COMPANY REGISTRATION NUMBER NI052123
RICE FAMILY CHARITABLE TRUST
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
31 MARCH 2022
Charity Number 102871
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Financial statements
| Financial statements | |
|---|---|
| Year ended 31 March 2022 | |
| Contents | page |
| Members of the trust and professional advisers | 1 |
| Trustees Annual Report | 2 |
| Independent examiners report | 5 |
| Statement of financial activities (incorporating the income | |
| and expenditure account) | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
Page 1
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Members of the trust and professional advisers
| Registered charity name | Rice Family Charitable Trust |
|---|---|
| Charity number | 102871 |
| Company registration number | NI052123 |
| Principal and registered office | 29 Ravenhill Park |
| Belfast | |
| Co Antrim | |
| BT6 0DE | |
| Trustees | Mr D Rice |
| Mr B Rice | |
| Mr K Donaghy | |
| Accountant | BDO Northern Ireland |
| Chartered Accountants | |
| 1stFloor, Metro Building | |
| 6-9 Donegall Square South | |
| Belfast | |
| BT1 5JA |
Page 2
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Trustees annual report
Year ended 31 March 2022
The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered Office: 29 Ravenhill Park, Belfast, Co Antrim, BT6 0DE Company Registration No.: NI052123 Northern Ireland Charity Commission No.: 102871
The trustees
The trustees who served the charity during the period were as follows:
Mr D Rice Mr B Rice Mr K Donaghy
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 21 October 2004, and as such the liability of each of its members is limited. The company is governed by its board of directors who operate as detailed in the governing document for the charity, which is the Memorandum and Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Organisation
The charity is managed by the Board of Directors who may exercise all the powers of the Trust.
Objectives and activities
Purposes
The Trust exists to promote religion, advance education, promote the relief of poverty and provide facilities in the interests of social welfare for those in circumstances of need as the Board of Directors in their discretion may determine.
Activities & Beneficiaries
During the year the charity ran a number of seminars and webinars on emotional mastery and goal setting. Those trained were mainly school teachers and sports coaches. They were taught the psychoeducation associated with stress, and learned the tools used to support their own emotional wellbeing and that of the children they support. By controlling their emotions, the children will therefore be more likely to avoid worry, anxiety and depression.
The public benefits of the Trust are considered to outweigh the potential harm, and there should be no private benefit.
The trustees have taken instruction on both the Charities Act 2008 and the Companies Act 2006. They have considered in particular the obligations imposed under the public benefits test of the Charities Act 2008 and can confirm that the charity meets the criteria set down therein. Rice Family Charitable Trust became registered with The Charity Commission for Northern Ireland on 20 March 2015.
Achievements
During the year under review, a large number of teachers and sports coaches trained in this methodology have been extremely positive about the benefits.
Page 3
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Trustees annual report (continued)
Year ended 31 March 2022
Financial review
The detailed results for the period, and the company's financial position at the period end are shown in the attached financial statements.
The total unrestricted incoming resources for the period amounted to £12,040 (2021: £24), with expenditure of £6,992 (2021: £450), resulting in net incoming resources for the year of £5,048 (2021: (£426)). There were unrestricted funds of £39,653 (2021: £34,605) at the year end.
The incoming resources of the charity in the year relate to donations received.
Reserves Policy
The trustees feel that as the amount of administrative expenditure is minimal, the company does not need to hold significant amounts in reserves. At present there are positive free reserves of £39,653 (2021: £34,605). These have arisen due to the timing of income and expenditure up to the year-end date.
Statement of Compliance
In establishing the objectives and planning of distribution of grants for the year, the trustees have given careful consideration to the Charity Commission for Northern Ireland’s guidance (section 4b of the Charities Act) on public benefit to ensure that the activities have helped to achieve the trust’s purposes and provides a benefit to beneficiaries.
Trustees' responsibilities statement
The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4 RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE Trustees annual report (contiftued) Year ended 31 March 2020 Small company exemptions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. Registered office: 29 Rai'enhill Park Belfast Co Antrim BTI ODE Signed on behalf of the trustees 29 March 2023 Mr D Rice Charity Trustee
Page 5
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Independent examiners report to the charity trustees of Rice Family Charitable Trust
Year ended 31 March 2022
We report on the accounts of the company for the year ended 31 March 2022, which are set out on pages 7 to 12.
