Charity reglstration number NIC 103096 Company registratlon number N1028287 (Northern Ireland) CHURCH OF IRELAND RETIREMENT TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
CHURCH OF IRELAND RETIREMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Thistees Rev J Dinnen Dr R Gardiner (Appolnted 14 November 2022) (Appointed 14 November 2022) (Appointed 14 Nov8mber 2022) Mr l Gillespie Rev B Martin Dr Joan Smyth (Chalr) Canon K Smyth Mr R Stinson Se¢rntary MrA Cannlng Chartty number NIC 103096 Company numb8r N1028287 Prlnclpal addr98• St Anne's Cathedral St Anne's Cathedral Donegall Street Belfast BT12HB R•gl8tered offlc• StAnne's Cathedral St Anne's Cathedral Donegall Street Belfast BT12H8 Audltor GMCG LISBURN Century House 40 Crescènt Business Park Llsbum BT28 2GN
CHURCH OF IRELAND RETIREMENT TRUST CONTENTS Page Trustees, report Independent auditorfs report Statement of finan¢ial activities 10 Statement of financlal posltion 11 Notes to the financlal statements 12-16
CHURCH OF IRELAND RETIREMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the nancial statements and comply with the trust's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R8POrting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. ObJ8ctlvo8 and activltle$ The objectives of the Trust are to assist clergy of the church, clergy widows and others who are aving tl8d accommodation to secure a place to live in their retirement or as a result of ill health or other circumstances where otherwise Ihey might be rendered homeless. The assistance given can be of a general nature, signposting applicants to manage the transfer from leaving a tied house (a place to live which comes as part of employment and which must be vacated when full employwent ends} and the steps neSSary to secure a place to retire. Assislance given also includes help of a financial natur6 where an applicant has a plan lo purchase a property to live in but insufficient funds to meet the purchase price. In this instance the Trust will acquire an equity stake in th8 property Th8 Trust Sets and reviews the criteria with which applicants must comply from time to time to ensure it continues to meet the needs of those seeking help. The Trust secures its interest in the property by legally registering its interest thereby protecting the interests of each paty. The trustéés have paid due regard to guidance issued by the Charity Commission in decidlng what aGtlvlties the trust should undertake. Achlovaments and performance During the past year the Trust has given advice to a number of potentlal applicants who have been considering retirement in future years as they consider the options that might be open lo them, It can give cor6iderable peace of mind to potential applicanls to know that, if needed, the Trust is there to offer expert property advice and financial assistance towards a purchase. Trustees continue to acknowledge that this is an important function of the Trust. General advice has also been given to a numbèr of individu81$ who have approached the Trust regarding potential financial assistance as they plan to retire once they know their accommodation needs can be met. Based on the ongoing demand for the asslstance the Trust provides, Trustees remain assured that the need to help those who cannot afford lo secure a modesl home when leaving tied accommodation remains. The Trustees are not aware of any other charitable body that offers assistance in a manner in which the Trust operates. Flnanclal revlew At the year end the net assets of th8 Trust were £1,330,52412022 £1,331,525). At Ihe year end the langible assets held were £896,741 12022 £901,741}. This represents the equity which the Trust has purchased in the various properties which will in time return to the Trust along wth the increase in equity value based on house price inflation. The Trust needs to keep reserves to hand to meet unexpected and unplanned needs (for example as a result of serious illness or fatality) and therefore keeps ils financial reserves in accounts which can be accessed urgently. After making approprFate enquiries, the Trustees have a reasonable expedation that the charity has adequate reSoUrS to continue in operational existence for the forsseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. structure, governancé and management The trL5St is a company limited by guarantee and was et up by a Memorandum of Association. The charitable company is constituted under a memorandum ofAssociation and is a registered charrty number NIC103096.
CHURCH OF IRELAND RETIREMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of 5ignatuie of the financial statements were.. Rev J Dinnen Dr R Gardiner Mr l Gillespie Rev B Martin Dr Joan Smyth (Chairl Canon K Smyth Mr R Stin50n Mrs S Hogg Rev G McCaml8y Mr R Rodgers (Appointed 14 November 2022) (Appointed 14 November 2022) {Appointed 14 November 2022) (Deceased 12 March 2023) (Resigned 31 March 20231 (Resigned 8 September 2022) The management of the charity is the responsibility of the Trustees who ar8 elècted and co-opted under the terms of the Memofandum ofAssociation. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. statement of trustees, responslbllltles The trustees, who are also the directors of ChurGh of Ireland Retirement Trusl for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, of the charilable company for Ihat year. In preparing th8s8 financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going concern basss unless it is inappropriate to presume that the trust will continue in operation. The trust88s ar8 responsible for keeping adequate accounting records thal disclose with reasonable accuracy at any time the financial position of the trust 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 trust and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the company's articles, a resolution proposing that GMCG LISBURN be reappointed as auditor of the company will be put at a General Meeting.
