COMPANY REGISTRATION NUMBER N1019008 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 DECEMBER 2022 Charity Number NIC101111
ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Financial statements Year ended 31 December 2022 Contents page Members of the board and professional advisers Trustees, annual report Independent auditor's report to the members Statement of financial activities (incorporating the income and expenditure account) 10 Balance sheet 11 Cash flow statement 12 Notes to the financial statements 13
Page 1 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Members of the board and professional advisers Registered charity name Ardbarron Trust Limited Charity number NIC101111 Company registration number N1019008 Principal and registered office 9 Hightown Avenue Ballywonard Newtownabbey Co Antrim BT36 4RT Trustees MrJRHAgnew Mr M J Agnew Mr G W Agnew Mr M R Johnston Mr l J Maccorkell Mr E J Boyle Auditor BDO Northern Ireland Chartered Accountants & Statutory Auditor Metro Building, 1 sl Floor 6-9 Donegall Square South Belfast BT15JA Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS Solicitors Hewitt & Gilpin Thomas House 14-16 James Street South Belfast BT16JS Edwards & Co. Solicitors 28 Hill Street Belfast BT12LA
Page 10 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Statement of financial activities (incorporating the income and expenditure account) Year ended 31 December 2022 Resti'icte(l Uiii'estriete(l Total Fun(Is Total fiin(Is Fuiids Fiiiids 2022 2021 Note Ineoilliiig resources Iiicoiii ii)LF I'¢sources from geiiei'ating fLiiid%.' Donatioiis Invcstincnt incoine 7,830,000 149,666 7,979,666 7,830,000 149,66C) 5,334,000 27,000 Total incoming resoui'ces Resoiii'ees expL'nilL'(I Costs of geiiei'atiiig fiinds= Investineiit Inaiiagcinciit costs Cliarit£iblL activities 7,979,666 5,361.000 (3.279) (6,617 ){ 33) (6,617,933) (4.987,207) (6,617,933) (6,617,933) (4,990,486) Totlll I'esoiii.L expeiiile(I Nct inLomiiigl(out¥oiiig) resources for the yeai. 1,361,733 1,361,733 370,514 36,331,652 36,331,652 30,456,165 37,693,385 37,693J85 30,82C),679 Uiirealised gaiii.% on investmeiit5 Net income for the year Reconciliation of fiiiids Total funds bi'oiight forward Tot#1 fiinds cai"rie(I forward 11 219,107,253 219,107,253 188,280,574 256,8110,638 256,801),638 219,107,253 The Slateinent of financial <2Ctivities iiicliides all gaiiis aiid1055es in Ilie year. All oftlie above amollllts relate to coiitiniiiiig activities. The notes on pages 13 to 20 form part of these flnancial Statements.
Page 11 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Balance sheet 31 December 2022 2022 2021 Note riixed assets Ii)vestiiieiits 11 255,270,619 218,938,967 Ciii'rent assets Debiors Ciisll at bank 12 13 180,060 1,356,164 45,343 125,943 171,286 1,536,224 CrL.ditoi's: Amounts fallfftng due Jyithin oiie yeai. 14 (6,2US) (3,000) Net cui'rent assct 1,530,019 168,286 Total assets less euri'ent lial)ilitics 256,800,638 256,800,638 219,107,253 21C),107,253 et aysvts Iliiresti'icted iiicoine fiii)d8 Re.sli'icted incoii?e fuiid8 16 256,8VO,638 219,107,253 Total funils 256,801),638 219,107,253 Tliese fiiiancial statcmeiits liave b¢eii pi'epared iii accordaiice with (lie special pi'ovisions foi. siiiall coiiipaiiie% uiider Pai't 15 of tlie Coimpaiiics Act 2006. These fiiiaiieial stateiiieiits were ai)proved by tlie ti'ust¢es on 5 September 2023 1( nd are sigiied oli their belialf by: Mr J R Fl Agneiv Cliai'ity Triiste¢ Coinpany Registratioii Nuinber: N1019008 The notes on pages 13 to 20 form part of these financial statements.
