THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND FINANCIAL STATEMENTS FOR THE YEAR ENDEI D 31ST AUGUST 2017 Charity Number NIC101106 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND FINANCIAL STATEMENTS FOR THE YEI AR ENDED 31ST AUGUST 2017 CONTENTS Page Charlty reference and adrninistrative details Report of the Board of Trustees Independent auditor's report ¢0 the Truslees Statement of financial activities Balance sheet io Statement of Cash flows li Notes on the financial ststements 12- 19 The following pages do not form part of the financial statements List of Investments 20-22 Donations and gifts received Page I THE SIR GEORGE A CLARK BAIIONET MEMORIAL BURSARY FUND CHARITY RE( fEI RE4 NCE NUMBER AND ADMINISTRATIVE DETAILS Charity name The Sii. Geoi'ge A Clark Baronet Mernorial Bursary fund Charity number 101106 Registered Office Schomberg House 368 Cregagh Road Belfast BT6 9EY Trustees Rev Di. W Marlin Smyth (Chairman) Mi R Abernethy Mr W J B fitzsiinmons Mr S W Lindsay Mr W McKeown MrJWGPatton Mrs O Whitten Secretary Mr D Scott (delegated day to day management) Mr W McKeown Tregsurer Auditors Jackson Andrews CharteiEd Accountants & Registered Auditor And1￿ House 60 Gi-eat Victoria Street Belfast BT2 7ET Bankers Danske Bank 23) Slwthill Road Belfast BT13 IFE Investment Managers Cunningham Coates I"he Linenhall 32-J8 Linenhall Street Belfast Solicitors Fisher & Fisher 165 Sandy Row Belfast BT12 2ET Page 2 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND REPORT OF THE BOARD OF TRUSTEES FOR THE YII AR EI NDED 31ST AUGUST 2017 The Board of Trustees present their report and financial statements of the Fund for the year ended 31, August 2017. Tlie Iru5tees have adopted ihe provisions of the Statement of Recominended Practice (SORP) "Accounting and Reporting by Charitie5" (FRS 102) in preparing the annual report and financial statements of the Fund. The financial statetnents have been prepared in aceordance wtth the accounting policies sel out in the notes to the financial statenients and coinply with the Fund's governing document, the Charities Act (Northern Ireland} 2008, Charitie5 (Accounts and Reports) Regulations (Northem Ireland) 2015, aiid Charities SORP {FRS 102) Accountiiig and Reporting by Cliai'ities- Statement of Recommended Praclice applicable lo charities preparing their accounts in accordaiice with the Financial Reporting Standard applicable in the UK and Republie of Ireland (FRS 102). REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown in ihe schedule of trustees of the Fund and PTofessional advisers on page l of the financial statements. TRUSTEES OF THE FUND The trustees who served during the year were as follows.. Rev Dr W Martin Smyth (Chainnan) Mi. R Abernethy Mr W J B Fitzsimmons Mr S W Lindsay Mr W MeKeown Mr J W G Patton Mrs O Whitten PUBLIC BETrIEI FIT STATEMENT The Board of Truslees of The Sir George A. Clark Bai'onet Memorial Bursary Fund confinn that tliey had due regard for the guidance produced on public benefit by the Charity Coinmission for Northern Ireland and are pleased to report that during the year the Fund has continued to provide public benefits througli the financial assistance we provide for the prevention of financial hardship and poverty to our beneficiaries and we refer lo tlie guidance when reviewing our aims and objectives and in planning our future activities. OBJECTIVES AND ACTIVITIES The objective and PTincipal charitable activity of ihe Fiind is the relief of hardship and distress by helping and assisting the financial needs and affording support by awai'diiig biirsaries and fLnancial assistance to: (i) Members of the Loyal Orange Institution of Ireland or the Association of Loyal Orangewomen in Ireland; THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND REI PORT OF THE BOARD OF TRUSTEI ES FOR THE YE4 AR El NDEI D 31ST AUGUST 2017 (coiitiniied) OBJECTIVES AND ACTIVITIEI S (coiiliniiecl) (i) Children of members of the Loyal Orange Institution of Ireland oi. the Association of Loyal OrangewoTnen in Ireland. (li) Grandchildren of members of the Loyal Orange Instilution of li'eland or the Association of Loyal Oi'angewomen in Ireland. who are: (a) Atteiiding oi. seeking lo attend a third level educational establisknnent. (b) Leaving school: uiiivei-sity oi- other educational establishnient. (c) Continuing academic research or studies or. (d) Disabled (wliether physically oi- witli a learning disability). No PTivate benefit ￿.1$e$ from the operation