Regislered number: N1014040 Charity number: NIC100264 COMPANIES HOUSE 2 7. SEP. 2023 BELFAST Grent Trust Limited Unaudited Tru5tee5' Report and Financial Statements For the year ended 31 December 2022 Illllllll • JCCXPPf14* 2710912023 COMPANIES HOUSE JNI
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Grent Trusl Limited Contents Page Reference and Admlnlstratlve Deta51s of the Company. Its Trtsstees and Advlsers Tfust••s' Report Independent Examlner's Report Stal¢men¢ of Flrianclal Actbvlil•8 Balance Sheet Notes to th• Flnanclal Sl•tements 10-17
Grent Tfust Limitsd Relefence and Admlnlstratlve Details of the Company. Its Trustees and Advisern F the year ended 31 December 2022 Trustees D A Houston M Bell P Ritchie C¢)mpany règIsted number N1014040 Charity feglst•r•d umb•r NIC1CK1264 Registèred office o ASM Chartered Accountants GlerKJinning House 6 Murray Stfeet Bellast BT16DN Independent Examlner Brian Clerkin ASM IB) Ltd 4th Floor Glendinning House 6 Murray Slreet Bellast BT16DN Bank•rs Uknter Bank Ltd PO Box 232 11-16 Done9all Squar• Ea8t Belfast BT1 SUB Sollcllorg George L MacLaln• & Co InN)erial 8uildirKJs 72 High Street Belfasl BT126E F//ASM ARTEIIEO ACCQUIIT•J4TS Page 1
Grent Trust Llmited Trustses. Report For the year ended 31 December 2022 The Trustees present their annual report togethei with Ihe financial statements of the Grent Trust Limited for the period 1 January 2022 to 31 Decernber 2022. The Annual Report serves the purpo8e8 of both a Trustees, report and a director3, report under company law. The Trustees confirm Ihat the Annual Report and financial statements ol the charitable Cornpany compty with the curient sialutory requirements, the iequiremenls of the chartsble companvs goveming document and the provisions of the Statement ol Recommended Practlce {SORP) applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standaid applicable in Ihe UK and Repubh'c of Ireland (FRS102). SirKe Ihe company qualifie$ as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the C¢mpanies Acl 2006 (Strategic Report and Diiectord, Report) Regulalions 2013 has been omitted. Objectlves and aetlvltles a. Pollclès and obJectlv6$ Th• Tfuslees have referred to the Charity Commision'$ guid8nco notes publlc benefit *fien conslderlng the obJedlve5 and activities of Ihe charty, The Trustees have the power to appty the funds in such a manner as they think fit or for the benefrt of any charitable object or purpose. Grants are only made to dher UK registered charlties. The Truslees identify proiects and organisations they wish to support and so the Tnjst does not make grants to persons or Qrganisations who apply speculativety. The directors currently have a policy of supportin9 three typos of actlvty- religious or9anisations. medl¢al charlties and Third Wortd relbef. b. Strat•gles for achlevlng obJectlve$ The Grenl Twst's Mission is: 1. to use investrnents pnmyenlly to generate Incorne; 2. to maximise the sustainability of its revenue base; 3. to rnake a difference to the supported charrties., 4, to support Ihe grothlh of local and Christlan charties,, and 5. to Improve the phy$cial. mental and spSrltual welkbeing of people. ¢. Risk Mana9•mont Grent Tfust's 014'ective is to identify and manage those risks %thich are 11(ety to ¢xcur, and rf they did, have signfficant irrpact on Gfil Trust. The Trust will utilise risk managernent techniques in all aspects of its cpeiations and will inte9rato risk rnanagement 8$ part of ils culture, Anrnually the Tiust will xlentrfy, prioritlse and assess Ihe risk that rt 68 suwect to. Procedura8 lo control and mmiior the risk 111 then be identified, Achlevements and perfonnance a. Maln achievements of Ihe company The Twust VAS able to allocate granls of £29.000 for the year, details of which are given in Nol• S of the acwunts. SASM HAflTfllEO A¢CQYIITAIIY¥ Pa98 2
