Caseware UK (AP4) 2024.0.164 2024.0.164 Caseware UK (AP4) 2024.0.164 2024.0.164 697204697204671724falsenot blank2023-05-012024-04-3000 NI015762 2023-05-01 2024-04-30 NI015762 2022-05-01 2023-04-30 NI015762 2024-04-30 NI015762 2023-04-30 NI015762 2023-05-01 NI015762 2022-05-01 NI015762 c:RegisteredOffice 2023-05-01 2024-04-30 NI015762 d:FreeholdInvestmentProperty 2024-04-30 NI015762 d:FreeholdInvestmentProperty 2023-04-30 NI015762 d:CurrentFinancialInstruments 2024-04-30 NI015762 d:CurrentFinancialInstruments 2023-04-30 NI015762 c:FRS102 2023-05-01 2024-04-30 NI015762 c:IndependentExaminationCharity 2023-05-01 2024-04-30 NI015762 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI015762 b:Trustee1 2023-05-01 2024-04-30 NI015762 b:Trustee2 2023-05-01 2024-04-30 NI015762 b:Trustee3 2023-05-01 2024-04-30 NI015762 b:Trustee4 2023-05-01 2024-04-30 NI015762 b:TotalEndowmentFunds 2023-05-01 2024-04-30 NI015762 b:TotalEndowmentFunds 2024-04-30 NI015762 b:TotalEndowmentFunds 2023-04-30 NI015762 b:TotalUnrestrictedFunds 2024-04-30 NI015762 b:TotalUnrestrictedFunds 2023-04-30 NI015762 c:FullAccounts 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: NI015762
Charity number: NIC100374











The Capstone Trust Limited
(A Company Limited by Guarantee)








Unaudited

Trustees' Report and Financial Statements

For the Year Ended 30 April 2024

 
The Capstone Trust Limited
 
(A Company Limited by Guarantee)
 

Contents



Page
Reference and Administrative Details of the Company, its Trustees and Advisers
 
1
Trustees' Report
 
2 - 4
Independent Examiner's Report
 
5 - 6
Statement of Financial Activities
 
7
Balance Sheet
 
8 - 9
Notes to the Financial Statements
 
10 - 17

 
The Capstone Trust Limited
 
(A Company Limited by Guarantee)
 

Reference and Administrative Details of the Company, its Trustees and Advisers
For the Year Ended 30 April 2024


Trustees
Mr Robert Millar
Mrs Rosemary Loughridge Millar
Mr Philip Houston
Mr David Houston

Company registered number
NI015762

Charity registered number
NIC100374

Registered office
6 Murray Street
4th Floor
Glendinning House
Belfast
BT1 6DN

Accountants
Sumer Accountants NI Ltd
Glendinning House
6 Murray Street
Belfast
BT1 6DN

Bankers
Ulster Bank Limited
11/16 Donegall Square East
Belfast
BT1 5HD

Solicitors
Maclaine & Co
72 High Street
Belfast
BT1 2BE

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Page 1

 
The Capstone Trust Limited
 
(A Company Limited by Guarantee)
 
  
Trustees' Report
For the Year Ended 30 April 2024

The Trustees present their annual report together with the financial statements of the Trust for the year 1 May 2023 to 30 April 2024The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). 
 

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Policies and objectives
 

The Trustees have referred to the Charity Commision's guidance notes on public benefit when considering the objectives and activities of the charity.
The Trustees have power to apply the funds in such a manner as they think fit to or for the benefit of any charitable object or purpose. Grants are only made to other Charities. The Trustees identify projects and organisations they wish to support and so the Trust does not make grants to persons or organisations who apply speculatively.
The directors currently have a policy of supporting Christian work in the United Kingdom and abroad.
 

Achievements and performance
 

a. Main achievements of the Company
 

The Trust was able to allocate grants of £16,000 for 2024. Details of the grants made for the current year are given in note 4 to the Financial Statement.   
The Trust made no political donations.
 

b. Investment policy and performance
 

The Trust is dependent on its income from investments in ground rents in Northern Ireland. Our net movement in funds for the year was - £12,740 (2023 - £10,887). At the year end the market value of investments was £204,000 (2023 - £204,000). 
 

