Enkalon Foundation. Annual report. for the year ended 5 April 2018

Transcription

1 Enkalon Foundation Annual report for the year ended 5 April 2018

2 Enkalon Foundation Annual report for the year ended 5 April 2018 Pages Trustees and advisors 1 Trustees' report 2-11 Independent auditors' report 12 Statement of financial activities 13 Note of historical cost profits and losses 14 Balance sheet 15 Cash flow statement 16 Notes to the financial statements 17-22

3 Enkalon Foundation 1 Trustees and advisors The Charities Commission for Northern Ireland: Registration number NIC Trustees Mr R Milnes Resigned 6th October 2017 Mr RP Dalton Mr S Montgomery Mr M Patterson Mr JW Wallace Dr K McWhinney Appointed 2nd February 2018 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 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 2018 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 257 and the Foundation made 245 donations (Net of 3 grants returned) amounting to 274, This year has seen four large donations being made by the Foundation: Garden Show Ireland 5,000 Moving Forward Together 10,000 Antrim & Newtownabbey CAB core funding 15,833 Ex-employee 6,979 By the end of this financial year the Enkalon Foundation had exceeded 5,412,000 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 was exceptionally high this year. 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 10 of the report. The Trustees will continue to take steps to improve financial performance in 2018 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 200, Within the rest of Northern Ireland 74,233 84

5 Enkalon Foundation 3 Trustees' report for the year ended 5 April 2018 (continued) Review of activities, achievements and performance (continued) Financial review The Foundation's income increased from 305,658 to 363,901 when compared to the prior year. The increase was attributable to higher returns being received from all investment types and particularliy from fixed interest 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 2018 the level of free reserves was 253,805 (2017: 111,395). The increase in free reserves from the prior year is due primarily an increase in investment cash held by the Foundation's stock brokers at the year end ( 139,923) along with 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 ten Trustee meetings were held. Grant making policy The Foundation invites applications for the funding of grants from charitable organisations and individual ex employees or their immediate family who require healthcare equipment 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 2018 (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. In particular to commermorate 30 years since the first grant was awarded the trustees have launched a one-off communiuty fund open to groups and organisation in the former Antrim Borough area. The grants from this community fund will be paid in May 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 P Dalton Trustee Date: 28th September 2018

7 Enkalon Foundation Trustees' report for the year ended 5 April 2018 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2018 were: Index to Abbreviations: 5 (SS) (Summer Scheme) (pp) (part payment) (P/07103) (Pledge payment honoured) (*) (Former Antrim Borough Area) Ast No. Organisation Amount Awarded Date Sent * CAB Fuel Poverty Scheme /04/17 * Ex Employee Equip Purchase 6,979 11/04/17 * Ex Employee Equip Purchase 3,340 11/04/17 * Ex Employee Equip Purchase 3,340 11/04/17 * Ex Employee Equip Purchase 3,240 11/04/17 * CAB Fuel Poverty Scheme /04/17 * Ex Employee Equip Purchase /04/17 * Ballymena Music Festival - Parkhall PS /04/17 P/17009 Hearing Link - NI 1,000 12/04/17 * Youth Lyric - Antrim 2,000 12/04/ Ulster Youth Orchestra 2,000 12/04/17 * Antrim Festival Group 2,000 12/04/17 * Antrim Floral Art Group /04/17 * Eye Feel Good - Antrim 2,000 24/04/17 P/17034 Specialisterne NI 1,000 24/04/17 * Ex Employee Equip Purchase 1,114 24/04/17 * CAB Fuel Poverty Scheme /05/17 * Garden Show Ireland 5,000 03/05/17 * P/09165 Age NI Personal Alarms /05/17 * CAB Fuel Poverty Scheme /05/17 * CAB Fuel Poverty Scheme /05/ CAB Fuel Poverty Scheme /05/17 * Ex Employee Equip Purchase 3,390 16/05/17 * Music In Hospitals - Antrim 1,112 24/05/17 * CAB Fuel Poverty Scheme /05/17 * Ex Employee Equip Purchase 3,390 24/05/17 * nd Antrim Brownies /05/17 * CAB Fuel Poverty Scheme /06/17 * Ex Employee Equip Purchase 3,375 15/06/17 * CAB Fuel Poverty Scheme /07/17 * CAB Fuel Poverty Scheme /07/17 * Ex Employee Equip Purchase 3,390 10/07/17 * Ex Employee Equip Purchase /07/17 * Ex Employee Equip Purchase 1,030 10/07/17 * Ex Employee Equip Purchase /07/17 * Ex Employee Equip Purchase /07/17 P/15105 Marie Curie NI 2,000 11/07/17 * CAB Fuel Poverty Scheme /07/17

