Charity rngistratlon number NIC107866 THE PAROCHIAL SCHOOLS OF THE DIOCESES OF DOWN AND CONNOR, AND DROMORE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022
THE PAROCHIAL SCHOOLS OF THE DIOCESES OF DOWN AND CONNOR, AND DROMORE LEGALAND ADMINISTRATIVE INFORMATION Governors Exwofficio Governorls) The Bishop of Down and Dromore". The Right Reverend D A Mcclay (cfychairl The Bishop of Connor. The Right Reverend G T W Davison {whairl Clerical R&prosentative Governors Down.. The Rerfd C Darling Connor.. The Rev DrA P CampbeN The Rev P R Benson- Unlli February 2022 Dromore". The Venerable T R Wesl Lay Representative Governors Down.. Mr J E Bunlin9 Connor: MrNRBc4t Mr R Gilbert Dromore.. Mr S Cassells Honorary Trèasurer MrNRBoll Honorary Se¢retsry Mr J E Bunting
THE PAROCHIAL SCHOOLS OF THE DIOCESES OF DOWN AND CONNOR. AND DROMORE LEGALAND ADMINISTRATIVE INFORMATION HMRC Charty number NIC107866 Nl Charity number 107866 Independent examlner Moore IN.I.I LLP 4th Fk)or Donegall House 7 Donegall Square North Beifasl BT1 5GB Bank#fs Ale 35 University Road Belfast BT71ND Solicitors Edwards & Co Solicltors 28 Hill Street Beltast BT12LA
THE PAROCHIAL SCHOOLS OF THE DIOCESES OF DOWN AND CONNOR, AND DROMORE GOVERNORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Govemors present their annual repcwt and financial statements for the year ended 31 December 2022. The financial statements have been prepared in a¢cordan¢e with the accounting policies set out in note 1 to the finanoal statements and compty wrth the ChairtS Act (Northem Ireland) 2008 & 2013 and -Accounting and Reporting by Chaiilies.. Statement of Recommended Pracli applicable lo chatities preparing their aecounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effeclive 1 January 2019)" Objectives and activities The principal objective of the charity is to manage the property and financial assets vested with it as educational endowments, arising from the transfer to il of parochial school properties within the present dioceses of Down and Dromore, and Connor. Proceeds from the disposal of redundant school properties are held upon Injst by the Charity. and the nel income therefrom is transferred annually lo the respedive parishes under the terms of the scheme. The main activities of the charity remain unchanged sirKe last year. Public Benefit The expression of the precepts of the Christsan religi through engagemant the public, and in particularly by way of promoting religious education, is a public benefit. This can be measured and evidenced through increased social integration and pastoral care especially of the young. The direct beneffts of this element of religious lrfe include the encouragement of leamirtg, the prowsion of premises for social and religious purposes. communty cohesion through churth based organi5ations and wnproved educational outcomes. The beneficiaries are the general public as evidenced by social and inter-denorninational organisations and church members through the promsion of relKJious education at all levels and indeed for all ages. Any Private benefit arising out of the fulfilmenl of this religious educational ministry is essential to the fuifilment of the putpose of the charity. No trustee receives remuneration. reward or other private benefit for carrying out their trustee responsibilty with the exception of one co-opted Iruslee and secretarial staff who help with Ihe provision of rinanryal and other services Ihrough the agency of a separate iK)dy to which the charity makes payment. The Govemors have paid due regard to guidance i$5LEd by the Charity Commission in deading what actNities the Charity should undertake. Achievements and perfomMn¢e The Governors continued lo ¥eview all operating and financial pr(edUreS. The Charity completed an active year wilh net expendituie of {£430,707) (2021.. nel expenditure of £244,953). As the Charity makes no direct use of the propert¢es impressed with il under Stheme 89. Ihe parishes, being responsible a5 beneftcial users. are required lo insure. maintain and develop the properties for their own needs. Accordingly, the Goveinors have decided it is not appropriate lo apply a depfeoalion sum on any of them and thus have allocated a rate of depreciation of O°A per annum. The basic value is established by insurance replament values or govemor's estimates. Dividend income ieased by £5.586 or 1.2%. Donations from parishes decreased lo £25712021.. £300). Unrestricted charitable expenditure decreased by £53,143 or -98.9% a$ 2021 included a grant payment to Kiaren. Core adminislralion costs increased to £640 (2021: £480). Govemance costs increased to £2,511 (2021.. £2.045) due lo higher legal fees.
