Enkalon Foundation. Annual report. for the year ended 5 April 2016

Transcription

1 Enkalon Foundation Annual report for the year ended 5 April 2016

2 Enkalon Foundation Annual report for the year ended 5 April 2016 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 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 2016 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 302 and the Foundation made 295 donations amounting to 258,778 This year has seen four large donations being made by the Foundation: Garden Show Ireland 5,000 NI Hospice (3rd payment in a 4 year pledge totalling 20,000) 5,000 Antrim CAB core funding 9,020 Antrim CAB Money Advisor 7,000 By the end of this financial year the Enkalon Foundation had exceeded 4,560,000 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 10 of the report. The Trustees will continue to take steps to improve financial performance in 2016 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 162, Within the rest of Northern Ireland 96,

5 Enkalon Foundation 3 Trustees' report for the year ended 5 April 2016 (continued) Review of activities, achievements and performance (continued) Financial review The Foundation's income increased from 314,925 to 319,275 when compared to the prior year. The increase was attributable to higher returns being received from dividends and unitised securities partly offset by a fall in income from fixed interest securities. This change arose due to the current economic climate and 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, investment cash, equities, fixed interest securities and unitised funds. As 5 April 2016 the level of free reserves was 228,286 (2015: 143,419). 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 2016 (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 Antrim Borough. These projects, if realised, would help to underline the legacy which British Enkalon contributed to the growth and development of the 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: 30th September 2016

7 Enkalon Foundation Trustees' report for the year ended 5 April 2016 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2016 were: Index to Abbreviations: 5 (SS) (pp) (P/07103) (Summer Scheme) (part payment) (Pledge payment honoured) (*) (Antrim Borough Area) Ast No. Organisation Amount Date Sent Awarded P/10234 EF/Antrim Borough Council Young Sports Bursary Scheme 5,000 per yr max for 3 yrs 24/07/12 * (10 awards given out totalling 1175) 1, /04/15 * CAB Fuel Poverty Scheme 3 awards /04/ Maghera Historical Society /04/15 P/14111 Artichoke Derry/ Londonderry 1, /04/15 P/14101 Afasic Northern Ireland 1,000 09/04/15 * Antrim Festival Group 2, /04/15 * County Antrim Paddle Sports Club Antrim 1, /04/15 * 15045/1 Antrim Citizens Advice Bureau Money Advisor 3, /04/ Ulster Youth Orchestra NI 2, /04/ Ballymena Retirement Group /04/15 * Youth Lyric Antrim 2, /04/15 * Eye Feel Good Antrim 2, /04/15 * Ex Emp Purchase of equip /04/15 * CAB Fuel Poverty Scheme 2 awards /04/15 * Ex Emp Purchase of equip 3, /05/15 * Ex Emp Purchase of equip /05/15 * CAB Fuel Poverty Scheme 3 awards /05/ Ballymena Music Festival Travel Expenses /05/15 ( 80 per school & 80 between Duneane & Moneynick) * (Mount St Michaels Primary School) * (St Comgalls Primary School) * (Groggan Primary School) * (Duneane Primary School) * (Parkhall Primary School) * (Moneynick Primary School) * (Antrim Primary School) * (Maine Integrated Primary School) * (Creavery Primary School) * (St Josephs Primary School Crumlin) * Ex Emp Purchase of Equip 3, /05/15 P/15027 Jigsaw Community Counselling Centre Belfast /05/15 * nd Antrim Brownies /05/15 P/14209 Kabosh Theatre Ballymena /05/15 P/14107 Ballynure & District Community Association /05/15 * Ex Emp Purchase of Equip 3, /05/15

