Drumcree Community Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure a¢¢ount) Year ended 31 December 2018 2018 Reslricled Endowment funds funds Total funds 2017 Unreslricled funds Total funds Not8 Income and endowments Donations ani5 legacies Other trading activities Other income 13,359 88,826 102,185 85,305 148} 4,567 3,700 3.700 Total incomo 17,059 88.826 105,885 89,824 Expenditure Expenditure on charitable activities 29,833 88.826 9,285 127.944 109,812 Total expenditure 29,833 88.826 9,285 127,944 109.812 Net expendllure and nel movement in funds 112,7741 19,2851 122.0591 119,988} Reconciliation of funds Total funds brought forward Total funds carrled fO￿ard 114.6131 127,3871 396,188 381,575 401,563 381.575 386,9Q3 359.516 The slalemenl ol financial activities includes all gains and losses recognised in the year. All income and expenditure derDie from continuing aclivilies. The notes on pages 11 to 19 form part of these linancial statements. Drumcree Community Trust Company Limited by Guarantee Statement of Financial Position 31 December 2018 2018 2017 Note Fixed asspts Tangible fixecS assets 14 407,216 417.401 Current assets Cash al bank and in hand 18,751 18.586 Creditors: amounts falling due within one year Net current Ilabllitles 15 66,4S1 54,412 47,700 35,826 Tolal a55els less current Ilabllltles 359,516 359,516 381,575 Nel assets 381,575 Funds of the charlly Endowment lunds Unrestricted funds 386,903 127.3871 359,516 396, 188 114,6131 381,575 Total charlty funds 16 For the year ending 31 December 2018 the charity was enlilled lo exemption from audil under section 477 of the Companies Act 2006 relating lo small companies. Directors. responsibilities.. The membeTS have not required the Gompany lo obtain an audit DI ils financial stalemenls lor the year in question in accordance with section 476., The directors acknowledge their responsibilities fof complying with the requirements ol the Act with respect to accounting recoid5 and the pieparalion of financial slalemenls. These financial slalemenls have been prepared in accordance wilh the provisions applicable lo companies subjecl lo the small companies, regime. These financial slalemenls were approved by Ihe board of tru51ees and aulhorised lor issue on 27 November 2019, and afe signed on behalf of the board by.. QILeL& Collelle Mercer Isecrelaryl Trustee Breandan Mac Cionnailh Trustee The notes on pages 11 to 19 form part of these financial statements. 10 Drumcree Community Trust Company Limited by Guarante8 Notes to the Financial Statements Year ended 31 December 2018 General Information The charily is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a fegislered charity in Northern Ireland. The address of the registered office is 3 Ashgrove Road, Portadown. Co. Armagh, BT62 1 PA. Statement of compliance These financial statements have been piepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic ol Ireland,, the Slalemenl of Re¢ommended Practice applicable lo charities prepaiing Iheii accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021 (Charities SORP {FRS 10211 and the Companies Act 2006 Accounting policies Basis of preparation The lillancial statements have been prepared on the historical cost basis, as modified by the revalualiDn of certain financial assels and liabilities and investment properties measured al lair value through income or expenditure. The linarbGial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charily's ability lo continue. Disclosure exemptions The Trustees have taken advantage of the small companies, regime exemption from the requirement to piepare a cash flow slalemenl. Judgements and key sources of eslimatlon uncertainty The preparation of the financial slalemenls in accordance with generally accepted accounting principles requires management lo make estimates. judgemenls and assumptions Ihal affect the reporled amounts of assets and liabilities and income and expendiluie in the reporting period. Actual resulls could differ fiom those eslimales. Impairment of Fixed Assets The Trust's property, plant and equipment are staled al cost less accumvlaled depreciation. The assets are deprecialed over their eslimaled useful economi¢ lives_ The carrying values ol such assels are reviewed annual for any indicalions of impairment. Tax The chafily is consiclered lo pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a charitable Company for UK corporation lax purposes. 