Grent Trust Limited Tn•stees' Report (¢ontinu•d) Foi the year ended 31 December 2022 Flnanclal révlew a. Golng coneern After making appropriate enquiries. the Trustees have a reasonable expectation that the company has adequale reSoUe5 lo continue in operational existence for Ihe foreseeable future. For this rea$on, they continue to adopt the going concern basis preparing the financial statements. Furthef details regarding the adoption of the going concem basis can be found in the accounting policies. Structure. governance and management . Constitutlon Grent Trust Limited is a charity esiablished on 31 December 1979. registration nurr*)er N1014040, and is govemed by its MemorarKlurn and Articles of Association and Ihe Companies Act 2006. It is recognised as a charity by H M Revenue & Customs, relerence XN 56712, and by Ihe Charity Commisston of Northern Ireland, reference NIC100264. b. M•thod8 of appolntm•nt or •lectlon of TfUSt••8 The management of Ihe eornpany is the responsibility of the Trnstees who are elected and CopIed under the tenns of Ihe Mernorandum of Assoriation. The dffectors iesign and are eligible for re4lection on a three year lenure as qUired by the Companies Act. When ther¢ is a requirement for new direclors these are identified and appointed by the rernaining directors. subject lo re4leclion at tha next annual general meeling. Suitable Inductlon trainlng Is glven to new dlrectors. . Organlsatlonal structur• and declslon4naklng pollcles The Trnslees, who are the directors, arè responslble for govemance. The day lo day admlnbstrntion. orinalty delegated to a Truste¢. 15 rw handled externally with Boa oversight. The Twstees who served the company durfng the period were 88 lollows: D A Houston Bell P Rrtthi? FAASM M4ATef¢fD ACCQVNTA1415 Page 3
Grenl Trust Llmlted Tru8tees' Report (Cont•nu) For the year ended 31 Decefflber 2022 Statemont of Trustees. responslbllltles The Trustees (who are also the directo of the company for the purpose5 Of cMpanY law) are rosponrjible for pr8pafing tl* Trustees, Rep(rt and Ihe financial SlatemlS in aco)rdance with appucable law and United KffWom Accounting Standards (Unlted Kingdom Generalty Aepted Accounlin9 Prxbce). Company law requires the Trustees to prepare financlal statewEnts for each financial . Under company law, tha Tntstees must not approve ts financial statemenls unless they are satssfied that they give a twe and fair view of the slate of affairs of company and ol 115 Incorning res0eS and application ol resources, induding Its income and expenditure, for that p¢ricKI. In wepaiing these financial statements, Ihe Trustees are required lo: select suilable accounting policies and then appty Ihem consistent, obserrfe the method5 £nd w1ncleS of the Charilles SORP (FRS 102); mak8 wdgments and accx>unting estimates that are re&sfmable WKI prudeni; 8tate wh8ther.applicable UK Accountlng Standards (FRS 102) have beèn followed, 8ubject.to any materfal departures disdosed and exaIned Sn the financial slatements., preparg the financial staloments on Ihe going concern basis unless it is inappropriate to presume Ihal the ¢ompany will contsnue In buslness. The TrtteaS we responsible for keep5ng adequate a¢¢ounling rerdS Ihat af• suifi(aent to show and explaln the companys transacts'ons and disclose V1h reasonable accuracy at any time the financial posltion ol the <x)mpany and enable Ihem to ensur8 that the financial statements comply with C¢xnpanies Act 2006. They are also responsible for safeguarding the assets of the mmpany aNI hence lor taklng reasonable steps lor the prevention and detection of fraud and olher Irregularides. Approved by order of the members of the board of Trustees on 22 September 2023 and slgned on thèEr hall by. D A Houston Trusie61 txrador IASM OINAT£AED ACCOUNTAF4TS Page 4
Grent Trust Llmlted Independent Examlner's Report For the year ended 31 December 2022 Indèpendent Examln•rfs Réport to the Tru8lees of Grenl Trust Umlted I report on the financial sLitements of Ihe company fof the year ended 31 December 2022 which are set out on pages 7 lo 17. Respectbve Responslbllltles of charlty Trustées and Examinér As thé cryanrf$ trustees (and also the directorn ol Ihe eoffpany for the purpo$o of ¢ornpany law) you ar• fespo.nsible for the preparation of the accounts accordance wlh the requirernenls of the Companies Act 2006. Having satisfied myself that the company 1$ not subject to audit urKler company law, and is eligible for independent examination, it 15 my responsibility to: exwnine th• ac¢ouniS under section 65 of the Charities A (Northem Ireland} 2008; follow the yedUreS K1 down in the general Directlons 9lven by Ihe Commissk)n under section 6519)(b) of Ihe Chwitles Act; and slate whether particular matters have come to my attentlon. 