Charlty reglstratlon number 104018 THE STRAIGHT FORWARD TRUST ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED S APRIL 2023 THE STRAIGHT FORWARD TRUST CONTENTS Paga Charity Information Trustees. roport Independent audltoi's rèport Slatemenl ol fln8n¢lal actlvlllés 10 Balance Sheel 11 Slalernent of¢a$h flows 12 Noles to th8 flnancl81 stat8m8nts 13-17 THE STRAIGHT FORWARD TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trusteès Mr Henry Cobbe Mr J8mes Affl￿trong Mr Palrlck A Whlto Charlty number 104018 Regl$ter8d offlce Crawford Lockhart Black Solldlors 7111 Llnanhall Street Betfasl BT2 8AA Audltor MDor8 Nl 4th Floor Donegall House 7 Donegall Square Nortli Belfast BT15GB Hankers Danske Bank B65fasl Busine58 Centre P,0. Box 183 Donegall Square We8l Belfast BT16 Coulls & Co. 440 Strsnd L¢)ndon WC2R OQS THE STRAIGHT FORWARD TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5APRIL 2023 The Tru8tee8 present their 8nnual report and financial statements for Ihe year ended 5April 2023. Tho flnanclal statements have been prepared In accordance wlth the accounting polld8S $8t out In nol6 1 to tho finandal stal&menls and comply wtth tha Irusl's governing document, the Charities Act (Norlhern Ireland) 2008 and 2013 and "Accounting and Repordng by Charilles.. Stalement of Recommended Pracllco appli¢abla lo chadlles preparlng Ih81r accounts In 8c¢ordance wlth the Flnanclal Reportlno Slandard applicable Sn the UK and Republic of Ireland (FRS 102)" las amended for acC￿jnI1nll perlods commencing from 1 January 2016). Oblectlvgs and actlvltlos Pres6tvlng for the local communlly and the County of Down lh8 prop8rti8s at cra￿Or(l&buM Road, N6wlownards, County Down known as 116 Crawfordsburn Road, Cavallo Farm and Char18ville Farmlogether wllh any other lands heTedltamenls and premlses whlch Ihe Trustees may acqulre In Ihe County of Down unspolled end properly mainlaSned and for the promollon of conservallnn Includlng Ihe prolecuon of botanical. blrd, anlmal, Insect and other specles on Ihe sald prop8rties and lands bul only Insofar as any such form the Trust Fund or part th8reof; {111 promotlng and 8UPPOrtlng thè use by the Charity known as 'Ridlng for the Dlsabled" {or other charlty carrylng on tho same or slmllar funGllon) of Cavallo Farm for 83 long as 11 is wsslble and 8PPToprlale lor that lo occur., (iii) promotlng and supportlng the 8dvancem8nt of young Bnd aspliing rlders In the equaslrian fleld generally vAlh a vlew lo Inler alla pi'omollng and supportlng Ihelr 6duc8tlon In stab16 and equlne management 8nd exc8119n¢a In Ihelr rldlng ablllty whalher In relallon lo show-lumplng. evenllng, dressage or othe￿IS8 including wllh partlcu18r r8f6r&nce to young peopl6 Irom disadvantaged backgrounds. (iv) prt)mollng and supportlng the u88 of Chartevlllo Farm as a b8so for a chailty or charlll8s Involved In aniinal weFfar8 andlor valerinary research partlcularly resoarch Into èqulne Illnèsses. diseases and Inlurles., (v) supporl of charities involved wlth the caro and wélfare of horsos, pon169 and donkeys andlor Ihe prorriollon of rldlng and oquestrlan spcKts (partlcularly Ihe b8nellt of children and young porson8) 8ndlor the care of animals. Ivl) otherwise such charllable purposes at such lim8 or tlmes and in such manner as the Tru818es mgy Ih&ir 8b801ute dlscrgtlon Ihlnk flt. Publlc b&n6fll The Trust6os have paid due regard to guidance Issued by the Charlty Commlssion in declding whal actlvllles the Iwst should undertake. A¢livilios Grant Glvlng Actlvlllos The Trusl888 have Ihe dSscrelion to make grants wlthln lh8 leims of th8 Trust D88d. The TrusteÈs ara consid6rlng putting In place a spendlng ru18 of annual grants reladv8 to average assèts lo ensure thal granl-glvlng Is suslalnable in the long-lerm. Operatlng Actlvltlès Aslde from grant-glvlng. the Charlly does not currently undertak8 dir8Ct oporallng aclivllles as Ihls would requlrè slgniflcantly mor8 resoLJrce than are currenlly avallablo Indudlng land, buildlngs and full-time staff. R65ponslblllty and Reportlng The trustees ar8 r8sponsibl8 for Ihe 811 the assets of the Trust Fund and sound adminislrallon of truste8 mè6lings. Tho assets of thg Trust Fund are regularly monilored and assassed 8nnu811y end reported to th8 Trustees. THE STRAIGHT FORWARD TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Achlovements ond performanco Significant 8cliv1118s and achlév6mentS 8gah$t