Charlty registration number 1112920 Company regSstration number 04764003 IEngland and Wales) HARVEY'S FOUNDRY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MAY 2025
HARVEY'S FOUNDRYTRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr B Capper Ms S D Johnson Mr R H Lello Mr l R Lloyd MrRJGMorton Mr K J T Rickard Ms S M R Thomas Mr K McHugh Mr P Channon Ms K Galbralth IAppointed 17 Oclober 20251 Secretary MrRIGMorton Senlor management Mr B Capper Chair- nominated by Hayle Town Council Vice char lappotrnted 6 November 20241 Treasurer (appointed 29 January 20251 Mrj R Lloyd Mr K M¢Hugh Charlty number 1112920 Company number 04764003 Re81Stered office 24 Foundry Square Hayle Cornwall United Kingdom TR274HH Independent examlner TC Group Vivian House Newham Road Truro Cornwall United Klngdom TRI 2DP Bankers 8arclay5 Bank PIC 8-9 Market Jew Street Penzance Cornwall TR18 2TW
HARVEY'S FOUNDRY TRUST LEGAL AND ADMINISTRATIVE INFORMATION 5gllcitots GA Solicitors 25 Lockyer Street Plymouth DEVON PLI 2QW
HARVEY'S FOUNDRY TRUST CONTENTS Page Trustees, report Independent examiner's report io Statement of financial activities 11-12 Balance sheet 13-14 Statement of cash flows 15 Note5 to the financial statements 16-38
HARVEY'S FOUNORY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MAY2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the linancial statements of the charity for the year ended 31 May 205. The trustees have adopted the provisions of Accounting and ReportTrng by ChariJes.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffecttve I january 20191. Thi5 report serves the purposes of both a trustees, report and a dirertors, report under company law. The financial statements have been prepared in accordance with the accounting policies set out in note I to the ffinancial statements and comply with the clarity's governing docurnent, the Companies Act 2006 and kcounting and Reportin8 by Charitie5.' Statement of Recommended Practice applicable to charities prep3ring their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFf6 1021 leffertlve I january 20191. Objectives and athvitie5 The charity's objett5 are.. to promote the preservation, protection, development, improvement5 and educaJon for tle benefi.t of the people of Hayle, the county of Cornwall and the nafjon, the natural. historical. architectural and constructional heritage. features. objects, collections and projects of historic and public interest, including buildings las dehned in section 336 of the Town and Country planning Att 19901 of particular beauty of historical. architectural or constructional interest. Background Harvey's Foundry Trust IThe Trust) is a community development organisation which aims to use heritage and culture to help contribute towards the regeneration of the town of Hayle in West Cornwall. We own and manage Harvèy's Foundry, a two-hectare historically important site in Hayle, West Cornwall. The 51te was once the location of Harvey & Co. famed for it5 en8ineerin8 eKperbse which helped shape the Cornish industrial revolution. Unfortunately, ès traditr-onal Industries declined in Britain, Harvey & Co. closed and the site became derelict, with Hayle and its surrounding areas falling into economic and physical decline. The Trust was created in the mid-J990s,' it developed from the local eommunity working in partnership with key stakeholders to protect and preserve Hayle's rich heritage. The Trust has renovated redundant listed buildin85 and brought them back into economic use land thus safeguarding their future) ensuring that 518nific3nt heritège assets of the town are preserved for fijture generations. The income generated from this èctivity means that the Trust is not reliant on grants br its cole running costs and, most importantly, can rnèke use of its educats.onal value to enhance people's enjoyment and understanding of Hayle's heritage. The charity renovated 5 listed building5 Iall of whlch were on the at-risk reglsterl and has also built a stylish new build.. Dowren House. These projects have created office space for new business in the town, enabling over 40 buslnesses to locate and start up in the town, resulting in over 150 lobs. Alongside this, the Trust promotes and protects the town's heritage through a range of activities. channelled principally through Hayle Heritage Centre, whilst amassinE an impressive collection of objects. and attracting over 11,000 visitors.
HARVEY'S FOUNORY TRUST TRUSTEES. REPORT IINCLUDING DIRECtORS' REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Aims A Forward Strategy developed in 2014 outlined the Trust's key aim5 and sets out our Statement of purpose. The Trust envisioned that The Centre would be the cultural anchor for the develtspment and expansion of the regeneration programme that has been taking place at Harvey's Foundry and contribute to the wider regeneration of Hayle. 'To create a vlbrant. vlable destinaUon for re51dents and visitors that uses heritage as the focLts for a range of uses and contributes to thè regeneraUon of Haylè" "To protect, promote and conserve Hayle'5 cultural history" Our mlsslon To preserve and promote the heritage and history of Hayle and the Surrounding areas. What do we want to athlwe? We want to create a welcoming research centre. We want to protect and preserve Hayle's remaining listed buildings. Build and preserve a collection of artefacts, archival material and informatiorb that relate5 to the history of Hayle and its surrounding areas. Act as a hub for education and learning in the town. Give the residents of Flayle a sense of pride in their town. Publicise Hayle's international importance. We want to create a centre that provides Hayle with a community focus and gives the Harvey's Foundry site cultural anchor. Public benelit The Trustees have pald due regard to guidance issued by the Charity Commission in decidin8 what activitie5 the charity should undertake.
