Charity registratitin number NIC 103096 Company registration number N1028287 (Northem Ireland) CHURCH OF IRELAND RETIREMENT TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CHURCH OF IRELAND REllREMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rev J Dinnen Dr R Gardiner Mr l Gilleskie Rev B Marbn Dr Joan Smyth (Chair) Canon K Smyth Mr R Slinson Rev C Darfing (Appointgj 11 December 2023) (Appointed 16 April 2024) Ms R Patterson Secretary MrA Canning Charity number NIC 103096 Company number N1028287 Principal address St Anne's Cathedral St Anne's Cathedral Donegall Street BeFFast 8T12HB Registered office StAnne's Cathedral StAnne's Cathedral Donegall Street Beffast BT1 2HB Auditor GMCG LISBURN Century House 40 crent Business Park Lisbum BT28 2GN
CHURCH OF IRELAND REllREMENT TRUST CONTENTS Trustees, report Independent audilorfs reFQrt Statement of finan(aal activtbes 10 Statement of finarla1 wsition 11 Notes to the financial statements 12-17
CHURCH OF IRELAND REnREMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial siatemertts for the year ended 31 Marth 2024. The financial statements have been prepared in accordan wtth the aCuntIng p0cleS set out in nots 1 to the finan statements and compty with the tNst's goveming documenL the Companw Act 2006 and -Accounting and RepoTting by Charities: Statement of Recommended Practice appli(bie lo chaTities preparing their accounts in accordance wtlh the Finan¢ia Retx)rting Stsndard applicatAe in the UK and Republi¢ of Ireland (FRS 102). (effective 1 January 2019). Object(ves and activities The objectTrves of the Trust are to assist dergy of the thurch. dergy widcms aTh others who are leawng tied accommojation to seryjre a pla to live in thèir retirement or as a regjlt of ill health or other cirCM5tanCes where otherwise they might be reTrJered homeless. The assistan given can be of a general naiure, signp05tiru appfK8nts to manage the transfer from leaviro a tied house (a Pla to live which comes as part of eMFloYmt arKI vthith must be vat2ted when 1] employment ends) and the steps rwessary lo Secu a ptace to retire. Assistsnce given also indudes help of a financial nature where an appftsnt has a plan lo purchase a propety to live in but insuffictent fund5 to meet the purchase price. In this instance the Trust wll acquire an equty slake in the property. The Trust sets and revievts the criterta with which appli(znts must comply from time to time to ensure it continLtes to meet the needs of those seeking help. The Twst secures its interest in the property by logalEy registering its interest thereby protectiThJ the interests of each party. Public benefft The trustees have paid due regard to guidance issued by Ihe Gfk3rity C(xnmtssion in decKINig what activtbes the trust should undertake. Achievements and perfornmnce Significant activities and achievements agwnst otye¢*ves Durtng the past year the Tnt has gNen advice to a number of potential applrants who have been considering retirement in future years as they consider the opttons that might be open to them. It can give considerable pea of mind to potential applicants to know tha( rf needed. the Trust there to offer expert property advice and financial assistance towards a purchase. Trustees ujnts'nue to ad(nowledge that this ts an important function of the Trust. General ad has also been given to a number of individuals w? have approached the Trust regarding potential finanaal assistance as they an to retire once they know their accommodation needs can be met. Based on the ongoing demand tr the assistan the Trust provides. Trustees remain assured that the need to help those who cannot affor(I to Setre a m¢yJest me when leaving tied aceommojation remains. The Trustees are not aware of any other charitsbte bcwty that offets ass15tance in a rnarr in whith the Trust operates. Flnancial review At the year end the net assets of the Trust were £1.318.672 (2023 - £1.330,524). At the year end the tangible assets held were £1.040.893 (2023 - £896.741). This represents the equty which the Trust has purchased in the various properties which will in time retum to the Trust along with the increase in equty value based on house pri inflation. The Trnst needs to keep reserves to hand to meet unexpeded and unplanned needs (for example as a result of serious illness or fatalty) arKI therefore keeps ts finan(?al reseprfes in ac(x)unts which n be accessed urgenlly. Going concem After making apwopriate enquiries the Tn have a reasonable expectati that the tharity has adequate resources to continue in operationd existence for the forsseeable future. For this reason they ctinue to adopt the going concem basis in preparing kne financial statements.
