Charity registration number= 109851 The Ballyholme Charitable Trust Annual Report and Financial Stat¢m¢nts for the period from l February 2024 to 31 July 2025 Hopper & Co Chartered A¢¢ountannts & Registered Auditors 6 Doagh Road Ballyclare BT39 9BG
The Ballyholme Charitable Trust Contents (continued) Reference and Adrnini5trdtive Details Ttwstees. Report 2104 Statement of Trustees, Responsibilities Independent Audiiors. Report 6t09 Statement of Financial Activities 10 Balance Sheet Cash Flow Ststement 12 Note5 to the Financial Statements 13to 21
The Ballyholme Charitable Trust Reference and Administrative Details Trustees Pamela M¢Dowell Jonathan McDowell John McDow¢ll Charity Registration Number 109851 Principal Office 59 Bttllyholme Esplanade Bangor B T20 5NJ Auditor Hopper & Co Chartered Accountannts & Registered AuditOTS 6 Doagh Road Ballyclare B T39 9BG Page I
The Ballyholme Charitable Trust Trustees, Report The tn]stees present the annual report together with the financial Statements 2nd audiiors, report tsf the charity for the period end¢d 31 July 2025. Objectives and aetivities Objects 4nd The Charity Objects are for the publi¢ benefit in Northern Ireland and els¢where whether directly or indireetly by any lawful and charitsble means.. l.To promot¢ the Christian Gospel by various means including but not lirnited to the provision of practical assistance to ihtssc in conditions of need, hardship, distres5 or other disadvantag¢; 2.To benefit any other Christian charitable institutions to use its funds for any charitable purp05es' and 3.Su¢h other charitable purposes as the Trustee5 See fit from tim¢ io time. Objectives, str¢Y¢egles andaclivities The Trust was re¢ognised, for tax purposes by HMRC. as a charitable trust on 28 Febnwy 2024. Th1s recognition is re¢Ord and took effect from the date of th¢ Declaration of Trust and as subrnitted to the Charities Commission for approval. namely 3 July 2023. A5 the Trust ts now reporting effectively for the first year of its exLStence. the TSteeS would confirni that th¢ Trust has only a limited nUber of tr8nsactions to Teport. Public benefil The charity will benefIt people in need who will be selected at a 8enerdl meeting and on an ad.hoc basis from time to tirne by the Trustees. The trustees hav¢ given due regard to the Charity Commission forNorthem Ireland's guidance on public ben¢fit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 20Q8 to have due regard to the public bencfit guidance published by the Charity Cotnrnis5ion for England and Wales. Financial review During the financial year incoming resources (including donated &ssetsl amounted to £4.655,016* providing the primary ndIng for the Charity's charitable a¢tivitie5 and operatin8 costs. Poliry on rcserv£¥ The Trustees has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets I'ihe free reserves'l held by the charity should be between 2 and 6 months of the resources expelld¢d, which equates to behveen £1,907 and £5,720 in general funds. At this lcvel. the Trustee5 think the Charity would be able to ¢onlinu¢ thc current activities of the charity. In th¢ event of a signifi¢ani drop in funding, it wtsuld obviously be necessary to consider how the funding w'ould be replaced or a¢tivities changed. At present the free re5erv¢s amount to1£9271. Current level of eserve5 fall below the Tn]stee's target range. Pagc 2
The Ballyholme Charitable Trust Tru$tees' Report (continued) Going contern The Trustees have assessed whether the use of the going concern ba515 l5 appropriate in pparing these financial siaiements. In making this assessmcnt. the Trllst¢es have collsidered the charity's financial position. forecast cash flows and th¢ principal Source of the ¢h2riry's in¢ome. The charity's priTnary source of income is dividend5 received from its investment in the ordinary shares of Redbay Holdings Limited & Greenbay Homes Limited, ¢ompanie5 incorporated and operatirtg in Northern Ireland. The Trustees have reviewed the company's recent financial performan¢e. current trdding position and future forecasts. together with th¢ directors, expectations r¢garding fufvre dividend distributions. B25ed on this review. the Trustees are satisfied that the company is expected to remain financially viable and Continue to generate sufficient profIts and cash flows to support dividend payments. The Trustees have also consider¢d the ¢harity'S level of unrestr2cted reseeS artd expected expendibjre and are satisfied thai the charity has ad¢quate resourc¢5 to continue its activities and rneet its liabilitie5 &8 they fall due for at least twelve months from the date ofapproval of these fJnan¢ial sr8tements. A¢¢ordingly. the Trustees consider it appropriate to prepare the financial statetnents otl the 80ing concern bls. Strncturey governance 9nd m9nagemeI Rel#tion$hip$ with related parties During the year the charity received donated a55et$ from related parties associated with th¢ trust¢es, these donations w¢re received at market value. Financial instruments Objectives ondpoll¢les The charity's activxties expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial d¢rivatives is governed by the charity's poli¢ies approved by the board of tTUSte¢s, which Provide MTitten principles on the use of financial derivatives io manage these risk5. The charity does not use dtriv&tive finan¢ial instruments for speculative purpos¢s. Cashflow risk The charity's a¢tivities expose it primarily to the finanGiaJ risks of changes in foreign ¢UTren¢y exchange rates and interest rat¢5. The charity uses foreign exchange foThvard contra¢is and interest rate swap contr&cts to hedge Ihese exp05ures. Interest bearing assets and liabilitie5 are held 8t fixed raie to ensure certainty of cash flows. Page 3
