The James Kane Foundation
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 May 2025
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2025 | 2025 | 2024 | ||
| Note | £ | E | £ | |
| Income from: | ||||
| Investments | 2 | 169,328 | 169,328 | 177,472 |
| Total income | 169,328 | 169,328 | 177,472 | |
| Expenditure on: | ||||
| Raising funds | 3,4 | 113,371 | 113,371 | 101,907 |
| Charitable activities | 6 | 394,893 | 394,893 | 558,650 |
| Total expenditure | 508,264 | 508,264 | 660,557 | |
| Net expenditure before net gains on investments | (338,936) | (338,936) | (483,085) | |
| Net gains on investments | 9 | 40,386 | 40,386 | 235,922 |
| Net movement in funds | (298,550) | (298,550) | (247,163) | |
| Reconciliation of funds: | ||||
| Total funds brought forward | 5,507,249 | 5,507,249 | 5,754,412 | |
| Net movement in funds | (298,550) | (298,550) | (247,163) | |
| Totalfundscarriedforward | 5,208,699 | 5,208,699 | 5,507,249 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 14 to 22 form part of these financial statements.
SUMER ** NORTHERN IRELAND
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(A Company Limited by Guarantee) Registered number: NI637659
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The James Kane Foundation
Balance Sheet
As at 31 May 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Investments | 9 | 5,088,064 | 5,357,467 | ||
| 5,088,064 | 5,357,467 | ||||
| Current assets | |||||
| Debtors | 10 | 14,434 | 37,769 | ||
| Cash at bank and in hand | 126,779 | 176,184 | |||
| 141,213 | 213,953 | ||||
| Current liabilities | |||||
| Creditors: amounts falling due within one | |||||
| year | 11 | (20,578) | (64,171) | ||
| Net current assets | 120,635 | 149,782 | |||
| Total assets less current liabilities | 5,208,699 | 5,507,249 | |||
| Net assets excluding pension asset | 5,208,699 | 5,507,249 | |||
| Total net assets | 5,208,699 | 5,507,249 | |||
| Charity funds | |||||
| Restricted funds | 12 | - | - | ||
| Unrestricted funds | 12 | 5,208,699 | 5,507,249 | ||
| Totalfunds | 5,208,699 | 5,507,249 |
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 25 November 2025 and signed on their behalf by:
Mr Michael Wilson
The notes on pages 14 to 22 form part of these financial statements.
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NORTHERN IRELAND
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The James Kane Foundation (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
1. 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 2019), 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.
The charity has elected not to include a cash flow statement in the financial statements, as it qualifies as a small entity under the Charity SORP (FRS 102) criteria. The decision is based on the charity's size, as it does not meet the thresholds requiring the preparation of a cash flow statement.
1.2 Going concern
The financial statements 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 may cast significant doubt on the Foundation's ability to continue as a going concern.
1.3 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.
1.4 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 reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
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NORTHERN IRELAND
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
- 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 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.
- 1.5 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 ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
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 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 at amortised cost using the effective interest method.
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NORTHERN JRELAND
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The James Kane Foundation (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
1. Accounting policies (continued)
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.
2. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Investment income | 169,328 | 169,328 | 177,472 |
| Total2024 | 177,472 | 177,472 |
SUMER NORTHERN IRELAND“
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
3. Governance costs
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Audit, accountancy and advisory fees | 5,400 | 5,400 | 5,040 |
| Insurance | 369 | 369 | 357 |
| Bank charges | 71 | 71 | 53 |
| Management costs | 70,833 | 70,833 | 61,667 |
| Marketing & Website hosting | 286 | 286 | - |
| Bookkeeping fees | 3,351 | 3,351 | 1,620 |
| Additional Room hire charges | - | - | 316 |
| Events and Hospitality | 602 | 602 | 210 |
| 80,912 | 80,912 | 69,263 | |
| Total2024 | 69,263 | 69,263 |
Total 2024
4, Investment management costs
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| E | £ | £ | |
| Investment managementfees | 32,460 | 32,460 | 32,644 |
| Total2024 | 32,644 | 32,644 |
SUMER NORTHERN IRELAND
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The James Kane Foundation (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
5. Analysis of grants
| Grants to Institutions |
Total funds |
Total funds |
|
|---|---|---|---|
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| MEGA | 104,793 | 104,793 | 42,500 |
| EOTAS | 93,136 | 93,136 | - |
| North Belfast Digital Hub Foundation | 85,000 | 85,000 | 50,000 |
| Workplus | 38,000 | 38,000 | - |
| Young Enterprise | 18,308 | 18,308 | - |
| Stranmillis Research Project | 15,921 | 15,921 | - |
| Supporting Communities Bursary | 11,135 | 11,135 | - |
| Southern Regional College Bursary | 10,800 | 10,800 | - |
| Shankill Principals Primary Group | 10,000 | 10,000 | - |
| Other | 7,800 | 7,800 | 108,045 |
| SistersIN Leadership Programme | - | - | 60,000 |
| Schools Cost of Living Grants | - | - | 140,250 |
| St Louise's College | - | - | 90,400 |
| Bursaries and Grants | - | - | 67,455 |
| 394,893 | 394,893 | 558,650 | |
| Total2024 | 558,650 | 558,650 |
At the year end, the charity had approved grants totalling £1,684,002 to projects. These grants are subject to specific conditions being met before payment is made. In accordance with the Charities SORP (FRS 102), such conditional grants are not recognised as liabilities at the balance sheet date, as the conditions had not been fulfilled.
