Charity reglstration number NIC108125 Company reglstration number N1674382 (Northern Ireland) GUYSMERE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 GUYSMERE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees P Hunter Rev R Hyndman Rev J Mccaughan W Pollock J Smyth J Knox gAcrètary Rev J Mccaughan Charlty number NIC108125 Company numb•r N1674382 Reglstèrod office 24 Sea Road Castlerock Coleraine BT514RE Indeynd•nt oxamlner Harbinson Mulholland Cenlrepolnt 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS GUYSMERE TRUST CONTENTS Pago Trustees, reFM)rt Independent examlnols report Statement of flnanclal activltles Statement of flnancial posltion statement of cash flows Notes to the financlal ststements 7-11 GUYSMERE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 NOVEMBER 2023 The trustees present their annual report and financial statemènts for the year ended 30 November 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 goveming document, the Charities AGt INI) 2008 and 'Accounting and Reportlng by Chari118s.' Stalemenl of Recommended Practice applicable to Gharilles preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 20191. ObJectlvo5 and activltl89 The trustees have paid due regard to guidance issued by the Charity Commission in declding what activities the charlty should undertake. Our Vision The creation of 8 world-class Residential, Conference and Activity Centre on the exisling Guysmere beachfront site at Castlerock, Northern Ireland. The Centre will accommodate local and intemational groups who share our falth In the Gospel as well as being a Hub for local Community activities, A base for falth For educalSonal and recreational activities A haven for personal retreat Guysmere Trust was formed in 2020 lo 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 (NIC 1081251 on 14th July 2021 and leased the property at Guysmere from the trustees of the Presbyterian Church in Ireland in August, 2021 Achlevements and performanco During the year, the main activlties undertaken by the organlsation included.. The ongoing development of the Straleglc Outline Business Case Including examlnlng simi18r projects investigating funding opportunltles and methodologies d8V81oplng a webslle for Guysmere preparing a draft development programme preparing an oulline development brief for the procurement of an Integrated design t8am organising regular progress meetings and reporting back to PCI ensuring flnancial complianc8 and govemance and holding a number of meetings with interested parties a Castlerock community meeting. Flnanclal revlew The net deficit for the year amounted to £3,422, £448 net incom8 Is attributable to unrestricted reserves and £3,870 net expenditure attributed to ￿strICted reserves. At 30 November 2023 reserves stand at £43,569 of which £44,264 is attributable to restricted reserves and a deficil of £695 on unreslricled reserves. Structure, governance and management The charfty is a company limited by guarantee. The truslees who served during th8 year and up to the date of signature of the financial stalements were.. P Hunter Rev R Hyndman Rev J Mccaughan W Pollock J Smyth J Knox GUYSMERE TRUST TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Th• tsuilovs. rewt wag appfo ed by tho Botird ol Truiig04. RevJMc Ttu•t•• an Rev R Hyndman rruit•• GUYSMERE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GUYSMERE TRUST We report to the Injstees on our examination of the financial statements of Guysmere Trust (the charity) for the year ended 30 November 2023. Responslbllitles and basis of rèport As the trustees 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 (NII 2008 (thè Act). Having satisfied ourselves that the charity is not subjecl 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 Charity Commission for Northern Ireland under section 65(9)Ibl of the Charities Act., state whether particular matters have come to our attention. Indepondent axamlnarfs Statement Your attention Is drawn to the fact that the ¢harity has prepared flnanclal statements In accordance with Accounting and Reporting by Charitiès preparing their accounts in accordance with the Financial Reportlng Standard applicable In the UK and Republ1¢ of Ir81and (FRS 102) in preference to the A¢¢ounting and Reporting by Charities: Statement of Recommend8d Practice issued on 1 Aprll 2005 which is referred to in the extant regulations but has now been wlthdrawn. l understand that this has b88n done in order for financial statements to provlde a true and falr vSew in accordance with Generally Accepted Accounting Practlce effective for reporting periods beglnnlng on or after 1 January 2015. W8 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 Commisslon for Northern Ireland under section 65191{b) of the Charities Act. The examinatlon 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 explanatlons from you as charity truslees concerning any such matters, Our role Is to state whether any material matters have ¢om8 to our attention glvlng us cause to b81ieve'. That accounting rècords were not kept In respect of the charity as r8qulred by se¢tlon 130 of the 2011 Act. or the financia1 statements do not accord with those records: or That the financial statements do not comply with the accounting requlrem8nts of section 396 of the Compani8S Act 2006 and wilh the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accourbts in accordance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland. We have completed our exarnination and have no concems in respect of the matters {11 to13) listed above and, in connection with following the Directlons of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. Harbinson Mulholland Centrepoint 24 Orffleau Avenue Belfast Co. Antrim BT2 8HS Northem Ireland Dated: GUYSMERE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2023 Unrestrfcted Restrlcted funds funds 2023 