The Ballyholme Charitable Trust Trustees, Report (continued) Credii risk The charity's principal financial assets are bank balance5 and cash, trade and other receivables, and investments. Th¢ ¢harity'5 ¢redii risk is primarily attributable to its trad¢ re¢eivable5. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impainnetjt is mad¢ wher¢ there is an dentified 105s event which, based on previous experience. is evidence of a reduction in the recover8bility of th¢ ¢ash flows. The credit risk on liquid funds and dErivative financial instruments is limited because the count¢rp2rties are banks wth high credit-ratings assigned by international credit-rating agencie5. The charity has no significant con¢entration of credit risk, with exposure 5pr¢ad over a large number of counterparties and ¢ustomers. Liguidity risk In order to maintsin liquidity to ensure that sufficient funds are available r ongoing operations and future developments, the chariry uses a mixture of long-ierm and short-terni debt finance. Further detasls regarding liquidity risk Can be found in the Stat¢m¢ni of a¢¢ounting policie5 in the fLll8ncial statements. Funds held a$ custodian tru$t¢¢ on behalf of others Funds were recesved into th¢ Tru5Vs bank account, in the sum of £lQ,000 on 20 June 2025. Following CODsultstion and agreement, the Trustees approved the disbursal of funds, in the sum of £IO.000 on 3 July 2025 to ChrLSlians Sn Sport a T¢¢ognised Christian ¢harity supporting those who exist to rearh the world of sport for Chlist. Disclosure of information to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make th¢mselves aware of any relevant audit infomiation and to establish that the charity's auditor is aware of that infomiation. The trustee5 confirm that there is no relevant inforniation that they know of and of which they know the audittsr is unaware. The annual report was approved by the trustees of the charity on 30 July 2026 and signed on its behalf by.. Jonathan McDowell Trustee Page 4
The Ballyholme Charitable Trust Statement of Trustees, Responsibilities The trustec5 are responsible for preparing the tntte$, report and the financial statements in accordance with the Unit¢d KirtgdoTh Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charitie5 requires the trustee5 to prepare financial statements for each financial period which give a true and fair vi¢w of the stst¢ of affairs of the charity and of the illCOTning r¢50urce5 aTLd application of resources of the charity for that period. In preparing these financial statemeDts, th¢ tNste¢s are r¢quired to.. select suitable accounting poli¢ies and then apply them consistently. observe the method5 and principles in the CharitEes SORP. make judgements and estimat¢s that ar¢ r¢asonable and prudenL state whether applicable accounting Standards have been followed, subject to any material departures dis¢105ed and explained in the financial statements: and prepare the financial statements on th¢ going ¢on¢em basis unless it is inappropriate to presume that the charity will continue in busine$5. The tNStees are responsible for keeping proper accounting records that dis¢10s¢ With reasonable a¢¢ura¢y at any time the financial position of th¢ charity and enable them io ensure that the financial stateTnents eornply wth the Charities Act 2011, the Charities (Accounts and Report5) Regulation5 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the asseis of the charity and hence for tsking reasonable steps for th¢ prevention and detection of fraud and other irr¢gulaTitie5. The tn]stees are responsible for rhe maintenance and integrity of the corporate and financial infortnation included on the charitable ¢OTnpany's web51te. Legislation governing the preparation and dissemination of financial stst¢m¢nts moy difftr froTn legislation in other jUTi5dictions. Approved by the trustees of the charity on 30 July 2026 and signed on its behaifby: £ MLI) Jonathan M¢Dowell Tnjstee Page 5
