REGISTERED COMPANY NL',IIBER: 04764003 (Englattd #nd Wales) REGISTERED CHARITI. NIIMBER: 1112920 REPORT OF THE TRUSTEES AliD FOR THE YEAR ENDED31 MAY 21124 FOR HARVEY'S FOUI%DRY TR . TC GTOUP StatOry Audifors The Old Carriage Works Moresk Road Trnro Cornw1 TRI IDG
HARV FOUI%'D COI%TEiYTS OF THE FINANCIAL STATE EI%TS ORTH REliD 31 tly 2024 Pge Reftrenee and Administrative Detsils Rert of the Trnstees 2 to 8 Report of the Independent Auditors 9 to 12 Statement of Financigl Artivities 13 Balanee Sheet 14 to 15 Cash Flow Statement 16 Notes to Ihe Cash FIDW Ststement 17 Notes to the FanCIal Siatements 18 kn 34 Detaikd Statement of Finneial Aeiivitifs 35 10 36
REFERENCE AND AD.MINISTIL4TIVE DETAILS FOR THE YEAR EYDED 31 MAY 2 24 TRUSTEES B Capper - Chair nominatut by Hay]e Town Council S D JOhnn R H Lello J R Lloyd - *rrelary RJGMorton K J T Rickard SMR Thom&s K .HUgh S Bennej - nominatrd by Hayle Town Council (resigned 1111,2023) P Channon - nomEned by Comwall Council REGISTERED OFFICE 24 Foundry Square HAYLE Cornwall TP27 4HH REGISTERED COMPANY NUMBER 04764003 (England and Wales) REGISTERED CHAIUTY J UMBER 1112920 AUDITORS TC Group Sratutory Auditors The Old Carriage Works Moresk Road Truro Cornwall TRI IDG SOLICITORS GA Soli¢itors 25 Lockyer Str¢¢t Plymouth DEVON PLI 2QW BALYKERS Barclays Bank PIC 8-9 Markei Jew St1 Penzan¢¢ Comwall TRIS ?TW Page I
HARV REPORT OF THE TRLISTEES FOR THE YEAR ENDED 31 MAY 2024 The trustees who are also directors of the charity for the purposes of th¢ Companies Act 2006. present their rewrt with the financia] statrmens of ihe charity for ihe year ended 31 May 2024. The trustees have wjopted the provision5 of Accounting and Reporting by Chariti¢s- Statement of Recommended Practice appIlble to ¢harities preparing their accounts in accordance with the Financia] Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {¢ffe¢tiv¢ I January 2019). This r¢port serves the PUTposes of l)oth a tswsteel report and a dire¢tor< report under company law. OWECTIVES AND AcrtVlTIES Obje£tives and aims The charity's objects are.. to promole the preservation. protection. development. improvements and education the benefit of the people of Ha)'le. the counry of Cornwall and ihe naiion. the nar. historical. arch1lecral and Constructional heritsg¢, fer¢s, objects. collections and projects of histori¢ and publTC interest, including buTldings las defined in section J)6 of the Town and Country planning Art 1990) of particular beauty of historical, ahiteCtUral or ¢onstru¢iional interest. Baekgromnd Harvey's Foundry Trust (The Trust) is a community development organisation which aims to use heritage and culture to h¢lp contribul¢ towards the r¢g¢neration of th¢ town of Hayle in West Ci)m¥Nall. We own and manage Harvey's Foundry. a two-hectare historically important site in Ha)le. West Cornwall. The sit¢ was once the location of Harvey & Co. famed for its engineering expertise which helped shape ihe Cornish tndustiial revolution. L"nfortunately. as traditional industrie5 declined in Britain. Harvey & Co. closed and the site became derelicL with Hayle and its sounding areas falling into economic and physical decline. The Trust was created in the mid-1990& it dev¢loFd from the lo community working in partnership with key stakeholders to pro*ct and Freserve Hayle's rich heritsge. The Tru has renovated redundant lied buildings and brought Ihem back into economic use (and thus safeguarding th¢ir future) ensuring that significant heritage assets of the are preserved for futLre generations. The Rncome g¢nerdtrd from this actiNIty means thai the Trust is not reliant on grdnts for its core running costs and, most importantly. can make use of its educationa] value lo enhance people's enjoym¢TEI and understanding of Hayle's h¢ritag¢. Thc charity r¢novated 5 lisied buildings {all of which were on the ai-risk register) and has also built a stylish new build= tkTrwren House. These projects have creatrd 01¢¢ space for new business in the towTr, enabling over 40 businesses to locate and sthrt up in the town. resulting in over 150 jobs. Alongside this, the Trusl promotes and protects the town's hwitage through a range of &tivities. channelled principally through Hayle Heritage Centre, whilst amassiftg an impressive colle¢tion of obiecl& and attra¢ting over I 1.000 visitors. Aims A Forward Strafegy developed in 2014 outlined the Trust's key aims and sets out our statement of purpose. Th¢ TNst envisioned ihat The Centre would be the Culwral anchor for the development and expansion of the regeneration programme that has been taking place at Harve) s Foundry and contribute to the wider regeneration of Hayle. "To create a vibranL viable deslination for trsidents and visitors that uses heritage &s the focus for a range of us¢s and contrtbutes to th¢ regeneration of Hayl¢" "To protecl promote and conser¥e Hayl¢'s culturdl history". Page 2
ARV REPORT OF THE TRLISTEES FORT E YEAR ENDED31 MAY 2 24 OWECTIVES AI¥D ACTIVITIES Our mission To pRserye and promofr the heritage gnd history of Hayle and the gjrroutmling are& What do we want to achieve? - We want to creale a welcoming research cenlre. We want to proie¢t and preserve Hayle's rewnaining listed buildings. Build and preserve a collection of artefacts, arohival maieriaj and infornMtion that relates to the hislory of Hayle and its surrounding areas. - Act as o hub for education and learning in the lown. Give the residents of Hayle a sense of pride in dir town. - Publicise Hayle's international importat]ce. We want to create a centre that provides Hayle with a community f(KUS and gtves the Harvey's Foundry site a cultural anchor. SignifivAnt activities Our main activities in SUp)rt of our cbaritable obFctives for the )'ear ending 31 May 2024 were: GDeral Trust Activtties The charity continues to lease oiTice units to ILKal small businesses lo help fvnd ihe maintenance of the herithge assets that it owns. Take up of oifice units h&$ been successful and we are still operating around 900/0 OCCUFWICY. The Trustees are starting to look for lle tNstees we are hoping to Ve theEll in place by December 2024. Hayle Htritage Centre We have b¢¢n successful in 5uring srant funding to d¢velop and dcliver the fir51 Pha of the John Harvey House project, we have been awarded £269.086 from Historic Enand. and £280.579 from SPF GIK)d Growth Fund {from Cornwall Council). Th¢s¢ monies will enable us cO¢t th¢ failing drninag¢ around the building and r¢solve the worse structurdl problerns. The work will begin in Summer 2024. and the H¢ritsge Centre will close to the public whilst the WOTk is taking place, we ¢nvisage it will tske approxima*ly one year. We dlded io run a new project in the year bef¢)re we c]osed the Heritsge Cenlre called Havle Herstory. This used grgnt from AIM. Little Parc Owls Trus( Hayle Pump. and Hayle Old Cornwall Swiety. This proje¢1 will iell new stories of women that have been forgotten in Cornish history.. of women based around the town of Hayle in West Cornwall and are untold 5tor&¢s of courdgeous women who defied convention. Volunleers will underioke research in women's stories And promote them in an exhibition in Summer 2024. 11.'e will also use these new stories as an opportunity to connect with new audiences. We will run a series of creative workshop% the mat¢rial creat¢d in these workshops will fomi a vital element of the exhibition. The launch event to launch ihe ¢xhibiiion will also showcase emerging Cornish M'omen's talenl_ This is an opportunity to work with group5 who i¥e do not nornially connecl with. explore what interests ihem. what pth to his(ory is important them and barriers they face when assessing heritsge and cultur¢. We wanl lo tske history and ei'en15 Out inlo the Community this will be a new move for us and we can see how many more people we connect with when we take things out into their space. Page 3
RV REPORT OF THE TRLSTEES FOR THE 'E R ENDED 31 MAY 2024 0ECTIVEs AND AcfiviTIES Public beerit The Trnst's values (public Etnefits) are.. Regeneration, Education and Ci>nseTvation. We fulfil those vA]ues through a variety of mechanisms: Using history a5 a basis for community cohcsion and giving Hayle's residents a sens¢ of place. Protecting and promoting Hayle's hÉstory, thus encouraging a cultura] tourism. Working with all five local primary hTh)Is, HrÉ)le Community School and the I( colleges - offering field trips. learning pack5 and joint collaborative projects to enhance the curriculum. Rebuilding decrepit yet historically imTK)rtani buildings which in turn enhances a run down underus1 are4 thus encouraging private individuals to do the same. Creating affordable yct high quatity offi¢e and work4iace io allow Ial sjnall business grow. thus increasing th¢ opportunity for high quality jobs. - Providing a wÈde rang¢ of volunfeering opportunities with a fully supp)rted training progrdmme. Th¢ trustees ¢onfim) that th¢v have Teferrtd io the guidan¢e ¢ontained in the Charifv Commission's general guidanee on publi¢ benefit when reviewing th¢ Trus¢s aims and objectives and in planning future activities and Ffoiecls. Volunteers Volunteers e vits] to the successful Tunning of the ceDtre. They are managed principally by the Curator with support from the Heritage and Business Manager. M.,¢ currently haTre