Company Reglstratlon Number . N1665237 Boomhall Trust Flnanclal Statements and Trustees, Report for the year ended 31 October 2024
Boomhall Trust Company Ilmlted by guarantee Contents Page Legal and Administrative Infomiation Trustees Report Independent Examinerfs Report ststement of Financial Activities for the year ended 31 October 2024 Balance Sheet as at 31 October 2024 Notes to the Accounts 10-15
Boomhall Trust Company Ilmlted by guarantee Legal and Admlnlstratlve Informatlon Status . The organisation is a charitable company limited by guarantee, incorporated on 21 October 2019 and is recognised as a charity by the Northern Ireland Charity Commission and HM Revenue & Customs. The goveming document is a Memorandum and Articles of Association. Dlrectorn . James Sammon (Chairperson) Marie Donaghy Matthew Foster Karen Latimer Bartholomew O'Donnell Desmond Reid (Treasurer) Pauline Ross Alistair Rowan James Simpson Primrose Wilson Cormac McKeona Patrick Cregg Accountants . Fergus McAleer & Co Chartered Accountants 31133 Clarendon Street Derry BT48 7ER Maln Bankers . Danske Bank Donegall Square West Belfast Reglstered Offlce . 35 Clarendon Street Derry BT48 7ER HMRC Charlty Reference Number . ZD07255 Company Number . N1665237 Charlty Comml8Blon for North•rn Ir•land Number: NIC 107978 Page 1
Boomhall Trust Trustees. Annual Report for the year ended 31 October 2024 Report of the trustees for the year ended 31 October 2024 The directors are pleased to present their annual report together wth the financial statements of the Charity for the year ended 31 October 2024 which are also prepared to meet the requirements for a Directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act (Nl) 2008, the Charities (Accounts and Reports) Regulations {Nl) 2015, Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Ststement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019.) Dlrectors and trustees The directors of the charitable company (the charity) are the trustees for the purposes of charity law, The trustees during the year and at 31 October 2024 were as follows: James Sammon (Chairperson) Marie Donaghy Matthew Foster Karen Latimer Bartholomew O'Donnell Cormac McKeone Desmond Reid (Treasurer) Pauline Ros5 Alistair Rowan James Simpson Primrose Wilson Patrick Cregg Chalrfs report l am delighted to present the Chair's report at our fffth AGM. l am pleased with the significant developments during the past year. Our purposes and actlvitles The companYs objects are specifically restricted to the following-. (a) to restore, preserve, conserve and maintain the built and natural environment of the 8oomhall Estate and its surrounding landscapes to intemationally recognised standards of conservation. By protecting the historical, environmental, cultural, archaeological and aesthetic significance of the place., the charity intends to make its heritage accessible for the use, enjoyment, wellbeing, education and inspiration of present and future generations: (b) to advance arts, culture and heritage by organising activities and events at the Boomhall Estate and to educate the public concerning the historic and cultural heritage of the Estate, the archaeological and environmental significance of its buildings and landscapes and the conservation of built and natural environrnenls generally; (c) to provide. or assist in the provision of facilities within the Boomhall Estate and its surroundlngs for recreation and other leisure time occupation, in a Manner in keeping with Ihe aim of conserving the Estate and its surroundings commensurate with (a) above, in the interests of social welfare, with the obj8Cts of improving the conditions of lrfe of local communities and the public at large. Page 2
Boomhall Trust Trustees. Annual Report for the year ended 31 October 2024 Achlevements and performance 1. While the application to the SEUPB for funding to restore the mansion house was unsuccessful, posits've discussions are taking place with NLHF and the Shared Island Fund. 2. Community and political support for our proposals is strengthening. 3. A planning determination could be expected in Q4 2025 for our outline planning application for the restoration of the mansion house, subject to completion of reports requested by statutory consultees. 4. Discussions around formalising the governance of our relationship wth the local Council are underway and are expected to be completed in advance of funding applications to NLHF and the Shared Island Fund. Flnanclal revlew During the year income of £20.344 was received 131 October 2023 £20.171) and costs of £24,793 were incurred (31 October 2023 £18,202) to leave a net deficit of £1,774 {31 October 2023 income £1,969)- The reserves at the end of the year were a deficit of £1,774 (31 October 2023 £2,674) of which a deficit of £2,007 is unrestricted and a surplus of £233 is restricted. Reserves pollcy and golng concern Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency costs. Due to the nature of Charity, no activities are started or costs incurred until funds are secured from members. The Trustees consider that only nominal reserves are necessary to meet future costs. Plans for future perlods Trustees continue to build relationships with local community groups, potential partners and funders in preparation for the ambitious plans in the coming years. Statement of trustees responslbllltles The charity trustees (who are also the directors of the Boomhall Trust for the purposes of company lawl are responsible for preparing a trustees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the profit or loss of the company for that year. In preparing these the trustees are required to.. ¥tolcGt aultablc aGGounllng pollcies and apply iheffl conslst8ntly' make judgements that are reasonable and prudent. observe the methods and principles in the Charities SORP., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the organisation will conts'nue in business. Page 3
