HOLYWOOD OLD SCHOOL PRESERVATION TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 The Directors (who aye also the Trustees) of Holywood Old Sthool Presei'vation Trust ("The Trust") present theii" Annual Report together with the Financial Statements for the year ended 31 March 2024. The Financie¢l Statements have been prepared in accordance with the accounting poli¢ies set out in Note I to the financial statements and cotnply with the Companies Act 2006 and the Statement ol Reconimended Practice applicable Charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland (FRS102), Refer¢n¢e 4nd AdmlnlstrAtiv¢ Details The Trust Is a company limited by guarantee and is Tegistei'ed with the Charity Cornrnission for Noi'theii] Ireland. Chaj'ity number is NICIOO638 and the registeird oifice is 92 Church Road, Holywood, Co. Down. BT18 9BX. Prln¢lpal Aedvlty The objectives of theTrust are to preserve and pivtect for the public b¢nefit Holywood Old School, Church Road, Holywoo Co. Down. This is achieved by th¢ monies raised from renting the hall and end wilts to various community gi'oups and individuals on both a regular basis and on request. Structure, Governance and M&nAgement The Truyt iy u ru'¥i5tLrL ¢hurity Lomp¥ny Ilmited by guarantee, which is govemed by its memo1dum and Articles of Association. The Recruitsnent and Aptx)intment of DirectorslTruste¢s is provided foT withill the Memoi'andum and Articles of A880¢iation of th¢ company. No person or body is permitted tr) appoint Trustees. The Board meets appioxirnately 6 limes per ye&i' to malce decisions in keeping With the Memorandum and Artlcles of Association, The Conipany holds an Annual General Meeiin8 each year in addition to all other general meetings. Decisions are made by passin8 resolutions, The Board operates on a voluntary basis and is assisted by volunteers. The Board has dele88Èed overall management of the Trust to the Chairman and Treasurer who, in turn, have delegated day- to-day opei'ations to the part-tim¢ care¢akerIadminiytrar. The Dlree¢or$ The dii'ectors have overall responsibility for matters relating to the charity. The direGlors who served during the year were as follows,, Simon Brid8¢ Philipp& Crone Desmond Bi'owne William Fitzpatrick Gregory Mcconnell Marc Rallai'd Willi4m Lo¢kh&rt (appointed 26 March 2024) Gregory Brennan (resi8ncd 7 November 2023) The company is limited by guarantee and therefore no director had any interests in the share Capital.
HOLYWOOD OLD SCHOOL PRESERVATION TRUST REPORT OF THE DIRECTORS (tontiDued) FOR THE YEAR ENDED 31 MARCH 2024 Management of Risks The Directors are aware of their responsibilities regarding the identification and management of major i'isks to which the Trust is exposed. These TLsks are monitored on an ongoing bRsis and appropriate policieslprocedure5 have been implemented as r4uired. It has en determined that the current cosl of Ilving crisis might have some impact in relation to expected future income. This may not be significant but will be kept under review. Objectives And Activitles The Memorandum and Aiticles of As3oGiation set out the objectives and aims of the Trust. Key objectives for 2023n4 which w'e ochieved were as follows,. To continue to have suitable tenant8 for th¢ end units and Use for th¢ hall who have together provided enough income to sustain the opa'ation of the building. To continue to operate the building. on a sustainable l)85is, foi, the benefit of the communÈty of Holywood and in a way that con8erYes the building5 fabric and heritag¢. To rnaintain the bank reserve at the tar8et of £12,500 Key objectives for 2024125 are consistent with those of 2023124. Public Benefit In carrying out th¢ii' responsibllities the Directors hove p&id due regard to the Charity Commission of Northern Ireland guidonce on Public Benefit. Having reslored the Old School building, the Tiwst maintains the building and makes it avallable for a wide variety of community gctivitles. The benefi¢iaries are the residents of Holywood and visitOl'8 lo the town who can.. enjoy the contribution the building makes to the visual &ppearance of that pait of Church Road, which is within Holywood Conserv&tion Area. appreciate the exterior and interior of the building and the contribulion it makes to an und¢rstanding of the heritag¢ of the town. and avail of ihe facility the buildtng provides for a variety of cornmunity activities in Holywood. Flnaryclal Revlew Tlie result8 fr>r the financial period are fully set oul in the Statement of Flnancla5 Activities on poge 7 and Ihe financial P051tion of the Trust %s at 31 March 2024 is set out in the Balance Sheet on pages 8-9. The figures for the year ended 31 March 2024 show a deficit of £3.682 (2023.. deficit of £2,973). Tothl funds at 31 March 2024 were £43,130 (2023: £46,812). Regerves Pollcy At the year end the charity holds unrestricted reserves of £43.130 (2023: £46.8l2) of which £29,1)04 (2023: £29,553) is held at cash at bank and in hand. A policy on reserves has been established which is to achieve 8 level of r¢serves which match the needs of the charity both t the current time and in the foresee&ble future. For 2024125 this has been set at 4 months expenditure plus £2.$00 to cover a deposit held under the tenns of Éh¢ lease for the commercial unit. TILIS equate5 to tothl reserves of £1 1,400.
HOLYWOOD OLD SCHOOL PRESERVATION TRUST REPORT OF THE DIRECTORS (continyed) FOR THE YEAR ENDED 31 MARCH 2024 St&lement of DlreelDr5' Responslbllltles The dii'ectors are responsible for preparing the fmancial statements in aCLX)rdance with applicable law and regulations. Company law rquires the directors to prepai'e financial slatements tor each financial year which give a true and tair view of the state of affairs of the ¢haTitablecompany and ofthe incomin8 resources and application of resources, including the income and expenditure. ofthe charitable company for that period. In preparlng these financial statements. the directors are required select 8Uitable accounting policies and then apply them wnsistently. observ¢ the m¢thods 2nd pi'inciples iii the Charities SORP (FRS 102). make judgements at]d estimates that are reasonable and prudenL state wheth. appli¢&bl¢ UK Accounting Standards have been followed, subject to any material departures disclosed and explained tn the financial ststements- and pi'epare the fin&ncial statemen18 on the going con¢ern basis unle&8 it is inappropriate to presume that the ch'Itble company will continue in business, The dii'ectors are responsible for keeping proper a¢countin8 records that disclose with reasonable accuracy at any time the rinancial position of the charitable company and enable them to ensure that the finon¢iaL ststements Comply with the Companies Aci 2006. ThLy afL' al.%0 iespniisible foi. safeguarding the asyets of the ch8titsble company Rnd hence for taking reasonable steps lor the prevenlion and d¢t¢ction of fraud and other irrLgularitics. The above report has been prepared tn accordance with the speciel provision of P&rt IS of the Companies Act 2006 relatin8 lo small companies. ON BEHALF OF THE DIRECTORS.. Marc Ballard, Dlreetor Date