Charlty reglstratlon number NIC105265 THE LYNAS CHARITABLE TRUST FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 OCTOBER 2023
THE LYNAS CHARITABLE TRUST FUND CONTENTS Page Gharlly Informallon Trustees. report Independent examiner's report statement of financlal acllvitles Balance sheet Notes lo the financlal slatemenls 7-11
THE LYNAS CHARITABLE TRUST FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs H E Lynas Ms R Cregan Ms E Slazeng8r Charity number NIC105265 Prlnclpal address Loughanhlll Industri81 Eslate Galeslde Road Col8raine Co Londonderry BT52 2NR Indepgnd¢nt examlner Moore {N.I.I LLP 30-32 Lodge Road Coleralne BT52 1NB Bankers Bank of Ireland 2 The Dlamond Coleralne Co Londonderry BT52 IDE
THE LYNAS CHARITABLE TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 The Truslees presents their report and financial statements for the year ended 31 October 2023. The flnancial statements have been prepared In accordance wilh (he accounllng policies sel out In note 110 the flnancial slal8menls and comply wllh the Charlly's Trust Deed, the Charities Act {Norlhern Ireland) 2008 and 'Accounllng and Reporllng by Charllies: Statement of Recomrnended Practice applicablg lo charllles preparing Ihelr accounts In accordance wllh the FlnanGial Reporting Standard appllc8ble In the UK and Republic of Ireland (FRS 1021" (as amended for accounting periods commenclng from l January 20191. Objectlves and actlvltl85 During the lif8 of thé selllor upon trust lo apply the Income of the trust fund for such charllabl8 purposes as the selllor shall Irom Ilme lo lime sn wrillng dlrect. In the event of the death of the selllor or of the total failure of the Irusls, the Trustees shall have absolute discrellon as lo the charltable purposes for whlch the Trust fund Income Is applled. Publ1¢ beneflts The Advancement of Rellglon the dlrecl benefits which flow fiom Ihls purpose Include raisin9 awaroness and understanding of Christlanily and that (he personal b8neflls assoclaled wlth the Chrl8llan falth provlde an inherent benefit to soclely. Through the acc&ptance of and Ilvlng a Ilfestyle In lin9 wllh the teachings of th& Chrisllan fallh, many have been freed of bad habits such as 8lcoholl8m, crSmlnal aclivllies and famlly Ilves improved. These bonefils are demonslraled Ihrough asking for regular feedback and evaluallon of the charllles supported using a varlely of methods verbal conversations and anecdotal obseNallons. Poople are invlled to embrace the Christian faith and any response is entirely volunlary. We try to ensure no improper pressure is applled. However as we do not have full corslrol over the grant reciplenls there Is always thls risk, though il Is rare and the benefits ouiweigh the harm. Most large grants are paid direct lo recognised Charitles and organisalions and as such there should be no private benefit. Payments to smaller local charities are much lower In value and would be considered Sncidenlal. The maln benefiolaries gre p8opI8 world-wide and channelled through UK Charities. The rellef of those In need by reason of youth, age, ill-h9alth, disabilily, financial hardship or other dlsadvanlage. The dirgGI benefits whlch flow from th15 purpose Includ8 reduclng social excluslon on aGCOUnt of poverty, improved health outcomes, reduced levels of stress and financial support through varlous programmeslcharllias and organlsalions. Benefit also accrues to members of the public by reason of the Increased ¢apaclty of the once needy person. These beneflls ar8 demonslraled through regular fe8dback and evaluallon of th8 charlties supported as well as in th8 anecdotal observallons (where we see a chang8 In peopla's Ilves). No polenllal causes of harm have been Idenllfled. Achlovements and porformance Flnan¢lal revlew Th8 Charity returned nel outgoing resources for the year of £60.354 (2022 nel oulgoSng resources of £80,535). At 31st October 2023 the total lunds of the charlly amounted to £767,070 {2022 £827,424), Gomprlsed solely of general unreslrlcled funds. The Trustee3 endeavour to malntaln sufflclent funds lo ensure that the Charlty wlll be able lo continue wllh ils aclivities and, in Ihg gv8nl of a drop in incom8, give consideration to ways In whlch addillonal funds may be raised. The Charlly wlll conllnue lo ralse awareness and understandlng of Chrlslianlly
