Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30 June 2023 2023 Unrestricted funds Total funds 2022 Total funds Note Income and endowments Donations and legacies Investment income Other income 5,017 198.511 7,750 5,017 198,511 7,750 48,536 239,701 Total income 211.278 211,278 288,237 Expenditure Expenditure on charitable activities 288,900 288,900 238,034 Total expenditure 288,900 288,900 238,034 Net gainsl{losses) on investments 11 30.397 30,397 (264,059) Net expenditure and net movement in funds {47.2251 (47,225} (213,8561 Reconciliation of funds Total funds brought forward Total funds carried forward 7.068,706 7,068,706 7,282,562 7.021.481 7.021,481 7.068,706 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 18 to 26 fonn part of these financial statements. 14
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Statement of Financial Position 30 June 2023 2023 2022 Note Fixed assets Investments 15 6.392,914 6.345,580 Current assets Debtors Cash at bank and in hand 16 21,696 624,186 2,348 737,175 645,882 739,523 Creditors: amounts falling due within one year Net current assets 17 17,315 16,397 628,567 723,126 Total assets less current liabilities 7,021,481 7,068,706 Net assets 7,021,481 7,068,706 Funds of the charity Unrestricted funds 7,021,481 7,068,706 Total charity funds 18 7,021,481 7,068,706 These financial statements were approved by the board of trustees and authorised for issue on 22 March 2024, and are signed on behalf of the board by: The Venerable T R West Trustee Mr R S Lavrther Twstee The notes on pages 18 to 26 fonn part of these financial statements. 15
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Statement of Cash Flows Year ended 30 June 2023 2023 2022 Cash flows from operating activities Net expenditure (47,225) (213,8561 Adjustments for.. Net gainsl{losses) on investments other interest receivable and similar income Accrued income (30,397} 264,059 (198,511} (239,7011 (18,177} (932) Changes in." Trade and other debtors (2531 (294.5631 (187,0671 3,363 Cash generated from operations Interest received 198,511 239,701 Net cash (used in)Ifrom operating activities (96,052} 52,634 Cash flows from investing activities Purchases of other investments Proceeds from sale of other investments (899,1751 882,238 (559,3221 542,386 Net cash used in investing activities (16,937) (16,936} Nel (decrease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (112,989} 737,175 35,698 701,477 624,186 737,175 The notes on pages 18 to 26 fonn part of these financial statements. 16
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements Year ended 30 June 2023 General inforniation The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northem Ireland. The address of the registered office is Unit 1, 21 Old Channel Road, Belfast, BT3 9DE, Northem Ireland. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the hislorical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in steding. which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circUmstans. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eaarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. 17
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 Accounting poliGies {continuedJ Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity- it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entiuement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is dassified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct Costs attribulable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. 18
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 Accounting poliGies {continuedJ Investments (eontsnutd) Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance wtth the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associale arising before or after the date of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value. with changes in fair value taken through income or expendilure. Where it is impracticable to measure fair value reliably without undue cost or effort, the Gost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impaim)ent of fixed assets A review for indicators of impairment is carried out at each reporling date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 19
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 Accounting poliGies {continuedJ Impairn)ent of fixed assets (eontiftued) For impaimient testing of goodwill, the gcKKlwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and GUent liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised al fair value, unless payment for an asset is deferred beyond normal business temis or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the ststement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 20
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 Limited by guarantee The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Parishes in County Antrim Parishes in County Down Membership subscriptions from individuals 2,205 2,682 2.205 2,682 2,790 2,325 2,790 2,325 130 130 Legacies Legacies 43,421 43,421 5.017 5,017 48,536 48,536 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank Interest Dividends Withholding tax Foreign exchange gain 1,914 196,599 1,914 196.599 324 238,144 1,229 324 238,144 1,229 (2) 198,511 {2) 198.511 239,701 239,701 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income 7,750 7,750 21
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Grants in support of orphans Grants in support of non-orphan children Bereavement grants Grants for special projects Administration costs Support costs 67,130 67,130 72,460 72,460 1.000 9,000 177,250 28,965 5,555 1.000 9,000 177,250 28,965 5,555 3,000 127,905 29,379 5,290 3,000 127,905 29,379 5,290 288,900 288,900 238,034 238,034 Expenditure on charitable activities by activity type Activities undertaken Grant funding directly of activities Support costs Total funds 2023 Total fund 2022 Grants in support of orphans Grants in support of non-orphan children Bereavement grants Grants for special projects Administration costs Governance costs 67,130 67,130 72,460 1.000 9,000 1,000 9,000 3,000 177.250 177,250 28,965 5,555 127,905 29,379 5,290 28,965 5,555 28,965 254,380 5,555 288,900 238,034 10. Analysis of grants 2023 2022 Grants to institutions Grants to institutions 177,250 127,905 Grants to individuals Grants to individuals 77,130 75,460 Total grants 254,380 203,365 22
