2023-12-31-accounts - Sisters of Mercy, Northern Province

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Statement of Financial Activities for the year ended 31[st] December 2023

		Unrestricted	Restricted	2023	2022
		funds	funds	Total	Total
Notes		£	£	£	£
Incoming resources
Incoming resources from generating funds:
Investment income	2	231,893	460	232,353	221,546
Incoming resources from charitable activities	3	84,637	-	84,637	19,257
Voluntary Income	4	2,845,740	-	2,845,740	3,470,971
Other Income	4.1	409,312	-	409,312	1,322,936
		__	_	__	__
Total incoming resources		3,571,582	460	3,572,042	5,034,710
		=======	======	=======	=======
Resources expended
Costs of generating funds:
Investment management costs	5	52,429	-	52,429	50,986
Charitable activities	6	4,601,397	101,000	4,702,397	4,418,712
		__	_	__	__
Total resources expended		4,653,826	101,000	4,754,826	4,469,698
		=======	======	=======	=======
Net gains/(losses) on investments
Gain on Sale of Investment Properties		-	-	-	-
(Loss) / Gain on Investments		(223,555)	-	(223,555)	(130,907)
		___	_	___	__
		(223,555)	-	(223,555)	(130,907)
		========	======	========	=======
		___	_	___	__
Net movement in funds		(1,305,799)	(100,540)	(1,406,339)	434,105
Total funds brought forward		20,944,703	203,615	21,148,318	20,714,213
Prior year adjustment		(218,001)	-	(218,001)	-
		___	_	___	___
Restated total funds brought forward		20,726,702	203,615	20,930,317	20,714,213
		___	_	___	___
Total funds carried forward		19,420,903	103,075	19,523,978	21,148,318
		========	======	=======	========

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 43 to 51 form an integral part of these financial statements

Balance Sheet as at 31" December 2023 2023 2022 Notes Fixed assets Tangible assets Investments 10 6,866,904 10,925,918 6,516,510 11,373,978 17,792,822 17,890.488 Current assels Debtors Cash at bank and in hand 12 106,148 1,711,377 102,672 3,229,479 1,817,525 3,332,151 Creditors: amounts falling due within one year 13 (86,369) (74,321) Net curreDt assets ,731,156 3,257,830 Net assets 19.523.978 21,148,318 Funds Restricted income funds Unrestricted income funds 15 103,075 19,420,903 203,615 20,944,703 Tolal funds 19,523,978 21,148.318 The financial statements were approved by the trustee on 28, August 2024 and signed on the board's behalf by Sr. Rose Marie Conlan Trustee Sr. Aine Campbell Trustee 41

Cash Flow Statement for the year ended 31[st] December 2023

	2023	2022
Notes	£	£
Net (outgoing)/incoming resources for the year	(1,406,339)	434,105
Adjustments for:
Prior Year Adjustment	(218,001)
Depreciation and impairment charges	203,260	205,202
Impairment charges	-	-
Dividends from investments	(163,307)	(144,892)
Profit on sale of tangible assets	(409,312)	(1,322,936)
Increase in debtors	(3,476)	(40,393)
Increase in creditors	12,048	4,755
	__	___
Net cash (outflow) / inflow from operating activities	(1,987,127)	(864,159)
Cash Flows from Investing Activities
Dividends from investments	165,307	144,892
Proceeds from disposal of tangible fixed assets	469,564	1,418,692
Capital expenditure	(613,907)	(2,314)
Increase in value of investments	448,060	(1,160,900)
	___	___
Increase / (decrease) in cash in the year	(1,518,102)	(463,793)
	========	========
Reconciliation of net cash flow to movement in net debt
Increase / (decrease) in cash in the year	(1,518,102)	(463,793)
Net Cash at 1st January 2023	3,229,479	3,693,272
	___	___
Net Cash at 31st December 2023	1,711,377	3,229,479
	========	========

Notes to Financial Statements for the year ended 31[st] December 2023

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1. 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1[st] January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) 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.

1.2. 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.

1.3. 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 comprises 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 costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.

