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2022-01-31-accounts

Charity registration number: 1105099

Brian Murtagh Charitable Trust

Annual Report and Financial Statements

for the Year Ended 31 January 2022

Brian Murtagh Charitable Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 3
Statement of Trustees' Responsibilities 4
Independent Auditors' Report 5 to 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 19

Brian Murtagh Charitable Trust

Reference and Administrative Details

Chief Executive Officer

Chief Executive Officer Mr B P Murtagh Trustees Mr B P Murtagh Mr Anthony Michael Ryde Miss Mary Pamela Noble Mr Ben Rencher Charity Registration Number 1105099 Principal Office 9 Hanson Drive Fowey PL23 1ET Auditor Cannon Williamson Chartered Certified Accountants Albion House 32 Pinchbeck Road Spalding Lincs PE11 1QD

Page 1

Brian Murtagh Charitable Trust

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 January 2022.

Objectives and activities

Objects and aims

The Brian Murtagh Charitable Trust was fomed in 2004, it became active in 2008 when Brian Murtagh donated £5,000,000 with the charity able to benefit from a £500,000 tax credit. The investments originally made were £3,000,000 in a listed share portfolio and £2,000,000 in a property income trust for charities and £500,000 held in a current account. Since its inception the charity has donated in excess of £5,000,000.

The charity was set up to donate to small childrens' charities that need funds to help them grow. The overriding principle is that children must be involved, needing help in the following categories: education, physical and learning disabilities, social disadvantage, poverty, sickness and trauma. Every child deserves a chance in life.

Covid-19

Due to the COVID crisis this year our charity has had to adapt both the platforms used to distribute funds and how monies reached those in need. Individual families and foodbanks were among the recipients .

Public benefit

The trustees have referred to the guidance contained in the Charity Commissions's general guidance on public benefit when reviewing their aims and objectives and in planning their future activities.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Grant making policies

The charities should need our funds. The charities that we help grow will cease to be supported when their income has reached £350,000, but under exceptional circumstances this barrier may be breached. The charities must be inclusive. Individuals or families will be considered for support. Charities can be either UK based or worldwide.

Any application for a grant may be made on a form obtainable from our website or the Charity Commission website. There may be a time lapse between application and acknowledgement.

Financial review

Principal funding sources

The funding source in the year was mainly interest obtained from the application of existing investments.

Page 2

Brian Murtagh Charitable Trust

Trustees' Report

Investment policy and objectives

The Brian Murtagh Charitable Trust has historically run a very sucessful innestment policy, it does not need funds from the public.

We are not a front line charity, we do not solicit donations, so we have no direct contact with children or the public.

Should the trustees need to visit a charity we would expect to be covered by their safeguarding policy. This is requested before any donation.

Having provided the intital donation to the Brian Murtagh Charitable Trust; the founder wishes family members to be trustees in perpetuity, while ensuring there are non-familty members acting as trustees to provide balance to the governance of the trust.

The Brian Murtagh Charitable Trust aims to keep its costs to an absolute minimum; legal, accountancy, website and room hire fees. Each trustee can claim travelling expenses, postage and telephone calls. This policy can be changed by a unanimous vote.

Structure, governance and management

Induction and training of trustees

Every new trustee is familiarised with their role and responsibilities.

Organisational structure

The charity is administered by the trustees without the employment of any staff. All decisions are made jointly by the trustees.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

.........................................

Mr B P Murtagh Chief executive officer and trustee

Page 3

Brian Murtagh Charitable Trust

Statement of Trustees' Responsibilities

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

The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.

Approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... Mr B P Murtagh Chief executive officer and trustee

Page 4

Brian Murtagh Charitable Trust

Independent Auditor's Report to the Members of Brian Murtagh Charitable Trust

Opinion

We have audited the financial statements of Brian Murtagh Charitable Trust (the 'charity') for the year ended 31 January 2022, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

Page 5

Brian Murtagh Charitable Trust

Independent Auditor's Report to the Members of Brian Murtagh Charitable Trust

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 4), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 6

Brian Murtagh Charitable Trust

Independent Auditor's Report to the Members of Brian Murtagh Charitable Trust

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 101, Companies Act 2006, Food Safety and Health and Safety legislation.