obJ&clNes Whllst the Trust Was established In 2011, it has not b8en able to mak8 meanlnglul achigv8rn8nts agalnsl Its obleclivas owing lo B lack ol resources, Durlng the year donations 01 £550,000 were reeelved and steps ware tak8n lo sel up an unrestrlcl&d endowmenl fund In the Trust's name in Iln& wlth the Trust's Invastmenl Pollcy Slatem8nl to provlde a durable basls for grant- glvtng 8Ctlvllies, wlth grant-glvlng to Commence In Ihe follo￿ng flnancl81 year. Fund Ralslng The Trust doos nol BCtIv81y r8186 funds from the public but Is tha raclplenl of phllanlhroplc donallons from the Salllor dlreclly or from Ihe Settlor's Donor Advlsed Fund which Is admlnlstered by the Charlll8s Abd Foundatlon. Flnanclal revlow Durlng Ihe year the Trust used Ils Income to start th8 Invostment programm8 to sel up an unre8trlGted endowm8nl lund Io 8nab18 future grant￿1vIng 8¢11vitlas. When dolno 80, the Trustees had lo consider th6 followlno rlsk8. and ways lo mlllgale them: Leglslallvo Risk.. Ch8rlty18gislatlon and guldance govorning charltles In NorthBrn Ireland may Ghanga. To mlllgate Ihls rlBk, th6 Trus1888 are mlndlul of any proposed changes and can $68k log81 advlc8 If nocessary. Invoslrnenl Rlsl(.' Grant-glving by the Tru51 d&pends oli lh8 Investmenl portfollo belng prudèntly Inveyted not only lo support annual grant alvlng, bul also lo keep pacé with Inflallon. Th8 Trii8le85 can mlllgate this rlsk by ensurlng th81 lh8 a8sels of the Twst are safely held, properly end profes$lonally m8nag8d with due regards for dlv6rslllcallon, Ilquldlly and value for money, This rlsk Is mltlgated by havlng an Inv8slm8nt Pollcy Slalemenl wllh clear Inv6slmenl ObJecllv88 and Rlsk Conslralnts. The assols of the Trust are Invested In UK regulated dally deallng Inv8slm8nt funds, A spendlng rule would help budgot annual granl-glvlng wlth r8f6rence to the averaga annu81 valu8 of the Inveslm8nl porlfollo, such that It can b8 consldered suslalnable. Pgrsonnel Rlsk.. 11)e Trustees 8cI on a pro bono basls. Wilh three Trust88s, ther6 Is 8cope for appolnllng addlllonal Trustees should 8 Truslee ¢ellre or be Incapacitsled. As th8 Tru61 dogs not underlake any op6rallno aclivii169. 11 do85 not requlr8 any salaried employees. This mala￿81￿ reduce8 P8r8onnel r18k. Op8r8tlng Rlsk.. as the Trust does nol currently undertake any operating acllvllles aslde from granl-glvlng, hence Ihls rlsk Is currently seen to be n8gllglbl8. Tlie Trusteés, currenl pollcy concernlng the payment of trade ¢r8dltor815 lo follow the CBI'S Prompt Payèrs Code (copies 8rÈ avallable frorn the CBI, Cenlrè Point. 103 New Oxford Slreel. London WC1A 1DU). Resowes poliGy 11 Is Ihe pollcy ol Ihe Trust that unrestrlct8d funds whl¢h have not been designated for a spgcifio use and do nol form Part of the Inveslmont portfollo Should be maint81ned at a lovel equivalent to belween thrèe and six month's operallng expend5ture. The Truslees conslder that reseNes at this level wlll ensur8 Ih81. bn Ihe event of a slgnlflcant drop In lundlng or a drop In the value of the Inv6Stmenl portfollo, they will be able to continue Ihe Irusl's currenl aclivllies while consideration Is glven lo ways as to how operating exp8ndibJr6 can be met. If requir8d. Thls18vel of reseNes has been mainlalned throug￿ul the year. Bas8d on the Trust's 8nnual ¢)porating exp8ndllure of £1.031. approxlmalely £500 should b8 held In reserves io meet the Reserves Pollcy. THE STRAIGHT FORWARD TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Inveslmgntpolioy In order io ensure th81 the Trust Can make grants for the long-lem), Its assels are Invesled in an Investment portfolio lo create an unrestricted endowment fund. The Investmenls ar8 managed in line wlh the Trusl's Investment Poll¢y Slalement. Th8 Twsl¢es' inveslmant powers ar8 set out in Ihe Trust Dood. WEth re.sP8¢t to Income, th8 Trusl8es may dlslrlbute or ae¢umulate Income. Structurei governance and management The Tru8t was created by a Deed of Tmst dated 19Lh Aprll 2011 between Lady Perdita Maureen Hamllton-Templ8 Blackwood I'th8 S&tllorf) and Mr Pim Dalm, James Armslrong and Mr Jan Bally {'Iho Trustees"). Following the rellr8menl of Mr Jan 8aily. Mr Henry Cobb8 was apw)inled as Truslee on 28th August 2015. Followlng the reliremanl of Mr Plm Dalm, Mr Patrick Whlla was appoinled as Truste8 on 12th February 2019. The Trustees who seTved durlng Ihe year and up lo the dale of slgnature of the