COMPANY REGISTRATION NUMBER N1019008 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 DECEMBER 2024 Charity Number NIC101111 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Financial statements Year ended 31 December 2024 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 Balan￿ sheet Cash flow statement 12 Notes to the financial statements 13 Page 1 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Members of the board and wofesslonal advlsers Reglslered chaTIty name Charlty number Ardbarron Trust Limited NIC101111 Company reglstratlon number PrinGlpal and registered office N1019008 9 Hlghtown Avenue Ballywonard Newtownabbey Co Antrim BT36 4RT Trustees MrJRHAgnew Mr M J Agn8W Mr G W Agn8W Mr l J Maccorkell MrEJBoyl Auditor BDO Northern Ireland Chartered accountants & statutory auditor Metro Bullding, 1 st Floor 6-9 Donegall Square South Belfast BT1 5JA Bankers Danske Bank Donegall Square West Belfast BTI 6JS Solicitors Hewitt & Gilpin 8 High Slreet Holywood BT18 9AZ Edwards & Co. Soltcitr)rs 28 Hill Streot Belfast BT12LA Page 10 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Statement of flnancial aGtivltle8 (Incorporatlng the income and oxpenditure aGGount) Year ended 31 December 2024 Res(rlct¢d Unrestrict¢d TotAI f¢unds Total Funds Fuiidg unds 2024 2023 Incoming resources Incoming resources from gen¢i'atittg ￿nds. Donaliuns Inve81ment tncome Other inwme 12,248,574 12,248,574 421452 422,452 1,691 1,691 12,672,717 12,672,717 8,980,000 393,441 Total lu¢vming resollrces Re%our¢es expended Charitable activities 9.373,441 {9,410,2118) (9.410,208) (7,652,761) {9,410,2ON) (9,410,208) (7,652,761 j 3,262,509 3,262,509 1,720,680 33,779,348 33,779J48 38,784,110 37.041,857 37,041,8S7 40,5(14,790 'rotal i'esources expended Net Incoming resources for thc y¢8r Ullrealiscd gains on invcstnients Net income for the year 14 Rceoneili#tlon of funds Totdl funds brought forward Total fund$ earried forivurd 297,305,428 297,305,428 256.800,638 334,347,2115 334,347,285 297,305,428 I'he Statement of finnncial arlivilk&S incllldes all gains Hnil l<)sse8 iIi the year. All of th¢ above amounts relate to contiiiuing aGlivities. The notes on pages 13 to 20 form parl of these flnanGial $talemonts. Page 11 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Balance sheet 31 Decèmber 2024 2024 2023 Not¢ riixcd A58ets Tangiblc fixed assets Invcslments 13 14 166,137 327,834,077 32S,000,214 294,054,729 294,054,729 Current 1158ety J)ebtors Casli al bank 15 16 442,1152 7,212,980 7,655,832 431,041 2.824,020 3,255.061 Crodltor5: Amounts falling dy¢ Iwlthln one ye#x' 47 {1 J08,761) (4,362) Net eurrent assets 6,347,071 3,250,699 Total a5%ets less current liabilities 334,347.285 334,347,285 297,305,428 297,305,428 Net a$ietS u1￿¢Stribted income funds Reslricted incomc funds 18 334 J47,285 297,305,428 TotAI funds 334,347,285 297,305.42 Tliese financial stMtem¢nts l)ave l)ecn prepared in accordan¢¢ with Ihe 8pecial provisions for sinall conipanies undcr Part 15 ot-the Coinpanies ALI 2006. Thcse financial 5tatetnents were approved by the thisle¢s on 5 Jiiiie 2025 and are sigii¢d on their behalf by: Mrj RIIAgnew Chai'ity'lknistee Coinpany Registration Number: NIOI 9008 The notes on pagos 13 to 20 for1￿ part of those flnancial slatemenls, Page 12 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Cash flow statèment 31 December 2024 2024 2023 Note CAsh flows fi'om operati#g aetlvlties Nel incomiiig resources 3,262,509 1,720,680 Adjusittieiitthfor.. Income from investment8 (422,452) (393,441) Chaiiges EPI.. Dec￿VIC1ncrta8e) in (Iublors Increasel{decrea8e) in creditors 17,21M) 1,304,399 (7,206} (1,843) Not cash generated Irom operating activities 4,L61,656 1,318,190 Cllsh l]ows from investing a¢tivitles Incom¢ fro?n iiivestmcnls Acqui8ilion of laiigible fixed assets Ncl cftsh genorated froiii investing aclivilies 393,441 (166,137) 227,304 149,666 149,666 Net