ACCOUNTS - Final Accounts preparation

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 2025

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 - 16

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 2025

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

Glendinning House

Belfast

BT1 6DN

Independent Examiner

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

Page 1

The Capstone Trust Limited

(A Company Limited by Guarantee)

Trustees' Report

For the Year Ended 30 April 2025

The Trustees present their annual report together with the financial statements of the Trust for the year from 1 May 2024 to 30 April 2025. The 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 2025. Details of the grants made for the current year are given in note 4 to the Financial Statements.

The Trust made no political donations.

b. Investment policy and performance

The Trust is dependent on income from investments via ground rents levied in Northern Ireland. The net movement in funds for the year was £3,015 (2024 - £12,740). At the year end the market value of investments was £204,000 (2024 - £204,000).

Page 2

The Capstone Trust Limited

(A Company Limited by Guarantee)

Financial review

a. Going concern

After making appropriate enquiries, the Trusteess 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 HMRC 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.

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: 11 December 2025

Page 4

The Capstone Trust Limited

(A Company Limited by Guarantee)

Independent Examiner's Report

For the Year Ended 30 April 2025

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 2025 which are set out on pages 7 to 16.

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:

∙	that accounting records were not kept in accordance with section 386 of the Companies Act 2006;
∙	that the accounts do not accord with those accounting records;
∙	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);
∙	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 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.

Page 5

The Capstone Trust Limited

(A Company Limited by Guarantee)

Independent Examiner's Report (continued)

For the Year Ended 30 April 2025

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 Act. My 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: 11 December 2025

Amanda McMaw FCA

Sumer Accountants NI Ltd

Glendinning House

6 Murray Street

Belfast

BT1 6DN

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 2025

	Unrestricted funds 2025	Total funds 2025	Total funds 2024
Note	£	£	£

Income from:
Investments	2	59,255	59,255	58,485
Total income		59,255	59,255	58,485

Expenditure on:
Raising funds	3	34,257	34,257	41,207
Charitable activities	4	28,013	28,013	30,018
Total expenditure		62,270	62,270	71,225

Net expenditure before net gains on investments

(3,015)

(12,740)

Net movement in funds

(3,015)

(12,740)

Reconciliation of funds:
Total funds brought forward	11	335,862	335,862	348,602
Net movement in funds		(3,015)	(3,015)	(12,740)
Total funds carried forward		332,847	332,847	335,862

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

The notes on pages 10 to 16 form part of these financial statements.

Page 7

The Capstone Trust Limited

(A Company Limited by Guarantee)

Registered number: NI015762

Balance Sheet

As at 30 April 2025

			2025		2024
	Note		£		£

Fixed assets
Investment property	8		204,000		204,000
			204,000		204,000
Current assets
Debtors	9	86,513		79,418
Cash at bank and in hand		66,957		77,207
		153,470		156,625
Current liabilities
Creditors: amounts falling due within one year	10	(24,623)		(24,763)
Net current assets			128,847		131,862
Total net assets			332,847		335,862

Charity funds
Unrestricted funds	11	332,847	335,862
Total funds		332,847	335,862

Page 8

The Capstone Trust Limited

(A Company Limited by Guarantee)

Registered number: NI015762

Balance Sheet (continued)

As at 30 April 2025

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 11 December 2025 and signed on their behalf by:

Mr Philip Houston
The notes on pages 10 to 16 form part of these financial statements.

Page 9

The Capstone Trust Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 30 April 2025

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 Capstone Trust 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 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.

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.

Page 10

The Capstone Trust Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 30 April 2025

1.Accounting policies (continued)

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.

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.

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.

2.	Investment income

		Unrestricted funds 2025	Total funds 2025	Total funds 2024
		£	£	£


Net rents receivable	58,238	58,238	57,255
Bank Interest	1,017	1,017	1,230
Total	59,255	59,255	58,485

Page 11

The Capstone Trust Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 30 April 2025

3.	Expenditure on raising funds

		Unrestricted funds 2025	Total funds 2025	Total funds 2024
		£	£	£


Head rents payable	24,576	24,576	18,501
Rent collection costs	9,681	9,681	22,706
Total	34,257	34,257	41,207

4.	Expenditure on charitable activities

		Activities undertaken directly 2025	Total funds 2025	Total funds 2024
		£	£	£


	Charitable Activities	28,013	28,013	30,018



Activities 2025	Total funds 2025	Total funds 2024
£	£	£


Grants to UK Registered Charities	16,000	16,000	16,000
Insurance	2,351	2,351	778
Accountancy fees	3,280	3,280	2,400
Bank Charges	57	57	68
Storage charges	1,034	1,034	1,459
Legal expenses	1,254	1,254	820
Bad Debt Provision	4,037	4,037	8,493
	28,013	28,013	30,018

Page 12

The Capstone Trust Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 30 April 2025

5.	Grants to U.K Registered Charities
		2025	2024
		£	£

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	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	8,000
Overall grants to U.K registered charities	16,000	16,000

6.	Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,500 (2024 - £2,400).

7.	Trustees' remuneration and expenses
	During the year, the Trustees received no remuneration, expenses or other benefits (2024- £NIL).

Page 13

The Capstone Trust Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 30 April 2025

8.	Investment property

		Investment property
		£
	Valuation
	At 1 May 2024	204,000
	At 30 April 2025	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
		2025	2024
		£	£


Due within one year
Trade debtors	80,036	77,862
Prepayments and accrued income	6,477	1,556
	86,513	79,418

10.	Creditors: Amounts falling due within one year
		2025	2024
		£	£


Other creditors	6,123	6,663
Accruals and deferred income	18,500	18,100
	24,623	24,763

Page 14

The Capstone Trust Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 30 April 2025

11.

Statement of funds

Statement of funds - current year
	Balance at 1 May 2024 £	Income £	Expenditure £	Balance at 30 April 2025 £
Unrestricted funds

General Funds - all funds

335,862

59,255

(62,270)

332,847

Statement of funds - prior year
	Balance at 1 May 2023 £	Income £	Expenditure £	Balance at 30 April 2024 £
Unrestricted funds

General Funds - all funds

348,602

58,485

(71,225)

335,862

12.

Analysis of net assets between funds

Analysis of net assets between funds - current year
	Unrestricted funds 2025	Total funds 2025
	£	£

Investment property	204,000	204,000
Current assets	153,470	153,470
Creditors due within one year	(24,623)	(24,623)
Total	332,847	332,847

Page 15

The Capstone Trust Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 30 April 2025

12.Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year
	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

13.	Related party transactions

The Trust did not engage in any related party transactions during the year, and as at 30 April 2025 there were no outstanding balances between related parties and the Trust.

Page 16