Francis Curley Charitable Fund Statsment of Financial Activities Year ended 11 December 2022 2022 Restricted funds T•>tal funds Total funds 2021 Note Income and endowm•nts Other trading activities Investment income 352,181 24,418 362,181 24,418 295,296 24,885 Total in¢ome 376,599 376,699 320,181 Expenditure Expenditure on charitable activities Total •xpendltur• 57,960 67,960 67,960 56,266 57,960 56,266 N•t inoom• 318,639 318,639 263,915 Payments to Beneficiaries {266,462) (266,462) (165.237) Other reoognised gains and losses (Losses)Igains from revaluation of fixed assets N•t mov•mont in funds {105,351) 1105,361) (53,174) (63,174) 82,777 181,455 Reconciliation of funds Tot81 funds brought foThvard Total funds carrfed ftsrd 5,576,464 5,576,464 5,395,008 5,576,463 5,523,290 6,523,290 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Th• notes on pages 11 to 18 ft*mi part of th•50 financial statements.
Francis Curley Charitable Fund Statement of Financial Position 11 December 2022 2022 2021 Note Fixed assets Tangible fixed assets Investments 10 11 3,961,697 768,757 3,961,697 864,108 4,720N54 4,825,805 Current assets Debtors Cash at bank and in hand 12 139,155 978.148 394,087 691,281 1,117,303 1,085,368 Creditors: amounts falling due wfthln one y•ar Net current assets 12 160,158 139,346 967,146 946,022 T¢>tal assets l•ss current liabilities 5,677,599 5,771,827 Cr•ditors: amounts falling due after more than one year 14 154,309 195,364 5,576,463 N•t assets 5,523,290 Funds of th• ¢h2rity Restricted income funds.. Revaluation reserve Other restricted income fvnds 267,767 5,256,633 5,523,290 373,108 5,203,355 5,576,463 Total charity funds 16 These financial statements were approved by the board of trustees and authorised for issue on 11 September 2023, and are signed on behalf of the board by: I dJrCLQ D Moffett Trustee R Clark Trustee The notes on pages 11 to 18 forni part of the finan¢ial statements.
Francis Curley Charitable Fund Statsment of Cash Flows Year ended 11 December 2022 2022 2021 Cash flows from operating activities Net income 318,639 263,915 Adjustments for.. Other interest receivable and similar income Interest payable and similar charges (24,418) 190 (24,885) 164 Changes in." Trade and other debtors Trade and other creditors 254,932 20,812 670,155 {345,333) 26,759 Cash generated from operations (79,380) Interest paid Interest received (190) 24,418 594,383 (164) 24,885 Net cash froml(used in) operating activities 154,659) Cash flows from inv•sting a¢tivities Purchase of tangible assets Net cash used in investing activities (866,275) (866,275) Cash flows from finan¢ing activiti•s Proceeds from borrowings Net cash used in financing activities (41,0561 (41,055) 136,160) (36,160) Not increasel{deorease) in cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and cash equivalents at ¢nd of year 563,328 691,281 1,244,609 (957,094) 1,813,612 856,518 The notes on pages 11 to 18 forni part of these financial statements. 10-
Francis Curley Charitable Fund Notss to the Financial Statements Year ended 11 December 2022 Gen•ral inforniation The charity is a public benefit entity and a registered charity in Northem Ireland and is unincorporated. The address of the principal office is 3842 Hill Street, Belfast, BT12LB. 8tAtem•nt of ¢omplian¢• 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 Practi 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 Charities Act (Northern Ireland) 2008. Accounting poli¢ies Basis of preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judg•m•nts and key souroes of estimatlon uncertalnty 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 experien and other factors, including expectations of future events that are believed to be reasonable under the Circumstan5. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated fvnds are unrestricted funds eamarked 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. 11
Francis Curley Charitable Fund Notss to tho Financial Statements (contlnu•d) Year ended 11 DeGembar 2022 A¢¢ounting policies (conllnued) Incoming resources All incoming resources are induded 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 to particular categories 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 reIpt is probable and entitlement 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 reiVed if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracted seNice. This is classified 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 governance of the charity apporboned 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 direcdy to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangibl• assets The trustees have assessed the market values of all the properties held at the Balance Sheet date, taking into consideration rental yields and market conditions, it is their opinion the market values are reftected in the carrying values included in the accounts at 11 December 2021. Investments Unlisted equity investments are recorded at market values at the balance sheet date. 12-
