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 Enkalon Foundation 2

Trustees' report for the year ended 5 April 2017

The Trustees of the Enkalon Foundation present their annual report and the audited financial statements for the year ended 5 April 2017.

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.

Objectives and activities / Public benefit

The principal objectives of the Foundation are to provide assistance to charitable organisation in Northern Ireland, particularly in the Antrim area and, in certain circumstances as specified by the Trustees, to ex employees of British Enkalon, Antrim and their families. The public benefits of the charity are: 1. The prevention or relief of poverty; 2. The advancement of education; 3. The advancement of health and saving lives; 4. The advancement of citizenship or community development; 5. The advancement of the arts, culture, heritage or science; 6. The advancement of amateur sport; 7. The advancement of human rights, conflict resolution or a reconciliation or promotion of religious and racial harmony; 8. The relief of those in need by reason of youth, ill health, disability, financial hardship or other disadvantage; and 9. The advancement of animal welfare

The Trustees confirm that the charity has complied with the public interest statutory guidance issued under section 4 of the Charities (Northern Ireland) Act 2008

Review of activities, achievements and performance

The Trustees consider the results for the year and the position of the Foundation at the end of the year to be satisfactory. Applications during the year totalled 226 and the Foundation made 224 donations amounting to £572,301

This year has seen six large donations being made by the Foundation: Antrim & Newtownabbey Council (Allen Park project) £ 350,000 Garden Show Ireland £ 5,000 NI Hospice (4th payment in a 4 year pledge totalling £20,000) £ 5,000 Antrim CAB core funding £ 11,538 MacMillian Cancer support £ 6,000 Buttle Trust £ 6,000

By the end of this financial year the Enkalon Foundation had exceeded £5,138,000 in donations since its foundation . The level of grants approved looks sustainable for the foreseeable future. The level of equipment granted to ex employees of British Enkalon, Antrim remains at a high level. This is to be expected as the average age of ex employees and their immediate families increases year by year. The organisations and individuals assisted are noted on pages 5 to 9 of the report. The Trustees will continue to take steps to improve financial performance in 2017 and beyond, to ensure the Foundation can continue to provide assistance to charitable organisations in Northern Ireland and ex employees and their families. An analysis of the geographical division of donations issued is as follows: £ Number Within the former Antrim Borough area £ 489,225 145 Within the rest of Northern Ireland £ 84,076 79 Enkalon Foundation 3

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

Review of activities, achievements and performance (continued)

Financial review

The Foundation's income decreased from £319,276 to £305,658 when compared to the prior year. The decrease was attributable to lower returns being received from fixed interest and unitised securities partly offset by a rise in divividend income. This change partly arose from the disposal of £223,000 of fixed interest securities to help fund the £350,000 donation to Antrim & Newtownabbey Borough Council (Allen Park Project) along the switch in investment allocations during the year as disclosed in note 9 of the financial statements.

Reserves policy

The Foundation's objective is to retain a level of free reserves in order to provide sufficient income to continue with its charitable activities. Free reserves are those unrestricted reserves excluding fixed assets, equities, fixed interest securities and unitised funds. As 5 April 2017 the level of free reserves was £111,395 (2016: £228,286). The increase in free reserves from prior year is due to fluctuating returns and gains experienced from investments held. The Foundation's aim is to retain sufficient free reserves equivalent to approximately nine to twelve months annual expenditure. This level of reserves will match the needs of the Foundation both at the current time and in the foreseeable future. The Foundation's annual income from investments is sufficient to meet the annual costs of donations and support costs in running the Foundation. The Reserves policy will be reviewed on an annual basis.

Reference and administrative details

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

Structure, governance and management

Enkalon Foundation is a charity constituted by a Trust Deed recognised as a charity by the Inland Revenue, number XN62210 and by the Charity Commission (NI), number NIC 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.

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. Enkalon Foundation 4

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

Investment policy

The Foundation invests in cash deposits, fixed interest securities, unitised funds and individual securities following recommendations from professional advisors for the purpose of generating income.

Plans for future periods

The Trustees are continuing to provide capital contributions to projects in the former Antrim Borough. These projects, if realised, would help to underline the legacy which British Enkalon contributed to the growth and development of the former Borough of Antrim.

Statement of Trustee's responsibilities

The Trustees are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Northern Ireland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing the financial statements, the Trustees are required to:

- select suitable accounting policies and then apply them consistently; - observe methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 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.

