COMPANY REGISTRATION NUMBER: N1024513 CHARITY REGISTRATION NUMBER: 100338 Ulster New Zealand Trust Company Limited by Guarantee Unaudited Financial Statements 31 December 2024
Ulster New Zealand Trust Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
Ulster New Zealand Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 December 2024 The trustees, who are also the directors for the purposes of company law, present their report and Ihe unaudited financial slatements of Ihe charity for the year ended 31 December 2024 Reference and administralive details Registered charity name Ulster New Zealand Trust Charity registration number Company registration number N1024513 Prlnclpal offlce and reglstered The Ballance House offic• 118a Lisburn Road Glenavy Co. Antrirn 100338 BT29 4NY Northern Ireland The trustee5 Mrs MC Keenan Mr A Eves (Appointed 25 April 2024) Mr RF Hall Mrs H Baird Mr B Bloomfield Mr D Twigg Mr T Hendry - Honorary Treasurer Mr P Hewitt - Chairperson Mrs M Madden Independent axamlner John Mag88 FCA 631 Lisbum Road Belfast BT9 7GT Structure, governance and management The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The company is not for profit and limited by guaranlee, the liability of the members being limited to £Nil. The organisation is governed by its Board of Directors who are also Trustees and who meet on a regular basis.
Objectives and activities The preservation of The Ballance House and the furtherance of public education. The charitys objectives and activities are to advance public education by the restoration and use of the building known as Ballance House, birth place of John Ballance, political reformer and Prime Minister of New Zealand 1891-93, and to increase history of the part played by Ulsler men and women in the political, social and economic development of New Zealand during this titlle. The Trustees confirm that they have complied with the requirements of the Charities Act to have due regard to the public benefit guidance published by the Charity Commission for Northern Ireland. Strategic report The following sections for achievements and performance and financial review form the strategic report of the ch8rity. Achievements and perforniance In 2024 a full programme of events, Car Boot Sale, Spring Fair, Strawberry Fayre, Autumn Fair and Christmas event was held. These were well altended and successful occasions we are grateful to our Volunteers whose work ensured that this was the case. Special Events.. Waitangi Day Lunch, ANZAC Day service of commemoration and a D-Day Celebration event (funded by a Grant from the Lisburn and Castlereagh City Council) were also held. Organised Group bookings continued as did Sunday afternoon and Public Holiday openings (April to September). In Ihe 2022 and 2023 Report the Directors expressed concern about the post covid fall in the number of Sunday 8flernoon visitors that had been experienced. This concern remains, Nevertheless, the Directors are pleased to confirm that the Trust continues to enjoy sound financial health. Work Gontinues to develop the exhibition areas and to maintain the premises. In 2024 a number of works were undertaken to maintain the fabric of the building and to improve the appearance of a number of areas. The "front room" was given a falIft to "victorianise" its appearance and the wall displays in that area were revised and improved. A new screen, for audiolvisual presentations, was installed along with new lighting. New lights were also installed in the Cottage Room.Tea Barn and courtyard. New windows were installed along Ihe wall adjacent to the orchard (with repairs to other windows scheduled for 2025>. The major costs associatéd with thesé improvement works were covéred by a generous grant from Lisburn and Castlereagh City Council. Ulster New Zealand Trust resources were used for further redecoration and for the repair of the chimneys on the main house. Further financial support was received from DAERA, this to support thè purchage of essential light equipment. The Directors are pleased to report that the Trust continues to enjoy strong financial health. Financial review The company had net outgoing resources of £12,491 (2023: £8,152) leaving unrestricted funds of £50,391 (2023: £59,668) and restricted funds of £3,158 (2023.. £5,669). Where resources permit, the directors seek to carry fotward sufficient income to meet anlicipated future expendilure.
