Docusign Envelope ID: 28A7E944-4036-4138-A07D-4D9AE2EBB3B8Docusign Envelope ID: BCA72CDA-BE41-4437-8F74-B285A9888998
Registered number: NI015762 Charity number: NIC100374
The Capstone Trust Limited
(A Company Limited by Guarantee)
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 30 April 2025
Docusign Envelope ID: 28A7E944-4036-4138-A07D-4D9AE2EBB3B8Docusign Envelope ID: BCA72CDA-BE41-4437-8F74-B285A9888998
The Capstone Trust Limited (A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 - 9 |
| Notes to the Financial Statements | 10 - 16 |
Docusign Envelope ID: 28A7E944-4036-4138-A07D-4D9AE2EBB3B8Docusign Envelope ID: BCA72CDA-BE41-4437-8F74-B285A9888998
The Capstone Trust Limited
(A Company Limited by Guarantee)
Reference and Administrative Details of the Company, its Trustees and Advisers For the Year Ended 30 April 2025
| Trustees | Mr Robert Millar |
|---|---|
| Mrs Rosemary Loughridge Millar | |
| Mr Philip Houston | |
| Mr David Houston | |
| Company registered number NI015762 Charity registered number NIC100374 Registered office 6 Murray Street Glendinning House Belfast BT1 6DN Independent Examiner Sumer Accountants NI Ltd Glendinning House 6 Murray Street Belfast BT1 6DN Bankers Ulster Bank Limited 11/16 Donegall Square East Belfast BT1 5HD Solicitors Maclaine & Co 72 High Street Belfast BT1 2BE |
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Docusign Envelope ID: 28A7E944-4036-4138-A07D-4D9AE2EBB3B8Docusign Envelope ID: BCA72CDA-BE41-4437-8F74-B285A9888998
The Capstone Trust Limited
(A Company Limited by Guarantee)
Trustees' Report For the Year Ended 30 April 2025
The Trustees present their annual report together with the financial statements of the Trust for the year from 1 May 2024 to 30 April 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's 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 (FRS102).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
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 activities 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 2025. Details of the grants made for the current year are given in note 4 to the Financial Statements.
The Trust made no political donations.
b. Investment policy and performance
The Trust is dependent on income from investments via ground rents levied in Northern Ireland. The net movement in funds for the year was £3,015 (2024 - £12,740). At the year end the market value of investments was £204,000 (2024 - £204,000).
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The Capstone Trust Limited
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 30 April 2025
Financial review
a. Going concern
After making appropriate enquiries, the Trusteess have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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 NI015762 as a Company limited by Guarantee and is governed by its Memorandum and Articles of Association. It is recognised as a Charity by HMRC under reference XR 25301.
b. Methods 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 policies
The Trustees, who are the Directors, are responsible for governance. The day to day management is handled externally with Board oversight.
Plans for future periods
It is the Board’s intention to continue to support Christian work in the United Kingdom and abroad.
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The Capstone Trust Limited
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 30 April 2025
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance 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 Company and of its incoming resources and application of resources, including its income and expenditure for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr Philip Houston
Date: 11 December 2025
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The Capstone Trust Limited
(A Company Limited by Guarantee)
Independent Examiner's Report For the Year Ended 30 April 2025
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 2025 which are set out on pages 7 to 16.
Respective Responsibilities of charity Trustees and Examiner
As the company's trustees (and also the Directors of the company for the purpose of company law) you are responsible for the preparation of the accounts 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 eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
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follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act; and
-
state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
I have examined your company accounts 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 includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
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that accounting records were not kept in accordance with section 386 of the Companies Act 2006;
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that the accounts do not accord with those accounting records;
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that the accounts do not comply with the accounting requirements of section 396 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);
-
that there is further information needed for a proper understanding of the accounts to be reached.
Independent Examiner's Statement
I have completed my examination and have no concerns in respect of the matters listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
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The Capstone Trust Limited (A Company Limited by Guarantee)
Independent Examiner's Report (continued) For the Year Ended 30 April 2025
This report is made solely to the company's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 11 December 2025 Amanda McMaw FCA
Sumer Accountants NI Ltd
Glendinning House 6 Murray Street Belfast BT1 6DN
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The Capstone Trust Limited
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 30 April 2025
| Note Income from: Investments 2 Total income Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net expenditure before net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward 11 Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 59,255 59,255 34,257 28,013 62,270 (3,015) (3,015) 335,862 (3,015) 332,847 |
Total funds 2025 £ 59,255 59,255 34,257 28,013 62,270 (3,015) (3,015) 335,862 (3,015) 332,847 |
Total funds 2024 £ 58,485 58,485 41,207 30,018 71,225 (12,740) (12,740) 348,602 (12,740) 335,862 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 16 form part of these financial statements.