I I volunkers aged 18-75 with most of our volulltee aged 60+. Volunt¢¢rs are offered a wid¢ range of roles and given lots of opportunities for trdining. Our volunieers perform a variety of tssks incI11ng catsloguing w)jec15. digitisation, remedial conservation. research. assisttng with children's workshops, cfrcuration of new displays. talks, tours. producing content for social media. obFct photography and working in the shop. Volunteers a]so go on an annual trip other museums or archive& where they are given a behind the scenes tour of the stordge facilities and can learn aboul collections management procedurcs elsewhere. ACHIEVEMENT AND PERFORMANCE Ch*ritable activiiie5 Hayle Heritage Centre opened from E&ster 20234ktober 2023. due to continuing strucwral problems at the centre we had the main ground floor room open only. showing the exhibition "?4 Foundry Square 'How one building shaped a town,. through th¢ summer we also had a small pop up SumTner exhibition "A New Venice.. A Celebration and History of Hayle Carnival.. We ran a programme of 9 workshops and talks over the year, and every s¢h(KJl holiday we ran free summer craft afternoon5 for families (wth 4 over the summer holidays). these used local hTStory as a base for ¢reative learning. Following the move if Hayl¢ Community ArGhiNt to the Trusi in 2022, one volunteer had been cataloguino a]1 referenc books in both the Trusts ownerthip and Hayle Archives oMTrership into one collection. This task has b¢¢n completed. and we now have approximately 800 60(&s corr¢¢dy calalogu¢d using the Dewey Decima] System. The library is a fantsslic Cornish Stttdies resource. Fulldrai5ing a£VitIeS The organisation doe5 not Ca out significant fidraising activities. Page 4
FO INDRY REPORT OF THE TRL STEES FOR THE YEAR ED 31 MAV 2024 FINANCIAL REVIEW Firtancil position The charity reports an overall deficit of £J65.918 (2023- gjrplus of £24.025) for the year ending 31 May 2024. This was due to an impairment adjustment of £430,000, which reduced endowtnent funds this y¢ar. The value of John Harvey Hous¢ was assessed by the Trustees and wven its curreni condition the in the xcounis reduced. It IS hoped that with th¢ extensiv¢ work b¢in8 carri¢d out. the valuation will increase as th¢ work prog sses. A surplus of £158,149 {2023= £37,239) related to restricted funds, which mainly represents the restricted grants received in the year for the John Harvey House build project le55 eXndItUre on this project. This proi¢ci is due io end in March 2025. Unrestricted ndS had a deficit of £94.067 (2023.. £13.214 deficit) for the year. This was mainly due to unexpected costs incurred at the end of a IEDancy as well as an increase in energ)" Costs, inrerest rdles and insurance. Income had Increas from £384,199 to £530.930 due lo restricted grants received the John Harvey House projecl. Total funds at the year end amounted to £2,401,078 (2023: £2:766.9961, of which unrestricted funds represented £81,753 (2023.. £175,820). restricted futids represented £1 a91,800 (20?3.. £12)3.651) and erKlowment funds represented £927.525 (2023- £1,357,525). Investment poIY and objertives The Trustees have considered the most appropriate policy for investing fvnds and has agreed that instant access to certain funds is currently necessary to enable the ¢hariiy to opernte effectively. If an excess of funds is hel these will be inv¢sted with an approved UK regulated bank with a maximum fixed ienn of one month. Reserve5 policy The Trustees have examined thc charity'5 reqU1mentS for rescrves in light of the main risks to the organisation. It ha8 established a policy thereby the unrestricied fur$ not comrnitted or inveed in tanble fExed assets held by ihe charity should be 6 months of the core costs plus Ii)an repayment Costs. Th¢ target is £91,000 generdl funds. The reserves ar¢ needed to meei the working Capital r4uiremeniS of the charity and the tnistees ar¢ confid¢ni that at this level they would be able to continue the current activities of tbe ¢harity in ihe event of a significant drop in funding. The balanc¢ of general res¢rves held (excluding funds held as fixed assets and exc1lIng the mortgage balance} at 31 May 2024 were £18,868 {2023-. £125.097). Details of th¢ restricted and endowm¢nt funds can be found in the notes to the finoncial #atements. Going coneern The Trust considers that the charity is a going concern. Fund$ in defjcit The HEROry fund had a deficit balance at the year end as two grants were payable on the completion of the project. which was after the year end.. FUTURE PLANS In Autumn 2023 we successfully applied for the fvational Lottery Heritage Fund's 'New Storie& New Audiences" Fund for AIIA Small Museum members for an exhibilion in 2024 replact -24 Foundry Square.. How ean one building shape to1? in ihe main space doMTrstairs. This was awarded to the charity after the )'ear end. The exhibition Hayl¢ HEttstory will focus on the untold stories of the women of Hayle and West cornw[. it will have a wid¢ rdnging pro8rnmtn¢ of tatks and a¢tiviti¢s c(Finside with the new exhibiiion. The Trust's other main fu5 is on uring the future of John Harvey House after successful applications to Historic England and the SPF Go(Kl Grow¢h Fund. with the work focusing on correcting the failing and none exislent drainage and removing the fail¢d concrete fir in the Dtreclors Block, Putting a new fir in, lift and creating a new exhibilion Spe. Page S
ST REPORT OF THE TRLSTEES FOR THE I'EA EI%DED31 M.4Y 2024 STRUCTURE, GOVERNANCE AND MANAGE,MENT Governiag Document The organisation is a charilable company limitd by guarante¢. in¢orporni¢d on 14 May 2003 and registered as a charÉty on 3 Febrnary 2006. The wmpany was estsblished under a Memorandum of Associaiion which established the objects and powers of the ¢harity alhd is governed under its Article5 of Associ•ion. In the evenl of the company being wound up members are required to contribute an amounl not exceeding £10. Retruitment atKI Appiintmettt of trnstees And management commtttee The directors of the comparty are also charity IllisE¢es for the PUTposes of charity law. Under the requirements of the Memorandum and Articles of A5latiOn, Director5 elected by the Member5 of the Tru serve for A maximum of 3 years and are subje io retiremeni by rotation. Nornined Directors s¢rve at th¢ discretion of the nominating IA)dy. Members entitl¢d to vote at GeneraE and Extraordinary Meetings. wmprise: I l the subscribers to the mem(randum li) the appointing EM)dies iii} such other persons or ganiSatIOnS as are admwtted to membership in a¢cordance with the rules rn]e under Article 61. Directors may apply to k registered as Members and all have done so. All Members will be circulakd wilh inviiations to nominate Trustees prior to th¢ AGM advising them of the retiring Trustees and r4uesting nominations for the AGM. New Trust¢es will be invited and encouraged io attend an induclion and training session to familiarise th¢mselves the charity 2nd the contexl within which it operdts. These are Joindy led by ihe Chair of the Board of Trustees and Heritage & Business Manager, of the charity. New trustees are provided wÈth a pack containing infornmtion covering the following: - The conient of the memorandum and anicles of asso¢iation. - Set of r¢cent board papers and minutes and dates of nexi meetings - Artnu rep(Yts from the previou5 year - Operating documents Orginisat•)n*l structure Trustces m¢¢t quarterly and are responsible for the stragiC direction and policies of the Charity. Currenily there are l O trustees. See page I for details of Trustees in office during the year. There are three nominated bdies who sit on our board.. Hayle Town C(>uncil. Comwall Coun¢il and The PrinLts Foundation Trusl. The Tru board is made up of trustees from a wide varÈety of backgrounds and intrrests. we have a solicitor. a historian, an accountanL a leacher. a local resident (who also volunteers in the Herilage Centre for us). and an engyneer to name few. The Tn]st board has ¢reat¢d subgroups to manage certain areas of the Trusfs operlon$. These groups meet on a more regular basis and rert baek to the full Trust board at quarterly meetings. The subgroups group are given deleted powers and are made up of staff. volunteers and Trust represenLitives. Th¢ Heritag¢ and Business Manager is Laura Walton, who reports to the Trustees. Key managtmenl remuneration All trustee5 give theÉr time freely and no trusttt received remuneration in the year. The pay of thc senÈor staff is reviewed annually by the trustees following the NJC pay scales. The key managemeni personnel of the charity is ihe Herita¥e and Business Manager and her employee benefrts the year wtre £42.52J (202J.' £39.180). Related parties fr P Channon is a Cornwall Councillor. Mr B Capper is a Havle Town Councillors. Nfr S Benney was also a Hayle Town Councillor uniil his reiiremenL Page 6