CHURCH OF IRELAND RETIREMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurè, govomance and managament The trust is a company limited by guarantee and was set up by a Memorandum o Assoctats'on. The ¢haritable company is constituw under a memorandum ofAssoaalion and is a registered dmrtty number NIC103096. The trustees, are also the dirtOrS ts the purpose of company law. and served durtng the year and up to the date of signare of the ffinancaal siatements were. Rev J Dinnen Dr R Gardiner Mr l GilleSe Rev B Martin Dr Joan Smyth (Chair) Canon K Smyth Mr R Stinson Rev C Darling Ms R Patterson (Appointed 11 December 2023) (Appc4'nted 16 April 2024) Recruilment and apwntment of trustees The management of the charity is the resporsibility of the Trustees Wt are elected cw)ted under the temis of the Memorandum ofASS(lIOn. None of the trustees has any benefi(3al interest in the company. All of Ihe trustees are rywnber5 of the rnPany and guarantee to contribute £1 in the event of a winding up. Statement of trustees. responsibilitles The trustees, who are also the direct(ws of Church of Ireland Retirement Trust for the purpose of cornpany law, are responsible for preparing the Trustees. Report antl the financial slalemerts in accordan with applicable law and Unf(ed Kingdom A(tounting Standards (United l(ThJd(xn Genera5ty Accepted Ac#))unting Practice). Company Law requires the trustees to prepare financial statements for eath financial year which give a true and fair view of the state of affairs of the tTUSt and of the incoming resourtss and application of resources, induding the income and expenditijre, of the tharitable company for that year. In preparing these financial stateme. the trustees afe required to: - select suitable accounting Fdioes and then apply Ihem rnr6istenUy, - obseNe the methods and principles in the CharitÈs SOFiP" - make jLMJgements and estimates that are reascfflat and [wn(. state whether applicable UK Accounting Slandards have been followed. subject to any material departures disclosed and explained in the financaal statements.. and - prepare the financial staternents on the Ing con(xm basis unless il is inappropriate to presume that the trust will (xntinue in operion. The trustees are resFK)nsTri Jle for keepFDg adequate 8ccountirg rets)rds that dwk)se with reasmable racY at any time the financial position of the trust and enable them to ensure that the ffinancial statements comply with the Companies Act 20C6. They are also responsible for safeguarding the a55ets of the trust and hen for taknng reasonable steps for the prevention and detedion of fraud and other irwJularilies. Auditor In accordance with the companvs arbdes. a resolution pwosing that GMCG LISBURN be reaFpointed as auditor of the c¢)mpany will be put at a General Meeting.
CHURCH OF IRELAND REfiREMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (COKnNUED) FOR THEYEAR ENDED 31 MARCH 2024 Disclosur• of information to auditor Each of the trustees has confiThed that there is no information of which they are aware which is relevant to the audit, but of which the audltor is unaware. They have further confimd that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such inf0mtiOn. The trustees. report was authorised arKI approved by the Board of Trustees. Dr Joan Srnyth (Chair) Trustoe Date: .....