HARVEY'S FOUNORY TRUST TRUSTEES, REPORT IINCLUDING DIRECtORS' REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Significant activities Our main acttvlties in support of our ¢harFtable objective5 for the year ending 31 May 2025 werè.. General Trust a¢tivlti The Trust administration Is golng well, we have been athvely looking for new trustees, we appolnted a new one, Kathryn Galbraith and appointed a new treasurer. We have started to advertise units directly through Right Move rather than using a third-party estate agent to reduce costs and this has worked well with occvpancy 5ti11 around 90%. Hayle Heritage Centre Hayle Herstory We successfully applled for a @rant from AIM (Assoclation of Independent Museums) to run a project called Hayle Herstory. This project created a new body of research, that informed an outreach programme targeted at new audiences, and was used to create an exhibition held in Hayle Heritage Centre from April 2024 to October 2024. Volunteers spent 808 hours. researching new stories using resources such as The Nakn'onal Archives, British Newspaper archives. Kresen Kernow Icornwall's County archivel. and other museums collections. From this research we created an exhibition that focused on 13 historical women and groups of women. with 13 modern Cornish women (from a variety of backgrounds, geologist, scientists, sportswomen and performers). The research led to us loaning objects for the exhibition from.. Penlee House, St Ives Museum, Hypatia Trust, Morab Library, Museum of Cornish Life, Royal Cornwall Museum, King Edward Mine, and the Sedgwick Museum at Cambridge University. We traced existing families of 4 of the historical women, and loaned item5 includin8 familv phot05, letters and objects. Wè workèd with Redfern Gallery who hold the Marget Mellis collection (featured in the exhibition) and loaned her artwork to display. This resulted in objects in the exhibition that had never been seen by the public before, or objects that had never been displayed in Cornwall before. We also ran a program of talks. workshops and events that involved a wider range of people in heritage.. 60 local primary school children came and took part in the Kids Rock workshop, their geodes were then displayed 3s part of the final exhibitiori, We connected with 55 people at Hayle recreation ground, 144 people came to talks, 51 people came on guided tours, 120 children came to the craft se5SiOIIS, We had 70 new people sign up to our newsletter (total now 1201 this goe5 Out quartefly with artlcles on the history of the town, and highlighting objects from our collection. In total we connected with over 2000 visitors through this projert, and following a reflection session with the volunteers who manned the exhibition they said that a lot of people who came through the door Iparkncularly women) had not been to the centre before and had come specilically to see the exhibiti)n.
HARVEY'S FOUNDRY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 OBJECTIVES AND ACTIVITIES Public benefit The Trust's core values (public benelitsl are.. Regeneratlon, Edutauon and Conservètlon. We fullil those values through a variety of mechanisms.. Using history as a basis for community cohesion and giving Hayle's residents a sense of place. Protecting and promoting Hayle'5 history, thu5 encouraging a cultural tourism. Working with all live local primary schools, Hayle Community School and the local colleges- offering field trip5. learning pack5 and joint collaborative projects to enhance the curriculum. Rebuildin8 decrepit yet historically important buildings which in turn enhances a run down underused area, thus encouraging private individua15 to do the same. Creatr'ng affordable yet high quality office and workspace to allow local small business to grow, thus increasing the opportunity for high quallty jobs. Providing a wide range of volunteering opportunities with a fully supported training programme. The trustees confirm that they have referred to the guidance contsined in the Charity Commissictn's general gLJidante on public benelit when reviewing the Trust's aim5 and objectives and in planning future acilvities and projects. Volunteers We have a core group of 15 volunteers, they are working on the collection and researching whilst the heritage centre is closed to the public. A5 part of the final phase of the project we will develop our volunteering policie5 and run a volunteering recruitment drive.
HARVEY'S FOUNDRY TRUST TRUSTEES, REPORT IINCLUOING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Athlevements and performance 5i9nificontGCVJtses undochievements ogoinst objectives General- Trust admlnlstration Thè Trust administration is going well. we are going to review our boaid and management as part of a wider project. looking to recruit new trLJStees and volunteers as part of the rtropening of Hayle Heritage Cent. Our lettings and rentals are still going Strong. with occupancy around 90%. John Haryey House- phase I We have been 5ucces5ful in obtaining three 8rants for the John Harvey House Phase I project, this has been £81,590 from National Heritsge Lottery Fund. £318,658 from Good Growth SPF fund and £260,000 from Historic England. This project saw us work on the most urgent struttural i55utr removing the failing floor of the Oirector5 Block and reCfy thè cause of m05t the strurtural problems the lack of drainage, we also installed a new lift as the old lift was failing and wasn't fit for purpose. To undertake these structural changes, we had to close the centre to the public, this gave us an cpportunity to run parallel project that looked at what our heritage offer was, our current and potentfal audiènces and explore what our offer Could be when we re-open and how we could make the centre more sustainable moving forward. We have created an ambitious renewal and reopening project. ensuing the Centre thrives 3$ 8 21st-century hub for learning and community engagement. becoming a cultural anchor foi the town. We will be exploring how we can deliver this project, looking for funding opportunities to either deliver the whole project or split the project into phases of work. as and when funding opportunities arise. Whilst the building is closed we are continuing to connect the publit to the collection through orline exhibition, soclal media short5, and a regular new51etter, we will be developing outreach events for the Stsmmer 2026. Fundraising proctices Fundralslng activlties The organisation does not carry out significant fundralslng athvlttes.
HARVEY'S FOUNDRY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Flnanclal revlew Flnanclal posltbon The charity reports an overall surplus of £2,66812024.. deficit of £365,918) for the year ending 31 May 2025. A defi.cit of £9,81112024.. £158,149) relates to restricted funds which mainly represent5 the restricted grants received in the year for the john Harvey House build project less expenditure on this projecL which has been largely wrltten off within the impairment adjustment. There was also a loss on revaluation of £497,%9 for John Harvey House, representing an impairment adjustment made. The value of john Harvey House was assessed by the Trustees and given Its current condition and the work still required on the building, the valve in the accounts was rèduced. Unrestricted funds had a surplus of £12.47912024.. £94.067 deficit) for the year. Incorne had increased from £530,930 to £887.598 due to restricted grants received for the john Harvey House project. Total funds at the year end amounted to £2.403.746 12024.. £2,401.0781. of which unrestricted funds represented £94,232 12024.. £81,753), restricted funds represented £1,381,989 12024.. £1,391,800) and endowment funds represented £927,52512024'. £927,525). Going concern The Trust considers that the charity is a goin8 concern. Reserves policy The Trustees have examined the charity's requirements for reserves in light of the main risks to the organisatton. It has established a policy whereby the unrestrlcted funds not commltted or Invested In tan8lble fixed assets held by the charity should be 6 months of the core costs plus loan repaymènt costs. Thè target is £91,000 in genÈral fLJnds. The reserves are needed to meet the working capital iequirements of the charity and the trustees are conlident that at this level they would be able to c0nnUè the currènt acdvittes of thè charity in the event of a significant drop in funding. The balance of general reserves held (excluding funds held as fixed a£sets and excluding the mortgage balance) at 31 May 2025 were £16,33712024- £18,868). Details of the restricted and endowment funds can be found in the notes to the financlal statements. Investment policy Inve5trnent pollcy and objectives The Trustees have considered the most appropriate policy for inVesng funds and has agreed that Instant access to certain funds is currently necessary to enable the charity to operate effecttvély. If an excess cl funds Is held. these will be invested with an approved UK regulated bank with a maximum fixed term of one month. Plans for future period5 We are in conversation with Historic England about funding the next stage of the project, focusing ON the Drawing Oflice Iphase 2 of the John Harvey House Project), repairing its timber structure to ensure it is structurally sound. We are also exploring possible funding options for the final phase of the Wofk which will see us I1$h the struttural work needed to take the building off the Heritage At Risk register. create 5 new permanent gallerie5 and expand the shop, alongside a ranEe of outreach athvitles that wlll rèconnert resldents to the coll&tton.