8 Enkalon Foundation Trustees' report for the year ended 5 April 2018 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2018 were: Dreamscheme NI 1,000 11/07/ La Dolce Vita Project - Derry 1,000 11/07/ NI Macular Support Group 1,000 11/07/ Building Ballysally Together /07/ Bann Maine West Community Cluster /07/17 * Antrim Hospital Radio /07/17 * Antrim Rovers Football Club 1,750 13/07/ Lisanelly Regeneration Group /07/ Happy Days Childrens Charity 1,500 14/07/17 * Templepatrick Action Community Association /07/ The Back-Up Trust 1,000 14/07/17 * Randalstown Arches Association 2,000 14/07/ County Antrim Super Cup NI 1,000 14/07/17 * Templepatrick Retirement Group /07/ NI Hospice 2,000 14/07/ Go Kids Go 1,000 14/07/ PDSA 1,000 14/07/ Youthlife 1,000 14/07/ Portglenone Thursday Senior Citizens Bowling Club /07/17 * Friends of Antrim Grammar 1,000 14/07/ Links Counselling 1,056 14/07/ Causeway Enterprise Agency 1,170 14/07/17 * St Comgalls Fundraising Group 1,000 14/07/17 * Community Rescue Service LTD 2,000 14/07/ Migrant Centre NI /07/ Eastside Arts 1,000 14/07/ Cheers Youth Centre /07/ Zero-8-Teen /07/ SOS NI 2,000 14/07/17 * Round Tower Integrated Primary School PTA 1,000 14/07/17 * Six Mile Water Trust 1,000 14/07/17 * Ex Employee Equip Purchase 3,340 20/07/17 * CAB Fuel Poverty Scheme /07/17 * Ex Employee Equip Purchase 3,375 31/07/17 * Ex Employee Equip Purchase 2,950 31/07/17 * CAB Fuel Poverty Scheme /08/17 * Ex Employee Equip Purchase 3,475 07/08/17 * CAB Fuel Poverty Scheme /08/17 * P/17066 High Kirk Social Action in Our Community /08/17 * P/17026 Lifeworks NI 1,000 07/08/17 * Young Enterprise - Antrim 4,500 08/08/17 * P/17103 Antrim & Newtownabbey Citizens Advice Bureau 7,917 08/08/17 * Ex Employee Equip Purchase 2,739 08/08/17 * Ex Employee Equip Purchase 2,744 15/08/17 * CAB Fuel Poverty Scheme /08/17 * CAB Fuel Poverty Scheme /08/17

9 Enkalon Foundation Trustees' report for the year ended 5 April 2018 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2018 were: 7 * Ex Employee Equip Purchase 3,540 22/08/17 * Ex Employee Equip Purchase 3,390 29/08/ John Paul II Youth Club /08/17 P/17073 Autism NI 1,000 29/08/17 * Ex Employee Equip Purchase /09/17 * CAB Fuel Poverty Scheme /09/17 * Ex Employee Equip Purchase 3,460 13/09/ Strangford Festival Committee /09/17 * Ex Employee Equip Purchase 3,340 18/09/17 * CAB Fuel Poverty Scheme /08/17 * CAB Fuel Poverty Scheme /09/17 * CAB Fuel Poverty Scheme /09/17 * CAB Fuel Poverty Scheme /09/17 * CAB Fuel Poverty Scheme /09/17 * CAB Fuel Poverty Scheme /09/ Ex Employee Equip Purchase 3,076 27/09/ CAB Fuel Poverty Scheme /09/17 * Ex Employee Equip Purchase 3,375 04/10/17 * CAB Fuel Poverty Scheme /10/17 P/16101 Vineyard Compassion - Coleraine /10/17 P/16137 Hope Centre Ballymena 1,000 04/10/17 P/15136 Rams - NI 1,000 04/10/17 * CAB Fuel Poverty Scheme /10/ Ballykeel 1 Moving Forward Community Group - Ballymena /10/ Gig N'The Bann - Portglenone /10/17 * CAB Fuel Poverty Scheme /10/17 * P/17104 Moving Forward Together - Antrim 10,000 18/10/ Cruse Bereavement - NI 1,000 18/10/ Glengormley Methodist Fellowship Group /10/ Disabled Drivers Association - NI /10/17 * Randalstown Rugby Club 1,500 18/10/17 * Killead & Gartree Mothern Union /10/ Huntington Disease Association - NI 1,000 18/10/ NI Muslim Family Association - Belfast /10/ Dunloy Development Association /10/ Cancer Focus NI 1,000 18/10/ East Belfast Commuity Counselling /10/17 * Ballymena Area Childrens Contact Service - Antrim /10/17 * Antrim Retirement Group /10/ Coaching4Christ - Ballyclare /10/17 * Integrated Education Fund - Crumlin 1,000 18/10/ The National Trust - Strangford 1,000 18/10/ Beat Carnival - Belfast 1,000 18/10/17 * NSPCC - Antrim 1,500 18/10/17 * Crosskennan Lane Animal Sanctuary - Antrim 2,500 18/10/ Glenravel & District Community & Residents- Ballymena /10/17

