Charity regl8tration number NIC108125 Company registratlon number Nl874382 (Northern Ireland) GUYSMERE TRUST AMENDED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
GUYSMERE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees P Hunter Rev R Hyndman Rev J McC8ughan W Pollock J Smyth J Knox Secretary Rev J Mccaughan Charlty number NIC108125 Company number N1674382 Regi8tsred offlce 2-4 Sea Road Castlerock Coleraine BT514RE Ind•p•nd•nt examlner Harblnson Mulholland Centrepoint 24 Orme8u Avenue Belfast Co. Antrim Northern Ireland BT2 8HS
GUYSMERE TRUST CONTENTS Page Trustees, report Independent examinéls report Statement of financial activities Statement of financial position Statement of cash flows Notes to Ihe finanual statements 7-12
GUYSMERE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 NOVEMBER 2022 The trustees present their annual report and financial statements for the yéar ended 30 Novembèr 2022. Thè financial ststements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming documènt. the Charities Act {Nl) 2008 and 'Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Ihelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). Objectives and activities The trustees have paid due regard to guidanc8 issued by the Charity Commission in decldlng what activities th8 ¢h8rfty should undertake. Ourvlslon The creatlon of a world<lass Resldentlal, Conference and Actlvlty Centre on the exlstlng Guysmere beachfront slte at Castlerock, Northern Ireland. The Centre will accommodate local and Intemat50nal groups who share our faith in the Gospel as w811 as being a Hub for local Community adivtties. A base for faith For educational and recreatlonal activlties A haven for personal retreat Guysmere Trust was formed in 2020 to lead this project forward and was incorporated as a Company Limited by Guarantee IN16743821 in November, 2020. It became a registered charity in Northern Ireland INIC 108125) on 14th July 2021 and leased the property al Guysmere from the trustees of the Presbyterian Church in Ireland in August, 2021 Achievemènts and performancé During the year, the main activrties undertaken by the organisation included- The ongoing development of the Strategic Outline Business Case including examining similar projects investigatlng funding opportunities and methodologi96 developing a website for Guysmere preparing a draft development programme pr6paring an outllne development brief for the procurement of an Integrated deslgn team org8nising regular progress meetings and reporting back lo PCI ensuring financial compllance and governance and holdlng a number of meetings with interested partl88 a Castlerock community meeting. Flnanclal revlew The net deficil for the year amounteij to £13.177, £711 which is attributable to unrestricted reserves and £12,466 attributed to restricted reserves. Al 30 November 2022 reserves sland at £46,991 of which £48,3134 is attributable to restricted reserves and a deficit of £1,143 on unrestricted reserves. Structure. governance and management The charity Is a company lirnited by guarantee. The trustees who served during the year and up to the date of Signatu of the financial statements were.. P Hunter Rev R Hyndman Rev J Mccaughan W Pollock J Smyih J Knox
GUYSMERE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 The trustees, report W8s approved by Ihe 808rd of TNstee$, Rev J Mccaughan Trustee Rev R Hyndman Trustee Dale.. z24
GUYSMERE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GUYSMERE TRUST We report to the trustees on our examinatlon of the finan¢lal statements of Guysm8f8 Trust (the Gharty) for the year ended 30 November 2022. Rasponsibllltles and basls of report As the trusteès of the charity you are responsible for the preparation of the financial statements and you have considered the audit requirement of Section 6513} of the Charities Act (Nl) 2008 (the Act). Having satisfi8d ourselves that the charily is not subject to 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 (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Charlty Commlssion for Northern Ireland under section 6519llb) of the Charities Act., state whether particular matters have come to our attention. Independent axamlnerfs ststèmant Your attention Is drawn to the fact that the charbty has preparèd financial statemènts In accordance with Accountlng and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicab18 In the UK and Republic of Ireland IFRS 102} in preference to the Accounting and Reporting by Charities.. Statement of Recommended PractlC8 issued on 1 Aprll 2005 which Is referred to in the extant regulations but has now been withdrawn. l understand that thls has been done In ord8r for fin8nclal statements to provlde a true and falr vlew in accordance with Generally Accepted Accounting Practice effectNe for reporting periods beginning on or after 1 January 2015. We h8ve examined your charity accounts as required under Secilon 65 of the Charlties Act and our examination was carried out in accordance with the general Directlons given by the Charity Commission for Northern Ireland under section 651gllb} of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanalions from you as charily trustees concerning any such matters. Our role is to state whether any materlal matters have Come to our attentlon givlng us cause lo bell8ve.' That accountlng records were nol kept in respect of the charlty 8$ requlred by section 130 of Ihe 2011 Ad,, or the financial statements do not accord wlth those records,, or That the financial slatements do not comply with the accounting requirements of section 396 of the Companles Act 2006 and wilh the methods and princlples of the Charities Stalement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland. We have completed our examination and have no concerns in respect of the matters111 to131 listed above and, in connection with following the Directlons of Ihe Charity Commission for Northem Ireland, we have found no matters that require drawing to your attention. (v,.JL&i(", Harblnson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim BT2 8HS Northem Ireland 1i.lo!11.4.