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: 17th6th October December 2017 2015 Enkalon Foundation

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

Pledges and Donations Paid During Financial Year 06/04/2016 - 05/04/2017 were: 5 Index to Abbreviations:

(SS) (Summer Scheme) (pp) (part payment) (P/07103) (Pledge payment honoured) (*) (Former Antrim Borough Area)

Ast No. Organisation Amount Date Sent Awarded * 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 * 16074 CAB Fuel Poverty Scheme - 1 Recipient 200 04/05/2016 * 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 * 16113 CAB Fuel Poverty Scheme - 1 Recipient 200 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 Enkalon Foundation

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

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

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 * 16116 Ex Emp Equip Purchase 3,200 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 * 16118 CAB Fuel Poverty Scheme - 1 Recipient 200 09/08/2016 * 16119 CAB Fuel Poverty Scheme - 1 Recipient 200 20/08/2016 * 15110 Crumlin Initiatives Group 1,000 24/08/2016 * 16154 CAB Fuel Poverty Scheme - 1 Recipient 200 31/08/2016 * 16155-56 CAB Fuel Poverty Scheme - 2 Recipients 400 20/09/2016 * 16160-62 CAB Fuel Poverty Scheme - 3 Recipients 600 28/09/2016 * 16163 CAB Fuel Poverty Scheme - 1 Recipient 200 30/09/2016 P/15136 RAMS NI 1,000 30/09/2016 P/14224 Samaritans Ballymena Branch 2,000 30/09/2016 * 16164 Ex Emp Equip Purchase 3,465 11/10/2016 * 16165 Ex Emp Equip Purchase 355 11/10/2016 * 16166 Ex Emp Equip Purchase 3,325 11/10/2016 * P/16102 Drumraymond Community Project - Toomebridge 1,500 11/10/2016 P/16077 NI Muslim Family Association - Belfast 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

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

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

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 * 16167 CAB Fuel Poverty Scheme - 1 Recipient 200 18/10/2016 P/16135 NI Mixed Marriage Association - 500 18/10/2016 * 16168 Ex Emp Equip Purchase 675 26/10/2016 * 16169-72 CAB Fuel Poverty Scheme - 4 Recipients 800 26/10/2016 * P/09165 Age UK Personal Alarms - 1 Recipient 254 02/11/2016 * 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 * 16179-82 CAB Fuel Poverty Scheme - 4 Recipients 800 16/11/2016 * 16183 Ex Emp Equip Purchase 2,860 16/11/2016 * 16184 Ex Emp Equip Purchase 175 16/11/2016 * 16214-15 CAB Fuel Poverty Scheme - 2 Recipients 400 21/11/2016 * P/14075 Antrim & Newtownabbey Borough Council 350,000 22/11/2016 * 16218 CAB Fuel Poverty Scheme - 1 Recipient 200 24/11/2016 * 16219-20 CAB Fuel Poverty Scheme - 2 Recipients 400 28/11/2016 * 16221 CAB Fuel Poverty Scheme - 1 Recipient 200 30/11/2016 * 16222 CAB Fuel Poverty Scheme - 1 Recipient 200 01/12/2016 * 16223-24 CAB Fuel Poverty Scheme - 2 Recipients 400 06/12/2016 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

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

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

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 * 16235-36 CAB Fuel Poverty Scheme - 2 Recipients 400 22/12/2016 * 16237 CAB Fuel Poverty Scheme - 1 Recipient 200 05/01/2017 * 17002 Ex Emp Equip Purchase 3,390 10/01/2017 * 17003 CAB Fuel Poverty Scheme - 1 Recipient 200 12/01/2017 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 * 17004 Ex Emp Equip Purchase 3,340 18/01/2017 * 17005 CAB Fuel Poverty Scheme - 1 Recipient 200 18/01/2017 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 * 17006 CAB Fuel Poverty Scheme - 1 Recipient 200 08/02/2017 * 17035-36 CAB Fuel Poverty Scheme - 2 Recipients 400 22/02/2017 * P/09165 Age UK Personal Alarms - 1 Recipient 254 23/02/2017 * 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 * 17041 CAB Fuel Poverty Scheme - 1 Recipient 200 15/03/2017 * 17042 Ex Emp Equip Purchase 3,290 21/03/2017 17013 Deafblind - NI 1,000 27/03/2017 Enkalon Foundation

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

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

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) * 17043 Ex Emp Equip Purchase 699 28/03/2017 Carers Matter - refunded -1,000 24/03/2017

Total 05/04/17 572,301 Enkalon Foundation 10

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

Donations are analysed as follows:

Donations made in the former Antrim Borough Area (included in the total Northern Ireland Northern Ireland figure) Number of Year End Amount Donated 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 Enkalon Foundation 11

Independent auditors' report to the Trustees of Enkalon Foundation

We have audited the financial statements of Enkalon Foundation for the year ended 5 April 2017 which comprise the Statement of Financial Activities (including income and expenditure account), the note of historical cost profits and losses, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, FRS 102).

