THE TALENT CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
THE TALENT CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr N Bleakley Mr H E Switzer Mr J McDowell Charlty number NIC107073 Prlnclpal address Carson McDowell Murray House Muffay Street Belfast BT16DN Independent examlner Moore (N.I.I LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT15GB Sollcltors Carson McDowell LLP Murray House, Murray Street Belfast BT16DN
THE TALENT CHARITABLE TRUST CONTENTS Page Trustees, report Independent examinerfs report statement of financial activities Balance sheet Notes lo the financial statements 8-13
THE TALENT CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees present their annual report and financial statements for the year ended 31 October 2024. The accounts have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with the Charities Act {Northern Ireland) 2008 and "Accounting and Reporting by Charities: Stalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelgnd IFRS 102) (effective 1 January 2015)" Objectives and a¢livities The Iruslees pursue Ihe objectives of the Trust by the prudent investment of funds via an independent professional adviser, presently Quilter Cheviol and by regular distributlon of the income generated by the investments lo charities carefully chosen by the trustees from time to time. Those charities are considered by the trustees to themselves pursue objectives which fall wilhin the aims and objeclives of the Trust. The objectives of Ihe Trust are clearly defined in the governing TTU5t documents as-_ a. The promotion and advancement of the Biblical Chrislian faith Ihroughoul the wodd., b. The advancement of education including, but nol limiled lo, education in Bibllcal teaching and princlples., The relief of suffering of persons which may be caused by poverty, distress, disease or natural disaster., d. The relief of the aged and those suffering from disability. The Truslees have paid due regard to guidance issued by the Charity Commission in deciding whal activities the Trusl should undertake. Achlevements and perfomiance The Trustees regularly receive reports, bulletins and other forms of correspondence from Ihose charities benefilted and which allows them to monltor the way in which the monies have been applied by those charlties. Much of that correspondence is very focussed specifically on what has been accomplished via the particular donation from the Trustees to that charity. 11 Is very reassuring to the Trustees to notice how the objectives of the Trust are being met In this fashion. From time to time the Trustees receive and consider particular proposals and projects put to them by charities and they reflecl on the suitabillty of those proposals and projects vis-a-vis the objectives of the Trust. Decisions are then made as to whether the Truslees should support such proposals and projects. DuTing the year a total of £96,000 has been spent in the form of charitable donations of the Trust whlch have helped these charities in furthersng their own charitable objeclives. Flnanclal revlew It is the policy of the Trusl that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to beteen three and six month's expenditure. The Trustees consider that reseNes at this level will ensure that, in the event of a significant drop In funding, they will be able to contlnue the Trust's current aclivilies while consideration is given to ways in which additional funds may be raised. This level of reserves has been mainlalned Ihroughoul the year. In nearly all equlty inveslmenl malters, the Trustees acl under Ihe advice of Quilter Cheviot Ltd. Inveslmenls remained almost entirely in equity shareholdings in public companies during the period ended 31st October 2024. The satisfaction of the Trust's objectives is dependent on the performance of ils investmenls and the Trustees review perfonnance on a regular basis. The Trust had nel increase in funds of £468,329 (2023= net decrease of funds of £111,223). When added to the reseNes brought forward of £3,814,675 the lotal reseNes at 31 st October 2024 are £4,283,004. Rlsk management The Trustees have considered the major risks to whlch Ihe Trust is exposed. those related to the long term operational and financial well-being of the Trust and, whilst keeping Ihe matter under review, are satisfied that systems are in place to mltigate malor risks.
