The Limestone Trust Ltd IA company Ilmltod by gu•rant••, not having a sharn capllall Annual Report and Unaudited Financial Statements for the financial year ended 31 March 2023 Malono Accountlng Ltd Chartered Accountants Ireland 12 New Street N•wry County Down 8T35 6JD Company Number: N1034008 Charity Number: 103551
The Limestone Trust Ltd IA company limlted by guarantee. not having a sharn capitsll CONTENTS Page Trustees, and Other Information Trustees, Annual Report 4-6 Statement of Twstees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements 11-14
The Limestone Trust Ltd IA company limited by guarantee, not having a share capital) TRUSTEES, AND OTHER INFORMATION Trustees Nicole Dohety Frances Ann Mcllroy (Resigned 31 March 20231 William Mcllroy Noelle McClinto(* Charity Numb¢r in Northern Ireland 103551 Company Number N1034008 R•glstsrod Offlce and Principal Addre•• 10-12 Rosemary Street Belfast BT1 1QD Independent Examlner Malone Accounting Ltd Chartered Accountsnts Ireland 12 New Street Newry County Down BT35 6JD
The Limestone Trust Ltd IA company limltgd by guarantee, not having a share Capital) TRUSTEES, ANNUAL REPORT for the finanaal year ended 31 March 2023 The trustees psent their Trustees, Annual Report, combining the Directors. Report and Trustees, Report, and the unaudited financial statsments for the financial year ended 31 March 2023. The financial statements are prepared in accordance wrth the Companies Act 2006, FRS 102 "The Financial Reports"ng Standard applicable in the UK and Republic of Ireland" and Accounts"ng and Reporting by Charities. Statement of Recommended Practice applicable to charitses preparing their finanoal statements in accordance Nmth the Financial Reportng Standard applicable in the UK and Republic of Ireland IFRS 1021. The Trustees. Report wntains the infomation required to be provided in the Trustees, Annual Report under the Statement of Recommended Practs ISORPI guidelines. The trustees of the cornpany are also charity trustees for the purpose of charity law and under the company's constitubon are known as members of the board of trustees. In this report the trustees of The Limestone Trust Ltd present a summary of rts purpose, g0veman, acb'vib'es. achievements and finances for the finanaal year 31 Marth 2023. The charity 15 a registered charity and hen the report and resutts are presented in a form which complies with the requirements of the Companies Act 2006 and. although not obliged to comply with the Statement of Recornmended Practice applicable in the UK and Republic of Ireland FRS 102. the organi5ation has implemented its recommendations where relevant in these financial statements. Mission, Objectives and Strategy Objectives The principal activity is to support community and charitable groups that work in north Belfast, to improve peoples, life skills and general wellbeing.The Trust aims to promote personal growth that enables Individuals to make infomied life choices and to encourage their posits.ve engagement the communits.es in which they live.There is no private benefit. The Trust considers support for a wide range of actiwties across North Belfast and will allocate fvnds to local community groups and registered charib'es. Structure, Governanco and Management Govemance The charity is incorporateAI in United Kingdom, company number N1034008, under the rules and memorandum and artides of assooatson dated 16 Apnl 1998.lt is a company limited by guarantee. Chantable status The Limestone Trust Ltd is a registered charity with the Charity Commission in Northem Ireland, registration number NIC 103551. It is also recognised as a chanty for tsxats'on purposes by HMRC, registratton numter N100071. Appointment of Trustee• The chanty Is managed by a board which consists of all the appointed trustees. The charity has 3 trustses on its board. They were appointed as trustees for their necessary skills and experien and the charity has authority wthin its rules to appoint them. Each Trustee received induction training through which they are made aware of their legal obligations under charity and company law, the content of the memorandum and 3rb.des of assoaatyon, the goveman structure, the committee and decision making processes. the busines5 plan and rent financial perfomiance of the charity. Flnan¢lal Revlew Financial Perfcmiance in the year to 31 March 2023 is consistent with our expectations; a defiot of £54,668 The year ended wth a general fund balance of £606:703 (compared to £661,371 1 for the same period last year. Detailed accounts can be found in the financial statements. Incorne Income for the year totsId £6762. all of which is investment incorne. The Trust's income is all unrestricted and remains consistent with previous perfomiance.