CHURCH OF IRELAND RETIREMENT TRUST INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENTTRUST OpinTon We have audited the finantsal statements of Church of Ireland Retirement Trust (ts Int.) for the year ended 31 March 2024 which ccKnprise the statement of financial activities. the statement of financial wsition and notes to the financial ststements, induding sIgnffint accounting policies. The financaal reporttng frarnewk that has been applied in their preparation is applicable law and United Kiwm A¢Unting Standards. including Financ1 Reporting StarKlard 102 The Financial Reporting Standard apPIable in the UK and RepubliG of Ireland (United lfjngdom GeneralIyApted AC0nting practi). In our opinion, the financh21 statements". give a true and fair view of the state of the tharitsble COMpanS affairs as at 31 March 2024 and of its incoming resour ad application of resources, duding ts ino)me and expenditure, for the year then ended: have been property pPared in aco)rdance with Unlted gdorn Generdlly Apted Accounting Pra. and have been prepared tn ac(a)rdance with the requirerrrts of the Cryanies A( 2006. Basis for opinion We conducled our audit in accordance wtth Intemational Standards on Auditir#J (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described the Auditorfs responsibilities for the audit of the financial statements section of (r rewrL We are independent of the trust in accordance with the ethi¢xl reqltirements that are relevant to crtjr audit of the financial stalemwtts in the UK induding the FRC'S Ethical Standard. and we have fulfilled our other ethical restK)ngtMltbes in accordan with these requirements. We believe thal the audit evidence we have obtained is sufficaent and appropriate to provide a basis for our opinion. Con¢lu$ions relating to going concern In auditing the financial ststements, we have conduded that the trustees. use of the gotng concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have perfOrff, we have not identtfied any materid uncertainties relating to events or CondOn$ that, individually or collectively. cast &gniffi(2nt doubt on the trusfs ability to continue as a going concern for a period of at least Iwefve months from vthen the financial statements are authorised for issue. Our responsibiliknes arHJ the responsibilities of the tr$ with respect to going concem are described in the rdevant sections of this report.
CHURCH OF IRELAND REfiREMENT TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND REnREMENTTRUST Other infomiation The other infonnation comprises ihe irrfonnatK)n indtxled in the annual reFth other than the finanaal statements and our auditorfs report thereon. The trustees are resEM)nble for Ihe other inforrrption contsined Mthin the annual report. Our opinion on the financial statements does not cover the other information and. eXpt to the extent otherwise explic1Y slated in our reFM)TL we do not express any fomi of assurance condusion thereon. Our responsibilty is to read the other infomalion and. in doing so. o)nsider whether the other information is materially inconsistent with the financial statements or our knedge obtained in the (urSe of the audtt. or otherwise appears to be materially misstated. If we identify such material inconsistenaes or apparent material misstatements. we are required to detemiine w1her this gives rÈse to a material misststement in the firAnctal statements themselves. If, based on the work we have performed. we KaUde that there ¢5 a material misstatement of this other information, we are required to report that facL We have nothing to report Bi this regard. Opinions on other matters prexribed by the Companies Act 2006 In our opinion. based on the work undertaken in the coutse of audit the infomiation given in the trustees, report the finanaal year for whith the finanual slatements are prepared. which indudes the directors, report prepared for the ptsrFM)ses of company taw. is o)nstslent with the financial statements", and the directors, report included within ts trustees. W has been prepawl in )rdance with appli(able legal requirements. Matters on which we are requtred to report by exception In the light of the knowledge and understsnding of the trust and its environment obtsined in the course of the audit. we have not identified material misstatements in the directors. reFi¥t Iluded wtthin the trustees. pOrt. We have nothing to rewrt in respec* of the folk>wing matter5 in relation to the Companies Act 2006 requires us to report to you rf. in our opinion= adequale accounting records have not been kepL (K rernS adequate fcf our audit have not been received from branthes not Vistted by us," or the financial statements are not in agreement wtth the a(xxnting reo)rds aThJ reMS. or certain disdosures of tnees, remuneratM)n speufEd by law are not made: or Y have not received the infomation and explanations we require for our audit. or the tnjstees were not entttted to prepare the finanaal statements in acujrdance the small companies regime and take advantage of the small companies. exemptions in prepartng the trustees, report and from the requirement to prepare a strntegic report.
