Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 Registered number: N1015762 Charity number: NIC100374 The Capstone Trust Limited Unaudited Trustee's Report and Financial Statements For the Year Ended 30 April 2023
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Contents Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examinerfs Report Statement of Financial Activities Income and Expenditure Account Balance Sheet Notes to the Financial Statements 9-15
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Reference and Administrative Details of the Company, its Trustees and Advisers For the Year Ended 30 April 2023 Company registered number N1015762 Charity registered number NIC100374 Registered office 6 Murray Street, 4th Floor. Glendinning House. Belfast. BT16DN Trustees Mr Roberl Millar Mrs Rosemary Loughridge Millar Mr Philip Houston Mr David Houston Independant examiner Brian Clerkin. ASM (B) Ltd. 6 Murray Street. Glendinning House, Belfast, BT16DN Bankers Ulster Bank Limited, 11116 Donegall Square East, Belfast, BT15HD Solicitors Maclaine & Co, 72 High Street, Belfast, BT12BE rAASM CHARTERED ACCOUNTANTS Page 1
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Trustees. Report For the Year Ended 30 April 2023 The Trustees present their annual report together with the financial statements of the company for the year 1 May 2022 to 30 April 2023. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the companrfs goveming document and the provisions of the Statement of Recommended Practice {SORP}, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directorfs Report) Regulations 2013 is not required. Objectives and Activities a. Policies and objectives The Trustees have referred to the Charity Commision's guidance notes on public benefit when considering the objectives and aclivities of the charity. The Trustees have power to apply the funds in such a manner as they think fit to or for the benefit of any charitable object or purpose. Grants are only made to other Charities. The Trustees identify projects and organisations they wish to support and so the Trust does not make grants to persons or organisations who apply speculatively. The directors currently have a policy of supporting Christian work in the United Kingdom and abroad. Achievements and performance a. Main achievements of the company The Trust was able to allocate grants of £16.000 for 2023. Details of the grants made for the current year are given in note 4 to the Financial Statement. The amount in the financial statements shows £15,000 due to the reversal of an uncleared cheque from the prior year. The Trust made no political donations. b. Investment policy and perforniance The Trust is dependent on its income from investments in ground rents in Northern Ireland. Our net increase in funds for the year was £10,888 (2022 £100,293). At the year end the market value of investments was £204.000 (2022 £204,000). Under Clause 4 of the Trusts Memorandum. no dividends are permitted to be paid. Financial review . Going concern The Trustees of The Capstone Trust Limited have reviewed the appropriateness of the going concern assumption and consider that the company has sufficient resources to continue as a trading entity for the forseeable future. rAASM CHARTERED ACCOUNTANTS Page 2
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Trustees. Report (continued) For the Year Ended 30 April 2023 Structure, governance and management a. Constitution The Capstone Trust Limited is a charity registered with the Charities Commission for Northern Ireland, no. NIC100374. It was established on 29 April 1982 and registered under the Companies Acts (Northern Ireland), registration number Nl 15762 as a Company limited by Guarantee and is govemed by its Memorandum and Articles of Association. It is recognised as a Charity by the Inland Revenue under reference XR 25301. b. Method of appointment or election of Trustees The Directors resign and are eligible for re-election on a three year tenure as required by the Companies Act. When there is a requirement for new directors these are identified and appointed by the remaining directors. subject to confirmation by the members. Suitable induction training is given to new Directors. c. Organisational structure and decision making The Trustees, who are the Directors. are responsible for govemance. The day to day management is handled externally wilh Board oversight. Plans for future periods a. Future developments It is the Board's intention to continue to support Christian work in the United Kingdom and abroad. Trustees. responsibilities statement The Trustees (who are also directors of The Capstone Trust Limited for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going cOnM basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. rAASM CHARTERED ACCOUNTANTS Page 3
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Trustees. Report (continued) For the Year Ended 30 April 2023 This report was approved by the Trustees. on 18 January 2024 and signed on their behalf by: P. M. Houston Trustee DocuS•3ned by.. F267FC13035E4E4 rAASM CHARTERED ACCOUNTANTS Page 4
