COMPANY REGISTRATION NUMBER: NI019138 CHARITY REGISTRATION NUMBER: 102491
THE A & D TRUST LIMITED Company Limited by Guarantee Unaudited Financial Statements
31 May 2017
NORMAN ELLIOTT & COMPANY
Chartered accountant
(DNTLA Ltd t/a Norman Elliott & Company) 18 Bachelors Walk Lisburn BT28 1XJ
THE A & D TRUST LIMITED
Company Limited by Guarantee
Financial Statements
Year ended 31 May 2017
| Page | |
|---|---|
| Directors' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the directors | 3 |
| Statement of financial activities (including income and | |
| expenditure account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Page 1
THE A & D TRUST LIMITED
Company Limited by Guarantee
Directors' Annual Report (Incorporating the Director's Report)
Year ended 31 May 2017
The directors, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 May 2017.
Reference and administrative details
Registered charity name THE A & D TRUST LIMITED
Charity registration number 102491 Company registration number NI019138 Principal office and registered 41 CULCAVY ROAD office HILLSBOROUGH CO DOWN BT26 6JD
The directors
Mrs D P BEST Mr A BEST MR R DAVIS MR S J WRIGHT
Company secretary
Accountants
Mrs D P Best Norman Elliott & Company Chartered accountant (DNTLA Ltd t/a Norman Elliott & Company) 18 Bachelors Walk Lisburn BT28 1XJ
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 31st January 1986 and registered as a charity on 6th May 2015. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association.
Objectives and activities
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Achievements and performance
The charity is a non-governmental charitable organisation with the sole aim of providing financial assistance to a variety of charity's both in the UK and overseas. In addition, we have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Page 2
THE A & D TRUST LIMITED
Company Limited by Guarantee
Directors' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 May 2017
Financial review
A financial review is contained in the body of the Accounts detailing the monies received by donations during the accounting period and the donations made by the charity to a number of organisations. The charity's funds are to be spent in the short term and so there are few funds held for long term reserves.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The directors' annual report was approved on 11 February 2018 and signed on behalf of the board of trustees by:
Mrs D P BEST Director
Mrs D P Best Charity Secretary
Page 3
THE A & D TRUST LIMITED
Company Limited by Guarantee
Independent Examiner's Report to the Directors of THE A & D TRUST LIMITED
Year ended 31 May 2017
I report on the financial statements for the year ended 31 May 2017, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
Respective responsibilities of directors and examiner
The charity's directors (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 65 of the Charities Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
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 Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity 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 the directors concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
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That accounting records were not kept in accordance with section 386 of the Companies Act 2006
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That the accounts do not accord with those accounting records
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That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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.
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That there is further information needed for a proper understanding of the accounts to be reached.
Page 4
THE A & D TRUST LIMITED
Company Limited by Guarantee
Independent Examiner's Report to the Directors of THE A & D TRUST LIMITED (continued)
Year ended 31 May 2017
Independent examiner's qualified statement
Mr Chris Adams FCA
NORMAN ELLIOTT & COMPANY Chartered accountant
(DNTLA Ltd t/a Norman Elliott & Company) 18 Bachelors Walk Lisburn BT28 1XJ
Page 5
THE A & D TRUST LIMITED
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
31 May 2017
| 2017 | 2017 | 2016 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 12,400 | 12,400 | 2,400 |
| Investment income | 6 | – | – | 3 |
| ---------------------------- | ---------------------------- | ----------------------- | ||
| Total income | 12,400 | 12,400 | 2,403 | |
| ============================ | ============================ | ======================= | ||
| Expenditure | ||||
| Expenditure on charitable activities | 7,8 | 12,184 | 12,184 | 23,443 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 12,184 | 12,184 | 23,443 | |
| ============================ | ============================ | ============================ | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net income/(expenditure) and net movement in funds | 216 | 216 | (21,040) | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 4,073 | 4,073 | 25,114 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total funds carried forward | 4,289 | 4,289 | 4,073 | |
| ============================ | ============================ | ============================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 12 form part of these financial statements.
