Charity Reference No. 104727
A E HARVEY CHARITABLE TRUST
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
A E HARVEY CHARITABLE TRUST
CONTENTS
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS ......................................................................... 1 TRUSTEES’ ANNUAL REPORT ....................................................................................................................... 2 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF A E HARVEY CHARITABLE TRUST ................... 4 STATEMENT OF FINANCIAL ACTIVITIES (Income and Expenditure Account) .............................................. 5 BALANCE SHEET ........................................................................................................................................... 6 NOTES TO THE FINANCIAL STATEMENTS ..................................................................................................... 7
A E HARVEY CHARITABLE TRUST
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
| Trustees | Mr Peter Cavan (Chair) |
|---|---|
| Mrs Ainda Andress (Secretary) | |
| Mrs Jacqui Kerr | |
| Mr Patrick Hirst | |
| Registered Charity Number | 104727 |
| Trust Office | c/o Evelyn Partners |
| The Linenhall | |
| 32-38 Linenhall Street | |
| Belfast | |
| BT2 8BG | |
| Independent Examiners | RBCA Limited |
| Chartered Accountants | |
| Linenhall Exchange | |
| 26 Linenhall Street | |
| Belfast | |
| BT2 8BG | |
| Solicitors | Cleaver Fulton Rankin |
| 50 Bedford Street | |
| Belfast | |
| BT2 7FW |
1
A E HARVEY CHARITABLE TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their report and accounts for the year ended 5 April 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out on pages 7 to 11 and comply with the Charities Act (Northern Ireland) 2013 applicable law 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 31 January 2022).
Structure, governance and management
A E Harvey Charitable Trust (“the Trust”) is an unincorporated trust, constituted under a Trust Deed dated 12 April 2005 and is a registered charity, number 104727. The Trust was established in April 2005. The Trustees are appointed by the trust deed dated 12 April 2005 for an indefinite period.
The day-to-day management of the Trust is overseen by the Trustees and there is no senior management or staff employed.
At the biannual Trustees’ meetings, the Trustees agree the broad strategy of the Trust, including consideration of grant making, investment, reserves and risk management policies and performance.
The Trustees who served during the year were as follows:
Mr Peter Cavan (Chair) Mrs Ainda Andress (Secretary) Mrs Jacqui Kerr Mr Patrick Hirst
Risk management
The Trustees actively review any major risks which the Trust faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the Trust and confirm that they have established systems to mitigate the most significant risks.
Principal objectives and activities
The objects of the Trust are capital and income growth for distribution.
The activities during the year furthered the charity’s purposes for the public benefit. The Trustees have had regard to the Charity Commission for Northern Ireland guidance on public benefit.
During the year, the Trustees did make distributions of £39,000 (2023: £46,000). The distributions are analysed individually at note 4.
Financial review
The results are set out on pages 5 to 11. In the year under review, income received from various investments totalled £51,539 (2023: £48,859) and Donations £20,000 (2023: £Nil). Total distributions for the year were £39,000 (2023: £46,000). The value of the Trust’s net assets as at 5 April 2024 was £1,097,083 (2023: £1,159,022).
Investment powers and policy
Apart from retaining a prudent amount in reserves each year most of the Trust’s funds are spent in the short term. Having considered the options available, the Trustees have invested a significant portion of the available funds in a portfolio of investments with the remaining funds investment in bank deposits.
Reserves level
The Trustees aim to maintain sufficient free reserves to enable the Trust to maintain its distributions at its current level and, if possible, to increase it.
2
A E HARVEY CHARITABLE TRUST
TRUSTEE’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements.
In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2013. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
P M Hirst Signed:……….……………………… Signed:……….……………………… Jacqueline Kerr P M Hirst Print name:……………………….. Print name:……………………….. Trustee Trustee
Date: 16 May 2025 Date: 16 May 2025
3
A E HARVEY CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF A E HARVEY
CHARITABLE TRUST
I report on the accounts of the charity for the year ended 5 April 2024 which are set out on pages 5 to 11.
Respective responsibilities of trustees and examiner
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008.
It is my responsibility to:
-
examine the accounts under section 65 of the Charities Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner's report
I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.
My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
-
That accounting records were not kept in accordance with section 63 of the Charities Act;
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That the accounts do not accord with those accounting records;
-
That the accounts do not comply with the accounting requirements of the Charities Act; and
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That there is further information needed for a proper understanding of the accounts to be reached.
Independent examiner's statement
I have completed my 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 Ireland, I have found no matters that require drawing to your attention.
