ARDFOYLE TRUST - Charities report - 22.1

REGISTERED COMPANY NUMBER: NI016968 (Northern Ireland)

REGISTERED CHARITY NUMBER: 103536

for

Page

Report of the Trustees  

1

to

2

Independent Examiner's Report  

3

Statement of Financial Activities  

4

Balance Sheet  

5

to

6

Notes to the Financial Statements  

7

to

12

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

ACHIEVEMENT AND PERFORMANCE

Charitable activities

FUTURE PLANS

The company will continue to support its charitable activities in the future through charitable donations and gift aid.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

NI016968 (Northern Ireland)

Registered Charity number

103536

Registered office

41-43 Bachelors Walk

Lisburn

Antrim

BT28 1XN

Trustees

J McFarland

Mrs M McFarland

Mrs ID Allister

P Graham

RC Webster

Dr S Thompson

Mrs KM Graham

Company Secretary

Mrs A Wilson

Independent Examiner

Arnold Wylie

FCA

ASC Wylie UBU Ltd

Qualified Accountants, Tax & Business Advisors

7 Lisburn Street

Royal Hillsborough

Down

BT26 6AB

Solicitors

McFarland, Graham & McCombe

41-43 Bachelors Walk

Lisburn

Co Antrim

BT28 1XN

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 29 June 2022 and signed on its behalf by:

Mrs A Wilson - Secretary

I report on the accounts for the year ended 30 September 2021 set out on pages four to twelve.

Basis of the independent examiner's report

My examination was carried out in accordance with An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

(1)

which gives me reasonable cause to believe that, in any material respect, the requirements

-

to keep accounting records in accordance with Section of the 2005 Act; and

-

to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2005 Act

have not been met; or

(2)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Arnold Wylie

FCA

ASC Wylie UBU Ltd

Qualified Accountants, Tax & Business Advisors

7 Lisburn Street

Royal Hillsborough

Down

BT26 6AB

Date: .............................................

2021

2020

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£   

£   

£   

£   

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

34,662

-

34,662

1,028,626

Investment income

4

11,282

-

11,282

17,265

Total

45,944

-

45,944

1,045,891

EXPENDITURE ON

Charitable activities

5

Governance costs

1,582

-

1,582

1,267

Charitable Donations

52,939

-

52,939

1,050,398

Support costs

7,801

-

7,801

1,713

Total

62,322

-

62,322

1,053,378

NET INCOME/(EXPENDITURE)

(16,378

)

-

(16,378

)

(7,487

)

RECONCILIATION OF FUNDS

Total funds brought forward

814,642

-

814,642

822,129

TOTAL FUNDS CARRIED FORWARD

798,264

-

798,264

814,642

2021

2020

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£   

£   

£   

£   

FIXED ASSETS

Investment property

11

459,290

-

459,290

469,580

CURRENT ASSETS

Debtors

12

148,013

-

148,013

55,675

Cash at bank

192,686

-

192,686

292,198

340,699

-

340,699

347,873

CREDITORS

Amounts falling due within one year

13

(1,725

)

-

(1,725

)

(2,811

)

NET CURRENT ASSETS

338,974

-

338,974

345,062

TOTAL ASSETS LESS CURRENT

LIABILITIES

798,264

-

798,264

814,642

NET ASSETS

798,264

-

798,264

814,642

FUNDS

14

Unrestricted funds

798,264

814,642

TOTAL FUNDS

798,264

814,642

The financial statements were approved by the Board of Trustees and authorised for issue on 29 June 2022  and were signed on its behalf by:

J McFarland - Trustee

1.

COMPANY LIMITED BY GUARANTEE

Ardfoyle Trust Ltd is a company limited by guarantee and accordingly does not have share capital. Each member of the company has undertaken to contributed such amounts as will be required not exceeding £10 to the assets of the company in the event of its being wound up while he or she is a member or within one year after he or she ceases to be a member.

2.

ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of  paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b)

and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

Fund accounting

3.

DONATIONS AND LEGACIES

2021

2020

£   

£   

Donations

27,849

1,022,951

Gift aid

6,813

5,675

34,662

1,028,626

4.

INVESTMENT INCOME

2021

2020

£   

£   

Rents received

9,600

11,525

Deposit account interest

20

341

Interest receivable

27

4,781

Ground Rent received

1,635

618

11,282

17,265

5.

CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

(see note

costs (see

6)

note 7)

Totals

£   

£   

£   

Governance costs

-

1,582

1,582

Charitable Donations

52,939

-

52,939

Support costs

-

7,801

7,801

52,939

9,383

62,322

6.

GRANTS PAYABLE

2021

2020

£   

£   

Charitable Donations

52,939

1,050,398

7.

SUPPORT COSTS

Governance

Management

costs

Totals

£   

£   

£   

Governance costs

-

1,582

1,582

Support costs

2,101

5,700

7,801

2,101

7,282

9,383

8.

TRUSTEES' REMUNERATION AND BENEFITS

Trustees' expenses

9.

STAFF COSTS

The average monthly number of employees during the year was as follows:

2021

2020

Trustees

8

8

No employees received emoluments in excess of £60,000.

10.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£   

£   

£   

INCOME AND ENDOWMENTS FROM

Donations and legacies

1,028,626

-

1,028,626

Investment income

17,265

-

17,265

Total

1,045,891

-

1,045,891

EXPENDITURE ON

Charitable activities

Governance costs

1,267

-

1,267

Charitable Donations

1,050,398

-

1,050,398

Support costs

1,713

-

1,713

Total

1,053,378

-

1,053,378

NET INCOME/(EXPENDITURE)

(7,487

)

-

(7,487

)

RECONCILIATION OF FUNDS

Total funds brought forward

822,129

-

822,129

TOTAL FUNDS CARRIED

FORWARD

814,642

-

814,642

11.

INVESTMENT PROPERTY

£   

FAIR VALUE

At 1 October 2020

469,580

Disposals

(10,290

)

At 30 September 2021

459,290

NET BOOK VALUE

At 30 September 2021

459,290

At 30 September 2020

469,580

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£   

£   

Other debtors

141,200

50,000

Gift Aid Reclaim

6,813

5,675

148,013

55,675

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£   

£   

VAT

329

151

Accruals and deferred income

1,396

2,660

1,725

2,811

14.

MOVEMENT IN FUNDS

Movement in Funds

Unrestricted

Restricted

Total

2020

2020

2020

£   

£   

£   

Incoming Resources

Rents

12,143

0

12,143

Donations

1,022,950

1,022,950

Interest

5,122

5,122

Total Incoming

17,265

1,022,950

1,040,215

Resources Expended

Governance Costs

(1,267

)

0

(1,267

)

Charitable Donations

(1,050,398

)

(1,050,398

)

Support Costs

(1,713

)

0

(1,713

)

Total outgoing

(2,980

)

(1,050,398

)

(1,053,378

)

Net Surplus/(deficit)

14,285