Charity No: NIC 105831 Holywell Trust Aecounts for the year ended 31 March 2023
Holyivell Trust Contents Page Legal and Administrative Infonnation Report of The Management Committee Auditors, report 8.12 Statement of Financial Activities 13 Balance sheet 14 Statement of c&sh flows Is Note5 io ihc accounts 16.22
Holywell TTht Legal and Administrative Information Charity Name Holywell Trust Charity Number NIC 105831 Operatlonal Address 10112 Bishop Street Derry BT48 6PW Trustees of Holywell Trust Maureen Hetherington - Chairperson Danny Bryce Jacqueline Mccolgan Gemma Harkin Caiherine Cook¢ Seamus Farrell Roisin McLaughlin Barney McGuigan Auditors McGroarty Mccafferty & Company Ltd Accountants and Tax Consultants 2 Carlisle Terrace Derry, BT48 6JX Bankers AIB (ND Meadowbank Derry BT48 7TN Page I
Holywell Trust Report of The Management Committee The Mana8ement Committee present their report and the financial statements for the year ended 31 March 2023. Principal activity and objectlves The Trust is established to advance education and to promoie ihe ben¢fit of ihe inhabitants of the DerrylLondonderry city and urban areas and its environs of the North West of Northern Ireland (hereinafter called the 'area of b¢nefit') without distinction of a8e, gender. disability. sexual orientation, nationality, ethnic identity, political or religious opinion, by associating the statutory Authorities, community and voluniary organisations and the inhabitants in a common effort to advance education. and to provide facilities in the interests of social welfare for recreation or other l¢isure-time occupation, with the objcct of improving the conditions of life for the said inhabitants and in particular: Aim: a) to maintain and manage or co-operate with any local authority in ihe maintenance of a centre or centres in the area of benefit for aclivities promoted by the Thist. Aim.. b) to advance education concerning and carry our research into local history by collecting and recordin8 information, and in particular forniing an archive of the works of the orea of benefit. Aim.. c) to raise awareness and pmvide education among the community about environmenlal issues and to conducc pro8Tammes 10 protect th¢ ¢nvironm¢nt. Aim: d) the recruitmeni, selection and sending out of volunteers for short temi service WAthin the area of benefit. Management committee The members of the charity for the putyoses of charity law and throughoui ihis report arc collectively ferred to as the trnstees. The trustees serving during the year and since the year end were as follows: Maureen Hetherin8ton (Chairperson) Danny Bryce lacqueline Mccolgan Gemma Harkin Catherine Cooke Seamus Farrell Roisin McLaughlin Barney McGui8an Risk rnanagement The trustees have assessed the major risks to which thc association is exposed, in particular those related to the operations and finances of the association, and are satisfied that systems are in place to mitigate the exposure to the major risks. Flnanelal revlew The finattcial perforniance is summarised in the enclosed accounts. Plans for future periods The association plans to continue the activities as outlined above in the forthcoming years subject lo satisfactory funding arrangcments. Page 2
Holywell Trust Report of The Management Committee Chairpersons Forward Holywell Trust has had another busy and productive year. During the year we have delivered a solid programme of work towards our charitable objectives and our ieam of t5t and staff have ensurcd that the charity remains prominent in the local Community. Some of the highlights from the last year include: Shared Space - our shared community space at the heart of the City was used by over 20, 000 people during the last year. Invesiing in Community Leadership Pro8rammelFuture Leaders - through our Future Leaders pro8ramtne 50 people completed or started their community leadership journey with us. Thirty - 86 people took part in our citizens, assembly project, examinin8 3 important issues and arriving at over 30 possible solutions. Holywell Trust Conversations Podcast - Series 4 of Dur podcast series was released during the year as we continue to lead on challenging conversations. Future Relationship Conv¢rsations - We released 3 important pieces of research through this project, expanding understanding of the constitutional question. Following the development of our new strategic plan we are looking forward io working to support the community with a range of projects and initiatives as well as to continue to provide our facilities for community use. This. combined with our ongoing succession planning process, will ensure that we are well placed to contlDue our important work in the coming years. There is a need for renewed energy to suslain the peace in Northem Ireland. The multiple challenges of the difficult political climate, an overworkcd community sector and lighter public purse mean that the work of or8anisalions like Holywell Trnst is essential in creating space for positive solutions and ways forward. I thank all of my fellow trustees for th¢ir continued support and commitment to the Trust and the staff for all of their hard work over the last year. In addition, our work would not be possible without the support of our funders, especially our core supporters Community Relations Council, Deparlment for Foreign Affoirs and Detry City and Strabane Disirict Council. We arc also grateful for the continued support of the organisations that work with us in partnership, those based wilh us in the Holywell buildin8 and those that make use of our great facilities. As Chair, I look forward to working With you all during the next year as we work towards the vision of our new strategic plan, 'Workin8 tO8ether towards a truly inclusive, shared future,. Maureen Hetherlngton Chair Page 3