8 Enkalon Foundation Trustees' report for the year ended 5 April 2016 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2016 were: 6 * CAB Fuel Poverty Scheme 3 awards /06/15 * Cairde Na Tamhnair Moire Antrim /06/15 * Garden Show Ireland Antrim 5, /06/ Community Arts Partnership NI 1, /07/ Carers Matter Lurgan 1, /07/ DU Dance Ballymena / Ballymoney /07/ Adoption UK NI /07/ Cheers Youth Centre Ballymoney /07/ Action Deaf Youth NI 1, /07/15 * ExEmp Purchase of Equip /07/15 * ExEmp Purchase of Equip 3, /07/ Bannside Development Group Portadown /07/ Tall Ships Youth Trust NI 1, /07/15 * Templepatrick Retirement Group /07/15 * Princes Trust Antrim 3, /07/ Bowel Cancer UK Co Antrim 1, /07/ Maiden Voyage Dance Belfast 1, /07/ Counselling All Nations Belfast /07/ Centre for Health and Wellbeing Belfast /07/ Star Neighbourhood Centre Belfast /07/15 * Randalstown Arches 2, /07/ Lisanelly Regeneration Group Omagh /07/ Cahoots NI 1, /07/15 * Randalstown Girl Guides Senior Section /07/ East Belfast Mission Hosford 1, /07/ Back Up Belfast 1, /07/ Migrant Centre NI /07/15 * Tir Na Nog GAC Randalstown 1, /07/15 * Templepatrick Primary School PTA /07/15 * Antrim Hospital Radio /07/ NICE Northern Ireland Children's Enterprise Belfast /07/15 * St Comgalls Playgroup Antrim /07/ Anaphylaxis Campaign NI /07/15 P/15105 Marie Curie NI 2, /07/15 * Antrim Enterprise Agency 1, /07/ Douglas Bader Foundation NI 1, /07/15 * St Johns Ambulance Antrim Division 1, /07/15 * Crumlin Iniatives Group 1, /07/15 * Muckamore Parish Dev Association Antrim 1, /07/ The Rectory Residents Association Ballymena /07/ PDSA Belfast 1, /07/ Society of Mucopolysaccharide NI /07/15 * County Antrim Milk Cup 1, /07/15 * Antrim Citizens Advice Bureau Core Funding 4, /07/15 P/13062 NI Hospice 5, /07/15 P/14038 Macular Society NI 1, /07/15 * P/15043 Happy Days Antrim 1, /07/15 * CAB Fuel Poverty Scheme 5 awards 1, /07/15 * P/09165 AgeUK Personal Alarm /08/15

9 Enkalon Foundation Trustees' report for the year ended 5 April 2016 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2016 were: 7 * MADD Enterprises Antrim 1, /08/ Gig'n The Bann Portglenone /08/15 * Young Enterprise Antrim 4, /08/ John Paul II Youth Club Belfast /08/15 * Lough Neagh Rescue Antrim 2, /08/15 * Ex Emp Purchase of Equip 4, /08/15 * CAB Fuel Poverty Scheme 2 awards /08/15 * CAB Fuel Poverty Scheme 3 awards /08/15 P/14024 HomeStart Down District /08/15 * CAB Fuel Poverty Scheme 1 award /09/15 * Ex Emp Equip Purchase 3, /09/15 * CAB Fuel Poverty Scheme 2 awards /09/15 * P/09165 AgeUK Personal Alarms /09/15 * P/09165 AgeUK Personal Alarms /09/15 * P/09165 AgeUK Personal Alarms /09/ Ballykeel Development Association /09/ Ballymena Music Festival Centenary Celebrations /09/15 * New Life Counselling Antrim 1, /09/ Kilcronaghan Community Association Magherafelt /09/15 P/15136 RAMS NI Ltd 1, /09/ HURT Derry 1, /09/ First Steps Womens Centre Dungannon /09/ North West Migrant Forum Derry /09/ Life Works NI Belfast /09/15 * Integrated Education Fund Antrim 1, /09/ Kilkeel Parish Bridge Association /09/ Family Holiday Association NI /09/ ME Support NI /09/ Law Centre NI /09/ Camphill Communities Trust NI /09/ Via Wings Dromore /09/ Willow NI 1, /09/15 * Antrim Community Choir /09/15 * Arts Care Antrim Area Hospital 1, /09/15 * South Antrim Community Network Randalstown /09/15 * Ballymena Area Children's Contact Service Antrim /09/ Springfield Charitable Association Belfast /09/ Seven Towers Community Association Ballymena /09/ Portglenone Thursday Senior Citizens Bowling Club /09/ Caring Breaks NI /09/15 * Randalstown Cultural Awareness Association /09/15 * Arthritis Care Antrim Branch /09/15 * Muck and More Allotment Association Antrim /09/ Indpendence at Home NI Project 1, /09/15 * Crafted Creations Antrim /09/15 * Antrim Voluntary Welfare Group /09/15 * Crumlin Together /09/15 * Antrim Youth Information and Counselling Centre 1, /09/15 * NSPCC Antrim 1, /09/ Broughshane Environment Waterfowl and Wildlife Trust /09/15