Page 12 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Cash flow statement 31 December 2022 2022 2021 Note Casli flu)vs from vi)L'fllting %clivitics Nel iiicomiiig resoiir¢¢s 1,361,733 370,514 Adjii.Ilnienlsfop Iiicoine froin iiivestiiieiil's Profit oli sale of iiiv¢stineiit property ( 1,000) (26,000) Changes in." (IiicreAse)/ilecrcase in (lebtor8 Iii¢i'easel{deci'ease) in cr¢ditoi'.s (134,717) 3,205 1,002 (304,011) Net casli genei-ate(I fi.01 opei'atiiigT activities 1,230,221 40,505 Casli flows fi'om investillg altivilies Incoine ti'oin investineiits Proceeds from sale of ii)vestiMent property Ac£iLll%ition cost of shares in invLstm¢iits Net CciS1I grencrated Fruin ii)vestiiig aclivilies 1,000 126,000 (73 1,101) (604,101) Net inci'ease/(decrease) in cash iii tlic yeai" 1,230,221 (563,596) Casli aii(I cash equivAleMits at bcginlliiig of ycar Cash aii(I cash equivalcnts at enil of year 125,943 68C),539 13 lJ56,164 125,943 The note5 on pages 13 to 20 form part of these financial statements.
Page 13 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial statements Year ended 31 December 2022 Generiil infoirynation Tli¢ cliaritable coinpaiiy is a private coinpaiiy liniited by guai-Aiitee witlioiit share capilal, registered iii Noithcri) Ii'elaiid. Tlie addre.qs of tlie registered office is 9 Higlitown AvenLIe, Ballywoiiai'd, Ne¥vtownabbey, Co Aiilriin, BT36 4RT. 'riie pi'iiicipal aLtivity of tlie piibliu benefit enlity duriii¥ tlie year was ilie proinolion of ilie Christiaii Gospel in Wol'd aiid Deed. Stateinent of compliance I'liese finaiicial stateiiieiits liave beeii pi'epared iii accordaii¢e ivitli Accollllting diid Repoiling by Cliai-ities: 8tateineiit of Recoinnieiided Pi'aclice appliLcibl¢ lo cliarities preparing tliLii' accouiits ii) accoi'daiice witli the Fiiiaiicial Repoilii)g Staiidaid cl1)i)licable in tlic UK aiid R¢piiblic ot Ii-el(Iiid (FRS 102), aii(I Ilie C:oinpaiiies ALt 2110C). AccountAng poliLiLs Basi8 of piyparation Tlie fii)ai)cial statemeiitq havc beeii pirparcd undei. thc liistoriLal cost coiivenlioii, cxcept tor iiivcstmeiits wliicli ai'¢ iiicltided (it Imarket V<11ue. Tlie fiiiaiicial stateineiits liave bevn prcpared 011 d gyoing concbi'n basi8 wliich assiiines tliat the conipaiiy will coiiliiiue iii opi'i'ational existenLe for tlie foi'esecable futLlI'e. "I'lie validity of 151is a.%siiinptioii dei3eiicls LlPOlI tlie L()i)tillLied siii)i)i)rt fi'oin tlie compaiiy's baiilier% aiid flinders. Tli¢ tl'LlStees believe tliat it is ai)pr()i)riate foi. tlie finaiiciic I stateiiients to be i)rei)ared 011 tl)c goiiig coiicerii bclsis. 'I'lie entily is a piiblic beiiefil eiitily as defined by FRS 102. Tlic tiiiancial stcltciments aro pi'esenlcd in stci-l iiig. whicli Is the fiinctional ciirren¢y oftlie entity. Juilgements and key source5 of estimation uncertainty Tlie prei)ai-atioii of ilie financial statcmeiits I'eqiiircs maiiageineiit to make jiidgeinents, estimates aiid assiiinptions tliat affect tlie aii)ouiits I'eported. Tliese estiinates aiid judgeimeiits are coiIIiiiiiRlly reviewed aiid are base(l oli expei'ieiice aiid otlier factoi's, iiicluding expeclatioiis of fiitiire eveiits thclt al-e believed lo be Irasonable iindei. the circiiinslances.
