Caseware UK (AP4) 2024.0.164 2024.0.164 Caseware UK (AP4) 2024.0.164 2024.0.164 2025-05-312025-05-311101449810417398110144982025-05-312024-06-01falsenot blank002025-05-31 NI637659 2024-06-01 2025-05-31 NI637659 2023-06-01 2024-05-31 NI637659 2025-05-31 NI637659 2024-05-31 NI637659 2024-06-01 NI637659 2023-06-01 NI637659 c:RegisteredOffice 2024-06-01 2025-05-31 NI637659 d:CurrentFinancialInstruments 2025-05-31 NI637659 d:CurrentFinancialInstruments 2024-05-31 NI637659 c:FRS102 2024-06-01 2025-05-31 NI637659 c:Audited 2024-06-01 2025-05-31 NI637659 c:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 NI637659 b:Trustee1 2024-06-01 2025-05-31 NI637659 b:Trustee2 2024-06-01 2025-05-31 NI637659 b:Trustee3 2024-06-01 2025-05-31 NI637659 b:Trustee4 2024-06-01 2025-05-31 NI637659 b:Trustee5 2024-06-01 2025-05-31 NI637659 b:Trustee6 2024-06-01 2025-05-31 NI637659 b:Trustee7 2024-06-01 2025-05-31 NI637659 b:Trustee8 2024-06-01 2025-05-31 NI637659 b:UnrestrictedFundsGeneral 2024-06-01 2025-05-31 NI637659 b:UnrestrictedFundsGeneral 2025-05-31 NI637659 b:UnrestrictedFundsGeneral 2024-05-31 NI637659 1 2025-05-31 NI637659 1 2024-05-31 NI637659 b:TotalUnrestrictedFunds 2025-05-31 NI637659 b:TotalUnrestrictedFunds 2024-05-31 NI637659 b:TotalRestrictedIncomeFunds 2025-05-31 NI637659 b:TotalRestrictedIncomeFunds 2024-05-31 NI637659 c:FullAccounts 2024-06-01 2025-05-31 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 2025

 
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 - 13
Notes to the Financial Statements
 
 
14 - 22

 
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 2025



Trustees
Mr Michael Wilson
Mr Gavin Boyd
Mrs Lynn Connaughton
Mr Charles Jenkins
Sir Gerard Loughran
Mrs Mary Montgomery
Professor Mark Anthony Price (resigned on 26 November 2024)
Mr Paul Sweeney


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 2025

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 June 2024 to 31 May 2025The 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, are:
“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. Activities undertaken to achieve objectives
 

The focus of the Charity’s activities in the period has been to deliver on its objectives by providing direct funding to educational and other charitable bodies, and / or through a series of collaborative programmes with, and the provision of funding support to, other charities, educational, training and skills bodies based around the agreed themes of:
• enabling STEM related education and career opportunities. 
• enabling students to make the correct choices between employment/career and higher-level education pathways.
• Identifying and supporting emerging trends. 

The Charity has supported a range of projects including direct bursaries and scholarships for those faced with financial barriers to education and employment; schools and industry to ensure support and mentoring for young people and apprenticeships within the engineering sector; and projects 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 supported resource sharing across schools impacting on hundreds of teachers and pupils alike. It has recognized and supported unique needs of more vulnerable students while ensuring they too can be equipped with skills for employment. 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 performance indicators
 

