Company registration number:
NI016967
Belmore Trust Limited
Company limited by guarantee
Unaudited filleted abridged financial statements
31 March 2020
Belmore Trust Limited
Company limited by guarantee
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
Belmore Trust Limited
Company limited by guarantee
Directors and other information
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Directors
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Mr S Gilmore
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Mr J A E Beattie BEM
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Dr J H Wilson
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Mr S S Gilmore
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Mr P S Gilmore
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Dr A McKeown
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Company number
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NI016967
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Registered office
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157 Finaghy Road South
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Belfast
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BT10 0DA
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Business address
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41 Drumlough Road
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Hillsborough
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Down
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BT26 6PX
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Belmore Trust Limited
Company limited by guarantee
Abridged statement of financial position
31 March 2020
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2020
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2019
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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626,374
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626,374
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_______
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_______
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626,374
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626,374
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Current assets
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Debtors
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6,934
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10,265
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Investments
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6
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535,186
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543,777
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Cash at bank and in hand
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504,518
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474,319
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_______
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_______
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1,046,638
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1,028,361
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Creditors: amounts falling due
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within one year
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(
6,895)
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(
14,387)
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_______
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_______
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Net current assets
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1,039,743
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1,013,974
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_______
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_______
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Total assets less current liabilities
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1,666,117
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1,640,348
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_______
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Net assets
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1,666,117
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1,640,348
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_______
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_______
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Capital and reserves
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Special reserve
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299,902
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299,902
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Profit and loss account
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1,366,215
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1,340,446
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_______
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Members funds
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1,666,117
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1,640,348
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_______
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_______
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For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
14 October 2020
, and are signed on behalf of the board by:
Mr S Gilmore
Mr S S Gilmore
Director
Director
Company registration number:
NI016967
Belmore Trust Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2020
1.
General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is 157 Finaghy Road South, Belfast, BT10 0DA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Tangible assets
tangible assets are initially recorded at cost, and are 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 comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Basic financial instruments are initially recognised at amortised cost, except for investments in non- convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes in profit or loss.
4.
Limited by guarantee
The company is limited by guarantee and for taxation purposes the directors consider that the company qualifies from exemption under section S466 to S493 Corporation Tax Act 2010.
5.
Tangible assets
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£
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Cost
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At 1 April 2019 and 31 March 2020
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626,374
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_______
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Depreciation
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At 1 April 2019 and 31 March 2020
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-
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_______
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Carrying amount
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At 31 March 2020
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626,374
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_______
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At 31 March 2019
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626,374
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_______
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6.
Investments
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2020
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2019
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£
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£
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Investments
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535,186
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543,777
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_______
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_______
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