Page 14 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the flnancial ststements Year ended 31 December 2022 Aeeoiintiiig policies (coiiiiiiiie(l) Judgeinents {] Iicy soiirL'es of Lstimalioii uiicertainly (eoiiliiiii*il) Tlie ti'iistees Eti'e of the opinioii that iio significant jLidgenieiits wei'e I'equii'ed in pi'epariiig tlie fiiiaiicial stateineiits. Accoiiiitiiig estiinates aiid assiiiiiptioiis are Inade coneei'iijiits the fiitui'e ai)d, by tlieii. natiire, will l<iiEly eqiial the related actiial OLltcoine. The key assLimptioiis aiid other soui'c¢s of estiillation IiiityLitaiiity tliat li<ive a sigiiificant I'isk of caiisiiig a inatei'ial c1djiistineiit to tlie cHri'yiiig ainoiints of cgssets kiiid licibilities witliiii the iie,Kt fiiiaiici<il year as follows= Iiivestinciits al'e cai'ried at tli¢ Inarket vallie. Market valiie is calculated witli referenc¢ to tlie iiet asset valiie of ilie iiivestment. Doi19 tiODS DonatlOllS Lindei. gift aid are accouiited foi-, tOLyethei' witli aiiy iel(ited tak I'ecoverable, at Ilie tiiiie tlie gitl is rcccived. Other grifts irceived. iiitilLidiiigy donate(l (Issels, ic rc iiieliided iii ilie <2ceoiiiitS 1( I tl)c ti'iistccs, estiiT)ate oftlicii. valLie to tli¢ ¢1ii21'ity. except wlierc it is iinpi'acticabl¢ to aseertaiii the value of tlie gilt, in wliicli case tlic rcccipt is disLloscd in a notc to tlie accounts. Resourees expeii(le(I Resoiirccs expended arL recognised in tlie p¢riod in wliicli tl)oy al'c inciirred. Gi'aiils, gifts ic lid doiiations to otlier orgaiiisations aiid individiials are accoiiiited for as aiid wlien appi'Dv¢d. C.hai'itable expeiiditiii'e coiiiprises tlio%e costs inciirred by tlie charity in ilie delivery of its aclivilie5 aiid sei'vices for ils b¢iieficiaries. Et iiiclLides boili costs tliat cali be allocated dii'ectly to siich aclivities and those cosls of ali iiidiiecl iiatLire nece55aiy lo siippoi'l them. Govei-iiaiice costs iiicliide iliose costs associated with ineeting tlie coiistitiitioiial <ind sl'atiitory reqiiireineiits of the cliai'ity aiid include tlie aiidit fees and costs liiiked to tlie strategic maiiagyemeiit of tlie charity. All costs are allocated between the expeiiditiire cat¢gories of tlie Stateinent of finaiicidl activities on a basis desigiied to reflect the use of tlie resoui'ce. Costs relating to a particiilai- activity al-e al located diiEctly, otliei's are appoi'tioiied on ali appropriate basis. Investments Investmeiits lield as fixed a5setS c1re revaliied 111111llcllly to iEflect open Indrket valiie.
Page 15 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial statements Year ended 31 December 2022 Accoiinting poliL ILAS (eoiilliiiiéél) ri lind aecoiiiiting Tlie clidl'ity lias oiie typ¢ of flind foi. wliich it is I'espoiisible, aiid wliicli reqiiii'os sepai-ate disclosiii'e as follows: UNreslricteclfiip7d.s Fuiids ivliicli al'e eKpeiid£1ble at tlie diqcretion of tlie coiniJ]ittee iii tlie fiirtliei'aiice of the objects of tlie Lliarily. In addilioi), fiiiids Inay be Iield in ol'der to finc1n¢¢ capital iiivestmeiit and woi'kiiig capital. Cash an(1 cash equivalents Casli coi)sists of C<ish at baiik and iii liand. I mployee iillmbei's l-lie avei'age iiuinber of i)ers0115 employed by th¢ cliarity diii'ing the year ainoLlnted to Ni l (2021 '. Nil). Donations Restl'iLl¢il Uiirestj'ieteil Total f4 unds Total Fiiiids Fun(Is Fun(Is 2022 2021 DoiiatlORIS Don211ions received 7,830,(100 7,83Q,l)00 5,334.000 Inve.stment inconie RestJ'icte(l Unrestricted Tolal Fiinds Tolal Funds FuiR(Is ri un(Is 2022 2021 Rental iiicoin¢ froin iiivcstiiient i?I'oi)eity Pi'ofit on d isposal of iiivestineiit pi'opei'ty Inlerest from reli2tecl parties 1,000 26,000 149,666 149,666 149,666 149,666 27,000
Page 16 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial statements Year ended 31 December 2022 Resources exi)en(led Resti'icted Uni'estricted Total Fllnd.4 Total Fuiids ri iinds Fuiids 2022 2021 Direci Co.¥ls Gi'<iiils foi. cliai'itable piii'poses to i11stitutions Gi'aiits foi- cl)aritable piii'poses tl) individiials Adiiiiiiistratioii ol gi'ants Iiivesttnelii plpe1'lY iiiaiiageinent costs Propei-ly rental costs 6,494,858 6,494,858 4,887,713 102,235 IU2,235 92,116 3.279 1,522 6,597,093 6,597,093 4,984.630 ort Cc)Jls Goveriic11ice costs Travel expciises IiiteJ'e%t payable 12,687 7,587 566 12,687 7,587 566 4,689 689 478 20,8411 20,840 6,617,933 5,856 4,990,486 6,617,933 Net incoining i'esources foi. the yeai. This is stated aftcr Cliai'ging: 2022 2021 Aiiditoi s fees 4,000 3.022 Staff Costs an(1 enioliiineiits No salai'ies or wages Siave beeii paid to tlie triistees diii'ing tlie yeai-. No triistee expenses have been inclirred in ihe year to 31 December 2022 (2021- £N il). 10. Taxation The oompaiiy is coiisidered by HM Reveniie aiid Custoins as a cliarity withiii tlie m¢aning of Pai-t I l of the Coi'poration Tax Act 201 O. No taxatioii is tlierefore payable by the coiiipany.
