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COMPANY REGISTRATION NUMBER: NI024513
CHARITY REGISTRATION NUMBER: 100338
Ulster New Zealand Trust
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2023
Ulster New Zealand Trust
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
Ulster New Zealand Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023 .
Reference and administrative details
Registered charity name
Ulster New Zealand Trust
Charity registration number
100338
Company registration number
NI024513
Principal office and registered
The Ballance House
office
118a Lisburn Road
Glenavy
Co. Antrim
BT29 4NY
Northern Ireland
The trustees
Mr A Eves
Mr F Hall
Prof S Stockman
(Resigned 3 February 2023)
Mrs H Baird
Mr B Bloomfield
(Appointed 10 July 2023)
Mr D Twigg
Mr T Hendry - Honorary Treasurer
Mr P Hewitt - Chairperson
Mrs M Madden
Independent examiner
Aubrey Campbell FCA
631 Lisburn Road
Belfast
BT9 7GT
Structure, governance and management
The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The company is not for profit and limited by guarantee, the liability of the members being limited to £Nil.
The organisation is governed by its Board of Directors who are also Trustees and who meet on a regular basis.
Objectives and activities
The preservation of The Ballance House and the furtherance of public education.
The charity's objectives and activities are to advance public education by the restoration and use of the building known as Ballance House, birth place of John Ballance, political reformer and Prime Minister of New Zealand 1891-93, and to increase history of the part played by Ulster men and women in the political, social and economic development of New Zealand during this time.
The Trustees confirm that they have complied with the requirements of the Charities Act to have due regard to the public benefit guidance published by the Charity Commission for Northern Ireland.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
In 2023 a full programme of events, Spring Fair, Strawberry Fayre, Autumn Fair and Christmas event was held. These were well attended and successful occasions - we are grateful to our Volunteers whose work ensured that this was the case. Special Events: Waitangi Day Lunch, ANZAC Day service of commemoration and a Coronation Celebration event (funded by a Grant from the Lisburn and Castlereagh City Council), during which a commemorative bench was unveiled, were also held.
Organised Group bookings continued as did Sunday afternoon and Public Holiday openings (April to September). In the 2022 Report the Directors expressed concern about the post covid fall in the number of Sunday afternoon visitors that had been experienced. This concern remains. Nevertheless, the Directors are pleased to confirm that the Trust continues to enjoy sound financial health.
Work continues to develop the exhibition areas and to maintain the premises. In 2023 the quinquennial inspection of the Ballance House fixed wiring installations was conducted and the minor issues raised in the report were addressed. In addition, the Tea Barn was redecorated and received new vinyl flooring. The Cottage Room was also redecorated and work on a revised display of photographs commenced.
The Directors are pleased to report that the Trust continues to enjoy strong financial health.
Financial review
The company had net outgoing resources of £8,152 (2022: income £645) leaving unrestricted funds of £59,668 (2022: £63,765) and restricted funds of £5,669 (2022: £10,427). Where resources permit, the directors seek to carry forward sufficient income to meet anticipated future expenditure.
The trustees' annual report and the strategic report were approved on 4 July 2024 and signed on behalf of the board of trustees by:
Mr F Hall
Mr D Twigg
Trustee
Trustee
Ulster New Zealand Trust
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Ulster New Zealand Trust
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of Ulster New Zealand Trust ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the ‘2008 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Aubrey Campbell FCA Independent Examiner
631 Lisburn Road Belfast BT9 7GT
4 July 2024
Ulster New Zealand Trust
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 December 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
26,782
6,270
33,052
35,661
Investment income
6
814
814
132
--------
-------
--------
--------
Total income
27,596
6,270
33,866
35,793
--------
-------
--------
--------
Expenditure
Expenditure on charitable activities
7,8
30,990
11,028
42,018
35,148
--------
--------
--------
--------
Total expenditure
30,990
11,028
42,018
35,148
--------
--------
--------
--------
--------
--------
--------
--------
Net (expenditure)/income and net movement in funds
( 3,394)
( 4,758)
( 8,152)
645
--------
--------
--------
--------
Reconciliation of funds
Total funds brought forward
63,765
10,427
74,192
73,547
--------
--------
--------
--------
Total funds carried forward
60,371
5,669
66,040
74,192
--------
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Ulster New Zealand Trust
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
14
6,255
11,189
Current assets
Debtors
15
1,800
Cash at bank and in hand
