THE PALATINE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2023 Unresiricted Funds Totsl Funds 2023 Total Funds 2022 Note Incoming Resources Activities for generating fiJnds- Interest Re1vable 139 139 40 Total Incoming Rèsources 139 139 40 Resources Expended Resources expended on furtherance of the Charitys objects Resources expended on managing and administering the charity 1.257 1,257 1,163 Total Resources Expended 1,257 1.257 1,163 Net Movement in Funds for the year (1,118) (1.118) (1,123) Total Funds Brought FoTward 19,202 19,202 20,325 Total Funds Carried Forward 18,084 18,084 19,202 The chariiy has no recognised gains or losses other Ihan the results for the year as set out above Ail income and expenditure derive from continuing activities The statement of financial activities also complies with the reqU1ments of an income and expenditure account under the Companies Act 2006
THE PALATINE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed Assets Tangible Assets 936 1,041 Current Assets Projects in Progress Cash in Bank and in Hand 19,196 19,196 19,071 19,071 Creditors: Amounts falling due within one year (2,048) (910) Net Current Assets 17,148 18,161 Total Assets less Current Llabilities 18,084 19,202 Net Assets 18,084 19,202 Represented By: Restricted Funds 11 18.084 19,202 The directors, statements qUired by Sects'on 475(2) and {3) are shown on the following page which fomis part of this Balan Sheet. (6)
The Palatine Trust Balance ShÈet continued Dire¢tOf5' Ststements required by Section 475{2) and13) for the year ended 31st December 2023 In approving these finanaal statements as directors of the company we hereby confirm: (a) that for the year stated above the company was entitled to the exemption conferred by Sedion 477 of the Companies Act 2006. (b) th2t no notice has been deposited at the registered Offi of the company pursuant to Section 476 requesting that an audit be conducted for the year ended 31st December 2020; and (c) that we ackn¢)wledge our responsibilibes for.. (1) ensuring that the company keeps a¢countin9 records which comply with Section 386., and (21 preparing finan¢Éal statemerrts which give a true and fair view of the state of affairs of the company as at the end of the financ4al year and of rls profit or loss for the year then ended in accordan with the requirements of Section 393 and which otherwise comply with the provisions of the Companies Act 2006 relating to financial statements, so far as applicable to the company. These accounts have been prepared in accordance viith Ihe provisions applicable to COTnpanies subject to the small companies regime. The financial statements were approved and authorised for issue by the Board on the 5 Au9USt 2024 and are signed on their behalf by.. y.L. Finbar McCoTmick Director Registrdtion No: N1033261
THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Note 1 Accounting Policies Basis of accounting The financial statements have been prepared under the historical cost convention and in accordan with the Statement of Recommended Practi Accounting and Reporting by Charities" (FRS102), the Companies (Northem Ireland) Order 2006 and in accordan wrth 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 statements have been prepared on a going concern basis which assumes that the company will continue in operatsonal existen for the foreseeable future. The validity of this assumption depends upon continued support of various agencies. Cash flow statement The directors have tsken advantage of the exemption in Financial Reporting Standard No.1 (revised) from including a cash flow statement in the financial statements on the grounds that the charty is small. Income Income comprtses grants received and receivable together with other sundry revenues. Grants Grants received, including grants for the purchase of fixed assets, are recognised in full in the statement of financial acbviknes in the year in which they are receivable. Other incomlng resources Incoming reSoUrS including investment income are credited to the statement of financial acb'vities when re1Vable. Resources expended and apportionment Resources expended are recognised in the period in which they are incurred. The majority of costs are directly attributable to specrfic activities. Management and administrats'on costs comprise expenditure incurred itself as an organisation. Deprèciation Depreciation is calculated so as to write off the cost of the assec less its estimated residual value, over the useful econornic life of the asset as folli)ws: Killough Yawl.. Fixtures & EquipmenL Exhibition Items= 100A reducing balance 20'h reducing balan 20% reducing balance {8}
Note 1 Accounting Policies (continued) Foreign currencies The company has had no transactions in foreign currencies. Fund accounting The charity has different types of funds for which rt is responsible. and vthich require separate disclosure. These are as follows.. Restricted funds Grants received which are earynarked by the grantor for specific purposes. Such purposes are within the overall aims of the organisation b. Unrestricted funds Funds which are expendable at the discretion of the directors in the furtheran of the objects of the charity. In addition funds may be held in order to finance capital investment and working capital. For the present the Charity's policy is to hokl all funds as restricted. Note 2 Investment income Total Funds 2023 Total Funds 2022 Bank interest received 139 40 139 40 Note 3 Costs in furtherance of charltable objectives Totsl Funds 2023 Total Funds 2022 Repairs to Kinder House Repair to Killough C.C. Projects Mpleted (9)
THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Note 4 Resources expended on managing and administering the charty Total Funds 2023 Total Funds 2022 Office Costs Accountancy Fees Sundry Expenses Bank charges Depreciation 1.138 1,030 14 105 16 117 1,257 1,163 Note 5 Total Resources expended Depreciation Other Costs Total Funds Total Funds 2023 2022 Direct charitable expenditure Management and administration 105 1.152 1,257 1.163 105 1,152 1,257 1,163 The Trustees did not receive any remuneration or reimbursement of expenses for the year (2022 - £nil). {10)
THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Note 6 Net movement of funds in the year Net movement of funds is stated after charging.. 2023 2022 Depreciation 105 117 Note 7 Tangible fixed assets Killough Fixtures Exhibition Yawl & Equip Items Total Cost Balan l JanLJary 2023 Balance 31 December 2023 10.430 10,430 7.470 7,470 6,759 6,759 24,659 24,659 Depreciation Balan 1 January 2023 Charge for year Balance 31 December 2023 9.620 81 9.701 7,248 22 7,270 6,750 23,618 105 23,723 6,752 Net book value At 31 December 2023 729 200 936 At 31 December 2022 810 222 1,041 Note 8 Amounts falling due within one year 2023 2022 Other creditors Accruals 1,128 910 2,038 910 910 111)
THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Note 9 Statement of Funds Balan Incoming at 01101123 Resources Expenditure Balan at 31112123 Lottery Fund Down District Council D.O.E. Other 97,814 59,623 24,543 (162,778) 97,814 59,623 24,543 (163,896) 139 1,257 Unrestricted Funds 19,202 139 1,257 18,084 The opening balan on the lottery fund includes sundry other grants. Note 10 Analysis of Net Assets Tangible Other Fixed Assets Net Assets Total Unrestricted Funds 936 17,148 18,084 Note 11 Contingencies The company has a contingent liability to repay grants received should certain conditions under which they were awarded cease to be fulfilled. Note 12 Company limited by guarantee The company is limited by guarantee not having a share capitsl. The liability of each of the members is limited to £1. 112)