10 Enkalon Foundation Trustees' report for the year ended 5 April 2016 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2016 were: Hillstown Rural Community Group /09/15 * Antrim Reniniscence Group /09/15 * Sew and Sew Antrim /10/15 * Muckamore Cricket Club Antrim 2, /09/ React NI Project 2, /10/ Belfast Central Mission 1, /10/ PBC Foundation /10/15 * Creavery Tots and Co Antrim /10/15 * CAB Fuel Poverty Scheme 1 award /10/ Walled City Music Derry 1, /10/ Ligoniel Family Centre Belfast /10/15 * 15045/2 Antrim Citizens Advice Bureau Money Advisor 3, /10/15 * CAB Fuel Poverty Scheme 2 awards /10/15 * Ex Emp Equip Purchase /10/15 * Ex Emp Equip Purchase /10/15 * CAB Fuel Poverty Scheme 1 award /10/15 * CAB Fuel Poverty Scheme 1 award /10/15 * Ex Emp Equip Purchase 3, /10/ Digital Arts Belfast /01/15 * Ex Emp Equip Purchase 3, /11/15 * 15052/2 Antrim Citizens Advice Bureau Core Funding 4, /11/15 * Antrim Happy Hearts /11/15 * CAB Fuel Poverty Scheme 5 awards 1, /11/15 * Ex Emp Equip Purchase 3, /11/15 * CAB Fuel Poverty Scheme 3 awards /12/ Pinewood Residential Home Ballymena /12/15 * Riverside School Antrim /12/ Multiple Sclerosis Centre Ballycastle /12/ Castle Tower School Ballymena /12/ Wilson House Resource Centre Ballymena /12/15 * Rosedale Residential Unit Antrim /12/15 * Noble House Holywell Antrim /12/ Westlands Residential Unit Cookstown /12/15 * Muckamore Abbey Hospital Antrim /12/15 * CAB Fuel Poverty Scheme 1 award /12/15 * Ex Emp Equip Purchase 3, /12/15 * Ex Emp Equip Purchase 2, /12/15 * CAB Fuel Poverty Scheme 4 awards /01/16 * Steeple Wives Club Antrim /01/ Workforce Training Services Ltd Belfast 1, /01/ Autonomie Belfast /01/ Let's Talk Crohn's and Colitis NI /01/16 * Listening Books Antrim /01/16 * Antrim & District Road Safety Committee /01/ Parenting NI 1, /01/ Sunshine Club for Visually Impaired and Blind People Belfast /01/ Hearing Dogs for Deaf People NI 1, /01/ Kilcooley Women's Centre Bangor /01/16 * Whizz Kids Antirm Area 2, /01/ Hearing Link Northern Ireland 1, /01/16

11 Enkalon Foundation Trustees' report for the year ended 5 April 2016 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2016 were: Guide Dogs County Antrim /01/16 * Steeple Community Association /01/16 * Muckamore Village Bowling Club Antrim /01/16 * Antrim Art Club /01/16 * Northern Ireland Chest Heart and Stroke Antrim Project 1, /01/ National Search and Rescue Dogs Association NI /01/16 * c21 Theatre Company Antrim Project /01/16 * St Comgalls Senior Citizens Club /01/ CARED NI 1, /01/ Kids Together West Belfast 1, /01/ Spinal Muscular Atrophy NI /01/ Edge Youth Centre Ballynahinch /01/ Cruse Bereavement Care Belfast 1, /01/ Clonard Monastery Youth Centre Belfast 1, /01/ Rethinking Conflict Belfast /01/16 * Rehability Antrim /01/16 * Ballycraigy Primary School PTA Antrim 1, /01/16 * Round Tower Community Playgroup Antrim /01/ The Pushkin Trust Newtownstewart 1, /01/ Bann Maine West Community Cluster /01/16 * The National Autistic Society Antrim Branch /01/16 * P/15257 MidAntrim Animal Sanctuary Antrim 3, /01/16 P/15175 British Red Cross Belfast 1, /01/16 * Ex Emp Equip Purchase 3, /01/16 * CAB Fuel Poverty Scheme 2 awards /01/16 P/15252 The Churches Trust Derry 1, /01/16 P/15096 Kilcreggan Homes Carrickfergus 3, /01/16 P/09165 Age NI Personal Alarm /01/16 * CAB Fuel Poverty Scheme 1 award /02/16 * Ex Emp Equip Purchase 3, /02/16 * CAB Fuel Poverty Scheme 1 award /02/16 * CAB Fuel Poverty Scheme 1 award /02/16 * Ex Employee Equip Purchase 3, /02/16 * CAB Fuel Poverty Scheme 1 award /02/16 * Ex Employee Equip Purchase /02/16 * Ex Employee Equip Purchase /02/16 * Ex Employee Equip Purchase /02/16 * CAB Fuel Poverty Scheme 1 award /03/16 * CAB Fuel Poverty Scheme 2 awards /03/16 P/15248 ACET NI 1, /03/ Deafblind NI /03/16 * First Antrim Presbyterian Church Friendship Group /03/16 * Cancer Focus NI Antrim Area Hospital 2, /03/ Ovarian Cancer Action NI 1, /03/ The William Keown Trust NI 1, /03/16 * Music in Hospitals Antrim 1, /03/16 * Autism NI Antrim /03/ The 174 Trust Belfast /03/ Association of Ulster Drama Festivals Glengormley /03/ CAST NI 1, /03/16

