Unaudited Financial Statements Desmond Whyte Charitable Trust For the year ended 30 June 2023 Desmond Whyte Charitable Trust Contents Page Reference and administrative detalls of the Trust, its Trustees and advisers Trustee's report Independent examiner's report statement of financial activities Balance sheet Notes to the financial statements 9-15 Desmond Whyte Charitable Trust Reference and administratlve details of the Trust, Its Trustees and advisers For the year ended 30 June 2023 Trustees Cleaver Fulton Rankin Trustees Limited Charity registered number 105526 Principal office Cle2ver fulton Rankin T￿￿teeS Limited 50 BedEord Street Belfast BT2 7NV Accountants Gr2nt Tliornton (NI) LLP ChArtered Accountants 12 - 15 DoncwAll Squarc Wc5t Belfast BTI 6JH Bankers Danske Bank Donegall Squarc Ivest Bellast BTI 6JH PwJe1 Desmond Whyte Charitable Trust Trustee's report Forthe year ended 30 June 2023 Tlie Trustee present thckr annual rcport togcthcr ivith tlic financial stAtCEncnts of the Trust foI thc l Jul), 2022 to 30 Junc 2023. The Charity rcg15t￿ea numbei ts 105526 2nd the rwstettd office is 50 Bedford Street, Belfast, BT2 7FlIt. Objective5 aiid actlvities Policles and objective5 "I'lie objectiire of the TtU5t 15 to nagc a 51iarc portfolio 2nd pay dic nct incon]e generated froin that portfolio to the charÉtable beneficiaries named in d)e Ivdl of die late Desmond Ivliyte ivlio died on Iotli Februarj, 1998. b. Main activities undertaken lo further the charlty's purposes for the public benefit The prkmary purpose of the Trust is the advancement of education. Tlie direct benefits ivlucli floiv from the trust'5 piirposes under Iliis actiirit)T include the increased abilit), ol the Faculty, to proiTidc Iiighcr cducation in tlie Eoiins OF lecturc5. tutoriqi Is stnd cxTrtninqtions. Tl)is, iii tuin, re5111ts in lliiproiied educitiond st2ndirds 2nd enliqnced opportunities Eor diose students enrolled in tlie Faculty and consequentl)i ivider societ),. Tlic sccond p￿￿O$e of tlie ￿uSt Es die iditancement of lie￿tIl of die Saving of IiiTC5. Tlic ditect benefits ivliicli Eloiv from tiie trust undcr tlii5 Iicading includc tlic incIca5cd abilitlT of dic Faciilt), to pioiiide oppoitunities for rcsc&TrLcII And development, resulting in tlie Advancement and disseininauon of medicAI knoivledge and en41bling medical pr1cUtioneis to better car4T Out thcir ivork to tlie benefit of tlic gcncrAI public ivho awail of mcdical scrviccs. Tlie direct benefits are demonstr2ted through feedbAck obtiined from the F2culti' %nd also iegu114 r eiralu41tion of tlie Ir411ue of tlie provtsion of funds to die Fqculty. Tliere is no Iiarm Ari5￿g frotn an)1 of tlie purposes. 'fiie bencfIciAries of tlic charity 2re the students and staEE of die F*cult)r ind in turn. Ivider socicts.. Tlicrc 15 no pril￿te benefit floiving £rom an}r of dic p￿￿oseS. Page 2 Desmond Whyte Charitable Trust Trustee's report (contlnued) For the year ended 30 June 2023 Achievements and petformance Review of aclivities Tliere has been no change in the activities of the trust during the year. b. Inv•stmènt policy and performance The Trnst manages a share portfolio and pays the net income genernted from that portfolio to die Faculty of Medicine OE Queen's UniiTClSity Belfast. as set out in the ivill of the late Desmond IVh}Ite ivho died on 10 Febiuars, 1998. The Faculty may apply tlie funds provided b)r thc T￿st to such project ot projects as it decides. Financial review a. Reserves policy Tlie Trnst hold5 restrictcd funds, being donAtions which the donor Ilas speCif￿d are to be used solel}, lot pAtticul2r areas of thc Trust's ivork. Total restricted reserves at 30 June 2023 ivere £3,501,509 (2022: £3.463.928). b. Going concern After mAking approptiatc cnquities. the trustees have a reasonable expectation that dic Trust has adequate resources to continue An operation81 existence for the foreseeable future. For t]iis Ieason diey continue to Adopt tlic gofjng concein ba515 in preparing the f￿ancial statements. Further details regarding die adoption of the going concern bAsis can be found in the Accounting Policies. Financial overview At tlie end OE the year. the cl)arity had assets of £3,503,909 (2022. £3,464,528) and llabilities of £2,400 (2022: £600). Tlie net funds of tlie chqrity, havc incrcascd b}, £37,581 (2022.. £294.837) and die tn]stees are satisfied ividi tlie level of ietaincd ￿ndS at the year end. Of tile net Eunds at 31 December 2023 of £3.501.509 is attiibutable to IestrLCted funds. Constitution Tlie prAncipal objective of the twst is to provide income Foi charitAble beneficiaries. Cl)aritable beneficI￿leS are the Faculty of fvIedtcine of Quccns Univeisity. Belfast. b. Methods of appointment or electlon of Trustee The management of die Trn5t 15 the rcsponsibility of the Trnstee ivlio are dected and c(Fopted under the terms of the Ivill. aeAver Fulton Rankin Trustees Iimited ivas the sole trustee of the trust during the current and piior year. Tlie directots of Cleaver Fulton Rankin Trustees Linll"ted aIe: K L Blair J Forrester IKG Grahftm Page 3 Desmond Whyte Charltable Trust Trustee's report (contlnued) For the year ended 30 June 2023 statement of Trustee's responsibilities Tlie Tiiistee is responsible For prcparing the Trustee's report and tlic fttLancial st2teinents in accoid14 nce ivAtII applicable laiv and Unitcd Kingdom Accounting Staodatds (United I