Enkalon Foundation Annual report for the year ended 5 April

Enkalon Foundation

Annual report

for the year ended 5 April 2017

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

Enkalon Foundation 1

Trustees and advisors

The Charities Commission for Northern Ireland: Registration number

NIC 103528

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

32-38 Linenhall Street

Belfast

BT2 8BG

Independent auditors

Nichol Allen Limited

Chartered Certified Accountants

22a Market Square

Antrim

BT41 4AW


Trustees' report for the year ended 5 April 2017

Objectives and activities / Public benefit

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

Review of activities, achievements and performance

Antrim & Newtownabbey Council (Allen Park project) 350,000£

Garden Show Ireland 5,000£

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 .

£ Number

Within the former Antrim Borough area 489,225£ 145

Within the rest of Northern Ireland 84,076£ 79

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

The Trustees of the Enkalon Foundation present their annual report and the audited financial statements for the year ended 5 April

2017.

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:

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

NI Hospice (4th payment in a 4 year pledge totalling £20,000)

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:

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 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) 2008.

This year has seen six large donations being made by the Foundation:


Trustees' report for the year ended 5 April 2017 (continued)

Review of activities, achievements and performance (continued)

Financial review

Reserves policy

Reference and administrative details

Structure, governance and management

Grant making policy

Risk management

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.

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.

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.

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.

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.

There are currently five Trustees who have overall responsibility for the Foundation. During the year four Trustee meetings were

held.

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 103528

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.

Details of the registered office, Trustees, advisors and other relevant information are given on page 1.



Investment policy

Plans for future periods

Statement of Trustee's responsibilities

-

-

-

-

-

Statement of disclosure on information to auditors

-

-

Independent auditors

Mr R Milnes

Trustee

Date: 17th December 20156th October 2017

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:

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in

the financial statements; and

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;

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.

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.

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).

On behalf of the Board

So far as each Trustees in office at the date of approval of these financial statements is aware:

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)

2008. 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.

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.

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.

Enkalon Foundation


5

(SS) (Summer Scheme)

(pp) (part payment)

(P/07103) (Pledge payment honoured)

(*) (Former Antrim Borough Area)