12 Enkalon Foundation Trustees' report for the year ended 5 April 2016 (continued) Pledges and Donations Paid During Financial Year 06/04/ /04/2016 were: Addiction NI /03/16 * Antrim Hockey Club 1, /03/16 * The Royal British Legion Randalstown Branch 1, /03/16 * Parents & Friends Donkey Assisted Therapy Centre Templepa 2, /03/ Care in Crisis Lurgan 1, /03/ St Brigids Primary School PTA Cloughmills /03/16 * Springfarm & District Community Association Antrim 1, /03/ Cithrah Foundation Carrick 1, /03/ Zero8Teen Craigavon /03/16 * Caddy & District Community Group /03/16 * Caring 4 Kin Antrim /03/ Lighthouse Trust Summer School Donaghadee 2, /03/ Cullybackey Seniors Club /03/ The Lullaby Trust NI /03/16 * Antrim Floral Art Group /03/ Braidwater Seniors Ballymena /03/ North West Counselling Derry /03/ War Years Remebered Ballyclare 1, /03/ Angel Eyes Belfast 1, /03/ Spinal Injuries Association NI 1, /03/16 * Antrim Agricultural Society 1, /03/16 * Antrim Macular Group /03/ Engage with Age Belfast /03/ Ballyhenry Presbyterian Church Community Group Glengorm /03/16 * Crosskennan Lane Animal Sanctuary Antirm 4, /03/16 * Ballymena Music Festival /03/16 ( 100 per school & 100 between Duneane & Moneynick) * (Groggan Primary School) * (Creavery Primary School) * (Mount St Michaels Primary School) * (Randalstown Central Primary School) * (Parkhall Primary School) * (St Josephs Primary School Antrim) * (St Josephs Primary School Crumlin) * (Antrim Primary School) * (Duneane Primary School) * (Moneynick Primary School) Dream Holidays NI 1, /03/ Grant Returned from NBFA 1, /01/13 Total 05/04/16 258,777.55

13 Enkalon Foundation 11 Trustees' report for the year ended 5 April 2016 (continued) Donations are analysed as follows: Donations made in the former Antrim Borough Area (included in the total Northern Ireland Northern Ireland figure) Year End Amount Donated 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/ , , Grand Total as at 05/04/16 4,565, ,420 2,130, ,960

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 2016 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 2016, 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: 30th September 2016 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 2016 Income from: Incoming resources from generated funds Unrestricted Funds Funds 2,016 2,015 Notes Donations 0 0 Investments 3 319, ,925 Total incoming resources 319, ,925 Expenditure on: Costs of generating funds Investment management costs 17,526 17,489 Charitable activities Charitable donations, support and governance costs incurred in running the Foundation 4 307, ,420 Total resources expended 324, ,909 Net incoming resources before recognised (5,619) 12,016 gains Gains on investment assets (475,268) 249,756 Net movement in funds (480,887) 261,772 Reconciliation of funds Total funds brought forward 7,183,992 6,922,220 Total funds carried forward 6,703,105 7,183,992 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 ,016 2,015 Reported net movement in funds (480,887) 261,772 Unrealised losesses (gains) for year (note 9) 475,268 (249,756) Historical cost net movement in funds (5,619) 12,016

17 Enkalon Foundation 15 Balance sheet as at 5 April 2016 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 2,016 2, , ,607,926 7,092,797 6,609,716 7,092, ,064 41, ,913 57, (7,588) (7,904) 93,389 91,195 6,703,105 7,183,992 Funds Unrestricted income fund Revaluation reserve Unrestricted 6,964,287 6,888,562 (261,182) 295,430 6,703,105 7,183,992 The notes on pages 17 to 22 form part of these accounts. Approved by the Trustees on 30th September 2016