Holywell Trust Report of The Management Committee Activity and Programmes 2022123 In setting the objectives and planning the activities for the year the Trustees of Holywell Tn]st have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit guidance to ¢nsur¢ that the activities have helped to achieve the charity's purposes and provide a benefit to the beneficiariu. The following is a summary of the work delivered durin8 the period, the people who have benefilted and our achievements over the financial year. These are displayed under the relevant airn5 of the organisation and show progress against th¢ achievement of the. Aim a) to maintaln and manage or co.operate wlth any local authorlty In the malntenance of a eentre or centres In the area of benefit for aetivities promoted by the Trust. Programme AreActiVIty. Shared space centre provision Beneficiaries.. In the financial year our shared building at ihe heart of the city centre was used for 1, 798 bookings which were attended by 20, 315 people. Programme ArealAclivity: Shared Space Exhibitions & Conference Beneficiaries: Borderlands showcase event was held on 1513123 and focused on an exhibit that Holywell had developed in partnetship with Derry City and Strabane District Council, This examined the impact of the border on the community in the North West. The event was attended by 15 people. Alm: b) to advanee edueAtlon eoncernihg Ènd carry our research Into local hlstory by eollecling and recordlng infoTmatlon, and In partlcular forniing an archlve of the works of the area of benefit. Programme ArealActivity: Partnership W0[ng Beneficiari&s: We have worked to maintain and deepen ihe partnership relationships that Holywell Trust has developed over recent years, As a relatively small charity we are aware that our impact is best amplified by WOTking in partnership wilh other organisations that share our values. Over the year we have worked in partnership with The Junction (Core Funding): The John & Pat Hume Foundation (Icad partner on the Peace Summit project); Diversecity Community Partnership memb¢r5 (Dog Ea. Foyle Women's Infornaiion Nelwork, NoLth West Community Network, REACH Across, The Junclion) and; NW Community Wealth Building Hub (with a range of sectoral partners facilitated by Development Ttust ND. Programme AreaJActivity: Strategic Planning & Communications and Marketing Beneficiaries.. A new 3 year Strategic Plan was asreed during the financial year by the Holywell Trust Trustees, This plan. which was developed followAng enga8emenl and consultation with our project participants and partners, charts the way forward for the organisation and will guide our work, 'Working together towards a Iruly inclusive, shared future,. Programme ArealActivity: Future Relationship Conversations Beneficiaries: 3 pieces of research were carried out and launched ai a conference on 23rd June 2022 which was attended by 404 people. The research papers were: l ) 'A Study of Relevant Literature concerning the Debate about Northern Ireland's Constitutional Future, David Mccann 2) 'Atlitudes of Protestant community in Laggan area of East Donegal and iheir family member5 in Northern Ireland) on their acceptance within the Republic of Ireland since the partition of Ireland and Northern Ireland related issues, including the constitutional queslion., Brendan Stuigeon 3) 'Healih Services - North and South, Paul Gosling. In addition sessions were held on NI Protocol (facilitated with QUB) on 219122 and 8111122 which were attended by over 30 people. A Media Seminar was held on 912123 attended by 40+ people. Planning and applicalion was made for Phase It of the project lo continue beyond this financial year. Page 4
