THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022 Charity Number NIC101106
THE SIR GEORGE A CLARK BARONET IIqEMORIAL BURSARY FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022 CONTENTS Page Charity reference and administrative details Report of the Board of Trustees Independent auditor's report to the Trustees 8-13 Statement of financial activities 14 Balance sheet 15 Statement of Cash flows 16 Notes on the financial statements 17-24
Page I THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND CHARITY REFERENCE NUMBER AND ADMINISTRATIVE DEI TAILS Charity name The Sir George A Clark Baronet Meinorial Bursary Flind Cliarity number 101106 Registered Office Schomberg House 368 Cregagh Road Belfast BT6 9EY Trustees Rev Dr W Martin Sinyth (Chairman) Mr R Abernethy Mr W J B Fitzsimons Mr S W Lindsay Mr W McKeown Mr J W G Patton Secretary Mr D Scott (dele. (Fated day to day Inanageinent) Treasurer Mr W McKeowii Auditors Jackson Andrews Chartei-ed Accountants & Registered Aiiditor Andras House 60 Great Victoria Street Belfast BT2 7ET Bankers Danske Bank POBOX 183 Donegall Square West Belfast BTI 6JS Investment Managers Evelyn Partners Tlie Liiienhall 32-3 8 Lineiihall Street Belfast BT2 8BG Solicitors Fisher & Fisher 165 Sandy Row Belfast BT12 2ET
THE SIR GEORGE A CLARK BARONEIT MIMORIAL BURSARY FUND REPORT OF THE BOARD OF TRUSTEI ES FOR THE YEAR EIYDED 31ST AUGUST 2022 The Board of Trustees present their report aiid fiiiancial stateinents of the Fund foi- the year ended 31" ALigust 2022. The triistees have adopted the provisions of the Stateiiient of Recoinineiided Practice (SORP) Accoiinting and Reporting by Charities" (FRS 102) in prepariiig the annLial report and fiiiancial statenients of the Fund. The financial stateinents have been prepared in accordance with the accounting policies set out in notes to the accounts and coinply with the charity s governing docLiment, the Charities Act (Northern Ireland) 2008, the Charities (Accounts aiid Reports) Regiilatioiis (Northern li'eland) 2015, Accoiinting aiid Repoiting by Charities: Stateinent of Recoinmended Practice applicable to charities preparing their accounts in accordance with the finaiicial Reporting Standard applicable iii the UK and Republic of Ireland issiied in Octobei. 2019, the Financial Reporting Standard applicable in the UK and Repiiblic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Charity registration number Registered office Secretary Treasurer The Sir George A Clark Baronet Memorial Bursary Fiiiid NIC IOIE06 Schombei'g Hoiise, )68 Cregagli Road, Belfast, B T6 9EY Mi. D Scott (delegated day to day Inanageinent) Mr W McKeown Auditor Jackson Andrews, Chartered Accountants & Registered Aiiditor, Aiidras 14ouse: 60 Great Victoria Street, Belfast, BT2 7ET Danske Bank, PO Box 183, Donegall Square West, Belfast BTI 6JS Bankers Investment managers Evelyn Partners, The Liiienhall, 32-38 Linenhall Street. Belfast, BT2 8BG Fisher & Fisher, 165 Sandy Row, Belfast, BT12 2ET Solicitors TRUSTEES OF THE FUND The triistees who served during the year were as follows: Rev Dr W Martin Sinyth (Chairinan) Mr R Abernethy Mr W J B Fitzsimons Mr S W Liiidsay Mi" W McKeown MrJWGPatton
THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND REPORT OF THE BOARD OF TRUSTEES FOR THE YEI AR ENDED 3 1ST AUGUST 2022 (Loiiliiiiiecl) PUBLIC BENEI FIT STATEMENT The Board of Trustees of The Sir George A. Clark Bai'onet Memorial Biirsary Fiind confirm that they had due regard for the guidance produced on PLiblic benefit by the Cliarity Coininissioii for Northern Ireland and are pleased to report that during the year the Fund has coiitinued to provide public benefits through the finaiicial assistance we provide for the prevention of fiiiancial hardship and poverty to our beneficiaries and we refer to the guidance when reviewing our aiiT]s and objectives and in planning our ftiture activities. OBJECTIVES AND ACTIVITIES The objective aiid principal charitable activity of the Fiind is the relief of hardsliip and distress by helping and assisting tlie financial needs and affording support by awarding bursaries aiid finaiicial assistance to: (i) Meinbers of the Loyal Orange Institution of Ireland or the Association of Loyal Orangewomen iii Ireland; (li) Children of Inembers of the Loyal Orange Institution of Irelaiid or the Associalion of Loyal Orangewomen in Ireland. (iii) Grandchildren of members of the Loyal Orange Institution of Ireland or the Association of Loyal Orangewoinen in Ireland: who are: (a) Attending or seeking to atteiid a third level ediicational establishment. (b) Leaving school, university or other educational establishment; (c) Continuing academic research or stLidies or. (d) Disabled (whether physically or with a learning disability). No pi'ivate benefit arises froin the operation of the charity. STRUCTURE, GOVERNANCE AIYD MANAGElWtENT CONSTITUTION The Fund was founded in 1993, its PLirpose being the relief of hardship and distress by helping aiid assisting the financial needs and affordiiig siipport by awarding biirsaries and financial assistance to Ineinbers of the Oraiige Association in Ireland and their children aiid grandchildren in tertiary ediication as set out linder the terms and riiles of the triist deed for the Fund. Tlie FLind was registered with The Charity Coiiiinission for Northerii Irelaiid on 28 ' Api-il 2016, under i'efei'ence NICIOIIO6.
