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 circUmstan￿s.
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 ea￿arked 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 GU￿ent 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