Registered number: N1637659
Charity number: NIC105396
The James Kane Foundation
(A Company Limited by Guarantee)
Trustees. Report and Financial Statements
For the Year Ended 31 May 2023

The James Kane Foundation
(A Company Limited by Guarantee)
Contents
Page
Reference and Administrative Details of the Company, its Trustees and Advisers
Trustees. Report
Independent Auditors. Report on the Financial Statements
8-11
Statement of Financial Activities
12
Balance Sheet
13
Notes to the Financial Statements
14-20

The James Kane Foundation
(A Company Limited by Guarantee)
Reference and Administrative Details of the Company, its Trustees and Advisers
For the Year Ended 31 May 2023
Trustees
G Boyd
L Connaughton (appointed 20 February 2023)
CG Jenkins
Sir G Loughran
M Montgomery
Professor MA Price
P Sweeney
MW Wilson, Chair
Company registered
number
N1637659
Charity registered
number
NIC105396
Registered office
Clifton House Centre
2 North Queen Street
Belfast
County Antrim
BT15 1EQ
Independent auditors
ASM {B) Limited
Chartered Accountants & Statutory Auditor
4th Floor
Glendinning House
6 Murray Street
Belfast
BT16DN
rASM
fHARTFRFn Arrni INTAIQT

The James Kane Foundation
(A Company Limited by Guarantee)
Trustees. Report
For the Year Ended 31 May 2023
The Trustees present their annual report together with the audited financial statements of the Company {'the
Charity,) for the year 1 June 2022 to 31 May 2023. The Annual Report serves the purpose of both a Trustees,
report and a Directors, report under company law. The Trustees confirm that the Annual Report and financial
statements of the Charity comply with the current statutory requirements of the Charity's Memorandum and
Articles of Association and the provisions of the Statement of Recommended Practice {SORP) applicable to
charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and
Republic of Ireland {FRS102} (effective 1 January 2015) as amended by Update Bulletin 1 effective January
2015).
Objectives and activities
a. Policies and objectives
The objectives of The James Kane Foundation, in accordance with the Charity Commission's guidance on public
benefit, is:
"To advance education for the public benefit in Portadown and its environs in particular and elsewhere in
Northern Ireland whether directly to individuals or indirectly through education bodies such as schools, colleges
or third level institutions or employers by the provision of funding for work experience, employment opportunities
or training opportunities or for preparation for entry to any occupation, vocation, trade or profession or to
enhance career development, skills and competencies within the area of benefit provided that the funding will not
be used for anything which schools or colleges have a statutory duty to provide"
And
"To provide any other purpose which is exclusively charitable according to the law of Nl.
b. Activities for achieving objectives
As noted in the Report for the Year to 31 May 2020 the only asset of the Charity was the entire issued ordinary
and preference share capital of J W Kane (Precision Engineering) Limited, which was sold on 28th February
2019. Outstanding items of deferred consideration arising from the sale of J W Kane (Precision Engineering)
Limited were settled and released in November 2021 and were reflected in the Financial Statements to the end
of May 2022.
As noted in the Report for the Year to 31 May 2022, a recruitment process to attract new trustees was initiated in
that year, and resulting from that process Lynn Connaughton who is highly experienced in business development
within the further and higher education sector formally joined the Board on 20 February 2023.
Belfast Charitable Society provides support to the Charity in the administration of its ongoing grant awards and in
the development of the Charity's longer term strategic planning and thematic programmes.
VASM
CHARTERED ACCOUNTANT5
Page 2

The James Kane Foundation
(A Company Limited by Guarantee)
Trustees. Report (continued)
For the Year Ended 31 May 2023
Objectives and activities Icontinued)
c. Main activities undertaken to further the charity's purposes for the public benefit
The focus of the Charity's activities in the period has been to deliver on its objectives through a mixture of direct
funding to educational and other charitable bodies, and also through a series of collaborative programmes with,
and the provision of funding support to, other charities, educational, training and skills bodies.
The Charity has supported a range of projects including direct bursaries for those faced with financial barriers to
education and employment in both North Belfast and the Armagh, Banbridge and Craigavon {'ABC') Council
area, significant investment in school food programmes and cost of living support for schools and families in
deprived areas across Northern Ireland. There was also investment in pilot projects supporting work placements,
coding initiatives for those not in school and leadership programmes for Year 13 girls. The Charity financed
mentoring and apprenticeships within the engineering sector and committed to champion digital technology
across all subjects of the post-primary curriculum. At a strategic level it has supported research projects that
assess current delivery models within schools and within the wider workforce. The Charity continues to engage
with a range of stakeholders to enable Trustees to keep abreast of wider policy development, initiatives. trends,
and emerging needs that can help inform its ongoing and strategic decision making.
Strategic report
Achievements and performance
a. Key financial performance indicators
Following the sale of J.W Kane Precision Engineering on 28 February 2019 all remaining retentions have been
released.
ASM
rHtsoTFfiFn AfrniiNTLNT

