Charity reglstration number NIC100084 THE MATER HOSPITAL Y P FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE MATER HOSPITAL Y P FUND LEGALAND ADMINISTRATIVE INFORMATION Trustees Dr P Curran Reverend Dr P Fleming (Chairperson) Mrs M Hinds Mr G Hughes Reverend G Fox Mr J Fitzpatrick Mrs N Patterson Miss L McAlea Dr L MclQe {Appointed 2 October 2024) (Appointed 2 October 2Q24} (Appointed 2 October 20241 Charity number NIC100084 Auditor Mccreery Turkington Stockman Ltd 1 Lanyon Quay Belfast Co Antrim Northern Ireland BTI 3LG Bankers AIB INI) 85 Main Street Bangor BT20 4BA Solicitors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Investment Managers IQ EQ Fund Management (Ireland) Ltd 76 Sir Rogersons Quay Dublin 2 Dublin Ireland InvestmentAdvisors Broadstone Financial Solutions Limited 100 Wood Street London EC2V 7AN THE MATER HOSPITAL Y P FUND CONTENTS Page Trustees, report Statement of Trustees, responsibilities Independent auditoVs report 8-10 Statement of financial activities 11 Statement of financial position 12 Notes to the financial statements 13-22 THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 De￿mber 2024. The finan¢ial ststements have been prepared in accordance w(th the accounting policies set out in note 110 the financial statements and Comply with the Charity's Trust deed, the Charities Act (Northern Ifelandl 2008 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportsng Standard applicable in the UK and Republic of Ireland published in October 2019. Objectives and activities Th6 purposes of Ihe Fund are set out in the Trust Deed dated November 1992. ' The Trust is established to support and furtherby chan"table means only, such of the purposes, aims and objects of the MaterHospital, being charitable. and such otherpurposes. aims and objects similar or akin to those of the Mater Hospital being charitable. as the Trustees shall in thelr absolute discretion from tlme to time deterniine. The benefit provided by the Fund is the advancement of health, the prevention of illness, the saving of lives and the advancement of education. In setting our objectives and planning our activities our Governors have given careful consideration to the Charity Commission's public benefit guidance. The public benefit 15 the health and wellbeing of all users of the services provided by the Hospital. The beneficiaries of the Fund are the general public including patients of the Hospital. family members and carers of patients, relatives and visitors. Beneficiaries also include hospital staff medical, nursing. allied health professionals, ancillary staff and students by way of education, research, training and development of educational facilities. Policy for the making of awards The Trustees satisfy themselves that the project being finan￿d is in ftjrtherance of the objects and purposes of the Fund, that it is charitable and that it does not pla￿ the fInan￿S or the reputation of the Fund at risk. Each project submitted by staff has the prior support of the relevant professional or multidisciplinary group of the Hospital or senior manager before being brought forward to the Trustees for consideration. A short guidan￿ for staff has been developed. The Trustees consult with the relevant personnel within the Hospital and olher professionals to satisfy themselves that the project is beneficial and viable. Monitoring achievement At Iheir regular meetings. the Trustees monitor the financial perfomian¢e of the Fund by way of detailed reports from the appointed Investment Managers and the progress of each individual funded project. In relation to the fvnd8d projects an individual report is brought to the Trustees at their regular meetings by 8 delegated Trustee who liaises with the relevant sponsoring member of the Hospital Staff. THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Past Funding Upon the accession of the Hospital to the National Health Service in 1972., and the routine funding being assumed by Ihe Ihen Ministry of Health and subsequently the Department of Health and Beltsst Health and Social Care Trust IBHSCTI-, the ￿e￿SsIty for the wort< the Young Philanthropists lessened and the funds were invested and eventually ￿$ted within the Fund. However, the Fund continued to enhance Ihe fabric of the Hospital with, inter alia, the construction of the new McAuley building, a state of the art Education Suite, auiet Room and Junior Medical staff and administration area. In addition, the Fund made substantial investment in improvement in the Hospital's diagnostic capacity, particularly radiology by the provision of Magnetic Resonance Imaging. CT Scanning and screening equipment. There was also a major research project into chronic obstructive pulmonary disease (COPDI. Over the past two decades the Fund has contributed some £25,000,000 to support advan￿5 in the Hospital. Projects funded durlng the year In 2024 the Mater Hospital has now been designated the first overnight unit for intermediate level surgery. This development has been welcomed by the YP Trustees as a signal of the excellent Ca￿ provided by all of the staft of the hospital, but also as a commitment by the Department of Health and BHSCT in the future of the hospital and its staff. The Trustees are pleased to report that there continues to be an increasing number of requests for funding in 2024. During the year 2024 the Fund made investments and interim inst21ment payments tolalling £822.250 in respect of completed and ongoing projects. THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ongoing Investments and Commltments The Trustees have made commitments to new and ongoing projects detailed below. In 2024 