R•gister8d number: N1037376 Charity number: NIC101830 THE MARTIN RESIDENTIAL TRUST {A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AEBRDISZ 2410912025 COMPANIES HOUSE
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THE MARTIN RESIDENTIAL TRUST (A company limited by guafant•e) CONTENTS Page R•f•r•nc• and administrativo details of th• charltabl• company, Its Trustees and advls•rs Trustees, report Independent audltors, report on the flnanclal statements Statement of flnancial actlvltles 7-10 11 Balance sheet 12 Statement of cash flows 13 Not•s to the financial statements 14-28
THE MARTIN RESIDENTIAL TRUST (A company Ilmited by guarante8) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Nigel McFarland Timothy Marlln Dawn Bowers Lisa McFarland Robert Greer Company registered number N1037376 Charlty reglsterod number NIC101830 Registered office 48 Ballyclare Road Glengormley 8T36 SHL Chlef exeeutlve officer Nigel McFarland Independent audltors UHY Hacker Young Fitch Limited, Stalutory Auditors Suite 2.06, Custom House Custom House Square Belfast Anlrim BT13ET Page 1
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the audited financial ststements of the charitable company for the 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that Ihe Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companvs governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their acGounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS1021 (effective 1 January 2019). Since the charitable comp8ny qualifies as small under section 382 of the Companies Act 2006. the Strategic report required of medium and large companies undar the Companies Acl 2006 Islrategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activltles Policles and obS•etlv•8 The objectives of the charitabl8 company contlnued to be that of provldlng loving care Io p8opla wlth profound learning disabilltles. which is achieved through the runnlng of a care facillty in Glengormley. b. Stratègles for a¢hl•vlng objectives The Martin Resldential Trust provides 24 hour nursing care and support lo people with profound and in many cases multiple physical disabilities at our care facility in Glengormley. We are experienced in supporting people who have conditions such ag epilepsy, Alzheimer's disease, autistic spectrum disorder, Down's syndrome. Cerebral palsy, dysphasia and musculoskeletal disorders. c. ActlvltleB undertakon to achleve obJectlve8 Within the Martln Residential Trust. we are able to provlde a safe, supportive and caring environment for vulnerable people. There is always a qualified nurse on duty and we provide a high level of staffing in order that we can approprialely support people who have complex needs. We have suitable facilities lo assist people who have physical disabilities, including overhead hoists and accessible transport. We also support people to take part in a full activity programrne that is suited to their individual needs. Activities can range from arts and crafts. cookery. sensory activities, hydrotherapy sessions and physiotherapy and the person's activity plan is suited to their assessed Individual needs. Our wide range of facilities and our breadth of experlence mean that we are able to be very responsive to Ghanges in a persons needs or health. d. Public beneflt declaratlon The dlrect publlc benefit which flows from our purpose is the provision of accommodatlon and nursing care for people Ilving In Northern Ireland who have profound18arning di5abililies. Main actlvlties undertaken to further the charitable company'5 purposes for the publlc beneflt The provision of 24 hour nursing care and support lo those people living in Northern Ireland throughout the year who have profound learning disabilities is of direct benefit to the public. These benefits can be demonstrated Ihrough, feedback from users and their relatives, nursing and medical assessment of health outcomes, and independent evaluation by regulatory bodies. In providing nursing care there is a risk associated with administering prescribed rnedical latrnents such as medicines aimed at treating heaRh conditions. These risks are medically assessed and are outweighed by ihe benefits to the seNice user. Those administering or working for the organisalions may incidentally benefit from our purpose if their relative receives nursing care. In such cases the relative must fulfil the requirements of admission and will not receive preferential treatment. Page 2
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance a. Review of activlties During the year we continued to provide 24-hour nursing care to 18 people with profound disabililies, all of whom reside permanently within th8 Home. Many of our Residents hav8 lived in th8 Home for 20+ years and we were pleased lo welcome 1 n8w Resident into the Home during 2024. Staff18V8ls remalned very stable, with only 3 new care staff and 2 new domestlc staff recruited to fill vacancles for a number of staff who left for other career opportunlties. The Home continued to employ an average of 63 people throughoul the year with no changes within the Nursing, Management or Trustee positions. Ttte Home continued to work with the local Health Trusts and RQIA lo meet our objectives and received positive feedback from inspections throughout the