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Page 2

 
The Capstone Trust Limited
 
(A Company Limited by Guarantee)
 
Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
 

Structure, governance and management
 

a. Constitution
 

The Capstone Trust Limited is a charity registered with the Charities Commission for Northern Ireland, no. NIC100374. It was established on 29 April 1982 and registered under the Companies Acts (Northern Ireland), registration number NI015762 as a Company limited by Guarantee and is governed by its Memorandum and Articles of Association. It is recognised as a Charity by the Inland Revenue under reference XR 25301.
 

b. Methods of appointment or election of Trustees
 

The Directors resign and are eligible for re-election on a three year tenure as required by the Companies Act.  When there is a requirement for new directors these are identified and appointed by the remaining directors, subject to confirmation by the members. Suitable induction training is given to new Directors.
 

c. Organisational structure and decision-making policies
 

The Trustees, who are the Directors, are responsible for governance. The day to day management is handled externally with Board oversight.
 

Plans for future periods
 

It is the Board’s intention to continue to support Christian work in the United Kingdom and abroad.
 

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Page 3

 
The Capstone Trust Limited
 
(A Company Limited by Guarantee)
 
Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


 

Approved by order of the members of the board of Trustees and signed on their behalf by:



Mr Philip Houston
Date: 9 January 2025
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Page 4

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Independent Examiner's Report
For the Year Ended 30 April 2024

Independent Examiner's Report to the Trustees of The Capstone Trust Limited

 
I report on the financial statements of the company for the year ended 30 April 2024 which are set out on pages 7 to 17.


Respective Responsibilities of charity Trustees and Examiner


As the company's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for independent examination, it is my 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 Commission under section 65(9)(b) of the Charities Act; and
 
state whether particular matters have come to my attention.


Basis of Independent Examiner's Statement


I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.


My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters.


My role is to state whether any material matters have come to my attention giving me cause to believe:


1.
that accounting records were not kept in accordance with section 386 of the Companies Act 2006;

2.
that the accounts do not accord with those accounting records;

3.
that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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);

4.
that there is further information needed for a proper understanding of the accounts to be reached.



Independent Examiner's Statement


I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.


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Page 5

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Independent Examiner's Report (continued)
For the Year Ended 30 April 2024

This report is made solely to the company's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that ActMy work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.





Signed:      Dated: 9 January 2025

Amanda McMaw FCA     

Sumer Accountants NI Ltd
Glendinning House
6 Murray Street
Belfast
BT1 6DN
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Page 6

 
The Capstone Trust Limited
 
(A Company Limited by Guarantee)


 
Statement of financial activities (incorporating income and expenditure account)
For the Year Ended 30 April 2024


Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £

Income from:






Investments

2

49,992

49,992

58,606
 
Total income
49,992
49,992
58,606
Expenditure on:






Raising funds

3

41,207

41,207

25,636
 
Charitable activities

5

21,525

21,525

22,083
 
Total expenditure
62,732
62,732
47,719

Net (expenditure)/income before net gains on investments

  

(12,740)

(12,740)

10,887
 
Net movement in funds
  
(12,740)
(12,740)
10,887

Reconciliation of funds:

  




Total funds brought forward

  

348,602

348,602

337,715
 
Net movement in funds

  

(12,740)

(12,740)

10,887
 
Total funds carried forward
  
335,862
335,862
348,602

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 10 to 17 form part of these financial statements.

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Page 7

 
The Capstone Trust Limited
 
(A Company Limited by Guarantee)
Registered number: NI015762


 
Balance Sheet
As at 30 April 2024


2024
2023
Note
£
£

Fixed assets
  

Investment property
 8 
204,000
204,000

  
204,000
204,000

Current assets
  

Debtors
 9 
79,418
82,504

Cash at bank and in hand
  
77,207
91,970

  
156,625
174,474

Creditors: amounts falling due within one year
 10 
(24,763)
(29,872)

Net current assets 
  
 
 
131,862
 
 
144,602

Total net assets 
  
335,862
348,602


Charity funds
  

Unrestricted funds
 11 
335,862
348,602

Total funds
  
335,862
348,602

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 09 January 2025 and signed on their behalf by:




Mr Philip Houston
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Page 8

 
The Capstone Trust Limited
 
(A Company Limited by Guarantee)
Registered number: NI015762


 
Balance Sheet (continued)
As at 30 April 2024


The notes on pages 10 to 17 form part of these financial statements.

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Page 9

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.Accounting policies

  
1.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Capstone Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

  
1.2

Going concern

The Trustees of The Capstone Trust Limited have reviewed the appropriateness of the going concern assumption and consider that the company has sufficient resources to continue as a trading entity for the foreseeable future.