financlal statements werè: Mr Henry Cobbg Mr James Armstrong and Mr Palrfck Whlta The TrbJSt888 who geN8d durfng the year and up to the date of slgn8lure of the Itnandal s18lem8nis were: Mr H8nry Cobbe Mr James Arm81rong Mr Palrlck A Whlla R6cruilment and appoin1n￿nI oflrus18es Th6 power of 8ppolnllng new Twst888 ol lh8 Charfly durlng ihe Ilfellme of the Settlor Is ves16d In tho Settlor and aft8r her death In such person or pers¢Jns (If any) as thè Sellloy shall by deed or deeds revocable or Irr8vocabl8 or by Wlll or Codlcll appolnt and In lh8 abs8nce of any such appolnlment by the S6111or a Truste8 may be appolnled or dlscharqed by a r8solullon of a m88tina of tha Truslees provlded Ihat a memorandum shall be slgned as a deed by the person prosldlng al such meeting and atlested by two other persons al the meellng. The total numbèr of Trustees shall al no tlmè èxceed five. The Truste88 currently hav8 no Immedlate p18n8 lo rocrnll and appolnt further Tw8lae8. The Company's current pollcy conc8mlng Ihe payment of trade credltors Is lo fdlow th8 CBI'S Prompt PAy8rs Code <¢oples are avallab18 from Ihe CBI, C8nlre Polnt, 103 New Oxford Street, London WC1A 1 DU). Tho company's ¢urr&nl pollcy cOn￿mIng Ihe payment of trade cr6ditor818 to: s8111é the terms of p8ym8nt wlth suppllers when agreelng Ih818rms of éach transaC￿on. ensur8 that suppller8 are made aware of the lems of p8ymenl by In¢lLEsbn of Ihe relevant terms In contracts: and pay In accoKlance vAth Ihe company's contractual and olhor legal obllgallons. Tradg credltors of Ihe company al tha year end wem 6qulv8lont to XX da￿S pur¢hase8, basod on the average dally amoiint involced by suppllers durlng the year. Org8nls8tlonal slrucfure ID6lails of organiyalional stwclure.] Inducllon 8nd Ir8inin9 of Irus188S Trustees are encouragod lo raad OT rè-famillarfse Ihemselves with relevanl ca)artly Commlsslon of Northern Ireland Guld8nGe ineluding.. CCNI EG024 Runnlng your charlly guidan CCNI EG042 Monlloring and compliance guldance- gelling it right THE STRAIGHT FORWARD TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Olhermallers Bonefi¢laJ Infares¢ Neilh&r the se.111￿ nor the Trusts8s have any beneficlal Inlerest in th8 Trusf. Organlsallonal slrualure The Settlor meets wilh the three Trustees at least once a year to dlscusg the ac11￿lIeS of the Trust. T.he three Trustees m881 formally onc6 8 year lo r8vi6w and decide on Iho a¢tivlt16s of tho Twst, Including Intendgd Gr8nls to be oiven lo rogls18rad charilles op8r8tlng In Northern Ireland that are cons181ent wllh the Trust's Oblecllvo8. The Tiustees recelve regular reports from Ihe Trusl's Accounlants, Bankers, and Investm8nt Managers and convane meetlngs lo dlscu3$ and act on the sam8 If required. Statement of Truste88' responylbllltlès The Truste6s are r8sponslbl8 for preparlng Iho Trustees. Report and the flnandpl sla18m811￿ In accordanc8 wllh appllcable law and Unlled Klngdom Accounting Standards {Unlled Klngdom Genorally A¢G8Ptgd Accountlng Pracllce). The law appllcable to charlll86 In Northem Irel8ThJ requlres tho TnJsle8s lo prepare financlal statemanls for aach 1Snanclal yaar whlch glvè a true and falr vlew of the stai& of 8ffalr8 of Ihe Irust and of Ihe Incomlng resources and appllc8llon of resources of tho trust for that year. In preparlng Ihe6e financlal slalem8nt8. the Truslees are requlred io.. selèct sultabla accounllng pollcles and than apply them conslstently: ObSe￿e lh8 melhods and prlnclples in Ihe Cliarllitis SORP; make judgements and 8sllmal8s that are reasonable 8nd prudenl; stale whether appllGable accounting standards have been fol[ov￿d, subject to any materlal deportures dlsd08ed 8nd explalned In the flnancial slalements. and prepare the flnanclal 8leloments on tho golng concern b8815 unle8s11 Is Inapproprlalg io presume that the ¢harlty wlll conllnue In operallon. The Trustees are responslble for keeplng propar accounllng record3 wNch di8Gloso, vAth reasonablB accuracy at any tim8. Ihe flnanrlal poslllon of the charity. To ensure that piopvr books and records are kopl the charlty has èmployed approprlalely qualified personn81 and has maintained 8pproprlate computerfsèd accounllng syGt9ms. 11 Is also responsible for safeguardlng ihe a6S81s of the charity and henc8 for taking reasonable stsps for the prev8nllon and detection of fraud and other Irregularities. Concluslon AS thè Trust expands Ils grant-glvlng