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2024-12-31-accounts

THE PRESBYTERIAN RELIEF FUND TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

THE PRESBYTERIAN RELIEF FUND TRUSTEES REPORT 31 December 2024

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.

Objectives and Activities

The objectives of the Presbyterian Relief Fund (“the Fund”) are:

The Fund aims to achieve these objectives through the provision of grants to approved applicants. It provides financial assistance through two main types of grants:

The level of grants available 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 which is providing pastoral care to the applicant.

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 1 January 2023.

Financial Review

During 2024, the Fund received investment and other income of £189,520 (2023: £153,306). Administration, independent examiner fees and other expenses during this period were £16,130 (2023: £16,202).

The Trustees were delighted to be able to provide over 430 support grants throughout the year, in total distributing over £170,000 to people in need across the island of Ireland.

Structure, Governance and Management

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 member of a congregation of the Presbyterian Church in Ireland.

Rules regarding membership of the Board of Trustees provide that

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 year term, while the other office bearers are appointed annually.

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THE PRESBYTERIAN RELIEF FUND TRUSTEES REPORT 31 December 2024

The Fund is governed by a Constitution. 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 subsequently be approved by a resolution of the General 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.

In accordance with the Fund’s Constitution the current office bearers are:

President J Seawright Vice President L Conway Honorary Treasurer D Boyd Honorary Secretary P McKee

The Trustees who served during 2024 and up to the date of approval of this Trustees Report were:

Rev WPH Erskine Resigned 13 Jun 2024 Mrs W Bristow
Rev R Beggs Mr L Conway
Mr D Boyd Mrs P Crossley
Dr P McKee Mr C Graham
Mrs E McCormack Mrs J Moran Resigned 13 Dec 2024
Rev TJ McCormick Rev J Seawright
Mr A Rankin Rev R Vallely Resigned 22 Feb 2024
Mrs E Simpson Mr David McAuley Appointed 5 June 2025

At each Annual General Meeting one-third of the Trustees, other than the President, Vice President and those Trustees appointed by the General Assembly of the Presbyterian Church in Ireland 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 reelection.

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 (PRF Secretary) Assembly Buildings 2-10 Fisherwick Place Belfast BT1 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.

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THE PRESBYTERIAN RELIEF FUND TRUSTEES REPORT 31 December 2024

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 financial year which disclose with reasonable accuracy the state of affairs of the Fund and of its financial activities for that year. In preparing the financial statements the Trustees are required to

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Fund’s transactions, disclose with reasonable accuracy at any time the financial position of the Fund and enable Trustees to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, the applicable Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and 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 fraud 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 mitigated 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 and signed on its behalf by

J Seawright

K Swarbrick

Date: 28 October 2025

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Independent Examiner’s Report to the Trustees of the Presbyterian Relief Fund

I report to the Trustees on my examination of the accounts of the above charity for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity's Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 2008 (‘the Act’).

I report in respect of my examination of the Fund’s accounts carried out under section 65 of the 2008 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Act.

Independent Examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Andrew Stickland (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP

Date: 30 October 2025

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THE PRESBYTERIAN RELIEF FUND STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2024


Notes
Income and endowments from:
Donations and legacies
2
Investment Income
3
Gain on disposal of Investments
Other
Total
Expenditure on:
Charitable activities
4
Other
5
Total
Net gains on investments
Net income
Transfer between funds
Net movements in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2024
Unrestricted
2024
Total
2023
Unrestricted
2023
Total
224
224
5,214,344
5,214,344
175,038
175,038
149,482
149,482
-
-
2,015
2,015
14,482
14,482
1,809
1,809
189,744
189,744
5,367,650
5,367,650
(172,836)
(172,836)
(180,021)
(180,021)
(16,130)
(16,130)
(16,519)
(16,519)
(188,966)
(188,966)
(196,540)
(196,540)
235,905
235,905
341,104
341,104
236,683
236,683
5,512,214
5,512,214
-
-
-
-
236,683
236,683
5,512,214
5,512,214
5,512,214
5,512,214
-
-
5,748,897
5,748,897
5,512,214
5,512,214