these commitments focused on improving the internal and extemal hospital environment. clinical and care equipment. staff support, education and training. The Current ro ects end and outstandin ornmitted commitments are scheduled as follows.. Spent in 2024 otal Spent utstanding Food Bank 0,200 .700 0,200 Clinical Handover 59,371 366,253 18.640 yfinding Phase One 36,000 2,022 33.040 ,960 Railings 150.000 150.000 Nebulise 6.750 30.100 ,650 Respiratory Training .233 .233 ,233 unior Doctors Ac¢ 549.000 10,492 10,492 138.508 Palliative Care 10,282 10.282 BreathTec 15,000 14.280 14,280 20 Extension to (26} Boardroom 4,000 4.000 MRI 1.000,000 1.000.000 NMP Elective Unit ,705 .750 ED staff room 12,000 12.000 Blood gas analyser .851 ,851 Consultant Training 500 00 Respiratory Transfer Equip 15.000 15.000 Ophthalmology Equip 16.563 16,563 irt Lamp 76,598 6.598 Estates Roof 300,000 300.000 Eileen Ferguson Award 1,500 270 270 1,230 Estates Staff Support 100,000 100,000 Conference .685 ,685 Idening Access Project 0,908 0,908 3,688.146 22,250 1,149.255 ,478,205 THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Elleen Ferguson Award In recognition of the significant Mtal contribution of the late Eileen Ferguson. a YP Trustee, the Fund conts'nue to support an award to be made bi-annually to staff who work in support of dinical teams. The Eileen Ferguson award celebrates and recognises the outstanding contribution of the support staff in the Mater Hosprtal. The award is to be made every Iwo years commencing 2022 and include a training bursary for the winner. The recipient of this award will receive support for Irainingleducation. The first award was made in 2023 to Mr Tony Mc Don8gh in 2024 the award was made to Sally Ferguson. Financial review The Audited Financial Statements for the year ended 31 De￿mber 2024 and Balance Sheet as at dale are attached to this ￿pOrt. At 1 January 2024 the Gross Worth of the Fund was £26,488K and Net Worth was £23,729K after laking into account Outstanding Commitments at that date. During the Year the Fund generatsd incorne of £915K in addition lo gains on Investments of £315K. Expenditure on charitable aclivities amounted to £915K leaving a Net Surplus for Ihe year of £315K At 31 De￿rnber 2024 the Gross Worth of the Fund was £26,802K and Net Worth was £24.324K after taking into account Outstanding Commitments at that date. All funds are Unrestricted. Reserves policy The Trustees have considered the necessity to create a reserve within the Fund. In light of the Net Worth of the Fund. the Unrestricted nature of the funds and its ￿adY access to liquid funds the Trustees conclude that a reserve is not necessary. This will be kept under ￿VIeW on an annual basis. Investment policy The Trustees have appointed professional Investment Managers to manage the Fund portfolio on a discretionary basis within defined parameters addressing long temi capital growth, income generation, risk constraints and ethical and environmental awareness. The Investment Portfolio is maintained primarily in Sterling as the expenditure and fijnding of the Fund is exclusively in that currency. The Investrnent Managers report to Ihe Trustees on a quarterly basis. During the prior year the Trustees appointed Broadstone as investment advisors to perfomi an investment portfolio review. The review included perfomance against objeclives. performance against peer groups, responsible investment a55essment, income and fees. Trustees were pleased with the outcome of the review. Given the completion of the Broadstone review work in the prior and current year and despite the market volatility experienced during the Year the Tnjstees are satisfied with the perfomance and managemenl of the investment portfolio of the Fund during the Year. THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Risk Management The Trustees are cognisant of the reality that the primary asset of the Fund is represented by its Investment portfolio which they endeavour to mitigate any risk in this regard by the ￿tentIOn of professional Investment Managers. The Trustees have custodian arrangements in place for the protection of the equities and bonds. The Trustees are also ciyJnisant of financial risk. this is managed by the appointment of Trustees with sufficient skill and expertise and by close liaison with the medical. dinical and other experts within the Hospital. The Trustees regularty monitor how fvnded expenditure on capital projects, research and other projects are developing and by regular consultation with the relevant personnel within the Hospital and third parties. Through this process they are assured that their technical knowledge is up-t04Jate and they have the depth of insight and detail to demonstrate the appropriate utilisation ot assets of the Fund in accordance with its Charitsble purposes. In 2024 Trustees re￿iVed P￿sentatIOnS directly from recipients of the fund detailing the positive impact of the investment on patient care and support of staff. Structure. governance and rnanagement Structure The Mater Hospital (the 'Hospital . } was founded by the Order of the Sisters of Mercy and opened its doors on Ihe Crumlin Road. Belfast, to the public in 1883 providing, on a charitable basis, the best in care and treatrment to all those in need of it. irrespective of their creed. Class or means. At the instigation of the then Father Patrick, later, Monsignor Mullally, a group of local business people set up the YP Pools { the name deriving from The Young Philanthropists ) with the principal purpose of raising funds for the Hospital. Over the years the majority of the fvnding for the Hospital. and that presently ￿mainIng in