REPORT OF THE TRLISTEES FOR THE Y AR ENDED 31 AY 2024 STRUCTURL GOVERNAIICE AND MAIYAGEMEI%T Risk m4nagement Thc ifuMces have a duty to id¢nufy and revtew the risks to which the ¢hariiy is ¢xpos¢d and to ensure appropriate controls are in pl*e to provide reasonable assurance aInst frdud and eTror. The Board rf Trustees has ¢ondu¢ted a review of the major risk5 to which the Charity is exposed. A rtsk register is being drawn up and will be updated at least annually. appropriafr. systems or procedures have been cthblished to miligate the risks th¢ charity faces. Inlernal control risks are minimised by the implementsrion of procedures for authorisaiion of all transa¢tions and projects. Prw¢dures are in plac¢ io ensure wrnpliance with Health and Safety of staff, volunt¢¢r& and clients. STATEMENT OF TRUSTEE9 RESPOliSIBILITIES Th¢ trust¢es (who are also the directors of Harvey'5 Foundrv Tru for thc purposes of company law) are responsible for preparing the Report of the Trustee5 and the financtal statements in a¢conlance applicable law and United Kingdom Accounting Standards (Dniled Kingdom G¢neraily Acccptrd Accounting Practice) includtng Financial Reporting Stsndard 102 'The Financial Repcrfing StandaTd applicable in the UK and Republic of Ireland". Company law requires the trUee$ to prepare financial statements for ¢a¢h financial year which give a true and fair view of the state of affairs of the charithle ¢ompany atKI of th¢ incoming resources and application of resources, including the income and exp¢nditure. of the charitable c(Hnpany p¢ri(rfl. In prepaTillg those fthancial Sfatrmenls. the Irustees are requwed to select suitsble accountiE]8 p)licies and then apply them ¢onsist¢ntly- observe the methods and principles in the Charity SORP- make judgements and estimates that are reasonable and prudent. prepare the fTnancial stafrmenls on the going collcern basis unless il is inappropriate io prewme that the charitsble company will continue in business. The trusfres are responsible for keeping prop¢r accounting records which disclos¢ with rewnable accurV at any time the financial position of the charitsble company and io enable them to ensure that the financial statements compl}. with the Companies Aci 2006. They are alK> responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for ihe prevention and detrctioll of fraud 2nd oiher iTregularitie> In so far as the trnstees are aware". there is no relevant audit infonnalion of whi¢h th¢ ¢haritsble ¢ompany's auditors are Unaare. and the trustees have iaken all steps that they ought to have taken to make themselves aware of any relevanl audit infomiation and tr) establish thai the auditors are awaTe of that inf(Mation. The TTusle¢s are responsible for the maÉntenance and integrity of the corp)rate and financial infomiation included on the charitys website. Legislation in the United Kingdom governing preparation and dissernination of financial statements may differ from l¢£i51ation in other jurisdictions. Ab'DITORS The auditors, TC Group. will be proposed for -aPpointMent at the forthcoming Amhual Genetzl Meeting. Page 7
VE FOUN RY REPORT OF THE TRUSTEES FOR THE YEAR EliDED 31 MAY 2024 This report has been prepared in acc4)rdance with the Special Provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ......... ..2.>........ and signrj on its behalf by. B Capper- Trustee Page 8
RE EP ORST H.4RVEI'S FOL'NDRI. TRI ST BERS Opinion We have audited the financial statements of Hatvey's Foundry Trust (the 'charitabk c4)mpany') for the year end¢d 31 May 2024 which comprise the Stsiemeni of Financial .4ctivilies, the Balance SheeL the Cath Flow Statment and notes to the financial statemcnts, includin£ a summary of significant accounting wlicies. The financial reporting framework that has been applied in their preparation is appliLble law and United Kingdom Accouniing Standards (United Kingdom G¢n¢rally Ac¢¢pted A¢¢ounting Pra¢tice). including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in ihe UK and Republi¢ of Ireland.. In wr opinion th¢ financial statem¢nts: giv¢ a true and fair view of the stste of the charitable company's affairs as at 31 May 2024 and of its incoming resources and application of resource& including its income and expenditure. for the vear then ended- have been properly prepared in accordance wtth United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102'The Financial Reporting Standatd applicable in the UK and R¢public of Ireland and have been prepar¢d in ac¢ordan¢e with the requirements of the CoTnpanies Act 2006. Basis for opinion W¢ condu¢t¢d our audit in accordan¢e InternatiC31 Standards on Auditing (UK) (ISAS (UK)) and applithle law. Our responsibilities under those stsndards are further described in the Auditiys, resFK)nsibilities for the audil of the financial staiem¢nts section of our pOrt We are ind¢p¢nd¢nt of thc charitsble company in accordan¢e with th¢ cthical requirements that are relevant io our audit of the financial stht¢meTlts in the LIK. including the FRCS Ethical StandaTd. and we have fulfilled our other ethical responsibilities in accordance with these requirem¢nts. W¢ believe that the audit evidence we have obtained is sufficient and approKYiate to wovide a basis f(r our opinion. Con¢lusi•ns r¢lting to going eontern In auditing the financÈa] statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statemenrs is appn)priate. Based on the WOTk we have perfonned. have not identified any material uncertalniies relating to ¢vents or conditions that, individually or coll¢¢tively, may cast significant doubt on the charitable company's ability to continue as a going concern for a peri(Ml of at It twelve months wheTE the financial Ststrments are authorised for issue. Our responsibilities and ihe responsibilities of the truses with respeci to going conc¢rn are described in the relevant sections of this report. Other inforniatiDn The trustees are responsible for th¢ other inforniation. The othtr infomiation cortiprises inforMlOn included in the Annuat Report. other than the financial staments and our Report of the Independent Auditors thereon. Our opinion on the finan¢ial statements does not cover the other infom)ation an4 except to the £xtu)t otherwise explicitly slated in our repor( w¢ do nol express any fom) of assurance conclusion thereon. In connection wilh our audit of th¢ financial statements. our responsibility is to read the other information and, in doing so. consider whether Éhe other infom)ation is matrrially inconsistent with the financia] slatements or our knowledge obtwned in the audit or otherwise appears to b¢ materially misstatrd. Ef we identifv such maieriaj inconsi#encies or apparent mal¢ria] misstatements, we are required io deterniine whether this gie$ rise io a material misstatemenl in the financial statements themselves. If, based on the work we havc perfonned. we conclude that the is a material missiatemeni of this other inforniation. we are required to rewi that fa¢t. We have nothimg to report in ihis regard. Opinmbns on other matters prescribed by the Companie5 Act 21)116 In our opinion. based on the work undertaken in tlr course of the audit: the inforniation given in the Rep(Kt of the Trustees for the financial year for Nvhi¢h ihe financial tht¢ments are prepared is consisient with the financial statements and the Report of the Tn]Mees has been prepared in accordance with applicable legal requirements. Page 9
OF EP HARVEY, -4LI STOT FO 'DRTr' TRLIST MBERS OF Mwt¢ers Iwhich we are required to repDrt by teptiO In the light of the knOledge and understsnding of the chanlable company and its envir(M)menl obtaind in the Course of the audit, we have not identified material misslatements in the Report of the Tru#ees. We have nothing to rewTrrt in respect of ihe following matters where the Companies Act 2006 requires us to port to you if, in our opinion.. adequale accounting records have not been kept or returns &lequate for our audit have not been received frorn branches not visid by u& or the financial statements are not in agreement with the acwunting records and r¢tyrns: or ¢ertain disclosures of true¢S, remuneration specified by law ar¢ noi rnad¢; or we have not received all the infomiation and explanations we require for our a¥Jdi¢ or the inbstees were not entitled to take advaniage of the small companies ex¢mption from ihe r4uiffm¢ni io prepare a Strat¢gic Report or in preparing the Report of the Trustee& Responsibilities of trustees As explwned more fully ITE the Ststement of TTUStees' Responsibilities, the trustees (who are also the direclors of the charitable company for the purposes of company law} are responsible for the weparation of the financiai statements and for being satisfied that they give a true and faÉr view. and for such internal control as the truses deterniine 15 ne£es5ary to enable ihe preparntÈon of financial statements that are free from material misstat¢men4 whether due to fr4ud or eOr. In preparing the financial stst¢ments. the trustees aTr resTK)nsible for assessÈng th¢ charitsble compony's ability to continue as a going ¢oo¢ern, disclosing, as applicabl¢, Mar$ re]ated to going concern and using the going Concern basis of acUnting ullless the trusiees either intend to liquidaie the charitable company or to cea* operaiions. or have no realistic alternalive but to do so. Page 10
REPO
T OF THE IVD
PT.4LDrroRS TO THE MEMBERS OF
H.4RI'EV'S FO
NDRI. T
Our responsibilities for tbe audii oftht fmancial statements
Our obie¢tives are to obtain reaK)nable assufdnce about whether the financial ststemenls as a whole are free from material
missiat¢m¢nL whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion.