year. The results for Ihe year are set out in the attached financial statements that show a surplus of £72.341 (2023.. £40,310). The results and the financial position were considered satisfactory by the Trustees. b. Investment pollcy and performance T.he objective is to maximise investment income, thus limited the need to fund activities out of reserves; but the level of risk is kepl to a moderate level. We are very ably advised by Quilter Cheviot on all investment matters, and the Trustees take the view that Ihe use of undisputed expert advisors fulfils Ihe requirement ol the Trustees Acl that all investments be handled wTrlh all possible care and diligence. Financlal revlew . Going conrArn After making 8ppropriate enquiries, the Trustees have 8 reasonable expectation thal the charitable company has adequate resources to continue is operalional existence for the foreseeable fulure. For this reason, th@y continue to adopt the going concern basis in preparing the financial statemenls. Further details règarding the adoption of the going concern basis can be found in the Accounting Policies in note 2. b. Reserves pollcy The charitab18 company finished the year wilh a surplus of £182,649 (2023= £40.310) and reserves of £2,787,150 (2023.. £2.604.500) which were all unrestricted. Unrestricted funds of £2.787.150 is made up of general funds of £585.24612023- £402.596) and designaled funds of £2,201,904 (2023.. £2,201,904). The designated funds of £2,201,904 set aside by the Trustees is separately made up of.. freehold property of £1,088,802 (2023.. £1,109,169)., investment funds of £962,447 (2023.. £847,721) conslsling of the listed investments and investment properties which are held to generale additional income, and., fulure capital projects of £150,655 (2023.. £218,014). 11 is the policy of Ihe charity that unrestricted general funds which have not been designated for specific use should be maintained at a lev81 equival8nl to between three and six month's expenditure ovar the n8Xt year whlch is approximately £438,000 - £876,000. The Trustees consider that r8s8rv8s at this lev81 will 8nsure that, In the event of a significant drop in funding. they will be able to contlnue the charitable companvs current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has beer) maintained throughout the year. Page 3
THE MARTIN RESIDENTIAL TRUST {A company limited by guarantee) TRUSTEES, REPORT {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 c. Principal rfsks and uncertaintios The trustees have undertaken a comprehensive review of the principal risks 8nd uncertainties facing the charity and are satisfied that appropriate systems and procedures are in place to mitigate exposure lo these risks. The key risks identified include: Regulatory Compliance and Quality of Care= The charitable Company operates in a highly regulated environment. There is a risk of non-compliance with health and social care standards, which could impact the quality of care provided to residents. To miligate this, the chariiy maintains robust internal quality assurance processes and engages regularly wlth regulatory bodies. Staffing and Workforce Stability.. Recruiting and retaining qualified care staff remains a significanl challeng8, particularly given the specialist nature of the care provided. The charity has implemented enhanced training programmes, staff wellbeing initiatives, and competitive remuneration packages to support workforce stability. Financial Sustainability,. The charity is exposed to financial risks arising from changes in funding arrangements, inflationary pressures on operating costs, and potential reductions in local Health Trust support. The trustees regularly review the financi81 posltion and have adopted a reserves policy to ensure the charity can continue lo operale effecliv81y during periods of financial unc8rtainty. H8alth and Safety.. Giv8n Ihe vulnerability of the resldènts, there Is a hèightened rlsk associated wllh infection conlrol and safeguardlng. The charlty has robust health and safety protocols, Including regular tralnlTrg, audils, and contingency plannlng for outbreaks of Infectious diseases. Reputational Risk: As a provider of care lo profoundly disabled individuals, the charity recognises the importance of maintaining public trust. Any adverse incident could impacl stakeholder confidence. The trustees ensure transparency in reporting, maintain open communication with families and carers, and uphold hlgh standards of governance. The trustees continue to monitor these risks and review the chafitsble companls risk management fr8mework annually lo ensure it remains fit for purpose. d. Prlnclpal funding The charitable company's primary source of funding continued to be from local Health Trusts. Structure, governance and management a. Con$titutlon The Martin Residential Trust is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association on 151h November 1999. The charitable company is a registered charily with the Charity Commission in Northern Ireland under number NIC101830 and is recognised as a charity by HMRC, number XN79517. b. Methods of appolntment or electlon of Trustees As required on an ad hoc basis the board members discuss Ihe appointmenl of polenlial new members for appointment to the board. Suitable peop18 are approached and if ih8y are willing to serve on the board, Ihgir nomination is put forward for approval by the board. There is no maximum term of office. Page 4
