Charity registration number 1093700 Company registration number 04404356 IEngland and Wales) RAY MCGRATH MEMORIAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023
RAY MCGRATH MEMORIAL TRUS" LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr H Vvoort Mr P Scolt Charity number 1093700 Company number 04404 Registered office l O Bolt Court 3rd Floo London EC4A 3DQ
RAY MCGRATH MEMORIAL TRUST CONTENTS Page Trustees. report Slatemènl ol Iruslees, responsibilitie Independent auditor's report Statement of financial aclivilies Balance sheet Notes to the financial staleinents 8- 13
RAY MCGRATH MEMORIAL TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 5 APRIL 2023 The Iruslees present their annual report and financial stateinents lor ihe year ended 5 Apnl 2023. The financial stateinents have been pi-epai-ed in accordance bvith tlie a¢countina policies set OLIt in note 1 to the financial stateinents and coinply with the charity's Articles ol Association. Ilie Coimpanies Act 2006 and "AGcoLiriting and Reporting by Gharities.. Statement ol Recommended Practice applicable to charities prepaiing theii" accounts In accordance with the Financial Reporting Standard applicable In the UK and RepLiblic ol Iieland IFRS 1021 (effective 1 January 20191. Objectives and activities Tlie objects and the public benefit of the Trust are the advancemeni ot edLication 2nd the ielief ol poverty. in pzrtictjlèi the granting of scholarships. bursaries 01 granls lo UK residents In the fields ol MSit and the Merchant Navy. ,ryubliG benefjl I he trLJStees have paid due regard to guidance Issued by the Charity Coinmission In (Seeiding what activities the charity should undertake. Aciiviiies During the previous year the late Mrs Chi"Istina McGrath's estate passed lo the charity. The trusteès have investe the funds received wth the aim to achieve an annual Income. which will be iised lor the ¢haiitable purposes. and to achieve capital growth ol the investments. Achievements and perfomiance Signiricai?t acfriviiies and achievenients against obiecliwes During the pievious year, the charity received the late Mrs Christina McGrath's estate by way ol her will. The amount i eceived was £3.251.802. The investment Inc0511e ieceived 111 the year amounied lo £90.81012023.. £4.9401. There were no amounts made to various charities during the year howevei. the tl U5tees continiied to lorin partnerships with various bodies with the aiin of fulfilling the charity's obiectives In the upcoming year. Financial review Resewes Policy It Is the poli¢y of the charity that unrestricted funds which have not been designated for a specific Lise shoiild be Inainlained al a level eqLiivalent to belween three and six Incjnlh's expendiluie The trustees consider that reserves at this level will ensuie that. in the eveni of a signifioant drop In funding. they ivill be able to continue the chaiity's curient activities while consideration is given to ways In which additional funds niay be raised. This level ol rese5ves has been maintained throLighout the year. tylajoi risks The trustees have assessed the Ia10r iisks to which the charity Is exposed, aiid are satisfied that Systems are In place to mitigate exposure to the tnajor risks Structure, governance and managèment The company is limited by guarantee and the governing documents are the company's Memoranduni aTrd Articles ol Associats'on The Iruslees. who are also the directors for the PLirpose of company law. who served during the year and up to the date ov signature ol the Iinancial statementg were Mr H tIVood Mi P Scott Reci"uitn?en* èncl èppoinriiient of tiLJsle8s None of the trustees has any beneficial intefest in the company. All ol the tiustees are Irembeis of the company and guarantee to contribute £1 in the event of a windiiiq up.
RAY MCGRATH MEMORSAL TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, RF.PORTI ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Auditor In accordance with the eompany's articles. a resolLilion proposinq that be reappointed as auditor of the coinpan51 wll be put at a General Meet5ng. The tILlStees' port was approved by the Board OT Tiustees. MrHW Trustee od Date..
