th8 land owned by the Charity has b88n included at a nominal value of £1,000 per acre. This includes two playing fielcls r8lained by tha Charity which have been let on short term licenc8S to the Edmund Rice Schools Trust (Northern Irelandl. Consequently the balanc8 sheet does not reflect the full value of the freehold land and buildings of the charity and the charge to the Statement of Financial Activities for depreciation excludes such charges which might be applicable to the full valu8 of the assets. Depreciation is charged so as to allocate the cost of tangible f ixed assets less their residual value over Ih8ir estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Freehold property Motor vehic18S Fixtures and fittings 20°/0 10Yo Gain5 and losse$ on disposals are determined by comparing the proc88ds with the carrying amount and are recognised in the Statement of Financial Activities. 1.10 Debtors Trade and other debtors are r8cognised at the settlemenl amount after any trade discount offei8d. Prepayments are valued at th@ amount prepaid nel of any trade discounts due. 1.11 Cash at bank and in hand Cash at bank and in hand includes cash and short-tenn highly liquid inv88tments wilh a short maturity of three months or less from the date of acquisition or op$ning of the deposit or similar account. Page 32
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles Icontinuedl 1.12 Creditors Creditors are classified as current liabilities if payment is du8 Wlthin one year or less. If not, they are pr8s&nted as non-current liabilities. Creditors are recognis8d initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 1.13 Contingent assets Conting8nt liabilities, arising as a resutt of past events, are not recognis8d when (il it is not probable that th8re will be an outflow of resources or that the amount cannot be reliably measured al the reporting date or (ill when th8 exi8tenca will be confirmed by the occurrence or non-occurr@nce of uncertain future events not wholly within Ihe company's control. Conting8nt liabilities are disclosed in the finanGi81 statements unless the probability of an outflow of re80urc8s is remote. Contingent ass8ts are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable. 1.14 Llabllltles and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probab18 that a transfer of economic benefit will be required in settlement, and the amount of the settlem6nt can be estimatecl reliably. Liabilities are recognised at th8 amount that the Charity anticipates it will pay ID S@ttle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are m8asured al the best estimate of the amounts required to settle th8 obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. Th8 unwinding of the cliscount is reGogni98d in the Statement of Financial Activities as a finance cost. 1.15 Fund accounting Designated funds comprise unrestricted fund5 that have been sgt aside by the Trustees for particular purposes, The aim and use of each d6signated fund is set out in the notes to the financial statements, Investment income, gains and losses are allocated to th8 appropriate fund. 1.16 Taxation Arising from it's charitable status, th8re is no liability to Corporation Tax on the Charily. 1.17 ReseN8s The resetV8s consist of unrestricted funds. General reserves are unrestricted funds which are available for use at the discretion of the trustees. A significant portion of the unrestrided funds are designated to provid8 for various activities in furtherance of the general objectives of the Charity. Page 33
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng polici•s {contlnued} 1.18 Crltlcal Judgements and estimatos The estimates, and assumptions in determining the carrying amount of assels and liabilities. The trustees, judgements, estimates and assumptions ar6 based on the best and most reliable evidence available at the time when the decisions are made. and are based on historical 8xperience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements. estimates and assumptions, the outcomes may diFfer. Us8ful economic lives of tangible flxed assets The charity depreciates tangible assets over their estimated useful lives. The estimation of the usef ul lives of a8S8ts is based on historic performance as well as &xpectation6 over future use and therefore requires e8timstes and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technologlcal innovation and maintenance programmes. Falr value of flxed asset inv8stm8nts The fixed asset investments are carried at fair value which has been determined based on independent professional valuation carried out at year end by investment management companies holding those investments. Accruals - litigatlon costs Th8 charitable trust has accruals recorded in the balance sheet al the year end in relation to litigation costs for the ongoing legal court cases. Estimates of these accruals are based on an assessment made by the trusl's legal advisors in relation to the liability bas8d on current litigation and an 8Stablished pattern of settlement agreements. Page 34