THE MARTIN RESIDENTIAL TRUST {A company Ilmited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 structure, governance and management (conllnued) c. Organlsatlonal structure and declslon-maklng pollcies The board is responsible for the review of all activities and approval of future strategy. Meetings of the board are held a minimum of Ihree times per annum. The general manager is responsible for all day to day matters. d. Flnanclal rlsk management The Trustees have assessed the major risks lo which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for future perlods The charitable company intends to build a small facility for the benefit of profoundly disabled people al some point in the future, and have invested designated funds for this purpose. At the moment there are no definite plans or commitments in place to build this naw unit. Members. Ilabllity The Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charilable company In the event of wlndlng up. Slatemenl of Trustees, responsibllltle5 The Trustees (who are also the directors of Ihe charitable company for the purposes of company law) are responsible for preparlng the Trustees, report and the financial slatemenls in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice). Company law requif&S the Trustees to prepare financial statements for each financial Under company law, the Trustees must not approve the financial statements unless they aré satisfied that they give a true and fair view of the state of affairs of the charitable company and of Its incomlng resourc8s and application of resources, Including its income and expen(iiture, for that period. In preparlng these financlal statements, the Truslees are required lo: select suitable accounting policies and then apply them consistently.. observe the methods and princlples of the Charitles SORP IFRS 102)., make judgments and accounling estimates that are reasonable and prudent., slate whelher applicable UK Accounting Standards (FRS 102) have been followed, subject lo any material departures disclosed and explained In the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain Ihe Gharitable company's transactions and disclose with reasonable accuracy at any lime the financial position of Ihe charitable company and enable them to ensure that the financial statements 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 prev8ntion and detection of fraud and other irregularities. Page 5
THE MARTIN RESIDENTIAL TRUST {A company Ilmited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of information to audStors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitvs auditors are unaware, and that Tnjstee has iaken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to eslablish that the charitrfs auditors are aware of that infomiation. Auditors The auditors, UHY Hacker Young Fitch Limited, Statutory Auditors, have indicated their willingness lo continu8 in office. The designated Trustees will propose a motion reappointing the auclilors al a meeting of Ihe Trustees. Approved by order of the mernbers of the board of Trustees on 11 Sepiember 2025 and signed on their behalf by.. Nigol McFariand (Trustee) Lisa McFarland (Trustee) Page 6
THE MARTIN RESIDENTIAL TRUST (A cornpany limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST Oplnlon We have audited the financlal statements of The Martin Residential Trust (the 'charitable compan) for th6 year ended 31 December 2024 which Comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practice). In our opinion Ihe financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in acGordance wlth Unlt8d Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companie5 Acl 2006. Basls lor oplnlon We conducted OUT audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial stalements 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 financi81 statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe Ihat Ihe audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslon• rèlatlng to golng concem In auditing the financial slalements, we h8ve concluded that the Truslees, use of the going concern basis of accounting in the preparation of the financial statemenls is appropriate. Based on the work we have performed, we have nol identified any materlal uncertainties relating to events or conditions that, individually or collectively, may cast signlflcanl doubl on the charitable companls ability lo continue as a going concern for a period of at least Iwelve monlhs from when the financial statements are authorised for issue. Our rèsponslblllties and the responsibilities of the Truslees wlth respect to going concern are described in the relevant sectlons of Ihls report, Page 7
