THE SIR GEORGE A CLARK BARONET MEMOIUAL BURSARY FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023 Charity Nunjber NIC101106
THE SIR GEORGE A CLARK BARON MEMORLIL BURSARY FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023 CONTENTS Page Ciwity reference and thinistr*ive delails Report of the Board of Trnstees Indepedent auditor's Teport to the Tne¢S 8-13 stalent of financial activities 14 Balanc¢ she Siatement of Cash flows 16 Notes on the financial statanents 17- 25
THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND CHARITY REFERENCE NiJMBER AND ADMINISTRATIVE DETAILS Chrlty ttme Cbarity n•mber 101106 Reeister¢d Offie¢ SchombeTg House 368 Cr¢gagh Road Belf&st BT6 9EY Trnstees Rev Dr W Manin Smyth Mr R Abernethy Mr W J B Fitrsimons Miss J Dcdd K Sheridan Mr W MGKeown MrJWGPatt Seeret*ry MrD Scott (delegated day to day management) Treasurer Mr W M¢K¢own AlldAtors GMCG Belf Chartered Acc(wnthnts & StaMW Auditor Alfred H¢)use 19 Alfred Street B¢lfast BT2 8EQ Bankers POBOX 183 Donegall Square Wesl Belf&5t BTI 6JS Investment Manager5 Evelyn Parts5 The Ewart 13th Floor 3 Bedford Square Belfast BT2 7EP Solicitors Fisher& Fish 165 Sandy Row Belfasl BT12 2Er Pag¢ I
THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31ST AUGusf 2•23 The Board of TnAtt$ preseni their r¢t and fuwrial ststanenrs of the FU for th¢ year ended 3111 August 2023. The tsuskes have adopted the provisions of the Stat¢Jn¢nt of Ronunend¢d Practice (SORP) "Ac£ountin8 and Rewxling by Chariiies" (FRS 102) ill prepth) the annual w and fuwi¢ial statements of the Fund. The fm8ncial statements have been wepared ID acC{dnce with the X¢(MlIng liCI¢l set ¢Jut in note$ to the accounts and eomply with the charity's governing documenL the Chawiiies Act INortherD Ireland) 2(K18. the aw"Lties (Accounts and Repts) Regulations (Northern Ir¢l3nd) 2015. Accoullkng and Re[ng by Charities: StateTncnt of Recommended Prnctic¢ applicable io clwities preparing their xctyjnts in xcordance with the Financial Reporting Standard 4iplicable in th¢ UK and Republic of Ireland issyed in Oct(thr 2019. the Financial R4rtIng Stsndard apPlIble in the UK and Republic of Ireland (FRS 102) and UK Ge[aY Aecq)d Accowliing Pwlic¢. REFERENCE AND ADMINislliATIVE DETAIiS R¢8l%lered ekarlty Charlty reghtr•¢io Aumber Reltered office Seeretary Treayurer The Sir George A Clark Baronet Memorial Buw Fund c ioi sdKJMEB Hous4 368 Cregagh Rofid. Belfasi. BT6 9EY Mr D Scott (delegad day to d&y managemeni) Mr W M¢Keown Allditor GMCG BelfasL Chartered Accountants & StsDJtory Auditor. Alfred Housc. 19 Alfred StreeL Belf. BT2 8EQ DaTLske Bank. PO Box 183. FgaI1 Squart West, Belfast BTI 6JS Dkers Investment mjn•g¢rs Evelyn Parthcrs. The EW8 13th Floor, J Bedford Strttt Bclfast. BT2 7EP Fisher & Fisher. 165 Satyjy Row. Belf BT12 2ET TRUSTEES OF THE FUND Th¢ trustees wkn served during the yw wer¢ as follows.. Rev Dr W Marfin Smwh Mr R AF¢rn¢thy Mr W J B Fitzsimons Mr W McKcown MT J W G Palton Mi&5 J Dodd Mrs K Sheridan Mr S W LiTrJsay (appointed 24 November 2022) (14V)iThtcd 24 November 2022) (rttigDed 24" November 2022) Page 2
THE SIR GEORCE A CLARK BARONET MEMORIAL BURSARY FiIND REPORT OF THE BOARD OFTRUSTEES FOR THE YEAR ENDED 31sr AUGusf 2023 PUBLIC BENEFIT STATEMENT Th¢ BoaAI of Tnjsttts of The Sir Crtry L Clk Bron# Memorial Bursary Fund a)nfirni that thry had due regard for the 8uid•n¢¢ produ¢•l on pJbli¢ bett¢fii by the Ch•rity Commission for Northern Ireland and Ar¢ pleased io (h during the y¢ar the Fund ha5 Clxltinued to pvIde public benefits through the finwial a$5iMarKe we provide for th¢ prntion of finan¢ial hardship d pov¢rty io tmr beneficiaries and w¢ the guidanc¢ wh¢n YeYiewin8 our aimg and objectives and in planning our fvtwe activiti¢s. OBJECTIVLS AND ACTivfTIFS Th¢ objective and wincipl dwiiabk activity of th¢ Fund is th¢ r¢li¢f of hardship and distra5 by helpin8 and l$ting th¢ financi JKVJS And affoTth¥ supp)rt by aWdIng bws•rits and financial Assista¢ to: (i) Membo5 of Ihe Lfjyal (knge ID#1lWi of Irtl&id or the ASWiaiion of IxJy41 Ckn8ewomen in treland: (li) Children of mc4nber5 of the Orange of I1•1 or th¢ Aswialion of Loyal Orangewomen in Ireland. (iii) Grandchildroi of m¢mbets of the Loyal On&¢ Inmilulion of Ir¢l•ryl or the Association of Loyal OrthgewOm in Ireland. who artr. (a) Attthlin8or secking attend 8 ththl lebtl esrAblislkmML Ib) Leaving th1. univffsity or CrthertitsIo ¢#ablislment' {e) Coniinuin8 acadunic restsrth or shleS or. {d) Disabled (whether F&y51llY or with a Ic•ming disability). No kYivot¢ t¢nefit arixs from th¢ opts10 of the dwTity. STRucfuR& GOVERNANCE AND MANAGEMFNT CONSTITufioN The Fund was foundd in 1993. its pwpose bth"n8 the relief of haTdthip •nd distress by hdping and assistin8 lh¢ financial ffi¢eds la alTording 5WryKKt by aWaTdin8 bursaries and finfin¢i 4$sistce to members of the Or•nB¢ AssoclI0n in Ireland •ThJ their thildm and graTrJchildren in iertiary edution w set out under tILe lern and rnles of the In deal for th¢ Furtd. The Fund was rewstercd with The Charity Cornrnission for NortlKrn IreluMI on 2* Awil 2016, und¢r T NICIOI106. Pa8¢ 3