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charltable activities Unrestrlcted Total funds funds 2023 2023 12 months 12 months Total fund8 2022 IS months Teachers pensions old age p8nsions 403,900 135,287 403,900 135,287 547, 120 165,352 Total 2023 539,187 639,187 712,472 Income from social investments Unrestrlcted funds 2023 12 months Total funds 2023 12 months Total funds 2022 16 nTonths Rental income {We5tcourt> 82,653 82,653 97,473 Total 2023 82,653 82,653 97,413 Incom8 from investments Unrestricted Total funds funds 2023 2023 12 months 12 months Tof81 furpds 2022 16 months Investment income Interest reiVed 53,889 6,014 53,689 6,014 123,440 Total 2023 59,703 59,703 123,440 Page 35
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Other incom6 Unrestrict8d Total funds funds 2023 2023 12 months 12 months Total funds 2022 16 months other income Donations received 5,874 5,874 6,616 150 Total 2023 5,874 5,874 6, 766 Expendtture on raising funds Unrestricted funds 2023 12 months Total funds 2023 12 month5 Total funds 2022 16 months Investment management and advisory fees 19,359 19,359 32,556 Total 2023 19,359 19,359 32,556 Expenditure on charitable activities Unrestricted Total funds funds 2023 2023 12 months 12 months Total funds 2022 16 monlhs Property CO818 and depreciation Support of members and their mission Costs incurred associated with former students Inl8rnational misslonary support Former mainstream education Non mainstream education Governanca 11,306 425,695 1,622,335 11,306 425,695 1,622,335 21,774 507,855 738, 774 16,697 158,000 t49,796 9,330 118,000 124,520 12,158 118,000 124,520 12,158 Total 2023 2,314,014 2,314,014 1,602, 166 Page 36
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs For the year Forthe year ended encled 31 31 Dgcember December 2023 2022 12 months 16 months Wages and salari88 Social security costs Contribution to defined contribution pension schemes 90,574 7,613 3,802 109,51S 9, 188 4,546 101,989 123,247 The average numb8r of per8on8 8mployed by the Charily during the yearwas as follows.. For the year For the ygar ended ended 31 31 Dac8mber D8Gembgr 2023 2Q22 12 months 16 months Employees During th8 ygar ended 31 December 2023, no Employees received remuneration exce&ding £60,000. Key rnanagement personnel The key management personnel of Christian Broth8rs in Northern Ireland includes the Trustees and Head of Finance. The compensation paid to key management personnel for employee seNice8 was £0 (2022.. £0). Page 37
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Tanglble flxed assets Freèhold property Motor Fixturos and vehlcles ritlings Total Cost or valuatlon Al 1 January 2023 Additions Disposals 720,545 15,775 6,500 (3,900) 261,045 997,365 6,600 {3,9001 At 31 December 2023 720,545 18,375 261,045 999,966 Depreclation At 1 January 2023 Charge for the year Cn disposals 204,257 9,798 15,667 1,508 (3,900) 261,045 480,869 11,306 13,9001 At 31 December 2023 214,055 13,175 261,045 488,275 Net book value At 31 December 2023 506,490 5,200 511,690 At 31 December 2022 516,288 208 51S,496 11. Investments 2023 2022 Llsted investments at market value: At 1 Janusry Investment Income (Losses) on investments Cash {withdrawnl 3,887,057 4,047, 713 53,689 123,440 (1 14,219) (30,040) (141,500) (254, 056) At 31 December 3,685,027 3,887,057 Page 38
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Debtors 2023 2022 Due within one year Prepayments 8nd accrued income 52,834 39,383 52,634 39,383 13. Credltors,. Amount falling due wlthln one y8ar 2023 2022 Trade creditors Christian Brothers European Province- ROI Engli8h Province of the Congregation of Christian Brothers Accruals 3,745 64,163 21,726 4,201,698 2,304 331,585 6,407 2,583,316 4,291,332 2,923,6Y2 Page 39
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IREL4ND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statement of funds Statement of funds - current year Balance at 1 January 2023 Balanc8 at Gainsl 31 December (Losses) 2023 Inter Fund Transfers Income Expenditure Unrestrlcted funds Fixed asset fund Form8r m8instream education Non mainstream education International mission fund Support of members General charitable activities fund 516,496 111,306) 6,500 511,690 236,639 19,901 (118,000) {20,000) 118,540 279,98 19,904 (124,5201 (50,000) 125,362 217,475 19,901 (180,0001 57,376 727,995 269,594 (425,894) 1350,000) 221,895 856,016 358,120 (1,653,853) 593,500 (114,219) 39,564 2,834,602 687,417 (2,333,373 1114,219) 1,074,427 statement of funds - prior period Balanc& at 31 December 2022 Ealancp at f September 2021 Gainsl (Losses) Income Expendifure Unrestrlcted funds Fixed asset fund Former mainstream educalion Non mainstream education International mission fund Support of members General charitsble activities fund 537,761 353,492 388, 630 193,025 844, 405 (21,265) (158, 000) (149, 796) (16, 697) (472, 646) 516,496 236, 639 279,981 217,475 727,995 41,147 41, 147 41,147 356,236 1,241,960 460,414 (816,318) (30, 040) 856,016 3, 559, 273 940,091 (1,634, 722) (30, 040) 2, 834,602 Page 40
