COMPANY REGISTRATION NUMBER.. NI 657534
CHARITY REGISTRATION NUMBER. NIC107363
CAUSEWAY TRUST
Financial Statements For the
Year Ended
31 December 2024
McGuire + Farry Limited
Chartered Certified Accountants
Emerson House
Carryduff
BELFAST
BT8 8DN

CAUSEWAY TRUST
Annual Report and Financial Statements
Period from 1 January 2024 to 31 December 2024
Contents
Page
Charity Reference and Administrative Details
Trustees, annual report (incorporating the director's report)
Independent auditor's report to the members
6-10
Statement of financial activities {including income and expenditure
account)
Statement of financial position
12
Statement of cash flows
13
Notes to the financial statements
14-23

CAUSEWAY TRUST
Charity Reference and Administrative Details
Period from 1 Jan uary 2024 to 31 December 2024
Registered charity name
Causeway Trust
Charity registration number
NIC107363
Company registration number N1657534
Registered office
clo McGuire + Farry
Emerson House
Carryduff
Belfast
BT8 8DN
Trustees
Mrs Patricia Lorraine Evans
Mr Morris Evans
Auditor
McGuire + Farry Limited
Chartered Certified Accountants
Emerson House
Carryduff
Belfast
BT8 8DN

CAUSEWAY TRUST
Trustees. Annual Report (Incorporating the Director's Report)
Period from 1 Janu ary 2024 to 31 December 2024
The Trustees present their report and the audited financial statements of the charity for the year ended
31 December 2024.
Trustees of the charity
The directors of the charity company are its trustees for the purposes of charity law. The trustees who have
served during the year and since the year end were as follows:
Mrs Patricia Lorraine Evans
Mr Morris Evans
Structure, governance, and management
Causeway Trust was established in June 2019 and has trustees, Morris Evans and Lorraine Evans.
The Trust was established by Mr and Mrs Evans and they were the source of the funds which established
The Trust.
Causeway Trust has been the principal donor to the Northern Ireland Based Prostate Cancer Centre of
Excellence, also known as PROEX.
The Trustees continue to take independent medical advice from a recently retired senior surgeon who
specialised in cancer surgery.
The Trustees take advice on a regular basis from financial, property, legal and medical experts.
Objectives and activities
Achievements and performan¢e
The charity owns a large commercial building in Belfast City Centre.
This investment currently generates net annual rentsl income more than 500K per annum.
Currently the building is 90 /0 ¢xcupied and we expect this occupancy rate to be maintained during 2025.

CAUSEWAY TRUST
Trustees. Annual Report (Incorporating the Director's Report) conti n u ed
Period from 1 Jan uary 2024 to 31 December 2024
Having taken professional advice, and to broaden our investment profile, Causeway Trust
purchased 9 residential investment properties in the Greater Belfast area. This investment to date
totalled £1,005,062 and should provide a net yield of approximately 60/0 pa. We have also invested funds
with Davy in secure deposits which produced net returns of £67,648 in 2024.
We believe that we have a balanced investment portfolio which will deliver sufficient
returns to carry out our charitable objectives.
On 21 September 2022, Causeway Trust enlered into a grft agreement with Queens Universrty
BeIfast (QUBI to fund the establishment ofthe"Prostate Cancer cent￿ of Excellence. (PROEXI.
Due to the continued Suc￿sS of PROEX we have agreed to extend the funding of this project on a rolling
basis with an expected minimum gift of £2.4M.
PROEX is now in operation, and we believe significant improvements in Prostate Cancer care will result.
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.
Plans for future periods
During 2025, Causeway Trust, in accordance with its objectives, commenced regular donations to
Cancer Focus, another Northern Ireland based cancer charity.
We intend to further develop our relationship with Cancer Focus for the betterment of cancer sufferers
in Northern Ireland.
The Trustees continue to explore opportunities to maximise revenue for the charity to make maximum
impact on its chose charitable causes.
Financial Review
The financial results of the charity are disclosed on pages 11 to 23 of the financial statements.