CHURCH OF IRELAND REfiREMENT TRUST INDEPENDENT AUDrroR'S REPORT (coKllNUED) TO THE MEMBERS OF CHURCH OF IREIAND RErtREMENTTRUST Responsibilrties of trustees As explained more fully in the statement of trtee$, resr)on&bilttses. the tr, who are also the directors of the trust for the purrx)se of company law, are reSponsie for the preparation of the financial statements and for being satisfied that they give a true and f2Èr vFew, and for such intemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from rnaterial misstatemenL whether due to fraud or eOr. In preparing the financial ststements. the trustees are responsible for assessing the trusfs abilty to ¢xJntinue as a going conrn. disclosing. as applicabte, matters related to going concem and using the going ¢on¢em basis of accounting unless the trustees either intend to liquidate the charilable company or to cease operations. or have no realistic altemative but to do so. Auditorfs responslbllitles for the audit of the finan¢ial statements Our objectives are to obtain reasonab assuran aboLrt whether the firlanaal statements as a whole are free from Tnatertal misstatemen( whether due to fraud or error. and to issue an audttorfs report that includes our opinion. Reasonable assurance is a high level of assurance bui is not a guarantee that an audit conducted in accordan th ISAS (UK) will always detect a material misstatement when it exists. Mtsstatements rxn arise from frdud or error and are considered mateTial rf, irKlividually or in the aggregate. they could reaSonaY be expected to infiuence the economic decisions of users taken on the basis of these finanryal statement& The extsnt to which our procedures are capable of detecaing iTregularthes. induding fraud, is detailed below.
CHURCH OF IRELAND REllREMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND REfiREMENTTRUST Extent to which th¢ audTt was tonsidered capable of detecting irre9ulaTities. including fraud We identify and assess the rkS of material mksststement of the financial ststements, whether due to fraud or ermr. and then design and perform audtt cedureS responsive to Ihose risks. induding obtaining audlt eviden that is suffictent and appropriate to prov•Je a basis for our opinion. In Identing and as5e55ing potentid risks of material misstatemt in Pect of irregularities. induding fraud and non-complian with laws and regutations. we conshjered the follov#ing: The nalmre of the Éndusty and sector. control environment ar business perfomance. includirKJ the compan$ remuneration pdiues for dtrectors. bonus levels and perfonnance targets. rf any.. Results of c4Jr enquiries of rnanagement atKsut their own Klentifjcation and assessment of the risks of irregularities.. Any matter5 we pdentified Prdvtng oblained and reviawEd the (yJnp8ns th)ments110n of their policies and oCedU$ relating to: Identifying. evaluating and comptying wÉth laws and regulan5 and whether they were aware of any Instan of n0Mpliance. Detecting and responding to the risks of fraud ar¥J whether they have krK>wledge of any actual. suspected or alleged fraud" and . The intemal controls estabtisw to mitsgate risks of fraud or non<ompliance with laws and regulations- The matter5 discussed affM)ng the alit engagement team regarding how aThJ where fraud might ocujr in the finanual ststements and Potential indicatOF5 of fraud. As a resutt of these procedures. we Considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in income recx)gnition. In ryjmmon with all audits under ISAS {UK), we are also required to rfo specific procedures to respond to the rtsk of marhagement overrKJe. We also obtained an undefstandiro of the tegal aTrJ regulatory frameworks that the tt)mpany operates in, focusing on provisions of those Eaws arKI reguEatiorL% that had a direct effect detemiination of material amounts and disclosures in the financial statements. The key k7ws and regulat*)t we considered in this context induded the Companies Act 2006. and local tax legislation. In addition. V cortsidered provisi(K of other lavfi and regulations that do not have a direct effect on the finan¢Éal statements but compliance whith may be fundamental to the companls ability to operate or to av(yd a material penalty.