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Independent Examinerfs Report For the Year Ended 30 April 2023 Independent Examiner's Report to the Trustees of The Capstone Trust Limited I report on the financial statements of the company for the year ended 30 April 2023 which are set out on pages 7 to 15. Respective Responsibilities of Trustees and Examiner As the companls Trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligable for independant examination. It is my responsibility to- examine the financial statements 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 Act; and state whether particular matters have come to my attention. Basis of Independent Examinerfs Report I have examined your company financial statements 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. My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the financial statements. and seeking explanations from you as company Trustee concerning any such matters. rAASM CHARTERED ACCOUNTANTS Page 5
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Independent Examinerfs Report (continued) For the Year Ended 30 April 2023 Independent Examinerfs Statement I have completed my examination and no matter has come to my attention. which gives me cause to believe.. (1) that accounting records were not kept in accordan with section 386 of the Companies Act 2006,. (2) thal the financial statements do not accord with those accounting records" (3) that the financial statements do not comply wilh the accounting requirements of section 386 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 (FRS 102)- (4) Ihat there is further information needed for a proper understanding of the financial statements to be reached. Signed: Dated: 18 January 2024 Brian Clerkin FCA Brian Clerkin ASM (B) Ltd 6 Murray Street Glendinning House Belfast BT16DN rAASM CHARTERED ACCOUNTANTS Page 6
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Statement of Financial Activities For the Year Ended 30 April 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Investments 58,606 58.606 66,094 Total income 58,606 58.606 66,094 Expenditure on: Raising funds Charitable activities 25,636 22,082 25,636 22,082 20,419 18,927 Total expenditure 47.718 47,718 39,346 Net income before investment gains Net gains on investments 10.888 10,888 26.748 73,545 Net income before other recognised gains and losses 10.888 10,888 100,293 Net movement in funds 10.888 10.888 100,293 Reconciliation of funds: Total funds brought forward 337.715 337,715 237,422 348.603 348,603 337,715 Total funds carried forward The notes on pages 9 to 15 fomi part of these financial statements. Summary Income and Expenditure Account For the Year Ended 30 April 2023 Total funds 2023 Total funds 2022 Note Gross Income In the reportlng perlod 58,606 139,639 Less.. Total expenditure 47.718 39,346 Net income for the financial year 10,888 100,293 The notes on pages 9 to 15 fom) part of these financial statements. rAASM CHARTERED ACCOUNTANTS Page 7
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Registered number: N1015762 Balance Sheet As at 30 April 2023 2023 2022 Note Fixed assets Investment property 204.000 204,000 Current assets Debtors 82,505 91,970 79,792 81,795 Cash at bank and in hand 174,475 161,587 Creditors: amounts falling due within one year 10 (29,872) (27,872) Net current assets 144.603 133,715 Net assets 348.603 337,715 Charity Funds Unrestricted funds 348.603 337,715 Total funds 348,603 337,715 The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("Ihe Act") and members have not required the company to obtain an audit for the year in question in accordan with section 476 of the Act. The Trustees acknowledge their responsibilities for complwng with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on 18 January 2024 and signed on their behalf, by= Docustyjned by: F267FC13035E4E4 P. M. Houston Trustee The notes on pages 9 to 15 form part of these financial statements. rAASM CHARTERED ACCOUNTANTS Page 8
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Notes to the Financial Statements For the Year Ended 30 April 2023 Accounting Policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with 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 IFRS 102) {effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Capstone Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaclion value unless otherwise stated in the relevant accounting F)olicy. 1.2 Company status The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1.000 per member of the company. 1.3 Going concern The Trustees of The Capstone Trust Limited have reviewed the appropriateness of the going concem assumption and consider that the company has sufficient resources to continue as a trading entity for the foreseeable future. 1.4 Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 1.5 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third party. 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 classrfied by activity. Costs of generating funds are costs inCued in attracting voluntary income. and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the companvs operations, including support costs and costs relating to the g0Veman of the company apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. 1.6 Investment property In accordance with FRS 102 the investment propety is stated at fair value with any gains or impairments reported through the Statement of Financial Activities. Fair value is detemiined by reference to valuations carried out on the advice of appropriately qualified external valuers. rAASM CHARTERED ACCOUNTANTS Page 9