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to goodwill valuation.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

• Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Page 7

Brian Murtagh Charitable Trust

Independent Auditor's Report to the Members of Brian Murtagh Charitable Trust

...................................... David T Williamson FCCA (Senior Statutory Auditor) For and on behalf of Cannon Williamson, Statutory Auditor

Albion House 32 Pinchbeck Road Spalding Lincs PE11 1QD

Date:.............................

Cannon Williamson is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 8

Brian Murtagh Charitable Trust

Statement of Financial Activities for the Year Ended 31 January 2022

Note
Income and Endowments from:
Charitable activities
Investment income
3
Total income
Expenditure on:
Charitable activities
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
13
Note
Income and Endowments from:
Investment income
3
Total income
Expenditure on:
Charitable activities
Total expenditure
Gains/losses on investment assets
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
13		 Unrestricted
funds
£
230,000
679,737
909,737
(613,625)
(613,625)
667,119
963,231
963,231
6,001,662
6,964,893
Unrestricted
funds
£
341,020
341,020
(336,081)
(336,081)
(188,463)
(183,524)
(183,524)
6,185,186
6,001,662		 Total
2022
£
230,000
679,737
909,737
(613,625)
(613,625)
667,119
963,231
963,231
6,001,662
6,964,893
Total
2021
£
341,020
341,020
(336,081)
(336,081)
(188,463)
(183,524)
(183,524)
6,185,186
6,001,662

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 13.

The notes on pages 11 to 19 form an integral part of these financial statements. Page 9

Brian Murtagh Charitable Trust

(Registration number: 1105099) Balance Sheet as at 31 January 2022

Note
Fixed assets
Investments
10
Current assets
Cash at bank and in hand
11
Creditors: Amounts falling due within one year
12
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
13		 2022
£
6,714,818
253,526
(3,451)
250,075
6,964,893
6,964,893
6,964,893		 2021
£
5,817,699
187,497
(3,534)
183,963
6,001,662
6,001,662
6,001,662

The financial statements on pages 9 to 19 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

......................................... Mr B P Murtagh Chief executive officer and trustee

The notes on pages 11 to 19 form an integral part of these financial statements. Page 10

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Brian Murtagh Charitable Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Page 11

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 12

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 13

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 14

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2 Income from charitable activities

Total for 2022 Unrestricted
funds
General
£
230,000
230,000		 Total
funds
£
230,000
230,000

3 Investment income

Other investment income
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
679,737
679,737
341,020		 Total
funds
£
679,737
679,737
341,020

4 Expenditure on raising funds

There were no costs of raising funds. The charities income is derived entirely from investment income.

5 Expenditure on charitable activities

Page 15

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

Note
Grant funding of activities
Governance costs
Total for 2022
Total for 2021
Donations
Total for 2021		 Unrestricted
funds
General
£
609,104
4,521
613,625
336,081
Activity
undertaken
directly
£
609,104
327,097		 Total
funds
£
609,104
4,521
613,625
336,081
Total
expenditure
£
609,104
327,097

6 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Marketing and publicity
Other governance costs
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
3,246
37
1,238
4,521
8,984		 Total
funds
£
3,246
37
1,238
4,521
8,984

Page 16

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

7 Grant-making

Analysis of grants

Analysis

Grants to charities

Grants to institutions 2022 2021 £ £ 609,104 327,097

The support costs associated with grant-making are £Nil (31 January 2021 - £Nil).

8 Net incoming/outgoing resources

Net incoming resources for the year include:

Audit fees Gift of shares

2022
£
3,246
230,000		 2021
£
3,534
-

9 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Miss Mary Pamela Noble

£Nil (2021: £480) of expenses were reimbursed to Miss Mary Pamela Noble during the year.

The costs were made up of travel and stationery expenditure and were approved by the trustees prior to reimbursement.

At the balance sheet date the amount due Miss Mary Pamela Noble was £Nil (2021: £Nil).