11 Drumcree Community Trust Company Limited by Guarantaa Notes to the Financial Statements {CDntinued} Year ended 31 December 2018 Accounllng pollcies (contlnued) Fund accountlng Unrestricted funds are available lor use al the discretion ol the Iruslees lo lurther any ol the charity's purFx)ses. Designated funds are unrestricted funds earmarked by the Ifuslees for particular future project Dr commitment. Restricted lunds are subjected lo reslriclions on their expenditure declared by the donor or through the terms ol an appeal, and fall into one ol iwo sub-classes.. reslricled incomè funds or endowment funds. Endowment funds represent those assets which must be held perma￿entlY by the charity, principally the building. Income arising on the endowment funds can be used in a¢ctsrdarEce with the objects DI the charity and is included as unreslricled income. Ineoming resourc8s All inooming resources are included in the slalemenl ol financial activities when enlillemenl has passed lo Ihc charity., il is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular calegories of income.. income from donations or grants is recognised when there is evidence of enlillemenl to the gift, receipt is piobable and ils amount can be measured reliably. legacy income is re¢o9nised when receipt is probable and enlillemenl is established. income from donated goods is measured al the lair value of the goods unless this is impractical to measure reliably, in which case Ihe value is derived from the cost lo the donor or the eslimaled resale value. Donated facilities and seivices are recognised in the aGcDunls when received If the value can be reliably measured. No amounts are included for the contribution ol general volunleetg. incomo from contracts for the supply of services is recogni5ed with the delivery ol Ihe contracted service. This is classified a5 unreslriGted lunds unless there is a conlraclua requirement for il to be spent on a particular purpose and returned if unspenl. in which case il may be regarded as reslricled. 12 Drumcree Community Trust Company Limited by Guarantee Notes to the Financial Statements (¢onfinueill Year ended 31 December 2018 Accounling pollcies {¢on(ine*d) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is ¢lassiFied under headings ol the slalemenl of financial activities lo which il relates.. expenditure on raising funds includes Ihe costs of all fundraising aclivilies, events. non- chafitable trading activities, and the sale ol donatèd goods. expenditure on charitable activities includes all cosls incurred by a charity in undertaking activities that further ils charitable aims for thè benefit ol ils beneficiaries. including those support costs and costs relating lo the govèrnance of the chafily apporlioned lo charitable aclivilies. olhef expenditure includes all expendilure that is neither relale(S lo raising funds for the charity nor part ol ils expenditure on charitable aclivilies. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs allribulable lo a single aclivily are allocated directly lo Ihal activity. Shared costs are apporlioned be￿een the activities they contribute lo on a reasonable, jusliliable and consislenl basi5. Tangiblg assets Tangible assels are initially recorded at cost, arid subsequently slated al cost less any accumulated depreciation a￿d impairment losses. Any lan9ibS2 assets Carried al revalued amounts are recorded al the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increasè in the carrying amount of an asset as a result ol a revaluation, is recognised in other recogniscd gains and losses, unless il reverses a charge for impairment that has Pfeviougly been recognised as expenditure within the slalemenl ol financial aclivilies. A decrèase in the carrying amount of an asset as a result of revalualion. is recognised in other recognised gains and losse5. except to which il offsets any previous revaluation gain, in which case thè loss is shown within other recognised gains and losses on the statement of financial acliviliès. Depreciation Deprecialion is calculated so as lo write off the cost or valuation of an asset, less ils residual value, over the useful economic life of Ihal