RAY MCGRATH MEMORIAL TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2023 The trustees, who are also thè dire¢iors ol Ray McGrath Memorial TrLl8t foi tlie piiipos& of rompany law. are I'esponsible loi pieparing the TILlStees' Report and the financial slalemeiit8 In acc.oidai)ce with applicql)le lavi and United Kingdoin Accounting Standards (United Kingdoin G*nei"ally Accepted Accounting Praclicei. Coinpany Law requires the trustees to prepare financial stateineiits lor eacl) Iii)ai)cial yedf Wnich uive d triie and lair view of Ihe slate ol affairs of the charity and ol the Incoiiiing resoLir¢es and (Ipplicalioll ol resources. Including the incoine and expenditure, ol Ihe chaiitable company lor that year In preparing these financial statemen15. the trustees are reqiiired lo select SLlltable accoLinting poli¢ie$ and then apply thein consislenlly observe the methods and piinciples in the Charities SORP make jLidgements and estiinates that are reasonable ai)d prtidLint.' state whether applicable UK Accounting Siandards have been tullowed. s(Ibjert to any material departures dis¢losed and explained In the financial staleinenls., and prepare the financial slaiemenis on the going concern basis uiiless It Is Inappropriate to pi'esiii)ie ihal the charity will continue in optralion. The trLislee$ are responsible lor keeping adeqLiate aceoLintino ieiolrts thai disclose wilh I'easonable acc.uracy at any tiine the financial position of the charity and eiiable Ilieiii to ensLire tl)dl tlie fii)ancial slaieinenls ¢oinply willi the Coinpanies Act 2006 They aro also responsible lor sategiiarding the llsseis or the Charity ai)d heiire lor takiny reasonable steps for the prevention and detection ol traiid and other IrregLilaiilies. As lar as the IrLlStees are awaie. there Is no relevaiit aLidit Inloimalion ol which the company's au(Jilor$ 8rL' unawaiè The trustees have iaken all the slep5 they OLighl lo hav? takei). as a tiiislee. in ordpi lo make Iheinselve5 aware ol aiiy relevant audit information and to establish that the ¢oini)18riy's aijdiloi s awarp r)1 that inlorinalion.
RAY MCGRATH MEMORIAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RAY MCGRATH MEMORIAL TRUOCT Opiiiion Vve have aiidited the finan¢ial statements of Ray Mc.Gri4lli Ibl?Ini)rial I'riisl Irhe knhAiity'l lor the year ended 5 April 2023 which coinprise the stateÈTent of financial activities. tho b2lÈnce 8ne.el and notes to the Iinanc,ial statemenis incliiding signilicanl a¢¢ounling policies. The financial reporting lr8inewoi-K that lias been applied In their preparation Is 8pplic2ble law and United Kingdoin Accountinq Standards. incliidino Financial Reporting Standard 102 Ine Financial Reporting Standard 8pplicable 11? the (Jr( and Republic oi li"&iantt (United Kingdom Generally Aceepled Accoiinting Practice). In our opinion. the financial statements.. give a irue and lair view ol the state ol the charitable compaiiy's allairs as at b April 2023 and ol its incoining iesources and application of resolirces, lor the year then ended.. have been properly piepared in accordance with United Kingdoin Generally Accepted Acco'ng Practice.. and have been prepared in accordance with the requirements ol the CorFipai)ies Aci 2006 and Charities Act 2011 Basis for opinion Vve ¢onducled our aLidit In accordance ivith Intemational Standards on Auditing IUKI IISAS IUKII and applicable lavj. OLJI responsibilit'es linder those standards ai"e furthknQl dp8cribed in tnp 4iidito.i % I'esponsibilifries foi. the 3Lidit Gf the financial sialeiiients section of our report. We are Indepeiidei)l ol the cncirily Iii accordance with the ethi¢al requireinents that are relevant to our audit ol the fittaiicial slatemeiits in the JK. Iiiciuding the FRC'S Ethical Standaid. and we have fulfilled OLIF other ethical responsibilities In accordance witii these. i-equireinents. We elIeVe that the audit evidence we have obtained Is sufficient and appropriate to provide a basls toi olir opinion. Conclusions lating to going concern In auditing the financial statements. we have concluded that the trustees, Lige otthe going concern basis ol accountiiig in tlie preparation of thè financial statements is appropriate. Based on the work we have performed. vrfe have not identified any Inaterial Lincertainiies I'elating to events or conditions that. individuèlly or ¢olleclively, may cast significant doubl on thp charity's ability lo tontinue as a 9oin9 oon¢ein lor 2 period ot ai Seas1 twelve months troin when the financial stAtements are aulhorised toi issue. OLlI- responsibilities and the responsibilities oi the triistee8 With respeGI to ooiftg L'oncern are described in the relevaiit sections ol this report. Other infomiation The other intorination comprises the information Included in the annual report other than tlie fioaneial statements and oiir aLiditoi-'s report thereon. The trustees are I'esponsible foi tlie othei- Inloi-lnation contained within the anniial report. Oiir opinion on the financial statements does not eover the Oiher Inforination dnd we do not express any form of assurance conclusion thereon. Olir responsibility is to read the orher Inlormtlioii and. In doing so. Consider whethei the other inforinalion is Illaterially inconsistent witli Ihe fiiiancial slate5nentS 05. oiir knowledoe obtained in the eOLirse f the aiidit, or otherwise appears to be materièlly Inisstated It we Identify s15ch Inaterial Inconsistencies or apparent material misslaiements. we are required to determir)e wheiher this gives rise to a material InisstatemeTrt in the financial statements themselves. If. based on the woik we have perlorined. Ive eonclude tnai there Is a material m15Stateinent of this other Inloi'in2tion. we are required to report that lact We have nothing to report in this regard. Mattèrs on which we arè required to report by exception Vve have nothing Èo ieport in respect of the following Inarters In relation to which the Charities (Accounts and Reports) Regulations 2008 require us to ieport to you if. in oiir opinion the inforination given In the financial sÈateinents Is inconsistent in any material respect with the trLlStees' report.. <>1 SLifficient accounting records have not been kept". or the financial statements are not In agreement with the aceoLinlino records". Oi we have not received all the inforination 8nd explanation8 kve require for our aLidit.
