Statement of Financial Activities for the year ended 31st December 2022 Unrestricted funds Restrirted fund5 2022 Totsl 2021 Totsl Notes Incoming reSoUr￿S Incoming resources from generating funds.. Investment income Incoming resources from charitable artivities Voluntary Income Other Income 221,535 19,257 3.470,971 1.322,936 li 221,546 19,257 3,470.971 1.322.936 310,937 32,350 3,508,666 662,114 Totsl incomlng resources 5,034,699 li 5,034,710 4,514,067 Resourtes expended Costs of generating funds.. Investment management costs Charitable activities 50,986 4,250,712 50,986 4.418,712 41.454 4,023,877 168,000 Totsl resources expended 4,301,698 168,000 4.469,698 4,065,331 Net gain51llossesl on investments Gain on Sale of Investment Propertie5 (Lossl / Gain on Inve5tment5 1130,9071 1130,9071 442,680 1130,9071 1130.9071 442.680 Net movement in funds 602,094 1167,9891 434,105 891,416 Total funds brought forward 20.342,612 371.604 20,714,216 19,822,800 Total funds carried forward 20,944,703 203.615 21,148,318 20,714,216 The statement of financial activities includes all gains and losses in the year and therefore a separate Statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The notes on pages 41 to 49 form an integral part of these financial statements. 38 Balance Sheet as at 31st December 2022 2022 2021 Notes Flxed assets Tangible assets Investments io li 6,516,510 11,373,978 6,815,153 10.213,078 17,890,488 17,028,231 Current assets Debtors Cash at bank and in hand 12 102,672 3.229.479 62,279 3,693,272 3,332,151 3,755,551 Creditors: amounts falling due within one year 13 174,3211 169,5661 Net current assets 3,257,830 3,685,985 Net assets 21,148,318 20,714,216 Funds Restricted income funds Unrestritted income funds 15 203,615 20,944,703 371,604 20,342,612 Total funds 21,148,318 20,714,216 The financial statements were approved by the trustee on 27th July 2023 and signed on the board's behalf by Sr. Rose Marie Conlan Trustee Sr. Perpetua McNulty Trustee 39 Cash Flow Statement for the year ended 31st December 2022 2022 2021 Notes Net incoming resource5 for the year 434,105 891,416 Adjustments for: Depreciation and impairment charges Impairment charges Dividends from investments Profit on sale of tangible assets Ilncre35el/Decrease in debtors Increase/ in creditors 205.202 232,178 500 1234,5531 1646,0871 8,100 28,296 1144.8921 11,322,936) 140,3931 4,755 Net cash (outflow) l inflow from operating activities 1864,1591 279,850 Cash Flows from Investing Activities Dividends from investments Proceeds from disposal of tangible fixed assets Capital expenditure Increase in value of investments 144,892 1,418,692 12,3141 11,160,900) 234,553 1.345.422 1373,5981 12,510,856) Increase / (decrease) in cash in the year 1463,7931 11,024,632) Reconciliation of net cash flow to movement in net debt Increase l {decreasel in cash in the year Net Cash at l January 2022 1463,7931 3.693,272 11.024,6321 4,717,904 Net Cash at 31 December Z022 3,229,479 3,693,272 40 Notes to Financial Statements for the year ended 31st December 2022 Accounting policies The principal accounting polities are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective l January 2015) - (Charities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 and the Charities (Accounts and Reports) Regulations {Northern Ireland) 2015. In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS102 the restatement of comparative items was required. No adjustments to comparatives were identified. This set of financial statements is the first prepared under this new legislation. Incoming Resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable. Income from investments is included in the year in which it is receivable. Diminutions of individual assets within a portfolio below book cost are not adjusted for provided the portfolio as a whole, has a market value in excess of book cost. Resources Explained Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Costs of generating funds comprise the costs associated with attracting voluntary income. Charitable expenditure comprise5 those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support cost5 are those costs incurred directly in support of expenditure on the objects of the charity and include project management. 