The charity holds its funds in investments and draws 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.  
• MEGA Mentor Now Programme extension - £104,793 was granted this year to support this project which seeks to encourage and retain engineering apprenticeships by providing essential mentor support. Two posts, Mentoring & Support Coordinator and Education, Mentoring & Support Officer, will further develop the MEGA Mentor Now Programme to bring industry into schools and let young people understand the opportunities of working within local manufacturing companies. It will also promote, influence and develop degree apprenticeships courses (level 6 & 7) with Queen's University and Ulster University and continue to work with Regional Colleges (level 2 to 5) to increase the number of apprenticeships structured to meet the needs of Industry.
• Supporting Communities James Kane Foundation Scholarship - £11,135 was awarded to target 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. Three students were recruited, one from Portadown College, studying Mechanical Engineering at Ulster University, one from St Patrick's High School Keady, pursuing Software Engineering at Queen's University and finally a student from Lismore Comprehensive studying Physics at Queen's University.
• Southern Regional College Scholarship Award - £10,800 was granted to support financially disadvantaged higher education students living within the Armagh, Banbridge and Craigavon council area. These scholarship awards help students stay in education and complete their course by providing funding to pay tuition fees and other course related costs such as equipment, materials, and travel expenses. Five students were successful in the year year. 
• Shankill Principals Area Learning Community (ALC) - £10,000 was paid as first of six payments for a three-year project which funds a coordinator post to establish the Shankill Principals ALC. The ALC will develop and encourage collaborative working amongst the schools and the local community.
• Stranmillis University College – Centre for Research in Educational Underachievement - £15,921 was awarded to support a research project and the production of a comprehensive report into Effective School Leadership in Disadvantaged Communities.
• SistersIN Leadership Programme - this funded project builds girls’ leadership capacity and confidence amongst Sixth Form students. An initial grant of £60,000 was awarded in the previous year, to support the costs of a new Director to take forward the project in terms of activity delivery and moving towards financial sustainability. A second grant payment of £25,000 was payable after the financial year end of this report.
• Dreamscheme NI Engaging Young People into Digital Media - £7,800 was granted to this project which aims to equip young people with the competence and confidence needed to engage in the digital media sector.  It offers online resources, in person workshops, and mentorship opportunities with industry experts and by digital media learning accessible and engaging, the project builds skills, provides career guidance and inspires participants to pursue careers in STEM pathways.






• EOTAS NI Curriculum reform and digital skills hubs - £93,136 was awarded to develop and implement a new OCNNI qualification in Creative Arts and Digital Technologies across all 17 KS4 centres and will include specialist staff training sessions at NERVE Belfast and Derry, W5 LIFE, and AMMA Centre Armagh, covering areas such as photography, filmmaking, game development, and scriptwriting. This project provides pupils from
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Page 3

 
The James Kane Foundation
 
(A Company Limited by Guarantee)
 
Achievements and performance (continued)

the most disadvantaged backgrounds and that are among the most vulnerable in the school system, with the opportunity to experience a rapidly growing industry and equip them with relevant skills, knowledge and qualifications that will enhance their future career prospects and educational opportunities.
• Workplus Jobs for Me - £38,000 was granted in the year to this project that aims to engage 700 Year 9 and 10 pupils as “Career Explorers” to consider the range of STEM jobs available to them in their community i.e. Antrim and Newtownabbey. The project will inspire pupils to think about their skills, showcase pathways to 40 employers and make correct choices between employment/careers through high level education pathways; and understand why work is good for us.
• Young Enterprise NI Building Aspirations Project - £18,308 of funding was awarded to support 18 non-selective schools, with above average free school meals levels, in the Armagh Banbridge and Craigavon Borough Council and Newry Mourne and Down District Council areas. It will provide support to develop a whole-school approach to providing enterprise and financial skills to over 6,000 students annually for up to 3 years in 3 key strands, financial capability, work readiness and entrepreneurship.

The Charity has also worked with a number of other organisations and approved support to: 

• Mary Ann McCracken Bursary programme (Year 3) - £6,000 was awarded in year and paid post year end by the Foundation towards the total bursary fund of £30,000. This fund was made up by donations from the Mary Ann McCracken Foundation and Belfast Charitable Society as well as independent funders, the Hunter Smyth Fund, LFT Charitable Trust and the Raj Darshna Foundation. The bursary programme supported twelve post primary schools in North Belfast Area Learning Community, each of whom 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. 86 pupils were successful in obtaining support this year.
• North Belfast Creative Digital Hub - £85,000 was awarded to a project to develop and champion the use of digital technology in all subject areas of the post-primary curriculum and which enabled access and joint working amongst North Belfast Post Primary schools.    
                                                                                                                                                                         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 presence through its website and social media profiles including 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 (previously managed by Investec Wealth Management who have merged with Rathbones), 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
 

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Page 4

 
The James Kane Foundation
 
(A Company Limited by Guarantee)
 
a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company 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.
 