Ast No. Organisation Amount

Awarded

Date Sent

* 16001 Ballymena Festival 400 12/04/2016

16050 Ulster Youth Orchestra - NI 2,000 12/04/2016

* 16052 Antrim Festival Group 2,000 12/04/2016

* 15249 Youth Lyric - Antrim 2,000 12/04/2016

* 16070 Ex Emp Equip Purchase 3,260 20/04/2016

* 16071 CAB Fuel Poverty Scheme - 1 Recipient 200 20/04/2016

P/16020 Lifereach - NI 1,000 20/04/2016

* 16072-73 CAB Fuel Poverty Scheme - 2 Recipients 400 22/04/2016


* 16075 Atlantic Challenge NI - Antrim 2,000 04/05/2016

* 16059 Eye Feel Good - Antrim 2,000 04/05/2016

15211 Ballymena Retirement Group 500 04/05/2016

* 16076 Lough Neagh Partnership - Antrim 1,000 10/05/2016

P/14019 Dreamscheme - NI 1,000 18/05/2016

* 16068 2nd Antrim Brownies 500 24/05/2016

* P/15163 Turning Point NI - Antrim 1,000 24/05/2016

* 16052/2 Antrim Festival Group 2,000 02/06/2016

* 16066 Cairde Na Tamhnai Moire - Tannaghmore PTA 450 14/06/2016


* 16114 Garden Show Ireland - Antrim 5,000 14/06/2016

16078 Love for Life - Waringstown 1,000 05/07/2016

16079 Happy Days Childrens Charity - NI 1,549 05/07/2016

16080 East Belfast Community Counselling Centre 600 06/07/2016

* 16081 Antrim Citizens Advice Bureau 5,769 05/07/2016

16083 The Back-Up Trust - Belfast 1,000 06/07/2016

16084 REACH Across - L/Derry 500 06/07/2016

16085 LCC Community Trust - Lisburn 850 06/07/2016

* 16086 Bag Books - Antrim 877 06/07/2016

16088 Infertility Network - NI 800 06/07/2016

16089 Helping Hands Community Outreach Project - Portadown 500 06/07/2016

* 16090 Riding for the Disabled - Antrim Group 1,000 06/07/2016

* 16091 Antrim Retirement Group 600 06/07/2016

16092 Lisanelly Regeneration Group - Omagh 500 06/07/2016

16093 South Belfast Food Bank 500 06/07/2016

* 16094 Templpatrick Retirement Group 400 06/07/2016

* 16095 Muckamore Parish Development Association 1,500 06/07/2016

16096 Tall Ships Youth Trust 1,200 06/07/2016

* 16097 Antrim Rovers Football Club 1,525 06/07/2016

* 16098 Randalstown Guides Senior Section 500 06/07/2016

16099 Bipolar UK - NI 500 06/07/2016

* 16100 Templepatrick Action Community Association 500 06/07/2016

* 16104 Neillsbrook Fold Association - Randalstown 500 06/07/2016

Pledges and Donations Paid During Financial Year 06/04/2016 - 05/04/2017 were:

Index to Abbreviations:

Enkalon Foundation



6

16105 The Rectory Residents Association 780 06/07/2016

* 16107 The Princes Trust - Antrim 3,000 06/07/2016

* 16108 County Antrim NI Super Cup 1,000 06/07/2016

16109 The Brain Injury Association - NI 1,000 06/07/2016

* 16110 Silver Threads - Antrim 230 06/07/2016

* 16111 Ballyclare RFC 1,500 06/07/2016

* 16112 Antrim Hospital Radio 500 06/07/2016

* 16115 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 11/07/2016

16032 NI Deaf Youth Association 1,000 11/07/2016


* 16117 Ex Emp Equip Purchase 350 11/07/2016

* P/09165 Age UK Personal Alarms - 1 Recipient 254 02/08/2016

* 15174 Young Enterprise - Antrim 4,500 02/08/2016

P/10114 Belfast Buildings Preservation Trust 5,000 02/08/2016

P/16082 Lifestart Limavady 400 02/08/2016

16053 John Paul II Youth Club - Belfast 900 08/08/2016

* P/14123 Lough Neagh Rescue - Antrim 2,500 08/08/2016



* 15110 Crumlin Initiatives Group 1,000 24/08/2016





P/15136 RAMS NI 1,000 30/09/2016

P/14224 Samaritans Ballymena Branch 2,000 30/09/2016




* P/16102 Drumraymond Community Project - Toomebridge 1,500 11/10/2016

P/16077 NI Muslim Family Association - Belfast 500 11/10/2016

16121 Colin Community Counselling - Belfast 720 11/10/2016

16136 Douglas Bader Foundation - NI 1,200 11/10/2016

16143 Bannside Community Group - Portadown 500 11/10/2016

16147 Open Arts - Belfast 1,000 11/10/2016

16150 Newlife Foundation - NI 2,000 11/10/2016

16153 Gig'N The Bann - Portglenone 600 11/10/2016

16157 Brain Injury Matters - NI 1,000 11/10/2016

16158 Ballykeel 1 Moving Forward Together - Ballymena 892 11/10/2016

16120 Community Foundation NI 1,000 11/10/2016

* 16122 2nd Antrim Guides 500 11/10/2016

16123 Home Start - Lisburn 500 11/10/2016

Enkalon Foundation



7

16124 Willowfield Parish Community Association - Belfast 1,000 11/10/2016

* 16125 Home Start - Antrim 1,000 11/10/2016

* 16126 St Comgalls Youth Club - Antrim 1,000 11/10/2016

16128 Newlife Counselling - NI 1,500 11/10/2016

16130 Unique - Rare Chromosome Disorders - NI 1,000 11/10/2016

16133 Home Start - Down District 500 11/10/2016

16134 First Steps Womens Centre - Dungannon 500 11/10/2016

16138 A-T Society - NI 1,000 11/10/2016

16139 Replay Theatre Company - Belfast 1,000 11/10/2016

16141 Adoption UK 500 11/10/2016

16144 Society Of Mucopolysaccharide - NI 500 11/10/2016

16145 Newtownabbey Womens Group 200 11/10/2016

16149 The MAC - Belfast 1,000 11/10/2016

* 16151 NSPCC - Antrim 1,500 11/10/2016

16132 Belfast Central Mission 1,000 13/10/2016

* 16152 Sew and Sew - Antrim 500 13/10/2016

16140 REACT - NI 2,000 13/10/2016

16106 Walled City Music Trust - Derry 1,000 13/10/2016


P/16135 NI Mixed Marriage Association - 500 18/10/2016




* 16173-78 CAB Fuel Poverty Scheme -6 Recipients 1,200 02/11/2016

* 16081/2 Antrim Citizens Advice Bureau 5,769 09/11/2016

* 16159 Antrim Happy Hearts 920 10/11/2016





* P/14075 Antrim & Newtownabbey Borough Council 350,000 22/11/2016






16225 Pinewood Residential Home - Ballymena 300 09/12/2016

* 16226 Riverside School - Antrim 300 09/12/2016

16227 Multiple Sclerosis Centre - Ballycastle 300 09/12/2016

16228 Castle Tower School - Ballymena 900 09/12/2016

16229 Wilson House Resource Centre - Ballymena 300 09/12/2016

* 16230 Rosedale Residential Unit - Antrim 300 09/12/2016

* 16231 Noble House Holywell - Antrim 300 09/12/2016

16232 Westlands Residential Unit - Cookstown 300 09/12/2016

* 16233 Muckamore Abbey Hospital - Antrim 600 09/12/2016

16185 Church Of Irenald BSR - Ballymena 1,000 12/12/2016

16186 Burnside & District Community Group - Ballyclare 500 12/12/2016

16187 Liberty Consortium - Derry 1,000 12/12/2016

* 16188 Creavery Tots & Co 550 12/12/2016

16190 The PBC Foundation - NI 500 12/12/2016

* 16191 Antrim Voluntary Welfare Group 500 12/12/2016

* 16193 Employers for Childcare - Antrim 332 12/12/2016

Enkalon Foundation



8

* 16194 Randalstown Ladies Hockey Club 1,000 12/12/2016

16195 Foyle Womens Aid - Derry 955 12/12/2016

15197 Ballybeen Womens Centre - Dundonald 500 12/12/2016

* 16200 Muckamore Cricket & Lawn Tennis Club 4,300 12/12/2016

* 16201 Toome Men's Shed 500 12/12/2016

