THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 CHARITY NUMBER: NIC 105332
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST Contents Pages Trustees, Report Independent Examiners, Report Statement of financial activities Balance Sheet Notes to the Financial Statements
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Trustees present their Annual Report and Financial Statements for the year ended 5 April 2023 TRUSTEES The following Trustees, who have held office during the year and up to the date of signature of the financial statements were.. Alison Jane Churchfield Stephen Stewart TRUSTEES, RESPONSIBILITIES The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing the financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are also responsible for maintaining proper accounting records which disclose with reasonable accuracy the income and expenditure for the year. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. TRUSTEES, ANNUAL REPORT Objectives & Activities The prime objective of the Charity is to promote the advancement of the Christian faith through charitable donations. Achievements & Performance Total income for the year was £33,425. The main outgoings were donations to charity and investment managements charges. Financial Review The nature of the Charity is such that there are minimal overheads other than investment management fees. Donations are made as considered appropriate by the Trustees.
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Plans for Future Perlods The Trustees will continue to promote the advancement of the Christian faith by supporting charities. Structure, Governance and Management Issues of Structure, Governance and Management are discussed on a regular basis by the Trustees. Risk Management The Trustees Consider the major risks the Charity faces in its operations. They monitor such risks in order to mitigate any impact that they may have on the Charity. On behaFF of the Trustees A J.C:ILKzl Alison Jane Chur¢hfield Trustee Date: 22 November 2023
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST FOR THE YEAR ENDED 5 APRIL 2023 I report to the Trustees of the David Shannon Stewart & Florence Stewart Charitable Trusl on the Financial Statements for the year ended 5 April 2023 as set out on pages 4-8. Respective Responsibilities of Trustees & Examiner As the Charty's Trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to.. Examine the Accounts under Section 65 of the Charities Act; 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., State whether particular matters have come to my attention. Basis of Independent Examiner's Report I have examined your Charity Accounts as required under Section 65 of the Charities Act, and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 65{9){bl of the Charities Act. The examination included a review of the accounting records kept by the Charity and a comparison of the Accounts presented wilh those records. It also included consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Charity Trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. 1. That accounting records 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 requirements of the Charities Act (Matter Statement) 2008 and with the methods and principles of the Charrties Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland. 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent Examiner's Statement I have completed my examination and have no concerns in respect of the matters (1 } to {4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Hilary Farrell FCA for and on behalf of Moore (N.I.) LLP Chartered Accountant & Registered Auditor 4th Floor, Donegall House 7 Donegall Square North Belfast BT15GB Date: 22 November 2023
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted Unrestricted Funds Funds Note 2023 2022 Income & Endowments from: Charitable Activities Other Income 4,238,750 1,161,278 33,425 Total Income 33.425 5,400.028 Expenditure on: Legal and professional fees Charitable donations Bank fees 600 600 35,000 30 45,000 37 Management charges 13,218 Total Expenditure 48,848 45,637 Net lexpenditure)lincome for the year (15,423) 5,354,391 Reconciliation of Funds Fund balan$ at 6th April 2022 Fund balances at 5th April 2023 5,442,406 5,426,983 88,015 5,442,406 All income and expenditure derive from continuing activities.
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST BALANCE SHEET AS AT S APRIL 2023 Note 2023 2022 CURRENT ASSETS Investments 5,003,733 423,850 Cash at Bank 43,006 5,400,000 5,443,006 Debtors 5.427,583 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals (600) 600 (600) 600 TOTAL ASSETS LESS CURRENT LIABILITIES 5,426,983 5,442,406 Represented by: Unrestricted Income Funds 5,426,983 5,442,406 Total Funds 5,426.983 5,442,406 The Financial Statements were approved by the Trustees on 22 November 2023. On behalf of the Trustees A .) CQ.NJknl Alison Jane Churchfield Trustee
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accounting Policies Accounting Convention These accounts have been prepared in accordance with the Charity's Trust Deed, "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102°), "Accounting and Reporting by Charities. the Statement of Recommended Practice for Charities applying FRS 102 and UK Generally Accepted Accounting Practice. The Charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in Sterling, which is the functional cUencY ofthe Charity. Monetary amounts in these Financial Slatements are rounded to the nearest £. Going Concern At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees, continue to adopt the going concern basis of accounting in preparing the Account5. Charitable Funds Unrestricted funds are available for use at the discretion of the Trustees in furtheran of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the Accounts. Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation unless perfomiance conditions require deferral of the amount. Income Tax recoverable in relation to a donation received under Gift Aid is recognised at the time of the donation. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified as activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activty are apportioned beeen those activities on a basis consistent with the use of resources. Cash & Cash Equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Charitable Activities 2023 2022 Legacy from the Estate of the late Mr David Shannon Stewart Donations 4,238,750 Gift Aid 4,238,750 Other Income 2023 2022 Gain on disposal of shares Interest Received Dividends Received 4,744 8,081 20,600 33.425 1,161,250 28 1,161,278 Charitable Donations 2023 2022 Charitable Donations 35,000 35,000 45,000 45,000
Investments 2023 2022 Investments 5,003,733 Movement in current asset investments Investments other than loans Cost or valuation At 6 April 2022 Additions 5,003,733 At 5 April 2023 5,003,733 Carrying amount At 5 April 2023 At 5 April 2022 5,003,733