The Ballyholme Charitable Trust Independent Auditor's Report to the Members of The Ballyholme Charitable Trust Opinion We have audited the financial 5tateTnents of The Ballyholme Charitable Trust (the 'charity? for the period from S F¢bruary 2024 to 31 July 2025, which cotnprise the Siaiemeni of Financial Activities, Balance Sheet. Cash Flow Statement. and Notes to The Financial Staiements, including a summary of significant accounting poli¢ies. The financial reporting framework that ha5 been applied in their preparation is United Kingdom Accounting Standards, Comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland, and applicable law (United Kingdom Generally A¢¢¢pt¢d Accounting Practice). In our opinion the financial statements-. give a irue and fair view of the state of the charity'5 affairs as at 31 July 2025 and of its incoming resources and application of resources, in¢luding its income and expenditure, for th¢ p¢riod then ended. have been properly prepared in accordance with United Kingdom Gen¢rally Accepted Accounting Pra¢ti¢¢', and have been prepared in aGGordanGe with the r¢quir¢ments of the Charities AGt 2011. Ba515 for opinion We ¢ondu¢ted our audit in accordance wth International Standards on Auditing (UK) (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described in th¢ auditor responsibilities for the audit of the financial 5tatetnents s¢¢tion of our report. We are independent of the charity in accordance with the ethical requirernents that are relevant io our audit of the financial 5tatetnents in the UK, in¢luding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that th¢ audit evidence we have obtained is sufficient and appropriate to provide a basis for our opirtion. Con¢Rusions relgting to going toncern In auditing the finan¢ial stsiemenis, we have concluded that the trustees use of the going con¢ern basi5 of accountin8 In the Preparation of the financial stst¢m¢nts is appropriate. Based on the work we have perforned. we have not sdeniified any material uncertaintses relating ¢0 ev¢nts or conditions that, individually or collectively. Tnay cast significant doubt on the charity's thility to Continue as a going ¢oncem for a period of at least twelve months frotn when ihe original finan¢ial statements Te authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going COTLCern are described in the relevant sections of ihis repon. In auditing the financi81 statements. we have concluded that the tstee5, use of th¢ going ¢on¢ern b&si5 of a¢counting in the preparation of the fjnancial statement5 is appropriate. Based on the work w¢ have p¢rforn)ed, we have not identified any material un¢ertaintÈes relating to events or conditions ihaL individually or ¢ollectively. rnay cast 5ignifi¢ant doubl on ihe charity's ability to continue as a golng ¢on¢eTn for a period of at le&si 12 months from when the finanGial stat¢m¢nt$ are auth0ri5ed for issue. Our respoTisibililies and the responsibilities of the trustees with respect to going ¢on¢ern are described in the relevant 5ectlOT15 of thi5 report. Pag¢ 6
The Ballyholme Charitable Trust Independent Auditor's Report to the Members of The Ballyholme Charitable Trust (continued) Other inforniation The tru5tee5 are responsible for the other information. The other inforniation ¢ompri5es the informalion included in th¢ annual repoff, other than the financial statements and our auditor'5 report thereon. Our opinion on the financial statement5 doe5 not cover the other infomaiion and. ex¢¢pt to the ¢xtent otherwise explicitly stated in our report, we do not express any form of assurdnce conclusion thereon. In connection with our audit of the financial statements. our Tesponsibiliry is to read the oth¢r infonnation and, in doing $0, ¢onsider whether the other information is materially inconsistent with the finan¢i31 statements or OUT knowledge obtained ill the audit or othernise appears to b¢ materially rnisstated. Jf we identify such material incon515tencie5 or apparent rnaterial mi5Stat¢ments, we are required to detemine whether there 15 a material misstatement in the financial siatement5 or a material misststement of the other infomiatioj. If. based on the work we have perfornied. we conclude that there 15 a material tnisstatemeni of this other infonnation. w¢ are required to report that fa¢t. We have nothing to report in this regard. Matter5 Ivhich we are required to report by exception In the light of our knowledge and understanding of th¢ charity and its environmeTLt Dbtained in the COUTse of the audit, we have not ideniifsed material misstatements in the Tru5tees' Report. We have nothing to report in respect of the following Tnatters where the Charities {Ac¢ounts and Report) RegulatiOEJS 2008 requires us IO Teport to you if, in our opinion.. adequate accounting record5 have not b¢en kept, or return5 adequate for our audit have not been received from branches not V151ted by us.. or the financial statesnents are not its agreement with the accoutsting record5 and returns. or certain disclosures of trustees remunerdtion specifjed by law are not made; or we have not received all the infomiation and explanations we require for our audiL Re$ponslbilities of trustees As explained TnoTe fully in the Statement of Trustees, Responsibilities (set out on page 5), the trustees are responsible for the preparation of the finao¢ial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustee$ det¢mtne is necessary to enable the prepardtion of financial statements that are free from material misStateTnent, whether due to fraud or error. In preparing the finan¢ial st2tements, the