THE LYNAS CHARITABLE TRUST FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 structure, governance and management The Charily is governed by ils Trust Deed dated 8th November 1978. The Truslees who served during the year and up lo the dale of slgnalure of the financlal statements were: Mrs H E Lynas Ms R Cregan Ms E Slazenger The Trustees, repoTt was approved by the Board. Mrs H E Lyna Trustee Dated: 31 July 2024
THE LYNAS CHARITABLE TRUST FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LYNAS CHARITABLE TRUST FUND I report on the account8 of th8 Charity for the year ended 31 October 2023, whlch are set out on pages 510 11. Respectlvè r8sponslbllltles of Trustees and examlner As the Charity's Iruslees you are responsible for Ihe preparatlon of the accounts In ac¢ordance wilh the Charities Act {Northern Ireland} 2008. 11 Is my responsibilily to: (l) examine the accounts under section 65 of the CharllSes Act (111 follow Ihe procedures laid down In the general directions glven by the Charlty Commlsslon for Norlhern Ireland under secllon 65(gllb) of the Charilles Act (111) slate whelher partlcular mallers have come lo my allenllon. Basls of Independent examlnar's report We have examin8d your Charlly accounts as requlred under secllon 65 of tho Ch8rllies Act 8nd our examlnation was carrled out in accordance with the general Oirectlons given by the Charity Commisslon for Northern Ir81and under section 6519)(b} of the Charities Act. The exarnlnalion Includ8d a review of the accounting records kept by thg Charity and a comparison of the accounts presented with Ihose records. It also included conslderalion of any unusual items or disclosures in the accounts, and seeking explanallons from you as charity Iruslees Concerning any such matters. Our role is to Stale whether any materlal matters have com8 to our attention giving us cause to b8lleve'. 1. That accounllng records were not kepl in accordance with Sectlon 63 of the Charllles Aot 2. That the accounts do not accord with thos8 accounting records 3. That the accounts do not comply wllh the accounllng raquiremenls of the Chari119s Act 4, Thal there is further Information n6eded for a proper understanding of the accounts lo be reached, Independent oxamlner's statement We have completed our examlnallon and have no conGerns In respecl of th8 matters {1) to141 Ilsted above and. In connection with followlng the Dlre¢llons of the Charlly Commlsslon for Northern Ireland, we have found no matters that requlre drawing lo your atlentlon. Hilary Farrell FCA for and on bghalf of Moore (N.1) LLP 30-32 Lodge Road Coleraine BT52 1NB Dated.. 31 July 2024
THE LYNAS CHARITABLE TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023 Unrgstrlcted Unrostrlcted funds funds 2023 2022 Notes Income and endowmgnts from: Donations and legacie8 other Income 458,797 14,268 201,452 7,164 Total Income 473,065 208,616 endlturo on: Charitable activities 533,419 289,151 Net expendlture for the yearl Net movement In funds {60,3541 180,535} Fund balances al 1 November 2022 827,424 907,959 Fund balances at 31 O¢tober 2023 767,070 827,424 The slalement of financial aclivltles includes all galns and losses r6cognised In the y8ar. All income and expendllufft derlve from conllnulng aclivi118S.