THE MARTIN RESIDENTIAL TRUST (A cornpany limited by guarantea) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST (CONTINUED) Other Informatlon The other information Comprises the information included in Ihe Annual report other than the financial statements and our Auditors, 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 explicitty stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomialion and, in doing so, consider whether the other informalion is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audit, or otherwise appears to be materialty misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this olher information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audlt,. the information given in the Truslees, report for the financial year for which the financial statements are prepared is consistent with the financial ststements. the Trustees, report ha$ been prepared In accordance wlth appllcable legal requlraments. Matter8 on whlch we are requlred to report by excoptlon In the lighl of our knowledge and understsnding of the charitable company and its environment obtained in the course of the audit, we have nol identified material misstalernents in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have nol bean k8pt. or returns ad8qUate for our audit hav8 not b88n received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneratlon speclfled by law are not made., or W8 havé not received 811 the informalion and explanations we require for our audlt., or the Trustees were not entitled to prepare the financial statements in accordance wilh the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responslbllltles of trustees As explalned more fulty In the Trustees, responsibllltles statement, the Trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responsible for the preparation of the financial ststements 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 malerial misstatement, whether due to fraud or error. In preparing the financial statements, the Twstees 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 alternativ8 but to do so. Page 8
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST {CONTINUED) Auditors. r8sponslbllltles for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are fr88 from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh 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 financlal statements. Irregularities, Including fraud, are instsnces of non-cofflpliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance wilh laws and regulations, was as follows. The engagement partner ensured that the engagement team colleclively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations. As part of the auéit in accordance with ISAS (UK} we exercised professional judgement and maintained professional scepticism Ihroughout the audit. We idenlifled the laws and regulations applicable lo the charitable company through discussions with directors and other management, and from our commercial knowledge and experience of the sector and we focused on specific laws and regulations which we considered may have a direct material effect on Ihe financial stalements or the operations of the charitable company, including the Companies Act 2006 and the Charities Act (Northern Ireland) 2022. We assessed the suscepiiblllty of Ihe charltabl8 company's flnanclal statements to materlal mlsstatement. Including oblalnlng an undersiandlng of how fraud mlghl occur, by maklng enquirles of management as to where they consldered there was susceptibility to fraud, their knowledg8 of actiJ81, susp8Cted and all8g8d fraud and considering the intemal controls in place to mitigat8 risks of fraud and non-compliance with laws and regulations. We obtained an understanding of internal controls relevant lo the audil in order to design audit procedures that were appropriate in the circumstances bul not for the purpose of expressing an opinion of the effectiveness of the charitble Companls internal controls. To address Ihe risk of fraud through management bias and override of controls. we performed analytical procedures to identify any unusual or unexpected relalionships- tested journal entries to identify unusual transactions; evaluated the appropriateness of accounting policies used, Including managements. use of the going concern basis of accounling, and Ihe reasonableness of accounting estimates and related disclosures made by management; and investigated the rationale behind Significant or unusual transactions. In response to the risk of. irregularities and non-compliance with laws and regulations. we designed procedures which included but were not limited to agreeing financial statement disclosures lo under1.ng supporting documentation., reading the minutes of meetings of those charged with governance: and enquiring of mar)agement as to actual and potential liligation and claims. Because of the inherent limitalions of an audll, there is a risk Ihat we will nol detect all Irregularities, including those leading lo a material misslatement in the financial statements or non-compliance wilh regulalion. This risk increases the more thal compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of inslances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves inlentional concealment, forgery, Gollusion, omission or misrepresentstion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wvM.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, report. Page 9