The Limestone Trust Ltd IA company limlted by guarantee, not having a share caphall TRUSTEES, ANNUAL REPORT the financial year ended 31 March 2023 Expendituro Administrative expenses are consistent with the prewous year, the 2023 total is £61,430 cornpared to £48,647 in 2022. Grants totalling £10.550 were distributed to the following charities and voluntary organisations during the year". lfjnship Care- £500 NSPCC- £1000 Marie Curie- £500 Mill Hill Missionanes - £300 Emerald ABC - £2500 Assisi Animal Sanctuary- £500 National Autistic Society- £1000 8. Wave Trauma Centre- £1500 Versus Arthritis - £1000 10. Carers Nl - £1000 11. Bodyshots Gym £750 Flnan¢lal Results Al the end of the financi81 year the charity had assets of £610.011 12022 £664,679) and liabilities of £3,30812022 £3, 3081. The net assets of the charity have decreased by £154,668). Reser4es Position and Policy Financial Management and ReseNes Policies The board of trustees meets the requirements of the Charities Act 2011, the Charity Commission guidelines "Intemal Financial Controls for Charities" and Accounting and Reporting by Charities.. Statement of Recommended Practice (Revised 2005)°. The General fund is UnstrICted and is used for the day to day operation of the charity. Reserves are held in bank accounts. At the 31 March 2023 , the General Fund had a balance of £606,703 compared to £661,371 at 31 March 2022. Maintaining a substantial reserve wll better allow the charity to meet the funding challenges which the wider economic srtuation may impose. Investment pollcy The charity has invested cash resetves in a deposit account of £305,636 included in cash at bank which achieved a rate of retum of 0.16Yo and it has another small investment of £2437. Principal Rlsks and Uncertainties Risk Management There 15 8 risk of fraudulent claims for funding. However the Trustees have a robust vetting process to mitigate that risk. The Trustees have a risk management strategy which comprises.. An annual review of the principal nsks and uncertainties that the charity faces", The establishment of policies, systems and procedures to mitigate those risks identified in the annual review., and The implementab'on of procedures designed to minimise or manage any potential Impact on the charity should those risks materialise. Plan8 for future period8 The future plans for the charity are to continue to support the local organisations it already assists with grant funding. The Trustees are currently reviewing the model they use for vetting and approving the grants.
The Limestone Trust Ltd IA company Ilmlted by guarantw, not having a shar8 cap6tall TRUSTEES, ANNUAL REPORT fcx the financial year ended 31 March 2023 Trustees The trustees who sewl throughout the financial year, excepl as noted, were as follows.. Nicole Dohety Frances Ann Mcllroy {Resigned 31 March 20231 Iliarn Mcllroy Noelle Mcclintock In accordance with the memorandum and articles of association, the trustees retire by rolation and, being eligible, offer tMSelveS for re-election. Pay Policy for Senior Staff The charity has no employees and Trustees are not remunerated for their wotk, nor are any out of pocket eXnSeS paid to Trustees. Compliance th So¢tor.Wlde Legislation and Standards The charity engages pro-actively with legislation, standards and codes which are developed for the sector. The Limestone Trust Ltd subscribes to and is compliant with the following." The Companies Act 2006 The Charities SORP IFRS 102) Approved the Board of Trnstees on 11 August 2023 and signed on its behalf by: iam Mcllroy Trustee
The Limestone Trust Ltd IA company limited by guarnnt88. not havin9 a Share ¢aprtall STATEMENT OF TRUSTEES. RESPONSIBILITIES for the finanual year ended 31 March 2023 The trustees, who are also directors of The Limestone Trust Ltd for the purposes of company law, are responsible for Pfeparing the financial ststements in accordance ap1¢able law and regulations. Company law requires the trustees as the direclors to prepa finanaal statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Acwunting Prathce (United Kingdom Accounting Standards and applicable law} induding FRS 102 "The Financial Reporting Standard applicable In the UK and Republic of Ireland" Section 1A Ismall Entitsesl. Under company law the Injslees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that Feriod. In preparing these finanual statements, the trustees are required to.. select suitable accounting policies and apply them consistently., make judgernents and eslimales that are reasonable and prudent", stale whether the financial statements have been ppared in accordance with the relevant financial reporting framework, identy.fy Ihose standards. and note the effect and the reasons for any material departure from those standards", and prepare the finanaal statements on the going concern basis unkss rt is inappropriate to presume that the charity will ntinUe in operatson. The trustees confirm that Ihey have complied with the above requirements in preparing the financial slatements. The trustees a responsible for keeping adequate accounting records that are sufficient 10 show and explain the charity's transactions and disclose th reasonable accuracy at any bme the financial position of the charity and enable them lo ensure Ihal the financial statements CLJmply wilh. They are also responsible for safeguarding the assets of th& charty and hence ft)r taking d$onable steps for the prevenbon and deteth.on of fraud and other irregularities. Approved by Iho Board of Trustees on 11 August 2023 and slgned on It8 halff by: am Mcllroy Tru8tO0