HARVEY'S FOUNDRY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR EIIDED 31 MAY3025 Strutturei governante and management Governlng Document The organisatr'on is a charitable company limited by guarantee, incorporated on 14 May 2003 and re&stered as a charity on 3 February 2006. The company wa5 established Under a Memorandum of Association which establlshed the objects and powers of the charlty and Is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. Risk mana8ement The trustees have a duty to identify and review the risks to which the charity is exposed and to tslsufe appropriate controls are in place to provide reasonable assurance against fraud and erro¥. The Board of Trustees has conducted a review of the major risks to which the charity Is exposed. A risk register is belng drawn up and will be updated at least annually. Where appropriate. systems or procedures have been established to mitigate the risks the charity faces. Internal control rbsks are minlmised by the imeMentaon of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with Health and Safety of statt, volunteer5, and clients. The TrLSStees, who are a150 the directors for the purpose of company law, and who served during thÈyear and up to the date of signature of the financial statements were.. Mr B Capper Ms S D Johnson Mr R H Lello Mr J R Lloyd MrRJGMorton Mr K J T Rickard Ms S M R Thoma5 Mr K McHugh Mr P Channon Ms K Galbraith IAppointed 17 October 20251
HARVEY'S FOUNDRY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Recruitment ond oppointment of trustees Recrultment and appolntment of new trustees and management commlttee The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, Directors elected by the Members of the Trust serve for a maximum of 3 years and are subject to retirement by rotation. Nomlnated Directo serve at the discretion of the nominating bodv. Members, entitled to vote at Geneial and Extraordinary Meetings. ¢omprise-. i. the subscribers to the memorandum ii. the appointing bodies iii. such other persons or organisatr'ons as are admitted to membership in accordance with the rules made under Article 61. Directors may apply to be registered as Members and all have done so. All Membèrs will be circulated wlth Invitatrons to nomlnate Trustees prior to the AGM advising them of the retirirn8 Trustees and requesting nominations for the AGM. New Trustees will be invited and encouraged to attend an indvction and training session to familiarise themselves Wlth the tharity and the context within which it operates. These are jointly led by the Chair of the Board of Trustees and Heritage & Business Manager, of the charity. New trustees are provided with a pack contslning Information covering the following.. The content of the memorandum and articles of association. Set of recent board papers and minute5 and dates of next meetin85 Annual reports from the previous year Operating documents Orgonisotionolstructure Trustees meet quarterly and are responslble for the strategic dIrecOn and policies of the charity. Currently there are 10 trvstees. See page I for details of Trustees In office during the year. There are three nominated bodies who sit on our board.. Hayle Town Council, Ctsrnwall Councll and The Prlnces Foundation Trust. The Trvst board is made vp of trustees from a wide variety of backgrounds and interests,. we have a solicitor, a historian, an accountant, a teacher, a local resident (who also volunteers in the Heritage Centre ftt us), and an engineer to name Some. The Trust board has created subgroups to manage certain areas of the Trust's operations. These groups meet on a more regular basis and report back to the full Trust board at quarterly meetin8s. The subgroups group are glven delegated powers and are made up of staff. volunteers and Trustees. The Heritage and Busine55 Manager is Laura Walton. who reports to the Trustees and who the Trustees delegate day-to-day management of the charity. Remunert)tion policy All trustees give their time freely and no trustee received remuneration in the year. The pay of the senior staff is reviewed annually by the trustees followin8 the NJC pay scale5. The key management personnel of the charlty Is the Heritage and Business Managèr and her employee benefits have been disclosed in the account5.
HARVEY'S FOUNDRY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORll ICONTINUEDI FOR THE YEAR EAIDED 31 MAY2025 Relotionship with reloted portres Related partles Mr P Channon is a Cornwall Counclllor. Mr B Capper Is a Hayle Town CouncSllors. Thi5 report has been prepared in accordance with the special provislons of Part 15 of the Companis Act 2006 relating to small companles. The trustees, report was approved by the Board of Trustees. Mi B Capper Trustee Mr K McHugh Trustee Date.. 2Éiol/zrt6
HARVEY'S FOUNDRY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HARVEY'S FOUNDRY TRUST I report to the Tru5tee5 on my examination of the financial statèments of Harvey's Foundry Trust (the charity) for the year ended 31 May 2025. Responslblllttes and basls of report As the Trustees of the charity land also its directors for the purposes of company lawl you are responsible for the preparation of the flnancial statements in accordance with the reouirements of the Companies Act 2006 (the 2006 Act). Having Satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under Section 145 of the Charlttes Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions gTrven by the Charity Commlssion under section 14515llbl of the 2011 Act. Indèpendent examlner's statement Since the charity's gross Income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm ihat l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters h3ve come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by section 386 of thè 2006 Act- or the tinancial statements do not accord with those records,. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement thai the accounts give a true and fair view which is not a matter considered a5 part tsf an independent examination.. or the fi'nancial statèments have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporbng by charitie5 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I havè no concerns and have come across no other matters in connection with the examination to whlch attenOn should be drawn in this report in order to enable a proper understanding of the financial Statements to be reached. TCGroup James Pearct FCA Vivian House Newham Road Truro Cornwall TRI 20P United Kingdom 10-
