Enkalon Foundation. Annual report. for the year ended 5 April 2017

Transcription

1 Enkalon Foundation Annual report for the year ended 5 April 2017

2 Enkalon Foundation Annual report for the year ended 5 April 2017 Pages Trustees and advisors 1 Trustees' report 2 10 Independent auditors' report 11 Statement of financial activities 12 Note of historical cost profits and losses 13 Balance sheet 14 Cash flow statement 16 Notes to the financial statements 16 21

3 Enkalon Foundation 1 Trustees and advisors The Charities Commission for Northern Ireland: Registration number NIC Trustees Mr R Milnes Mr RP Dalton Mr S Montgomery Mr M Patterson Mr JW Wallace Registered Address Antrim Civic Centre 50 Stiles Way ANTRIM BT41 2UB Key Management Team Mrs Claire Cawley Antrim Civic Centre 50 Stiles Way ANTRIM BT41 2UB Solicitors Johns Elliot 40 Linenhall Street Belfast BT2 8BA Bankers Danske Bank Limited High Street Antrim BT41 4AP Investment advisors Cunningham Coates Stockbrokers 3238 Linenhall Street Belfast BT2 8BG Independent auditors Nichol Allen Limited Chartered Certified Accountants 22a Market Square Antrim BT41 4AW

4 Enkalon Foundation 2 Trustees' report for the year ended 5 April 2017 The Trustees of the Enkalon Foundation present their annual report and the audited financial statements for the year ended 5 April The information with respect to Trustees and advisors set out on page 1 forms part of this report. The Trustees have prepared the financial statements in accordance with the Foundation's trust deed, applicable Accounting Standards in the United Kingdom (FRS 102), the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2015, and in accordance with the Charities Act (Northern Ireland) Objectives and activities / Public benefit The principal objectives of the Foundation are to provide assistance to charitable organisation in Northern Ireland, particularly in the Antrim area and, in certain circumstances as specified by the Trustees, to ex employees of British Enkalon, Antrim and their families. The public benefits of the charity are: 1. The prevention or relief of poverty; 2. The advancement of education; 3. The advancement of health and saving lives; 4. The advancement of citizenship or community development; 5. The advancement of the arts, culture, heritage or science; 6. The advancement of amateur sport; 7. The advancement of human rights, conflict resolution or a reconciliation or promotion of religious and racial harmony; 8. The relief of those in need by reason of youth, ill health, disability, financial hardship or other disadvantage; and 9. The advancement of animal welfare The Trustees confirm that the charity has complied with the public interest statutory guidance issued under section 4 of the Charities (Northern Ireland) Act 2008 Review of activities, achievements and performance The Trustees consider the results for the year and the position of the Foundation at the end of the year to be satisfactory. Applications during the year totalled 226 and the Foundation made 224 donations amounting to 572,301 This year has seen six large donations being made by the Foundation: Antrim & Newtownabbey Council (Allen Park project) 350,000 Garden Show Ireland 5,000 NI Hospice (4th payment in a 4 year pledge totalling 20,000) 5,000 Antrim CAB core funding 11,538 MacMillian Cancer support 6,000 Buttle Trust 6,000 By the end of this financial year the Enkalon Foundation had exceeded 5,138,000 in donations since its foundation. The level of grants approved looks sustainable for the foreseeable future. The level of equipment granted to ex employees of British Enkalon, Antrim remains at a high level. This is to be expected as the average age of ex employees and their immediate families increases year by year. The organisations and individuals assisted are noted on pages 5 to 9 of the report. The Trustees will continue to take steps to improve financial performance in 2017 and beyond, to ensure the Foundation can continue to provide assistance to charitable organisations in Northern Ireland and ex employees and their families. An analysis of the geographical division of donations issued is as follows: Number Within the former Antrim Borough area 489, Within the rest of Northern Ireland 84,076 79