10 Enkalon Foundation Trustees' report for the year ended 5 April 2018 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2018 were: Glenariff Improvement Group /10/ Lifestart Foundation - Derry /10/ Homeplus - Belfast 1,500 18/10/17 * Randalstown Ulster Scots Cultural Society /10/ Larne Community Care Centre /10/17 * SACN - Fab Fit and Over Fifty - Randalstown /10/ Belfast Central Mission 1,000 18/10/17 * Sew & Sew Antrim /10/ First Steps Womens Centre - Dungannon /10/ MPS Society - NI /10/17 * A Safe Space to be Me - Antrim 1,000 18/10/ Hope 4 UR Life - NI 1,000 18/10/ The Stroke Association - NI /10/17 * CAB Fuel Poverty Scheme /10/17 * CAB Fuel Poverty Scheme /10/17 * CAB Fuel Poverty Scheme /10/17 * Ex Employee Equip Purchase 3,390 24/10/17 * Ex Employee Equip Purchase 1,049 24/10/17 * CAB Fuel Poverty Scheme /10/17 * CAB Fuel Poverty Scheme /10/17 * CAB Fuel Poverty Scheme /10/17 * CAB Fuel Poverty Scheme /10/17 * CAB Fuel Poverty Scheme /10/17 * CAB Fuel Poverty Scheme /11/17 * Springfarm Community Association 1,000 01/11/17 * P/17103 Antrim & Newtownabbey Citizens Advice Bureau 7,917 08/11/17 * Eye Feel Good - Antrim /11/17 * Ex Employee Equip Purchase 3,390 14/11/17 * CAB Fuel Poverty Scheme /11/17 * CAB Fuel Poverty Scheme /11/17 * CAB Fuel Poverty Scheme /11/17 * CAB Fuel Poverty Scheme /11/17 * Ex Employee Equip Purchase 3,390 26/11/17 P/17174 Head Peace CIC /11/17 * CAB Fuel Poverty Scheme /12/17 * CAB Fuel Poverty Scheme /12/17 * CAB Fuel Poverty Scheme /12/17 * CAB Fuel Poverty Scheme /12/17 * Ex Employee Equip Purchase 3,610 08/12/17 * CAB Fuel Poverty Scheme /12/ Pinewood Residential Home - Ballymena /12/17 * Riverside School - Antrim /12/ Multiple Sclerosis Centre - Ballycastle /12/ Castle Tower School - Ballymena /12/ Wilson House Resource Centre - Ballymena /12/17 * Rosedale Residential Unit - Antrim /12/17

