Carrickfergus Literary & Scientific Society
{Union Hall) Trust Fund
Annual Report and Financial Statements
for the year ended 5 April 2023
Charity Commission for Northern Ireland Number NIC103610

Carrickfergus Literary & Scientific Society (Union Hall) Trust Fund
Trustees, Annual Report
for the year ended 5 Aprll 2023
The Trustees present the annual report and financial statements for the Carrickfergus Literary &
Scientif ic Society (Union Halll Trust Fund for the yea r ended 5 Apri12023.
Reference andAdmAnistrative Information
Charity Name:
CarrickferEUS Literary & Scientif ic Society (Union Hall) Trust Fund
Charity Registration Number,. NIC103610
Contact Address:
67 Rodgers Bay
CARRICKFERGUS
BT38 8GG
Charity Trustees
Bob Barr
Mary Boylan
Kerry 8radley
Dessie Graham
Simon Hanna
Peter Howard
Richard Price
Margaret Roy
Jack Crooks
{retired February 20231
Prlnclpal Offlce-bearers
Chairman: Peter Howard
Secretary: M rs Gillian Mcconnell
Treasurer: Dessie Graham
Independent Examiner
Karen Mcllhatton FCA, 22 Broadway Avenue, Ballymena, BT43 7AA
Bonkers
Danske Bank, Donegall Square West, Belfast, BTI 6JS
Sollcltors
Joh ns Elliot, 40 Linenhall Street, Belfast, BT2 8BA
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CarrÉckfergu5 literary & Scientific Society (Union Hall) Trust Fund
Trustees, Annual Report
for the year ended S April 2023
Structure, Governance and Management
Governing Document
The Trust is governed by its Trust Deed dated 18 April 1983 as approved by The High Court of Justice
in Northern Ireland.
Recrultment and Appolntment of Trustees
The Trustees shall be not less than 6 or more than 9 in number.
The Trustees may by resolution from time to time appoint new Trustees provided that the total
number of Trustees shall not at any time exceed 9.
A longstanding trustee Mr Jack Crooks retired in February 2023, The remaining Trustees would like
to thank him for his work and service to the Charity over the years.
The Trustees appoint, from amongst themselves, a Chairman and Vice Chairman who shall both hold
office for three years. The outgoing Chairman and Vice Chairman shall both be eligible for re-
election.
The Trustees also appoint an Honorary Secretary, who shall not be a Trustee.
The Trustees are responsible for making decisions on matters of general concern and Importance to
the charity including deciding how charity funds are to be applied,
Trustees do not receive remuneration, reward, reimbursement for expenses or other private benefit
for carrying out their Trustee responsibility. No charitable funds have been used to purchase
insurance to indemnify the Trustees against the consequences of any neglect or fault on their part.
Objectives & Actlvitles
The charitable purpose of the Trust is to act as a grant making body providing grant funding to other
charities across a number of fields comprising:
Advancement of education,.
Advancement of the arts, culture, heritage and science;
Advancement of amateur sport; and
Advancement of citizenship and community development.
In setting our objectives and planning our activities for the year the Trustees have given careful
consideration to The Charity Commission for Northern Ireland's Public Benefit Requirement statutory
guidance to ensure that the activities have helped to achieve the charity's purpose and to provide a
benefit to the beneficiaries.
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Carrickfergus Literary & Scientlflc Soclety (Unlon Hall} Trust Fund
Trustees, Annual Report
for the year ended 5 Aprll 2023
Objectives & Actlvities (continued)
The charity's beneficia ries are both other organisations operating within the above-mentioned fields,
which are themselves charitable in nature, and the public at large, either resident within or visiting
the Carrickfergus Local Authority Area, and no harm flows from its purposes.
The direct benefit which flows from its purposes is the increased availability of funds to other
charitable orga nisations towards fulfilling their purposes, which in turn results in improved access to
ed ucationa l and arts-based resources, enhanced opportLtnities to participate in amateur sporting and
recreationa l activities, and improved health and safety facilities for the benefit of the public in the
localitv.
Any private benef it to Trustees may possibly arise from their association with the charity in that they
may acquire skills or experiencc that are transferable to other settings, or which may assist towards
obtaining other appointments. These benefits are necessary to ensure delivery of the benefits
provided to the charity's benef iciaries but are purely incidental to the purposes of our work.
Achievements & Performance
A summary of the grant applicatlons and grant disbursements for the year is as follows:
2023
2022
Number of appllcatlon forms sent out
11
Number of application forms received
10
Grant applications approved in full
Grant appllcations approved in part
Grant a pplicatSons declined
io
Total charitable grants disbursed
£5,100 £19,106
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Carrickfergus Llterary & Scientific Society (Union Hall> Trust Fund
Tru5tees' Annual Report
for the year ended S April 2023
Achievements & Performunce (continued)
The Trustees held two meetings during the year and approved grant payments in respect of the
following;
Contribution towards the cost of the local Grammar School's choir trip,,
Contribution towards the cost of a quieter play area for pupils with Autism Spectrum
disorder at a local primary school;
Contribution towards the cost of uniforms for a local Napoleonic Drum band.
