Charity registration number.. 1105099 Brian Murtagh Charitable Trust Annual Report and Financial Statements for the Year Endgj 31 January 2025 Brian Murtagh Charitable Trust Reference and Administrative Details Trustees, Report 2to3 Statement of Twstees, Responsibilities Independent Auditors, Rew>rt 5t07 Statement of Financial Activities Balan￿ Sheel Notes lo the Financial Statements 10t014 Brlan Murtagh Charitable Trust Reference and Adminislrative Details Chairnian Mr Ben Rencher TrustO05 Mr B P Murtagh {Resigned Septsmber 2025) Mr A M Ryd8 IResigned July 20241 Miss M P Noble (Resigned September 20251 Mr Ben Rencher Mrs Emily Sequeira Mr Peter Sequeira Mr Elliott Duke Charty Registration Numbor 1105099 Prlneipal Office Flat 3 9 Los￿1th1el Street FOWEY Cornwall PL23 1BD Audltor Cannon Williamson Chartered Certified Accountants Albion House 32 Pinchbeck Road Spalding Lincs PE111QD 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 2025. Oblectlves and activlties Objects and alm8 The Charity wa5 founded lo support small children's charities which need fvnds lo help them operate, develop and grow, and with the core belief that every child deserves a chance in life. To date, the Charity ha5 donated over £6,CN)O,000 to various charitsble organisations and causes. The Charity's overriding objective is lo donate funds to charrtable organisab'ons which seek to benefit child￿n lor carers or supporters of children), and in particular organisations whid) provide support and services in the followng areas- education, physical and educational disabilities, social or SOCi¢iewnomic disadvantage, sickness and physical or mental trauma. The Charity was founded in 2004 and becarne acb've in 2008 following a donation from Brian Murtagh and an associated tax crediL The Charity has made vartous investments with Ihe aim of sustaining its donats'ons through investment income and disposals, and does not solicit donations from extemal sources. Public benefit The trustees have referred to the guidance contained in the Charity Commissions, general guidance on publK benefft wthen reviewing their aims and objectives and in planning their fubjre activities. The Trustees confimi that they have ￿jMpl1￿ with the ￿qUirements of section17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Grant maklng polioios The Charity considers each application for funding on its own merits and subject the individual needs and requirements of e&h individual applicant organisatson, In general, the Charity will a¢￿p1 applications from 8ny charitable organisalion or charitable cause, subject lo the Charity's aims above. The Charity is able lo give to tharitable causes and organisalions based in the UK and intemationally. In general, the Charity will support organisations and causes with a consistent annual ino)me orexp8nditure of up to£3CN),000. Ckganisations and causes supported will, in general, be fully indusive. Ivhere appropriate, the Trustees can consider donations to organisalions or causes which, whilst inherently exdusionary, satisfy positive acb'on provisions. Charities must provtde adequate safeguarding policies, accounts and project budgets as appropriate when applying in order to be considered for a granL Financialreview At 31 January 2025, the Charity's finan￿al assets consist of.. A share portfolio valued al £5,457,027 {2024: £3,315,702) Property trust investrnents valued al £Nil12024.. £1.757,84n Cash reserves of£24,51412024: £46,620) The change in reserves compared with the previous financial year reflects the Charity's strong investment retums in the year, net of our Charitls granl-giwng acb'vities and running costs. The Charity remains in a strong financial position and, during the year, awarded grants tolalling £428,84512024'. £513,019} to charitable oiganisations and causes, in line with its primary objeth'ves. The Charity continues lo pursue ils policy of keeping running costs to a minimum, ensullng that the maximum possible resources are directed lo granl-making. In August 2025, Ihe Trustees established the Brian Murtagh Spe¢ial PLFrpose Fund to secure long-lerm suptM)rt ￿ one of the Charity's longstanding partner oigani5ations that the Ttuslees have opted not to disctose the name of. The Fund is designed to provide annual grants of £100,000 for the next nine years, ensuring sustained investrnent in the charills work and reinthing our commitment to making a lasting differen￿ lo the children of Bodmin and the surrounding area. Page 2 Prln¢lpal fundlng SI￿￿•$ The fijnding sour￿ for the year was returns and disposals generdted from existing investments. Investmentpoli¢y and objectlves The core principles of the Charity's investment policy are to generate returns lo ￿Ver