8asls of Independent Examinerfs Statemenl I have examined your company account8 as required under section 65 of the Charltles Act and my examination was carried out in ac¢ordance wilh the general Directions given by Ihe Charity Commission lor Northern Ireland under section 6S(9)(b) d Ihe Charities Act. My examlnation Included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also Includes consideration of any unusual items or disclosure$ in the accounts. and seeking explanations frcyn you as Company twslees conceming any such mattern. My rde is to slate whether any material matters have come to my attenth'on glving me cause to believe: thal accounting records were not kept in accordance with seclion 386 of the Companies Act 2008; Ihat the accounts do nol Kry)rd with those accounting records., Ihat the accounts do not comply with the accounting requiierrents of seclion 396 of tr Cornpanies Acl 2006 and with the methods arKJ principtes of the Charities Statement of Recommended Pradice 8pplicatAe to chanties preparing their a¢unt5 in accordance with the Financial Reporting Slandard applicate in Ihe UK and Republi¢ of Ireland (FRS 102): that there is further infomialion needed for a proper UndelandIng of the accounls lo be reached. ritsASM ¢HAfiTEREO 4C¢W•TAf4T$ Pa9e S
Grent Trust Llmlted Indepéndent Examlner'$ Report (continued> For Ihe year ended 31 December 2022 Independent Examiner's Statement I have completed my examination and have no concerns in resped of the matters (1) 10 {4) listed above and. in conrlI0n with following the Directions ol the Chafity Commission for Northém Ireland, I have found matters that require diawing to your attenlion. Thls report is m•Ye solely to the compan$ Trustees, as a body, In accordancè wlth section 65(3){a) of the Charities Acl (Northem lieland) 2008 and regulations made under 5e¢lion 66 of that Ad. My work has been undertaken so that I mighl slate to Ihe companls TnJste88 thLYJe matters l am fequired to stale to Ihem in an Independent Examin¢rf$ Report and for no other purpose. To the fullesl extent pemiitted by law. I do nol accepl or assume responsibility to anyone other than the ¢ompany and the corry)anls Trustees as a body, for my work or for this report. Swdned.. Dated.. 22 Septernber 2023 8rian Clerf(in FCA ASM Chartered Ac¢ountants 4th Floor Glendlnning House 6 fvlurray Street 8ellast 8T16DN F/&>ASM CWARTeAto A¢couNrAIIFS Page 6
Grent Trust Limbted Statement of financlal activities Ilncorporating income and expenditure accounl For the year erKled 31 December 2022 Unrestrlcted funds 2022 Total funds 2022 Total furwjs 2021 Note Income from: Investments 143,510 143.510 147.725 Total Incom• 143.510 143.510 147,725 Expendlture on: Raising funds Charitable activiti8S 64.409 37.006 64.409 37.006 46,833 37,496 Totsl expendlture 101.415 101,415 84.329 Net movement In funds 42,095 42,095 63.396 Reconclllation of funds: Total funds brought forward Net movement in funds 1,154.083 42,095 1.154.083 42.095 1.090.687 63.398 Tolal funds carwled forward 1.196,178 1,196,178 1,154,083 The Statement of Financial Aclivities includes all gahs and losses recognised in the year. The notes on pag¢s 10 to 17 part of these financial statements. ASM CMAATEAEO KCOUMTANTS Page 7
Grent Trust Limited Re9iStered number: N1014040 Balance Sheet As at 31 December 2022 2022 2021 Note Fixed assets Investment property 686,733 686.733 686.733 686.733 Current assets Debtors Cash at bank and in hand 104.628 437.176 99.097 400.611 $41,804 499,708 Creditors.. amounts falling due within one year 10 (32,3601 {32.359) Net current assets 509,444 467.349 Tolal nel assets 1,196,177 1,154,082 Charlty funds Restricted funds 12 UnStricted funds Share capltal 12 1,196,077 100 1,153,982 100 12 Total funds 1.196,177 1,154,082 ASM OIARTEAED ACCOUNfM4rs Page 8
Grent Trnst Llfflftad Registered number: N1014040 8alanc• Sheet (cont¢nued) As at 31 Decemb•r 2022 The c%¥npany was entSded to exemptlon trom audit undw secllon 477 of the Companles Ad 2006. Th8 members have nol requlred the company lo obtBin an audit for tho year In quoslK>n in accordan V•ith sethn 476 of Companies Act 2006. Tha Trnstees acknowledge their responsibilitss for complyiro with the fequirernents of th& Act wllh resp1 to accounting rdS and preparation of finandal statements. The financial statements have been prepgrdd in accordance with Ihe provisions applicable to entitles 8ubl&ct to tha sm811 cunpanbes fegime. The financial stal8ment8 were approved and authorised for158ue by Ihe Trustees on 22 Septembor 2023 arKI $Sgned on Ih6ir behalf by. D A Hou8ton Truslee l Oirector The notes on pages 10 k) 17 f<xm part ol the$8 fnanual statements. ASM ¢MARTeRED Ae¢OiIIIT•Ltirs Page 9