increasel(decreAse) in cash in the year 4,388,960 1,467.856 Casli and cash equivalents at beginnin% of ye￿r Cash #lid Cash equivalents gt end of yeai. 2,824,020 7,212,980 I,356,164 2,824,020 16 The notes on pagos 13 10 20 fomi part of these flnancial statements. Page 13 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial statements Year ended 31 December 2024 I, General Informatlon The charitablc company is a private ¢ompany limited by guarantee without share capilal. regist¢red in Norlh¢YTr Ireland. Thc address uf the regislercd office is 9 Hightown Avenue, Ballywonard, Newiownabbey) Co Antrim, B T36 4RT. The principal acllvity of the public bcnetit entity during the year was tlie promotion of the Christian Gospel in Word and De¢d. Stotement of ¢oinpllAnc¢ 'I'heqe finanGial slateiiienLq have been prepared in a¢cordanc¥ with Accounting and Reporting by Cliarili¥s'. 8tuteinent of Reconunended Praclicc appliL&ble to chatilies preparing tlieir accounts in accurdancc with FRS 102. 'Th¢ financial Kcpi)rting Standard applicable in Ihc UK aiid Republic of Er¢land', and the Companies AL"12006. Aeeountlng pulicies Il#sis of prepArotion The finaticial stat¢mentq liave becn preparcd uiider thc bistorical cost convthlion, except for invesbnLnl¥ wliich arc included at market value. The fjiiaiicial statemcnts knvc prepared on a going COTLrcm basis which assumLS tliat th¢ company will contiiiue in o)peratioiial existeiice for the fores¥eable future. The validily of this as.suinplion depeiid8 UPOII tl)e conlinued supi)ort Iroin the coiiipaiiy's bank¢i'y and funders. Tlie tn2Stee.8 believe that it is appropriate for thc financial ylalenienls lo be prepared oil thc ¥oing oncem basis. 'ni¢ entity is a public ben¢fil enlily as defmed by FRS 102. The financial slatem¢nts are presciited iii sterling, whicli is the functional currenoy of the ¢nlity. Jiidgenients and Icey soui'ees of estimution iincertainty The preparation of the financial slateinenls requir¢s managLnient to makL judgements, egtimatcs and assiimptiong Ihtsl alyect tlie aniiMJi)Is È'eported. Tliese es¢iinatcs aiid judgeinents al'e conliiiually reviewed and are based on experience and oilier factoi's, iii¢luding exijeclations ot futur¢ eveiits that are belicved lo be i'easonable under the cirGumslanGes. 'rhe judgeinenls (apart from those involving estiin8lion8) that the Inistees liav¢ inade iii the piDccss of applyiiig the entity's accounlirig policies and Ihathav¢ the inostsignificant effect on the amounts I'ecvgrI15ed in the fiiiqincial staleiiients are as follows,. Pmperty held specifLcally lo enable A third P¢lrty to uiiderlakr pariicvllli. 8Llivities using? Il)e propeily tliat contl'ibiile to the chai'ity's ¢hai'itable piii'p05es is cl&qsÉlicd as progr8miiie i'e19ted soci&l inve8lmenls. Progi'ainnie related social iiivestrnenls iii piDperly that is let oiit lo fiii'ihei. tlie chai'ily's piii'poses by pi'oviding a seivice lo its benefi¢iaries are accounted for Ivitliin tangible fixed assets. Pagg 14 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financlal statements (contlnued) Yèar ended 31 Dècember 2024 Aecountlng PDllcle5 (coviliiuerf) Judgement$ and key sources of estlmation uncertalnty (eoiiiliiJiÉdJ Accounting estimat&% and a88uinptiims 8ie mado concerning the and, by their nattwe, will rarely equal the relat¢d actual outconie. The kcy assumptivn8 and othor 8OUI'¢LS of estimation uncertainty that hav¥ 4 significant risk of caiising a inaterial adjustment to the caTTying amounts of asseis aiid liabilities within th¢ next finaiicidl year are as follow¥: Itivestments ar¢ ¢¢irried at the mark¢t value. Market valuc is calculated with refcr¢ttce to the ncl assct value ot'ihc inV￿tMe1it. P17)perties ar¢ valued aDnu2lly usiiig market~based evidencc. Therc is however an incvitable degrce ofjudgement involved that eo¢h property is unique and value only ultimately be r¢liably tcstcd lli thc market itself. Don#tions Donaliuns ulld￿- gift aid arc acLouiited f(Ir, tQECthcr witli any relatcd tax recovcrablc, ul thc time the Eift is received. Oiher gifts received, incliidillg donaled a5srls, are included in thc accoun18 at tlie lrnstees, eslimiite of theii. value to ihe charity. excq)t whcrr il is iinpractic&bl¢ lo ascertain the value of the gift. in whi¥h ca.