Holywell Trust Report of The Management Committee Programme ArealActivity: Future Leaders - Investing in Community Leadership in the West Beneficiaties: Two cohorts of ihe academic year-long Future Leadeis Programme were delivered in 2021122 & 2022123 with 50 participants. These were inlensive programmes that involved residentials. learning sessions, fornial ac¢reditation. mentoring and study visits, Holywell Trust is part of the management group for the Investing in Community Leadership in the West progrdmme with our partners Fern]anagh Trust and Rural Community Network. tn addition to the bi-monihly meetings on the programme we delivered 4 sessions durin8 the period, The s¢ssions held We (1111122 - Partnership Working; 1611 1122 - Reflective Pra¢ti¢e; 1711122 - Independence of C Sector and; 3111123 - Recruitment & Retention). These sessions were attended by 25 people from across th¢ North West. Programme Are&lAciivity: Holywell Thist Conversations Podcast Beneficiaries: Resources were secured during the period for the production of the fourth series of our podcast. The series was released during 2023 with episodes looking at a range of issues includin81 the Good Friday Agreement, funding for the community and voluntary sector, human rights and local environmental pollution. There arel 8 episodes in the series which is CO*faciliiated with journalist Paul Gosling. Programme ArealActivity.' St. Columb's Hall Heritage Project Beneficiaries: Dellvered a hen'tage project on the impact and htstory of St. Columb's Hall as a significant cultural venue in the lives of the local communiiy. 20 people signed up lo ihe project which was completed by 8 committed individuals. A digilal and physical tour of the building capturing the heritage and stories from The Hall was also launched. Programme AreACtivItY.. Thirty Beneficiarie5: 4 Thirty projects were delivered on a residential b15 during the period. These were: l) Civic Voice: Good Friday Agreement 25 Years On (North-west) 2) Civic Voice: Good Friday Agreement 25 Years On (Belfast) 3) Education; Towards a System that works for Everyone 4) Legacy: Reconciling the P&st with a Futurc Focus. Over the whole projKt thc 89 participants arrived at 36 recommendationslsolutions to each of the issues that were considered. These were shared at an Influencing Workshop on 2913123 that was attended by 40+ people. Programme Are&lActivity: Infonnal Connections - Advocacy Beneficiaries: Holywell Thist lobbied and advocaled on behalf of the local community throughout the year. This included regular engagement with organisations such as NIO, National Lottery Communily Fund, DFA, Social Change Initiativ¢ and NICVA. We also hosted a number of visits including wilh the Spxretary of Stale for Northern Ireland, SBUPB (and ROI Minister of Finance) and the Gernian Ambassador to the UK. Programme AreActivity. Lunchtime Events Beneficiaries.. One lunchtime event was held during the period. On 8110122 an event was held to mark the 50th anniversary of ihe first civil rights march in Derry which was attended by 60+ people. Programme ArealActivity: Community Relations Practitioners, Forum Beneficiaries: Two forutns were held during the period. These resulted in Holywell Trnst and An Culturlann organising a session with Paul Nolan analysing the fftost recent Census figures in Northern Ireland (112123). This session was attended by 23 people, Page 5
Holywell Trust Report of The Management Committee Aim: c) to raise awareness And provAde education among the community about environmental issues and to conduct programmes to protect the environmenL Progrdmme ArealActivity". Roof Garden & Garden of Reflection Beneficiaries: Holywell Ttust continues to provide shared community space through our Roof Garden on the Holywell building, an accessible spacc for community events. In addition, during th¢ year• plans were piit in place for the Summer 2023 programme in the Garden of Refleclion. Programme AreaJAciivily: Eden Projecr Foyle Beneficiaries: Over the period the dIlcult de¢ision was iaken to no longer pursue the ambitious tourist destination project as originally envisaged due io the restrictive financial climate in Northern Ireland. Elements of the programme will now be attempted as individual stand-alone initiative5. Alm: d) the recruitment, selecllon and sendlng out of volunteers for short terni service withln the area of benetlt. Pro8ramme AreActIvity. TNstees Beneficiaries: Holywell TNst is governed by a group of 8 volunteers, each of whom give their time and expertise freely to the management of th¢ organisaiion to ensure that it meeis its charitable purposes. Key achlevements The following are the highli8hts from our work during the reporting period: Approximately 20. 000 people accessed events and services from our premises during the reporting period. We have supported almost 50 people through their community leadership journey. building capacity within the sector to create good relalions. We commissioned and launched 3 interesting pieces of research on challenging issues. We examined 3 addilional challenging issues through a series of 4 citizens, assemblies and supported people lo athve at 36 solulions to some of our more difficult Challenges. Wc have started a new podc&st seri¢s, again examinin8 challengin8 issues, cem¢ntin8 our reputation as a thought leader within ihe community. We have delivered a heritag¢ focused projeci on a key community asset, developin8 relaiionships and creatin8 new assets for the future. We have strengthened our relationships and partnerships wilh public. academia and community organisations enabling us to be well positioned to influence positive change in the future. We have developed relationships with new funders and str¢ngthened relations with our existing supporters and continue to take innovative approaches to building relationships and peace building. Hundreds of people have taken part in th¢ various progrdmmes that we have delivered over the period and are committed to working With us again in the future. Page 6