Boomhall Trust Trustees. Annual Report for the year ended 31 October 2024 The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularits'es. Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. These financial ststements were approved and authorised for issue on 3 March 2025 and signed on behalf of the board by., Desmond Reld (Treasurer) Dlrector Page 4
Boomhall Trust Company Ilmlted by guarantee Independent Examlnerfs Report to the Charlty Truste•s of Boomhall Trust Year ended 31 October 2024 We report solely to the charity trustees on our examination of the accounts for the period ended 31 October 2024. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than Boomhall Twst and its trustees as a body for our work or for this report. As a practising member firni of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at ww4.charteredaccountants,ie. Respectlve responslbllltles of charlty trustees and examlner As the charity trustees land also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008, Having satisfied ourselves that the charity is not subject to an audit under company law, and is eligible for independent examination, it is our responsibility to.. examine the accounts under section 65 of the Charities Act. follow the procedures laid down in general Directions given by the Charity Commission for Northem Ireland under section 6519)(b) of the Charities Act. state whether particular matters have come to our attention. Ba818 of Independent examlnerfs report We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(91(b) of the Chanties Act. The examination included a review of the accounting records kept by the charily and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in Ihe accounts, and seeking explanations from you as charity trustees conceming any such matters. Our role is to state whether any material matters have come to our attention giving us concern to believe.. 1. that accounting records were not kept as required by section 386 of the Companies Act 2006 and section 63 of the Charities Act., 2. that the accounts do not accord with those accounting records. 3. that the accounts do not comply with the accounting requirements of section 396 of Ihe Companies Act 2006, the Charities Act and with methods and principles of the Charities Statement of Recommended Practise applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland. 4. that there is further information needed for a proper understanding of the accounts to be reached. Page S
Boomhall Trust Company Ilmlted by guarantee Independent Examlnerfs Report to the Charlty Trustees of Boomhall Trust Year ended 31 October 2024 Independent Examln•rfs Statement We have completed our examination and have no concems in respect of the matters (1) to (4) above and, in connection with following the Direclions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. Fergus McAtee &Co Chartered kcountants 31133 Clarendon Straat Derry BT48 7ER 3 March 202S 0 3 MAR 3035 Page 6
Boomhall Trust Company Ilmlted by guarantee ststement of Flnanclal Actlvltles (Includlng Income and expendlture account) for the year ended 31 October 2024 Unrestrlcted Restrleted Funds Funds Totals 2024 Totals 2023 Notes Income and endowments Donations & legacies Income from charitable activities 12,688 7,483 125 20,219 20,344 Total Income 125 20,344 20,171 Exp•ndlture Charitable activities 4,574 20,219 24,793 18,202 Total expendlture 4,574 24,793 18,202 Net (deflclt)I Income {4,449) (4,449) 1,969 Net movement In fund• 14,449) (4,449) 1,969 Reconclllatlon of funds Totsl funds brought foN4ard at 1 November 2023 2,441 233 2,674 705 Total funds carried forward at 31 October 2024 12,008) 233 (1,775) 2,674 The statement of financial activities includes all gains and losses recognised in the year. All Income and expenditure derive from continuing activities Page 7
Boomhall Trust Company Ilmlted by guarantee Balance Sheet as at 31 October 2024 Unrestrlcted Restrlcted Funds Funds Totals 2024 Tota15 2023 Notes Current Assets Debtors Cash at bank and in hand Total current assets 3,767 (94) 3,673 10,350 1,287 11,637 14,117 1,193 15,310 4,966 8,084 13,050 Credltorn: amounts falllng due wlthln one year 10 (4,563) (11,404> 115,967) (7,109> Net current a8•ets (890) 233 1657) 5,941 Total 88S•tx le*8 current Ilabllltles {890) 233 1657) 5,941 Crodltors: amounts falllng due after one year 11 (1.118) (1,118> {3,267) Net assets (2,008) 233 (1,775) 2,674 The Funds of the Charl Restricted funds Unrestricted funds 233 233 (2,008) 233 2,441 (2,0081 Funds 12 (2,008) 233 (1,775) 2,674 For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordanc8 With section 476., The directors acknowledge their responsibilities for complying with the requirements of th8 Act with respect to accouniing fgcDrOs an¢J thg preparation ol Ilngnc191 glatompntS. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Page 8
Boomhall Trust Company Ilmlted by guarantee These financial statements were approved by the board of directors and authorised for issue on 3 March 2025, and are signed on behalf of the board by; Desmond Reld (Treasurer) Dlrector Company Reglstratlon Number . N1665237 Page 9
