ids. Charity No. NIC106730 (Northern Ireland) chartered accountants THE LORD BANNSIDE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 IDS Chartered Accountants LLP Chartered Accountants 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG THE LORD BANNSIDE FOUNDATION ids. churtered accountants CONTENTS Page Legal and adminislralive information Trustees, report Independent examinevs report Statement of financial activities Balance sheet Notes to the financial slataments 7-10 THE LORD BANNSIDE FOUNDATION ids. chartered accountants LEGAL AND ADMINISTRATIVE INFORMATION Trusteès Ms R E K Paisley Mrs S K Huddleston Mr l R K Paisley Mrs C J K Caldwell Rev K Paisley Charity number 106730 Reglstered offlce 17 Cyprus Avenue BELFAST BT5 5NT Independent examlner IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG Solicltors Hewitt and Gilpin 14 - 16 James Street South BELFAST BT2 7GA THE LORD BANNSIDE FOUNDATION ids. chartered accountants TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document. the Charities Act 2008 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effeclive 1 January 20191 Objectives and activitie5 The charity's objective is to encourage those who have an interest in or already are involved in a life of Christian service and those who have an interest in public service as these were the two aspects of Lord Bannside's life. it seeks to assist those who are students of the political history of our province and whose studies in particular take in the life of Lord Bannside. The Foundation was established as a living memorial to the life of Rl Hon Lord Bannside PC. It holds in trust his Library which is mainly a Theological collection of books, and il is inclusive of other artefacts, and personal papers kindly loaned by the family. It is housed in Bannside Library and is a reading library and not a lending library which is open to the public. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance Our focus has been on the following.. 1 Recording Archive - specifically cassette collection. 2 Collation commenced of full recording archive. 3 Archiving of ¢ontents personal diary notebooks. Recording archive. This year we continued to focus on our Recording archive. With the reel-to-reel recordings completed, the full cassette section has also been finished. We are now collating the full archive and setting it up to best preserve the most fragile items as well as for accessibility. Publicatlon Our next planned new publication is scheduled for the Autumn of 2025 to mark the first decade of Bannside Library and highlight the Foundations collection. Personal Notebooks. Having completed the Sermon Note Books archive, we have commenced work on the diary notebooks which, like the sermon notebooks, are on loan from the Paisley family. When completed, this archive will fomi an important part of the collection from an historical aspect. As yet it is not available for public use but we are able to display parts of the collection. Financial review It is the policy of the charity thal unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Iruslees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given lo ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. For 2023, the ratio of expenses lo reserves is 1..3. As a result, the trustees are satisfied that the level of reserves is sufficient to fund the Charitys activities for the foreseeable future. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place lo mitigate exposure to the major risks. THE LORD BANNSIDE FOUNDATION ids. chartered accountants TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Future plans Archiving remains the main focus of our day to day work. We are pleased, slowly but surely, that we are building the Foundation's collection into a system that will ultimately become more user friendly and extend what we have on offer to those who use 88nnside Library and better enable us to support and facilitate those who emulate Lord Bannside's record of public service. Structure, governance and management The tNslees who served during the year and up to the date of signature of the financial statements were.. Ms R E K Paisley Mrs S K Huddleston Mr l R K Paisley Mrs C J K C8ldwell Rev K Paisley The trustees, report was approved by the Board of Trustees. Rh(MJa ELIS CPLILMknu6l( Ms R E K Paisley Trustee Dated.. 11 October 2024 Mrs C J K Caldwell Trustee Daled.'11 October 2024 THE LORD BANNSIDE FOUNDATION ids. chartered accountants INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LORD BANNSIDE FOUNDATION I report lo the trustees on my examination of the financial stat8menls of Th8 Lord Bannside Foundation (the charity) for the year ended 31 December 2023. Responslbllltl&s and basls of report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 2008. 