Financlol Review
A Ilst of tharitable gra nts disbursed is as follows,.
2022
2022
Carrickfergus Grammar School Choir
Carrickfergus Model Primary School PTA
Sir Henry Inglesby's Fife & Drum Corps
Third Carrickfergus Band
County Antrim Yacht Club
Carrickfergus & District Probus Club
Whitehead Coastal Rowing Club
star of Knockagh Accordion Band
Carrickfergus Sea Cadets
Carrickfergus Sailing Club
Charles Shiels Community
Whitehead Ladies, Choir
1,900
1,400
1,800
2,500
5,000
600
1,760
2,000
2,700
1,440
1,650
1,456
5,100
19,106
The Trust's principal source of income Is the return from its investment portfolio.
Following on from a significant change in investment strategy during 2020 {on the advice of the
portfolio managers}, income generation reduced substantially. The Trustees advised the portfolio
managers in writing and then in a face-to-face meeting that this investment strategy did not meet
the financial needs of the Trust and asked them to change the investment strategy so as to increase
income generated, but no significant change was made to the profile of the investment portfolio
until the final quarter of 2021, by which time the Trust's income was at a level that did not cover its
operating costs.
In an attempt to provide liquid funds for the Trustees, the portfolio managers paid out cash from the
Trust's capital funds even though the Independent Examiner had advised them that this should not
be done under the Trust's Rules. The Trustees received this money in good falth that this was income
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CarrickferEUS Literary & Scientific Society (Union Hall) Trust Fund
Trustees, Annual Report
for the year ended 5 April 2023
out of which they could pay charitable grants, and they approved the payment of charitable grants In
th
due course. This practice continued during part of the year ended 5 April 2023.
As a result of the work undertaken by the Independent Examiner in respect of the financial year
ended 5 April 2022 this reduction in the Trust's capital came to light, As soon as they were made
aware of this issue the Trustees met with the portfolio managers and removed them from their
position as advisors. The portfolio was liquidated and placed with new advisors in February 2023.
Furthermore, the Trustees intend to seek financial redress from their previous portfolio managers,
Market factors, including the financial impact of the global COVID-19 pandemic, in conjunction with
the Trust's Rules have impacted on the Trust's finances. The Trustees did not act inappropriately and
did not Sntentionally break the Trust's Rules, nor did they intentionally reduce the capital funds of the
Trust.
Expenditure reduced during this year due to a reduction in the amount of charitable grants
approved, although investment fees increased due to the transfer of the investment portfolio.
The reserve of endowment funds continues to be in surplus with an adequate level of net current
assets for the continuation of operational activities. The income fund is £19,528 in deficit at 5 April
2023 and the Trustees aim to repay the capital and to return the income fund to a surplus position in
future years as income and cha ritable grants permit. In add ition, the Trustees will consider a request
to The Charity Commission for Northern Ireland to amend the Trust's Rules regarding the allocation
of costs between income and capital funds.
There are no other areas of financial concern noted by Trustees.
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Carrlckfergus LSterary & Scientific Society (Union Hall) Trust Fund
Trustees, Annual Report
for the year ended 5 April 2023
Reserves Policy
The Trust's reserves policy is as follows:
"If any income is not expended by the Trustees in any one year, one half thereof shall be transferred to
the capital of the Trust Funds and sh311 not subsequently be treated as income, and the remaining one
half may be applied and expended by the Trustees as income of the Trust Funds in the immediately
following year, but if not so expended by them as aforesaid, then it shall be transferred also to the
capital of the Trust Funds and shall not subsequently be treated as income"
The Trustees, aim is to retain a level of unrestricted (income) reserves which matches its needs at the
current time and in the foreseeable future, coupled with retai ning a level of endowment {capital)
reserves to produce sufficient annua l income to cover its expenditure on charitable grant
disburscments and adrrinistrative costs {i,e. to ensure that the charity has enough resources to fund
its charitable objectives and to hold suff icient resources to meet all of its commitments). The
Trustees believe that our reserves pol icy is both responsible and prudent but have not specified a
pa rticular level of reserves to be held.
At S April 2023 the charity had a deficit in unrestricted funds of £19,528. This is below what is
regarded as an appropriate level and the Trustees aim to return the income fund to a surplus
position in future years as income and charitable grants permit, The charity also held endowment
funds costing £440,9911£433,782 at valuation),
Funds held os custodlan trustee on behalf of others
There are no funds held as custodian trustee on behalf of others,
Approved by the charity trustees and signed on their behalf,
W P Howard
Chairman
Date:
th
8 January 2024
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