Charity Registration No. NIC102897 Company Registration No. N1033261 (Northern Ireland) The Palatine Trust Company Limited by Guarantee Trustees. Report & Unaudited Accounts Year Ended 31 December 2024 THE PALATINE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Contents page Members of the board and professional advisors Directors annual report (2) . {31 Independent examinerfs report 14) Statement of financial activities Balance sheet Notes to financial statements THE PALATINE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Trustees James Conlon Barry Mulqueen Kieran Keville Finbar Mccormick Helen Hossack Secretary Finbar Mccomiick Charity number NIC102897 Company number N1033261 Registered office 2 William Str*t Newtownards BT23 4AH Accountants Guardian Chartered Accountants 2 William Street Nevrtovmards BT23 4AH Buslness address 38 Castle Street lQllough Downpatrtck BT30 7QQ Bankers Ulster Bank Ltd 218 Market street Dovmpatrick BT30 6BU Solicitors Clew4er. Fulton & Rankin 50 Bedford Street Belfast BT5 7FW The Palatine Trust Acom an limited b uarantee ort ofthe trustees incor oratin for the ear ended 31 December 2024 the directors. re The twstees Pfesent their report and the financial slalements for the year ended 31 December 2024. The accounts have been prepared in accordance wtth the accounling policies set out in note 1 and comply with the charity's goveming document. the Companies Act 2006 an 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in accordance wtth the financial reporting standard applicable in the UK and Republic of Ireland (FRS 102),. Structure, govemance and management Legal Status The Palatine Trust is a company limited by guarantee and is registered as a charity with HMRC. Goveman The company is governed by its Memorandum and Artide of Ass(xiation. The company is not for profit and limited by guarantee. Management The company is managed by a board of fwe Trustees wtho 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 effectrvely. The reporting requirements for each funder are maintained ar)d controlled effectively. Risk Review The direclors have assessed the major risks to vthich the charity is exposed, in particular , those risks related to the operdtions and finances of the company and are satisfied that the systems are in place to mitigate our exposure to the major risks. Objectives and activitlos Objectwes The objectives of The Palatine Trust are: to preseNe, 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 good5, antiques. second hand gotyys, bygones and artifacts generally. Achievements and performance 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 Revlew Fin8nci81 Results for 2024 The results for the year are set out on page 5. (2) The Palatine Trust Acom an limited b uarantee Re ort of the trustees incor oratin the directors. re for the ear ended 31 December 2024 ort Statement of trustees. responsibilities The twstees (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 accordance with applicable law and United Kingdom General Accepted Accounting Practirk. Company law requires the trustees to prepare financial ststements for each financial year vthich gtves a true and fair view of the state of affairs of the chartiable company and of the incoming resources and application of resources, including the inojne and expenditure, 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 in 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 ststements on the going concem basis unless it is inappropriate to presume that the charitsble company wtll continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable to ensure that the financial statements comply ￿￿th the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevents'on 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 Mccomiick Secretary Date: (3) The Palatine Trust Acom an lirnited b uarantee Inde ndent Examinerfs Re To The Truste ' of The Palatine Tn I report on the accounts of the charity for the year ended 31 December 2024 which are set out on pages 5 to 12. Respectlve responsibllities of tTUStees' and examiners The charitys trustees, who are also the dirertors of The Palatine Tust for the purposes of company law, are responsible for the preparation of the accounts. The trustees consider that an audrt is not required for this year under section 65(2) of the Charities Act (Northem Ireland) 2008, the 2008 Act and thal an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibilty to= examine the accounts under section 65(3)(a} of the 2008 Act.. to follow the procedures laid down in the general Directions given by the Charity Commi&%ion under section 65(91(b) of thè 2008 Act., and to state whether particular matters have come to my attention Basis of independent examinerfs report My examination was Carried out in accordance with the general Direction5 given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual ttems or disGlosures in the accounts, and seeknng explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence Ihat would be required in an audit and consequently no opinion is given as to whether the accourrts present a 'Iwe and fair view" and the report is limited to those matters set out in the next statement. Independent examlner's statement In connection wÉth my examination. no matter has come to my attention.. has come to my attention: (a) which gives me ￿aSOnable cause to believe that in any rnateri￿ respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 20C6'. and to prepare accounts which accord with the accounting records, comply with the accounting requirements of 3% of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practi￿.. Accounting and Reporting by Charities: have not been met or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. (b) R Colin Stewart FCA for and on bèhalf of Guardian Chartered Accountants 2 William Street Newtownards Co Down BT23 4AH Dated: 14) THE PALATINE TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDING 31 DECEMBER 2024 Unrestricted Funds Total Funds 2024 Totsl Funds 2023 Note Incoming Resources Activities for generating funds: Interest Receivable 139 Total Incoming Resources 139 Resources Expended Resour￿$ expended on fvrtherance of the Charity's objects Resources expended on managing and administering the chanty 1,209 1,209 1,257 Total Resources