O'LAVERTY TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 CHARJTY COMMISSION for NORTHERN IRELAND REGISTRA TION NUMBER: 101080
O'LAVERTY TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page Charity Information Report of the Trustees Independent Examlners Report Statement of Flnan¢lAI Activities B8lan¢e Sheet Notes to the Financlal Statements 6 to9
O'LAVERTY TRUST CHARITY INFORMATION FOR THE YEAR ENDED 5 APRIL 2024 SETTLOR: Right Reverend James O. Laverty DATE OF SETTLEMENT DEED: 1906 TRUSTEES: Very Reverend Brian Daly Very Reverend Thomas McGlynn Fath¢r John O'Lavety (appointed 18 October 2024) PUBLIC ADDRESS: Napier & Sons 1-9 Castlc Arcade Belfast BTI 5DF CHARITY NUMBERS: 101080- Charity Commission Nl ACCOUNTAf4TS: Baker Tilly Mooney Moor¢ 17 Clarendon Road Clarendon Dock Belfast Co Antrirn BTI 3BG SOLICITORS: Napier & Sons 1-9 Castl¢ Ar¢ad¢ Belfast BTI 5DF STOCKBROKERS: Evelyn Partners The Ewart. 131h Floor Bedford Square Belfast BT2 7EP Pag¢ I
O'LAVERTY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The trustees are p1¢2sed to present their report together with the financial statements of the charity for the year ending 5 April 2024. The financial stsl¢ments have been pr¢p8red in accordaD¢e with Accounting and Reporting by Charities.. Statement of Recommended Practice applicabl¢ to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in tlie UK and the Republic of Ireland (FRS 102) (effective l January 2019)- Charities SORP (FRS 102), the Financial Rcporting Standard applicable in the UK 2nd tli¢ Republic of Ireland IFRS 102). REFERENCE AND ADMINISTRATIVE DETAILS This information is included on page l of these financial statrments. O, Lav¢rty Tnist is a charitable organisation in Northern Ireland thac is d¢di¢ated lo the prevention or reli¢f of poverty and the advan¢emenl of edueation. PUBLIC BETr4EFIT The trustees confirnj that they have had due regard for the guidance produced on Publi¢ Benefit by the Charity Commission for Northern Ireland {CCNJ) and are pleased to r¢port that during the year ended 5 April 2024 they have ¢ontinlled to meet the Public Benefit rcquiremcnt by the provision of progrdmmes and actiyitics as noted in d¢tail¢d within this trustees report. Th¢ main a¢tivities undertaken by the charity in the year to 5 April 2024 to further its purposes for the public b¢n¢fit are- Providing financial assistance to the support and education of catholic boys ag¢d from 11-23 with the surnames of either Laverty, O'Laverty, Lafferty or O'Lafferty to enable th¢m to achi¢ve a trade or profession. FINANCIAL REVIEW During the year the charity has Eenerated ttds of £10.920 (2023.. £12.749) and have in¢urred expenses of £15,630 (2023-. £17,530). The net deficit of £5,789 (2023.. £6,486) has been added to the restri¢t¢d r¢s¢Tves of the charity to leav¢ a surplus on the restricted res¢rves of £305,901 {2023.. £311,690). There were no restricted funds during the year or al the year end. TRUSTEES RESPONSIBILITIES Th¢ trust¢cs are responsible for preparing the Trustees Report and the receipts and payments account and stslemenl of a5set5 and liabiliti¢s in a¢cordan¢e with applicabl¢ law and regulations. The trustees are responsibl¢ for k¢¢ping accounting records that are sufficient to show and ¢xpl8in th¢ ¢h2rity's transactions and disclos¢ with reasonable a¢¢uracy al any tim¢ the assets and liabilities of the charity. They are also responsible for safeguarding th¢ a55¢1s of the ¢harity and hence for taking reasonable steps for the prevention and d¢t¢otion of fraud and other irr¢gularities. APPROVED BY THE TRUSTEES AND SIGNED ON THEIR BEHALF BY: Very Reverend Brian Daly Tru51ee Very Revercnd Thomas Trustee lyim Father Joim O'La Trustee Date: Page 2
O?LAVERTY TRUST, INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 We repor¢ on the accounts of the charity for the year ended S April 2024, which are set out on pages 4 10 9. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the charity tnJste¢s you are responsible for the prcparation of the accounts in a¢cordance with the Charitie5 Act (Northern Ireland) 2008. It is OUT responsibility to.. examine the accounts under section 65 of the Charities Act. follow the procedures laid down in the gen¢ral directions given by th¢ Charity Commission for Northern Lreland under section 65191 (bl of the Charities Act.. and state whether particular matters have come to my attention Basis of Independent Examiners Report We have exaTnined your charity accounts as required under section 65 of the Charitie5 Act and our examination was ¢arried out in accordance with general directions given by the Charity Commission for North¢m Ireland under section 65(91 (b} of the Charities Aet. The examiT]ation included a review of the accounting records kept by the ¢harity and a cotnparison of th¢ a¢¢ounts prescnted with Ihosc rcctsrds. It also includ¢s consideration of any unusual items