41 Notes to Financial Statements for the year ended 31st December 2022 Tangible Fixed Assets and Depreciation All Properties, including Ministry Properties that may be used by the Congregation, are included and have been valued at Net Realisable Value. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows- Investment Properties Land and buildings Fixtures, fittings and equipment Motor vehicles Not Depreciated 2% reducing balance IO% reducing balance 25% reducing balance Investments Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities. Leasing Rentals payable under operating lease5 are charged against income on a straight-line basis over the lease term. Foreign Currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the statement of financial activities. Investment income Unrestricted funds Restritted funds 2022 Totsl 2021 Total Income from investments Rent receivable Bank interest receivable 144,892 76.379 264 144.892 76.379 275 234,553 75,914 470 li 221,535 li 221,546 310,937 42 Notes to Financial Statements for the year ended 31st December 2022 Incoming resources from charitable activities Unrestrlcted funds 2022 Total 2021 Total Legacies Other income 4,295 28,055 19,257 19,257 19.257 19.257 32,350 Voluntary Income Unrestricted funds 2022 Totsl 2021 Totsl Salaries donated by Sisters of Mercy Pensions donated by Sisters of Mercy Stipends donated by Sisters of Mercv Retirement lump sums donated by Sisters of Mercy 146,149 2,623,939 12,020 688,863 146,149 2,623,939 12,020 688,863 192,650 2,595.945 808 719,263 3,470,971 3,470.971 3,508,666 Other Income Profit on Sale of properties Profit on Sale of motor vehicles Government Grants received 1,322,314 622 1,322.314 622 637,657 8,430 16,027 1.322,936 1.322.936 662,114 Investment Management Costs Unrestricted Funds 2022 Totsl 2021 Total Investment management Costs 50,986 50,986 41,454 50,986 50,986 41,454 43 Notes to Financial Statements for the year ended 31st December 2022 Costs of charitable activities Direct Support Costs 2022 Totsl Costs Congregational Living- the Advancement of Religion Congregational Living Spirituality, Prayer & Worship 1,946,125 88,694 173.500 7.909 2,119,625 96,603 2,034,819 181,409 2,216.228 Healthcare & the cornpassionate Care of the slck and those in need 1,287,448 114,780 1,402,228 Relief of Poverty, promotion of educationth justice and other charitable activities Education Overseas Development & Support Pastoral, Social Care & Development Support Other Charities 82,459 35,342 373,476 55,127 7,351 3,152 33.295 4,915 89,810 38.494 406,771 60.042 546,404 48,713 595,117 Upkeep of Listed Buildings 188,346 16,793 205,139 Totsl Cost of Charitable Activities 4.057.017 361,695 4,418,712 44 Notes to Financial Statements for the year ended 31st December 2022 Support Costs Legal & Professional 2022 Total Admin Congregational Living- the Advancement of Religion Congregational Living Spirituality, Prayer & Worship 26,256 1,197 147,244 6,712 173,500 7,909 27,453 153,956 181,409 Healthcare & the Compassionate Care of the Sick and those in Need 17,369 97,411 114.780 Relief of Poverty. Promotion of Education, Justice and other charitable Activities Education Overseas Development & Support Pastoral, Social Care & Development Support Other Charities 1,112 477 5,039 744 6,239 2,675 28,256 4.171 7,351 3,152 33,295 4,915 7,372 41,341 48,713 Upkeep of Listed Buildings 2.542 14,251 16,793 Totsl Costs Allocated 54,736 306.959 361,695 Auditors, remuneration 2022 2021 Auditors, remuneration~ Audit of the Financial Statements 12,600 12,600 45 Notes to Financial Statements for the year ended 31st December 2022 Employees Employment Costs 2022 2021 Wages & Salaries- office Community Wages 175,904 994,956 172.723 914,714 1,170.860 1,087.437 Number of employees The average monthly numbers of employees during the year, was as follows.. 