Charlty number: 1211475 THE CURRAN CHARITABLE FOUNDATION (A charitable incorporated organisation) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Tru$tees' port Independent examinerfs report Statement of financial activities Balance sheet Notes to the flnanclal statements 9-15
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 JUNE 2025 Trustees D Curran, Chair (appointed 18 December 20241 P Gladwell (appointed 4 February 20261 A Sheppard lappoinled 18 Dember 20241 S Curran lappoinled 18 December 20241 Charity registered number 1211475 Principal office The Homestead Bool Sireel Woodbridge IP13 6PB Accountants Crowe U.K. LLP Chartered Accounlanls 3rd floor Si Georges House, 56 Peter Si, Manchosler M2 3NQ Page 1
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) TRUSTEES, REPORT FOR THE PERIOD ENDED 30 JUNE 2025 The Trustees present their annual report together with the financial slalements ol the The Curran Charitable Foundation lor the period 18 December 2024 10 30 June 2025. Oble¢tlve$ and a¢tlvltles a. Poll¢les and oblectlves The Charity has been established as a Grant Making Foundation with general charitable purposes.11 will locus on the advancement of religion, health, education, the arts and amateur sport, as well as the prevention or relief of poverty and the promotion ol moral welfare. It is intended to particularly support the advancement ol Christianity and the Christian religion. Other causes may be supported depending on the needs ol recipients identified by the trustees. Grants were provided in the year to organisations involved in mindfulness and wellbeing religious retreats in order to advance the Christian ethos. Donations received will also be used to invest in property in lulure periods which will be leased to charities specialising in homeless accomodalion to promote the values of Christianity. In setting objectives and planning for activities, Ihe Truslees have given due consideralion to general guidance published by the Gharily Commission relating to public benefit, including the guidance 'Public benefit= running a charity IPB21'. b. Strategles for a¢hlevlng oble¢tlves The ¢hartty will provide grant funding and donations lo other charities, organisalions and individuals. This may be lor capital expenditure, overheads or salary Costs lin whole or partl. There is Currently no process by which recipients may apply directly to the charity for grant funding. The chartty has received a subslanlial donation of shares from the trustee Dennis Curran in Barhale Holdings PIC a Company in respect of which Dennis Curran is a Director and his son Sean Curran is a Director and minority shareholder. The shareholding comprises 10 /¢ ol the shares in that company which was founded by Dennis Curran. The transfer of these shares to the Charity was made pursuant to enabling Orders of the Charity Commissioners on 14th July and 1 sl September 2025. The shares will be held as an investment by the charity and the income Idividendsl therefrom will be applied towards grants and donations each year. The charity has also reIved an unreslricled cash donation frorn Barhale Holdings Plc. ¢. A¢tlvltles undertaken to achleve oble¢tlve$ The Trustees are keen to encourage the provision ol supported accommodation for homeless people and intend lo invest in suitable accommodation and lo suptK)rt individuals, organisations and other registered charities by providing grant funding in connection therewith. The charity has a Grant Making Policy throLJgh which the TrLJStees wish to support both the operational costs of recipient organisations as well as specific projects. The Trustees will undertake appropriate and proportionate due diligence checks on all tK)lenlial grant recipients including financial and governance information and on the recipients aims and values. Page 2
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) TRUSTEES. REPORT {CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2025 A¢hlevements and performance a. Maln a¢hlevements of the ¢harlty During its first year the charity has made donations lo , inter alia, other Charities involved with the provision of food and clothing to school children in some of the worlds poorest communities- lo those involved with the provision of accommodation lo homeless people in the UK and to Christian ¢harilies involved in the relief of poverty and respite care. The Charity provided a grant in the period of £2,000 to St Bueno's a religious registered charity providing wellbeing and mindFulness retreats. Flnan¢lal revlew a. Golng ¢on¢ern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence lor the foreseeable lulure. For this reason, they continue lo adopt the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going concern basis can be found in the accounting tx)licies. b. Reserves pollcy 11 is intended lo maintain General Funds ol al least £50k al any one time. The Trustees have assessed the charitls future activities of leased a¢¢omodalion for the homeless. They have deemed that this level ol reserves will be required lor the maintenance, upkeep and management ol these properties. Any excess reserves above this will be committed lo providing grants lo individuals and organisalions in line with the charities grant making policy in furtherance ol the charities obje¢lives. ¢. Prlnclpal rlsks and uncertalntles The ellective management ol risk is lundamenlal lo safeguarding our assets and achieving our charitable objectives. The charity has a Risk Managemenl Policy and an active Risk Map which identifies all foreseeable risks and the measures for managing them. This is reviewed regularly by the Truslees. Principal risk- Reduclion in donations and future dividends from Barhale Holdings PLC The Trustees determined that the prinicipal risk lo lulure periods results from the charities funding provided by Barhale Limited and Barhale Holdings PLG. The main risk is that donations will Ilucluale depending on the company's available unspent funding and investment in Barhale Holdings PLC which was acquired following the end ol the period relies on the profitability ol the PLC. As such. the Trustees have actioned plans lo diversify the income streams of the charity by acquiring properties to lease. These properties should provide a more reliable source ol funding and reduce the reliance on related party funding. A minimum level of reserves will be held lo preserve the ability to maintain these properties in periods ol vacancy. d. Flnanclal rlsk management oblectlves and pollcles The charity also has a Financial Management and Accounting Policy and policies lor Conflicts ol Interest and for Bribery & Corruption. These are reviewed annually. Page 3