11 Enkalon Foundation Trustees' report for the year ended 5 April 2018 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2018 were: 9 * Noble House Holywell - Antrim /12/ Westlands Residential Unit - Cookstown /12/17 * Muckamore Abbey Hospital - Antrim /12/17 * CAB Fuel Poverty Scheme /12/17 * CAB Fuel Poverty Scheme /12/17 * CAB Fuel Poverty Scheme /12/17 * CAB Fuel Poverty Scheme /01/18 * Ex Employee Equip Purchase /01/18 * CAB Fuel Poverty Scheme /01/18 * CAB Fuel Poverty Scheme /01/18 * CAB Fuel Poverty Scheme /01/18 * Antrim Voluntary Welfare Group /01/ New Belfast Community Arts Initiative 1,000 15/01/18 * Rehability Antrim 1,000 15/01/ Lisburn Downtown Centre /01/ Spinal Muscular Atrophy Support UK - NI /01/18 * First Antrim Presbyterian Church Friendship Group /01/18 * Steeple Wives Club /01/ East Antrim University of the Third Age /01/ Headway NI 1,000 15/01/ The Sunshine Club for Blind & Visually Impaired Belfast /01/18 * The Guide Dogs for the Blind 1,000 15/01/ Tall Ships Youth Trust NI 1,200 15/01/ Adoption UK - NI /01/18 * Antrim Art Club /01/18 * St Comgalls Youth Club Antrim 1,000 15/01/ Liberty Consortium Derry 1,000 15/01/18 * nd Antrim Rainbows /01/ Good Morning Down 1,000 15/01/18 * St MacNissi Preschool Primary School /01/ British Disabled Angling Association 1,250 15/01/18 * The Pushkin Trust Newtownstewart 1,600 15/01/18 * Muckamore Cricket & Lawn Tennis Club 2,000 15/01/ Bipolar UK NI /01/ Hope House Carrickfergus /01/ Caring Breaks NI 1,010 15/01/18 * NI Chest Heart & Stroke Association Antrim 1,000 15/01/ Ballymena Retirement Group /01/18 * NI Motor Club Antrim 2,000 15/01/ Good Morning Ballymena /01/ Independence at Home 1,000 15/01/18 * Muckamore Village Bowling Club /01/18 * CAB Fuel Poverty Scheme /01/18 * CAB Fuel Poverty Scheme /02/18 * Ex Employee Equip Purchase 2,877 02/02/ Ex Employee Equip Purchase 3,390 05/02/18

12 Enkalon Foundation Trustees' report for the year ended 5 April 2018 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2018 were: 10 * P/15257 Mid Antrim Animal Sanctuary 3,000 05/02/ Young At Art 1,000 05/02/ CAB Fuel Poverty Scheme /02/18 * Ex Employee Equip Purchase 3,420 12/02/18 * CAB Fuel Poverty Scheme /02/18 * CAB Fuel Poverty Scheme /02/18 P/15011 Artsekta - Belfast 1,000 19/02/18 P/17143 Replay Theatre Company - Belfast 1,000 19/02/18 * CAB Fuel Poverty Scheme /02/18 * CAB Fuel Poverty Scheme /02/18 * CAB Fuel Poverty Scheme /02/18 * CAB Fuel Poverty Scheme /02/18 * CAB Fuel Poverty Scheme /02/18 * CAB Fuel Poverty Scheme /02/18 * CAB Fuel Poverty Scheme /03/18 * CAB Fuel Poverty Scheme /03/18 * CAB Fuel Poverty Scheme /03/18 * Ex Employee Equip Purchase 3,425 06/03/18 * CAB Fuel Poverty Scheme /03/18 * CAB Fuel Poverty Scheme /02/18 * CAB Fuel Poverty Scheme /03/18 * Ex Employee Equip Purchase 3,425 28/03/18 * Ex Employee Equip Purchase /03/18 * Antrim Floral Art Group 1,000 28/03/18 * TIDAL Toomebridge 1,000 28/03/18 * CAB Fuel Poverty Scheme /03/18 Grants returned: * Antrim road safety refunded /04/ Tullygarley & district, refunded /04/17 * Conservation volunteers, Antrim, refunded /11/17 Total 05/04/18 274,916

13 Enkalon Foundation 11 Trustees' report for the year ended 5 April 2018 (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/ , , /04/ , , Grand Total as at 05/04/18 5,412, ,889 2,820, ,266

14 Enkalon Foundation 12 Independent auditors' report to the Trustees of Enkalon Foundation We have audited the financial statements of Enkalon Foundation for the year ended 5 April 2018 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 18 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 2018, 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: 28th September 2018 R P Nichol FCCA Senior Statutory Auditor For and on behalf of Nichol Allen Limited (Statutory Auditors) Chartered Certified Accountants Antrim

15 Enkalon Foundation 13 Statement of financial activities (including income and expenditure account) for the year ended 5 April 2018 Income from: Incoming resources from generated funds Unrestricted Funds Funds Notes Donations 0 0 Investments 3 363, ,658 Total incoming resources 363, ,658 Expenditure on: Costs of generating funds Investment management costs 17,439 17,273 Charitable activities Charitable donations, support and governance costs incurred in running the Foundation 4 337, ,700 Total resources expended 355, ,973 Net incoming resources before recognised 8,620 (340,315) gains Gains (losses) on investment assets (266,583) 779,083 Net movement in funds (257,963) 438,768 Reconciliation of funds Total funds brought forward 7,141,873 6,703,105 Total funds carried forward 6,883,910 7,141,873 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.

