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 tienniferd@calders.net}
Status..
Signed
Transaction ID..
CBJCHBCMBAAtVCBkSRE_dLFBIC8jdEdW3g7308qzjfQ
"Ray McGrath Memorial Trust- Accounts 2024" History
Document created by Jennifer Davis (i'enniferd@calders.net)
2024-12-19- 18'.11'.52 GMT- IP address.. 193.117.199.38
Document emailed to hw@srgcas.com for signature
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Email viewed by hw@srgcas.com
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è• Signer hw@srgcas.com entered name at signing as Haydn Wood
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o Document e-signed by Haydn Wood (hw@srgcas.com)
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Document emailed to Jennifer Davis O'enniferd@calders.net) for signature
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è• Document e-signed by Jennifer Davis (iennrferd@calders.net)
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