Grent Trust Limited Notes to the Financial Statements For the year ended 31 December 2022 Aecountlng polkles 1.1 Basls of preparatlon of Ilnanclal statements The financial statements have beèn prepared in aceofd8nce with the Charities SORP (FRS 102) - Accounting and Reporting by Charlties.. Ststemenl of Recomrnended Pfactlce applicable to charities preparing their acuntS in aG¢ordan¢e wrlh Ihe Financial Reptirting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Ihe Companies Act 20C6. Grent Trust Limited meets the definrtion ol a public benefft entity under FRS 102. Assets and liabilities afe initially recognised at historical cost or transaction value unless otheThvis¢ stated in the rdevant accounlir¥J policy. 1.2 Golng conc•rn The Tru$tee8 of Grent Trust Ltd have reviewed thé appropriateness ol thé going concem assumption and consider thal Ihe company ha5 suffiGbenl resources to continue as a trading entty fly the fores•eab50 fulura., 1.3 Income All income is recognised once the company ha$ entiuement to tha income, it is probable that the InCe will be Ie1Ved and Ihe arnount ol in¢ome recelvable ¢an be measuied rably. IA Expendltur Expenditure is recognised once there is a legal or ¢on$tnKtive obluation to Iransfer econornic benefit to a third party, It is probable that a transfer ol econ<)mic benefits will be required in settlemenl and Ihe wnount of the obfigation ¢an be rneasured lIablY. ExperKliture is classffied by activity. Expenditurè on faising fund$ indudes al expendilure incufred by the c¢mpany to false furMd$ its charitable purposes and includes cosls of all fundiaising activities events and non<haritable trading. Expenditure on charitable actbvities is incurred on direclly urKlertaking the activit*s which further the cOrnpanS objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 Interest récelv•ble Interest on funds hehj on deposit 19 1ftded when recèivable and the arnount can be measured reliably by the company,. this is normalty upon notification ol the interest pa or payable by the institution with wh¢yn the funds are deposiled. 1.6 Investment property In accordance with FRS 102 the investment property is slated at fair value with any gains or ¥npaim)enlG reported through the Ststement of Financial Acb'vities. Fair value is delernilned by reference lo valuations carrled out on the advice of approprfatety qualffied extemal waluers. FAASM MAAT6AfP KC&V•TAIIT5 Page 10
Grént Trnst Limited Nolès to the Flnanclal Statemèiits For Ihe year ended 31 December 2022 Accountlng policies (conllnued) 1.7 Débtors Traje and othei debtors are recognised al the settlement amount after any trade discount offered. Prepasffnènts are valued at the amount prepaKI net of any trade discounts due. 1.8 Cash a¢ bank and in hand Cash at bank and in hand Includes Cash and short-term highly Ilqutd investfnenls wtth a short maturity of three months or less Irom the date of acquisition or opening of the deposlt or similar ac¢ount. 1.9 Liabllilies and pmvlslons Liabilities afe recognised wtrEn Ihere is an obligation at the Balance Sheet date as a resull of a past event, 11 is probable Ihat a Iransfer of economic benefft will be required in Settlemént, and the amount of settlem6nt can be ests'mated rellably. Liabllfties are recognised al the wnounl Ihat the company anticipates it will pay to settle the debt or Ihe amount it has received as advanced payments for the goods or seniices it must provida. Provisions are measured at the best estimale of the amounts requlred to settle the obligation. Where the effect of the tirM value of money Is material, the provision is based on the present value of those amounts. dis¢ounted at the pre-tax discount rate that refiects Ihe risks specific to the Nabllity. The unwindiNJ of the discounl Is recognised in th• Stalamènt of Financlal Act6vbtles as a finance cosl. 1.10 Fund ac¢ountln9 General funds are unfestricted funds whth are available for usé al dtscretion of the Trnslees in furtherance of the general objectives of the company and whicti have nol been designated for otr purposes. Inveslment Income Unrestrlct funds 2022 Tolal funds 2022 Total funds 2021 Investrnent income 143,510 143,510 147,725 Total 2021 147,725 147.725 F&ASM CHAATeAEO AccotsNfANTS Page 11
