Charity No: IYIC 105831 Holywell Trknsl Accounts for the year ended 31 March 2024
Holywell Trust Contents Page Legal and Administrative Inforniation Report of The Management Committee Independenl Examiners report Statement of Financial Activities Balance sheet Notes to the a¢counls 7-13
Holywell Trust Legal and Administrative Information Charity Name Holywell Trust Charffity Number NIC 105831 Operational Address 10112 Bishop Street Derry BT48 6PW Trustees of Holyivell Trusl Maureen Hetherington - Chairperson Danny Bry¢e Jacqueline Mccolgan Georgia O'Kane Catherine Cooke Seamus Farrell Roisin McLaughlin Barney McGuigan Auditors McGroarty Mccafferty & Company Ltd Ac¢ounlants and Tax Consultants 2 Carlisle Terrace Derry, BT48 6JX Bankers AIB (NI) Meadowbank Derry BT48 7TN Page I
Holywell Trust Report of The Management Committee The Management Committee present their report ai)d the financial statements for the year ended 31 March 2024. Prffincipal aclivity and objectives The Trust is established io advance education and to promoie the benefit of the inhabitants of the DcrrylLoiidonderry city and urban area and ils environs of the North West of Northern Ireland (hercinafter called the "arca of benefit") without distinciion of age, gender, disability, sexual orientation, nationality. ethnic identity, polilical or religious opinion, by associating the statutory authorities, community and voluntary organisations and the inhabiiants in a common effort to advance education, and to provide facilities in the interests of social welfare for recreation or other leisure-time occupation, with the objecl of improving the conditions of life for the said iiihabitants and in particular: a) to maintain and manage or co-operate with any local authority in the maintenance of a centre or centres in the area of benefit for activities promoted by the Trust (hereinafter called "the cent,). b) to advance education concerning and carry out research into local history by collectin8 and recording information, in parli¢ular fomiing an archive of ihe works of the area of benefit; ¢) to raise awareness and provide education among the community about environmental issues and conduct programmes to protect the environment. d) Ihe recruitment, selection and sending out of volunteers for short terni service within the area of benefit. Management Commlttee The members of the charity for the purposes of charity law and throughoui ihis report are collectively referred to as the trustees. The members s¢rving during the year and since the year end were as follows: Maureen Hetheringion Chairperson Danny Bryce Jacqueline M¢Colgan Georgia O'Kane Catherine Cooke Seamus Farrell Roisin McLaughlin Barney McGuigan Risk Management The m¢inbers have assessed the major risks to which the association is exposed. in particular those related Éo the operations and finances of the association, and are satisfied thal systems arc in place lo miligate the exposure to the major risks. Financial review The financial perfomiance is summarised in the enclosed accounts. Plans for Fulure Periods The association plaiis to conlinue ihe activities &s Outlin above in the forthcoming years subject to satisfactory funding arrangeinents. Page 2
Holywell Trust Report of The Management Committee Members Responsibilities In Relation To The Financial Statements The Inembers are reponsible for preparing Ihe annual report and the financial statements in accordance with the appli¢abl¢ law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in Northern Ireland requies ihe members ¢0 prepare financial statemenls that give a true and fair view of the slale of affairs of ihe charity at the end of the financial year and of its surplus or deficit iii ihe finanLi¢il ycar. In doing so the members are required to: select suitable accounting policics and apply them consistently. make judgemei)Is and estimates that are reasonable and prudent: prepare the financial statements on th¢ goiiig conccrn basis unless it is inappropriate to presume that the charity will continue in business. The members are responsible for mainlaining proper accounting records which disclose with reasonable accuracy at any time the fii)an¢ial position of the charity and enables them to ensure that the financial statements comply with ihe Charities Act (Northern Ireland) 2008. The members are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. A resolution will be proposed ai the Annual General Meeting that McGroarty M¢Cafferty & Company Ltd be re-appoiiiied as accountants for the charity for the ensuing year. By Order of the Management Committee: Commiltee Member Date: 6 December 2024 Page 3
