Charity Registration No. 277623
THE O'HEA CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
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THE O'HEA CHARITABLE TRUST
CONTENTS
| Legal & administrative details | 3 |
|---|---|
| Trustees' report | 4-5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9-12 |
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THE O'HEA CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Trustees Mrs J A Corbisiero Mrs G O'Hea Mrs C Gilchrist A O'Hea P O'Hea Charity number 277623 Registered office Sweetings 29 Brickendon Lane Brickendon SG13 8NU Independent examiner Harrison Hill Castle & Co Melbury House 34 Southborough Road Bickley, Kent BR1 2EB
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THE O'HEA CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
The object of the charity is to derive income from its capital investments which is then expended by way of charitable donations. The trustees policy is to maintain the charity's income by re-investing the capital.
Achievements and performance Financial review
Financial position
The results for the year are shown in the Statement of Financial Activities on Page 7 and the Balance Sheet on page 8. During the financial year £32,397 (2022: £30,198) of donations were made to 22 (2022: 15) different charities.
Reserves Policy
The policy of the trustees is that income received from investments of the charity will be spent in the year received. It is their intention to retain reserves at their current level (adjusted if necessary for inflation) in order to maintain a regular income to be used for charitable purposes as set out in the trust deed.
Investment policy and objectives
There are no restrictions on the charity's power to invest. The quoted investments are managed by an investment manager and the instructions are to invest the money in low risk investments that guarantee a reasonable income stream at the same time as retaining the current capital value.
Structure, governance and management Governing document
The deed of trust dated 24 October 1978 allowed an accumulation period of twenty-one years, which has now expired. The income must therefore be expended and not accumulated.
Trustees
Mrs J A Corbisiero Mrs C M Gilchrist Mrs G O'Hea A O'Hea P O'Hea
Organisational structure
The charity has no employees and is administered by the trustees on a voluntary basis.
The trustees' report was approved by the Board of trustees'.
Mrs J A Corbisiero Trustee 2 February 2024
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THE O'HEA CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE O'HEA CHARITABLE TRUST
Independent examiner's report to the trustees of The O'Hea Charitable Trust
I report to the charity trustees on my examination of the accounts of The O'Hea Charitable Trust (the Trust) for the year ended 5 April 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
2 the financial statements do not accord with those records; or
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Paul Castle FCA Harrison Hill Castle & Co Melbury House 34 Southborough Road Bickley Kent BR1 2EB 2 February 2024
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THE O'HEA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
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2023 2022
Notes £ £
Income from Investments 3 51,462 44,614
Expenditure on raising funds 4 (14,853) (15,956)
36,609 28,658
Expenditure on charitable activities 5 (33,863) (31,603)
2,746 (2,945)
Net gains/(losses) on investments 10 (88,402) 14,680
Net Income for the year (85,656) 11,735
Fund balance at 6 April 2022 1,547,484 1,535,749
Fund balance at 5 April 2023 1,461,828 1,547,484
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities
All funds are unrestricted
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THE O'HEA CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2023
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2023 2022
Notes £ £ £ £
Fixed assets
Investments 9 1,343,216 1,455,891
Currents assets
Cash at bank and in hand 119,750 92,731
Creditors: amounts falling due
within one year 11 (1,138) (1,138)
Net current assets 118,612 91,593
Total assets less current liabilities 1,461,828 1,547,484
Income funds
Unrestricted funds 1,461,828 1,547,484
1,461,828 1,547,484
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The financial statements were approved by the Trustees on 2 February 2024 and are signed on its behalf by:
Mrs J A Corbisiero Trustee
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THE O'HEA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees' have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Trusts ability to continue as a going concern. For example, the extent of the impact of coronavirus is unclear and it is difficult to evaluate all the potential implications on the Trusts activities
1.3 Charitable funds
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
1.4 Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably
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THE O'HEA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.6 Taxation
The charity is exempt from tax on its charitable activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2 Critical accounting estimates and judgements
In the application of the Trust’s accounting policies, the charity trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
| 3 Investments Income from listed investments Interest receivable |
2023 £ 50,995 467 51,462 |
2022 £ 44,470 144 44,614 |
|---|---|---|
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THE O'HEA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
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4 Raising funds
2023 2022
£ £
Investment management 14,853 15,956
14,853 15,956
5 Charitable activities
2023 2022
£ £
Environmental and Animal Charities - -
Health Care and Research 14,800 10,500
Church Maintenance and Restoration 3,400 1,000
Education and the Arts 4,450 6,850
International Aid 8,747 10,848
Other Charitable Grants 1,000 1,000
32,397 30,198
Support & governance costs 1,466 1,405
33,863 31,603
6 Support & governance costs
2023 2022
£ £
Independent examiner's fees 1,140 1,140
Other professional fees 254 -
Bank charges 72 265
Other borrowings 1,466 1,405
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7 Charity Trustees
None of the trustees' (or any person connected with them) received any remuneration or benefits from the Trust during the year.
8 Employees
There were no employees during the year.
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THE O'HEA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) THE O'HEA CHARITABLE TRUST
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9 Fixed asset investments
Listed Unlisted Total
investments investments
£ £ £
Cost or valuation
At 6 April 2022 1,455,891 - 1,455,891
Additions 109,088 - 109,088
Valuation changes (88,514) - (88,514)
Disposals (133,249) - (133,249)
1,343,216 - 1,343,216
Carrying amount
At 5 April 2023 1,343,216 - 1,343,216
At 5 April 2022 1,455,891 - 1,455,891
10 Net gains/(losses) on investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Gains/(losses) on sale of investments 112 14,680
Gains/(losses) on valuation changes (88,514) -
(88,402) 14,680
11 Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 1,138 1,138
12 Related party transactions
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There were no related party transactions during the year.
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