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HARVEY'S FOUNDRY TRUST BALANCE SHEET AS AT31 MAY2025 2025 2024 Notes Fixed assets Tangible assets Heritage assets 16 710,231 2,078,909 710,352 1,999,098 17 2,789,140 2,709,450 Current assets Stocks Debtors Cash at bank and in hand 18 909 2,520 51,720 205,921 19 90,304 83.431 174,644 260,161 Credltors: amounts falllng due wlthln one year 21 1141,2481 1135,8211 Nèt ¢urrent assèts 33,396 124,340 Ttstal assets less iurrent liabilities 2,822,536 2,833,790 Credltors: amounts falllng due after more than one ¥ear 22 1418,7901 1432,7121 Net assets excludlnB penslon liablllty 2.403,746 2.401.078 Net assets 2,403,746 2,401,078 The funds of the charlty Endowment funds Restricted income funds Unrest¥icted fund5 25 26 927,525 1,381.989 94,232 927,525 1.391.800 81,753 2,403,746 2,401,078 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companie5 Act 2006, for the year ended 31 May 2025. The directors acknowledge their responsibilittes for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of h"nancial statements. The membèrs have not requlred the company to obtain an audit of its flnancl31 statements for the year In quèsdon in accordance with section 476. 13-
HARVEY'S FOUNDRY TRusr ALANCE SHEET ICONTINUEDI A5 AT31 MAY2025 These financial ststements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on. L%/oi Izozé Mr Bcapper Trustee Mr K McHugh Trustee Company registration number 04764003 (England and Wales) 14
HARVEY'S FOUNDRY TRUST srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY2025 2025 2024 Notes Cash flows from operatlng artlvlttes Cash generated from operadons 32 466,798 65,798 Investing activities Purchase of tangible fixed assets Purchase and renovation of heritage assets Investment income received 11,4891 1577,7811 3,434 18301 147,2571 1,646 Net cash used In Investin8 a¢tivltie5 1575.8361 146,4411 Financing a¢tivities Repayment of bank loans 113,4521 112,1511 Net cash used in financlng activlties 113,4521 112,1511 Net Idecreasellin¢rease in cash and ¢05h equivalents 1122,4901 7,206 Cash and cash equivalents at beginning of year 205.921 198.715 Cash and cash equlvalents * end of year 83,431 205.921 15-
HARVEY'S FOUNDRYTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY2025 Accounting pollcle5 Charlty informatlon Harvey's Foundry Trust 15 a private charitable company limited by guarantee incorporated in England and Wales. The registered offi.ce 15 24 Foundry Square, Hayle, Cornwall, TR27 4HH, United Kingdom. 1.1 Atcounting ¢onv*ntion The financial statements have been prepared in accordance with the charity's Memorandum of Association, the Companies Act 2(K)6. FRS 102 -The Financial Reportin8 Standard applicable in the UK and Republic of Irelènd" I-FRS 102.1 ènd the ChJritie5 SORP "Accountin8 and ReporhN8 by Charities.. Statement ol Recommended Practice applicable to charitie5 preparin8 their accounts in accordance with the Financi31 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The charlty is a Publlc Benefit Entlty a5 defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetarv amounts in these financial Statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properbes and to include heritage assets and certain linancial in5trvmentS at fair value. The principal accounting policies adopted are set out below. 1.2 Goin# concern The trustees consider there are no material uncertainties about the ¢harity's ability to tontinue a5 a going concern. The review of the financial position, cash and reserves levels and future plans gives the trustees Confidence the charlty ha5 sufficient resource5 to continue its activities for at least 12 month5 from the date of approval and signing of these financlal statements. Based on this assessment, the Trustees conslder t to be appropriate to prepare these financial statements under the going concern basis. 1.3 Charltable funds Unrestricted funds can be used in accordance with the tharitable objeetive5 at the distreti()n of the trustee5. Restricted funds can only be used for particular restricted purposes within the objects of the ch¥ity. Re5tricbon5 arise when specified by the donor or when funds are raised for parlicular restricted purposes. The endowment fund represents those assets which must be held permanently by the charity. principaiy the freehold properties. Income arising from the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Further explanation of the nature and pu¥p05e of each fund 15 included in the notes to the fi'nancial statements. 16-
HARVEY'S FOUNDRYTRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Accounting pollcles (Continued) 1.4 Income Donations, legacies and other form5 of voluntary income are reco8nised as incoming resources once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations received for general purposes of the charity are included as unrestricted funds. Donatrons for activities restricted by the wishes of the donor are taken to restricted funds. Donations required to be retalned as capltal in accordance with the donor'5 wishes are accounted for as endowments- permanènt or expendable according to the nature of the restriction. Cash donations are recognised on receipt. Other donation5 are recognisecl once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tsx recoverable in relation to donations ieceived under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity hès been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy 15 treated as a ¢ontingent asset. Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when receivable. Donated fixed assets are included in income at thé estimated valLJe of the gift to the ch3Tity when received, with the other entry being capitalised in fixed assets. For gifted heritage assets, these are included at market value at the date of gift. In accordance with the Charitie5 SORP IFRS 1021, the general volunteer time provided to the charity is not recognised. Grants. including grants for the purchase of fixed assets, are recognlsed In full In thè Statement of Financial Activities in the year in which the Charity is entitled to the grant, that it 15 probable that iheyare receivable and that they can be reliably measured. When donors specify that donations and grant's given to the charity must be used in future accountvig period, the income is deferred until those period5. Incoming resources frorn charitable activity are accounted for when earned. Rents and service charges from lettings are recognised in the Staternent of Financial Activities on a straight line basis in Ine with the tenancy a8reement from the date the property wa5 lirst let. Investment income is included when receivable. 1.5 Expendlture Lièbilitie5 are retO6nised a5 expenditure a5 soon a5 there 15 a legal or constrvctive obligation commitbn8 the charity to that expenditure, it 15 probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classilied under headings that aggregate all cost related to the categtsry. Where costs cannot be dlrertly attrlbuted to parttcular headings they have been allocated to athvitÈs on a basi5 Consistent with the use of resources. Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's Archive Centre. 