aclivllles, the Trustees w151 ensure Ihat there are robust systems, processes and controls to ensure Ihg good governan&g of the Twst. THE STRAIGHT FORWARD TRUST TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 The Trustees, report was approved by the Board of Trustees. Mr Henry Cobbe Trustèe Mr Patrick Awhlte Trusteè 5 Febiuary 2024 THE STRAIGHT FORWARD TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE STRAIGHT FORWARD TRUST Oplnlon We have audited Iha financial statemenls of The Slraighl FoNard Trust for Iha yoar ended 5 Aprll 2D23 whlch compilso the slatemenl of finan¢lal acllvilies, the balahce sheet, the slalemenl of cash llows and notes to the finandal slat6menls, Includlng slgnificenl acaounting pollclès. The flnanclal reporllng framowork Ihal has been applied In Iheir proparAllon is appll¢able law 8nd Unlled Klngdom Accounllng Standards. includlng Flnancial Reportlng Standard 102 Th8 Flnancial R6POrtino St8ndartl 8ppllcable In flje UK and Republic of IrelJnd (United Klngdom Generally Accepted Accounting Pracllcel. In our oplnlon, the flnanclal statem6nls: glve a trué and falr vlew of the state of the charlty's affalrs as al 5 Aprll 2023 and of Ils Incomlng r8source8 and application of r6sour¢es, for the year then ended; have been properly prepared In aGGord8nce with Unlted Kingdom Generally Acc8Pted Accountlng Practlce,, and have been pr6pared In accordance wllh th8 ChaTSttes Act (Northern Ireland) 2008 and lh6 Charltles Act Northern Ireland) 2013. B88[8 for oplnlon We conduct6d our audll In a¢cordance ￿th Inlemalional Standards on Audlllng (UK) {ISAs (UKI) and oppllcable law, Our r8sponsibililles under those standards are further dtsserlbed In Ihe Audilofs r6sponsibllltles for Ihg audlt of rhe fln8nclal $18lem8nls Bécllon of our raport. We are Independ8nl ol the trust In accordance wlh the elhloal requlrements Ihat are relevanl to our audll of iho flnanclal statements in the UK. Inoludlng the FRC'S Elhloal standard, and wo hav8 fulflllèd our olher 8lhlcal responslbllilles In 8¢wrdance willi Ihesa r6qulrements, We bo118Ve Ihal the 8udlt evldence we have obt8lned1s sufflclent and appropriat8 lo provlde a bas18 for our oplnlon. Concluslons relatlng to golng concem In audltlng the flnanclal slalements, We have concluded Ihal the TTuslee8' use of the golng concern b8sls of ao¢ountlng In the pr8p8ratlon of the flnanclal statements Is appropriate. BaHèd on the work we have performed, hove nol Edenllfl6d any malerl81 unc6rtalntlas rèlallng io even18 or condlllons that, indlvidua15y or wllecllvely. may CASI slgnific8nl doubl on tha trust's ablllty lo conllnue as 8 golng concern for a period of al least twelve months from when Ihe flnanclal slal&m8nts are aulhorls8d for Issue. Our rasponslb5111i¥s and the resporlslbilities of Iho Trustees wllh r8specl lo golng concem ar6 de8crlb8d In Ihe re18V8nl 8ecllons of thls report. other Informatlon Tha other Informalbn comprises Iha Informatton Induded In the annual repori olher Ih8n the financial slalem8nts and our audlloT'S report thereon. The Tnjslees are responslble for Ihe other Information contalned wlthln the annual reporl. Our oplnion on Ihe linancldl slalements does not COVOT the other Inlormalion and we do nol express any form of assurance conclusion Iheretsn. Our responsibllily Is lo road the olhar infomialion and, In doliig 50, conslder whethei. the other Information Is malerially Inconslslenl )Mlh Ihe flnancial slalements or our knowledge oblaingd In Ihe course of th8 audil. or Othe￿Is0 appe8rs lo be malorially misstated. If we identlly 5UGh malorlal Inconslstencle8 or apparent materlal mlsslatemenls, w6 are requlred to delemine whelh&r Ihls gives rlse lo a malertal mlsslalement In the finanolal statements themselves. If, based on lh8 work we h8V8 performgd. wo Goncluda Ih81 thore Is malerlal mlsslalemenl of this olher Informalion, we are requlred lo report that fact. Wg have nothlng lo report In thls regard. Mattgrs on whlch we are roqulrod lo report by excopllon Wa have nolhlng lo report In respect of Ilie folkbwing mallers in relation to whlch the Charllle8 (Accovn18 and Reporls) Regulations 2(108 require us to report to you if. in our oplnlon: Iha inforrnallon given In Ihe flnanclal slaternenis Is Inconslslent In any ma18rial respect wllh Ihe Truslees, roport. or sufllclenl accountlng records have nol been kept,. or the flnancial slalemenls are not In agreement