The James Kane Foundation
(A Company Limited by Guarantee
Trustees, Report (continued)
For the Year Ended 31 May 2023
Strategic report {continued)
Achievements and perfomiance (continued}
b. Review of activities
The following achievements and performance reflect the main expenditure in the year and mostly came in the
form of the provision of grants.
Workplus Ltd Shared Apprenticeship Agency Research (Year 2) - £4,350 of funding was approved to
support a consultation process with a variety of stakeholders, including the Department of Education, further
education colleges and universities, training organisations and the Federation of Small Businesses, exploring the
viability of a Shared Apprenticeship Agency.
Workplus Transverral Skills
£11,400 invested in a Pilot Programme delivered with Wallace High
School, Lisburn for 180 Year 12 pupils and supporting 30 employers to fulfil work placements.
SisterslN £17,880 provided to support the development costs of the 'out-of-the box, leadership
development programme toolkits for Year 13 girls,. provided to participating schools, so each have a consistent
approach to the delivery of the project, and costs are managed.
MEGA Apprenticeship Mentoring and Support Officer Role - £42,500 per annum for three years. The
Charity supported this project which seeks to encourage and retain engineering apprenticeships by providing
essential mentor support. 37 Industry Mentors supported, 25 MEGA Mentors have completed and qualified in
level 3 Mentorship in Leadership and Management in collaboration with South-west College. The aftercare
service provided by the MEGA mentor has resulted a 99 % retention rate.
EOTAS (Education otherwise than at schoolF Go Bezerk Coding Initiative - £6,330 for 120 young
people to receive a recognised Level 2 qualification including a coding aspect, providing resources (book5 and
apps} for the completion of the Go Berserk Stage One programme, 20 teachers in EOTAS centres trained in Go
Bezerk Programming (1 teacher from 20 centres) and resources for all 27 Go Bezerk centres.
The Charity has also worked wth a number of other organisation's and approved support to..
ABC Area Post Primary Bursary Programme - £13,500 for a programme operating within the Armagh,
Banbridge and Craigavon Council area, which is intended to alleviate financial barriers for those wishing to move
to higher education and or employment from secondary schools.
Mary Ann Mccracken Bursary programme (Year 2) - For a second year, the Mary Ann Mccracken
Charity and Belfast Charitable Society along with independent funder the Hunter Smyth Fund will support the
Mary Ann Mccracken bursary programme for ￿e1ve post primary schools in North Belfast. Each school within
the North Belfast Area Learning Community received up to £2,000 to support pupils {16+ year-olds) who face
financial barriers which may prevent them from continuing to AS I A-Level, further or higher education,
employment or apprenticeship.
North Belfast Creative Digital Hub - £121,000 has been committed to a project, based in St Malachy's
College, Belfast, to develop and champion the use of digital technology in all subject areas of the post-primary
curriculum which includes the provision of access to four other North Belfast Post Primary schools.
Schools Cost of Living Grants - £135,785 was committed to fund several school food programmes, an
initiative originally launched by the Belfast Charitable Society. With additional funding from the Charity, a further
16 schools from some of the most deprived areas of Northern Ireland were provided with financial support to
help schools and families amid the cost-of-living crisis and enhance the educational experience of the children
with schools ranging from St Cecilia's College, Derry to Brownlow College, Craigavon. Since Belfast Charitable
Society started this initiative, other funders in addition to the Charity have also come on board to support schools
with food programmes. This includes Ulster Garden Villages and the ARN fund, amounting to nearly £250,000 of
funding.
CHARTERED ACCOUNTANTS
Page 4