17-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MAY2025 AccountlnB pollcles (Continuedl Charitable expenditure comprises those costs inturred by the charity in the delivery of Its aCtiveS and services for ils beneficiaries. It Includes both costs that can be allocated directly to such activthes and those costs tsf an indirect nature necessary to SUPPOrt them Isupport costs). Governance costs include those costs asSOClated with meeting the constitutional and ststutory requirements of the charity and include the audit fees and costs linked to the 5tiategic managementof the charlty. Support costs include a proportion of staff costs allocated on an estimated time basis. 1.6 Tanglbl• fixèd assets Tangible fixed assets are Initr"ally measured at cost and subsequently measured at Cost or valuation, net of depreciation and any irrpairment losses. Depreciatr"on Is provided at the following annual rates in order to write off each asset over its estimated useful Ilfe. Offi'ce Equipment 25% or 20% on cost The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and 15 reco8nised in the ststement of fi.nancial activitre5. The cost of tsngible fixed assets is their purchase cost, together with any incidental expenses of acquisition. Individual fi'xed assets C05tin8 £250 or more are capitalised at cost. Fyeehold property is held at valuation based on market value and it not depreciated. 1.7 Heritage assets Heritage assets are capitalised at cost or market value at the datè of transfer. The value of the heritage assets Is reviewed periodically and adjustments for Impairment are made a5 necessary. Any heritage assets are held by the charity for a historical purpose and to advance the preservation and conservation objectives of the charity. A list of properties held as heritsge assets bs maintained by the Trustees. 1,8 Impalrment of fixed assets At each reporbn8 end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable èmount of the asset is estimated in order to determlne the externt tsf the imF0irment 18-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Accounting pollcles (Continued) 1.9 Stocks Stocks are valued at the lower of c05t and net realisable value, after makin8 due allowance for otsolete and slow moving items. Net realisable value is the estimated selling price less all estimated costs of completion and c05t5 to be Incurred In marketing, selling and dlstrlbution. 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call wlth banks, Other 5hort-term liquid investments with original maturities of three months or less, and bank overdrafts. 8ank overdrafts are shown withln borrowlngs in current liabilities. 1.11 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Baslc Financial Instruments, and Sectton 12 'Other Financlal Instrumènts, to all of its financial Instrumènts. Financial instruments are recognised when the charity becomes party to contractual provlslons of the Instrument 8¢751cfinunclul assets Basic financial assets, which include trade and other debtors. are initially measured at transaction pri including transactlon cost5 aT)d are subsequently carried at amortised cost using the effecttvè interest method unless the arrangement constitute5 a financing transaction. where the financial asset is measured at the present value of the future receipts discounted t 3 market rate of interest. Financial assets, other than those held at fair value through profit and loss, are 3ssÈssed for indicator5 of impairment at each reporting Ènd date. Financial assets are impaired where there is objethive evidence that, as 8 result of one or more Évents that occurred after the initr.al recognition of the financial asset, that the future cash flows have been affected. If an asset is impaired. the impairment loss is the difference between carrying amotjnt and the present value of the estimated cash flows discounted at the asset's Original effective interest rate. The impairment loss is recognised in the statement of financial activities. Otherfinonciolassets Cash at bank and Sn hand Cash at bank and cash In hand inclLJdes cash and short term hlghly liquid investments with a short matuiltv of three months or less from the date of acquisition or opening of the deposit or similar account. 19-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Account5ng pollcles (Continued) Busicfinonciol Ilobiltties Basic financial liabilities, including trade, other creditors, bank loans and other loans, are Initlally recognised at transaction price unless the arrangement constitutes a fi.nancing transaction, where debt instrument is measured at the present value of the future payment5 discounted at a market rate of interest. Debt instruments ale subsequently carried at amordsed c05t, U5in8 the effective Interest ratè method. Financial liabilities are derecognised when. and only when, the charity's contractual obligation5 are discharged, cancelled, or they explre. Derecognition olfinonclol liabilities Financlal Ilabllities are derecognised when thè charity's contractual obligattons expire or are discharged or cancelled. 1.12 Taxation The charity is exempt from Corporation tax on Its charltèblè activitr'es. 1,13 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services awe received. Termination benefits are recognised immeiliately as an expense when the charity is demonstrably committed to terminate the employment of an employee orto provide terminakn'on benefits. 1.14 Retirement benefits Payments to delined contribution retr"rement benefit schemes are charged a5 an expense a5 they fall due. -20-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Crltical accounttng estlmates and Judgements In the applicatr'on of the charity's accounting policies, the trustees are required to make judgements. estimates and èssumptions about the carrying amount of assets and liabilits'es that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and ndustry knowledge. Actual results may differ from these estimates. The primary judgements and estimates made in the hnancial statement5 are depreciation rate5 of fixed assets and the valuation of frèehold property and hèritage 355ets. Depreciation 15 expenses at a rate that is determlned to best represent the u5efLJI economic life of relevant assets, which is revlewed by the trustees. along with the associated esfjmated residual values. The trustees revlew the valuation of hÈilta8e assets and freehold properties annually for impairment. The trustees obtain third party valuadons periodically to asslst them in this review. Althovgh these e.MateS are based the trustees, best knowledge of the amount, events or actions. actual results may diff¥ from their estimates. The esdmate5 and underlying assumptions are revlewed on an ongoing basls. Revisions to accoundng Èstimates are recognlsed in the period In whlch the estimate is revSsed. Income frnm donations and1è8acie5 Unrestrlrted Restrlcted funds funds 2025 2025 Total Unrestrlcted Restrlcted funds funds 2024 2024 Totsl 2025 2024 Donations and gifts Grants 476 284 476 1,308 125 171.670 1,433 171,670 523,627 523,911 760 S23,627 524,387 1,308 171,795 173,103 Donations and 81ft$ Other 476 476 1,308 125 1,433 476 476 1,308 125 1,433 21
