| Contents | page |
|---|---|
| Members of the board and professional advisers | 1 |
| Trustees' annual report | 2 |
| Independent auditor's report to the members | 7 |
| Statement of financial activities (incorporating the income | |
| and expenditure account) | 11 |
| Balance sheet | 12 |
| Cash flow statement | 13 |
| Notes to the financial statements | 14 |
| 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 | Mr J R H Agnew |
| Mr M J Agnew | |
| Mr W Agnew |
|
| Mr I J MacCorkell | |
| Mr E J Boyle | |
| Mrs E Smyth | |
| Auditor | BDO Northern Ireland |
| Chartered accountants & statutory auditor | |
| Metro Building, 1st Floor | |
| 6-9 Donegall Square South | |
| Belfast | |
| BT1 5JA | |
| Bankers | Danske Bank |
| Donegall Square West | |
| Belfast | |
| BT1 6JS | |
| Solicitors | MLC Legal & Commercial |
| Garvey Studios | |
| 8-10 Longstone Street | |
| Lisburn | |
| BT28 1 TP |
| Restricted Unrestricted | Total Funds | Total Funds | ||
|---|---|---|---|---|
| Funds Funds |
2025 | 2024 | ||
| Note | £ | £ | £ | |
| Incoming resources | ||||
| Incoming resources from generating funds: | ||||
| Donations | 5 | 71,731,486 | 71,731,486 | 12,248,574 |
| Investment income | 6 | 414,609 | 414,609 | 422,452 |
| Other income | 7 | 3,383 | 3,383 | 1,691 |
| Total incoming resources | - 72,149,478 |
72,149,478 | 12,672,717 | |
| Resources expended | ||||
| Charitable activities | 8 | - (11,729,435) |
(11,729,435) | (9,410,208) |
| Total resources expended | - (11,729,435) |
(11,729,435) | (9,410,208) | |
| Net incoming resources for the year | - 60,420,043 |
60,420,043 | 3,262,509 | |
| Unrealised gains on investments | 14 | - 36,762,172 |
36,762,172 | 33,779,348 |
| Net income for the year | - 97,182,215 |
97,182,215 | 37,041,857 | |
| Reconciliation of funds | ||||
| Total funds brought forward | - 334,347,285 |
334,347,285 | 297,305,428 | |
| Total funds carried forward | - 431,529,500 |
431,529,500 | 334,347,285 |
| Balance sheet 31December 2025 |
|||
|---|---|---|---|
| 2025 | 2024 | ||
| Note | £ | ||
| Fixed assets | |||
| Tangible fixed assets | 13 | 174,909 | 166,137 |
| Investments | 14 | 425,191,735 | 327,834,077 |
| 425,366,644 | 328,000,214 | ||
| Current assets | |||
| Debtors | 15 | 717,809 | 442,852 |
| Cash at bank | 16 | 5,452,702 | 7,212,980 |
| 6,170,511 | 7,655,832 | ||
| Creditors: Amounts falling due | |||
| within one year | 17 | (7,655) | (1,308,761) |
| Net current assets | 6,162,856 | 6,347,071 | |
| Total assets less current liabilities | 431,529,500 | 334,347,285 | |
| Net assets | 431,529,500 | 334,347,285 | |
| Funds | |||
| Unrestricted income funds | 18 | 431,529,500 | 334,347,285 |
| Restricted income funds | |||
| Total funds | 431,529,500 | 334,347,285 |
| 2025 | 2024 | ||
|---|---|---|---|
| Note | |||
| Cash flows from operating activities | |||
| Net incoming resources | 60,420,043 | 3,262,509 | |
| Adjustments for: | |||
| Donated assets | (60,595,486) | ||
| Income from investments | (414,609) | (422,452) | |
| Changes in: | |||
| (Increase)/decrease in debtors | (282,800) | 17,200 | |
| Increase/(decrease) in creditors | (1,301,106) | 1,304,399 | |
| Net cash generated from/(used in) operating activities | (2,173,958) | 4,161,656 | |
| Cash flows from investing activities | |||
| Income from investments | 422,452 | 393,441 | |
| Acquisition of tangible fixed assets | (8,772) | (166,137) | |
| Net cash generated from investing activities | 413,680 | 227,304 | |
| Net increase/(decrease) in cash in the year | (1,760,278) | 4,388,960 | |
| Cash and cash equivalents at beginning of year | 7,212,980 | 2,824,020 | |
| Cash and cash equivalents at end of year | 16 | 5,452,702 | 7,212,980 |
| Donations | ||
|---|---|---|
| Restricted Unrestricted Total Funds | Total Funds | |
| Funds Funds 2025 |
2024 | |
| £ £ £ |
£ | |
| Donations | ||
| Donations received | - 11,136,000 11,136,000 | 12,248,574 |
| Donated assets | - 60,595,486 60,595,486 | |
| - 71,731,486 71,731,486 | 12,248,574 |
| nvestment income | |
|---|---|