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST (CONTINUED) Use of our report This report is made solely to the charitab19 compansls mpmbers, 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 slate to the charitable company's members those matters we are required to stale to Ihem in an Auditors. report and for no other purpose. To the fulSt extent permitted by law, we do not aGcept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Michael Fltch LLB FCA (Senlor statutory audltor) for and on behalf of UHY Hacker Young Fitch Llmltad, Statutory Auditors Suite 2.06, Custom House Custom House Square Belfast Antrim BTI 3ET 11 Sepiember 2025 UHY Hacker Young Fllch Limited, Statutory Auditors are eligible lo act as auditors in lerms of section 1212 of Ihe Companies Acl 2006. Page 10
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 310ECEM8ER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Not• Income from: Donations, grants and legacies Charitable activities Investments 7,569 1,788,501 38,870 7,569 1,788,501 38,870 4,575 1,668, 704 28,588 Total Income 1,834,940 1,834,940 1,701.867 Expenditure on: Charitable activities 1,751,599 1,751,599 1,688,098 Total expondituro 1,751.599 1,751,599 1,688,098 Net Income before net galnsl(1088•s) on Inv•stmont8 Nel (losses)Igalns on dlsposal of inveslments Net movement in funds beloro other rocognised galnsl(loss•s) 83,341 1,033 83,341 1,033 13,769 (8,373) 84,374 84,374 5,396 Other recognisad gainsl{losses): (Lossesygains on ravaluation of flxed assets 98,275 98,275 34,914 Not movement In funds 182,649 182,649 40,370 Reconciliation of funds: Total funds broughl forward Net movement in funds 2,604,500 182,649 2,604,500 182,649 2,564,190 40,370 Total funds carrled forward 2,787,149 2,787,149 2, 604, 500 The Statement of financial activities includes all gains and losses recognised in Ihe year. The notes on pages 14 to 28 form part of these financial statements. Page11
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) REGISTERED NUMBER: N1037376 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Not• Flxed assets Tangible assets Investments Inveslrnenl property 13 15 14 1,191,537 607,447 355,000 1,204,632 582, 721 265,000 2,153,984 2,052,353 Current assets Debtors Cash at bank and In hand 16 42,301 692,673 34,947 605, 970 734,974 640,917 Creditors: amounts falling due wlthln one year 17 (101,808) (88, 770) N•t curr•nt agsetg 633,166 552, 147 Total assets less current Ilabllltles 2,787,150 2,604.500 Net assots excluding pension asset 2,787,150 2,604,500 Total not asBet8 2,787,150 2,604, 500 Charlty funds Restricted funds Unrestricted funds 19 Designated funds General funds 19 2,201,904 585,246 2,201.904 402.596 19 Total unrestricted funds 19 2,787,150 2,604,500 Total funds 2,787,150 2,604, 500 The Trustees acknowledge their responsibilities for complwng with the requirements of Ihe Act wilh respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance wilh the provision5 applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 11 September 2025 and signed on their behalf by.. Nigel McFarland (Trustee) Lisa M¢Farland (Trustee) Page 12
THE MARTIN RESIDENTIAL TRUST (A company limit•d by guaranto•) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operatlng activitie6 Net cash used in operating aclivilies 102,183 26,368 Cash flows from investing activitias Dividends, interests and ntS from inveslments Proceeds from the sale of tangible fixed assels Purchase of tanglble fixed assets Proceeds from sale of investments Purchase of Investments 38,070 4,450 (41,551) 209,671 (226,122) 28,588 16,114 (67,990) tOT,476 (96,280) Nat cash us•d in investing aetiviti•s (15,482) (12,092) Cash flows from flnanclng actlvltl08 Net cash provided by finan¢lng a¢tivitles Chango In cash and cash •qulvalont8 In the year Cash and cash equivalents al the beginning of the year 86,701 14,276 605,972 591,696 Cash and cash equlvalents at the end of the year 692,673 605,972 The noles on pagès 14 to 28 form part of Ihese financial statements Page 13
THE MARTIN RESIDENTIAL TRUST (A company limited by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General infomation The Martin Resldenlial Trust is a charilable company limited by guarantee and is incorporated and registered in Northern Ireland under company registration number N1037376. The charitable companvs regislered office is situated at 48 Ballyclare Road. Glengormley. Co. Antrim 8T36 5HL. The principal activity of the charitable company is provlding loving care to people with profound leaming disabilities. AccountSng policios 2.1 Bas18 of pr•parallon of flnanclal Statements The financial statements have been prepared in accordance wlth the Charities SORP IFRS 102) Accounting and Reporting by ChaTilies'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FSnancial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard appllcable In the UK and Republlc of Ireland (FRS 102) and the Companies Act 2006. The Mart5n Resldontlal Trust meets the definltlon of a public beneflt entlty under FRS 102. Asseis end liabilities are initially recognised at historical cost or transaction value unless otheise stated In Ihe relevant accounting policy. The following principal accounting policies have been applied.. 