with Ihe accountlng records. or wo hav8 not received all the Informalion and explanations we requlro for our audil. THE STRAIGHT FORWARD TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE STRAIGHT FORWARD TRUST Responsibllltles of Trusteos As explalned morè fully in the slalement of Trustees, r8sponsibilliies, thè Trustees are responslble for tho preparallon of the flnancial slataments and for belng salislled Ihat they give a tsue and falr vlew. and for such Internal control as th6 Trustees delermine Is necessary lo enabla tho preparatlon of finandal st8l6ments Ihal ar6 fr8e from material mlsstaloment. whelh8r due to fraud or error. In preparing the Inandal s181ements. the TTU8toes are responsible for assesslng Ihe trust's abilily to continue as a golng concern, discloslng. as appllcable, mallars rel818d lo aolng concern and uslng the golng concam basis of accounllng unless ihe Trustees either Inland to Gease operattons, or hove no rèallsllc alternatlv8 but to do so. Audltorfs r&sponslbllitl6s for th6 audit of tho flnancial gtatements Our obl6clives 8r8 lo oblaln re8son8ble assurance about whath6r lh8 fln8nclal slalem8nts as 8 wholo are freg from malèrlal mlsslatemenl, whether duè to fraud or error. and lo Issue an audltofs report that Includes our oplnlon. Reasonablo assurance Is a high lev81 of assurance but18 not o guarantea that an audit conductad In accordanc6 with ISAS (UK) wlll always det8GI a malerlal mlssl8lem&nt when 11 exlsls. Misstat8menls can arlse from fraud or error and ar8 consldered material if, Indlvldually or In the aggregale, Ihey could reasonably bg exp8cled lo Influence Ihc ecanomlo declslons of users lak8n on th8 basls of these finanual slalomgnls. Tha exlont to whlch our procadures are capable of d8le¢llng Irregularllles, Includlng fraud, Is d6ta110d below. Extènt to whlch the audlt was con8ldored ¢apabl6 of det8Ctlng IrregularStles, In¢ludlng fraud The oblecllves of our audit in respecl of fraud, are: to identlfy and assess the rfgks of materlal mls8ts1oment of tho Ilnanclal st81em8nls du8 lo fraud. to oblaln sufflclent approprtale audll evldence reggrding lh8 A888S5ed r5$k8 of rnateTlal mlsslalemenl due to fraud, through deslgnlng and IMplemen￿n0 approprlat6 respon8e8 to those a888ssed rlsks., and lo rospon(J approprlalely lo Inslan¢e8 of fraud or suspected Iraud Id8nliflèd durlng Ihe audil. Howevw, th6 primary responslblllly for th6 prevenllon 8nd detecllon of fraud rests ￿th bolh m8nagem8nl and those charged wllh aovernance ofthe charily. B88ed on our undarstandlng of the charity and Its operallng envlronment, W8 determined thal tho most slgnlllcanl frameworks whlch have a dlre¢l Impact on the prep8r8llon of the financial slalements are those rolated lo the repor1ing framowoTk, (FRS 102, Ihe Chariuas Acl {North&m Ir81and) 2008, The Ch8rllle8 {Accounls and Reports) Regulatioris (Northern Ireland) ?.013. th& Charity SORP and UK financlal rBportlng sl8ndard8 as I6sues by the Fin8nclal Reporflng Councll). Addltlon8lly, we concluded Ihat ther8 ara signiflcanl laws and regulallons in ralallon to Éh¢ enllly's charitab18 status and acllvilles of whlch nonvcompllanco may have a materlal effect on tho financlal 8t8tements. We assessed tha su8CePtlblllly of the chatity's Iln8nclal stat8m8nls lo material mlssla18ment. Indudlng how fraud mlghl oocur, Includlng evaluallng managemenl's Incenllv8s and opportunllles to managa 88mlngs or Influence th reported results. From Ihe rèsults of our assessment, W8 determined that the PTlnclpal rlsks of fraiid r8lale lo posling inapproprlate journal entrles and use of charity funds for purposes oulslde ol resldcllons Imposed by the donor. lrt Common wllh all audlls undar ISA8 (UK). we are requlred lo perform sp8¢lllc procedures to Tespond lo the risk of management ovorride. THE STRAIGHT FORWARD TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE STRAIGHT FORWARD TRUST Audlt *èsponse to rt8k$ Idenlified As part of an audit in 8ccordance wilh ISAS (UK} we exerdse professional judgement and mainlain profes$lonal scepllcism throughout the audit. Audit pro¢edur8s performed by the eng8gement tearn Included.. W8 obtalned an understanding of th8 cha￿lY internal conlrol systems in order to deslgn audll prO￿d￿re$ that are appropriate In tho clrcumstancos. bul not for the purp¢)ses of expresslng 8n oplr)ion on the effectiveness of the charlly's Intemal control. We obtalned