Charity registration number: 105709 Francis Curley Charitable Fund Annual Report and Finandal Statements for the Year Ended 11 December 2024
Francis Curley Charitable Fund Contents Reference and Administrative Detalls Trustees, Report 2to4 Independent Examinerfs Report Statement of Flnancial Activilies Statement ¢f Financial Position Statement ¢f Cash Flows Note8 to the Financlal Statements 9t017
Francls Curley Charltsble Fund Reference and Admlnlstrative Detsils Trustees D Moffett R Clark Charity Reglstratlon Number 105709 Reglstered Offlca 38-42 Hill Street Belfast BT12LB RBCA Limited Chartered Accountants Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG Independent Examlner Sollcltors: Shean Dickson Merrick 3842 Hill Street Belfast 8T12L8 Bankers Bank of Ireland 4-8 High Street Belfast BT128A Page 1
Francls Curley Charltsble Fund Trustees. Report Th8 trustees present their report and the financial statements of the charity for the year ended 11 December 2024. Structure, governance and management The affairs of the Charity are managed and controlled by the Trustees, who have exclusive powers to act on behalf of the Charity. Objectlves and actlvltlos The Charity was set up an 11 December 1934 and is govemed by a Will Trust. The Francis Curley Charitable Fund produces income from investment properties and other investments for distribution to nominated charities. Public benefit The trustees confirm that they have complied wlth the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidanGe published by the Northern Ireland Charity Commission. Achlevements and performance The objectives of the charity are as follows.. the prevention or relief of povety, . the advancement of religion, the advancement of health or the saving of lives,. and the relief of those in need by rea50n of youth, age, ill-health, disability, financial hardship or other disadvantage. To that end, the fund has been able to increase its distribution to the prescribed charities as detailed below. The dlrect public benefit flowing from the organisation's purpose Is the distributlon of income from Investment properties and other investments to nominated charities. This income provides essential monetary assistance and support to the charities theréby enabling them to continue with their vitsl work. The beneficiaries aro as follows.. . Bamardos Sailors. Society The Bible Society for N. Ireland Sand88 Soldiers, Home l-no longer in existence and awaiting approval to substitute. Belfast Hospital for Sick Children Presbyterian Orphan Society Presbyterian Church in Ireland Foreign Mission - Zenana Mission Home Mission Old Age Fund Jewish Mission Sustenation fund - Aged & Infirm Ministers, Fund - Society for Orphans of Ministers Missionaries of the Presbyterian Church In Ireland Page 2
Francis Curley Charitable Fund Trustees. Report Financial revlew During the year the Charity showed a surplus before payments to beneficiaries for the year of £274,016 (2023 - £265,292). This will be distributed to the nominated beneficiaries (See Note 15). The reserves at 11 December 2024 were £5,705,579. The Trustees review the possibility of major risks on an ongoing basis and consider any action required to manage such risks. Plans for future perlods Alms and key objectlves for future periods The Trustees continue the conservative policy of retaining sufficient working capital to cover the risks attached to the investment and propety portfolios. To achieve this, the trustees have set aside funds to ensure that sufficient resources are available at a future date to carry out propety repairs, provide for property vacancies and to make investments. Further on the advice of our accountants, provisions has been made for depreciation of our buildings. In compliance with the Trust Deed, all oth•r amounts are paid out on an annual basis to the beneficiaries. Statement of tru8tees' re8ponslbllltle8 The trustees are responsible for preparlng the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Unit8d Kingdom Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that ar8 reasonable and prudent., state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departure5 disclosed and explained in the financial statements., and prepare the financial slatements on the going concem basis unless it Is Inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting record5 that are sufficient to Show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
Francls Curley Charltable Fund Trustees. Report The law applicable to charities in Northern Ireland requires the charity trustees to prepare financlal statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charty for that period. The annual report was approved by the trustees of the charity on behalf by. 30 Aug 2025 and signed on its R Clark Trustee Trustee Page 4
