Charity Registration No. 104206 Company Reglstratlon No. N1062115 (Northern Ireland) THE GLENDALOUGH TRUST IA company limited by guarantee) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Charity Information Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 7-11
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr William Stewart Mrs Olive Gibson Mrs Heather Mccorkell Mrs Cheryl Wlliams Mrs Naomi Stewart Ms Salome Stephens-murphy Mr Harold Stewart Secretary Mrs Naomi Stewart Charity number 104206 Company number N1062115 Registered offlce 4 Sandringham Court Hillsborough Belfast BT26 6RB Independent examlner Moore (N.I.I LLP 30-32 Lodge Road Coleraine BT52 1 NB
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who a directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2023. The financial statements have been prepared in a¢cordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2008 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effe¢live 1 January 2019}" Objectives and activlties Objectlves, strategles and actlvltles The charity seeks to promote the advancement of Ihe Christian faith, the relief of poverty, advancement of education and the relief of sick and disabled pérsons, in particular, the promotion of their physical and spiritual well-being. Publlc beneflt The charity makes grants to organisations working worldwide in furtherance of it's purposes of advancing the Chrislian faith, relief of poverty, advancement of education and promotion of health. The trustees confirm that they have complied with the requirements of the Charities Act (Northern Ireland) 2008 to have due regard to the public benefit guidance published by the Charity Commission for Northern Ireland. Achievements and perforniance Significant aclivities and achievemenls against objectives The main achievement of The Glendalough Trust during the year has been it's ability to rais8 sufficient funds to enable th8 charity to continue to make donations to individuals and organisalions who use the funds effectively and for the benefit of th8 public. Planning for future periods In going fowards the trustees wish to ¢ontinu8 to support charities and mission work, both local and global. Financlal review ReseeS policy The results for the year are set out on page 5. The net outgoing resources for Ihè year of £7,873 {2022.' £9,286). At 31 st December 2023 the total ftjnds of the charity amounted to £23.593 (2022.. £31,466) comprising unrestricted funds of £23,593 (2022: £31,466) and restricted funds of £Nil (2022: £Nil). Structure, governance and management Nature of governlng document The Glendalough Trust is a charitable company limited by guarantee, incorporated on 8 December 2006, registered as a charity with HMRC on 5 February 2007 and regislered wilh The Northern Ireland Charities Commission on 1 February 2016. The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed by it's Articles of Association. The trustees {who are also the dirèctors of The Glendalough Trust for the purposés of company law) are responsible for preparing the trustees, report and the financial stalemenls in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice) and applicable law and regulations.
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Company law requires the trustees to prepare financial statements for each financial year. under company law the trustees 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 charitable company and of its incoming resources and applicalion of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees afe required to.. select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP., mak8 judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements-, and prepare the finanGial statements on the going concern basis unless it is inappropriale to presume that the ¢haritable company will conlinue in business. The trustees are responsible for keeping adequate accounting records Ihat are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsib5e for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenlion and delectlon of fraud and other irregularities. The trustees who seNed during the year and up to the date of signature of the financial statements were- Mr William Stewart Mrs Olive Gibson Mrs Heather Mccorkell Mrs Cheryl Williams Mrs Naomi Stewart Ms Salome Stephens-murphy Mr Harold Stewart ReGruilment and appoinlment of Irustees The management of the charity is the responsibility of the trustees who are elected under the terms of the Memorandum and Articles ofAssociation. The trustees, report was approved by the Board of Trustees. IW Mrs Naomi Stewart Trustee 5 August 2024
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GLENDALOUGH TRUST We report to the trustees on our examination of the financial statements of The Glendalough Trust (the charity) for the year ended 31 December 2023, which are set out on pages 5 to 11. Responsibilities and basis of report As Ihe trustees of the charity {and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with Ihe requirements of the Companies Act 2006. Having satisfied ourselves that the financial statements of the charity are not subject to audit under company law and are eligible for independent examination, it is our responsibility to- examine the financial statements under section 65 of the Charities Act (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008., and state whether particular matters have come to our attention. Basls of Independent examinefs statement We have examined your charity financial statements as required under section 65 of the Charities Act (Northem Ireland) 2008 and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 69(9){bl of the Charities Acl {Northern Ireland) 2008. The examination included a review of the accounting records kept the charity and a comparison of the financial statements presented with Ihose records. It also includes consideration of any unusual items or disclosures in the financial stat8ments, and seeking explanations from you as charity trustees concerning any such matters. Our role is to state whether any material matters have Come to our attention giving us cause to believe.. That accounting records were not kept in accordance with section 386 of the Companies Act 2006. or That the financial statements do not accord with those records., or That the financial ststements do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordan¢e the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland; or That there is further information needed for a proper understanding of the financial statements to be reached. Independent examiner's statement We have completed our examination and have no concerns in respect of matters (1) to (4) listed above and, in connection wilh following the Directions of the Charity Commission for Northem Ireland, we have found no matters that require drawing to your attention. Hilary Farrell F for and on behalf of Moore (N.I.) LLP 30-32 Lodge Road Coleraine BT52 1NB Dated.. 5 August 2024
