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 Ihe financial statemenls of the company for the year 1
May 2022 to 30 April 2023. The Trustees confirm Ihat the Annual Report and financial statements of the
company comply with the current statutory requirements. the requirements of the companvs governing
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 objeGtives
The Trustees have referred to the Charity Commision's guidance notes on public benefit when considering the
objectives and activities of the charity.
The Trustees have power lo apply the funds in such a manner as they think fil lo or for the benefil 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 Ihe Trust does nol make grants to persons or organisations who apply
speculatively.
The directors cU￿entlY have a policy of supporting Christian work in the United Kingdom and abroad.
Achievements and perforniance
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 performance
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
a. 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.
riASM
CHARTERED ACCOUNTANTS
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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.
. Organisational structure and decision making
The Trustees, who are the Directors, are responsible for govemance. The day to day management is handled
externally with 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 reSoUr￿s,
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 concem 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 companvs transactions and disclose with reasonable accuracy at any time the financial position of
the charitable company and enable them to ensure that the financial ststements 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.
riASM
CHARTERED ACCOUNTANTS
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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
DocuSvJned ty..
F267FC13035E4E4.
riASM
CHARTERED ACCOUNTANTS
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