THE TALENT CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Plans for future perlods The Trustees plan to use the income generated through inveslmenl Income to benefit multiple charlties whose aims and objectives align with The Talent Charltable Trust and where il is clear the distributed income will aid the targeted beneflciarles of the charilies chosen. The Trustees will continue to focus on the prudent management and stewardship of the Trust fijnd with a view to maklng ongoing and regular distributions of income to charities of their choice. The charilies are chosen wilh care by Ihe Truslees and only after due reflection and discussion. Structure, govemance and management The Trust is a privalely established charitable trust made by way of Deed dated 10 October 2016 and Supplementary Deed dated 3 October 2018 and registered with the Charity Commission on 7 December 2018. The registration number is NICI 07073. There are three trustees all of whom have been trustees from the outset. The Trustees who served durlng the year and up to the date of signature of the financial statements were.. Mr N Bleakley Mr H E Switzer Mr J McDowell The Trust adopts an open procedure for Ihe appointment of Trustees (and volunleers). This includes expressions of interest invlted to exlsting Trustees and recommendations from existing Trustees. The Trustees, report wa pproved by the Board of Trustees. Mr N Blèakley Trustee
THE TALENT CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TALENT CHARITABLE TRUST I report on the financial slalemenls of the Trust for the year ended 31 October 2024, whlch are set out on pages 4 to 13. Respecllve responslbllltles of Trustees and examiner As the chaiity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to.. examine th8 accounts under section 65 of the ChaTilies Act (li) 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 (ill) to slate whether particular matters have come to my attention. Basis of Independent examinerfs report I have examined your charity accounts as required under section 65 of the Charities Act and my examinalion was carried oul in accordance with the gen&ral Dir8Ctions glven by the Charity Commisslon for Northern Ireland under section 65(9)(b) of the Charities Act. The examinatlon included a review of the accounting records kept by the charity and a comparison of the accounts presented wlth Ihose records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanalions from you as charity trustees concerning any such matters. My role is to slate whether any material mallers have come to my altentlon giving me cause lo beli8ve'. 1. Thal accounting records were not kept in accordance with section 63 of the Charllles Act 2. That the accounts do not accord wilh those accounting records 3. That the accounts do not comply wilh the accounling requirements of the Charities Act 4. That there is further information needed for a proper understandlng of the accounts lo be reached. Indepèndent examinerf8 Statement I have completed our examination and have no concerns in respacl of the matters (l) to (4) Ilsted above and. in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no mallers that require drawing lo your allenlion. . 9,fkn4Jld Dr R I Peter8 Gallagher OBE FCA For and on behalf of Moore {N.I.> LLP 41h Floor Donegall House 7 Donegall Square North B&lfast BT15GB Dated: .
THE TALENT CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestrlcted Endowment funds funds 2024 2024 Total Unrestrlcted Endovmient funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Investmenls Other income 114,253 114,253 30,346 97,355 97,355 24,489 30,346 24,489 Total Income and endowments 114,253 30,346 144,599 97,355 24,489 121,844 enditure on: Raising funds 27,040 27,040 26,161 26,161 Charitable activities 97,736 20,400 118,136 92,455 20,040 112,495 Total resources expended 97,736 47,440 145,176 92,455 46,201 138,656 Net gainsl(10sses) on investments 10 468,906 468,906 (94,411) (94,4111 Net movement In funds 16,517 451,812 468,329 4,900 (116,123) (111,223) Fund balances at 1 November 2023 65,820 3,748,855 3,814,675 60,920 3,864.978 3,925.898 Fund balances at 31 October 2024 82,337 4,200,667 4,283,004 65,820 3,748,855 3,814,675 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE TALENT CHARITABLE TRUST BALANCE SHEET AS AT 31 OCTOBER 2024 2024 2023 Notes Fixed assets Investments 12 4,183,428 3,732.668 Current assets Debtors Cash al bank and in hand 14 3,843 99,092 85,367 102,935 85,367 Creditors: amounts falling due withln one year 15 13,359) (3,360) Net current assets 99,576 82,007 Total assels less Current Ilablllties 4,283,004 3,814,675 The funds of the Trust Endowment funds Unrestricted funds 16 17 4,200,667 82,337 3,748,855 65,820 4,283,004 3,814,675 The financial statements were approved by the Trustees on ............ Mr N Bleakley Trustee
THE TALENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accountlng pollcles Charity Infomiatlon The Talent Charitable Trust is a prlvately established chaTilable trust made by way of Deed dated 10 October 2016 and Supplementary Deed dated 3 October 2018 . 1.1 Accountlng conventlon The financlal slatements have been prepared in accordance with the Charities Acl (Northern Ireland) 2008 and 2013 and 'Accounling and Reporting by Charities.. Slatemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (as amended for accounting periods commencing from 1 January 2016). The charity has laken advantage of the provisions in the SORP for charities applylng FRS 102 Update Bulletin 1 not to prepare a Statemenl of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charlty, Monetary amounls In Ihese financial statements are rounded to the nearest £. The principal accounting policies adopted are Sel out below. 1.2 Golng concern At the time of approving the financial slatemenls, the Trustees have a reasonable expeclation that the Trust has adequate resources to conlinue in operational exlstence for Ihe foreseeable future. Thus the Trustees continue lo adopi the going concern basis of accounling in preparing the financial statemenls. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objeclives. Reslricted funds are subject to specific conditions by donors or grantors as to how they rnay be used. The purposes and uses of the restricled funds are sel out in the notes to the financial statements. Endowment funds are subject lo specific condltions by donors that the capital musl be maintained by the Trust. 1.4 Income Income is iecognised when the Trust is legally enlilled to il after any performance conditlons have been mel, the amounls can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donalions are recognised once the TTUSt has been notified of the donalion, unless performance conditions require deferral of the amounl. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipi or otheise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the leg8Cy is treated as a contingent assel.