The Limestone Trust Ltd IA company Ilmited by guarantee, not havrng a share capftall INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF THE LIMESTONE TRUST LTD We have examined the financial statements of the charity for the financial year ended 31 March 2023. which comprise the Statement of Financbal Acty"vI.es (incorporating an Income and Expenditure Accounll, the Balance Sheet and the related notes. This report is made solely lo the chanty's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might compile the financial ststemenls that we have been engaged lo compile, report to the Board of Trustees that we have done so, and stale those matters that we hav6 agreed to state to them in this report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility to anyone other than the charity and the charrty's members, as a body. for our work, or for this report. Re8pectSve re8pon•lbllltlo• of trustees and oxamlner The chanty's Injslees (who are also the directors of the company for the purposes of company lawl ar8 responsible for the preparation of the financial Statements In accordance wth the requirements of the Companies Act 2006. The charity's Iruslees conSer that an audit Is not required for this financial year under Chapter 3 of Part 16 of the Companies Act 20C6 arnl that an independent examinatr'on is required. It is our Tesponsibility to.. examine the finanoal statements under sectson 65 of the Chanties Act.. follow the procèdures laid down by the general Directsons given by the Chanty Commission for Northern Ireland nder section 6519llbl of the Chantses Act, and state whether parts'oJlar matters have come to our attention. Ba818 of Ind•pendont •xarnlnerf• report We have examined your charity financial slalements as required under secty.on 65 of the Chanlies Act and our examination was carried out in accordance with the general Oirectsons given by the Charity Commission for Northern Ireland under section 6991{bl of the Charrties Act. An examination Indudes a review of the accounting records kept by the charity and a comparison of the financial stalemenls presented wth those records. It also includes consideration of any unusual items or disdosures in the finanoal statemenls and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidencE that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair, wew and the report is limited to those rnatters set out in the statement below. In connection wth our axamination, no matter ha5 come lo our attentson which gives us cause to believe that in, any matenal SpeCt accounbng cordS were not kept in accordance with seclion 386 of the Companies Act 2006 the finanual stalemenls do not accord with those accounting records the finanoal statements have not been prepared in accordance wth the accounting quIrernents of section 396 of the Compan$ Act 20C6 and wth the methods and pnnciples of the Ststement of Recommended Practice applicable to charities prepanng their accounts in accordance with the Financial Reporting Standard appliuble in the UK and ReputrAic of Ireland IFRS102) there is further Infomati needed for a proper understanding of the a¢Unts to be reached. Independent ¢xamln•f• Statement We have no concems arKI have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financ4al statements to be reached. an one FCA Malone Accounting 12 New Street Newry County Down BT35 6JD Date: 11 August 2023
The Limestone Trust Ltd IA company Ilmited by guarantee, not having a share capital) STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an Incorn• and Expenditure Account) for the financial year ended 31 March 2023 Unrestricted Funds 2023 Total Unrestricted Funds 2022 Total 2023 2022 Notes Incoming Resourc Investments 6.762 6,762 8,370 8,370 Resource• Expend•d Charitsble a¢X1v.es 61,430 61,430 48,647 48,647 I gainslllosses) on invesbnents 14,000 14,000 Net incomlngloutgolng resources before tran8for8 Gross transfers between fvnds (54,668) 154,668) 126,277) 126,2771 Not movement In fund• forthe flnanclal yoor IS4.668 154.668 126,2771 {28,2771 Reconclliatlon of fund• Balances brought fOard at 1 April 2022 14 661,371 661,371 687.648 687.648 Balan¢o8 Carrled forward at 31 March 2023 606,703 606,703 661,371 661,371 The Statement of Finanual Activib'es indudes all gains and losses recognised in the financial year. Al income and expendthre relate to conts"nuing actsvities. The notes on page5 11 to 14 form part of the finanoal statements
