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

HOl￿ell 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 resoU￿e5
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 f￿7111]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 SI￿11r1Cant 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