## 

## 



## 

## 

## 

|**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<br>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<br>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||-<br>72,149,478|72,149,478|12,672,717|
|Resources expended|||||
|Charitable activities|8|-<br>(11,729,435)|(11,729,435)|(9,410,208)|
|Total resources expended||-<br>(11,729,435)|(11,729,435)|(9,410,208)|
|Net incoming resources for the year||-<br>60,420,043|60,420,043|3,262,509|
|Unrealised gains on investments|14|-<br>36,762,172|36,762,172|33,779,348|
|Net income for the year||-<br>97,182,215|97,182,215|37,041,857|
|Reconciliation of funds|||||
|Total funds brought forward||-<br>334,347,285|334,347,285|297,305,428|
|Total funds carried forward||-<br>431,529,500|431,529,500|334,347,285|





## 

|**Balance sheet**<br>**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<br>Funds<br>2025|2024|
||£<br>£<br>£|£|
|Donations|||
|Donations received|- 11,136,000 11,136,000|<br>12,248,574|
|Donated assets|- 60,595,486 60,595,486||
||- 71,731,486 71,731,486|<br>12,248,574|



## 

|nvestment income||
|---|---|
||Restricted Unrestricted Total**Funds**Total Funds|
||Funds<br>Funds<br>20252024|
||£<br>£<br>£<br>£|
|Interest from related parties|414,609<br>414,609<br>422,452|
||414,609<br>414,609<br>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||Total**Funds**||Total Funds|
|||Funds||Funds||2025|<br>2024|
|||£||£||£|£|
||_Direct Costs_|||||||
||Grants for charitable purposes to|||||||
||institutions|-|11,537,718||11,537,718||<br>9,248,135|
||Grants for charitable purposes to|||||||
||individuals|-||||||
||Administration of grants|-|150,667||150,667||<br>130,419|
||Investment property management costs|||3,540||3,540|<br>683|
|||-|11,691,925||11,691,925||<br>9,379,237|
||_Support Costs_|||||||
||Governance costs|||7,687||7,687|<br>14,939|
||Travel expenses|||29,161||29,161|<br>15,425|
||Bank fees|||662||662|<br>607|
|||||37,510||37,510|<br>30,971|
|||-|11,729,435||11,729,435||<br>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<br>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<br>Funds|2025|2024|
|||£<br>£|£|£|
||Investments in UK related patty|-<br>425,191,735|425,191,735|327,834,077|
|||-<br>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<br>Incoming|Outgoing|Gains and|Balance at|
|1 Jan 2025<br>resources|resources|losses|31 Dec 2025|
|£<br>£||jE||
|General Funds<br>334,347,285<br>72,149,478|(11,729,435)|36,762,172|431,529,500|



## 

## 

||Tangible|Net current|
|---|---|---|
||fixed assets<br>Investments|assetsTotal|
||£||
|Restricted income funds|||
|Unrestricted income funds|174,909<br>425,191,735|6,162,856<br>431,529,500|
|Total Funds|174,909<br>425,191,735|6,162,856<br>431,529,500|



## 

||Balance at|Balance at|
|---|---|---|
||1 Jan 2025|Cash flows 31 Dec 2025|
|||££|
|Cash at hand|7,212,980|(1,760,278)<br>5,452,702|
||7,212,980|(1,760,278)<br>5,452,702|



## 

## 

|<br>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|



## 

##