CHURCH OF IRELAND REllREMENT TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND REfiREMENTTRUST Audit response to risks identified Our procedu$ to respond to the risks wJentiW included the following: Reviewing the financial statement disdosures and testing to supporting dO(mentatiOn to assess mplIan with provisions of relevant laws and regulations deKbed as havin9 a direct effect on the financial statements: . Enquiring of management conceming adual and ithntial Trbjation and daims; Perfomiing anatyh'cal procedures to identsfy any unusual or unexperted relalionships that may indicate risks of material misstatement due to fraud: . Reading Minutes of meetings of those dkqrged with govemanct arKI reviewing cowndence with tax authorities; and In addressing the risk of fraud through management oveIde of controls. testing the appropriateness of joumal entrtes and other adjuslments" assessing whether the judgements made in maknn9 accounting estimates are indicative of a potenlial blas; and evaluats'ng the LNJsiness rationale of any signfficant transactions that are unusual or outside the nom1 course of business. We also communicated relÈvant identified laws arKI regulations and potential fraud risks to all engagèment team members and remained alert to any indications of fraud or non<0mplian laws and regulations through0 the audit. Owing to the inherent limitati$ of an audiL there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have property pFanned and perfcrmed our audit in accordance wth auditing standards. In addtknon. as with any audic there remains a higher risk of non4etection of irregularities, as they may involve (x)Iluson, forgery, intenti(Nwl omissions, mtsrepresentstions. or the override of intemal controls. We are not resFM)n&bte for preventing rKwMp[ian and cannot be expected to detect non- ¢ompliance wth all laws and regLatiOnS. A further description of our resFonsibilities is availat4e on Financial Rewttng Counal'$ website at: httpsjl w•M.frc.org.ukJauditor5responsibiltbes. This description forns part of our auditorfs reporL
CHURCH OF IRELAND REnREMENT TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENTTRUST Use of our report This report is made solely to the dwrilabfe COMpanS rnernbe. as a t£dy. in aC0)rdan wtth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so th we might state to the charitsble companvs members those matters we are required to state to them in an auditorfs report and for no other purp05e. To the fullest extent pemttted by law. we do not accept or assume reswnsibiltty to anyone other than Ihe charitable company and the charitable mPanS members as a bcJy, for our audti worK forthis report. or for the opinions we have forned. Mr Stephen Houston FCA (Senior SL*utory Auditofj for and on behalf of GMCG USBURN Chartered Accountants ststutory Auditor Cenbjry House 40 Crescent Business Park Ltsbum BT28 2GN
CHURCH OF IRELAND REllREMENT TRUST STATEMEKf OF FINANCIALAcnvmES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 MARCH 2024 Unrestrithd Unrestricted funds funds 2024 2023 Income from: Donattons and legacies Investments 1.589 2.480 2.837 1,024 Total income 4,069 3,861 Expendlture on: Charitsble activibes Olher expenditure 5,921 10,000 2.634 2.228 Total expendlture 15,921 4.862 Net expenditure and movemènt in fvnds (11.852) (1.0011 Reconciliation of funds: Fund balances at 1 April 2023 1,330,524 1,331,525 Fund balan¢es at 31 Mor¢h 2024 1,318,672 1.330,524 The statement of finan(#al 1vie8 indudes all gains and losses r&)>3nised in the year. All inoxne and expeThYtture derive from continuing activibes. The statement of financial activths also complies with the requirements fc* an 1Thme and expenditure account under the CompaniesAct 2006. 10-
CHURCH OF IRELAND REfiREMENT TRUST STATEMENT OF FINANcL posmoN AS AT 31 MARCH 2024 2024 2023 Fixed assets Tangible assets 10 1,040.893 896,741 Current assets Debtors Investments Cash at bank and in hand 11 12 141.433 138.460 139,812 295.771 280.779 435.583 Creditors: amounts falling due within one year 13 (3.000) (1,800) Net current assets 277.779 433,783 Total assets less current liabilities 1.318,672 1,330.524 Income funds Unrestricted fvnds - general 1.318.672 1.330.524 1.318.672 1,330.524 These financial statements have been FKepared in accordan with the probrysions ap1¢able to companies subject to the small companies regime. The finanaal statements were approved by Trustees aThJ authorised for issue on ... their behalf by. and signed on Dr Joan Smyth (Chair) Trustee Company registration number NK128287 11