2.2 Golng concern The charitable companys activities, together with the factors likely lo affect its future development, performance and financial Position are set out in the Trustee's Report. The financial position of the charity. along with its policies and processes for maintaining current activity, managing its funding and its financial risk management are also set out in the Trustees Report. The charitable company continues to meet ils day lo day working capital requirements. The charity'5 forecas15 and projections show that Ihe charity will be able lo operate within its current facililies. After making enquiries. the Tru51ees have a reasonable expectation that the charity ha5 adequate resources to continue in operation for the foreseeable future. Accordingly, the Trustees continue to adopt the going concem basis in preparing the annual report and financial statements. 2.3 Income All income is recognis8d onc8 the charitable company has 8ntitlement to the income, it Is probab18 that th8 income will be received and th8 amount of income r8ceivable can be measured reliably. Glfts In klnd donated for dlstrlbutlon are Included at valuation and recognised as Income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Other income Is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the service. Page 14
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policles (continued) 2.4 Exp•ndltur• Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit ta a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is Classified by aclivity. The costs of each activity are made up of the total of direct costs and shared Costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a slngle activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of Ilme 5penl, and depreciation charges allocated on the portion of the asset's use. Expendlture on charilable activities is Incurred on directly undertaking the activities which further the charltable companls objectives, as well as any associated support costs. All expenditure is incluslve of Irrecoverable VAT. 2.5 Interest recelvable Inleresl on funds held on deposit is included when receivable and the amount can be measured reliably by the charilable company,. this is normally upon nolilication of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixod assols and depr•¢latlon Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated deprecialion and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. At each reporting date the charitable company assesses whether there is any indication of impairment. If such irbdiGation exists. the recoverable amount of the asset is determined lo be the higher of its fair value less costs to sell and its value in use. An impairmenl loss is recognised where the carrying amount exceeds the recoverable amount. Depréciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation 15 provided on the fdlowing basls: Freehold property Motor vehicles Flxtures and fittings 4Q/o reducing balance 200/0 reduclng balance 209/0 Stralght line 2.7 Inve8tmenl property Investment property is carried al fair value, detemiined annually and arrived al by the Trustees on an open market value basis by reference to market evidence of transaction prices for similar properties and advice from external valuers for comparable properties, adjusled if necessary for any difference in the nature, location or condilion of the asset. No depreciation is provided. Changes in fair value are recognised in the slalement of financial activities. Page 15
THE MARTIN RESIDENTiAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies (continued) 2.8 Investmenls Fixed asset inweslmenls are a form of financial instrumenl and are initialty recognised at their transaction cost and subsequently measured al fair value at the Balance sheet date. unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments, in the Statement of financial activities. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prapaym8nts are valu8d at Ihe amounl prepaid net of any trade discounts du8. 2.10 Cash at bank and In hand Cash al bank and In hand Includes cash and short-term hlghly Ilquld Investments wlth a short maturlty of three months or less from the date of acqulsition or opening of the deposit or similar account. 2.11 Liabilities and provislons Liabilllles are recognised when there is an obligalion at the Balance sheet dale as a result of a past event, il is probable Ihal a Iransfer ot economic benelit will be required In setllement, and the amounl of the seltlemenl can be eslimated reliably. Liabllllles are recognised at the amount that the charitable company anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.12 Flnanclal Instruments The charitable company only has financial assets and flnancial liabilities of a kind Ihat qualify as basic financial instruments. Basic financial instruments are Initially recognised at transaction value and subsequently rneasured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Penslons The charitable company operales a defined contribution pension scheme and the pension charge represents the amounts payable by Ihe charitable company to the fund in respect of the year. Page 16
