BELFAST BOYS MODEL BURSARY FUND {IN MEMORY OF EW DAVIS) DIRECTORS REPORT FOR THE YEAR ENDED 30 APRIL 2023 The directors are pleased to present their report and finanal statements for the year ended 30 April 2023. The financial slaternents have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and cofflply with the charitys MemoTandum and Artides of Association, the Companie5 Acl 2006 and "Accounting and Reporting by Charities.. Slatement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019)" Chalrfs report It continues to be my privilege to be the Chair of the Fund and, on behalf to my fellow Directors, to Provide thi8 Annual Report on the state of the Fund as at 30 April 2023. I must record sincere appreciation to the Secretary, Dr Bryan Keattng. and the Tr•asureT. Dr Roy Adair for their commitment and professionalism Ihroughout the year in exer¢tsing their Tesponsibilities. The Board was very pleased during the year to app¢int Mr Frank shive as a Direcior. In addition, the Board also appointsd Ihree forrneT Directors, MrAan Braiden. MrAlan Logan and Mr Jim Keilh, to act as Ambassadors for the Fund. The Fund was established in 2015 and its purposes are oullined in the attached Report. During the year in qu8slion, the officers of the Fund undertook a detailed Review of the role, purpose. SUCSS to date etc. of the Fund. Consequently. at a subsequent meeting the Board unanimously agreed lo continue with the objectives and modus operandi, subject to several changes in relation to the amount awarded in respect of each Bursary, as outlined below. The Directors have aayS considered it imperative to ensure that all the activities of the Fund comply fully with the relevant governing regulalions and legislative requirements. and we believe Ihat. to the besl of our knowledge, we complied wilh all such requirement$ in 2022-2023. The year 2022-2023 saw a further strengthening of the Fund's finances. Given the reserves build up the Board had confidence it could and should look lo increase the funds distributed. In addition. the amount awarded for BursarSes has not increased sin¢e the first awards in 2016, the Board determined that the level of Bursary for Universily awards for both new and existing award winners should increase to £1,200 annualty. The Board also receives feedback on the importance of these Bursaries for award winners and, with the help of the senior staff in the school, inlfoduced additional roporting systems to ensure that the Board can charl the PTogress ol the award winners. The Board also continued its policy from previous years of awarding one-off bursaries lo the runners up in each category and to an HND student. From the establishment of the Fund, the Board has had the closest possible relationship with the school, and this continued throughout 2022-2023. 11 is Ihe role ol the Board to raise Ihe nesSary funds , and Ihe role of the school lo draw up and review the criteria on which bursaries are awarded annually. The Board greatty values the presence of thè Principal. Mrs Mary Montgomery as a Director and although falling just outside the period of this Report, were delighted thal Mrs Montgomery was awarded the OBE in the Birthday Honours 2023 for her contribution to education. We also want to place on record our sincere appreaation for the contribulim of lh8 Senior Leadership team in the sthool and the Prin¢ipal's Secretary. Mrs Joanne ClaTke. During the year we had four Board MeetHigs and. thanks to an anonymous donor. enjoyed a - Back to School Dinner" event in the school which enabled the Board to report to a wider audience on its actiwties and lo ensure that there is transparency in lenns of the work of the Fund. In addition, this event also resulted in Several new donors signing up for regular ntributIons. During the year. we algo receNed Several significant donations which enable us to report above on the healthy state of the Fund's finances. The Board regularly reviews its fun&raising strategy to ensure that it is relevant and appropriate to the ongoing needs of the Fund. We are pleased to report thal, as the attached Accounts indicate. by 30 April 2023 UnrestrTrcted Funds had increased to £91,211 after having a0Unted for Bursaries and expenses. The Board has constantly feviewed its Teserves and considers Ihem to be healthy but by means eXsSIVe. given the age and profile of the donors, the expansion of the number and level of bursaries and the Board's declared objecaive of seeking to have sufficient funds to achieve an endowment position. The Directors firmly believe that this Fund is invaluable in supporting boys from the sthool MOn9 in to third level edu¢ation and look forward lo managing the Fund to ensure thal it Continues to achieve its otiectives. Sir Nigel Hamilton K C B '. D L.
