COMPANY REGISTRATION NUMBER.. NI 657534 CHARITY REGISTRATION NUMBER.. NIC107363 CAUSEWAY TRUST Financial Statements 31 December 2022 McGuire + Farry Limited Chartered Certified Accountants Emerson House Carryduff BELFAST BT8 8DN
CAUSEWAY TRUST Financial Statements Period from 1 January 2022 to 31 Dember2O22 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 14 Statement of financial position Statement of cash flows 10 11 Notes to the financial statements 12-
CAUSEWAY TRUST Trustees. Annual Report (Incorporating the Director's Report) Period from 1 J anuary 2022 to 31 December 2022 The trustees, present their report and the financial statements of the charity forthe period ended 31 D&2mber2022. Reference and administrative details Registered charity name Causeway Trust Charity registratlon number NIC107363 Company registration number N1657534 Principal office 55 Seagoe Road Portadown Craigavon BT63 5HW Northem Ireland The trustees Mrs Patricia Loriaine Evans Mr Morris Evans Ms Gemma Evans M¥ Glenn Evans Auditor M¢Guire + Farry Limited Chartered Certified Accountants Emerson House Carrydvff Belfast BT8 8DN
CAUSEWAY TRUST Trustees. Annual Report (Incorporating the Director's Report) Period from 1 J a n uary 2022 to 31 December 2022 structure, governance and management Causeway Trust was established on 28 June 2019 and has four trustees. It is governed by it's Articles of Association. As the first significant donation made by the charity is in the field of medical research the Trustees have taken independent medical advice from a recently retired Senior Surgeon who specialized in cancer surgery. The charity is currently in the process of appointing this medical expert as a trustee. The trustees take advice from financial, property, legal and medical experts on a regular basis. The charity has no employees. Objectives and activities Achievements and performance The charity has invested in a significant retail investment propety in City Centre Belfast. This investment should generate net annual rental income in excess of £500K per annum. During the current year Causeway Trust agreed to make a significant donation of £1.6M over a four year period to Queen's University Belfast {QUB). This donation to QUB will be used to establish a clinical research facility at the Patrick G Johnston Centre for research. The facility will be named "The Prostate Cancer Centre of Excellence.. It is anticipated that the work carried out at the facility will benefit men and their families who are facing their own very personal prostate cancerjourneys. The Prostate Cancer Centre of Excellence will link world class research at QU B with clinical trials at Belfast Health & Social Care Trust and the Northern Ireland Cancer Centre.
CAUSEWAY TRUST Trustees. Annual Report (Incorporating the Director's Report) Period from 1 J a nuary 2022 to 31 December 2022 Plans for future periods It is anticipated that the £400,000 annual donation out of annual surpluses to QUB wi51 absorb the vast majority of annual surpluses for four years. Financial Review The financial results of the charity are disclosed on pages 9 to 22 of the financial statements. The charity has generated a surplus for the year of £351,234 (2021.. £7,950). An initial donation of £100,000 was made to QUB to fund the Prostate Cancer Centre of Excellence. The charity's total assets at 31 December 2022 were £8,900,974 {2021'.£8,549,740. Liquidity as defined by Net Current Assets was £1,053,627 (2021.. £8,549,740). Reserves Policy It is intended that the charity will fund foreseeable charitable donations from within the annual investment income surpluses, thus maintaining reserves to generate income available for distribution for charitable purposes for future years. statement of Trustee Responsibllities: The Trustees who are also directors for the purposes of company law, are responsible for preparing the 'truslees' repjrt and the financial stalements in accordance wrth applicable law and United Kj'ngdom Accounting Standards (United Kj'ngdom Generalty A¢cepled Accounting Praclice). Company law requires the charity tnjstees to prepare financial statements for each yearwhich give a true and fair view of the stale of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure for that period. In preparing these finanaal 51alements, the trustee5 are required to.. Select suitable a¢counling policies and then apply them con51Stently', ObseNe the melhods and principles in the applicable Charities SORP., Make judgemenls and accounting estimates that are reasonable and prudent,. State whether applicable UK Accountsng Standards have been followed, subject to any material departures disclosed and explained in the financial stalements., Prepare the financial statements on the going concem basis unless it15 inappropriate to presume Ihat the charity w15 continue in business.
