Charity registration number NIC105265 THE LYNAS CHARITABLE TRUST FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
THE LYNAS CHARITABLE TRUST FUND CONTENTS Page Charity Infonnation Trustees. report Independent examinerfs report Statement of financial activities Balance sheet Notes tt) the financial statements 7-10
THE LYNAS CHARITABLE TRUST FUND LEGALAND ADMINISTRATIVE INFORMATION Trustees Mrs H E Lynas Ms R Cregan Ms E Slazenger Charity number NIC105265 Principal address Loughanhill Industrial Estate Gateside Road Coleraine Co Londonderry BT52 2NR Independent examiner Moore (N.I.) LLP 3(>32 Lodge Road Colepine BT52 1NB Bankers Bank of Ireland 2 The Diamond Coleraine Co Londonderry BT52 1DE
THE LYNAS CHARITABLE TRUST FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2022 The Trustses presents their report and financial statements for the year ended 31 Odober 2022. The financial ststements have been prepared in a¢COrdan with the accounting policies set out in note 1 to the financial statements and Comply wth the Charivs Trust Déed, the Charities Act (Northem Ireland) 2008 and °Accounting and Reporting by Charities: Statement of Recommended Practi applirAble to charities preparing their accounts in accordance with the Financial Reporttng Standard applicable in the UK and Republic of Ireland (FRS 102)° (as amended for accounting periods commen¢ing from 1 January 2019). Objectives and adivities During the lrfe of the setuor upon trust to apply the income of the twst fund for such charitsble purposes as the setuor shall from time to time in writing direct. In the event of the death of the settlor or of the total failure of the trusts, the Trustees shall have absolute discretion as to the charitable purposes for which the Trust fvnd income is applied. Publi¢ benefits The Advancement of Religion - the direct beneffts whi¢h flow from this purpose indude raising awareness and understanding of Christianty and that the personal benefits assocyated with the Christian faith provide an inherent benefft to society. Through the aCPtance of and living a lifestyle in line with the teachings of the Christian fatth, many have been freed of bad habits such as alcoholism. criminal activities and family lives improved. These benefits are demonstrated through asking for regular feedback and evaluation of the charities SUPFQrted using a variety of methods - verbal Conversations and anecdotal observations. People are invited to embrace the Christian faith and any response is entirely voluntsry. We ty to ensure no improper pressure is applied. However as we do not have full control over the grant recipients therè is atways this risk, though it is rare and the benefits outweigh the hami. Most large grants are paid direct to recognised charities and organisations and as such there should be no private benefit. Payments to smaller local charities are much lower in value and would be considered incidental. The main benefiuaries are people world-wide and channelled through UK charities. The relief of those in need by reason of yOLrth, age, ill-health. disabilty, financial hardship or other disadvantsge. The direct benefits which flow from this purpose indude reducing social exclusion on account of poverty, improved health outcomes. reduced levels of stress and financial support through various Programme¢hantieS and organisatFons. Benefft also accrues to members of the public by reason of the increased capacity of the once needy person. These benefits are demonstrated through regular feedback and evaluation of the charities supported as well as in the anecdotsl observations (where we see a change in people's lives). No potential causes of hami have been identffied. Achievements and perforniance Financial review The Charity retumed net outgoing resources for the year of £80,535 {2021- nel outgoing resources of £34,402). At 31st October 2022 the total funds of Ihe charity amounted to £827,424 (2021- £907.959). comprised solely of general unrestricted funds. The Trustees endeavour to maintain sufficient ftjnds to ensure that the Charity will be able to wntinue with its actÈvities and, in the event of a drop in income. give consideration to ways in which additional funds may be raised. An annual review is carried out looking at any risks to which the Charity might be exposed. There are no perceived risks as large grants are paid to recognised charitses and organisations, whilst payments to smaller local Charities are lower in value and are nsidered incidentsl. The Charity will continue to raise awareness and understanding of Christianity
THE LYNAS CHARITABLE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Structure. governance and management The Charity is govemed by its Trust Deed dated 8th November 1978. The Trustees who seNed during the year and up to the date of signature of the financial ststements were: Mrs H E Lynas Ms R Cregan Ms E Slazenger The Twstees, report was approved by the Board. Mrs H E Lyna Trustee Dated: 20 July 2023
THE LYNAS CHARITABLE TRUST FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LYNAS CHARITABLE TRUST FUND I report on the accounts of the Charity for the year ended 31 Odober 2022. which are set out on pages 5 to 10. Respeth"ve responsibilities of Trustees and examlner As the Charivs trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northem Ireland) 2008. It is my responsibility to: examine the a¢Unts under section 65 of the Charities Act (li) follow the procedures laid down in the general directions given by the Charity Commission for Northem Ireland under section 65{9)(b) of the Charities Act (iii) state whether particular matters have come to my attention. Basis of independent examinerfs report We have examined your Charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting rerdS kept by the Charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or discl¢)sures in the accounts, and seeking explanations from you as charity trustees conceming any such matters. Our role is to state whether any material matters have come to our attention gmng us cause to believe: 1. That accounting cordS were not kept in accordance with section 63 of the Charities Act 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requIrnets of the Charities Act 4. That there is further infomiation needed for a proper understanding of the accounts to be reached. Independent examlnerfs statement We have completed our examination and have no concems in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Chaiity Commission for Northern Ireland. we have found no matters that require drawing to your attention. Hilary Farrell FCA for and on behalf of Moore (N.1) LLP 30-32 Lodge Road Coleraine BT52 1 NB Dated: 20 July 2023
THE LYNAS CHARITABLE TRUST FUND STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2022 Unrestricted Unrestricted funds funds 2022 2021 Notes Income and endowments from: Donations and legacies Other income 201,452 7.164 253.552 283 Total income 208,616 253.835 nditure on: Charitable activities 289,151 288,237 Net expenditure for the yearl Net movement in funds (80,535) (34.402) Fund balances at 1 November 2021 907,959 942,361 Fund balances at 31 October 2022 827,424 907,959 The statement of financial activities includes all gains and losses recognised in the year. Al income and 8xpenditure derive from continuing acbvities.