Brian Stewart
…………………………….. Brian Stewart, FCA For and on behalf of RBCA Limited Chartered Accountants Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG
17 May 2025
Date:
4
A E HARVEY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (Income and Expenditure Account) FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
|||
|---|---|---|---|---|---|---|
| 2024 | 2024 | 2024 | 2023 | |||
| Notes | £ | £ | ||||
| Incoming resources | ||||||
Dividends & securities Donations |
2 | 43,872 20,000 |
- - |
43,872 20,000 |
43,994 - |
|
| Interest received | 7,666 | - | 7,666 | 4,865 | ||
| Total incoming resources | 71,539 | - | 71,539 | 48,859 | ||
| Resources expended | ||||||
| Professional fees & expenses | 3 | (12,142) | - | (12,142) | (12,601) | |
| Distributions | 4 | (39,000) | - | (39,000) | (46,000) | |
| Total resources expended | (51,149) | - | (51,149) | (58,601) | ||
| Realised gains / (loss) on investments |
6,708 | - | 6,708 | (12,219) | ||
| Net incoming / (outgoing) resources |
46,090 | - | 46,090 | (21,961) | ||
| Recognised gains and losses | ||||||
Unrealised gains / (losses) on investments |
(89,036) | - | (89,036) | (52,632) | ||
| (89,036) | - | (89,036) | (52,632) | |||
| Net incoming resources for the year |
(61,939) | - | (61,939) | (74,592) | ||
| Funds brought forward | 1,159,022 | - | 1,159,022 | 1,233,614 | ||
| Funds at 5 April 2024 | 1,097,083 | - | 1,097,083 | 1,159,022 |
5
A E HARVEY CHARITABLE TRUST
BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024
| BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024 |
|||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Notes | |||
| Fixed assets | |||
| Investments | 5 & 6 | 1,037,088 | 1,112,807 |
| 1,037,088 | 1,112,807 | ||
| Current assets | |||
| Cash at bank and in hand | 7 | 65,589 | 51,534 |
| 65,589 | 51,534 | ||
| Creditors: amounts falling due within one year | 8 | (5,594) | (5,318) |
| Net current assets | 59,995 | 46,215 | |
| Net assets | 1,097,083 | 1,159,022 | |
| Unrestricted funds | |||
| Fair value reserve | 9 | 245,357 | 334,393 |
| Income reserve | 9 | 4,600 | 4,210 |
| Capital reserve | 9 | 847,127 | 820,419 |
| Total funds | 1,097,083 | 1,159,022 |
16 May 2025
The accounts were approved by the Trustees on …………… and signed on its behalf by:
P M Hirst Signed:…….……………………….
Signed:…….……………………….
P M Hirst Print name:………………………..
Jacqueline Kerr Print name:………………………..
Trustee
Trustee
Charity No. 104727
The notes of pages 7 to 11 form part of these financial statements.
6
A E HARVEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.
1.1 Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the accounting policies set out on pages 7 to 11 and comply with the Charity’s Memorandum and Articles, the Charities Act (Northern Ireland) 2013 applicable law 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 31 January 2022). The Charity is a public benefit entity.
1.2 Incoming resources
All incoming resources are recognised once the Trust has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
1.3 Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Distributions are payments made to third parties in the furtherance of the charitable objectives of the Trust. Distributions are accounted for when the recipient has a reasonable expectation that they will receive a distribution and the Trustees have agreed to pay the distribution without condition.
1.4 Fund accounting
The Trust has three funds, an Income Fund, a Fair Value Fund and a Capital Fund, which are wholly unrestricted. Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the Trust’s objects.
1.5 Investments
Investments are stated on the balance sheet at fair value and all movements, including realised and unrealised gains and losses, are shown in the Statement of Financial Activities. Realised gains and losses are the aggregate of profits and losses of sales of investment units.
1.6 Taxation
As a registered charitable trust, the Trust is not liable to either Income Tax or Corporation Tax.
7
A E HARVEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
1.7 Financial Instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of any interest-bearing loans which are subsequently measured at amortised cost using the effective interest method.
1.8 Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
1.9 Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1.10 Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2. Dividends & securities
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| UK dividends | 17,183 | 18,037 | |
| UK Unit Trust & OEIC dividends | 20,178 | 19,768 | |
| Property income distributions | 730 | 678 | |
| Foreign dividends | 5,781 | 5,511 | |
| 43,872 | 43,994 |
8
A E HARVEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
3. Professional fees & expenses
| 3. Professional fees & expenses | |||||
|---|---|---|---|---|---|
