Charity registration number.. 109843 The Seacliff Charitable Trust Annual Report and Finan¢ial Statements for the period fro]n 28 February 2024 to 31 July 202S Hopper & Co CharEered Accountants & Registered Auditor5 6 Doagh Road Bally¢lare Antrim BT39 9BG The Seacliff Charitsble Trust Contents (continued) RefeTenee and Administrative Details Trustees. Report 2to4 Statem¢nt of Trustees. Responsibilities Independent Auditors, Report 6t09 Statement of Financial Activitie5 10 Balaoce Sheet Cash Flow StateTnent 12 Notes to the Financial Statemetrt5 13to22 The Seaeliff Charitable Trust Reference and Administrative Details Trustees Mr Angus McDowell Mrs Eileen McDow¢ll Mr Alan M¢Dowell Charity Registration Number 109843 Prlncipal Office I l Bra¢mer park Bangor BT20 5HZ Auditor Hopper & Co Chartered Accountants & Registered Auditors 6 Doagh Road Bally¢lare Antrim BT39 9BG Page I The Seacliff Charitable Trust Trustees, Report The tnJst¢es present the annual report tog¢ther with the financial statements 2nd auditor5, report of the charity for the period ended 31 July 2025. Objectives and #ctlvitTes Objects anduims The Charity Obj¢¢ts are for the public benefit in North¢rn Ireland and elsewhere whether dtrectly or indirectly by any lauful and charitable means: l. To prornote the Christian Gospel by various means including but not lirnited to the provision of prdctical aSS15tance to those in Conditions of need. hardship, distress or other disadvantage. 2. To benefit any other Christian charitable instiiutions to use its fund5 for any charitsble purposes; and Such oth¢r ¢haritable purposes as the Trust¢¢s see fit from time to time. Objedlves. Stra¢egi£w ond oclivilies The Trust was recognised, for lax PUTPOSe5 by HMRC, as a charitabl¢ tNst on 28 February 2024. This recognition 15 recorded and took effect from the date of the De¢laraiion of Trust aTLd a5 submitted to the Charities Commission for approval. namely 3 July 2023. As the Trust 15 now reporting effectively for The first year of its existence, th¢ Trystees would confiml that the Trust has only a limited number of transaction5 to report. Public benefil For ihe public benefjt in Nonh¢m Ireland and elsewhere by charitable means to promote the Christian Gospel by the provision of practical assistance to those in conditions of need. haTdship, distress or other disadvantage. to benefst other Christian ¢haTitable institutions to use its fvnds for ¢haritabl¢ purposes and such other charitable purposes as the trustees see fit The benefits flow to the public from the charitable objectives - the is to say the advancemelli of religion and the provision of of practical as5i5tance to those individuals from any section of the public who are in need, hardship, distress OT other disadvantage The tru5tee5 confirm that they have complied with the requirements of section 17 of the ChaT2ties Act 2008 to have due regard to the public benefit guidance published by the Charity Cornmission for England and Wales. AchTevementS 9nd performance Funds allocated for charitable PUTposes appear to have been lltilis¢d for their intendEd beneficiaTie5. and adequate 5UPPOrting documentation ha5 been maintained to support thes¢ expenditures. Financial review During the ftnan¢ial year incoming resources {including dtsnated asset5} amounted to £4.655.013. providing the primary funding for the Charity's charitable activities and operating ¢osts. Page 2 The Seacliff Charitable Trust Trustees, Report (continued) Polity on resetves The Tru5te¢5 established a policy whereby the unrestricted funds not Committed or invested in tsngible fjxed assets ('the free reserves'l held by the ¢harity should be between 2 #nd 6 Tnonths of the resources expended, which equates to between £1.907 and £5.720 in general fund5. At this level, the Trustees think the Charity would be able to contTnue the Cu￿ent activities of the charity. In the event of a significant drop in funding, it would obviously b¢ necessary io consider how the funding would be replaced or activitie5 changed. At present the free reserves atnount to1£927). Current leve15 of reserves fall below th¢ Trustee's targ¢t rang¢. The Truste¢5 will continue to Jnonitor free r¢s¢￿es. Going concern The Truste¢5 h&ve agse55ed ivhether the use of the going concern basis is appropriate in preparing these financial siateTnent5. In making this assessment. the Tn￿tee5 have considered the charity's financial position, foTe¢ast cash flows and the prin¢ipal sour¢e of the charity's inctsme. The charity'5 primary source of ill¢OTne is dividends received from it5 inv¢5tment in the ordinary 5hare5 of Redbay Holdings LiTniied & Greenbay Hornes Limited. cornpanies incorporated and operating in Northern Ireland. The Trustees have reviewed the