THE PRESBYfERIAN RELIEF FUND STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023 Notes 2023 Unrestricted 2023 Restricted 2023 Endowment 2023 Total 2022 Total Income and endowments from: Donations and legacies Investment Income Gain on disposal of Investments Other Total 5,214,344 149,482 2,015 1,809 5,367.650 5,214.344 149,482 2,015 1,809 5,367,650 Expenditure on: Charita ble activities Interest payable Other 1180,0211 13171 116,2021 1196,5401 1180,0211 13171 116,2021 1196,5401 Total Net gains on investments 341,104 341.104 Net income Transfer between funds 5.512,214 5,512,214 Net movements in funds 5,512,214 5,512,214 Reconciliation of funds: Total funds brought forward Total funds carried forward 5,512,214 5.512,214 THE PRESBYfERIAN RELIEF FUND BALANCE SHEET as at 31 December 2023 Notes 2023 2022 Fixed assets: Investments 5.458,565 Current assets: Cash at bank and in hand 53,649 Total current assets 5,512,214 Liabilitie5: Creditors: Amounts falling due within one year Net current assets 5,512,214 Tota I net assets 5,512,214 The funds of the charity.. Unrestricted funds carried forward 5,512,214 Approved by the Board of Trustees at a meeting on 13 June 2024 and signed on its behalf by J Seawright L Conway 3 October 2024 THE PRESBYfERIAN RELIEF FUND NOTES TO THE ACCOUNTS 31 December 2023 Note l - Accounting Policies Basis of preparation The financia I statements have been prepared under the historical cost convention mod ified to include the revaluation of investments, in accordance with applicable accounting sta ndards and follow the recommendation in the Statement of Recommended Practice.. Accounting and Reporting by Charities prepa ring their accounts in accorda nce with the Financial Reporting Sta ndard applica ble in the United Kingdom a nd Republic of I reland {FRS 102) and the Charities Act (Northern Ireland) 2008. This requires all transactions, assets and liabilities of all funds under the control of the Trustees to be accounted for in the fina ncial statements. The activities of the Presbyterian Relief Fund constitute a public benefit entity as defined by FRS 102. The presentational currency of the Fund is Sterling and no rounding has been applied. Income recognition On l January 2023 net assets of £5,214,344 were transferred to the Trustees of the Presbyterian Relief Fund by the Directors of the Old Age Fund and Presbyterian Women's Fund (incorporating the Indigent Ladies Fund). This included investments of £5,165,452 and net current assets of £48,892. Aside from this, the main source of ongoing income is investment income, This is accounted for on a receivable basis. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Interest due at the year-end on fixed interest investments is included in the valuation of those investments. Legacy gifts are recognised on a case-by-case basis following the grantinE of probate when the admini5trator/executor for the estate has communicated in writing both the amount and settlement date, Legacy income is accounted for when notified and when the amount receivable can be determined. Other incoming resources are recognised on a receivable basis. Going Concern The main roles of the Trustees are to protect the underlying value of the Funds under management and to distribute the income receivable in accordance with their underlying terms. Normally the Trustees only distribute the income that has been received. The Trustees have assessed the going concern of the Fund under management and have a reasonable expectation that this will continue in operational existence for the period to 3 1 October 2025. The Trustees anticipate that the available assets and investment income are adequate to meet any outlay required in the period to 31 October 2025. As a consequence, the Trustees have assessed that it is appropriate to prepare the financial statements on a going concern basis. THE PRESBYfERIAN RELIEF FUND NOTES TO THE ACCOUNTS 31 December 2023 Expenditure recognition and grants payable Liabilities a re recognised as expend iture as soon as there is a legal or constructive obligation committing the Trustees to that expenditure, it is probable that settlement will be required and the amount of the obligation ca n be measured reliably. All expenditure is accounted for on an accruals basis. All expenses includ ing governance costs are a Ilocated or apportioned to the applicable expenditure headings. Charitable activities represent grants awarded by the Trustees and are accounted for when the grant has been approved. Governance costs include a charge from the Presbyterian Church in Ireland which provide the Trustees with necessary administration support. Change in market value of investments The change in market value of investments during the year comprises all increases and decreases in the market value of investments held at the end of the year. Profits and losses realised on sales of investments during the year are shown separately. Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fairvalue as at the balance sheet date using the closing quoted market price. The statement of f ina ncial activities includes the net ga ins and losses arising on reva luation and disposals throughout the year. The Trustees do not acquire put options, derivatives or other complex financial instrument5. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Investments are included at fair value as described below: lal Quoted securities in active markets are usually valued at the current mid-market prices at the reporting date; Ibl Unquoted securities are included at fairvalue in accordance with the valuation guidelines of the International Private Equity a nd Venture Capital Va luation G uidelines. Bonds are valued by valuation techniques that use observable market data; Ic) Accrued interest is excluded from the market va lue of fixed income securities and is included in investment income receivable,. Idl Unitised pooled investment vehicles have been va lued at the latest available bid price or single price provided by the pooled investment manager. Shares in other pooled arrangements have been valued at the latest availa ble net asset value {NAVI, determ ined in accordance with fair va lue principles, provided by the pooled investment manager, and (el The Scheme functional and presentational currency is pounds sterling. Monetary items denominated in foreign currency a re translated into sterling using the closing exchange rates at the Scheme year- end. Foreign currency transactions a re recorded in sterling at the spot exchange rate at the date of the transaction. THE PRESBYfERIAN RELIEF FUND NOTES TO THE ACCOUNTS 31 December 2023 Realised and unrealised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Rea lised a nd unrealised investment gains and losses are d isclosed separately in the Statement of Financial Activities. Funds Restricted funds (including endowment funds) are to be used for specific purposes as specified by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs, if applicable. Unrestricted funds are donations and other incoming resources received for charitable purposes. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Liabilities Liabilities are recognised when there is an obligation comm itting the Trustees to the expend iture. Note 2 - Donations & Legacies On l January 2023 net assets of £5,214,344 were transferred to the Trustees of the Presbyterian Relief Fund by the Directors of the Old Age Fund and Presbyterian Women's Fund (incorporating the Indigent Ladies Fund). This included investments of £5,165,452 and net current assets of £48,892. Former Fund Old Age Fund assets Presbyterian Women assets Indigent Ladies assets Total Assets Transferred 1,946,191 2,747,792 520,361 5,214,344 Note 3 - Charitable Activities The Trustees pay three d ifferent types of grants to individuals Regular Quarterly Grant £137,084 Emergency Needs Grant £ 7,871 Discretionary Christmas Grant £ 35066 £180,021 The regular quarterly grant / discretionary Christmas grant was set by the Trustees at £4001 É500 for 2023. The emergency needs grants are assessed on a case-by-case basis but restricted to four times the value of the regular gra nt. THE PRESBYfERIAN RELIEF FUND NOTES TO THE ACCOUNTS 31 December 2023 Note 4 - Other Expenditure Category Postage PCI Ad m inistration Cha rge Independent examiner fees Salaries Total Expenditure 503 11,694 3,425 580 16,202 Note 5 - Investments Shares Price {£) 14.3499 13.3269 Value (£) 1,045,296 4,413,269 5,458,565 M&G Charifund General Investment Fund 72,843 331,155