Desmond Whyte Charitable Trust Statement of ffftancial activities For the year ended 30 June 2023 Restricted ttds 2023 Total funds 2023 Total funds 2022 Note Income from: InvestmeTrt5 39,191 39,191 62,084 Total incomo 39,191 39,191 62,084 Expendituro on: ClIAritable actiirities.. Direct costs 68,430 28,396 68,430 28,396 65,995 33,883 GoVnanCe costs Total expenditure 96,826 96,826 99.878 Net expenditure before net 9ainsl(losses) on investments (57.635) 95,216 (57,635) 95,216 (37.794) (257.043) Net gAins/O osscs on iThvestmcnts Net movement in funds 37,581 37,581 (294,837) Reconciliation of funds: Total lunds brouglit Eonvard Nct movemcnt in fi]nds 3,463,928 37,581 3,463,928 37,581 3.758,765 (294,837) Total funds carried forward 3,501,509 3,501,509 3,463,928 All amounts relate to continuing operations. Tlic notc5 on pages 9 to 15 form part of these fin2ncial stAtements. PaJe 7
Desmond Whyte Charitable Trust Balance sheet For the year ended 30 June 2023 2023 2022 Note Fixed assets Inirestments 3,502,165 3,420,739 Current assets Casli at bftnk and in hand 1,744 43,789 1,744 43.789 Crcditors: amounts Ealling dve ivitliin one )¢at (2,400) (600) Net current Ilabilities l assets (656) 43,189 Total net assets 3,501,509 3,463,928 Charlty funds Restricted funds io 3,501,509 3,463,928 Total funds 3,501,509 3,463,928 Tlie financial stAtcments l)Ave been prepared in accordance ivith thc prowsions OF FRS 102 Section IA cnUtic5. sn)2ll 'riic 11ncial 5t2tements ivere approired and autlioiised for issue b). dic Trustce on 29 April 2024 iiid signed on tlieir belixlf b),: Cleaver Fiilto (riustee) Rankin Triistees Limited Tlie notes on pages 9 to 15 form part of tlicse financial statements. PaJ8 8
Desmond Whyte Charitable Trust Notes to the fmancial statements For the year ended 30 June 2023 General information Tlie Dc5mond Ivliyte Charitable 'fiust is an unincorporated tmst. Its Princip office is 50 Bedford Street, Belfast, Bl'2 7ThV, and it has a diarity registtation number of 105526. Accounting policies 2.1 Basis of ptepatatiott of financial statements 1'1ie fAnanci21 st2tement5 arc pIepared on a going concern basis, under the Iiistorical c05t coniTCQtion unless odieThvkse noted in tl)e accounting policies beloiv. Thes, II%iTe been prepared in accoid14 nce ivitli appLicable laiv 2nd accounting standards issued b). die FinanciAI RcpoIting Council, including FRS102 "TRie Financial Reporting Standxrd Applicablc in the UK and Rcpublic of Iieland" ("FRS102"). and tlie Stateti]ent of Recommended Practice- Accountsng and Reporting by Cl)arities, effective l J?nuariT 2019 ("SORP'). The financlal stAtements are presented in pounds Sterling (£). The Desmond Ivhyte Cljaritabk Trust constitutes a pub]ic benefit entity as defined b), FRS 102. 2.2 Going concem Tlie trnstees have assessed that tlie Desmond Ivhyte Charitable Tnist lias adequ%te resources to meet the ongoing costs of thc cntity for a minimum of 12 mondis from thc dRtc of sigtLittg the financial statements. For this reason the financial statements have been prepared on a going concern basis ivliicli presumes the rc%disAtion of assets and liabilitic5 in tlie norm%LI course of busine55. 2.3 Income All income is Iecogniscd oncc the Trust has cntidcment to the income, it is probablc that the Income vill be ieceived and the amount of income receivable can be measured reliably. Investment income is indudcd ivhen Icccivabl Income t2N recoveiAble in relation to investment income is recognised at d)e time the inverstment incomc is rccoverablc. 