GUYSMERE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2022 Unrestricted Restricted funds funds 2022 2022 Totsl Unrestricted Restricted Totsl funds funds AS restatsd 2021 2021 2021 2022 Note8 Income from: Donatsons and legacies 200 75,000 75,200 endlture on: Charitable activities 711 12,466 13,177 632 14,400 15,032 Nét {expendlture)Iln¢omo for the yearl Net movement In lund8 1711) (12,4661 (13,177) (432) 60,600 80,168 Fund balances at 1 December 2021 as rèstated (432) 60,600 60,168 Fund balances at 30 November 2022 (1,143) 48,134 46,991 1432) 80.600 60,168 The statement of financial activities indudes all gains and losses recognised in the year. All Income and expenditure derive from continuing actiNities,
GUYSMERE TRUST STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2022 2022 2021 as restated Notes Current assets Debtors Cash at bank and In hand 80,699 69 48,191 48,191 60,768 Creditor8: amount6 lalllng du• wlthSn ona year (1,200) (800) Net current assets 46,991 60,168 Income funds Restricted funds Unrestricted fvnds 10 48,134 {1,143) 60.600 (432) 48,991 80.168 The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the ye8r ended 30 November 2022. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company lo obtsin an audit of it8 financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small cornpanies regime. EJl& Rev R Hyndman Trustee RevJM Tru5teo aughan Company reglstration nurnber N1674382
GUYSMERE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2022 2022 2021 As restated Cash flows from operating activltie8 Cash generated from operations 13 48,122 69 Net cash u$ad in Invostlng actlvltle8 Not cash u••d In financing activltles N•t Incr•ase in eA8h and ca8h equivalents 48,122 69 Cash and cash equivalents at beginning of year 69 Cash and ca8h equlvalents at end of ygar 48,191 69
GUYSMERE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 Accounting pollcies Charity inforniation Guysmere Trust is a RegiSted Charity. Company Registration number N1674382 (Northern Ireland) 1.1 Accounting convention The financial statements have been prepared in accordan with the charity's governing document, the Charities Act (Nl) 2008, FRS 102 The Financtal Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 1021 and the ChaTilies SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting StandBrd applicable in the UK and Republic of Ireland {FRS 102)" leffeGtive 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement 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 steding. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The fin8ncial statements have been prepared under the historic81 cost convention, modified lo include the revaluation of freehold properties and to include investment properties and certain financial instnJments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern Ai the ts'me of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accountsng in preparing the financial statements. 1.3 Charitable funds Unrestricled fvnds are available for use 81 the discretion of the trustees in furtherance of their charitable objectives. Restricted funds a subject to specific conditions by donors as to how they may be used. The purposes and use8 of the restrlcted funds are set out in the notes to the finencial statements. Endowm8nl funds are subject to specific conditions by donors that the capital must be mainlained by the charity. 1A Income Income is recogni5ed when the charity is legalty entilled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charrty has been notified of the donation, unle55 perf0rrnan conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies ale rvLuyiii¥ied uri receipt or otheNlse If the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
GUYSMERE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 Accounting policies (Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party. 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 classified by activity. The costs of each activity are made up of the total of direct Gosts and shared costs, including support costs involved in undertaking each activity. Direcl ¢osls artribulable lo a single activity are allocated directly lo that activity. Shared costs which contrlbute to more than one activity and support costs which are not attributable to a single activity are apportioned between Ih05e activities on a basis Consistent with ihe use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial in8truments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charivs balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial 5tatement5, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and sellle the liability slmultaneously. Basic linancial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effedive interest method unless the arrangement conslilules a financing transaction, where the transaction is measured at the present va5ue of the future receipts discounted at a market rale of interest. Financi81 assets classified as receivable within one year are not amortised. 8aSiTC financial liabilities Basic financial Ilabilities, includlng creditors 8nd bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at Ihe present value of the future payments discounted at a market rate of interest. Financial liabilities Glassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recogni5ed initially al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or canlled.
