Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-311150882411014498115088232024-05-312023-06-01falseNo description of principal activity002024-05-31 NI637659 2023-06-01 2024-05-31 NI637659 2022-06-01 2023-05-31 NI637659 2024-05-31 NI637659 2023-05-31 NI637659 2023-06-01 NI637659 2022-06-01 NI637659 c:RegisteredOffice 2023-06-01 2024-05-31 NI637659 d:CurrentFinancialInstruments 2024-05-31 NI637659 d:CurrentFinancialInstruments 2023-05-31 NI637659 c:FRS102 2023-06-01 2024-05-31 NI637659 c:Audited 2023-06-01 2024-05-31 NI637659 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI637659 b:Trustee1 2023-06-01 2024-05-31 NI637659 b:Trustee2 2023-06-01 2024-05-31 NI637659 b:Trustee3 2023-06-01 2024-05-31 NI637659 b:Trustee4 2023-06-01 2024-05-31 NI637659 b:Trustee5 2023-06-01 2024-05-31 NI637659 b:Trustee7 2023-06-01 2024-05-31 NI637659 b:Trustee8 2023-06-01 2024-05-31 NI637659 b:Trustee9 2023-06-01 2024-05-31 NI637659 b:UnrestrictedFundsGeneral 2023-06-01 2024-05-31 NI637659 b:UnrestrictedFundsGeneral 2024-05-31 NI637659 b:UnrestrictedFundsGeneral 2023-05-31 NI637659 1 2024-05-31 NI637659 1 2023-05-31 NI637659 b:TotalUnrestrictedFunds 2024-05-31 NI637659 b:TotalUnrestrictedFunds 2023-05-31 NI637659 c:FullAccounts 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: NI637659
Charity number: NIC105396












The James Kane Foundation
(A Company Limited by Guarantee)



Trustees' Report and Financial Statements
For the Year Ended 31 May 2024

 
The James Kane Foundation
 
(A Company Limited by Guarantee)
 

Contents



Page
Reference and Administrative Details of the Company, its Trustees and Advisers
 
 
1
Trustees' Report
 
 
2 - 6
Independent Auditors' Report on the Financial Statements
 
 
7 - 10
Statement of Financial Activities
 
 
11
Balance Sheet
 
 
12
Notes to the Financial Statements
 
 
13 - 20

 
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


Trustees
G Boyd
L Connaughton
CG Jenkins
Sir G Loughran
M Montgomery
Professor MA Price
P Sweeney
MW Wilson, Chair


Company registered number
NI637659

Charity registered number
NIC105396

Registered office
Clifton House Centre
2 North Queen Street
Belfast
County Antrim
BT15 1EQ

Independent auditors
Sumer AuditCo NI Ltd
Statutory Auditors
4th Floor
Glendinning House
6 Murray Street
Belfast
BT1 6DN

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Page 1

 
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 focus of the Charity’s activities in the period has been to deliver on its objectives through a mixture of direct funding to educational and other charitable bodies, and also through a series of collaborative programmes with, and the provision of funding support to, other charities, educational, training and skills bodies. 
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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Page 2

 
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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Page 3

 
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
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
 

b. Material investments policy
 

The Trustees have developed an investment policy with Rathbones which is reviewed at least annually. This policy seeks to balance risk and return on investments for the optimal benefit of the Charity.
 

c. Principal risks and uncertainties
 

The challenges facing the UK and global economies have increased the risk of educational and employment poverty.  The Charity does not consider that this poses a material risk to its financial well-being.
 

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Page 4

 
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
 

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
 

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
 

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Page 5

 
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:


MW Wilson

Date: 26 November 2024

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Page 6

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Independent Auditors' Report to the Members of  The James Kane Foundation
 

Opinion


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).


In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 May 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; and
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 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.


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 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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Page 7

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Independent Auditors' Report to the Members of  The James Kane Foundation (continued)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception


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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Page 8

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Independent Auditors' Report to the Members of  The James Kane Foundation (continued)


Responsibilities of trustees


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.


In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability 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 charitable company or to cease operations, or have no realistic alternative but to do so.
 

Auditors' responsibilities for the audit of the financial statements


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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Page 9

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Independent Auditors' Report to the Members of  The James Kane Foundation (continued)


Use of our report
 

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.





Amanda McMaw (Senior Statutory Auditor)
for and on behalf of
Sumer AuditCo NI Ltd
Statutory Auditors
4th Floor
Glendinning House
6 Murray Street
Belfast
BT1 6DN

26 November 2024


Sumer AuditCo NI Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.


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Page 10

 
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


Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £

Income from:






Investment income

2

177,472

177,472

161,350
 
Total income
177,472
177,472
161,350
Expenditure on:






Governance costs

3,4

101,907

101,907

96,368
 
Charitable activities

5

558,650

558,650

358,745
 
Total expenditure
660,557
660,557
455,113

Net expenditure before net gains/(losses) on investments

  

(483,085)

(483,085)

(293,763)
 
Net gains/(losses) on investments

  

235,922

235,922

(333,841)
 
Net movement in funds
  
(247,163)
(247,163)
(627,604)

Reconciliation of funds:

  




Total funds brought forward

  

5,754,412

5,754,412

6,382,016
 
Net movement in funds

  

(247,163)

(247,163)

(627,604)
 
Total funds carried forward
  
5,507,249
5,507,249
5,754,412

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 20 form part of these financial statements.