Holywell Trust Report of The Management Committee Lessons learned We have learned a number of lessons through the delivery of our programme over the period: Through the development of our Strategic Plan for the next three years we alISed the importance of ommunications 2nd marketing to the long-tenn impact of our work. During the period we worked towards financial support to support this work which was successful. We were reinforced in our belief that it is essential to move beyond 'tick-box' progrnmmes to engage people in somc of the most difficult challenges facing society. We were reassuied that whcn engagcd on challenging issues people are generous and creative with Lheir solutions. There remains an appetite to participate in the programmes that w¢ deliver and to address the issues that society faces. There is a growin'g frustration with the non.fun¢tioning of Northern Ireland both in tern of the day-torflay delivery of k¢y public s¢rvi¢es to the lack of political leadership currently b¢in8 demonstrated. There remains a challenge as an organisation that receives fundin8 and support from multiple sources. Different funders have different requiremenis and this can be lime consumin8 and impact on project delivery. Another issue that impacts on project delivery is the constant and ev¢r-present requirement to raise additional resources towards the core costs of our Charity. Members Responslb1lltl In Relatlon To The Flnanclal Statements The members are reponsible for ppAring the annual report and the financial statements in accordance with the Applicable law and United Kingdom Accountlng Standards(United Kingdom Generally Accepted Atcounling Practice). The law applicable to charities in Northetn treland requies the members to prepare financial statements for each financial year that give a tnie and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In doing so ihe members arc required to: select suitable accounting policics and apply them consislcntly. observe the methods and principles in (he Charities SORP 2019 (FRS102) - make judgemcnts and estitnatGs ihat are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare (he financial statements on the goin8 concern basi5 unless it is inapprnpriate to presume that the charity will continue in business. The members are responsible for mainiaining proper accounting records which disclose with reasonable accuracy at any lime lh¢ financial position of the charity and enables them to ensure that ihe financial stat¢m¢nts comply wilh the Charities Act (Northern Ireland) 2008, the Charities (Accounts and Reports) Resulations (Northern Ireland) 2015 and the provisions of the trust deed. The members are al80 re5ponsibl¢ for safeguarding th¢ assets of th¢ charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. By Order of th¢ Management Committee: Trustee Date: 16 January 2024 Trustee Date: 16 January 2024 Page 7
Holywell Trnst Independent audilor's report to the truste&s of Holywell Trust Opinion We have audited th¢ financial statem¢nts of Holywell TTUSt for ihe year cnded 31 March 2023 which comprise the statement of financial activities, the balance sheet, the cashflow statemen( and the relaied notes. The financial reportin8 framework that has been applied in their preparation is applicable law and Uniied Kingdom Accounting Standards (United Kingdom Generally A¢¢ept¢d Accounting Practice) including FRS 102 The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland" This report is made solely to ihe charity's irustees, a5 a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulaiions (Northern Ireland) 201 5. Our audit work has been undertaken so that we might stale to the charity's trustees those matters we are required to state to them in an auditor's report and for no Other purpose. To the fullest extent perniitted by law, we do not accept or assume R8ponsibility to anyone other than the chariiy and the charity's trustees as a body, for our audit work, for this report, or for ihe opinions w¢ have formed. In our opinion the financial siatsments; give a tNe and fair view of the state of the charity's affaits as at 31st March 2023, and of its incoming resources and expenditure of resources, for the year then ended. - have been properly prepared In accordance with United Kin8dom Generally Accepted Accounting Praclice. and - have been prepared in accordance with the requirements of the Charities Act (Northcrn Ireland) 2008. Basls for oplnlon We ¢onducied our audit in accordance with tnternational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under thos¢ standards are further described in the Auditor's responsibilit1¢5 for the audit of the financial stal¢ments section of our rcport, We are independent of the charily in accordance with the ethical requirements that are relevant to our audit of the financial statemenis in the UK, includin8 the FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibilities in accordance with these requir¢ments. We believe that the audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Concluslons relatlng to goln8 concern In auditing the financial staiements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financio) statements is appropriate. Based on the work we have perfornjed, we have not identified 2ny material uncertainties relating to events or conditions ihat, individually or collectively. may cast significant doubt on the charily's abilily to continue as a going concern for a period of at least twelve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of the trnstees with respect to going concern are described in the relevant seclions of this report. Page 8
