haTity Number: 100485 Atlantlc Challenge Northern Ireland Annual Report and Unaudited Financial Ststements for the year ended 31 March 2019
Atlantic Challenge Northern Ireland CONTENTS Page Trustees, and Other Inforfflation Trustees, Report Independent Examiner's Report Receipts and Payments Account Statement of Assels and Liabilities Nol&s to lh6 Financial Statements
Atlantic Challenge Northern Ireland TRUSTEES. AND OTHER INFORMATION Trustees Cliarlie McAllister MAilan McAlli51er Nigel Morrow Jane MorTOW Sliiart Abraham Kathy Patlon Carol Patttsn Michael Patlon Michael Duncan Charlty Number In Morthem Ireland 10048S Prlncipal Address The Studios 89 Holywwrt R(>8d Belfast Co. Antrim BT4 3BD Northern Ireland Independent Examlner Nicholls & Co. Chartered Awountants Th8 Studios 89 Holywood Road Belf8St Co. Anlrim 8T4 3BO Northe Irèland Bankers Fitst Trust Bank Bgllymen8 BT43 6AF
Atlantic Challenge Northern Ireland TRUSTEES. REPORT for the year ended 31 March 2019 The tiuslees present I1r Trustees. Roporl and lh6 unaudited financ1 statements lor the year ended 31 Nlarch 2019. The financial statements are prepared in aG¢ordance wth Ihe Companles Act 2006, FRS 102 "The Financial Reporting Standard applicabl@ in the (JK and ReyLtblic of Ireland. and Aw)(Jnting and Reporting by Charities.. Slat&ment of Recommended Pr8ctice applicable to charities preparing Ihèir linancial slalemenls In actordance with the Financial Reporting Standard applicable in Ihe UK and R8PUtAic of Iroland IFRS 1021. The Trustees, R8tx)rt contains the inftsrmatlon requlred lo be provided in the TrustO89' Annual Report und9r th9 Statement of Reoommgnded Pradic9 ISORPI guidellnas. In this report the trustees of Atlantic Challenge Northern Irtrland piesent a summary of its puipose. governance, activitie8, achievements and finances for thb Ilnancial year 31 March 2019. The charity 15 a regislergd chaiily and hen¢e th8 report and rBsults are presenled in a loim which Gomplifas With Ihe requirements ol the Compani85 Act 2006 and, although not obliged to comply with the Stalemenl ol Recommended Practice 8pplic8ble In the UK 8nd Republic ol Ireland IFRS 1021 leffecttve l January 20151, Ihe organisation has implemented its r9commendations where r@lavant in these financial slalements. The Iru$lg0s hav6 aijoplvd lh6 Receipts and Payments formal for Ihe charity's 8ccounts, as provid8d lor within the Ch8rit18s A¢t (Northern Ireland) 2008, s64. Rgviow ofAetlvltos, Achltsvements and Perfomian¢e A numbor of fundraising evenl$ (quiz, BBQ) wère also held during the year under review, and SnifICant donations from Crew and Ihelr supp()rtèrs continued this year. As planned, the Trustefys hosted thè th8 bl8nnlal Intemational Atlantic Challen9e Contest ol Seamanship in Antrim July 2018, which wÉ)s won by the Northem Ireland crew. The k long evènt was a StsCLOSS. wllh boats from Russia and thfoughout Europe competing and ènjowng tha comp8notinship th8t this unique event prOdes. Flnanclal Reviow Th& Charity raised £65,353 during the year, an increas8 on last year1£15.3931. This large increase was du& to funds b$iTrg recwvèd from comptsb.ng countries in respect ol the biennial Inteillbtion Allantic Ch8llengè Contest ol Seamanshlp in Antrim July 2018. Th& Trust6es consider Ihese funds to be unreslricled, except for Iwo eontTibuti(H)S totalling £9.000 (SGicallY £5,000 from Antrim & Newtownabbey Council and £4.000 from The Enkalon Foundation.} Both eontrlbutions wore on the provisio that they would be used for th8 purposès of hosting the event. The Trugte&s 8nsured these monios were spont on evenl specific ¢os18 lon-sile catering lor Cfewl. Further infonnation is provided al Note 110 the Accounts irh respect of this mBtter. Event costs Increasod significantly1£1.378 last year), this was due lo.. (A) International compptilion year hosting costs The Trustees remain confident that the Charity can continue to suecgsslully work towards m8811ng its aims and obj•ctives. RoBults At the end of the year the Charity has assets of £16.57212018 - £12,929) and liabilitle5 of £O.0012018 - £0.00). The net assets of the Chanty have increased by £3,643. In accordance wlh the ConsliluliorTr, th8 trusloes rètirè by rot8tion 8nd, bein9 eligit4e. offer th¢mselves for re-election. Approved by the Board of Trusftss on and slgned on its bthalf by.. Chorlle McAlllstsr Truste8 Nlggl Mo Trustog