of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The Fund was founded in 1993, its puipose being the relief of hai'dship and dislress by helping and assisting the financial needs and affoi'ding support by awarding bursaries and financial assislance to members of the Orange Association in Irelaiid and theiT children and grandchildren in teitiary education as set out under the terms and rules of the trust deed for the Fiind. The fund was registered with The Chai-ity Commission for NortheTn Ireland on 28 Api-il 2016, undeT reference NICIO1106. Further infoiThation on the Fund and the members of the BO￿.d of Trustees can be obtained fiDm: Mr D Scott Secretary Schomberg House 368 Cregaoh Road Belfast BT6 9EY Telephone 028 9070 1122 Organisational structure and related parties Responsibilities for the activities of the Fund is vested in and carried out by a Boai'd of Trustees which meets at intervals tIIToughout the yeai.. Triistees may be appointed by resolution of a meeting of the Boai'd of T￿SteeS and the niirnber of tiiistees shall not excecd 7 and shall not be less than 3. Trustees may remain a Trustee until 75 years, however thereaftei. must ie-affu'ni on annual basis. Recruitment, appointment, induction and training Tlie BO￿.d of Trustees have bccn iiivolved iii the Fund for a numbei. of years aiid so a￿ f￿1]illar with its work. The trustees re(Fularly iEview tlie requireinents of tlie Fund aiid the possibility of a need for additional ti'ustees. Any new trLlStees would be elected by the Board of Trustees. Appropriate training and induction is available to all li-ustees. Page 4 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND RE< PORT OF THI BOARD OF TRUSTEEI S FOR THE YEAR ENDED 31ST AUGUST 2017 (coiitiniied) STRUCTURE, GOVE< RNANCE AND MANAGEMENT (contiiiued) Financial risk management objectives and polieies The trustees have ovei'all i'esponsibility foi. eiisui-ing thal the Fund has in place an appropriate system of controls, financial and otherwise, to provide assistance ihat. The Fund is operating effectively; Its assets are safeguarded against unauthorised use or disposition. Proper records are maintained and fiiiancial infoiination used wiihin the Fund or for publication is reliable. The Fund complies with relevant laws and regulations- and The Fund's systems of financial control are designed to provide reasonable. but not absolute assurance against material misststement or loss. The trustees Iiave assessed the major risks to which the Fund is exposed, in particular those related to the operations and finances of tlie Fund, and are satisfied that systems are in place to mitigate any exposure to major risks. Where appropriate, systems or pi'ocedures have been established to Initigate the risks faced by tlie Fund. Intenial control risks are minirnised by tlie iinplementation of procedures for authorisation of all transactions and projects. Procedures are in plaee to ensure compliance with health and safety of officers, volunteers and applicants. These procedures are periodically reviewed at leasl annually to ensure that they continue to meet the needs of the Fund. ACHIEVEMENTS AND PERFORMANCE During the year the Fund approved 45 (2016 - 57) grant applications to individuals who qualified under the temis of the Trust Deed. Total income for the period amounted to £25,972 (2016 - £29,580) and total expenditure for the period amounted to £17,831 (2016 - £17,582). Investments are managed and held by Cunningham Coates as discretionary investineiit maiiager and this year there were gains on investments of £15,240 (2016 - £),658). The trustees coiisider that the Fund is in a satisfactory position to carry on its charitable activities. FINANCIAL REVIEW Details of income and expenditure for the year aiid of the year end finaiicial p051tion ￿'e given on pages 9 and l O of the accounts attached to this report. There was an inerease in the market value of the Fund's investment poitfolio diii'ing the year and overall reserves increased in 2017 by £2J,J81 to £436,587 from £413,206. The trustees considei. Ilie financial position of the Fund as satisfactory in order to carry on its charitable activities and have adopted a policy of endeavouring lo balance income and expendituiE. Page 5 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND REI PORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2017 (coiiliniied) FINANCIAL REVIEW (contiiiued) Reserves policy Unrestricted funds increased in the year under revi¢w by £5,334 from a deficit of £J,385 to a surplus of £1,949. The restricted endowment funds increased in the year under review by £18,047 from £416.591 to £434,638. The policy of the Fund is to maintain reserves at such a level as to limit risk from future downtum in Fund income or from increased expenditure in the loiiger term, including expenditure on investments. This should pi'ovide sufficient funds to cover iunning costs whicli include Management, administration and support costs. Free reserves are those unrestricted reserves not designated nor invested in investnients whicli al'e available for gei)eral use. The Board of Trustees is particularly conscious that voluntary donations cannot be relied on as a Continuing and certain source of incoming resources for the futiire and is also aware of the need to guard against the vagaries of stock inarket perfoiinance. Funding The priiicipal funding is from donations and investments. PLANS FOR FUTURE PII RIODS There have been no majoi. changes iii the year, nor are any envisaged in the foreseeable future. STATEMENT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES The Board of Trustees are responsible for preparing the Trustees Annual Report and tlie financial statements in accordance with applicable law and Uiiited Kingdom Accountiiig Standards (United Kingdom Generally Accepted Accounting PTactice). Tlie law applicable to charitie5 in Northern Ireland requires the trustees to prepare financial statements for each financial ye￿- wliieh 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 pi'eparing these financial statements. the truslees are required to: select suitable a¢¢ounting policies and then apply them consistently. observe the inethods and principles in the Charities SORP 2015 (FRS 102). make judgements and estimates that al'e reasonabl¢ and prudent: State whether applicable accounting standards have been followed, subject to any material depaitures disclosed aiid explained in the financial statenienls. prepare the financial statenieiits on the going concern basis unless it is inappTOPI'iate to presume that the charity will Continue in operation. Page 6 THE SIR GEI ORGE A CLARK BARONET MEMORIAL BURSARY FUND REPORT OF THE BOARD OF TRUSTEES FOR THI YEI AR ENDED 31ST AUGUST 2017 (conlinued) STATEMENT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES (coiiliniied) The trustees are responsible for keeping propel. accounting records that disclose with reasonable accuTacy at any tiine the financial position of the Charity and enable tliem to ensure that the financial statements eomply with the Charities Act (NortheiT) li'eland) 2008 and the provisions of the trust deed. The trustees are also responsible for safeguarding the assets of the charity and hence for taking Teasonable steps foi. the prevention and detection of fi7ud and other iiTegularilies. The trustees are responsible for the maintenance and integrity of the cliai'ity and fiiiaiicial inforniation included on the charity's website. Legislation in tlie United Kingdoin goveriiing the preparation and dissemination of fiiiancial statements may differ from legislation in other jurisdictions. Disclosure of information to auditors In so far as the trustees are aware: Tliere is no relevant audit information of which charity's auditors are unawai'e; and The trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit inforn]ation and to establisli that the auditors are aware of that information. AUDITOR Jackson Aiidrews offer themselves for re-appointment as auditor for the ensuing year. REGISTERED OFFICE BY ORDER OF THE BOARD OF TRUSTEES Schomberg House 368 Cregagh Road Belfast BT6 9EY Trustee Approved by ihe trustees on f r-0* 2017 Page 7 THE SIR GEORGE A CLARK BARONET MIMORIAL BURSARY FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEEI S AND MEMBERS FOR THE YEAR ENDED 31ST AUGUST 2017 We have audited the financial statements of Sir George A Clark Baronet Memorial Bursary Fund for the year ended 31 ' August 2017 wliich compi'ise the Stalement of Financial A¢livities, the Balaiice Sheet, Ihe Staternent of Cashflows and ilie related notes to the financial statements. The financial reporting frainewoi'k that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdoin Generally Accepted Accounting Pi'aclice) including FRS 102 "Tlie Financial Reporting Standai'd applicable in the UK and Republic of Ireland" This report is inade solely to the Fund's trustees and members as a body, in accordance with regiilations made