the Charity's donations and grants in the financial year, and where possible to grow the Charivs invested capital. The Trustees currently consider that a mixed portfolio of equity, bonds, property investments and cash serve the Charity's objectives and aims besL The Charity's investment policy is reviewed on a quartedy basis. Strncture. govemance and management During the financial year ended 31 January 2025, Tony Ryde stepped down as a trustee in July 2024. Subsequent to the year-end, in September 2025, both Brian Murtagh and Mary Noble stepped down as trustees. ￿lan, vtho founded the Charity in 2004, played a pivotal role in shaping ils vision and guiding its groth for more than two decades. Mary has likewise given many years of dedicated service, (xjnlributing signffi¢antJy to the Charity's govemance and success. )th devot￿ immense lime and energy to shape the charity into what it is today. Since Brian founded the organisabon, BMCT have Contributed over £6 million lo children's charities worldwide. With a particular focus on the UK, this support has delivered significant improvements to the lives of children and communib'es across the Country. One stsndout earfy example is the Thomley Hall Centre Limited, a small but promising charity that BMCT supported in its infancy, helping il to grow into a well- established organisation. Based in Buckingham5hire, Thomley emp)wers disabled people of all ages through tailored activities, social opportunities, and supporbve environments that foster life skills and (￿nfiden￿, BMCT is proud to have supported Thomley ai the beginning of their journey, a charity thal now reaches over15,000 children each year. The Board wishes to place on record its deep appreciation for Brian's leadership, and Mary and Tony's commttment. Their o)ntributions have been instrumental in enabling the Charity to deliver last'ng irnpaci, and their legacy will continue lo inspire its work in the frjlure. Induction and training of trustee8 Every new trustee is familiarised with their role and iesFrf)nsibilities. Oryanisational structure The Charity is administered by the Trustees withoutthe employmentof any staff. All dectsions are madejoinly bythe Trustees. The annual report was approved by the Tnbstees ofthe Charity on 28 November 2025 and signed on its behalf by: Mr Chairman and Tnrstee Renther Page 3 Brian Murtagh Charitable Trust Statement of Trustees. Responsibilities The Trustees are responsible for preparing the Trustees, report and Ihe financial statements in accordance wrth the United Kingdom Arn)unling Stsndards {Uniled Kingdom Generally A￿pted Accounting Practice) and appltcable law and regulations. The law applicable to charities requires the Tru51ees to prepare financial slalements for each financial year whith give a true and fair view of the stale of affairs of the Charity and of the incoming resources and application of reSour￿S of the Charity for that period. In preparing these financial slalements, the Trustees are required to.. select suitable accounb'ng policie5 and then apply them ¢onsistently- observe the methods and prinaples in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material deparknjres disclosed and explained in the financial slatemenls,, and prepare the finanaal statsments on the going con￿rn basis unless it is inappropriate to presume that the Charity will contsnue in business. The Trustees are responsible for keeping proper accountsng records that disclose with reasonable accuracy at any b'me the finanaal position of the Charity and enable them to ensure Ihat the financial statements comply with the Chaiilies Act 2011, the Charities (Accounts and Reports) Regulations 2008. and the provisions of the constibjlion. The Trustees are also re5p)nsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and delects'on of fraud and other irregularib'es. The Trustees are responsible ft)r the maintenance and integrity of the corp)rate and financial Info￿allon included on the Charity Commission's website. Legislation goveming the preparation and dissemination of financial statements may differfrom legislab'on in otherjurisdictions. Approved by the Trustees of the Charity on 28 November 2025 and signed on its behdf by.. Ben Rencher Chaimian and TTUStee Page 4 Indepandent Auditorfs Report to the Members of Brfan Murtagh Charitable Trust Opinion We have audited the financi81 statements of Brian Murtagh Charitable Trust (the'Charity} forthe yearended 31 January 2025, which comprise the Statement of Financial Activities, Balan￿ Sheet, and Noies b the Financial Statements. including a summary of significant accounting polieAes. The financial reporting framework thai has been applied in their preparation is United