THE SIR GEORGE A CLARK WiONET MEMORIAL BURSARY FUND REPor OF THE BOARD OF TRUSTEES FOR THK YEAR ENDED 31sr AUGusf 1•23 fethYthi•v4J srRucrU GOVERP4ANCE AND MANAGEMENf (c•AdnMd) Furtlw itiforTnAtion 4bn the Fwd and the m•nbus of Bwd ofTzu#e&% be diiaifted from.. Mr D Scott Sdh)mbry8 Hou 368 CTwgh Ro B¢lfftst BTO 9EY T¢1 028 70 1122 R¢sp)nAibilitiC5 foT tIK aLiviti¢J of the Fund is ed io •nd cwtiC41 out by • Bo•rd of Trustees which meets At ini¢rYds throUghrt ihe year. TnL%t¢H may k 4Jwbintcd by resolution of a meetin8 of the Bo•ftl of Truste¢s the number of tnJ5¢¢¢5 sh1 exctd 7 shall be less thon 3. Trustees may ranain a Tnske until 75 year4 knwever theweafter must Te-iffirm OA annual basis. RettultmenL appotme tsduetloA tr•ts Th¢ Board of TN$1 ha b¢M involv¥J in ihe for a of ye•5 aThl go are familiar with its work. Thc Inwees re8ulaTly Tryiew tk rquitunents of th¢ Fund and the pxsibility of a negj for AthlitioTbftl I¥u5tees. AThy nmv tnLSt¢es would be elect&1 by the Bowd of Tnle¢S. Appropriie trairtirt8 and mll¢ll is avail1¢ to all The trus¢ees have OTerall wibility ts ensuring th•1 the has in ploc¢ an appropriate The Fund is (ymtingeff¢cthv, Its assets are safe£ded 08ainst unwthorised use or disp>sition: Pmper reco$ are maintsind and fin0ncl Infonnatl( within the Fund or for publiealitm is lIbl¢. The Fund ¢omplies with laws rylationy, and The Fund's of finAn¢i41 eontrol are de"8d lo pmvNk re0ble. but no¢ absolute Th¢ intte5 h•v¢ •Js¢98ed ihe maiow risks to whith the FWMI is ewed, in paili¢ul•r ihose rellied ) the opuations and finances of th¢ Ftsnd, are satisfied sys¢thS we in pla¢¢ to mili8at¢ any ¢xposurt to may)r risks. Whexe aFoTOPTi41¢. syAemi or ryoeedwts have been establish miU8at¢ th¢ risks facal by Ik FurMI. Intanal ¢ontrol rith 4¢ minimised by th¢ implementation of o¢edur¢s for wtlKxisation of tr•n5xuons projKts. Prcaures at¢ in place to ¢nsur¢ eory>liance with WMI frty of offic4ry voluNeaT ATrJ •pplicants. These pTlUTel ar¢ penodicdly reviewed •t le&%t InnulY to auurethai Ilxy meet ihe needs of the FU1. Pa8e 4
THE SIR GEORGE A CLARK BARoNYf MEMORIAL BiIRSARY FUND REPORT OF THE lARD OF TiiusfELS FOR THE Y1 ENDED 31sr AUGUST 2023 feaMrfKwd) ACHIEVEmEs AI¥D PERFORMANCE IXuin8 the yw. the Fund apwovtyj 5412022 - 49) &rt to iThli¥iduals who qlIfied under the terni$ of IheTnw D¢ed. Totsl in¢ome for the )Y4r •notal to Q5.1S3 12022- £2S271) ATMI totsl expthdittW¢ for the year omounled 10 £22.116 (2022 - £17J75). Inv¢siments are m8na£¥J held by Evdyn Partners as discr¢tion8ry investhX m8n•g¢r and year there loss¢s on InVlnIts of £22.841 (2022 £37.824 losj). FINANCIAL REVIEW Ddails of incom¢ Arml txwdittwe for thc ymr and of the ytar end fin)D¢ial position are given on pa8cy 14 Ind 15 of the •¢ts)wJts ittAched to this was i decre in th¢ maFket value of the Fund's investm¢n( portftslio duri the year Arxl oveTrll Tes¢Jv&% decreasaj in 2023 by £20,CI)4 from £459.186 to £439,182. The ¢rus¢ces ¢onsid¢r finvKial pomtioft of the FurMI as satisfactory in order io cw on irs ¢h•n'table aclivi¢i¢s. Rtterw¥ plley UnrutrI¢i fndS irKreaS ia th¢ yelr review by £767. frnm £2.229 to £2.990. r¢strictd ¢Thlowmtht fuThJs deuca5 in th¢ ye Ye¥icw by £20.771 from £456.957 £436.186. The policy of the Fund 15 lo maintaTn reserves sh • level as kn limit risk from fuiurE downturn ift Fund inc¥)me or from incre&Yd expcndittff¢ in the longer x includin8 eXpdilre on investmcnts. This strrfjuld provide eover expenditttre on ¢hari¢able actlvllies snd other costs. Free r¢s¢TV¢S those re$iCted resern not duignlted Tr)T Invest in inve5tm¢nts W.th are available for 8aK•I use. The Boayd OrTn is p3rti¢ularly conscious ihat voMntary thnatiol earmt be relied OTh a Lx)ntinuin8 and Celrain yyJr¢¢ of in¢omin8 resources for the futsre and is 8180 4waf¢ of the need to guard 48ain the vyies of stock mpth¢t p¢rfonnanc¢ Fundtsbg The principal fthxlin8 is flom and inv¢s¢mf4*. Page 5
THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND
REPORT OF TIIE BOARD OF TRusfEFS
FOR THE YEAR ENDED )1 AtJGusf 2423 CeMthwe4)
Thrfe have been no ma>)r ¢h•fiBes in the yaw. Y4)r ue my cnvi•l in the fore4e&le futu.