2.4 Expendittire Expcnditurc 15 recognised once thete is a le821 or constructive obligation to transFer economic beneFit to a third party, it is probable dikt a transfer of economic benefits ivill be iequtred in setdement and the mount OF the obhgAtioTh can be mea5urcd reliAbl)'. Ex"penditure is d2ssified b)F activity. Tlie costs of eacli actiirity are m2de up of tlie total of direct costs and sliared costs. including suppoit costs involired in undtAkIng e2cli activity. Direct Costs attributablc to A single activtty arc allocated direcd}' to tliat ctivity. Shaicd costs ivhicli contribute to more than one actAiqtsr Support costs ivhich are not attributable to a single activit)p are appoitioned bettveen tliose actiiTities on a basis consistent ivitli die use of resources. Centrnl staff costs are allocated on the basis of time spent. and depreciation cli2rges alk)cated on the portion ol die assefs use. GovernnCe costs include those costs associAted Ivith mcctiiig the constitutional and statutory requirements of the trust. All cxpenditure is indu5ive ol irrecoverable VAT. PJJe 9
Desmond Whyte Charltable Trust Notes to the fmancial statements For the year ended 30 June 2023 Accountin9 policies (continued) 2.5 Investments FiKcd asset investments are a form of finttncial instrumcTht and Are initiall5T recognised at tlieir transaction cost 41nd subsequendy mcasuicd at fair value at tlie Balance 51icet dAtc, unlc5S tIIc iTAlue cannot be measurcd ieliabl}T ivlllcli case it 15 mcasuicd at C05t less iinpaiiment. ItivestnieIit gains 14 nd losses, Ivlietlier ie14 lised or unrcali5cd, are con]bined and presented as 'G2ins/(Losses) on investments, in tlic Statement of financial activities. 2.6 Cash at bank ottd in hand Casli at bank and in 112nd includcs cAsh and sliort-term Iiigldji liquid inirestment5 Ivith a 5110rt niaturlty of thrcc inonths or less from the date olacquisiuon oi opening of die depostt or siinilar accouot. 2.7 Liabilities and provisions Lillbffilities 1rc Iccogniscd Trvhcn there is An obligation at tlic ]lalancc slicct datc as A iesult of q pq5t event, it 15 pIobable diat a transler OF econoinic bcncfit ivill be required setdelnent, and tlie ainount of tlie settlement can be estimxted reliably. Lirfibilities atc iccognised at tl)e amount diat tl)e Tiust anticipatC5 It ivill pa), to 5etdc dic debt or tlie amount it Ill received as 2diranccd pa)Ttncnts foI die goods oi setyices it must proiTidc. Provisions are measured at the best estimTrtc of the ainounts required to settle tlie obkngll tion. Ilqicic tlic effcct OF tlic ttine value of money is material. tlic piovision is based on die preserAt value of tliose amounts, discounted at tlie prc-tax discount rate tIiAt reflects tlie risks specific to tlie ii1bility. Tlic univinding OF tlie discoiint 15 recognised in die Statement OF fmancial actiVitic5 as a fance cost. 2.8 Fiind accoiinting General funds lire unrestticted funds ivhich Arc availqblc foi use at tlie discretion of tlie Ttiistee in luttljcnncc OF thc gener21 objectives of tl)e Trust and Trvhich havc not been designated For odier POses. Restticted funds arc Eund5 Ivhidi ate to be used in accoidance ivitli speckfic restrictions iniposed b}, donors OI ivhich IIAve been raised by die Trust lor pArticulRr purposc5. The costs of raising 2nd adii]inistering sucli tunds xic chargcd kg2illSt tlie specific fithd. The aim and usc of cacli rc5tt1Ctcd fund 15 5Ct out in die notes to the financial statemcntS. Page10
Desmond Whyte Charitable Trust Notes to the fanCIal statements For the year ended 30 June 2023 Critical accounting estlmates and areas of Judgement Estim%tes And judgements are required ivl)en applying accounting i)olicies. Tliese are continuall)F eVli]ted and arc ba5cd on l]istorical experience 2nd otlier factors, including Lxpectations of futurc CiTellt5 tliat are believed to be reasonable undei the circumstances. Thc Trust makes estimate5 and assumptions concerning die future ivl]ich involve a Iiigli dc8tee OE judgement or complexity. The resulting accouting estimates ivill. b), definition. seldom equ21 tlie related actuAI Iesults. Tlie estimates 2nd assumptions that liave a significant risk of causmg