Kingdom Accounting Standards. comprising Charities SORP- FRS 102 The Financial Reporbng Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Attepted Accounting Practice). In our opinion the financial statements.. give a tru8 and fair view of the stste of the Charity's aff8irs as at 31 January 2025 and of its incoming resources and applicalion of resources, induding ils income and expendibjre, for the year then ended,. have been propedy prepared in accordance with United Kingdom Generally knepted Amjnting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basi$ for opinion We conducted our audit in accordan￿ with Inlernalional Stsndards on Auditing (UK) {ISAs {UK)} and applKable law. Our resp)nsibiliti8s under those standards are fvther dewibed In the auditor responsibiliti88 for the audit of the financial statements section of our Teport. We are independent of the Charity in accordance with the elhi¢al requirements that are relevant to ouraudit of Ihe financial ststements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled ourother ethical reswnsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficienl and appropriaie lo provide a basis for our opinion. Concluslons relallng lo golng concem In audibng the financial statements, we have conduded that the Trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertsinties relating to events or conditions thaL individually or collectively, may cast significant doubt on the Chariils ability to continue as a going concem for a period of at least twelve mnths from when the original financial statements were authorised for issue. Our responsibilities and the responsibilib'es of the Trustees with respect to going Con￿r￿ are described in the relevant seclions of this reporL Other information The Trustees are responsible for the other information, The other information comprises the information induded in the Trustees, Report, other than the financial statements and our audit￿$ report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance condusion thereon. In connection wilh our audit of the financial statements, our responsibility is to read the other inf￿allOn and, in doing so, consider whether the other information is materially inconsistent with the financial statsments or our knowledge obtained in the audil or othe￿ise appears to be materially misstated. If we identify su(* material inwnsistenaes or apparent material misstatements, we are required to detennine whether there 1$ a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude thal there is a material misstatement of this other infomiation, we ale required to report that fact We have nothing to report in this regard. Matters on whlch we are requlred lo report by ex¢eptlon In Ihe j￿ht of our knowledge and understanding of the Charity and its environment obtained in the rjjurse of the audit, we have not K1ents'fied material misstatements in the Trustees, Report. Page 5 Independent Auditorfs Report to the Members of Brian Murtagh Charitable Trusl (continued) We have nothing to report in respect of the following matters where the Chartbes (Accounts and Report} Regulations 2008 requires us to report to you if, in our opinion: adequate ac()Junling records have not been kepL or reiums adequale for our audit have not been received from branches not visited by us. or the finanual stalements are not in 4reement with the accounting records and returns,, or certain disclosures of Trustees remuneration spectfied by law are not made; or we have nol received all the information and explanations we require for our audiL Responslbilities of Trustees As explained more ￿llY 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 Ihey give a true and fair view, and for such internal ￿ntrol as the Trustees determine is necessary lo enable the preparab'on of financial statements that are free from material misstatemen( whelher due to fraud or error. In preparing the financial stalemenls, the Trustees are responsib￿ for assessing the Charitys ability lo conkn'nue as a going con￿rn, disdosing, as applicable, matters related to going con￿rn and using the going con￿￿ basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations. or have no realistic altemative but to do so. Auditor R¢spon$lbillties for the audlt of the financlal statements Our obie¢bves are to obtain reasonable assuran(* about whelher the financial statsments as a whole are free from matsrial misslalemenl, whether due to fraud or error, and to issue an auditofs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always delect a material misslatemenl when it exists. Misstatements Can arise from fraud or error and are Considered material rf, indrmdually or in the aggregate, they could reasonably be