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The Capstone Trust Limited
(A Company Limited by Guarantee) Registered number: NI015762
Balance Sheet As at 30 April 2025
| Note Fixed assets Investment property 8 Current assets Debtors 9 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Unrestricted funds 11 Total funds |
86,513 66,957 153,470 (24,623) |
2025 £ 204,000 204,000 128,847 332,847 332,847 332,847 |
79,418 77,207 156,625 (24,763) |
2024 £ 204,000 |
|---|---|---|---|---|
| 204,000 131,862 |
||||
| 335,862 | ||||
| 335,862 | ||||
| 335,862 |
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The Capstone Trust Limited
(A Company Limited by Guarantee) Registered number: NI015762
Balance Sheet (continued) As at 30 April 2025
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 11 December 2025 and signed on their behalf by:
Mr Philip Houston
The notes on pages 10 to 16 form part of these financial statements.
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The Capstone Trust Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 30 April 2025
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (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 transaction value unless otherwise stated in the relevant accounting policy.
1.2 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 foreseeable future.
1.3 Company Status
The Capstone Trust 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.
1.4 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 once 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 on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.6 Investment Property
In accordance with FRS 102 the investment property is stated at fair value with any gains or impairments reported through the Statement of Financial Activities. Fair value is determined by reference to valuations carried out on the advice of appropriately qualified external valuers.
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 normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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The Capstone Trust Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 30 April 2025
1. Accounting policies (continued)
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade 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 maturity 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 date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, 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.
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 subsequently 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.
2. Investment income
| Unrestricted funds 2025 £ Net rents receivable 58,238 Bank Interest 1,017 Total 59,255 |
Total funds 2025 £ 58,238 1,017 59,255 |
Total funds 2024 £ 57,255 1,230 58,485 |
|---|---|---|
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The Capstone Trust Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 30 April 2025
3. Expenditure on raising funds
| Head rents payable Rent collection costs Total |
Unrestricted funds 2025 £ 24,576 9,681 34,257 |
Total funds 2025 £ 24,576 9,681 34,257 |
Total funds 2024 £ 18,501 22,706 41,207 |
|---|---|---|---|
4. Expenditure on charitable activities
| Activities | |||
|---|---|---|---|
| undertaken | Total | Total | |
| directly | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Charitable Activities | 28,013 | 28,013 | 30,018 |
| Grants to UK Registered Charities Insurance Accountancy fees Bank Charges Storage charges Legal expenses Bad Debt Provision |
Activities 2025 £ 16,000 2,351 3,280 57 1,034 1,254 4,037 28,013 |
Total funds 2025 £ 16,000 2,351 3,280 57 1,034 1,254 4,037 28,013 |
Total funds 2024 £ 16,000 778 2,400 68 1,459 820 8,493 30,018 |
|---|---|---|---|
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The Capstone Trust Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 30 April 2025
5. Grants to U.K Registered Charities
| 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 Total Christian work overseas Barnabas Fund Christian Friends of Israel European Christian Mission - Albania Mosaic Middle East Friends of Kiwoko - Uganda O M Ships - Worldwide Reach the Unreached - Africa/India Release International Total Overall grants to U.K registered charities |
2025 £ 1,000 500 1,000 500 1,000 1,000 1,000 1,000 1,000 8,000 1,000 1,000 1,000 1,500 1,000 1,000 500 1,000 8,000 16,000 |
2024 £ 1,000 500 1,000 500 1,000 1,000 1,000 1,000 1,000 |
|---|---|---|
| 8,000 1,000 1,000 1,000 1,500 1,000 1,000 500 1,000 |
||
| 8,000 16,000 |
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,500 (2024 - £2,400).
7. Trustees' remuneration and expenses
During the year, the Trustees received no remuneration, expenses or other benefits (2024- £NIL).
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The Capstone Trust Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 30 April 2025
8. Investment property
| Valuation At 1 May 2024 At 30 April 2025 |
Investment property £ 204,000 |
|---|---|
| 204,000 |
Investments were valued during the year ended 30 April 2022 on advice from external valuers. They are reviewed by the directors yearly and deemed appropriate.
9. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2025 £ 80,036 6,477 86,513 |
2024 £ 77,862 1,556 |
|---|---|---|
| 79,418 |
10. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2025 £ 6,123 18,500 24,623 |
2024 £ 6,663 18,100 |
|---|---|---|
| 24,763 |
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The Capstone Trust Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 30 April 2025
11. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 May 2024 £ 335,862 Balance at 1 May 2023 £ 348,602 |
Income £ 59,255 Income £ 58,485 |
Expenditure £ Balance at 30 April 2025 £ (62,270) 332,847 Expenditure £ Balance at 30 April 2024 £ (71,225) 335,862 |
Balance at 30 April 2025 £ 332,847 |
|---|---|---|---|---|
12. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Investment property 204,000 Current assets 153,470 Creditors due within one year (24,623) Total 332,847 |
Total funds 2025 £ 204,000 153,470 (24,623) 332,847 |
|---|---|
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The Capstone Trust Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 30 April 2025
12. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 204,000 156,625 (24,763) 335,862 |
Total funds 2024 £ 204,000 156,625 (24,763) 335,862 |
|---|---|---|
13. Related party transactions
The Trust did not engage in any related party transactions during the year, and as at 30 April 2025 there were no outstanding balances between related parties and the Trust.
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