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2023-04-30-accounts

Charity Registration No. NIC101790

Company Registration No. NI026238 (Northern Ireland)

COUNTY TRUST LIMITED (a company limited by guarantee and not having a share capital)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

COUNTY TRUST LIMITED

CONTENTS

Page
Charity Information 1
Trustees' report 2 - 4
Statement of Trustees' responsibilities 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

COUNTY TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr B Jones
Mr I Jones
Mr G Jones
Secretary Mr B Jones
Charity number NIC101790
Company number NI026238
Principal address 4A Portora Wharf
Queen Street
Enniskillen
Co Fermanagh
BT74 7PW
Auditor Moore (N.I.) LLP
30-32 Lodge Road
Coleraine
BT52 1NB
Bankers Santander
298 Deansgate
Manchester
M3 4HH
Solicitors McFarland, Graham, McCombe
41-43 Bachelors Walk
Lisburn
BT28 1XN

COUNTY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 APRIL 2023

The Trustees present their annual report and financial statements for the year ended 30 April 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charitable Company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement 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) (effective 1 January 2019)".

Public benefits

  1. The advancement of the Christian Religion

  2. The relief of poverty

  3. The relief of hunger

  4. The relief of sickness

  5. The advancement of education and medical knowledge and research

  6. County Trust operates a centre known as ‘The Stables’ which includes meeting/function room with kitchen. There are also two townhouses attached. The direct benefit flowing from the meeting/function room is that it provides facilities to church organisations who in turn provide improvement of spiritual and emotional welfare to people across Northern Ireland. The benefit flowing from the townhouse is the provision of accommodation for a person who could not otherwise afford it. County Trust also makes grants of money to evangelists, missionaries, individuals and organisations promoting the Christian religion throughout Northern Ireland and worldwide. The direct benefits flowing from this is the support of those who in turn provide improvement of physical, mental and spiritual welfare to people across Northern Ireland and the rest of the world.

  7. County Trust makes grants of money and provides necessary items to those who cannot afford them. County Trust also makes grants to organisations working to relieve poverty worldwide such as Drop-Inn. The direct benefits flowing from this is the relief of poverty of people to whom such grants are made. County Trust’s intended beneficiaries are people living worldwide.

  8. County Trust makes grants of money to organisations working to relieve hunger worldwide. The direct benefits flowing from this is the support of the organisations to which such grants are made in turn allowing them to pursue their work with people across the world. County Trust’s intended beneficiaries are people living worldwide.

  9. County Trust seeks to provide support to sick and disabled persons generally and also to relieve mental and physical sickness of persons suffering as a result of bereavement, loss, family breakdown, addiction, redundancy or financial hardship and promote their physical, mental and spiritual welfare by providing grants of money to those people and to other organisations involved in counselling or treating those people and through the provision of equipment to organisations involved in counselling or treating those people. County Trust makes the Stables available to organisations working with people suffering from such disability. County Trust makes the second townhouse available as free halfway accommodation to those who are seeking to overcome addiction. The direct benefits flowing from this include the reduction of symptoms, stress and anxiety to people who are suffering from illness, disability, bereavement, loss, family breakdown, addiction, redundancy or financial hardship and members of their family. The beneficiaries of this purpose are mainly people living in the Fermanagh area of Northern Ireland.

  10. County Trust makes grants of money and provides equipment in support of education. For example through awarding scholarships or providing equipment to schools in underdeveloped countries. The direct benefits flowing from this is the advancement of education of people worldwide attending recognised educational institutions; particularly those who may not otherwise be able to afford such education enabling people to participate more fully in society. County Trust’s intended beneficiaries are people living worldwide. It is not intended that such grants will be made to Trustees though it is possible that equipment, at some point in the future, may be provided or money donated to a school that members of a Trustee’s extended family may then attend. This benefit would be incidental and necessary to ensure that the benefit is provided to the beneficiaries. These benefits are demonstrable from feedback and reports received from those evangelists, missionaries, individuals and organisations who have been helped. No harm arises from the meeting/function room or house being made available or from grants being made. No private benefit arises as it is not intended that any grant will be made to the Trustees of County Trust.

  11. 2 -

COUNTY TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 APRIL 2023

Achievements and performance

Financial review

The results for the year are set out on page 9. The company returned net income for the year of £479,087 (2022: net income for year of £693,399). At 30th April 2023 the total funds of the charity amounted to £8,972,242 (2022 - £8,493,155) comprised solely of general unrestricted funds.

Taxation

The company is a charity (Charity No.NIC101790) and is recognised as such by HM Revenue and Customs for taxation purposes. As a result there is no liability to taxation on any of its income.

Plans for the future

The Trustees aim to continue to operate on the same basis by providing grants to appropriate charitable causes. In terms of any future investment opportunities which may present themselves they will be looked at with caution. The property at Teeside is currently vacant. A design team have been engaged to enable refurbishment works and new enhanced entrance atriums, EV charging facilities amongst other things. It is anticipated that the significant works should be completed during 2024.