Page 4 THE SIR GEORGE A CLARK BARONE4 T MEMORIAL BURSARY FUND REI PORT OF THE BOARD OF TRUSTEE4 S FOR THE YEAR ENDED 31ST AUGUST 2022 (coiiliiiiied) STRUCTURE, GOVERNANCE AIYD MANAGEMENT (coiiliiiuLd) Further information on the Fund and the members of the Board of Trustees can be obtaiiied froin: Mr D Scott Secretary Schomberg House 368 Cregagh Road Belfast BT6 9EY Telephone 028 9070 1122 Organisational structure and related parties Responsibilities for tlie activities of the Flind is vested in and carried out by a Board of Trustees which Ineets at intervals throu(rhout the year. TrLlStees inay be appointed by resolulion of a meeting of the Board of TrLlStees and the niiiiiber of trustees shall not exceed 7 aiid shall not be less than 3. Triistees may remain a TrLlStee until 75 years, however thereafter must re-affirin on annual basis. Recruitment, appolntment, induction and training The Board of Trustees have been involved iii the Fund for a niiinber of years and so are fainiliar with its work. The trustees i'egularly review the requirements of the Flind and the possibility of a need for additional trustees. Any new trustees would be elected by the Board of Trustees. Appropriate training and indiiction is available to all trustees. Financial risk Knanagement objectives and policies The trustees have overall responsibility for ensiiring that the Fund has in place an appropriate system of controls, financial and otherwise, to provide assistance that. The Fund is operatiiig effectively. Its assets are safegiiarded against unauthorised use or disposition; Proper records are maintained and finaiicial information used within the Fund or for publication is reliable. The Fund complies with relevant laws and regiilations. and The Fiind's systeins of financial control are designed to provide reasonable, but not absolute assurance against material inisstatement or loss. The triistees have assessed the majoi. risks to which the Fund is exposed, in particiilar tliose related to the opei-ations and fiiiances of the Fuiid: and are satisfied that systetns are in place to Initigate any exposure to Inajor risks. Wliei'e appropriate, systems or procediires have been establislied to iiiitigate the risks faced by the Fuiid. Internal conti'ol I'isks are miniinised by the impleinentation of procediires for aiithoi-isation of all transactions and projects. Procediires are in place to eiisiire coinpliance witli health and safety of officers: volLinteers and applicants. These procediires are periodically reviewed at least aniiually to eiisLlI'e that tliey continLie to Ineet the iieeds of the Fiiiid.
Page i THE SIR GEORGE A CLARK BARONET MEI MOIIIAL BURSARY FUND REPORT OF THE BOARD OF TRUSTEES FOR THE YEI AR ENDED 31 ST AUGUST 2022 (coiiliiiiied) ACHIEVEMENTS AND PERFORMANCE Diiring the year, the Flind approved 49 (2021 61) grant applications to individuals who qualified under the terins of the TrLlSt Deed. Total income for the year amounted to £25,271 (2021 £24,568) and total expenditLire for the year aiT]ounted to £17,375 (2021 £24,379). Investinents are Inanaged aiid held by Evelyn Partiiers as disci-etionary investinent Inanager and this year there were losses on investinents of £37,824 (2021 £82,893 gain). FINANCIAL REVIEW Details of incoine and expeiiditiire for the year and of the year eiid financial position are giveii on pages 14 aiid 15 of the accouiits attached to this report. There was an increase in the inarket value of the Fund:s investinent portfolio during tlie year and overall reserves decreased in 2022 by £29:928 froin £489:114 to £459,186. The trustees consider the finaiicial position of the FLind as satisfactory in order to carry on its charitable activities. Reserves policy Unrestricted funds inci-eased in tlie year linder review by £6,181, froin (£3,952) to £2,229. The restricted endowinent funds decreased in the year under review by £36,109 from £493.066 to £456,957. The policy of the Fund is to inaintain reserves at such a level as to limit risL froin future downturn in Fund income or froin increased expenditure in the longer term, including expenditlire on investments. This should provide sufficient funds to cover expenditure on charitable activities and other costs. Free reserves are those iinrestricted reserves not designated nor invested in investineiits which are available for general iise. The Board of Trustees is paiticiilarly COllSCiOLlS that volLintary donations cannot be relied on as a continuing and certain soui'ce of incoiiiiiig resources foi. the future and is also aware of the Iieed to guard against the vagaries of stock inarket pei-formaiice Funding The principal fiinding is froin donations and investinents.
THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND REPORT OF THE BOARD OF TRUSTEES FOR THE YEI AR ENDED 31ST AUGUST 2022 (contiiiuecl) PLANS FOR FUTURE PERIODS There have been no Inajor changes in the year, nor are any envisaged in the foreseeable future. STATEI MEI NT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES The Board of Trustees are i'esponsible for preparing the Trustees Annual Report and the financial stateineiits in accoi'dance with applicable law and United Kingdom Accounting Standards (United Kingdoin Generally Accepted Accoiinting Practice). The law applicable to charities in Northern Ireland requires the trLlStees to prepare financial statements for each financial year which give a trLie and fair view of the state of affairs of the charity and of the incoining resources and application of resources of.the charity for that period. In preparing these financial statements, the trLlStees are required to: select siiitable accounting policies and then apply them consistently. observe the Inetliods and principles in the Charities SORP 2019 (FRS 102); make judgenients and estimates that are reasonable and prudent: state whethei. applicable accoiintiiig standai'ds have been followed, subject to any material departures disclosed and explaiiied iii the financial statements; prepare the financial stateinents 011 tlie going concem basis uiiless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records tliat disclose with reasonable accuracy at any tiine the financial position of the charity and enable them to ensui-e that the financial stateinents comply with the Charities Act (Northem Ii'eland) 2008, the Charities (Accounts and Reports) Regiilations (Northern Ireland) 2015 and the provisions of the trust deed. The trLlStees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fralid and other irregLilarities. The trustees are responsible for the Inaintenance and integrity of the charity and financial infomiation included 011 the charity's website. Legislation in the United Kiiigdom governing the pi'eparation and disseiniiiatioii of financial stateineiits Inay diffei- from legislatioii in other jurisdictions. Disclosure of information to auditors In so far as the triistees are aware: There is no relevant audit iiiformation of which charity s aiiditors are iinaware- and The ti-ustees have taken all steps that they OLiglit to have taLen to iiiake theiiiselves aivare of any relevaiit audit informatioii and to establ isli that the auditors are awai'e of that inforination.
Page 7 THE SIR GEORGE A CLARK BARONEI T MEMORIAL BURSARY FUND RE4 PORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDEI D 31ST AUGUST 2022 (eoiiliiiueil) AUDITOR Jacksoii Aiidrews offer tliemselves for re-appointment as aLiditor for the ensiiing year. REGISTERED OFFICE BY ORDER OF THE BOARD OF TRUSTEI ES Schomberg Hoiise 368 Cregagh Road Belfast BT6 9EY W McKeown Trustee Approved by the trustees on 7*f)t
Page 8 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUI INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS FOR THE YEAR ENDED 31ST AUGUST 2022 Opinion We have audited the financial stateinents of Sii. George A Clark Baronet Memoi'ial Biirsary Fund si (Ihe 'charity') for the year ended 31 AugLlSt 2022 which coiiiprise the Stateinent of Financial Activities, the Balance Sheet, the Statement of Casliflows and notes to the fiiiancial stateinents, inclLiding a suminary of significant accoLinting policies. The financial i'eporting fi'amework Ihat has been applied in their preparation is applicable law aiid United Kiiigdom Accounting Standards, including Financial Reporting Standard 102 The Finailcial Repoi"ling Siandard applicable in ihe UK and Repiiblic of Ji'eland (United Kingdoin Generally Accepted Accoiinting Practice). In our opinion the fiiiancial statements: si give a true and fair view of the state of the charity's affairs as at 31 August 2022, and of its total incom ing resources and expenditLire of resoiirces, for the year then ended. have been properly prepared in accordance with United Kingdom Genei"ally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act (Noi1hern Ireland) 2008. Basis for opinion We conducted our aiidit in accordance with International Standards 011 Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the aiidit of tlie financial stateiiients section of our report. We al-e indepeiident of the chai'ity in accordance with the ethical requireineiits that are relevant to our aiidit of the financial stateinents in the UK, including the FRC'S Ethical Standard, aiid we have fiilfilled oiir other etliical responsibilities in accordance with these requireinents. We believe that the audit evidence 'e have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fiiiancial stateinents, we have conclLided that the triistees, iise of the going concern basis of accounting in th¢ preparation of the financial stateinents is appropriate. Based on the work we have perforined, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doiibt on the charity's ability to coiitinue as a going coiicern for a period ot.at least twelve months from when the financial stateinents are authorised for issue. Oiir responsibilities and the responsibilities of the trustees with respect to going concern are described in the I'elevant sectioiis of this report. Other information The trLlStees are responsible for the other inforination. Tlie othei. infoi'inatioii coiiipi-ises the inforinatioii incliided in the trustees". aiinLial I'¢porl: other than the fiiiancial stateinents aiid oui. aiiditor s report thei'eon. Oiir opinion on the fiiiancial stateiiients does iiot cover the other inforination and, except to the extent otherwise explicitly stated iii our report: we do Iiot expi'ess any forin of assLirance conclusion thereon.