Mr Ben Rencher

£736 (2021: £Nil) of expenses were reimbursed to Mr Ben Rencher during the year.

The costs were made up of travel and stationery expenditure and were approved by the trustees prior to reimbursement.

At the balance sheet date the amount due Mr Ben Rencher was £Nil (2021: £Nil).

10 Fixed asset investments

Other investments 2022
£
6,714,818		 2021
£
5,817,699

Page 17

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

Other investments

Cost or Valuation
At 1 February 2021
Revaluation
At 31 January 2022
Net book value
At 31 January 2022
At 31 January 2021
11 Cash and cash equivalents
Cash at bank
12 Creditors: amounts falling due within one year
Other creditors
Accruals
13 Funds
Balance at 1
February 2021
£
Unrestricted funds
General
6,001,662
Balance at 1
February 2020
£
Unrestricted funds
General
6,185,186		 Incoming
resources
£
909,737
Incoming
resources
£
341,020		 Unlisted
investments
£
5,817,699
897,119		 Total
£
5,817,699
897,119
6,714,818
6,714,818
5,817,699
2021
£
187,497
6,714,818
6,714,818
5,817,699
2022
£
253,526
2022
£
1
3,450
3,451
Resources
expended
£
53,494
Resources
expended
£
(524,544)
2021
£
-
3,534
3,534
Balance at 31
January 2022
£
6,964,893
Balance at 31
January 2021
£
6,001,662

Page 18

Brian Murtagh Charitable Trust

Notes to the Financial Statements for the Year Ended 31 January 2022

14 Analysis of net assets between funds

Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
15 Analysis of net funds
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 Unrestricted
funds
General
£
6,714,818
253,526
(3,451)
6,964,893
Unrestricted
funds
General
£
5,817,699
187,497
(3,534)
6,001,662
At 1 February
2021
£
187,497
187,497
At 1 February
2020
£
182,352
182,352		 Total funds at 31
January
2022
£
6,714,818
253,526
(3,451)
6,964,893
Total funds at 31
January
2021
£
5,817,699
187,497
(3,534)
6,001,662
At 31 January
2022
£
187,497
187,497
At 31 January
2021
£
182,352
182,352

Page 19

Brian Murtagh Charitable Trust

Statement of Financial Activities by fund for the Year Ended 31 January 2022

Income and Endowments from:
Charitable activities
Investment income
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Funds
2022
£
230,000
679,737
909,737
(613,625)
(613,625)
296,112
296,112
6,001,662
6,297,774		 Total
Unrestricted
Funds
2021
£
-
341,020
341,020
(336,081)
(336,081)
4,939
4,939
6,185,186
6,190,125

This page does not form part of the statutory financial statements. Page 20

Brian Murtagh Charitable Trust

Detailed Statement of Financial Activities for the Year Ended 31 January 2022

Income and Endowments from:
Charitable activities (analysed below)
Investment income (analysed below)
Total income
Expenditure on:
Charitable activities (analysed below)
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2022
£
230,000
679,737
909,737
(613,625)
(613,625)
296,112
296,112
6,001,662
6,297,774		 Total
2021
£
-
341,020
341,020
(336,081)
(336,081)
4,939
4,939
6,185,186
6,190,125

This page does not form part of the statutory financial statements. Page 21

Brian Murtagh Charitable Trust

Detailed Statement of Financial Activities for the Year Ended 31 January 2022

Charitable activities
Grants receivable
Investment income
Interest on cash deposits
Income from other investments
Charitable activities
Grants payable - institutions
Office expenses
Travel and subsistence
Advertising
The audit of the charity's annual accounts
Legal and professional fees
Bank charges		 Total
2022
£
230,000
230,000
-
679,737
679,737
(609,104)
(318)
(736)
(37)
(3,246)
-
(184)
(613,625)		 Total
2021
£
-
-
209
340,811
341,020
(327,097)
-
(480)
-
(3,534)
(4,800)
(170)
(336,081)

This page does not form part of the statutory financial statements. Page 22