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
- Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted | |||
|---|---|---|---|
| funds | Total | Total | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| MEGA | 104,793 | 104,793 | 42,500 |
| Other | 183,165 | 183,165 | 108,045 |
| SisterIN Leadership Programme | - | - | 60,000 |
| Schools Cost of Living Grants | - | - | 140,250 |
| North Belfast Digital | 85,000 | 85,000 | 50,000 |
| St Louise's College | - | - | 90,400 |
| Bursaries and Grants | 21,935 | 21,935 | 67,455 |
| 394,893 | 394,893 | 558,650 | |
| Total2024 | 558,650 | 558,650 |
- Auditors’ remuneration
The auditors’ remuneration amounts to an auditor fee of £5,400 (2024 - £5,400).
- Trustees’ remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - ENIL).
During the year ended 31 May 2025, no Trustee expenses have been incurred (2024 - ENIL).
NORTHERN IRELAND
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
9, Fixed asset investments
| Listed | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 June 2024 | 5,357,467 | ||
| Additions | 680,851 | ||
| Disposals | (990,641) | ||
| Revaluations | 40,386 | ||
| At 31 May2025 | 5,088,064 | ||
| Net book value | |||
| At 31 May2025 | 5,088,064 | ||
| At 31 May2024 | 5,357,467 | ||
| 10. | Debtors | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income | 14,434 | 37,769 | |
| 14,434 | 37,769 |
SUMER “* NORTHERN IRELAND
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
11. Creditors: Amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 368 | 56,100 |
| Accruals and deferred income | 20,210 | 8,071 |
| 20,578 | 64,171 |
12. Statement of funds
Statement of funds - current year
| Balance at 1 | Balance at 1 | Gains/ | Balance at | ||
|---|---|---|---|---|---|
| June 2024 | Income | Expenditure | (Losses) | 31 May 2025 | |
| £ | £ | £ | £ | E | |
| Unrestricted funds | |||||
| General Funds | 5,507,249 | 169,328 | (508,264) | 40,386 | 5,208,699 |
| Statement offunds - prioryear | |||||
| Balance at | Gains/ | _—_Balance at | |||
| 1 | June 2023 | Income | Expenditure | (Losses) | 31 May2024 |
| £ | £ | £ | eS | £ | |
| Unrestricted funds | |||||
| GeneralFunds | 5,754,412 | 177,472 | (660,557) | 235,922 | 5,507249 |
SUMER Sey:= NORTHERN IRELAND
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 May 2025
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2025 | 2025 | |
| £ | £ | |
| Fixed asset investments | 5,088,064 | 5,088,064 |
| Current assets | 141,213 | 141,213 |
| Creditors due within one year | (20,578) | (20,578) |
| Total | 5,208,699 | 5,208,699 |
| Analysis of net assets between funds - prior year | ||
| Unrestricted | Total | |
| funds | funds | |
| 2024 | 2024 | |
| £ | g | |
| Fixed asset investments | 5,357,467 | 5,357,467 |
| Current assets | 213,953 | 213,953 |
| Creditors due within one year | (64,171) | (64,171) |
| Total | 5,507,249 | 5,507,249 |
- Related party transactions
Mr M Wilson, Sir G Loughran and Mr G Boyd declared conflicts of interest as members of the Board of Governors of St Malachy’s College, Belfast which was paid a grant of £85,000 in respect of the North Belfast Creative Digital Hub.
Mr C. Jenkins declared a conflict of interest in respect of the MEGA Project which received grant funding of £104,793 during the year.
Mrs M. Montgomery declared a conflict of interest in respect of Shankill Area Learning Group which received grant funding of £10,000..
Mrs L. Connaughton declared a conflict of interest in respect of EOTAS which received grant funding of £93,136 in this financial year.
SUMER NORTHERN IRELAND“™
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