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 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.
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 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.
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