THE BUSHMILLS TRUST FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 21 CHARITY REG NO: 101319 COMPANY LIMTED BY GUARAE AND NOT HAVING A SHARE CAPITAL COMPANY NO: N1039041
THE BUSHMILLS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 cowrENTS Page Administrative d¢tails Report of the Board of Trustees Ind¢pendent Examiners. reEM)rt to the Tn Statement of fll)ancia] activities Balance sheet Notes to the financial ststements 10-15
THE BUSHMILLS TRUST FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2021 ADMINISTRATIVE DETAU Charitablt company name The Bushmills Trust Chvdrity reference number NIC 101319 Comp*ny reference number N1039041 Registered Office 4 Bushfoot Road Portballintrea Bushmills County Antrim BT57 8RR Trustees Denvyn Brewster Roy Bolton Ketrie Diane Laverty Martin Buchanan MacLaine James Hickinson McAuley - resigned 17 Semember 2020 Roben Allister Mcllroy Samuel Thompson - reslgned 17June 2021 Ray Mcmullan Robert Hedley Lymie Bryce- resigned 18 March 202J Gary Stewart Ester Dobbin Alan Maguire - appointed 16 Semember 202] Seer¢tary Kerrie Diane Laverty Independent Examlner K Higgins FCA 9 Knockanully Road martInoWn Ballymena BT43 7LZ Bank¢r8 Bank of Ireland 2 The Diamond Coleraine BT52 IDE I |Page
THE BUSHMILLS TRUST REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The Board of Tntss present their report and financial slatements of the Trust for the year ended 3 l December 2021. The Trustees have adopted the provisions of the Statement of R¢comm¢nded Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual rert and financial statements of the Trust. The financiaI staiements have been prepared in accordance with the accounting policies set out in the notes to the fllW]cial statements and comply with the Tnl'S governing d(KumenL the Charities Act (Northern Ireland) 2008. Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, and Chariti¢s SORP (FRS 102) Accounting and RertIng by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). REFERENCE AND ADMINtSTRATIVE DETAILS Reference and administrative details arc shown in the schcdule of Trustees of the Trust and professiona] advisers on page l of the financial statements. TRUSTEES The Directors of the Tn are its Trustees for the purpose of charity law. The Ttee5 who served the company during the year were as follows". Kerrie Diane Laverty Denvyn Brewster Roy Bolton Martin Buchanan MacLaine James Hickinson McAuley ReSId 17 September 2020 Robert Allister Mcllroy Samuel Thompson Robert Hedlcy Ray Mcmullan Lynne Bryc¢ Gary Stewart Ester Dobbin Alan Maguire Resigned 17 June 2021 Resigned 18 March 2021 Appointed 16 September 2021 PUBLIC BENEFIT gfATEMEKr The Directors of The Bushmills Trust ¢onfimi that they have had due regard for the guidance on Public Benefit by the Charity Commission for Northern Ireland and are pleased to report that during the period the Trust continued to provide the Public Benefits through programmes and services on offer. In particular, the directors consider how planned activities will Contribute to th¢ aims and objectives they have set. Public Benefits The dir¢ct benefits which flow from the objectives of The Bushmills TnLSt are the ownership of an 80-bed youth host¢l, manag¢d by H03t¢lling Int¢rnational Northern and environmental 21Pag¢
THE BUSHMILLS TRUST REPORT OF THE BOARD OF TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 PUBLIC BENEFfT sTATEmEr (continued) protection and improvernents. The Department of the Environmen( in collaboration with The Bushmills TrusL admini the improv¢ments. Th¢ Tn]st lists its Charitable pUrSeS as: The advancement of environmental protection or improvement. The advancement of the arts, culture, heritage and science. The advancement of citi7Mship or community developm¢nt' and The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or raci harniony or equality and diversity. OBJECTIVES AND A1vITIEs The principal objects of the Tntst are as stated in the Memorandum of Association: To promote for the public benefit the rural regeneration of Bushmills village. The Tn publishes annually the Village Guide brochure listing, with map references. all activitie places of int¢resL accommodation. resiaurants. bars and shops within 3 miles of the Village. The Cruide is replicaled in ststic panels in 5 locations in Bushmills including the Park & Ride to th¢ Giants Causeway, Bushmills Distillery, and the Visitor Infornwtion Ccntre, The Tnt ¢ontinu¢s to maintain their internationaIly acclaimed illustrated panels in windows and doors of vacant building and the wall pl4ues on kn'storic buildings with QR codes so visitors with mobile phones can access a fuller history. Each year ihe Trust erects