Page 9 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND IVIEIVIBERS FOR THE YEAR ENDEI D 31ST AUGUST 2022 (coiiliiiued) Other information (coiiliiiiieil) In connection with oiir audit of the finaiicial statemeiits, our i-esponsibility is to read the other informatioii and, in doing so, consider ivhether the other infoi'ination is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such Inaterial inconsistencies or apparent Inaterial Inisstateinents, we are required to deterinine whether there is a inaterial misstateinent in the financial stateinents or a inaterial misstateinent of the other information. If, based on the M'ork we have perforn]ed, we conclude that there is a inaterial misstateinent of this other inforination, we are reqLiired to report that fact. We have nothing to report in this regard. Matters on Ivhich Ive are required to report by exception We have nothing to report in respect of tlie following matters iii i-elation to which the Cliarities (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to report to yoii if: in our opinion- the inforination given in the financial stateinents is inconsisteiit in any inaterial respect ivith the trustees, report; or sufficient accoiinting records have not been kept- or the financial statements are not in agreeinent with the accounting records; oi. we have iiot received all the information and explanations we require for our audit. Respollsibilities of trustees As e.xplained more fully in the trustees responsibilities stateinent set out on page 6, the truslees are responsible for the preparation of fiiiancial stateinents which give a triie and fail. view, and for such internal control as the triistees deterinine is necessary to enable the preparation of financial statements that are free from Inaterial Inisstatement, 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 (yoing concern: disclosing, as applicable, matters related to going concern and usin the going coiicern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alteriiative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 65(3)(b) of the Charities Act (Northern Ireland) 2008 and report in accordance with i'egulations Inade undei. section 66 of that Act.
Page 10 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS FOR THE YEAR ENDED 3 1ST AUGUST 2022 (coiiliiiuecl) Auditor's responsibilities for the audit of the financial statements (coiiliiiuecl) OLli' objectives are lo obtain reasonable assuraiice aboLIt whether the financial stateinents as a whole are free froin material Inisstateinent, whetlier due to fraiid or error, and to issiie an aiiditor s report that incliides oiir opinion. Reasonable assiirance is a higli level of assiirance, but is not a guarantee that an aiidit conducted in accordance with ISAS (UK) will always detect a Inatei'ial Inisstaleinent when it exists. Misstatements can arise froin fraud or error and are considered inaterial if, individiially or in the aggregate, they coiild reasonably be expected to iiifluence the economic decisions of users taken on the basis of these financial statements. Irregularities: including fraLid, are instances of non-coinpliance with laws and regiilations. We design procedures in line with oiir responsibi lities, oiitlined above, to detect inaterial inisstateinents in respect of irregularities, including fraud. The specific procedures for this engageiiient and the extent to which these are capable of detecting iri'egiilarities, including fraud is detailed below: Extent to ivhich the audit ivas considered capable of detecting irre(wularities, including fraud We identify and assess the risks of Inaterial inisstateinent of the financial stateinents, whether due to fi'aiid or error, and then design and perforin the audit procedures responsive to those risks, including obtaining audit evidence that is siifficient aiid appropriate to provide a basis for oiir opinioii. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material inisstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: Audit response to risks identified: the nature of the indiistry and sector, control environment and charity's financial I'esults and position" current COVID-19 environment results of oiir enquiries of manageinent about their own identification and assessiiienl of the risks of irregulai'ities; any matters we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-coinpliance; detecting aiid responding to the risks of fraLid and whether they have knowledge of any actiial, SLispected or al leged fraiid; and the internal controls established to mitigate risks of fraud or non-coiiipliance with laws and regulations. the matters disciissed ainong the aiidit eiigagement teain and involving relevant iiiteriial specialists regarding how and where fraud Iiiiglit occiir in the financial stateiiients aiid potential indicators of fraiid. As a I'esLIIt of these procedures, we coiisidered the that tlie partlCLilar ai'eas in the finaiicial stateineiits that were susceptible to iiiisstateinent wei-e related to Inanageineiit bias iii accountiiig estiinates aiid judgeiMents- i-ecogiiition, classification aiid coiiipleteiiess of iiicoine. Iii coiniiion thiith all audits iindei. ISAS (UK), we are also requii-ed to pei'forin specific pi'ocediii'es to i'espoiid to the risk of inanageineiit overi'ide.