16205 The Void Centre - Derry 1,000 12/12/2016

* 16207 First Randalstown Girl Guides 600 12/12/2016

* 16210 First Antrim Friendship Group 250 12/12/2016

* 16212 Antrim Community Choir 600 12/12/2016

* 16213 The Big Telly Theatre Company - Antrim project 1,500 12/12/2016

16216 Ballymena Retirement Group 430 12/12/2016

* 16234 CAB Fuel Povert Scheme - 1 Recipient 200 14/12/2016





16189 The Sunshine Club - Belfast 450 13/01/2017

* 16192 St Comgall's Senior Citizens Club - Antrim 600 13/01/2017

* 16196 Antrim Art Club 500 13/01/2017

16199 Spinal Muscular Atruphy Support - NI 500 13/01/2017

* 16204 The Pushkin Trust - Antrim 1,600 13/01/2017

* 16208 NAS Antrim Activity Branch 1,000 13/01/2017

* 16211 Round Tower Community Playgroup - Antrim 1,000 13/01/2017

* 16217 Muckamore Village Bowling Club - Antrim 300 13/01/2017

* P/15257 Mid-Antrim Animal Sanctuary 3,000 13/01/2017



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 500 25/01/2017

* P/16148 Young At Art - Antrim 1,000 25/01/2017




* 17039 Buttle Trust - Antrim Area 6,000 28/02/2017

* 17007 Listening Books - Antrim 500 13/03/2017

17007 Tullgarley & District Residents Association 450 13/03/2017

* 17010 Tidy Randalstown 2,000 13/03/2017

* 17012 APHX Antrim Phoenix Trampoline Club 1,000 13/03/2017

* 17016 Parish of Antrim CGI 800 13/03/2017

* 17022 Randalstown Cultural Awareness Association 527 13/03/2017

17025 Belfast Community Sports Development Network 1,000 13/03/2017

* 17027 Toomebridge and District Womens Group 480 13/03/2017

17028 Sky Watch Civil Air Patrol Northern Ireland 1,000 13/03/2017

* 17030 Hearing Dogs for the Deaf - Antrim 1,500 13/03/2017

* 17031 Friends of Moneynick 1,000 13/03/2017

17032 Willow - NI 2,500 13/03/2017

17033 Cahoots NI 1,000 13/03/2017

* 17038 Mens Shed Antrim 2,000 13/03/2017



17013 Deafblind - NI 1,000 27/03/2017

Enkalon Foundation



9

* 17017 Antrim Hockey Club 1,500 27/03/2017

17018 Spinal Injuries Association - NI 1,000 27/03/2017

17021 The Lighthouse Trust - Donaghadee 2,000 27/03/2017

* 17029 Antrim Agricultural Society 1,000 27/03/2017

17037 Association of Ulster Drama Festivals 1,000 27/03/2017

* 17001 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)


Carers Matter - refunded -1,000 24/03/2017

Total 05/04/17 572,301



Donations are analysed as follows:

Northern Ireland

Year End Amount Donated

Number of

Donations Amount Number

05/04/1987 £36,200.00 30 £5,500.00 5

05/04/1988 £135,750.00 113 £25,300.00 28

05/04/1989 £176,500.00 161 £26,700.00 29

05/04/1990 £159,650.00 168 £42,800.00 35

05/04/1991 £110,595.27 140 £29,145.00 29

05/04/1992 £115,200.00 178 £27,200.00 32

05/04/1993 £123,150.00 170 £34,450.00 46

05/04/1994 £113,510.00 194 £31,060.00 48

05/04/1995 £94,500.00 202 £26,900.00 46

05/04/1996 £75,884.00 146 £20,634.00 37

05/04/1997 £129,391.78 226 £49,491.78 67

05/04/1998 £117,721.80 199 46,182 65

05/04/1999 £121,148.48 192 £37,059.00 55

05/04/2000 £125,415.50 188 £43,640.50 64

05/04/2001 £177,999.00 275 £70,949.00 103

05/04/2002 £131,472.36 197 £54,474.36 83

05/04/2003 £166,612.00 239 £68,158.00 95

05/04/2004 £149,556.50 253 £61,117.50 109

05/04/2005 £99,786.71 202 £60,566.71 123

05/04/2006 £105,207.96 226 £55,462.50 118

05/04/2007 £124,391.84 233 £70,755.84 141

05/04/2008 £152,506.45 241 £91,939.50 153

05/04/2009 £169,687.19 286 £97,172.19 178

05/04/2010 £159,252.32 279 £91,647.32 182

05/04/2011 £278,973.07 304 £184,480.07 199

05/04/2012 £170,457.07 220 £82,000.64 132

05/04/2013 £297,873.51 258 £223,253.51 176

05/04/2014 £252,202.65 299 £166,822.65 205

05/04/2015 £236,345.04 306 £143,617.24 199

05/04/2016 £258,777.55 295 £162,311.75 178

05/04/2017 £572,301.11 224 £489,225.00 145

Grand Total as at

05/04/17 £5,138,019.16 6,644 £2,620,015.86 3,105

Donations made in the former Antrim Borough

Area (included in the total Northern Ireland

figure)


Independent auditors' report to the Trustees of Enkalon Foundation

Respective responsibilities of trustees and auditors

Scope of the audit on the financial statements

Opinion on financial statements

-

-

-

Matters on which we are required to report by exception.

