William Whiteside And Irene Whiteside Memorial Trust
Statement of financial activities
For the year ended 30 June 2024
| Note Income from: Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 230 230 4,539 4,539 (4,309) 1,238 (3,071) 11,931 (3,071) 8,860 |
Total funds 2024 £ 230 230 4,539 4,539 (4,309) 1,238 (3,071) 11,931 (3,071) 8,860 |
Total funds 2023 £ 215 215 4,200 4,200 (3,985) 566 (3,419) 15,350 (3,419) 11,931 |
|---|---|---|---|
All amounts relate to continuing operations.
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
Page 7
William Whiteside And Irene Whiteside Memorial Trust
Balance sheet
For the year ended 30 June 2024
| Note Fixed assets Investments 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current liabilities Total net assets Charity funds Restricted funds 10 Total funds |
307 307 (2,842) |
2024 £ 11,395 (2,535) 8,860 8,860 8,860 |
42 42 (2,400) |
2023 £ 14,289 (2,358) 11,931 11,931 11,931 |
|---|---|---|---|---|
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the Trustee on 12 February 2025 and signed on their behalf by:
Cleaver Fulton Rankin Trustees Limited (Trustee)
The notes on pages 9 to 15 form part of these financial statements.
Page 8
William Whiteside And Irene Whiteside Memorial Trust
Notes to the financial statements
For the year ended 30 June 2024
1. General information
The William Whiteside and Irene Whiteside Memorial Trust is an unincorporated trust. Its principal office is 50 Bedford Street, Belfast, BT2 7FW, and it has a charity registration number of 100271.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements are prepared on a going concern basis, under the historical cost convention unless otherwise noted in the accounting policies below. They have been prepared in accordance with applicable law and accounting standards issued by the Financial Reporting Council, including FRS102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” (“FRS102”), and the Statement of Recommended Practice – Accounting and Reporting by Charities, effective 1 January 2019 (“SORP”).
The financial statements are presented in Sterling (£).
The Young Fund constitutes a public benefit entity as defined by FRS 102.
2.2 Going concern
The trustees have assessed that the William Whiteside And Irene Whiteside Memorial Trust has adequate resources to meet the ongoing costs of the entity for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
2.3 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is included when receivable.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the trust.
All expenditure is inclusive of irrecoverable VAT.
Page 9
William Whiteside And Irene Whiteside Memorial Trust
Notes to the financial statements
For the year ended 30 June 2024
2. Accounting policies (continued)
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 10
William Whiteside And Irene Whiteside Memorial Trust
Notes to the financial statements
For the year ended 30 June 2024
- Critical accounting estimates and areas of judgement
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The trust makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estmates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Fair value of investments
Uses various valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would the instrument. The trustee bases its assumptions on observable data as far as possible but this is not always available. In that case, management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm's length transaction at the reporting date.
4. Investment income
| Listed investments Total 2024 Listed investments Total 2023 |
Restricted funds 2024 £ 230 230 Restricted funds 2023 £ 215 215 |
Total funds 2024 £ 230 230 |
|---|---|---|
| Total funds 2023 £ 215 215 |
Page 11
William Whiteside And Irene Whiteside Memorial Trust
Notes to the financial statements
For the year ended 30 June 2024
5. Analysis of expenditure on charitable activities
Summary by fund type
| Disbursements to beneficiary Investment expenses Legal and professional fees Total 2024 Disbursements to beneficiary Investment expenses Legal and professional fees Total 2023 |
Restricted funds 2024 £ 810 167 3,562 4,539 Restricted funds 2023 £ 407 209 3,584 4,200 |
Total 2024 £ 810 167 3,562 4,539 |
|---|---|---|
| Total 2023 £ 407 209 3,584 4,200 |
6. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Trust's independent examiner for the independent | ||
| examination of the Trust's annual accounts | 1,800 | 1,800 |
7. Resources expended
During the year, no Trustees received any remuneration (2023- £NIL). During the year, no Trustees received any benefits in kind (2023- £NIL).
During the year, no Trustees received any reimbursement of expenses (2023- £NIL).
As detailed in Note 12, the Trustees received remuneration for services rendered to the Trust in the current year.
Page 12
William Whiteside And Irene Whiteside Memorial Trust
Notes to the financial statements
For the year ended 30 June 2024
- Fixed asset investments
| Cost or valuation At 1 July 2023 Additions Disposals Revaluations At 30 June 2024 Net book value At 30 June 2024 At 30 June 2023 |
Listed investments £ 14,289 1,281 (5,413) 1,238 |
|---|---|
| 11,396 11,396 |
|
| 14,289 |
- Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 2,842 | 2,400 |
Page 13
William Whiteside And Irene Whiteside Memorial Trust
Notes to the financial statements
For the year ended 30 June 2024
10. Statement of funds
Statement of funds - current year
| Balance at 1 | Balance at 1 | Gains/ | Balance at | |||
|---|---|---|---|---|---|---|
| July 2023 | Income | Expenditure | (Losses) | 30 June 2024 | ||
| £ | £ | £ | £ | £ | ||
| Restricted funds | ||||||
| Restricted Funds - all funds | 11,931 | 230 | (4,539) | 1,238 | 8,860 | |
| Statement of funds - prior | year | |||||
| Balance at | Gains/ | Balance at | ||||
| 1 July 2022 | Income | Expenditure | (Losses) | 30 June 2023 | ||
| £ | £ | £ | £ | £ | ||
| Restricted funds | ||||||
| Restricted Funds - all funds | 15,350 | 215 | (4,200) | 566 | 11,931 |
Page 14
William Whiteside And Irene Whiteside Memorial Trust
Notes to the financial statements
For the year ended 30 June 2024
- Analysis of net assets between funds
Analysis of net assets between funds - current period
| Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2024 £ 11,396 306 (2,842) 8,860 |
Total funds 2024 £ 11,396 306 (2,842) 8,860 |
|---|---|---|
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2023 £ 14,289 42 (2,400) 11,931 |
Total funds 2023 £ 14,289 42 (2,400) 11,931 |
|---|---|---|
12. Related party transactions
During the year to 30 June 2024, fees of £1,320 (2023: £1,784) were incurred to Cleaver Fulton Rankin solicitors. Cleaver Fulton Rankin Trustees Limited is the sole corporate trustee of the trust.
Page 15