Holywell Trnst Independenl Examiner's report to the eharity committee members of Holywell Trust We report on the accounts of tlie charity for ihe year ended 31 March 2024, which are sei out on pages 5 -13. Respeetlve respon5ibilitie5 of eharity commlttee members and examiner As the charity's members you are responsible for the preparation of the accounts in accordance with ihe Charities Act (Northern Ireland) 2008, li is our responsibility to: examine the accounts under Section 65 of the Charities Act. follow the procedures laid down in the general Directions given by the Commission under Section 65(9) (b) of ihe Charities Act. state whether particular matters have coine to our attcntion. Basls of Independent examiner's report We have examined your charity a¢¢ounts as required under Se¢lion 65 of the Charilies Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 65 {9)(b) of the Charities Act. Our examinalion included a vIeW of the accounting records kept by the charity and a comparison of the accounts presenled with ihos¢ r¢wrds. It also included considerations of any unusual items or disclosures in the accounls, and seeking explanation from you as charity members concerning any such matters. Our role is to stale whether any material niatters have com¢ to our attention giving us cause to believe: l . That accounting records were not k¢pt in accordance with Seclion 63 of ihe Charities Act. 2, That ihe accounts do not accord with those accounting records. 3. That the accounts do not comply with the accountin8 requirements of the Charities Act. 4. That there is further infom]ation needed for a proper understandii)g of the accounts to be reached. Independent Examin¢r's Statemenl The charity's gross income exceeded £250,000 in the year under review, therefore your examiner musl me member of a listed body. We can ¢onfimi we are qualified to undertake ihe examonation as we are registered as meinbers of Chartered Accouniants Ireland which is one of the lisled bodies. We have coinpleled our examination and have no Loncerns in respect of the matters 1- 4 listed above and, in connection with the following Dircctions of tlie Cliarity Coinmission Northern Ireland. we have found no matters that require drawing to your attention. McGroarty Mc Cafferty & Company Ltd Aecounlants and Tax Collsultanls 2 Carllsle T¢rra¢e Derry N Ireland BT48 6JX Date: 6 December 2024 Page 4
Holywell Trust StAtement of Finan¢ial Activities for the year ended 31 March 2024 Unreslrlcted Funds Restricted Funds 2024 2023 Income And Expenditure Incoming Resources Grants Received & Other Incoine 146,842 310,843 457,685 570.816 Total Incomlng Resources 146,842 310,843 457,685 570,816 Resources Expended Managemenl & Administration 153,315 334,795 488,110 2,499.576 Tol81 Resources Expended 153,315 334,795 488,110 2.499,576 Net Incoming l (Outgoing) Resources (6,473) (23,952) (30,425) (1,928,760) Balances brought forward l April 2023 75,165 990,423 1,065,588 2,994,348 Balances carried forward 31 March 2024 68,692 966,471 ,035,163 1,065,588 The above amounts relate to continuing operations of the group. The organisation has no recognis¢d gains and losses other than those included in the results above and therefore no separate slatemenl of iotal r¢cognised gains and losses has been presented. There is no ditTerenee between the net incoming resources for the year stated above and their historical cost equivalenls. Page 5
HOlell Trust Balance sheet s at 31 March 2024 2024 2023 Notes Ffixed a$sei$ Tangible asset5 987,770 ,011,722 Current Assets Debtors Cash at bank and in hand 44.546 86,530 74,989 46,995 131,076 121,984 Current liabilities Accruals and deferred income 83,683 68,118 Net current assets 47.393 53,866 Total assels less eurrent liabilities ,035,163 1,065,588 Capital ae¢ount Restricted funds Unreslricted funds 966,471 68.692 990,423 75,165 ,035,163 1,065.588 l approve these accounts and ¢onfirni that I have made available all relevant records and inforniation for Iheir preparation. Trustee Date: 6 December 2024 Trustee Date: 6 December 2024 Page 6