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THE PRESBYTERIAN RELIEF FUND

BALANCE SHEET as at 31 December 2024

Notes
Fixed assets:
Investments
6
Current assets:
Cash at bank and in hand
Total assets
Liabilities:
Creditors:
Total net assets
The funds of the charity:
Unrestricted funds carried forward		 2024
2024
2023
2023
Unrestricted
Total
Unrestricted
Total
5,694,471
5,694,471
5,458,565
5,458,565
54,426
54,426
53,649
53,649
5,748,897
5,748,897
5,512,214
5,512,214
-
-
-
-
5,748,897
5,748,897
5,512,214
5,512,214
5,748,897
5,748,897
5,512,214
5,512,214

Approved by the Board of Trustees and signed on its behalf by

J Seawright

K Swarbrick

Date 28 October 2025

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THE PRESBYTERIAN RELIEF FUND NOTES TO THE ACCOUNTS 31 December 2024

Note 1 - Accounting Policies

Basis of preparation

The financial statements have been prepared under the historical cost convention modified to include the revaluation of investments, in accordance with applicable accounting standards and follow the recommendation in the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (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 financial 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

The main ongoing source of 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 granting of probate when the administrator/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.

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 31 October 2026.

The Trustees anticipate that the available assets and investment income are adequate to meet any outlay required in the period to 31 October 2026. As a consequence, the Trustees have assessed that it is appropriate to prepare the financial statements on a going concern basis.

Expenditure recognition and grants payable

Liabilities are recognised as expenditure 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 can be measured reliably.

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THE PRESBYTERIAN RELIEF FUND NOTES TO THE ACCOUNTS 31 December 2024

Expenditure is accounted for on an accruals basis. Expenses including governance costs are allocated 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 and communicated.

Governance costs include a charge from the Presbyterian Church in Ireland which provides the Trustees with necessary administration support.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trustees do not acquire put options, derivatives or other complex financial instruments.

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:

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. Realised and unrealised investment gains and losses are disclosed separately in the Statement of Financial Activities.

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THE PRESBYTERIAN RELIEF FUND NOTES TO THE ACCOUNTS 31 December 2024

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 committing the Trustees to the expenditure.

Note 2 - Donations & Legacies

On 1 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. This was a one off transfer of funds from the transferor organisations and was not repeated in 2024.

Former Fund
Old Age Fund assets
Presbyterian Women assets
Indigent Ladies assets
Donations from Congregations
Total		 2024
2023
-
1,946,191
-
2,747,792
-
520,361
224
-
224
5,214,344

Note 3 - Investment Income

ote 3 - Investment Income
M&G Charifund
General Investment Fund
Total		 2024
2023
65,559
62,281
109,479
87,201
175,038
149,482

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THE PRESBYTERIAN RELIEF FUND NOTES TO THE ACCOUNTS 31 December 2024

Note 4 - Charitable Activities

The Trustees pay three different types of grants to individuals

Grant
Regular quarterly grant
Emergency needs grant
Christmas grant
Total		 2024
2023
135,704
137,084
11,066
7,871
26,066
35,066
172,836
180,021

The standard grant was set by the Trustees at £400/€500 for 2024 (2023: £400/€500). The emergency needs grants are assessed on a case-by-case basis but generally restricted to four times the value of the regular grant.

Note 5 - Other Expenditure

Postage
PCI Administration Charge
Independent examiner fees
Interest
Salaries
Total		 2024
2023
310
503
12,500
11,694
3,266
3,425
54
317
-
580
16,130
16,519

Note 6 - Investments

2023
Shares
Price (£)
M&G Charifund
72,843
14.3499
General Investment Fund
331,155
13.3269
2024
Shares
Price (£)
M&G Charifund
72,843
14.724
General Investment Fund
331,155
13.957		 Value (£)
1,045,296
4,413,269
5,458,565
Value (£)
1,072,541
4,621,630
5,694,471

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