Expendod 1,209 1.209 1,257 Net Movement in Funds for the year (1,209) (1,209) (1,118) Total Funds Brought Forward 18,084 18,084 19,202 Total Funds Carried Forward 16,875 16,875 18,084 The charity has no recognised gains or losses other than the results for the year as set out above All income and expenditure derive from continuing activities The statement of financial actmties also complies w7th the requirements of an income and expenditure account under the Companies Act 2006 (5) THE PALATINE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed Assets Tangible Assets 936 Currènt Assets Projects in Progress Cash in Bank and in Hand 16,952 16,952 19,196 19,196 Creditors.. Amounts falling due within one year (920) {2,048} Net Current Assets 16,032 17,148 Total Asgets less Current Liabilities 16,875 18,084 Net Assets 11 16.875 18.084 Represented By: Restricted Funds 11 16,875 18.084 The directors. statements required by Section 475(2) and {3) are shown on the following page which forms part of this Balan￿ Sheet (6) The Palatine Trust Balan¢e Sheet ¢ontinued Directots. Statements required by Sectlon 475(21 and {3) for the year ended 31st December 2024 In approving these financial ststements as direciors of the company hereby confirm: (al thal for the year ststed above the company vrns entitled to the exemplion conferred by Section 477 of the Companies Act 20CkS.' (b) that no notice has been deposited at the ￿gIstered office of the company pursuant to Section 476 requesting that an audit be conducted for the year ended 31 st December 2024; and (c) that we a￿n0￿edge our responsibilities for. {1) ensuring that the company keeps acuunting records vthich comply wth Section 386.. and {2) preparing financial ststements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of Section 393 and which otherwise ￿mplY with the provisions of the Companies Act 2006 ￿lating to financial ststements. so far as applicable to the company. These accounts have been prepared in aco)rdance with the provision$ applicable to companies subject to the small companies regime. The financial statèments were approved and authorised for issue by the Board on the >>>>>>>>>>> and are signed on their behalf by.. Finbar M¢Com)ick Director Registrdtion No: N1033261 THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Note 1 Accountlng Policies Basis of accounting The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS102}, the Companies (Northern Ireland) Order 2006 and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as amended for accounts'ng 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 operational existen￿ for the foreseeable future. The validity of this assumption depends upon continued support of various agencies. Cash flow statement The directors have taken advantsge 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 with other sundry revenues. Grants Grants received, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable. Other incoming resources Incoming resources including investment income are credited to the statement of financial activities when receivable. Resources expended and apportionment Resources expended are recognised in the period in which they are incurred. The majority of costs are directly attributable to specific activities. Management and administration costs comprise expenditure incurred itself as an organisalion. Depreciation Depreciation is calculated so as to vfflte off the cost of the asset, less its estimated residual value, over the useful economic life of the asset as follows.. fjllough Yawl: Fixtures & Equipment. Exhibition Items= 100/0 reducing balan 20 % reducing balance 200￿ reducing balance Note 1 Accounting Policies (continued) Forelgn currencies The company has had no transactions in foreign 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 received which are eamiarked by the grantor for specific purposes. Such purposes are within the overall aims of the organisation b. un￿StriCted funds Funds which are expendable at the discretion of the directors in the furtherance of the objects of the charity. In addition funds rnay be held in order to finan￿ capital investment and wotking capital. For the present the Charity's policy is to hold all funds as restricted. Note 2 Investment income Total Funds 2024 Total Funds 2023 Bank interest received 139 139 Note 3 Costs in furtherance of charitable objectlves Total Funds 2024 Total Funds 2023 Repairs to Kinder House Repair to Killough C.C. Projects completed (9} THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Note 4 Resources expended on managing and administering the charity Totsl Funds 2024 Total Funds 2023 Insurance Accountancy Fees Sundry Expenses Bank charges Depreciation 72 1.020 1,138 24 93 14 105 1,209 1,257 Note 5 Total Resources expended Depreciation Other Costs Total Funds Total Funds 2024 2023 Direct charitsble expenditure Management and administration 93 1,116 1,209 1,257 93 1.11S 1,209 1,257 The Trustees did not receive any remuneration or reimbursement of expenses for the year {2023 - £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: 2024 2023 Depreciation 93 105 Note 7 Tanglble fixed assets Killough Fixtures Exhibitlon Ya & Equip Items Total Cost Balan￿ 1 January 2024 Balance 31 December 2024 10.430 10,430 7,470 7.470 6,759 6.759 24,659 24,659 Depreciation Balance 1 January 2024 Charge for year Balance 31 December 2024 9,701 72 9.773 7,270 20 7,290 6.752 23,723 93 23,816 6,753 Net book value At 31 December 2024 657 180 At 31 December 2023 729 200 936 Note 8 Amounts falling due within one year 2024 2023 Other creditors Accruals 1,128 920 2.048 920 920 THE PALATINE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2023 Note 9 Statement of Funds Balance Incoming at 01101r24 Resources Expenditure Balance at 31112124 Lottery Fund Down District Council D.O.E. Other 97.814 59,623 24.543 (163,896) 97,814 59,623 24,543 (165,105) 1,209 Unrestricted Funds 18.084 1,209 16,875 The opening balance on the lottery fund includes sundry other grants. Note 10 Analysis of Net Assets Tangible Other Fixed Assets Net Assets Total Unrestricted Funds 16,032 16,875 Note 11 Contingencles The company has a contingent liability to ￿ pay 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 Sha￿ capital. The liability of each of the members is limited to £1.