RAY MCGRATH MEMORIAL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF RAY MCGRATH MEMORIAL TRUST Responsibilities of trustees A8 explained Inore fully in the stateinent of Iriistees. responsibilities, the trustees. who are also the directors or the charity lor the purpose of company law. are responsible for the preparalioii of the financial stateirents and loi" being satisfied that they give a tiue and tsir view, and lor such Internal control as the trustees deiermine Is necessary to ei)able the pieparation of financial statements thai are free troin Inatenal inisstateineni. whether oiie to fraud or error. Iii preparing the financial slatemenls. Ihe trustees are responsible loi assessing the charity s ability to contlnLie as 3 goir)g concern. disclosing, as applicable. Imatteis relaled to goino contein and using the going concern basis ol accounting unless the trLlStees either Intend to liquidate the chaiitable company or to c.ease opprations. or liave iio i-ealisbc alternative but to do so. Auditor's responsibilitiès for the audit of the finaiicial statemenis We have been appointed as auditor under section 145 of the Chaiities Act 2011 ancl report In accordance Mqth the A¢t and relevant regulations Inade or having effect thereLsndei Our objectives are to obtain reasonable assurance about whelhei the financial statements as a whole are free Iroin maleiial Inisstatement. whether due 10 fi'aud or erior. and to Issue an a(Iditoi's report that Includeg oiir tspinioi-. Reasonable assLirance is a high level ol assiirance bul Is not a guarantee thar an aiidit condiicted in accordance with ISAS IUKI will 2lways detect a material Inisstatement when it èxists. Misstateinents cèn arise fioin fraiio 01 eiroi and are considered material il. Ir)dividually or in the agoregate. they Gould rèasonably be exper.ied to influer)ce the econoinic detisions of useis taken on the basis of these financial staleinents. Irregularities. including fraud, are instances ol non compliance wth law and regulations. We design pro¢edure5 In line with our responsibilities. ouilined above. lo detect material misstateinents In respect of irregularities. including fraLId. A further desciiplion ol our responsibilities is avai12ble on the Finan¢ial Reporting Council s website al." https".1,1 www.Irc.org.uklauditorsresponsibilities This description lorins part ol oiir aLiditor's report. other matters The prior period financial statements were iiot audited by us or ai)y other 8Liditois Use of our report This report is made golely to the charity s trustees. as a body. in accordance iAJith v)2rt 4 01 the Ch8ritie8 IAccounts 2nd Reports) Regulations 2008. Our aLidil work has been undertaken so that we Inight slate to the charity's trustees those Inatters we are required to state to thein an auditor's report and lor no otlier purpose. To the fullest eKtenl permitted by law. we do not accept or assLime responsibility to anyone other than the charity and the cliarity"s trustees as a body. loi our audit work. loi this ieport, or lor the opinion¥ we have formed Calders118831 LLP Chartered Accountants & Ststutory Auditors Date.. 9th May 2024 30 Orange Street London WC2H 7HF Calders 118831 LLP ig eligible loi appointrment as aLiditoi- ol the chanty by virtue ol its eligibility for 2PP05ntment as aiiditor ol a company under sectitsn 1212 01 the Coinpanies Act 2006.