expected to inltuence the economic decisions of users taken on the basis of these financial ststemenls. The extent to vthich our procedures are capable of detecting itregularities, including fraud is detailed below: As part of our planning prO￿s$'. We enquired of management the systems and wntrols the charity has In pla￿, Ihe areas of the financial statements that are mostly suscepb'ble lo the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The tharity did not inform us of any known, suspected or alleged fraud. We obtained an understsnding of the legal and regulatory frameworks applicable lo the charity. We determined that the following were most relevant,. The charities SORP and Anti-monley Laundering legislation. We considered the incenb'ves and opportunities that exist in the charity, including the extent of management bias. whith present a potential for irregularities and fraud lo be perpetuated, and tailored our risk assessment accordingly. Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misslalemenl due to irregularitses including fraud and tailored our prc¢edures according to this risk assessment The key pr(Kedures we undertook lo detect irregularities including fraud during tre course of the audit included.. Identifying and testing joumal entries and the overall a￿oUnting records, in particular those that were significant and unusual. Reviewing the financial statement disdosures and determining whether a¢xounling policies have been apprwialely applied. Reviewing and challenging the assumptions and judgements used by management in any significant accounting estimates. . Assessing the extent of C£smpliance, or lack of, with the relevant laws and regulations in particular those that are centrai io the Charity's ability to continue in operation. Perfomiing a physical verification of key assets where applicable. Obtaining third-party confirmation of material bank and loan balances. Documenting and verifying all significant related party balan￿ and IransaGts'ons. Reviewing documentstion such 85 the trustees meeting minutes, correspondence with solicitors, for disGussions of irregularities including fraud. Page 6 Independent Auditorfs Report to the Members of Brian Murtagh Charitable Trust (contlnued) ljving to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial stslements even though we have properly planned and performed our audit in acurdance with auditing standards. The primary responsibility forthe p￿vention and detecbon of irr8gularib.es and fraud rests Yrith the trustees. A furU)er description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This d&8uiption forms part of our auditorfs report. Use of our report This ￿port is made solely lo the Charity Trustees, as a bcKJy, in aGcordan(t with section 144 of th8 Chariti88 Act 2011 and regulations made under section 154 of that Act. Ckjr audit work has been undertaken so that we might slate lo the Tnjstees those matters we are required to state to Trustees in an auditors, reportand for no other PLFrpose, To the fvllest exienl pemiitted by law, we do not accept or assume responsibility to anyone other than the Charity and ils Trustees as a body, for our audit work, for this reporL or for the opinions we have fomed, David T Williamson FCCA (Senior Statutory Auditor) For and on behaif of Cannon Williamson. Statutory Auditor Albion House 32 Pinchbeck Road Spalding Lincs PE111QD Date.. 3 1015 Cannon Wlliamson is eligible for appointment as auditor of the charity by virtue of its eligibility for appoinlment as auditor of a company under section 1212 of the Companies Act 2006. Page 7 Brlan Murtagh Charitable Trust Statement of Financial Activities for the Year Ended 31 January 2025 Unrestricted funds Total 2025 Note Incorne and Endowments from: Investment income 472,257 472,257 Totsl income 472,257 472,257 Expendlture on". Charilable aclivities 466,093 466,093 Totsl expendilure Nel income (466.093) 6,164 (466,093) 6,164 Net gainl{lossl on investment assets 383,478 383,478 Net mov8m&nt in funds 389,642 389,642 Reconclllatlon of funds Total funds brought forward 5,058,780 5,058,780 Total fijnds carried forward 12 5,448,422 Unrestrlcted funds Total 2024 Nots Income and Endowmonts from: Investment income 111,503 111,503 Total income 111,503 Expenditure on: Charitsble activities 523 863 523,863 Total expenditure Net expenditure (412,360) 119,224 {412.3601 119,224 Net gainllloss) on investment assets 178,921 412,360 Net movement in fvnds 1293,136) {293,136) Reconciliation of funds Total funds brought forward 5,351,916 5 351,916 Totsl fvnds carried fonyard 12 5.058,780 5,058,780 All of the Charity's aGtivilies derive from continuing operations during the above two periods. Page 8 Brian Murtagh