60,845
62,003
--------
--------
60,845
63,803
Creditors: amounts falling due within one year
16
1,060
800
--------
--------
Net current assets
59,785
63,003
--------
--------
Total assets less current liabilities
66,040
74,192
--------
--------
Net assets
66,040
74,192
--------
--------
Funds of the charity
Restricted funds
5,669
10,427
Unrestricted funds
60,371
63,765
--------
--------
Total charity funds
17
66,040
74,192
--------
--------
For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 4 July 2024 , and are signed on behalf of the board by:
Mr F Hall
Mr D Twigg
Trustee
Trustee
Ulster New Zealand Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in Northern Ireland. The address of the registered office is The Ballance House, 118a Lisburn Road, Glenavy, Co. Antrim, BT29 4NY, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Fully depreciated
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Should the company wind up, any subscribers that are present on this date, or cease to be a subscriber within one year of the wind up, they will contribute to the assets of the company by such amount as may be required for payment of debts and liabilities of the company contacted before they cease to be a member, payment of costs, charges and expenses of winding up, and adjustment of the rights of the contributors amount themselves, not exceeding the specified amount in the statement of guarantee.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
26,782
26,782
Donations New Zealand High Commission
Grants
Grants receivable
6,270
6,270
--------
-------
--------
26,782
6,270
33,052
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Donations
Donations
22,676
22,676
Donations New Zealand High Commission
1,800
1,800
Grants
Grants receivable
11,185
11,185
--------
--------
--------
24,476
11,185
35,661
--------
--------
--------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
814
814
132
132
----
----
----
----
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Direct charitable activity
26,696
7,240
33,936
Support costs
4,294
3,788
8,082
--------
--------
--------
30,990
11,028
42,018
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Direct charitable activity
18,925
8,847
27,772
Support costs
3,383
3,993
7,376
--------
--------
--------
22,308
12,840
35,148
--------
--------
--------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Direct charitable activity
33,936
1,287
35,223
28,848
Governance costs
6,795
6,795
6,300
--------
-------
--------
--------
33,936
8,082
42,018
35,148
--------
-------
--------
--------
9. Analysis of support costs
Analysis of support costs activity 1
Total 2023
Total 2022
£
£
£
General office
1,287
1,287
1,076
Governance costs
7,247
7,247
6,301
-------
-------
-------
8,534
8,534
7,377
-------
-------
-------
10. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
5,637
5,461
-------
-------
11. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,160
840
-------
----
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
11,340
10,680
--------
--------
The average head count of employees during the year was 1 (2022: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff
1
1
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No Trustee, nor any persons connected with them, have received any remuneration from the Charity during the year.
14. Tangible fixed assets
Short leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
371,470
75,857
7,125
454,452
Additions
703
703
---------
--------
-------
---------
At 31 December 2023
371,470
75,857
7,828
455,155
---------
--------
-------
---------
Depreciation
At 1 January 2023
371,470
68,122
3,671
443,263
Charge for the year
3,868
1,769
5,637
---------
--------
-------
---------
At 31 December 2023
371,470
71,990
5,440
448,900
---------
--------
-------
---------
Carrying amount
At 31 December 2023
3,867
2,388
6,255
---------
--------
-------
---------
At 31 December 2022
7,735
3,454
11,189
---------
--------
-------
---------
15. Debtors
2023
2022
£
£
Other debtors
1,800
----
-------
16. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,060
800
-------
----
17. Analysis of charitable funds
Unrestricted funds
At 1 January 2023
Income
Expenditure
At 31 December 2023
£
£
£
£
General funds
63,765
27,596
(30,990)
60,371
--------
--------
--------
--------
At 1 January 2022
Income
Expenditure
At 31 December 2022
£
£
£
£
General funds
61,465
24,608
(22,308)
63,765
--------
--------
--------
--------
Restricted funds
At 1 January 2023
Income
Expenditure
At 31 December 2023
£
£
£
£
Restricted Fund
10,427
6,270
(11,028)
5,669
--------
-------
--------
-------
At 1 January 2022
Income
Expenditure
At 31 December 2022
£
£
£
£
Restricted Fund
12,082
11,185
(12,840)
10,427
--------
--------
--------
--------
18. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
2,060
4,195
6,255
Current assets
59,371
1,474
60,845
Creditors less than 1 year
(1,060)
(1,060)
--------
-------
--------
Net assets
60,371
5,669
66,040
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Tangible fixed assets
3,206
7,983
11,189
Current assets
61,359
2,443
63,802
Creditors less than 1 year
(800)
(800)
--------
--------
--------
Net assets
63,765
10,426
74,191
--------
--------
--------