RAY MCGRATH MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 As restated Unrèstricted funds 2022 Unrestricted funds 2023 Noies Income from: Donations and legacies Investinents 3.521.802 4.940 90.760 Total income 90.760 3.526.742 Expenditure on.. Raising funds Charitable acts-vilies 25.381 5.400 2.919 Total expenditure 30.781 2.919 Net gainslllossesl on investments 10 209,829 1.054 Net income and movement in ndS 269.808 3.524.871 Reconciliation of funds.. Fund balances at 6 April 2022 3.578.150 53,273 F¢Jnd balance5 at 5 April 2023 3,847.958 3.578.150 The statement of financial activities Includes all gains an(t losses recognised In the year. All Income 8nd expenditure derive IloTn continuing acb"vib"es.
RAY MCGRATH MEMORIAL TRUST BALANCE SHEET AS AT 5 APRIL 2023 As restated 2022 ')023 Noles Fixed assèts Inve5tmeDts 12 3.657,545 1.511.249 Current assets Debtors Cash al bank and In haiid 196.635 2.068.457 196,635 ?.068 457 Creditors.. amounts falling due within one year 13 16.2221 11 .5561 Net current assets 190.413 2,066.901 Total assets less current liabilities 3.847.958 3.578.150 Net assets excluding pension liability J.847.958 3.578.150 The funds of the charity Unreslrioled tunds 3.84 1.958 3.578.150 *.847.958 3 r)78.150 The company 15 entitled to the exemption froin the audit ieqLiireiiient contained In gection 477 of the Companies Act 2006. for the year ended 5 April 2023. although an aiidit has been carried out linder section 144 01 Ihe Chaiities Act 2011 The directors acknowdedge Iheii responsibilities lor coinplying with the requireinents of the Companies Act 2006 with respect to accounting records and the preparation ol finaiicitl staleinenls The members have not required the company to obtain an audit ot Its financial statements Linder the requirements ol the Cotnpanies Act 2006. foi the year in qLiestion in accordan¢e with se¢iion 476 These financial slaleinenls have been prepared in accordance with the provisions applicable to companies subject to the sinall companies regiine. The Iinan ial statements were approved by the trustees on MrH ood Trustee Company reoistration number 04404356 (England and Imalesi
RAY MCGRATH MEMORIAL TRIJST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2023 Accounting policies Charity information Ray McGfalh Memorial TrLISt is a private company Iimiled by giiarantee Incoi'poraled in England and IAlalp8. The registered office Is 10 Boll Court. 3rd Floor. Loi)doii. EC4A 3DQ 1.1 Accounting convention The financial slateinents have been preparèrt In <.Iccoidai)rt with th cliRI'ity's Articles ol Association. the Companies Act 2006. FRS 102"The Financial Re.i)onin4 Slandaid applicable 111 Ihe UK and Repiiblic ol Ire.land" I'FRS 102 1 and the Charities SORP ' Accountynq and ReportinfJ by Cliaritie5.' Slateineni ol Recommended Praclice applicable lo ¢haiilies pieparing tlieii aceuiiiils In actoi dan¢e witli tlie Financial Reporting Standai d applicable in the UK and Republic ol Ireland IFRS 1021" lettective 1 Jaiiuafy 20191. The cliarity is a Pliblic Benefit Entity as defined by FRS 102 The charity has taken advantage of the provisions in the SORP lor chaiilies not to prepare a Statement ol Casn Flows. The financial stateinents are prepared in sterling. which is the lunclional CLirrency ol the charity. lthonetary ainoLinls in these financial slateinenls are roiinded lo the nearesi £, The financial slalements liave been prepared under the hitstorical rosl Convention. Inodified lo include the revallialion ol freehold properties and lo Incliide Investinent pi'nperties and certain financial instruments al lair valiie. The principal accoLinting policies adopted are sei nLli bpiow. 1.2 Going concern Al the liine ol approving the financial statenienis. tlie IrLlStee% have a reasoi)Able expe¢t&lion that the charity has adeciuate I'esoiirces lo coftlinue in operational existence lor the loreqeeable lulLiie. ThLlS the tiiisleps ¢onlinue lo adopt the going concern basis ol accouiiting Iii prepariiig the Iii)diicial Slateinenls. 1.3 Charitable funds Unrestricled ILind$ are available lor u8e 31 the discl-elion ol the Irustees in Illrtherance of theii. charitable objectives. Restricted Ilinds are subject lo specific conditions by donors or qri1ntoi's as to how they Inay be used. The purposes and uses ol the reslri¢ied Ilinds ai e set OLII ii) the iiotes lo rhe fiiiancial statements. &ndowinent funds are subject to specific condilions by donors thai the oapil81 niiisl be In8inlained by the charity. 