COMPANY REGISTRATION NUMBER: N1046248 CHARITY REGISTRATION NUMBER: 102840 Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Financial Statements 30 June 2023 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Financial Statements Year ended 30 June 2023 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 15 Statement of financial position 16 Statement of cash flows 17 Notes to the financial statements 18 The following pages do not form part of the financial statements Detailed statement of financial activities 28 Notes to the detailed statement of financial activities 31
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 30 June 2023 The trustees, who are also the directors for the purposes of company law. present their report and the financial statements of the charity for the year ended 30 June 2023. Reference and administrative details Registered charity name Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Charity registration number 102840 Company reglstratlon number N1046248 Principal office and registered Untt 1 office 21 Old Channel Road Belfast BT3 9DE Northem Ireland The trustees Mrs E J Butler Mr J E Bunting Reverend Canon W J Taggart MsGMJess The Venerable T R West Mrs K M Rodgers Mrs B A Ringland Bishop D A Mcclay Mrs A.E Mccallum Mr R S Lawther Reverend A R Halligan Bishop G Davison Mr A R Brannigan (Appointed 25 November 2022) (Resigned 21 November 2023) (Appointed 12 December 2023) Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers AIB (NII 35 University Road Belfast BT71ND Bank of Ireland 418 High Street Belfast BT12BA
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 30 June 2023 Structure, governance and management Church of Ireland Orphans and Children Society for the Counties of Antrim and Down is a charitable company limited by guarantee and does not have a share capital. It is governed by a Memorandum and Articles of Association and the liability of each member is limited to an amount not exceeding £1. Reference and administrative details Details of the registered office, trustees, advisers. and other relevant information is given on page 1. DirectorslTrustees The trustees as of 30 June 2022 who were in office during the year and up to the date of signing the financial statements. are as outlined on page 1. The Board of Trustees meets at least quarterly or more frequently. if required. The day-to-day management of the charilable company was carried out by the Treasurer, Secretary, and the Chairman. Upon election, each trustee is given a copy of the Memorandum and Articles of Association, the latest annual report and accounts and introduced to the legal and operational aspects of the charity to ensure they understand the nature of charity trusteeship and the responsibilities and duties that go with this position. The trustees are recruited from Church of Ireland lay and clerical persons from within the I0 counties. The persons selected bring skills which the board wishes to utilise, and all appointments are subject to regular election at Annual General Meetings. No trustees received any payment for their ServIS although cerlain specific and reipted expenses could be occasionally claimed. Trustees retire by rotation for possible re*lection, they may also retire at any time of their choosing. Administration of the charity's business has been continued by the trustees with secretarial and financial services being provided ad hoc by individuals. The trustees have agreed that such specific seNices may be paid for. Risk The Trustees have assessed the major risks to which the charitsble company is exposed, in particular those related to the operations, investments and finances of the charitable company and are satisfied that syslems are in place to mitigate any exposure to the major risks. The Trustees continue lo review risk policies and mitigation strategies. The members of the Board also act as the Risk Committee. PubliG benefit The trustees believe that the charitable company provides a public benefit in several ways and most obviously by directly helping, through local parish or link organisalions, many children and young people in social, economic and spiritual distress, and through its efforts to promote the advancement of religion. The Charity Commission ft>r Northem Ireland (CCNO The charity was registered with the Charities Commission Northem Ireland on 25th February 2016. Under the application the trustees had requested religious designation and this point will be adjudged
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnuedj Year ended 30 June 2023 by the Commission in due course. The classtfications under which the charity is presently registered are the relief of those in need and the relief of poverty. The trustees retain a bank account under the former title of Protestant Orphan Society for the counties of Antrim and Down to receive any payments made under that title. any such receipts are consolidated within the society's accounts. Objectives and activities The principal activities of the charitable company are unchanged from last year and are to support Church of Ireland orphans and other children in need in the counties of Antrim and Down, by utilizing a mixture of direct grant aid and supporl of parochial and diocesan projects specifically designed to assist to children in need. The objectives of the charitable company in the year under review were to continue with these activities and to develop further the