STATEMENT OF THE RFSPONSIBILrrir3 OFTHE BOARD OF TRUSTEES
The Boord of TYust¢¢s ar¢ for the Tn Rewrt and th¢ fin4ft¢iai
St¢mts in acrdance with appli¢able I&w And United Kingdcffi A¢
THE SIR GEORCE A CLARK MEMORIAL JURSARY FIJND REPORT OF THE BOARD OF TRusfEL8 FOR THI YEAR ENDED JIST AUGusf 202J (¢•wbffjwfdJ AUDITOR GMCG tha))sdves for re•4W1n as awlitor fw th*en1n8yu. REGISTERED OFFICE Y ORDER OFTHE BOARD OFTRusfELS Scknmbug House 368 Crwgh Road Belfast BT6 9EY AppTovedbyth¢tnJsteeson........ .. .... ... ?} Page 7
THE SIR GEORGE A CLARK BARONEf MEMORIAL BURSARY FUND INDEPENDEKf AUDITORIS REPOKT TO THE TRusfELS AND MEMBERS FOR THE YEAR ENDED 31sr AUGUST 202J Opknlo We have tted the rman¢i ststements of Sir Cwe A aalk B4Ton¢t Memorial Bursary FuAd (the 'chuiiy') for ¢h¢ year end 31 A8 2023 which comy1 th¢ Statemrnt of Financial Activities, the Bolan¢¢ Shea, the Silteml of C4shflows aftd neS to ihe finwial 51#eme. irtcluding a summary of $ignifK8nt accowtin8 policirs. The finala1 r¢portin8 frrnork that lths been applied in their prewaiityx is appli¢Jbl¢ law 4TrJ unit Kingkn Accounting S¢8ndards, including Financial Rwrting Standard 102 The Finanaal RePIllg Siand4rd dpplicuble in ihe UKdnd Repyblle oflrelond (Unite4J Kin8d GeDtrAlly ACC¢m A)untIng Pr•¢tice). In our opinion the finwid 3tthm: 8iv¢ a true knd f4ir view of th• ste of th¢ thwily's aifaits &4 Ai 31 Augitst 2023. thd of its k)tal incomin8 Tesouw eXPQM1iivre of r¢x¥uw. for the yw cTrltsJ' hov¢ bc¢n pmperly pr¢pucd in acc(th with United Kin8dom Gc4KTrlly Accepted Accounlin8 Pyactice: •NI have b¢¢n wepavtd ith t( with ihe rquir¢rn of the Chriiies Ad (Tr4orth¢m Irdand) 2008. Buls for Dpinlo We conduded our 8udit in with Internatitywl Stsrthrds on A11118 (UK) (ISAS (UK)) and Pt¢•ble knw. Our re4K)ttsibililies Illxler tTrK)se sthRdrds are fiuther d¢5ttibtAI in the Avdilor's resFx>nsibiliti¢s for the audit of the financial sxtion tsf our rer)rt. We •Te indeNdent of the clwiiy in acCoTd•C with the cthiul requiremen1$ that are Yel¢v•nt to our audit of the financial st8tem¢nts in the UK, iluding the FRC'S Ethical SI* we have fifilled ow oiher e¢hicAI respnsibiliii¢s irl Accord•w¢ with thes¢ rtwiremeAls. We b¢li¢v¢ thAi the alt evidence we have obtained is suffi¢i¢ftt •pprOpii¢ wovide • blS ow opi))i(ffi. DxJy•oNAUIJASYg) Pase 8
THE SIR GEORGE A CLARK BARONKT MEMORIAL BURSARY FIIPI INDEPENDEKf AUDITORS REPORT TO THE TRiISTEFS AND MEMBERS FOR THE YEAR ENDED Jisr AUGusf 2•23 (cMtiHMed) In auditing Ihe fmanciai Statem1% w¢ hv¢ condthd thai th¢ tsUJtccs' us¢ of thc going o)n¢em b18 of accounlin8 in the prep•T•tson of lh¢ finwKi•l ¥t8t&iiats 15 ppr(yiAte. BrIj on the work we pf0M we have not Identifi 4ny mtsial unCl•lnI1¢s relatin8 10 t¥t3 or tyjnditions th. iAdiTridually or coll¢¢tiv¢ly. miy cast signifint doubi on the dmntls Ability to continue i going C(#ern for a pui(Kl of li least twdve months from when the fin(la1 statrments are Auth0zi for iss Our r¢spnsibilitics tl rwtsibililies of th¢tntsteeswith 10 going conc¢rn are de5cnl)ed in therelevant 5¢dions of le1. Othèr thIDrmtlo The (tr inforn7ation ¢ompTiXS the inforniaiion inclth iti the annual report other than the finoncial sthiements our audiloT'S ihero)n. The trusi¢¢s •re resportsible for ihe other infomtion eontained within the annujl TeFKwt. Our ¢winion on th¢ financial siatements does not v¢r Ihe other InfoTMIort and we do rK)l express any fonn of sra1C condusion th¢r¢on. Our reyp)wbility is to reJ the other inforniaiion an4 in doin8 so, ¢Msider whether the oth information is m8teriAily irKon&st¢nl with the financial st8temeThts or our knowlage obtsined in the audit or othenvis¢ •ppevs to be m¥e[ilY MISlted. If we idenlify suth material incothsistencies or apparent 1Thtrial m1sstalcm Irwe id¢niify matuial inconsistenctes ort appamt materia] misststeMub we are required to deterni1 whcthtr this gives rise to a material misslatan¢nl in the financial