trustees are responsible for assessing the ¢h3rity'$ ability to continue as a going concern, disclosing. as applicable. matt¢rs r¢lated to going concern and using the going ¢on¢ern bèsis of accounting unless the trustee5 either intend to liquidate the ¢118rity or to cease operation5. or have nts realisti¢ alternative but to do $0. Auditor Responsibilitie5 for the audit of the financial statements Our objective5 are to obtain reasonable assvTance aboui whether the financial statements as a whole are free froTn material Tni55tatemEnL wh¢th¢r due to fraud or error, and to lS5ue an auditor'5 report that intludes our opinion. Reasonable assurAn¢e is a high level of assurance. but is not a guarantee that an audit ¢onducted in accordance with ISAS (UK) will alway5 detect a material Tnisstatement when it eSts. MisStatement5 can arise from fraud or error and are Consider rnaterial if, individually or in the aggregère, they could reasonably be expected to influence the economic decisions of users taken on the bagis of these finan¢ial statements. The extent to whi¢h our prOdur¢S ar¢ capable of detecting irregularities, including fraud is detailed below.. Page 7
The Ballyholme Charitable Trust Independent Auditor'5 Report to the Members of The Ballyholme Charitable Trust (continued) We considered th¢ opponunilies and incentlV¢5 that may e$t within the Company for fraud and ideThtifi the greatest potential for fraud in relation to revenue recognirion and payment of aTnounts from the company. In common wth all audits under ISAS (l}, we are also required to perfonn specific procedures to respond to the risk of manageTn¢nt override. We also obtained a]] understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulation5 that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations in Companie5 Act 2006 were consider¢d in thi5 context. Jn addition, we considered provisions of relevant lams and regulations that do not have a direct effect on the rinancial statements but compliance with Mthi¢h may be fiiridatnental to the cornpgny'5 ability to operate or to avoid a material penalty. Our procedures to respond to risks identified included the following= . reviewing the financial statement disclosures and testing to supporting documentation to assess complian¢e with provisions of relevant laws and regulation5 d¢5cribed as having a direct effect on the financial statements.. enquiring of management regarding a¢tual and potential litigation and claims,. ' performing anajytical procedures io identify any unusual or unexpected relationships that may indicat¢ risks of material misststement due to fraud,. • reading minutes of meetings of those charged with governance and reviewing regulatory correspondence Compani¢s House: in addressing the risk of fraud through Manag¢ent override of controls we, iested the appropriaien¢ss of journal entries and other adjustments. assessed whether the judgements made in making a¢¢ounting estimates are indicatsve of a po¢en¢ial bias., evaluated the business rationale of any significant transa¢iions', and where P0$5ibl¢ obtsined direct confirniation of balances Independently from the relevant party. W¢ also ¢OTnrnunicated Televant identified laws and regularions and potential fraud risk5 to all engagement team membeT5, and remained alert to any indi¢atiot)s of fraud or non*omplianGe With laws and re8ulations throughout th¢ audit. Be¢ayse of the ittherent limitations of an audit, there is a risk that we will not detect all irregularitL¢S, including thos¢ leading to a material mi55taternent in the financial stat¢menis or non40mpliaiJce wth regulation. This risk in¢reas¢s the more that compliance with a law ot regulatitsn is reTnoved frorn the events and transaction5 reflected in the financial ststements, as w¢ wll be less likely to become aware of instances of non-complian¢¢. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional ¢on¢ealment. forgery. collusion, omisston or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's websiie at: www.frc.org.uldauditorsresponsibilities. Thi5 description forms p8rt of our Auditor's report. Use of our report This report 15 made solely to the charity trustees. a5 a body, in accordance with s¢¢tion 65 of the Charities Act (Northern Ireland) 2008 and regulaiions made under section 67 of that Act. Our audit work has been undertaken sts that we mi8ht state to the trustee5 those tnatter5 we are required to stste to twst¢¢s in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not a¢¢epi or assume Tesponsibility to anyone other than the charity and its trustee5 as a body. for our 8udtt work, for this report, or for the opinions we have forn)ed. Pa8e 8
The Ballybolme Charitabk Trust Independent AllditoO9 Report to the Members of The Ballybolme Charitable Trllst (eontinlled) Slmon Hoppct (Senior Stabjw Allditor) For #Ad on behalf Dfllopw& Co, ChErtA¢cOvll & R¢st1AdltorS 6 D08gbRoad BallyclaTe BT39 9BG 30 Juty 2026 Hopw & Co Is di8ibk for P]nti¢t aq alItOr olthe charity by viruw of its ¢jiBL ijity for 8Fg0intill ditorof a comFJny w)der section 1212 of the Con)pznies Aa2006.