%e the reLeipl is disclosed a note to the account4. Resoiirces exp¢nded R￿u￿r¢¢$ expended are recognised in tbe period in which they are incurrcd. Grants, gÉft5 and doiiatioiis to other OTganigationg and individuals 8r¢ accounted for as and when approved. Charilablv expeEidiwfL C()mpiise% Iliose costs irtL'urred by tlie charily in tIiL deliv¢ry i)f ils activfilies aiid services for itb beneficiaries. 11 incliides botli cu81s that Laii bc allocated dircetly to sucli activities and those costs of an indirect nature necessary to support them. Govcrnaiice cost8 iiiclude tliose costs a550eiated with meeti1￿ the constitstional .and stattitory requii'einenls cTrf the char5ty and include tlie audit fee8 ai)d costs linked to the strategic maiiagement of the charity. All costs are allocated betwettn tlie expenditure catcgori¢s of th¢ Stateinent of financial activities on a basis desiwied to reflect the use of the resource. Costs relating to a particular activity are allu¢ated Ilircutly, others are (IPPOI'tioned 01) ali appropriate basi8. Page 15 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to th6 flnanGial statements {ttonllftued) Year endèd 31 December 2024 A¢¢ountlng polleiex (coiillntKd) Tanglble flxed Yés$etg Programme ￿lated yoctal invcslinents in property arc initially recorded at cost, which includes purchase prAW and any dir¢utly dtlribul&blc expttnditure, and subsequently staled uiider tlie revaluation model as mvdified to give & true and fAir vi¢w. Under the revalualion mod¢l, assrts carri¢d at revalued amounts arc rccorded at the fair value at the date ot revaluation less any subsequent accumulaled depreciation and subscqucnt a¢cumulated impainnent1088es. An incre&se in the carrying aniount of an ass¢t us a result of a revaluation, is rccognised in other TCLognÈsed gains and a￿UmU1atLd in the revaluulinn rcserve, except to the extent it revcrses A revaluation de¢￿ase of the Same asset previously recogtlised in re80vr¢e8 expcnd¢d. A decrease iii the carrying ainoullt of oti asset as a result ofrcvaluation, is recugnised in other TeLogni8ed gains to Ihe ext¢nl of aTLyPTeviously reLognised revaluation iiicrcase 8Lciimiilaled in equity inrespcct of that asset. Where a rcvaluation dccrease exGL"ttds the aeeumululedrcvalu&tion gaiiis accumulated iii llieiyvaluation r¢s￿ve itt re8P¢Ct of that asset, the excttss shall be recognised in ￿sOUrCeS LApencled. Progrdmme relatcd SOLial iiivestments in property Carried at revalu¢d amounts are nol stated less subsequent accuinulated depLruiation as the trustees. con8id¢r that doing so would be inislcading and would result th¢ financial statonients not givxnE A true atid fair view. Thc effect of this dcpa￿)re froiii thL Companies Acl 2006 is a decredse to deprcciation cliargL of £4,846 and a dccrca¥u to gain Oil i-¢vuluation of tangible fixed as8els of £4,%41) toi. the y¢ai- an iiiCiYd%e to geneial fi]nds of £4,846 and a dccre¢ise to revaluation reserve of £4,846 at th¢ ycar cn InveStnie￿t￿ Inveslmthits held lls fixed asset8 are inilially measured at G05t and Rre revalued a]￿U811Y to reflect open market value. Cash and ¢a$li equtvalents Cash consists of cmsli at bank arid iii hand. Fuiid Qccouiitiiig The ¢liarily lias OLie lype of futid for which it is responsible, and which requii'es separate di8closure as follow's: Uiii'esli'icledfifiirf.s Fund5 which are expendable at thc discrelioii of the Coinmillee in tlie fui'iher8tice of tlie objec18 of tlie charity, addition, funds tngly be held ID Ol-der to finanLe Lapilal iftveslinenl and working apilal. Paga 16 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial statements (tonflnued) Year ended 31 December 2024 Employee numbers The average niimber of peisong employed by the charity during the year llmouiited to Nil (2023: Nil). Doiiations Restrlcted Unre&ti'lcted Total Funds Total Fuiids unds Funds 2024 2023 Dunations Donations r¢ceived A2,248,574 12,248,574 8,980,000 Inve5tm¢nt illeome Restricted Unrestricted I'otal lllnd5 Tot.