staiements thcm5dv4 If. based on the wk we h•v¢ pErfornic4 we nclude thue is 8 mataiAI misstate4nent of this othtt infoml10n, we are rcquired Tep)rt that fact. W¢ have rn)thing to rep)rt in this . Mgtt¢n wl&h we w¢ r¢q•lrtd to report by exeepdo• We h4V¢ Ihing to reprt in res of the followin8 marten in relation to whith the Clwities (Accounts Ind R¢m) Regutsiions (Northern Irel) 201S require us to rqKJrt lo you if. in our optni(m: the informati¢)n given ID the finaftcial is inconsi1 in •ny material TtsPeCI with the INe¢s' TePOrt' or suffici¢nt A¢couvting 1¢>[d5 beth kqt or the sIaleMeI3 not in •ryeDt with ihe #Unting rexord5' or we have not r¢¢eiv•l All the infOrnl alld p1aallonS we r¢quir¢ forour audit. PJ8¢ 9
THE SIR GEORGE A CLARK DARONrr MEMORIAL BURSARY FUND INDEPENDENf AUDITORS REfoRT TOTHETRusfEFS AND MEP•lBERS FOR THE YEAR ENDED31ST AUGusf 202J fc•th¥edJ Regponilbllldts •rtrtte tIble for the prepArntioTh of fioKial 4•tuDcts •ThJ fw bein8 Miisfied thjt they 8j.ve * tn and fair view, and fw such ittternll ss ibe trustees detemiine is Decess4ry lo enable the preparalion of fina?41 statemenls xe free from erial misst. whether due lo haud or IA Prep8 the fina1•1 y4t•TMts. the Ire Tespwtsibk for asse55in8 th¢ charity's ability to coniirtue as a 8oin8 concry disclosi •9 applicabl4 m•tters Teled io 8oin8 coneem using th¢ 80irt8 o7ncan basis of accowjting unless the In5 Ciih¢¥ Inter to celse OperatioT or have ) realii¢ altrrnltive to th go. We hav¢ been •pp)int¢d as alitOr under Jection 65(3Xbl of the Ctharities (Northern Ireland) 21J08 and rel in accordan¢¢ with regul10 mode $tIOn 66 of thBt Act. 0 objeciive5 aff to obtain re4son8ble bour the finJneial siatements 8$ i whole are frec from rnaterial misststement. wh¢ther due io fraud OT em)r, to i95ue kn auditor's rewrt th8t indwJe5 ow opinion. Rcasonablr is a high levd of wur8nce bui is not Q 8uaronttt that an •wlit f4)Nluc¢ul in xc0rd8 wilh ISAS (VKI will always dete a material misstat¢mcnl Wh it ex13. MISSeMents ¢ xise ffiHn fr•MI or ¢rn)r ate comidered mat111 if. individually or in the a8wal4 they could reasonAbly be ¢xpthl to irtfluw the eco11C decisioN3 of lerS k¢n on the b&sis of the firtancial st•tetneat& In¢gularitteJ. indudm8 fr4wJ. 4w¢ instWK4s of r)n•compli¥n¢e with laws regulations. We dcsign p(cedureS in line with our T¢Sp)nbilLI1 tyjtiined thv¢. to mAt£rial misstslements in respttt of Irrcsul1ties. including frthud. The exlmt to ¢)ur PTo¢eduru •r¢ c4pdbl¢ of detectin8 irre•rItIe i]KI18 fra1 is41d•il¢d belw. Ext¢ut to wblcb the udh eo•ddtted upblt of deteethi trreKulArltl¢& eldIng fnud We identify and the rysks of matttid m?ss¢al•nts of th¢ firtkncial statemcnts. whether due to or emjr, th¢n desi and puf(m the aJit wtK¢dures r¢5P()nsive to those risk4 inc1n& obtainin8 •Mlit evidence th•t 1$ sufficicrt a1 provide * IlS forour Opin In IdeI.n8 wegsin8 prtIal risks of m¥erial mi5StalanMt in respect of irreBul8riti inclsylift8 frnl JThrycompiian¢e with l•ws and T¢pdatiM5. We¢(1 the followin8: ilion". Ruults of our ellIneS of man1 thm'r own idenlifi¢ation 8nd a55e53TrMt of the P¢ 10
THE SIR CEORGE A CL4RK BARONET MEMORIAL BURSARY FUI¥D INDEPENDEf4T AUDfTORS REPORT TO THE TRUSTEFS AND MEMBERS FOR THE YEAR ENDED )1 AUGusf 2•23 Cr•Tr1inj (¢onrtAMe4) Any m#nos we ideAtifKd havin8 #1¢d and ¢We4 th? Qority's docthnenthtion of fhcir polictcs and Woted reJtin8 to: ldertiifyl eYalv•tin8 and COTnplyin8 with lthws aThJ regulltiors wd whether they werc aw•re of •rty instances of N(nPl1ance. . Dd¢¢tirtg and rupndin8 to th¢ iisks of fThl and whethtt tly knowlcd8e of any actual. $PeCta or ollegej fr•Jl: and The internal controls established io mitiwe li of frnud or non-compliance with laws and re8ulatiLMLq' . The matter5 dis¢w8 •nv)n8 the alldit a18a8c rem re8Kdin8 how and where fraud might 0¢ in the 5tatemtrt$ potential indie&tors of fraud. As a r¢s1t of thes¢ w1¢$. w¢ th¢ onxxttwiies that may exist within ¢h•rity for fraud and idoitified the 8Talwl pot¢nti81 for fraud in r¢v¢nu¢ recolI101L In common with •ll audits under ISAS (UK). we xc also r¢quiral 5pEcifi¢ wo¢¢dures lo resnd kn the risk of mnagemeni ovenide. We also obtained an undetstartthg of the le8al 8nd Ttgulory framewo8 that the Clwi¢y operates in. foGusin8 on provisions of those lows regulations th h•d a dired effect on the d¢m}inatIOn of mataiAI amounts INI disclosurts in th¢ finJn¢iai statenient& The k¢y Ilws and regulotiQfL% we ¢onSidffI in thi$ ¢onlext indud¢d Charity legi51alion •pplicabk to NortlwTh c111y.