CAUSEWAY TRUST
Trustees. Annual Report {Incorporating the Director's Report) continued
Period from 1 Ja n uary 2024 to 31 December 2024
The charity has generated a surplus for the year of £230,15612023'. £276,973). Donations totalling
£300,000 were made to QUB to fund the Prostate Cancer Cantre of Excellence. The charity's
total assets at 31 December 2024 were £9,408,103 (2023-. £9,117,947). Liquidity as defined
by Net Current Assets was £558,694 (2023: £423,352).
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 TNstee Responsibilities:
The Trustees who are also directors for the purposes of company law, are responsible for preparing the
'trustees' report and the financial stslements in a¢¢£Jrdance wth applicable law and Unrted lfjngdom Accounting Standards
(United Kngdcffl Generally Ac£epted Accounting PractiTrl.
Company law requires the chaty bustees to prepare finanaal statements for each yearwhich give a true and fair
view of the stste of affairs of the charrtable company and the ino)ming resources and application of resouffes,
induding the income and expendrture for that period.
In preparing these finanaal ststements, the Instees are reqUI￿d to..
Select Suitab￿ accounting policies and then apply them consistenuy,
Observe the methods and princ4ples in the applicable Charits'es SORP,.
Make judgements and ac£ounting estimatss that are reasonable and pruden(
State whether applicable UK A¢￿unting Standards have been followed, subject to any malenal
departures disclosed and explained in the financial statements.,
Prepare the financial statements on the going cOn￿M basis unless ft is inappropriate to
presume that the chanty will continue in business.

CAUSEWAY TRUST
Trustees. Annual Report (Incorporating the Director's Report) co ntl n ued
Period from 1 Jan uary 2024 to 31 December 2024
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.
Disclosure of informatlon to the Auditor
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, an
and signed o
ehalf
rt and the strategic report were approved on 30 September 2025
the board of trustees by:
r Morris
Trustee
vans

CAUSEWAY TRUST
Independent Auditor's Report to the Members of Causeway Trust
Period from 1 January 2024 to 31 December 2024
We have audited the financial statements of Causeway Trust (the 'charity') for the year ended
31 December 2024 which comprise the statement of financial activities (including income and
expenditure account), statement of financial position, statement of cash flows and the related noles.
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 ￿rEdOM 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 D￿lter 2024 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 Standards on Auditing (UK) {ISAs {UK}) 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 UK. 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 of the 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 ￿e1ve 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 2024 to 31 December 2024
Other inforniation
The other infomation comprises the infomiation included in the annual report, other than the financial
statements and our auditorfs report thereon. The trustees are responsible for the other information.
Our opinion on the finanaal statements d￿S not cover the other infomiation and, except 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 information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or othewise 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 infomiation, we are required to report that fact.
We have nothing to report in this regard..
Opinions on other matters prescribed by the Companles 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 accordance 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 Irustees, 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 2024 to 31 December 2024
Responsibilities of trustees
As explained. more fully in the trustees, responsibilities statemenl, the trustees (who are also the
directors for the purposes of company law) are responsible for the preparation of Ihe financial
statements and for being salisfied 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 abilty 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 financial ststements
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 error, and to issue an auditorfs 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 of the 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 offraud 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 of fraud.
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 (UK), we are also required to perfomi 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 2024 to 31 December 2024
We also obtained an understanding ofthe 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 statements. The key laws and regulations we considered in
this conte*( included ongoing compliance with the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect
on the financial statements but compliance with which may be fundamental for theirability to operate
or to avoid a material penalty.
As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also..
Identify and assess the risks of material misstatement ofthe 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 lo provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal 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 appropriateness of accounting policies used and the reasonab1 eness of accounting
estimates and related disclosures made by the trustees.
Conclude on the appropriateness ofthe trustees, use ofthe going concern basis of accounting
and, based on the audit evidence obtained. whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the charity's ability to continue as a going
concerns, If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the financial statements or. if such disclosures
are inadequate, to modfy our opinion. Ourconclusions are based on the audit evidence obtained
up to the date of our auditor's report. However, future events or conditions may cause the charity
to cease to continue as a going concem.
Evaluate the overall presentation, structure, and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

CAUSEWAY TRUST
Independent Auditor's Report to the Members of Causeway Trust
Period from 1 January 2024 to 31 December 2024
Use of our report
This report 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 to state to them in an auditor's report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the charity and the charity's members as a body, for our audit work, ft)r this
report, or for the opinions we have formed.
,rt JA,
Keith Mcmanus {Senior S
or and on behalf of..
McGuire + Fary Limited
Chartered Certified Accountants
Emerson House
Carryduff
Belfast
BT8 8DN
30 September 2025
10

