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 financial statements and comply with the trust's governing document, the Companies Act 2006 and Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 2019). Objectlves and activltles The objectives of the Trust are to assist clergy of the church, clergy widows and others who are leaving tied accommodation to secure a place to live in their retirement or as a result of ill health or other circumstances where otherwise they 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 employrrent ends) and the steps necessary to secure a place to retire. Assistance given also includes help of a financial nature where an applicant has a plan to purchase a propety to live in but insufficient funds to meet the purchase price. In Ihis instance the Trust will acquire an equity stake in the property. The Trust sets and reviews the criteria wth which appllcants 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 interesl thereby protecting the Interests of each party. The trustees hav8 Pald due regard to guidance issued by the Charity Commlssion in deciding what activities the trust should undertake. Achlevomant8 and perfomiance During the past year the Trust has given advice to a number of potential applicants who have been considerlng retirement in future years as they consider the options that might be open to them. It can give corEiderable peace of mind to potenlial 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 lo a number of individuals who have approached Ihe Trusl 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 assistance the Trust provides, Trustees remain assured that the need to help those who cannot afford lo secure a modest home when leaving tied accommodation remains. The Trustees are not awar6 of any other charitable body that offers assistance in a manner in which the Trust operates. Flnanclal rgvlew At the year end the net assets of the Trust were £1,330,52412022 £1,331,525). At the year end the tangible assets held were £896,741 12022 £901,741). ThSs represents the eqully which the Trust has purchased in the various properties which will in time relurn to the Trust along with the increase in equity value based on house price Inflation. The Trust needs to keep resetves to hand to meet unexpected and unplanned needs (for example as a result of serious illness or fatality) and therefore keeps its financial reserves in accounts which can be a¢ssed urgently. After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existence for the forsseeable future. For this reason they continu8 to adopt the going concern basis in preparing the financial statements. Structure, governance and management The trust 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 charity 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 theyear and up to the date of signature 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 Stinson Mrs S Hogg Rev G Mccamley Mr R Rodgers (Appointed 14 November 2022) {Appointed 14 November 2022) {Appointed 14 Novemb8r 2022) (Deceased 12 March 2023) (Resigned 31 March 20231 (Resigned 8 September 2022) The management of the charity is the responsibility of the Tru¥tees who are elected and co-opted under the tems of the Memorandum ofAssociation. None of the trustees has any beneficial interesl in the company. All of th8 truslees are members of the company and guarantee to contribute £1 in the event of 8 winding up. Statement of trustees, responsibllltles The trustees, who are also th8 directors of Church of Ireland Retirement Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial staternents in accordance with applicable law and United Kingdom Accounting Slandards (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 stat8 of affairs of the trust and of the incoming resources and application of resources, including th8 incom8 and expenditure, of the charitable company for that year. In preparing these financlal statements, the trustees are requlred to.. select suitable accounting policies and then apply them consistently., observe the methods and principle8 in the Charities SORP., make judgements and estimates that are reasonable and prudent., and prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the trusl will continue in operation. The trustees are responsible for keeping adequate accounling records that disclos8 wlth 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 taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor In accordance with the company's articles, a resolution proposing that GMCG LISBURN be reappointed as auditor of thè Gompany will be put at a General Meeting.
CHURCH OF IRELAND RETIREMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Dlsclosure of infomiatlon 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 audttor is unaware. They have further confimied that they have tsken appropriate steps to identify SUGh relevant information and to establish that the auditor Is aware of such infonnation. The trustees, report was authorlsed and approved by the Board of Truste88. Dr Joan Srnyth {Chalr) Trusts0 Date..