company'5 recent financial perforniance, current trading position and fi]ture forecasts. together with the directors. exp¢ctations r¢gardiDg fijwre dividend distributions. Based on this review, the Trustees are satisfied that the company i5 expected to remain financially viable and continue to generate sufficient profits and cash flows to suppon dividend payments. The Tn]st¢es have also considered the charity'5 level of unr¢5tricted reserve5 and expected expenditure and are satisfied that the charity has adequate re50urce5 to continue its activities and meet its liabilitit5 &8 they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, the frustees consider it appropriate to prepar¢ the financial ststem¢nts on the gosng ¢on¢¢m basis. Structurey governance and management Relationships with related parties During the year the charity received donated &ssets from related parties asso¢iared with th¢ trustees, th¢s¢ donations were received at market valu¢. Fin4nel#l in5truTnent5 Objedives ondpolici The charity's Bctivities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is govemed by th¢ charity's policies approved by the board of trustees. which provide WTitt¢n prin¢ipl¢s on the use of financial derivatives to manage these risks. The charity doe5 not use derivative financial instruments for speculative purposes. Page 3 Tbe Se4¢liff Charit*ble Trust Trustees, Report (co4tiTrued) c￿￿floW rLfk Thc cbariry"s activiti¢5 expose it prim¥ily w th¢ financial risks of ¢lwse5 in foreign cun¢ncy t￿battE¢ rg and 1n1¢r￿ rnies. Th¢ clwity uscs foreipL exchange forward eonracts sodintertst rate Swdp to hedge thLS¢ ¢w¢surts. Inier¢￿ bE4rityg assets and liabtliiies 8reheld 81 f¢xed r2telo certauity of c¥sh flow Credh rfsk The charity's plinc>p￿ fir&neiai &Te bark balances #Dd ush, ttade•Ad other wivabl¢s.and invesbnents. Tht ch8rity"s Cr￿11 Tisk is prirnily attribuiable lo tra¢fr receiv&bles. The amvunts prcsented itt the balance shcct Bel of ailowanc¢s for &)LbtfuJ I￿C[Vable5. An 8llow4uc¢ for irnpairmetkl is wade whue there ts an id•3tifi¢d 1058 ¢v¢ni which. b*5¢d Qll prevjous exptTiei]ce. is ¢viduse the counttyies arc banks hsgh crrait431ings assiwed by inLetttational ¢r¢dil-raisn¥ ¥g¢npe& Th¢ cbrity kn tto sig￿lficU￿ cottceotrnuon cf tredtt risk, expfj5ure spread a 1¥8e wTh>ber of ID order to mainwn liquidity ￿ CDsur¢ that sufficient fvnds aydilable for ott8oing Ope￿10￿5 ffiJw¢ d¢Y¢loprt*Dts. the cbariry v5es / mixture ofioug4¢rm artd sI￿rt-ter￿1 d¢b1fm￿CL Fwther detsils regardiBg bquidity risk cau b¢ fwlld LD th¢ Stawjent of QCCOUUTin8 poliiw in the Fwids held ￿ ¢￿tOd1%￿ truste¢ •# beb4lf of others Puthts wtre receiv￿ itiLQ thc Trns(s W arcoutt4 in the of £IO,QOO oll 20 lune 2025. Followiug coTw]wi¢n and a8reemen4 the appmv¢d the disbursal offuLd% in th¢ surn tsf £IO.(X)0 th 3 July 2025 to Christian5 IJI Swff & reCo￿LS¢4 allisi#E ¢harity sjppoItiL8 tb￿e whik ¢xast to r¢8eh the ￿¥Jr1d of sport for CbrtSL Di5¢1osure of inf9n￿￿O￿ t• E4¢b trLwe¢ kn taken sw5 thai oyghi ￿ havc 13k¢rt as a in orderw IkertBe1￿ aware of auy relcvznt audit inform(ion and io ¢st8bli%lJ that the charitls audÉior SS 8WAf¢ of thai inf0Th3DOtL Tr uyst ¢onfvm that th¢tr r¢l¢v*AI infonwion thar thcy knowofzodof whith dwknwth¢ oudttor is1￿￿4[ Tr aDnua] rep)rtwas approv¢dby th¢ tr￿51¢# ofthe chrity M 30July2026 Ind $i8nc4 on itsb¢baif by. MrAlan NlcDow¢ll T￿Js￿¢ Pag¢4 The Seacllff Chlrftxble Trn5t ststement of Trustees, Responsiblllties The are Tesportsjble for prepar5ng th¢ fiJas1tt5' rwrt and the fm8n¢i#l yai¢Fwts rn xcordanc¢ with ihe United Kingdom Accouffling Swdards IUrti(ed Kinsdom G¢trrally Actep*d Accounting PTr¢lit¢l and opp11￿bIt law JndTeKulaiion5. The laiv apptioble io cbariiic5 rcquires th¢ thJstce5 10 Prep￿C fiNanciul 5ts1emont5 for each fiswcial pertod .hich ￿ve a ￿¢ a¢d fair of th¢ stste of aff¥xts of th¢ Ih*rity 6nd of the inmtng resourw and opplsration of ¥¢50UT¢¢¥ of the thsriiy for thai PeTi￿. In prwritys ihes¢ frDanc￿ Stsklwits, the ITiisle¢s ate rqusrrd ¢0: sel¢ci suitsble accou￿1￿ policies and then apply them ¢onSis￿￿tI￿, ob5cry¢ tht rn¢th￿ ￿ prinrtples inth¢ Charilacs SORP; iudgtTr¢nts and estunw wrFc&wllable p￿d￿JE.. Blther appli¢abie aCco￿ting stsndarits hav¢ beth follow¢d. 5ubjtth w atty nJ*crid dep¥mits di5¢1oscdand cxplaisRd iAthe finallaa] 5tatemeD¥& and preF4re the fiDancia5 statemenu 00 the 20sng con¢crn basis uDJts¥ it is inappmpriate to preAme that the tbartry Mll continue ID busilltss. Th¢ vvst¢es wt 11¢ for kttpillg pxoperxp)t￿U￿ re¢ordsthai disdwmth reasorAbk 2ccufd¢y8t ¥Jy the fiTwiC1￿ posiiiozz of the charity and en¥ble them io ¢wre ￿t the fLu￿CIal stswrner4S ¢omply wtthth¢ Qjarsw ACT (Northern IT¢laTrJl 2008. CbaTitsC5 (Acc45¥nts aud RepDrtsl Re￿￿*10￿$ Ird3nd} 201S. and the prowisions