Holywell Trust Other information The Irustees responsible for the oiher infomiaiion. The other infonnation comprises the infomiation included in the trustees, annual report, oth¢r than the financial statements and our audilofs report thereon. Our opinion on (he financial statements does not cover other inforniation and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our r¢sponsibility is to read the other information and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If w¢ identify such material inconsistencies or apparent material misstaiements, we are required to deterniine whether there is a material misstatement in the financial Statements or a material misstatement of the other inforn]ation. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforniation. we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by ex¢eptlon We have nothing to report in respect of the following rnatters in relation to which the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to ieport if, in our opinion: we have not received all ihe inforniation and explanalions that we require for our audit: or the financial statements are not in agreement with the accounting records and returns; or the chanty has not kept adequate reords; or the infonnation given in the financial statements is inconsistent in any material respect with the irustee5' report. Responslbilities of the trusttts As explained more fully in the trustees, responsibilities statemeni set out on page 3, th¢ Irustees are responsible for the preparntion of the financial statemenis and for being satisfied that they give a true and fair view, and for such inlernal control as the trustees deterniine is necessary to enabl¢ the preparation of financial statements that are free from material misstatement, whether due to frdud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, a5 applicablc, marters related to going concern and using the going concern basis of accounling unless the trustees either intend to liquidate thc charity or to cease operations, or have no realistic alternative but to do so. Audltor's responslbilities for the audlt of the fjnanclal statements We have been appointed as auditor under section 65(2) of the Charities Act (Northern Ireland) 2008 and report in accordance with regulations made under section 66 of that Acl. Page 9
Holywell Trust Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always d¢le¢i a material mi5slaten]ent when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence (he ecanomic decisions of users taken on the basis of the finan¢ial siatements. Explanation as to what extent the audit was consldered capable of detectlllg Irregularities, Includlng Irregulariiies, including fraud, are instances of non-compliance with law.s and regulations. We design procedures in line with our responsibiliti, outlined above, to delect material misstatements in respect of irregularities, includin8 fraud. The extent to which our procedures ore capable of detecting irregularities, including frdud is detailed below: Identlfylng and assesslng polentlAI rlsks related to Irregularlties In identifying and assessing risks of material misstatement in respect of irregulariiie8, including fraud and non•compliance with laws and regulation$, we considered the following. - the nature of the industry* sector and the specific control environmeni which it operdtes in the charities own assessment of the risks that irregularfties may occur, eiiher as A result of fraud or error. representations and results from our enquiries with management and the trustees regarding their own identification and assessment of the risks of I¢gularitIes, enquiries of management relating to accounting estimates measurements, recognition criteria and justifieation of such amounts; any malters we have identified having obtained and reviewed the charities policies and procedures relating to: * identifying and assessing if laws and regulations ar¢ compliant and whether they are aware of any instances of nonrycompliance: * detection and response to the risk of fraud and whether they are aware of any actual, suspected or alleged fraud instances; * the internal controls designed to mitigate risks or fraud or non.compliance with laws and regulations, and to minimise risk of management oveideS of such controls, all matters discussed among ihe audit engagement team