2024-04-05-accounts - The Stansfield Charitable Trust

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STANSFIELD CHARITABLE TRUST

CHARITY NUMBER: 298794

REPORT OF THE TRUSTEES AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024

STANSFIELD CHARITABLE TRUST

REPORT OF THE TRUSTEES AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024

Trustees Report Independent Examiner’s Report Statement of Financial Activities Balance Sheet Notes to the Accounts	Contents Pages 1 - 2 3 4 5 6 - 9

Page 1

STANSFIELD CHARITABLE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their report and the financial statements for the Charity for the period from 6 April 2023 to 5 April 2024. 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).

Reference and Administrative Information

The Charity was established in 1987. The Charity’s address is 7 The Hermitage, Drumbeg Road, Dunmurry, BT17 9NH. The Trustees during the year to 5 April 2024 were: -

Mr B Quinn Mrs M Quinn Mr N Quinn

The Charity’s accountants are:

Johnston Kennedy DFK Chartered Accountants Ground Floor, Block A The Sidings Lisburn Co. Antrim BT28 3AJ

Structure Governance and Management

The Charity is set up under a Deed of Trust. To date the Charity has continued to be administered by the Trustees appointed by the Trust Deed. As all Trustees are family members, most decisions have been taken informally and the Trustees seek to support causes with which they believe the founder of the Trust, the late Manfred Flatow would have been in sympathy.

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risk Management

The Trustees have assessed the major risks to which the Charity is exposed in particular those related to the operations and finances of the Trust and are satisfied that systems are in place to mitigate exposure to risks.

Page 2

STANSFIELD CHARITABLE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 – CONT/..

Objectives and Activities

The Charity seeks to assist in spreading the Christian Gospel, the relief of poverty and the advancement of education, which the Trustees undertake almost entirely through specialist Charities who have been identified for the work they do in the area and who the Trustees support by way of making specific grants towards the work carried on by the Charities.

It is the policy of the Charity to maintain unrestricted funds at a level which equates to approximately one year’s unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year.

Achievements and Performance

The distribution of grants continued this year.

To enable them to achieve this, the Trust holds a portfolio of investments.

The nature of the investments is balanced to provide a mix of income and capital growth, to ensure the stability of the funds available for grants in the future years.

The Trustees are satisfied with progress made during the year and consider that the Charity has adequate funds to meet its obligations over the coming year.

The investments made have been within the normal Trustee powers governing a trust of this nature.

Financial Review

General economic trends have improved this year; the accounts show an unrealised surplus due to the increase in the value of investments which are included in the accounts at market value at the balance sheet date.

Plans for the Future Period

It is intended in due course to continue the work of the Charity. There are currently no plans to introduce new funds into the Trust but to work with the existing assets.

Approved by the Trustees on 4[th] February 2025

…………………………….……

Date

And signed on their behalf by Nigel Quinn

.…………………………………

Nigel Quinn

Page 3

STANSFIELD CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 5 APRIL 2024

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 5 April 2024 set out on pages 4 to 9.

Responsibilities and basis of report.

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.

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 the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view, and the report is limited to those matters set out in the statement below.

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:

accounting records were not kept in accordance with section 130 of the Act or
the accounts do not accord with the accounting records

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

Duncan Graham

……………………………………

Duncan Graham FCA

4[TH] February 2025

…………………..………

Date

Chartered Accountants Ireland

On behalf of Johnston Kennedy DFK Chartered Accountants Ground Floor, Block A The Sidings Lisburn Co. Antrim BT28 3AJ

Page 4

STANSFIELD CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

Notes
INCOMING RESOURCES
Incoming resources from generated funds:
Dividends received
Loan interest received
Bank interest received
Donations and legacies received
RESOURCES EXPENDED
Charitable activities:
Grants made in the year
2
Governance costs:
Accountancy
Bank charges
NET (OUTGOING)/INCOMING RESOURCES
OTHER INCOME AND EXPENSES
Capital movements from investments:
Realised profit / (loss) on disposal of investments
Unrealised surplus / (deficit) on investments
3
NET MOVEMENT IN FUNDS