Respective responsibilities of trustees and auditors As explained more fully in the Statement of Trustees' Responsibilities set out on page 4, the Trustees are responsible for the preparation of financial statements which give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors including APB ethical standard - Provisions Applicable to Smaller Entities, in the circumstances set out in note 17 to the financial statements .

This report, including the opinions, has been prepared for and only for the Foundation's Trustees as a body in accordance with the Charities Act (Northern Ireland) 2008 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of the audit on the financial statements

An audit involves obtaining evidence about the amounts and disclosure in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Foundation's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the financial statements. In addition, we read all the financial and nonfinancial information in the Trustees' report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements

In our opinion the financial statements: - give a true and fair view of the state of the Foundation's affairs as at 5 April 2017, and of its incoming and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the Charities Act (Northern Ireland) 2008.

Matters on which we are required to report by exception. We have nothing to report in respect of the following matters where the Charities Act (Northern Ireland) 2008 required us to report to you if, in our opinion;

- the information given in the Trustee's Annual Report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.

Signed______Date: 6th October 2017 R P Nichol FCCA Senior Statutory Auditor For and on behalf of Nichol Allen Limited (Statutory Auditors) Chartered Certified Accountants Antrim Enkalon Foundation 12

Statement of financial activities (including income and expenditure account) for the year ended 5 April 2017

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 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. Enkalon Foundation 13

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

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) Enkalon Foundation 14

Balance sheet as at 5 April 2017

Notes 2,017 2,016 £ £ Fixed Assets and investments Fixed assets 8 1,342 1,790 Investments 9 7,075,412 6,607,926 7,076,754 6,609,716 Current assets and liabilities Debtors 10 30,855 41,064 Cash and cash equivalents 11 42,322 59,913 Creditors: amounts falling due within one year 12 (8,059) (7,588) Net current assets 65,118 93,389 Net assets 7,141,872 6,703,105

Funds Unrestricted income fund 6,707,354 7,178,373 Revaluation reserve 434,518 (475,268) Unrestricted 7,141,872 6,703,105

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

Approved by the Trustees on 6th Octiber 2017 Enkalon Foundation 15

Cash flow statement as at 5th April 2017 Indirect method

Notes 2,017 2,016 £ £ Cash flow from operating activities Net movement in funds 438,768 (480,886) Losses (gains) on investment assets (779,083) 475,268 Depriciation 448 Decrease (increase) in debtors 10,209 725 Increase (decrease) in creditors 469 (316)

(329,189) (5,209) Cash flows from investing activities Fixed assets purchased 0 (1,790) Investments purchased (73,310) (357,418) Investments sold 384,907 367,021 311,597 7,813 Cash flows from financing activities

0 0

Net increase (decrease) in cash and cash equivalents (17,592) 2,604 Cash and cash equivalents at the start of the financial year 59,914 57,310 Cash and cash equivalents at the end of the financial year 42,322 59,914

The notes on pages 17 to 22 form part of these accounts. Enkalon Foundation 16 Notes to the financial statements for the year ended 5 April 2017

1 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 2015. 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 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.

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. Enkalon Foundation 17 Notes to the financial statements for the year ended 5 April 2017 (continued)

1 Accounting policies (continued)

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Grants payable

Grants are recognised in the accounts as liabilities after they have been approved by the Trustees even if there are conditions attached to them. This is because there is a valid expectation by the recipients that they will receive the grant.

Funding accounting

The Foundation has various types of funds for which it is responsible and which require separate disclosure. A definition of the various types of funds is as follows;

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

Restricted funds Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The cost of raising and administering such funds are charged against the specific fund. There are no restricted funds.

