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 Indepe￿dent auditor's Teport to the Tn￿e¢S 8-13 stalen￿￿t 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 Ch*rlty tt*me 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 Parts￿￿5 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 TnA￿tt$ 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 R*onunend¢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{￿d￿nce with the X¢(M￿lIng ￿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 Rep￿ts) 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 R4￿rtIng Stsndard apPlI￿ble in the UK and Republic of Ireland (FRS 102) and UK Ge￿[a￿Y Aecq)*d Accowliing Pwlic¢. REFERENCE AND ADMINislliATIVE DETAIiS R¢8l%lered ekarlty Charlty reghtr•¢io* Aumber Rel￿tered office Seeretary Treayurer The Sir George A Clark Baronet Memorial Buw Fund c ioi sdKJME￿B Hous4 368 Cregagh Rofid. Belfasi. BT6 9EY Mr D Scott (delega*d 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. F￿￿gaI1 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 Cl*k B*ron# 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 p￿vIde 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 aW￿dIng 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 I￿1•￿1 or th¢ Aswialion of Loyal Orangewomen in Ireland. (iii) Grandchildroi of m¢mbets of the Loyal O￿n&¢ 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 th￿1. univffsity or Crthertits*Io￿ ¢#ablislment' {e) Coniinuin8 acadunic restsrth or sh￿leS or. {d) Disabled (whether F&y51￿llY or with a Ic•ming disability). No kYivot¢ t¢nefit arixs from th¢ opts￿10￿ 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 a*WaTdin8 bursaries and finfin¢i￿ 4$sist￿ce to members of the Or•nB¢ Assoc￿lI0n in Ireland •ThJ their thildm and graTrJchildren in iertiary edu￿tion 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 REPo￿r 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 aL*iviti¢J of the Fund is ￿￿ed io •nd cwtiC41 out by • Bo•rd of Trustees which meets At ini¢rYds throUgh￿rt 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 sh￿1 exctd 7 shall be less thon 3. Trustees may ranain a Tnske until 75 year4 knwever theweafter must Te-iffirm OA annual basis. RettultmenL appo￿tme*￿ tsduetloA tr•ts Th¢ Board of TN$1￿ ha￿ b¢M involv¥J in ihe for a of ye•5 aThl go are familiar with its work. Thc Inwees re8ulaTly Tryiew tk rquitunents of th¢ Fund and the pxsibility of a negj for AthlitioTbftl I¥u5tees. AThy nmv tnLSt¢es would be elect&1 by the Bowd of Tn￿le¢S. Appropri*ie trairtirt8 and m￿ll¢ll￿ is avail￿1¢ to all The trus¢ees have OT*erall wibility ts ensuring th•1 the has in ploc¢ an appropriate The Fund is (ymtingeff¢cthv*, Its assets are safe£￿￿ded 08ainst unwthorised use or disp>sition: Pmper reco￿$ 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￿"8￿d lo pmvNk re0￿￿*ble. but no¢ absolute Th¢ in￿tte5 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 pT￿lUTel ar¢ penodicdly reviewed •t le&%t Innu￿lY to auurethai Ilxy meet ihe needs of the FU￿1. Pa8e 4 THE SIR GEORGE A CLARK BARoNYf