2023 Total Unr08trlcted Réstrlctad funds funds 2022 2022 Total 2023 2022 Notes Incomo from: Donations and legacles 1,160 1,160 Total Income 1,160 1,160 Expondituro on: Charitable activities 712 3,870 4,582 711 12,466 13,177 Total oxpondlture 712 3,870 4,582 711 12,466 13,177 Net Incomel{expèndlturo) and movement In funds 448 (3,870) (3,4221 (7111 112,466} (13,177) Roconclllatlon of funds: Fund balances at 1 December 2022 11,143) 48,134 46,991 (4321 60,600 60,168 Fund balances at 30 Novernbor 2023 {695) 44,264 43,569 (1,143) 48,134 46,991 The statement of financlal activities includes all gains and losses recognised In the y8ar. All income and expenditure derlve from contlnuing actlvltles. GUYSMERE TRUST STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2023 2023 2022 Notes Current assets Cash at bank and in hand 45,369 48,191 Crodltors: amounts falllng due wlthln one yoar (1,800) 11,200) Net current assets 43,569 46,991 Not assèts oxcludlng p•n$lon Ilablllty 43,569 46,991 The funds of the charfty Restricted income funds Unrestrlcted funds 44,264 (695) 48,134 11.143) 43,569 46,991 The fin8tKial stDtements were apprthed by lh• Iruslees on . 2024 _,4 _ Rev R Hyndman Tru•t•• ROYJM Twit•• an GUYSMERE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2023 2023 2022 Notss Cash flows from operating actlvltles Cash (absorbed byygeneratsd from operations 13 (2,8221 48,122 Net cash usèd In Invostlng actlvltle• Not cash used In flnanclng actlvltlo8 Net (decroaseylncr•aso In cash and ca8h equlvalents {2,8221 48,122 Cash and cash equivalents at beginning of year 48,191 69 Cash and cash equlvalont• at end of yoar 45,369 48,191 GUYSMERE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Accounting policios Charlty information Guysmere Trust is a Registered Charity. Company Registration number N1674382 (Northern Ireland) 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charlties Act INI) 2008, FRS 102 'The Financial Rewrting Standard applicable in the UK and Republlc of Ireland" (-FRS 102.1 and the Charities SORP "Accounting and Reportlng by Charities.. Statement of Recommendèd Practice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable in Ihe UK and Republic of Ireland (FRS 1021" leffeGtive 1 January 2019}. The charityls a Public Benefit Entity as defined by FRS 102. The financial statements have departed from th8 Charities (Accounts and Reports) Regulations 2008 only to the extenl required to provlde a true and fair vlew. This departure has involved following the Slatemenl of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Rewmmended Practice which Is referred to in the Regulations but whlch has since been wlthdrawn. The financial statements are prepared In steding, which is the fvnctional currency of the charlty. Monetary amounts In these financial statements are rounded to the nearesl £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial Instruments al fair value. The prlncipal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a rèasonable expectation that the charity has adequate resources to conlinue in operational existence for the foreseeable future. Thus thè trustees continue to adopt the going concern basls of accounting in preparing the financial statements, 1.3 Charltable funds Unrestricted funds are availabl8 for use at the discretion of the trustees in furtherance of their charitable objectives, Restri¢ted funds are subject to spe¢lfic conditions by donors or grantors as to how they may be used. The purpos8s and uses of the restricted funds are set out In the notes to the financial slatements. Endowment funds are sub]e¢t lo specific Conditions by donors that the capitsl must b8 maintained by the charity. 1.4 Income Income is recognised when the charty is legally entitled 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 recognlsed on receipt. other donation5 are recognised once the charity has been notified of the donalSon, unless performance conditions require deferral of thè amount. Income lax recoverable in relation lo donations rèceived under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognlsed on receipt or otherwise if the charity has been notlfied of an impending dlstribution. 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 2023 Accountlng pollcle8 (Continued) 1.5 Expendlture Expenditure is recognlsed once there is a legal or constnjctive obllg8tion lo transfer economic benefit to a third party. it is probable that a transfer of economic benefits will b8 required in settlement, and the amount of th8 obligalion can be measurecl reliably. Expenditure is classified by 8Ctlvity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Dir8ct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and 5UPPOrt costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of tlme spent, and depreciation charges are allocated on the portion of thè asset's US8. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid Investments with orSglnal maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current Ilabilities. Baslc flnanclal assets Basic flnancial assets. whlch include debtors and cash and bank ba1anc8s, are initially m8asured at transaction price including transaction costs and are subsequently carried at amortlsed 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 dlscounted at a market rate of interasl. Financial assets classified as receivable withln one year are not amortised. Basic flnanclal liabllltles Basic financial liabllities, including creditors and bank loans are Inltially recognised at transaction prlce unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rale of interest. Flnancial liabilitles classified as payabl8 thln one year are not amortls8d. Debt Instruments are subsequently carrled at amortised cost, using the effective Inler8St rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Arnounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non