THE LYNAS CHARITABLE TRUST FUND BALANCE SHEET ASAT31 OCTOBER 2023 2023 2022 Notos Current asset5 Debtors Cash at bank and in hand 10 116,899 652,571 118,323 712,701 769,470 831.024 Credltor$: amounts falllng due wlthln one year 11 (2,400) 13,600> Net current assets 767,070 827,424 The funds of the Charlty UnreslrlGled funds 767,070 827,424 767,070 827,424 The financlal slalement8 wgre approved by the Trusle8s on 31 July 2024 Mrs H E Lynas Trustee
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accountlng poll¢les Charity Informatlon The Lynas Charitable Trust Fund is an unincorporated charlty r8gist8r8d in Northern Ireland. 1.1 Accountlng ¢onventlon The flnanclal slalemenls have been propared In accordance wilh the Charlty's Trust Deed, the Charilles Act 2006 and "Accounllng and Reportlng by Charflies., Statement of Reoommended Practic& appllcable to charities preparing their accounts in a¢cordan¢e with the Financlal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102)" las amended for accounting periods cornmenclng from 1 January 2019). The Charily is a Public Benefit Entity as defined by FRS 102, Th8 Charity has laken advantage of Ihe provisions in the SORP for charllies applylng FRS 102 Update Bulletin 1 not to prepare 8 Slal8ment of Cash Flows. The financial statements are prepargd In sleillng, whlch Is Ihe functional currency of the Charlty. Monetary amounts in th859 flnanclal slalements are rounded to th8 nearast £. Tho princ5pal accounllng pollcl8s adopted are set out below. 1.2 Golng concern Al the time of approving the financlal slalemenls, the Trustees has a reasonab18 expeclallon that the Charity has adequate resources lo conlinue In operational exlslence for the foreseeable future. Thus the Trustees continue lo adopt Ihe going concern basis of accounllng in preparlng the financlal statements. 1.3 Charltable funds Unreslricled funds are available for use at Iha dlscretlon of the Trustees in furlherance of their charitable oblectlves. 1.4 Income Income is recognlsed when the Charlly 15 legally enlllled lo It after any performance condlllons have been mel, the amounls can be measur8d rellably, and It Is probable that Income will bo received. C85h donallons are recognlsed on recelpt. Other donallons are recognlsed once the Chariiy has been notlfied of the donation, unless performance condillons require deferral of the amount. Income tax racoverable In relallon to don8tlons rgcelved under Glft Ald or deeds of covenanl Is recognised al Ihe tlme of the donallon. L8gacles are recognlsed on recelpt or otherwlse if the Charity has been nollfled of an impendlng dlslrlbution, Ihg amount Is known, and receipt Is expec18d. If the amount Is not known, the legacy 1$ treated as a conlingenl asset, 1.5 Resources expended Expendllure Is recognlsed once there Is a legal or constructlve obllgallon lo make a payment lo a third party,11 Is probable that a selllemenl will be required and the amount of the obligallon can be measured reliably. 1.6 Cash and cash equlvalgnts Cash and cash equivalents include Gash in hand, deposits held at call wllh banks, other shorl-lerm liquld investments with original malurllles of thr88 months or less, and bank overdrafts. Bank ov8rdrafts are shown wllhin borrowings in curient liabilili6s.
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 A¢counting pollcles Icontlnued) 1.7 Flnancial Instruments The Charlty has elected lo apply the provislon5 of Section 11 'Basl¢ Financlal Inslrumenls, and Secllon 12 'Other FinanGlal Inslrumenls1s5ues' of FRS 10210 all of Its flnancial Instruments. Flnanclal instruments are r8cognl8ed In the Charlly's balance sheet when the Charity become8 Party lo the conlraclual provlslons of the Instrument. Flnancl81 assets and Ilabllities are offset, wllh the nel amounts presented in the financlal slatgmenls, when there is a legally enforceable rlght lo sel off the recognised amounts and there Is an Inlentlon lo settle on a net basls or to realise the asset and settl8 the liability slmullaneously. Baslc flnanclal assgts Baslc flnancial assels, whlch Include debtors and cash and bank balances, are inllially measured al transaction prlce Includlng transaction costs and are subsequently carrled al amortised cost vsing tho effective interest method unless the arrangement conslllu185 a financlng Iransacllon, where th8 ITan$aclion Is measurgd al the present value of the future receipts dlscountod at a market rale of