2022 2021 Number Number 82 91 Staff costs and ke mana ement renumeration All trustees are members of the Congregation of the Sisters of Mercy Northern Province. The trustees consider that they alone comprise the key management of the charity. As members of the Congregation, the trustees living and personal expenses are borne by the charity but they receive no renumeration or reimbursement of expenses in connection with their duties as trustees. io. Tangible Fixed Assets Land and buildings freehold Flxtures. fittings and equipment Motor vehicles Total Cost At l January 2022 Additions Disposals 8,851,794 1,718,393 2,314 18201 1,274,186 11.844.373 2.314 1181,2151 190,1051 190,2901 At 31 December 2022 8,761,689 1.719,887 1.183,896 11,665,472 Depreciation At l January 2022 Charge for the year On disposals 2.601.825 112,531 1,543,708 17,618 883,686 75.053 185,4591 5.029,219 205,202 185,4591 At 31 December 2022 2,714,356 1.561,326 873,280 5,148,962 Net book values At 31 December 2022 6,047,333 158,561 310,616 6,516,510 At 31 December 2021 6,249,969 174,685 390,500 6,815,154 46 Notes to Financial Statements for the year ended 31st December 2022 ii. Fixed Asset Investments Llsted Investments Totsl Valuation At 31 December 2022 11,373,978 11,373,978 12. Debtors 2022 2021 Other debtors Prepayments and accrued income 2,630 100,042 2,917 59,362 102,672 62,279 13. Creditors: amounts falling due within one year 2022 2021 Accruals and deferred income 74,321 69,566 74,321 69,566 47 Notes to Financial Statements for the year ended 31st December 2022 14. Unrestricted Funds At At 31 December 2022 l January 2022 Incoming resources Outgoing resource5 General Fund Designated Funds Tangible Fixed Asset Fund 1.189.686 431,043 1295,3251 1.325,404 6,815,153 1298.6431 6,516,510 Congregational Living 4,859,083 1,761,442 12,078,177) 4,542,348 Healthcare & the compassionate care of the sick 5,109.027 of the Sick 1,852.162 11,287,4481 5,673.741 Other Ministries 2.369,668 859.144 1342.1051 2.886,707 20,342,612 4,903,792 14.301.698) 20,944,703 Purposes of unrestrirted funds Tan ible Fixed A55et Fund This fund is equal to the total of the tangible asset5 which are held for the furtherance of the charitable objects. Con re ational Livin Fund This fund represents the present value of the capital sum required to make adequate provision to fund the ConEregation Living activities referred to in the Trustees Report. This is a net position i.e. the projected costs are offset by income allocated to this activity. Health and Com assionate Care Fund This fund represents the present value of the capital sum required to make adequate provision to fund the Health and Compassionate Care activities referred to in the Trustees Report. This is a net position i.e. the projected c05t5 are offset by income allocated to this activity. Other Ministries Fund This fund represents the present value of the capital sum required to make adequate provision to fund the Relief of Poverty, promotion of education. justice and other charitable activities referred to in the Trustees Report. This is a net position i.e. the projected costs are offset by income allocated to this activity. 15. Analysis of net assets between funds Unre5trirted Funds Restrirted Fund5 Total Funds Fund balances at 310ecember 2022 as represented by.. Tangible fixed assets Investment assets Current assets Current liabilities 6,516,510 11,373,978 3,128,536 174.3211 6,516,510 11,373,978 3,332,151 {74,3211 203,615 20,944,703 203,615 21,148,318 48 Notes to Financial Ststements for the year ended 31st December 2022 16. Restricted funds At At 31 December 2022 l January 2022 Incomlng resources Outgoing Resources Strabane Trust Fund Patrimony Investment Fund 301,604 70,000 li 198,0001 170,0001 203,615 371,604, li 1168,0001 203,615 17. Authorisation of Financial Statements The financial statements were authorised by the trustees for issue on 26th July 2023. 49