establishment of parochial projects to benefit needy children and young people. The trustees achieved this objective by assisting with a significantly increased number of such projects and strategic developments during the year as disclosed in note 9. In 2023-24, the strategy will be broadly similar. Acpting that the maintenance of a strong revenue reserve is particulady important in delivering the charity's strategy over the longer term, in 2023, the trustees were pleased to support a number of new and signfficant projects which reduced available revenue reserves towards the trustees. preferred levels. Grant approval process The Board of Directors scrutinise all applications for grant aid except for Bereavement Grants which are paid at the time of need and reported to the committee after the events. Applications for help for individuals are processed first by the sponsoring rector, who must sign off the application and has the right to add supportive details as may best seem fit. All such applications are processed by the Board of Directors which has absolute discretion in such matters. In the case of applications for grants in support of parish-based projects. application fomis and supporting literature are handled by the Executive Committee which normally requires applications for funding at or above £10,000 to be supported by interview with the local organisers. The Board of Directors also seek reports of progress on larger projects which, again, may take the fomi of interviews as well as paper-based reports. On occasions were deemed necessary. the Executive Committee will retum applications seeking additional material or information before a decision can be made. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity. Achlevements and performance Bereavement grants totalling £9.000 {2022:£3,000} were paid to 6(2022: 2) families. Grants for special projects were paid to 14 (2022.. 12) schemes totalling £177,250 {2022= £127,9051- In its support of orphans, the charitable company is continuing the work of its predecessor. the Protestant Orphan Society for the Counties of Antrim and Down. The latter was established in 1866, since that day the present charitable company and its predecessor have helped 14.420 orphaned children. 48 orphans (2022.. 58) and 1 non-orphan child (2022.. 0) were assisted by direct grant aid totalling £68,130 (2022.. £72,460).
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnuedj Year ended 30 June 2023 Financial review The financial statements are presented in the standard fomiat required by the Statement of Recommended Practice 'Accounting and Reporting by Charities" FRS102 effective 1 January 2015 and covers Ihe activities of the Church of Ireland Orphans and Children Society for the Counties of Antrim and Down. The statement of financial activities (SOFA) shows the gross income from all sources. Results Revenue Fund Excluding bequests, the revenue income decreased to £211.278. from £244,816 in the 2021122 year. Charitable payments increased by 250A to £288,900 12022: £238,034). The Board of Directors continued with its policy of encouraging large scale multi-year grant packages but has been consistent in supporting only those schemes it feels are best able to meet the principal objects of the charity. The trustees remain concemed that, with such evident need in many parts of the two counties, more applications are not being received from parishes based in or near those localities. However, the Irustees are pleased lo note Ihat dioceses are increasingly slepping in to assist parishes to provide help to children and young people where local resources may not be sufficiently strong in themselves lo commit to large scale projects. The importance of strong revenue streams and longer-term projects is of critical value in the present economic climate when statutory funding for social and educational initiatives are under pressure and charities such as the Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down are under increasing pressure to help those least able to help themselves. Overall, core income fund activities had a deficit for the year of £77,622 (2022: surplus of £50,203). Endowments No endowments were gifted to the charity during the year under review (2022 - £43,421). Investment powers, policy and perf0rn7ance Investment powers are utilised by the trustees, which pemiit the funds to be invested in the manner shown in note 9 to the financial statements. The trustees intend that the real value of the charitable company's investments will be maintained and enhanced over the long term by investment in a portfolio mostly comprising equities. fixed income stocks and cash. In order to meet these objectives. the trustees have retained Cunningham Coates Limited as Investment Advisers as their agent to manage a a diversified portfolio of suitable investments on an advisory basis. The brief to the Investment Adviser states that they should develop a balanced portrolio designed to give long term positive returns in income and capitsl, with moderate risk. The proportions invested in investment classes are regularly reviewed with the Investment Adviser to ensure the most beneficial structure for the charitable company's investrnent assets. Bearing in mind that income from donations amounts to just under 20/0 of the total incoming resources, it remains the policy of the directors to invest capital reIpts and any realizations from capital disposals.