$ 80vuThin8 docum¢ni and loe81 tax legislation. In additim. w¢ conSid¢d wovisions of (rther laws and do ty)t hve a ditw1 ¢ffe¢t on the finarKiul s10teAnts cmpliance with Thich may be fundwnt4rf to th¢ Charily'5 4bility to operate OT IO iw)id 4 m•te4ial plty. Amdlt rttpomse to rtsks Idenufled (r pro¢eduM io rqN)nd to risks idelfi1 IldE the followi R¢vi¢win8 ihe fiD8neial statcmeats discloAwes testin8 lo supportsn8 doomientltion lo assess compl10n with w•vistons of rel¢v•nt laws ONI re8ulotions d1 hvin8 & dtreet effert on the Jttemerts" FJ4uirin8 of actu r4¥J ¢ntiaL litigation and claim$: Porni1n8 WOLkn k) id¢nlify any unusual or un¢xPt¢ relationship8 Ihat may ir#licate risk of miswt•¥*xbts due lo frawj. Rading minuies of meaiw of those dw8al with 8ov4n•nee' P•gell
THE SIR GEORGE A CLARK &4ROf4rr MEMORIAL BURSARY FUND INDETENDENT AUDITOR% REPORT TO THE TRUSTELS AND MEMBERS FOR THE YEAR ENDED JIST AiJGusf 2•23 (C1¥ca) In dth#An8 the Tbsk of mats1 oveftid¢ of eontrols. tesiing th¢ appwpiattoess of journal ¢ntritt aThl other •djustments induding the relating to r¢v¢m recoBniiion: assek•n8 Whe the YJdgQnts made in making a¢o)untirtg estirn4l¢s indi¢Aiive of wMii81 bias: •Thl ev18 the Charity's rat10tle of any significani that or outsid¢ the norn]ol llySe of the chIly's aclivities. We also KMmuni¢aied relevant th'fitd Ilws aftd vesulations and risks to all gagement am$ memb¢rn rem•ifted ert to •ny iAdicions of frnud or wKwli•n¢¢ with ws regul4tions thrnU8lm th¢Trt•lit. Ownin8 io the in1wl limitations of aA ttli( there 1$ unavoidable risk that w¢ MAY not have dete¢ied ne materi¥l misst•tMthts in th¢ fintinctal stalem, even though we havr wuly planAd And pufonned our atyJi¢ in raOrd with auditing 4•thrds. In dIllon. with any audiL there r*nains e high# risk of non4etedion of iffe8ulaTitie¥ 0$ they my involve collusion, forgery, intenlithal omissions. MisrqK¢sul0nS. the overrid¢ of controls. We are nol Ye5pon5ibl¢ for wev¢nlin8 non-wliance u¥J be ayted to del[ nrnwcomp1icC with 11 laws •nd ¥¢Bul¥tiOn3. A dexziptiim of our rtygnsibililies is availabl¢ oa the Fiaaneiai Rewrtitig Council's websi1¢ ai . Tl¥s de5UiPtion forn)s pArt of our auditor'$ teport. Pa8c 12
THE SIR GEORGE A CLARK BARONET MEMORIAL BIJRSARY FUND II¥DEPEDIDENT AUDITOR'S REPORT TO THE TRUSTEFS AND MEMBEILS FOR THE YEAR ETr4DED 31sr AUGUST 2•23 (¢•ntiAy¢d) Use of report This report 15 Jnade solely to the charity's &4 a ty, in J¢¢owdw¢ with P¥rt 4 of the ChaTiti¢S {ACCn and Reports) Regulations (NoTtheTn Ireland} 2015. r audit work hgs been undertaken 50 tha¢ we mighl Stale to the chariiy's Iru5tees those matter5 we are requwed to slat¢ lo th¢m in Jn audit¢)r's repon and for no other purpose. To the Ikst extent permitted by law. we (kn not or &5siune reswmsibility to anyorbe other than the charity and the charity's trustees as a bcxly. for our audii woAt, for thi5 reimjrt, or for th¢ opinions w¢ hav¢ fonn¢d. GMCG BELFAST Chartered A¢counlADts Statutory Audltor Charturd Accountanis & StaNry Auditor Alfred House 19 Alfrrd Sireet Belfast BT2 8EQ Page 13