￿ Funds Flind$ ind 2024 2023 Tiiterest from r¢lated parties 422,4.52 422,452 422,452 393,441 393,441 422,452 Other Income Restrieled Unrestrictcd Totxl Fvmils Total fuiids l¢iind5 Flind¥ 2024 2023 Rental incoiiie from social investments in property 1,691 1,691 1,691 1,691 Pago 17 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notas to the flnanclal statements {eontlnu8d) Year ended 31 December 2024 Resourees expended Restricted Unr¢8trlcted Total Funds Total Funds Fiinds Funds 2024 2023 DiYec¢ cv.sls Grants for Lhurilable purposes to inslithtions Grants for cliaritable puryjoses to individuals Adininistrtitiun of grants Property managetnent costs 9.248,135 9,248,135 7,556.609 130,419 683 130,419 6Y3 73,799 9,379,237 9,379,237 7,630,408 Sil ort Cos( Govei'nance costs Tr&vel expeKJscs Bank fces 14,939 15,425 607 14,939 15,425 607 17,099 4,686 5611 30,971 9,410,208 22,353 9,410,208 7,652,761 Grants for charitable purposes to Institutions (JraTkts were made to 327 institutions throughout the year. Institution8 receiving material gr&nt8 are: CMC,T 4choes Intem&tional IFES Operation Mobilisatioii Partncrs iii S¢rviLe Stewardship Strategic Resoiirce Group Tearfund The value of grants to Cach institution i'eceiving material graiits has not been dis¢losed as in Il)¢ opitkion of the Iruste¢s il could result in seiiou8 pi'ejudice to the chaiity aiidlor the receiving iTlS1ilulion. Gi'ants c&n be split iiito th$ following calegoi'ies of ¢haritabl¢ purpose: rhe pi'evelltion or i'elief of poverly The advaiiceineiit of religioii The rllief of those iii need by re&soii', youth, age, ill-h¢allh, disability, fjiiaiicial Iiai-dsl)ip oi- othci. disadvanlageb Pago 18 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to the financial statements (¢OAtlnued) Year ended 31 December 2024 10. Avdltor's remuueration The auditor's r¢inuneration constituted an V4udil fee of £3,000 (2023; £2,500) and additional t& coiiipliance se￿iLeS of £1,000 (2023: £750) and oih¢r non-audil servicey of £1,750 (2023: £1,500)- 11. St4ff cost$ and emoluments No salaries or ivages have beLn paid to thc trugtees during the ycar (2023., £Nil). No trustee expeftses have been incU￿ed during the year (2023.. £Nil). 12. TaxatloTh I'he company is considered by IIM Revenue and Cu¥tom% a charity within the incaning of Part l of the c.0￿oratIon 'l'ax Act 2010. No taxalion ts Iherefore payable by thl company. 13. TAngible fixed 45¥ets Sottial inv&£bnents iii properly Total Cost or vxluatlon At l Jaiiuury 2024 Additions 166.137 166,137 166,137 At 31 DLccmber 2024 16&137 J)epr¢ciation At l Janu&ry 2024 atsd 31 Decembe¥ 2024 C&rrying aniount At 31 Deceiiiber 2024 166,137 166,137 Al 31 Deceiiiber 2023 Property was r¢valued on 31 Deceniber 2024 vsing market-based evidence, The trustees are of the opiiiivn that the above valuation of property Tei)resents a prudent approxiiiiotion of the open niarkel value at 31 December 2024. Page 19 ARDBARRON TRUST LIMITED COMPANY LIMITED BY GUARANTEE Notes to th& financlal statements Icontlnued) Year ended 31 December 2024 14. Invcstmellts Mov¢tnent In market value 2024 2023 MArkol value at l Januaiy Net guRns on rcvuluutiuns in the year Market value at 31 December 294,054,729 255,270,619 33,779,348 38,784,110 327,831077 294,054,729 Hislurical lost at 31 December 2,162,899 2,162,￿99 Investments relatc wliolly to sh47reliolding8 in UK relatcd parly Jol]n Hcnderson (Holdiiigs) Litnited. At 31 Dcceinbcr 2024, Ihe company holds 8,860 £1 'A' oi'diii