THE PRESBYfERIAN RELIEF FUND TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023
THE PRESBYfERIAN RELIEF FUND TRUSTEES REPORT 31 December 2023 Background The Presbyterian Relief Fund was established following a decision of the former Directors of the Old Age Fund and Presbyterian Women's Fund (incorporating the Indigent Ladies, Fund) to merge these Funds into a new charitable fund. The Presbyterian Relief Fund has been registered as a charity with the Charity Commission for Northern Ireland since 15 February 2021. The OldAge Fund was established by the General Assembly of the Presbyterian Church in Ireland and governed by a constitution, originally dated l October 1906 and subsequently revised in November 1967. The Fund's aim was to provide aid to aged or infirm members (both men and women) of the Presbyterian Church in Ireland who needed support. The Indigent Ladies, Fund and The Presbyterian Women's Fund have their origins in a Fund established in 1911 under the terms of a trust deed effected by Mr. Joseph Cuthbert. Over the years, this trust was amended to expand the numbers of beneficiaries and simplify the structures. On 13 December 2022, it was agreed it was desirable for the assets of the Old Age Fund and Presbyterian Women's Fund (incorporating the Indigent Ladies Fund) to be tra nsferred to the Presbyterian Relief Fund on ljanuary 2023 and forthe Old Age Fund and Presbyterian Women's Fund be dissolved immediately thereafter. Objectives and Activities The objectives of the Presbyterian Relief Fund I'the Fund") are: the prevention of poverty; and the relief of poverty of those under the pastoral care of the Presbyterian Church in Ireland; and the relief of those in need by reason of age, ill health, disability, financial hardship or other disadvantage. The Fund aims to achieve these objective5 through the provision of Erants to approved applicants. It provides financial assistance th rough two ma in types of grants: Regular quarterly grants to assist with ongoing and necessary costs Exceptional needs grants to meet specific items of necessary expenditure The level of grants ava ilable is determined by the Trustees on an annual basis. In deciding whether to award a grant to an applicant the Trustees will have regard to their circumstances and also to a report from the minister of the congregation of which they are under the pastoral care. Achievements and Performance While the Fund was established in 2021 it was not until December 2022 that the Directors of the former Old Age Fund, Presbyterian Women's and Indigent Ladies, Funds had obtained the necessary permissions to allow the assets of those Funds to be transferred. For this reason, the Fund was only able to commence its charitable activities from l January 2023. Financial Review There were no financial transactions during the year ended 31 December 2022. The financial statements for the year ended 31 December 2023 provide the first year of financial transactions for the Fund.
THE PRESBYfERIAN RELIEF FUND TRUSTEES REPORT 31 December 2023 On l January 2023 net assets of £5,214,344 were transferred from the Old Age Fund and Presbyterian Women's Fund (incorporating the Indigent Ladies, Fund) to the PRF. This comprised investments of £5,165,452 and net current assets of £48,892. During 2023, the Fund received investment and other income of £153,306. Administration, independent examiner fees and other expenses during this period were £16,202. The Trustees were delighted to be able to provide almost 450 support grants throughout the year, in total distributing over £180,000 to people in need across the island of Ireland. Structure, Governance and Management The Fund is governed by a Constitution which was approved on 11 December 2028. It may be altered by two-thirds of the persons present and entitled to vote at a General Meeting, but notice of any proposed alteration must be given in the notice convening the meeting. Any such alteration must be approved by a resolution of the Genera l Assembly of the Presbyterian Church in Ireland before it can take effect. No amendment can be made to the Constitution that would have the effect of causing it to cease to be a charity at law. The Fund is an unincorporated association which is managed by a Board of sixteen Trustees who must be aged 18 or over and be a communicant memberof a congregation of the Presbyterian Church in Ireland. Rules regarding membership of the Board of Trustees provide that not more than one half of the Board of Trustees may be Ministers of the Presbyterian Church in Ireland not more than one quarter may be appointed by the General Assembly of the Presbyterian Church in Ireland or its appropriate Council, with any person so appointed holding office for one year but may be eligible for re-election. The Board appoints a President, a Vice President, an Honorary Treasurer and an Honorary Secretary from amongst their number. The President and Vice President are appointed for a three yearterm, while the other office bearers are appointed annually. In accordance with the Fund's Constitution at a meeting of the Board of Trustees on 13 December 2022 the following were appointed.. Interim President Rev WPH Erskine Interim Vice President Mrs M Anderson Honorary Treasurer Mr D Boyd Honorary Secretary Dr P McKee Rev Erskine stepped down as Interim President in January 2023 and wa5 replaced by Rev John Seawright. The Interim Vice President resigned from the Trustees in September 2023 and was replaced by Lindsay Conway in June 2024.