Page 6
THE A & D TRUST LIMITED
Company Limited by Guarantee
Statement of Financial Position
31 May 2017
| Period from | ||||
|---|---|---|---|---|
| Year to | 6 May 15 to | |||
| 31 May 17 | 31 May 16 | |||
| £ | £ | £ | ||
| Current assets | ||||
| Cash at bank and in hand | 6,589 | 6,373 | ||
| Creditors: amounts falling due within one year | 12 | 2,300 | 2,299 | |
| ----------------------- | ----------------------- | |||
| Net current assets | 4,289 | 4,074 | ||
| ----------------------- | ----------------------- | |||
| Total assets less current liabilities | 4,289 | 4,074 | ||
| ----------------------- | ----------------------- | |||
| Net assets | 4,289 | 4,074 | ||
| ======================= | ======================= | |||
| Funds of the charity | ||||
| Unrestricted funds | 4,289 | 4,073 | ||
| ----------------------- | ----------------------- | |||
| Total charity funds | 13 | 4,289 | 4,073 | |
| ======================= | ======================= |
For the year ending 31 May 2017 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 11 Feb 18, and are signed on behalf of the board by:
Mrs D P BEST Director
The notes on pages 7 to 12 form part of these financial statements.
Page 7
THE A & D TRUST LIMITED
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 May 2017
1. General information
The charity is a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 41 CULCAVY ROAD, HILLSBOROUGH, CO DOWN, BT26 6JD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 6 May 15. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 16.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the directors for particular future project
or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Page 8
THE A & D TRUST LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2017
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Page 9
THE A & D TRUST LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2017
3. Accounting policies (continued)
Financial instruments (continued)
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The Company is limited by guarantee and is without a share capital.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2017 | Funds | 2016 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 12,400 | 12,400 | 2,400 | 2,400 |
| ============================ | ============================ | ======================= | ======================= |
Page 10
THE A & D TRUST LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2017
6. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2017 | Funds | 2016 | |
| £ | £ | £ | £ | |
| Bank interest receivable | – | – | 3 | 3 |
| ============== | ============== | ============== | ============== | |
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2017 | Funds | 2016 | |
| £ | £ | £ | £ | |
| Donations | 11,500 | 11,500 | 22,750 | 22,750 |
| Support costs | 684 | 684 | 694 | 693 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 12,184 | 12,184 | 23,444 | 23,443 | |
| ============================ | ============================ | ============================ | ============================ | |
| Expenditure on charitable activities by activity type | ||||
| Activities | ||||
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2017 | 2016 | |
| £ | £ | £ | £ | |
| Donations | 11,500 | – | 11,500 | 22,750 |
| Governance costs | – | 684 | 684 | 693 |
| ---------------------------- | -------------- | ---------------------------- | ---------------------------- | |
| 11,500 | 684 | 12,184 | 23,443 | |
| ============================ | ============== | ============================ | ============================ |
7. Expenditure on charitable activities by fund type
8. Expenditure on charitable activities by activity type
9. Independent examination fees
Fees payable to the independent examiner for: Independent examination of the financial statements
| Period from | ||
|---|---|---|
| Year to | 6 May 15 to | |
| 31 | May 17 | 31 May 16 |
| £ | £ | |
| 636 | 636 | |
| ============== | ============== |
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| Period from | |||
|---|---|---|---|
| Year | to | 6 May 15 to | |
| 31 May | 17 | 31 May 16 | |
| £ | £ | ||
| The average head count of employees during the year was 1 (2016: | 1). The average number of | ||
| full-time equivalent employees during the year is analysed as follows: | |||
| 2017 | 2016 | ||
| No. | No. | ||
| Number of staff - type 1 | 1 | 1 | |
| ============== | ============== |
Page 11
THE A & D TRUST LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2017
10. Staff costs (continued)
No employee received employee benefits of more than £60,000 during the year (2016: Nil).
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £1 (2016:£1).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Creditors: amounts falling due within one year
| 2017 | 2016 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 750 | 750 |
| Other creditors | 1,550 | 1,549 |
| ----------------------- | ----------------------- | |
| 2,300 | 2,299 | |
| ======================= | ======================= |
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | At | ||||||
| 1 | June | 2016 | Income | Expenditure | 31 | May 2017 | |
| £ | £ | £ | £ | ||||
| General funds | 4,073 | 12,400 | (12,184) | 4,289 | |||
| ======================= | ============================ | ============================ | ======================= |
All the funds of the company are unrestricted funds.
14. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2017 | |
| £ | £ | |
| Current assets | 4,289 | 4,289 |
| ======================= | ======================= |
15. Related parties
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Page 12
THE A & D TRUST LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2017
16. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The charity transitioned to FRS 102 on 6 May 2015.
No transitional adjustments were required in the retained funds or income or expenditure for the period.