THE MARTIN RESIDENTIAL TRUST (A company limlted by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {contlnued) 2.14 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been Sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the noles to the financial statements. Investment income, galns and losses are allocated to the appropriate fund, Crlllcal accountlng estlmates and ar•as of Judgment The preparatlon of the flnanclal statements requlres the use of certaln crltical 8ccounllng estimates. It also requires management lo exercis8 judgement in applying the charilable company's accounting policies. The areas involving a higher degree of judgement or complexity. or areas where assumptions and estimates are significant to the financial stalemenls, include.. The valuation of investment propety and listed Investments The estimation of useful economic lives of tangible fixed assets Estimates and underlying assumplions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the p8riod in which the estimate is revised and in any future periods affected. Page 17
THE MARTIN RESIDENTIAL TRUST (A company limited by guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations, grants and legacies Unrestrlcted funds 2024 Total funds 2024 Donations 7,569 7,569 Unrestricted funds 2023 Total funds 2023 Donations 4,575 4,575 Incomo from charltablo actlvlll•$ UnroStrl¢ted funds 2024 Total funds 2024 Income from charitable activities - Providing care for people wilh profound learning disabilities 1,788,501 1,788,501 Unrestricted funds 2023 Total funds 2023 Income from charitable activities . Providing care for people with profound learning disabilities 1,668, 704 1,668, 704 Page 18
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Inveslment income Unrestrlcted funds 2024 Total funds 2024 Inveslmenl Income - investment properties Income from listed investments Investmenl Income - cash 15.600 19,856 3,414 15,600 19,856 3,414 Tolal 2024 38,870 38,870 Unrestricted funds 2023 Total funds 2023 Investment Income - Investment propertles Income from listed investments Investment Income- cash 11,600 14,403 2, 585 11,600 14,403 2, 585 Tolal 2023 28, 588 28, 588 Analysls of oxpendlture on charitable activlties Summary by fund type Unrestrlcted funds 2024 Total 2024 Providing care for people with profound learning disabilities 1,751,599 1,751,599 Unr6strict8d funds 2023 Total 2023 Providing care for people with profound leaming disabilities 1,688,098 1,688,098 Page 19
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expenditure by activiti•s Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Providing care for people with profound learning disabilities 1.673,465 78,134 1,751,599 Activili8S undertaken directly 2023 Support cosls 2023 Total funds 2023 Providing care for people with profound learning disabilities 1,612,419 75,679 1,688,098 Net movement In funds The net movement in funds for the year is stated after charging: 2024 2023 Auditor's remuneration Depreclatlon Staff pension costs 6,015 48,043 46,982 5, 903 43. 701 42,285 101,040 91,889 10. Audltors, remunoratlon 2024 2023 Fees payable to the charitable companys auditor for the audit of Ihe charitable company's annual accounts Fees payable to the charitable company's auditor in respect of.. All non-audit services not included above 3,077 3,020 2,938 2,883 Page 20
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Staff costs 2024 2023 Wage5 and sa18ries Social security costs Contribution to defined contribution pension schemes 1,290,112 92,529 46,982 1,221,934 90,257 42,285 1,429,623 1,354,476 The average number of persons employed by the charitable company during the year was as follows.. 2024 No. 2023 No. Direct charitable Adminislratlve 59 57 63 61 The number of employees whose employe8 benefits (excluding employer pension cosls) exceeded £60,000 was.. 2024 2023 In the band £60,001- £70,000 During the year key managemenl, including two Trustees, received salaries including ernployers national insurance, pension contributions and benefits in kind totalling £114,060 {2023: £113,893). 12. Trust8e3' remuneratlon and expenses During the year, no Truslees recolved any remuneratlon or other baneflts for servlng as Trustees {2023 - £NIL). During Ihe year ended 31 December 2024. no Truslee expenses have been incurred (2Q23 - £NIL). Page 21
THE MARTIN RESIDENTIAL TRUST (A company limlted by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Tangible fixed assets Fro•hold property Motor Fixtures and vehicles flttings Total Cost or valuatlon At 1 January 2024 Additions Disposals 1,787,555 90.090 27,695 123,3001 393,426 13,856 2,271,071 41,551 (23,300) At 31 December 2024 1,787,555 94,485 407,282 2,289,322 Depreclatlon At 1 January 2024 Charge for the year On disposals 678,386 20,367 34,748 15,286 (16,697 353,305 12,390 1,066,439 48,043 (16,697) At 31 December 2024 698,753 33,337 365,695 1,097,785 N•t book value At 31 December 2024 1,088,802 61,148 41,587 1,191,537 At 31 Oecember 2023 7, 109.169 55,342 40,121 1, 204,632 14. Investment property Freehold Investment property Valuatlon At 1 January 2024 Surplus on revaluation 265,000 90,000 At 31 December 2024 355,000 The investment prop8rtles ar8 measured at fair value based on market value, as determlned by the valuer, and reflects the condltion and loGation of the properties at the reportlng date. The investment properties wer8 revalued during the year by an inéependent professional valuer who has rec8nt experience in the location and class of the properties being valued. The resulting revaluation gain of £90,000 has been recognised in the Statement of Financial Activities under'(Losses)Igains on revaluation of fixed assets.. Page 22