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 11. Net gainsl(losses) on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Gainsl(lossesJ on other investment assets 30,397 30.397 (264,059) (264,059) 12. Auditors remuneration 2023 2022 Fees payable for the audit of the financial statements 5,555 5,290 13. Staff costs The charity employs no staff and therefore incurred no stsff costs during the year (2022= Nil). 14. Trustee remuneratlon and expenses The Charity Trustees were not paid or received any other benefits from employment wilh the Charity in the year (2022- Nil). 15. Investments Other Investments Cost or valuation At 1 July 2022 Additions Disposals Fair value movements 6,345,580 899,175 (882,2381 30,397 At 30 June 2023 6,392,914 Impaim)ent At 1 July 2022 and 30 June 2023 Carrying amount At 30 June 2023 6,392,914 At 30 June 2022 6,345,580 All investments shown above are held at valuation. 23
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 16. Debtors 2023 2022 Prepayments and accrued income 21,696 2,348 17. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 17,315 16,397 18. Analysis of charitable funds Unrestrlcted funds At 1 July 2022 Gains and At losses 30 June 2023 Income Expenditure Income Fund Capital Fund Revaluation Reserve 507,968 4.081,800 2,478,938 211,278 (288,900) 430,346 4.081,800 2,509,335 30,397 7,068,706 211,278 (288.900) 30,397 7,021,481 At 1 July 2021 Gains and At losses 30 June 2022 Income Expenditure Income Fund Capital Fund Revaluation Reserve 457,765 4,081,800 2,742,997 288,237 (238.034) 507,968 4,081,800 (264,059} 2,478,938 (238.034) (264.0591 7.282,562 288,237 7.068,706 24
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 19. Analysis of net assets between fvnds Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 6,392,914 645,882 (17,315} 7,021,481 6,392,914 645,882 (17,315} 7,021,481 Unrestricted Total Funds Funds 2022 Investments Current assets Creditors less than 1 year Net assets 6,345,580 739,523 (16,397} 7,068,706 6,345,580 739,523 (16,397} 7,068,706 20. Analysis of changes in net debt At At 1 Jul 2022 Cash flows 30 Jun 2023 Cash at bank and in hand 737.175 (112.9891 624,186 21. Contlngencles The Society has made offers to fund several projects which continue into future financial years, conditional on receiving satisfactory progress reports. The total amount committed to in this regard at 30th June 2023 was £34.500. 25
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Management Infomiation Year ended 30 June 2023 The following pages do not fomi part of the financial statements. 26
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 30 June 2023 2023 2022 Income and endowments Donations and legacies Ahoghill Armoy Ballindery Ballymena Broomhedge Belfast= Malone Billy Derrykeighan Lambeg Lisburn.. Christ Church Monkstown Muckamore Ramoan Ralhcoole Ballywalter Hollymount Kilcoo Killinchy Union Moira Seapatrick Willowfield Dromara Magheragall Annahilt Carnalea Magheradroll Ards.. St Marks Kilhorne Parish. Annalong Sl Johns Parish Moira Parish Membership subscriptions from individuals Legacies 220 100 100 285 200 350 400 100 120 100 300 200 500 100 100 100 50 65 100 300 300 300 150 100 300 100 120 100 300 200 500 100 100 50 100 500 300 200 172 85 125 500 200 50 85 125 250 500 300 130 43,421 5,017 48,536 27
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Detailed Statement of Financial Activities (conllnuedj Year ended 30 June 2023 2023 2022 Investment income Bank Interest Dividends Withholding tax Foreign exchange gain 1,914 196,599 324 238,144 1,229 (2) 198,511 239,701 Other income Other income 7,750 Total income 211,278 288,237 28
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 30 June 2023 2023 2022 Expenditure on charitable activities Grants in support of orphans Grant funding activities Grants in support of orphans Grants In support of non-orphan chlldren Grant funding activities Grants in support of non-orphan children Bereavement grants Grant funding activities Bereavement grants Grants for special projects Grant funding activities Willowfield - Kids & Youth Project Diocese of Down and Dromore - Childrens & Youth Project Magheralin MAD Childrens Project (year 1 of 3) Diocese of Connor All Aboard Project Newry Outreach All Saints - Outreach Project Braniel - Outreach Project Year 2 of 2 Connor Mother Union- Contact Centre D&D Ministry Apprenticeship scheme Year 1 of 2 Killough Outreach Project Lisburn Cathedral - Foundations Project Lurgan St John - Family Outreach Project Moneyreagh - Childrens Outreach Project St Michaels - Belfast Dioceses of Down & Dromore and Connor - Sunday School Grants The Glen & West Winds CD- Youth & Childrens Engagement Bangor Primary- Digital Equipment Project Childrens & Youth Tullycarnet Summer Scheme- Project Grant D & D Diocese - Praise Party Project St Brendans - Outreach Project 67,130 72,460 1,000 9,000 3,000 17,250 25,100 15,000 20,000 25,100 2,380 12,000 10,000 8,000 470 4,000 8,000 6,155 8,000 10,800 25,000 8,000 6,500 10,800 20,000 27,600 20,000 2,500 1,000 1,500 10,000 177,250 127,905 29
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities (continued) Year ended 30 June 2023 2023 2022 Administration costs Activities undertaken directly Contributions to administrative overheads Investment management fees 3,128 25,837 2,330 27,049 28,965 29,379 Governance costs Governance costs- audit fees 5,555 5,290 Expenditure on charitable activities 288,900 238,034 Net gainsl(losses) on investments Gainslllosses) on other investment assets 30,397 (264,0591 Net expendilure (47,225) (213,8561 30