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The Trustees maintain a written risk register in order to document and review identified risks.

Structure, governance and management

The Charitable Company is a company limited by guarantee and is governed by its Memorandum and Articles of Association.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr B Jones

Mr I Jones

Mr G Jones

The management of the Charity is the responsibility of the Trustees who are elected under the terms of the Memorandum and Articles of Association.

None of the Trustees has any beneficial interest in the Charity. All of the Trustees are members of the Charity and guarantee to contribute a maximum of £10 in the event of a winding up.

Auditor

In accordance with the company's articles, a resolution proposing that Moore (N.I.) LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

So far as each person who was a Trustee at the date of approving this report is aware, there is no relevant audit information of which the Charity’s auditor is unaware. Additionally, the Trustees individually have taken all the necessary steps that they ought to have taken as Trustees in order to make themselves aware of all relevant audit information and to establish that the Charity’s auditor is aware of that information.

The Trustees' report was approved by the Board of Trustees.

Mr B Jones

COUNTY TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 APRIL 2023

Trustee

Dated: 9 January 2024

COUNTY TRUST LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 APRIL 2023

The Trustees, who are also the directors of County Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

COUNTY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COUNTY TRUST LIMITED

Opinion

We have audited the financial statements of County Trust Limited (the ‘Charitable Company’) for the year ended 30 April 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

COUNTY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNTY TRUST LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charitable Company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

COUNTY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNTY TRUST LIMITED

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

COUNTY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNTY TRUST LIMITED

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

(Senior Statutory Auditor) for and on behalf of Moore (N.I.) LLP 9 January 2024

Chartered Accountants Statutory Auditor

30-32 Lodge Road Coleraine BT52 1NB

COUNTY TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Charitable activities 3 1,222,531 999,215
Investments 4 23,803 83,688
Total income 1,246,334 1,082,903
Expenditure on:
Charitable activities 5 (767,247) (389,504)
Net income for the year/
Net movement in funds 479,087 693,399
Fund balances at 1 May 2022 8,493,155 7,799,756
Fund balances at 30 April 2023 8,972,242 8,493,155

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

COUNTY TRUST LIMITED

BALANCE SHEET

AS AT 30 APRIL 2023

Notes
Fixed assets
Intangible assets
10
Tangible assets
11
Investment properties
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds - general		 2023
£
£
18
270,811
4,250,000
4,520,829
55,341
4,645,914
4,701,255
(249,842)
4,451,413
8,972,242
8,972,242
8,972,242		 2022
£
£
612
277,792
4,250,000
4,528,404
938,840
3,220,168
4,159,008
(194,257)
3,964,751
8,493,155
8,493,155
8,493,155		 2022
£
£
612
277,792
4,250,000
4,528,404
938,840
3,220,168
4,159,008
(194,257)
3,964,751
8,493,155
8,493,155
8,493,155
4,528,404
3,964,751
8,493,155
8,493,155
8,493,155

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on 9 January 2024

Mr B Jones Trustee

Company Registration No. NI026238

COUNTY TRUST LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2023

Notes
Cash flows from operating activities
Cash generated from operations
18
Investing activities
Interest received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
1,401,943
23,803
23,803
-
1,425,746
3,220,168
4,645,914		 2022
£
£
750,488
83,688
83,688
-
834,176
2,385,992
3,220,168		 2022
£
£
750,488
83,688
83,688
-
834,176
2,385,992
3,220,168
834,176
2,385,992
3,220,168

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

1 Accounting policies

Charity information

County Trust Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 4A Portora Wharf, Queen Street, Enniskillen, Co Fermanagh, BT74 7PW .

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charitable Company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement 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) (effective 1 January 2019)". The Charitable Company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charitable Company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. The Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

All incoming resources are included in the statement of financial activities when the Charitable Company is entitled to the income and the amount can be quantified with reasonable accuracy and there is sufficient certainty that receipt of the income is considered probable. The following specific policies are applied to particular categories of income.

Investment income is included when receivable.

Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions. Grant income included in this category provides funding to support programme activities and is recognised where the entitlement, certainty of receipt and amount can be measured with sufficient reliability.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

1 Accounting policies

(Continued)

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website

33% Straight line

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% Straight line Fixtures and fittings 15% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.9 Impairment of fixed assets

At each reporting end date, the Charitable Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The Charitable Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charitable Company's balance sheet when the Charitable Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charitable Company’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charitable Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the Charitable Company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

Other income
Rental income
Government grant income		 2023
£
29,296
1,192,035
1,200
1,222,531		 2022
£
-
997,568
1,647
999,215

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2023

4 Investments

Bank interest received
Other interest received
Charitable activities
Staff costs
Depreciation and impairment
Rates
Insurance
Light and heat
Repairs and maintenance
Bank charges
Sundry expenses
Charitable donations
Rental Property expenses
Share of governance costs (see note 6)
Support costs
Audit fees
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
3,450
-
23,758
-
27,208
-
27,208		 2023
£
23,803
-
23,803
2023
£
34,936
7,575
162,730
60,668
55,801
119,255
658
2,903
244,677
50,836
740,039
27,208
767,247
2023
£
3,450
23,758
27,208
27,208		 2022
£
1,726
81,962
83,688
2022
£
34,935
7,742
221
7,246
5,638
21,401
689
2,946
270,750
27,690
379,258
10,246
389,504
2022
£
3,441
6,805
10,246
10,246

5 Charitable activities

6 Support costs

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

7 Trustees

None of the Trustees received any remuneration or benefits from the Charitable Company during the year.