Grenl Trust Limlted Notes to the Financial Statements For the year erKled 31 December 2022 Ralsing funds Unrestrieted funds 2022 Total funds 2022 Total funds 2021 Head rents payable Rent lleCtIon costs C¢ymiission on payments 12,078 17,554 34,777 12.078 17,554 34,777 12.078 11,019 23,736 64,409 64.409 46,833 Charltable a¢tlvltlos Unr•strlcted funds 2022 Total fvnds 2022 Total funds 2021 Grants lo UK Registered Charities Insurance Bank Charges Accountancy Fees Administration Fe88 Slation8ry 29,000 4.508 127 2.161 1.200 10 29.000 29,000 127 2,161 1,200 10 141 2,637 1,200 37.006 37,006 37,496 ASM ¢NARYeREP ACCWNfAIIT5 Page 12
Grent Trust Llmlted Notes to the Flnanclal Statements For the year 6nded 31 Decernber 2022 Anatysls of grants to UK reglslered charltles 2022 2021 Alzh•imer8 Research UK Bamardos Bl(yJd Cancér UK Concem W0rfdde Corrymeela Field$ of Llle ICEJ - Irelar)d & Nl Branch MS Society Nl Prison Fellowship Nl TEAR FurKI Versus ArthritU8 2,000 2.OIXI 2.000 2.000 2,000 9,000 2,000 2,000 2,000 2,0 2,000 2,000 2,000 2,000 2,000 2,000 9.000 2,000 ' 2,000 2,000 2,000 2,000 29,000 29,000 Ind•p•nd•nt examlnerf8 remuneratlon 2022 2021 Fees payable to the companl$ independent examiner for the Independent examirbation of the companls annual accounts (excluding VAT) 2.000 1,800 Fee8 payable to Ihe companls Independent examiner provision ol Secretarial ser4r*s (excluding VAT) 1,000 Trustees, remun•ratlon and •xp•n$•s Duriry the year, Trustee5 received any remuneration or other benefrts12021- £NIL). thjring the year ended 310e¢ember 2022, Trustee expenses have been ncurred (2021- £NIL}. Fl/.ASM C••ARYEflÉD ACC(KINTAIITS Page 13
Grent Trusl Umlted Notes to the FinancSal Statements For the year ended 31 Deeemb•r 2022 Inveslment property Freehold Investment property Valuatlon At 1 January 2022 686,733 At 31 December 2022 686,733 Inveslments have been valued by the'directors on advice from exlemal valueTS. Debtors 2022 2021 Due wlthln one year Trade debtors 104.628 99.097 104,628 99,097 10. Cr•ditor8: Amounls lalling du• wlthln on• y•ar 2022 2021 Other creditors Accruals and deferred iOrne 29.000 3,360 29,0(Xl 3,359 32,360 32,359 11. Share Caphal 2022 2021 Alloted, called up and lulty paid 100 Ordinary Shares of £1 each 100 F&ASM CHARTERtP ACCOU14TANT5 Page 14
Grent Trust Llrnited Notes to the Flnanelal Statements For the year ended 31 December 2022 12. Statèment of funds Statement of funds - current year 8al3n¢• at 31 Oècemb•r 2022 Balance at 1 January 2022 Income Expendlture Unr•strlct•d funds General Funds - all funds Share ¢apiLql 1,153,982 100 143,510 (101,4161 1,196,077 100 1,154,082 143,510 1101,4151 1,196,177 ststement of funds . prlor year Balance al 31 December 2021 Balance at 1 January 2021 Inne Expendlluro Unrestricted funds General Funds - all fund$ Shafe capital 1.090.587 100 147,725 {84,330) 1,153,982 100 1.090.687 147.725 (84,330) 1,154,082 FAASM cRr0 Acc<)rN*T$ Page 15
Grent Trust Limited Notes to the FlTranclal Slatements Forlhe year ended 31 December 2022 13. Summary of funds Summary of fund8- current year Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure General lunds 1,1 $4,082 143,510 (101,415) 1,198,177 Summary of fund$ - priw year Balance al 31 December 2021 Balan at 1 January 2021 Income Expenditure General lunds 1,090.687 147.725 {84,330) 1,154.082 ASM CMAATEAfO AccovNfA*4TS Page 16
Grent Trust Llmited Notes lo the Flnanclal Statements For the year ended 31 December 2022 14. Analysis of nei assets between funds Analysis of net assets beiween funds - current year Unrestricted funds 2022 Total funds 2022 Investment property Current assets CredJtor$ due wrthin one year 686,733 541.803 (32.360) 686.733 641,803 (32.3601 Total 1.196.176 1,196.176 Analysls of net asuts between funds - prlor year Unrestricted funds 2021 Total funds 2021 Investrnenl property Current assets Creditors due within one year 686.733 499.708 {32.359) 686,733 499.708 (32.359) Tolal 1.154,082 1,154.082 ASM OIAXTÉAeo ACCOUNIAIIYS Page 17