Page 11 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND INDEPE4 NDENT AUDITOR'S REPORT TO THE TRUSTEES AI¥D MEMBERS FOR THE YEAR ENDED 31ST AUGUST 2022 (eoiitiiiiied) Auditor's responsibilities for the audit of the financial statements (coiiliiiueil) We also obtained an understanding of the legal and regLilatory frameworks that the Charity operates in, fociising on provisions of those laws and regulations that had a direct effect on the determination of material ainounts aiid disclosures in the financial stateinents. The key laws and regiilations we considered in this context inclLided Charity legislation applicable to Northern Ireland, Charity's governing docuinent, einployment law: healtli and safety and tax legislation. In addition, we coiisidered provisions of other laws and regLilations that do not have a direct effect on the finaiicial statemeiits bLIt conipliance witli which Inay be fuiidainental to the Charity's ability to operate or to avoid a inaterial penalty. Our procedures to respond to risks identified incliide the following: identifying and assessin(F the design effectiveiiess of controls Inanageinent has in place to prevent aiid detect fraud; reviewing the financial statements disclosures and testing to supporting docuinentation to assess coinpliance with provisions of relevant laws and regiilations described as having a direct effect on the financial statements. enquiring of management and external legal advisors concerning actual and potential litigatioii and claims; performing analytical procedures to identify any iinusual or unexpected relationships that inay indicate i'isk of material misstateinents due to fraud- reading miniites of meetings of those charged with governance. obtaining an understanding of provisions and holding discussions with manageinent to understand the basis of recognition" and in addressing the risk of fraiid thi'ough inanageinent override of controls, testing the appropriateness of joiirnal entries and other adjiistiiients iiicliiding those relating to revenue i-ecognition; assessing whether the judgements Inade in making accounting estiinates are indicative of potential bias; and evaluating the ratioiiale of any significant transactions that are large, Iinusiial or outside the norinal coiii'se of the charity's activities. We also coiiimunicated relevant identified laws and regulations and potential fraud risks to all engageinent teains Ineinbers incliiding internal specialists aiid remaiiied alert to any indications of fi-aiid or non-coinpliance with laws and re(yulations throii(Fhout the audit. Becalise of the inhereiit liinitations of an aiidit, there is a risk that we will not detect all irregLilarities: iiicliidiiig those leading to a Inaterial misstateinent in the financial stateinents or non-coinpliaiice with regulation. This risk increases the inore that coiiipliaiice with a laiv oi. regiilalion is reinoved froin the eveiits aiid ti'ansactions reflected in the financial statements, as we will be less likely to becoine awai'e of instances of iion-coinpliaiice.
Page 12 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND INDEI PENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS FOR THE YEAR ENDED 31 ST AUGUST 2022 (coiiliiiuL){l) Auditor's responsibilities for the audit of the financial statements (coiiliiiued) The risk is also greater I'eiyai-ding ii'regularities occuri'ing due to fraud rather than error: as fraud involves intentional coiicealiTJent, forgery, collLision, omission or inisrepresentation. We are iiot responsible for preventing non-compliance and cannot be expected to detect noii-compliance with all laws and re(Fulations. As part of an audit in accordance with ISAS (UK): we exercise professional jiidginent and inaiiitain professional scepticisin throughoLlt the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether diie to fraud or error, design and perforin aiidit procedures respoiisive to those risks, and obtain aiidit evidence that is siifficient and appropriate to provide a basis for oui. opinion. The risk. of not detecting a material misstatement resiiltiniF froin fraud is higher than for one resultiiig froin ei'ror, as fraud may involve colliision, foi'gery, intentional omissions, Inisrepresentations, or the overi'ide of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procediires that are appropriate iii the circuinstances, but not for the piii-pose of expi'essiiig an opinion on the effectiveness of the charity's iiiternal control. Evalliate the appropriateiiess of accoiinting policies iised and the reasonableness of accounting estiinates and related disclosures inade by the trustees. Conclude on the appropriateness of the trustees, use of tlie going concern basis of accounting and, based on the audit evidence obtained, whether a inalerial iincertainty e.xists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we concliide that a Inaterial uncertainty exists, we are required to draw attention in oiir auditor's report to the related disclosures in the finaiicial stateinents or, if such disclosures are iiiadeqiiate, to Inodify oiir opinion. Oiir concliisions are based on the aLidit evidence obtained lip to the date of oiir auditoi. s report. However, future events or conditions may caiise the charity to cease to continue as a going concern. Evaluate the overall presentation, striicture and content of the financial statements, including the disclosiires, and whether the financial stateiiients represent the underlying transactioiis and events in a maiiner that achieves fair presentation. We cominiinicate with those charged with governance regarding, ainoiig other Inatters, the planned scope and timing of the audit and significant aiidit findiiigs, inclLiding aiiy significant deficiencies in internal control that we identify during our aLidit.