Atlantic Challenge Northern Ireland INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF ATLANTIC CHALLENGE NORTHERN IRELAND Wè have 8X8mined Ihe financial ststemènls of the charily for thg year ended 31 Mafch 2019, which comprise tho Receipts and Paymèrsts Account. the Statement ol As%ets and Liabilities and the rolatod notos. Respèetlvt responslbllltles of trustees and Qxarninor The charitys Iruslees are iesponsible for the preparation of Ihe financial slalement5 in aLCOTdance wth lh8 reqLtlr8ments of lh& Chari116s Act {Norlhem Irdandl 21108. Thg chaiitys trustees conslder that an audit is not roquiiod r this year underth& Charltibs Act INorthem Ireland) 2008 and Ih•t an Independent ex8minallon is required. 11 is our rgsponsibilily to.. examine the fiftanciBI slatements under section 65 of Ih@ Charities Acl., follow th8 procedures laid down by the general Directions giv8n by the Chaflty Commissi(>n lor Northem Irdand under sedion 6519llbl of the Charities Act., and sta18 wh8the( partieuler matters have come to Ouf attention. Bosls of Independent examlnerfs ieport We havp examined your charlty financial slatwnenls ag fequired under seclion 65 of the Charrties and our ex8miHatiDn wa5 Cattied out in accordance wilh the garra5 Di¥ecliDns given by th8 Charity Commission for Northern Ireland under section 6519)Ibl ol the Chartts'es Acl. An examination includes a review of the accounltng records kepl by the charity and a comparison of the financial Statements presented with those records. 11 also includes con8Id&ratlon of any unusual Ilems or disdosures in th@ financidl statements and setrklng explanations Ifom the InJ$t$ ¢oncerning any such matters. Thg procedures undèrtaken do not provide All the ev10jen Ihal would be requiréd in an audlt 8nd consequently no oplnion 1$ 9iv¢n as lo whether the acoounts present a 'lrue and lair, view and Ihg rep(¥t is Ilmited to those matters sgt out in the ststemtrnt balow. In connectlon with our examinatlon, no malleT ha$ come to our attention thich gives us cause to believe that in, any matgrial respect.. • accounting records were not kept in accordance with se¢tion 63 of the Charities Act th8 finandal statamenls do not accord with those accountlng records tho financial siatemenls have not b88n pr8p8r8d In accordance with thÈ Statement of R0m[110nded Prdctice applicable to charities preparing their 8ccounts in accordance with thg Fin8n¢ial Repo.ng $18ndard applicable in the UK and Republic of Ireland IFRS1021 there is further infomiation needed for a prop&r understandino of Ihe 8cwunt8 to be reached. Independont examinèr's statèmènt W& have no concems and have come 8cross no othor matters In connectbon with the examination tg whlch attentlon should be dravm in this report in order to 8nabl@ a Proper understanding of the financial stat8nignts to be reached. Nlcholls & Co. Chartered Accountants The Studios 89 Holywood Road Bslfast Co. Antrim BT4 38D Northem Ireland
Atlantlc Challenge Northern Ireland RECEIPTS AND PAYMENTS ACCOUNT for the year endod 31 March 2019 Unrnstrlcted Restrlcled Funds Funds 2019 2019 Total Total 2019 2018 Notes Recelpts Goneratsd funds.. Voluntary Income Donatlons and FLJndralsing Charltable actlvltlos: Other receSpts $6,353 56,3S3 15,393 9,000 Total recelpts 56,353 9,000 6S,353 15,393 Payments Charitable activSties: Prolessional fees and sut)scriptions RopaTrrs and Maintenancè Insurance Evant Costs Clothing and crew expenses Bank ¢h8rg¢g and Int&rost Tli6 391 1.563 49,434 335 220 766 391 1,$63 58,434 335 220 771 2,148 1,378 576 52.709 61,709 4,981 Net recelpts1lpanentSI for the year 8alanc8s brought forward at 1 Apdl 2018 10,412 2,517 12.928 12,928 Balan¢g8 carriod ft)rward at 31 March 2019 16,572 16,572 12,929 The noies on pages 8 to 8 fomi part of fin8ndal statements
