The directors present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the company's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
The principal objective of the company is the promotion of sport within the province of Ulster within Ireland by:
providing financial awards to individuals and groups to assist with competition as amateur(s);
providing support to help the development of skills and capabilities of sportsmen and women to enable
participation in sport and maximise potential;
helping sportsmen and women especially, but not exclusively, through sport so as to develop their capabilities to
enable them to participate in society as independent and responsible individuals;
anything else considered necessary or expedient to the promotion of sport as deemed necessary by the directors.
The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.
Achievements and performance Significant activities and achievements against objectives The directors are pleased to report that under the Sports Awards there were 159 grants awarded compared to 128 grants in the prior year. The total amount awarded amounted to £111,330 in the year, as compared to £96,000 in 2024. The directors are grateful for the ongoing support of the company’s regular sponsors listed in notes 3 and 20.
The financial results for the year are shown in the statement of financial activities on page 5. The total surplus for the year after gains on investments was £65,439 (2024: £36,795). A gain on investments of £33,097 was made in the year (2024: £4,979 loss).
The Directors are satisfied that the Trust is in a strong financial position and can continue to help young people achieve their sporting dreams and ambitions in the coming years.
Reserves policy
The company has a reserves policy in place to ensure it is in a position to continue to make sports awards at a level consistent with or above those which have been maintained in recent years and to cover any contingencies which may arise. The directors consider it is essential to maintain a substantial level of reserves to ensure funds are always available to meet their charitable and other commitments
Designated funds
The directors have not designated any of the unrestricted funds for specific purposes at 31 March 2025 (2024: £nil).
Risk management
The directors have assessed the major risks to which the company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Financial management risk
The company's principal financial instruments comprise investments, cash, trade debtors and creditors. The main risks associated with these financial assets and liabilities are set out below:
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. As the company has investments and surplus cash reserves liquidity is not regarded as a significant risk.
Interest rate risk
The company invests surplus cash in deposit accounts which are interest bearing and has no bank borrowings. Accordingly, the directors do not believe that the company has significant exposure arising from interest rate risk.
The Mary Peters Trust was incorporated under the Companies Act (Northern Ireland) 2006 on 25 March 2013, is a company limited by guarantee, not having a share capital. It is also a registered charity.
The directors have overall responsibility for ensuring that the company has an appropriate system of internal controls, financial and otherwise. They are also responsible for keeping proper accounting records which 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 and to provide reasonable assurance that:
the company is operating efficiently and effectively;
its assets are safeguarded against unauthorised use or disposition;
proper records are maintained and financial information used within the charity or for publication is reliable;
the company complies with relevant laws and regulations and operates to the public benefit test.
The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss. They include;
a strategic plan encompassing land purchase and refurbishment costs and an annual budget approved by the directors;
regular consideration by the directors of financial results, variance from budgets, non-financial performance indicators and benchmarking reviews;
delegation of authority and segregation of duties where possible within the constraints of a small charity; and
identification and management of risks.
The directors who served during the year and up to the date of signature of the financial statements were:
The recruitment of directors is reviewed periodically by the Board. Nominations are sought and approved by the Board of suitable persons who have an interest in the promotion of amateur sport within the province of Ulster.
None of the directors has any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £10 in the event of a winding up.
Induction and training for new Board members includes information on background and history of the organisation, roles and responsibilities of Board members, code of conduct, charitable legislation and company policies and procedures.
Appropriate training and briefings are organised with external professional advisers in respect of governance, the responsibilities of directors and charities legislation.
The Directors' report was approved by the Board of Directors.
We report to the directors on our examination of the financial statements of The Mary Peters Trust (the company) for the year ended 31 March 2025.
Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, it is my responsibility to:
examine the financial statements 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 (Northern Ireland) 2008; and
state whether particular matters have come to my attention.
I have examined your charity financial statements as required under section 65 of the Charities Act (Northern Ireland) 2008 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. The examination included a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also included consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as charity 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:
1. Accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
2. The financial statements do not accord with those accounting records; or
3. The financial statements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); or
4. There is further information needed for a proper understanding of the financial statements to be reached.
Since the company’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 65 of the Charities Act (Northern Ireland) 2008. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants Ireland, which is one of the listed bodies.
I have completed my examination and I 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.
Investments
Raising funds
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Mary Peters Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Athletics House, Old Coach Road, Belfast, BT9 5PR, Northern Ireland.
The financial statements have been prepared in accordance with the company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The company is a Public Benefit Entity as defined by FRS 102.
The company has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Grants received for specific purposes are accounted for as restricted funds.
Interest on funds held on deposit is recognised when the amount can be measured reliably by the company, usually upon notification of the interest paid or payable by the bank.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is accounted for on an accruals basis and includes the attributable input VAT which cannot be recovered. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Evelyn Partners investment income
Rent
Premises expenses
Stationery and computer
Sundry
Bank charges
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
*Other restricted donations
At the request of the donors, they have asked to remain anonymous.
There were no disclosable related party transactions during the year (2024 - none).