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) TRUSTEES. REPORT {CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2025 Structure, governan¢e and management a. Constltutlon The Curran Charitable Foundation is a charitable incorporated organisalion (charity number 12114751, and is established by a Charity Commission approved CIO constilulion. b. Methods of appointment or election of Trustees The management ol the charity is the responsibility ol the Trustees who are elected and co-opted under the terms of the Trust deed. A minimum 013 Trustees must be maintained per the conslitution. Plans for future perlods The Charity has acquired a shareholding in Barhale Holdings PLC following year end. The receipt of annual dividends on Ihe shares held plus regular cash donations from Barhale Holdings PLC should ensure the Charity maintains funding lo provide grants lor ils charitable objectives. This slalus will be asslsted by the acquisition of property holdings in the lulure which will diversify the income stream of the charity to ensure there is no reliance on the results of the PLC. Statement of Trustees, re$ponslbllltle$ The Trustees are responsible for preparing the Trustees, report and the financial statements in ac¢ordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢cepled Accounting Pra¢licel- The law applicable to Charities in England & Wales requires the Trustees to prepare financial statements lor each financial period which give a Irue and fair view ol the slate ol affairs of the charity and ol its incoming resources and application ol resources, including its income and expenditure, lor Ihal period. In preparing these financial slatemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenily., observe the methods and principles ol the Charities SORP IFRS 1021., make judgments and accounting eslimales Ihat are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will conlinue in business. The Trustees are responsible lor keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position ol the charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Fleporlsl Flegulalions 2008 and the provisions ol the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularities. Approved by order ol the members ol the board ol Trustees on 29 April 2026 and signed on their behalf by.. A Sheppard Trustee Page 4
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 30 JUNE 2025 Independent Examiner's Report to the Trustees of The Curran Charitable Foundation {'the charity.) I report lo the charity Trustees on my examination ol the accounts ol the charity I'the CIO") lor the period ended 30 June 2025. Responsibilities and Basis of Report As the Trustees of the charity you are responsible lor the preparation ol the accounts in accordance with the requirements ol the Charilies Act 2011 I'lhe 2011 Acl'l. I report in respect ol my examination ol the charity's accounts carried out under section 145 01 the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Page 5
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 JUNE 2025 Independent Examiner's Statement Since the charills gross income exceeded £250,000 your examiner musl be a member ol a body listed in section 145 01 the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of ICAEW, which is one of the listed bodies. Your allenlion is drawn lo the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities= Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. l understand that this has been done in order lor the accounts lo provide a true and lair view in accordance with the Generally Accepted Accounting Practice ellective lor reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no mallers have come lo my allenlion in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect ol the charity as required by section 130 01 the 2011 Act,. or the accounts do not accord with those re¢ords', or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as parl ol an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ol the accounts to be reached. This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities IAc¢ounls and Fieportsl Regulations 2008. My work has been undertaken so that I might stale lo the charity's Trustees those matters l am required to stale to them in an Independent examiner's report and lor no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and Ihe charity's Trustees as a body, for my work or lor this report. Dated.. 30 April 2026 Kathryn Paul ICAEW Crowe UK LLP 3rd Floor 56 Peter Street St George's House Manchester M2 3NQ Page 6
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 JUNE 2025 Unrestricted funds 2025 Total funds 2025 Note Income from: Donations and legacies Investments 471,398 77 471,398 77 Total income 471,475 471,475 Expenditure on: Charitable aclivrfties 5,010 5,010 Total 8XP8nditure 5,010 5,010 Net movement In fund$ 466,465 466,465 Reconclllatlon of funds: Net movement in funds 466,465 466,465 Total funds carried forward 466,465 466,465 The Statement of Finan¢ial A¢livilies includes all gains and losses recognised in the period. The notes on pages 9 10 15 form part of these financial slatemenls. Page 7
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) BALANCE SHEET AS AT 30 JUNE 2025 2025 Note Current assets Cash al bank and in hand 469.465 469,465 Current Ilabllltles Creditors.. amounts falling due within one year 10 (3.000) Net current assets 466,465 Total net assets 466,465 Charity tunds Fleslricled funds Unrestricted funds 12 12 466,465 Total fund$ 466,465 The financial slalements were approved and aulhorised lor issue by the Trustees on 29 April 2026 and signed on their behalf by- 4th0 A Sheppard Trustee The notes on pages 9 10 15 form part of these financial slatemenls. Page 8