THE SIR GEORGE A CLARK BARONET MEMORIAL BiIRSARY FUND STATEMEiYT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2•23 Tot1 Funds 2023 Total FUT 2022 U•reslri¢ted Endowment Fumds Note INCOME: DDtthtions and legacics Investments Other income 2.070 9,878 15,263 12 9.520 15,615 136 15263 12 T(YfAL INCOME 2.070 25,153 25.271 EXPENDITURE: Charitable activilies Invesknent management costs 1&96• 3J56 18,9611 3J56 13,036 4.339 TOTAL EXPENDrruRE 22J16 22J16 17.375 NET INCOME BEFORE LOSSES ON INVESTMENTS 767 70 2037 7.896 N¢t10&8¢s on inv¢sthieAts (2U41) (21,841) (37,824) NET INCOMEJIEXPENDITURE) 767 (20,771) (20,11•4) (29.928) RECONCILIATIOIY OF FUNDS: Total Thj$ brought forward 2329 4S9S7 459,186 489.114 Tot1 funds earrled forWd 43A186 439,182 459.186 The Fund has no recogntsed gains or losses in the year other than All of the operntiott% of the Fund are cla$5ed js continw. Pag¢ 14
THE SIR GEORCE A CLARK BARONET MEMORIAL BURSARY FUND BALANCE SHlfT AS AT 31ST AUGUST 2023 2022 14•t¢ FIXED ASSETS InveMmenti 382.991 391.sr2 CURRENT Assrrs li 399 52,975 17224 Sknrt tenn depmits Cash at bunk ih ,ioi YJ.132 70,598 CREDrroRS: fAllln8 due wlthiD one yer 12 (2.984) NET CURRENf ASSETS 56,1 67.614 NET ASSE13 439.182 459.186 CHARITY FUNDS Restrl¢t¢d Endowmeni (capiiAI) 4JI116 456.957 Unmtrl¢ted 13 2.229 439,182 459.186 b) aThl Sigtied on trir Thes¢ finan¢i•l swernS ¥ffttc apwovcd by the Bothlof TnJ¥tr¢s behalf by. TRUSTEE / MCF< trJ D*le: The ne$0 page$ 17 to 2$ forn prt ofihw rim¥1 A¢tIll3. Page15
THE SIR GEORGE A CLARK BARONET MEMORIAL BiIRSARY FWND STATEMErtr OF CASHFLOWS FOR THE YEAR ENDED 31sr AUGiIST 2023 23 2022 Nrte 15 (IW6) (5.752) Net Cash now from •ptrtln8 aed (J2M6) (5.752} Cish Ilfjw from InvH¢lnt ¢dvltle8 Divthnds and intere from invesiments Payn)ents io wuire inv¢stm¢nts Receipts from Ml¢J of inveM isJ&J (61.267) 47.WJO 15.615 (31.958) 54.412 e•sh Ilow from l•vesthi8 xllvld 996 38.069 Net flow 1vI&S N¢¢ (de¢reM¢) 1Sern•st kn ¢9h amd eqwlvleDts (11fi90) 32.317 70.199 37,882 Cth and cmh equlv•leA¢S •t 31¥ Awlyrt 1023 509 70.199 Cih *d eyfvle•ts eomht •(: tenn dep)8iis Cash at bank and in h&xl s•.ioi $1975 17.224 70.Ir/) P48e 16
THE SIR GEORCE A CLARK BARONET MEMORL4L BURSARY FUND P40TES TO THE FINANCIALSTATEMENTS FOR THE Y8AR ENDED 31sr AUGU 2 A. ACCOUKnNG POLICIFS Th¢ Sir Gw¢ A Cluk B4rond M¢morial is 1 th8rity register with The Charity Commission for Northem lffland. number NICIOI 106. The address of the regis¢¢red oifice is in the chwity Inforn1 on py l of these finwKial statemams. The charity is ¢stabli5h•l undu a InLSt deal. The dmrity ¢wtitutes a pthlic benefit lIty a5 defin&l by FRS 102. atement of co Th¢ financiBI sl&tements h4v¢ b¢¢n rffep•red on th¢ goin8 knis und¢r the historical cost conv¢niioD and IA accord wilh A<Un11g and Reporting by Chati¢i¢s: Ststtsntht of Recommetsled Prnctice applicabl¢ io dwiiies preparing their aKour¢ts in acCord•t with the Finon¢io1 RertIng Standard 4wli¢abl¢ in th¢ UK and Rqmblic of Ir¢laThl issued in October 2019. th¢ Firlancial R¢ix)rtin8 StsndaTd applic•ble in the UK and Republic of Ireland (FRS 102k th¢ (Jwities lewlation in N1*11n Irelarrfi and UK Genernlly Accepted A¢Thnting Practice. The si8ni6cant occoun11 pl1¢$ applial in th¢ of these financial statements Ve set aut Wow. These wlicies have beffl consisiently •ppli¢d to all years presented unless hexwise staled. Thtte finan¢i•l ststements have been urthr ihe historial CO ¢onventiO •5 modified by the revaluation of investrncnt& Th¢ fi¢1 $ia¢ements arc prepwol in stell1 vkni¢h is the fuoctional wrrency of the lItY d round io the nearest £1. Ib) Fu• Uptreslricledftinds.- Genual funds are availabk for use at the disoetion of th¢ ¢nntees in fvrtheran¢¢ of the g¢nerai obj¢cliv¢s of ihe chirity which have not been desiyweAI for otherpw. Res1ri¢iedfs." The T¢SiTirted fvnds ethdowma knls whith ate applied for invesknent purpw and eomprix the initial Tn held by th¢ tru#e¢s OA the chari18ble trusts dlared by the ldeluTe of Trust made on the I l F¢Y 1993 and any fimds received b¢ held on P48¢17