CHURCH OF IRELAND RETIREMENT TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Dlsclosure of Informatlon to audltor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant inforniation and to establish that the auditor is aware of such infomiation. The trust688' report was authorlsed and approved by the Board of Trustees. Dr Joan Smyth (Chair) Trust88 Date:....1. 7.:q.27........,.....,........
CHURCH OF IRELAND RETIREMENT TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST Oplnlon We have audited the financial statements of Church of Ireland Retirement Trust (the 'trust') for the year ended 31 March 2023 which comprise the statement of financial activitl8S, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework thai has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Thg Financial Reporting standa applic8blg in the UK 8nd Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financlal statements. give a Irue and fair view of the state of the charitabl8 company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally ACpted Accounting practi,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our SpOnsibl11t1es under those standards are further described in the Auditoffs spOnsibl11116S for the audit ol the financial statements section ol our report. We are independent of the trust in accordance with the ethical requirements that are relevant io our audit of the financial statements in the UK, including ihe FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with th8se requirements. Wa b81ieve that the audit evidence we have obtained is sufficianl and appropnate to provide a basis for our opinion. Conclusions relatlng to golng con¢orn In auditing the financial stalements, we have concluded thal the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the trust's ability to continue as a going concern for a period of at least twelve months from when th8 financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respecl to going concem are described in the relevant sections of this report.
CHURCH OF IRELAND RETIREMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST Other Infomiatlon The other information comprises the infomiation induded In the annual report other than the finala[ statements and our auditor's pOrt thereon. The trustees are responsible for the other infonnatlon contsined wlthin the annual report. Our opinion on the financi81 statements does not cover the other Infomiation and. except to the extent otherwise explicttly ststed in our report, we do not express any ft)rm of assurance condusion thereon. Our responsibilty is to read the other information and, in dolng so, consider whether the other infom)ation 18 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othep•vise appears to be materially misststed. If we identify such material inconsist8ncias or apparent material misstatamants, we are required to determine whether thls gives rlse to a material mlsstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material mlsstatemant of this other information, we are qUIred to report that fact. +Ve hav8 nothlng to report In this regard. Oplnlons on other matters prescrlbed by tho Compan188 Act 2006 In our opinion. based on the work undertaken in the course of our audlt: the Information given In the Irustee3' report for the financlal year for which the financial statèments arg prepared, which Includes the directors, roport prepared for th8 purposes of company law, Is con618tent with th8 flnancial statements,. and the dir8Ctorg' report Included wlthln tha tru8tee8' report ha8 been prepared in accordance wlth appllcable legal requlrem&nts. Matter8 on whlch we ar8 requlrod to report by •xcoptlon In the light of the knowledge and understsnding of the trust and its environment obtalned in the Gourse of the audlt. we have not Ident5fied material misststaments in the dir8Ctor8' report included within the trustees, report. We hav6 nothlng to raport in respect of the following matter8 In relation to which the Companie8 Act 2006 requlres us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit hav8 not been recelvad from branches not visited by us., or the financial statements are not in agreement with the accounting records and return8,' or c8rtain disclosuras of trust8e8' remuneration specified by law are not made., or we hav8 not recelved all the information and explanations we require for our audlt; or the trustees were not entitled to prepare the financial statements in accordance with the Small companies regime and take advantage of the small companies, exemptions in preparing the tru3tees' report and from the requirement to prepare a strategic report.
CHURCH OF IRELAND RETIREMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST Responslbllltles of trustees As explain8d more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the trust for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mlsstalement, whether due to fraud or error. In preparlng the financial statements, the trustees are responsible for assessing the trust's ability to Continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless th8 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. AudIt08 r8sponslbllltles for the audlt of the flnancial Statements Our objectives are to obtain reasonable assuranc8 about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue an auditor's report that includès our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econcmic decisions of users taken on th8 basls of these financial statements. The extent to which our procedures are capable of del8cting irregularities, including fraud, is detailed below.