-

-

-

-

Date: 6th October 2017

For and on behalf of Nichol Allen Limited (Statutory Auditors)

Chartered Certified Accountants

In our opinion the financial statements:

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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 prepared in accordance with the Charities Act (Northern Ireland) 2008.

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.

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).

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.

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.

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 .

Antrim

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______________________________________

R P Nichol FCCA Senior Statutory Auditor


Unrestricted

Funds Funds

2,017 2,016

Notes £ £

Income from:

Incoming resources from generated funds

Donations 0 0

Investments 3 305,658 319,276

Total incoming resources 305,658 319,276

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 4 628,700 307,368

Total resources expended 645,973 324,894

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 notes on pages 17 to 22 form part of these accounts.

Statement of financial activities (including income and expenditure account) for the

year ended 5 April 2017

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.


2,017 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)

Note of historical cost profits and losses for the year ended 5 April 2017


Notes 2,017 2,016

£ £

8 1,342 1,790

9 7,075,412 6,607,926

7,076,754 6,609,716

10 30,855 41,064

11 42,322 59,913

12 (8,059) (7,588)

65,118 93,389

7,141,872 6,703,105

6,707,354 7,178,373

434,518 (475,268)

7,141,872 6,703,105

Approved by the Trustees on 6th Octiber 2017


Unrestricted

Revaluation reserve

Unrestricted income fund

Funds

Investments

Fixed assets

Fixed Assets and investments

Balance sheet as at 5 April 2017

Net assets

Net current assets

Creditors: amounts falling due within one year

Cash and cash equivalents

Debtors

Current assets and liabilities


Indirect method

Notes 2,017 2,016

£ £

438,768 (480,886)

(779,083) 475,268

Depriciation 448

10,209 725

469 (316)

(329,189) (5,209)

0 (1,790)

(73,310) (357,418)

384,907 367,021

311,597 7,813

0 0

(17,592) 2,604

59,914 57,310

Cash and cash equivalents at the end of the financial year 42,322 59,914

Net increase (decrease) in cash and cash equivalents

Cash flow statement as at 5th April 2017

Cash flow from operating activities

Net movement in funds

Cash flows from investing activities

Fixed assets purchased

Cash and cash equivalents at the start of the financial year


Losses (gains) on investment assets

Decrease (increase) in debtors

Increase (decrease) in creditors

Cash flows from financing activities

Investments purchased

Investments sold


1

Adoption of FRS 102

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.

Interest on cash deposits is accounted for on the 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.

Expenditure

These are the Foundation’s second financial statements to comply with FRS 102. The date of transition to FRS 102 was 6st April

2015. 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 2015.

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.

Governance costs

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.


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.

Governance costs represent audit and professional fees and are accounted for on an accruals basis.

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.

Notes to the financial statements for the year ended 5 April 2017

Accounting policies

Income

Investment income

Interest on cash deposits

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 2015. The principal accounting policies are set out below.

Income form equities, fixed interest and unitised funds are accounted for in a receivable basis.


1

Debtors

Creditors

Grants payable

2

3

Total Total

2,017 2,016

£ £

35,394 52,724

95,134 109,040

174,739 157,465

391 47

305,658 319,276

Notes to the financial statements for the year ended 5 April 2017 (continued)

Investment income

Donations relate to unrestricted donations received from 0 individuals during the year (2016; 0 individuals).

Donations

Restricted funds

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;

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 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.

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.

Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives

of the Foundation.

Interest

Income from equities

Income from unitised funds

Income from fixed interest securities

Funding accounting

Accounting policies (continued)

Unrestricted funds

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.