THE StR GEORGE A CLARK BARONKf MEMORIAL BURSARY FUND NOTES TO ThE FINANCIAL STATEMFNTS FOR THE YEAR ENDED 31ST AUGUST 2•23 IcaHliH¥edJ A. ACCOUNfiNG POLICIES (CoRrf¢dj (e) IDe•me All inmin8 resourc# have Ix<n included in the financi statsm¢rtJ using the a¢LYU311 basis except for donatioos. k.¢$ And beq¥x&ts which are Anci¥ded in the fina11 statements Usin8 tILe rxeipts bsis. Invests1 inroroe is dwouBh knlding •SSrt8 for InV&%thie su¢h as fixed iThterest securities and equilits. It inclth diwidends and ititue5L Dividend InMe is T#o8nistsl the ChIty'S ritht to r¢¢eivepyiMIt is ¢5tsblid1. Incom¢ dld from Investm t•n be exPrAt thE disctetion of ihe trust¢e5 in rth¢ronee of th¢ objects of th¢ FUNI. All other iKome is ¢xediied to Enth)wment FuTrJs except donaiiorts rffrived from ihe GTwxI CM8e lJyd8e where the Trtrytees have the w)wcr to use income e4p11 (d) ExpenthY• r•¢opld All ¢xpnditure 18 for w ac(¥uals basis •tyl beuL Classif under th41 aggregate 51$ reled to the cate80ry. EXpdI1e is T¢&)8nised Th¢re there i5 a Ic8al or onstrthctive obli8atioTh to Tnake payTh¢nis to third parties. it is prcknabie that the s¢tiloment will be rquirtd and the Thunt of the obliyiwn can be M¢aW liablY. li 15 Clt¢gori%d ynd the followift8 headinss: Exp¢ndituretM clwitable activiti¢s itKith bwsgry sUPrt induding Where costs ¢innot be dILY 1tiribed io o brticulaT hthling ilw have been •llouied to tiviiies on • ¢im¢ bosis tel1Ve to and on 4 basi$ ¢onsiStaii with the use of the Te5ou. (•) InvethM•ts Investh]en¢s aTe initially Tr¢ols At cost subsequenily. ItrKy are nwured * merkn value the balfKe sherf d•. Unrealised yins / (losxsl on reva110n of invesllnents, in addition to rn11s gains .' (lossa%) on salc of Investmts. vxe ernlited OT Ch8 to Bndowrncnt FuThds in the sm¢nI of Finaniial Activilies. ((1 Debtors ••d tredlkn rttelvlble I p•y•l flthl• ye•r Debtors and tmlitors with no sta1 irtlffat rate •tsd mivabl¢ 4x payable within one year Pa8e 18
THE SIR GEORGE A CLARK BARON MOnIAL BUKSARY Fin rioTES TO ThE FINANCIAL sfATEMENrs FOR TI1£ YEAR EP4DED JIST AUGU 2023 re•14) I. ACCOUNTING POLICIFS {cMrfn¥e4) (s) Imp*lrnemt Assets not me8sur¢d at fair valuc ore mir4d for ffDy indication that the &sstt may be impairnj ai balAnce shEd dJi¢ If such indicalion exist4 the recoverable hny)unt of ihe as8d. or the asset's Ch Benualing wit. is ¢51im&ed MI mpIred th the Ying amount. Where tl ¢arryin8 arnwnt uceeds itg recov¢rA)le am0(. an imp41rnI loss is reco1$e4 in profit or 1055 unless the uset is wyied at è ahd amotmtt whue the impairnKni loss is a T¢valuation The fllthn¢ stkncnts have be¢n wrp•rol w a 80iD8 ¢oneem basis as Ihe tsustees believe IhAt no material Un¢¢nn(leS aisL The trus¢$ have considerthl the levd of fimds held the ex1 level of InMe and exFaitUTe for 12 Mott from iutlbxising these fuMneiJl 5tat¢ment& Th¢ lyxlgeted in¢(Kne expaxdieure is sufficiatt with ik level of reAour¢es for the chllrity to b¢ abl¢ locontiwe &5 J going ¢(MKun. 2. DONATI(hNS AND LEGACIFS iIDT¢#thted E#dompe•t Tfjtsl Unr¢MiiEled ETrJowm FM•th F•ttds Funds 2023 T•1 Fut)ds 2022 DolI0and gifts L•70 1.715 9520 Pa8e 19
THE SIR GEORGE A CLARK BARoriEr MEMORIAL BURSARY FUND N(YrES TO THE FINANCIAL sfATEMENrs FOR THE YEAR F14DED 31ST AUGUST 2023 l¢oftrfnxdJ 3. INVLSTMENT INCOME Totsl Funds 23 2022 UK thvidtnts Non UK dtviduxls Ikr grrffjs income S967 S967 6.876 2.093 5.308 1.263 68 6.876 2,093 5,308 1,263 S27J Non UK inte(£st 124 124 142 15363 iS203 15.613 15.615 ANALYSIS OF EXPENDITiIRK ON CHARITABLE ACTIVMLS Grnrtt T•t•l 2023 tt80ry 1 Cwegory 2 Caw3 Cate80ry 4 1760 1700 2,76• 11960 Adivilics Gtl und¢n•ken fiuwlin8 of Swn dKtt¢ly aclivities C0515 Totsl 2022 Burs 10 irrfliviknls". C•t¢gory I Cwry2 Cte80ry 4 3236 3,236 l3.036 £18,960 (2022- £13XI36) Of ik b¢McoJ$ eiEbIew wrestr1dl £Nil (2022. £KIl) ofih¢ Page 20