HARVEY'S FOUNDRY TRUST NOTESTO THE FINANCIAL sfATEMENTS (co1NUEDl FOR THE YEAR ENDED 31 MAY2025 Income from donations and le8acles (Continued) Unrestrlcted Restrirted lunds funds 2025 2025 Total Unre5trlcted Restrlcted funds funds 2024 2024 Total 2025 2024 Grants réceivable for core artivities AIM Cornwall Chest Grant Other grants Historic England National Lottery Her¢tage Fund Little Park Owls Trust Cornwall Council Good Growth Grant Cornwall Councll Community Capacity grant 2,200 2,200 8,800 480 200 142,190 8,800 480 284 284 116,684 116.684 142.190 82,085 4.000 82,085 4,000 318.658 318,658 20,000 20,000 284 523,627 523,911 171,670 171,670 Government grants Included ill grants, were government grants totalling £318,65812024.' £20.4801. Income from charitable a¢tivities Unrestrirted funds 2025 Unrestrirted funds 2024 Charitable rental income 354.880 354.155 22-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Income from other tradln8 activltles Unrestri¢ted Unrestricted funds fund5 202S 2024 Shop income 1,454 2,026 Income from investments Unrestrltted Unrestrlcted funds funds 202S 2024 Interest receivable 3,434 1,646 Other Intome Unrestricted Unrestricted funds fund5 202S 2024 Miscellaneous income 3,443 Expendlture on raSslnK funds Unrestricted Unrèstricted funds fund5 2025 2024 Other tradlng artivlties Purchases 1,667 2,018 23-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Expendlture on charitsble actlvltie5 Protertlon and promotSon of Hayle's heritage 2025 Protection and promotion of Hayle's herita8e 2024 Direct costs staff cost5 Light and heat Staff training Cleaning Repairs and maintenance Security costs Bad debts Other legal and professional Workshop and exhibition costs Rates and water 84,068 54,156 2.846 26,149 17,498 6,091 2,213 34,123 2,505 5.201 131,060 85,581 3,580 25,412 52,783 18,708 20,098 554 17,964 234.850 355,740 Share of support and govèrnance costs Isee note 111 Support Governance 141,853 8,591 94,586 14.504 385,294 464,830 Analysis by fund Unrestricted fund5 Restricted funds 348,479 36,815 451,184 13,646 385,294 464.830 JO Descrlption of tharltsble attivitie5 Protection and promOon of Hayle'5 heritsge 24_
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 11 Support costs alloc3ted to actlvlties 2025 2024 Staff costs Depreciation Rent, rates and water Insurance Telephone 68,692 1.611 11,9601 24,825 8,LKJ3 16,558 1,239 900 22,564 7,668 E li Postage and stationery Advertising Sundries 1,379 4.255 1,426 40 371 926 32,285 8,591 3,810 2,345 3,393 185 Equipment expensèd Subscription5 Website costs Bank loan intelest Govern3nce costs 506 706 34,712 14,504 150.444 109,090 Analysed between: Protection an(J promotton of Hayle's heritage 150.444 109,090 12 Net movèment In funds 2025 2024 The net movement in funds Is stated after chargingllcrediDgl'. Fees payable for the independent examinakn.on of the charity's fi'nancial Statements Depreciation of owned tangible fixed assets 8.191 1,611 13,963 1,239 13 Trustees There were no trtJstees' remuneration or othèr benefits for the yea¥ ended 31 May 2025 nor for the year ended 31 May 2024. There were no trustee's expenses paid during the year ended 31 May 202512024: £651. -25-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 14 Employees The average monthly number of employees durSng the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and Salaries Social security costs Other pension costs 140,777 9,279 2,704 136,676 8,439 2,503 152.760 147,618 There were no employees whose annual remuneration was more than £60.000. Remunerntion of key mana8ement personnel All trustees give theii time freely and no trustee received remuneration in the year. The pay of the senior staff is reviewed annually by the trustees following the NIC pay scales. The key management personnd of the charity is the Heritage and Business Manager and her employee benehts for the year were £41,725 12024-. £42,523). 15 Taxation The charity is exempt from taxation or its actbvldes because all it5 income is applied for charltable purposes. -28-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 16 Tanglble ffmed a55ets Freehold land and build1$ FIxtu% und fitmn Total Cost or valuatlon At I lune 2024 Additions 707.565 86,135 1.489 793,700 1,489 At 31 May 2025 707.565 87,624 795.189 DèprÈ¢iation and impairment At l June 2024 Depreciation charged in the year 83,347 1.611 83,347 1,611 At 31 May 2025 84,958 84,958 Carrying amount At 31 May 2025 707.565 2,666 710,231 At 31 May 2024 707,565 2,787 710.352 The freehold land and building was valued on a market value basis on 24 September 2021 by Andrew Ranson MRICS of Miller Commercial. Included in freehold property is £7.565. which represènts the legal costs for the land at the Viaduct that was gifted to thè charity in 2023. This was not part of the valuation in 2021 detailed above. Freehold pioperty with a carryinE amount of £700.000 has been pledged to Secure borrowings of the company. There is also è second charge on this property in favour of Cornwall Council. where the ch¥ity would be liable to pay £IIO,000 to the Council in the event that the property was sold. Thls wlll expire on I july 2030. At 31 May 2025, had the revalued assets been carried at historic cost less accumulated depreci3tion and accumulated impairment losses. their carrying amount would have been approximately £7,566 12024 £7.5661 27_
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 17 Herltage assets At I lune 2024 Purchases and renOvaon costs Revaluation 1,999,097 577,781 1497,9691 At 31 May 2025 2,078,909 28-
HARVEWS FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 17 HerltaBe assets Iconttnued) On 30 May 2L)07 the freehold property 'Foundry Farm, was gifted to Harvey's Foundry Trust from PenMAth District Council. The independent market value at the date of the gift was £500,000 and legal costs were £2,354. The current value in the accounts is £500,000 but this excludes East Stables, which are leased to The Guinness Trust (London Fund) on a peppercorn rent for 125 year5 from 2007. The charity holds the tttle to this propèrty but it is ncit considered to be an asset in the charity accounts. On 23 March 2009, the freehold properties known as John Harvey House and Dowren House was purchased from Penwith District Council for £2. The independent market valve at the date of the gift was £750,000. These properties have since been revalued and Dowlen House reclassified as a tanglble asset in 2021 Isee belowl. On 26 February 2015. the freehold property 'Plantation Store, was gifted to Harvey's Foundry Trust frr)m Cornwall Country Council. The independent market value at the date of the gift was £35,000 and legal costs were £2.504. At 31 May 2015 there was an overage 88reement in favour of Cornwall Council. There is a charge registered against this property by the Tmstee5 of Natr"onal Heritage Memorial Fund. On 21 December 2015, the freehold property 'Pattern Shop/Cart Shed, was transferred to Harvey's Foundry Trust from Sennybridge IH8ylel Ltd. The independent market value at the date of the transfer was £40.000. There is a charge reglstered against thi5 property by the Trustees