oF,the The rrusT¢es ate 3150 tespoTrsible forsafcgu¥dio8 tbcas*ts of the chariry and beDC¢ for >kitig re￿[￿b)eSTepS for the preveDtion d¢t¢diOn of fr#ud 8lld iTr¢¥ularstits. Tht TnJStees ore re5ponshle for th¢ Itialn￿￿nee and inte￿Ity of th¢ ¢orwrate fiDancial llfjtimwion ineluded on ghe djarttrble ¢ompattls web5iie. L¢gisbsioll governing the MM[￿lon avl disseminauort of fiTh¥riaJ 5ttsteffkLS Tllay from legiS￿l0D ifL tsth￿ jurisdictions. Approved by the trys*es of thectiariw on 30 Juty 2026#od stgneil 00 its bebplfby. Mr Alao Md)owell The Seaeliff Charitable Trust Independent Auditor's R¢port to the Members of Th¢ Seacliff Charitable Trust Oplnion We have audited th¢ financial statements of The Seacliff Charitable Trust (the 'chaTity'} for the period from 28 February 2024 to JI July 2025, which comprise the Statement of Financial Activities. Balance Sheet, Cash Flow Statement. and Not¢s to the Financial Statements, including a sumrnary of Significant accounttng policies. The financial reporting framework that h&$ been applied in their preparation is Untted Kingdotn Accounting Standards, cornpThsing Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the and Republic tsf Ireland, and applicable law (United Kingdom Generally Accepted Accounting Pract1￿). In our opinion the financial statemenis.. give a trne and fair view of the state ofthe Charity's affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income atjd expenditure, for the period then ended. have b¢en properly prepared in accordonce with United Kingdom Generally A¢¢epted Accounting Practice. have been pr¢pared in accordance with the requirements of the Charilies Act (Northem Ireland) 2008. Ba515 for opinion We conducted our audit in accordance wTrth International Standards 012 Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the auditor r¢sponsibilities for the audit of the financial statements section of our report. We independent of the chariry in a¢¢ordance with the ethi¢81 requirernents that are relevant to our audit of the fTnancial statem¢nis in the UK. includsng the FRC'S Ethi¢al Standard. and we have fulfilled our other ethical responsibilities in accordance with these Tequirements. We believe that the audit evidence we have obtained is sufficient and appropri&te to prnvide a basis for our opinion. Conclusions relating to going concern In auditijg the financial statements, we have concluded that the tnJst¢es use of the going concern basis of accountEng in the preparation of the financial stat¢menrs is appropriate. B&8ed on th¢ work we hav¢ perfornied, w¢ have not identified any material un¢ertainti¢s relating to events or conditions that. individually or coll¢¢tively, rnay cast signifjcant doubt on the ¢harity'5 ability to continue &s a going concern for a period of ai leasi nvelve month5 from when th¢ original financial staternents were authorised for issue. Our re5pon5ibilities and the respon5ibilitl¢5 of the tnJ$t¢es with resped to going concern are de5¢rib¢d in the relevant sections of this report. Other inforniation The tru5tee5 are responsible for the other infornjation. The other infortnation comprises the infonnation included in the annual report, oiheT than th¢ financial statements and our auditor's report thereon. Our opinion on the financial statements doe5 not cover the other infomatitsn and, except to th¢ extent otherwise explicitly Stated in our report, we do not expres5 any form of assurance conclusion thereon. In connection our audit of the financial staternent5. our responsibility is to read the other infomation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be vnateria￿lY misstated. If we identify such material in¢on515tencies or appa￿￿( material misstatements, we are required to determine whether there 15 a material misstatement in th¢ financial statements or a material rnis5taternent of the other information. If. based on the work we hav¢ performed. we con¢lud¢ that there is a material misstakmertt of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Page 6 The Seacliff Charitable Trust Independent Auditor'$ Report to the Mernbers of The Seacliff Charitable Trust (continued) M4tteT5 on which we are required to report by exception In the light of tsur 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 io report ITi respect of the following matters where the Charities (Accounts and Reports) Regulation5 (Northern Ireland) 2015 requires us to r¢port io you if, in our opinion: adequate accounting records have not been kept. or returns adequat¢ for our audit have not been received from branches noi visited by us,. or the financial statements are not in agreement with the a¢¢ounting r¢¢ords and r¢tUrn5- or certain dis¢105ures of tru5tecs remuner&tion specified by law are not