THE PALATINE TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDING 31 DECEMBER 2022 Unrestricted Funds Total Funds 2022 Total Funds 2021 Noie Incoming Resources Activities for generattng funds: Interest Receivable 40 40 Total Incoming Resources ReSoUeS Expended Resources expended on furtherance of the Charitys objects 1,079 Resources expended on managing and adminlstering the charity 1,163 1,163 1,288 Total Resources Expended 1,163 1,163 2,367 Net Movement in Funds for the year (1.123) {1,123) (2.365) Total Funds Brought Forward 20.325 20,325 22,690 Total Funds Carried For+Rrd 19,202 19.202 The charity has no recognised galns or losses other than the results for the year as set out above All income and expenditure derive from continuing activities The ststement of financial activities also complEs with the requirements of an income and expenditure account under the Companies Act 2006 {51
THE PALATINE TRUST BALANCE SHEET AS AT31 DECEMBER 2022 2022 2021 Note Fixed Assets Tangible Assets 1.041 1.158 Current Assets Projects in Progress Cash in Bank and in Hand 19,071 19,071 20,067 20,067 Creditors.. Amounts falling due within year (910) (900) Net Current Assets 18.161 19,167 Total Assets less Current Llabilities 19,202 20,325 Net Assets 19,202 20,325 Represented By: Restricted Funds 19,202 20.325 The directors. statements required by Section 4712) and (3) are shown on the following page which fornis part of this Balance SheeL (6)
The Palatine T Balan¢e Sheet continued Directors, Statements required by Section 475(2) and13) for the year ended 31st December 2022 In approving these financial statements as directors of the company hereby confirm." (a} that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Aci 20(. (b) that no noti has been deposÈted at the registered office of the rnpanY pursuant to Seion 476 requesting that an audit be conducted for the year ended 31 st December 2020-, and (c) that we acknovAedge our responsibilities for. (1) ensuring that the company keeps accounting records vthich comply with Se(ion 386" and {2) preparing financial statements which gi a true and fair view of the state of affairs of the company as at the end of the frla1 year and of ts profft or loss for Ihe year then ended in accordan the requirement5 of Section 393 and which otherwise cornply with the provisions of the Companies Act 2006 relating to finanaal ststements. $0 far as applicable to the company. These accounts have been prepared in accordance with the provÉsb)ns applicable to companies subjwA to the small companles re9ime. The financial statements were approved and authorised for issue by the Board on the 26 July 2023 and are signed on their behaw by: Flnbar Mccornilck Director Registration No: N1033261
THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2022 Note I Accounting Policies Basis of accounting The financial statements have been prepared under the historical cost convention and in accordance wtth the Statement of Recommended Practice "Accounting and Reporting by CharTties" (FRS102), the Companies {Northern IreLgnd) Order 2006 and in accordan with the Financial Rep)rting Standard applicable in the UK and Republic of Ireland (FRS 102) as amended for accounting periods commencing from 1 January 2015. The financial ststements have ben prepared on a going cOnM basis which assumes that the company will continue in operab.onal existen for the foreseeable future. The validity of this assumption depends upon ntinUed support of various agenGies. Cash flow statement The directors have taken advantage of the exemption in Financial Reporting Standard No.1 (revised) from including a cash flow ststement in the financial statements on the grounds that the charity is small. Income Income comprises grants received and receivable together witt) other sundry revenues. Grants Grants received, including grants for the purchase of fixed assets, are recognised in full in the ststement of financial activib.es in the year in which they are receivable. Other incoming resour¢es Incoming resources including investment income are credited to the statement of financial activities when receivable. Resources expended and apportlonment Resources expended are recognised in the period in which they are incurred. The majority of costs are directly attributable to specffic ath"vrties. Management and administration costs comprise expenditure incurred itself as an organisation. Depreciation Depreciation is calculated so as to Write off the )St of the asse( less its estimated residual value, over the useful economic Irfe of the asset as follows: Kj'llough Yawl: Fixiures & Equipment: Exhibition Items: 10% reducing balance 200/0 reducing balance 20% reducing baEan (8)
Note 1 Accounting Policies (conb'nued) Foreign currencies The company has had no transactions in foreun currencies. Fund accounting The charity has different types of funds for which it is responsible. and which require separate disclosure. These are as follows: a. Restricted funds Grants receNed which are eamiarked by the grantor for specific purposes. Such purposes are wthin the overall aims of the organisation b. Unrestricted funds Funds which are expendable at the discretion of directr)rs in the furtherance of the objects of the charity. In addition funds may be held in order to finance capital investment and working capitsl. For the pr&%ent the Charitrfs policy is to hold all funds as restrtcted. Note 2 Investment income Totsl Funds 2022 Total FurKIs 2021 Bank interest r1Ved 40 40 Note 3 Costs in furtherance of charitable objectives Totsl Funds 2022 Total Funds 2021 Repairs to Kinder House Repair to Killough C.C. Projects completed 1,079 1,079
THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2022 Note 4 Resources expended on managing and administering the charity Total Funds 2022 Total Funds 2021 offi Costs Accountancy Fees Sundry Expenses Bank charges Depreciation 1,030 1,042 100 16 130 16 117 1,163 1,288 Note S Total Resources expended Depreciation Other Costs Total Funds Total Funds 2022 2021 Direct charitable expenditure 1,079 Management and administration 117 1,163 1.288 117 1,163 2,367 The Trustees did not receive any remuneration or reimbursement of expenses for the year (2021- £nil). (10
THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2022 Note 6 Net movement of funds in the year Net movement of funds is stated after charging: 2022 2021 Depreciation 117 130 Note 7 Tangible fixed assets Killough Fixtures Exhibiti'on YavA & Equip Items Total Balan 1 January 2022 Balance 31 December 2022 10.430 10,430 7.470 7,470 6,759 6,759 24.659 24,659 Depreciation Balance 1 January 2022 Charge for year Balance 31 December 2022 9.530 90 9,620 7,223 25 7,248 6,748 23,501 117 23,618 6,750 Net book value At 31 December 2022 810 1,041 At 31 December 2021 900 247 11 1,158 Note 8 Amounts falling due within one year 2022 2021 Accruals 910 910 900 900 (11
THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2022 Note 9 statement of Funds Balan Incoming at 01101122 ReSoUrS Expenditure Balance at 31112122 Lottery Fund Down District Council D.O.E. Other 97,814 59,623 24.543 (161.655) 97,814 59,623 24,543 (162.778) 40" 1,163 Unrestricted Funds 20,325 40 1,163 19,202 The opening balan on the lottery fund includes sundry other grants. Note 10 Anatysis of Net Assets Tangible Other Fixed Assets Net Assets Total Unrestricted Funds 1,041 18,161 19,202 Note 11 Contingencie8 The company has a conts'ngent liability to repay grants received should certain condits.ons under which they were awarded cease to be fulfilled. Note 12 Company limited by guardnte• The company is limited by guarantee not having a share capital. The liability of eath of the members is limited to £1. (12