The Ballyholme Charitable Trust Statement of Finalleial Activities for the Period from l February 2024 to 31 July 2025 Unr&strict funds Totsl 2025 Note Income Endowments from: Dollatiorts and legacies Investment income 4,655,003 13 4.655.003 13 Tot income 4,655,016 4,655.016 Expenditure OD: Charitable activit1¢5 {11,4401 {11,440) Total expenditure {11,4401 111.440 Net income 4,643,576 4,643.576 Net Movement in fund5 4,643.576 4.64J.576 Reconciliation of funds Total funds carried forward 4,643,576 4.643,576 All of the charity's activities derive froTn continuing operations during th¢ above period. The notes on pages 13 to 21 forni an integral part of these financial stsiements. Page 10
The Ballyholme Charitable Trust (Registration number: 109851) Balance Sheet as at 31 July 2025 2025 Iyote Fixed 8sset$ Investments 4,644,503 Current g$9¢ts Cash at bank and in hand io Creditors: Amounts fallang due within one year Net Current liabilitles {1.4401 1927) Net assets 4,64),576 Funds of the charity: Unrestrieted income funds Unrestricted fid$ 4,643,576 Total funds 12 4.643.576 The financial statements on page5 10 to 21 were approved by the trJst¢es, and authorised for issue on 30 July 2026 and signed on their behalf by.. Jonathan M¢Dowell Trustee Th¢ notes on pages 13 to 21 fonn an integral part of these finan¢ia] statements. Pagell
The Ballyholme Charitable Trust Cash Flow Ststement for th¢ Period from l February 2024 to 31 July 2025 2025 Not¢ Cash flow5 from operating a¢tivltie5 Net cash income 4.643,576 Adjustments to Cash flows frorn non-eash items Inv¢siment incoTne 4,64J,563 Working capStal adju$trnent$ Increase in Creditors 1,440 Net cash flows from operating a¢tivitie5 Cash flows from fftnvestlDg attivities Interest re¢eivable and similar incorne Purchase of investments 4,645.003 13 (4.644,503) Net cash flow5 from investing activities Net increase in cash and cash equivalents Cash and cash ¢quivalents at l Febrnary Cash 8nd cash equivalents at 31 July 14,644.490) 513 513 All of the c&sh flows are derived from acquisitions in th¢ Current financi p¢riod. The notes ott pages 13 to 21 fom) an integral part of these financial stateTnents. Pag¢ 12
The Ballyholme Charitable Trust NotQ5 to the Financial Statements for the Period from l February 2024 to 31 July 2025 l A¢coullting policies St4teThent of compli#Nce The financial statements have been prepared in accordance with the second edition of the Charities Statement of REcommend¢d Practice issued October 2019, the Financial Reporting Standard applic2ble in the United Kingdom and Republic of Ireland (FRS 1021 and the Charitie5 Act 2008. BA$is of prepgrAtion The BallyholFne Charitabl¢ Trust meets the definition of a public b¢n¢fit entity under FRS 102. The aGcount5 IfJnan¢ial Statements) have been prepared under the historical Cost convention with items re¢ogni5ed at cost or transaction value unles5 otherwis¢ stated in the relevant notel5} to these aecollrtts. Going concern The finan¢ial statements have been pr¢paTed on a going concern basis. The trustees assess wh¢ther the use of going concern 15 appropriate i.e. Nthether ther¢ are any material uncertainiies related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make ihis a55essment in r¢spe¢t of a pcriod of one year froTn the date of approval of the finan¢ial 5tatem¢nts. Incom¢ ind endowments Voluntary incom¢ including donations, gifts, legaci¢s and grants that provide core fundtng OT are of a general nature is recognised when the charity has entitlement to the income. it 15 probabl¢ that the incomc will be received and the amouni can be measured wth sulTicient reliability. Donations 4ndlegacies t)onations and legacies are recognIs on a receivabl¢ basis when receipt 15 probable and the amount ¢an be reliably measured. Gifts kind Gifts in kind are reGognised in different ways dependent on how they are used by the charity.. lil Thos¢ donated for resale produce income when they are 501d. They Are valued at the amount actually realised. lill Those dollated for onward transmission to benefi¢iarie5 are included in the Statement of Fin2n¢ial Activitie5 a5 incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them. liiil Those donated for u$¢ by the ¢harity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquire them. Invesipnenl income Dividends are recognised once the dividend has been dEclared and notification ha5 been e1Ved of the dividend due. Pa8e 13