asset as follows.. Freehold property Renovations Fixtures and fillings Capital Grants 20A sliaighl line 20A slraighl line 100/0 reducing balance 100/r* reducing balance 13 Drumcree Community Trust Company Limited by Guarantee Notes to the Financial Statements (¢ontinugd) Year ended 31 December 2018 Accounting policies (conllnuedl Impalrmenl of flxed assels A review for indicators of impaifmenl is carried out at each reporting dale, with the recoverable amount being eslimaled where such indicators exist. Where the carrying value exceeds the recovèrable amount, the assel is impaired accordingly. Prior impairments are also reviewed for possible revefsal al each reporting dale. For Ihe purposes of impairment lesling, when il is not possible lo estimate Ihe recoverable amount ol an individual asset, an estimate is made ol the recoverable amount ol the ca5h- generating unil lo which thè asset belDngs_ The cash-gener21ing unil is the smallest idenliliable group ol assets that includes the asset and generates cash inflows that largely independent of the cash inflow8 from other assets Dr groups ol assets. For impairment lesling ol goodwill. the goodwill acquired in a business combination is, from the acquisition dale. allocated lo each ol the cash-9ener21ing units that are expeclecl lo benefit Irom the synergies of the combination, Ifrespeclive ol whether olher assets or liab11ilies ol the charity are assigned lo those units. Financlal instruments A financial asset or a financial liability is recognised only when the chafity becomes a party lo the eonlraclual provisions of the inslfumenl. 8asic financial instruments are initially reeogni5ed al the amount receivable or payable including any ielaled transaction costs. Current assets and current liabilities are subsequently measijred al the cash or olhef onsideialion expected lo be paid or recèived and not discounted. Debt Instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their lair value can otherwise be measured reliably. the investment is subsequently measured al lair value with Changes in fair value recognised in income and expendiluie_ All other such investments are subseouenlly tneasured 21 cost less impairment. Other financial inslrumenls, including derivatives, are initially feco9nised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rale ol interest that is not a market rate, in which case the asset is measurers al Ihe present value of Ihe luture payments discounted al 8 market rale of interest for a similar debt instrument. other financial inslrumenls are subsequently measured at fair value. with any changes recognised in the slalemenl of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost Dr amortised cost are reviewed for objective evidence of impairment al the end of each reporting dale. If there is objective evidence of impairmenl, an impairment Ioss Is Tecognised under Ihe appiopriale heading in the slalemenl of financial activities in which the initial gain was recognised. 14 Drumcree Community Trust Company Limited by Guarantee Notes to the Financial Statements I¢oiJfinued) Year ended 31 December 2018 Accountlng policies {confinuedJ Flnancial instruments (¢onlinu6dl For all eqLJity instruments regardless of signilicance. and other financial assets that are individually significant, these are assessed individually lor impairment. Other financial assets are either assessed individually or grouped on the basis ol similar credit risk characteristics. Any reversals of ifflpaifmenl are recognised immediately, lo the extent Ihal the reversal does not result in a carrying amounl ol the financial asset that èxceeds whal the carrying amount would have been had the impairment not previously been recognised. Limlted by guarantee The company is 5imiled by guarantee and has no share capital. Every member of the company undertakes to contribute lo the assets of the company in the event ol a winding up. In the result of such an evènl. Ihe liabilily ol each member will not exceed £1. Donatlons and lggacies Unreslricled Funds Restricted Total Fund8 Funds 2018 Donations Oonalions 13.359 13,359 Grants Health and Social Services Grant Sureslarl Giant SELB SEL8 SELB NR Clear Granl Henry Smylh Charily Grant NIHE Grant Income 29,844 21,736 29,844 21,736 26,666 26,666 6,140 6,140 4,440 4,440 13.359 