Francis Curley Charitable Fund Independent ExamineVs Report to the trustees of Francls Curley Charitsble Fund ('the Charlty) I report to the charity trustees on my examination of the accounts of the Charity for the year ended 11 December 2024. Respectlve responslbilltles of trustees and examlner As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northem Ireland) 2008. It is my responsibility to: examine the accounts under section 65 of the Charities Act (Northem Ireland) 2008; follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)Ib) of the Charities Act; and ' state whether particular matters have come to my attention. 8a815 of Independent 8xamlnerfs report I have examined your charity 8ccounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general directions given by the Charity Commission for Northem Ireland under section 65(91(b) of the Charities Act. My examination Included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It al80 Includes consideration of any unusual items or disclosures in the accounts, and seeking explanab'ons from you as charty trustees concerning any such matters. My role 18 to state whether any material matters have come to my attention giving me cause to believe.. 1. That accounting r8cords were not kept in accordance Vth section 63 of the Charities Act 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of the Charlties Act 4. That there is further information needed for a proper understanding of the accounts to be reached. Indep•ndent examlnerfs Statement I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. rith ¥v4 Brian Stewart (Independent Examiner) For and on behalf of RBCA Limited RBCA Limited Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG 09 Sep 2025 Date.. Page 5
Francis Curfey Charitable Fund statement of Flnancial Activltles for the Year Ended 11 December 2024 Restrlcted funds Total 2024 Total 2023 Note Incomo and Endowments from: Other trading activitie5 Investment income 347,921 39,067 347,921 39,067 350,139 31,829 Total income 386,988 386,988 381,968 Expendlture on: Charitable activities Payments to beneficiaries Total expenditure {112,972) (258,660) {371,632) (112,972) (258,660) 371,632 (49,849) (244,418 (294,267) 15 Net income 15,356 15,356 87,701 Other r•cognlsed galn8 and losses Gainsl losses from revaluation of flxed assets 35,230 35,230 44,002 Net movement in funds 50,586 50,586 131,703 Reconclllatlon of funds Totsl funds brought forward Totsl funds carried fopliard 5,654,993 5,654,993 5,523,290 12 5,705,579 5,705,579 5,654,993 The ststement of financial activitie8 includes all gains and losse8 recognised In the year. All income and expenditure derive from continuing activrtie8. The notes on pages 9 to 17 form an integral part of these financial statements. Page 6
Francis Curley Charitable Fund (Registration number: NIC105709) ststement of Flnancial Posltlon as at 11 December 2024 2024 2023 Nots Flxed assets Tangible assets Investments 3,902,272 837,989 3,961,697 802,759 4.764,456 4,740,261 Current assets Debtor5 Cash at bank and in hand 57,518 1,142,471 1,199,989 43,291 1,132,193 1,175,484 Credltors: Amounts falllng due wlthln ono year 10 166,686 173,387 Net currnnt a880ts 1,033,303 1,002,097 Total assets lass currnnt Ilabllltle8 5,773,564 67,985 5,766,553 Credltor8: Amounts falllng due after more than one year 11 111,560 Net a88ets 5,705,579 5,854.993 Funds of the charlty: Restrlcted Income funds Restricted funds 5,705.579 5,654,993 Total funds 12 5,705,579 5,654,993 The financial statements on pages 6 to 17 were approved by the trustees, and authorised for issue an 30 Aug'2025....... and signed on their behalf by. D Moffett Trustee R Clark Trustee The notes on pages 9 to 17 form an integral part of these financial statements. Page 7
Francis Curley Charitable Fund Statement of Cash Flows for the Year Ended 11 December 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash income 274,016 332,119 Adjustments to cash flows from non-cash Items Depreciation Investment income Interest payable 59,425 (39,067) 5,504 (31,829) 175 299,878 300,465 Worklng capltal adjustments (Increase)Idecrease in debtors (Decre8se)lincrease in creditors Net cash flows from operating activities Ca8h flow¥ from Inv•stlng actlvlti88 Interest received (14,227) (6,701) 278,950 95,864 13,229 10 409,558 39,067 31,829 Cash flows from flnanclng actfvitles Interest paid Repayment cf other borrowings Payment to beneficiaries Net cash flows from financing activities Net increase In cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year <5,504) {43,575) 258,660 (1751 (42,749) 244,418 307,739 287,342 10,278 1,132,193 1,142,471 154,045 978,148 1,132,193 All of the cash flows are derlved from continuing operatlons during the above periods. The notes on pages 9 to 17 fonn an integral part of these financial statements. Page 8