5 Enkalon Foundation 3 Trustees' report for the year ended 5 April 2017 (continued) Review of activities, achievements and performance (continued) Financial review The Foundation's income decreased from 319,276 to 305,658 when compared to the prior year. The decrease was attributable to lower returns being received from fixed interest and unitised securities partly offset by a rise in divividend income. This change partly arose from the disposal of 223,000 of fixed interest securities to help fund the 350,000 donation to Antrim & Newtownabbey Borough Council (Allen Park Project) along the switch in investment allocations during the year as disclosed in note 9 of the financial statements. Reserves policy The Foundation's objective is to retain a level of free reserves in order to provide sufficient income to continue with its charitable activities. Free reserves are those unrestricted reserves excluding fixed assets, equities, fixed interest securities and unitised funds. As 5 April 2017 the level of free reserves was 111,395 (2016: 228,286). The increase in free reserves from prior year is due to fluctuating returns and gains experienced from investments held. The Foundation's aim is to retain sufficient free reserves equivalent to approximately nine to twelve months annual expenditure. This level of reserves will match the needs of the Foundation both at the current time and in the foreseeable future. The Foundation's annual income from investments is sufficient to meet the annual costs of donations and support costs in running the Foundation. The Reserves policy will be reviewed on an annual basis. Reference and administrative details Details of the registered office, Trustees, advisors and other relevant information are given on page 1. Structure, governance and management Enkalon Foundation is a charity constituted by a Trust Deed recognised as a charity by the Inland Revenue, number XN62210 and by the Charity Commission (NI), number NIC Trustees are appointed by the existing Trustees when considered necessary, in accordance with the Trust deed. The Foundation has an induction programme for new Trustees who are advised of their legal responsibilities. There are currently five Trustees who have overall responsibility for the Foundation. During the year four Trustee meetings were held. Grant making policy The Foundation invites applications for the funding of grants from charitable organisations and individual ex employees in need within Northern Ireland, particularly in the Antrim area. Applications are assessed against requirements as set out in the Foundation Guidelines and in accordance with the objectives of the Foundation. Where or when applications meet these requirements they are submitted to the Trustees at the Meetings (quarterly) for a decision which is then communicated to the applicant. Individual applications from ex employees and their families are reviewed against set criteria and considered by the Trustees who review the application bearing in mind the Foundations policies. Their decision is communicated to the individual applicant. Risk management The Trustees review the major risks which the Foundation faces and believe that achieving the free reserves at the level stated above provides sufficient resources in the event of adverse conditions. The Trustees examine business and other operational risks faced by the Foundation and confirm that systems to monitor and mitigate significant risks are in place. Risks considered on annual basis.

6 Enkalon Foundation 4 Trustees' report for the year ended 5 April 2017 (continued) Investment policy The Foundation invests in cash deposits, fixed interest securities, unitised funds and individual securities following recommendations from professional advisors for the purpose of generating income. Plans for future periods The Trustees are continuing to provide capital contributions to projects in the former Antrim Borough. These projects, if realised, would help to underline the legacy which British Enkalon contributed to the growth and development of the former Borough of Antrim. Statement of Trustee's responsibilities The Trustees are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northern Ireland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing the financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure on information to auditors So far as each Trustees in office at the date of approval of these financial statements is aware: there is no relevant audit information of which the Foundation's auditors are unaware; and they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Foundation's auditors are aware of that information. Independent auditors The auditors, Nichol Allen Limited, have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at the Annual General Meeting. On behalf of the Board Mr R Milnes Trustee Date: 6th October 2017