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 General information The Curran Charitable Foundation is a charitable incorporated orgainisalion registered with the Charities Commission England and Wales Icharily number 12114751. The registered ollice is The Homestead, Bool Street, Great Bealings, Woodbridge, IP13 6PB. Accounting policies 2.1 Basis of preparation of financial statements The financial slalements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Sialement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 lelleclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'lrue and fair, view and have departed from the Charities IAccounls and Reports) Regulations 2008 only to the extent required to provide a 'lrue and lair. view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than ihe Accounting and Reporting by Charities.. Statement ol Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Curran Charitable Foundation meets the definition ol a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern Alter making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existence lor the foreseeable lulure. The Trustees confirm that the charity will receive continued support from il's sponsoring entity Barhale Holdings PLC, for al least a period 0112 months from the date ol this report. For this reason, they continue lo adopt the going concern basis in preparing the financial slatemenls. 2.3 Income All income is recognised once the charity has entitlement lo the income, it is probable that the income 11 be received and the amount of income receivable can be measured reliably. Donations are credited to revenue on a receivable basis and are recognised when receipt is probable and the value ol the donation ¢an be measured with reasonable certainty- No amounts are included in the financial statements for services donated by volunteers. Investment income represents interest receivable. Investment income is recognised when inlerest is receviable. Page 9
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of Ihe total ol direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allribulable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and Support costs which are not allribulable lo a single activity are apportioned between those activities on a basis consislenl with the use ol resources. Central stall costs are allocated on the basis ol time spent, and depreciation charges allocated on the portion ol the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charills objectives, as well as any associated support costs. Grants payable are charged in the period when the oller is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants ollered subject to conditions which have not been mel at the period end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive ol irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon nolificalion ol the interest paid or payable by the institution with whom the funds are deposited. 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event, it is probable that a Iransler ol economic benefit will be required in setllemenl, and the amount ol the seiilemenl can be estimated reliably. Liabilities are recognised al the amount that the charity anlicipales it will pay lo settle the debi or the amount il has received as advanced payments lor the goods or services il musl provide. 2.8 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently rNeasured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the elleclive interest method. Page 10
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 Accounting policies (continued) 2.9 Fund accounting General funds are unreslricled funds which are available for use at the discretion ol the Trustees in furtherance of the general objectives of the charity and which have not been designated lor other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Page11
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 Income trom donations and legacies Unrestricted funds 2025 Total funds 2025 Donations 471,398 471,398 Investment income unstrICted funds 2025 Total funds 2025 Bank interest receivable 77 77 Analysls of grants Grants to Institution$ 2025 Total funds 2025 Grants 2,000 2,000 Page 12
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 Analysis of expenditure on charitable activities Summary by fund type Unrestricted lunds 2025 Total 2025 Grants Other charitable activities 2.000 3.010 2,000 3,010 5,010 5,010 Analysls of expendlture by a¢tlvltle$ Granl fundlng ol actlvltles 2025 Support costs 2025 Total funds 2025 Grants Other charitable activities 2,000 2,000 3,010 3,010 2,000 3.010 5,010 Independent examiner's remuneration 2025 Fees payable lo the charity's independent examiner lor the independent examination of the charity's annual accounts Fees payable lo the charity's independent examiner in respect of.. All other services not included above 1,800 1,200 Page 13
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 Trustees. remuneration and expenses During the period, no Trustees received any remuneration or other benefits. During the period ended 30 June 2025, no Trustee expenses have been incurred. 10. Creditors: Amounts falling due within one year 2025 Accruals and deferred income 3,000 11. Financial instruments 2025 Financial assets Financial assets measured at lair value through income and expenditure 469,465 Financial assets measured at fair value through income and expenditure comprise cash al bank and in hand. Page 14
THE CURRAN CHARITABLE FOUNDATION IA ¢harltable Incorporated organlsatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 12. Statement of funds Statement of funds - current period Balance at 30 June 2025 Income Expenditure Unre$trl¢ted funds General Funds 471,475 (5,010) 466,465 13. Summary of fund$ Summary of fund$ - current period Balance at 30 June 2025 Income Expenditure General funds 471,475 (5,010) 466,465 14. Analysis of net assets between funds Analysis of net assets between funds- current period Unrestricted funds 2025 Total funds 2025 Current assets Creditors due within one year 469,465 13,0001 469,465 13,0001 Total 466.465 466,465 15. Related party transactions During the year, Ihe charity received donations of £471,398 from Barhale Limited. A company in which the Trustees are directors and shareholders. Page 15