THE ANNAGHBANE CHARITABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report and financial statements for the year ended 31 December 2023. The financial statements have been prepar￿ in accordance with the accounting policies set out in note I to the financial statements and cornply with the Charity's (Northern Ireland) Act 2008. the Companie5 Aa 2006 and "Accounting and Reporting by Chaiitie& Statement of Recommended Practice applicable to charitie5 preparing their accounts in èCCDrdance with the Financial Reporting Standard applicable in the UK Republic of Ireland IFRS 1021 (effective 1 JanLtary 20191" The Annaghbane Charitable Trust is a charitable trust operating in Northern Ireland. The charity iq regISte￿d with the Charity Commi55ion for N. Ireland INIC 108722} and recognised as a charity by H,M. Revenue and Customs (No. N1013591. The registered principal address and a Iisi of director5 who served the company during the year ale listed a￿ noted within Legal and Administrative information. Objectives and activities The charity's objectives are.. Respond to a request from persons in need requiring financial support. Positively respond to requests to requirements of local charities. Look out for opportunities to support older disadvantaged people. Public benefit: The direct benefit from the charity's purposes is that people's lives will be enriched by awarding grants or providing donations to charities, voluntary led or9anisations and individuals who are in need or who work with people or communities in need in furtherance of our charitable purposes. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity shtsuld undertake are Satisfied that that it has complied withir¢ the remit of this guidance. Grant making poll¢y', All grants will be awarded on the basis of evidence of need provided through our grznt application process. These benelits will be evidenced through the number of grants and donations that are rnade. All organisations that receive a grant will be required to demonstrate how the grant has benefited those in need. They will be required to complete a monitoring and evaluation form which will be reviewed by the charity, The puposes of the charity dc not lead to any harm. The beneficiaries are primarily people and voluntary organisations in Northern Ireland but may from time to be anywhere in the world depending on charitable need identifed. There is no private benefit flowing from any of these purposes. Investment making policy.. The trustees manage the performance of investments purchased in 2020 and earn interest on fixed returns. Achievement5 and performance Significant activities and achievements against objective5 Overview The charity is funded by corporate donations from the EOS group and received £62,000 during this financial year. DLtring 2023. the frustees approved and paid £50,255 of donations in support of their charitable objectives. THE ANNAGHBANE CHARITABLE TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review The results for the year are set oiit in the attached financial ststements. The resufts for the year show a net surplus of £15,728 Income for the year totals £66,565 IPY.. £8.5911 and 15 made up of donations £62.000 interest on investments £4.565. Expenditure for the year totalled £50,837 IPY.. £9.6601. Reserves Policy. The charity hold5 total fund5 at 31 December 2023 of £27,746 IPY= £12,018). It is the policy of the charity that unrestricted funds which have not been designated for a specrfic use should be rnaintained al a level equivalent to between three and Six month's expenditure. The trustees consider that reseNes at this level will ensure thaL in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds mèy be raised. This level of reserves has been maintained throughout the year. At 37 December 2023, the chaflty had free reserves of £27,746 IPY.. £110181. Going concem The trustees have reasonable expectation that the charity has adequate resources to continue in OFtrational sense for the foreseeable future. Thus, the trustees have adopted the going concem basis of accounting in preparing the financial statements. The trustees have assessed the Major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. Plans for future periods The trustees intend to continue to provide grants and donations to the local community in line with its charitable objectives. Resernes policy It is the policy of the charities that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between 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 continue the charities's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. THE ANNAGHBANE CHARITABLE TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2023 Structure. governance and management Structure, govemance and management The role of the trustées IS to ensure the charity 15 effettively govemed, that it complies with all relevant legislation including its Memorandum and Articles of Association and Company law. The charity's principal governing document is its Mernorandum and Articles of Association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mary Stiain Brendan McArdle The trustees of the charity received no private benefit from their involvement in the charity. During year ended 31 December 2023, no trustee or connected persons received remuneration, expenses or payment. IPY - £nill. There were no conflicts of interests declared by trustees during the year IPY - none). The Trustees report was approved by the Board of The Annaghbane Charitable Trust Trustees. Mrsmst ain Mr. B McArdle Date..