THE MARTIN RESIDENTJAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Fixed asset investments Listed investments Cost or valuatlon At 1 January 2024 Additions Disposals Revaluations 582,721 226,122 (209,671) 8,275 At 31 December 2024 607,447 Net book valu At 31 December 2024 607,447 At 31 De¢ember 2023 582, 721 16. Debtor8 2024 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 1,891 10,419 22,637 27,568 14,733 42,301 34,947 Page 23
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Cr•dltors: Amounts falllng due wlthin one year 2024 2023 Trade credilors other iaxalion and social security Accruals and deferred income 11,242 30,568 59,998 10,399 27,675 50,696 101,808 88, 770 18. Flnancial instruments 2024 2023 Flnanclal assots Financlal assets measured at fair value through income and expenditure 692,673 605, 970 Flnanclal assels measured at falr value through Income and exp8ndllur8 compr188 cash and cash equlvalents. Page 24
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Statement of funds Statement of funds - current year Balance at 31 Gainsl Docomber (Losses) 2024 Balance at 1 January 2024 Income Expendlture Unrestricted funds Designated funds Designated funds 2,201,904 2,201,904 General funds General Funds 402,596 1,834,941 (1,751,599) 99,308 585,246 Total Unr•8trlcled fund8 2,604,500 1.834,941 (1,751,599) 99,308 2,787,150 Statement of funds - prlor year Balance al 31 December 2023 Balance at l January 2023 Gains/ (Losses) Income Expenditure Unrestrlcted funds Deslgnated funds 2.201.904 2,201,904 General funds 341.286 21,000 1,701,867 (1,688.098J 26.541 381,596 21,000 362,286 1, 701,867 (1,688,098) 26,541 402,596 Total Unrestricted funds 2.564.190 1, 701,867 (1,688,098) 26,541 2,604,500 Page 25
THE MARTIN RESIDENTIAL TRUST (A company Ilmited by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Summary ol funds Summary of funds - current year Balance at 31 Gainsl De¢embor (Lossès) 2024 Balance at 1 January 2024 Income Expendlture Designated funds Gengral funds 2,201,904 402,596 2,201,904 585,246 1,834,941 (1,751,599) 99,308 2,604,500 1,834,941 (1,751,599) 99,308 2,787,150 Summary of fund8 - prlor year Balance at 31 December 2023 8alance at 7 January 2023 Gains/ (Losses) Income Expenditure Designated funds General funds 2.201,904 362,286 2,201,904 402,596 1,701,867 (1,688,098) 26,541 2,564, 190 1,701,867 (1,688,098) 26,541 2, 604, 500 21. Analys1$ of nel a$$•ts b•tw••n funds Analys1$ of net assets between funds - current perlod Unrnstrlcted fund8 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 1,191,537 1,191,537 607,447 607,447 355,000 355,000 734,974 734,974 (101,808) (101,808) Total 2,787,150 2,787,150 Page 26
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Analysis of net assets between funds (continued) Analys18 of n•t ag$•t8 b•tw••n funds - prior period Un$tricted funds 2023 Total funds 2023 Tangiblé fixed ass8ts Fixed asset investments Investrnenl propety Current assets Creditors due within one year 1,204, 632 582,721 265,000 640,917 (88, 770) 1, 204,632 582, 721 265,000 640,917 (88, 770) Totsl 2,604,500 2,604,500 22. Reconclllatlon of net movement In funds to net cash flow from operatlng acllvltles 2024 2023 Net Income for the perlod las per Stalemenl of Financlal Activities) 84,374 5,396 Adjustments for: Depreciation charges Dividends, interests and rents from investments Lossl(profit) on the sale of flxod assat6 Oecreasel{increase) in debtors Increase In credltors 48,043 (38,070) 2,152 (7,354) 13,038 43, 701 (28,588) {6, 782) 676 11,365 Net cash provlded by operatlng actlvltles 102,183 26,368 23. Analysis of cash and cash equivalents 2024 2023 Cash in hand 692.673 605, 972 Total cash and cash equivalents 692,673 605, 972 Page 27
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Analysis of changes in net debt At31 December 2024 January 2024 Cash flows Cash at bank and in hand 605,970 86,703 692,673 605,970 86,703 692,673 25. Penslon Commitments The chartiable company operales a defined conlribulions pension scheme. The assets of the scheme are held separalety from those of the company in an independently administered fund. The penslon cost charge represents contributions payable by the company to the fund and amounted to £46,982 (2023.. £42.592). 26. Related party tran8actlons During the year, two Trustees received salarie5 tolalling £114,060 (2023.. £113,893) including employers nalional insurance, pension contributions and benefits in kind. Salaries received were for qualifying services lo the chartiable company, and not for services as Trustees. 27. Post balance sheet evont$ The truslees have assessed events occurring after the reporting period and concluded that ther8 are rK) adjusting or non-adjusting events requiring disclosure in the financial statements. 28. Controlllng party The board of Trustees are the ultimate controlling party of the charitable company. 29. PAASE disclosure In common with many other charitable companls of our size and nature, we use our auditors to assist with the preparation of financial statements. 30. Amounts held on behalf of third parties The Company holds bank accounts on behalf of its residents. These bank accounts are not included in Ihe Tru51'5 financial slalements. At the balance sheet date, the amounts held in thes8 a¢counts amounted to £237,185 (2023.. £264,785). Page 28