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 2024 2024 Unrestricted funds Total funds 2023 Total funds Note Income and endowments Donations and legacies Investment income Other income 26,116 215.247 237 26,116 215,247 237 5,017 198,511 7,750 Total income 241.600 241,600 211,278 Expenditure Expenditure on charitable activities 262,835 262,835 288,900 Total expenditure 262,835 262,835 288,900 Net gains on investments 11 289,149 289,149 30,397 Net incomel(expenditure) and net movement in funds 267.914 267,914 (47,225} Reconciliation of funds Total funds brought forward Total funds carried forward 7.021,481 7,021,481 7,068,706 7.289.395 7,289,395 7.021,481 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. 15
Church of Ireland Orphans and Childrens Society for the Counties of Antrim and Down Company Limited by Guarantee Statement of Financial Position 30 June 2024 2024 2023 Note Fixed assets Investments 15 6.673,370 6.392,914 Current assets Debtors Cash at bank and in hand 16 10,358 623,922 21,696 624,186 634,280 645,882 Creditors: amounts falling due within one year Net current assets 17 18,255 17,315 616,025 628,567 Total assets less current liabilities 7,289,395 7,021,481 Net assets 7,289,395 7,021,481 Funds of the charity Unrestricted funds 7,289,395 7,021,481 Total charity funds 18 7,289,395 7,021,481 These financial statements were approved by the board of trustees and authorised for issue on 21 March 2025, and are signed on behalf of the board by= he Venerable T R West Trustee Mr R S Lawther Trustee 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 Statement of Cash Flows Year ended 30 June 2024 2024 2023 Cash flows from operating activities Net incomel(expenditure) 267,914 (47,225) Adjustments for.. Net gains on investmenls other interest receivable and similar income Accrued expensesl(income) (289,1491 (215,2471 21,740 (30,397} (198,5111 {18,177} Changes in." Trade and other debtors (9,4621 {253) (224.2041 (294,5631 Cash generated from operations Interest received 215,247 198,511 Net cash used in operating activities (8,9571 (96,0521 Cash flows from investing activities Purchases of other investments Proceeds from sale of other investments (748,9411 757,634 (899,175) 882,238 Net cash fromllused in) investing activities 8,693 (16,937} Nel decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (2641 (112,989) 624,186 737,175 623,922 624,186 The notes on pages 18 to 26 fonn part of these financial statements. 17
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 2024 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. 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 2024 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 categones 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 attributable 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. 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 2024 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. 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 2024 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. 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 2024 Limited by guarantee The charity is a company limited by guarantee and has no Sha 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 2024 Funds 2023 Donations Parishes in County Antrim Parishes in County Down Membership subscriptions from individuals 1.870 1.954 1.870 1.954 2,205 2,682 2,205 2,682 20 20 130 130 Legacies Legacies 22,272 22,272 26,116 26.116 5,017 5,017 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank Interest Dividends Withholding tax Foreign exchange gain 2,773 210,979 1,501 (6) 215,247 2,773 210.979 1.501 {6) 215.247 1,914 196,599 1,914 196,599 (2) 198,511 {2} 198,511 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income 237 237 7,750 7,750 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 2024 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Grants in support of orphans Grants in support of non-orphan children Bereavement grants Grants for special projects Administration costs Support costs 70,290 70,290 67,130 67,130 4.560 3,000 150,863 28,349 5,773 4.560 3,000 150,863 28,349 5,773 1,000 9,000 177,250 28,965 5,555 1,000 9,000 177,250 28,965 5,555 262,835 262,835 288,900 288,900 Expenditure on charitable activities by activity type Activities undertaken Grant funding directly of activities Support costs Total funds 2024 Total fund 2023 Grants in support of orphans Grants in support of non-orphan children Bereavement grants Grants for special projects Administration costs Governance costs 70,290 70,290 67,130 4,560 3,000 4,560 3,000 1,000 9,000 150,863 150,863 28,349 5,773 177,250 28,965 5,555 28,349 5,773 28,349 228,713 5,773 262,835 288,900 10. Analysis of grants 2024 2023 Grants to institutions Grants to institutions 150,863 177,250 Grants to individuals Grants to individuals 77,850 77,130 Total grants 228,713 254,380 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 2024 11. Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(lossesJ on other investment assets 289,149 289,149 30,397 30,397 12. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 5,773 5,555 13. Staff costs The charity employs no staff and therefore incurred no stsff costs during the year (2024= Nil). 14. Trustee remuneratlon and expenses The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year (2024- Nil). 15. Investments Other Investments Cost or valuation At 1 July 2023 Additions Disposals Fair value movements 6,392,914 748,941 (757,6341 289,149 At 30 June 2024 6,673,370 Impaim)ent At 1 July 2023 and 30 June 2024 Carrying amount At 30 June 2024 6,673,370 At 30 June 2023 6,392,914 All investments shown above are held at valuation. 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 2024 16. Debtors 2024 2023 Prepayments and accrued income 10,358 21,696 17. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 18,255 17,315 18. Analysis of charitable funds Unrestrlcted funds At 1 July 2023 Gains and losses At30 June 2024 Income Expenditure Income Fund Capital Fund Revaluation Reserve 430,346 4.081,800 2,509,335 241,600 (262,835) 409,111 4.081,800 2,798,484 289,149 7,021,481 241,600 (262.835) 289,149 7,289,395 At 1 July 2022 Gains and losses At30 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 25
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 2024 19. Analysis of net assets between fvnds Unrestricted Total Funds Funds 2024 Investments Current assets Creditors less than 1 year Net assets 6,673,370 634,280 (18,255} 7,289,395 6,673,370 634,280 (18,255} 7,289,395 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 20. Analysis of changes in net debt At At 1 Jul 2023 Cash flows 30 Jun 2024 Cash at bank and in hand 624.186 (2641 623,922 21. Contlngencles The Society has made offers to fund several projects which continue into future financial years, conditional on receiving satisfactory progress reporls. The total amount committed to in this regard at 30th June 2024 was £118.500(2023: £34.5LK)). 26