2 Donations

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

3 Investment income Total Total 2,017 2,016 £ £ Income from fixed interest securities 35,394 52,724 Income from unitised funds 95,134 109,040 Income from equities 174,739 157,465 Interest 391 47 305,658 319,276 Enkalon Foundation 18 Notes to the financial statements for the year ended 5 April 2017 (continued)

4 Charitable activities Total Total 2,017 2,016 £ £ Payments to: Individual ex employees and/or their families 28,384 49,730 Institutions 543,917 209,048 572,301 258,778 Support Costs: Staff costs Note 5 37,743 30,909 Legal and Consulting 0 900 Rent, rates and insurance 9,118 7,402 Telephone 280 1,333 Other office costs 5,810 5,154 Depreciation 448 0 Governance costs 3,000 2,892 628,700 307,368 All expenditure is in respect of unrestricted funds

5 Employee information 2,017 2,016 £ £ Staff costs: Wages and salaries 34,902 33,670 Pension 1,227 0 National Insurance Contributions (2017 is net of employment allowance) 1,614 3,453 National insurance rebate due (6,214) 37,743 30,909

2,017 2,016 The average number of part time persons employed during the year excluding Number Number Trustees was: Management and administration 1 1 No employees during the current or prior year received emoluments in excess of £60,000 (2015: £60,000). No Trustees received any remuneration during the year (2015: Nil). £857 (2016: £426) relating to the reimbursement of expenses was paid to the Trustees during year. The expenses paid in the year where as follows: 2,017 2,016 £ £ Christmas dinner: Trustees and staff 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

No indemnity insurance for Trustees' liability has been purchased by the Foundation (2016: nil) The Foundation does not operate a pension scheme but has plans to introduce one next year. Enkalon Foundation 19 Notes to the financial statements for the year ended 5 April 2017 (continued)

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

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 2017 Office Equipment £ 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 Investments Investment Fixed interest Unitised cash Equities securities funds Total £ £ £ £ £ Cost At 6 April 2015 134,901 3,354,053 1,176,218 2,203,936 6,869,108 Additions (88,620) * 142,780 5,950 13,200 73,310 Disposals 0 (75,943) (202,573) (23,008) (301,524) At 5 April 2016 46,281 3,420,890 979,595 2,194,128 6,640,894 Unrealised Surplus/(deficit) At 6 April 2015 0 142,395 (56,595) (346,982) (261,182) Disposals 0 (55,887) (20,249) (7,247) (83,383) Movement in year 0 580,025 103,652 95,406 779,083 At 5 April 2016 0 666,533 26,808 (258,823) 434,518 Market value At 5 April 2016 46,281 4,087,423 1,006,403 1,935,305 7,075,412 At 5 April 2015 134,901 3,496,448 1,119,623 1,856,954 6,607,926 *net movement Enkalon Foundation 20 Notes to the financial statements for the year ended 5 April 2017 (continued)

9 Investments (continued)

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

Market value 2,017 2,016 £ £ M&G Securities Ltd Charifund Inc 628,952 584,539 M&G Securities Ltd Charibond Inc 441,490 430,100 Mayfair Capital Prop Inc TST for charities 713,824 717,468

10 Debtors

2,017 2,016 £ £ Prepayments and accrued income 30,855 41,064

11 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

2,017 2,016 £ £ Accruals and deferred income 8,059 7,592

13 Analysis of the net assets between funds

2,017 2,016 £ £ Unrestricted funds 7,141,872 6,703,105 Enkalon Foundation 21 Notes to the financial statements for the year ended 5 April 2017 (continued)

14 Unrestricted funds

General Revaluation fund reserve Total £ £ £ At 6 April 2016 6,964,287 (261,182) 6,703,105 Gain on revaluation of investments 0 779,082 779,082 Transfer on sale of investments 83,382 (83,382) 0 Net incoming resources before recognised gains and losses (340,315) 0 (340,315) At 5 April 2017 6,707,354 434,518 7,141,872

15 Related party transactions

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

16 Contingent liabilities

In accordance with the stated accounting policy, direct charitable donations are accounted for on an accruals basis. The Foundation pledges funds to various organisations and individuals, normally payable over a three year period, subject to the fulfilment of certain conditions. Such payments are then made out of future income. The total of outstanding pledges at the year end was £56,452 (2016: £413,728; of which £350,000 was pledged to Antrim & Newtownabbey Borough Council for the Allen Park project).

17 Ultimate controlling party

There is no ultimate controlling party.

18 Other services provided by our auditors In common with many other organisations of our size and nature we use our auditors to assist with the preparation of the annual report and financial statements