MEMORIAL BiIRSARY FUND REPORT OF THE ￿lARD OF TiiusfELS FOR THE Y￿1 ENDED 31sr AUGUST 2023 feaMrfKwd) ACHIEVEmE￿s AI¥D PERFORMANCE IXuin8 the yw. the Fund apwovtyj 5412022 - 49) &r￿t to iThli¥iduals who q￿lIfied under the terni$ of IheTnw D¢ed. Totsl in¢ome for the )Y4r •no￿tal 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 InV￿lnI￿ts 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￿ f￿ndS 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 ￿ s￿h • level as kn limit risk from fuiurE downturn ift Fund inc¥)me or from incre&Yd expcndittff¢ in the longer x includin8 eXp￿dil￿re on investmcnts. This strrfjuld provide eover expenditttre on ¢hari¢able actlvllies snd other costs. Free r¢s¢TV¢S those ￿re$￿iCted resern not duignlted Tr)T Invest￿ in inve5tm¢nts W￿.th are available for 8aK•I use. The Boayd OrTn￿ is p3rti¢ularly conscious ihat voMntary thnatio￿l earmt be relied OTh ￿ a Lx)ntinuin8 and Celrain yyJr¢¢ of in¢omin8 resources for the futsre and is 8180 4waf¢ of the need to guard 48ain* the vyies of stock mpth¢t p¢rfonnanc¢ Fundtsbg The principal fthxlin8 is flom and inv¢s¢mf4*. Page 5 THE SIR GEORGE A CLARK BARONET MEMORIAL BURSARY FUND REPORT OF TIIE BOARD OF TRusfEFS FOR THE YEAR ENDED )1￿ AtJGusf 2423 CeMthwe4) Thrfe have been no ma>)r ¢h•fiBes in the yaw. Y4)r ue my cnvi•l in the fore4e&le futu￿. STATEMENT OF THE RFSPONSIBILrrir3 OFTHE BOARD OF TRUSTEES The Boord of TYust¢¢s ar¢ for the Tn￿ Rewrt and th¢ fin4ft¢iai St￿¢m￿ts in ac￿rdance with appli¢able I&w And United Kingdcffi A¢ 2015 wd th¢ wovisiofts of thc In￿t deal. The In￿ceS also responsible for ￿re8￿￿ill¥ the assets of the chKity •tyl hvKe for thking rewnable steps for lh¢ ￿entiOn a￿1 d¢trction of frnd INI othu irre8lllwiti¢s. The irustses ate reswisible fty the mairrtenaThce and int¢8rity of the chfiriiy thd financial information irtcludcd on the d￿lty.$ websit¢ Legislation in the Kingdom 8oveminB the PT¢por*tion atml diss¢rnination of fin•Doai st#iemeThs m•y differ f(om legi$l•lion ift other jurisdithions. Dts¢l••ur¢ of l•l•rni*thA ¢0 afAdllors In w far as are aw8r¢'. Thue is rv) relevant a￿lIt information of which ¢h*ity's audiioTr art unaw￿. and The trtsiees have tak$* •ll st4￿ th￿ ¢lw oWt to iak¢n ts> make thejnsdves Aware of any rclemi •udit Inform*1￿ atyj to ¢stablish I1￿ the a￿lt￿5 ￿e awue of th•1 infomwtioo. Page 6 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*en￿1n8yu￿. 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 A￿8￿ 2023 which comy1￿ th¢ Statemrnt of Financial Activities, the Bolan¢¢ Shea, the Siltem￿l of C4shflows aftd n￿eS to ihe finwial 51#eme￿. irtcluding a summary of $ignifK8nt accowtin8 policirs. The fina￿la1 r¢portin8 frrnork that lths been applied in their prewaiityx is appli¢Jbl¢ law 4TrJ unit￿ Kingkn Accounting S¢8ndards, including Financial Rwrting Standard 102 The Finanaal ReP￿Illg Siand4rd dpplicuble in ihe UKdnd Repyblle oflrelond (Unite4J Kin8d￿ GeDtrAlly ACC¢m￿ A￿)untIng Pr•¢tice). In our opinion the finwid 3tthm￿: 8iv¢ a true knd f4ir view of th• st*e of th¢ thwily's aifaits &4 Ai 31 Augitst 2023. thd of its k)tal incomin8 Tesouw eXPQM1iivre of r¢x¥uw. for the yw cTrltsJ' hov¢ bc¢n pmperly pr¢pucd in acc(th with United Kin8dom Gc4KTrlly Accepted Accounlin8 Pyactice: •NI have b¢¢n wepavtd ith ￿t(￿ with ihe rquir¢rn￿ of the Ch*riiies Ad (Tr4orth¢m Irdand) 2008. Buls for Dpinlo We conduded our 8udit in with Internatitywl Stsrthrds on A￿1111￿8 (UK) (ISAS (UK)) and ￿P￿t¢•ble knw. Our re4K)ttsibililies Illxler tTrK)se sthRd*rds are fiuther d¢5ttibtAI in the Avdilor's resFx>nsibiliti¢s for the audit of the financial sxtion tsf our rer*)rt. We •Te indeNdent of the clwiiy in acCoTd•￿C with the cthiul requiremen1$ that are Yel¢v•nt to our audit of the financial st8tem¢nts in the UK, i￿luding the FRC'S Ethical SI*￿ we have fi￿filled ow oiher e¢hicAI respnsibiliii¢s irl Accord•w¢ with thes¢ rtwiremeAls. We b¢li¢v¢ thAi the a￿lt evidence we have obtained is suffi¢i¢ftt •pprOpii￿¢ ￿ wovide • b￿lS ow opi))i(ffi. DxJy•oNAUIJASYg) Pase 8 THE SIR GEORGE A CLARK BARONKT MEMORIAL BURSARY FIIPI INDEPENDEKf AUDITOR*S REPORT TO THE TRiISTEFS AND MEMBERS FOR THE YEAR ENDED Jisr AUGusf 2•23 (cMtiHMed) In auditing Ihe fmanciai Statem￿1% w¢ hv¢ condthd thai th¢ tsUJtccs' us¢ of thc going o)n¢em b￿18 of accounlin8 in the prep•T•tson of lh¢ finwKi•l ¥t8t&iiats 15 *ppr(yiAte. B￿rIj on the work we p￿f0M￿￿ we have not Identifi￿ 4ny mtsial unC￿l•lnI1¢s relatin8 10 t¥￿t3 or tyjnditions th￿. iAdiTridually or coll¢¢tiv¢ly. miy cast signifi￿nt 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 infom￿tion eontained within the annujl TeFKwt. Our ¢winion on th¢ financial siatements does not v¢r Ihe other InfoTM￿Iort and we do rK)l express any fonn of ￿s￿ra1￿C condusion th¢r¢on. Our reyp)wbility is to re*J 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[i￿lY MIS￿lted. If we idenlify suth material incothsistencies or apparent 1Th￿trial 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 w￿k we h•v¢ pErfornic4 we nclude thue is 8 mataiAI misstate4nent of this othtt infom￿l10n, 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¢ I￿*hing 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 inconsi*￿1 in •ny material TtsPeCI with the IN*e¢s' TePOrt' or suffici¢nt A¢couvting 1¢￿>[d5 beth kqt or the sIaleMe￿I3 not in •ryeDt with ihe #￿Unting rexord5' or we have not r¢¢eiv•l All the infOrn￿l￿ alld ￿p1a￿allonS 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 •rtrtt￿e t￿Ible for the prepArntioTh of fio*Kial 4•tuDc￿ts •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 Prep￿￿8 the fina￿1•1 y4t•TMts. the Ire Tespwtsibk for asse55in8 th¢ charity's ability to coniirtue as a 8oin8 concry disclosi￿ •9 applicabl4 m•tters Tel*ed io 8oin8 coneem using th¢ 80irt8 o7ncan basis of accowjting unless the In￿￿5 Ciih¢¥ Inter￿ to celse OperatioT￿ or have ) reali*i¢ altrrnltive to th go. We hav¢ been •pp)int¢d as a￿litOr under Jection 65(3Xbl of the Ctharities (Northern Ireland) 21J08 and rel￿ in accordan¢¢ with regul￿10￿ 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 ex1￿3. MISS￿eMents ¢￿ xise ffiHn fr•MI