Notes to Financial Statements for the year ended 31[st] December 2023

1.4. 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	-	Not Depreciated
Land and buildings	-	2% reducing balance
Fixtures, fittings and equipment	-	10% reducing balance
Motor vehicles	-	25% reducing balance

1.5. 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.

1.6. Leasing

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

1.7. 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.

2. Investment income

Unrestricted	Restricted	2023	2022
funds	funds	Total	Total
£	£	£	£
Income from investments 165,307	-	165,307	144,892
Rent receivable 65,442	-	65,442	76,379
Bank interest receivable 1,144	460	1,604	275
_	_	_	_
231,893	460	232,353	221,546
======	======	======	======

Notes to Financial Statements for the year ended 31[st] December 2023

3.	Incoming resources from charitable	activities
		Unrestricted		2023	2022
			funds	Total	Total
			£	£	£
	Legacies		52,150	52,150	-
	Other income		32,487	32,487	19,257
			______	______	______
			84,637	84,637	19,257
			======	======	=====
4.	Voluntary Income
		Unrestricted		2023	2022
			funds	Total	Total
			£	£	£
	Salaries donated by Sisters of Mercy		125,466	125,466	146,149
	Pensions donated by Sisters of Mercy	2,632,658		2,632,658	2,623,939
	Stipends donated by Sisters of Mercy		10,000	10,000	12,020
	Retirement lump sums donated by Sisters of Mercy		77,616	77,616	688,863
			__	___	___
		2,845,740		2,845,740	3,470,971
		========		========	========
4.1.	Other Income
	Profit on Sale of properties		393,238	393,238	1,322,314
	Profit on Sale of motor vehicles		16,074	16,074	622
			_	___	__
			409,312	409,312	1,322,936
			=======	========	=======
5.	Investment Management Costs
		Unrestricted		2023	2022
			Funds	Total	Total
			£	£	£
	Investment management costs		52,429	52,429	50,986
			_	_	_
			52,429	52,429	50,986
			======	======	======

Notes to Financial Statements for the year ended 31[st] December 2023

Costs of charitable activities
	Direct Support	2023
	Costs Costs	Total
	£ £	£
Congregational Living - the Advancement of Religion
Congregational Living	1,909,920 147,699	2,057,619
Spirituality, Prayer & Worship	125,629 9,712	135,341
	__ _	__
	2,035,549 157,411	2,192,960
	__ _	__
Healthcare & the compassionate care of the sick
and those in need	1,603,126 123,971	1,727,097
	__ _	__
Relief of Poverty, promotion of education, justice
and other charitable activities
Education	69,002 5,336	74,338
Overseas Development & Support	34,447 2,664	37,111
Pastoral, Social Care & Development	328,573 25,411	353,984
Support Other Charities	69,420 5,366	74,786
	__ _	_
	501,442 38,777	540,219
	__ _	_
Upkeep of Listed Buildings	224,742 17,379	242,121
	__ _	__
	___ _	__
Total Cost of Charitable Activities	4,364,859 337,538	4,702,397
	======== ======	========

Notes to Financial Statements for the year ended 31[st] December 2023

7.	Support Costs
		Legal &		2023
	Professional		Admin	Total
		£	£	£
	Congregational Living - the Advancement of Religion
	Congregational Living	23,723	123,976	147,699
	Spirituality, Prayer & Worship	1,560	8,152	9,712
		______	_	_
		25,283	132,128	157,411
		______	_	_
	Healthcare & the Compassionate Care of the Sick and	19,912	104,059	123,971
	those in Need
		______	_	_
	Relief of Poverty, Promotion of Education, Justice and
	other charitable Activities
	Education	857	4,479	5,336
	Overseas Development & Support	428	2,236	2,664
	Pastoral, Social Care & Development	4,081	21,329	25,410
	Support Other Charities	862	4,505	5,367
		______	______	______
		6,228	32,549 38,777
		______	______	______
	Upkeep of Listed Buildings	2,791	14,588 17,379
		______	__ ____
	Total Costs Allocated	54,214	283,324 337,538
		======	======= =======
8.	Auditors’ remuneration
			2023 2022
				£ £
	Auditors’ remuneration – Audit of the Financial Statements		13,800 12,600
			====== ======

Notes to Financial Statements for the year ended 31[st] December 2023

Employees
Employment Costs	2023	2022
	£	£
Wages & Salaries - office	187,779	175,904
Community Wages	1,196,526	994,956
	__	__
	1,384,305	1,170,860
	=======	=======
Number of employees
The average monthly numbers of employees during the year,
was as follows:
	2023	2022
	Number	Number
	76	82
	=======	=======

Staff costs and key management 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.