the Fund.. derived almost entirely from the YP Pools. The Hospital was financed principally by this fund until the Government agreed to admit the Mater to the Nab"onal Health servi￿ in 1972 In November 1992 the Fund was established as a Charitable Trust and in April 2014 was registered as a charity with The Charity Commission for Northern Ireland under Registration Number NIC100084. Management The Fund is managed and controlled by a board of Trustees. Those who served during the Year were.. MrACanavan Dr P Curran Reverend Dr P Fleming {Chairperson) Dr J Doyle Mrs M Hinds Mr G Hughes Reverend G Fox Mr J Fitzpatrick Mrs N Patterson Miss L MrAlea Dr L M¢￿e (Resigned 28 May 2024} (Resigned 28 May 2024) (Appointed 2 October 20241 {Appointed 2 October 20241 (Appointed 2 October 2024) THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees receive no ￿muneration. Mrs Hinds re￿iVed an honorarium of £7,500 for secretarial Servi￿$. Audltor Mccreery Turkington Stockman has indicated its willingness to continue in office for the ensuing year. However, Trustees have indicated that the audit services for the year to 31 December 2025. next year. may be tende￿d. Given the wotk commissioned through Broadstone in 2023 and 2024 the Trustees have deferred this decision for now. Con¢lusion The Trustees are privileged to be charged with the management and control of the Fund which was initially contributed to by the community in the financially stringent times post the second World War and whose generosity and support of the Hospital is evidenced by the fact that their descendants and the community continue to benefit therefrom over some 70 years later. The Trustees, report was approved by the Board of Trustees. Mrs M Hinds Trustee Dated.. 14 May 2025 THE MATER HOSPITAL Y P FUND STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for preparing the Trustees'Annual Report and the Financial Slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Ac¢ounling Practice). The law applicable to charities in Northem Ireland requires the Trustees to prepare Financial Ststemenls 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 fesources of the Charity for that period. In preparing these Financial Statements, the Trustees are required to= select suitable accounting policies and then apply them consistently., observe the methods and prlnciples in the Charities SORP 2019 {FRS 1021- make judgements and estimates that are reasonable and prudent., prepare the Financial Statements on the going con￿rn basis unless Èt is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disdose 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 (Northern I￿land) 2008, Charities (Accounts and Reports) Regulations {Northem Ireland} 2015 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND Oplnlon We have audited the financial statements of The Mater Hospital Y P Fund (the 'Charity'} for the year ended 31 Dècember 2024 which comprise the statement of financial activities, the statement of financial position and the notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporbng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irel8nd {United Kingdom Generally AC￿pted Accounting Practi￿). In our opinion, the financial statements-. give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of tts incoming reSoUr￿S and application of resources. for the year then ended,. have been properly prepared in accordan￿ with United Kingdom Generally A￿pted Accounting Practi￿,. and have been prepared in accordan￿ with the requirements ofthe Charities Act (Northem Ireland) 2008. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial stalemenls section of our report. We are independent of the Charity in accordan￿ 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. 14Ve believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going con￿rn 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 Un￿rtaInlieS relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going con￿rn for a period of at least ￿e1ve months from when the financial stalements are authorrsed for issue. Our ￿SponSibl11t1eS and the responsibilities of the TFUStees wth respect to going concem a￿ described in the relevant sections of this report. Other information The other information comprises the information induded in the trustees annual report, other than the financial statements and our auditor'5 report thereon_ The trustees are responsible for the other infomialion contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and, ex￿pt to the extent othenmise explicitly stated in our report. we do not express any fomi of assurance conclusion Ihereon. 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 course of Ihe audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whelher this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that Ihere is a material misstatement of this other information, we are required to report that fact. Wa have nothing to report in this regard. THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to report to you if. in our opinion.. the information given in the financtal statements is inconsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not re￿iVed all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fijlly in the statement of Trustees, Responsibilities. the Trustees a￿ responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees detemiine is ne￿SSary to enable the preparation of financTal 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 Con￿￿. disclosing, as applicable, matters related to going concern and using the going con￿rn basis of accounting unless the Trustees either intend to ￿ase operations, or have no fealistic