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Page 11

 
The James Kane Foundation
 
(A Company Limited by Guarantee)
Registered number: NI637659


 
Balance Sheet
As at 31 May 2024


2024
2023
Note
£
£

Fixed assets
  

Investments
 8 
5,357,467
5,282,345

Current assets
  

Debtors
 9 
37,769
33,906

Cash at bank and in hand
  
176,184
445,511

  
213,953
479,417

Creditors: amounts falling due within one year
 10 
(64,171)
(7,350)

Total assets less current liabilities
  
5,507,249
5,754,412

Total net assets 
  
5,507,249
5,754,412


Charity funds
  

Unrestricted funds
 11 
5,507,249
5,754,412

Total funds
  
5,507,249
5,754,412

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 26 November 2024 and signed on their behalf by:


MW Wilson

The notes on pages 13 to 20 form part of these financial statements.

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Page 12

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

1.Accounting policies

  
1.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The James Kane Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
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.

  
1.2

Going concern

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.

  
1.3

Income

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.

  
1.4

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

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Page 13

 
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)

1.4

Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

  
1.5

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

  
1.6

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

  
1.7

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


1.8

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

  
1.9

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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Page 14

 
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)

  
1.10

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.


2.

Investment income




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Investment income

177,472

177,472

161,350
 
Total 2023


161,350
161,350


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Page 15

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

3.

Governance costs








Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Audit, accountancy and advisory  fees

5,040

5,040

11,160
 
Insurance

357

357

352
 
Bank charges

53

53

61
 
Management costs

61,667

61,667

50,000
 
Marketing and PR

-

-

458
 
Bookkeeping fees

1,620

1,620

1,260
 
Additional Room hire charges

316

316

-
 
Events and Hospitality

210

210

-
 
Total 2024


69,263
69,263
63,291
Total 2023


63,291
63,291






4.

Investment management costs




Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




Investment management fees

32,644

32,644

33,077
 

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Page 16

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

5.

Analysis of grants




Grants to Institutions
2024
Total
funds
2024
Total
funds
2023
        £
        £
        £




MEGA

42,500

42,500

42,500
 
Other

108,045

108,045

25,830
 
SistersIN Leadership Programme

60,000

60,000

17,880
 
Workplus - Shared Apprenticeship Agency

-

-

15,750
 
North Belfast Digital Hub

50,000

50,000

121,000
 
Schools Cost of Living Grants

140,250

140,250

135,785
 
St Louise's College

90,400

90,400

-
 
Bursaries and Grants

67,455

67,455

-
 
Total


558,650
558,650
358,745


6.

Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £5,400 (2023 - £4,320).

7.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 May 2024, expenses totalling £nil were reimbursed or paid directly to  Trustees. (2023 - £144). 

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Page 17

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

8.


Fixed asset investments





Listed investments

£



Cost or valuation



At 1 June 2023
5,282,346


Additions
317,514


Disposals
(478,315)


Revaluations
235,922



At 31 May 2024

5,357,467




Net book value




At 31 May 2024
5,357,467



At 31 May 2023
5,282,346


9.



Debtors


2024
2023
£
£


Due within one year

Prepayments and accrued income
37,769
33,906

37,769
33,906

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Page 18

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

10.



Creditors: Amounts falling due within one year


2024
2023
£
£


Trade creditors
56,100
-

Accruals and deferred income
8,071
7,350

64,171
7,350


11.

Statement of funds


Statement of funds - current year

Balance at 1 June 2023
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at 31 May 2024
£

Unrestricted funds






General Funds

5,754,412

177,472

(660,557)

235,922

5,507,249
 



Statement of funds - prior year

Balance at
1 June 2022
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at
31 May 2023
£

Unrestricted funds






General Funds

6,382,016

161,350

(455,113)

(333,841)

5,754,412
 




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Page 19

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

12.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds
2024
Total
funds
2024
        £
        £


Fixed asset investments

5,357,467

5,357,467

Current assets

213,953

213,953

Creditors due within one year

(64,171)

(64,171)

Total 


5,507,249
5,507,249



Analysis of net assets between funds - prior period

Unrestricted funds
2023
Total
funds
2023
        £
        £


Fixed asset investments

5,282,345

5,282,345

Current assets

479,416

479,416

Creditors due within one year

(7,350)

(7,350)

Total 

5,754,411
5,754,411



13.


Related party transactions

Mr M Wilson was a member of the Board of Governors of the Assumption Grammar School, Ballynahinch.  The Assumption Grammar School operates the SistersIN Leadership Programme which was paid a grant of £60,000 during the year.
Mr M Wilson, Sir G Loughran and Mr G Boyd are members of the Board of Governors of St Malachy’s College Belfast which was paid a grant of £50,000 in respect of the North Belfast Creative Digital Hub.
Mr C Jenkins declared a conflict of interest in respect of the MEGA Project which received grant funding of £42,500 during the year.

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Page 20