THE PAROCHIAL SCHOOLS OF THE DIOCESES OF DOWN AND CONNOR, AND DROMORE GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Financial review The financial statements are presented in the standard fOrnt required by the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charib.es preparing their accounts in accordance with Financial Reporting Standard 102. The Ststement of Finanaal Activilies (SOFA) shows Ihe gross income from all sources. The charity's dedared unrestricted reserves at 31 December 2022 were £560.353. It is the tharity's policy not to maintain unrestricted revenue reserves greater than lo of actual res(MJrces expended in any normal yeaT. The Board notes that of its staled unrestricted reserves of £560,353. £6.742 consists of unrealised gains on invested capital, an uncertain base which may not be relied upon in drfhcutt economi¢ circumslances. wth the exception of certain unreslricled reseNes, the vast bulk of investment assets are held for restricted Iru$15 normally arising from the proceeds of sale of redundant school properties. Almost all investment assets are hÈld by Church of Ireland Trustees. They are actively managed by Sarasin & Partners LLP of London and regular perfomiance report5 ale given to the Board. Risk management The governors keep under review the major ri5k5. to which the tharity may beCe exposed. in particular those relating to the finances of the charity, and are satisfied Ihat appropriate systems are kept in pEace to mrtigate exposure to such major risks. As part of this strategy, investment assets were ieinve51ed in Church of Ireland Trustee units in 2015 which provides a pooled investment structure collsisting for the greater part of equities and bonds, and designed to PrOde a combination of caprtal and income growih. The governors intend that the chaiity shal continue with ils existing wlicy of governing and managing those assets with which it is impressed. The process of registration with the Charities Commission for Northem Ireland was completed on the 15th February 2021. with the Charity registered uThJer the name Tr Parochial Schools of tho DICSeS of Down and Connor. and Dromore" Structure, govemance and management The charity is a body corporate framed under the Educational Endowments (Ireland) Act 188S which established, under Seheme 89 of thatAcl, a structure for the govemment and management of the parochial schools of the dioceses of Down and Connor, and Dromore. Scheme 89 was given ffinal approval by the Lords Justices General and General Govemors of Ireland with the consent of the Privy Council in IreIar at Dublin Caslle. on the 6th November. 1893. The charity is managed by a Goveming Body, established under Stheme 89. consisting of of Iwo ex-officio Govemors-The Bishop of Connor and The Bishop of Down and Dromore. Clerical Representative Governors and Lay Representative Govemors from eath diocese. elected by dican synods. and up to four rx)-opled Govemors. The Governing Body meels approximately four limes per annum. Day lo day administration is managed through the Executive Secretary, Assistant Secretary and other governors as required. The mefflbers of the Governing Body as al 31st December 2022 are as outlined below:
THE PAROCHIAL SCHOOLS OF THE DIOCESES OF DOWN AND CONNOR, AND DROMORE GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Exaofficio Govgrnor(s) The Bishop of Down and Dromore.. The Right Reverend D A Mcclay {CO•chair} The Bishop of Connor. The Right Reverend G T W Davison {co-chair) Clerlcal Representative Govemors Down: The Rerfd C Darling Connor.. The Rev DrA P Campbell The Rev P R Benson- Until February 2022 Dromore: The Venerable T R West Lay Representative Governorn D¢)wn: MT J E Bunting Connor.. MrNRBott Mr R Gilbert Dromor9'. Mr S Cassélls Honorary Treasurer MrNRBott Honorary Secretsry Mr J E Bunting Members of the Board are dected by the diesan Syd5 each year except for those who are co-opted under the powers provided by Scheme 8910 the EducatK)nal endowments Ilrelandl Act 1885. All CoPtiOnS are holders of offices which directly supplement the workwig of the board. Taxatio The tharitable slalus of the thanty is recc*Jnised by His Majesty's Revenue and Customs and this status allows certain lax exemptions on income and profits from investments and surpluses on any adivities carried on in furtherance of its primary objecaives. rflhese profits and surpluses are applied 501ely for charitable purposes. The charity is not registered for VAT and accordingly all its expenditure is recorded indusive of any VAT incurred. Responsibillty In respect of the Annual Financial Staternents The Governors are responsible for the preparation of the financial statements for eath year which give a true and fair view of the state of affairs of the Board as al the end of the financial year and of the surplus or defiat of the Board of that period. In preparing those finanaal statements. the Board is required to.. Select surtable ac¢ounb"ng policies and then appty them consistenlly Make judgements and eslimales that are reasonable and pmdenl - Prepare the financial statements on the going c1Cern basis unsS it is inappropriate lo do so. The Governors are responsible for maintaining proper acc(ntIng records whi¢h disdose with reasonable accuracy at any lime the finanaal position of the Board and to enable rt to ensure that the financial slalemenls compty with the Educational Endowments Act 1885 and United Kingdom Accounting Standard5. The Governors, are also resp)nsible for safeguarding rts assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilles.
Draft Financlal Statements at 27 November 2023 at 10:55:26 THE PAROCHIAL SCHOOLS OF THE DIOCESES OF DOWN AND CONNOR, AND DROMORE GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The Governors, report was approved by the Board of Govemors. Dated..