Reasonable assurance is a high level of assurdnce. bul is not a guarante that an audil ¢onducted in a¢cordance with ISAS
IUK) will always detect a material missiaÈemeni when il exists. Missiaiemenis can arise from fraud or error and are
¢onsider¢d material if. individually or in the aggregate. the) could reasonably be expected to influence the economic
decisions of users thken on the basis of these financia] statements. Irreeularities, including fraud, are instances of
non-¢ompliance with laws aT]d regulation& The ¢xtent to which our procedures are Vdpable of detecting irregularTties,
including frdud, is detailed below.
The extent to which our proc¢dures are capable of detecting irregularities, including fraud is detailed below..
The objectives of our audiL in respe¢t fraud, are: to identifv and assess the risks of material misstatement of th¢ financial
stalemenis due to fraud.. to cd)tain sufficient approprÉaE avdit eNYdence gard]rtE th¢ assewd risks of material misstament
due lo frau(L through d¢signins and implern¢ntin£ appropriate Ee¥on5es' and to r¢spond appropri&t¢ly to fraud or 5USP¢Cted
fraud identified during the audit. However, Ihe prirnary re5rM)nsibTlity for the prevention and detectiOT] of fraud rests Wlth
both those charged with gOVnanCe of the entity and its mawement.
Our approach w&8 as follows:
We obtsined an understanding of the legal and regulatory frameworks that are applicable to the entity. considering th¢
nalure of the indts5try and se¢tor, control environment and business p¢rforn]ance. and detrrmined that the most significarit
are those that relate to finan¢ial compliance (for ¢xample in relation to wation. company and chariry law). relevant
r¢gulatory stsndards for the sector in which the charit), oFErdtes. employment mattS and other relevant law5 and
regulaiions. The key laws and regulations we ¢on5idered in this colliexi ivicluded the Charities SORP (FRS 102)
Accounting and Rep)rting by Charities and the Financiai Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102). In addition. we have considered provisions of other laws and regulaiions that do noi have a direci effect on the
fmancial stat¢ments but compliance with which may be fundamental to the charttable company's ability to operate or to
avoid material penalty. These include healih and safety regulations and emplojynent legislation;
W¢ communi¢at¢d identified laws and regulations throughout our t¢am and remained alert to any indications of
non-compliance ihroughout ihe audil-
We considered the procedures and controls that the charitable company has established to address rtsk id¢ntifi¢d, or that
otherwise prevent, deter and detect fraud: and how senior manag¢ment monitors thos¢ programmes atid controls.
We assessed the risks of Tnaterial misstaiement in respect of fraud as follow&
We made enquiries of the trustees and management in relation to any non
REPORT OF THE INDEPENDEYT ALIDrroRS TO THE MEMBERS OF HARVEY'S FOU.NDRY TRbST A further dcscription of our responsibilities for the audii of the fmancial statcmcnis is located on the Financial Reporting Council'5 website at www.frc.org.ukl2uditorsrespongibilities. This description fornig part of our Report of the Independent Auditors. Use of our report This rcport is made solely to the charitsble company's men)ber& as a Y.. in accordanc¢ with Chapter 3 of Part 16 of th¢ Companies Act 2006. Our audil work has been undertaken so thai we might Sle to the chariiable company's metnbers those matters we are required Éo state to them in an auditors. report and for no other purpose. To ihe fullest extent permitted by law. we do not accepi or a&sume responsibilTty to anyone other than the ch1tble COTnpany and rhe charitsble compaJEy's member5 as a body, for our audit work, for this repor( or for the opinions we have fonned. James Pce FCA (Senior Sfatuiory Auditor) ftir and on behalf of TC Group Sthiutory Audttors The Old Carriage Works Moresk Road Tn]ro Cornwall TRI IDG Page 12
HA 'SFO ND sr.4TE.MEYT OF FI ANCIAL ACtIVlTIES IUTIYG ,IN I,COME AND EXP YDIT RE ACCO . FOR THE Y .4R EYDED 31 IL41' 2024 IN RP ?024 Tolal funds 2023 Total funds UnTestricred fund Restricted funds Endowmenl funds Notes INCOME AND E:wMENTs FROM Donations and Icsa¢ies KJ08 171,795 173.103 43,850 Charitable 4etivi¢ies Protection and promotion of Hayle's heritage 354.155 354,155 338,723 Other trading a¢tivities Investmeni income Other income 2,026 2.026 1,646 ,376 192 58 Toial 359,135 171795 530.930 384.199 EXPENDITURE ON Raising funds 2.018 2,018 2,356 Charitable actiwities Protection and promotion of Hayle's heritage 451.184 13,646 464,830 357,818 Other 430,000 430.OIJ) Total 453202 13.646 430,000 896,848 360,174 NET INCOME/(EXPENDITURE) (94,067) 158.149 (430,000) (365,9181 24,025 RECONCILIATION OF FUNDS Totsl funds brought forward 175,820 12JJ,651 1.357525 2.766,996 2.742.971 TOTAL FUNDS CARRIED FORWARD 81.753 lJ91.800 927,525 2.401,078 2,766.996 The noies fomi part of these financial sthtements Page 13
IIEI'S FO I)RY TRL',sr BALAh'CE SHEET 31 MATr. 2024 ?023 Total funds Unrestricted fund Reslricted funds Endownent funds Tolal funds Notes FIXED ASSETS Tangible &qsets Heritage asseis 14 15 10.354 498,225 699,999 L?7,526 710.353 710,761 2J81,841 73.346 508,579 1.273346 927J25 2.709.450 3.092.602 CURREIYT ASSETS Stocks Debtor5 C&sh at bank and in hand 16 17 2.520 51.720 87,467 2,520 51,720 205.921 2.249 40,677 198,715 118,454 141.707 118.454 260.161 241.641 CREDITORS -4mounts fallin8 due within one year 18 (135.821) 1135,821) (123,216) NET CURRENT ASSETS 5,886 118,454 124,i40 118,425 TOTAL ASSETS LESS CURRENT LIABILITIES 514.465 lJ91.800 927.525 2,833.790 3211.027 CREDITORS Amounts falling due after more than on¢ year 19 (4i1712) (432,712) (4M,031) NET ASSETS 81,753 lJ91.800 927 525 2.401 078 2 766.996 FUNDS Unrestricted funds Restricted funds Endowment funds 22 81.753 1,391.800 927.525 175,820 1233.651 1.357.525 TOTAL FUNDS 1401,078 2,766.996 Th¢ notss f¢)mi part of these financial statem¢Trts Page 14 ontinued...