7 Enkalon Foundation Trustees' report for the year ended 5 April 2017 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2017 were: Index to Abbreviations: 5 (SS) (Summer Scheme) (pp) (part payment) (P/07103) (Pledge payment honoured) (*) (Former Antrim Borough Area) Ast No. Organisation Amount Date Sent Awarded * Ballymena Festival /04/ Ulster Youth Orchestra NI 2,000 12/04/2016 * Antrim Festival Group 2,000 12/04/2016 * Youth Lyric Antrim 2,000 12/04/2016 * Ex Emp Equip Purchase 3,260 20/04/2016 * CAB Fuel Poverty Scheme 1 Recipient /04/2016 P/16020 Lifereach NI 1,000 20/04/2016 * CAB Fuel Poverty Scheme 2 Recipients /04/2016 * CAB Fuel Poverty Scheme 1 Recipient /05/2016 * Atlantic Challenge NI Antrim 2,000 04/05/2016 * Eye Feel Good Antrim 2,000 04/05/ Ballymena Retirement Group /05/2016 * Lough Neagh Partnership Antrim 1,000 10/05/2016 P/14019 Dreamscheme NI 1,000 18/05/2016 * nd Antrim Brownies /05/2016 * P/15163 Turning Point NI Antrim 1,000 24/05/2016 * 16052/2 Antrim Festival Group 2,000 02/06/2016 * Cairde Na Tamhnai Moire Tannaghmore PTA /06/2016 * CAB Fuel Poverty Scheme 1 Recipient /06/2016 * Garden Show Ireland Antrim 5,000 14/06/ Love for Life Waringstown 1,000 05/07/ Happy Days Childrens Charity NI 1,549 05/07/ East Belfast Community Counselling Centre /07/2016 * Antrim Citizens Advice Bureau 5,769 05/07/ The BackUp Trust Belfast 1,000 06/07/ REACH Across L/Derry /07/ LCC Community Trust Lisburn /07/2016 * Bag Books Antrim /07/ Infertility Network NI /07/ Helping Hands Community Outreach Project Portadown /07/2016 * Riding for the Disabled Antrim Group 1,000 06/07/2016 * Antrim Retirement Group /07/ Lisanelly Regeneration Group Omagh /07/ South Belfast Food Bank /07/2016 * Templpatrick Retirement Group /07/2016 * Muckamore Parish Development Association 1,500 06/07/ Tall Ships Youth Trust 1,200 06/07/2016 * Antrim Rovers Football Club 1,525 06/07/2016 * Randalstown Guides Senior Section /07/ Bipolar UK NI /07/2016 * Templepatrick Action Community Association /07/2016 * Neillsbrook Fold Association Randalstown /07/2016

8 Enkalon Foundation Trustees' report for the year ended 5 April 2017 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2017 were: The Rectory Residents Association /07/2016 * The Princes Trust Antrim 3,000 06/07/2016 * County Antrim NI Super Cup 1,000 06/07/ The Brain Injury Association NI 1,000 06/07/2016 * Silver Threads Antrim /07/2016 * Ballyclare RFC 1,500 06/07/2016 * Antrim Hospital Radio /07/2016 * Randalstown Arches Association 2,000 06/07/2016 P/13062 NI Hospice 4th and final Installment 5,000 11/07/2016 P/15105 Marie Curie 2,000 11/07/ NI Deaf Youth Association 1,000 11/07/2016 * Ex Emp Equip Purchase 3,200 11/07/2016 * Ex Emp Equip Purchase /07/2016 * P/09165 Age UK Personal Alarms 1 Recipient /08/2016 * Young Enterprise Antrim 4,500 02/08/2016 P/10114 Belfast Buildings Preservation Trust 5,000 02/08/2016 P/16082 Lifestart Limavady /08/ John Paul II Youth Club Belfast /08/2016 * P/14123 Lough Neagh Rescue Antrim 2,500 08/08/2016 * CAB Fuel Poverty Scheme 1 Recipient /08/2016 * CAB Fuel Poverty Scheme 1 Recipient /08/2016 * Crumlin Initiatives Group 1,000 24/08/2016 * CAB Fuel Poverty Scheme 1 Recipient /08/2016 * CAB Fuel Poverty Scheme 2 Recipients /09/2016 * CAB Fuel Poverty Scheme 3 Recipients /09/2016 * CAB Fuel Poverty Scheme 1 Recipient /09/2016 P/15136 RAMS NI 1,000 30/09/2016 P/14224 Samaritans Ballymena Branch 2,000 30/09/2016 * Ex Emp Equip Purchase 3,465 11/10/2016 * Ex Emp Equip Purchase /10/2016 * Ex Emp Equip Purchase 3,325 11/10/2016 * P/16102 Drumraymond Community Project Toomebridge 1,500 11/10/2016 P/16077 NI Muslim Family Association Belfast /10/ Colin Community Counselling Belfast /10/ Douglas Bader Foundation NI 1,200 11/10/ Bannside Community Group Portadown /10/ Open Arts Belfast 1,000 11/10/ Newlife Foundation NI 2,000 11/10/ Gig'N The Bann Portglenone /10/ Brain Injury Matters NI 1,000 11/10/ Ballykeel 1 Moving Forward Together Ballymena /10/ Community Foundation NI 1,000 11/10/2016 * nd Antrim Guides /10/ Home Start Lisburn /10/2016