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Notes to the Financial Statements For the Year Ended 30 April 2023 Accounting Policies (continued) 1.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company, this is nomally upon notification of the interest paid or payable by the Bank. 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any Irade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short malurity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in setllement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.11 Financial instruments The company 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 sUbseqUenY measured at their settlement value. 1.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. rAASM CHARTERED ACCOUNTANTS Page 10
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Notes to the Financial Statements For the Year Ended 30 April 2023 Investment income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Net rents receivable Bank interest 58,197 409 58,197 409 66,080 14 58.606 58,606 66,094 Total 2022 66,094 66,094 Raising funds Unrestricted funds 2023 Total funds 2023 Total funds 2022 Head rents payable Rent collection costs 15.087 10.549 15.087 10.549 12,261 8,158 25,636 25,636 20,419 Total 2022 20,419 20,419 Grants to U.K. Registered Charities 2023 2022 Christian work in the United Kingdom CAST Christian Guidlines Crossfire Trust Holywood Family Trust Irish Church Mission Love for Life Made for More Wholeness through Christ Youth Initiatives 1.000 500 1.000 500 1.000 1.000 1.000 1.000 1.000 1,000 500 1,000 500 1,000 1,000 1,000 1,000 Total 8,000 7,000 rAASM CHARTERED ACCOUNTANTS Page11
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Notes to the Financial Statements For the Year Ended 30 April 2023 Christian work overseas 2023 2022 Barnabas Fund Chistian Ministry to Jews (CMJ) European Christian Mission - Albania Mosaic Middle East Friends of Kiwoko - Uganda O M Ships - Worldwide Reach the Unreached - Africallndia Release International 1,000 500 1,000 1,500 1,000 500 500 1,000 1,000 1,000 1,500 1,000 1.000 500 1.000 Total 7,000 7,000 Charitable activities Unrestricted funds Total 2023 Total 2022 Grants to UK Registered Charities Insurance Accountancy fees Bank charges Storage charges Legal expenses 15,000 2,297 1,920 131 754 1,980 15,000 2,297 1,920 131 754 1,980 14,000 2,259 1,800 74 794 22.082 22,082 18,927 Total 2022 18,927 18,927 Net incomel(expenditure) This is stated after charging: 2023 2022 Accountancy, including Independent Examinerfs fee 1,800 1,800 During the year. no Trustees received any remuneration (2022 - £NIL). During the year. no Trustees received any benefits in kind (2022 - £NIL). During the year. no Trustees received any reimbursement of expenses (2022 - £NIL). rAASM CHARTERED ACCOUNTANTS Page 12
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Notes to the Financial Statements For the Year Ended 30 April 2023 Independent examinerfs remuneration 2023 2022 Fees payable to the CoMpanS independent examiner for the independent examination of the companvs annual accounts 1,800 1,800 Investment property Freehold investment property Valuation At 1 May 2022 and 30 April 2023 204,000 Investrnents were valued by the directors during the year ended 30 April 2023 on advice from external valuers. The directors believe thal there has been no substantial change in the value of investments since the previous revaluation date. Debtors 2023 2022 Trade debtors 82,505 79.792 10. Creditors: Amounts falling due within one year 2023 2022 Other creditors Accruals and deferred income 12,072 17,800 26,072 1,800 29.872 27,872 rAASM CHARTERED ACCOUNTANTS Page13
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Notes to the Financial Statements For the Year Ended 30 April 2023 11. Statement of funds Statement of funds - current year Balance at 30 April 2023 Balance at 1 May 2022 Income Expenditure Unrestricted funds General Funds - all funds Other General funds 337.715 58,606 (31,718) (16,000) 364,603 (16,000) 337.715 58,606 (47,718) 348,603 Statement of funds - prior year Balance at 30 April 2022 Balance at 1 May 2021 Gainsl (Losses) Income Expenditure General Funds - all funds 237,422 66.094 (39.346) 73,545 337,715 Total of funds 237,422 66.094 (39,346) 73,545 337,715 Summary of funds - current year Balance at 30 April 2023 Balance at 1 May 2022 Income Expenditure General funds 337.715 58,606 (47,718) 348,603 Summary of funds - prlor year Balance at 30 April 2022 Balance at 1 May 2021 Gainsl (Losses) Income Expenditure General funds 237,422 66,094 {39,346) 73,545 337,715 rAASM CHARTERED ACCOUNTANTS Page 14