the Lamp Post banners cclebrating mostly famous Yp]e with Ulster Scots Origins. Some of the banners are designed by Children of the village and many are regularly photographed by visitors. Covid pcautIOnS in 2021 prevented erection of the Lamp Post banners. The Trust originally secured finance to construct most of the 17 flower beds in the village and initially organised planting and maintenance. Causeway Co&st & Glens Council now administsr most of the planting, but the Tn continues to weed and generally nIntain the beds on a voluntary basis. The function room of the Bthills Youth Hostel, owned by the Tnl continues to provide a very central meeting wxnt for village adivities and is the indoor venue for the Christmas Light Switch On evening organised by groups within the Village. The Tn act as bankers and admiIllSter the income and expenditure for the Christmas Group. The Trust purchased, in 2016, the fonner National School, a listed building dating back to 1842 and 31Page
THE BUSHMILLS TRUST REPORT OF THE BOARD OF TRUSTEES (continued) FOR THE YEAR EIYDED 31 DECEMBER 2021 adjac¢nt to the Visitor InfOrntIOn Centre. The vision is for a Heritage Centre, incorporating the Visitor Infonnation Centre, hopefully largely financed with a Heritage Lottery Fund grant. Progress continues to be held back waiting completion of Council's laicsi Strategic Outline Case for the development of Bthills; incorwrating plans for the villagc to include the adjacent park ride to the Giant's Causeway. Currently some £7.5M 'levelling up, funds may be available for the development of Bushmills. To help advance the proce the Trust engaged Landscape Architects to come up with an attractive pedestrian link between the Park & Ride and the Village. A flier. with a tcar off slip for comments, w&$ circulated to all neighbours during 'lockdown' and left in all open retail outlcts. RestKinse was quite limited. but 1 Teswnses received were very positiv¢. STRUCTURE GOVERNANCE AND MANAGEMENT overnin Doeument The Bushmills Trusl is a company limited by guarantee not having a share capital and avails of the use of 'Limitd' exemption. The Company was Incorpo¢d on 01 August 2000. The Trust is gislered with the NI Charity Commission as of13 January 2015 - Charity No: 101319. Ydnisgtionydl Structure and related arties Responsibilities foi the activities of the Trust is vest1 in and carried out by a Board of Trustees which meets at intervals throughoui the period. Trustees may be app()inted by resolution of a meeling of the Board of Trustees. None of the Trustees re1Ve remuneration or other benefit from their work with the charity. Any connection bctween a TnL$ of the Charity with a contracted supplier must be disclosed io the full Board in the same way as any other contractuaI relationship with a related party. In the current year there are no such related party transactions to report. R¢eruitment a intment Induction and traini The B(}d of Trustces have been involved in the TnLSt for several years and so are familiar with its work. The Trustees regularly review the requirements of the Tn and the possibility of a need for additional Tntstees. Appropriate training and induction are available to all new Tntee8. Flnanehal rlsk mtdna ement ob eclives and licies The Trustees have overall responsibility for ensuring that th¢ Trust has in place an appropriate system of ¢ontrols. fllwicial and otherwise. The Trnstees have &8sessed the major risks to which the Trust is exFK)sed, in particular those Telat¢d to the opwations 8nd finances of the Trust and are satisfjed that systems are in place to mitigate any exposure to major risks. AcHIEVEMEs AND PERFORMANCE The Company is a non-profit making organisation. Totsl income for the year amounted to £24,773 (2020: £22,793). Income derived from charitable activities atnounted to £24,763 (2020: £22,767) and other income amounted to £10 (2020: £26). Totsl expenditure for the year amounted to £22,355 (2020: £25,171). 41Page
THE BUSHMILLS TRUST REPORT OF THE BOARD OF TRUSTEES (tonlinued) FOR THE YEAR EIYDED 31 DECEMBER 2021 The net income for the year amounted to) £2.419 {2020: (£2,379)) with net assets of £80,509 {2020: £78,091) at 31 December 2021. The Trusttts consid¢r that the TnLSt is in a satisfactory position to carry on its charitsble activities. PLANS FOR FufuRE PERIODS There are no major changes ¢nvisaged in the foreseeable firture. TRUSTEES RESPONSIBILITY STATEMEwr The TnleeS (who are also the directors of The Bushmills Trust) for the purposes of company law) are responsible for preparing the Trustees, Annual Rq)ort and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in Northern Ireland requi the directors to prepare