9 Enkalon Foundation Trustees' report for the year ended 5 April 2017 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2017 were: Willowfield Parish Community Association Belfast 1,000 11/10/2016 * Home Start Antrim 1,000 11/10/2016 * St Comgalls Youth Club Antrim 1,000 11/10/ Newlife Counselling NI 1,500 11/10/ Unique Rare Chromosome Disorders NI 1,000 11/10/ Home Start Down District /10/ First Steps Womens Centre Dungannon /10/ AT Society NI 1,000 11/10/ Replay Theatre Company Belfast 1,000 11/10/ Adoption UK /10/ Society Of Mucopolysaccharide NI /10/ Newtownabbey Womens Group /10/ The MAC Belfast 1,000 11/10/2016 * NSPCC Antrim 1,500 11/10/ Belfast Central Mission 1,000 13/10/2016 * Sew and Sew Antrim /10/ REACT NI 2,000 13/10/ Walled City Music Trust Derry 1,000 13/10/2016 * CAB Fuel Poverty Scheme 1 Recipient /10/2016 P/16135 NI Mixed Marriage Association /10/2016 * Ex Emp Equip Purchase /10/2016 * CAB Fuel Poverty Scheme 4 Recipients /10/2016 * P/09165 Age UK Personal Alarms 1 Recipient /11/2016 * CAB Fuel Poverty Scheme 6 Recipients 1,200 02/11/2016 * 16081/2 Antrim Citizens Advice Bureau 5,769 09/11/2016 * Antrim Happy Hearts /11/2016 * CAB Fuel Poverty Scheme 4 Recipients /11/2016 * Ex Emp Equip Purchase 2,860 16/11/2016 * Ex Emp Equip Purchase /11/2016 * CAB Fuel Poverty Scheme 2 Recipients /11/2016 * P/14075 Antrim & Newtownabbey Borough Council 350,000 22/11/2016 * CAB Fuel Poverty Scheme 1 Recipient /11/2016 * CAB Fuel Poverty Scheme 2 Recipients /11/2016 * CAB Fuel Poverty Scheme 1 Recipient /11/2016 * CAB Fuel Poverty Scheme 1 Recipient /12/2016 * CAB Fuel Poverty Scheme 2 Recipients /12/ Pinewood Residential Home Ballymena /12/2016 * Riverside School Antrim /12/ Multiple Sclerosis Centre Ballycastle /12/ Castle Tower School Ballymena /12/ Wilson House Resource Centre Ballymena /12/2016 * Rosedale Residential Unit Antrim /12/2016 * Noble House Holywell Antrim /12/ Westlands Residential Unit Cookstown /12/2016 * Muckamore Abbey Hospital Antrim /12/ Church Of Irenald BSR Ballymena 1,000 12/12/ Burnside & District Community Group Ballyclare /12/ Liberty Consortium Derry 1,000 12/12/2016 * Creavery Tots & Co /12/ The PBC Foundation NI /12/2016 * Antrim Voluntary Welfare Group /12/2016 * Employers for Childcare Antrim /12/2016