Holywell Trust Notes to the accounts for the year ended 31 March 2024 General infornjalion The Charity is a registered charity wilh the Charity Cominission Nl. The address of the registered office is 10112 Bishop StreeL Derry. BT48 6PW. 1.1. Accounling convention Th¢ principal accounting policies adopted in the preparation of the financial stalements are set out below. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have beeii prepared in accordance with Accounting and Reporting by Charities: Statement of Recoininended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland Charities SORP 2019 (FRS 102), the Financial Reporting Stai)dard applicable in the UK and Republi¢ of Ireland (FRS 102) and the Charities Act (Northcrn Ireland) 2008. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is ih¢ functional currency of the charity. 1.2. Fund accountlng Unr¢slri¢ied funds ar¢ available for at the discretion of the members in furtherance of the g¢n¢ral objeclives of the charity. Designated funds are unreslicted funds eamiarked by ihe managemeni committee for particular purposes. Restricted funds are subjected to reslriclions on iheir expendilure imposed by the donor or throu8h the temis of appeal. 1.3. In¢oming resoUe5 All incoming resources are included in tlie statement of financial aciivilies when ihe charity is entitled to th¢ income and the amount can be quanlified with reasonable accura¢y. The following specific policies are applied to particular calegories 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 entiilemenl is nol condilional on the delivery of a specific perforniance by the charity. are recognised when the ¢harity becomes unconditionally entitled to the grant. Donated services and f7111]eS are included at the value to ihe charity where this can be quantified. The value of services provided by volunteers has not been included. Gifts donated for resale are included as incoming resources wiihin activities for generating funds when they are sold. 1.4. Resources expended Expenditure is recognised on an a¢¢rual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of ihe expendilure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activilies and services for its beneficiaries. It includes both cosls that Can be allocated dire¢tly to such activities and those costs of an iiidirect nature necessary to support them. Page 7
Holywell Trust Notes to the accounts for the year ended 31 March 2024 1.5. Penslon eosts Contributions to auto enrolment pension schemes are recognised as an expense in the period in which the relaled service is provided. 1.6. Cash at bank Cash at bank and Cash equivalents are stated at cost at the financial year end. Debtors & eredltors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaclion price. Any losses arising from impairnient are recognised in expenditure. 1.8. T4ngSble fixed assets and depreciation Tangible fixed assets are staled at cost less depreciation. Depreciation is provided at rdtes calculated to write off the cost or valuation less residual value of each assel over its exp¢¢i¢d useful life, as follows: Land and buildings Fixtures, fittings and equipment 20/0 Straight Line IO% Straight Line 1.9. Going concern The finaiicial stalemeiils have been prepared on a going concern basis as the truslees believe that no material uncertainlies exist. The trusie¢5 have considered the level of funds held and the expected level of income and expenditur¢ for 12 months from authorising these financial statements. 'I'he budgeted income and expenditu is suificient with the level of reserves for ihe charity to be abl¢ lo continue as a goiiig concern. Page 8
Hotywell Trust Noles to the accounts for th¢ year ended 31 March 2024 In¢ome YeAr Ended 2024 Year Ended 2023 Restricted Income Rank Foundalion Communiiy Relations Council Derry City & Strabaiie District Council Hume Foundation National Lottery - Sedum Roof Department of Foreign Affairs (Note 15) Northern Ireland Office Manageineiit l Adminislralion & Facilitation Income Inner City Trust Executive Office Department for Commuiiities Fennanagli Trust Community Foundation for Northern Ireland Ireland Fuiid Co-operation Ireland Ulster Community Fund 25,596 71,578 4,000 19,937 86.055 24,790 13,169 10,000 65,925 14,513 72,195 38,155 2,063 3.500 27,101 17,700 45,546 24,763 4,509 14,574 3,035 27,832 40,892 22,328 3,435 310,843 372,348 Unrestrictcd Income Rcnlal Income & Service Charges Manag¢in¢nVadminislration & Facililation Income Oiher income 132.575 12,415 1,852 177,771 20,697 146,842 198,468 Toial Income 457.685 570,816 (i) Restricted Funds Funds received which are eamiarked by the Funder for specific purposes. Such purposes are within the overall aims of ihe organisation. (li) Unreslrlcted Fund$ Funds which are expendable at the discretion of the company in furtherance of the aims of the charity. In additioj) funds may be held in order to finance Capital investment and working apital, Page 9
