ARDFOYLE TRUST - Charities report - 18.1
ARDFOYLE TRUST - Charities report - 18.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 30 September 2017 |
| for |
| ARDFOYLE TRUST |
| ARDFOYLE TRUST |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2017 |
| Page |
| Operating and Financial Review | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 14 |
| Reconciliation of Income and Expenditure | 15 |
| Reconciliation of Funds | 16 to 17 |
| ARDFOYLE TRUST |
| Operating and Financial Review |
| for the Year Ended 30 September 2017 |
| The company continues to maintain its general and specific fund reserves and has invested in a property fund |
| in previous years. |
| ARDFOYLE TRUST |
| Report of the Trustees |
| for the Year Ended 30 September 2017 |
| 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 2017. 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 2015). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The company aims to continually support its charitable activities during the year. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| During the current financial year the company has continued to support various 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 |
| The company is governed by the members throughout the year on a rotational basis |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| ARDFOYLE TRUST |
| Report of the Trustees |
| for the Year Ended 30 September 2017 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Independent examiner |
| Arnold Wylie |
| Chartered Accountant |
| ASC Wylie |
| Hillsborough |
| Down |
| BT26 6AB |
| Solicitors |
| McFarland, Graham & McCombe |
| 41-43 Bachelors Walk |
| Lisburn |
| Co Antrim |
| BT28 1XN |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| ARDFOYLE TRUST |
| I report on the accounts of the company for the year ended 30 September 2017, which are set out on pages |
| six to seventeen. |
| Respective responsibilities of charity trustees and examiner |
| As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the |
| preparation of the accounts in accordance with the requirements of the Companies Act 2006. |
| Having satisfied myself that the charity is not subject to audit under company law and is eligible for |
| independant examination, it is my responsibility to: |
| - | examine the accounts under section 65 of the Charities Act |
| - | follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act |
| - | state whether particular matters have come to my attention. |
| Basis of the independent examiner's report |
| I have examined your charity accounts as required under section 65 of the Charities Act and my examination |
| was carried out in accordance with the general Directions given by the Charity Commission for Northern |
| Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting |
| records kept by the charity and a comparison of the accounts presented with those records. It also included |
| consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as |
| charity trustees concerning any such matters. |
| My role is to state whether any material matters have come to my attention giving me cause to believe: |
| 1. | That accounting records were not kept in accordance with section 386 of the Companies Act 2006 |
| 2. | That the accounts do not accord with those accounting records |
| 3. | That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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 |
| 4. | That there is further information needed for a proper understanding of the accounts to be reached. |
| Independent examiner's statement |
| Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I |
| can confirm that I am qualified to undertake the examination because I am a registered member of Chartered |
| Accountant which is one of the listed bodies. |
| I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, |
| in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no |
| matters that require drawing to your attention. |
| Independent Examiner's Report to the Trustees of |
| ARDFOYLE TRUST |
| Arnold Wylie |
| Chartered Accountant |
| ASC Wylie |
| 7 Lisburn Street |
| Hillsborough |
| Down |
| BT26 6AB |
| Date: ............................................. |
| ARDFOYLE TRUST |
| Statement of Financial Activities |
| for the Year Ended 30 September 2017 |
| 2017 | 2016 |
| Unrestricted fund |
Restricted funds |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 3 |
| Other income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Other |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 673,400 |
| CONTINUING OPERATIONS |
| All income and expenditure has arisen from continuing activities. |
| ARDFOYLE TRUST |
| Balance Sheet |
| At 30 September 2017 |
| 2017 | 2016 |
| Unrestricted fund |
Restricted funds |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| Investments |
| Investments | 8 |
| Investment property | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 13 |
| Unrestricted funds | 806,056 | 673,400 |
| TOTAL FUNDS | 673,400 |
| ARDFOYLE TRUST |
| Balance Sheet - continued |
| At 30 September 2017 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 30 September 2017. |
| The members have not required the company to obtain an audit of its financial statements for the year ended |
| 30 September 2017 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the |
| special provisions of Part 15 of the Companies Act 2006 relating to |
| charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| ARDFOYLE TRUST |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2017 |