CAUSEWAY TRUST
statement of Financial Activities
(including income and expenditure account)
Period from 1 January 2024 to 31 December 2024
Unrestricted Restricted
Funds
Funds
2024
2024
Total
Funds
2024
Total
Funds
2023
Income
Note
Donations
Other trading activities
Gift Aid Reclaim
Other Income
20,000
717,040
700,446
700.446
1,500
1,500
750
Total Income
701,946
701.946
737,790
Expendituro
Expenditure on raising fvnds..
Costs of other trading activities
Expenditure on charitable activities 9
Administrative expenses
10
225,254
300,000
14.184
225,254
300,000
14,184
211,457
300.115
10,833
Total Expenditure
539.438
539,438
522,405
Net Ilosses)Igains on investments 11
67,648
67,648
61,588
Net Income
230.156
230,158
276.973
Transfers bet￿eern funds
Net Movement in Funds
230,156
230,156
276,973
Reconciliation of funds
Total funds brought foward
9,177,947
9.177,947
8.900.974
Totsl funds carried forward
9,408,103
9.408.103
9,177,947
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
Period from 1 January 2024 to 31 December 2024
Note
31 Dec 24 31 Dec 23
Flxed assets
Investment Propety
14
8,849,409
8,849,409
8,754,595
8,754,595
Current assets
Debtors
Cash at bank and in hand
Investments
16
54,819
233,257
546,458
834,534
61,377
480
891,570
953,427
15
Credltors.. amounts falling due within one year
Net current assets
(275,8401
558,694
9,408,103
(530,0751
423,352
Total assets less current Ilabllities
9,177,947
Creditors: amounts falling due after more than one year
Net assets
9,408,103
9,177,947
Funds of the charity
Restricted funds
Unrestricted funds
9,408,103
9,177,947
Total charity f
9,408,103
9,177,947
These fi
30Se
ncial s
mber
ments were approved by the board of trustees and authorised for issue on
and are signed on behalf of the board by..
Morris Evans
Trustee
12

CAUSEWAY TRUST
Statement of Cash Flows
Period from 1 January 2024 to 31 December 2024
Note 31 D￿24
31 Dec 23
Cash flov￿ from operating activities
Nel income
230,156
276,973
Adjustments for.
Net gains on investments
Other interest receivable and similar income
{67,648)
(1,5001
161,588)
(750)
Changes in."
Trade and other debtors
Trade and other creditors
6,558
{254,235)
(86,669)
156,810)
429,159
586,984
Cash generated from operations
Interest received
1.500
750
Net cash from operating actwities
(85,1691
587,734
Cash flows from Investing activities
Purchase of tangible assets
Purchases ofother investments
Proceeds from sale of other investments
(94,814)
(1.562,2401
1,975,000
317,946
(910,248)
252,359
(657,8891
Net cash used in investing actwities
Net increase in cash arid cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
232,777
480
(70,155)
70,635
480
20
20
233,257
The notes on pages 14 to 23 form part of these financial statements.

CAUSEWAY TRUST
Notes to the Financial Statements
Period from 1 January 2024 to 31 December 2024
1. General Information
The charity is a private Gompany 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, Carryduff, 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 IFRS 102) {Charities SORP (FRS 1021)
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.
Judgernent 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 Ihat are believed to be reasonable under the circumstances.
14

CAUSEWAY TRUST
Notes to the Financial Statements
Period from 1 January 2024 to 31 December 2024
Accounting policies I 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 Iheir expenditure declared by the donor or
through the terms of an appeal, and fall into one of two 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
will 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 Ihere 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.
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..
expendilure 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 of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising
funds for the charity nor part of its expenéiture 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, justrfiable. and consistent basis.
15

CAUSEWAY TRUST
Notes to the Financial Statements {continued)
Period from 1 January 2024 to 31 December 2024
Accounting policies I c o n t i n u e d I
Investment properties
Investment properties are properties held to earn rentals or for capital appreciation, or both,
ratherthan for use in the ordinary course ofbusiness. The Trust measures investment properties
at fair value at each reporting date, with changes in fair value recognised in the Statement of
Financial Activities in the period in which they arise.
Fair value is determined annually by independenl professional valuers or by the trustees based
on market evidence of recent Iransaction prices for similar properties. No depreciation is
provided on investment properties carried at fair value.
On disposal of an investment property, the difference between the net sale proceeds and the
carrying amount is recognized in profit or loss.
Current investments
Current investments comprise cash management funds which are readily convertible to known
amou nts of cash and are subject to an insignificant risk of Changes in value. These investments
are classified as financial assets held at fair value through profit or loss. as they are managed
and their performance evaluated on a fair value basis.
Investments are initially recognized at fair value, which is normally Ihe transaction price, and
subsequently measured at fair value at each reporting date. Changes in fairvalue and any gains
or losses on disposal are recognised in the Statement of Financial Activities as they arise.
Income distributions from the funds are recognized in profit or loss when the right to receive
payment is established.
Impairment of assets
A review for indicators of impairment is carried out at each reporting date. with the recoverable
amount being estimated where such indicators exist. Where 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 paty to the
contractual provisions of the instrument.
Basic financial instruments are initially re¢ognised 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 measupd at amortised cost.
16

CAUSEWAY TRUST
Notes to the Financial Statements (continued)
Period from 1 January 2024 to 31 December 2024
Accounting policies { c o n t i n u e d I
Where investments in shares are publicly traded or their fair value can otherwise 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 temis or financed at a rate of interest
that is not a market rale, in which case the asset is measured at the present value of the future
payments discounted at a market rale 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 inslruments in a
designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence
of impairmenl 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.
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.
17