Francis Curley Charltsble Fund Notes to the Financlal Statements for the Year Ended 11 December 2024 1 Charity status The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 38-42 Hill Street, Belfast, BT12LB. 2 Accountlng policles Statement of compllance These financial statements have been prepared in compliance wth FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 1021) and the Charities Act (Northern Ireland) 2008. 8asls of prnparation The financial statements have been prepared on the historical cost basis. The financlal statements are prepared in sterling, which is the functlonal currency of the entity. Golng concern The trustees are of the opinion that there are no material uncertainties about the charity's ability to continue. Accordingly, the going concern basis has been adopted in the preparation of these accounts. Judgements and key sources of 08tlmatlon unc8rtalnty The preparation of the financial statements requires management to make judgements, estimates and assumpts'ons that affect the amounts reported. These estimates and judgements are continually reviewed and are based on exp8rienc& and other factors, induding expectations of future events that are believ•d to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charitls purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of tr4VO suclasSeS. restricted income funds or endowment funds. Page 9
Francls Curley Charltable Fund Notss to the Financial Statsments for the Year Ended 11 December 2024 Incomlng resources All incoming resources are included in the statement of financial activities vthen entitlement has passed to the charity,. it is probable that the economic benefits associated wth the transaction wll flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised vthen receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of services 1$ recognlsed with the déllvery of the contracted service. This is classified as unrestriGted funds unless there is a contractU81 requirement for it lo be spent on a particular purpose and returned if unspent, in thich case It may be regarded as restricted. Resource expended Expenditure is r8cognised on an accrua15 basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the staternent of financial activities to which it relates= expenditure on raising funds includes the costs of all fundraising activities, events, non-charitsble trading 8Ctivities, and the sale of donated goods. expenditure on charitable activities includes all costs Incurred by 8 charity in undertaking activities that further its charitable aims for the benefit of Its beneficiaries, induding those support costs and costs relating to the governance of the charlty apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justs'fiable and consistent basis. Tanglble flxed assets Individual fixed assets costing are initially recorded at cos( less any subsequent accumulated depreciation and subsequent accumulated impairment losses. DepCIatIOn and amortlsation Individual fixed assets (excluding land) stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property 2% Straight Line basis Page 10
Francis Curley Charitable Fund Notes to the Flnancial Statements for the Year Ended 11 December 2024 Investment properties Unlisted equity investments are recorded at market values at the balance sheet date. Financlal Instruments Classificatlon Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest In the assets of the charity after deducting all of its liabilities. Recognltlon and measurement I rinancial assets and liabilits-es are initially measured at transactlon price (Including transactlon costs), except for those financial assets classified as at fair value through profit or loss. which are Initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payTnents discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial positlon when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Flnancial assets are derecognlsed when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial assel, or c) the charily, despile having retained some, but not all, significant risk5 and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecogni88d only when the obligation specified in the contract is discharged, cancelled or expires. Fair value measurement The best evidence of fair value Is a quoted price for an identical asset In an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time sincg the transaction took place. 11 the marketls not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page11