Respective responsibilities of charity trustees and examiner
As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to:
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examine the accounts under section 65 of the Charities Act
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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
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state whether particular matters have come to our attention.
Basis of independent examiner’s report
We have examined your charity accounts as required under section 65 of the Charities Act and our 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 you as charity trustees concerning any such matters.
Our 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 6
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Independent examiners report to the charity trustees of Rice Family Charitable Trust (continued)
Year ended 31 March 2022
Independent examiner’s statement
We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention.
1[st] Floor, Metro Building 6-9 Donegall Square South Belfast BT1 5JA
BDO Northern Ireland Chartered Accountants
29 March 2023
Page 7
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Statement of financial activities (incorporating the income and expenditure account)
Year ended 31 March 2022
| Restricted | Unrestricted |
Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds |
2022 | 2021 | ||
| Note | £ | £ | £ | £ | |
| Incoming resources | |||||
| Incoming resources from generating | funds: | ||||
| Donations | 4 | - | 12,040 | 12,040 | - |
| Investment income | 5 | – | 1 | 1 | 24 |
| ----------------------------------------------- | ---------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total incoming resources | – | 12,041 | 12,041 | 24 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Resources expended | |||||
| Costs of generating funds: | |||||
| Investment management costs | |||||
| Charitable activities | 6 | – | 6,993 | 6,993 | (450) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total resources expended | – | 6,993 | 6,993 | (450) | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Net incoming/(outgoing) resources | for | ||||
| the year | 7 | – | 5,048 | 5,048 | (426) |
| Unrealised gains on investments | – | – | – | – | |
| ---------------------------------------------------- | ----------------------------------------------- | ---------------------------------------------------- | ----------------------------------------------- | ||
| Net income/(expenses) for the year | – | 5,048 | 5,048 | (426) | |
| Reconciliation of funds | |||||
| Total funds brought forward | – | 34,605 | 34,605 | 35,031 | |
| ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ||
| Total funds carried forward | – | 39,653 | 39,653 | 34,605 | |
| ==================================================== | ==================================================== | ==================================================== | ==================================================== |
The Statement of Financial Activities includes all gains and losses in the year.
All of the above amounts relate to continuing activities.
The notes on pages 9 to 12 form part of these financial statements.
Page 8 RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE Balance sheet 31 March 2020 2020 2019 Note Current assets Cash at bank and in hand 39,078 39,020 Creditors: Amounts falling due within one year 4,047 3,597 Net current assets 35,031 35,423 Total assets less current liabilities 35,031 35,423 Net assets 35,031 35,423 Funds Unrestricted income funds 35,031 35,423 Total funds 35,031 35,423 The directors are satisfied that the charity is entitled to exemption from the proiiisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476(1) of the Act. The trustees acknowledge their responsibilities for: (i) ensuring that the charity keeps adequate accounting rordS which comply with section 386 of the Act, and (li) preparing financial ststements which give a true and fair view of the state of affairs of the charity as at the end of the fmancial year and of its profit or loss for the financial year in accordance with the requirements of section 393. and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the cbarity. These financial statements have been prepared in accordance with th¢ special provisions for small companies under Part 15 of the Companies Act 2006. These financial stateEnents were approved by the trustees on behalf by: 29 March 2023 and are signed on their Mr D Rice Charity Trustee CotnpatLy Registration Number. N1052123 The notes on pages 9 to 12 fomi part of these financial statements.
Page 9
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Notes to the financial statements
Year ended 31 March 2022
1. General information
The financial statements comprising the Statement of financial activities (incorporating the income and expenditure account), the Balance Sheet and the related notes constitute the individual financial statements of Rice Family Charitable Trust for the financial year ended 31 March 2022.
The charitable company is a private company limited by guarantee without share capital, registered in Northern Ireland. The address of the registered office is 29 Ravenhill Park, Belfast, Co Antrim, BT6 0DE.
The principal activity of the public benefit entity during the year was a trust established for charitable purposes, and in particular to promote religion, advance education, promote the relief of poverty and provide facilities in the interests of social welfare.
2. Statement of compliance
These financial statements have been prepared in accordance with 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), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
The financial statements are presented in sterling, which is the functional currency of the entity.
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.
The directors are of the opinion that no significant judgements were required in preparing the financial statements.