an under816ndlng of how the charity complles wllh re18vanl laws and regulations, Including those as a result of Ils reglslrallon wth the Charity Commlsslon for Northwn Ireland by maklng enqulrl6s of m8nag8rnenl and th08e ch8roed wlh governance. Enqulry of management, those ¢harged with govemance around actual and potenllal Illlg8tlon and clalms. Enquiry of enllty staff to Idenllfy any Instances ol non-compllanc8 wllh laws and regulallons. Perfomiing 8nalyilcal procedures to Idenllfy any unusual or unexpacted relallonshlps that may Indlc816 rfsks of mater181 mlsstalement due to fraud R8vlewlng mlnules of meetlngs of those charged wllh govemance Revlewlng finanGlal slatemenl dlsclosures and lesung to supporting d¢xumenlallon lo a$se8s c¢)mpllance wllh appllcable laws and regulation8. Audlllng the rlsk of manag6rn0nl ovarrlde of contrds, Includlng through tesllng joumal 8ntd8s and other adJustm8nts for approprlalenoss. and evaluallng Ihe buslness ratlonale of slgnlflcanl tr8nsactlons Ihal ara unusual or oulsldo the normal course of buslness. We communloaled relevant laws and regulallons and potenttal fraud rlsks to all eng8g6m6nl team m8mber8 and remalned aleri io any Indlcallon8 of fraud or non-eA)mpllance wllh laws and regulallons throuohout thè audlt. There are Inhgrènt Ilmliallons In the audlt proc8dur8s descrlb8d above and the further removed non-comp11an￿ wlth laws and regulallons Is from the evenls and transaGllon8 rafl8cl8d in tha financlal statements. th8 less Ilkely w8 woiild b8come aware of It, Also, the rlsk of not delecllng a malérlal ml$$lalemenl due to fr8ud Is higher than th8 rlsk of not dbl8¢llng one resulung from error, As fraud may Involve d8llberate concealment through colluslon, forgery. Inlenllonal omlsslons, m18repr6s8ntallons or lh8 overridè of Inlemal conlrol. A furth8r descrlpllon of our responslblllllas Is availabl8 on Ihe Financlal Réporting Coun¢15's Web￿le at,. hllps:11 www.frc.org.uklauditorsresponslbllltles. Thls dcscrlptlon forms part of our audllo¢s report. Usa of our report Thlg roport 18 madc solely to Ihe charlly's members, as a body. Our audlt work has been undortaken so Ihat we mlghl 8t8te to the chorlty's members those mallers we ar8 required to 518t8 lo them In an audllors, report and for no olher purpose. To the fulle818Xtenl pemiltled by law, we do not accept or assumo responsiblllly to anyo1￿ olher than the charlly and Its members as a body, lor our audit w(¥k, for Ihls report, or for the oplnlons we have foimod. Moore IN.I.I LLP Chart8r8d Accounlants statutory Aud5tor 4th Floor Donegall House 7 Donegall Squaie North Balfa8t BT15GB THE STRAIGHT FORWARD TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5APRIL 2023 Unre3trlct&d Uhrestrlcted funds funds 2023 2022 Notes Income from: DonatlOh8 and legac1è8 Investments 550,000 1,373 2.000 Total Incomè 551,373 2,000 Expendlture on: Ralslng funds Charllable a¢tlvlll88 2,468 1,031 23 Total expendilure 3,499 23 Net galn8 on Inve8lmènls 3,825 Net Income and movomont In funds 55q,699 1,977 Roconclllatlon of lunds: Fund balance8 Al 6 Aprll 2022 3,805 1,828 Fund balancos at 5 Aprll 2023 555,504 3,805 The sl818nient ol fln8nc181 acllvllleB Indudes all galns and Ios8e8 recognlsed In Ihe year. All Income and expendlturè dorlve from conllnuSng a¢livitle8. 10- THE STRAIGHT FORWARD TRUST BALANCE SHEET ASAT 5APRIL 2023 2023 2022 Notss Fixed assets Inv6slmenls 11 502,729 Current aÈ88ts Cash al bank and In hand 53.775 3.805 Crèdltor8: amounts falllng duo wlthln one year 12 1,000 Nel Gu￿ent assets 52,775 3.805 Total as881$18s8 curmnt liabllltlos 555,504 3,805 The funda of thè tru8t Unreslrlcled funds 55S,504 3,805 555,504 3,805 Th8 finan¢lal statements were approved by the Trusl88s on 5 February 2024 Mr Honry Cobbe Tru6tée Mr P8lrlckA Whlle Trustee 11 THE STRAIGHT FORWARD TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5APRIL 2023 2023 2022 Note6 Cash flows from operatlng aGtlvitie5 Cash ganarated from operallons 15 547,501 1.977 Invéstlng a¢tlvltle5 Purchase of Irivoslm6nls Proceeds from disposal of Inv6Stmants Inveslm8nl Income r8cefved (489.530) (9.374) 1,373 Nat ca8h u8ed In Invoytlng a¢tlvltla8 (497,531) Nèt cash usgd in flnan¢lng actlvltles Net Increase In cash ond ¢a$h oqulvAlènt8 49,970 1.977 C88h and Gash equlvalents at b&glnnlng of year 3,805 1,828 Ca8h and cash equlvalents at efid of year 53,775 3,805 12- THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2023 