2024-04-05-accounts

Registered number: 04404356 Charity number: 1093700 RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

RAY MCGRATH MEMORIAL TRUST (A company Ilmlted by guarantee) CONTENTS Page Reference and administrative details of the Company. its Trustees and advisers Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 9-17

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Mr P Scott. Trustee Mr H Wood, Trustee Company registered number 04404356 Charity registered number 1093700 Registered oiTice 10 Bolt Court 3rd Floor London England EC4A 3DQ Accountants Calders {1883) LLP Charlered Accountants & Statutory Auditors 30 Orange Street London WC2H 7HF Page 1

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report and financial statements for the year ended 5 April 2024. The Annual report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the cu￿ent statutory requirements, the requirements of the charitable companvs goveming document and the provisions of the Statement of Recommended Practi￿ (SORP) applicable to charities preparing their accounts in accordance with the Financial Reportsng Standard applicable in the UK and Republic of Ireland {FRS1021 {effective 1 January 2019). Objectives and activities • Policies and objectives The objects and the public benefit of the Trust are the advan￿ment of education and the relief of poverty, in particular the granting of scholarships, bursaries or grants to UK residents in the fields of music and the Merchant Navy. • Main activities undertaken to further the Company's purposes for the public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Activities undertaken to achieve objectives A grant of £50,000 was made during the year. The trustees continue to fomi partnerships with various bodies with the aim of fulfilling the charity's objectives in the upcoming year. Achievements and perfonnance • Investment policy and perfomiance The trustees have invested the funds received from the estate of the late Mrs Christina McGrath with the aim to achieve an annual income. which will be used for the charitable purposes. and to achieve capital growth of the investments. Page 2

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Financial review • Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that. in the event of a significant drop in funding, they will be able to continue the charitys current activities while consideration is given to way in which additional funds may be raised. This level of reserves has been maintained throughout the year. • Principal risks and uncertainties The trustees have assessed the major risks to vA)ich the charity is exposed. and are satisfied that systems are in place to mitigate exposure to the major risks. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Structure, governance and management • Constitution The company is limited by guarantee and the goveming documents are the companvs Memorandum and Articles of Association. • Organisational structure The trustees. who are also the directors for the purpose of company law. and who seNed during the year and up to the date of signature of the financial ststements were= Mr H Wood Mr P Scott • Trustees, indemnities None of the trustees has any beneficial interest in the cA)mpany. Members. liability The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up. Page 3

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial slatements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources. including its income and expenditure. for that period. In preparing these financial statements. the Trustees are required to.. select suitsble accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102} have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going cOn￿M basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Companls transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 13 December 2024 and signed on their behalf by.. -w Haydn Calvin Wood Page 4

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent examinerfs report to the Trustees of Ray McGrath Memorial Trust (Ihe Company.) I report to the charity Trustees on my examination of the accounts of the Company for the year ended 5 April 2024. Responsibilities and basis of report As the Trustees of the Company {and its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {Yhe 2006 AGt'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 {'the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5){b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe- accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or the accounts do not accord with those records" or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a'true and fairf view which is not a matter considered as part of an independent examination- or the accounts have not been prepared in accordance with the methods and principles of the Slatement of Recommended Practice for accounting and reporting by charities [applicable lo charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with Ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Companws Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulatsons 2008. My work has been undertaken so that I might state to the Companvs Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest exlent pemiitted by law. I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Dated: 16 De￿mber 2024 Page 5

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 119,797 119,797 90, 760 Total income 119.797 119.797 90, 760 Expenditure on: Raising funds Charitable activities 27,705 58,941 27,705 58,941 25,381 5,400 Total expenditure 86,646 86,646 30,781 Net income before net gains on investments Net gains on investments 33.151 246.251 33,151 246.251 59,979 209,829 Net movement in funds 279.402 279,402 269,808 Reconclliatlon of funds: Total funds brought forward Net movement in funds 3.847.958 279,402 3.847.958 279,402 3,578, 750 269,808 Total funds carried forward 4.127.360 4.127.360 3,847,958 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 9 to 17 fomi part of these financial statements. Page 6

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) REGISTERED NUMBER: 04404356 BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Fixed assets Investments 12 3,973,495 3, 657,545 3,973,495 3. 657.545 Current assets Cash at bank and in hand 164,365 196,635 164,365 196,635 Creditors= amounts falling due within one year 13 110,500) (6,222) Net current assets 153,865 190,413 Total assets less current liabilities 4,127,360 3,847,958 Net assets excluding pension asset 4.127.360 3,847,958 Total net assets 4,127,360 3,847,958 Charlty funds Restricted funds Unrestricted funds 14 14 4,127,360 3,847,958 Total funds 4.127.360 3,847,958 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit forthe year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. Page 7

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) REGISTERED NUMBER: 04404356 BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2024 The financial statements have been prepared in accordance with the provisions applicable to enlities subject lo the small companies regime. The finanaal statements were approved and authorised for issue by the Trustees on 13 December 2024 and signed on their behalf by.. Haydn Calvin Wood The notes on pages 9 to 17 fomi part of these financial statements. Page 8

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 General infomiation Ray McGrath Memorial Trust is a private charilable limited by guarantee ,incorporated in England and Wales with company registration number 04404356 and charity number 1093700. The registered office is 10 Bolt Court, 3rd Floor, London. EC4A 3DQ. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities= Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019), the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in Sterfing. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Ray McGrath Memorial Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen￿ for the foreseeable future. Thus the trustees continue to adopt the going cOn￿M basis of accounting in preparing the financial statements. 2.3 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or whiGh have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial ststements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity- Investment income, gains and losses are allocated to the appropriate fund. Page 9