GUYSMERE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 Accounting policles (Continued) 1.8 Employee beneffts The cost of any unused holiday entitlèment is recognised In the period in which the employee's servicés are received. Temiination benefits are recognised immediately as an expense when the charlty is demonstrably committed to t8miinate the employment of an employee or to provide iemiinatlon b8n8fits. Crltl¢al accountlng ostlmat•$ and Judgemont8 In thé appllcatlon of the charivs accountlng policies, the trustees are required to make judgements, estlmates and assumptions about the carrying amount of assets and liabilitles that are not readily apparenl from other sources. The estimates and associated assumpllons are based on historlcal experience and other factors that are consldered to be relevant. Adual results may dlffer from these estimates. The estimates and underlying assumptions are revl8W8d on an ongoing basis. Revisions to accounting estimates are recognised in th8 period in which th8 estsmate Is revised where the revision aff8Cts only that period, or in th8 p8rlod of the revision and future periods where the revision affects tth current and future P8rlods. Donatlons and legacles Total Unrostrlcted Restrlcted funds funds Total 2022 2021 2021 2021 Donations and glfts 200 75,000 75,200
GUYSMERE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 Charitable activltle8 2022 2021 As restated Bank Fees Development costs 111 12,466 32 14,400 12.577 14.432 Accountancy costs 600 600 13,177 15,032 Analysls by fund Unr8Stricted funds Restricted funds 711 12,466 632 14,400 13,177 15,032 Tru8tee* None of the trustees (or any persons connected with them) recelved any rernuneratlon or beneffts from the charity during thé year. Employ888 Thera were no employees during the year. Taxatlon The charity is exèmpt from tax on income and galns falllng wlthln section 505 of the Taxes Act 1988 or sectlon 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these a applied to ils charltable objects. Debtors 2022 2021 Amourrts falllng due wlthln one year.. Other debtors 60,699 Creditors: amounts falllng due within one year 2022 2021 Accruals and deferred income 1,200 600 10-
GUYSMERE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 10 Restrlcted funds The Income funds of the charity includè restricted funds comprlslng the following unexpended balances of donations and grants held on trust for specific purposes: Balance at 10ocomb8r 2021 As ro$tat•d Regour¢èA Balance at •xp•nd•d 30 Novembar 2022 Development Fund 60,600 112,466) 48,134 Restricted fvnds arè funds r8celved for specrfied purposes wlthln the overall alms of th8 charity. 11 Analysls of net ass•t$ between funds Unrestrlcted Restrictsd lunds funds 2022 2022 Total Unrestrlcted Rostrlcted funds funds 2021 2021 2021 As Mstatsd A8 r0Statod As restated Total 2022 Fund balances at 30 November 2022 are represented by.. Current assetsllliabilltiesl 11,143) 48,134 46,991 14321 60,600 60,168 11,1431 48,134 46,991 (4321 60,600 60.168 12 Ralatsd party transactlon8 There were no di$¢losable relat8d paty transactions durlng th8 year {2021- none). 13 Cash generated from oporation$ 2022 2021 (D8f6otVsurpus for the year 113,177) 60,168 Movements in working capital.. Decreasel(increase) in deblors Increase in creditors 60,699 600 160.699} 600 Cash gonorated from operations 48,122 69 14 Analysis of changes In net funds The charity had no debt during the year. 11
GUYSMERE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 15 Prlor period adjustmènt Changos to the statement of flnanclal positlon At 30 November 2021 As prevlously Adjustment reported As restated Fixed a550ts Tangible assets 14,400 {14,4001 Capital funds Income funds Restricted fund5 Unrestrlcted funds 75,000 (432) 114,400) 60,600 14321 Total oqulty 74.568 (14,400) 60.168 Changès to tho Income statemont Perlod ended 30 November 2021 A8 prevlou8ly Adlustmont Ag rogtsted roported Charitable activitles 632 14,400 15,032 Net movement In funds 74,568 {14,4001 60,168 The prior year flnanclal statements have b88n adjusted to r8flect the correct ¢lasslflcatlon of expendltur8. 12-