The Limestone Trust Ltd IA company Ilmltèd by guarantee. not havlng a share capital) Company Number: N1034008 BALANCE SHEET as at 31 March 2023 2023 2022 Notes Flxed Assets Tangible assets 299,555 299.555 Current Assets Debtors Investments Cash at bank and in hand 10 11 2,383 2.437 305,636 2,383 2.437 360,304 310,456 365,124 Creditoys: Amounts falling due within one year 12 13,308) 13,308) Net Current A8sets 307.148 361,816 Totsl Assets less Current Liabilities 606,703 661,371 Funds General fund lunrestrthd) 606,703 661,371 Total funds 14 606.703 661,371 These financial ststements have been prepared in accordance with the special pro$10n5 relaling to small companies wthin Part 15 of the compan Act 26. For the financial year ended 31 March 2023 the charity was entiued to exempb.on from audit under secb.on 477 of the Companies Act 20C6,' and no noti has been deposited under secb.on 476. The trustees confimi that members have not required the company to obtain an audil of its financial ststements for the financial year in quesb.on in accordance with section 476 of the Companies A 2006. The trustees ad(nowledge their responsibilities for ensuring that the charity keeps accounting records which comply th 5ects.on 386 and for preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of ils profit and loss for Ihe financial year in accordance with the requirements of secbon$ 394 and 395 and which otherwise comply the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charity. The financial statements have been prepared In accordan with the provisions applicable to companies subject to the small companies, regime and in accordan th FRS 102 "The Finanuai Repong Standard applicable In the UK and Republic of Ireland., applying Secl"on 1A of that Standard. Approved by e Board of Trustees and authorised for issue on 11 August 2023 and signed on its behalf by iam Mcllroy Trustee The notes on pages 11 to 14 forn part of the finan(aal statements 10
The Limestone Trust Ltd IA company Ilmlt•d by gu•rani*, not ttavlng • share caprtall NOTES TO THE FINANCIAL STATEMENTS fcf the Iinanaal year eted 31 March 2023 GENERAL INFORMATION The Limestone TnJ5t Ltd is a company limited by guarantee incorporated in Northem Ireland. The registered office of the company is 1 (k12 Rosemary Streel, Belfast. B T1 IQD which is also the principal plac£ of business of the company The financial statements have been presented in Pound Sterfing {£) is also the functsonal currency of the company. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The followng accounting poliaes have been applied consistendy in dealing with items which are considered matenal In relabon to the chanty's finanual ststements. Basi8 of prepardtion The financial statements have been prepared on Ihe going concem basis under the histoncal cost convention, m¢)dified to include certain items at fair value. The finanaal statement5 have been prepared in accordance wlh the Statement of Recommended Pracbce ISORPI "Accounting and Reports"ng by Charities preparing their accounts In accordance with the Financial Repo.n9 Standard applicable In the UK and Republic of Ireland FRS 102" applying Secbon 1A of that Standard. As pennitted by the Compan5 Act 2006. the tharity has varied the standard fomials in that act for the Statement of Financial Activibes and the Balan Sheet. Departu$ from the Standard fomats are lo comply with the requirements of the Charities SORP and are in compliance with seclion 4.7, 10.6 and 15.2 of that SORP. Stslement of compllance The finanaal statements of the charity for the financial year ended 31 March 2023 have been prepared on the going concern basis and in accordan with the Slalement of Recommended Practice ISORPI "Accounting and Reportsng by Charitie$ prepanng their accounts in accordance with the Financial Reports'ng Standard 8pplicable in the UK and Republic of Ireland FRS 102" applying Section 1 A of that Standard. Incomlng RMource• Voluntary income or capital is included in the Statement of Financial Activities when the charity is legally entitled to It. its financial value can be quantified with reasonable rtaInty and thère is reasonable rtaInty of its ultimate Ge¢pL Ents"eMent to legaaes is considered established when the charity has been notified of distribution to be made by the executor5. Resources Exp•nd•d All resources expended are accounted for on an accrnals basis. Charitable athtte$ indude costs of seNices and grants, suFport costs and depreualion on related assets. Costs of generab'ng funds similady Indude fijndraising actibibes. Non-staff costs not attn'buted to one category of activity are allocated or apportioned pro- rata to the staffing of the relevant seMr£. Govemance cosls art those assoaated with constitutional and statutory requirwnents. Tanglblo flx•d a¥sets and dopreciation Tangible fixed assets a