2024
2023
Total funds
Total funds
£
£
9,824
14,675
3,825
2,878
-
50
18,384
1,122
__
_
32,033
18,725
(77,500)
(30,699)
(143)
(1,153)
-
12

(45,610)
(13,115)
-
-
89,808
(93,354)
_
____
44,198
(106,469)

Page 5

STANSFIELD CHARITABLE TRUST

BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024

Notes FIXED ASSETS Investments 3 CURRENT ASSETS Debtors Cash at bank and in hand CURRENT LIABILITIES Accruals NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS At 6 April 2023 Surplus / (Deficit) for the year	2024 2023 *Total funds* *Total funds* £ £ 961,118 921,310 11,790 9,209 10,108 9,256 _ _ 21,898 18,465 _ _ 1,286 2,244 _ _ 1,286 2,244 _ _ 20,612 16,221 _ _ 981,730 937,531 937,531 1,044,000 44,199 (106,469) _ _ 981,730 937,531

We approve these financial statements and confirm that all available information was provided for their preparation.

Nigel Quinn 4[th] February 2025 ……………………………………. ……………………………….. Mr N Quinn Date: Signed on behalf of the Trustees

Page 6

STANSFIELD CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024

1. ACCOUNTING POLICIES

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

1.1 Basis of accounting

The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis, under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

There are no significant areas of judgements or key sources of estimation uncertainty.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The charity is an unincorporated trust constituted by a trust deed.

1.2 Fund accounting

All funds are unrestricted and are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

1.3 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.

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.

1.4 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.

Page 7

STANSFIELD CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

1.5 Taxation

The charity is exempt from tax on its charitable activities.

1.6 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 charity does 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.

Heritage assets have not been recognised in the financial statements as there is no current or future realisable value.

1.7 Realised 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 combined in the Statement of Financial Activities.

1.8 Debtors

Other debtors are recognised at the settlement amount due.

1.9 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 8

STANSFIELD CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024

2. DIRECT CHARITABLE EXPENDITURE – GRANTS PAYABLE

During the year ended 5 April 2024 the following grants were made:

Arab World Ministries Fields of Life, Uganda Flame Trust International Justice Mission Knocknagoney Parish Church Saphara, India St Patricks Parish, Drumbeg Tear Fund Waakisa Ministries Youth for Christ NI Stewardship Services (UKET) Limited Diocese of Raiwind – Church of Pakistan Moneyrea Community Church Diocese of Down and Dromore 3. INVESTMENTS 2023 Additions £ £ Quoted investments 575,905 - Investment Portfolio 345,405 - 921,310 - Listed: UK Stock Exchange UK Treasury and other Loan Stocks Standard Life open ended investment	2024 £ 3,000 12,000 2,000 15,000 - 3,000 - 12,500 5,000 5,000 - - 7,500 12,500 77,500 Disposals Revaluation £ £ (25,000) 50,857 (25,000) 38,951 (50,000) 89,808 2024 £ 477,489 124,273 359,356 961,118	2024 £ 3,000 12,000 2,000 15,000 - 3,000 - 12,500 5,000 5,000 - - 7,500 12,500 77,500 Disposals Revaluation £ £ (25,000) 50,857 (25,000) 38,951 (50,000) 89,808 2024 £ 477,489 124,273 359,356 961,118		2023 £ - 2,250 2,000 - 5,000 2,000 4,449 - - 5,000 5,000 5,000 - - 30,699 2024 £ 601,762 359,356


		89,808		961,118
				2023 £ 492,205 83,700 345,405
				921,310

The valuation of investments at market value was made by Brewin Dolphin, Stockbrokers and Standard Life Savings Limited; the valuations were made on 5 April 2024.

Page 9

STANSFIELD CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024

4. TRUSTEES’ REMUNERATION AND BENEFITS

There was no remuneration or other benefits paid to the Trustees’ during the year.

Trustees’ donations

Gifts totalling £18,384 (2023: £1,122) were received from Trustees during the year.

Trustees’ expenses

There were no payments made to the Trustees’ in respect of expenses during the year.

5. RELATED PARTY DISCLOSURES

There were no related party transactions during the year nor the prior year. Please see note 4 for transactions with Trustees’.