10 Enkalon Foundation Trustees' report for the year ended 5 April 2017 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2017 were: 8 * Randalstown Ladies Hockey Club 1,000 12/12/ Foyle Womens Aid Derry /12/ Ballybeen Womens Centre Dundonald /12/2016 * Muckamore Cricket & Lawn Tennis Club 4,300 12/12/2016 * Toome Men's Shed /12/ The Void Centre Derry 1,000 12/12/2016 * First Randalstown Girl Guides /12/2016 * First Antrim Friendship Group /12/2016 * Antrim Community Choir /12/2016 * The Big Telly Theatre Company Antrim project 1,500 12/12/ Ballymena Retirement Group /12/2016 * CAB Fuel Povert Scheme 1 Recipient /12/2016 * CAB Fuel Poverty Scheme 2 Recipients /12/2016 * CAB Fuel Poverty Scheme 1 Recipient /01/2017 * Ex Emp Equip Purchase 3,390 10/01/2017 * CAB Fuel Poverty Scheme 1 Recipient /01/ The Sunshine Club Belfast /01/2017 * St Comgall's Senior Citizens Club Antrim /01/2017 * Antrim Art Club /01/ Spinal Muscular Atruphy Support NI /01/2017 * The Pushkin Trust Antrim 1,600 13/01/2017 * NAS Antrim Activity Branch 1,000 13/01/2017 * Round Tower Community Playgroup Antrim 1,000 13/01/2017 * Muckamore Village Bowling Club Antrim /01/2017 * P/15257 MidAntrim Animal Sanctuary 3,000 13/01/2017 * Ex Emp Equip Purchase 3,340 18/01/2017 * CAB Fuel Poverty Scheme 1 Recipient /01/2017 P/15148 Macmillan Cancer Support Derry 6,000 25/01/2017 P/16025 Barnardo's NI 1,500 25/01/2017 P/16131 DU Dance Ballymena /01/2017 * P/16148 Young At Art Antrim 1,000 25/01/2017 * CAB Fuel Poverty Scheme 1 Recipient /02/2017 * CAB Fuel Poverty Scheme 2 Recipients /02/2017 * P/09165 Age UK Personal Alarms 1 Recipient /02/2017 * Buttle Trust Antrim Area 6,000 28/02/2017 * Listening Books Antrim /03/ Tullgarley & District Residents Association /03/2017 * Tidy Randalstown 2,000 13/03/2017 * APHX Antrim Phoenix Trampoline Club 1,000 13/03/2017 * Parish of Antrim CGI /03/2017 * Randalstown Cultural Awareness Association /03/ Belfast Community Sports Development Network 1,000 13/03/2017 * Toomebridge and District Womens Group /03/ Sky Watch Civil Air Patrol Northern Ireland 1,000 13/03/2017 * Hearing Dogs for the Deaf Antrim 1,500 13/03/2017 * Friends of Moneynick 1,000 13/03/ Willow NI 2,500 13/03/ Cahoots NI 1,000 13/03/2017 * Mens Shed Antrim 2,000 13/03/2017 * CAB Fuel Poverty Scheme 1 Recipient /03/2017 * Ex Emp Equip Purchase 3,290 21/03/ Deafblind NI 1,000 27/03/2017

11 Enkalon Foundation Trustees' report for the year ended 5 April 2017 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2017 were: 9 * Antrim Hockey Club 1,500 27/03/ Spinal Injuries Association NI 1,000 27/03/ The Lighthouse Trust Donaghadee 2,000 27/03/2017 * Antrim Agricultural Society 1,000 27/03/ Association of Ulster Drama Festivals 1,000 27/03/2017 * Ballymena Music Festival 1,100 27/03/2017 ( 400 prize money) ( 100 per school & 100 between Duneane & Moneynick) * (Groggan Primary School) * (Creavery Primary School) * (Mount St Michaels Primary School) * (Randalstown Central Primary School) * (St Josephs Primary School Crumlin) * (Antrim Primary School) * (Duneane Primary School) * (Moneynick Primary School) * Ex Emp Equip Purchase /03/2017 Carers Matter refunded 1,000 24/03/2017 Total 05/04/17 572,301

12 Enkalon Foundation 10 Trustees' report for the year ended 5 April 2017 (continued) Donations are analysed as follows: Northern Ireland Year End Amount Donated Donations made in the former Antrim Borough Area (included in the total Northern Ireland figure) Number of Donations Amount Number 05/04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , /04/ , , Grand Total as at 05/04/17 5,138, ,644 2,620, ,105