CAUSEWAY TRUST
Notes to the Financial Statements (continued)
Period from 1 January 2024 to 31 December 2024
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 of winding-up is limited to £1.
5. Other trading activities
Unrestricted
Funds
Total Unrestricted Total Funds
Funds Funds 2023
2023
2024
Rental and Service income
700,446 700,446 717.040
717,040
Investment income
Unrestricted
Funds
Total Unrestricted Total Funds
Funds Funds 2023
2023
2024
67,648
67.648
61,588
61,588
7. Other income
Unrestricted Restricted
Total Total Funds
Funds
Funds Funds 2023
2023
2024
Loan Interest from Tenant
750
750
750
750
1,500
1,500
18

CAUSEWAY TRUST
Notes to the Financial Statements (continued)
Period from 1 January 2024 to 31 December 2024
Costs of other trading
activities
Unrestricted Total Funds Unrestricted
Funds
2024
Funds
Total
Funds
2023
Investment Propety -
Management costs I service cgs
219,150
219,150 185,028 185,028
Legal and Professional Fees
6104 17227
225.254
225,254
202,255 202,255
9. Expenditure on charitable
activities by fund type
Unrestricted
Total Unrestricted
Funds Funds 2024 Funds 2023
Total
Funds
2023
Charitable Donations
300 000
300 000 300 115
300115
300,000
300.000 300.115
300,115
10. Administrative expenses
Unrestricted
Total Unrestricted
Funds Funds 2024 Funds 2023
Total
Funds
2023
Audit
10,000
10,000 9,669
9,669
Other administrative costs
4183 10366
14.183
14,183 20,035
20,035
19

CAUSEWAY TRUST
Notes to the Financial Ststements (continuedl
Period from 1 January 2024 to 31 December 2024
11. Net {losses)gains on
investments
Unrestricted
Funds
Total Unrestricted
Funds
Funds
2024
Total
Funds
2023
Gainsl(losses) on
investments
67,648
67,648
61,588
61,588
67,648
67,648
61.588
61,588
12. Auditors remuneration
Year lo
Dec 2024
Year to
Dec 2023
Fees payable for the audit of the
financial statements
10,000
9,669
13. Trustee remuneration
Trustees did not receive remuneration during the year (2023.. £Nill.
20

CAUSEWAY TRUST
Notes to the Financial Statements (continued)
Period from 1 January 2024 to 31 December 2024
14.
Investment Property
Freehold
Property
Total
Cost
At 1 January 2024
Additions
8,754,595
94,814
8,754,595
94,814
At 31 December 2024
8,849.409
8,849,409
Impairment
At 1 January 2024
Charge for the period
Al 31 December 2024
Carrying amount
At 31 December 2024
8,849,409
8,849,409
At 31 December 2023
8,754,595
8,754,595
Investments
Current
Investments
Cost of valuation
At 1 January 2024
Additions
Disposals
Gains
891,570
1.562,240
(1.975.000)
67,648
At 31 December 2024
546.458
Impairment
At 1 January 2024 and 31 December 2024
Carrying amount
31 December 2024
546,458
At 31 December 2023
891,570
All investments shown above are held at valuation.
21

CAUSEWAY TRUST
Notes to the Financial Statements (continued)
Period from 1 January 2024 to 31 December 2024
Financial assets held at fair value.
Current asset investments are cash management funds of £546,458 (2023 £891,570), held
within the United Kingdom and exists primarily to provide an investment return for the charity.
16.
Debtors
31 Dec 2024 31 Dec 2023
Renl and service charges
Advance to Tenant
19,819
35.000
16,377
45,000
54,819
61,377
17.
Creditors: amounts falling due within one year
31 De¢ 2024 31 Dec 2023
Accruals
Social security and other taxes
Payments on account
Loan from Morris Evans
20,000
23,100
35,000
197,740
10,000
13,943
36,132
470,000
275.840
530,075
18.
Analysis of charitable funds
Unrestricted funds
At 1 Jan 2024
Incom&
Exp¢ndltur&
Transfers
Gains and At 31 Dec 2024
losses
Gènèral Funds
9,177.947
701,946
1539,4381
67.648 9.408.103
At 1 Jan 2023
Income
lossos
Expendlture
Transfars
Galn$ and At 31 D•c 2023
General Funds
8,900,974
737,790
1522.4051
61,588 9,177,947
22

CAUSEWAY TRUST
Notes to the Financial Statements (continued)
Period from 1 Jan uary 2024 to 31 December 2024
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
2024
Cash At 31 Dec
Flows
2024
Cash al bank and in hand
480
232,777
233,257
480
232,777
233,257
23