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 and the group is registered as a charitable company limited by guarantee and was set up by a
Memorandum of Association.

The Charity and the group is constituted under a Memorandum of Association and is a registered charity, number NIC105396.
 

b. Methods of appointment or election of Trustees
 

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

c. Financial risk management
 

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
 

Members' liability
 

The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.
 

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Page 5

 
The James Kane Foundation
 
(A Company Limited by Guarantee)
 
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 year. 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.


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 auditorsSumer AuditCo NI Ltdhave indicated their willingness to continue in office. 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:

................................................
Mr Michael Wilson
Date: 25 November 2025
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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 2025 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 2025 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.


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.


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.


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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)





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

25 November 2025


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 2025


Unrestricted funds
2025
Total
funds
2025
Total
funds
2024
Note
        £
        £
        £

Income from:






Investments

2

169,328

169,328

177,472
 
Total income
169,328
169,328
177,472
Expenditure on:






Raising funds

3,4

113,371

113,371

101,907
 
Charitable activities

6

394,893

394,893

558,650
 
Total expenditure
508,264
508,264
660,557

Net expenditure before net gains on investments

  

(338,936)

(338,936)

(483,085)
 
Net gains on investments

 9 

40,386

40,386

235,922
 
Net movement in funds
  
(298,550)
(298,550)
(247,163)

Reconciliation of funds:

  




Total funds brought forward

  

5,507,249

5,507,249

5,754,412
 
Net movement in funds

  

(298,550)

(298,550)

(247,163)
 
Total funds carried forward
  
5,208,699
5,208,699
5,507,249

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

The notes on pages 14 to 22 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 2025


2025
2024
Note
£
£

Fixed assets
  

Investments
 9 
5,088,064
5,357,467

  
5,088,064
5,357,467

Current assets
  

Debtors
 10 
14,434
37,769

Cash at bank and in hand
  
126,779
176,184

  
141,213
213,953

Current liabilities
  

Creditors: amounts falling due within one year
 11 
(20,578)
(64,171)

Net current assets 
  
 
 
120,635
 
 
149,782

Total assets less current liabilities
  
5,208,699
5,507,249

Net assets excluding pension asset 
  
5,208,699
5,507,249

Total net assets 
  
5,208,699
5,507,249


Charity funds
  

Restricted funds
 12 
-
-

Unrestricted funds
 12 
5,208,699
5,507,249

Total funds
  
5,208,699
5,507,249

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 25 November 2025 and signed on their behalf by:


Mr Michael Wilson
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Page 12

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


 
Balance Sheet (continued)
As at 31 May 2025


The notes on pages 14 to 22 form part of these financial statements.

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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 2025

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 2019), 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 14

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2025

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 15

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2025

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
2025
Total
funds
2025
Total
funds
2024
        £
        £
        £




Investment income

169,328

169,328

177,472
 
Total 2024


177,472
177,472


img5126.png
Page 16

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2025

3.

Governance costs








Unrestricted funds
2025
Total
funds
2025
Total
funds
2024
        £
        £
        £




Audit, accountancy and advisory fees

5,400

5,400

5,040
 
Insurance

369

369

357
 
Bank charges

71

71

53
 
Management costs

70,833

70,833

61,667
 
Marketing & Website hosting

286

286

-
 
Bookkeeping fees

3,351

3,351

1,620
 
Additional Room hire charges

-

-

316
 
Events and Hospitality

602

602

210
 


80,912
80,912
69,263
Total 2024


69,263
69,263






4.