Interesl. Flnanclal assets classifled as receivable wilhin one y6ar are not amorlls8d. Baslc flnan¢lal Ilabllltles Baslc financlal liabllllles, including creditors and bank loans are Inlllally recognlsed al transaction prSce unless the arrangem8nt con8lllutes a financlng Iransaclion, where the debt Instrument Is measured al the present value of the future payments discounted at a markgl rate of interest. Financlal Ilabllltles Classlfled as payable wllhln one year are not amortised. Debt instruments are subsequently oarried al amortlsed cost, using the effective interest rato method. Trade CT8ditors are obligatlons to pay for goods or sorvicgs Ihat have been a¢quir8d In Ihg ordlnary ¢ours8 of operations from suppliers. Amounls payable aT8 classified as curr8nl liabllities if payment is due wllhin one year or less. If not. they are presenled as non-current Ilabililies. Trade Gredilors are recognlsed initially al Iransacllon prlce and subsequently measured al amortised c05t using the effecllve Interest method, Derecognltlon of flnanGlal Ilabllltles Flnancial Ilabilllies are derecognised wh8n the Charlty's ¢onlractual obligations expire or are dlscharged or cancelled. Crltlcal a¢¢ountlng estlmates and judgements In the appllcalion of the Charlly's accounting pollcles, the TruslBes are requlred to make ludg6manls, esllmales and assumptlons about the carrylng amount of assets and liabililles Ihal ar8 not readily apparent from other Soufces. The eslimates and associated assumpllons are based on historical experience and other factors that are considered lo be relevant. Aclual resulls may dlffer from these eslimales. The eslimales and underlylng assumpllons are reviewed on an ongolng basls. Revisions lo accounling 8slSmales are racognised in the period in whlch the estimate Is revised where the revision affects only Ihal perlod, or in the period of the rgvlslon and futur8 periods where the revlsion affects both Gurrenl and future perlods.
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Donations and lega¢ie$ Unrestrlcted UnrestYl¢ted funds funds 2023 2022 Donallons and glfts 458,797 201,452 Other Income 2023 2022 Bank Interest re¢eSved Olh8r interest r8ceived 1,085 13,183 362 6.802 14,268 7.164 Charlt8ble actlvltles 2023 2022 Sundry Bank fees Donations 1,200 236 531,983 1.200 218 287,733 533,419 289,151 Trustees The Trustees lor any persons conn8Cted wllh them} dld not receive any remunerallon or ben8fils from the Charity durlng the year. Employees Th6 average mor)thly number of employees durlng the year wa8: 2023 Numbèr 2022 Number Total There were no employees whose annual remunerallon was rnore than £60,000.
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Taxatlon The charity Is ex8mpt from 18xallon on Its aclivilles because all Its Incom6 Is applled for charllable purpos85. Flnan¢lal Instruments 2023 2022 Carryln9 amount of flnanclal assets Debt Instruments measured at amortisad cost 116,899 118,323 Carrylng amount of flnanclal Ilabilltles Measured al amortlsed cost 2,400 3,600 10 Debtor5 2023 2022 Amounts falllng due wlthln one year: Other debtors 116,899 118,323 11 Crgdltors; amounts falllng due wlthln one year 2023 2022 Accruals and deferred Income 2,400 3,600 12 Unrestrlctèd funds The unreslrlcted funds of the charlty comprls8 Ihe unexpended balances of donatlons and grants whlch are not sublecl lo speclftc condllions by donors and grantors as lo how they may be used. Thes8 Include d88ignaled funds which have been sol aside out of unreslricled lunds by the trustees for speGific purposes, At1 Novomber 2022 Incomlng resour¢o$ Resources At 31 October expendèd 2023 General funds 827,424 473,065 1533,4191 767,070 Prevlou5 year: At1 November 2021 Incomlng resourGes Resources At 31 October expended 2022 General funds 907,959 208,616 (289,1511 827,424 10
THE LYNAS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 13 Relatèd party transactions Included withln income are amounts lolalllng £458,797 12022: £201,452) representing donalions made by Lynas Foodservice, a company In whlch one of Ihe Trustee's husband Is a dlreclor. Durlllg the year, The Lynas Charltable Trust Fund were repaid £514,60812022.' £NILI and gave an addllional loan of £500,000 lo Lynas Foodservlce lowards Ihelr loan balance. Other Inleresl received tolalled £13,183 (2022.. £6.802). The balance oulstandlng al the year end was £116,899 (2022,. £118,324) and is Included wlthln other debtors. 11