Charity registration number 108263
THE MTB CHARITABLETRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE MTB CHARITABLETRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Ms S Boyd |
|---|---|
| Mr M Boyd | |
| Mrs T Boyd | |
| Charity number | 108263 |
| Principal address | 16C Station Road |
| Upper Ballinderry | |
| Lisburn | |
| Co. Antrim | |
| Northern Ireland | |
| BT28 2ET | |
| Independent examiner | Moore Braniff |
| 2 Beechill Business Park | |
| 96 Beechill Road | |
| Belfast | |
| Northern Ireland | |
| BT8 7QN | |
| Bankers | Ulster Bank |
| 11 - 16 Donegall Square East | |
| Belfast | |
| BT1 5UB |
THE MTB CHARITABLETRUST
CONTENTS
| Page | |
|---|---|
| Trustee report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
THE MTB CHARITABLETRUST
TRUSTEE REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution, the Charities Act (NI) 2008 and the Statement of Recommended Practice, The Charities (Accounting and Reports) Regulation (NI) 2015.
Objectives and activities
The Charity's objective is to advance Christian Religion in any part of the world.
The charity intends to do this by responding to direct requests from Non Government Organisations on the ground in Tigray. The focus will be on practical, targeted financial and spiritual support to the networks around under-privileged children. In addition, establishing medium to long term self-reliance will be encouraged among the local Non Government Organisations. For example an aim is to financially support the construction of additional buildings which when completed can be rented and provide long term income streams.
The Charity will deliver it's aims by working closely with Non Government Organisations such as Operation Rescue and other international missionary organisations and providing funds and resources to these organisations.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
With the ending of the Tigrinya civil war in Northern Ethiopia the Trust was able to recommence work with NGO partners in the area. Visits to the region assisted greatly with reigniting construction projects. The main project that was supported was the building of two additional floors to an existing NGO building in Makelle. This new space will add approximately 485 Sq Mtrs per floor and when completed, will offer the NGO significant annual rental income. The construction is now well under way and when completed will create very good additional income streams. In addition, the NGO will have the profile raised substantially in the aid community operating in Tigray. Delivering such a project will demonstrate locally what can be achieved through this capital project.
During this period the Trust took the opportunity to meet as many vulnerable children as possible on visits to Ethiopia. Trust members spent time taking devotions and sharing the good news of the Gospel in Makelle, Adigrat and Adwa.(Northern Tigray, Ethiopia)
Financial review
At the reporting date of 31 March 2024, the following is an overview of the charity's position.
The accounts documented an overall net deficit of £68,327 (2023: £7,881 surplus).
Net assets held by the charity at the year end were £176,024, (2023: 244,351), of this the Ulster Bank account had a closing balance of £72,005 (2023: £170,092). The charity loaned £100,000 to a limited company which with a 12 months repayment term which will earn the charity an additional £10,000 of interest.
Going Concern
Considering the above and current year budgets the Trustees are satisfied that there are adequate funds in place to ensure that the charity can continue its activities and the financial statements for the year ended 31 March 2024 can be approved as a going concern.
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THE MTB CHARITABLETRUST
TRUSTEE REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management
The charity is a trust for Charitable purposes only and was formed by Trust Deed dated 11 May 2020.
The trustees who served during the year and up to the date of signature of the financial statements were: Ms S Boyd
Mr M Boyd Mrs T Boyd
Recruitment and appointment of trustees
None of the trustees has any beneficial interest in the charity. All of the trustees are members of the trust.
The Trustee report was approved by the Board of Trustees.
Mr M Boyd
Trustee
21 February 2025
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THE MTB CHARITABLETRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE MTB CHARITABLETRUST
I report to the trustees on my examination of the financial statements of The MTB CharitableTrust (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 65(3) of the Charities Act (NI) 2008 (the Act) and that an independent examination is needed.