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrieted Restrlcted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes Income from: Donations and legacies 22,869 11,100 33,969 22,509 9,300 31,809 enditure on: Charitable activities 28,542 13,300 41,842 29.795 11,300 41,095 Net outgoing resources before transfers (5,673} {2,200) 17,873) 17,286) (2,0001 (9,286) Gross transfers beeen funds (2,200) 2,200 (2,000) 2,000 Net exponditure for the yearl Net movement In funds (7,8731 {7,873) (9,286) {9,286) Fund balances at 1 January 2023 31,466 31,466 40,752 40,752 Fund balances at 31 December 2023 23,593 23,593 31,468 31,466 The statement of financial activities includes all gains and losses recognised in the year. The slalement of financial activities includes all gains and losses recognised in th8 year. All income and expenditure derive from continuing aclivilies. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Current assets Debtors Cash at bank and in hand 4,776 20,492 5,328 27,815 25,268 33,141 Creditors: amounts falling due within one year 11,6751 (1.675) Net current assets 23,593 31,466 The funds of the charlty Unrestricted funds 23,593 31,466 23,593 31,466 The company is entitled lo the exemption from Ihe audit requir8ment contained in s8ction 477 of the Companies Act 2006, for the year ended 31 December 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financi81 statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies fegime. The financial statemenls were approved by the trustees on 5 August 2024 William Stew Trustee Company regislralion number N1062115 (Northern Ireland)
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie5 Charity information The Glendalough Trust is a private company limited by guarantee incorporated in Northem Ireland. The registered office is 4 Sandringham Court, Hillsborough, Belfast, BT26 6RB. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Slatement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounls in these financial statements are rounded to the nearest £. Th& principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expeclalion that the charily has adequate resourc6s to continue in operational existence for the foreseeable future. Thus the trustees Continue to adopt the going concem basis of accounting in preparing the financial stalements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charltable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured r81iably. and it is probable that income will ba received. Cash donations are recognised on receipt. Other donations are recognised once the charily has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. 1.5 Expenditure Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued) 1.6 Cash and cash equivalents Cash and cash equivalenls include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of thr68 months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issu6s' of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charity's balan sheet when the charity bacomes party to Ihe ontractual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realis8 the asset and setlle Ihe liability simultaneously. Basic flnanclal assets Basic financial assets, which include debtors and cash and bank balances, ar8 initially measured at Iransaction price including Iransaclion costs and are subsequently Caled at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of Ihe future receipts discount8d at a market rate of interest. Financial assets classified as receivable within one year are not amorlised. Basic flnanclal Ilabllltles Basic financial liabilities, including credilors and bank loans are inilially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of Ihe fvture payments discounted at a market rate of intefest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognis8d initially at transaction price and subsequently m8asured at amortised cost using the effective interest method. Derecognition of flnanclal Ilabllltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temination benefils.
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting estimates and Judgements In the application of the charity's accounting policies, the twstees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumplions are based on historical experience and other factors that are considered to be relevant. Aclual results may differ from these estimates. The eslimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2023 2023 2023 2022 2022 2022 Donations Gift aid tax reclaimed 16,000 6,869 11,100 27,100 6,869 16,130 6,379 9,300 25,430 6,379 22,869 11,100 33,969 22,509 9,300 31,809 Charitable actlvities Charitable Charitable Expenditure Expenditure 2023 2022 Charitable donations Bank charges 41,800 42 41,050 45 41,842 41.095 41,842 41,095 Analysis by fund Unrestricted funds Restricted funds 28,542 13,300 29,795 11,300 41,842 41,095 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Total Th8re were no employees whose annual remuneralion was more than £60,000. Remuneration of key management personnel The remuneralion of key management personnel is as follows. Taxation The charity is exempt from taxalion on its activities because all its income is applied for charitable purposes. Debtors 2023 2022 Amounts falling due within one year: Other debtors 4,776 5,326 Creditors: amounts falllng due wlthln one year 2023 2022 Other creditors Accruals and deferred income 1,275 400 1,275 400 1,675 1,875 10 Unrestri¢ted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which a not subject to specific conditions by donors and grantofs as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by th8 trustees for specific purposes. At 1 January 2023 Incoming Resources resources expended Transfers At31 December 2023 General funds 31,466 22,869 (28,542) (2,200) 23,593 10-
THE GLENDALOUGH TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Unrestricted funds (Continued) Previous year: At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 General funds 40,752 22,509 (29,795) (2,000) 31,466 11 Related party transactions The trustees, who are also the directors for the purpos8s of company law, r8c8ived no remuneralion for their services for the year. Included within income are amounts totalling £27,100 {2022'. £25,430) representing donations made by charity trustees. 11