1.4 Income In¢oine is iecognised when the charity is legally entilled to it aftei" any perloi Inance conditions have been mel. the ainounls can be measured reliably, and it is probable that incoine will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified olthe donation. unless perforinance ¢oiidilions rpriiiire Ilelerf?4 l olthp ir IlloLinl. 1nc.oinp lax recoverable in relation to donations received under Gift Aid 01 deeds ol covenai)l is recognised at tlie tiine ol 11)e aonalion Legacies are recognised on receipt or otherwise il Ihe ehawity hag been notified ol an iinpendirig distribution. the amoiint Is known, and receipt Is expected. 11 the ainoiint is not known. the legacy Is treated as a contingent asset. Investment income is recognised on an a¢¢iuaSs basis. Dividend Incomp on quoted securikn.es Is recognised when the securities are quoted "ex-dividend Dividend income on iinquoted 8e¢urilie$ is reco9nised when the dividerTrd ig declared.
RAY MCGRATH MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 Accounting policies Icontinued 1.5 Expenditure Expenses are recognised on the accruals b8s1s al the point when a leoal obligation exists 1.6 Fixed asset investments Fixed asset Investments are Initially measured at transaction pi'ice exclLiding transaction costs. and are subseqLienlly Ineasiiied at laii value ai each ieportinq dale. Chanqes In fair valLie are I'ecognised in nel incomel lexpendiiurel lor the year. Transaction costs are expensed as incuri"ed. 1.7 Cash and cash equivalents Cash and cash eqLiivalents include cash In hand. ijeposits held at call with banks olhei short-terin liqiiid inveslinents with original Inatuiities ol three Inonihs or less, aiid bank ovei'drafts. Bank overdr8fts are shoivn within borrowings in eLirienl liabilits'es. 1.8 Financial instruments The charity has elected lo apply the provisions ol Setlion 11 'BasiG FinanL5al Instruinents, and Seclion 12 '01her Financial Instruments Issues. of FRS 102 10 all ol ils financial iiisliLiinenls. Financial instruments are fecognised in the charity's b21an¢e sheet when Ihe chai'ily becomes party to the contractLial provisions ol the inslrumenl. Finan¢ial assets and liabilities are offset. ¥A4th the nel amoiints presented in the financial slateinenls. when there SS cl legally enforceable right to set ott the recognised ainoiints aiid there Is an Iiitention to settle on a i)el basis or to iealise the asset and settle the liability simultanpoLJsIy. Basic financial assets Basic financial asseis, which include debiofs and cash and bank balances. are Initially meagufed at Iiansaction i)rice including ti ansaction costs dnd are SLib$equei)tly cafried al ainortised cost Lising 11)e effective Inlere%i Inethod Linless the ai'rangeinenl conslilLltes a finaiiciny Iiai)baction. where the transaction 15 Ineasured at the present valLie ol the lulLire re¢eipis dis¢oiinled dt d Inai'kel late ol inlei'esl, Financial assets classified as receivable within one year are not amortised. Basic financial liabililies Basic financial liabilities. inclLiding creditors and bank loans al-e Initially recognised at transaction price unless the arrangeinenl eonslituies a financing tiallsaclion. where the debt InÈlriiineTrt Is Ineasured al the present valiie ol the future payiiienls discounted at a Inarkel rate ol interest. Financial I1bIlitieS classified as payable within oiie year are not amortised. Debt instriiments are subseqvenlly cairied al ainortised cost, Lising the effeetive interest rale method. Trade creditors are obligations to pay loi goods oi. services (hat have beeii acquired in the ordinary course ol operations from suppliers. AinoLints payable ale classified as cuiient liabilitses Il payinent Is due within one year or less. If not. they are presented as non-cuirent liabilities. Trade crediloi-s are i ecognised initially al Iransaclion price and SLibseqLiently measured at amortised cost Iising the ettective Intei'est method. Derecognition of financlal Ilabllliie$ Financial liabilities are derecognised iwrfhen the chaiily s ¢ontraclual obligations expire or are discharged or C8n¢elled. 1.9 Employee benefits The cost ol any unused holiday entilleinent 15 iecogiiised in the period In wliich the employee s services ère received. Terinination benefits are recognised iminediately as cin expenbe when the charity is demonstrably committed to teiininate the einployment of an employee or to i)rovide terininatioTr benefits.