18 Enkalon Foundation 16 Cash flow statement as at 5th April 2016 Indirect method Cash flow from operating activities Net movement in funds Losses (gains) on investment assers Decrease (increase) in debtors Increase (decrease) in creditors Notes 2,016 2,015 (480,887) 261, ,268 (249,756) 725 6,021 (316) 1,115 Cash flows from investing activities Fixed assets purchased Investments purchased Investments sold Cash flows from financing activities (5,210) 19,152 (1,790) 0 (357,418) (591,947) 367, ,465 7,813 (12,482) 0 0 Net increase (decrease) in cash and cash equivalents 2,603 6,670 Cash and cash equivalents at the start of the financial year 57,310 50,640 Cash and cash equivalents at the end of the financial year 59,913 57,310 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. Firsttime adoption of FRS 102 These are the Foundation s first financial statements to comply with FRS 102. The date of transition to FRS 102 is 1st 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 from 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.

20 Enkalon Foundation 18 Notes to the financial statements for the year ended 5 April 2016 (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. The aim and use of each restricted fund is set out in note 4 below. 2 Donations Donations relate to unrestricted donations received from 0 individuals during the year (2015; 0 individuals). 3 Investment income Income from fixed interest securities Income from unitised funds Income from equities Interest Total Total 2,016 2, , ,103 33,278 29, , , , ,925

21 Enkalon Foundation 19 Notes to the financial statements for the year ended 5 April 2016 (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 2,016 2,015 49,730 35, , , , ,670 30,909 35, ,402 5,105 1,333 1,695 5,154 5, ,892 2, , ,420 5 Employee information Staff costs: Wages and salaries National Insurance Contributions National insurance rebate due 2,016 2,015 33,670 31,948 3,453 3,148 (6,214) 30,909 35,096 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). 2,016 2,015 Number Number 1 2 No Trustees received any remuneration during the year (2015: Nil). 426 (2015: 663) relating to the reimbursement of expenses was paid to the Trustees during year. The expenses paid in the year where as follows: 2,016 2,015 Christmas dinner Catering for meeting 35 0 Travel The travel expenses were paid to one Trustee No indemnity insurance for Trustees' liability has been purchased by the Foundation (2015: nil) The Foundation does not operate a pension scheme but has plans to introduce one next year.

22 Enkalon Foundation 20 Notes to the financial statements for the year ended 5 April 2016 (continued) 6 Governance costs 2,016 2,015 Fees paid to the Foundation's auditor for audit of the accounts 2,892 2,840 2,892 2,840 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 Fixed assets Office Equipment Cost Additions Accumulated Depreciation At 6 April 2015 and 5 April ,790 0 Net Book Value at 5th April 2016 Net Book Value at 5th April , 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 Investment Fixed interest Unitised cash Equities securities funds Total 52,225 3,285,543 1,245,823 2,213,775 6,797,366 82,676 * 274, ,418 0 (206,232) (69,605) (9,839) (285,676) 134,901 3,354,053 1,176,218 2,203,936 6,869, ,620 33,852 (343,041) 295,431 0 (70,991) (11,032) 678 (81,345) 0 (391,233) (79,415) (4,620) (475,268) 0 142,396 (56,595) (346,983) (261,182) 134,901 3,496,449 1,119,623 1,856,953 6,607,926 52,225 3,890,163 1,279,675 1,870,734 7,092,797 *net movement

23 Enkalon Foundation 21 Notes to the financial statements for the year ended 5 April 2016 (continued) 9 Investments (continued) Investments which represented more then 5% of the net assets of the Foundation at the year end were as follows: Market value 2,016 2,015 M&G Securities Ltd Charifund Inc M&G Securities Ltd Charibond Inc Mayfair Capital Prop Inc TST for charities 584, , , , , , Debtors 2,016 2,015 Prepayments and accrued income 41,064 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 2,016 2,015 Accruals and deferred income 7,592 7, Analysis of the net assets between funds 2,016 2,015 Unrestricted funds 6,703,105 7,183,992

24 Enkalon Foundation 22 Notes to the financial statements for the year ended 5 April 2016 (continued) 14 Unrestricted funds At 6 April 2015 Gain on revaluation of investments Transfer on sale of investments Net incoming resources before recognised gains and losses At 5 April 2016 General Revaluation fund reserve Total 6,888, ,430 7,183,992 0 (475,268) (475,268) 81,344 (81,344) 0 (5,619) 0 (5,619) 6,964,287 (261,182) 6,703, 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 413,728 (2015: 399,143) of which 350,000 is 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