CAUSEWAY TRUST Trustees, Annual Report (Incorporating the Director's Report) conti n u ed Period from 1 J an u ary 2022 to 31 December 2022 The trustees are responsible for keeping adequate accounting records 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 Companies Act 2006. 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. Audltor Each of the persons who is a trustee at the date of approval of this report confirms that.. So far as they are aware, there is no relevant audit information of which the charity's auditor is unaware: and They have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees, ann and signed o report and the strategic report were approved on 28 September 2023 ehalfpf fhe board of trustees by: r Morris Evans Trustee
CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 We have audited the financial statements of Causeway Trust (the 'charity') for the year ended 31 December 2022 which comprise the ststement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United ngdorn Generally Accepted Accounting Practice)- in our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 DmIEr 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS IUK}) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UX, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation ofthe financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 other infonnation The other information cornprtses the information included in the annual report, otherthan the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infotmat'on and, expt to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course ofthe audit.. the information given in the trustees, report for the financial period for which the financial statements are prepared is consistent with the financial statements,. and the trustees, report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.
CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 Responsibilities of trustees As explained. more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or erfor, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: .the nature of the industry and sector. control environment and business performance including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and performance targets; results of our enquiries of management about their own identification and assessment ofthe risks of irregularities., any matters we identified having obtained and reviewed documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud: the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams "and relevant internal specialists, including tax and valuations specialists" regarding how and where fraud might occur in the financial statements and any potential indicators offraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UKI, we are also required to perform specific procedures to respond to the risk of management override.
CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial stalemenls. The key laws and regulations we considered in this conlext included ongoing Complian with the UK Companies Act and tax legislation. In addition, we considered provisions of olher laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fvndamenlal fortheirability lo operate or to avoid a material penalty. As part of an audit in accordan with ISAS (UKI, we exercise professional judgment and maintsin professional sptiCIsM throughout the audit. We also.. Identify and asses5 the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of intemal Control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriatenes5 of accounting policies used and the reasonableness of accounting eslimales and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit eviden obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the charity's ability lo continue as a going concerns, Ifwe conclude that a material UnrtaInty exists, we are required lo draw attention in our auditorfs report to the related disclosures in the financial 5talemenls or, if such disclosures are inadequate, lo rnodify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our 8uditoff s Port. However, future events oreondilions may cause the charity lo ase to continue as a going concErn. Evaluate the overall presentation, stwclure and conlenl of the finan¢i81 slatemenls. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentstion. We communicate with those charged with governance regarding. among other matters. the planned scope and timing of the audil and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Use of our report This port is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the charity's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not a¢Trpt or assume responsibility lo anyone other than the ¢harily and the charity's members as a body, for our audit work. for this report, or for the opinions we have formed. anus en or For and on behalf ofr McGuire + Farry Limited Chartered Certified Accountants Emerson House Carryduff Belfast BT8 8DN 28 September 2022