13 Enkalon Foundation 11 Independent auditors' report to the Trustees of Enkalon Foundation We have audited the financial statements of Enkalon Foundation for the year ended 5 April 2017 which comprise the Statement of Financial Activities (including income and expenditure account), the note of historical cost profits and losses, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, FRS 102). Respective responsibilities of trustees and auditors As explained more fully in the Statement of Trustees' Responsibilities set out on page 4, the Trustees are responsible for the preparation of financial statements which give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors including APB ethical standard Provisions Applicable to Smaller Entities, in the circumstances set out in note 17 to the financial statements. This report, including the opinions, has been prepared for and only for the Foundation's Trustees as a body in accordance with the Charities Act (Northern Ireland) 2008 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of the audit on the financial statements An audit involves obtaining evidence about the amounts and disclosure in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Foundation's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the financial statements. In addition, we read all the financial and nonfinancial information in the Trustees' report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the Foundation's affairs as at 5 April 2017, and of its incoming and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Charities Act (Northern Ireland) Matters on which we are required to report by exception. We have nothing to report in respect of the following matters where the Charities Act (Northern Ireland) 2008 required us to report to you if, in our opinion; the information given in the Trustee's Annual Report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Signed Date: 6th October 2017 R P Nichol FCCA Senior Statutory Auditor For and on behalf of Nichol Allen Limited (Statutory Auditors) Chartered Certified Accountants Antrim

14 Enkalon Foundation 12 Statement of financial activities (including income and expenditure account) for the year ended 5 April 2017 Income from: Incoming resources from generated funds Unrestricted Funds Funds 2,017 2,016 Notes Donations 0 0 Investments 3 305, ,276 Total incoming resources 305, ,276 Expenditure on: Costs of generating funds Investment management costs 17,273 17,526 Charitable activities Charitable donations, support and governance costs incurred in running the Foundation 4 628, ,368 Total resources expended 645, ,894 Net incoming resources before recognised (340,315) (5,618) gains Gains (losses) on investment assets 779,083 (475,268) Net movement in funds 438,768 (480,886) Reconciliation of funds Total funds brought forward 6,703,107 7,183,993 Total funds carried forward 7,141,875 6,703,107 All income and expenditure are in respect of unrestricted funds All income and expenditure are derived from continuing activities. The Foundation has no recognised gains and losses other than the results above and therefore no separate statement of the total recognised gains and losses have been presented. The notes on pages 17 to 22 form part of these accounts.

15 Enkalon Foundation 13 Note of historical cost profits and losses for the year ended 5 April ,017 2,016 Reported net movement in funds 438,768 (480,887) Unrealised gains (lossses) for year (note 9) (779,083) 475,268 Historical cost net movement in funds (340,315) (5,619)

16 Enkalon Foundation 14 Balance sheet as at 5 April 2017 Fixed Assets and investments Fixed assets Investments Current assets and liabilities Debtors Cash and cash equivalents Creditors: amounts falling due within one year Net current assets Net assets Notes 2,017 2, ,342 1, ,075,412 6,607,926 7,076,754 6,609, ,855 41, ,322 59, (8,059) (7,588) 65,118 93,389 7,141,872 6,703,105 Funds Unrestricted income fund Revaluation reserve Unrestricted 6,707,354 7,178, ,518 (475,268) 7,141,872 6,703,105 The notes on pages 17 to 22 form part of these accounts. Approved by the Trustees on 6th Octiber 2017

17 Enkalon Foundation 15 Cash flow statement as at 5th April 2017 Indirect method Cash flow from operating activities Net movement in funds Losses (gains) on investment assets Notes 2,017 2,016 Depriciation 448 Decrease (increase) in debtors Increase (decrease) in creditors 438,768 (480,886) (779,083) 475,268 10, (316) Cash flows from investing activities Fixed assets purchased Investments purchased Investments sold Cash flows from financing activities (329,189) (5,209) 0 (1,790) (73,310) (357,418) 384, , ,597 7, Net increase (decrease) in cash and cash equivalents (17,592) 2,604 Cash and cash equivalents at the start of the financial year 59,914 57,310 Cash and cash equivalents at the end of the financial year 42,322 59,914 The notes on pages 17 to 22 form part of these accounts.