Francis Curley Charitable Fund Notes to tho Financial Statements (¢ontlnued) Year ended 11 December 2022 Accounting poli¢i•s (¢ontlnu•d) Financial instruments A financial asset or a financial liability is recognised only when the entity 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, unless the arrangement constitutes a financing transaction, where is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Other trading activities Restricted Total Funds Funds 2022 Restricted Total Funds Funds 2021 Rents ReiVed 352,181 362,181 295,296 295,296 Investment income Restricted Total Funds Funds 2022 Restricted Total Funds Funds 2021 Bank Interest Investment Income 446 23,972 446 23,972 24,418 913 23,972 24,885 913 23,972 24,418 24,885 Expendlture on charrtable aotivities by fund typ• Restricted Total Funds Funds 2022 Restricted Total Funds Funds 2021 Charitable activities Support costs 26,450 31,510 26,460 31,610 57.960 20.502 35,764 20,502 35,764 57,960 56,266 56,266 Exponditure on charitable activitles by actlvity typ• Activities undertaken dIreCY Support costs Total funds 2022 Total fund 2021 Charitsble activities Governan costs 26,450 26,450 31.510 20,502 35,764 31,510 26,450 31,510 57,960 56,266 13-
Francis Curley Charitable Fund Notes to the Financial Statsments (eontinued) Year ended 11 December 2022 Auditors remuneration 2022 2021 Fees payable for the audit of the financial statements 2.500 2,500 Trustee remuneration and expenses No trustees received remuneration or other benefits through employment with the charity. 10. Tangible fixed assets Land and buildings Cost At 12 Dec•mb•r 2021 and 11 D•¢•mb•r 2022 3,961,697 Depreciation At 12 December 2021 and 11 December 2022 Carrying amount At 11 December 2022 3,961,697 At 11 December 2021 3,961,697 11. Investments Other Inv•stm•nts Cost or valuatlon At 12 December 2021 Additions 884,108 At 11 December 2022 864.108 Impalrnient At 12 December 2021 Disposals Impairment losses At 11 December 2022 (105.351) 1105.351) Carrying amount At 11 December 2022 758,757 864,108 At 11 December 2021 All investments shown above are held at valuation. The trustees of the fund in 2010 purchased 53,271 units at a cost of £500.000 in the Nl Central Investment Fund for Charities. The market value of the investment at 11 December 2022 was £758,757. 14-
Francis Curley Charitable Fund Notos to the Financial Statements (conllnuod) Year ended 11 Decembor 2022 12. Debtors 2022 2021 Trade debtors other debtors 139,165 232,658 161,429 139,165 394,087 13. Cr•ditors: amounts falling due within one year 2022 2021 Bank loans and overdrafts Trade creditors Social security and other taxes Other creditors 34.000 64.548 14,272 57,338 34,000 66,284 39,062 139,346 160,158 14. Creditors: amounts falling due after more than one year 2022 2021 Bank loans and overdrafts 154,309 195,364 16-
Francis Curley Charitable Fund Notes to the Financial Statsments (contlnued) Year ended 11 December 2022 16. Analysis of charitable funds Restrlcted funds At 12 Dec 2021 Gains and At losses11 Dec 2022 Income Expenditure Transfers Beneficiaries Account Estate Capital AcLount Repairs Account Revaluation reserve Future Investrnent Reserve Provision for Vacancies 266,461 376,599 (324,422) (74,221) 244,417 3,346,290 100,107 3,346,290 100,107 373,108 (105,351) 267,757 1,453,624 40,471 1,494,095 36,874 33,750 70,624 (105,3511 6,523,290 5,576,464 376,599 (324,422) At 12 Dec 2020 Gains and At losses 11 Dec 2021 Income Expenditure Transfers Beneficiaries Account Estate Capital Account Repairs Account Revaluation reserve Future Investment Reserve Provision for Vacancies 206,545 320,181 (221,503) (38,763) 266,460 3,346,290 100.107 3,346,290 100,107 290,331 82,777 373,108 1,414,861 38,763 1,453,624 36,874 5,395,008 36,874 82,777 5,576,463 320,181 (221,503) 16-
Francis Curley Charitable Fund Notes to the Financial Statements (contlnuedj Year ended 11 December 2022 16. Analysis of net ass•ts between funds Restricted Totsl Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year 3,961,697 3,961.697 758,757 758.757 1,117,303 1,117.303 {160,158) (160.158) {154,309) (164,309) 5.523,290 5,523,290 N•t assets Restricted Totsl Funds Funds 2021 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 3,961,697 3,%1,697 864,108 864,108 1,085,368 1,085,368 (139,345) (139,345) {195,364) (195,364) 5,576,464 5,576,464 17. Dlstrlbution The distribution to the Beneficiaries is to be made as follows.. 2022 2021 Bamardos Sailors, Society The Bible Society for N Ireland Sandes Soldiers, Home Belfast Hospital for Sick Children Presbyterian Orpan Society 12,221 12,221 6,110 6,110 6,110 12,221 11.258 11,258 5,629 5.629 5,629 11.258 Presbyterian Church in Ireland Foreign Mission Zenana Mission Home Mission Old Age Fund Jewish Mission Sustenation Fund Aged & Infirm Ministers, Fund Society for Orphans of Ministers and Missionaries of the Presbyterian Church in Ireland (Incorporated) 30,552 18,331 12,221 12,221 6.110 61,106 36,663 28,143 16,886 11.258 11,258 5,629 56,287 33.772 12,221 11.258 244,418 225,152 17-
Francis Curley Charitable Fund Notes to the Financial Statsments {contlnued) Year ondod 11 Decomber 2022 18. Analysis of changes in net d•bt At At 12 Dec 2021 Cash flows 11 Dec 2022 Cash at bank and in hand Debt due within one year Debt due after one year 691,281 {34,000) (195,364) 461,917 286,867 978,148 (34,000 1164,309) 789,839 41,055 327,922 19. Related parties Professional services are supplied by Mcconnell, Chartered Surveyors £6,498 (2021: £3,930) which is related parties by virtue of a common interest of Mr R Clark, a trustee of the charity. 18-