Atlantic Challenge Northern Ireland STATEMENT OF ASSETS AND LIABILITIES for the year ended 31 March 2019 Unre5trlcted Restrlcted Funds Funds 2019 2019 Total Total 2019 2018 88nk and CBsh 1fj.572 16,572 12,929 Approv•d by th• Board of Trusteeg on and slgned on Its behalf by.. Charfle McAlllst•r Trustèè Nlyel Trustee Th8 note5 on pages 8 to 8 fomi part of th8 financlal statwnent8
Atlantic Challenge Northern Ireland NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2019 DESIGNATION OF FUNDS (ATLANTIC CHALLENGE CONTEST OF SEAMANSHIP) As at 31 March 2019, AU8ntlc Challenge Northorn Ireland IACNII had received Iijnds lolalling £9.000 Ispeciffically £5,000 from Antrim & Newtownabbey Council and £4,000 Irorn The Enkalon Found8tionl. Both contributions were on the proviso Ihal they wtruld be used for Ihtt purposes of h051ing the event. The Trustees ensured these monies were spent on event specific costs (on-site catering for ¢WI. The remaining funds raised by the Charity are considered by the Trustees to bg unre$triclpd.' IA) No rgstrfctlons wero In place regarding how the fi&nds could be utilssed by the Charity. HERITAGE ASSETS As noted within our accounting policies, Atlantlc Challenge Northern Ireland owns 2 boats Igigsl. lled 'Cwech John Kerrf and 'Hamonie'. Both arg based uwn the design of Ihe historically signlficant restored Bantry Bay boat, which dates back to the late 18th century. The Trustees consider both boats lo meet the definition of heritage assets, as d@fined by the Charities SORP IFRS102). The charity'8 heriage a8sels are not included in the slalemenl of assets liabilrtles as infomation on thelr cost or valuation is not available, and such informallon cannot be obtained at a cosl commensurate Mth the benefit to the users of the accounts and lo the charity- ACCOUNTING POLICIES The following accountirvJ polides have been applied consislently in dealing with il$ms which aro consld8r8d material in relation to the charity's financial statements. Basls of pr•paratlon Th8 ftnanc4al stalements have b88n prepared under the historical cost ¢onv6nb"on and in accordanc& with Part 8 of th8 Charitie8 Act {Northem Ire18ndl 2008. They a180 comply with the Siatemgnt of Recommfynded PrBetic6 ISORP 2005, a8 upd8t8d in 20081 and with th8 fin8ncial reporting stBndards. The following 8eeottnting policies h8vg been applied consistenvy in dealin9 with itgms which ar6 consldared material In rglation lo the charity's financial statements. Income Vduntsry inwrRg or capital is induded in the Statement of Finan81 ActivS when Ihe charity is legally entitlad to it. Its financial value ¢an bg quantified with reasonable ¢ert8inty and thertr is rÈaGonable certainty ol Its ultim8tO T8C91pI. Enlillement lo legacies is CL)nsid&red established wh911 th8 charity has been notified of a distributton lo b8 mad9 by the exécutOTS. Inwme reoeived in advanc8 of du8 p6rfomiance under a contract is accounted for as d8fgrred incotng until 98mgd. Grants for actiwlies are fecognised as income when tha relatad eondition8 fgr legal enliuemgnl h8ve been met. HeTltag8 A88ets The charity owns 2 bo81$ Igigsl, Cled,CCh John Kerf 8n(J 'Hamionio'. Both are b8sèd upon th8 design of th8 historically slgnffjcanl r8sIoféd 8antry Bay boat, whlch dates back to the late 18th c8ntury. Thè Twstèas considèr both btsats to mo8t th6 dèfinition of heritsge assèts, as defined by the Charities SORP IFRS1021. The charivs herhage assèts arè not Incdd in Iho slat8mènt of assets and liabilitie5 as infomwlion on their cost or ValUatn is not Bvallab16, and such iwrfomiotion c8nnol b& obtained ot a cost commensurats wlh the benefit to the US0 of th8 accounts Bnd to thè ch8rity. POST4ALANCE SHEET ErfENTS There havo boen no signlficant events affec¢lng th¢ Charity slnctr the year-8nd.