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
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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.
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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 cOn￿M 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.
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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
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CHARTERED ACCOUNTANTS
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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.
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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
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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.
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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.
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CHARTERED ACCOUNTANTS
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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 inCu￿ed 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.
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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
sUbseqUen￿Y 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.
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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
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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).
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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 CoMpan￿S 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
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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
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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.
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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•ts￿o
F287FC13035E4E4.
Trustee