The Ballyholme Charitable Trust Notes to the Financial Statements for the Period from l February 2024 to 31 Juty 2025 (eontinued) Expenditure All expenditure is recogrtised once there is a legal or constn]ctive obligation to that expenditure, it 15 probable settlement is required and the amount can be measured reliably. All wsts are allocated fo the applicable expenditure heading that aggregat¢ similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated ott a basis consistent M'ith the use of resources, ryth central staff Cosis allocated on the basis of time $pertL and depreciation Charges alloc2ted on the portion of the &55et's us¢. Other suppojt ¢OSts are allocated based on the spread of staff costs. Charilable 4¢1ivitie5 Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its benefi¢iaTies. It includes both costs that can be allocated directly to su¢h aGtivities and those costs of a indirect nature necessary to support them. Support costs Support ¢osis include central hnctions and have been allocated to activity cost categories on a b&sis consistent with the use of resour¢es, for example, allo¢ating property costs by floor are or per capit4 staff costs by the time spent and oiher c05t5 by their usage. CoveTnant¢ co$ts These it)¢lude the costs attributable to the charity's ¢ompliance with constitutional and statutory requirements. including audit, 5trate8ic managetnent and trustees m¢eting5 and reimbursed expen5¢5. Tgx#tion The charity is con5id¢red to pass the tests 5¢t out tn Paragraph I Schedule 6 of the Finance Aa 2010 and therefore it meets th¢ definition of a charitable company for UK COTporation tax pwposes. Accordingly, the charity 15 Potentially exempt from taxation in respect of incotne or capital gains received within ¢aEegories covered by Chapter J Part I l of ihe Corporation Tax A¢t 2010 or Section 256 of the TatjOll of Chargeable Gains Act 1992. to the ext¢ni thai such incorne or gains are applied ex¢lusively to charitable purposes. Fixed #55et investments Fixed assd investments, oiher than PTogramme related investments, are irt¢luded at market value at the balance sheet date. Realised gains and 105Se5 on investmenis are calculated as th¢ difference behveen sa]e5 proceed5 and their Tnarket value at the stsrt of the period. or their subsequent cosL and are ¢h8rged or credited to the Statement of Finan¢tal Activities in the period of disposal. Unrealised gains and losscs represent the movcment in market values during the period and are credited or charged to the Stat¢ment of Financi Activitie5 based on the market value at the period end. Cash and eash equÉvalent$ Cash and cash equivalents ¢omprise cash on hand and call dep051ts, and other short-iem highly liquid investments that are readily convertible to a known amount of cash and are subjeci to an II]significant risk of change in value. Pag¢ 14
The Ballyholme Charitable Trnst Notes to the Financial Statements for the Period from l February 2024 to 31 July 2025 (continued) Borrowings Interest-bearing borrowing5 are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequenily carried 8t amortised cost, with the difference between the proce¢ds, Det of transaction costs, and the arnount due on redernption being reeognised as a charge to the Ststement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the b&3is of the effective interesi method and is in¢lud¢d in interest payable and simxlar ¢harge5. Borrowings are ela5sified as ¢ent liabilities unless the charity has an unconditlODal right to defer settlem¢nt of the liability for at least Nelve months after the reporting date. Fund structure Unrestricted incom¢ fvnd5 are general ndS that are available for use at th¢ tswstees discretion in fijrtherance of th¢ objectives of the charity. Financial instruments Clossification Financial assets and financial liabilities are recognised when the charity becomes a paty tr) th¢ contractual provisions of the instrument. FinanGial liabilities and equity instruments are classified according to the substance of the ¢ontraGtual arraogements entered into. An equity instrument is any ¢ontra¢t that eviden¢¢s a residual