CHURCH OF IRELAND RETIREMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST Extent to whlch tha audlt was consldered capable of datectlng Irregularltlu, Includlng fraud We Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, and then design and perform audit procedures responsive to those ri8k8, Including obtaining audit evidence that 18 sufficlent and approprlate to provld8 a basis for our oplnlon. In Idantifying and assesslng potential rlsks of materlal misstatement in respect of Irregularitie4 Indudlng fraud and non-complianc83 wrth laws and regulattons, we considered the following: The nature of the Industry and sector, control environmerrt and sInesS perfomiance, Induding the company's remuneration pollcl88 for directors, bonus levels and Performan targets, If any., Results of our enquiries of management al)out their own Identificatlon and assessment of the rlsks of Irrggularitse8; Any matters we idantified h8vlng obtain8d 8nd reviewed the company's documentation of their polici8s and procedures relatlng to: Identifying. ev8luating ar1 complying with law8 and regulatlon8 and whathor they were awara of any Instsnce of noTrcompllance', Detactlng and r8spondlng to the rtsks of fraud and vthèther they have knowledge of any actual, suspected or alleged fraud,, and The intemal controls established to mitigate ri$k8 of fraud or non-compllance with laws and regulations- The matters dlscussed 8mong the audit engagement team regarding h¢)w and where fraud might occur In the financial statsments and potentlal indicators of fraud. AS a result of these procedure8, we considered the opportunlties and incentives that may exlst wlthin the company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAS (UK), we are also required to perfom specific procedures to respond to the rtsk of management ovarrido. Vle also obtained an understsnding of th8 legal anL1 regulatory frameworks that the company operates In, focusing on provlsions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in thls contexl included the Companies Act 2006. and local tax18gislation. In addition, we considered provlsions of other lay and regulations that do not have a direct efft on the financial statements but compliance with which may be fundamental to the companY8 ablllty to operate or to ald a material penalty.
CHURCH OF IRELAND RETIREMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST Audlt response to rlsks Identified Our procedures to respond to the rlsks identified included the following.. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direcl effect on the financial statements., Enquiring of management concerning actual and potentlal Iltlgation and claims., Performing analytical procedures to identify any unusual or unexpected relationships thal may indicate risks of matèrial misstatement due to fraud; Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities., and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assassing whether the judgements made in making accounting estimates are indicalive of a potential bias, and evaluating the business rationale of any signifiGant transaGtion5 Ihal are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audil in accordance wilh auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities. as Ihey may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-complian and cannot be expected to detect non- compliance wlth all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
CHURCH OF IRELAND RETIREMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST Use of our report This report is made solely to the charitable company's members. as a body. in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght state to the charitaue company's members those matters we are required to stat8 to them In an auditols report and for no othér purpose. To thè fullest 8Xt8nt permitt8d by law, we do not accept or assume responsibility to anyone other than the Charitable company and the charitable Gompany's members a8 a body. for our audit work, for thi8 report, or forthe opinions we have fomied. Mr Stsphan Houston FCA {Sanlor Statutory Audltor) for and on behalf of GMCG LISBURN Chartorod Accountants Statutory Audltor Century House 40 Crescent Buslness Park Lisbum 8T28 2GN
CHURCH OF IRELAND RETIREMENT TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlcted Unrestrlcted funds funds 2023 2022 Notes Donation5 and legacies Investmenls Other incom8 2,837 1,024 2,892 682 76,181 Total Income 3,861 79,755 Charitable actlvities 2,634 3,249 Other 2,228 Total expendlturo 4,862 3,249 Nat {oxpenditurelllncome for the yearl Net movement In funds (1,0011 76,506 Fund balances at 1 April 2022 1,331,525 1,255,019 Fund balances at 31 March 2023 1,330,524 1,331,525 The statement of financial aclivilies includes all gains and losses recognised in the year. All Income and 8xpenditure derive from continuing activities. The statement of financial a1VItIes also complies with the requirements for an income and expenditure account under the CompaniesAct 2006. 10-
CHURCH OF IRELAND RETIREMENT TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023 2023 2022 Notes Flxed assets Tangible ass8ts 10 896,741 901,741 Current assets Debtors Inve8tments Cash at bank and in hand 899 139.511 292,858 12 139,812 295.771 435,583 Credltors: amounts lalllng due wlthln on8 yoar 433,268 13 (1,800) (3,484) Net current assets 433,783 429,784 Total aMets108• current Ilabllltlos 1,330,524 1,331,525 Incomo fund8 Unrestricted funds 1,330,524 1,331,525 1,330,524 1,331,525 Thése financial stat8ments have been prepared in accordance with the provisions applicable to companie8 Subleat to the small companies regime. The financlal statements were approved by thè Trustees and authorlsed for Issue on ..AY..4.: x3..... Dr Joan Smyth (Chair) Trustse Company roglstratlon numbor N1028287 11