16 Enkalon Foundation 14 Note of historical cost profits and losses for the year ended 5 April Reported net movement in funds (257,963) 438,768 Unrealised gains (lossses) for year (note 9) 266,583 (779,083) Historical cost net movement in funds 8,620 (340,315)

17 Enkalon Foundation 15 Balance sheet as at 5 April 2018 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 ,389 1, ,767,360 7,075,412 6,771,749 7,076, ,636 30, ,006 42, (8,482) (8,059) 112,160 65,118 6,883,909 7,141,872 Funds Unrestricted income fund Revaluation reserve Unrestricted 6,754,706 6,707, , ,518 6,883,909 7,141,872 The notes on pages 17 to 22 form part of these accounts. Approved by the Trustees on 28th September 2018

18 Enkalon Foundation 16 Cash flow statement as at 5th April 2018 Indirect method Cash flow from operating activities Net movement in funds Losses (gains) on investment assets Notes (257,963) 438, ,583 (779,083) Depriciation Decrease (increase) in debtors Increase (decrease) in creditors (1,781) 10, Cash flows from investing activities Fixed assets purchased Investments purchased Investments sold Cash flows from financing activities 7,710 (329,189) (3,495) 0 (120,828) (73,310) 162, ,907 37, , Net increase (decrease) in cash and cash equivalents 45,684 (17,592) Cash and cash equivalents at the start of the financial year 42,322 59,914 Cash and cash equivalents at the end of the financial year 88,006 42,322 The notes on pages 17 to 22 form part of these accounts.

19 Enkalon Foundation 17 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 straight-line 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% straight-line. 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.

20 Enkalon Foundation 18 Notes to the financial statements for the year ended 5 April 2018 (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 (2017; 0 individuals). 3 Investment income Income from fixed interest securities Income from unitised funds Income from equities Interest Total Total ,779 35, ,755 95, , , , ,658

21 Enkalon Foundation 19 Notes to the financial statements for the year ended 5 April 2018 (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 ,553 28, , , , ,301 Note 5 43,577 37, ,993 9, ,003 5, ,000 3, , ,700 5 Employee information Staff costs: Wages and salaries 40,244 34,902 Pension 1,896 1,227 National Insurance Contributions net of employment allowance) 1,437 1,614 43,577 37,743 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 (2017: 60,000) Number Number 1 1 No Trustees received any remuneration during the year (2017: Nil). 410 (2017: 857) relating to the reimbursement of expenses was paid to the Trustees during year. The expenses paid in the year where as follows: Christmas dinner: Trustees and staff Allen Park Schierbeek Dinner: Trustees 290 Catering for meeting Travel The travel expenses were paid to one Trustee No indemnity insurance for Trustees' liability has been purchased by the Foundation (2017: nil) The Foundation operates a defined contribution pension scheme

22 Enkalon Foundation 20 Notes to the financial statements for the year ended 5 April 2018 (continued) 6 Governance costs Fees paid to the Foundation's auditor for audit of the accounts 3,000 3,000 3,000 3,000 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 Additions 3,495 Depreciation: Fixed assets Office Equipment Brought forward 448 Charge for the year Net Book Value at 5th April ,389 Net Book Value at 5th April ,342 9 Investments Cost At 6 April 2017 Additions Disposals At 5 April 2018 Unrealised Surplus/(deficit) At 6 April 2017 Disposals Movement in year At 5 April 2018 Market value At 5 April 2018 At 5 April 2017 *net movement Investment Fixed interest Unitised cash Equities securities funds Total 46,281 3,420, ,595 2,194,128 6,640,894 95,364 * 12,932 12, ,828 0 (123,565) 0 0 (123,565) 141,645 3,310, ,127 2,194,128 6,638, ,533 26,808 (258,823) 434,518 0 (38,732) 0 0 (38,732) 0 (237,374) (13,531) (15,678) (266,583) 0 390,427 13,277 (274,501) 129, ,645 3,700,684 1,005,404 1,919,627 6,767,360 46,281 4,087,423 1,006,403 1,935,305 7,075,412

23 Enkalon Foundation 21 Notes to the financial statements for the year ended 5 April 2018 (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 , , , , , , Debtors Prepayments and accrued income ,636 30, 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 ,482 8, Analysis of the net assets between funds Unrestricted funds ,883,909 7,141,872

24 Enkalon Foundation 22 Notes to the financial statements for the year ended 5 April 2018 (continued) 14 Unrestricted funds At 6 April 2017 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 6,707, ,518 7,141,872 0 (266,583) (266,583) 38,732 (38,732) 0 8, ,620 6,754, ,203 6,883, 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 74,298 (2017: 56,452). 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