A¢countlng pollcio Charlty Informatlon The Slralghl Forward Trust is a r8glslered charlly wlth lh8 ChaTlll89 Comnwssion for Norihern Ireland. The registered olflee Is located al Crawford Lockhart Black Sollcitors, 7-11 Llnenhall Street, Belfast. BT2 8AA. 1.1 Accountlng eonvèntlon Tho linanclal statemonls hav8 been prepared In accordancg Nvllh Aocountlng and Reportlng by Charllles: stalement of Recommended Pradice applicable lo charities praparlng their accounts in accordance wlth the Financial Rèportlnu Standard whlch applles in the UK and Republlc of Ireland (FRS 1021 (effective 1 January 2015) - {Ch8rilles SORP (FRS 1021), th& Finan¢l81 R8POrting Standard appllcable In the UK and R8publlc of Ireland (FRS 1021. The financlal statements Érè preparéd In sterllng, whlch Is the functlonal currency of the Irust. Monolary amounts in ihese finandal slatomenls are rounded lo the nèarest £. The Ilnanclal slalem8nls have been pr8par8d und8r the hlstorlcal cost conv8ntlon, [modlfled io Includ8 Ilie rovaluatlon of freehold propertle8 8nd lo Iwiclude investment propartlas 8nd certaln finandal In81rum8nts al falr valu81. The prfnclpal accounllng policles adopled are set oul below. 1.2 Golng concern Al the tlm8 of 8pprovlng lh6 Ilnanclal 8talemenl8, Ihe Trustees have a reasonab18 8xpeclalion Ih8t th8 trust has ad8quate r8souI'¢es lo conllnue In oporalional exlst8nGa for the foras8eable fulure. Thu8 Ihe Truslees continue to 8dopl lh8 golng concern bads of a¢counllng In prapadng the financlal statements. 1.3 Charltabl8 funds Unrestrlcted funds are avallable for uge at the d16crelton of tha Trust8és In furth8rance of Ihelr charftab18 obleGIIvés. Restrlcted funds are subjecl to specific condllions by donors or grantors as to how they may b8 uÈèd. The purpos88 and uses of the r8Strlcled funds are 801 out In the Dotes lo the finandal slat8manls. IA Income Income is recognised when the trust is legally bnlllled lo It after any perfomwnce condltions hav6 been m81, Ilie amounts can be measured r811ably, and it is probable that in¢om8 wlll b8 receivod, CB8h doiiallons are re¢ognls8d on recelpl. Other donallons ar8 recognlsed once tho (rust has been nollfied of Ihe donation, unless perfomiance Gondltions requlre deferral of the amount. Incomg lax recoverable in relallon lo donallons r8ceiv6d under Gift Aid or deeds of covenanl is recogni%ed at the 1Sme of the donallon. Legaci6s aro recognised on roceipl or otheTwlse If Ilie trust has been notified of an Impendlng dlslrlbullon, the amount is known, and rec8lpt is expected. If the amount Ss not known, Ihe leyacy Is Irealed as a contlngenl asset. 1.5 Expenditure Expondlture18 recognlsed once Iheie Is a legal or consirucllve obllgallon to transfer economlG banetit to a Ihlrd party,11 Is probable that 8 transfer of economlc benefils wlll be requlred In selllement, and the amount of the obligallon can be measured reliably. 1.6 Flxed assèt Inve5tmonts Flxed asset Inveslmenls are Initially measured at transactlon prlce excluding transacllon costs, and ar6 subsequently measured at falr value al each raporting dale. Chang88 In fair value are reco9nlséd in net Incomel(exp8nditure) for Ihe year. Transacllon cosls are expensed as Incurred. 13- THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Ac¢ountlng pollcles {Contlnugd) 1.7 Cash and ¢agh èquivalents Cash and cash equivalents IncJude cash In hand, deposlts hekl at call wllh bBnks, othèr short46rm Ilquld Investments wlth origin81 malurities of three monlhs or less, and bank overdralls. Bank overdrafts are shown wllhln borrowings In currenl Ilabllllles. Basic Ilnanclal assets B8516 flnandal assets, whlch Include d6btors and cash and bank balances, are Inltially measured 81 tr8nsactlon pdce includlng tY8nsacllon c051s and are subsequently ¢arrfed at dmorllsed cost using the effecllv6 Interest method unlèss the aThangement conslllutes a flnancing Iran8adlon, wherè th6 transaotlon Is mèasured at Ihe present value of the fulure rec8ipls dlscounled at a markel r81e of Interest. Financlal assets cl8sslfied as recelv8ble wlhln one year are not amortlsod. Baslc Iln&nGlal Ilabilltles B8slc flnanclal Ilabllltles, Includlng ¢redilors and bank loans ar8 Inlli811y recognlsed at transactlon p￿ce unless the arrangpm8nl conslitutes a llnandng transacllon, where the debl Instrument Is measured al the presènt value of the future payménts discount8d al a maTkÈl rala of Inlere81. Flnan¢ial liabllllles classlfied as payabl wllhln one year are not amoriis8d. Debt In5trum8nls are Subsequently carried al amortlsed ¢osl, uslng th8 effedlve Snterest raie melhod. Trade credllors 8re obllgatlons to pay for goods or servlcos that have b88n acqulred In the ordinary course of opergllons fmm 8uppli8rs. Amounts payable are dasgilied ag current Ilabllllles If paymont18 due wllhln one year or1885. 