BELFAST BOYS MODEL BURSARY FUND {IN MEMORY OF EW DAVIS) DIRECTORS REPORT (CONTINUED) FOR THEYEAR ENDED 30APRIL2023 Objectlves and activitl•s The charity's objects are lo advan and promole the education of Ihe pupils at Belfast Boys, Model School by providing bursaries or other financial assistan to pupils who progress lo third bevel education. Arising from the purposes, our activities focus on Iwo key strands,. fund raising and the crealion of a clear, falr and equitable process for Ihe making of the awards. As noted in last year's r8POrt the Board set an objective to make additional annual awards for HND and Higher- Level Apprenliceshlps. It is also important lo say that the existence of the Fund and its core objectives were agreed with the school Board of Governors. as was the fvll partiGipation of the Ihen Princ4pal, Mr Alan Logan as a Director of Ihe Fund. The Gurrenl Prlncipal, Ms Mary Montgomery is a member of the Board and fully endorses the work of the Fund. The directors have paid due regard to guidance issued by the Charity Commission in deading what aclivilies the charity should undertake. Achievements and perforn)ance Our activities have been shaped by the need to raise sufficient fijnds to ensure that the awards. when mad6, can be fully funded for the tenure of each bursary. It was detemiined by the Board that, initially, three bursaries should be awarded each year. The Board was of the view that awards should be performance driven and was grateful that the school endorsed this approach and agreed to draw up the criteria against which the first three awards would be made. The school's proposal which was fully endorsed and agreed by the Board was to target three key areas of study in the school. namely.. STEM subjecls (including Technology, Mathematics and Science), Vocational subjects {induding IT, TraVeloUr18M and Public Service) and General subjects fincluding History. Politics, Media Studies andArt). Further, it has been our ambition lo be able to commit to the award of bursaries some years ahead and whilst this reinforced the Mew that three was the correct number of awards to start with, we have taken actKJn to increase the number of bursaries lo be awarded. The school ensured that every pupil egible for a bursary was aware of the criteria from the beginning of the school year. Following examination results in August each year. three bursaTies are awarded lo the three pupils who best met the criteria outlined above. Each bursary in total amounts lo £3,0(Kl and is paid over a period of three years dependent upon continuing academic attendance in further education by the pupils concemed. In addition. each year the Board considers the award of one-off awards on an ad-hoe basis. Financial review The Directors raised funds during Ihe year by dI¢t contact with a number of I0er pupils, who were advised of the existen and purpose of the Fund. and then invited to contribute by a one•off grft. or by regular monthly donalions through Direct Oebit or bolh. It is the policy of the charity that unreslrided fvnds which have not been designated for a specific use shouhj be grown to allow the charity to adopt an endowment approach to fvnding ~ that is looking to providing funding from investment income. The directors Consider Ihat reserves at this level wll ensure that. in the event of a signfficant drop in fvnding, they will be able to continue the ¢harity'5 current activities while consideration is given lo ways in which additional funds may be raised. This level of reserves has been malnlained throughout the year.
BELFAST BOYS MODEL BURSARY FUND (IN MEMORY OF EW DAVIS) DIRECTORS REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 During the year, the Fund raised £26,701 (2022.. £34.339) from donations. gift aid and bank interest and after paying and Providing for committed bursaries and expenses added £7,797 (2022.. £14.978) to unrestricted funds which now total £91.211 (2022 '. £83.414). This ensuTe5 that the Bursaries can be funded in the years ahead. The Directors are pleased with the continuing supwrt from both exisling and new donors and believe that the Fund has good potential to grow In the future. Structure, governance and management Belfast Boy5, Model Bursary Fund (In Memory of E W Davis) is a private company limited by guarantee and registered in Northem Ireland (Company Number N1630824). It is governed by its Articles of Assoliation, daled 1st April 2015 and is registered as a charity with the Charity Cornmission Northern Ireland (Charity Number NIC104052), The Memorandum of Association govems all revant matters relating to Membership,. becoming and ceaslng to be a Member.. the Organisalion of General Meetings., the Role and Powers of Directors (including apwintmenl and reliremenl).. Administrative Arrangements,. and Directors Indemntty and Insurance. The DirectOTS State that Ihey have fulty adhered to aw suth requirements and pri)visions during the year in question. The Board of Directors held Tegular meellngs during the year to Teview the progress of the fund and discuss and agree the future direction of the fund. The Directors of the charitable company (the charity) are its Irustees forthe purF4)se of charity law. The trustees who served during the year in question were as fonows- Sir N Hamilton KCB, DL Mr G Nelson Mr T Andrews Mr J Keith OBE Dr R Adair CBE Ms M Montgomery Dr B Keating CBE Mr M Gilmore QPM Mr RArmour Mr F Shivers (Resigned 5 May 2022) (Appointed 5 May 2022 and resigned 21 August 2023) (Appointed 26 September 2022) None of the director5 has any benefla1 irrterest in the company. Al of the directors are members of Ihe company and guarantee to contribute £1 in the event of a winding up.
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