financial statemenis for each financial period which give a true and fair view of the of the Trust and of the incoming resources and application of resources. including the income and exp¢nditure, of the Tnt for that period. In preparing these financial slatements. the directors are required to: select suitable accounting pN)licies and then apply them consistently. observe the methods and principles in the Charities SORP 2015 (FRS 102). make judgements and accounting estimales that are re&sonable and prudent. state whether applicable UK Accounting Standards have been followe4 subject to any material departures disclosed and explained in the financial statements. prepare the financiaI slatements on the going concern basis unless it is inappropriate to presume that the Trust will cL)ntinue in operation. The Trustc¢s are responsible for keepin8 proper ac£A)uniing records that disclose with reasonable accuracy al any time the financial position of the Tn and enable them to ensure that th¢ financial stalements comply with the Companies Act 2(X)6. Charities Acl (Nortbern Ireland) 2008 and The Charities {Accounts and Reports) Regulations (Northern Ireland) 2015. They are also responsible for safeguarding the assets of the Trust and hence for tskin8 reasonable steps for th¢ prevention and detection of fraud and other iryujarities. In so far as the Trnstees are aware: there is no relevant infonnation of which the Trust's independent examiner is unaware; and the Trustees have taken all steps thal they ought to have tsken to make themselves aware of any relevant infonnation and to establish that the independent cxaminer is aware of that infornti0n. 5 |1)age
THE BUSHMILLS TRUST REPORT OF THE BOARD OF TRUSTEES (¢ontinued) FOR THE YEAR ENDED 31 DECEMBER 2021 INDEPENDENT EXAMINER A resolution proposing K Higgins FCA to be re-appointcd as indcpend¢nt examiner will be put forward at the Annu General Meeting. SMALL COMPANY EXEMPTIONS This report has been prepared in accordance with the sp¢cial provisions for smaIl companies under Part 15 of the Companies Act 26. Signed, By Order of the TneeS on 22 Sep*mber 2022: Registered otTice: 4 Bushfoot Road Bushmills Co. Antrim BT57 8RR {l(P Trnstee 61Pagye
THE BUSHMILLS TRU rfDEPENDENf EXAMINER'S REPORT TO THE MEMBEIiS OF THE BUSHMILLS TRUST FOR THE YEAR ENDED 31 DECEMBER 2021 I report on the accounts of The Bushmills Trust for the year ended 31 Decemkr 2021 as set out on pages 8 to 15. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER The Trustees (who are also the directots of The B1)MillS TnLSt) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. It is my r¢sponsibility to: cxamine the accounts under section 65 of the Charities Act (Northern Ireland) 2008. follow the proc¢durcs laid down in the gcnernl Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. state whether any particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S STATEMENT I have examined your Charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charlty Commission for Northern Ireland under section 65(9Kb} of the Charities Act. My examination included a review of the accounting records kept by the Ch8rity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. My role is to slate whether any material matters have come to my attention givin8 me cause to believe: l. That ac¢ounling records were not kept in accordanee with section 386 of the Companie5 Act 2006 2. That the acuntS do not accord with those accounting records 3. That the accounts do not comply with the accounting requir¢ments of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities pr¢paring th¢ir accounts in accordance with the Financial Reprtin8 Standard applicabl¢ in the UK and Republic of Ireland. 4. That there is further inforntIon needed for a proper understanding of the accounts to reached. INDEPENDENT EXAMINER'S STATEMENr I have Completed my examinalion and have no concerns in respecl of matters (l ) to (4) listed above and, in comiection with following the directions of the Charity Commission for Northern Irelan I have found no matters that require drawing to your attention. K Higgins FCA 9 Knockanully Road Martinstown Ballymena BT43 7LZ DATE: 22 Septemb¢r 2022 71Pag¢
THE BUSHMILLS TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2021 Totsl Funds 2021 Total Funds 2020 Unrestricted Funds Restricted Funds No¢¢ Income from: Donations and leg1¢$ Charitable activities Other trading activities 24,763 io 24,763 io 22,767 26 Total Income 24,773 24,773 22,793 Expenditure on: Charitable activities Other costs 22J55 22J55 25,171 Total expenditure Net income 25.171 2,419 2A19 (2,379) Transfers between fuDds Net movement in funds 2,419 2.419 (2,379) R¢eon¢iliatlon of fvnds: Totsl funds brought forward Funds reallocated to CdItorS falling due after one year Totsl fuDds cArrl¢d forward 78,627 (536) 78,(191 80,469 81,045 (536) 80J09 78,091 The Trust has no recognis¢d gains or losses in the year other than those included in the Ststement of Financial Activities. All th¢ operations of the Tnl are cl8&8cd as conlinuing. 811'a&¥¢