The James Kane Foundation
(A Company Limited by Guarantee
Trustees. Report (continued)
For the Year Ended 31 May 2023
Strategic report {continued)
Achievements and performance (continued)
During the period, the Charity has had ongoing engagement with several organisations in order to ascertain the
nature and extent of current challenges facing the education, training and employment sectors in Northern
Ireland, and the barriers facing young people moving be￿een these sectors This has included meetings with
EOTAS, Business Support within ABC Council, the NOW group Social Enterprise., MEGA, Harland and Wolff
and attendance the launch of Build a Plane at Balmoral show.
The Charity has also developed its online and social media profiles and in late 2021 it launched its new website,
Twitter and Linkedln accounts. This has allowed it to engage with a wider audience, and to better promote its
charitable activities with relevant audiences and stakeholders and is updated on a regular basis.
The availability of significant cash funds to the Charity has afforded the Trustees the opportunity to carefully and
strategically consider the charitsble opportunities now open to it, and the manner in which it can make a
meaningful and substantial impact in the short and longer term.
c. Investment policy and perfonnance
The Charity's funds are managed by Investec, with whom the Charity has agreed the terms of management of its
portfolio. These include a medium-term investment time horizon of 5 years, with a lowlmedium attitude to risk.
This is regularly reviewed with Investec to ensure that the needs of the Charity for income and capital investment
are adequately balanced. In common with many similar organisations, the performance of the Charity's
investments may be adversely affected by the UK and worldwide economic challenges, but the Trustees are
satisfied that the nature of the investments is prudent, and that the ongoing attitude to risk remains appropriate.
Financial review
. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate
resources to continue in operational existen￿ for the foreseeable future. For this reason, they continue to adopt
the going concern basis in preparing the financial statements. Further details regarding the adoption of the going
concern basis can be found in the accounting policies.
b. Material investments policy
The Trustees have developed an investment policy with Investec which is reviewed not less than annually. This
policy seeks to balance risk and return on investments for the optimal benefit of the Charity.
c. Principal risks and uncertainties
The challenges facing the UK and global economies have increased the risk of educational and employment
povety. The Charity does not consider that this poses a material risk to its financial well-being.
ASM
CHARTEAED Aff.niJNTANT

The James Kane Foundation
(A Company Limited by Guarantee)
Trustees. Report (continued)
For the Year Ended 31 May 2023
d. Financial risk management objectives and policies
The Trustees have appointed Financial Investment Advisors to provide advice on the financial risk management
of its cash balances seeking to balance risk with optimising the return for the Charity-
Structure, governance and management
a. Constitution
The Charity and the group is registered as a charitable company limited by guarantee and was set up by a
Memorandum of Association.
The Charity and the group is constituted under a Memorandum of Association and is a registered charity,
number NIC105396.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the
terms of the Trust deed.
c. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the
operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate
exposure to the major risks.
Members. liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the
Charity in the event of winding up.
statement of Trustees. responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law} are responsible for
preparing the Trustees, Report including the Strategic Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
VASM
CHARTERED ACCOUNTANTS
Page 6

The James Kane Foundation
(A Company Limited by Guarantee)
Trustees. Report (continued)
For the Year Ended 31 May 2023
Statement of Trustees. responsibilities (Continued)
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the
Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of
the state of affairs of the Company and of its incoming resources and application of reSoU￿es, including its
income and expenditure, for that period. In preparing these financial statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charities SORP (FRS 102).,
make judgments and accounting estimates that are reasonable and prudent-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements.,
prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Company's transactions and disclose with reasonable accuracy at any time the financial position of the
Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and hence foi taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that..
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are
unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of
any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, ASM (B) Limited, have indicated their willingness to continue in office. The designated Trustees will
propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
MW Wilson
Date.. 28 November 2023
ASM
CHARTERED ACCOUNTANTS

The James Kane Foundation
(A Company Limited by Guarantee
Independent Auditors, Report to the Members of The James Kane Foundation
Opinion
We have audited the financial statements of The James Kane Foundation (the 'charitable company,) for the year
ended 31 May 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of
Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 May 2023 and of its
incoming resources and application of resources, including its income and expenditure for the year then
ended.,
have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom,
including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a going concern for a period of at least ￿e1ve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
ASM
CHARTERED ACCOUNYANrs
Page 8