18 Enkalon Foundation 16 Notes to the financial statements for the year ended 5 April Accounting policies These financial statements are prepared on the going concern basis under the historical cost convention, as modified by the revaluation of certain investments, and in accordance with applicable accounting standards including the Statement of Recommended Practice on "Accounting and Reporting by Charities" issued in The principal accounting policies are set out below. Adoption of FRS 102 These are the Foundation s second financial statements to comply with FRS 102. The date of transition to FRS 102 was 6st April The transition to FRS 102 has resulted in a number of accounting policy changes compared to those applied previously but none has required an adjustment to prior years results of reverves brought forward at 1st April Income All income is included in the Statement of Financial Activities when the Foundation judges it's receipt is probable and the amount can be quantified with reasonable accuracy. Investment income Income form equities, fixed interest and unitised funds are accounted for in a receivable basis. Interest on cash deposits Interest on cash deposits is accounted for on the accruals basis. Expenditure Resources expended relate directly to the Foundation's objective. All expenditure is accounted for on an accruals basis and has been clarified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Charitable activities Charitable activity costs include expenditure on administration and governance of the Foundation and compliance with constitutional and statutory requirements. All expenditure is accounted for on an accruals basis. Governance costs Governance costs represent audit and professional fees and are accounted for on an accruals basis. Investments and fixed assets Listed investments are stated at market value at the balance sheet date. Listed investments include the net gains and losses arising on revaluation and disposals throughout the year. The cost of office equipment is its purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost less their estimated residual values, on a straightline basis over the expected useful economic lives of the assets concerned. No depreciation is charged in the year of purchase. The principal annual rate used is 25% straightline. Capital purchases lower than 750 are expensed in period of purchase in accordance with the Trustees capitalisation policy. It is the Foundation's policy to keep valuations up to date such that when the investments are sold there is no realised gain or loss arising. As a result the Statement of Financial Activities does not distinguish between the valuation adjustments relating to sales and those relating to continued holdings as they are together treated as changed in the investment portfolio throughout the year.

19 Enkalon Foundation 17 Notes to the financial statements for the year ended 5 April 2017 (continued) 1 Accounting policies (continued) Debtors Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Grants payable Grants are recognised in the accounts as liabilities after they have been approved by the Trustees even if there are conditions attached to them. This is because there is a valid expectation by the recipients that they will receive the grant. Funding accounting The Foundation has various types of funds for which it is responsible and which require separate disclosure. A definition of the various types of funds is as follows; Unrestricted funds Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation. Restricted funds Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The cost of raising and administering such funds are charged against the specific fund. There are no restricted funds. 2 Donations Donations relate to unrestricted donations received from 0 individuals during the year (2016; 0 individuals). 3 Investment income Income from fixed interest securities Income from unitised funds Income from equities Interest Total Total 2,017 2,016 35,394 52,724 95, , , , , ,276

20 Enkalon Foundation 18 Notes to the financial statements for the year ended 5 April 2017 (continued) 4 Charitable activities Payments to: Individual ex employees and/or their families Institutions Support Costs: Staff costs Legal and Consulting Rent, rates and insurance Telephone Other office costs Depreciation Governance costs All expenditure is in respect of unrestricted funds Total Total 2,017 2,016 28,384 49, , , , ,778 Note 5 37,743 30, ,118 7, ,333 5,810 5, ,000 2, , ,368 5 Employee information 2,017 2,016 Staff costs: Wages and salaries 34,902 33,670 Pension 1,227 0 National Insurance Contributions (2017 is net of employment allowance) National insurance rebate due 1,614 3,453 (6,214) 37,743 30,909 The average number of part time persons employed during the year excluding Trustees was: Management and administration No employees during the current or prior year received emoluments in excess of 60,000 (2015: 60,000). 2,017 2,016 Number Number 1 1 No Trustees received any remuneration during the year (2015: Nil). 857 (2016: 426) relating to the reimbursement of expenses was paid to the Trustees during year. The expenses paid in the year where as follows: 2,017 2,016 Christmas dinner: Trustees and staff Allen Park Schierbeek Dinner: Trustees Catering for meeting Travel The travel expenses were paid to one Trustee No indemnity insurance for Trustees' liability has been purchased by the Foundation (2016: nil) The Foundation does not operate a pension scheme but has plans to introduce one next year.