88,826 102,185 Unreslricled Funds Reslricled Total Funds Funds 2017 Donations Donations 2,881 2,881 15 Drumcree Community Trust Company Limiled by Guarantee Notes to the Financial Statements (contlnuedl Year ended 31 December 2018 Donations and legacies (conllnu8d) Unrestricted Funds Restricted Total Fund8 Funds 2D17 Grants Health and Social SeFvices Giant SL*reslart Grant SELB SELB SELB NR Clear Granl Henry Smylh Charity Grant NIHE Grant Income 29,593 18,069 16,937 29.593 18,069 19,438 2.500 7,924 5,300 2,100 7,924 5,300 2.100 5,381 79.923 85.305 other Iradlng actlvltles Unreslricled Total Funds Unreslricled Total Funds Funds 2018 Funds 2017 Shop ineome 1481 1481 Other income Unreslricled Total Funds Unreslricled Total Funds Funds 2018 Funds 2017 Cabin Club Income Trip Income Rent Received 3.700 3,700 1.260 1.957 1.350 1.260 1.957 1.350 4.567 3.700 3,700 4.567 A more detailed breakdown of income is given in the management information section. 16 Drumcree Community Trust Company Limited by Guarantee Notes to the Financial Statements (conlinuedl Year ended 31 December 2018 Expenditurè on charitable activities by fund typ Unreslricled Funds Reslricled Endowment Total Funds Funds Funds 2018 Direct Charitable Expenditure Support costs 1,477 28.356 32,864 55,962 34,341 93,603 9,285 29,833 88,826 9,285 127.944 Unreslricled Funds Reslricled Endowment Total Funds Funds Funds 2017 Direct Charitable Expendilure Support cosls 4.528 16.075 35,461 44,462 39.989 69,823 9,285 20,603 79.923 9,285 109,812 Expenditure on chafit?ble activilies by activity typ# Aclivilies undertaken directly Support costs Total fund5 2018 Total fund 2017 Direct Charitable Expenditure Governance costs 34.341 89.893 3.710 124.234 3,710 1 Q6,730 3,082 34.341 93,603 127.944 109,812 10. Net expendilure Nel expenditure is slated after chargingllcFecliling1'. 2018 2017 Depweciats'on of tangible fixÈd assets 10,185 10.286 11. Independent examination fees 2018 2017 Fees payable lo the independent examiner for". Independent examination of the financial sialernents 3.000 2,500 12. Staff costs The lolal staff costs and employee benefils for the reporting period are analysed as follows= 2018 2017 Wages and salaries 66,633 44,461 17 Drumcree Community Trust Company Limited by Guarantee Notes to the Financial Statements (con¢tnuÈd) Year ended 31 December 2018 12. staff costs {con(Inuéd) The average head Count of employees during the year was 8 {2017.' 61. The average number of full-time equivalent employees during the year is an21ysed as follows.. 2018 2017 Number ol 8taff - Charitable Activities No employee received employee benefits of more than £60.DOO durFng the year12017.' Nill. 13. Trustee remuneratlon and expenses The Trustees neither received nor waived any remuneralion during the year12016'. £nill. 14. Tangible fixed assgts Fixtures and fillings Capital Giants Buildings Renovations Land Total Cost At 1 Jan 2018 and 31 Oec 2018 470.194 28,197 3,000 36.866 148.9201 489,337 Depreciation Al 1 Jan 2018 Charge foi the year 64.84S 4.751 17,940 115,6001 71,936 9.285 564 1,892 11,5561 117,156) 10.185 At 31 Dec 2018 74,130 5,315 19,832 82,121 Carrying amount At 31 Dec 2018 396,064 22,882 23.446 3.000 17,034 131,7641 133,3201 407,216 At 31 Dec 2017 405,349 3.000 18,926 417,401 15. Creditors.. amounts falling due within one year 2018 2017 Bank loans and ovefdrafts Accnjals and deferred income 18.234 48.217 18.993 35.419 66,451 54.412 18 Drumcree Community Trust Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 December 2018 18. Analysis of charitable funds Unreslrieled funds At 1 January 201 At 310ecember 2018 Income ExpenditLJrÈ General funds 114,6131 17,059 129.8331 127.3871 Restrlcted funds Al 1 January 201 At 31 December 2018 Income Expenditure Reslricled FEJnrJs 88.826 188.8261 Endowment funds Al 1 January 201 At 31 December 2018 Income Expenditure Pefmanenl Endowmenl Fund 1 Building Fund Permanent Endowment Fund 2- Origir>al Building Fund 371.868 {9,2851 362,583 24.320 24,320 396.188 (9,2851 386.903 17. Analysls of nel assets between funds Unreslri¢led Endowment Total Funds Total Funds Funds Funds 2018 2017 Tangible fixed assets Cuirenl assets Creditors less than 1 year Net assets 8,152 18,751 166,451} 139,5481 399,064 407.216 18,751 166,4511 359,516 417,401 18,586 154.4121 381,575 399.064 19