11 15 my responsibility to: examine the accounts under section 6S of the Charities Act {Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Charity Commission for Northem Ireland under section 65{9llb) of the Charities Act.. and state whether particular matters have Come to my attention. Basis of Independent examiner's report. I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 6519){b} of the Charities Act. Independent examlnerfs statement My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as charity trustees conceming any such matters. My role is to state whelher any material matters have come to my attention giving me cause to believe.. accounting records were not kept in respect of the charity as required by section 64 of the 2008 Act.. or the financial statements do not accord with those records., or the financial Statements do not comply wilh the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requlrement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have completed my examination and have no concerns in respect of the matters (11 to (4) listed a)ove and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no mallers that require drawing lo your attention. Alison Wallace, FCA (ICAI) IDS Chartered Accountants LLP 23125 Queen Street COLERA NE Co Londonderry BT52 1 BG THE LORD BANNSIDE FOUNDATION ids. chartered accountants STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Unrestricted funds 2022 Notes Income from: Charitable activities 410 652 Total income 410 652 Expendlture on: Charitable aclivities 4,440 6,237 Total expenditure 4,440 6.237 Net expenditure and movement in funds (4,0301 15,585} Reconciliation of funds: Fund balances at 1 January 2023 16,502 22,087 Fund balances at 31 December 2023 12,472 16,502 The statement of f nancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. THE LORD BANNSIDE FOUNDATION ids. chartered accountants BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Current assets Cash at bank and in hand 12.472 18,502 Net current assets 12,472 16,502 Net assets excludlng pension liability 12,472 16,502 The funds of the charity Unrestricted funds 12,472 16,502 12,472 16,502 The financial statemenls were approved by the trustees on 11 October 2024 Rhmo& R216 Ms R E K Paisley Trustee Mrs C J K Caldwell Trustee THE LORD BANNSIDE FOUNDATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng polici8S harlty informatlon The Lord Bannside Foundation is an unincorporated charity. The registered office is 102 North Road, Belfast, BT4 3DJ. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the Charities Act 2008 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities {A¢Gounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Stalement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Golng concern At the time of approving the financial stalemenls, the trustees have a reasonable expectation that the charity has adequate resource5 to continue in operational existence for the foreseeable future Thu5 the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unreslricled fvnds are available for use al the discretion of the trustees in furtherance of their Gharitable objeclives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charily. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and il is probable that income will be received Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of tho donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations re￿iVed under Gift Aid or deeds of covenant Is recognised at the lime of the donation. 1.5 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less. and bank overdfafts. Bank overdrafts are shown within borrowings in current liabilitie5. THE LORD BANNSIDE FOUNDATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (Contlnued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic flnancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unles5 the arrangement constitutes a financing Iransaclion. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Critical a¢countlng estlmates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical exper1ern￿ and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects ￿lY that period, or in the period of the revision and future periods where the revision affecls both current and future periods. Income from charltable actlvltles Unrestrlcted funds 2023 Unrestricted funds 2022 Publlcatlons Sale of goods 410 652 THE LORD BANNSIDE FOUNDATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable activities Charitable Charitable Expenditure Expenditure 2023 2022 Donations Insurance Book expenses Bank fees 500 2,847 2,858 32 3,149 31 3,180 6,237 Shar& of governance costs (see note 5) 1,260 4,440 6,237 Governance costs allocated to activitles 2023 2022 Govemance costs 1,260 Analysed between: Accountancy 1,260 Trustees None of the trustees (or any persons connected with them) received any remuneration during the year. Taxation The charity is exempt frorn taxation on its activities because all ils income is applied for charitable purposes. Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and granls which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unreslricled funds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 16,502 410 14,4401 12,472 THE LORD BANNSIDE FOUNDATION ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlctad funds (Contlnued} Previous year: At 1 January 2022 Incoming resources Resources expended At31 December 2022 General funds 22.087 652 (6,237) 16.502 Relatad party transactlons Transa¢tlons with related parties During the year the Gharity did not enter into any transactions with related parties. 10-