Page 13 THE SIR GEORGE A CLARK BARONEI T MEMORIAL BURSARY FUND INDEPEI NDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS FOR THE YEAR ENDED 31ST AUGUST 2022 (coiiliiiiieil) Use of our report This i'epoit is inade solely to the charity's trLlStees, as a body, in accordance with Part 4 of the Charities (Accoiints and Reports) RegLilations (Nortliern Ireland} 2015. Oiir audit woi'k has been iindertaken so that we might state to tlie eliarity's triistees those Inatters we are required to state to them in an aLiditor's report and for no otlier purpose. To the fLillest extent pei'mitted by law: we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for tliis report, or for the opinions we have formed. JACKSON ANDREWS Andras Hoiise 60 Great Victoi'ia Sti-eet Belfast BT2 7ET Cliartered Accountants & Registei"ed Auditor Dated:
Page 14 THE SIR GEORGE A CLARK BARONEI T IWIEMORIAL BURSARY FUND STATEIWIENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEI D 31ST AUGUST 2022 Restricted Unrestricted Endoivment Funds Funds Total Funds 2022 Total Fiinds 2021 Note INCOME FROM: Donations and legacies Investinents Other incoine 7,805 15,615 136 1,715 9,520 15,615 136 9.789 14.638 141 TOTAL INCOME 23,556 1,715 25,271 24.)68 EXPENDITURE ON: Charitable activities Investment manageinent costs 13,036 4,339 13,036 4,339 21.028 TOTAL EXPENDITURE 17,375 17,375 NET INCOME/{EXPENDITURE) BEFORE GAINS ON INVESTMENTS 6,181 1,715 7,896 189 Net gains/(losses) on investments (37,824) (37,824) 82.893 IYET INCOME/(EXPEI NDITURE) 6,181 (36,109) (29,928) RECONCILIATION OF FUNDS: Total fiinds brought forward (3,952) 493,066 489,114 406,032 Total funds carried forward 2,229 456,957 459,186 489,114 The Fund has no reco(Fnised gaiiis or losses iii the year other tlian those iiicluded in tlie net Inoveiiient of fiinds. All of the operatioiis of the FLind are classed as continuing.
Page 15 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND BALANCE SHEET AS AT 31ST AUGUST 2022 2022 2021 Note FIXED ASSETS Investinents 10 391,572 451,850 CURRENT ASSETS Debtors Short terin deposits Cash at bank and iii hand 11 399 52,975 17,224 1,182 18,566 19,316 70,598 39,064 CREDITORS: amounts falling due within one year 12 (2,984) (1,800) NET CURRENT ASSETS 67,614 37,264 NET ASSETS 459,186 489,114 CHARITY FUNDS Restricted Endowinent (capital) 13 456,957 493,066 Unrestricted General income fLinds 13 2,229 (3,952) 459,186 489.114 7*1,, I These financial stateineiits were approved by tlie Board of Trustees on behalf by: Iv and are sioiied on thei 1444 (: TRUSTEE TRUSTEE Date: Date: IJ1].0 >41 6 fjif ZS'j•44trJ Tlie noles on pxges 17 to ?4 form part of these financial stateiiiei)Is.
Paoe 16 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND STATEIVIENT OF CASHFLOWS FOR THE YE4 AR ENDED 31ST AUGUST 2022 2022 2021 Iyote Cash floiv from operating activities 15 (5,752) (14,988) Net cash flow from operating activities (S,752) (14,988) Cash floiv from ini'esting activities Dividends aiid interest froin investments Payments to acqiiire investments Receipts froin sales of investiiients 15,615 {31,958) i4,412 {67,208) Net eash floiv from investing activities 38,069 i,772 Net cash floiv from financing activities Net decrease in cash and cash equivalents 32,317 (9,216) Cash and cash equivalents at 1st September 2021 37,882 47,098 Cash and casli equivalents at 315t August 2022 70,199 37.882 Cash and cash equivalents consist of: Shoitt terin deposits Casli at bank and in hand 52,975 17,224 30,830 16.268 st Cash and cash equivalents at 31 August 2022 70,199 47.098
Page17 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTEI S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022 I. ACCOUNTING POLICIES (a) General information and basis of preparation The Sir George A Clark Baronet Memorial Biirsary Fund is a charity registei'ed with The Charity Coininission for Northern Ireland, reference nuinber NIC 101106. The address of the registered office is given in the charity inforination on page l of these finaiicial stateinents. The charity is establislied under a trLlSt deed. The charity constitutes a piiblic beiiefit entity as defined by FRS 102. Statement of com liance The fiiiancial stateinents have been prepared on the going concern basis under the historical cost conveiition and in accordance with Accountiiig and Reporting by Charities: Statemeiil of Recommended Practice applicable to charities preparing their accounts in accordance ivith the Financial Reporting Standard applicable in the UK and Repiiblic of Irelaiid issiied in October 2019, the Financial Reportintr Standard applicable in the UK and Repiiblic of Ireland (FRS 102), the Charities legislation in Northern Ireland and UK Generally Accepted Accounting Practice. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies Iiave been consistently applied to all years presented unless othenvise stated. These finaiicial statements have been prepared under the historical cost convention, as modified by the revaluation of investinents. The financial statements are prepared in sterling, which is the functioiial currency of the entity and roLinded to the nearest £1. (b) Funds Unreslrictedfiinds.. General funds are available for Lise at the discretion of the trLlStees in furtherance of the (Feneral objectives of the charity which have not been desionated foi. other piirpose. Resli"ictedfund3.' The restricted funds represent endowiiieiit fiinds whicli are applied foi. investinent piirposes and compi'ise the initial TrLlSt FLind held by the trustees on the charitable trLlSts declared by the Indenture of TrLlSt Inade on the I I, Febi'Liary 199J and any furthei. fiinds received to be held on the saine trusts.