8 Employees

Number of employees

The average monthly number of employees during the year was:

2023 2022
Number Number
2 2
Employment costs 2023 2022
£ £
Wages and salaries 34,614 34,485
Employer Pension 322 450
34,936 34,935

There were no employees whose annual remuneration was £60,000 or more.

9 Taxation

The company is a Charitable Company (Charity No. NIC 101790) and is recognised as such by HM Revenue & Customs for taxation purposes. As a result there is no liability to taxation on any of its income.

10 Intangible fixed assets

Intangible fixed assets
Cost
At 1 May 2022 and 30 April 2023
Amortisation and impairment
At 1 May 2022
Amortisation charged for the year
At 30 April 2023
Carrying amount
At 30 April 2023
At 30 April 2022		 Website
£
1,800
1,188
594
1,782
18
612

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2023

11 Tangible fixed assets

11
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 May 2022
301,639
23,372
At 30 April 2023
301,639
23,372
Depreciation and impairment
At 1 May 2022
30,165
17,054
Depreciation charged in the year
6,033
948
At 30 April 2023
36,198
18,002
Carrying amount
At 30 April 2023
265,441
5,370
At 30 April 2022
271,474
6,318
12
Investment property
Fair value
At 1 May 2022 and 30 April 2023		 Total
£
325,011
325,011
47,219
6,981
54,200
270,811
277,792
2023
£
4,250,000

Investment property comprises premises at 21 Townhall St, Enniskillen, BT74 7BD; Barclaycard House, Massey Road, Thornaby, Stockton-on-Tees, TS17 6EX and 20 Lackaghboy Industrial Estate, Tempo Road, Enniskillen, BT74 4RL. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30th April 2021 by the Trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Debtors
Amounts falling due within one year:
Other debtors
14
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals		 2023
£
55,341
2023
£
-
244,690
5,152
249,842		 2022
£
938,840
2022
£
34,160
156,164
3,933
194,257

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

15 Retirement benefit schemes

Defined contribution schemes

The Charitable Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charitable Company in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £322 (2022 - £450).

16 Analysis of net assets between funds

Analysis of net assets between funds
**Unrestricted ** Unrestricted
2023 2022
£ £
Fund balances at 30 April 2023 are represented by:
Intangible fixed assets 18 612
Tangible assets 270,811 277,792
Investment properties 4,250,000 4,250,000
Current assets/(liabilities) 4,451,413 3,964,751
8,972,242 8,493,155

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

17 Related party transactions

Transactions with related parties

During the year the Charitable Company entered into the following transactions with related parties:

Included within repairs and maintenance is an amount totalling £18,454 (2022 - £14,880) relating to maintenance work carried out on the Stables and the purchase of materials from B.I.G. Contracts Limited, a company owned by the Trustees of County Trust Limited. There were no amounts outstanding at the year end in respect of this (2022 - £Nil).

Included within Rental Property Expenses are amounts totalling £383 (2022 - £10,712), these amounts relate to service charges to B.I.G. Contracts Ltd from County Trust Limited, relating to Unit 3. In addition, included within Rental Property Expenses are amounts totalling £Nil (2022 - £Nil), these amounts relate to insurance charges to B.I.G. Contracts Ltd from County Trust Limited, also relating to Unit 3. At the year end £Nil (2022 - £19,282) was owed in respect of the service charges.

During the year ended 30 April 2023 a sister of the Trustees received remuneration for her services as a welfare officer totalling £20,000 (2022 - £20,000). There were no amounts outstanding at the year end in respect of this (2022 - £Nil).

During the year ended 30 April 2023 donations totalling £8,000 were made to the Sow 2 Reap Trust (2022 - £23,000). Ian Jones is the secretary of this Trust.

The key management personnel of the charity comprise the Trustees. The total employee benefits of the key management personnel of the charity were £Nil (2022 - £Nil).

COUNTY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2023

18
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Amortisation and impairment of intangible assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase in creditors
Cash generated from operations		 2023
£
479,087
(23,803)
594
6,981
883,499
55,585
1,401,943		 2022
£
693,399
(83,688)
594
7,148
130,128
2,907
750,488

19 Analysis of changes in net funds

The Charitable Company had no debt during the year.