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infomiation Church of Ireland Retirem1 Tntst is a Pfivate company fimited by guarantee inCorpd in Northem Ireland. The registered office arKI pl of business 5s St Anne's Cathedral, St Anr¢e's Cathedrdl, Doneg211 Street. Belfast. BT12HB. 1.1 Accounting Convention The finanaal statements have been prepared in accordan with the trusfs goveming documents. the Companies ArA 26, FRS 102 The Financial Reporting Standard applicab the UK and Republic of Ireland" fFRS 102-1 and the Charitres SORP -Accounting and Reporting by Charrties: Statement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financtal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). (effeclive 1 January 2019). The tTUSt is a Public Benefft Entity as defined by FRS 102. The trust has tsken advantage of the provisi in the SORP for charrttes not to prepare a Statement of Cash Flows. The financial statements are prepared in sterfing. vthich is the functional (rrenLY of the trust. Monetsry amounts in these financial atements are rounded to the nearest L The financial ststements have bw ppared urthr the historical cost convenlw)n. The principal accounting policies adopted are set out beiow. 12 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the trust has adequate resources to continue in operational e$tenCe for the foreseeable future. Thus the Iruslees cnnlinue to adopt the going basis of aco)unliro in pparTr9 the financial Statts. 12 Char•table funds Unrestricted funds are available for use at the discxetion of ts trusts in furtherance of their charttabEe objectives. Restri¢ted fvnd$ a subie¢t to Spel) ccrfyJilN)ns by dOts or grantors as to ikny they may be used. The purposes and uses of the restricted fvnds are set out in the notes to the financHI statements. 1.4 Income Income is recognised when the Irust is legally enfiued to it after any performance CA)nditions have been met. the amounts can be measured reliably, and it is wobable that income will be e1ved. Cash donati¢Jns are recognised on receipL Olher donatiwts are reCniSed once the trust has been notified of the donation. unless perfornian (tsrtnS require deferral of the amount Income tax recoverable in relation to donations received under GiftAid or deeds of Ly)venant is rec¢yJnised at the time of the donation. Legaaes are recnISed on receipt or otherwise rf the trust has been notified of an impending distribution. the amount is known. aThJ recetpt is expected. If the amount is not known. the legacy ts treated as a contingent asset. 12-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) 1.5 Expenditure Expenditure is recognised On there is 8 legal cff ¢sIN¢l1ve obligation lo trdnsfer econmiic benefft to third party, it is probable that a transfer of ecoTh)mic beneffts will be required in settlement. and the am(yJnt of the obligalion (3n be measured rel•. Expendthre is dass"ffied by acvity. The costs of eath actsvtty are made up of the totsl of difect costs and shared costs. induding support costs involved in undertaking eath aclivty. Direct costs attributable to a single activity are alICated direcuy to that activity. Shared costs which conknbute to more than one activity and support $ts whh are not atttibltsble to a sirrfJie activty are apportied beeen those activities on a basis consistent wtth the use of resour. Central staff costs are alICed on the basis of tr.me 5pert and depreciation charges are allocated OD the portion of the assets use. 1.6 Tangible fixed assets All fixed assets are initialty recJ)rded at cost and represent the Trusvs stake in various residential propertFes used to provide housing to retired. widowed or infim dergy in nec&8sttous Circumstan$. Depreaation is not charged on these fixed assets as the value of the TnJsfs slakes are Maintain ty the beneficiaries via the nomal upkeep of proFrties. at no cost to the Trust The gain or loss arising on the d]sF$81 of an asset Ès detemined as the difference betw the sale proceeds and the carrying value of the asseL and is recognised in the statemerrt of financFal actiwties. 