or ¢rn)r ate comidered mat￿111 if. individually or in the a8wal4 they could reasonAbly be ¢xpthl to irtfluw the eco1￿1C 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(c￿edureS in line with our T¢Sp)n￿bilLI1￿ tyjtiined thv¢. to mAt£rial misstslements in respttt of Irrcsul￿1ties. including frthud. The exlmt to ¢)ur PTo¢eduru •r¢ c4pdbl¢ of detectin8 irre￿•rItIe￿ i]KI￿1￿8 fra￿1 is41d•il¢d belw. Ext¢ut to wblcb the *udh ￿ eo•ddtted up*blt of deteethi trreKulArltl¢& ￿el￿dIng 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 a￿Jit wtK¢dures r¢5P()nsive to those risk4 inc1￿￿n& obtainin8 •Mlit evidence th•t 1$ sufficicrt a￿1 provide * I￿lS forour Opin￿ In Ide￿I￿.n8 wegsin8 p￿rtIal risks of m¥erial mi5StalanMt in respect of irreBul8riti inclsylift8 frn￿l JThrycompiian¢e with l•ws and T¢pdatiM5. We¢(￿1￿ the followin8: ilion". Ruults of our e￿llIneS of man￿1 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•Tr1in￿j (¢onrtAMe4) Any m#nos we ideAtifKd havin8 ￿￿#1￿¢d and ￿¢We4 th? Qority's docthnenthtion of fhcir polictcs and Woted￿ reJ*tin8 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 fTh￿l 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¢s￿1t of thes¢ w￿1￿¢$. w¢ th¢ onxxttwiies that may exist within ¢h•rity for fraud and idoitified the 8Talwl pot¢nti81 for fraud in r¢v¢nu¢ reco￿lI101L In common with •ll audits under ISAS (UK). we xc also r¢quiral 5pEcifi¢ wo¢¢dures lo res￿nd kn the risk of m*nagemeni ovenide. We also obtained an undetstartthg of the le8al 8nd Ttgul*ory framewo￿8 that the Clwi¢y operates in. foGusin8 on provisions of those lows ￿ regulations th* h•d a dired effect on the d￿¢m}inatIOn of mataiAI amounts INI disclosurts in th¢ finJn¢iai statenient& The k¢y Ilws and regulotiQfL% we ¢onSidff￿I in thi$ ¢onlext indud¢d Charity legi51alion •pplicabk to NortlwTh c1￿11y.$ 80vuThin8 docum¢ni and loe81 tax legislation. In additim. w¢ conSid￿¢d wovisions of (rther laws and do ty)t h*ve a ditw1 ¢ffe¢t on the finarKiul s10teAn￿ts cmpliance with T*hich may be fundwnt4rf￿ to th¢ Charily'5 4bility to operate OT IO iw)id 4 m•te4ial p￿lty. Amdlt rttpomse to rtsks Idenufled (￿r pro¢eduM io rqN)nd to risks ide￿lfi￿1 I￿l￿dE 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 d￿1￿ hvin8 & dtreet effert on the Jt*temerts" FJ4uirin8 of actu￿ r4¥J ￿¢ntiaL litigation and claim$: P￿orni1n8 WOL*kn k) id¢nlify any unusual or un¢xP￿t¢￿ relationship8 Ihat may ir#licate risk of miswt•¥*xbts due lo frawj. Rading minuies of meaiw of those dw8al with 8ov4n•nee' P•gell THE SIR GEORGE A CLARK &4ROf4rr MEMORIAL BURSARY FUND INDETENDENT AUDITOR% REPORT TO THE TRUSTELS AND MEMBERS FOR THE YEAR ENDED JIST AiJGusf 2•23 (C￿*1*¥ca) In *dth#An8 the Tbsk of mats1￿ oveftid¢ of eontrols. tesiing th¢ appwpiattoess of journal ¢ntritt aThl other •djustments induding th￿e relating to r¢v¢m* recoBniiion: assek•n8 Whe￿￿ the YJdgQn￿ts made in making a¢o)untirtg estirn4l¢s ￿ indi¢Aiive of wMii81 bias: •Thl ev￿￿1￿8 the Charity's rat10t￿le of any significani that or outsid¢ the norn]ol ￿llySe of the ch￿Ily's aclivities. We