11 nol. they are pr888nted as non-current liabllllles. Trade ¢Teditor8 are recogn18ed Inillally al transactlon PTlce and subsequently mèasurad at amortl86d cost uslng the eff6¢llve Snl8rest malhod. Dèrecognlllon of flnanclal Ilabllltiès Flnanclal Ilabllllles are der8c(KJnlsed whan th8 Irusl'8 contractual obllgatlons oxplre or are dlscharg8d or cancelled. Crltlcal ac¢ountlng 8Stlmatos and judgements In Ihe appllc8tion of tho trust's 8ccounllng polldes. the Truste88 are requlr6d to make Judgements, astlmales and assumpllons about Ihe carrying amount ol assets and Ilablllllos that ale not readily apparent from other sources. Tha ¢sllmales and assoclated assumpllons are based on hlslorlcal experlgnce 8nd other f8clors that are considered to be relevant. Actu81 r6sull8 may dlffer from Ihese estimates. Th6 estlmates and underlytng assumpllons are revlewed on an ongolng basls. Revlslons 10 8ccounllng estimates ar8 recognlsed In the parlod In which the esllmal8 Is ￿vISed where ihe revlslon affec18 onfy that ppilod, or In the perfod of Ihe revislon and lulure p8ri0ds whero the revlslon affects both current and luture perlods. In¢omo from donatlons and legaclés Llnro8trl¢ted Unrestrlcted funds funds 2023 2022 Donallons and gllts 550,000 2,000 14- THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR FNDED 5APRIL 2023 Income from inve51ments Unre$trlct¢d Unrè$trlct8d fuDds funds 2023 2022 Income from1181ed Invaslments Intei'e81 receivable 1,326 47 1,373 Expendltur8 on ralslng funds Unr•strlcted Unrostrlcled funds fund8 2023 2022 Inve8tm6nl manag8manl 2,468 Expèndlturè on ¢harltable actlvltlos 2023 2022 Dlrèct cost8 Bank fae8 31 23 Shar8 of support and gov•mance costs {8ee nots 7) Governance 1,000 1.031 23 Anatysls by fund Unr881rfct6d funds 1,031 23 Support co$t$ allocated to actlvlties 2023 2022 Governance cosls 1,000 Analysed betweon: Audit Fo8 1,000 15- THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Truslèes None of the Truslees (or any persons connected wllh them) r8(%ivad any remuneration, benefits or 8xp8nses from Ihe Irusl durlng the year. Gains and Ioss68 on Investments Unrestricted UnrèstrSctod funds lund$ 2023 2022 Galnsl(loGses) arlslng on: R8valuallon of Inveslment8 Sale of Invaslmon18 7,743 (3,8881 3,825 10 Taxatlon The charily 1$ exempl from tsxallon on its acllvltles because all Ils Income 18 applled for tharfl8ble purposes. 11 Flxed asset Invèstmants Llstèd Inve$lmont$ Cash In portfollo Total Cost or valuatlon At 6 Aprll 2022 Addlllong Galnl{Loss) on rev8lu8llon Disposals 489,Jf30 7,713 <139,0211 500,000 {355,493) 98g,530 1347,780) 1139,021) Al 5 Aprll 2023 358.222 144.507 Carrylng amount Al 05 Aprll 20?3 358,222 144,507 502,729 At 05 Aprll 2022 12 CrodltorÈ', amounts falling due wlthln one year 2023 2D22 Accruals and def8rred Inuome 1,000 16- THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2023 13 Unrestricted funds The unréstrl¢t6d funds of the charity comprlse lh8 unèxp6nd8d balanc8s of donallons and oranls whlch are not sublocl to speclfiG condillons by donors and granlors as to how they may be used. Thes8 Include deslgnatèd funds thlch have b'een set asldo out of unreslrlcied funds by Ihe tnjstees for sp8cific purposes. At 6 April 2022 Incomlng r8sour¢es Resources expend8d Galns and Ioss06 At S Aprll 2023 General fund8 3,805 551,373 {3,499) 3025 555,504 Prevlous year: Al 6 Aprll 2021 Incomlng rèsources Rosource8 exponded Galns and losses At 5 Aprll 2022 General funds 1,828 2,OQO {23) 3,805 14 Ralatèd party tran8actlons There were no dlsdo8ablÉ related party transaGtk)n8 durlng the y88r (2022 - none). 15 C88h gonaratad from operatlons 2023 2022 Surplus for the y88r 551,699 1,977 Adlu3tments for., Investment Income r8wgnls8d In slaternenl of flnanclal acUirylle8 Loss on dlsposal of Investmonts Falr value gslns and1088e8 on Investment8 {1,373} 3,888 (7,713) Movement6 In v￿rkIng capllal.. Increase in credltor8 1,000 Cash generated from operations 547,501 1,977 17-