The James Kane Foundation
(A Company Limited by Guarantee
Independent Auditors. Report to the Members of The James Kane Foundation (continued
Other information
The other information comprises the information included in the Annual Report other than the financial
statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained
within the Annual Report. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
thereon. Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the course of the
audit, or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether this gives rise to a material misstatement in the
financial ststements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Trustees, Report including the Strategic Report for the financial year for which
the financial ststements are prepared is consistent with the financial statements.
the Trustees, Report and the Strategic Report have been prepared in accordan￿ with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements in the Trustees, Report including the Strategic
Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of Trustees, remuneration specified by law are not made-, or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, Report.
ASM
CHARTERED ACCOUNTANTS
Dnnr* n

The James Kane Foundation
(A Company Limited by Guarantee)
Independent Auditors. Report to the Members of The James Kane Foundation (continued
Responsibilities of trustees
As explained more fully in the Trustees, Responsibilities Siatement, the Trustees (who are also the directors of
the charitable company for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do so.
Auditors. responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS {UK) will always detect a material misstatement when it exists. Misststements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below..
We considered the opportunities and incentives that exist within the organisation for fraud and identifed the
greatest potential for fraud in the following areas. timing of recognition of expenditure and approval of
expenditure. We discussed these risks with client management and designed audit procedures to test the timing
and approval of expenditure.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-complian￿.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.or
.uklauditorsres
onsibilities. This description forms part of our
Auditors, Report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable
company's members those matters we are required to state to them in an Auditors, Report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we
have formed.
VIASM
CHAftTER&D ACCOUNTANTS
Page 10

The James Kane Foundation
(A Company Limited by Guarantee)
Independent Auditors. Report to the Members of The James Kane Foundation (continued)
Michael Nix
n (Senior Statutory Auditor)
for and on behalf of
ASM (B) Limited
Chartered Accountants & Statutory Auditor
4th Floor
Glendinning House
6 Murray Street
Belfast
BT16DN
28 November 2023
ASM (B) Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
ASM
r.HARTFRFn Arrni INTANr%
4 4

The James Kane Foundation
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account)
For the Year Ended 31 May 2023
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Note
Income from:
Investment income
161,350
161.350
36,696
Total income
161,350
161.350
36,696
Expenditure on:
Govemance costs
Charitable activities
96,368
358,745
96.368
358,745
54,775
119,050
Total expenditure
455.113
455,113
173,825
Net expenditure before net losses on investments
Net losses on investments
(293,763)
(333.841)
(293,763)
(333,841)
(137,129)
(200,943)
Net movement in funds
(627.604)
(627,604)
(338,072)
Reconciliation of funds:
Total funds brought forward
Net movement in funds
6,382.016
(627.604)
6,382,016
(627,604)
6,720,088
(338,072)
Total funds carried forward
5,754.412
5,754,412
6,382,016
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 14 to 20 form part of these financial statements.
VI ASM
CHARTERED ACCOUNTANI'S
Page 12

The James Kane Foundation
(A Company Limited by Guarantee)
Registered number: N1637659
Balance Sheet
As at 31 May 2023
2023
2022
Note
Fixed assets
Investments
Current assets
5,282,345
4,954,179
Debtors
Cash at bank and in hand
33,906
445,511
1,476,156
479,417
1,476,156
Creditors- amounts falling due within one
year
10
(7,350)
(48,319)
Total assets less current liabilities
5,754,412
6,382,016
Total net assets
5,754,412
6,382,016
Charity funds
Unrestricted funds
11
5,754,412
6,382,016
Total funds
5,754,412
6,382,016
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial ststements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 28 November 2023 and
signed on their behalf by:
MW Wilson
The notes on pages 14 to 20 form part of these financial statements.
'ASM
CHARTERED ACCOUNTANTS
4 ?

The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2023
Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102)
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland {FRS 102) (effective 1 January 2015), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The James Kane Foundation meets the definition of a public benefit entity under FRS 102. Assets
and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in
the relevant accounting policy.
1.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs. including support costs
involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activity are apportioned between those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its
charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer
is conditional, such grants being recognised as expenditure when the conditions attaching are
fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a
commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Company., this is normally upon notification of the interest paid or payable by the
institution with whom the funds are deposited.
VI ASM
CHAfiTERED ACCOUNYANTS
Page 14

The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2023
Accounting policies (continued)
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value
cannot be measured reliably in which case it is measured at cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses} on
investments, in the Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or
the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The
unwinding of the discount is recognised in the Ststement of Financial Activities as a finance cost.
1.9 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently
measured at amortised cost using the effective interest method.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Company and which have not been designated for other
purposes.
Investment income, gains and losses are allocated to the appropriate fund.
'ASM
CHARTERED Af.r.niJNTANT