HARV BALANCE SHEET- Contined 31 .MAY 2024 These financial ststements have been prepared in accordance with the provisions applicable to charitable companies subject to the small ¢ompanies regim¢. The financial thtements w¢r¢ approved by the Board of Trustees and authorised for iswe on ....... and were signcd on its behalf by: JRLloyd- t¢¢ B Capper- Trustee The noies forni parl of thes¢ financi ststements Page 15
IND CASH FLOW .4TE.mEPIT R THE YEA ENDED 31 .MAY 2024 2024 Notes Cash flo from operating activittes Cash generated from operations Interest paid 100.509 34,712) 55,832 24,012 N¢t cash provided by operdling activities 65,797 31,820 Cg$h flows from inTresting activities Pur¢has¢ of tangible fixed assets Purchase of heritage assets Inter¢sl received (830) (47.256) 1,646 (7,926) 17,454) 192 Net cash used in invesling adivities 46,440) 15,188) Cash flows from finaneing artivities Loan repayments in year 1? 151) 15,179 N¢t cash used in financing activities Ill51) 15,179} Change in cash and cash equivalents in the reporting perm Cash and cash equivalents at the inning of the reporting period 7,206 ,453 198.715 197,262 Cgsh and cash equivalents gt the end of the reporting perh 205.921 198,715 The notes forni part of these financial statements Page 16
Y'S FOLThT)RY TRu&r NOTES TO THE CASH FLOW sTATEIEy[ FORT EYE R EliDED 31 MAY 2024 RECOIYCILIATION OF ET (EXPENDITURE)IIIYCOME TO NET CASH Finw FROM OPEIL4TIYG ACTIVITIES 2024 202i lyd (exndIture}11n£orne forthe rew>rting perM)d (as per the St*tement of Financial Activities) Adjustments for: tkpreciation charges Loss on disposal of fixed assets Int¢t reeeived Interest paid Impairnient adjustment (Increaseydecr¢Lse in stocks (IncreaseFde¢rease in debknrs Increase/(decreasc) in creditors (365,918) 24,025 .239 882 (192} 24,012 (1,646> 34,712 430,000 1?71} (11,043) ,623 31,006 31,909) Net cash provided by oper2tiOD5 100.509 55.832 ANALYSIS OF CASH AND CASH EQUtVALENIS 2024 2023 Cash in hand otice deposits (le&s than 3 months) 62 205.859 62 198,653 Totsl cash and cash equivat•]ts 20i,921 198 715 ANALYSIS OF CHANGES IIET DEEr At 116123 Cash flow Ai 3115124 Net eash Cash at bank and in hand 198,715 7.206 205,921 198.715 7206 205,921 Debt Debts falling due within l year Debts falling due after l year (13.814) 832 11319 (12,9821 432.712) 457.845) 12,151 445,694) Total 259,130 19,357 239,773) The noie5 form part of these financial statements Page 17
DRY usr NOTES TO THE FtYAh'CIAL ST.4TEMENTS FOR THE YEA DED31 MAY 2 24 ACCOUNTING POLICIES Bxsis of prepxring the fiTran¢ial statements The financial statem¢nts of ihe Charitable ¢ompany which is a publi¢ benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporttng by Charities.. Statement of Recommended Practice applicable to charities preparing their cOUnts in accordance with thc Financial Reportin8 Standard appli¢able in the L"K and Republic of Ireland IFRS 102) (effective l Januarj 2019)., Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial 51atements have been ptepared under the historical cost Convention. as modified by the revaluation of certain assets. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant policy note. The charity 15 a wivare cotnpanv limited by guarnntee, in(y)rporad in England and Wales (company numb¢r 0476400J} and the charity is registered in EmglaNI and Wales (charity number 1112920). The registered office is detsiled on page l. The presentation currency of the financial statements is the Pound Strrling (£). Amounts in the accounts are roundvj to the nearest £1. Preparation of aceounts on a going concern b4si5 The trustees consider there are no materiai uncertsinties aEM)ut the ¢harity's ability to continue as a going ¢oncern. The revi¢w of ihe financial position, cash and reserves levels and fuwre plans gi¥'es the trustees confidence the charity has sufficÈent resources to ntinue its acliv&ties for at least l ? months from the date of approval and signing of these financial ststements. Based on this assessmenL the Trustres consider it To be appropriate to prepare these fancial statements under the going concern basis. Income l%)nattons. legacies and other fomis of voluntary an¢ome are recogni5ed as incoming resources once the chartty has entitlement to the funds it is probable that the income will be received and the amount can be measured reliability. tknnations received for genernl purposes of ihe chariry are included as unrestricted fund5. Donations for activities restricted by the wishes of the donor are taken to restricfrd funds. EkTrnations required be retaina capital in accordan¢e with the donorf5 wishes are accounled for endowments - pernianent or expendable a¢cording io the natur¢ of the restriction. Grants. including grants for the purchw of fixed assets, are recognised in full in the Ststement of Financial Activities in ihe year in which the charity is ¢ntitl¢d to the £ranL that it is kyobable thai they are receivable and ihat they can be reliably measured. When donors 5pecTfy that donations and grant's given to the charity must be used in future accounting period, the income is deferred until tho8¢ periods. Incoming resource5 frC charitable aclivity ar¢ accoun*d for when earned. Rts and service charges from lettings are recognised in the Statement of FinancTal ActTVFiies on a 5traighi line basis in line with the tenancy agreement from the dafr the property was fiN Id. Inveslment income is included when receivabk. Page 18 ontinued...
I OTES TO THE FtY.4YCIAL STATEMEi%TS- continued FOR THE YEAR ENDED 31 MAV 2024 ACCOUNTINC POLICIES - eontinued Expenditure Liabilities are reCOlSed as expenditure as soon as there is a legal or constnictive obligaiion comlnilling the eharily to that ¢xp¢nditure, li is probable a transfer of economi¢ benefits will b¢ required in settlement and the amount of the obligation caTJ be measured reliably. E¥pendiwre is accounted for on an crU5 basis and has been classified under headings ihat aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings ihey have b¢en allocated to tivles on a basis consistent with the use of resources. Costs of g¢nerating funds comprise ihe cosis associed with attrdcting voluntary iETrcome and the costs of trading for fundraasing purposes including the charity's Archive Centre. Charitable expendityre comprises those costs incU¢d by the charit) in the delivery of its &tivities and services for ils beneficiaries. It includ¢s both costs that can be all(tsted directly to such 1vill¢S and those ¢oYs of an indire¢t nature necessary io pport them (support costs). Governance Costs tnclude those costs ass(xiated with Tneeting the ¢onstitutional and stsiutory requirements of the charity and in¢lude the audit fees and costs linkal to the strdtrgic management of the charity. Tangtble red assets tkpre¢iatiiJn is provided at the following annual rates in order to write off each asset over its estimated useful life. Office equipment 250/0 on 20Yo On Cost The Cost of tangible fixed is their purchase eos( iog¢ther with any incrdentsl expenses of acquisition. Individual fixed assets costing £250 or more are c4Yita]ised at COA. Freehold property is held at va]uation based on market value and il not depreciated. Tangible fixed a55ets are reTriewed for indicators of irnpairnient and any impairnient losse5 artsing frotn the difference between the carrying amount and th¢ recoverdbte amount are recogni5ed in the staiements of financial activities. HtritAge asstts H¢ritage assets are capit21ised at CO or market value at the dwe of transfer. The value of the heritsge assets is reviewed pcriodicall) and adjustments fcy impaimient are made as necessary. Any heritage assets are h¢ld by the charity for a historical purpose and to advanc¢ the prrVation atid conservation objectives of the charity. A list of properties held as heritage assets is maintained by the Trnstees. Stoeks Siocks are valued at the low¢r of ¢oM and net r¢alisabl¢ vaiue. after making duc a]lOwaCe for obsoleie and slow moving items. T*xation The charity 15 exempt fri)m corporation tax on its charitable aclivitie& Fund accountirtg Unrestriaed funds Can be used in aw)rdance with the charitable objectives at the discreiion of the trustees. Restriaed funds can only be used for particular r¢stri¢ied purp)ses within the thie¢ts of the charity. Restriction5 arise when specified by the don or whcn funds are raised forparticular re#ricted purposes. The endowment fund rewesents those assets which must be held pernnentlY by the charity. principally the freehold properties. Income arising from the ¢nthwm¢nt nd w be used in accordance with the obj¢xts of the charity and is included as unrestricted income. Page 19 continued.
OTES TO THE FII¥ANCIAL STATEMEPITS - ¢ontillued R THE YEA E%DED31 MAI. 2024 AccouNfiNG POLICIES- tontinued Fund c¢ounting Further explanation ofihe nature and purry>se of each fund is includd in the notes to the financial ststements. Pension costs and rther post-retirement bener The charitable company operdtes a defined contribution pension scheme. Contributions pa>able to the charitsble company's pension scheme are tharg to the Ststment of Financial Activities in the peri(xl to which they r¢late. Employee benefits The Costs of short-terni employee benefrts are regniSed as a liability and an expense. The cost of any unused holiday ¢ntitl¢ment is recoonised in the period in which the employees services are received. Donated goods and services Donated fixed assets are iT]cluded in income at the estimad value of the gift the ¢hartty when re¢eiv¢d, with th¢ othcr enty being capitaliscd fixed assets. For gifted heritsge asse14 these are includ¢d at rnark¢t value at datr of gift. In accordance with the Charities SORP (FRS 102). the general volunteer time provided to the Charity is not r¢cognis¢d. FAnancig1 itLStruments The charity has eleed apply the provisions of Section I I 'BasTrc Financial Instruments, and Section 12 '0ther Financial Jnstruments, lo a]1 of its financial instrumenls. Financial instruments are recognised when the charity oMeS party to contractual FTovisions of the instrument Basic fiiiAneial ets Basic financial &8sets, which include trade and other debtors. are initially measured at transaction pric¢ including transaction costs and are subsequently rIed at amortised cost using the effectÉve interest method unless the arrangem1 conMitutLg a finan¢ing tronsaciion, where the financial asset is measured at the prent valu¢ of the future receipts discounted t a market rate of interest. Financial assets, other than those held & fair value through profrt and 105% are assessed for inithcator5 of impairn7ent al exh reporting end date. Financial assets are impaired where there is objective evidence thal. as a result of one or mor¢ ¢v¢nts occurrcd ofter the initial COgnItion of the finan¢ial asset. that the future cash flows haTre been affd. If an asset is impaired. the impairnent loss is the diff¢r¢nce between Carrying amount and the wesent value of the esiima¢LYI cash flow5 discounted ai the assevs original effective Tnteresi rnte. The impairnient loss is recognis¢d in the slatem¢nt of financia] activities. Basie financial liabiliiies Basic financial liabilities, including trade, other creditors, battk loans and other loans. are initially recognised at trat]saction price unless the aangement Gonstilule5 a financing transaction, where ih¢ debt instrument is rneasured at the preseni value of ih¢ fvrure payments di5¢0und ai a markei rnte of interest. Debi instruments are subsequently (zThied at amortised cosL using the effective interest rd* mdh(MJ. Financial liabilities are d¢recognised when, and only when. the charity's contr¥tua] obligations are discharged, cancelled, or they expire. Page 20 ¢ontinu¢d...