Page 17 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial statements Year ended 31 December 2022 11. Investments Movement in iiiarket valiie 2022 2021 Mai'ket valiie at l Jaiiiiary 2022 Additions Di%posals Nei gaiiis on revaluatioiis iii tlie year Market valiie at 31 Dc¢¢inber 2022 218,938,967 187,851,701 731,101 ( i 00,000) 36,33J,fi52 30,456,165 255.270,619 218,938.967 Histui'ical cost at 31 Deceinber 2022 2,162,899 2.162,1199 Aniilysi¥ of iiivestments at 31 Deeeinbei. 2022 betiyeen fiiiids I'otal rt iiii(Is Total Fiiiids 2022 2021 OthLI' investinL'nty li)vestineiit in IJ K related pai'ty 255,270,(119 218,938,9CI7 245270,611) 218.938,967 I]ivetInentS - John Hendei'son [al{lins} Limited At l Jai)Iiaiy 2022 Additioiis Revaliiatioii 218,938,9C)7 36,331.652 255,270,619 At 31 D¢ceinbei' 2022 Tlie triistees are of tlie opiiiion tliat ilic coillpaiiy ai)d John Heiideisoii (HoldiiigJs) l.iinited do iiot fall witliiii tlie defii)itioii of pareiitlsubsidiary Liiidci'lakiiig a5 defiiied iii Coillpaiiies Act 2006. At 31 Deceillber 2022. the coinpaiiy holds 8,8CIO £ I 'A' 01-dinai'y sliare.s {24.9% of total), 80,114 £1 'B' oi'diiic1ry non-votiiig sliar¢s (IOOQ/o of iotal) c111d 1,179 £1 'C' ordiiiai'y 11011-votiiig .sliares (IOOQ/o of total) iii Johii Heiidei'soii (Holding5) Liinited, a pi'ivate company inLorporaled iii Nortliern Ireland. Tliis equates to 77 % Iiolding of tlic total issiied ordiiidry shares. These sliai'elioldiiigs rcprcsent a non-coiitrolling iiitei'est in a pi-ivate liiiiited coillpany. As there is no irady market foi. tliese sliares, tl)¢ ti'iistees consid¢i- that a valiiation based on tlie net a55ets of the iiiost receiit Groiip balance sli¢et is tlie most appivpriate estimat¢ of Inark¢t valiie.
