CHARITY REGISTRATION NUMBER: 108333 Jimmy Glenn Memorial Trust Unaudited Financial Statements 31 March 2023 AUBREY CAMPBELL & COMPANY Chartered accountants 631 Lisburn Road Belfast BT9 7GT Jimmy Glenn Memorial Trust Financial Statements Year ended 31 March 2023 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements Jimmy Glenn Memorial Trust Trustees, Annual Report Year ended 31 March 2023 The Iruslees present their report and the unaudited financial slatements of the charity for the year ended 31 March 2023. Reference and administralive details Registered charity name Jimmy Glenn Memorial Trust Charity registralion number 108333 Principal off ice clo Norman McKee 54 Castlemore Park Belfasl The truslees Mr N McKee Mr J Moore Mr I Stewart Mr S Moore Independenl examiner John Magee 631 Lisburn Road Belfast BT9 7GT Slructurei governance and managemenl The Trustees of the Charily oversee the Charity's investments which are looked after by Evelyn Partners {formerly known as Smith and Williamsonl. The Trustees of Jimmy Glenn Memorial Trust are also Trustees of South Easl Belfast District Scoul Council which owns Ardnavally Scout Centre. Objectives and aclivilies The objects of the Trust shall be to distribute and pay all money and other assets of the Charity (whether capital or income) to the District Scoul Council or the Corporation used by that Council or the Corporation for its charitable purposes in the operation or improvement of the premises known as Ardnavally, Belfast, and lo be used as far as possible for Ihe enhancement in value and usefulness of the said premises for the advancement ot Scouting. Public Benefit Slalement There is no harm arising Irom our purposes. In the opinion of the Trustees, the Trust meets Ihe Charity Commission's public benefit criteria under both advancement of education and the advancement of citizenship or community development headings. Jimmy Glenn Memorial Trust Trustees, Annual Report (continued) Year ended 31 March 2023 Achievemenis and performance The objects of the Trust shall be to distribule and pay all money and other assets of the Charity (whether capital or income) to the District Scout Council or the Corporation used by that Council or the Corporation for its charitable purposes in the operation or improvement of the premises known as Ardnavally, Belfast, and to be used as far as possible for the enhancemenl in value and usefulness of the said premises for the advancement of Scouting. The upkeep and development of Ardnavally Scout Centre Projects funded by the Jimmy Glenn Memorial Trust have improved the site and buildings. The trust has paid for central heating, access improvements, replacement windows and a new play trail. Financlal review The valuation of the Trust's inveslments held with Evelyn Partners (formerly known as Smith and Williamson} decreased from £167.823 at 31 March 2022 10 £164,096 at 31 March 2023. The trustees, annual report was approved on and signed on behalf of the board ot trustees by.. Mr N McKee Trustee Jimmy Glenn Memorial Trust Independent Examiner's Report to the Trustees of Jimmy Glenn Memorial Trust Year ended 31 March 2023 I report to the trustees on my examination of the financial statements ol Jimmy Glenn Memorial Trust ('the charity,) for the year ended 31 March 2023. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland) 2008 (the '2008 Act'l. You are satisfied that your charity is not required by charity law to be audited and have chosen instead lo have an independent examination. I report in respect of my examination of the charity's linancial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65{91(b) ol the 2008 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect.. accounling records were not kept as required by with section 63 of the 2008 Act-, or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of Ihe 2008 Act. or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination. I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Jph endent Examiner 631 Lisburn Road Belfasl BT9 7GT Jimmy Glenn Memorial Trust Statement of Financial Activities Year ended 31 March 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Investment income 4,591 4,591 3.773 Total income 4,591 4,591 3,773 Expenditure Expenditure on charitable activities Total expenditure 1,303 1,303 1,495 1,303 1,303 1,495 Net income 3,288 3.288 2,278 Other recognised gains and losses Other gainslllosses) Net movement in funds 17,0151 13,727) 17,015) (3,7271 8,673 10.951 Reconclliation of funds Total funds brought forward Total funds carried forward 167,823 167,823 156,872 164,096 164.096 167,823 The statement of financial aclivilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 6 to 12 form part ot these Ilnancial statements. Jimmy Glenn Memorial Trust Statement of Financial Position 31 March 2023 2023 2022 Note Flxed assets Investmenls 164.096 167,823 Total assets less current liabilities 164,096 167,823 Funds of the charily Unrestricted funds 164,096 167,823 Tolal charity funds 10 164.096 167,823 These financial statements were approved by the board of trustees and authorised for issue on 2.31.1.1.2oZLy, and are signed on behalf of the board by: Mr N McKee Trustee The notes on pages 6 to 12 form part of these financial statements. Jimmy Glenn Memorial Trust Notes to the Financial Ststements Year ended 31 March 2023 General Information The charily is a public benefit entty and a registered charty in Northern Ireland and is unincorporated. The address of the principal office is 54 Castlemore Park. Belfast, BT6 9RP. Slatemenl of compliance These financial statemenls have been prepared in compliance wilh FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 1021) and the Charities Act (Northern Ireland) 2008. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain linancial assets and liabilities and investment properties measured at fair value Ihrough income or expenditure. The financial slatements are prepared in sterling, which is Ihe functional currency of the entty- Going concern There are no material uncertainlies aboul the charty's ability to continue. Dlsclosure exemptions The enliiy satisfies the criteria of being a qualitying entity as defined in FRS 102. Its financial statemenls are consolidated into the financial slatemenls of (enter name of group financial stalemenlsl which can be obtained from (enter detaill- As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102- (a} No cash flow statement has been presented for Ihe company. (b} Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimalion uncertainty The preparation of the financial slatements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are conlinually reviewed and are based on experience and other factors. including expectalions of future events that are believed lo be reasonable under the circumstances. Jimmy Glenn Memorial Trust Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continugd) Fund accounling Unrestricted funds are available for use at the discretion of the trustees to further any ol the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of ￿0 sub-classes: restricted income funds or endowment lunds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that Ihe economic benefits associaled 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 granls is recognised when there is evidence of entitlernenl to the gift. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case Ihe value is derived from the cost to Ihe donor or the estimaled resale value. Donaled facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the conlribution of general volunleers. 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. Jimmy Glenn Memorial Trust Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounling policies (conllnued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expendilure includes any VAT which cannot be fully recovered. and is classilied under headings of the statement of linancial 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 cosls incurred by a charity in undertaking activities Ihat further its charitable aims for the benefit of its beneficiaries. including those support costs and cosls relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither 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 a single activity are allocated directly to that activity. Shared costs are apportioned be￿een 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 fair value 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. Investments In assoctales Investmenls in associates accounted for in accordance with the cost model are recorded at Cost less any accumulated impairment losses. Investmenls in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value, with changes in lair value taken through income or expenditure. Where it is impracticable to measure lair value reliably wilhout undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Inveslments in joint venlures Investments in jointly controlled enlities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Jimmy Glenn Memorial Trust Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continued) Investmenls in joint ventures (continued) Investments in jointly controlled entities accounted for in accordance with the lair value model are initially recorded at the transaction price. Al each reporting date, the investments are measured at fair value, wilh changes in fair value taken through income or expenditure. Where it is impracticable to measure tair value reliably withoul undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impairment of fixed assets A review for indicators of impairmenl is carried out at each reporting date, with the recoverable amount being eslimated where such indicators exist. Where Ihe carrying value exceeds the recoverable amount, the assel is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For Ihe purposes of impairment lesling, when it is not possible lo estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of Ihe 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 or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of Ihe cash-generating units thal are expected to benefit f rom the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instrumenls A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instrumenls are initially recognised al the amount receivable or payable including any related transaction costs. Currenl 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 othe￿ise 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 linancial 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 at a market rate of interest for a similar debt instrument. Jimmy Glenn Memorial Trust Notes to the Financial Statements (contlnuedj Year ended 31 March 2023 Accountlng pollcles (contlnued) Financial instruments (continued) Other financial instruments are subsequently measured at lair 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 cosl 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 signrficance. 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 assel that exceeds what the carrying amount would have been had the impairment not previously been recognised. Inveslmenl income Unreslricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from listed investments Bank interest receivable 4,085 506 4,085 506 3.423 350 3,423 350 4,591 4.591 3,773 3,773 Expenditure on charilable aclivities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 The upkeep and developmenl ot Ardnavally Scoul Centre Projects 1,303 1,303 1.495 1,495 Expenditure on charitable acllvllies by activity lype Activities undertaken Total lunds directly 2023 Tolal fund 2022 The upkeep and development of Ardnavally Scout Centre Projects 1,303 1.303 1,495 Staff costs The average head count of employees during the year was Nil {2022- Nill. 10 Jimmy Glenn Memorial Trust Notes to the Financial Statements (continued) Year ended 31 March 2023 Staff costs (contlnued) No employee received employee benefits of more than £60,000 during the year {2022: Nill. Truslee remuneration and expenses No remuneration or other benefits from employment with the charity or a relaled entity were received by the trustees. Investments Other investments Cosl or valuation At 1 April 2022 Additions Fair value movements 167,823 (3,727) 164,096 At 31 March 2023 Impairment At 1 April 2022 and 31 March 2023 Carrying amount At 31 March 2023 164.096 At 31 March 2022 167,823 All investments shown above are held at valuation. 10. Analysis of charitable funds Unrestricted funds At Gains and 31 March 20 losses 23 At 1 April 2022 Income Expenditure Investments - General funds 167,823 4.591 (1,3031 (7.015) 164,096 At Gains and 31 March 20 losses 22 At 1 April 2021 Income Expenditure Investments - General funds 156,872 3.773 11,495) 8,673 167.823 11 Jimmy Glenn Memorial Trust Notes to the Financial Statements (contlnued) Year ended 31 March 2023 11. Analysls of net assets between funds Unrestricted Tolal Funds Funds 2023 Investments 164,096 164,096 Unrestricled Total Funds Funds 2022 Investments 167.823 167.823 12. Financial instruments Where reduced disclosures are applied, disclosures from the Companies Act 2006 still need lo be made regarding the fair value of the instruments in each calegory and the changes in value recognised in profit and loss. Disclosures of the significant assumptions underlying the valuation models and techniques used, and extent and nature of derivative instruments are also required. 12