Carrickfergus Literary & Scientific Society
(Union Hall) Trust Fund
Annual Report and Financial Statements
for the year ended 5 April 2024
Charity Commission for Northern Ireland Number NIC103610

Carrickfergus Literary & Scientific Society (Union Hall) Trust Fund
Trustees, Annual Report
for the year ended 5 April 2024
The Trustees present the annual report and financial statements for the Carrickfergus Literary &
Scientific Society (Union Hall) Trust Fund for the year ended 5 April 2024.
Reference andAdministrati¥e Infvrmation
Charity Name:
Carrickfergus Literary & Scientific Society (Union Hall) Trust Fund
Charity Registration Number: NIC103610
Contact Address:
67 Rodgers Bay
CARRICKFERGUS
BT38 8GG
Charity Trustees
Bob Barr
Mary Boylan
Kerry Bradley
Dessie Graham
Simon Hanna
Peter Howard
Richard Price {retired24/3/2024)
Margaret Roy
Principal Office-beorers
Chairman: Peter Howard
Secretary- Mrs Gillian Mcconnell
Treasurer: Dessie Graham
Independent Examiner
Karen Mcllhatton FCA, 22 Broadway Avenue, Ballymena, BT43 7AA
Bankers
Danske Bank, Donegall Square West, Belfast, BTI 6JS
Solicitors
Johns Elliot, 40 Linenhall Street, Belfast, 8T2 8BA
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Carrlckfergus Literary & Scientific Society (Union Hall} Trust Fund
Trustee￿ Annual Report
for the year ended 5 April 2024
Strurture, Governance and Manogement
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.
Recruitment and Appointment of Trustees
The Trustees shall be not less than 6 or more than 9 in number.
The Trustees may by resolution from tlme to time appoint new Trustees provided that the total
number of Trustees shall not at any time exceed 9.
A longstanding trustee Mr Richard Price retired in March 2024. The remaining Trustees would Ilke to
thank him for his work and seniice 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 outgoin8 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.
Objertives & Activities
The charitable purpose of the Trust is to act as a grant makin8 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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Carrickfersus Literary & Sclentiflc Sodety (Unlon Hall) Trust Fund
Trustees, Annual Report
for the year ended 5 April 2024
Objertives & Activities {continuedJ
The charivs beneficiaries are both other organisations operating within the above-mentioned fields,
which are themselves charitable in nature, and the pu blic at large, either resident within or visiting
the Carrickfergus Local Authority Area, and no harm flow5 from its purposes.
The direct benefit which flows from its purposes is the increased availability of funds to other
charitable organisations towards fulfilling their purposes, which in turn results in improved acce5S to
educational and arts-based resources, enhanced opportunities to participate in amateur sporting and
recreational activities, and improved health and safety facilities for the benefit of the public in the
locality.
Any private benefit to Trustees may possibly arise from their association with the charity in that they
may acquire skills or experience 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 charitvs beneficiaries but are purely incidental to the purposes of our work.
Achievement5 & Performance
A summary of the grant applications and grant disbursements for the year is as follows:
2024
2023
Number of application forms sent out
Number of application forms received
Grant applications approved in full
Grant applications approved in part
Grant applications declined
Total charitable grants disbursed
£7,224
£5,100
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Carrickfergus Literary & Scientific Society (Union Hall) Trust Fund
Trustees, Annual Report
for the year ended S April 2024
Achievements & Perfonnance (continued)
The Trustees held two meetings during the year and approved grant payments in respect of the
following:
Contribution towards the cost of waistcoats for a local band uniform.
Contribution towards the cost of a portable sound system for use by Carrickfergus & District
Probus club;
Contribution towards the cost of a conference hosted by a local Historical Society.
Contribution towards the cost of replacement VHF radios used by Belfast Lough Sailability in
their work with disabled and disadvantaged individuals from Carrickfergu5 Marina
Contribution towards the cost of 8 young teenagers taking part in a student exchange
programme to Danville, Kentucky USA.
Financial Review
A Ilst of charitable grants disbursed is as follows:
2024
2023
Third Carrickfergus Band
Carrickfergus & District Probus Club
Carrickfergus Distrlct H istorical Society
Belfast Lough Sailability
Uplift Community Outreach
Carrickfergus Model Primary School PTA
Carrickfergus Grammar School Choir
Sir Henry Inglesbvs Fife & Drum Corps
Whitehead Coastal Rowing Club
Star of Knockagh Accordion Band
Carrickfergus Sea Cadets
Carrickfergus Sailing Club
Charles Shiels Community
Whitehead Ladies, Choir
2.540
500
600
3,000
1,400
1,900
1,800
7,224
5,100
The Trusys principal source of income is the return from its investment portfolio.
The personnel managing the charity's investment portfolio changed in 2020. Despite being advised
of the level of income required by the Trustee's to make charitable grants and meet administrative
expenses, income generated from investments was low. In an attempt to provide liquid funds for the
Trustees, the portfolio managers paid out cash from the Trusgs capital funds, in spite of being
advised of the Trust rules which prohibited these activities from being financed from capital funds.
The Trustees received this money in good faith that this was income out of which they could pay
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Carrickfergus Literary & Scientific Society (Union Hall) Trust Fund
Trustees, Annual Report
for the year ended 5 April 2024
charitable grants, and they approved the payment of charitable grants in due course. The Trustees
did not act inappropriately and did not intentionally break the Trusvs Rules, nor did they
intentionally reduce the capital funds of the Trust.
On being made aware of this issue bythe Independent Examiner, the Trustees removed the portfolio
managers from their posltion as advisers, instructed that the portfolio be liquidated, and placed the
asset with new personnel in February 2023. Redress was requested from the previous firm. and
during the year £2,000 compensation was received. However, the consequence of these attions left
the income fund of the charity in a deficit position.
The Trustees are pleased to report that income generated from the new portfolio management is at
sufficient levels to allow the charity to meet its obligations. More charitable grants were approved
during the year, and investment portfolio fees reduced, leaving expenditure at similar levels to
earlier years.
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 £16,154 in deficit at 5 April
202412023- £19,528) and the Trustees aim to repay the capital and to return the income fund to a
surplus position In future years as income and charitable grants permit. In addition, 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.
Reserves Policy
The Trust's reserves policy is as follows:
"If any income is not expended bythe Trustees In any one year, one half thereof shall be transferred to
the capital of the Trust Funds and shall not subsequently be treated as income, and the remaining one
half may be applied and expended bythe 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 unrestrirted (income) reserves which matches its needs at the
current time and in the foreseeable future, coupled with retaining a level of endowment {capitall
reserves to produce sufficient annual income to cover its expenditure on charitable grant
disbursements and administrative costs (i.e. to ensure that the charity has enough resources to fund
Its charitable objectives and to hold sufficient resources to meet all of its commitments). The
Trustees believe that our resenfes policy is both responsible and prudent but have not specified 2
particular level of reserves to be held.
At 5 April 2024 the charity had a deficit in unrestritted funds of £16,154. 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 £443,855 (£465,565 at valuation).
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Carrickfergus Literary & ScientFfic Society (Union Hall) Trust Fund
Trustees, Annual Report
for the year ended 5 April 2024
Fund5 held a5 Custodlan trustee on behalf of others
There are no funds held as custodian trustee on behalf of othets.
Approved by the charity trustees and signed on their behalf,
W P Howard
Chairman
Date:
th
18 November 2024
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