THE LYNAS CHARITABLE TRUST FUND BALANCE SHEET ASAT31 OCTOBER 2022 2022 2021 Notes Current assets Debtors Cash at bank and in hand 118,323 712,701 111,521 798,838 831.024 910.359 Credltors: amounts falling due within one year 10 (3.600) (2.400) Net current assets 827,424 907.959 Income funds Unrestricted fvnds 827.424 907,959 827.424 907.959 The financial statements were approved by the Trustees on 20 July 2023 )( laD@5 MrsHELyn Trustse
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 Accounting pollcies Charity inforniation The Lynas Charitsble Trust Fund is an unincorporated Charity registered in Northem Ireland. 1.1 Accounting convention The finan¢sal ststements have been prepared in accordance the Charitys Trust Deed. the Charities 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 Iland (FRS 102)" (as amended for a¢UntIng periods commencing from 1 January 2019). The Charity is a Public Benefft Entity as defined by FRS 102. The Charity has tsken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statèments are prepared in sterling, which is the functional currenw of the Chartty. Monetary amounts in these financial statements are rounded to the nearest £. The principal accounting policies adopted are set out below. 1.2 Going eoncem At the time of approving the financial statements, the Trustees has a reasonable expectation that the Charity has adequate reSoUrS 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 statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtheran of their charitable objectives. 1.4 Income Income is recognised when the Charity is legally entitled to it after any perf0mnCe conditions have been met. the amounts can be measured reliably. and it is probable that income will be received. Cash donations are rewgnised on receipt. Other donations are recognised On the Charity has been notFfied of the donation, unless perfornian¢e conditions require deferral of the amounL Income tax reo)verable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies arè re¢ognised on rlpt or otherwise if the Charity has been notified of an impending distribution, the amount is known. and reIpt is expected. If the amount is not known, the legacy is treated as a contingent asset 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that a setdement will be required and the amount of the obligation can be measured reliably. 1.6 Cash and cash equivalents Cash and cash equivalents include Ish in hand. deposits held at call with banks, other short-tem Siquid invesknents with original maturitses of three months or less, and bank overdrafts. Bank overdrafts are shown wÉthin borr¢)wings in current liabilities.
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Accounting policies (Continued) 1.7 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's baSance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enfoable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simullaneously. Inancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effectrve interest method unless the aTrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, induding creditors and bank loans are initsally recognised at transaction price unless the arrangement constitutes a financing transactton. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interesL Financial liabilities dassified as payable within one year are not amortised. Debt instruments aTr subsequendy cxrried at amortised ¢osL 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 dassified as current liabilitses rf payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are re¢ognised initially at transadion price and subsequentty measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charivs contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the Charity's accounting policies. the Trustees are required to make judgements. estimates and assumptions about the carying amount of assets and liabilitses that are not readily apparent from other SoUrs. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying 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 onty that period. or in the period of the revision and future periods where the revision affects both current and fijture periods.
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Donations and legacies Unrestricted Unrestricted funds funds 2022 2021 Donations and grfts 201,452 253,552 Other Income 2022 2021 Bank interest received Other interest recerved 362 6.802 283 7.164 283 Charitable activities 2022 2021 Sundry Bank fees Donations 1,200 218 287,733 2.400 200 285.637 289,151 288.237 Trustees The Trustees {or any persons connected with them) did not receive any remuneration or benefits from the Charity during the year. Employees The average monthly number of employees during the year was: 2022 Number 2021 Number Total There were no 8mployees whose annual remuneration was more than £60,000.
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Financial instruments 2022 2021 Carrying amount of financial assets Debt instruments measured at amortised cost 118,323 111.521 Measured at arnortised cost Debtors 3.600 2,400 2022 2021 Amounts falling due wlthin one year: Other debtors 118,323 111,521 10 Creditors: amounts falling due within one year 2022 2021 Accruals and deferred income 3.600 2,400 11 Related party transactions Included within income are amounts totalling £201,452 (2021: £253,552) representing donations made by Lynas Foodservice. a company in which one of the Trustee's husband is a director. During the year. The Lynas Charitable Trust Fund were repaid £NIL (2021 . £306.448) by Lynas Foodsetvice towards their loan balan. Other interest receNed totalled £6.802 (2021: £NIL). The balan outstanding at the year end was £118.324 (2021: £111.521) and is induded within other debtors. 10-