Tangible Fixed Assets
	Land and	Fixtures,
	buildings	fittings and	Motor
	freehold	equipment	vehicles	Total
	£	£	£	£
Cost
At 1stJanuary 2023	8,761,688	1,719,887	1,183,896	11,665,471
Additions	584,546	1,611	27,750	613,907
Disposals	(49,025)	(2,452)	(72,380)	(123,857)
	___	___	__	___
At 31stDecember 2023	9,297,209	1,719,046	1,139,266	12,155,521
	========	========	=======	========
Depreciation
At 1stJanuary 2023	2,714,356	1,561,326	873,280	5,148,962
Charge for the year	120,991	15,772	66,497	203,260
On disposals	-	-	(63,605)	(63,605)
	__	__	_	___
At 31stDecember 2023	2,835,347	1,577,098	876,172	5,288,617
	=======	=======	======	========
Net book values
At 31stDecember 2023	6,461,862	141,948	263,094	6,866,904
	=======	========	======	========
At 31stDecember 2022	6,047,332	158,561	310,616	6,516,510
	=======	========	======	========

Notes to Financial Statements for the year ended 31[st] December 2023

11.	Fixed Asset Investments
		Listed
		Investments	Total
		£	£
	Valuation
	At 31stDecember 2023	10,925,918	10,925,918
		=========	=========
12.	Debtors
		2023	2022
		£	£
	Other debtors	2,630	2,630
	Prepayments and accrued income	103,518	100,042
		_	______
		106,148	102,672
		======	======
13.	Creditors: amounts falling due within one year
		2023	2022
		£	£
	Accruals and deferred income	86,369	74,321
		______	______
		86,369	74,321
		======	======

Notes to Financial Statements for the year ended 31[st] December 2023

14. Unrestricted Funds

Unrestricted Funds
	At	At
	1 January Incoming Outgoing Prior Year 31 December
	2023 resources resources adjustment	2023
	£ £ £ £	£
General Fund	1,325,404 275,482 (318,680) -	1,282,206
Designated Funds
Tangible Fixed Asset Fund	6,516,510 350,394 - -	6,866,904
Congregational Living	4,542,348 943,655 (1,674,586) -	3,811,417
Healthcare & the compassionate
care of the sick	5,673,741 1,178,969 (2,253,126) -	4,599,584
Other Ministries	2,886,707 599,527 (407,434) (218,001)	2,860,799
	_ __ _ __	___
	20,944,703 3,348,027 (4,653,826) (218,001)	19,420,903
	========= ======== ========= =======	========

Purposes of unrestricted funds

Tangible Fixed Asset Fund

This fund is equal to the total of the tangible assets which are held for the furtherance of the charitable objects.

Congregational Living Fund

This fund represents the present value of the capital sum required to make adequate provision to fund the Congregation 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 Compassionate 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 costs 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.

Notes to Financial Statements for the year ended 31[st] December 2023

15. Analysis of net assets between funds

		Unrestricted	Restricted	Total
		Funds	Funds	Funds
		£	£	£
	Fund balances at 31stDecember 2023
	as represented by:
	Tangible fixed assets	6,866,904	-	6,866,904
	Investment assets	10,925,918	-	10,925,918
	Current assets	1,714,450	103,075	1,817,525
	Current liabilities	(86,369)	-	(86,369)
		___	_	___
		19,420,903	103,075	19,523,978
		========	======	========
16.	Restricted funds
		At		At
		1 January Incoming Outgoing 31 December
		2023 resources Resources		2023
		£	£ £	£
	Strabane Trust Fund	203,615	460 (101,000)	103,075
		====== ===== =======		=======

17. Authorisation of Financial Statements

The financial statements were authorised by the trustees for issue on 28[th] August 2024.