rnade. or we hav¢ not recetved all the inforniation and explanations we require for our audit. Responsibilities of trusttes As explained more fully sn the Stst¢ment of Tn]stees' Responsibilities 15et out on page 51, th¢ tTUStees are responsible for the preparation of the financial siateTnents and for being satisfied thai they give a true and fair view, and ftir such internal Gontrol a5 the tru5te¢5 deterniine 15 necessary to enable the preparation of finanGial statements that are free frorn rnaterial misStaÈement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abilsty to continue as a going concern. disclosing, applicable, matters related to going concern and using the going concern basi5 or accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no re£listic alternative but to do so. Auditor Responsibilitie5 for the audit of the financig15tgternent Our objective5 are to obtain reasonable assurance about whether the financial statement5 a whole are free from material rnisststem¢nt, whether du¢ to fraud or ¢rror, 8nd to issue an auditor's r¢port that include5 our opinion. Reasonable #5SUrnllC¢ TS a high level of a55urance, but is not a guarantee that an audit ¢onducted in a¢¢ordAllCe with ISA5 (UK) will alway5 detect a rnaterial rnis5tatetnent when it exists. Mi55t&tements can arise from fraud or error and are consider¢d material if. individually or in the aggregat¢. they could reasonably be expected to influence the economic decisions of users taken on the ba515 of these financia] statements. The extent to which our PTo¢edures are capable of deterting irregularities. including fraud is detsiled below.. Pagt 7 The Seacliff Charitable Trust Independent Auditor's Report to the Members of The Seacliff Charitable Trust (colltinued) We ¢onsidered the opportunities and incentives that may exist within The company for fraud and identifIed the greatest potential for fraud in relation to revenue recognition and payment of amounts from the company. In common with all audits under ISAS (UK), we are also requtred to petform specifi¢ procedures to re$pond to the risk of management oVe￿Ide. We also obtained an understanding of the legal and r¢gulatory frameworks that the company operates in, fo¢using on provisions of those laws and regulations that had a direct effeci on the detennination of material amounts and disc105ures in the fInancial ststements. The key laws and regulations Cornpanies Aci 2006 wer¢ considered in this context. In addition. we considered provisions of rel¢vant laws and regulations that do not have a direct effect on the financial statements but Gomplaance with Nthich may be fUnda￿ent￿] to the company's ability to operate orto avoid a tnaterial penalty. Our procedures to respond to risks identified included the followng.. reviewng th¢ financial statement disclosur¢5 and testlll8 to 5UPPOrtin8 docuTnent&tion to a5s¢ss ctsmplian¢e with provisions of relevant laws and regulations described as having a direct effect on the fjnancial 5tatements.' • enquiring of management regarding a¢tual and potential litigatson and claims- performing analy(i¢al procedures to identify any unusual or unexpected relationships that may indicate risks of Mate￿al misstateTnent due to fraud., Teading rninute5 of Ene¢ting5 of those charged wth governance and reviewng Tegulatory corresponden¢e with Companies Htsuse: • in addressing the risk of fraud through management override of controls we, tested the appropriateness of journal entries and other 2djustments,' assessed whether the judgements made in maknng accounting e5tifftates are indicative of a potential bias. evaluated the busines5 fdtionale of any significant transactions. and where possible obtained direct confjrniation of balances independently from the relevant party. We also communi¢ated relevant identified laws and regulations and potential fraud risks to ￿1 engagement team m¢mb¢rs. and r¢mained alert tts any indicatlOll5 of fraud or non-¢omplianc¢ laws and r¢gulations throughout the audit. Because of the inherent limitstions of an audiL there is a risk that we will not detect all irregularities, including those leading to a material misstziement in the financial statements or non-compliance with regulation. This risk incr¢ases the mor¢ that ¢omplian¢e wth a law or tegulation is remov¢d from th¢ events and transaction5 refl¢¢ted in the financial 5tatem¢nts. a5 ￿ will be le55 likely to be¢oTne aware of instances of non-¢omplianc¢. The risk 15 a150 greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional eoncealmenL forgery. collusion, omission or misrepresentation. A fi]rth¢r description of our responsibilEties 25 available on the Financial Reporting Council's ￿bsite at.. vw.fr¢.org.uklauditorsresponsibilities. This description