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 bet￿een 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 othe￿ise 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-