THE TALENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting pollcles (Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in seltlement, and the amount of the obligation can be measured reliably. Expenditure is classified by actlvity. The costs of each activity are made up of the total of direct costs and shared costs, Including support costs involved in undertaking each actlvity. Direct cosls attributable lo a single activity are allocated directly to that activity. Shared costs which contribule to more than one activity and support costs which are not attribulable to a single aclivlty are apportloned belween those activities on a basis consistent wilh the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocaled on the portion of the assel's use. Expenditure 15 recognised on an accruals basis as a liability is incurred. Expendilure indudes any VAT whlch cannol be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expendilure on raising funds includes the costs of all fundraising activities, events, non-charilable tradlng activities, and the sale of donated goods. expendilure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefil of its beneficlaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activities. olher expenditure includes all expenditure Ihat is neilher relaled to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to slngle activity are allocaled direclly to that activlty. Shared cosls are apportioned between the activities they contribute lo on a reasonable, justifiable and consistent basis. 1.6 Fixed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequenlty measured at fair value at each reporting date. Changes In falr value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Flnanclal Instruments The Trust has elected to apply ihe provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instrumenls Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balance sheet when the Trusl becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh the nel amounts presented in the financial slatements, when there is a legally enforceable right to set off the recognised amounts and Ihere is an intention to settle on a net basis or to realise the asset and settle Ihe liability simultaneously. Basic financial assets Basic financlal assets, which include debtors and cash and bank balances. are Inllially measured at transaclion price including transaction costs and are subsequenlly carried at amortised cost using the effective Interest method unless the arrangement constitutes a tlnancing transaction, where the Iransaction is measured at the present value of the future receipts discounted at a market rate of inlerest. Financial assels classified as receivable within one yeaf are not amortised.
THE TALENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accountlng pollcles {Conllnued) Basic flnancial liabllltles Basic financial liabilities, Includlng creditors and bank loans are initially recognised at transaction Price unless the arrangement constitutes a financing transaction, where the debt Instrumenl is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are nol amortised. Debt instruments are subsequently carrled at amortised cost, using the effeclive interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as currenl Ilabilities if payment is due within one year or less. If nol, they are presented as non-current liabilities. Trade creditors are recognised initially at Iransaclion prlce and subsequently measured at amortised cost using the effective inleresl melhod. Derecognltlon of financial liabilities Financial liabilities are derecognised when the TTUSt's contractual obligations expire or are dlscharged or cancelled. Crltlcal accountlng e$tlmate$ and judgoments In the application of the Trust's accounting policies, the Trustees are required to make judgements, eslimales and assumptions about the carrying amount of assets and Ilabillties that are not readily apparent from other sources. The eslimales and associaled assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimates are recognised in Ihe period in which the eslimale is revised where the revision affects only Ihat period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from Inveslments Unrestrlcted Unrestricted funds funds 2024 2023 Income from lisled investments Interest receivable 113,166 1,087 93.950 3,405 114,253 97,355 Other Income Endowment Endovmient funds funds general general 2024 2023 Net gain on disposal of investments 30,346 24,489