fom)s part of our auditor's report. Use of our report This report is made solely to the charity thJste¢s, &8 a body, in accordance with section 65 of the Charitie5 Act (Northern Ireland) 2008 and TegulaiTons made under section 67 of that Act. Our audit work has b¢en undertaken so that we might state to the trustees those matters we are required to stale to trustees in an auditors. report and for no othEr purpose. To the fiillest extent permitted by law. we do not acccpt or a55ume responsibility to anyone other than the charity and its trustees a5 a body. for our audit work, for this report, or for the opinions we have forrned. Page 8 Th¢ Seadlff Charitable Trust Indepelldent Audltor's Report to tlke Members of The Seac]iff Charltabie Th￿t (eontinlled) Simon HOp￿r(se￿I0r Sta• Audits)r) Foralld orLbebalf of Hopp¢r & Co. Chartered Acwuntsnts & Re￿￿￿&￿AUdItOTs 6 DoaghRoad BaUycl&r¢ BT39 9BG 30 July 2026 Hopp¢t & Co is e12gible for appointinent 2s auditor of tbe ch8Jxty by vithe YiL8 eiiwbility foE &p￿]nt￿ent a8 ditorof 8￿mp8nY utthr S￿l0n 1212 ofthe CompanÉe4 Act 2006. Pagc 9 The Seacliff Charitable Trust Statement of Financial Activities for the Period from 28 February 2024 to 31 July 2025 Unre$tricted funds Totsl 2025 Not¢ Ineom¢ gnd Endowments from: Donations and legacie5 Investtnent in¢om¢ 4,655.003 13 4,655.003 13 Toial in¢ome 4.655.016 4.655.016 Expenditure on: Charitabl¢ activitie5 {11,4401 {11,440} Totsl expenditure 111,440) 11,440) Net income 4.643.576 4,64J.576 Net movement in funds 4.643.576 4,643,576 Reconciliation of funds Total filnds carried forward 12 4,643,576 4.643.576 All of th¢ ¢harity'5 activities derive from continuing operation5 during the above period. The notes on pages 13 to 22 fonn an integral part of these financi￿ statements. Pa8e 10 The Segldlff Cbaritsble Trust (Re￿str9￿on nunjber. 109843) BalxDce She¢t as #t 31 July 2025 2025 Not¢ 53ed assets lnNtsts)]e￿ts 10 4,044.503 Curmt assets Casb Jrb2nk and ?D hand 513 Credllor5: f*lEngdu¢ fflthin olle year Net cttrrentfj#baltAes Iz 1.4401 927) 4.643.576 Net assejs F￿lld$ ofthe cbAritT. UDT¢Stri¢ted iucoE* fuods 4,643576 Totsl hr 13 4.643.576 The f￿¢laj OL page5 10 10 21 were approved by the Injslees. aDd aurhorised for iswe 30 July 2026 and siglled on th¢irbebaLfby. ' NtrAJ3ti McD014dl Dtrs M P8ges l3 w 21 int¢pal p2n.ofthesefsnwial sw¢mell PagelS The Seacliff Charitable Trust Cash Flow Statement for the Period from 28 February 2024 to 31 July 2025 2025 Note Cash flows from oper9ting A¢tivitie$ Net C&8h inwme 4,643,576 Adjustments to cash flows frorn non-cash itern5 Investment sncome {131 4.64J.563 Working capltal adjustrnents In¢rea5e in creditors 1,440 Net cash flows from operating activities 4.645.003 Cash flows from investing activities Interest receivable and SiTnilar income Purchase of investments 13 14.644.503) Net cash flow5 from investing a¢tivities Net increase in cash and cash equivalents 14,644,490) 513 Cash and cash equivalents at 28 February Cash and cash equivalents at 31 July 513 All of the ¢ash flow5 are derived from a¢quisittons in the ¢urr¢nt financial period. The notes on pages 13 to 22 forni an integral part of these financial statetnents. Page 12 The Seaeliff Charitable Trust Iyotes to the Financial Statements for the Period from 28 Febrnary 2024 to 31 July 2025 l Accounting polieies Statejnent of compliance Th¢ financial stat¢m¢nts have been prepared in accordance with th¢ second edition of the Charities Ststement of R¢commertded Practice issued in Odober 2019, Ihe Financial Reporting StsndaTd applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Act 2008. Basis of preparation The Seacliff Charitable Trust me¢ts rhe definition of a public benefit entity under FRS 102. The accounts Ifinancial statements) have beett prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stared in ihe relevant tjotelsl to these accounts. Disclosure of long or short period Th¢se are the organi5ation's fjrst finantial statements and cover the period from the date of incorporation to th¢ reporting date. As thi5 is a long ftrst ac¢ouniing period. the financi&l 5t&ernents cover more than 12 months and no comparative figures are presented. Going concern The financial Statements have be¢n prepar￿ on a going concern b&8iS. The trustees assess wh¢th¢r the use of going concern 15 appropriate i.e. whether there are any malerial uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trusie¢s make this assessment in respect of a period of one year from the date of approval of the financial sratements. Adju$ting events after the finanei91 period We have reviewed events occurring after the reporting date. B&sed on th¢ pro¢edures perfonned. no maieria] adjusting ¢v¢nts were identifsed that require amendments