regarding how and where fraud could occur and the potential indicatOf5 of fraud. As a result of these procedures, we considered the opportuniiies and incentives that may exist within the charity for fraud. The audit included assessin8 the proCedUS and evaluating ihe measurement of estimations. In common with all audits under ISAS (UK), we are also required to perfomi specific procedures to respond to ihe risk of management override. We also required an understanding of the legal and regulaiory frameworks applicable to the chariiy and considered Ihat the most significant are SORP 2019 (FRS 102) and Charities Act (Northern Ireland) 2008. Audit responses to risks ideniified Our procedures to respond to risks identified included the following: reviewing the financial statement disclosus, testing the relevant docurnentation to assess compliance with the significant laws and regulalions - those described as having a direct effeti on the financial statements; enquiring with management and obtaining third pany confinnation from the eharity's solicitors regarding any actual or potential litigation and claims; Page 10
Holywell Trust perforn]ing analyiical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatemeni due to fraud: reading minutes of board and management meetings. examine forecasting material in line with actual perforniance, identifying any potential fraud indicators or instances: reviewing Charity Commission North¢rn Ireland corr¢spond¢n¢e, identify any late submissions or omissions of mandatory inforniation; in addressing the risk of fraud through management override of controls, testing the appropriateness of data entries and adjustments; assessin8 whether the judgements made in makin8 accountin8 estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or Outside the normal course of th¢ charities objectives. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert io any indications of frdud or noncomplianc¢ with laws and r¢gulations throughout the audit. As part of an audit in accordance with ISAS (UK), we exer¢i5¢ professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material mi55tat¢ment of the financial statements. whether due to fraud or error. design and perforni audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriale to provide a basis for our opinion. The risk of not detecting a malerial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgcry, intentional omissions, misrepresentations, or ihe overridc of internal control. Obtain an understanding of internal conirol relevant to ihe audit in ordcr lo design audit procedures that are appropriate in the circumstanccs, bul not for (he purpose of cxpressing an opinion on thc effccliveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and lated disclosures made by the trustees. Conclude on the appropriateness of the trustee5' use of the going concern basis of accountin8 and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw atteniion in our auditols report to the related disclosures in the financial statements or, if such disclosu are inadequate, to modify our opinion, Our conclusions are based on the audie evidence obtained up to the date of the auditoFs report. However, future events or conditions may cause the charity to cease to continue as a going concem. -Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate wilh those charged with governancc regarding, among other matters, the planned scope and timing of the audit and significant audit flndings, including any significant deficiencies in internal control that we identify during our audit. Page 11
Holywell Trust McGroarty Mccaffert Statutory Auditor arli5 race &Co BT48 6JX Date: 16 January 2024 McGroarty Mccafferty & Company is eligible to act as an auditor in ienns of section 1212 of ihe Companies Act 2006. Page 12
Holywell Trust Statement of Financial Activities for the year ended 31 March 2023 Unrestrlcted Funds R¢5tricted Funds 2023 2022 Income and Expendlture Incomlng Resources Grants Received & Other Income 198,468 372,348 570,816 441,687 Total Incomlng Resources 198,468 372.348 570,816 441.687 Resources Expended Management & Administration Total Resource5 Expended 177,908 2,321,668 2,499,576 531,667 177,908 2,321.668 2.499,576 531,667 Net tncomlng l (Outgolng) Resources Il.. 20,560 (1,949,320) (1,928.760) (89.980) Balanc&s brought forward l April 2022 54.605 2.939,743 2,994.348 3,084,328 Balances ¢arrieAI forward 3 l March 2023 75.165 990,423 1,065,588 2,994,349 The above amounis relate to continuing operaiions of the group. The organisation has no recognised gains and loss other than those included in the resulis above and therefore no separate statement of total recognised gains and losses has been presented. There is no dIffenCe between the net incoming resources for the year slaled above and their historical cost equivalents. Page 13