under sectlOD 66 of the Chai'ities Act (Northern Ireland) 2008 and regulation 20 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been uiideilaken so that we might state to the Fund's trustees those Inatters we are required to state to tl)em in an auditors, report aiid for no othei. puiyose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone othei. than the Fund and the Fund's trustees as a body, for our audit work, for this report, or for the opinions we have formed. REI SPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITOR As explained more fully in the StateJnent of ihe Responsibilities of the Board of TTUStees The responsibililies of the Board of Ti'uslees set out on pages 5 and 6, the trustees are responsible for the preparation of financial statements which give a true and fail. view. We have been appointed as auditOL' under section 65(2) of the Charities Act INortheiT Ireland) 2008 and report in accordance with regulations, made undei- section 66 of that Act. Our respoiisibility is to audTt and express an opinion on the fii)ancial slalen]ents in accordance with applicable law and InteiTrational Siandards on Auditing (UK and Ireland). We are independent of the Fund in accordance with tlie ethical requirements that are relevanl to our audit of the fiiiancial slalements in the UK, includiiig the FRC'S Ethical Standard, and we have fulfilled oui. other ethical responsibilities iii accordaiiee with these requii'einents, in the circumstances set out in iiole 16 to tlie financial slatements. SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosure in the financial statements sufficient to give reasonable assurance that the financial statements are free froin material Inisstatement, whether caused by fraud or errol.. This includes an assessment of.. whether the accounting policies are appropriate to the charity's circunistances aiid have been consistently applied and adequately disclosed. the reasonableness of significant accounting estimates made by the trustees; and the overall presenlation of the financial statetnents. In addition. we read all the financial and non-financial information in the Trustees. Aiinual Report to identifj, material incoiisistencies witli the audited financial stateinents and to identify any infomiation that is apparently rnaterially incoiTect based on, or niaterially incoiisistent wiih, the knowledge acquired by us in the course of perforniing the audit. If we become aware of any appai'enl material niisstatements or in¢onsisteiici¢s we consider the implications for our report. Page 8 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND INDEI PENDENT AUDITOR?S REPORT TO THE TRUSTEES AND MEMBERS FOR THE YEAR ENDED 31ST AUGUST 2017 (coiitiiiued) OPINION ON FINANCIAL STATEMENTS In our opinion the financial statements: give a true and fair view of the state of the Fund's affairs as at 31, August 2017 and of its incoming iEsoui'ces and application of r¢soui'ces, for tlie year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities A¢1 (northern Ireland) 2008 and regulation 8 of the ChaTlties (Accoiints and Reports) Regulations (Northern Ireland) 2015. MATTERS ON WHICH WE ARE REQUIRED TO RE4 PORT BY EXCEPTION We have nothing to report in respect of tlie following matters where the Charities Act (Northern Ireland} 2008 requires us to report to you if, in our opinion: the infonnation given in the Trustees. Annual Report is inconsistent in any material respect with the fiiiancial statements- or sufficient accounting i'ecoi'ds have not been kept. or the financial statements are not in agreement with the accounting records and returns. or we have not received all the infonnatioii and explanations that we require for oui. audit. JACKSON ANDREWS Andras House 60 Great Vicloiia Street Belfast BT2 7ET Chartered Accouiitants & Registered Auditor Dated.. 