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnuedj Year ended 30 June 2023 The trustees recognise there are often issues of social, environmental and ethical concern in connection with investment holdings. The complexity and scale of many companies and funds are such that it is difficult to ensure no connection with contentious areas. However, the trustees are satisfied that none of their holdings are over exposed to areas of key concem such as alcohol. tobacco and armaments. Inter-fund transfers The trustees authorised no transfers from revenue to capital in 2023 (2022.. £nil) Reserves policy The charitable company's policy is to retain a level of free reserves which matches its needs both at the current time and in the foreseeable future. Free reserves are those unrestricted reseNes which are represented by the Income Fund and totalled £430,346 at 30 June 2023 {2022: £507,968). The reserves are required to be sufficient to meet committed grant expenditure and the running costs for a period equivalent to at least 12 months normal annual expenditure. As planned, the recent heavy grant-making programme has brought reserves very close lo the intended level, however, Ihe trustees intend to press on with new and existing programmes as long as suitable and well organised options continue to seek help. The reserves policy is kept under review. Noting the real and long-term gentle decline of parochial donations to the charity, the trustees maintain a policy of actively managing the capital portfolio in order to increase the operational possibilities of the charity in future years. Revenue reserves are held in cash outside the capital fund. Capital funds are held to provide future income which can be used to provide grant aid and support to orphans and children in need. Taxatlon status The charitable company is a charity recognised by HM Revenue & Customs. and. as such, is entitled lo certain tax exemptions on income and profits from inveslments and surpluses on any trading activities carried on in furtherance of its primary objectives. if these profits and surpluses are applied solely for charitable purposes. The charitable company is not registered for VAT and accordingly all its expenditure is recorded inclusive of any VAT incued.
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnuedj Year ended 30 June 2023 Plans for future periods The number of applications for individual orphans and children has remained reasonably consistent and, in most years, a corresponding increase in the demand for parish-based projects in connection with economically and socially disadvantaged children. The impact of these changes on the finances of the charitable company has been very noticeable and the trustees expect that this trend will continue. The present economiG environment has impacted most heavily on those least able to fall back on their own resources and the trustees are actively seeking opportunities lo initiate or develop work in those areas where the greatest impact can be made. The key for the delivery of successful projects at ground level lies in the capabilities of those managing them, and this remains a problem for many churches in difficult areas. The trend for the use of multi-year projects, where financial assistance can be extended for as long as three years continues. This increases the demand for accountability and reporting but is often the best way to initiate projects which can then find other resources to continue their wort( and allow the charity lo tum its altention elsewhere. Multi-year projects must be carefully gauged againsl the need to retain operational flexibility to react to future need as required. Some projects are still delayed or affected because of Covid-19 control measures and has resulted in some projects that were due to take place being postponed and there was a reduction of applications for project grants as they could no longer take place due to restrictions on social gathering and human contact. The Trustees reviewed the charity's reserves policy and the level of reserves and concluded that they were sufficient to cover the needs of the Society. The Trustees are still considering setting aside funds for specific future projects that would assist with supporting organisations coming out of pandemic restrictions. Trustees. responslbllltles statement The trustees, who are also directors for the purposes of company law, are responsible for preparing Ihe trustees. report and the financial siatemenls in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure. for that period.
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnuedj Year ended 30 June 2023 In preparing these financial ststements. the trustees are required to= select suitable accounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP: make judgments and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit infomiation of which the charity's auditor is unaware" and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Gharity's auditor is aware of that information. The trustees, annual report and the strategic report were approved on 22 March 2024 and signed on behalf of the board of trustees by.. The Venerable T R West Chaimian and Directorrrrustee