a material 2djusttnent to tlic carrying amounts of assets liAbilities ividiin the next financitd yeAr are addressed beloiv: Fait value of investments Uses iTArious iyaluation tecljniques to determine the fatr Iralue of fmancial instruments (Ivhere 2ctiITe market quotes Are not available) and non-financial assets. Tliis inirolves developing estim2tes and assuniptions COn515tent ivitli hoiv markct participants ivould pticc dic in5trumcnt. Tlic tru5tce bases it assumptions on observable data as far 2s possible but this is not xlivAys available. In tliat case. management uses die best information available. Estimaed fair values may vary from the actual prices thAt ivould bc Achieved An an arm's length trAnsacuon at tl)e reporting date. Investment income Restticted fiinds 2023 Total fiinds 2023 Listcd invcstmcnts 39.191 39,191 Total 2023 39.191 39,191 RestrLCtcd funds 2022 Total £unds 2022 Listed invc5tmcnts 62,071 13 62,071 13 Investment income - other foreign investments Total 2022 62,084 62,084 Page 11
Desmond Whyte Charitable Trust Notes to the ffftancial statements For the year ended 30 June 2023 Analysis of expendlture on charitable activities Siimmary by fiind type Resttlcted fiinds 2021 Total 2023 Disbursements to bcneficiary Investment expenses LcgAI ind profession21 Eees 68.430 25,243 3,153 68,430 25,243 3,153 Total 2023 96,826 96,826 Restricted funds 2022 Total 2022 Disbiusemcots to beneficiary Investment expenses Lcgal And profession21 fees 65.995 33,145 738 65.995 33,145 738 Tot212022 99,878 99,878 Indopendent examiner's remuneration 2023 2022 Fees p2}rAblc to the Trnses independent ex2miner for the independent examination OF the Tmst's annual account5 1,800 600 Resources expended During die )Fear, no Trustees received an)1 remuneration (2022 - £NIL). During die }Tear. no Tru5tCe5 rcccivcd An}. bcnefits in kind (2022 _ £NIL). During die Jiear, no Tntstees received an}T Icimburscment of expenses (2022- £NIL). As detailed in Note 12. die TSteeS Ieceived remuneration for servAces rendered to tlie Ttust An die current year. Page 12
Desmond Whyte Charitable Trust Notes to the fmancial statements For the year ended 30 June 2023 Fixed asset investments Listed investments Cost or valiiation At l July 2022 Additions 3,420,739 1,955,698 (1,969,488) 95,216 Disposals Cliange in market value At 30 June 2023 3,502,165 Net book value At 30 June 2023 3,502,165 At 30 June 2022 3,420.739 Creditors: Amounts falling due within one year 2023 2022 Accruals and deferred income 2,400 600 Pag613
Desmond Whyte Charitable Trust Notes to the fmancial statements For the year ended 30 June 2023 10. Statement of funds Statement of funds- current year Balance at I Jiily 2022 Gains/ Balance at Incomc Expendittitc sscs ) 30J line 2023 Restricted fiinds Restricted Funds - all funds 3,463,928 39,191 (96,826) 95,216 3,501,509 Statement of funds - prior year Balknce at GAins/ B112nce at (Losses) 30 June 2022 l Jul), 2021 Income ExPendIre Restricted fiinds Ilestricted Funds - all ndS 3,758,765 61084 (99.878) (257,043) 3,463.928 Page14
Desmond Whyte Charitable Trust Notes to the fancial statements For the year ended 30 June 2023 11. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted fiiiids Total fiinds 2023 2023 Fixed asset investments 3.502.165 1,744 (2,400) 3,502,165 1,744 (2,400) Current Assets Creditors due ivithin one year Total 3,501,509 3,501,509 Analysis of net assets between funds - prior year Re5tr1Cted funds 2022 Total funds 2022 Filed asset inirestments 3,420,739 43.789 (600) 3,420,739 43,789 (600) Current assets Creditors duc within one yeai Total 3.463,928 3,463,928 12. Related party transactions During the )Fear to 30 June 2023, leg21 fees of £1,353 (2022.. £1,056) Ivere PAid to Clrnver Fulton Rankin solicitors. CleaireI FuEton R2nkin Trustees Limited is x sole COOrate trustee OF tlie trust. Page15