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

|||**Unrestricted**<br>|**Restricted**|**2023**|**2022**|
|---|---|---|---|---|---|
|||**funds**<br>|**funds**|**Total**|**Total**|
|**Notes**||<br>**£**|**£**|**£**|**£**|
|**Incoming resources**||||||
|Incoming resources from generating funds:||||||
|Investment income<br>|2|231,893<br>|460|232,353|221,546|
|Incoming resources from charitable activities|3|84,637<br>|-|84,637|19,257|
|Voluntary Income<br>|4|2,845,740|-|2,845,740|3,470,971|
|Other Income<br>|4.1|409,312|-|409,312|1,322,936|
|||________<br>|_______|________|________|
|**Total incoming resources**||3,571,582<br>|460|3,572,042|5,034,710|
|||=======<br>|======|=======|=======|
|**Resources expended**||||||
|Costs of generating funds:||||||
|Investment management costs<br>|5|52,429|-|52,429|50,986|
|Charitable activities<br>|6|4,601,397<br>|101,000|4,702,397|4,418,712|
|||________<br>|_______|________|________|
|**Total resources expended**||4,653,826<br>|101,000|4,754,826|4,469,698|
|||=======<br>|======|=======|=======|
|**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)|<br>-|(218,001)|<br>-|
|||_________|_______|_________|_________|
|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** 

40 



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|<br>(163,307)|(144,892)|
|Profit on sale of tangible assets|<br>(409,312)|(1,322,936)|
|Increase in debtors|<br>(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|
||========|========|



42 



## **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. 

43 



## **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|
|======|======|======|======|



44 



## **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|
||||______|______|<br>______|
||||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|
||||=======|========|=======|
|<br>**5.**|**Investment Management Costs**|||||
|||**Unrestricted**||**2023**|**2022**|
||||**Funds**|**Total**|<br>**Total**|
||||**£**|**£**|<br>**£**|
||Investment management costs||52,429|52,429|50,986|
||||_______|_______|_______|
||||52,429|52,429|50,986|
||||======|======|======|



45 



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

|**6.**|**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|
|||========             ======|========|



46 



## **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||
||||======       ======||



47 



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

|**9.**|**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**<br>|**2022**|
|||**Number**|**Number**|
|||76<br>|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. 

|<br>**10.**|**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|
|||=======|========|======|========|



48 



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

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



49 



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

## **14. Unrestricted Funds** 

|**Unrestricted Funds**|||
|---|---|---|
||**At**<br>|**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)<br>-|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. 

50 



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

## **15. Analysis of net assets between funds** 

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

51