Page 10
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Notes to the financial statements
Year ended 31 March 2022
3. Accounting policies (continued)
Resources expended
Resources expended are recognised in the period in which they are incurred.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accounts fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the Statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
Fund accounting
The charity has one type of fund for which it is responsible, and which requires separate disclosure as follows:
Unrestricted funds
Funds which are expendable at the discretion of the committee in the furtherance of the objects of the charity. In addition, funds may be held in order to finance capital investment and working capital.
Cash and cash equivalents
Cash consists of cash at bank and in hand.
4. Donations
| Donations | ||||
|---|---|---|---|---|
| Restricted | Unrestricted |
Total Funds | Total Funds | |
| Funds | Funds |
2022 | 2021 | |
| £ | £ | £ | £ | |
| Donations | – | 12,040 | 12,040 | - |
| ========================== | ========================== | ========================== | ========================== |
5. Investment income
| Investment income | ||||
|---|---|---|---|---|
| Restricted | Unrestricted |
Total Funds | Total Funds | |
| Funds | Funds |
2022 | 2021 | |
| £ | £ | £ | £ | |
| Bank interest receivable | – | 1 | 1 | 24 |
| ========================== | ========================== | ========================== | ========================== |
Page 11
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Notes to the financial statements
Year ended 31 March 2022
6. Resources expended
| Resources expended | ||||
|---|---|---|---|---|
| Restricted | Unrestricted | Total Funds | Total Funds | |
| Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Direct Costs | ||||
| Grants for charitable purposes to | ||||
| institutions | – | – | – | – |
| Grants for charitable purposes to | ||||
| individuals | – | – | – | – |
| Administration of Grants | – | – | – | – |
| Investment property management costs | – | – | – | – |
| Property rental costs | – | – | – | – |
| ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | |
| – | – | – | – | |
| ==================================================== | ==================================================== | ==================================================== | ==================================================== | |
| Support Costs | ||||
| Governance Costs | – | 6,993 | 6,993 | 450 |
| Interest payable | – | – | – | – |
| ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | |
| – | 6,993 | 6,993 | 450 | |
| ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | |
| – | 6,993 | 6,993 | 450 | |
| ==================================================== | ==================================================== | ==================================================== | ==================================================== |
7. Net incoming/(outgoing) resources for the year
| This is stated after charging: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Accountants fees | 1,026 | 450 |
| ========================== | ========================== |
8. Staff costs and emoluments
No salaries or wages have been paid to employees, including the trustees, during the year.
No trustee expenses have been incurred in the year to 31 March 2022 (2021: £Nil).
9. Cash and cash equivalents
| 9. | Cash and cash equivalents | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Cash at bank | 42,177 | 39,102 | |
| =============================== | =============================== | ||
| 10. | Creditors: Amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Other creditors | 2,524 | 4,497 | |
| ========================== | ========================== |
Page 12
RICE FAMILY CHARITABLE TRUST COMPANY LIMITED BY GUARANTEE
Notes to the financial statements
Year ended 31 March 2022
11. Unrestricted income funds
| Balance at | Incoming | Outgoing | Gains and | Balance at | ||
|---|---|---|---|---|---|---|
| 1 | April 2021 | resources | resources | losses | 31 March 2022 | |
| £ | £ | £ | £ | £ | ||
| General Funds | 34,605 | 12,040 | (6,992) | – | 39,653 | |
| ==================================================== | =============================================== | =============================================== | ==================================================== | ==================================================== |
12. Restricted income funds
For the year ended 31 March 2022, the charity had £Nil (2021: £Nil) restricted income funds.
13. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Net current | ||
| assets | Total | |
| £ | £ | |
| Unrestricted Income Funds | 39,653 | 39,653 |
| ------------------------------------ | ---------------------------------------------------- | |
| Total Funds | 39,653 | 39,653 |
| ==================================== | ==================================================== |
14. Related party transactions
The Charity was under the control of the trustees throughout the current period.
During the year, a trustee donated £10,000 (2021: Nil) to the Charity. A trustee paid expenses totalling £3,597 (2021: £NIL) on behalf of the charity and the charity paid expenses on behalf of the trustee totalling £2,446 (2021: Nil). As at 31[st] March 2022 the amount owed to the trustee was £1,151 (2021: Nil).
Key Management Personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity. There was no remuneration paid to key management personnel during the year (2021: £Nil).
15. Company limited by guarantee
Rice Family Charitable Trust is a company limited by guarantee and as such does not have a share capital. The liability of each of its members is limited to £1.
16. Controlling party
During the year Rice Family Charitable Trust was under the control of its trustees.