Charity Registration No. NIC102897 Company Registration No. N10332611Northern Ireland) The Palatine Trust Company Limited by Guarantee Trustees. Report & Unauditsd Accounts Year Ended 31 December 2023
THE PALATINE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER2023 Contents page Members of the board and professional advisors (1 Directors annual report {2) 13) Independent examiners report (4) Statement of financial activrties Balance sheet (6) (7) Notes to financial statements 18) {12)
THE PALATINE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Trustees James Conlon Barry Mulqueen Kieran Keville Finbar Mccormick Helen Hossack Secretsry Finbar Mccorniick Charty number NIC102897 Company number N1033261 Reglstered office 2 William Street Newlownards 8T23 4AH Accountants Guardian Chartered Accountsnts 2 William Street Newtownards BT23 4AH Buslness addresg 38 Castle Street Killough Downpatrick BT30 7QQ Bankers Ulster Bank Ltd 218 Market Street Downpatrick BT30 6BU Solicitors Cleaver, Fulton & Rankin 50 Bedft)rd Street Belfast BT5 7FW (1)
The Palatine Trust Acom an limited b uarantee ort of the trustees inco oratin for the ear ended 31 Oecember 2023 the directors, re The trustees present their report and the financial statements for the year ended 31 Dernber 2023. The accounts have been prepared in accordan with the accounting policies 1 out in note 1 and comply with the charivs governing dlxument, the Companies Act 20C6 an 'Accounting and Reporting by Charities: statement of Recommended Practice applicable to Charities preparing their accounts in accordan with the financial reporting standard applicable in the UK and Republic of Ireland (FRS 102),. Structure. governance and management Legal Status The Palatine Trust is a company limited by guarantee and is registered as a charity with HMRC. Govemance The company is governed by its Memorandum and Artrcle of Association. The company is not for profit and limited by guarantee. Man8g8ment The company is managed by a board of fNe Tnjstees who meet regularly to discuss the current and future activities of the organisation. Financial Controls The directors feel that there are sufficient controls in the company to allow it to operate effectively. The reporting requirements for each funder are maintsined and controlled effectively. Risk Review The directors have assessed the major risks to which the charity is exposed, in particular , those risks related to the operations and finances of the company and are satisfied that the systems are in pla to mitigate our exposure to the major risks. Objectives and activitles Objectives The objectives of The Palatine Trust are". to preserve, protect and improve buildings of historic environmental and architectural interest in and around Killough, Co. Down. and the arrangement and provision of exhibitions, meetings and other leisure time activities in relation to works of art, craft goods, antiques, second hand goods, bygones and artifact5 generally. Achievements and perforniance The Palatine Trust provided historical and architectural tours of Killough during the European Heritage Open Days. Restoration works on listed building St Anne's Parish Church were also completed. Directors of The Palatine Trust have been actively engaged in this project. Financial Review Financial Results for 2023 The results for the year are set out on page S. 12)
The Palatine Trust Acom an limited b uarantee ort of the trustees inco oratin for the ear ended 31 December 2023 the directors. re ststement of trustses. responsibilities The trustees (who are also directors of The Palatine Trust for the purpose of company law) are responsible for preparing the Trustees. Annual Report and financial statements in accordan with applicable law and United Kingdom General ApIed Accounb'ng Practi. Company law requires the trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the charitable company and of the incoming reSoUrS and application of resources, including the income and expendtture, of the charitable company for that period. In preparing these financial statements, the trustees are required to-_ select suitable accounting policies and then apply them consistently,. observe the methods and principles tn the Charities SORP: make judgements and estimates that are reasonable and prudent" state whether appliable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on the going concem basis unless rt is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posttion of the charitable company and which enable to ensure that the financial ststements 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 prevention and detection of fraud and other irregularities. Small Company Exemptions This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. On behalf of the board Finbar Mccormick Secretary Date: 05 August 2024 (3)