4

Total Total

2,017 2,016

£ £

28,384 49,730

543,917 209,048

572,301 258,778

Note 5 37,743 30,909

0 900

9,118 7,402

280 1,333

5,810 5,154

448 0

3,000 2,892

628,700 307,368

5

2,017 2,016

£ £

34,902 33,670

Pension 1,227 0

1,614 3,453

(6,214)

37,743 30,909

2,017 2,016

Number Number

1 1

2,017 2,016

£ £

Christmas dinner: Trustees and staff 288 229

Allen Park Schierbeek Dinner: Trustees 290 0

Catering for meeting 36 35

Travel 243 162

857 426

The travel expenses were paid to one Trustee

National insurance rebate due

The average number of part time persons employed during the year excluding

Trustees was:

Management and administration

All expenditure is in respect of unrestricted funds

Staff costs:

Wages and salaries


Employee information

National Insurance Contributions (2017 is net of employment allowance)

The Foundation does not operate a pension scheme but has plans to introduce one next year.

No indemnity insurance for Trustees' liability has been purchased by the Foundation (2016: nil)

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:

No employees during the current or prior year received emoluments in excess of £60,000 (2015: £60,000).

Governance costs

Payments to:

Individual ex employees and/or their families

Institutions

Depreciation

Other office costs


Support Costs:

Staff costs

Legal and Consulting

Telephone

Rent, rates and insurance


6 Governance costs

2017 2016

£ £

Fees paid to the Foundation's auditor for audit of the accounts 3,000 2,892

3,000 2,892

7 Taxation

8

2017

£

Cost:

Brought forward 1,790

Depreciation:

Charge for the year 448

Net Book Value at 5th April 2017 1,342

Net Book Value at 5th April 2016 1,790

9

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 3,420,890 979,595 2,194,128 6,640,894

0 142,395 (56,595) (346,982) (261,182)

0 (55,887) (20,249) (7,247) (83,383)

0 580,025 103,652 95,406 779,083

0 666,533 26,808 (258,823) 434,518

46,281 4,087,423 1,006,403 1,935,305 7,075,412

134,901 3,496,448 1,119,623 1,856,954 6,607,926

At 5 April 2016

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.

Disposals

Movement in year

*net movement

At 5 April 2016

At 5 April 2015

Cost

At 6 April 2015

Additions

Disposals


Fixed assets

Office Equipment

The Foundation is not registered for VAT and accordingly, all their expenditure is recorded inclusive of any VAT

incurred.

Investments

Market value

At 5 April 2016

Unrealised

Surplus/(deficit)

At 6 April 2015


9

2,017 2,016

£ £

628,952 584,539

441,490 430,100

713,824 717,468

10

2,017 2,016

£ £

30,855 41,064

11 Cash and cash equivalents

12

2,017 2,016

£ £

8,059 7,592

13

2,017 2,016

£ £

7,141,872 6,703,105

Mayfair Capital Prop Inc TST for charities

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.

M&G Securities Ltd Charibond Inc

M&G Securities Ltd Charifund Inc

Investments which represented more then 5% of the net assets of the Foundation at the year end were as follows:

Unrestricted funds


Investments (continued)

Debtors

Creditors: amounts falling due within one year

Analysis of the net assets between funds

Market value

Accruals and deferred income

Prepayments and accrued income


14

General Revaluation

fund reserve Total

£ £ £

6,964,287 (261,182) 6,703,105

0 779,082 779,082

83,382 (83,382) 0

(340,315) 0 (340,315)

6,707,354 434,518 7,141,872

15

16

17

18

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

Other services provided by our auditors

Investments are held by Cunningham Coates Stockbrokers in nominee names on behalf of the Trustees of the Enkalon

Foundation.

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).

There is no ultimate controlling party.


Related party transactions

Contingent liabilities

Ultimate controlling party

At 5 April 2017

Net incoming resources before recognised gains and losses

Transfer on sale of investments

Gain on revaluation of investments

At 6 April 2016

Unrestricted funds

Documents

Enkalon Foundation Annual report for the year ended 5 April