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles Charity Infomiation Church of Ireland Retirement Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office and place of business is St Anne's Cathedral, St Anne's Cathedral, Donegall street, Belfast, BT12HB. 1.1 Accountlng Conventlon The financial statements have been preparéd in accordance with the trust's [governing document], the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. ('FRS 102.) and the Charities SORP "A¢¢ounting and Reporting by Charities.. Statemenl ol Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the tru$1 Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prapared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approvlng the financial statements, the trustees have 8 reasonable expectation that the trusl has adequate resources to continue in operational existence for the foreseeable future, Thus the trLBtees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricled funds are available for use at the discretion of the trustees in furtheran of their charitable objeclives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the-r&8tricted funds are set out in the notes to the financial statements. Endowment funds are sublect to specific conditions by donors that the capital must be maintained by the trust. 1.4 Incom• Income is recognised when the trust is legally entitled to it after any perfomianGe Gonditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the trust has been nolified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relalion to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected If the amount is not known, the legacy is treated as a contingent asset. 12-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles (Contlnued) 1.6 Expendlture Expenditure is recognised once ther8 is a legal or constructive obligation to transfer economic benefft to 8 thlrd paty, rt Is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Exp6nditur8 is dassified by activity. Th8 costs of each activity are m8de up of the total of dIrt costs and shared costs, including support costs involved In undertaklng 8ach activlty. Direct costs attrtbutable to a single activity are allocat8d directly to that activity. Shared costs whlch contribute to more than one actlvity and support C08ts whlGh are not attributable to a single activty are apportioned between those actlvlties on a basls consistent with the use of resources. Central staff costs are allocated on the basis of ts'me spent, and depreciation charges are allocated on the portlon of the assefs us8. 1.6 Tanglblo fixed ass•ts All fixed assets are initially recorded at cost and represent the Trust's stake In various residential properties US8d to provide housing to retired. widowed or infirni clergy in necessitous circumstances. Depreciation is not charged on these fixed assets as the value of the Trusfs stakes are mairrtained by the beneficiaries via the normal upkeep of their properties, at no cost to the TrusL The gain or1088 arising on the disposal of an asset is detennlned as the difference betweon tha 88le proceed8 and the carrylng value of tha 888et, and is recognlsad in tha statement of financlal activities. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash In hand, deposrts held at call wlth bank8, Other short-tem liquid investments wtth original maturit168 of three months or less, and bank overdrafts. Bank overdrefts are shown within borrowings in current liabilitles. 1.8 Flnanclal Instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and S8Ctlon 12 '0ther Financial Instruments18sues' of FRS 102 to all of its flnancial instruments. Flnancial Instruments are recognised in the trust's balance sheet when the trust becomes paty to the contractual provi8ions of the instrument. Flnancial assets and liabilities are offset, with the net amounts presented in the finandal statemants, when there is a legally enforceable right to set off the recognised amounts and there Is an intentlon to sdde on a net basis or to realis8 the asset and settle the liability multaneOuSly. Baslc flnanclal assets Basic financial assets, whSch include debtors and cash and b8nk balances, are initially measured at transaction pric8 including transaction costs and ar8 subsequently carried at amortised cost using the effectlve interest method unless the arrangement constltutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Finan¢Jal a866ts classified as receivable withln one year are not amortlsed. 13-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles (Continued) Basic financial Ilabilities Basic financial liabilities, including credrtors and bank loans are initially recognised at transaction price unless the arrangement conslilutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ol operations from suppliers. Amounts payab18 are classifièd as curr8nt liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade credilors are recognised Initially at transaction price and subsequently measured al amortised cost using the effective interest method. D8re¢ognition of flnanclal Ilabilities Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled. Donatlons and16gacles Unrestrlcted Unrestrlcted funds funds 2023 2022 Donations and gifts 2,837 2,892 Investments Unrestrlcted Unrestrlcted fundg funds 2023 2022 Interest receivable 1,024 682 Other Income Total Unrestricted funds 2023 2022 Net gain on disposal of tangible fixed assets 76,181 14-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltsble actlvttles 2023 2022 Administratlve expenses Bank charges Audit fees Legal and professlonal fees 352 36 1,800 1,389 1,860 2,834 3,249 2,634 3,249 Tru8toe8 Nona of the trust88s (or any persons connected vAth them) recelved any remuneratlon or benefits from the trust durlng the year. Employees The average monthly number of employees duAng the year was: 2023 Numb•r 2022 Numbor Total Thére were no employees whose annual remuneration was more than £60,000. Other Unrestrleted fund$ Total 2023 2022 Net loss on disposal of tangible fixed assets 2,228 2,228 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxès Act 1988 or sectlon 252 of the TatIOn0f Chargeable Gains Act 1992 to the extent that these are applted to Its charttable objects. 15-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Tanglble flxed assets other flxed assets Cost At 1 April 2022 Additions Disposals 901,741 45,000 {50,000) At 31 March 2023 896.741 Carrylng amount At 31 March 2023 896,741 At 31 March 2022 901,741 11 Debtors 2023 2022 Amounts falllng duo wlthln ona year: Other debtors 899 12 Current asset Investments 2023 2022 Short term deposits 139,812 139,511 13 Crèdltors: amounts falllng due wlthln one year 2023 2022 Accruals and deferred income 1,800 3,484 14 Related party transactlons There were no disclosable related party transactions during the year (2022 - none). 16-