  
1.3

Company Status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1,000 per member of the company.

  
1.4

Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

  
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 allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

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Page 10

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.Accounting policies (continued)

  
1.6

Investment Property

In accordance with FRS 102 the investment property is stated at fair value with any gains or impairments reported through the Statement of Financial Activities. Fair value is determined by reference to valuations carried out on the advice of appropriately qualified external valuers.

  
1.7

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

  
1.8

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

  
1.9

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


1.10

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

  
1.11

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
1.12

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

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Page 11

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.

Investment income




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Net rents receivable

48,762

48,762

58,197
 
Bank Interest

1,230

1,230

409
 


49,992
49,992
58,606
Total 2023


58,606
58,606



3.

Raising Funds




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Head rents payable

18,501

18,501

15,087
 
Rent collection costs

22,706

22,706

10,549
 


41,207
41,207
25,636
Total 2023


25,636
25,636

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Page 12

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

4.


Grants to U.K Registered Charities

2024
2023
£
£

Christian work in the United Kingdom


CAST
1,000
1,000

Christian Guidlines
500
500

Crossfire Trust
1,000
1,000

Holywood Family Trust
500
500

Irish Church Mission
1,000
1,000

Love for Life
1,000
1,000

Made for More
1,000
1,000

Wholeness through Christ
1,000
1,000

Youth Initiatives
1,000
1,000

Total
8,000
8,000

 
Christian work overseas


Barnabas Fund
1,000
-

Christian Friends of Israel
1,000
1,000

European Christian Mission - Albania
1,000
1,000

Mosaic Middle East
1,500
1,500

Friends of Kiwoko - Uganda
1,000
1,000

O M Ships - Worldwide
1,000
1,000

Reach the Unreached - Africa/India
500
500

Release International
1,000
1,000

Total
8,000
7,000

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Page 13

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

5.

Analysis of expenditure by activities




Activities undertaken directly
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Charitable Activities

21,525

21,525

22,082
 
Total 2023


22,082
22,082


Analysis of direct costs




Activities
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Grants to UK Registered Charities

16,000

16,000

15,000
 
Insurance

778

778

2,297
 
Accountancy fees

2,400

2,400

1,920
 
Bank Charges

68

68

131
 
Storage charges

1,459

1,459

754
 
Legal expenses

820

820

1,980
 


21,525
21,525
22,082
Total 2023


22,082
22,082


6.

Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,100 (2023 - £2,100).

7.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 30 April 2024, no Trustee expenses have been incurred (2023 - £NIL).

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Page 14

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

8.


Investment property




Freehold investment property

£


Valuation

At 1 May 2023
204,000


At 30 April 2024
204,000

Investments were valued during the year ended 30 April 2022 on advice from external valuers. They are reviewed by the directors yearly and deemed appropriate.


9.



Debtors


2024
2023
£
£


Due within one year

Trade debtors
77,862
82,504

Prepayments and accrued income
1,556
-

79,418
82,504


10.



Creditors: Amounts falling due within one year


2024
2023
£
£


Other creditors
6,663
12,072

Accruals and deferred income
18,100
17,800

24,763
29,872

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Page 15

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

11.

Statement of funds


Statement of funds - current year

Balance at 1 May 2023
£
Income
£
Expenditure
£
Balance at 30 April 2024
£

Unrestricted funds





General Funds - all funds

348,602

49,992

(62,732)

335,862
 



Statement of funds - prior year

Balance at
1 May 2022
£
Income
£
Expenditure
£
Balance at
30 April 2023
£

Unrestricted funds





General Funds - all funds

337,715

58,606

(47,719)

348,602
 





12.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds
2024
Total
funds
2024
        £
        £


Investment property

204,000

204,000

Current assets

156,625

156,625

Creditors due within one year

(24,763)

(24,763)

Total 


335,862
335,862


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Page 16

 
The Capstone Trust Limited

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

12.Analysis of net assets between funds (continued)


Analysis of net assets between funds - prior period

Unrestricted funds
2023
Total
funds
2023
        £
        £


Investment property

204,000

204,000

Current assets

174,474

174,474

Creditors due within one year

(29,872)

(29,872)

Total 

348,602
348,602


13.


Related party transactions

The Trust did not engage in any related party transactions during the year, and as of April 30, 2024, there are no outstanding balances between related parties and the Trust.

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Page 17