Holywell Trust Balance sheet as at 31 March 2023 2023 2022 Notes Flxed assets Tangible assets 1,011,722 2,951.329 Current assets Debtors Cash at bank and in hand 74,989 46,994 34,912 138,894 121,983 173,806 Current Ilabllltles Accruals and deferred income 68,117 J 30.787 Net current assets 53,866 43,019 Total assets less eurrent Ilabllitles 1.065,588 2.994,348 Capltal aceount Restricted funds UpStriCted funds 13 990.423 75,165 2,939,743 54.605 1,065,588 2,994,348 I approve these accounts and confirni thai I have made available all relevant records and inforniation for their preparation. Trustee Date: 16 January 2024 Trustee Dale: 16 January 2024 Page 14
Holywell Trust Statement of Cash flows as at 31 Mar¢h 2023 2023 2022 Note Net (outgoin8)l incoming resources for the year Depreciaiion and impainnent Revaluation (tncrease)I decrease in debiors (Decrease) l increase in creditors (1,928,760) 82,580 ,866.739 {40,077) (62,670) (89.980) 109.067 6,243 (55,493) Net Cash Inflowl (outflow) from operatlng aclivitles (82,188) (30,163) Capital expenditure Increasej (deerease) In Cash in the year (9,712) (91,900) (30,163) Reconclllatlon of net cllsh flow to movement In net fund5 Increasej (decrease) In cash fin the year Net funds at l Aprll 2022 (91,900) 138.894 (30,163) 169.057 Net funds at 31 March 2023 12. 46,994 138,894 Page 15
Holywell Trust Notes to the accounts for the year ended 31 Mareh 2023 General information The Chiirily 15 a registered charily Wlth the Charity Commission NI. The address of the r¢gistered office is 10112 Bishop Str¢ei. Dcny, BT48 6PW. 1.1. Accountlng conventlon The principal accounting policies adopted in the preparation of the financial statements are set out below. The Charity constitut¢5 a public benefit entiiy as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by chariti: Statement of Recommended Praciice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Charities SORP 2019 (FRS 102), the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) and the Charities Act (Northem Ireland) 2008. The financial statements are prepared on a going concern basis under the historical cost convention. The financiul siaiemenis are presented in sterling which is the functional currency of th¢ charity. 1.2. Fund accountffing Unrestrictcd funds are available for use at the discretion of the members in furtherance of the general objectives of the charity. Designated funds are unresticted funds earmarked by the management committee for particular purposes. Restricted funds are subjected to re51riclions on their expenditure imposed by ihe donor or through the tems of appeal. 1.3. Incomlng resources All incoming resources are included in the staiement of financial activities when the charity is entitled to Ihe income and the amount can be quantified with asOnable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific perforniance by the charityi ar¢ recognised when the charity becomes unconditionally entitled to the 8rant. Donated services and facililies are included ai the value to Lhe charity where this can be quaniified. The value of services provided by volunteers has not been included. Gifts donated for resale are included as Incomin8 resources within activities for seneraiing funds when they are sold. 1.4. Resourc expended Expendilure is recognised on an a¢¢Nal basis a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported a5 part of the expenditure to which it re12tes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activilies and services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect naiure necessary to support them. Page 16
Holywell Trust Notes to the accounts for the year ended 31 March 2023 1.5. Pension costs Contributions lo auto cnrolmeni pension sch¢me5 are recognised as an expense in th¢ period in which the related servi¢e is provided. 1.6. Cash at bank Cash at bank and cash equivalents are stated at Cost at the financial year end. 1.7. Debtors & credltors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairnient ar¢ recognis¢d in expenditure. 1.8. Tangible fixed a55ets and depreciatlon Tangible fixed assets are stated at Cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows: Land and buildin8S Fixturu, fittings and equipment Straight Line IOO/o Strai8ht Line 1.9. Going concern The financial statements have been prepared on a going concern basis as the Irustees believe that no material uncertainties exist, Thc Irustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of i¢serv¢s for ihe charity to be able to continue as a going conGem. Page 17
Holywell Trust Note5 to the accounts for the year ended 31 March 2023 Income Year Ended 2023 Year Ended 2022 trieted Rank Foundation Community Relations Council Keep Nl Beautiful Derry City & Strabane District Council Rural Community Network Hume Foundation National Loitery - Sedum Roof Department of Foreign Affairs (Note 15) Northern Treland Office Executive Office Department for Communities Fernianagh Trust Community Foundation for Northern Ireland Ireland Fund Co-operation Ireland Ulster Community Fund RA 19,937 86,055 84,327 500 8,971 750 24,790 13,169 10,000 65,925 14.513 17,700 45,546 24,763 4.509 14.574 3,035 27.832 32,826 42,000 25,407 16,653 5,354 30 37.075 1,890 372,348 255.783 Unrestrlcted In me Rental Income & Service Charge5 Managementladministration & Facilitation Income 177,771 20,697 159,871 26,033 198,468 185,904 Total Income 570,816 441,687 (fj) Restrlcted Funds Funds received which are earniarked by the Funder for specific purposes. Such purposes are within the overdll aims of the organisalion, (11) Unrestricled Funds Funds which are expendable ai the discretion of the company in furtherance of the aims of the charity. In addition funds may be held in order to finance capital investment and working capiial. Page 18