1.7 Cash and cash equivalents Cash and cash equivalents indude cash in hand. depwts hekl at call with banks. other short-term liquid investrnents with original maturities of Ihree months or less. and bank overdrafts. Bank overdrafts are shown Wtthin borrowings in ujrrent liabi15ties. 1.8 Financral instruments The trust has elected to apply the provtsions of Section 11 'Basic Financial Instrurnents. and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial itthments. Financial instruments are recognised in the ITusfs balance sheet when the trust becomes party to the contradual provisions of the instrumenL Financial assets and liabiltttes are off5eL with the net amounts Presen in the finanaal ststements, when theFe is a legally enforceale right to set off the reQnised amounts and there is an intenn lo Sett on a net basis or to lIse asset and settle the IHbilty sirnuttaneouy. Basic financial assets Basic financial assets. which indude debtors and cash and bank balances. are iniiially measured at transaction pri including transaction costs and are subsequenty carried at amorbsed cost using the effective interest methcKI unless the arrangement constsiutes a ffinancing transaclion. where the transaction is measured at the present value of the fijture receipts discounted at a majket rate of interesL Finanual assets dassified as receivable within one year are not amortrsed. 13-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 8asi¢ financial liabilities Basic financial liabilittes, induding (¥editor5 and bank loans are inityally recognised at transaction price unless arrangement constitutes a financing transactton. where the debt instrument is rrSured at the present value of the fvture payments discx)unted at a market rate of interesL Financyal liabilities daSsI as payable within one year are not amortised. Debt instruments are suiwuently rried at amorlised cos( using the effecttve interest rate Method. Trade Ixeditors are oblb3atiorts to pay for gots or seNces that have been acquired in the ordinary course of operatiorts from suppliers. Amounts PaYae are cfasstfied as current liabilthes rf payment is due within one year or less. If not they are presented as non-(JJThent liabilibes. Trade cre(1itors are recognised initialty al transacti( price and subsequenty nred at amfxtised cost using the effective interest ThEthod. Derecognition of financial liath'litss Financial liabilities are derecognised when the trusvs LX)ntracaual obligatK>ns expire or are discharged or cancelled. Income from donations and legaGies Unrestricted Unrestrictsd funds funds 2024 2023 tjonations and gtfts 1.589 2,837 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receFvable 2.480 1.024 Charitable activibe$ 2024 2023 Adrninistrdtive expenses Bank charges Audit fees Legal and professional fees 1,011 36 1,800 3,074 352 36 1,800 446 5.921 2.634 14-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Nel movement in funds 2024 2023 The rt movement in funds is ststed after charg[(ed[lIng). Loss on disposal of tarvJible fved assets 10,000 2228 Trustees None of the trustees (or any Fwsons connected with them) received any remuneration or t*rEffts from the trust during the year. Employees The average monthly number of empioyees during the year was: 2024 Number 2023 Number Total There were no employees wtKtse annual remunwaion was TrN)re than £60.000. other Unrestricted Unrestricted funds funds general general 2024 2023 Net loss disposal of langti de ed assets 10.0 2.228 10.0(M) 2228 Taxatlon The charity is exempt from tsxalion its acbvib&s bec? all its income is applied for tharitable purposes. 15-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (conNUED} FOR THE YEAR ENDED 31 MARCH 2024 10 Tangible fixed ass•ts OlherfixÈd assets Cost At 1 April 2023 Additions Other adjustsment 896,741 154.152 (10.0001 At 31 March 2024 1,040,893 Carying amount At 31 March 2024 1,040.893 At 31 Mar¢* 2023 896,741 11 Debtors 2024 2023 Amounts falling due within one year Other debtors 12 Current asset investments 2024 2023 Short temi deF 141,433 139.812 13 Credltors: amounts falllng due within one year 2024 2023 Accruals and deferred inc3)me 1.800 16-
CHURCH OF IRELAND RETIREMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2024 14 Unrestrict8d fvnds The unrestricted fvnds of the charity comprise the unexpended balances of donations and grants whith are not subject to specrfic condibons by donor5 and grantors as lo how they may be used. These indude designated funds which have been set aside out of unvestrited funds by the Irustees for speufic purposes. At 1 April 2023 Incoming Resources At 31 March expended 2024 General funds 1.330.524 4,069 (15.921) 1,318,672 Previous year. At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General frjnts 1,331,525 3.861 (4,862) 1.330.524 15 Related party transactions There were no discthable related party transactions during the year (2023- none). 17-