CAUSEWAY TRUST Statement of Financial Activities (including income and expenditure account) Period from 1 January 2022 to 31 December 2022 Unrestricted Restricted Funds Funds 2022 2022 Total Funds 2022 Total Funds 2021 Income Note Donations Other trading activities Gift Aid Reclaim Bank Interest Other Income 1,000 487,409 75,000 1,000 487,409 75,000 10,600 603 384 384 Total Income 563,793 563,793 11,203 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities 9 Administrative expenses 10 120.775 100.000 10,955 120,775 100,000 10.955 3,133 20 Total Expenditure 231,730 231,730 3,153 Net {losses)Igains on investments 11 {19,171> {19,171) Net Income 351.234 351,234 8,050 Transfers belween funds Net Movement in Funds 351,234 351,234 8.050 Reconciliation of funds Total funds brought forward 8,549,740 8,549,740 8.541.790 Total funds carried forward 8.900.974 8,900,974 8.549.740 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
CAUSEWAY TRUST Statement of Financial Position 31 December 2022 Note 31 Dec 22 31 Dec 21 Fixed assets Investment Property 14 7,844,347 7,844,347 Current assets Debtors Cash at bank and in hand Investments 16 4,567 70,635 1,082,341 1,157,543 297,509 8,253,231 8,550,740 15 Creditors: amounts falling due within one year Net current assets (100,916) 1,056,627 (1,000) 8,549,740 Total assets less current liabilities 8,900,974 8,549,740 Creditors: amounts falling due after more than one year Net assets 8,900,974 8,549,740 Funds of the charity Restricted funds Unrestricted funds 8,900,974 8,549,740 Total charity fun 8,900,974 8.549,740 These financial st. lember 'tffjents were approved by the board of trustees and authorised for issue on 23,'and are signed on behalf of the board by.. Mr Morris Evans Trustee The notes on pages 28 to 47 form part of these financial statements. 10
CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 Statement of Cash Flows Period from 1 January 2022 to 31 December 2022 Note 31 22 31 Dec21 Cash flows from operating activities Net income 331,679 7,347 Adjustments for. Depreciation of tangible fixed assets Net (losses}Igains on investments Other interest receivable and similar income Accrued expensesl(income) 19,171 Changes in.. Trade and other debtors Trade and other creditors (4,567) 99,916 446,199 Cash generated from operations Interest received 384 603 Net cash from operating activities 446,583 7,950 Cash flows from investing activities Purchase of tangible assets Proceeds from sale of tangible assets Purchases of other investments Proceeds from sale of other investments (7,844,347) (310,000) 7,480,890 (673,457) (603) Net cash used in investing activities (603) Cash flows from financing activities Proceeds from borrowings . Net cash used in financing activities Net increase in cash arid cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period (226,8741 297,509 70,635 7,347 290,162 297,509 20 20 The notes on pages 29 to 49 form part of these financial statements.
CAUSEWAY TRUST Notes to the Financial Statements Period from 1 January 2022 to December 2022 1. General Information The charity is a private company limited by guarantee, registered in Northern Ireland and is a registered charity in Northern Ireland. The address of the registered Office is clo McGuire + Farry, Emerson House, Carry, Belfast BT8 8DN. 2. statement of compliance These financial statements have been prepared in compliance with 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 1021 (Charities SORP (FRS 102)) and the Companies Act 2006. 3. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity- Going Concern There are no material uncertainties about the charity's ability to continue. Judgement and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 12
CAUSEWAY TRUST Notes to the Financial Statements Period from 1 January 2022 to December 2022 Accounting policies { c o n t i n u e d ) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's 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 terms of an appeal, and fall into one of t0 sub-classes: restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction wi15 flow to the charity and the amount can be re5iably 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. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 13
CAUSEWAY TRUST Notes to the Financial Statements (continued) Period from 1 January 2022 to 31 December 2022 Accounting policies (continued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance ofthe charity 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 belween the activities they contribute to on a reasonable, justifiable and consistent basis. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fairvalue cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 14
