The James Kane Foundation (A Company Limited by Guarantee) Statement of financial activities (incorporating income and expenditure account For the Year Ended 31 May 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from". Investment income 177,472 177,472 161,350 Total income 177.472 177.472 161.350 Expenditure on: Governance costs Charitable activities 101,907 558.650 101,907 558,650 96,368 358,745 Total expenditure 660,557 660,557 455,113 Net expenditure before net gainsl(losses) on investments Nel gainsl(lossesl on investments 1483,0851 235,922 (483,085 235,922 (293,763} (333,8411 Net movement in funds (247,163) (247,163) 1627,604) Reconciliation of funds: Total funds brought forward Net movement in funds 5,754,412 (247,163) S,754,412 1247,163) 6,382.016 1627,604) Total funds carried forward 5.507,249 5,507,249 5,754,412 The Statement of Financial Activities indudes all gains and losses recognised in the y8ar. The notes on pages 13 to 20 form part of these financial statements. SUMER NORI HER14 IRCLAND Page11 The James Kane Foundation IA Company Limited by Guarantee) Registered number: N1637659 Balance Sheet As at 31 May 2024 2024 2023 Note Fixed assets Investments Current assets 5,357,467 5,282,345 Debtors Cash at bank and in hand 37,769 176.184 33,906 445,511 213,953 479,417 Creditors. amounts falling due within one year 10 (64,1711 17,3501 Total assets less current liabilities 5,507,249 5,754,412 Total net assets 5.507,249 5.754 412 Charity funds Unreslricted funds 5.507.249 5,754.412 Total funds 5,507.249 5,754,412 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 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 26 November 2024 and signed on their behalf by.. MW Wilson The notes on pages 13 to 20 fom part of these financial statements. SUMER Nlkni?-, HER.Xi sfiEL4ND Page 12 The James Kane Foundation (A Company Limited by Guaranteel Notes to the Financial Statements For the Year Ended 31 May 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities- Statement of Recommended Practice applicable lo 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 mggts the definition of a public benefit cntity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The charity has elected not to include a cash flow statement in the financial slatements, as il qualifies as a small entity under the Charity SORP (FRS 102) criteria. The decision is based on the charity's size. a_* it dnp..q not meet the thresholds requiring the preparation of a cash flow Statement. 1.2 Going concern The financial slatements have been prepared on a going concern basis, which assumes that the Foundation will continue its operations for the foreseeable future, being at least 12 months from the approval of these financial statements. The Trustees have considered the Foundation's current financial position, including its cash reserves and the substantial value of its investments. As of the reporting date. the Foundation holds cash balances and liquid assets sufficient to meet its short-term obligations and fund ongoing operations. Additionally, the value of its investment portfolio provides a strong financial cushion, supporting liquidity needs even in the event of unforeseen challenges. Therefore, there are no material uncertainties that rnay cast significant doubt on the Foundation's ability to continue as a going concem. 1.3 Income All income is recognised On￿ the Company has entitlement to the income. it is probable that the inGome 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. 1.4 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 reliabty. Expenditure on charitable aclrvtties is incurred on directly undertaking the activities which further the Compan￿5 objectives. as well as any associated support costs. SUMER NOR I IIE.RIN IREL41 ND Page 13 The Jame? Kane Foundation IA Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 May 2024 Accounting policies (continued 1.4 Expenditure (continued) Grants payable are charged in the year when the offer is made except in those cases where the offer is condrtional, 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. 1.5 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date. unles5 the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whgther realised or unrealised. are combined and presant8d 3s 'G3in&llLossgsl on inveslmen15' in the Slalement of Financial Activities. 1.6 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amoLtnt 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 recogni5ed 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 Cotnpany anticipates it will pay to settle the debt or the amount it has received as advanced paymenls 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-t3x discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement 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 al amortised cosl using the effective interest method. SUMER 14C.?-. HERIN 4NID Page 14 The James Kane Foundation (A Company Limited by Guarantee) Notes to the Financial Ststements For the Year Ended 31 May 2024 Accounting policies {continued) 1.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran￿ 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. Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 177,472 177,472 161,350 Total 2023 161.350 161,350 SUMER NOR I HERN iRknLAND Page 15 The James Kane Foundation IA Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 May 2024 Governance costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Audit. accountancy and advisory fees Insurance Bank charges Management costs Marketing and Bookkeeping fees Additional Room hire charges Evenls and Hospitality 5,040 357 5,040 357 53 11,160 352 61 53 61,667 61.667 50,000 458 1.620 316 1,620 316 1,260 210 210 Total 2024 69,263 69,263 63,291 Total 2023 63,291 63,291 InvestTnent management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment managemenl fees 32.644 32,644 33,077 SUMER WQR-: PIER￿ IREI Page 16 The Jatnes Kane Foundatlon IA Company Limited by Guarantee) Notes to the Financial Ststements For the Year Ended 31 May 2024 Analysis of grants Grants to Institutions 2024 Total funds 2024 Total fund5 2023 MEGA Other SisterslN Leadership Programme Workplus- Shared Apprenticeship Agency North Belfast Digltal Hub Schools Cost of Living Grants st Louise's College Bursaries and Grant5 42,500 108,045 60,000 42,500 108,045 60,000 42,500 25,830 17,880 15.750 121,000 135,785 50,000 140.250 90,400 67,455 50,000 140,250 90.400 67,455 Total 558,650 558,650 358,745 Auditors. remuneration The audrtors, remuneration amounts to an auditor fee of £5,400 (2023 - £4,320). Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 May 2024, expenses totalling £nil were reimbursed or paid directly to Trustees. (2023 - £144). NOR-. HERI* IRE. ANO Page 17 The James Kane Foundation (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 May 2024 Fixed asset investments Listed investments Cost or valuation At 1 June 2023 5,282,346 317,514 1478,31S) 235,922 Additions Disposals Revaluations At 31 May 2024 5,357,467 Net book value At 31 May 2024 5,357,467 At 31 May 2023 5.282,346 Debtors 2024 2023 Due within one year Prepaytnents and accrued income 37,769 33,906 37,769 33,906 SUMER r40R-: HERKI IREI Page 18 The James Kane Foundation (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 May 2024 10. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 56,100 8,071 7,350 64,171 7,350 11. Statement of funds Statement of funds - current year Balance at 1 June 2023 Gains1 BalanGe at (Losses) 31 May 2024 Income Expenditure Unrestricted funds General Funds 5.754,412 177,472 (660,557) 235,922 5,507,249 Statement of funds - prFor year Balance at 1 June 2022 Gainsl Balance at (Losses) 31 May 2023 Income Expenditure Unrestricted funds General Funds 6,382,016 161.350 (455.113) (333,841) 5,754,412 SUMER Page19 The James Kane Fnijndation IA Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 May 2024 12. Analysis of net a55ets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 5,357,467 213,953 164,171) 5,357,467 213,953 {64,171) Total 5,507,249 5,507,249 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 5,282,345 479,416 17,3501 5,282,345 479,416 17,3501 Total 5,754,411 5,754,411 13. Related party transactions Mr M Wilson was a member of the Board of Govemors of the Assumption Grammar School, Ballynahinch. The Assumption Grammar School operates the SislerslN Leadership Pro9ramme which was paid a grant of £60,000 during the year. Mr M Wi150n, 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 £50,000 in respect oflhe North Belfast Creative Digital Hub. Mr C Jenkins declared a conflict of interest in respect of the MEGA Projecl which received grant funding of £42,500 during the year. SUMER NC.? I HERN IRELAY NO Page 20