or dis¢105ures in the accounts, and the seeking of ¢xplanation5 from you as trustees Concerning any such matter5. Our role is to slate whether any material matters have come to our attention giving us cause lo believe.. That accounting records were not kept in accordance with section 63 of the Charities Act 2. That the ac¢ounts do not accord with those accounting records That the a¢¢ounts do not comply with the accounting requirements of the C1]lI1e$ A¢1 4. That there is further inforniation needed for a proper understanding of the accoun15 to be r¢ach¢d. Independent Examiner's Statement We have complct¢d our examination and have no concerns in respect of the matters {1} to (4} listed above and. in connection with following the directions of the Charity Commission for Northern Ir¢land, we have found no matters that require drawing to your att¢ntion. Baker Tilly Mooney Moore Chartered Certifi¢d Accountants 17 Clarendon Road Clarcndon Dock Belfast BTI 3BG Date.. (S M & Zo)LS Pag¢ 3
O'LAVERTY TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expendltur¢ Account) FOR THE YEAR ENDED 5 APBJL 2024 Unrestricted Funds Restrictod Funds Total Funds 2024 Total Funds 2023 Income from: O¢her tradiiig aclivilies Inter¢st Dividends 1,258 9,662 1,258 677 12,072 Total 5n¢ome 10.920 12,749 Expenditllr¢ on: (Note 3) Charitable activities (15,630) (15,630) {17,530} Total expenditure 15.630 15,630 17,530 Loss of share disposals 1,079 1,705 Net Income #nd (expendlture) (5,789) (5,789) {6,486) Net movement in funds (5,789) (5,789) (6,486) Balances brought forward at 5 Aprll 2023 311.690 311.690 318 176 Bal#ne¢s ¢arricd forward at S April 2024 305,901 305,901 311.690 Page 4
O'LAVERTY TRUST BALANCE SHEET 5 APRIL 2024 05.04.24 05.04.23 Notes cutUiENT ASSETS Investmcnts Cash in hands of agents 298,026 302.359 10,937 313,296 307,547 LIABILITIES Accruals 1,646 1,646 1,606 NET ASSETS 30S 901 311,690 Representlng: SEfTLED FUND ACCOUNT 223,506 223.506 JNCOME ACCOUNT AL¢umulations to date 82.395 88.184 305 901 311.690 APPROVED BY THE TRUSTEES AND SIGNED ON THEIR BEHALF BY: V¢ry Reverend Brian Daly Truste¢ Very Reverend Thomas Truste¢ Glynn Father John O'La Trustee Date: The notes fonn part of these financial statements Page 5
O'LAVERTY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 ACCOUNTING POLICIES The financial stat¢m¢nts of this public benefit entity have been prepared in accordance with Accounting and Reporting by Ch2ritie5.' Siaretnenl of Recomtnended Practi¢e applicable to charities preparing their accounts iu accordance with the Financial Reporting Standard applieable in the UK and the Republi¢ of Ireland (FRS 102) (effective l January 2019 - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102). The following is a summary of the significant accounting policies adopted by the charity in the preparation of the financial st2tement$. lJ)¢ome All incoming resources ar¢ included in the statement of finan¢ial 2¢1iviti¢s when the charity is entitled to th¢ incotne and the amount ¢an be quantifi¢d with re2stsnable accura¢y. The following sp¢¢ific policies are applied lo particular categories of income.. Income from events and ¢ourses ar¢ r¢eognised Wh the event or ¢ours¢ has b¢en delivered and the charity be¢omes unconditionally entitled to the in¢ome. Expenditure All expenditure is ac¢ount¢d for on an arcrua15 basis and ha$ b¢¢n cla55ified under headings that aggregate all costs related to the ¢at¢gory. Expenditure on raising funds ar¢ thos¢ Costs Incu¢d in ittra¢ling voluntary income, and thos¢ incurred in trading a¢tivities that raise nds. Expenditure on charitable expenditure comprises the cost of providing support to research bodie5 to further the charitablc puose. Together with support costs incurred eentrally and goveTn2nee costs associated with the governance arrangements of the charity and are priTnarily associated with conslilutional and statutory requirements. The charity's expenditure on governance costs ensures that the organisation complies with legislation and best prdctice. Tgxation There is no liability to taxation due to the society's charitable status. Creditors Cr¢ditOTS and provisions are rccognised where the charity has a present obligation resulting from a past event that will probably r¢suli in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estiinaled reliably. Creditors are normally recognised at their settlement amount after allowing for any trad¢ discounts due. Fund aecountlng The charity has varitsu5 types of fvnds for which it is responsible and which require separat¢ disclosure. These ure as follows- (l) Restricted funds Donations receiv¢d which are designated by the donor for specific purpos¢s. Such pu4)oses are within the overall aim of the charity. (11) Unrestricted funds Fiinds which are exp¢ndablc at the discretion of the charity in the rtherallC¢ of the objectives of the charity. Page 6 continued...
