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: .....