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 TTh￿t
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 t￿5t￿ 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 th￿e.
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 Are￿ActiVIty. 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.
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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 Are￿ACtivItY.. Thirty
Beneficiarie5: 4 Thirty projects were delivered on a residential b￿15 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 Are￿Activity. 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 dI￿lcult 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 Are￿ActIvity. 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.
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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 p￿pAring 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
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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.
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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.
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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 th￿e 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 ove￿ideS 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 proCedU￿S 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 disclosu￿s, 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;
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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.
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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 dIffe￿nCe
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
Up￿StriCted 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 rePr￿ented 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