The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2023
Investment income
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Interest receivable
358
Investment income - other investments
161,350
161,350
36,338
161,350
161,350
36,696
Total 2022
36,696
36,696
Governance costs
Governance costs
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Audit, accouniancy and advisory fees
Legal fees
Insurance
Bank charges
Management costs
Marketing and PR
Bookkeeping fees
Events and Hospitality
11,160
11,160
3,745
792
352
61
50,000
458
1,260
352
61
335
41
50,000
458
1,260
33,333
1,683
960
202
Total 2023
63,291
63,291
41,091
Total 2022
41,091
41,091
VIASM
CHARTERED ACCOUNTANT5
Page 16

The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2023
Investment management costs
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Investment management fees
33,077
33,077
13,684
Total 2022
13,684
13,684
Analysis of grants
Grants to
Institutions
2023
Total
funds
2023
Total
funds
2022
MEGA
other
SisterslN Leadership Programme
4C UR Future
North Belfast Post Primary Bursery Programme
Workplus- Shared Apprenticeship Agency
North Belfast Digital Hub
Schools Cost of Living Grants
42,500
25,830
17,880
42,500
25,830
17,880
100,000
6,000
13,050
15,750
121,000
135,785
15,750
121,000
135,785
358,745
358.745
119,050
Total 2022
119,050
119,050
Auditors, remuneration
The auditors, remuneration amounts to an auditor fee of £4,320 (2022 - £3.745).
Trustees, remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 May 2023, expenses totalling £144 were reimbursed or paid directly to 1
Trustee. {2022- £nil}.
ASM
CHARTFRFf) Ar.r.niiNTANTS
4 7

The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2023
Fixed asset investments
Investments
in
subsidiary
Listed
companies investments
Total
Cost or valuation
At 1 June 2022
Additions
Disposals
Revaluations
4,953,530
959,036
(296,381)
(333,840)
4,953,531
959.036
(296,381)
(333,841)
(1)
At 31 May 2023
5.282,345
5,282.345
Net book value
At 31 May 2023
5,282,345
5,282,345
At 31 May 2022
4,953,530
4,953,531
The Company's subsidiary Charlestown Holdings Limited has nil net assets and is in the prO￿sS of being
dissolved.
Debtors
2023
2022
Due within one year
Prepayments and accrued income
33,906
33.906
VI ASM
CHARTÈRED ACCOUNTANTS
Page 18

The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2023
10. Creditors: Amounts falling due within one year
2023
2022
other creditors
Accruals and deferred income
Grants accrued
30.386
11,933
6,000
7.350
7,350
48,319
11. Statement of funds
Statement of funds - current year
Balance at 1
June 2022
Gainsl Balance at
(Lossesl 31 May 2023
Income Expenditure
Unrestricted funds
General Funds 1
6,382,016
161,350
(455,113)
(333,841)
5,754.412
Statement of funds - prior year
Balance at
1 June 2021
Gainsl
Balance at
(Losses) 31 May 2022
Income Expenditure
Unrestricted funds
General Funds 1
6,720,088
36,696
1173,825)
(200,943} 6,382,016
"ASM
HARTERED ACCOUNTANTS

The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2023
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
Restricted
funds-
class il
2023
Unrestricted
funds
2023
Total
funds
2023
Fixed asset investments
5,282,345
479,416
(7,350)
5,282.345
479,416
{7.350)
Current assets
Creditors due within one year
Total
5,754,411
5,754.411
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
Total
funds
2022
Fixed asset investments
Current assets
Creditors due within one year
4,954,179
1,476,156
(48,319)
4,954,179
1,476,156
(48,319)
Total
6,382,016
6,382,016
13. Related party transactions
Mr M Wilson wa5 a member of the Board of Governors of the Assumption Grammar School,
Ballynahinch. The Assumption Grammar School operates the SisterslN Leadership Programme which
was paid a grant of £17,880 during the year.
Mr M Wilson, Sir G Loughran and Mr G Boyd are members of the Board of Governors of St Malachy's
College Belfast which was paid a grant of £121,000 in respect of the North Belfast Creative Digitsl Hub.
Mr C Jenkins declared a conflict of interest in respect of the MEGA Project which received grant funding
of £42,500 during the year.
VJ ASM
CHARTEREL) ACCOUN"IANI"S
Page 20