interest in th¢ assets of the Charity after deducting all of its liabilities. Recognition 4ndmvasuremeMt All financial assets and liabilities are initially measured at transaction pricc (including transaction c05ts), except for those financial assets classified a$ ai fair value through profit or loss. which are initially me&sured at fair value (which is nortnally the transa¢tion price excluding transaction costs). utjless the arrangement ¢onstitute5 a financing transaction. If an arrangement constirutes a financing transaction. the financial asset or financial liability is [neured at the present value of the future payjnents disGounted at a market rate of interesi for a similar debt instrumenl. Financial assets and liabilities are only offset in the ststement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends eith¢r to settle on a net basis, or to realise the Issei and settle the liability simultaneously. Financial assets are derecognised when and only when al the Contractual rights to the ¢ash flows from the financial asset expire or are settled. bl the ¢harity transfers to another party substaniially all of the risks 8nd reivards of ownership of the financial asset, OT c) the charity, de5Plte having reiained Some, but not all. signtficant risks and rewards of ownership, has 1T5feed control of the asset to another party. Finan¢ial liabilities are derecognised only wh¢n the obligation specified in th¢ ¢ontract l5 discharged, canG¢lled or expires. Pa8e 15
The Ballyholme Charitable Trust Notes to the Financial Statements for the Period from l February 2024 to 31 July 2025 (Continued) Debi insÉrMments Debt ITiStruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method.. la) The contractual return to the holder is {il a fixed amount., (Lil a positive fixed Tate or a posilive vartabl¢ rate., or (iiil a combination of a positive or a tlegative fixed raie and a positive variable rat¢. (b) The contraci may provide for repaytnents of the prin¢ipal or the return to the hold¢r {bui not both) to be linked to a single relevant observable index of general price inflation of the eurrency in which the debt instrument is denoTninated, provided such links are not leveraged. Icl The contract tn&y provide ftir a detenninable variation of the return to the holder during the life of the snstrum¢nt, provid¢d ihat li) the new rate satisfies Condition lal and the variation is not contingent on future event5 Other than I I l a change of a contractual variable ratc'121 to protect the holder against credit deterioration of the issuer., 131 changes in levies applied by a central bank or arising from ¢hanges in relevant t&Kation or law; or {iil the new rate 15 a mark¢t rate of inteiest and 5at55fies condition la). (dl There is no ¢ontractual provision that ¢ould. by its tenn5, result in the holder 105ing the principal amount or any interest attributable to the current period or prior periods. (e) Contra¢tual provisions that permit the issuer to prepay a debt instrurnent or pemit the holder to put it back to the issuer before maturiry are not contingent on future events. other than to prot¢¢t the holder against the credit det¢rior&tion of the issuer or a change in control of the issuer. or to prote¢t the holder or i$5uer against chang¢s in levies applied by a central bank or arising from ¢hange5 in relevant taxation or law. 10 Contractual pmvisions may perniit the extension of the terni of the debt instrurnenL provided that the retwn to the holder and any other contractual provisions applicable during the extended tern satisfy the ¢onditions of paragraphs (al io {cl. Debt instmments that are classified as payable or receivable within one year on initial recognition and Mthich Tneet the above conditions are m¢Jsured at the undi5counted amouni of the cash or other consideration expected to be paid or received, net of impairtn¢nt. Wilh the exception of some hcdging instn]ments, other debt instruments noi meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditlOn5 m¢ntioned obove are me25ured at ¢osi {which may be nil) less impainnent. Invesiments Investments in non-convertible pref¢ren¢e shares and non-puttable ordinary OT preference shares (where shares are publicly traded or their fair vu¢ is reliably measllrablel are measured at fair value through profit or loss. Wher¢ fair value catknot b¢ measured reliably, investmenis are Tn¢a5ured at C05t l¢ss impaiTrnent. Investmenis in subsidiaries and associates are measured at cost less impainnent. For investments in subsidiaTies acquired for consideration including the issue of shares qualifying for merger relief, ¢ost i5 measured by referenc¢ to the nominal value of th¢ 5hare5 issued plus fair value of other ¢ottsideration. Any premium is ignored. Page 16