21 Enkalon Foundation 19 Notes to the financial statements for the year ended 5 April 2017 (continued) 6 Governance costs Fees paid to the Foundation's auditor for audit of the accounts 3,000 2,892 3,000 2,892 7 Taxation The Foundation is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Foundation's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The Foundation is not registered for VAT and accordingly, all their expenditure is recorded inclusive of any VAT incurred. 8 Cost: Brought forward 1,790 Depreciation: Fixed assets Office Equipment Charge for the year Net Book Value at 5th April ,342 Net Book Value at 5th April ,790 9 Investments Cost At 6 April 2015 Additions Disposals At 5 April 2016 Unrealised Surplus/(deficit) At 6 April 2015 Disposals Movement in year At 5 April 2016 Market value At 5 April 2016 At 5 April 2015 *net movement Investment Fixed interest Unitised cash Equities securities funds Total 134,901 3,354,053 1,176,218 2,203,936 6,869,108 (88,620) * 142,780 5,950 13,200 73,310 0 (75,943) (202,573) (23,008) (301,524) 46,281 3,420, ,595 2,194,128 6,640, ,395 (56,595) (346,982) (261,182) 0 (55,887) (20,249) (7,247) (83,383) 0 580, ,652 95, , ,533 26,808 (258,823) 434,518 46,281 4,087,423 1,006,403 1,935,305 7,075, ,901 3,496,448 1,119,623 1,856,954 6,607,926

22 Enkalon Foundation 20 Notes to the financial statements for the year ended 5 April 2017 (continued) 9 Investments (continued) Investments which represented more then 5% of the net assets of the Foundation at the year end were as follows: M&G Securities Ltd Charifund Inc M&G Securities Ltd Charibond Inc Mayfair Capital Prop Inc TST for charities Market value 2,017 2, , , , , , , Debtors Prepayments and accrued income 2,017 2,016 30,855 41, Cash and cash equivalents Cash and cash equivalents comprise operating cash on hand and cash deposited with banks with original maturity of less than or equal to three months. 12 Creditors: amounts falling due within one year Accruals and deferred income 2,017 2,016 8,059 7, Analysis of the net assets between funds Unrestricted funds 2,017 2,016 7,141,872 6,703,105

23 Enkalon Foundation 21 Notes to the financial statements for the year ended 5 April 2017 (continued) 14 Unrestricted funds At 6 April 2016 Gain on revaluation of investments Transfer on sale of investments Net incoming resources before recognised gains and losses At 5 April 2017 General Revaluation fund reserve Total 6,964,287 (261,182) 6,703, , ,082 83,382 (83,382) 0 (340,315) 0 (340,315) 6,707, ,518 7,141, Related party transactions Investments are held by Cunningham Coates Stockbrokers in nominee names on behalf of the Trustees of the Enkalon Foundation. 16 Contingent liabilities In accordance with the stated accounting policy, direct charitable donations are accounted for on an accruals basis. The Foundation pledges funds to various organisations and individuals, normally payable over a three year period, subject to the fulfilment of certain conditions. Such payments are then made out of future income. The total of outstanding pledges at the year end was 56,452 (2016: 413,728; of which 350,000 was pledged to Antrim & Newtownabbey Borough Council for the Allen Park project). 17 Ultimate controlling party There is no ultimate controlling party. 18 Other services provided by our auditors In common with many other organisations of our size and nature we use our auditors to assist with the preparation of the annual report and financial statements