NOTES TO THE FLYLNCIAL STATE.%IENI TS- contÈDued R THE Tr'EA ENDED 31 MAY 2024 AccOuwfiG POLICIES- continued Cash at bnk and in hand Cash at bank and ¢ash in hand includes cash and short tern) highly liquid investhienis with a short maiurÈty of three months or l¢ss from the date of acquisition (K opening of the deposit or similar accouni. CIUTICAL ACCOUNTING JUDGEMENTS AD KETr. SOLIRCES OF ESTIMATION icERTAIry In the application of the ¢harity's accounting policies. the trustees are required to make judgements. estimates and assumptions about Ihe catrying amount of assets and liabilities that are not readily appaTent from other sources. The estimates and ass(iated assumptions are based on experience and tndustry knowledge. Actual results may differ from these estimates. The primary judgements and estimales made Én the financial tstements are depreciation rn*s of fix¢d asscls and the valuatioti of freehold propety and heritage assets. Depreciation is expenses #t a rate that TS determined to best repTesent the useful economic life of rel¢vant &ssets. hich is reviewed by the trustres, along with the associated estimated residual va]ues. The trust¢es revi¢w th¢ valuation of heritage assets and freehold properties annually for impairnient. The tru4ees obtsin third party valuations periodically to assisi them in this revi¢w. Alihough these estimates are based on the tru5tees' best knowledge of the arnounL events or acti5. a¢tyal results may differ from their estimates. The estimales and underlying assumptions are r¢viewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the elMats is revised. DONATIONS AliD LEGACIES 2024 2023 Donations rCl¥able Grants 1.433 171.670 1,096 42,754 173.103 Grants received, included in the above. are as follows: 2024 2023 AIM Comwall Council Community Chesi grant Other grnnis Historic England Comwall CoLmciI Community Capacity grant AHF Transforming Heritage 8,800 480 200 142.190 20.000 50 9,086 33.618 171,670 42,754 Included in grants, were govemment grants tota]ling £20,480 (2023: £nill Page 21 continued...
HARVEY'S FO ND NOTES TO THE FIA'c1AL STA TEMENTS - continued FOR THE Y AR ENDED31 MAY 2024 OTHER TRADING ACTIVITIES 2024 2023 Shop income 2,026 I,i76 INVESTMENT INCOME 2024 Interesi receivable 1,646 192 INCOME FROM CHAIUTABLE AcfiviTIES 2024 2023 Activity Rental & service charge income ProtcrtiOD and promotion of Hayle's heritage 354.155 338,723 RAISING FUNDS Other trAding Activities 2024 202) Purchases 2,356 CHARITABLE ACTIVITIFS COST5 Support costs (see note 9} Direct Costs Totsls Protection and promotion of Hayle's heritage 355.740 109,090 464,830 SUPPORT COSTS Governance costs ,Management Finance Totsls Other relUrceS expended Protection and promotion of Havle's heritsge 430.000 109,0 59.874 i4.712 14,504 489.874 539.090 Page 22 ntinued...
NOTES TO THE FIY.4NCIAL STATEMENTS- continued FOR THE YL4R ENDED 31 MAY 2024 SUPPORT COSTS- Continued In¢luded in support costs is an impaiment loss of £430.000 that was recognised by the charity during the y¢ar to reduce the canying amount of a heritage asset to tts recovernble amount. Sup1 costs. included in the a¥rt)v¢. are as follows: 2024 Protcti(Ml promotion Other resour expended Hay"l¢'s heritage Totsl activities Total a¢tivities Wages Social sUrity Pensions Rates and water Insurance Telephone Postage and siationery Advertising Sundri¢s Equipment expensed Subscriptions Website cos¢s Rent Depreoiation of tansibl¢ and hcrilage 18sets Loss on sale of iangible fixed assets Impairment loss¢s for h¢ntage ass¢ts Interest payable and Similar charges Auditors, remuneration Bank charges 14,794 1.414 350 14,794 .414 350 3,964 15.787 7,500 2,776 185 22.564 7.668 3.810 2J45 22,564 7,668 3.810 2,345 3.393 185 506 706 185 506 706 118 342 611 1239 1239 6.385 882 430.0 430.000 34.712 13,963 541 34,712 24,012 5,850 334 541 430.000 109.090 539.090 72,676 io. NET IIICOMEI(EXPENDTfLIRE} Net incom¢l(up¢nditur¢) is Stsi¢d after charginsl(crediting): 2024 2023 Auditors, remuneratio Depreciation - owned assets tkficit on disposal of fixed a%8ets 13,963 1.238 5,850 882 Page 23 ¢ontinu¢d...
IL4RV NOTES TO THE FIN.4NCIAL ST.4TEMEYTS - continual FOR THE YEAR ENDED31 2024 li. TRiFSTEES' REMUNERATION AND BENEFITS There Ere no trus*es' remunerdtion or other irnefits for the yvdr ended 31 May 2024 nor for the year ended 31 May 2023. Trustees, expenses There were trustee's expenses paid amountino to £65. relating reimbursement f(r travel and other expenses (paid to two Trustees) during the year ended 31 Ma). 2024 (2023= £Nil). 12. STAFF COSTS 2024 2023 Wages and salaries Social s¢xurity costs Othcr p¢nsiori c051s 136,676 122,210 6,898 2,140 2,503 147618 131248 The average monthly number of employees during the year was as follows.. 2024 2023 Full time employees No employces receivd emoluments in ex¢ess of £60,0(Kl. 13. COMPAIUTIVES FOR THE STATEMENT OF FIAcIAL ACTIVITIES Unrestricied Restricted fund funds Endowrnenl fund5 Totsl funds 'COME AND E]%DOWMEiYfs FROM Donations and legdcies 42.704 43.850 Charitable activities Protection and promotion of Hayle's heritage 338.723 338.723 Other trading activrties Invesknent income Other income lJ76 192 58 .376 192 58 Tot¥41 341,495 42.704 384,199 EXPENDITURE ON Raistng funds 2J56 2J56 CharitAble ¥4etiYities Protection and promotiotp of Hayle's heriiage 352J53 357818 Total 354.709 5.465 360,174 Page 24 continued...
OTES TO THE FINAIYCIAL STATE.MENTS- continued FOR THE YEAR ENDED 31 MAY 2024 13. COMPARATtVES FOR THE STATEMENT OF FINANCIAL AcrtV'lTIES - Continued Lnresiricte Restricted Endowment fund funds fur2ds Tothl fund5 NET INCOMEI{EXPENDJTURE) (13214) 37.239 24,025 REcof*CILI.4TIOY OF FUNDS Total fund5 brought forward 189,034 1,196,412 lu57.525 2.742.971 70TAL FUYDS CARRIED FORW'ARD 175.820 1.233651 lu57 525 2 766.996 14. TANGIBLE FIXED.4SSETS Freehold property Office equipment Totsls COST OR VALLIATIO At l June 2023 Additions 707.565 85,305 830 792,870 830 At 31 May 2024 707.565 86.135 793,700 DEPRECIATION Ai l Jun¢ 20?3 Charge for year 82,109 82,109 1.238 Ai 31 May 2024 83J47 'ET BOOK VALUE At 31 May 2024 707565 2.788 710553 At 31 May 2023 707,565 3.196 710,761 Cost or vatuation at 31 May 2024 is represented by= Freehold property Office eqUipMet Totsls Valuation in 2021 Cost 699.999 7.566 699,999 93,701 86,135 707,565 86.135 79).700 Page 25 continued...
NOTES TO THE FP*'.4ICIAL STATE.MENTS - continued FOR THE Y AR ENDED31 AY 2024 14. TANGIBLE FIXED A&SETS- continued If freehoki land and buildings not been revalued they would have been included at th¢ following historical cos¢.' 2024 2023 Cost 7.566 7,566 The freehold land and building was v#lu¢d on a markei value basis on 24 September 2021 by Andrew Ranson MRICS of Miller Commercial. Included in freehold property is £7,565, lCh represents the legal costs for the land atthe Vi&duct that wa5 gifted to the charity aftu the year end. This was not part of the valuation in 2021 detsild above. Freehold woperty with a carrying amount of £700.0(M) has been plalged to Ure bornwings of the company. There is also a second charge on this property in favour of Cornwall Council, wh¢re the Charity would be liable to pay £110,000 to the Council in the event that the property W&$ sold. This will expire on l July 2030. 15. HERITAGE ASSEIS Total MARKET VALUE At l Jun¢ 2023 Additions Impairments 2,381,841 47.256 {430,0001 At 31 May 2024 I%ET BOOK VALUE Ai J l May 2024 1,999,097 At 31 May 2023 2381,841 On 30 May 2007 the freehold property 'Foundry Farni, was gifted to Harvey's Foundry Trust from Penwith District Council. The independent markel i'alue al the date of the gift was £51)O.000 and legal costs were £2,J54. The current value in th¢ accounts is £500,000 but this excludes East Stables, which are leased io The Guinness Trust (London Fund) on a peppercorn reni for 125 years from 2007. The charit), holds the till¢ to this property bui it is not Constdered to be an asset in the char&ty account& On 23 March 2009, the freehold propertie5 knowi as John Harvey House and Dowren House was purch&sed from P¢nwiih District Council for £2. Th¢ independent market vaiue ai the dale of the gifi was £750,000. These properties have since been revalued and t)OWTen House reclassified as a tangible asset in 2021 (see below). On 26 February 2015. the freehold property 'Plantstion st(e. was (rifted to Harvey's Foundr), Trust from Cornwall Country Council. Thc ind¢p¢ndeni market walue ai ihe d&e of the gift was £35.000 and lega] costs were £2,504. At 31 May 2015 there was an overage agemen1 in favour of Corn1] Council. The is a charge registered against this prop¢rty by th¢ Truye¢s of Naiional Heritage Memoria] Fund. On 21 Dcccmber 2015. the freehold property Pattern Shop/Cart Shed, was iranSfd to Harvey's Foundry Trust from Sennybridg¢ (Hayle) Lid. The independertt markei value at the date of the trdnsfer was £40,000. There is a charge r¢gistered against this property by th¢ Trnyees of N.ational Heritsge Memorial Fwid. Page 26 continued...