CAUSEWAY TRUST Notes to the Financial Statements <conlinuedl Period from 1 January 2022 to 31 Drnber2022 Accounting policies continued) Impairment of fixed Assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Vvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets orgroups of assets. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the ontractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otheNise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted ata market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 15
CAUSEWAY TRUST CAUSEWAY TRUST Notes to the Financial Statements Icontinued) Period from 1 January 2022 to 31 t)mber2022 Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 16
CAUSEWAY TRUST Notes to the Financial Statements (continued) Period from 1 January 2022 to 31 December 2022 4. Limited by guarantee The charity is a company limited by guarantee and has no share capital. The liability of each member in the event ofwinding-up is limited to £1. 5. Other trading activities Unrestricted Funds Total Unrestricted Total Funds Funds Funds 2021 2022 Rental and Service income 487,409 487,409 Investment income Unrestricted Funds Total Unrestricted Total Funds Funds Funds 2021 2022 Bank interest 603 603 603 603 7. Other income Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2021 2022 HMRC Interest 384 384 384 384 17
CAUSEWAY TRUST Notes to the Financial Statements (continued) Period from 1 January 2022 to 31 December 2022 8. Costs of other trading activities Unrestricted Total Funds Unrestricted Funds 2022 Funds Total Funds 2021 Investment Propety and Management Costs Legal and Professional Fees 79,808 79,808 40,967 40,967 3,133 120,775 120,775 3,133 g. Expenditure on charitable activities by fund type Unrestricted Restricted Total Funds Funds Funds 2022 Total Funds 2021 Charitable Donations 100,000 100,000 100,000 100,000 10. Administrative expenses Unrestricted Restricted Total Funds Funds Funds 2022 Total Funds 2021 Audit 10,000 10,000 Other administrative costs 955 10,955 955 10,955 20 20 18
CAUSEWAY TRUST Notes to the Financial Statements (continued) Period from 1 January 2022 to 31 December 2022 11. Net {losses)gains on investments Unrestricted Funds Total Unrestricted Funds Funds 2022 Total Funds 2021 Gainsl{losses> on investments (19,171) (19,171) (19,171) 119,171) 12. Auditors remuneration Year to Dec 2022 Year to Dec 2021 Fees payable for the audit of the financial statements 10,000 13. Trustee remuneration Trustees did not receive remuneration during the year {2021'. £Nill. 19
CAUSEWAY TRUST Notes to the Financial Statements (continued Period from 1 January 2022 to 31 December 2022 14. Investment Property Freehold Property Total Cost At 1 January 2022 Additions 7,844,347 7,844,347 At 31 December 2022 7,844,347 7,844,347 Impairment At 1 January 2022 Charge for the period At 31 December 2022 Carrying amount At 31 December 2022 7,844,347 7,844,347 At 31 December 2021 15. Investments Current Investments Total Cost of valuation At 1 January 2022 Additions Disposals Gains 8,253,231 310,000 (7,500,061) 19,171 8,253,231 310,000 (7,500,061) 19,171 At 31 December 2022 1,082,341 1,082,341 Impairment At 1 January 2022 and 31 December 2022 Carrying amount 31 December 2022 1,082,341 1,082,341 At 31 December 2021 8,253,231 8,253,231 All investments shown above are held at valuation. Financial assets held at fair value Current asset investments is cash management funds of £1,082,341 (2021.. £8,253,231 }, held within the United Kingdom and exists primarily to provide an investment return for the charity. 20
CAUSEWAY TRUST Notes to the Financial Ststements (continued) Period from 1 January 2022 to 31 December 2022 16. Debtors 31 Dec 2022 31 Dec 2021 Rent and seNice charges Prepayments and accrued income 4,490 77 4,567 17. Creditors: amounts falling due within one year 31 Dec 2022 31 Dec 2021 Accruals Social security and other taxes Payments on account 12,331 30,702 57,883 1,000 100,916 1,000 18. Analysis of charitable funds Unrestricted funds At 1 Jan 2022 Incom9 Expendlture Transfers Gain5 and At 31 Dec 2022 losses General Funds 8.549,740 563,409 1231.7301 19,555 8,900.974 At 1 Jan 2021 Income Expenditure Transfers Galns and At 31 Dec 2021 lo$se5 Goneral Funds 8.541,790 10,500 13.1531 603 8,549,740 21
CAUSEWAY TRUST Notes to the Financial Statements (continued) Period from 1 Ja nuary 2022 to 31 December 2022 19. Corporation Tax The company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 20. Analysis of changes in net debt At1Jan 2022 Cash At 31 Dec Flows 2022 Cash at bank and in hand 297,509 1226,874) 70,635 297,509 (226,874) 70,635 22