ststed at cost or at valuation. less accurnulated depreciation. The charge to depreciation is calculated lo wnle off the original cost or valuation of tangible fixed assets, less their esb"mated residual value, over their expected useful lives as follows.. Buildings freehokl 4% Straight line Inve•tmonts Debtors Debtor5 are ffjctsJni5ed at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Income reccgnised by the chanty from govemment agencies and other COTrfunders, but not yet received al year end, is included in debtors. Cash at bank and in hand Cash at bank and in hand compnses cash on deposit at banks requiring less than three months, notice of withdrawal. Taxatlon No current or deferred taxats.on arises as the charty has teen granted charitable exemption. Irrecoverable valued added tax is expensed a5 incurred. 11
The Limestone Trust Ltd IA company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS conbnued for the finanual year ended 31 March 2023 Financial In•truments The tharty has elected to apply the provisions of Seth"on 11 'Basic Finanaal Instruments, and Seth'on 12 'Oiher Financial Instruments Issues, of FRS 102 to all of its financial Instruments. The charity has only financial assets and financial liabilrties of a kind that qualify as basic financial Instruments. Basic financial instruments a initially COgnised at transaction value and subsequently measured al their settlement valu& SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY There are no accounling judgements or key sources of estimation by Trustees in preparing the financial statements. INCOME INVESTMENTS Unrestrlcted Restricted Funds Funds 2023 2022 Rent & Interest Received 6,762 6.762 8,370 EXPENDITURE CHARITA8LE ACTIVITIES Dlrnct Co•ts Othèr Co8t• Support Co•ts 2023 2022 Charitsble Donations Support Costs Governance Costs INote 5.2) 10,550 10,550 50,289 591 1,500 45,382 1.765 50.289 591 11,141 50,289 61,430 48,647 GOVERNANCE COSTS DIT•ct Costs Other Cost• Support Costs 2023 2022 Charrtable activibes- govemance costs 591 691 1,765 ANALYSIS OF SUPPORT COSTS 2023 2022 Rates Rent Repairs Insuran Bank Charges General offi Expenses Legal & Profes*onal fees 12,465 33,165 1,980 1,306 112 223 1.038 13.983 27.738 1.120 1,420 83 1.038 50,289 45.382 INVESTMENT AND OTHER INCOME 2023 2022 Bank interest Surplus on disposal of investrnents 1,662 14,000 1,662 14,000 12
The Limestone Trust Ltd IA company limited ty guarant8•. not having a share capital) NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2023 INTEREST PAYABLE AND SIMILAR CHARGES 2023 2022 On bank loans overdrafts 83 TANG18LE FIXED ASSETS Total Buildings freehold Cost At 31 March 2023 299,555 299.555 Net book value At 31 March 2023 299.555 299,555 At 31 March 222 299,555 299,555 10. DEBTORS 2023 2022 Other debtors 2,383 2,383 2,383 2.383 11. CURRENT ASSET INVESTMENTS 2023 2022 2,437 2,437 12. CREDITORS Amounts falllng due within one year 2023 2022 Accruals and deferred income 3,308 3,308 13. RESERVES 2023 2022 At 1 April 2022 Defiut for the financial year 661,371 (54.668) 687.648 126,2771 At 31 Marth 2023 606.703 661,371 14. FUNDS 14.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Funds Totsl Funds Al 1 Apnl 2021 Movement during the financial year 687,648 126,2771 687.648 126.2771 Al 31 March 2022 Movernent during the finanual year 661,371 154,6681 661,371 154,668) At 31 March 21r23 606.703 606.703 13
The Limestone Trust Ltd IA company limited by guarant••, n¢t havlng a sharo ¢aplt•l) NOTES TO THE FINANCIAL STATEMENTS conbnued the financial year ended 31 March 2023 14.2 ANALYSIS OF IAOVEMENTS ON FUNDS Balance 1 April 2022 Income Expenditure Transfers between funds Balance 31 March 2023 Unrestrlcled funds General 661,371 6,762 61,430 606,703 Totsl funds 661,371 6,762 61.430 606,703 14.3 ANALYSIS OF NET ASSETS BY FUND Fixèd assets - Charity use Current assets Current liabilitios Total Unrestncted general fijnds 299,555 310.456 (3.308) 6C6,703 299.555 310,456 (3,308) 606.703 STATUS The charity is lirnrted by guarantee not having a share caprtal. The liabilty of the members is limited. Every member of the company undertakes to contn.bute to the assets of the ct)mpany in the event of its being wound up while ttry are members. or wrthin one year thereafter. for the payment of the debts and liabilities of the cornpany contracted before they aSed to be member5, and the costs. charges and expenses of winding up, and for the 4'ustment ofthe rights ofthe contn"butors among themselves. such amount as may be required, not exceeding £ 1. 16. RELATED PARTY TRANSACTIONS Rent is paid by Limestone Trust to Stanvale Ltd & Franklin Properties Ltd for premises that il uses Mr William Mcllroy and Mrs Nicole Dohety are directors In bath CoMpans. Transactions for rent are at a commercial rale and at am's lewh. 2023 rent was £33,165 2022 rent was £27.738 17. POST4ALANCE SHEET EVENTS There have been no stgnificant events affecting the Charity Sin the finanaal year*nd. 14