20I7 Page 9 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND STATEMENT OF FINANCIAL ACTIVITIEI S FOR THE YEAR ENDED 31ST AUGUST 2017 Restrieted Unrestrieted Endowment Funds Funds Total Funds 2017 Total Fuiids 2016 Note INCOME FROM: Donations and legacies Investments 8,160 15,005 2,807 10,967 15,005 12,133 17,447 TOTAL INCOME 23,165 2,807 25,972 29,580 EXPENDITURE ON: Charilable activities Investment management costs 15,953 1,878 A5,953 1,878 15,809 1,773 TOTAL XPENDITURE 17,831 17,831 17,582 NET INCOME BEFORE GAINS / LOSSES ON INVESTMENTS 5.334 2,807 8,141 11.998 Net gains on investments 15,240 15,240 3,658 NET INCOME 5,334 18,047 23,381 15,656 RECONCILIATION OF FUNDS: TotaI funds brought forward (3,385) 416,591 413,206 397,550 Total funds Carried fonvard 1,949 434,638 436,587 413,206 The Fund has iio recognised gains or losses in the year other than tliose included in the net nioveinent of funds. All of the operations of the Fund are classed as continuing. Page 10 THE SIR GEORGE A CLARK BARONE< T MEMORIAL BURSARY FUND BALANCE SHEET AS AT 31ST AUGUST 2017 2017 2016 Note FIXED ASSEI TS Investments io 336,276 330,076 CURRENT ASSETS Debtors Slioit tenn deposits Cash at bank and iii hand li 487 97,521 4,103 343 75,507 9.080 102,111 84,930 CREDITORS: amounts falling du¢ Jyithin one year 12 (1,800) (1,800) NET CURRENT ASSETS 100,311 83,130 NET ASSETS 436,587 413.206 CHARITY FUNDS Restrictcd Endowment (capital) 13 434,638 416,591 Unrestricted General incotne funds 13 1,949 {3.385) 436,587 413,206 T]iese fii)ancial statements were appi'oved by tlie Board of Trnstees on ITr 2017 and are signed on their behalf by.. TRUSTEE TRUSTEE Page 11 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND STATEMENT OF CASHFLOWS FOR THE YEAR EI NDED 31ST AUGUST 2017 2017 2016 Note Cash flow from opcrating aetivitics Is (7,008) (5,525) Net eash flow from operating activities (7,008) (5,525) Cash flow from investing activities Dividends and interest from investments Payments to acquire investments Receipts from sales of investments 15,005 (20,004) 29,044 17,316 (40.363) 47,657 Nct cash flow from investing activities 24,045 24,610 Net Cash floiv from financing activities Net increase in eash and cash eqllivalents 17,037 19,085 Cash and ¢ash equivalents at I Septembcr 2016 84,587 65,502 Cash and cash equivalents at 31" August 2017 101,624 84,587 Cash and cash ¢quivalentS COIlSj5t of: Short temi deposits Cash at bank and in hand 97,521 4,103 75,507 9,080 Cash and cash equivalent$ at 31, August 2017 101,624 84,587 Page 12 THE SIR GEORGE A CLARK BARONEI T MEMORIAL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2017 I. ACCOUNTING POLICIES (a) General inforn)ation and basis of preparation The Sir George A Clark Baronet Memorial BUrS￿Y Fund is a charity registered with The Charity Commissioi) for Nortliern ITeland. reference nuinber NIC 101106. The addi'ess of the registered otTice is given in the charity information on page l of these financial statements. The charity is established linder a trust deed. The chai'ity eonstitutes a public benefit entiiy as defined by FRS 102. Statement of com liance The financial statements have been prepared in compliance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities pi'eparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), Chai'ities Acl (Northem Ireland) 2008, the Charities (Accounts and Reports) Regulations (Northern li'eland) 2015 and UK G¢iiei'ally Accepted Practice. The significant accounting policies applied in the preparation of tliese financial staleinents are set out below. These policies have been consistently applied to all years presented unless otherwise slated. These finaii¢ial stateinents have been prepared under the historical cost Convention, as modified by the revaluation of investiiienÉs. The financial statements ￿'e Prepared in sterling, whicli is the funclional currency of the entity and iounded to the nearest £1. (b) Funds Unreslj'iciedfvnds.. General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity which have not been designated for other purpose. Reslp'icledfiinds.. The restricted funds represent endown¢nt funds whtch are applied for investnieiit piirposes and comprise the initial Ti'ust Fund held by ihe truslees orl the chai'itable trusts d¢¢lai'ed by the Indentui'e of Trusl made on the I l February 1993 and any further funds received to be held on the same trusts. Page 13 THE SIR GEI ORGE A CLARK BARONET MEI MORIAL BURSARY FUND NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31ST AUGUST 2017 (eoiiliniied) ACCOUNTING POLICIES (conlinued) (e) Income recognition All incomtng resources have been included in the financial statements using the accruals basis except foi. donati0115, legacies and beqiiests which are included in the financial statements using the receipts basis. Investment income is earned through holding assets foi. investment purposes such as fixed interest securities and equities. It includes dividends and interest. Dividend iiiconie is re¢ognised as the charity's right to receive payment is established. Income derived from investments can be expended at the discretion of the trustees