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 V￿th 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 su￿clasSeS. 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.
Dep￿CIatIOn 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