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Summary of funds Summary of funds - current year Balance at 31 Gainsl Dècèmber {Loss88) 2023 Balanc& at 1 January 2023 Inter Fund Transfers Income Expenditur G&naral funds 2,834,602 687,417 {2,333,373) (114.2191 1,074,427 Summary of funds- prior period BalanGe at 31 Dgcember 2022 Balan al I September 2021 Gains/ (Losses) InGomg Expenditure General funds 3, 559,273 940,091 (1, 634, 722) (30,040) 2, 834, 602 16. Analysls of net assets between funds Analysis of not assets between funds . Current year Unrestrlcted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Credilors due within one year 511,690 511,690 3,685,027 3,685,027 1,169,042 1,169,042 (4,291,332) 14,291,332) Total 1,074,427 1,074,427 Page 41
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Analysis of net assets between funds (contlnued) Analysls of net assets betWg8n funds - prior perlod Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Fixed ass6t investments Current assets Creditors due within on6 year 516,496 516,496 3,887,057 3,887,057 1,354,861 1,354,661 (2,923,612) (2,923,612) Total 2, 834, 602 2,834,602 17. Reconciliation of n8t movement In funds to net cash flow from operating activities 2023 2022 Net (expenditure) for the y8arlperiod before other recognised gains and losses (as per Statement of Financial Activities) {1,645,956) (694, 631) Adjustments for: Depreciation charges (Increase) in debtors Increase in creditors 11,306 (13,251) 1,367,720 21,262 (25, 766) 769,048 Net cash (used in)Iprovided by operatlng activities 1280,181) 69,913 18. Analysls of cash and cash equivalents 2023 2022 Cash at bank and in hand 1,116,408 1,315,278 Total cash and cash equivalents 1,116,408 1,315,278 Page 42
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Analysls of changas In net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand 1,315,278 1198,8701 1.116,408 1,315,278 {198,870> 1,116A08 20. Contingencies A number of legal actions have been initiated again51 the Charity. The Trustees have appoint8d solicitor8 and barristers to act on their behalf in defending these actions. Du8 to the nature of th8 actions, the lengthy passage of time since the alleged offences occurr8d, and the significant legal and practical difficulties in resolving these cases, the d8l&rmination of the final liabilities is uncertain. The accruals provided are based on ¢urr8nl liiigation and an established pattern of settlement agreemenls. As the litigation and negotiations progress, it is possible that the ultimate liability may b different from the amount of the accruals currently recorded. sin the year end, 4 new cas8s have b88n notified and in accordance with the accounting polici8s, provision is only made in th8 year of notification of such claims. 21. Commitments A commitment exists to provide funding of £118,000 {2Q23.. £118,000) the next year to Edmund Ric6 Schools Trust (Northern Ireland> to meet the costs of that body, 22. Related party transactions The Trustees all give freely cf their time and expertise withDuI any form of remuneration or other b8nefit in rAsh or kind, The Charty shares common trustees with Congregation of Christian Brothers, European Province Republic of Ireland (CBEP). During the year CBEP recharged £64,163 (2022.. £331,585) in respect of costs incurred on behalf of the Congregation of Christian Broth8rs in Northern Ir8land. At the financial year end, the Charity owed £64,163 {2022.' £331,585) to th8 Congregation of Christian Brothers, European Province - Flepublic of Ireland. The Charity 6hares one common truslee with the Congregation of Christian Brothers Trustees (English Province), {CCBTI. During th8 year CCBT recharged £10,336 (2022.. £11,509) in respect of costs incurred on behalf of the Congr&gation of Christian Brothers in Northern Ireland. At the finanGial year end, the Charity owed £21,726 (2022.. £6,407) to the Congr8galion of Christian Brothers Tru51ees (English Province). Page 43
CONGREGATION OF CHRISTIAN BROTHERS IN NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Custodian trustee holdlngs The trustees h&ld an amount of £74,352 (2D22', £74,352) in a bank account as a custodian for a member of the congregation. The account is held securely and separately from those of the trustees who are responsible for safe custody of th8 funds. These funds are not therefore included in the balance sheet of Congregation of Christian arothers in Northem Ireland at the year end12022.' £Nil). Post balance sheet ev8nts Apart from those disc105ed, there have been no significant events affecting the charitable trust sinc8 the period end that require disclosure in the financial slatementS. 25. Approval of flnanclal statements The accounts were approved by the Trustees on 3010912024 Page 44