The trustees, annual report and the strategic report were approved on 16 September 2025 and signed on behalf of the board of trustees by: Mr RF Hall Trustee Mr D Twigg Trustee
Ulster New Zealand Trust Company Limited by Guarantee Independent Examiner's Report to the Trustees of Ulster New Zealand Trust Year ended 31 December 2024 I report to the trustees on my examination of the financial statements of Ulster New Zealand Trust ('the charity.) for the year ended 31 Defflber 2024. Responsibilities and basis of r8port As the trustees of Ihe Gompany (and also ils directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirernents of Charities Act (Northern Ireland) 2008 (the '2008 Act'} and the Companies Act 2006 ('the 2006 Act'l. You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinakn'on of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Direclions given by the Charity Commission for Northern Ireland under section 65191{b) of the 2008 Act. Independent examiner's Statement I have completed my exarnination. I confirm that no matters have come lo my attention in connection with my examination giving me cause to believe that in any malerial respect: 1. accounting records were not kept in respect of the Charity ag required by section 386 of the 2006 Act. or 2. the financial statements do not aGGord with those records; or 3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not 8 matter considered as part of an independent examination., or 4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charilies applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in lh8 UK and Republic of Iraland (FRS 102). I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. John Magee FCA Independent Examiner 631 Lisburn Road Belfast BT9 7GT 16 September 2025
Ulster New Zealand Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 2023 Unreslricted funds Reslricted funds Total funds Total funds Note Income and endowments Donations and legacies Investment income 31.396 954 22,537 53,933 954 33,052 814 Total income 32.350 22,537 54,887 33,866 Expenditure Expenditure on charitable activitles 42.330 25,048 67,378 42,018 Total expendlture 42,330 25,048 67,378 42,018 Net oxpendltur• and net movement In fund8 19,980) { 12,491) (8,1521 Reconclllatlon of funds Total funds brought forward 60,371 5,669 66,040 74,192 Total funds Garried forward 50,391 3,158 53,549 66,040 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Ulster New Zealand Trust Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assèts Current assets Cash at bank and in hand 14 2,827 6,255 51,822 60,845 1,060 Creditors: amounts falling due within one year 15 1,100 Nat current assets 50,722 59,785 Total assets less current liabilities 53,549 66.040 Net assets 53,549 66,040 Funds of the charity Restricted funds 3,158 50,391 5,669 60,371 Unrestricted funds Total charity funds 16 53,549 66,040 For the year ending 31 December 2024 the charity was enlitled to exemption from audit under section 477 of Ihe Companies Act 2006 relating to small companies. Directors, responsibllitles.. The members have not required the company to obtain an audit of its financial staternents for Ihe year in question in accordance with section 476 The directors acknowledge their responsibilities for complying with the requirements of the Act with respecl to accountlng records and the preparatlon of financl81 statements These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial siatements were approved by the board of trustees and authorised for Issue on 16 September 2025 and are signed on behalf of the board by.. Mr RF Hall Mr D Twigg Trustee Trustee
Ulster New Zealand Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 1. General infomiation The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in Northern Ireland. The address of the registered office is The Ballance House, 118a Lisburn Road, Glenavy. Co. Antrim. BT29 4NY, Norlhern Ireland. 2. Statement of compliance These financial statements have been prepared in complianTr with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP {FRS 1021) and the Companies Act 2006. 3. Accounting policies Basis of preparation The fi'nancial staternents have been prepared on the historical cost basis, as modified by the revaluation Df certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial staternents are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and k8y sources of estimation uncertainty The preparation of the financial statements requires management to rnake judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumslances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Deslgnated funds are unrestricled funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to reslriclions on their expenditure declared by the donor or through Ihe terms of an 8ppeal, and f811 into one of two sub-classes.. rastricted income funds or endowment funds.
Incoming resources All incoming resources are included in the statetllent of financial activities when entitlement has passed to the charity- it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt Is probable and entilletnellt is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is clessified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds indudes the costs of all fundraising activities, events, non-charitable trading activities, and tha sale of donated goods. expendilure on charitable activilies includes all costs in¢urred by a charity in undertaking activities that further its charilable airns for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resour. Direct costs attributable to a single aclivity are allocated directly to that activity. Shared costs are apportioned belween Ihe activities they contribute to on a reasonable, justifiab18 and consistent basis. Tangible assets Tangiblé assèts are initially rècorded at cost, and subsequently statéd at cosl less any accumulatèd depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that h8s previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except lo which it offsets any previous revaluation gain, in which case the loss is shown within other recognised s8ins and losses on the statement of financial activities.