The Ballyholmt Charitable Trust Notes to the Financial Statements for the Period from l February 2024 to 31 July 2025 (continued) Derivalivefin4nelul instruments The charity uses derivative financial instruments to reduce exposure to foreign ¢x¢hange risk and interest rate movements. rhe charity does not hold or issue derivative financi4] instnJmen¢s for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contra¢t is entered into and are subsequently remea5ured to iheir fair value at each reporting date. The resulting gain or 105S l5 recogni5ed in statement of financial activities immediately unless the deTivatlVC 15 designated and effe¢tive as i hedging instrumeni. in which event the timing of rhe recognition in statement of financial actLlYties depend5 on the nature of the hedge relationship. Foir value meosurement The best evidence of fair value is a quoted pri¢¢ for an identical asset in an active market. When quoted prices are unavailable. the price of a recent transa¢tion for an identical asset provides eviden¢e of fair valu¢ a5 long as there has not been a signiftcant change in economic circumstances or a signifi¢ani lapse of titlle since the transaction look place. If the market is noi active and recent trdnsaction5 of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation tr¢hniqu¢. 2 Income frorn dongtion5 and legacies Unrestricted funds General Totsl funds Donations and legacies- Donations from individuals Gifis in kind 10,500 4.644.503 10,500 4,644,503 Tot91 for per5od ended 31 July 2025 4,655,003 4,655.003 3 Investment intome Unrestricted funds Gener91 Totgl fvnd$ Interest receivable and Simil income. Enierest receivable on bank deposits 13 13 Total for period ended 31 July 2025 13 13 4 Expenditure on charitable A¢tivlties Page 17
The Ballyholme Charitable Trust Notes to the Fillancial Statements for the Period from l February 2024 to 31 July 2025 (continued) Unrestricted funds Gener41 Total funds P4ote Allocated support costs Governance costs 10,000 1.440 10,000 1.440 Tot81 for period ended 31 July 2025 11,440 11,440 Total expenditure S An8ly515 ofgovernaNce gnd support eost5 Governance costs Unrestri¢ted fund$ General Total funds Allocated support costs 1,440 1,44Q Totsl for period ended 31 July 2025 1.440 1,440 Pag¢ 18
The Ballyholme Charitable Trust Notes to the Financial Ststements for the Period from l February 2024 to 31 July 2025 (Continued) 6 TgXatRon Th¢ charity is a registered charity and is therefore exempt from tsxation. 7 Fiied asset investments 2025 Other investments 4.644,503 Page 19
The Ballyholme Charitable Trust Notes to the Finan¢ial Statements for the Period from l February 2024 to 31 Juty 2025 (continued) Other inve5tm¢nts Unlisted inve5ttnents Total Cost or Valuation Additions 4,644,503 4,644,50J At 31 July 2025 4.644.503 4.644.503 Net book value At 31 July 2025 4,644,503 4.644,503 8 Cash gnd cash equivalents 2025 C&sh at bank 513 9 Creditors: #mounts falling due within one ye&r 2025 Accruals 1,440 10 Funds Ineorning resource5 Resourees expended Balance at 31 July 2025 Unrestricted funds General 10.513 111,4401 1927) 11 Analysis of net assets between fund$ Unrestricted funds Genernl Totsl funds it 31July 2025 Fixed asset investments Current assets Current liabilitie5 4,644,503 513 11,4401 4.644,503 513 11,440) Totsl net a55ets 4,643.576 4.643,576 Page 20
The Ballyholme Charitable Trust Notes to the Finaneial Statements for the Period from l February 2024 to 31 July 2025 (continued) 12 Relgted party tra115actions During the period th¢ charity made the following related party transa¢tion5'. (During the year the charity received donated assets from relat¢d partie5 associated with the trustees, these donations were received at rnarket value.) At the balance sheet date th¢ amount du¢ tolfrom was £Nil. Page21