NOTES TO THE FlIN.4NCIAL ST.4TE1METS- contlDued FOR THE IEAR EIDED 31 MAY 2024 15. HERITAGE ASSETS - eontinued During 2016 and 2017, Artefacts totslling £31979 were acquired by the charity and are included within herilage ass¢ts. Art¢facts cosiing £420 were purchased in 2024 and included in heritage assets. On 2 February 2017 the freehold woperty 'Land & Bllildings on the easi side of the Plantstion Lane, Hayle were gifted to Harvey's FoundTr Trust from Mr John tkniels. The land and buildings were gifted at a value of £1. In 2020, phase 3 of the rest(rtion and refurbishment of the Harvey's Foundry site was completed. The total project CO exceeded £4,200,000 and will ¢on5¢rve rhe buildings known as ihe Plantaiion Store, Pallem Shop and ihe sit¢ of the forn]er Cart Shed. This project was mainly funded by the Hertlage Lottery Fund. In 2021. the heritage assets h¢ld (excluding Artefacts £i2.979) We VUed on a mkel value basis by 3rd party Independent lalu¢rs, Andrew Ranson IWUCS of Miller Commercial Valuets Ltd, at £3,000:000. This included £700.000 for Dowren House. whi¢h was transferred to tangible assets in 2022 as tt was not considered to fall within the definition of a heritsge asseL The charity recognised an impairnient10&8 in 2021 tt) r¢du¢e the ¢arying amount of the Heritage assets to its recovernble amount. This impairment loss amounting lo £2.590.802 was recognised as expenditure in the Stameni of Financial Aciiviiies in a¢cord8nce M'ith the Chartty SORP. As these assets ar¢ h¢ld under valuation depCIation has not been charged. The Trustees have used this 2021 valuation in their &ssessment of the value of the heritage pmpertles as at 31 May 2024, together with the 2023 valuation of John Harvey House, which 5tsted the valu¢ of this building had r¢duc¢d io £nil given ils conditTOM at th¢ time. Excluding John Harvey House. the Trustees consider tTr valuation of £1.870,000, taken from the 20? I VuatIOn remains appropriate for the other heritage a&sets at ihe year end. An impairnient loss of £4JO,000 was recognised as expendiiure in the Statement of FTnancial Aciivilies for John Harvey House. In 2022, cosls of developing and restoring the John Harvey HousE were included in heritage assets amounting to £41.408. In 2023 and 2024 a further £48.781 hag been 9)ent on this project. These ¢osts have been added to herilage assels Is the Trustees believe that this has increased th¢ 20J? valuation of the property. In 2023, the Boring Mill {forniedy Known as the Granary Barn) was gif*d to the charity by The Guinness Partnership Limited. This bam had previously been valued £Nil as the liabiliiies for maintaining this building ¢xceed the value in the building and land. The Trustees have eonfim)ed that th¢y have considerL¥J this and thefOre no value has been included in the accounts other than ihe legal costs of this M&wlion. In November 2023, Ihe land ai Hayl¢ VÉadu¢t was gÉfted io the charity by Hay]e Fo¥Jndry Limited. The Trustees are of the opinion that the alue of the land i5 not materiat to the accounts. At present, the value in the accounts represents the legal co9 of this transaction. See note 20 for assets pledged as securiiy for ihe bank loan. There is also a second charge over John Harvey House in favow of Cornwall Council, where the charity QUId be liable io pay the Council £1 l 0,000 in the event that the property wa5 sold to a third party. Thi5 will expire on 2 July 20iO. Page 27 continued...
OTES TO THE FIN.4NCIAL sT.ATEIENTS- continued FOR THE YEAR EDED 31 MATr 2024 15. HER]TAGE A&SETS- continued Cost or valuation at 31 May 2024 is represented by: Heritsge assets Valuation in 2015 Valuation in 20?] Valuation in 2024 Cost 625.002 (2,590,802) 1430,0001 4,394.897 1.999,097 16. STOCKS 2024 2023 Stocks 2,520 2,249 17. DEBTORS: AMOUNTS FALLING DUE WtrHIN ONE YEAR 2024 2023 Trade debtors Prepayments 30.269 21,451 22.188 18,489 51,720 40.677 18. CREDITORS: AMOUNTS FALLING DUE WITHIN OYE YEAR 2024 2023 Bank loans and overdrnfts (see note 20) Trade creditors Social security and other t&x¢s VAT Other creditors A¢¢rua£s and deferred income 13.814 22,017 2.017 4,964 45.567 i4,837 30,446 2.170 2.968 44,480 42.775 135 821 123.216 Page 28 continued...
RYTR OTES TO THE FIN.4NCIAL STATETrIENTS- Continued FOR THE Tr'EAR EliDED 31 TrlAI' 2024 19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN OliE YEAR 2024 Bank loan5 {Ke note 20) 432 712 444,031 20. LOANS An analysis ofthe malurity of loans is given below- 2024 2023 Amounts falling due wtthin one year on demand: Bank loans 12,982 13.814 1 1,982 13,814 Amount5 falling du¢ b¢tween and five years: Bonk 5oans- ?.5 years 55.257 Amounts falling due in more than fTve yeaTS- Repayable by insts]ments: Bank loans rnore 5 yr by tnsthlments 380,785 388,774 The CAF Bank loan is secuTed by a fixed lega] charge over the freehold land and properties: John Harv¢y Hous¢, 24 FouT]dry' Square, Hayle. TR27 4HH Dowren House. 5 Foundry Lane. Hayle. TIL?7 4HP Foundry F8nn: Foundry Lane, Hayle TR27 4HP The annual inlerest rate is the Bank of England Base Rate plus 2.5Vo and the loan period 15 25 years. The Capitsl repayments ¢omm¢n¢ed during February 2018 and the contracbjal end date of the loan is 19 June 2041. 21. SECURED DEBTS The following secured d¢bts are in¢lud¢d within ¢rdir5. 2024 2023 Bank loans 445.694 457.845 Page 29 ontinu¢d...
HA 'EY'S F YDRV TRusr ryOTES TO THE FINANCIAL ST.4TENIEJTS- continued FOR THE YEAR EIYDED 31 IllAI' 2024 22. MOVEMENT FUNDS Net mov¢m¢nt in funds At 3115124 At 11612) Unrestricted funds General fund 175.820 (94,067) 81,753 Restricted funds Ph#s¢ 3 John Hatvey House build Hayle HERstor) Project 1.190,947 42.704 1,190.947 204,894 4,041) 162,190 4,041) 1.233,651 158.149 1.391,800 EDdowmeni funds Foundry Farm John Harvey Hous¢ & Dowren H{M¢ Plantation Store Pattern shop and site of fixmer Cart Shed Artefacts Land & buildinoJ on the east side of Plantstion Lane. HaN'I¢ 500,000 750.000 35.000 40.000 500,000 320,000 (430,0(K)I 40.fffjO 32,524 1,357.525 430.000) 927.525 TOTAL FuDs (365,918) 2.401.078 Net movernent in funds. included in the al)ove are as follows: Incoming resou¢5 Rewurces expended Movement in funds Unrestricied funds General fund 359.li5 (453.2021 (94,067) Restricted funds John Harvey Hou5¢ build Hayle HERstory Project 162,190 9.605 162,190 4.041) 13,646) 171.795 (13,646) 158,149 Endowment funds John Harvey House & DoMTen House (430,0(KI) 1430.000) TOTAL FUNDS 530,930 896,848) 365.918) Page 30 continued...