THE BUsHLLs TRUST BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Fixed asgets Tangible assets 638JOI 659.545 Current assets Cash at bank and in hand 81,783 71,801 Credltors: amounts falling due within one yeAr Net eurrent 48sets 720,284 720284 71,801 731,346 Totsl a8$¢ts less Current liabilltks Credltors: amountB falling due after one year Aceruals and Deferred Income Net assets (497) (652,758) 78,091 639,774 80J09 Charity Funds Total funds 80J09 78,091 The DirectOTS are satisfied that the Company is ¢ntitled to ¢xcmption from the provisions of the Companies Act 2006 (the Act) relating lo the audil of the financial slatements for the year by virtue of section 477{2) T¢lating to small companies, and no member or members have requested an audit pursuant to section 47611) of the Act. The Directors acknowledge their resw)nsibilities for Complying with the ffquirements of the Act with respeci to accounting retords and the preparation of accounts. Approved and authorised for issue by the Trustees and are signed on their behalf by: Mr Roy Bolton. Trustee Ms Keie Laverty, Tnlee The notes on pages 10 to 15 fonn part of these financial statements. 91Pa¥e
THE BUSHMILLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 I. ACCOUNTING POLICIES (a) General information and basis of re Ydration The Bushmills Trust is a charitable company limited by guardnc and does not have any share capital. It regist¢red &8 a charity with The Charity Commission for Northern Ireland on 13 January 2015 and it is incorporated in Northern Ireland. The address of the regisred office is given in the charity infonnation on page l of these fllLgn¢iaI statements. The Trust constitutes a public benefit entity as defined by FRS 102. Statement of com liance Th¢ financial statements have been prepared in compliance with Accounting and Reporting by Chariti¢s: Stat¢ment of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Rep)rting Staodard applicable in the United Kingdom and Republic of Ireland (FRS 102). Charities Act (Northern Ireland) 2008. the Charities (Accounts and Reports) Regulations (Northern Ircland) 201. the Companies Act 2006 and UK Genernlly Accepted Practice. The financial 3tatements were prepared on the acc15 basis for the year ended 31 December 2021. The significant accounting policies applied in the preparntion of these financial statements are set out below. These liCI¢S have been consist¢ntly applied to a]1 periods presented unless otherwis¢ stated. These financial slatements have b¢en prepared under the historical cost Conventio as modified by the r¢valuation of investhients. (b) Funds Unreslricledfynds.. General funds are available for usc at the discretion of the TnL8tees in fillther&n¢e of the general objectives of the Trust which have not been designated for other puryx)se. Restrictedfvn(ts.. These are fimds that can only b¢ used for particular restricted purp>ses within the objects of the Trust. Restrictions arise when specified by the donor or when th¢ funds are raised for particular PUryK)ses. IOIPage
THE BUSHMILLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2&21 I. ACCOUNTING POLICIES (conlinued) (e) Income reco itiOD All incoming r¢sources have been includejj in the financial statements using the accruals b&sis except for donations, legacies and bequests which are included in the financial statements using the receipts b&sis. Income from government and other grants are recognised at fair value when the Tnt has entitlement after any perfornLqnce conditions have ken met. Incon]¢ from chariLqble activities includes income earned fiDm fundraising events and trading activities to raise funds for the TrusL Income is received in exchange for supplying goods and services to raise fimds and this is recognised when entitl¢meni has (Curred. iture reco nillon All expenditure is accounted for on nlS basi$ and h&8 be¢n classified under headings that aggregate ail costs related io the cat¢gory. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be mwured reliably. It is categorised und¢r the following headings: Expenditure on charitable activities includes those costs Incued by the Trust in thc dellvery of its activities and services for its benefictaries. It includes iK)th costs that can be allocafrd directly to such activities and those costs of an indirect nature necessary to support them. and Other expenditure r¢pr¢sents those Ilen not falling into the categories above. All costs are allocated b¢twe¢n the expenditure categories of the SOFA on a b&sis designed to reflect th¢ use of th¢ resource. (e) D btors Ydn edit reeeivable I gble within one ear Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairnlent are recognised in expenditure. (fj Tan ible Fixed assets Tangible fixed assets a stated at cost less accumulated depreciation and accumulated impairnient losses. Depreciation is provid on all tangible fixed assets, at rates calculated to write off the cosL less eStimed residual valu¢, of cach &sset on a systematic b&8is over its expected useful life as follows". Freehold Buildings Fixtures & Fittings 2./0 Straight Line 15.1Y/o Reducing Balance 11 |PagTe
THE BUSHMILLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 I. ACCOUNTING POLICIES (conlinued) airnient Ass¢ls not measwed at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. There are no issues not¢d with impairn]ent of SetS for the peTiOd. Grants towards capital expenditure are credited to deferred revenue over the expected useful life of the assets. Granis towards revenue expenditu are creditrd to the SOFA as the related expenditure is incurred. {1) Tax&tion No provision is required for tatiOll as the TnLSt is defined as a charitable company for taxation pwposes. ti) Goin coneern The financtal statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the l¢vel of funds held and the expected level of income and exwlditic for 12 months from authorising these financial statements. The budgeted income and expenditures are sufficient with the level of resources for the Tn to Et able to continue as a going concern. 2. INCOME FROM CHARITABLE ACTIVITIES TotAI Funds 2021 Total Funds 2020 unrestrict Re8tri¢ted funds funds YHANI Rents receivable Deferred Grants Rural development Programme Community SupEKIrt 667 4300 13,034 6,667 43110 13,034 6,667 2,800 13.300 24.763 24.763 22,767 121Page
THE BUSHMILLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2021 (eonlin4ed) INCOME FROM OTHER TRADING AcfiviTIES Total Funds 2021 Total Funds 2020 Unrestrieted Restricted nds funds National Tn & Community Activities io io 26 4. ANALYSIS OF EXPENDITURE ON CHARITABLE A1VITIEs Total Funds Totsl Funds 2021 2020 Unrestricted Restricted rund$ funds Projects Fomier National School tnsuranc¢ Bank Fees Accountancy Fees General Expenses Donations D¢preciation- Freehold Prop¢ty D¢preciation- Fixtures & Fittings 1,488 548 115 385 186 1.385 20,934 131 739 739 385 385 20,934 20,934 22J55 22J55 25,171 5. OPERATING PROFIT Owating Profit is stated after Charging: 2021 2020 Depreciation of tangible fixed assets and after ¢rediting DefeTr¢d grants 21,045 21,065 (13,034) (13,300) 131Page
THE BUSHMILLS TRUST NOTES TO THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 DECEMBER 2021 (conlinued) 6. TAXATION The Awiation is registered for VAT and ardingly. all their expenditure is exclusive of VAT incurred. 7. TANGIBLE FIXED A&SETS Freehold Building Fixtures & Flttiny Cost At l January 2021 Additions Total 1.046,709 15,528 1.062,237 At 31 December 2021 1,046.709 15,528 1,062,237 Depreeiation At l January 2021 Charge for the year At 31 DKember 2021 387,903 20.934 14,789 402,692 21.045 408.837 14,9(K) 423,737 Net book value At 31 December 2021 637072 628 638,SOO At 31 December 2020 658,806 739 659,545 8. CREDITORS: amounts fAlling due After one ye•r 2021 2020 Christmas Lights Group 497 497 9. ACCRUALS & DEFERRED 11¥4COME 2021 2020 Deferred Capital Grant Trddc Creditors VAT 638,679 385 710 651,713 385 659 639,774 652,758 141Page
THE BUSHMILLS TRUST NOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 DECEMBER 2021 9. ACCRUALS & DEFERRED INCOME (eontiDlled) Deferred Capltal Grants Balance At l January 2021 Amortisation in the Year BaIance At 31 Decemb 2021 651,713 638,679 10. RELATED PARTY TrANSACTIONS There were no related paty transactions during the lod (2020 - £Nil). 11. ETHICAL STANDARDS In common with many other organisations of our size and nature, we use our independent examiner to pr¢pare and assist in the pparation of the fllwicial stslements. 12. TRUSTEES AI¥4D KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES Th¢ Trustces neither e1Ved nor waived any remuneration durin8 the year and none ar¢ accruing pension benefits. The key management personnel are the Trustees and the total amount of employee benefits rec¢ived by key management personnel during the y¢ar was £nil {2020: £nil). There were no staff employed by the Tt during the yeor. 13. SHARE CAPITAL The company is limited by guarantee havin8 no share capital. 151Page