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (continued) 2.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending dislribution. the amount is known. and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. Investment income is recognised on an accruals basis. Dividend income on quoted securities is recognised when the securities are quoted "ex-dividend" Dividend income on unquoted securities is recognised when the dividend is declared. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activily. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributsble to a single activity are allocated directly to that activity- Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fvlfilled. Grants offered subject to conditions which have nol been met at the year end are noled as a commitment. but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.6 Investments Fixed asset investmenls are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses) on investments, in the Statement of financial activities. Page 10

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (continued) 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-tenn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.9 Financial instruments Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are sUbseqUen￿Y carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, induding Creditors and bank loans a￿ initially recognised at transaction pri￿ unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounled al a market rate of inlerest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction Pri￿ and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2.10 Employee benefits The cost of any unused holiday entidement is recognised in the period in which the employee's seNices are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employThent of an employee or to provide termination benefits. Page11

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Critical accounting estimates and areas of judgment In the application of the chariws accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Critical accounting estimates and assumptions: The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from listed investments 117,299 2.498 117,299 2,498 84,539 6,221 Interest receivable 119,797 119.797 90, 760 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 27.705 27,705 25,381 Page 12

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of grants Grants to Individuals 2024 Total funds 2024 Total funds 2023 Grants, Grant giving 50,000 50,000 Analysis of expenditure on charitsble activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Grant giving Governance costs 50,000 8,941 50.000 8,941 5,400 58,941 58.941 5,400 Analysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities Total funds 2024 2024 Grant giving Governance costs 50,000 50,000 8,941 8,941 8,941 50,000 58,941 Page 13

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of expenditure by activities {continued) Activities undertaken directly 2023 Total funds 2023 Governance costs 5,400 5,400 Independent examinerfs remuneration The independent examiner's remuneration amounts to an independent examiner fee of £1.500 {2023- audit fee £9,000). 10. Trustees, remuneration and expenses During the year. no Trustees re￿iVed any remuneration or other benefits (2023- £NIL). During the year ended 5 April 2024. no Trustee expenses have been incurred (2023 - £NIL). 11. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. Corporation tax Taxation on net income There were no factors that affected the tax credit for the year. There are no factors considered likely to affect future tax charges. Page 14

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12. Fixed asset investments Listed investments Cost or valuation At 6 April 2023 Additions Disposals 3,657,545 889.952 {959,590) At 5 April 2024 3,587,907 Impainnent Charge for the year (385,588) At 5 April 2024 {385,588) Net book value At 5 April 2024 3,973,495 At 5 Apnl 2023 3, 657,545 13. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 10,500 6,222 Page 15

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 14. Statement of funds statement of funds - current year Balance at 6 April 2023 Gainsl Balance at 5 (Losses) April 2024 Income Expenditure Unrestricted funds General Funds- all funds 3,847,958 119,797 (86,646) 246,251 4,127,360 Statement of funds - prior year Balance at 1 Apnl 2022 Gains/ Balance at (Losses) 5 April 2023 Income Expenditure Unre$triGted funds General Funds - all funds 3.578.150 90.760 (30. 781) 209,829 3,847,958 15. Summary of funds Summary of funds - current year Balance at 6 April 2023 Gainsl Balance at 5 (Losses) April 2024 Income Expenditure General funds 3.847,958 119,797 (86,646) 246,251 4,127,360 Summary of funds - prior year Balan￿ at l Apnl 2022 Gains/ Balance at (Losses) 5 April 2023 Income Expenditure General funds 3,578, 750 90, 760 (30, 781) 209,829 3,847,958 Page 16

RAY MCGRATH MEMORIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 3,973,495 164,365 110,500) 3,973,495 164,365 (10.500) Total 4,127,360 4,127,360 17. Related party transactions During the year the charity utilised the accountancy ServI￿S of SRG LLP, a fimi in which a trustee has a material interest. The charity was charged a fee of £Nil (2023- £5,400} for accounting services. Page 17

Ray McGrath Memorial Trust - Accounts 2024 Final Audit Report 2024-12-19 Created". 202£k12-19 By.. Jennifer Davis [e-mail]} Status.. Signed Transaction ID.. CBJCHBCMBAAtVCBkSRE_dLFBIC8jdEdW3g7308qzjfQ "Ray McGrath Memorial Trust- Accounts 2024" History Document created by Jennifer Davis (i'[e-mail]) 2024-12-19- 18'.11'.52 GMT- IP address.. 193.117.199.38 Document emailed to [e-mail] for signature 2024-12-19- 18.'12.'54 GMT Email viewed by [e-mail] 2024-12-19- 19..26'.20 GMT- IP address.. 146.75.174.13 è• Signer [e-mail] entered name at signing as Haydn Wood 2024-12-19- 19'.27'.27 GMT- IP address.. 86.159.176.172 o Document e-signed by Haydn Wood ([e-mail]) Signature Date= 2024-12-19- 19.'27.'29 GMT- Time Source.. server- IP address.. 86.159.176.172 Document emailed to Jennifer Davis O'[e-mail]) for signature 2024-12-19- 19..27.'30 GMT Email viewed by Jennifer Davis [e-mail]) 2024-12-19- 19'.30'.21 GMT- IP address.. 161.123.225.147 è• Document e-signed by Jennifer Davis ([e-mail]) Signature Date= 2024-12-19- 19.'31.'03 GMT- Time Source.. server- IP address.. 193.117.199.38 Agreement completed. 2024-12-19- 19.31..03 GMT (_.q lJer Adobe Acrobat Sign