THE CAPTAIN G M F IRVINE MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 April 2024 Designated Funds Unrestricted Funds Restrlcted Funds Total Funds Designated Funds Unrestricted Funds Restricted Funds Total Funds 2024 2024 2024 2024 2023 2023 2023 2023 INCOME AND ENDOWMENTS (Note 3) Charitsble Activities 1,243,742 1.243.742 Other Trading Activities Investments TOTAL INCOMING RESOURCES 5.648 1.249.390 24 24 24 24 1,249,390 RESOURCES EXPENDED (Note 4} Charltable actlvlties 4,014 4,014 TOTAL RESOURCES EXPENDED 4.014 4,014 Net Incomlng / (outgoing) resources for the year 1,245,376 1,245.376 24 24 Net (losse5) Investments galng 13,933 13,933 on Reconciliation funds Total funds brought forward Total funds carrbed forward of 7.206 7,206 7,182 7,182 1,266,515 1,266,515 7.206 7,206 All of the activities of the charity are classed as continuing. There Is no difference between the net incoming resources for the year stated above and their historical cost equivalents. The Statement of Financial Activities includes all gains and losses recognised during the year. The notes on pages 12 to 16 form an integral part of the financial statements. CavanaghKelly° THE CAPTAIN G M F IRVINE MEMORIAL TRUST STATEMENT OF FINANCIAL POSITION AS AT 5 April 2024 Note 2024 2023 Fixed Assets Investments 1,217,459 Current Assets Cash at bank and in hand 52,056 7,506 Payables.. amounts falling due within one year 3,000 300 Net Current assets/{liabilltles) Net Assets 1 266 515 REPRESENTED BY: Designated Funds Unrestricted Funds Restricted Funds 1,266,515 1 266 515 7,206 Total Funds The notes on pages 12 to 16 form an integral part of these financial statements. These financial statements We￿ approved and authorised for Issue by the trustees and signed on their behalf by., Mr Michael D Watt Date: 31 January 2025 Charity Commission for NI number: 103642 CavanaghKelly' io THE CAPTAIN G M F IRVINE MEMORIAL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 April 2024 2024 2023 Cash flows from operating activities Su rplusl( Deficit) for the year 1,245,376 24 Adjustments for: Depreciation 1,245,376 24 Movements in working capital: Movement in receivables Movement in payables 2,700 2,700 Net cash (used in)/generated from operating activities 1,248,076 24 Cash flows from Investlng activltles Payments to acquire investments 1,203,526 Net (decrease)/increase in cash and cash equlvalents 44,550 24 Cash and cash equlvalents at beginnin9 of financlal year 7,506 7,482 Cash and cash equivalents at end of flnanclal year 52,056 7,506 Cash and cash equlvalents consist of: 2024 2023 Cash at bank and in hand 52,056 7,506 CavanaghKelly' THE CAPTAIN G M F IRVINE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2024 I. GENERAL INFORMATION The Captain G M F Irvine Memorial Trust is a charity, regIste￿d with the Charity Commission for Northern Ireland. The address of the registered office is as shown on page 2. The charitable trust constitutes a public benefit entity as defined by FRS 102. 2. ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material i n relation to the charitable trust's financial statements. statement of Compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Basis of Preparation The financial statements are prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered materlal In relation to the charitable trust's financial statements: Income and Endowments Charltable Actlvlties Income from charitable activities includes Income received under contratt or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income included in this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Expenditure Expenditure is recognlsed when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and services are supplied. Where costs cannot be directly attributed to a particular heading they have been allocated to activities on a ba515 consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. CavanaghKelly" 12 THE CAPTAIN G M F IRVINE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 April 2024 ACCOUNTING POLICIES (continued) Charitable artivities This compromises all the resources applied by the charity in undertaking its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements to the general running of the charity. Fund Accounting The charitable trust has one type of fund for which it is responsible at the year-end.. Restricted Funds aims of the charity. Income received for specific purposes. Such purposes are within the overall Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes In sentiment concerning equities and within particular sectors or sub sectors. Taxatlon As a charity, the charitable trust is not liable to Income or Corporation Tax. Trade and other receivables Trade and other recelvables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts. Trade and other payables Trade and other payables are inltially recognised at fair value and thereafter stated at cost. 2.10 Critical accountlng estimates and Judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumptions are based on historical experience and other fartors that are considered to be relevant. Actual ￿SUItS may differ from these estimates. CavanaghKelly" 13 THE CAPTAIN G M F IRVINE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 April 2024 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised were the revision affects only that period, or in the period of the revision and future periods were the revision affects both current and future periods. Criticaljudgements in applying the entity s accounting policies There are no critical judgements in applying the charitable trust's accounting policies. Critical accounting estimates and assumptions There are no accounting estimates in applying the trust's accounting policles. 2.11 Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 2.12 Going Concern The financial statements are prepared on a going concern basis. Taking account of the rlsk review undertaken by the trustees, they do not consider there to be a risk to the going concern status of the charitable trust. CavanaghKelly" 14 THE CAPTAIN G M F IRVINE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 April 2024 Income Unrestricted Restricted Funds Funds 2024 2024 Unrestricted Funds 2023 Restricted Funds 2023 Income from charitable activities: 8equest from the Irvine Estate 1 243 742 1 243,742 Investment income: Bank deposit interest Dividends Other interest 1,834 1,548 Total Income 1 249 390 Expenditure on Charltable Activities Unrestrlcted Restricted Funds Funds 2024 2024 Unrestricted Funds 2023 Restrlcted Funds 2023 Legal fees Investment portfolio charges Accountancy and audit fees 1,326 288 2,400 Total expenditure on charitable activitles 4,014 5. Auditors. Remuneration The auditors, remuneration amounts to £2,400 (2023: £-) CavanaghKelly' 15 THE CAPTAIN G M F IRVINE MEMORIAL TRUST (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 April 2024 Fixed Asset Investments 2024 2023 Market value brought forward Additions to investments at cost Disposals at carrying value Net gains / (losses) on revaluation Market value at year end 1,203,526 1 217 459 7. Payables: amounts falling due within one year 2024 2023 other credltors, accrued expenses and deferred income 300 300 8. Analysls of net assets Deslgnated Funds Unrestrlcted Funds Restricted Deslgnated Funds Funds Unrestrlcted Restrlcted Funds Funds 2024 2024 2024 2023 2023 2023 Investments Current Assets Current Liabilities 1,217,459 52,056 7,506 300 1 266 515 9. Analys15 of funds Deslgnated Funds Unrestrlcted Funds Restrlrted Designated Funds Funds Unrestrlcted Restrlcted Funds Funds 2024 2024 2024 2023 2023 2023 At 5 April 2023 Income Expend itu re Revaluations gains I (10s5e5) At 5 April 2024 7,206 1,249,390 (4,014) 7,182 24 1 266 515 CavanaghKelly" 16