Depreciation DepreG1alI( is calculated so as to write off the cost or valuation of an asset. less its residual value. over the useful economic life of that asset as follows.. Short leasehold property Fixtures and fittings Equipment Impairment of fixed a55ets A review for indicators of impairfflent is carried out at each reporling date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting date. For the purposes of impairment tesling, when it is not possible to 8Stimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generales cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespeGtive of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the Instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt inslruments are subsequently measured at amortised cosl. Where investments in shares are publidy traded or their fair value can otherwise be measured reliably, the invéstmènt is subsequèntly measured at fair value with changes in fair value rècognisèd in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business lerms or financed at a rate of interesl that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rale of interest lor a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in Ihe statement of financial aclivities, with the exception of hedging instrumenls in a designated hedging relationship. Fully depreciated 25 % straight line 25 % straight line
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instrutnenls regardless of significan. and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characleristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not resull in a Garrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 4. Limited by guarantee Should the company wind up, any subscribers that are present on this date. or cease to be a subscriber within one year of the wind up, they will contribute to the assets of the company by such amount as may be required for payment of debts and liabilities of the company contacted before they caase to be a member, payment of costs, charges and expenses of winding up, and adjustment of the rights of the contributors amount themselves, not exceeding the specified amount in the statement of guarantee. 5. Donatlons and legacles Unreslricted Funds Restrlcted Funds Total Funds 2024 Donations Donations 31,396 31.396 Grants Granis receivable 22,537 22,537 31,396 22,537 53,933 Unrestricled Funds Restricted Funds Total Funds 2023 Donations Donations 26,782 26,782 Grants Grants receivable 6,270 6,270 26,782 6,270 33,052 6. Investment Income Unréstrlctéd Total Funds Funds 2024 Unrèstrlcted Funds Total Funds 2023 Bank interest receivable 954 954 814 814
- Expenditure on charitable activities by fund type Unreslricted Funds Restricted Funds Total Funds 2024 Direcl charitable activity Supp)rt costs 36,192 6,138 20.835 4,213 57,028 10,350 42,330 25,048 67,378 Unrestricted Funds Restricted Funds Total Funds 2023 Direct charilable activity Support costs 26,696 4,294 7,240 3,788 33,936 8.082 30,990 11,028 42,018
- Expendlture on charltable actlvftles by actlvlty type Actlvltles undertaken directly Support CDSts Total funds 2024 Total fund 2023 Direct charitable activrty Governance costs 57,028 1,802 8,548 58,830 8,548 35,223 6.795 57,028 10,350 67,378 42,018
- Analysis of support costs Analysis of support costs activity 1 Total 2024 Total 2023 General offlce 1,802 8.549 1,802 8,549 1,287 6.797 Govemance costs 10,351 10,351 8,084
- Net expenditure Nei expenditure is slated after chargingl(crediting)'. 2024 2023 Depreciation of tangible fixed assets 6,373 5,637
- Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,276 1,160
- Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries 12,050 11,340
The average head counl of employees during the year was 112023.. 1)- The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 No. No. Nurnber of staff No employee received employee benefits of more than £60,000 during the year (2023: Nil). 13. Trustee remuneratlon and expenses No Trustee. nor any persons connected with them, have received any remuneration from the Charily during the year. 14. Tangible fixed assets Short leasehold property Fixtures and fittings Equipment Total Cost At 1 January 2024 Additions 371,470 75,857 7,828 2,945 455,155 2,945 At 31 December 2024 371,470 75,857 10,773 458,100 Depreciation At 1 January 2024 Charge for the year 371,470 71,990 3,867 5,440 2,506 448,900 6,373 At 31 December 2024 371,470 75,857 7,946 455,273 Carrying amount At 31 December 2024 2,827 2,827 At 31 December 2023 3,867 2,388 6.255 15. Credllors: amounts falllng due wlthln one year 2024 2023 Accruals and deferred income 1,100 1.060 16. Analysis of charitable funds Unrestricled funds At 1 January 2024 At31 Expenditure December 2024 Income General funds 60,371 32,350 (42,330) 50,391 At 1 January 2023 Al 31 December 2023 Income Expendlture General funds 63,765 27,596 (30,990) 60,371
Restricted funds At 1 January 2024 At31 Expenditure December 2024 Income Restricted Fund 5,669 22,537 {25,048) 3,158 At 1 January 2023 Al 31 December 2023 Income Expenditure Restricted Fund 10,427 6,270 (11,0281 5,669 17. Analysis of net assets between funds Unreslricted Funds Restrlcted Funds Total Funds 2024 Tangible fixed assets Current assets 1,570 50,347 (1.100) 1.257 1,475 2,827 51,822 (1,100) Creditor5 le55 than 1 year Net assets 50,817 2,732 53,549 Unrestricted Funds Restricted Funds Total Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year 2,060 59,371 (1,060) 4,195 1,474 6,255 60,845 (1,060) Net assets 60,371 5,669 66,040