Paoe 18 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EI NDED 31ST AUGUST 2022 (coiiliiiiieil) ACCOUNTING POLICIES (eoiiliiiuecl) (c) Income recognition All incoming resoLirces have been included in the financial stateinents iising the accruals basis except for donations, legacies and bequests which are included in the financial statements using the receipts basis. Investment incoine is earned throii(Fh holding assets for investinent piirposes such as fixed interest securities and eqiiities. It iiiclLides dividends and interest. Dividend income is recognised as the charity s right to receive payment is established. Incoine derived from investments can be expended at the discretion of the trLlStees in furtheraiice of the objects of the Fund. All other income is credited to Endowinent FLinds except donations received froin the Grand Orange Lodge where the Trustees have the power to use as income or capital funds. (d) Expenditure recognition All expenditiire is accoiinted for on accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to inake payinents to third parties, it is probable that the settleinent will be required and the ainouiit of the obligation can be measured reliably. It is categoi'ised under the following headings: Expenditiire on charitable activities includes bursary grants, support costs includiiig governance costs. and Investment inanageiiient costs include investment manager's fees. Where costs cannot be directly attribiited to a particular heading they have been allocated to activities on a time basis relative to and on a basis consistent with the iise of the resoiirces. (e) Investments Investinents are initially recognised at cost and subsequently, they are measured at tnarket value at the balance sheet date. Unrealised gaiiis / (losses) on revaluatioii of investments: in addition to realised gains / (losses) on sale of investinents, are credited or chai'ged to Eiidowinent Funds in the Stateinent of Financial Activities. (O Debtors and creditors receivable I payable Ivithin one year Debtors and creditors witli iio stated interest rate and receivable oi. payable within one year are recorded at ti'ansactioii price. Aiiy losses arisiiig fi'oin iinpairment are recognised in e.xpeiiditure.
Page 19 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTE4 S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022 (coiiliiiiie(l) ACCOUNTING POLICIES (coiiliiiiied) (g) Impairment Assets not measured at fair valLie are reviewed for any indication that the asset Inay be impaired at each balance sheet date. If such indication exists, the recoverable ainount of the asset, or the asset.s cash generating iinit, is estiiiiated and compared to the carrying amoiint. Where the carrying ainoiint exceeds its recovei'able ainoiint, ali iinpairinent loss is recognised in profit or loss unless the asset is carried at a revalued ainoiiiit where tlie iinpairinent loss is a revaluation decrease. (h) Going concern The fiiiancial stateineiits have been prepared on a going concerii basis as the trustees believe that no material uncertainties exist. The trLlStees have coiisidered the level of funds held and the expected level of incoine and expenditure for 12 moiiths from authorisino these financial stateinents. The budgeted income and expenditure is sufficient with the level of resources for the charity to be able to continiie as a going concern. 2. DONATIONS AND LEGACIES Restricted Unrestricted Endowment Funds Funds Restricted Total Unrestricted Eiidowment Funds Funds Funds 2022 Total Funds 2021 Donations and gifts 7,805 1,715 9,520 7,924 1,865 9,789
Page ?0 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTES TO THE FINANCIAL STATElENTs FOR THE YEAR ENDED 31ST AUGUST 2022 (coiiliiiiiLJd) INVESTMENT INCOME Unrestrictcd Funds Total Funds 2022 UIiiEStTlCted Funds Total Fuiids 2021 UK dividends Non UK dividends Otlier gross ittcoine Property incoine distributions Noii UK interest Interest on deposit 6,876 2,093 5J08 1,263 68 6,876 2,093 5,308 1,263 68 6,571 995 5,723 1,273 59 17 6,571 995 5,723 1,273 59 17 15.615 15,615 14,638 14,638 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Activities undertakcn directly Grant funding of activities Support costs Total 2022 Bursary grants to individuals: Category I Categoiy 2 Category 3 Category 4 Governance costs 200 9,200 200 200 200 9,200 200 200 3,236 3,236 9,800 3,236 13,036 Activities Lindertaken dii'ectly G12nt fiinding of activities Support costs Total 2021 Bursary grants to individuals: Category I Cate(rory 2 Categoiy 3 Category 4 Goveriiance costs 600 16.800 900 600 16.800 900 2,728 2,728 18,300 2.728 £ l J,Oi6 (2021 £?1.028) of tlie above costs were atti'ibiitable to unrestricted fiiiids. £Nil (2021 £Nil) of the above costs were attribLltable to resti'icted fuiids.