Investment management costs




Unrestricted funds
2025
Total
funds
2025
Total
funds
2024
        £
        £
        £




Investment management fees

32,460

32,460

32,644
 
Total 2024


32,644
32,644

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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 2025

5.

Analysis of grants




Grants to Institutions
2025
Total
funds
2025
Total
funds
2024
        £
        £
        £


MEGA

104,793

104,793

42,500
 
EOTAS

93,136

93,136

-
 
North Belfast Digital Hub Foundation

85,000

85,000

50,000
 
Workplus

38,000

38,000

-
 
Young Enterprise

18,308

18,308

-
 
Stranmillis Research Project

15,921

15,921

-
 
Supporting Communities Bursary

11,135

11,135

-
 
Southern Regional College Bursary

10,800

10,800

-
 
Shankill Principals Primary Group

10,000

10,000

-
 
Other

7,800

7,800

108,045
 
SistersIN Leadership Programme

-

-

60,000
 
Schools Cost of Living Grants

-

-

140,250
 
St Louise's College

-

-

90,400
 
Bursaries and Grants

-

-

67,455
 


394,893
394,893
558,650
Total 2024


558,650
558,650

At the year end, the charity had approved grants totalling £1,684,002 to projects. These grants are subject to specific conditions being met before payment is made.  In accordance with the Charities SORP (FRS 102), such conditional grants are not recognised as liabilities at the balance sheet date, as the conditions had not been fulfilled.

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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 2025

6.

Analysis of expenditure on charitable activities


Summary by fund type




Unrestricted funds
2025
Total
2025
Total
2024
        £
        £
        £




MEGA

104,793

104,793

42,500
 
Other

183,165

183,165

108,045
 
SisterIN Leadership Programme

-

-

60,000
 
Schools Cost of Living Grants

-

-

140,250
 
North Belfast Digital

85,000

85,000

50,000
 
St Louise's College

-

-

90,400
 
Bursaries and Grants

21,935

21,935

67,455
 


394,893
394,893
558,650
Total 2024


558,650
558,650


7.

Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £5,400 (2024 - £5,400).

8.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 May 2025, no Trustee expenses have been incurred (2024 - £NIL).

img7783.png
Page 19

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2025

9.


Fixed asset investments





Listed investments

£



Cost or valuation



At 1 June 2024
5,357,467


Additions
680,851


Disposals
(990,641)


Revaluations
40,386



At 31 May 2025

5,088,064




Net book value




At 31 May 2025
5,088,064



At 31 May 2024
5,357,467


10.



Debtors


2025
2024
£
£


Due within one year

Prepayments and accrued income
14,434
37,769

14,434
37,769

img4175.png
Page 20

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2025

11.



Creditors: Amounts falling due within one year


2025
2024
£
£


Trade creditors
368
56,100

Accruals and deferred income
20,210
8,071

20,578
64,171


12.

Statement of funds


Statement of funds - current year

Balance at 1 June 2024
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at 31 May 2025
£

Unrestricted funds






General Funds

5,507,249

169,328

(508,264)

40,386

5,208,699
 



Statement of funds - prior 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
 




img041e.png
Page 21

 
The James Kane Foundation

(A Company Limited by Guarantee)
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2025

13.

Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds
2025
Total
funds
2025
        £
        £


Fixed asset investments

5,088,064

5,088,064

Current assets

141,213

141,213

Creditors due within one year

(20,578)

(20,578)

Total 


5,208,699
5,208,699



Analysis of net assets between funds - prior year

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



14.


Related party transactions

Mr M Wilson, Sir G Loughran and Mr G Boyd declared conflicts of interest as members of the Board of Governors of St Malachy’s College, Belfast which was paid a grant of £85,000 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 £104,793 during the year. 

Mrs M. Montgomery declared a conflict of interest in respect of Shankill Area Learning Group which received grant funding of £10,000..

Mrs L. Connaughton declared a conflict of interest in respect of EOTAS which received grant funding of £93,136 in this financial year.

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Page 22