Charity registration number NIC100593 Company registration number N1622687 (Northern Ireland) THE EAKIN FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE EAKIN FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr T G Eakin Mr J D Eakin Charity number NIC100593 Company number N1622687 Ind8pend8nt examiner Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Bankers Danske Bank Donegall Square West Belfast BT16JS
THE EAKIN FOUNDATION CONTENTS Page Trustees report Statement of trustees responsibilities Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 8-13
THE EAKIN FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing do¢ument, the Companies 2006 and "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)" (effective 1 January 2019). ObjectiV8s and activities Policies and objectives Eakin Foundation was incorporated on 6th February 2014. The objeIveS of the Eakin Foundation are.'_ 1) To relieve conflict related trauma, distress and social isolation by providing aid to developing countries. 2) To advance community reconciliation in Northern Ireland and abroad through the promotion of education, the advancement of local amateur sport and the delivery of support services. Main activities undertaken to further the company's purposes for the public benefit The charity has made several donations during the year. The main ones are listed below in the Review of Activities. The trustees have paid due regard to guidance issued by the Charty Commission in deciding what activities the charity should undertake. Achievements and performance Review of activities The Foundation supported various charities throughout the year, including Namwanda Zerridah and Queen's University, and more. Financial review It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's Current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Structur8, governance and management The Eakin Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were= MrT G Eakin Mr J D Eakin The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum ofAssociation. Organisational structure and decision-making policies The charity is limited by guarantee. having no share ¢apital. Only persons who subscribe to the objects expressed in the Memordum ofAssoGiation of the Gompany, and are appointed by the Executive ccommittee, or the company in a General Meeting, Can be aadmitted as Trustees. Funds held as custodian trustee No funds are held as custodian on behalf of others.
THE EAKIN FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and appointment of trustees The management of the company is the responsibility of the Trustees who are eleded and co-opted under the terms of the Memorandum ofAsso¢iation. Organisational structu Organisational structure and decision-making policies The charity is limited by guarantee, having no share capital. Only persons who subscribe to the objects expressed in the Memordum of Association of the company, and are appointed by the Executive ccommittee, or the company in a General Meeting, can be aadmitted as Trustees. Funds held as custodian trustee No funds are held as custodian on behalf of others. The trustees report was approved by the Board of Trustees. MrT G Eakin Trustee 25 September 2024
THE EAKIN FOUNDATION STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of The Eakin Foundation for the purpose 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 Pra¢ti¢e). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resour$, including the income and expenditure, of the charilable company for that year. In preparing these financial ststements, the trustees are required to.. select suitable accounting policies and then apply them ¢onsistently- observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with'lhe Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE EAKIN FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EAKIN FOUNDATION I report to the trustees on my examination of the financial statements of The Eakin Foundation (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities A¢t (Northern Ireland) 2008. I report in respect of my examination of the Charity's financial statements carried out under the Charities Act (Northern Ireland) 2008. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under the ChariliesAct {Northern Ireland) 2008. Independent examiner's ststement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of CAI, which is one of the listed bodies. I have completed my examination. l Confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting re¢ords were not kept in respect of the charity as required by section 386 of the 2006 Act- or the financial statements do not accord with those records. or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by ¢harities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK a1 Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be rea¢hed. Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Dated: 25 September 2024
THE EAKIN FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from: Donations and legacies 411.486 25,000 Total income 411,486 25.000 Expenditure on: Charitable activities 155,962 14,223 Total expenditure 155,962 14,223 Net income and movement in funds 255,524 10,777 Reconciliation of funds: Fund balances at 1 April 2023 72,387 61,610 Fund balances at 31 March 2024 327,911 72,387 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE EAKIN FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 10 180 329,306 73,707 329,486 73,707 Creditors: amounts falling due within one year 11 {1,575) {1.320) Net current assets 327,911 72,387 Income funds Unrestricted funds 327,911 72,387 327,911 72,387 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.
THE EAKIN FOUNDATION BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial ststements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in a¢¢ordan¢e with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 25 September 2024 Mr T G Eakin Trustee Company registration number N1622687
THE EAKIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity inforniation The Eakin Foundation is a private company limited by guarantee. The company is incorporated in Northem Ireland and has the company number N1622687, also a registered charity with the Charity's Commission Nl and has the charity nurnber NIC100593. The registered office address and principal place of business is 15 Ballysto¢kart Road, Comber, Down, BT23 5QY. The princpal activity of the company continued to be to prevent or relieve poverty, conflict related trauma, distress and or social isolation by providing aid to developing countries and to advance community reconciliation in Northem Ireland and abroad. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's [governing documentl, the Companies Act 2006, FRS 102 °The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland" {'FRS 102,1 and the Charities SORP "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) (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities not to prepare a Statent of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting poli¢ies adopted are set out below. 1.2 Going concern At the time of approving the financial ststements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going ¢on¢ern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the Capital must be maintained by the charity. 1.4 Income Income is re¢ogni5ed when the charity is legally entitled to it after any performan conditions have been met, the amounts Can be measured reliably, and it is probable that income will be reIved. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE EAKIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is re¢ognised once there is a legal or constructive obligation to transfer economic benefit to third party, it is probable that a Iransfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dIt costs and shared costs, including support ¢osts involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basi¢ Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction cost5 and are subsequently carried at amortised cost using the effective interest method unless the aangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets Classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction pri unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
THE EAKIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accountlng estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts 411,486 25,000 Expenditure on charitable activities Unrestricted Unrestricted funds funds 2024 2023 Direct costs Share of support and governance costs (see note 5) Support Governance 154,207 1,755 12.867 1.356 155,962 14,223 Analysis by fund Unrestricted funds 155,962 14,223 10-
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THE EAKIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl{crediting)- Fees payable for the independent examination of the charity's financial statements 1,755 1,356 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from taxalion on its activities because all its income is applied for charitable purposes. 10 Debtors 2024 2023 Amounts falling due within one year: other debtors 180 11 Creditors: amounts falllng due within one year 2024 2023 Accruals and deferred income 1,575 1,320 12
THE EAKIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balan¢es of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources At 31 March expended 2024 General funds 72,387 411,486 {155,962) 327,911 Previous year: At 1 April 2022 Incoming resources Resources At 31 MarGh expended 2023 General funds 61,610 25,000 (14.223) 72.387 13 Analysis of net assets between funds Unrestricted funds 2024 At 31 March 2024: Current assetsl(liabilities) 327,911 327,911 Unrestricted funds 2023 At 31 March 2023: Current assetsl{liabilities) 72,387 72,387 14 Related party transactions There were no dis¢losable related paty transactions during the year (2023 - none). 13-