to the fiDan¢ial siatements. Income and endowmenis Voluntary incorne including donations, gifts, lega¢ies and grants that provide core funding or are of a g¢neral nature is reco8nised wh¢n the ¢harity ha5 entitlement to the income, it is probable thai ihe income wll be received and the 3mouni Can be Tnea5ured with sufficient reltabiliry. Donations legueles Donations and legacies are recognised on a receivable b&sis wh¢n re¢¢ipt is probable and the amout2t can be reliably measured. Page 13 The Seacliff Charitable Trust Notes to the Financial Statements for the Period from 28 February 2024 to 31 July 2025 (eontinlled) Gif15 in kind Gifts in kind are reCo￿lsed irt different ways dependent on how they are used by the charity: {1) Those donated for resale produce income wh¢n they aT¢ sold. They are v8]ued at the amount actua]ly realised. lill Those donated for onward transrnission to benefaciaries are included in the Statement of Financial Activities as incoming resources and resources expended then they are distributed. They are valued at the atnount the charity would have had to pay to acquire th¢Tll. liii) Those donated for use by the charity Etself are included when receivable. They are valued at the amount the charity would have had to pay to a¢quÈre them. Ihvestment Income Dividends are recogni5ed once the dividend has been declared and notification h&8 beEn received of the dividend due. Expenditure All expenditure is recognised once there is & leg21 or constructive oblsgation to that expenditure. it 15 probable settlement is r¢quir¢d and rhe amount can be measured reliably. All costs ar¢ a]lo¢ated to the applicable expenditure heading that aggregate 5iTnilar costs to that category. Where Costs ¢annoi be dtr¢¢tly attributed to particular headings they have been allocated on a basis con515tent with the u5¢ of resources. Centr￿ staff Costs allocated on the basis of lime spent. and depreciation charges allocated on the portion of the asset's use. Other 5UPPOrt Costs are allocated based on the spread of staff costs. ChaTi14ble udivitie5 Chariiable expenditure comprises those wsis incurred by the charity in the delivery of its activities and s¢ryic¢s for its beneficiaries. It includes both costs that can b¢ allocated directly to such activities and those costs of #n indirect naiure necessary io support them. Support costs Support costs include central functions and have been allocated to activity cost categorie5 on a ba5i5 con515tent with the use of resour¢es, for exampl¢, allocating propety Costs by floor areas, or per capit4 staff costs by the time spent and other cosis by their usage. GoYernAnce costs These include th¢ costs attributable to the charity's compliance with constitutional and Statutory r4uirements, including audiL strategic man2gement and trustegs meetings and reimbursed expenses. Taxation The charity is considered to pas5 the tests Set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meet5 the definition of a charitable ¢ompany for UK corporation tax purpose5. Accordingly. the charity is potentially exempt from iaxation in respect of in¢ome or ¢apita] gains received within ¢ategorie$ covered by Chapter 3 Part I l of the Corporation Tax Act 2010 OT Seciiott 256 of the T&xation of Chargeabl¢ Gains Aci 1992, 10 the extent That such illCOTne OT gains are applied exclusively tts charitable PUTptsses. Page 14 The Seacliff Charitable Trust Not£5 to the Financial Statements for the P¢riod from 28 February 2024 to 31 July 2025 (continued) Fixed asset investment$ Fixed a55et investments, other than programme related investments, ar¢ included at market value at the balance sheet date. Realised gains and 105se5 on investments are calculated as the difference between sale5 proceed5 and their markei value at the start of the period. or their subsequent C05t. and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the period and are credited or charged to the Statement of Financial Activities based on th¢ market value at the period end. Cash and cash eqlliv91ents Cash and cash equiwalents ¢omprise cash on hand and call deposits. and other short-t¢rni highly liquid investments that are readily convertible to a knomn amount of cash and are subject to ai] insignifiGaTit risk of change in va]ue. Borrowings InteTest-bearing borrO￿l￿g5 are initially recorded at fair value. net of transa¢iion costs. Interest-bearing borrowings are subsequently carried at amortj5ed cost, with th¢ difference between the proceed5. net of transaction Costs. and the amount due on redemptton being re¢ognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense 15 reco8ni5ed on the basis of the effective interest method and Ès included in interest payabl¢ and similar ¢harge5. Borrowings are clas5ifEed