Holywell Trust Notes lo the aeeounts for the year ended 31 March 2024 Resources Expended YeAr Ended Tot41 2024 Year Ended Total 2023 Unrestrieted Funds Restricted Funds Management & Administr9tion Wages & salaries Junction CRC entitleinent Pension cosls Project costs Rent, rates & water Insurance Light & heal Cleaning & consumables Repairs & mainenlenance Postage. slationery & advertising Telephon¢, fax & internel Molor & travel expenses Accouiitancy Bank charges Sundry expenses Professional fees Subscripiions Depreciation Loss on revalualioii (note 6) 43,136 200.242 35,684 8,660 20.791 25,760 243,378 35,684 9.910 20,791 32,984 6,774 28.827 4.235 34.809 3,540 25,977 10,295 2,100 676 3,742 240 195 23.953 213,700 39.694 7,974 110,328 29,562 5,305 49,104 4,188 26,215 6,544 30,594 17,979 3,000 991 4,645 1,250 7,224 6,774 28,827 4,235 21,879 3,377 22.553 10.053 1,425 375 1,967 240 12.930 163 3.424 242 675 301 1,775 195 23,953 434 82,580 1,866,739 153,315 334,795 488,110 2,499,576 Net (outgoing)lincomlng resourees for the year Year Ended 2024 Year Ended 2023 Net {outgoing)lincoming resour¢¢s is slated after charging: Depreciation and other amounis writlen off tangible fixed assets Accountancy fe¢s Auditors, remuneration 23,953 2,100 82,580 3,000 Page 10
Holywell Trust Notes to Ihe accounts for the year ended 31 March 2024 Staff note The average numkr of persons employed by ihe company during the year amounted to 9 (2023 - 9). Tlie aggregate payroll cosls incurred during the year were: 2024 2023 Wages aiid salaries Pension conlribulions 243,378 9,910 213.700 7,974 253,288 221,674 No employees received emolumnets of more than £60,000 (2023: None). The trustees neither r¢¢eived nor waived any emoluments during the year (2023: None). Taxation Holywell Trust is exempt from as it has charitable status. TAngible assels Land And buildings freehold Equlpment Total Cost At l April 2023 1,000,000 337,832 1,337,832 At 31 March 2024 1,000,000 337.832 1,337,832 DepreeiAllon At l April 2023 Charge for the year At 31 March 2024 326,109 3,953 326,109 23,953 20,000 20,000 330.062 350,062 Net book values At 31 March 2024 980,000 7,770 987,770 At 31 March 2023 1,000,000 ,722 1,011,722 An extenial valuation was carried out on the company's freehold property by EOC Estale Agents. EOC Estate Agents is a local valuer and has experience of the local property market. The company's property was valued at £1,000,000 at 31 st March 2023. Page 11
Holyivell Trust Notes to the accounts for the year ended 31 March 2024 Debtors 2024 2023 Grants Due Oih¢r debtors 30,800 13,746 60,786 14,203 44,546 74,989 Creditors: omounts falling due within one year 2024 2023 Accruals Deferred income 3,545 80,138 8.392 59,726 83.683 68,118 Movements in Funds At At l April Incoming Outgoing 31 Mareh 2023 re$our¢es r¢50urces 2024 Restricted funds: Total restrictcd fuiids Unrestrleled funds: Total unrestricted funds 990,423 310,843 (334,795) 966.471 75,165 146,842 (153,315) 68,692 Tolal funds 1,065,588 457.685 (488,110) 1,035,163 Purposes of Restricted Funds Restricted grants awarded io Ihe charity is provided to cover ihe Core objects as explained in directors report. 10. Cash and Cash Equivaknts 2024 2023 Cash at bank and in hand 86,530 46,995 Controlling interest Ultimate control of the charity lies with the Irustees. Page 12
Holywell Trusl Notes to Ihe accounts for the year ended 31 March 2024 12. Relaled Party Transa¢tions There were no related party transactions in period under review. 13. Department of Foreign Affairs 2024 Reeonciliation Fund Opening deferred Received in year Closing deferred 12,989 30,712 (23,558) 20,143 Forward To ether Openiiig deferred Received in year Closing deferred 6,318 54,172 (8,438) 52,052 72,195 14, Post Balance Sheet Events No SI11r1Cant events have taken place since the year end that would result in adjustments to 2024 financial infonnation or inclusion of a note thereto. Page 13