alternative but to do so. Auditovs responsibilitie$ for the audit of the financial statements We have been appointed as Auditor under section 65(2) of the Charities Act (Northern Ireland) 2008 and report in accordan￿ with the Act and relevant regulations made or having effect thereunder. Our objecttves 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 auditors report that includes our opinion. Reasonable assuran￿ is a high level of assuran￿. but is not a guarantee that an audit conducted in accordan 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. Irregularities. including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line with our ￿SpOnsIbl1111es, outlined above. to detect material misstatements in respect of irregularities. induding fraud. The extent to which our prO￿dureS are capable of detecting irregularib-es, including fraud is detailed below_ We gained an understanding of the legal and ￿gUlatOry framework applicable to the charity and the industry in which it operates. We conSide￿d the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. These included but were not limited to Complian￿ with United Kingdom Accounting Standards, including Charities Act (Northern Ireland) 2008 ,Charilies {AccotJnts and Reports) Regulations (Northem I￿rand> 2015 and the Charities SORP 2019 (FRS 102). We focused on laws and regulations that could give rise to material misstslement in the financial statements. Our tests included but were not limiled to-. Agreement of financial statements disclosu￿9 to underlying supporting documentation., Discussions with management regarding specific laws and regulations Ihat may apply to the charity and the impact of any non-complian￿ on the audit., Review of minutes of meètings and correspondence throughout tho period and after the year end., Considering the effectiveness of thè control environment and monitoring compliance with laws and regulation Be¢ause of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to 8 material misstatement in Ihe financial statements or non-complian￿ with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the finanaal statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional Con￿alMent, forgery, collusion, omission or misrepresentation. THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND A further description of our responsibilities is available on the Financial Repoiting Council's website at https.'Il www.frc.org.uklauditorsresponsibilities. This description forns part of our auditorfs report. Use of our report This ￿port is made solely to the Charity's Trustees, as a body. in accordance with Part 4 of the Charities IAccounts and Reports} Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might slate to the Charity's Tfustees those matters we are required to state to Ihem in an Auditors, report and for no other purpose. To the fullest extent pennitted by law, we do not a¢￿pt or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Mccreery TurkÉngton Stockman Ltd 14 May 2025 Chartered Accountants Statutory Auditor 1 Lanyon Quay Belfast Co Antrim Northem Ireland BT13LG 10- THE MATER HOSPITAL Y P FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrèstricted funds 2024 Unrestrlcted funds 2023 Notes Incorne and endowments from: Investments Other income 915,339 868.274 13,565 Total income 915,339 881.839 Expenditure on: Charitable aclimties 915.685 458.475 Total expenditure 915,685 458,475 Net gainsl(lossesl on investments 11 274,393 1.004.302 Net income 274.047 1.427.666 Other recognised gains and losses: Other gainsl{losses} 13 40.573 {511 Net rnovement in funds 314,620 1,427,615 Reconciliation of funds: Fund balances at 1 January 2024 26.487.692 25,060.077 Fund balances at 31 December 2024 26.802.312 26.487,692 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 11 THE MATER HOSPITAL Y P FUND STATEMENT OF FINANCIAL POSITION ASAT31 DECEMBER 2024 2024 2023 Notes Fixed agsets Investments Current assets Debtors Cash at bank and in hand 14 26,704,734 26.317.221 15 11,820 91,878 34,380 141,911 103,698 176.291 Creditors: amounts falling due within one yoar 16 16.120) (5,8201 Net current assets 97.578 170,471 Total assets less current liabilities 26.802,312 26,487,692 Income funds Unrestricted funds General unrestricted funds 17 26,802.312 26.487,692 26,802,312 26.487.692 26,802,312 26.487.692 The financial statements were approved by the Trustees and authorised for issue on 14 May 2025 Mrs M Hinds Trustee Mr G Hughes Trustee 12 THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Charity informatlon The Mater Hospital Y P Fund is a charity registered in Northem Ireland and is unincorporated. 1.1 Accounting conventlon These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. 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 of Ireland published in October 2019 and the Charities Act (Northern Ireland} 2008). Charities (Accounts and Reports) Regulations {Northem Ireland) 2015 require accruals accounts lo be prepared in accordan￿ with the SORP. The Mater Hospital YP Fund is not required to prepare a Cashftow Statement under section FRS102 s7.1A. The financial statements are prepared in sterling. which is the fvnctional currency of the Charity- Monetary amounts in these financial statements are rounded to the nearest £. The financial statements are prepared on a going con￿rn basis under Ihe historical cost convention. modified to include certain items at fair value. 1.2 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 concern basis of accountsng in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Ttustees in fijrtheran￿ of their charitable objectives. Designated Funds are unrestricted funds eamiad