as current liabiliti¢s unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted incotne fund5 are general funds that are available for use at thE trustees discr¢tion in fvrtherdn¢e of th¢ objectives of the charity. Fin#nel41 Ipstrnments Fanancial assets and finan¢ial liabilities are reGogni5ed when the charity becomes a party io the contraGtual provisions of the instrurnent. Financial liabilities and equity instruments Ere classified a¢¢ording to the substance of the contrdctual arrdng¢ments entered into. An equiry instrument is any ¢ontr&¢t that evidence5 2 residual interest in the ass¢ts of the charity after deducting all of its liabÈlities. Pag¢ 15 The Seacliff Charitable Trust Notes to the Fillaneial Statements for the Period from 28 February 2024 to 31 July 2025 (eontinued) RecogNit£ort measuremenl All financial assets and liabilities are initially measured at traDsa¢tion prsce (ineluding transaction costs), except for ihose financial assets classifi¢d as at fair value through profit or 105s, which are initially measured at fair value (which is Domially the transaction price excludtng transaction cost51. unless the arrangement constitutes a financing transaction. If an arrangernent constitutes a financing transaction. the financial &5S¢t or financial liability is measured at the present valu¢ of the future payments discounted at a mark¢t rate of snterest for a similar debt instrument. FÈnancial assets and liabilitie5 are only offset in the stst¢meDt of financial position when, and only when th¢r¢ exists a legally enforceable right to set off the recognised amounts and th¢ ch8rity intends ¢itheT to settle On a net b&8is, or to r¢alise the asset and settle the liability 5&multan¢ously. Financial assets are dere¢ognised when and only whcn a} the Contrac￿al rights to the cash flows from the financia] asset expire or are settlcd. bl the charity transfers to another party substantially all of the risks and rewards of 0￿￿erShIP of the financi￿ asset, or ¢1 the charity. despite having retained som¢, but not all. significant risks and rewards of ownership, has transferred control of the assei to artother party. Financial liabiliti¢s are derecognised only when the obligation spe¢ified in the ¢ontract is discharged. cancelled or expires. Page 16 The Seacliff Charitable Trust Notes to the Financial Statements for the Period from 28 February 2024 to 31 Juty 2025 (continued) Debi Instruments Debt instruments whsch meet the following Conditions are substquently measured at amtsrtised Cost using the effective interest method.. la) The contractual return to the holder is {]) a fixed arnount. (li) a positive fjxed rdte or a posstive variable rate- or {iii) a Combination of a positive or a negative fixed rate and a positive variable rate. Ibl The contract may provide for repa)Tnents of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instnJm¢nt is denomirtated, provided su¢h links are not levetaged. {c) Th¢ ¢ontra¢t may provide for a determinable variaiion of ihe rewm to the holder during th¢ lif¢ of the instrument. provÈded that {]) the new rate Satisfies condition lal and the variation is not contingent on future events other than11 l a change of a ¢ontra¢tual variable rate; 12) to prote¢1 the holder against credit deterioration of the issuer;131 changes in levies applied by a Central bank OT arising from ¢hanges in relevant thation or law,. or lill the new rate is a market rate of interest and 5atjsfies condition lal. Idl There is no Contractual provision that could, by its terms, result in the holder105ing the principal arnount or ny interest attributable to the current p¢rsod or prior periods. l¢} Contra¢tual provisions that peTmiE the issuer to prepay a debt instrum¢Df or pemiit the holder to put it back to the issuer before maturity are not contingent on futUTe event5, Other than to PTOt¢ct the holder 3gainst th¢ ¢redit deterEoration of the issuer or a change in control of the is5u¢r, or to protect the holder or issuer against Changes in levies applied by a central ballk or aTi5ing from chang¢5 in r¢l¢vant taxation or law. If) COntrac￿al provisions may peTrnit the extension of the tenn of the debt instrumenL provided that the return to the holder and any other contractual prow5ions applicable during the extended iemi satisfy the conditions of paragfdphs {al to {¢1. Debt insbvments that are Classified as payable or receivable within on¢ y¢8r on initial recognition and which meet th¢ above conditions are me&sured at the undi5counted amount of the cash or other consideration expected to be paid or received. net of impaimient. With th¢ exception of some hedging instruments. other debi instruments not meeting these ¢ODditions ar¢ rnea5ured at fair value through profIt or loss. CoTnmitments to make and Teceive loans which meet the conditions rnentsoned above are measured at Cost (which may be nil) less impairnent. Invesiments Investments in non-convertibl¢ preference 8hares and non-puttable ordinary or preference 5hare5 (where 5hare5 are publicly tTaded OT their fair value is relsably tneasurablel are measureé at fair value through profit or loss. Where fair va]ue cannot be measured reliably, inve5tment5 are me&sured at C05t le55 impairment. Investments in 5ub5idiaries and &550ciates are measured at Cost les5 impainnent. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for Merger relief, cost 15 measured by reference to th¢ nominal value of th¢ shares issued plus fair valu¢ of other ¢onsid¢ration. Any premium is gnored. Page 17 The Seacliff Charitable Trust Notes to the Financial Statements for the Period from 28 February 2024 to 31 July 2025 (continued) Deriv&tivefinanciol inStrumÉnts Th¢ Charity uses derivative financial instruments to reduce exposur¢ to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative puryoses. Derivative5 are initially recognised at fair value at the date a derivative contract is enter¢d into and are 5ubsequenily reme2sured to their fair value at each reporting date. The resulting gain or loss is recognis¢d in stateTnent of financial actiVSti¢s imrnediately unless the derivative is designated and effective as a hedging instrument, in which event the tiTning of the recognition in statement of financial activities depends on the naturc of the hedge relationship. Fair volue meltsuremenl The best evidence of fair value is a quoted price ftsr an identical asset in an 2¢tive rnarket. When quot￿ prices are unavailable. the price of a recent transartion for an identical asset provides evidence of fair value as long as there ha5 not been a Significant ¢hange in economic circumstan¢es or a signifJ¢ant lapse of time since the transaction took place. If the market is not active and recent transactions of an ident￿¢al asset on their are not a good estimate of fair valu¢, the fair value is estiTnated by using a va]uation te¢hnique. 2 Ineome from dO￿ationS and leg#cie5 UtEre5tric¢ed funds General Total funds Donations and leg8¢ies' Donations from individuals Gifts in kind 10.500 4.644.503 10,500 4,644.503 Total for period ended 31 July 2025 4,655.003 4,655,003 3 Investment ineome Unr¢strided funds Gener￿1 Total rund8 Interest r¢¢eivabl¢ 2nd similar Encome- Interest receivable ot) bank d¢posit$ Total for period ended 31 July 202S 13 13 13 13 4 Expenditure OD eharitable Aetlvitie5 Page 18 The Sea¢liff Charitable Trust Notes to th¢ Financial Statements for the Period from 28 February 2024 to 31 Juty 2025 (Continued) Unre5trieted funds General Totgl funds Note Allocated support costs Governance cost5 10,000 1,440 10,000 1,440 Total for period ended 31 July 2025 11.440 51,440 Total expendlture 5 Analy5l5 of governAnce and sUPPOrt costs Gov¢rn4nce eosts Unrestricted fund$ G¢neral Totsl fuRd8 Allocated support costs 1.440 1.440 Total for perlod ended 31 July 2025 1.440 1.440 6 Net ineomingloutgolng resouree$ Net Incomin￿out80Lng resource5 for the period include.. Page 19 The Seacliff Charitable Trust Notes to the Financial Statements for the Period from 28 February 2024 to 31 July 2025 (Continued} 2025 7 Trustees remunerAtion and e%penses 8 Taxgtio The charity is a registered charity and is therefor¢ exempt from taxats"on. 9 Fixed Asset inve$tm¢nts 2025 Other investments 4,644,503 Page 20 The Seacliff Charit*bl¢ Trust Note5 to the Financial Statements for the Period frotn 28 February 2024 to 31 July 2025 (continued) Other invutm¢nts Unlisted investrnents Total Cost or Valuatio Additions 4,644,503 4,644.50J At 31 July 2025 4,644,503 4,644.503 Net book value At 31 July 2025 4,644,503 4.644,503 10 Cg$h and cash ¢quivglents 2025 Cash at bank 513 11 Creditor5: arnount5 falling due Ivithin one year 2025 Accruals 1.440 12 Funds Incoming resources Resources expended BalAnee 31 July 2025 u￿r￿trICted fulld$ General Unrestricted Funds 4.655,016 {11.440 4,643,576 13 Analysis of net asset5 between funds Unrestricted funds Gen¢r*l Total funds gt 31 July 2025 Fixed asset investhi¢nis Current assets Current liabilities 4.644.503 513 11,4401 4,644,503 513 {1,4401 Totsl net assets 4,643,576 4,643,576 Page21 The Seacliff Charitable Trust otes to the Financial Statements for the Period from 28 February 2024 to 31 July 2025 (eontinued) 14 Related party trAnsa¢tions During the period the charity made the following related party transactions.. (During the year the charity received donated assets from related parties associated with the trustees. these donations were rec¢iv¢d at market valu¢.) At the balance sheet date the amount due tolfrom was £Nil. Page 22