Registered number:
Charity number:
(A Company Limited by Guarantee)
Trustees' Report and Financial Statements
For the Year Ended 31 May 2024
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The James Kane Foundation
(A Company Limited by Guarantee)
Contents
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The James Kane Foundation
(A Company Limited by Guarantee)
Reference and Administrative Details of the Company, its Trustees and Advisers
For the Year Ended 31 May 2024
Page 1
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The James Kane Foundation
(A Company Limited by Guarantee)
Trustees' Report
For the Year Ended 31 May 2024
The Trustees present their annual report together with the audited financial statements of the Company (‘the Charity’) for the year 1 June 2023 to 31 May 2024. The Annual Report serves the purpose of both a Trustees’ report and a Directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements of the Charity’s Memorandum and Articles of Association and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objectives of The James Kane Foundation, in accordance with the Charity Commission’s guidance on public benefit, is:
“To advance education for the public benefit in Portadown and its environs in particular and elsewhere in Northern Ireland whether directly to individuals or indirectly through education bodies such as schools, colleges or third level institutions or employers by the provision of funding for work experience, employment opportunities or training opportunities or for preparation for entry to any occupation, vocation, trade or profession or to enhance career development, skills and competencies within the area of benefit provided that the funding will not be used for anything which schools or colleges have a statutory duty to provide” And “To provide any other purpose which is exclusively charitable according to the law of NI”
b. Main activities undertaken to further the charity's purposes for the public benefit
The Charity has supported a range of projects including direct bursaries for those faced with financial barriers to education and employment; and made significant investment in school food programmes and cost of living support for schools and families in deprived areas across Northern Ireland. There was also investment in pilot projects supporting work placements, coding initiatives for those not in school and leadership programmes for Year 13 girls. The Charity financed mentoring and apprenticeships within the engineering sector and committed to champion digital technology across all subjects of the post-primary curriculum. At a strategic level it has supported research projects that assess current delivery models within schools and within the wider workforce. The Charity continues to engage with a range of stakeholders to enable Trustees to keep abreast of wider policy development, initiatives, trends, and emerging needs that can help inform its ongoing and strategic decision making.
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The James Kane Foundation
(A Company Limited by Guarantee)
Achievements and performance
a. Key financial performance indicators
The charity holds its funds in investments and draw these down as needed to meet its grant commitments. The availability of significant cash funds to the Charity has afforded the Trustees the opportunity to carefully and strategically consider the charitable opportunities now open to it, and the manner in which it can make a meaningful and substantial impact in the short and longer term.
b. Review of activities
The following achievements and performance reflect the main expenditure in the year and mostly came in the form of the provision of grants.
• Workplus Ltd Shared Apprenticeship Agency Research (Year 2) - £4,350 of funding was approved to support a consultation process with a variety of stakeholders, including the Department of Education, further education colleges and universities, training organisations and the Federation of Small Businesses, exploring the viability of a Shared Apprenticeship Agency. • Workplus Developing transversal skills in young people - £22,680 to provide support and training for teachers at 12 schools across the Antrim and Newtownabbey Borough Council, giving young people access to skills assessment, career planner and a work experience platform. • SistersIN - £60,000 provided to employ a Director of Growth and Operations. SistersIN is a Leadership Programme which aims to foster girls’ leadership capacity and confidence amongst its Sixth Form students. In 2023/24 it has almost 400 active mentors from 134 organisations across 71 professions, engaged 379 pupils from 28 schools in over 1700 hours of mentoring and 370 job shadow days. It has been formally endorsed by the William J Clinton Leadership Institute and hosted a 2048 – The Future Starts Now speaking event at Stormont and had over 1,000 attendees at a celebration event. • MEGA Apprenticeship Mentoring and Support Officer Role - £42,500 in this year. The Foundation continues to support this project which seeks to encourage and retain engineering apprenticeships by providing essential mentor support. There now are 44 Degree Apprenticeship Employers, 70 member companies, 54 fee paying members and a master’s degree apprenticeship with Queen's University Belfast and a series of Masterclasses. • Dickson Plan – Joint Mentor Scheme - £60,000 towards a shared resource of mentor / youth / family worker for Pupils of Clounagh Junior High School, Killicomaine Junior High School, Lurgan Junior High School and Tandragee Junior High School. • Supporting Communities – James Kane Foundation Scholarship £7,335 - targets students in the Armagh, Banbridge & Craigavon Council (ABC) area who are applying to Queen's or Ulster University to study STEM (Science, Technology, Engineering, Mathematics) degrees. Successfully recruited students studying physics and computer science. • Southern Regional College Scholarship Award - £5,400 to support financially disadvantaged higher education students living within the Armagh, Banbridge and Craigavon council area to help students stay in education and complete their course by using this funding to pay tuition fees and other course related costs such as equipment, materials, and travel expenses. Three students were successful this year. The Charity has also worked with a number of other organisation’s and approved support to: • ABC Area Post Primary Bursary Programme – £15,000 for a programme operating within the Armagh, Banbridge and Craigavon Council area, which is intended to alleviate financial barriers for those wishing to move to higher education and or employment from secondary schools.