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Capstone Trust Limited Notes to the Financial Statements For the Year Ended 30 April 2023 12. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Investment property Current assets Creditors due within one year 204,000 174,474 (29,871) 204,000 174,474 (29,871) 348,603 348,603 Analysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Investment property Current assets Creditors due within one year 204,000 161,587 {27,872) 204,000 161,586 127,871) 337,715 337,714 13. Related party transactions There have been no related party Iransactions in the reporting period that require disclosure. rAASM CHARTERED ACCOUNTANTS Page15
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 The Trustees The Capstone Trust Ltd Brian Clerkin Independent Examiner ASM (B) Ltd th 4 Floor Glendinning House 6 Murray Street Belfast BTI 6DN 18 January 2024 Dear Sirs We confirm that the following representations are made on the basis of sufficient enquiries of trustees and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation and that, to the best of our knowledge and belief, we can properly make each of these representations to you for the purpose of your independent examination of the financial statements of The Capstone Trust Ltd for the year ended 30 April 2023. We acknowledge that the work carried out by you is substantially less in scope than an audit performed in accordance with Auditing Standards and that you do not express an audit opinion. We acknowledge our legal responsibility for the preparation of the financial statements to show a true and fair view as required by law and therefore confirm for your particular purposes that in our view these comply with the methods and principles set out in the Companies Act 2006, the regulations made under it and the Charities SORP 2015 FRS 102. We acknowledge as Trustees our responsibility for making accurate representations to you and for the financial statements of the company. We acknowledge our management responsibility for the maintenance of adequate internal control systems and procedures designed to prevent and detect fraud and error. We have no knowledge of any fraud, suspected fraud or allegations of fraud which could affect the charity. All the financial transactions of the charitable company for the year as recorded in the accounting records and any other related information has been made available to you for your inspection. The financial statements are free of material misstatements, including omissions, to the best of our knowledge and belief. There are no material liabilities or contingent liabilities known to us other than those disclosed in the financial statements, including any guarantees to third parties. No claims in connection with litigation have been or are expected to be received to the best of our knowledge and belief. There have been no events to our knowledge since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements other than those already disclosed or included in the financial statements. Should any material events occur which may necessitate revision of the figures in the financial statements, or inclusion in a note thereto, we will advise you accordingly.
Docusign Envelope ID.. 0641C73C-106D46F2-93AE-EFDFC5463B80 io. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charitable company conducts its activities. ii. We confirm the completeness of the information provided regarding the identification of related parties, and the adequacy of related party disclosures in the financial statements. 12. We confirm that our expertations and intentions for at least the next twelve months and the availability of working capital, the charitable company is a going concern. We are unaware of any events, conditions, or risks beyond the period of assessment that may cast significant doubt on the charitable company's ability to continue as a going concern. 13. All grants, donations and other voluntary incoming resources, the receipt of which is subject to specific terms and conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such voluntary incoming resources. 14. We confirm that we are not aware of any breach of our charitable trusts and that we have advised you of the existence of any endowments and restricted income funds maintained by us. 15. We are aware that judgements, estimates and assumptions are made by us 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 circumstances. Such judgements, estimates and assumptions are updated on an on-going basis. 16. We confirm that the value of the Investment Property at the year-end is £204,000 and that this value is given based on the advice of external valuers. 17. We confirm that a bad debt provision of £136,094 is appropriate in respect of rents receivable due at the year-end of £209,376. Yours faithfully, Approved by the board and signed on its behalf by DocuS•Jned by.. PfvlH•tso F287FC13035E4E4. Trustee