I report in respect of my examination of the charity’s financial statements carried out under section 65 of the 2008 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 65(9) of the 2008 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 63 of the 2008 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Moore Braniff
2 Beechill Business Park 96 Beechill Road Belfast BT8 7QN Northern Ireland
Dated: 21 February 2025
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THE MTB CHARITABLETRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 25,080 | 16,000 |
| Total income | 25,080 | 16,000 | |
| Expenditure on: | |||
| Charitable activities | 4 | 93,361 | 8,080 |
| Other expenditure | 8 | 46 | 39 |
| Total expenditure | 93,407 | 8,119 | |
| Net income/(expenditure) and movement in funds | (68,327) | 7,881 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 244,351 | 236,470 | |
| Fund balances at 31 March 2024 | 176,024 | 244,351 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE MTB CHARITABLETRUST
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Net assets excluding pension liability The funds of the charity Unrestricted funds |
2024 £ 104,800 72,304 177,104 (1,080) |
£ 176,024 176,024 176,024 176,024 |
2023 £ 74,800 170,091 244,891 (540) |
£ 244,351 |
|---|---|---|---|---|
| 244,351 | ||||
| 244,351 | ||||
| 244,351 |
The financial statements were approved by the trustees on 21 February 2025
Mr M Boyd Trustee
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THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
MTB Charitable trust has been set up for the benefit of such exclusively charitable objects and purposes in Northern Ireland and elsewhere as the Trustees may in their absolute discretion think fit, and in particular, but not exclusively: to advance the Christian Religion in any part of the world, notwithstanding that this may lead to a total exhaustion of the Fund.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). 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 not to prepare a Statement of Cash Flows.
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 sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
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 at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time 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 accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
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 set 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 charity.
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 it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance 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 are recognised on receipt or otherwise 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.
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THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the 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 at 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 instruments
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 charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial 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 effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price 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 rate of interest. Financial liabilities classified 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 recognised initially at 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 cancelled.
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THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates 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 experience 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 only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 25,080 | 16,000 |
4 Expenditure on charitable activities
| Work in | Work in | |
|---|---|---|
| Ethopia and | Ethopia and | |
| local NI | local NI | |
| charities | charities | |
| 2024 | 2023 | |
| £ | £ | |
| Direct costs | ||
| Share of support and governance costs (see note 5) | ||
| Support | 92,821 | 7,540 |
| Governance | 540 | 540 |
| 93,361 | 8,080 | |
| Analysis by fund | ||
| Unrestricted funds | 93,361 | 8,080 |
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THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5 Support costs allocated to activities
| Travel costs Donations Governance costs Analysed between: Work in Ethopia and local NI charities |
2024 £ 20,300 72,521 540 93,361 93,361 |
2023 £ 6,540 1,000 540 |
|---|---|---|
| 8,080 | ||
| 8,080 |
6 Trustees
During the year the Charity reimbursed the Trustees for travel costs to Ethiopia of £20,000 (2023:£6,540). The costs relate to a trip for the Trustees in the summer of 2023 to meet their partnering organisations and progress the aims of the charity. The Trustees received no salary or remuneration from the charity during the year.
7 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
8 Other expenditure
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Financing costs | 46 | 39 |
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 10 Debtors Amounts falling due within one year: Other debtors 11 Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ 104,800 2024 £ 1,080 |
2023 £ 74,800 |
|---|---|---|
| 2023 £ 540 |
12 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants 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 unrestricted funds by the trustees for specific purposes.
| At 1 April 2023 | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| resources | expended | 2024 | ||
| £ | £ | £ | £ | |
| General funds | 244,351 | 25,080 | (93,407) | 176,024 |
| Previous year: | At 1 April 2022 | Incoming | Resources | At 31 March |
| resources | expended | 2023 | ||
| £ | £ | £ | £ | |
| General funds | 236,470 | 16,000 | (8,119) | 244,351 |
13 Related party transactions
A loan of £94,800 was made to SIA Agencies Ltd in the year ended 31 March 2023, a company in which one of the trustees is a shareholder and director. The loan wasrepaid over 12 months plus interest of £10,000. The following amounts were outstanding at the reporting end date:
| Amounts owed by related | Amounts owed by | related | |||
|---|---|---|---|---|---|
| parties | parties | ||||
| 2024 | 2023 | ||||
| Balance | Net | Balance | Net | ||
| £ | £ | £ | £ | ||
| SIA Agencies Ltd | - | - | 74,800 | 74,800 | |
| - | - | 74,800 | 74,800 |
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