| Restricted Unrestricted TotalFundsTotal Funds | |
| Funds Funds 20252024 |
|
| £ £ £ £ |
|
| Interest from related parties | 414,609 414,609 422,452 |
| 414,609 414,609 422,452 |
| 7. | Other income | ||||||
|---|---|---|---|---|---|---|---|
| Restricted Unrestricted Total Funds | Total Funds | ||||||
| Funds | Funds | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Rental income from social investments | |||||||
| in property | 3,383 | 3,383 | 1,691 | ||||
| 3,383 | 3,383 | 1,691 | |||||
| 8. | Resources expended | ||||||
| Restricted | Unrestricted | TotalFunds | Total Funds | ||||
| Funds | Funds | 2025 | 2024 |
||||
| £ | £ | £ | £ | ||||
| Direct Costs | |||||||
| Grants for charitable purposes to | |||||||
| institutions | - | 11,537,718 | 11,537,718 | 9,248,135 |
|||
| Grants for charitable purposes to | |||||||
| individuals | - | ||||||
| Administration of grants | - | 150,667 | 150,667 | 130,419 |
|||
| Investment property management costs | 3,540 | 3,540 | 683 |
||||
| - | 11,691,925 | 11,691,925 | 9,379,237 |
||||
| Support Costs | |||||||
| Governance costs | 7,687 | 7,687 | 14,939 |
||||
| Travel expenses | 29,161 | 29,161 | 15,425 |
||||
| Bank fees | 662 | 662 | 607 |
||||
| 37,510 | 37,510 | 30,971 |
|||||
| - | 11,729,435 | 11,729,435 | 9,410,208 |
| Tangible fixed assets | ||
|---|---|---|
| Social | ||
| investments | ||
| in property | Total | |
| £ | £ | |
| Cost or valuation | ||
| At 1 January 2025 | 166,137 | 166,137 |
| Additions | 8,772 | 8,772 |
| At 31 December 2025 | 174,909 | 174,909 |
| Depreciation | ||
| At I January 2025 and 31 December 2025 | ||
| Carrying amount | ||
| At 31 December 2025 | 174,909 | 174,909 |
| At 31 December 2024 | 166,137 | 166,137 |
| Investments Movement in market value |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Market value at 1 January | 327,834,077 | 294,054,729 |
| Additions | 60,595,486 | |
| Net gains on revaluations in the year | 36,762,172 | 33,779,348 |
| Market value at 31 December | 425,191,735 | 327,834,077 |
| Restricted Unrestricted | Total Funds | Total Funds | ||
|---|---|---|---|---|
| Funds Funds |
2025 | 2024 | ||
| £ £ |
£ | £ | ||
| Investments in UK related patty | - 425,191,735 |
425,191,735 | 327,834,077 | |
| - 425,191,735 |
425,191,735 | 327,834,077 | ||
| 15. | Debtors | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Concessionary loans | 303,200 | 20,400 | ||
| Amounts owed by related parties | 414,609 | 422,452 | ||
| 717,809 | 442,852 |
| 16. | Cash and cash equivalents | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Cash at bank | 5,452,702 | 7,212,980 | |
| 17. | Creditors: Amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accruals | 6,645 | 6,645 | |
| Amounts owed to related parties | 1,010 | 1,302,116 | |
| 7,655 | 1,308,761 |
| Unrestricted income funds | |||
|---|---|---|---|
| Balance at Incoming |
Outgoing | Gains and | Balance at |
| 1 Jan 2025 resources |
resources | losses | 31 Dec 2025 |
| £ £ |
jE | ||
| General Funds 334,347,285 72,149,478 |
(11,729,435) | 36,762,172 | 431,529,500 |
| Tangible | Net current | |
|---|---|---|
| fixed assets Investments |
assetsTotal | |
| £ | ||
| Restricted income funds | ||
| Unrestricted income funds | 174,909 425,191,735 |
6,162,856 431,529,500 |
| Total Funds | 174,909 425,191,735 |
6,162,856 431,529,500 |
| Balance at | Balance at | |
|---|---|---|
| 1 Jan 2025 | Cash flows 31 Dec 2025 | |
| ££ | ||
| Cash at hand | 7,212,980 | (1,760,278) 5,452,702 |
| 7,212,980 | (1,760,278) 5,452,702 |
follows: |
||
|---|---|---|
| 2025 | 2024 | |
| Not later than I year | 3,383 | 3,383 |
| Later than I year but not later than 5 years | 8,457 | 11,840 |
| 11,840 | 15,223 |
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Henderson Wholesale Limited | 4,133,000 | 5,671,328 |
| Henderson Retail Limited | 4,739,000 | 4,478,277 |
| Henderson Foodservice Limited | 1,717,000 | 1,478,827 |
| Henderson Technology Limited | 346,000 | 256,163 |
| John Henderson (Mallusk) Limited | 201,000 | 363,405 |
| 11,136,000 | 12,248,000 |