Page21 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022 (coiitiiiuecl) GOVERNANCE COSTS Total 2022 Total 2021 Auditor's remuneration Bank fees TrLlStees' i'emuneration TrLlStees' expenses Other fees 3,000 50 2,400 70 186 258 3,236 2,728 NET INCOMEI(EXPENDITURE) FOR THE YEI AR This is stated after charging: 2022 2021 Auditor's remuneration (Gains)/losses on fair value movement of investments 3,000 37,824 2,400 (82,89)) AUDITOR'S REMUNERATION The auditor's reinuneration amounts to an audit fee of £3:000 {2021- £2,400). 8. STAFF COSTS, TRUSTEES AND KEY IIqANAGEMENT PERSONNEL REMUNERATION AND EXPENSES The Fund did not have any employees in the year. The trustees neither received nor waived any remuneratioii during the year £Nil (2021 £Nil) and none al'e accrLiing pension benefits (2021 none). The trustees did not have any expenses reiinbiirsed during the year £Nil (2021 £Nil). The Ley management personiiel are considered to be the trLlStees and tolal ainount of einployee benefits received by key management persoiiiiel is £Nil (2021 £Nil).
Page 22 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022 (conliiiiiecl) 9. TAXATION The charity is not registered for VAT and accordingly, all their expenditiire is inclusive of VAT inciiri'ed. 10. FIXED ASSET INVESTMENTS 2022 2021 Market vallie at I, September 2021 Additions Withdrawals Unrealised gains/(losses) 451,850 31,958 (59,906) (32,330) 360,091 67,208 (56,4i5) 81,006 Market value at 31" August 2022 391,572 451,850 Investments at market value comprise". 2022 2021 UK Equities Overseas Equities Bonds Global Alternative investments 142,230 75,811 49,874 46,863 76,794 174,298 72,581 79,087 56,455 69,429 391,572 451,850 The investinents of the Fund are managed by Evelyn Partners and are held in the naine of Evelyn Partners Investment Services Limited on the Fund's behalf. The fair valiie of listed inveslmeiits is determined by reference to their market value as at the balance sheet date as provided by the investmeiit managers, Evelyn Partners. 11. DEBTORS 2022 2021 Tax i-epayinent dLie Accriied iiicome 253 146 806 399 1.182
Page 23 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTEI S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST AUGUST 2022 (coiiliiiiieil) 12. CREI DITORS: amounts falling due within one year 2022 2021 AccrLials and deferred income 2,984 1,800 13. FUNDS Restricted Endowment (capital) fiinds 2022 2021 Unrestricted General incoine funds 2022 2021 Balance at I" September 2021 493,066 408,308 (3,952) (2,276) Net movement in year (36,109) 84,758 6,181 (1,676) Balance at 31" August 2022 456,957 493.066 2,229 (3,952) Unreslricledfiinds.. 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 desi(Fiiated for other purpose. ReslricledfuF7ds.' The restricted funds represent endowinent fiinds which are applied for investment piii-poses and coinprise the initial Trust Fiind held by tlie trustees on the chai-itable trLlSts declared by the Indentui-e of Trust Inade on the I I, February 1993 and any fui'ther funds received to be held on the saine triists. 14. ANALYSIS OF NET ASSETS BETWEEI N FUNDS Fixed Asset Investments Net Current Assets Total 2022 Restricted funds- endowinent (capital) funds 391,572 65,385 456,957 Unrestricted funds- general income funds 2,229 2,229 391,572 67,614 4)9,186
Page 24 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTE4 S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022 (coiitiniied) 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Loiiliiiued) Fixed Asset Investinents Net Ciirrent Assets Total 2021 Restricted funds - endowment (capital) funds 451,850 41,216 493,066 Unrestricted fiinds- general incoine funds (3,952) (3,952) 451.850 37,264 489,114 15. REI CONCILIATION OF NE4 T INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 Net iiicome/(expenditure) for year (29,928) (Gains)/losses on investments Dividends and interest from investinents (Increase)/decrease in debtors Increasel(decrease) in creditors 37,824 {15,615) 783 1,184 (82,893) (14,638) (539) (539) Net cash flow from operating activities (5,752) (14,988) 16. FRC ETHICAL STANDARDS In cominon with maiiy other organisations of our size and nature we use our aiiditors to prepare and subinit returns to the tax authoi'ities and assist with the preparation of the financial statements. 17. RELATED PARTIES The Grand Orantre Lodge of Ireland is a related party of Tlie Sir George A Clai'k Baronet Memorial Biii'sary Fund. The charity received a donation of £7,805 (2021 £7,924) froiii the Grand Orange Lodge of Ireland.