Page 18 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial ststements Year ended 31 December 2022 12. Debtors 2022 2021 Ainounls owed by I'el&led parties Otliei. debtoi's Prepayillentg 14)1 ,666 30,000 394 45,343 £20.000 (2021 . £35.000) of tlic otlicr debtor balaiice is diie giraler tliaii one ycai., biit iiot greater tliaii 5 ycars. 13. Cash and cash equivaRents 2022 2021 Cash at biiiik lJ56,164 125,943 14. Creditoi's: Amoiints falling ilue iyitliin one year 2022 2021 Acci'lials 6,205 3,000 3.000 15. Grailts Graiits were inade to 290 iiistitiiti0115 Iliroiiglioiit tlie yeai-. liistitiitions I'eceiving inatei'ial graiits aiE'. CMCT Eclioes Iiiteriiatioiial Good News for Everyone Gospcl LiteralLire Oiilreach Oi)eratioii Mobilisatioii Strategic Resoiirce Groiip Tear flind Transform Iiirop¢ NetNvork YFC- EMENA Gi'aiits can be split into tlie folloiviiig calegoritys of cliaritable piirpose.. The pi'eventioii oi- relief of poverly Tlie AdvclllLemeiil of I'eligioii Tlie i-eliet- of. those iii iie¢d by reasoi).. youtli, age, ill-liealth, discibility, finaiicial Iiardship or oiliei. disadvaiita&Fes
Page 19 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notss to the financial statements Year ended 31 December 2022 16. UnrLstriL'tc(l iiiLome fiiiids Balance at l Jan 2022 Incoiniiig resoiii'ces OLilbyoiiig resources Gaii)s and losses Ballancc al 31 Dee 2022 Geiiei'al Fuiids 219,107,253 7,979,666 (6,617,933) 36,331,652 256,800,638 17. Reqtricte<l iiieoine funds For Ilie year elided 31 Deceinbei. 2022, tl)e charity liad £N il (2021.. £Nil) resti'icted iiicoiiie fLiiids. 18. Anxlysis of nL't ii¥¥ets behveLn fiiD(Is Nel CLiri-eiit Inveslilleii15 Total Unre5ti'icte(I IiiLome f4 uii(Is 255,270,619 1,530,019 256,800,638 1.530.019 25C),800,638 Totnl D lin(18 255.270.619 19. Related party transactioiis Tlil'ce of the ti'u.8tees are also dii'ectors of Jolin l.leiidei-son (I loldiiigTS) l.iinited. Two of tliese Irustees are also dii'ectoi's nf Heiiderson WliolL.sal¢ Limited, I leiidersoii Rctail Liinited, Fleiidei'son FnodserviLe I,iiiiited, Heiiilei'soii CJl'OilP Pi'oi)eity Lini itcd, Jolin Heiidci-soii (Mallusk) Liinited, F ILiidei-soii Teclii)ology l.iinilccl, MCG iri. Ret?< il l.,td aiid J & U Mcci irr l)roi?ei-ty I,td. Jolin HendLI'SOlI (Holdiiigs) Limited 4iiid siibsiL4icll'y coInpaiiies Inciile doiiatioiis of £7,830,000 (2021.. £5,334,000) to Ai-dbai'roii Triist Liinit¢(l. Ai'dbai-t-on Triisl Liini(ed piiichased £Nil (2021: £731,10 l ) ot shares in Jolin Hei)dei'son (Holdiiigs) Liinited (iiid eliarged £149,C)66 (2021.. £Nil) of iiilerest on ainoLllits diie from John Fleiidei'soii (Holdings) Liinited. Duriiig die yetll- tlie Lhai'ily iiicEiI'I'ed a Inanageineiit i-ecliai'gc froin a SLibsidiary of Jolin l.lendersoii (Holdiiigs) Liinitcd whicli was .settled iii fiill. At 31 Deceinber 2022 tlie ainounts di]¢ fi-otEi Jolin H¢iidersoii (I loldiiigs) Liin ited aiid siibsidiai-ies wci'e £149,666 (2021: £Nil). Ai'clbc1rron 'fi'iist Liinited doiialioii iiicoiiie iiicliid¢s doiiations froin the following compaiiies iii the year: 31 Dec 2022 31 Dec2021 l.l¢iiderson Wliolesale l&imited klenderson Retail Liinited Heiidei'soii Foodservice Liinited Heiidei'son Tecliilology Liin ited Heiidei'soii Gi'oiip Property l.iniited Joliii Hendersoii (M£illLisk) Limiled 3,379,000 2,876,000 490,000 179,000 455,000 451,000 3,224,000 1,933,000 177,000
Page 20 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial ststements Year ended 31 December 2022 19. RelAte(I p8rÉy transactlolls (eoiiliitiierf) Key Inaiiagemeiil pei'soi)nel iiiclude all Iriislees of tlie coinpaiiy wl)o liold aiitliority aiid rosponsibil ity for planiiing, diirctiiig and Lc)iiti'olliiigF tlie aLtivities Df tlie cliic I'ity. Diii'ing Ilie yeai. 110 triistee received aiiy remiineratior) (2021: £Nil). No otliei. traiisactioiis willi I'elated pai'ties were iindertalcen sucli as are reqiiii'ed to be disclosed. 20. Cojnpany liniitL¥(I by guarantee Ardbai-i-011 Triist I,iillited is a coinpaiiy limited by guaraiitee aiid as siiLli does not have a slTrai'e cRpital. Tlie liability of eacli of its iiieinbers 1.4 liiTTrited to £ l. 21. C.ontrvlling [)Ai'ty Diiriiig the ye¢l1' Ai'dl)ai-I'oii TrLisI I,iinited Nv(Is iiiidei- tlie coiitrol of its triistees.