Boomhall Trust Company Ilmlted by guarantee Notes to the flnanclal statements Year ended 31 October 2024 General Intorn)atlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northem Ireland and a registered charity in Northem Ireland. The address of the registered office is 35 Clarendon Street, Derry, BT48 7ER. Accountlng pollcles Ba818 of preparatlon and Statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charilies: 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) (Charities SORP (FRS 102}), the Financial Reporting Standard applic8bl8 in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Boomhall Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charitvs ability to continue. Income Tumover represents the total value of grants received and receivable as well as other income arising from donations during the year. Grants are recognised in the Profit and Loss account when the conditions for their receipl have been complied with and there is reasonable assurance that the grant will be received. Government and other grants Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants hav8 been met, it is probable that the income will be received and the amount can be measured reliably and is not deferr8d Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates- expenditure on chAritAble activities includ08 all c08t8 incurrod by ? charity in undertaking aGtivitiets ih8t further its chantable aims for the benefit of its beneficiaries, including those support costs and costs relatlng to the govemance of the ch8n.ty apP0.0ned to charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Page 10
Boomhall Trust Company Ilmlted by guarantee Notes to the financlal statements (contlnued) Year ended 31 October 2024 Taxatlon During the current year the company has only been involved in charitable activities in furtherance of its charitable objects and is not liable to Income Tax or Corporation Tax. Flnanclal Instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payrnents dlscounted at a market rate ol interest for a similar debt instrument. Llmlted by guarantee Boomhall Trust is a registered charity Ilmited by guarantee without a share capital. Charity Commission of Nl Number.. NIC 107978 HMRC Charity Reference Number.. ZD07255 Funds Unrestricted Revenue Funds . comprise those revenue funds which Ihe trustees are free to use in accordance with the company objectives. Restricted Revenue Funds - comprise those revenue funds which have been given for particular purposes and projects. Unrestricted Capital Funds - comprise those net assets which the trust is able to apply freely in pursuit of its own charitable objectives and related purposes. Restricted Capital Funds - comprise those net assets which at the end of the accounting period have specific grant and other conditions restricting either their use or their disposability for defined periods. Page 11
Boomhall Trust Company Ilmlted by guarantee Notes to the flnanclal statements {contlnued} Year ended 31 October 2024 5. Income Unrestrlcted Restrlcted Funds Funds Total 2024 Total 2023 Donatlons and legacles Donations 12,688 Total 12,688 Income from charltable actlvltles The Architectural Heritage Fund Pilgrim Trust Other income Total 20,219 20,219 7,380 125 125 125 20,344 20,219 7.380 6. Expendlture Unqostslctod Funds Restrlcted Fund8 Total 2024 Total 2023 endlture on charltable actlvltles Support C08t8 Insurance Room hire Accountancy fees Bank charges Bank interest paid Consultancy fees 75 50 550 111 200 17,216 18,202 50 620 117 (20) 3,806 4,573 50 620 117 120) 24,025 24,792 20,219 20,219 Total 4,573 20,219 24,792 18,202 Independent examlners remuneratlon 2024 2023 Fee3 Pay8ble for the independenl examinatlon of the flnanclal statements 620 550 Page 12
Boomhall Trust Company Ilmlted by guarante• Notes to the flnanclal statements (contlnued) Year ended 31 October 2024 Staff Costs The average number of persons employed by the company during the year amounted to Nil (2023: Nill. There were no persons employed by the charity during the period, No remuneration was paid and no expenses were reimbursed to the trustees during the period. The trustees are the key management personnel of the entity. Debtors 2024 2023 Trade debtors Other debtors 12,888 1,229 2,538 2.428 14,117 4,966 10. Credltors: amounts falllng due wlthln one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Other creditors 2,128 11,580 600 1,659 2,128 4,376 605 15,967 7.109 11. Credltors: amounts falllng due after more than one year 2024 2023 Bank loans and overdrafts 1.118 3,267 Page 13
Boomhall Trust Company Ilmlted by guarantee Notes to the flnanclal statements (contlnued) Year ended 31 October 2024 12. Analysls ot charltable funds Analysls of movements In unrestrlcted funds Balance at IncomlngResources 1st Nov .22 Resources Expended Transfers Funds at 31st Ocl '24 General Fund 2.441 125 14,574) (2.008) 2,441 125 {4,5741 (2,008} Name of restrlcted fund General Fund Descrlptlon of the Fund Funds which the Trust is able to apply freely in pursuit of its own charitable objectives and related purposes. Analysls of movements In restrlcted funds Balance at IncomlngRe8ources 1 st Nov .22 Resources Expended Transt•r8 Funds at 31st Oct'24 Restricted Fund 233 20,219 120,2191 233 233 20,219 (20,219) 233 Name of restrlcted fund Restricted Fund Descrlptlon of the Fund Funds which the Trust applies for particular purposes and projects in pursuil of its charitable objectives Analysls of net ass•t8 b•tw••n funds General Restrlcted Fund Fund Total 194) 1,287 1,193 3,767 10,350 14,117 14,563) {11,404) (15,967) 11,118> 11,118) Cash at bank and in hand Other current assets Current liabilities Long term liabilities Total 12,008> 233 11,775) Page 14
Boomhall Trust Company Ilmlted by guarantee Notes to the flnanclal statements (contlnued) Year ended 31 October 2024 13. Rèlated party transactlons During the year the company entered into the following transactions with related parties: Transaction value 2024 2023 Trustees (Loan) Trustees (Donations) (1,170) 10,000 Page 15