of Nattonal Heritage Memoiial Fund. During 2016 and 2017, Artefacts totalling £32,979 were acquired by the charity and are included wf(hin heritage assets. Artefacts C05ting £420 were purchased in 2024 and included in heritage assets. On 2 February 2017 the freehold property 'Land & Buildings on the east side of thè Plantafjon Lan¢ Hayle were gifted to Harvey's Foundry Trust from Mr Jtshn Daniels. The land an(J buildings were gifted at a value of £1. In 2020, phase 3 of the restoration and refurbishment of the Harvey's Foundry site was completed. The total project cost exceeded £4,200,000 and will conserve the buildings known as the Plantation Stor¢ Pattern Shop and the slte of the former Cart Shed. This project was mainly funded by the Heritage Lottery Fund. In 2021. the heritage assets held lèx¢luding Artefacts £32.9791 were valued on a market value basls by 3rd party Independent Valuers, Andrew Ran50n MRICS of Miller Commercial Valuers Ltd, at £3,000,OOf). This included £700,000 for Dowren House, which was transferred to tangible asset5 in 2022 as it was not considered to fall within the deth'nition of a heritage asset. The charity recognised an impairment loss in 2021 to ieduce the carrying amount of the Heritage assets tts its recoverable amount. This impai¥mentloss aMOunng to £2,590,802 was recognised as expenditure in the Statement of Flnancial Activlfje5 in accordance with the Charity SORP. As these a55ets are held under valuation depreclation has not been charged. The Trustees have used thi5 2021 valuation in their a55es5ment of the value of the heritage properties since this date, together with the 2023 valuation of John Harvey House. which stated the value of this building had reduced to £nil given its condition at the time. Excluding Johrj Harvey House, the Trustees conslder the valuation of £1.870,0, taken from the 2021 valuation remains appropriate for th8 Dther heritage assets at the year end. An impairment loss of £430,000 wa5 recognlsed as expenditure in the Statement of Financial Activlts"es for John Harvey House in 2024 and an impairment105s of £497,969 was rècognised in 2025 to reduce the carrying 8moLJnt to its recoverable amount. -29-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 17 HerltaKe assets (Continued) In 2022, costs of developing and re5to¥ing the John Harvey House were included In heritage assEt5 amountt'ng to £41,408. In 2023 and 2024 a further £48,781 has been Spent on thls project. These costs have been added to herita8e assets as the Trustees believe that this has increased the 2023 valuation of the property. In 2025 £577.781 was spent on the renovation project and new lift however an impairment adjustment was made. as noted above. In 2023, the Boring Mill (formerly known as the Granary Barn) was gifted to the charity by The Guinne$5 Partnership Limited. This barn had previously been valued at £Nil a5 the liabilities for maintairiing this building exceed the value in the building and land. The Trustees have confi'rmed that they have consKlered this and therefore no value has been included in the accounts other than the legal costs of this transaction. See note regarding Loans for assèts pledged as security for the bank loan. There is also 3 Second chargè over John Harvey House in favour of Cornwall Council, where the charity would be liable to pay the Council £IIO,000 in the event that the property was sold to a third party. This will expire on 2 JLJIV 2030. The heritage assets are included In the account5 at ValuaOn. The historlcal cost of the hèritage assets as at 31 May 2025 was £4,972,67812024: £4,394,897). 18 Stocks 2025 2024 Finished goods and goods for resale 909 2.520 19 Debtors 2025 2024 Amounts fallin8 due wlthin one year: Trade debtors Prepayments and accruèd income 36,538 53,766 30,269 21.451 90,304 51,720 30-
HARVEY'S FOUNDRY TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 20 Loans and overdrafts 2025 2024 Bank loans 432,242 445,694 Payable within one year Payable after one year 13.452 418,790 12,982 432,712 Amounts included above which fall due after five years.. Payable by instalments 1364.9821 1380,7851 The CAF Bank loan is secured by a fixed legal charge over the freehold land and propethe5= john Harvey House, 24 Fouftdry Square. Hayle. TR27 4HH Dowren House, 5 Foundry L3ne, Hayle, TR27 4HP Foundry Farm, Foundry Lane, Hayle TR27 4HP The annual interest rate is the Bank of England Base Rate plus 2.5% and the loan period is 25 years. The capital repayments commenced during February 2018 and the contractual end date of the loan 1$ 30 June 2041. 21 Credltors.. amounts falling due within one year 2025 2024 Note5 Bank loans Other taxation and social securitv Deferred income Trade creditors Other creditors Accruals and deferred income 13.452 8,310 29,970 25,466 51,450 12,600 12,982 5,138 26.332 30,446 44.480 16,443 23 141.248 135,821 22 Credltors: amounts falllng due after more than one year 2025 2024 Notes Bank loans 20 418,790 432,712 31
HARVEY'S FOUNDRY TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EIIDED 31 MAY1025 23 Deferred Income 2025 2024 Other deferred income 29,970 26,332 Deferred income 15 included in the linancial statements as follows.. 2025 2024 Deferred income is included within.. Current Ilabilities 29.970 26,332 Movements in the year.. Deferred income at I lune 2024 Resources deferred In the year 26.332 3.638 25,218 1,114 Deferred income at 31 May 2025 29,970 26,332 Deferred income consists of rent Invoiced in advance. 24 Retirement benefit schÈmes 2025 Deflned contribution s¢hemes 2024 Charge to profit or loss in respect of defined contribution schemes 2,704 2,503 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held sepèrately from those of the charity in an independently administered fund. 32-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 Endowment funds Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment fund5 can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gain5 or losses arisin8 on the 355ets form part of the fund. At l June 2024 Galns and losses At 31 May 2025 Permanent endowments Foundry FaKm john Harvey House & Dowren House Plantstion Store Pattern Shop and site of former cart shed Artefacts Land & buildings on the east side of plantation Lane, Hayle s(,000 320,000 35.000 40,000 32.524 500,000 320,000 35,000 40,000 32,524 927.525 927,525 Prevlous year.. At l June 2023 Gains and 1055es At31 May 2024 Permanent endowments Foundry Farm John Harvey House & Dowren House Plantation Store Pattern shop and slte of formèr Cart Shed Artefacts Land & buildings on the east side of plantation Lane, Hayle 500,000 750,OOD 35.WO 40,000 32,524 500.000 320,000 35,000 40.000 32,524 1430,IX)01 1,357,525 1430,0001 927,525 33-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 25 Endowment funds Icontlnuedl The permanent endowments, were established by the gift and sale of 3 properties from Penwith District Councll. The Èift and sales were made to the charity on condition that they are held as peimanent endowments, the income from which is freely available to fund the activIeS of the charity. During the year ending 31 May 2015 the freehold property known as 'The Plèntation Store. was transferred to the charity with the condition that it is held as a permanent endowment. During the year ending 31 May 2016, the freehold property known as 'The Pattern Shop and the site of the former Cart Shed, was transferred to the charity wlth the condition that it is held as a permaneFTrt endowment. During the year Ènding 31 May 2017, the freehold land and property known as 'Land and Buildlngs on the east side of Plantation Lane, Hayle, was gifted to the charity by Mr J Daniels. 