Charltable Trust (Registration number: 1105099) Balance Sheet as at 31 January 2025 2025 2024 Nots Fixed assets Inveslments 5,457.027 5,073,549 Current assels Cash at bank and in hand 10 24.514 46,620 Credltors: Amounts falling due wlthln one year 11 33.119 61,389 Net current Ilabilities 8,605 14,769 Net assets 5,448,422 5.058,780 Funds ofthé Charity: Unrestricted income funds Unrestricted funds 5,448.422 5,058,780 Totsl ¢harty funds 12 5,448,422 5.058,780 The notes on pages 10 to 14 fomi an integral part of these financial slalements. The financial statements on pages 8 to 14 were approved by the Trustees, and authorised for issue on 28 November 2025 and signed on their behalf by: Mr Chairman and Trustee Rencher Page 9 Brian Murtagh Charitable Trust Notes to the Financial Statements for the Year Ended 31 January 2025 1 Accounting policies Slatemenl of compliance The financial slalements have been prepared in accordance with the second edition of the Charities Ststement of Recommended Practice issued in October 2019, the Financial Reporting Siandard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation Brian Murtagh Charitable Trust meets the definition of a public benefit enlity under FRS 102. The accounts (financial stalementsl have been prepared under the historical cost ￿)nventiOn with items recognised at cost or transaction value unless otherw8e stabj in the relevant nole{sl to these a￿Ounts. Going concom The financial statements have been prepared on going On￿[n basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubl on the ability of the Charity lo continue as a going COn￿rn. The trustees make this assessment in respect of a peric*J of one year from the date of approval of the finanaal slatsments. Expenditure All expenditure is recognised once there is a legal or constructive obl￿atiOn to that expenditure, il is probable settlement is required and the amount can be measured reliably. AJI eA)sts are ailocated to the applicable expenditure heading thal aggregate similar costs to that category. Charitable acllvlti•s Charilable expenditure comprises those costs incurred by the Charity in the delivery of its actimties and ServI￿S for its beneficAaries. It includes both costs that can be allocated directty to such activities and those costs of an indirect nature necessary to support them. Governance costs These indude the costs attributable lo the Charity's compliance with ojnstilutional and slalutory requirements, including audit, strategic management and Trustees meetings and reimbursed expenses. Taxatlon The Charity is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefo￿ it meets the definition of a charitable company for UK corporation tax purposes. A￿OrdinglY, the Charity is potentially exempl from taxation in respect of In￿Me or capital gains r￿1Ve￿ within categories covered by Chapter 3 Part11 of the Corporabon Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act1992. lo the extent that such income 01 gains are applied exdusively lo charitable purposes. P&3e 10 Brian Murtagh Charitable Trust Notes to the Financial Statements for the Year Ended 31 January 2025 (continued) FIX￿ asset investments Fixed asset investrnents are included at market value at the balance sheet dale. Realised gains and losses on invesknents are ¢al()Jlated as the difference be￿een sales proceeds and their market value at the start of the year, or their subsequent )sL and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in matket values during the year and are credited or tharged 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-terffl highly liquid invesknents that are realily converttble to a known amount of cash and are Subl￿t to an insignificant risk of change in value. Fund structure Unrestricted income funds are general fvnds thatare available for u* atthe Trustees discretion in furtheranceof the objectives of the Charity. Flnancial instruments Cla&giffcatlon FIn￿{JaI assets and financial liabilities are recognised when the Charity bewmes a paty lo the contractual provisions of the instrurnenL Financial liabilities and equity Instruments are classified &cording to the substance of the conlraclual arrangements entered inlo. An equity instwmenl is any contract that eVIden￿S a residual interest in the assets of the Charity after deducting all of its liabilities. R•¢ognition 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 rneasured 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 market rate of interest for 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 paty 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 onty when the obligation specified in the contract is discharged, cancelled or expires. Investments Investments in non