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 cha￿r 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
5i9nificontGC￿VJtses 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
reC￿fy 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 c0n￿nUè 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 inVes￿ng 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 I￿1$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 im￿eMenta￿on 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 dIrec￿On 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 atten￿On
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 aCtiv￿eS 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 (co￿1NUEDl
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 promO￿on 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 chargingllcredi￿Dgl'.
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 renOva￿on 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
aMOun￿ng 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 Valua￿On. 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 activI￿eS 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 reStOra￿on 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 r￿pen
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 Connec￿On 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 opera￿ofiS
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-