REGISTERED COMPANY NUMBER: NI649848 (Northern Ireland) REGISTERED CHARITY NUMBER: NI01107
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2022
for
The Margaret Finley Trust
The Margaret Finley Trust
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Statement of Financial Activities | 2 |
| Balance Sheet | 3 to 4 |
| Notes to the Financial Statements | 5 to 8 |
| Detailed Statement of Financial Activities | 9 |
The Margaret Finley Trust
Report of the Trustees for the Year Ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
NI649848 (Northern Ireland)
Registered Charity number
NI01107
Registered office
Builidng 2 The Sidings Antrim Road Lisburn BT28 3AJ
Trustees
I Bailey Mrs E Bailey
Company Secretary
Approved by order of the board of trustees on 19 September 2023 and signed on its behalf by:
I Bailey ‐ Trustee
Page 1
The Margaret Finley Trust
Statement of Financial Activities
for the Year Ended 31 December 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 70,000 EXPENDITURE ON Charitable activities Connecting minds 43,600 Gifts 1,065 Other 500 Total 45,165 NET INCOME/(EXPENDITURE) 24,835 RECONCILIATION OF FUNDS Total funds brought forward (3,921) TOTAL FUNDS CARRIED FORWARD 20,914 |
2021 Total funds £ ‐ ‐ ‐ 1,116 1,116 (1,116) (2,805) (3,921) |
|---|---|
The notes form part of these financial statements
Page 2
The Margaret Finley Trust
Balance Sheet
31 December 2022
| 2022 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 31,065 CREDITORS Amounts falling due within one year 5 (860) NET CURRENT ASSETS 30,205 TOTAL ASSETS LESS CURRENT LIABILITIES 30,205 CREDITORS Amounts falling due after more than one year 6 (9,291) NET ASSETS 20,914 FUNDS 8 Unrestricted funds 20,914 TOTAL FUNDS 20,914 |
2021 Total funds £ 6,494 (720) 5,774 5,774 (9,695) (3,921) (3,921) (3,921) |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 3
The Margaret Finley Trust
Balance Sheet ‐ continued 31 December 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 19 September 2023 and were signed on its behalf by:
I Bailey ‐ Trustee
E Bailey ‐ Trustee
The notes form part of these financial statements
Page 4
The Margaret Finley Trust
Notes to the Financial Statements for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 500 | 1,116 |
continued...
Page 5
The Margaret Finley Trust
Notes to the Financial Statements ‐ continued for the Year Ended 31 December 2022
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| EXPENDITURE ON | |||
| Other | 1,116 | ||
| NET INCOME/(EXPENDITURE) | (1,116) | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | (2,805) | ||
| TOTAL FUNDS CARRIED FORWARD | (3,921) | ||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accrued expenses | 860 | 720 |
continued...
Page 6
The Margaret Finley Trust
Notes to the Financial Statements ‐ continued for the Year Ended 31 December 2022
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other loans (see note 7) | 9,291 | 9,695 | ||
| 7. | LOANS | |||
| An analysis of the maturity of loans is given below: | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Amounts falling due between two and five years: | ||||
| Other loans ‐ 2‐5 years | 9,291 | 9,695 | ||
| 8. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.1.22 | in funds | 31.12.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (3,921) | 24,835 | 20,914 | |
| TOTAL FUNDS | (3,921) | 24,835 | 20,914 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 70,000 | (45,165) | 24,835 | |
| TOTAL FUNDS | 70,000 | (45,165) | 24,835 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.1.21 | in funds | 31.12.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (2,805) | (1,116) | (3,921) | |
| TOTAL FUNDS | (2,805) | (1,116) | (3,921) |
continued...
Page 7
The Margaret Finley Trust
Notes to the Financial Statements ‐ continued for the Year Ended 31 December 2022
8. MOVEMENT IN FUNDS ‐ continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | ‐ | (1,116) | (1,116) |
| TOTAL FUNDS | ‐ | (1,116) | (1,116) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.21 | in funds | 31.12.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (2,805) | 23,719 | 20,914 |
| TOTAL FUNDS | (2,805) | 23,719 | 20,914 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 70,000 | (46,281) | 23,719 |
| TOTAL FUNDS | 70,000 | (46,281) | 23,719 |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 8