RAY MCGRATH MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Critical accounting estimates and judgements In the application of the charity's actOLinting policie5. the trustees are reqLiired lo Inakp iudgeiT)enls. e$tim8les and assiiinplions abollt the cairying ainount ol assets and liabilities that are not ieadily ai)parent Iroim other sources. The estimates and associated assLimpiions are based on historical experience and other factors thai ale considered lo be relevant Acliial resu119 Inay differ rroin these Èslimales. The eslimales and underlying assLimptiong are ieviewed oli an ongoing basis. Revisions to aceounlii)g estimates ale iecognised In the pei'iod In which the estimate Is rpvised wihere th& I'evision affects only that period. or in the period ol the revision and IiilLire period8 whpi'e the i evision affects both current and liitui'* periods. Income from donation5 and legacies Restated Unrestricted funds 2022 Unrestricted funds 2023 Leoacies receivable 3,521,802 Income from investments Rèstated Unrestricted Unregtricted ftsnd5 2023 2022 Incoine froin listed investinenls Intere51 receivable 84 539 4,940 90.810 4.940 Expenditurè on raising funds Restated Unrestricted Unreslricted fuiids fuiids 2023 2022 Investment management 25.381 2.919
RAY MCGRATH MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 Expenditure on charitable activitie> 2023 Direct costs Share of support and governan¢e costs Isee note 71 Governance 5.400 Analysis by fund Unreslri¢led fLinds Support costs 8llo¢aled to activities 2023 2022 Governance co$1$ 5.400 Analysèd beeen.. Accountancy lees 5,400 Trustees Other than deiailed in note 16, none ol the IrusiÈe8 lor any persons connected with them) received any remuneration or benefits from the charity during Ihe ye81. Employees The average Inonlhly number ol employees during the yeEsr was.. 2023 Number 2022 Number Total There were no employees whose annual i einuneiation Wds Inore than £60.000. Remuneration of key management personnel The remuneration ol key management personnel was as lollowo. 10 Gains and losses on investments Restated Unrestricted Unrèstricted funds funds 2023 2022 Gainslllossesl arising on.. Revalliation of Investments 209.829 1.054
RAY MCGRATH MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 11 Taxation The charity is exeinpt from taxation on Ils activities becaiise all its income Is applied lor charitable piirposes. 12 Fixed asset investments Listed invèstments Cost or valuation Al 6 April 2022 Ireslaledl Additions Valuation change$ Disposals 1.S11,249 2,225.953 256,605 1336.2621 Al S April 2023 3.657.545 Larrying amount Al 05 April 2023 3.657,545 At 05 April 20221i'estatedl 1,511,249 13 Creditors.. amounts lalling due within onp year 20d3 2022 Other c.reditors Accruals and deferred Income 733 823 6.222 6.222 14 Unrestricted funds The Linrestricted funds of the chaiity comprise the Linexpended balances ol donations and grants which are not siibjecl lo specific cor)ditions by donois and grantors as lo liow they Inay be used. These in¢lLide designated ILinds which have been set aside oui ol Linrestricted funds by the triistees lor specific purposes. At 6 April 2022 InGoming resources Resources expended Gains and losses At SApril 2023 General tunds 3,578,150 90.760 130.7811 209.829 3.847.958 Restated Incoming resources Restaied Resourcès expended Restated Gains and losses Restated At 5April 2022 Previous period: At 6 April 2021 General funds 53,273 3.526.742 12.9191 1.054 3.578.150
RAY MCGRATH MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2023 1 S Prior year adjustments The prior year has been restated lor pievioLisly omitted illvesliner)t li ansaclions. Thè materially restated areas are fixed asseT investments, cash at bank and in hand and legacies receiveu. 16 Rel8ted party transactions Transactions with related parties During the year the charity Lltilised the aecoLintancy sei'viLes ol SRG LLP. cl fiiiii ol wliich a Trusiee is Inalerially interested The charity was charged a lee ol £5,400 Iin¢lLisive of VATI loi accounting seivic,eF. 13