in furthei'ance of the objects of the Fund. All other income is credited lo Eiidowment Funds except donations received from the Grand Oi'ange Lodge where the Trustees have the power to use as incorne or capital funds. (d) Expenditure recognition All expenditure is accounted for on accruals basis and has been classified under headings that aggregate all costs related to the categoi'y. Expenditure is reeognised where there is a legal or consti'uctive obligation to make paynieiits to third parties, it is probable that the seiileinent will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Expenditure on charitable activities includes bursary grants. support Costs including governance costs. and Investment management costs include investment manager's fees. Where costs cannot be directly attributed to a particular heading tliey have been allocated to activities on a time basis relative to and on a basis consistent with tlie use of the resoui'ce5. (e) Investments Investments are initially recognised at cost and subsequently, they are measured at market value at the balance sheet date. Unrealised gains / (losses) on revaluation of investments, in addition to realised gains l (losses) on sale of investments, are credited or charged to Endowmenl funds in the Stateillent of Financial Activities. (D Debtors and creditors receivgble / payable within one year Debtors and creditors with no slated inlei-est rate and receivable or payable within one year are recorded at tiw]sactioii price. Any losses arising from impairmenl are recognised iii expenditure. Page 14 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YCI AR ENDED 31ST AUGUST 2017 (con¢iiiuerf) I. ACCOUNTING POLICIES (coiitiniied) (g) Impairment (contlDu¢d) Assets not measured at fair value att reviewed for any indicatioii that tlie asset Inay be impaired at each balance sheel date. If such indication exists, the recoverable amount of the asset, or the asset's casli generating unit, is esliniated and compared to tlie carrying amount. Where tlie carrying arnount exceeds its i'ecoverable amount. an impairment loss is recognised in profit or loss unless the asset is carried at a revalued ainount where the inipaimient loss is a revaluation decrease. (h) Going concern Tl)e financial statements have been prepared on a going con¢ern basis as the trustees believe that no material unceitainties exist. The Irustees have considered the level of funds held and the expected level of income and expeiiditure for 12 months from autliorising these financial statemenls. The budgeted inconie aiid expenditure is sufficient with the level of resources for the chaTlty to be able to continue as a going concern. 2. DONATIONS AND LEGACIES Unrestricted Restricted Endowment Funds Unrestricted Restricted Endowinent Fiinds Total Funds 2017 Total Fuiids 2016 Funds Fui)ds Donatioiis and gifts 8,160 2,807 10,967 8,226 3.907 12,133 8,160 2,807 10,967 8,226 3,907 12,133 Page 15 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTES TO THE FINANCIAL STATEI MENTS FOR THE YEAR ENDED 31ST AUGUST 2017 (continued) 3. INVESTMENT INCOME Unrcstrieted Funds Total Funds 2017 Unrestricted Fiinds Total Fuiids 2016 UK dividends Noii UK dividends Othei. gross iii¢ome Pioperty income distributions Noi) UK intei'esl Interest on deposit 9,799 477 3,077 722 921 9,799 477 3,077 722 921 10,138 204 5,539 559 997 10 10,138 204 5,539 559 997 10 15,005 15,005 17,447 17,447 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Activities undertaken directly Grant funding of ctivities Support costs Total 2017 Bursary grants to individuals.. Category I Category 2 Category 3 Catcgory 4 Governance costs 13,500 300 13,500 300 2,153 2,153 13,800 2,153 15,953 £15,953 (2016 - £15,809) of the above costs were attributable to iinrestri¢ted funds. £Nil (2016 - £Nil) of the above costs were attributable lo restricted funds. Page 16 THE SIR GEORGE A CLARK BARONEI T MEMORIAL BURSARY FUND NOTES TO THE FINANCIAL STATEMEI NTS FOR THE YEI AR ENDED 31ST AUGUST 2017 (coiilinued) 5. GOVERNANCE COSTS Total 2017 Total 2016 Auditor's remuneration Bank fees Trustees, remuneration Trustees, expenses 2,100 53 1,500 59 2,153 1,559 NET INCOME FOR THE YEAR This is stated after charging l (crediting).. 2017 2016 Auditor's remuneration Gains on fair value movement of investments 2,100 15,240 1,500 3,658 AUDITOR'S REMUNERATION The auditor's remuneration amounts to an audit fee of £2.100 (2016 £1,500) and other services of £Nil (2016 - £Nil). 8. STAFF COSTS, TRUSTE