O'LAVERTY TRUST NOTES TO THE FINANCJAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024 INCOME Unrestricted Restricted Total Funds Funds Funds 2024 Total Funds 2023 Interest income Dividend income 1,258 9,662 1,258 9,662 677 12,072 10,920 10,920 12,749 EXPENDrruRE Unrestricted Restricted Total Funds Funds Funds 2024 Total Funds 2023 Cost of raising funds Grants AW2rdcd (note 4) Support costs 9,450 6,180 9,450 6,180 11,450 6.080 15,630 15,630 17,530 ANALYSIS OF GIL4NTS 2024 2023 Mr Charles Laverty Mr Paul Laverty Mr Br¢ndan Laverty Mr Danny Laverty Nlr Paul Laverty Mr John Laverty Mr Sean Laverty Ms Christine Deegan Mr Robert Laverty Mr Brian Laverty Mr David Laverty Ms Clara Laverty 750 1,300 1,300 750 1,200 1,300 600 600 700 1,000 2,000 1,000 1,000 800 500 Ll 600 800 1,200 2,000 1,000 500 9,450 11,450 All grants made were to individuals. STAFF COSTS The charity did not have any employees in the y¢ar {2023= Nil) and cons¢quenlly there were no employees who received mor¢ than £60,000 during the year. Trustees did not receive any remuneration or expenses during the year (2023.. Nil). Page 7 ¢onlinued...
OILAVERTY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024 CREDITORS: AMOUNTS FALLJNG DUE WITHIIY ONE YEAR 05.04.24 05.04.23 Accruals 1.646 1.606 INVESTMENT PORTFOLIO Nominal Amount Security Book Value AMEC BB Healthcare Trost BHP Billiion BNY M¢llon Brown Advisory Smaller Co Fergusoo Fidelity Eiiropean Trust FIL Investment Svrs Glaxosmithklin¢ Greencoal Renewab1¢5 Hdleon HICL Infrastructure JLEN EnvironTn¢ntal Assets JP Morgan Am¢rican Investment TNst JP Morgan Japanese Inv¢stment Tn1 Mer¢hants Trust National Grid Pennon Group Pretnier Miton Rio Tinto Ruffer Investment Co Sehrodcr Scottish & Southem Standard Chartered Bank Standard Life Tesco United Utilities UK Govt.250/. 2025 UK Govt 3.50/. 2025 Verizon Communications Vodafone 31 Infrastructure 1,000 12,000 420 16,380 210 50 4,650 14,000 700 i 0.000 875 7,000 10,000 2,950 800 2,550 900 1,140 2.500 100 3,400 5,500 655 380 1,300 4,250 950 10,700 10,500 148 3,070 3,050 9,342 14,600 6,874 20,062 5,092 2.168 15.255 14,213 9.895 10,342 2,298 10,389 10,265 20,091 5,059 9,928 7,271 7,696 9,602 2,784 10,162 15.070 7,582 5.567 4.982 13,609 7,459 10,069 10.410 3,516 6,488 9,886 £298,026 Page 8 continued.
O'LAVERTY TRUST NOTES TO THE FINANCIAL STATEMEf4TS_ continued FOR THE YEAR ENDED S APRIL 2024 ANALYSIS OF CHARITABLE FUNDS Fund 2naly$ls At 5 April 2023 Income Expenditure At 5 April 2024 Restricted funds General funds 311.690 10,920 16.709 305,901 Anilysis of net assets bctwecn the fund5 Unrestrict¢d funds R¢slricled nds Total funds 2024 Restricted funds Current assets Creditors less than one year GeD¢ral funds 307,547 307,547 305 901 305,901 Pagc 9