Holywell Trust Notes to the accounts for the year ended 31 March 2023 2.1 Resources Expended Year Ended Total 2023 Year Ended Total 2022 Unrestricted Funds Rutrlcted Funds Management & Admlnlstratlon Wages & salaries Junction CRC entiilement Pension costs Project costs Rent, rate5 & water Insurance Light & heat Cleaning & ¢onsumables Repairs & mainentenance Postage, stationery & advertising Telephone. fax & internel Motor & travel expenses Facilitation Accounlancy Bank charges Sundry expenses Professional fees Subscriptions Depreciation Loss on revaluation (note 7) 43,103 170,597 39,694 7,974 109.713 22,080 213,700 39,694 7,974 110,328 29,562 5,305 49,104 4,188 26,215 6.544 30.594 17.979 150,752 39,129 5,797 50.076 16,999 5.268 44,340 4,101 51,402 9.303 37.148 3.109 100 1.800 740 1,148 1,200 188 109,067 615 7,482 5.305 49.104 4,188 10,319 6.477 29.218 15.357 15,896 67 ,376 2.622 2.500 708 3,532 500 283 1.113 3,000 991 4.645 434 82,580 1,866,739 434 82,580 1,866,739 177,908 2,321,668 2.499,576 531,667 Net (outgolng)Ilncomlng resources for the year Year Ended 2023 Year Ended 2022 Net (outgoing)lincoming resources is stated after charging: Depreciation and other amounts wfttten off tangible fixed assets Accountancy fees Auditors, remuneration (Note 4) 82,580 109.067 1,800 3,000 Auditor's Temuneralion The auditorfs remuneration amounts to an audit fee of £3.0(XJ (2022 -NtL). Page 19
Holywell Trust Notes to the accounts for the year ended 31 March 2023 Slaff note The av¢rag¢ number of persons employed by the company during the year amounted to 9 (2022 - 9). The aggregate payroll costs incurred during the year were: 2023 2022 Wages and salaries Pension contributions 213,700 7,974 150,752 5,797 221,674 156,549 No employees received emolumnets of more than £60,000 (2022: None). The trustees neither received nor waived any emoluments during the year (2022: None). Taxatlon Holywell Trust is exempt from tax as 1¢ has charitable status. TAnglble assets Land and bulldlngs freehold Equipment Total Cost At l April 2022 Additions Revaluation 3,578,330 328,119 3,906.449 9,712 9,712 (1,866,739) 337,831 2,049,422 (1,866,739) 1,711,59J At 31 March 2023 Depreclation At l April 2022 Charge for the year At 31 March 2023 640,024 71,567 315,096 11,013 955.120 82,580 711,591 326,109 1,037,700 Net book Yalues At 31 March 2023 1,000,000 11,722 1,011,722 At 31 March 2022 2,938,306 J 3,023 2,951,329 An external valuation was carried out on the company's freehold property by EOC Estale Agents. EOC Estste Agents is a local valuer and has experience of the local property market. The company's property was valued at £l.000,000 at 3 1st March 2023. Page 20
Holywell Trust Notes to the accounts for the year ended 31 March 2023 Debtors 2023 2022 Grdnts Due Other debtor5 60.786 14,203 25,031 9,881 74.989 34.912 Credltors: amounts falling due wlthln one year 2023 2022 Accruals Deferred income (Note l O) 8.392 59,725 3,476 127,310 68,117 130,786 10. Deferred Income 2023 2022 Balance at l April 2022 Additions during the year Amounts rel¢ed to income (127.310) (184,652) (570.815) (441,687) 638,400 495.553 Balance at 31 March 2023 59,725 130.786 Deferred income is income received before the end of the financial year 31 March 2023 and relates to post year ¢nd expenditure. 11. Movements In Funds At At l Aprll Incomln8 Outgolng 31 March 2022 resources resources 2023 Restricted funds: Total restricted funds Unrestricted funds: Total unrcstrict¢d funds 2,939,743 372,348 (2,321.668) 990,423 54,605 198,468 (177,908) 2,994,348 570,816 (2.499.576) 1,065.588 75,165 Total funds Purposes of Restricted Yunds Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report. Page 21
Holywell Trust Notes to the accounts for the year ended 31 March 2023 12. Cash and Cash Equlvalents 2023 2022 Cash at bank and in hand 46,994 138,894 13. Analysls of net assets between funds Unrestrlcted Restrlcted funds funds Total tunds Fund balanc at 31 March 2023 as rePrented by: Tangible fAxed assets Current assets Current liabilities 35,230 976,492 1,011,722 42,532 79,451 121,983 (2,597) (65,520) (68,117) 75,165 990,423 1,065,588 14. Controlling Interest Ultimate control of the charity lies with ihe Irustees. Is. Related Party Transactlons There wcre no rclaled party transactions in period under review. 16. Department of Forelgn Affalrs 2023 Reconcllfjatlon Fund Opening deferred Closing deferred 31,313 (12,989) 18,324 Forward To ether Received in year Closing deferred 53.919 (6,318) 47,601 65,925 17. Post Balance Sheet Events No significant events have taken place since the year end that would resiilt in adjustments to 2023 financial infomialion or inclusion of a note thereto. Page 22