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The James Kane Foundation
(A Company Limited by Guarantee)
Achievements and performance (continued)
• Mary Ann McCracken Bursary programme (Year 3) - For a third year, the James Kane Foundation, the Mary Ann McCracken Charity and Belfast Charitable Society along with independent funder the Hunter Smyth Fund, LFT Charitable Fund and the Raj Darshna Foundation supported the Mary Ann McCracken bursary programme for twelve post primary schools in North Belfast. Each school within the North Belfast Area Learning Community received up to £2,500 to support pupils (16+ year-olds) who face financial barriers which may prevent them from continuing to AS / A-Level, further or higher education, employment or apprenticeship.
• North Belfast Creative Digital Hub - £50,000 has been committed to a project, based in St Malachy’s College, Belfast, to develop and champion the use of digital technology in all subject areas of the post-primary curriculum which includes the provision of access to four other North Belfast Post Primary schools. • Schools Cost of Living Grants - £137,220 was committed to fund school food programmes, 30 schools from some of the most deprived areas of Northern Ireland were provided with financial support to help schools and families amid the cost-of-living crisis and to ensure children were fed, ready to concentrate and. The schools ranged from St Cecilia’s College, Derry to Brownlow College, Craigavon. Since Belfast Charitable Society started this initiative, other funders in addition to the Charity have also come on board to support schools with food programmes. These include Ulster Garden Villages and the ARN fund, amounting to nearly £250,000 of funding. During the period, the Charity has had ongoing engagement with several organisations in order to ascertain the nature and extent of current challenges facing the education, training and employment sectors in Northern Ireland,and the barriers facing young people moving between these sectors. Marketing and Promotion: The Charity continues its online and social media profiles, Twitter and LinkedIn accounts. This has allowed it to engage with a wider audience, and to better promote its charitable activities with relevant audiences and stakeholders and is updated on a regular basis
c. Investment policy and performance
The Charity’s funds are managed by Rathbones (formerly Investec), with whom the Charity has agreed the terms of management of its portfolio. These include a medium-term investment time horizon of 5 years, with a low/medium attitude to risk. This is regularly reviewed with Rathbones to ensure that the needs of the Charity for income and capital investment are adequately balanced. In common with many similar organisations, the performance of the Charity’s investments may be adversely affected by the UK and worldwide economic challenges, but the Trustees are satisfied that the nature of the investments is prudent, and that the ongoing attitude to risk remains appropriate.
Financial review
a. Going concern
b. Material investments policy
c. Principal risks and uncertainties
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The James Kane Foundation
(A Company Limited by Guarantee)
Financial review (continued)
d. Financial risk management objectives and policies
The Trustees have appointed Financial Investment Advisors to provide advice on the financial risk management of its cash balances seeking to balance risk with optimising the return for the Charity.
Structure, governance and management
a. Constitution
The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association and is a registered charity, number NIC105396.
b. Methods of appointment or election of Trustees
c. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Members' liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
Statement of Trustees' responsibilities
Page 5
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The James Kane Foundation
(A Company Limited by Guarantee)
Statement of Trustees' responsibilities (continued)
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
∙so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and;
∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, SumerAuditCo NI Ltd (formerly ASM (B) Ltd), were appointed, following a tender process. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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The James Kane Foundation
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of The James Kane Foundation
We have audited the financial statements of The James Kane Foundation (the 'charitable company') for the year ended 31 May 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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The James Kane Foundation
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of The James Kane Foundation (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which 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; or
∙the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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The James Kane Foundation
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of The James Kane Foundation (continued)
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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 Auditors' 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:
We considered the opportunities and incentives that exist within the organisation for fraud and identifed the greatest potential for fraud in the following areas, Management override of controls and revenue recognition. We discussed these risks with client management and designed audit procedures to respond to these risks by testing a sample of journals posted throughout the year, and to test a sample of income items received during the year.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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The James Kane Foundation
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of The James Kane Foundation (continued)
This report is made solely to the charitable company'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 charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
4th Floor
Glendinning House
6 Murray Street
Belfast
BT1 6DN
Sumer AuditCo NI Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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The James Kane Foundation
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account)
For the Year Ended 31 May 2024
Page 11
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The James Kane Foundation
(A Company Limited by Guarantee)
Registered number: NI637659
Balance Sheet
As at 31 May 2024
The financial statements were approved and authorised for issue by the Trustees on
Page 12
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2024
1.Accounting policies
The charity has elected not to include a cash flow statement in the financial statements, as it qualifies as a small entity under the Charity SORP (FRS 102) criteria. The decision is based on the charity’s size, as it does not meet the thresholds requiring the preparation of a cash flow statement.
The financial statements have been prepared on a going concern basis, which assumes that the Foundation will continue its operations for the foreseeable future, being at least 12 months from the approval of these financial statements.
The Trustees have considered the Foundation’s current financial position, including its cash reserves and the substantial value of its investments. As of the reporting date, the Foundation holds cash balances and liquid assets sufficient to meet its short-term obligations and fund ongoing operations. Additionally, the value of its investment portfolio provides a strong financial cushion, supporting liquidity needs even in the event of unforeseen challenges. Therefore, there are no material uncertainties that may cast significant doubt on the Foundation’s ability to continue as a going concern.
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2024
1.Accounting policies (continued)
Page 14
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2024
1.Accounting policies (continued)
Page 15
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2024
Page 16
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2024
Page 17
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2024
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2024
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The James Kane Foundation
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 May 2024
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