Francls Curley Charitable Fund Notes to the Financial Statements for the Year Ended 11 December 2024 3 Income fmm other tradlng activities Restricted funds Total funds Total 2023 Rent received 347,921 347,921 347,921 347,921 350,139 350,139 4 Investment Income Restrlcted funds Total 2024 Total 2023 Bank interest Other investment income 15,628 23,439 15,628 23,439 39,067 8,390 23,439 31,829 39,067 S Expendlture on charltable a¢tlvftles Restrfcted funds Totsl 2024 Total 2023 Not8 Charitable activities Support costs 25,881 87,091 25,881 87,091 112,972 26,980 22,869 112,972 49,849 Actlvlty undertaken dlrectty Actlvlty support costs 2024 2023 Activities undertaken directly Allocated support costs 25,881 25,881 87,091 112,972 26,980 22,869 49,849 87,091 25,881 87.091 6 Trustses remuneration and expenses The trustees received collective remuneration of £13,000 in compliance Viith the trust deed and as approved by the charities commission. Page 12
Francls Curley Charitsble Fund Notes to the Financial Ststements for the Year Ended 11 December 2024 7 Tangible fixed assets Land and buildings Cost At 12 December 2023 3,961,697 At 11 December 2024 3,961,697 Depreclatlon Charge for the year At 11 December 2024 59,425 59,425 Net book value At 11 December 2024 3,902,272 At 11 December 2023 3,961,697 Page 13
Francis Curley Charltable Fund Notss to tha Flnancial Statements for the Year Ended 11 December 2024 8 Fixed asset Investments Other Investments Cost or Valuation At 12 December 2023 Fair value movement 802,759 35,230 At 11 December 2024 837,989 Net book value At 11 D•cember 2024 837,989 At 11 December 2023 802,759 9 Debtors 2024 2023 Trade debtors 57,518 43,291 10 Credttor9: amounts falllng due wlthln one year 2024 2023 Bank loans and overdrafts Trade creditors other creditors Social security and other taxes 34,000 75,368 38,654 18,684 166,686 34,000 88,478 38,699 12,212 173,387 11 Credltors: amounts falllng due aft•r one year 2024 2023 Bank loans and ovordraft8 67,985 111,560 Page 14
Francis Curley Charitsble Fund Notes to the Flnancial Statements for the Year Ended 11 December 2024 12 Funds At 12 Dec 2023 Galns and At 11 Dec losses 2024 Income Expenditure Transfers Beneficiaries Account Estate Capital Account 265,291 386,988 {371,632) 280,647 3,346.290 3.346,290 Repairs Account 100,107 (50,000) 50,107 Revaluatlon Reserve Account 311,759 35,230 346,989 Future Investment ReseNe 1,560,922 50,000 1,610,922 Provision for Vacancies 70,624 70,624 5,654,993 386,988 (371,632) 35,230 5,705,579 At 12 Dec 2022 Income Expendlture Transfers Galn8 and At 11 Dec losses 2023 Benefiaaries Account 244,417 381,968 (294,267) (66,827) 265,291 Estate Capital Account 3,346,290 3,346,290 Repairs Account Revaluatlon Reserve Account 100,107 100,107 267,757 44,002 311,759 Future Investment Resepde 1.494,095 66,827 1,560,922 Provision for Vacancies 70.624 70,824 5,523,290 381,968 (294,267) 44,002 5,654,993 Page 15
Francis Curley Charitable Fund Notes to the Financial Statements for the Year Ended 11 December 2024 13 Analysis of net assets between funds Restricted funds Total funds at December 2024 Tangible fixed assets Fixed assets investments 3,902,272 837,989 1,199,989 (166,686) (67,985) 5,705,579 3,902,272 837,989 1.199,989 (168,686) (67,985) 5,706,679 Total funds at December 2023 Current assets Current liabilits-es Creditors over 1 year Total net assets Restrlctsd funds Tangible fixed assets Fixed a88ets investments 3,961.697 802,759 1,175,484 (173,387) (111,158) 6,664,993 3,961,697 802,759 1,175,484 (173,387) (111,156) 5,654,993 Current assets Current liabilities Creditors over 1 year Totsl net assets 14 Analys18 ol net funds At12 December 2023 At11 December 2024 Cash flows Cash at bank and in hand Debt due within one year Debt due after more than one year 1,132,193 (34,000) 111,560 10.277 1,142,470 (34,000) (67,064 1,041406 44,496 Net debt 986,633 54,773 Page 16
Francis Curley Charitable Fund Notes to the Flnancial Ststements for the Year Endad 11 Decembar 2024 15 Distrlbution 2024 2023 Barnardo8 13,701 13,701 6,850 6.850 13,701 34,252 20,551 13,701 13,701 6,850 68,504 41,102 13,265 13,285 6,632 6,632 13.265 33,181 19,897 13,285 13.285 6,632 86,323 39,793 Sailors, Society The Bible Society for N Ireland Belfast Hospital for Sl¢k Children Presbyterian Orpan Society Foreign Mission Zenana Misslon Home Misslon Old Age Fund Jewish Mission Sustenation Fund Aged & Infirm Ministers, Fund Society for Orphans of Ministers and Missionarie8 of the Presbyterian Church Balance (Retained pending charity substitute) 13,265 13,701 8,850 8,632 274,016 265,292 16 Related party transactlon8 Professional services are supplied by Mcconnell, Chartered Surveyors £ 6,778 (2023: £6.569) which Is related parties by viriue of a common interest of Mr R Clark, a trustee of the charity. Page 17