HARVEY'S FOL. RY YOTES TO THE FINANCIAL STATETrIEThTS- continued OR THE YEAR ENDED 31 MAY 2024 22. MOVEMENT IN FUNDS-eontinued Comp9r4tives for movemen¢ ID fvnds movement in funds At 3115123 At 116122 Llnrestric¢ed funds General fund 189,034 (lJ,214) 175,820 Restricted funds Phase 3 Compuier Equipment John Harvey Hous¢ build 1,196,112 300 (5,165) (3001 1.190.947 42,704 1,196,412 37239 1,2i3,651 Endowment futkds Foundry Farm John Haryey House & tkjwren House Plantation Store Pattem shop and si* of fomier Cart Shed Art¢facts Land & buildings on the east side of Plantstion Lanc, Hayle 500.000 750.000 35.000 40.000 32,524 500.000 750.000 35,000 40,000 32,524 57,525 ,357 525 IOTAL FUNDS 2.742.971 2,766.996 Comparative net movement in funds. included in the above are as follows: Incoming resources Resour¢e5 expend Mov¢rnent in funds UnrestTlcltd funds General fund 341,495 (354,709) (13,214) Restricted funds Phase 3 Computer Equipment John Harvey Hou5¢ build 15,165) (300} (5,1651 (300) 42.704 42.704 5.465 37,239 TOTAL FUNDS 384.199 360.174) Page31 continued...
NOTES TO THE FIYAYCIAL STATEMENI TS- continued FOR THE YEAR ENDED31 MAI. 2024 22. MOVEMEfiT FUNDS-continutd A Cent year 12 months and Pri year 12 months combined position is as follow& Net movement in funds Ai 3115124 Ai 11612? Unrestricted funds Genera] fund 189,034 (107.281) 81.753 Restricted funds Phase 3 Computer EquTpment John Hatvey House build Hayle HERstory Project 1.196,112 (5.165) 1300) 204.894 (4,041) I,1,947 204.894 {4.041) 1,196.412 195,388 1.391,800 Endowment funds Foundry Farm John Harvey House & tknwr¢n House Plantalion Store Pattern shop and site of forn)er Cart Shed Artefa¢is Land & buildings on the east side of Plantation Lane. Hayle 500.0(K) 750,O¢X) 35.IM)O 500.000 320.000 3).000 40,000 32.524 (430,000) 32.524 1,357.525 430.000 927,525 TOTAL FUNDS ,742,971 J41.893 2,401,078 A current y¢ar 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incorning resources Resources expended Movement in funds Llnrestri¢ied funds General fund 700.630 (807,911) (107,281) Restricted funds Phase 3 Computer Equipment John Harvey House build Hayle HERstory Project (5,165) 15.165) 1300) 204,894 4,041) 204,894 9,605 13,646 214,49) (19.111) 195.388 Endowment fun(Ls John Harvey House & DowTen House (430,000) (430,000) TOTAL FUNDS 915,129 (1,257,022) (341.893) Page 32 continued...
I%OTES TO THE FI AhCIAL STATEMENTS- continued FOR THE Tr'EAR Eh'DED 31 MAI. 2024 22. MOVEMENT IN FuDS- continued Restricted Fund$: Phase 3 - the project commen¢ed during ?015 and related to the restoration of the Harvey's Foundry site which was ¢omplet¢d in 2020. Millpond Leafiet - funding was rec¢iv¢d from Hayle Town Council towards this leafl¢t last year and was spent this year. Computer equipment funding was received towards the Purch of a new laptop. The balance represents the carrying value to be deprlated over fullwe years. John Harv¢y House - the project commenced during 2021 and relatrd to the rcsloraiion and development of John Harvey House. Two grdnts were received during the year ended i l May 2023 to help fund the costs of ihis project. One grant from Ar¢hite¢turnl H¢ritage Fund and onc from Historic England. The restr>ration wsts hav¢ been capitalised in fixed awts. Further wts were received for this proje¢t during ?024. Thes¢ were received from Historic England, Cornwall Council Go(xls Growth Fund Cornwall and Isles of Scilly Shared Prosperity Fund and CommunTty Capaoity Grant. This included funding for a community outreach wogramme during ihe closure of thc HeTilage Centre. Hayle HERory project - during 2024 grants were received frThn Atm, Lirtle Parc Owls Trusi Hayle Pump and Hayle Old Cornwall Society to enable the charity to run a projeffl and exhibitÉon to lell untold stories of Courageous women in Cornish History. This fund is in deficit at the year end as iwo grants payable on the c(Knplelion of the project. Endowment Funds: The permanent endowments were establishal b). the gift and t of 3 properties fr(Mn Penwiih Distrtct Council. The gift and sales w¢te mode to the charity on condition that ihey are held as pern)an¢nt endowments, the income from which is freely available lo fund the activities of the chariiy. During the year ending 31 May ?015 the freehold propertv known as 'The Plantslion Store. was transferred the charity with the condition that it is held as a pemianent endowmemt. During the year ending 31 May 2016, the freehold property known as The Pattern Shop amd the site of the fornjer Cart Shed, was transferred to the chariiy M'iih the condition that it is held as a pernianent endowtnenl. During the ycar ending 31 May ?017. the freehold land and property known as land and Buildings on the east side of Plantation Lane. Hayle, gifi¢d to the ¢harity' bj Mr J thniels. Page 33 coniinued...
IYOTES TO THE FINANCIAL sTATEIE.,TS- continued FOR THE YEAR EDED 31 MAI, 2024 EMPLOYEE BENEFIT OBLIGATIONS During the year ended 31 May 2023 the pension costs were £2,503 {2023.. £2,140). At the year end the amount outstanding was £509 {2023.. £496). 24. CONTINGENT LIABILITIES There are Iwo overage agrentS in place w certrAin heritage assets held b). the charity. On Iransfer of the Plantstion Sto5 on 26 Febru 2015, the charity Wds subject to an overage agreement in favour of Cornwall Council. The Council have a right to be paid a proportion of the sale Price in the everkt thai the property is sold. The overage agreement for Boring Mill Ifornially known as Grdnary Bam) is dependent on certain work being ¢arried out to install slandard services for the connection to rnwn ulilitics and to rcinstattlrwir various parts of the structure. The terni of the agreemenl Is io years from the transfer in 202). In ihe e¥'ent of & disposal within the overagc period before completion of this work, an additional pavmeni 150ts/0 of sai¢ pri¢e} would b¢ due to Th¢ Guinness Partnership Limited. If the specified Ork is completed. the overage agreement ends. 25. CAPITAL COMMITMENTS As at 31 May 2024. the truslees had authorised the following expenditure that has not been recogni5ed in the finaT]cial 5talements: Structural and essential repairs liracludÉno draina work) of John Harn'ey House ai all esutnatrd cost of £641,000. Grdnts have been awarded to fund ihis work. of 1)ich £510.058 is due to be received after 31 May 2024. once conditions to the grnnts have been mei. £120,695 was held in the bank as al 31 May 2024 from grants already r¢¢eived but not nt at this date. 26. RELA TED P.4RTY DISCIA)SLRES There were no relaied party Irdns&tions f(K the year ended 31 May ?024. 27. LEGAL STATUS OF THE CHARITY The charity is a company limi*d by guaraniee and has no share capitsl. In the event of the charity being wound up? the liability in respe¢t of the guarantee is limited to £10 per member of the charity. Page 34
HARVEI'S F DETAILED ST.4TEMEliT OF FINANCIAL ACTIITITIES OR THE AR Ei%DED 31 K4Y 2024 2024 2023 INCOME AND ENDOWMENTS Donations 8nd legacies Donations rcc¢ivabl¢ Grants 1,433 171.670 1,096 42,754 173,103 43.850 Other trnding activities Shop in¢ome 2,026 ,376 lThvestment income Interest re¢eivable 1,646 192 Charitable a¢tivi¢ies Rcntai & service ¢harge income 354,155 338,723 Other income Other income 58 Tolil incoming resources 5JO,9)0 EXPENDITURE Other trnding *etivitits Purchases 2.018 2.356 Charitable activities Wages Social security Pensions Light and heal Staff training Cleaning Repairs and maintenan¢e Security cosis Bad debts Other legal and professional Orkshop and exhibition costs Rates and war 121.882 7.025 2,153 85.581 3,580 25.412 52,783 18,708 122,210 6.898 2,140 50.197 3,801 21.100 57,853 5,841 3,155 10,857 1,0 20,098 554 17.964 355.740 285,142 Support tosts Management Wages Carried forward 14.794 l4.794 This page does not forni part of the ststutory financial ststements Page 35
DETAILED STATEME*T OF FINAYCI.4L ACTIVITIES FOR THE YEAR EliDED JI MAY 2024 2024 2023 M9nggement Brought forward Social security Pensions Rates and waier Insuran¢e Telephone Poslage and stationcry Advertising Sundries Equipment expensed Subscriptions Website costs Renl DeprlatIOn of computer equipment Loss on sale of tangible fixed assets Impwrmeni I0S for heriiag¢ asseis 14,794 1.414 350 3.964 15,787 7.500 2.776 185 3,030 22.564 7,668 3.810 2J45 3J93 185 506 706 900 1.239 6,385 882 430.000 489.874 42,480 Finance Bank loan interest 24.012 GoVernaCe costs Audiiors, remuneration Bank Charges 13.963 541 5.850 14,504 6.184 Totsl resour¢es expended 896,848 )60,174 Net {expenditureyincotne 365,918) This page does not forn) part of the statutory financial statements Page 36