also KMmuni¢aied relevant th*'fitd Ilws aftd vesulations and risks to all gagement *am$ memb¢rn rem•ifted ￿ert to •ny iAdic*ions of frnud or wKwli•n¢¢ with ws regul4tions thrnU8lm￿ th¢Trt•lit. Ownin8 io the in1w￿l 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¢su￿l0nS. the overrid¢ of controls. We are nol Ye5pon5ibl¢ for wev¢nlin8 non-wliance u¥J be ayted to del￿[ nrnwcomp1i￿cC 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 t￿y, in J¢¢owdw¢ with P¥rt 4 of the ChaTiti¢S {ACC￿n￿ 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 & StaN￿ry 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 Tot*1 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 Tot*1 funds earrled forW￿d 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 ye*r 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 tr*ir Thes¢ finan¢i•l swern￿S ¥ffttc apwovcd by the Bothlof TnJ¥tr¢s behalf by. TRUSTEE / MCF< trJ D*le: The n￿e$0￿ page$ 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 2￿3 2022 Nrte 15 (IW6) (5.752) Net Cash now from •ptr*tln8 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 inve￿M 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¢) 1S*ern•st kn ¢*9h amd eqwlv*leDts (11fi90) 32.317 70.199 37,882 Cth and cmh equlv•leA¢S •t 31¥ Awlyrt 1023 509 70.199 C*ih **d eyfv*le•ts eomht •(: tenn dep)8iis Cash at bank and in h&xl s•.ioi $1975 17.224 70.Ir/) P48e 16 THE SIR GEORCE A CLARK BARONET MEMORL4L BURSARY FUND P40TES TO THE FINANCIALSTATEMENTS FOR THE Y8AR ENDED 31sr AUGU￿ 2 A. ACCOUKnNG POLICIFS Th¢ Sir Gw¢ A Cluk B4rond M¢morial is 1 th8rity register￿ with The Charity Commission for Northem lffland. number NICIOI 106. The address of the regis¢¢red oifice is in the chwity Inforn￿￿1 on py l of these finwKial statemams. The charity is ¢stabli5h•l undu a InLSt deal. The dmrity ¢wtitutes a pthlic benefit ￿lIty a5 defin&l by FRS 102. atement of co Th¢ financiBI sl&tements h4v¢ b¢¢n rffep•red on th¢ goin8 knis und¢r the historical cost conv¢niioD and IA accord￿￿ wilh A<￿Un11￿g and Reporting by Chati¢i¢s: Ststtsntht of Recommetsled Prnctice applicabl¢ io dwiiies preparing their aKour¢ts in acCord•￿t with the Finon¢io1 Re￿rtIng Standard 4wli¢abl¢ in th¢ UK and Rqmblic of Ir¢laThl issued in October 2019. th¢ Firlancial R¢ix)rtin8 StsndaTd applic•ble in the UK and Republic of Ireland (FRS 102k th¢ (Jwities lewlation in N1*11￿n Irelarrfi and UK Genernlly Accepted A¢Thnting Practice. The si8ni6cant occoun11￿ pl￿1¢$ 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¢iedf￿s." 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 d￿lared by the l￿de￿luTe 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 IxYar (M•04) (29.928) 22J41 {15263) (224) (36) 37.824 (15.615) 783 Diwdends Al￿ iniereg from inv¢simMts (InUE￿￿'deCr¢￿ in debwrs (D￿Y10CreAle 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 sTATEME￿rs 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 ￿ePar￿lon of ihe financial statements. 17. RELATED PARTIES The Grand Orange L￿ge 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