THE TALENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Ralslng funds Endowment Endowment funds funds general general 2024 2023 Investment management 27,040 26,161 27,040 26,161 Charllable a¢tivltles Charitable Charltable Expendlture Expenditure 2024 2024 Total 2024 Charltable Charitabla Expendlture Expendlture 2023 2023 Total 2023 Bank charges 56 96,000 56 96,000 55 90,000 55 90,000 Charilable donalions 96,056 96,056 90,055 90,055 Share of governance costs (see note 7) 1,680 20,400 22,080 2,400 20,040 22.440 97,736 20,400 118,136 92,455 20,040 112,495 Analysls by fund Unreslricted funds Endowmentfunds- general 97,736 97,736 92.455 92.455 20,400 20,400 20,040 20.040 97,736 20,400 118,136 92.455 20,040 112,495
THE TALENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Independent examination fee Legal and professional 1,680 20,400 1,680 20,400 1,680 20,760 1,680 20,760 22,080 22,080 22,440 22,440 Analysed beiween Charitsble activities 22,080 22,080 22,440 22,440 Net movement In funds 2024 2023 The nel movement in funds Is stated after chargingl(crediting): Fees payable for the independent examination of the charity's financlal statements 1,680 1.680 Trustees None of the Trustees (or any persons connected with them) received any remuneration, benefits or repayment of expenses from the Trust during the year. 10 Net (losses) on Investments Endowment Endovfflient funds funds general general 2024 2023 Galnl(loss) on sale of investments 468,906 (94,411) 11 Taxatlon The charity is exempt from laxalion on its activities because all its income is applied for charitable purposes. 10-
THE TALENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 12 Flxed asset Investments Listed Investments Cost or valuatlon At 1 November 2023 Additions Valuation changes Disposals 3,732,668 283,333 468,906 (301,4791 At 31 October 2024 4,183,428 Carrylng amount At 31 October 2024 4,183,428 At 31 October 2023 3,732,668 13 Flnanclal Instruments 2024 2023 Carrylng amount of flnanclal assets Instwments measured at fair value through SOFA 4,183,428 3,732,668 14 Debtors 2024 2023 Amounts falllng due wlthln one year: Other debtors 3,843 15 Creditors: amovntg falllng due withln one year 2024 2023 Accruals 3,359 3,360 11
THE TALENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 16 Endowment funds Endowment funds represent assets which must be held permanently by the Trust. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is included as unrestricled income. Any capital gains or losses arising on the assets form part of the fund. Atl November 2023 Incoming resource5 Resources expended Galns and At 31 October losses 2024 Permanent tndovmi¢nts 3,748,855 30,346 (47,440) 468,906 4,200,667 Prevlous yèar: At1 November 2022 Incomlng resources Resources expended Gains and At 31 October losses 2023 Pennanent endowments 3,864,978 24,489 146.201 } (94,411) 3,748,855 17 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances ofdonalions and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for speclfic purposes. A11 November 2023 Incomlng resources Resources At 31 October expended 2024 General funds 65,820 114,253 {97,736) 82,337 Prevlous year: At1 November 2022 Incomlng resources Resources At 31 October expended 2023 General funds 60,920 97,355 192,4551 65,820 12-
THE TALENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 18 Analysls of net assets between funds Unrestrlcted Endovnnent funds funds 2024 2024 Total 2024 At 31 October 2024: Inveslmenls Current assetsl(liabililies) 4,183,428 17,239 4,183,428 99,576 82,337 82,337 4,200,667 4,283,004 Unrestrlcted Endovment funds funds 2023 2023 Total 2023 At 31 October 2023: Inveslmenls Current assetsl{liabililies) 3,732,668 16,187 3,732,668 82,007 65,820 65,820 3,748,855 3,814,675 19 Related party transactions During the year ended 31 August 2024 there were paymenls totalling £20,400 made to Carson McDowell LLP (a fimi in which Neil Bleakley is a partner) for professional fees associated wilh the governance of ihe charity. Mr Bleakley received no remuneration directly for these seNices. 13-