26 Restricted funds The re5trirted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donor5 as to how they may be used. At l June 2024 Intoming sourcès Resources expended Transfers Galns and losses At 31 May 2025 Phase 3 John Harvey House build Hayle HERstory Project Heyl's St¢ries in stitch 1.190,947 1,190,947 204,894 517,427 134,8101 1497,9691 189,542 14,0411 4,700 12,0051 1,346 1,500 1,500 1,391.800 523.627 136.8151 1.346 1497.9691 1,381.989
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY3025 26 Restrlcted funds (Continued) Prevlous year: At l June 2023 Incomlng resourtes RÈ50urces expended Trdn5fers Galns and losse5 At31 May 2024 Phase 3 John Harvev House build Hayle Herstory Project 1,190,947 1,190,947 42.704 162,190 204,894 9,605 113.6461 14.0411 1,233.651 171,795 113,6461 1,391,8 Phase 3 - the project commenced during 2015 and related to the restoration of the Harvey's Foundry slte which wès completed in 2020. The restoiation costs have been capitalised in fixed assets. John Harvey House- the prolect commenced during 2021 and related to the reStOraon and development of John Harvey House. Two grants were received during the year ended 31 May 2023 to help fund the costs of this project. One grant from Architectural Heritage Fvnd and one from Histoyic England. Further grants were received for this project during 2024 ar)d 2025. These were received from Historical England, Cornwall Council Goods Growth Fund Cornwall and Isles of Scilly Shared Prosperity Fund, The National Lottery Heritage Fund and Community Capacity Grant. The grants in 2024 included funding for a community outreach programme dvring the closure of the Heritage Centre. In 2025. the National Lottery grant included funding for inst311ation of a lift in John Haivèy House. tar8eted creative outreach workshops and audience development Strategy evaluation workshop. The other gran15 in 2025 were given towards the restoration of John Harvey House. The restoration costs have been capitslised in fixed assets. The Trustees have assègsed the value of john Harvey H(>use at 31 May 2025 and an impairmènt adjustment has been made as a result. Hayle HERstory project - during 2024 and 2025 grants were received from AIM, Little Parc Owls Trust. Hayle Pump and Hayle Old Cornwall Society to enable the charity to run a project and exhibition to tell untold stories of Courageous women in Cornish History. There h35 been 3 transfer from unrestrirted funds to fund some of the project costs this year. Heyl's Stories in Stitch project - during 2025 a grant was recèived from Little Parc Owls Trust to provide a large scale piece of artwork to be displayed in the entrance of the Hayle Museum when it plans to rpen in 2026. It will also run 2 workshops in which parhcipants will create a portrait OLrt of reclaimedtextiles.
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 MAY2025 27 Unrestrlcted funds The unrestricted funds of the charity comprise the unÈxpended balances of donations and grants which are not subject to specifi'c conditions by donors and grantors as to how they may be used. These include des18nated funds which have been set aside out of unrestrirted funds by the trustee5 for specific purposes. At l June 2024 Incomlng resources Resources expended Translers At 31 May 2025 81,753 363.971 1350,1461 11,3461 94,232 Prevlous year: At l June 2023 Incomlng resources Resources expended Transfers At 31 Mav 2024 General funds 175,820 359,135 1453.2021 81.753 28 Analysis of net assets between funds Unrestrirted funds 2025 Restricted Endowment funds funds 2025 2025 Total 2025 At 31 May 2025.. Tangible assets Heritage assets Current assets/lliabilitiesl Long term liabilities 10,232 499,905 2.885 1418,7901 699,999 227,526 710,231 2,078,909 33,396 1418,7901 1,351,478 30,511 94,232 1.381,989 927,525 2,403,746 Unrestrirted funds 2024 Restricted Endowment nds funds 2024 2024 Total 2024 At31 May 2024: Tangible assets Heritage assets Current assets/lli3bilitiesl Long term Ilabilities 10,353 498.226 5.886 1432,7121 699,999 227,526 710,352 1,999,098 124,340 1432,7121 1,273,346 118,454 81,753 1,391,800 927.525 2,401,078 36-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 29 Flnanclal commltmentsi guarantee5 and contingent Ilablllties There are two overage agreemènts in place on certain heritage assets held by the charity. On transfer of the Plantation Stores on 26 February 2015, the charity was subject to an overage agreement in favour of Cc>rnwall Council. The Council have a right to be paid a proportion of the sale price in the event that the property is sold. The overage agreement for Boring Mill (formally known as Granary Barn) 15 dependent on certain work being carried out to install standard servlces for thè ConnecOn to maln utilities and to relnstatelrepair varlous parts of the structure. The term of the agreement is 50 years from the tfansfer in 2023. In the event of a disposal within the overage period bèfore completion of this work, an addltronal paymént150% of sale piicel would be due to The Guinness Partnership Limited. If the specifi'ed work is completed. the overage 38reement end5. 30 Related party transactions There were no related party transacts.ons for the year ended 31 May 2025 or in the previous year. 31 Legal status of the charity The charity Is a company limited by guarantee and has no Share capital. In the event of the charity being wound up, the liabllity in respect of the guarantee is limlted to £10 per member of the charity. 32 Cash Benerdted fmm operations 202S 2024 Surpluslldeficitl for the year 500,637 64,082 Adjustments for.. Investment income recognised in statement of financial activities Depreciatr"on and impairment of tangible fixed assets 13,4341 1,611 11.6461 ,1,239 Movements in working capital.. Decrease/lincreasel in stocks Iincreasel in debtors Increase in crèditors Increasè in deferred income 1,611 138.5841 1.219 3.638 12711 111,0431 12,323 1,114 Cash 8enerated from operaofiS 466.798 65,798 37-
HARVEY'S FOUNDRY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAY2025 33 Analysls of changes In net Idebtl/fund5 At i June 2014 Cashflows At31 May 2015 Cash at bank and in hand 205.921 1122,4901 83,431 Loans falling due wlthin one year Loans falling due after more than one year 112.9821 1432.7121 14701 13.922 113,4521 1418.7901 1239.7731 1109,0381 1348,8111 -38-