| 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 2015)', 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 with the exception of investments which are |
| included at market value. |
| 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. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
| changes in market value is transferred to a revaluation reserve. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the |
| trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. |
| Restrictions arise when specified by the donor or when funds are raised for particular restricted |
| purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial |
| statements. |
| ARDFOYLE TRUST |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The charitable company operates a defined contribution pension scheme. Contributions payable to |
| the charitable company's pension scheme are charged to the Statement of Financial Activities in the |
| period to which they relate. |
| 3. | INVESTMENT INCOME |
| 2017 | 2016 |
| £ | £ |
| Rents received |
| Deposit account interest |
| Interest receivable | 7,395 | 3,771 |
| Ground Rent received | 649 | 10,970 |
| Gift Aid | 9,063 | 8,014 |
| 4. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2017 | 2016 |
| £ | £ |
| Repairs & maintenance | - | 355 |
| Surplus on disposal of fixed asset | ( |
) |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 30 September 2017 nor for |
| the year ended 30 September 2016. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 30 September 2017 nor for the year ended |
| 30 September 2016. |
| 6. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| 2017 | 2016 |
| No employees received emoluments in excess of £60,000. |
| ARDFOYLE TRUST |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2017 |
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted fund |
Restricted funds |
Total funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income |
| Other income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Other |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 646,675 | - | 646,675 |
| TOTAL FUNDS CARRIED FORWARD | 673,400 | - | 673,400 |
| 8. | FIXED ASSET INVESTMENTS |
| Listed investments |
| £ |
| MARKET VALUE |
| At 1 October 2016 |
| Impairments | ( |
) |
| At 30 September 2017 |
| NET BOOK VALUE |
| At 30 September 2017 | - |
| At 30 September 2016 | 97,275 |
| There were no investment assets outside the UK. |
| ARDFOYLE TRUST |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2017 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| 9. | INVESTMENT PROPERTY |
| £ |
| MARKET VALUE |
| At 1 October 2016 |
| Additions |
| At 30 September 2017 |
| NET BOOK VALUE |
| At 30 September 2017 |
| At 30 September 2016 |
| The trustees consider that the investment properties are shown at fair market value. |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| Gift Aid Reclaim |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts (see note 12) |
| VAT | 639 | 442 |
| Accruals and deferred income |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2017 | 2016 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Bank loans |
| ARDFOYLE TRUST |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2017 |
| 13. | MOVEMENT IN FUNDS |
At 1/10/16 |
Net movement in funds |
At 30/9/17 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 673,400 | 132,656 | 806,056 |
| TOTAL FUNDS | 132,656 | 806,056 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 279,339 | (146,683 | ) | 132,656 |
| TOTAL FUNDS | ( |
) | 132,656 |
| Comparatives for movement in funds |
At 1/10/15 |
Net movement in funds |
At 30/9/16 |
| £ | £ | £ |
| Unrestricted Funds |
| General fund | 646,675 | 26,725 | 673,400 |
| TOTAL FUNDS | 646,675 | 26,725 | 673,400 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 70,939 | (44,214 | ) | 26,725 |
| TOTAL FUNDS | 70,939 | (44,214 | ) | 26,725 |
| ARDFOYLE TRUST |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2017 |
| 14. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 30 September 2017. |
| ARDFOYLE TRUST |
| Reconciliation of Income and Expenditure |
| for the Year Ended 30 September 2016 |
UK GAAP |
Effect of transition to FRS 102 |
FRS 102 |
| Notes | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 42,781 | 42,781 |
| Investment income | 25,888 | 25,888 |
| Other income | 2,270 | 2,270 |
| Total | 70,939 | 70,939 |
| EXPENDITURE ON |
| Raising funds | 43,134 | 43,134 |
| Other | 1,080 | 1,080 |
| Total | 44,214 | 44,214 |
| NET INCOME | 26,725 | 26,725 |
| ARDFOYLE TRUST |
| Reconciliation of Funds |
| At 1 October 2015 |
| (Date of Transition to FRS 102) |
UK GAAP |
Effect of transition to FRS 102 |
FRS 102 |
| Notes | £ | £ | £ |
| - | - | - |
| TOTAL ASSETS LESS CURRENT LIABILITIES | - | - |
| - | - |
| FUNDS |
| TOTAL FUNDS | - | - | - |
| ARDFOYLE TRUST |
| Reconciliation of Funds |
| At 30 September 2016 |
UK GAAP |
Effect of transition to FRS 102 |
FRS 102 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 375,290 | ( |
) | - |
| Investments |
| Investments | - | 97,275 |
| Investment property | 84,000 | 459,290 |
| Social investments | 97,275 | ( |
) | - |
| Total | 556,565 | 556,565 |
| CURRENT ASSETS |
| Debtors | 88,153 | 88,153 |
| Cash at bank | 67,864 | 67,864 |
| 156,017 | 156,017 |
| CREDITORS |
| Amounts falling due within one year | (39,182 | ) | (39,182 | ) |
| NET CURRENT ASSETS | 116,835 | 116,835 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 673,400 | 673,400 |
| NET ASSETS | 673,400 | 673,400 |
| FUNDS |
| Unrestricted funds | 673,400 | - | 673,400 |
| TOTAL FUNDS | 673,400 | - | 673,400 |