THE DAVID SHANNON STEWART & FLORENCE EUZABETH STEWART CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 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 2024 The Trustees present their Annual Report and Financial Statements for the year ended 5 April 2024 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 prepa 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 consistentty., Make judgements and estimates that are reasonable and prudent., Prepare the financial statements on the going concern basis unless rt is inappropriate to presume that the Charty will continue in operation. The Trustees are also responsible for maintaining proper accounting records which disclos8 Wlth reasonable accuracy the incorne and expendtture for the year. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. TRUSTEES, ANNUAL REPORT Objectives & Activlties 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 £182,595. The main outgoings were donations to charity and investment managements charges. Financial Review The nature of the Charty 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 & FLORE1CE CJI iABfH STWART CHARriABl t RUST TRUS I FE'S REPORT (CONnillU?D) FOR I HE YEAR ENDED 5 APRIL 2024 Plans for Futui e ,"eriods The Trustees will continue to promote the advancement of the Christian fraith by supporting charities. StructU•?. Governance and Ivtanagement . Issues of Structure. Govemance and Management are discussed on a regular basis by the Trustees. Risk Management The Trustees consider the major risks the Charity faces in its uperations. They monitor such risks in order to mitsgale any impact that they may have on the Charlty. On behalf of the Trustees Stephen Stewart Trustee Date." 81h October 2024
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 2024 I report to the Trustees of the David Shannon Stewart & Florence Stewart Charitable Trust on the Financial Statements for the year ended 5 April 2024 as set out on pages 48. Respective Responsibilities of Trustees & Examiner As the Charity'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}Ib) 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 6519)(b) of the Charities Act. The examination included a review of the accounting records kept by the Charity and a comparison of the Accounts presented with 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 wtth 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 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. 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent ExamineT'5 Statement I have completed my examination and have no concerns in respect of the matters11) to14) listed above and, in connection with following the Directions of the Charty 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.. 8th October 2024
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Funds Unrestricted Funds Note 2024 2023 Income & Endowments from: Charitable Activities Other Income 182.59S 33,425 Total Income 182,595 33,425 Expenditure on: Legal and professional fees Charitable donations Bank fees Management charges 1,500 100,000 31 600 35,000 30 24,316 13,218 Total Expenditure 125,847 48,848 Net incomel(expenditure) for the year 56,748 115,423) Reconciliation of Funds Fund balances at 61h April 2023 Fund balances at 5th April 2024 5.426.983 5,483.731 5,442,406 5,426,983 All income and expenditu derive from continuing activities.
THE DAVID SHANNON STPJJART & FLORENCE EUZA2EfFr STrWART CHARITABLE TrUST BALANCE SHEC AS AT 5 APRIL 2024 ?024 ?023 CURRENT ASss Investments 5,380,437 105.394 5.1)03.733 423.850 Cash at Bank a,485,831 5.427,583 CREDITORS: AMOUNI TS FALUNG DUE WITHIN ONE VEAR Accruals {2.1001 2,100 (600) 600 TOTAL ASSETS LESS CURRENT UABIUIES 5.480,731 5,426.983 Represented by". Unre51ricted Incom8 Funds 5.483,731 5,428.983 Totsl Funds 5A83,731 5,426,983 The Finanaal Statements were approved by the Tnjstees on 8th October 2024. On behalf of the Trustees Stephen Stewart Trustee
THE DAVID SHANNON STEWART & FLORENCE ELIZABETH STEWART CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting Policies Accounting Convention These accounts have been prepared in accordance wtth the Charity's Trust Deed, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'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 Benefrt Entty as defined by FRS 102. The accounts are prepared in Sterling, which is the functional currency ofthe Charity. Monetary amounts in these Financial Ststements are rounded to the nearest £. Going Concem 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 Accounts. Charitable Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitablè objectNes 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 OLrt in the notes to the Accounts. Income Income is recognised when the Charty is legally enttlled to Èt after any perfomiance 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 performance conditions require deferral ofthe amount. Income Tax recoverable in relation to a donation received under Gfft 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 activty. The costs of each activity are made up ofthe 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 activty and support costs which are not attributable to a single activity are apportioned between 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 Wtth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wtthin borrowings in current liabilities.
THE DAVID SHANNON STEWART & FLORENCE EUZABETH STEWART CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Other Income 2024 2023 Gain on disposal of shares Interest Received Dividends Received 42,881 49,286 90,428 182.595 4.744 8,081 20,600 33,425 Charitable Donations 2024 2023 Charitable Donations 100,000 100,000 35,000 35,000 Investments 2024 2023 Investments 5,380,437 5,003,733 Movement in current asset investrnents Investments other than loans Cost or valuation At 6 April 2023 Additions Disposals 5,003,733 1,236,667 1859,963) At 5 April 2024 5,380,437 Carrying amount At 5 April 2024 At 5 April 2023 5,380.437 5,003,733