THE SIR GEORGE A CIARK BAR(hYET VdEMOIUAL BURSARY FUND FOR THE YEAR ENDED 5] AUGU 2011 f¢MthuédJ S. GOVERNANCE cosrs Totsl 2023 Total 2022 Auditor's r¢mumti Bank fees Trnstees. remunention Trust¢¢s' ¢xpw O¢hw lees ¥20 186 2,760 3,236 O. INCOWEXPENDITURE) FOR THE YEAR This is stlttd after chawD& 2023 2022 Audilor's remunernthOD Realised loss on sal¢ of inv¢stm Unr¢al?sed lom on fail value mov¢m¢nt of invejkne 2,5211 819 14OZ2 S.494 32.330 7. AiJDITOR% REMUNERATION The auditor's [Emwon to an alt fee of Q520 (2022. £3.IXIO). & STAFF cosrs, TRUSTEES AND KEY MANAGEME PERSONNEL REMUNERATION AND EXPENSES The Fund did hove Any cmployffs in the yw. Th¢ trust¢es neither receiv•J Tr)r w•ived any rununerAtion during the Y £Nil (21Y22 - £Nil) *¥J n¢Jn¢ Jc¢nJin8 pei0 befits {2022 none). The tru51ttJ did ThJ¢ h•ve thy Upe¢5 Teimbwsed dwin8 ihe year £Nil (2022 . £Nil). The key managemert AY¢ consid¥•l to b¢ th¢ total amount of employe¢ bcnefits rettived by kvj m•Dag•il1 is £Nil (2022- £Nil). Pa8e21
THE SIR G%ORGE A CLARK BARONET MEMORIAL BVRSARY FUND NOTES TOTHE FIK4NCIAL STATEMENrs FOR THE YEAR EP4DED 3AST AiIGUST 2W Ccafilin•ed) 9. TAXATION Th¢ eharity is not Te8i#er¢d for VAT #NI Koordingly. 411 their exptsMlitur¢ 15 ittdusive of VAT 19. FIXED ASSET INVEsfMEiYrs 2023 21n2 Markd v4h at 1° 2022 Additior¢s Withdrnwals UNalistsl 88irflwes) 391J72 61367 (W19) {iA022 451,850 31.958 {s9,sY) {32.330) Matket value 31° Au81ts12023 38L998 391.572 Invalments at m•rk¢l value 2•23 2022 UK Equities Ovusea5 Equiti 131917 142.230 75,811 49.874 46.863 76,794 61906 Global Alt¢mative Investsng$ 382,998 391.572 The iovestments of the Fu1 are by Evdyn Partn¢ts And are held in th¢ name of Elyn Pirtn¢rs Investmtht S¢rviccs Limit¢d m the Fund's bthojf. The fair value of listoa investments 1$ det¢rniined by refttawe to th¢iT m•rk¢i value as at the balance SI4 date as provided by the investsnenl nwia8ers1 Evdyn Pkne 11. DEBTORS 2022 Tax tepayment due 286 3J7 253 399 Pagc 22
THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND NOTES TO THE TrThANCIAL STATEMENrs FOR THE YEAR ENDED 31sr AUGUST 2•ts (c#1} 12. CREDrroRS: fMln8 d•e wlthln •me y 2•2J 2022 Accruals •nd defeTred income 2.984 13. FUNDS Ur¢strl¢¢¢d ETrjoTnth1 {eapital) funds ca81 income fvnds 2023 2022 2023 2022 Bahnc¢ at 1° Sepiunbcr 2022 957 493.1)66 U29 (3.952) Income 1.715 23083 23,556 EXpdIture (22JA6) 117J75) losses (m investm1$ (2U41) (37,824) B•lle At 31. Au8llSt 2023 44116 456.9S7 2229 Unresiriu¢dfunds.' GeneTrl funds are I11bte u8¢ •1 the disemtt of the trustee5 in fiutherance of the BM¢ral bjectives of ¢he ¢harity whith have been des18nal for (thr putpose. Reslrici¢dfunds." The reStrid fijrds represfflt endowment funds which we applied for inv¢511nent Purpos 4nd ¢0Mpri the inilial Trnsi IKld by the ints1 on the charitabl¢ iTu d¢dAr¢d by the Ind£nlur¢ of TTu rn¢ on the I l Febru 1993 Jnd *ny fvfiher fvnd5 received io be held on Page 23
THE SIR GEORGE A CIARK BARoNEf MEMORIAL BiJRSARY FUND NOTES TO THE FINANCIAL ATEmENTS FOR THE YEAR ENDED 31ST AUGU 2fr23 (co*i•¥ed) 14. ANALYSIS OF ASSETS BrnVEEN FUNlkS Trt 2023 veslmeBts A¥Bets 381998 53,188 43&186 Urttwtri¢ted income funds 54184 439,182 Fixed Cumt Total 2022 Invest¥neThts Rtsiii¢t fvnd5- eThlownKnl thI) hM15 391.572 65.385 456,957 2,229 391.572 67.614 459.186 15. RECONCILIATION OF NET INCOMEI(KXPENDITVRE) TO NET CASH FLOW FROM OPERATING AcVlS 2023 2022 pIlUre for >Yar (M•04) (29.928) 22J41 {15263) (224) (36) 37.824 (15.615) 783 Diwdends Al iniereg from inv¢simMts (InUE'deCr¢ in debwrs (DY10CreAle in tyaliv Net {h flow frow operatin8 4diviti¢s (12,680) (5.752) PA8e 24
THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND IYOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31ST AUGU 21123 (eonrfnueé) 16. FRC ETHICAL STANDARDS In common with many other organisations of OUT size aThl nature we use our &uditots io prepare and submit returns to lh¢ tax auihorili¢s and wist with the eParlon of ihe financial statements. 17. RELATED PARTIES The Grand Orange Lge of Ireland is a related party of The Sir George A Clark Barond M¢mori&l Bursary Fund. The charity received a dTh)ation of £7.808 (2022- £7.805) from ihe Grand Ornnge Lodge of IT¢land. Pagc 25