THE PRESBYfERIAN RELIEF FUND TRUSTEES REPORT 31 December 2023 The Trustees who served durinE 2023 and up to the date of approval of this Trustees Report were: Rev WPH Erskine Mrs M Anderson Mr D Boyd Dr P McKee Mrs E Mccormack Rev TJ Mccormick Mr A Rankin Mrs E Simpson Resigned 13 lun 2024 Resigned 28 Sep 2023 Rev R Beggs Mrs W Bristow Mr L Conway Mrs P Crossley Mr C Graham Mrs J Moran Rev J Seawright Rev R Vallely Resigned 22 Feb 2024 At each Annual General Meeting one-third of the Trustees, other than the President, Vice President and those Trustees appointed by the Genera l Assembly of the Presbyterian Church in Irela nd or its appropriate Council, shall retire. The retiring Trustees shall be those longest in office. Any Trustee, who retires in accordance with this clause, if willing to act, is eligible for re-election. At each such Meeting, an Honorary Treasurer and an Honorary Secretary are appointed for a term of one year and may be eligible for re- election. Any casual vacancies occurring amongst the Trustees are filled by the Board and the persons so co-opted shall hold office for the remainder of the period for which the persons replaced would have held office. Six Trustees form a quorum for all meetings. Reference and Administrative Details The Presbyterian Relief Fund Charity Commission for Northern Ireland number 108004 Ken Swarbrick Secretary to Presbyterian Relief Fund Assembly Buildings 2-10 Fisherwick Place Belfast BTI 6DW The Trustees have agreed with the Presbyterian Church in Ireland that the day to day administration of the Fund will be undertaken by the Church's Financial secretary's Department with the Financial Secretary acting as Secretary to the Fund. The Fund has agreed to pay an administration fee for this service which will be disclosed in the notes to the accounts.
THE PRESBYfERIAN RELIEF FUND TRUSTEES REPORT 31 December 2023 Statement of Trustees Responsibilities in Respect of the Financial Statements The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The Trustees are required to prepare financial statements for each fina ncial year which disclose with reasonable accuracy the state of affairs of the Fund and of its financia l activities for that yea r. In preparing the financia I statements the Trustees are required to select suitable accounting policie5 and then a pply them consistently, make judgements and estimates that are reasonable and prudent, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Funds will continue in operation, and observe the methods and principles in the applicable Charities SORP. The Trustees are responsible for keeping adequate accounting records that are sufficient to Show and expla in the Fund's tra nsactions, disclose with reasonable accuracy at any time the f inancia I position of the Fund and enable Trustees to ensure that the financial statements comply with the Charities Act (Northern Ireland} 2022, the a pplicab5e Charities {Accounts and Reports) Regulations l Northern Ireland) 2015 a nd the provisions of the Fund's constitution. They are also responsible for safeguarding the assets of the Funds and hence for taking reasonable steps for the prevention and detection of fra ud and other irregularities. Risk Management Review A review of major risks has been undertaken by the Trustees, and systems and procedures implemented to manage identified risks. The principal risk relates to the performance of the investments and the level of income available for distribution. This is m itigated by the Trustees regularly monitoring the relative performance of the portfolio of investments. Disclosure of Information to Independent Examiners So far as each person who was a trustee at the date of approving this report is aware, there is no relevant information, being information needed by the independent examiner in connection with preparing their report, of which the independent examiner is unaware. Having made enquiries of fellow Trustees and the Trustees, independent examiner, each Trustee has taken all the steps that they are obliged to take as a Trustee in order to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information. 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