| 2024 | 2023 £ 9,586 2,750 265 12,601 |
||||
| £ | |||||
| Investment fees | 9,037 | ||||
| Independent examination fees | 3,005 | ||||
| Sundry expenses | 107 | ||||
| 12,142 | |||||
| 4. Distributions | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Belfast Central Mission Paragon Studio |
3,000 4,000 |
10,000 - |
|||
| Quaker Service NI Pancreatic Cancer Green Shoot Productions Belfast Homeless Service |
8,000 2,000 3,000 7,000 |
10,000 - - - |
|||
| Corry Meela | 2,000 | 3,000 |
|||
| Youth Action NI | 2,000 | 1,000 | |||
| Tools for Solidarity | - | 5,000 |
|||
| Sir Hans Sloane Centre, Killyleagh | - | 2,000 | |||
| Aware NI | - | 3,000 | |||
| June Burgess, Horses for People (Women’s Aid) | - | 5,000 | |||
| Via Wings, Dromore | - | 5,000 | |||
| St Anne’s Cathedral Christmas Appeal | 8,000 | 2,000 | |||
39,000 46,000
9
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
5. Investments (at cost)
| . Investments (at cost) | |
|---|---|
| Cost as at 6 April 2023 Purchases Disposals Cost as at 5 April 2024 |
|
| £ £ £ £ |
|
| Other UK Fixed Interest Bonds | 81,006 45,043 - 126,049 194,749 - - 194,749 327,348 - - 327,348 235,541 - (31,726) 203,815 |
| Alternative Investments | |
| UK Equities | |
| Overseas Equities | |
| 838,644 45,043 (31,726) 851,961 |
6. Investments (at market value)
| Market value as at 6 April 2023 |
Purchases | Disposals | Change in market value |
Market value as at 5 April 2024 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Other UK Fixed Interest Bonds | 78,191 | 45,043 | - |
1,260 |
124,494 |
| Alternative Investments | 204,395 | - | - | (39,971) | 164,424 |
| UK Equities | 531,670 | - | - |
(44,554) | 487,116 |
| Overseas Equities | 298,551 | - | (31,726) | (5,771) | 265,054 |
| 1,112,807 | 45,043 | (31,726) | (89,036) | 1,037,088 |
10
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
7. Cash at bank
| 2024 2023 £ £ 39,320 35,006 21,071 16,277 5,198 251 65,589 51,534 |
|
|---|---|
| Investment account | |
| Dividends account | |
| CafCash account | |
| 8. Creditors due within one year | |
| 2024 2023 |
|
| £ £ |
|
| Evelyn Partners | 2,568 2,568 |
| Accountancy fees Other creditors |
3,025 - 2,750 - |
| 5,593 5,318 |
9. Reserves
| Capital reserves Fair Value reserves Income reserves Total unrestricted reserves |
|
|---|---|
| £ £ £ £ |
|
| As at 6 April 2023 | 820,419 334,393 4,210 1,159,022 |
| Investment movement | 26,708 (89,036) - (62,328) |
| Net income/(expenditure) | - - 389 389 |
| As at 5 April 2024 | |
| 847,127 245,357 4,600 1,097,083 |
10. Related party transactions and Trustees’ remuneration
There were no Trustee fees charged in 2024. In the opinion of the Trustees, there were no related party transactions to be disclosed in the accounts.
11
Issuer
RBCA Ltd
Document generated Fri, 16th May 2025 11:29:06 BST
Document fingerprint a678735bfaca422e70c7586b5d994325
Parties involved with this document
Document processed
Party + Fingerprint
Fri, 16th May 2025 19:48:17 BST Patrick Hirst - Signer (9746c0b07b99edbe9d46fb5caa0472a3) Fri, 16th May 2025 20:43:56 BST Jacqui Kerr - Signer (77b38fef1b4c21537b08f7536cd2d741) Sat, 17th May 2025 9:04:58 BST Brian Stewart - Signer (199db58aab191e1370af3cf15da9b02d)
Audit history log
Date Action Fri, 16th May 2025 11:29:07 BST Envelope generated by Jane Gill (2.217.56.178) Fri, 16th May 2025 11:29:07 BST Document generated with fingerprint a678735bfaca422e70c7586b5d994325 (2.217.56.178) Fri, 16th May 2025 11:29:07 BST Document generated with fingerprint 6aac3c5b1ee5d372ab5e1aeda0ee54dd (2.217.56.178) Fri, 16th May 2025 11:35:06 BST Sent the envelope to Patrick Hirst (patrickhirst@btinternet.com) for signing (2.217.56.178) Fri, 16th May 2025 11:35:06 BST Document emailed to patrickhirst@btinternet.com (18.170.25.21) Fri, 16th May 2025 19:44:57 BST Patrick Hirst opened the document email. (90.250.163.31) Fri, 16th May 2025 19:45:02 BST Patrick Hirst opened the document email. (90.250.163.31) Fri, 16th May 2025 19:45:18 BST Patrick Hirst viewed the envelope (90.250.163.31) Fri, 16th May 2025 19:48:17 BST Patrick Hirst signed the envelope (90.250.163.31) Fri, 16th May 2025 19:48:17 BST Sent the envelope to Jacqui Kerr (jrhkerr@googlemail.com) for signing (90.250.163.31) Fri, 16th May 2025 19:48:17 BST Document emailed to jrhkerr@googlemail.com (13.41.77.101) Fri, 16th May 2025 20:24:36 BST Jacqui Kerr opened the document email. (104.28.86.105) Fri, 16th May 2025 20:25:00 BST Jacqui Kerr viewed the envelope (82.132.217.50) Fri, 16th May 2025 20:38:12 BST Jacqui Kerr viewed the envelope (51.19.106.223) Fri, 16th May 2025 20:40:43 BST Jacqui Kerr viewed the envelope (51.19.106.223) Fri, 16th May 2025 20:41:59 BST Jacqui Kerr viewed the envelope (51.19.106.223) Fri, 16th May 2025 20:43:56 BST Jacqui Kerr signed the envelope (51.19.106.223)
Sent the envelope to Brian Stewart (brian.stewart@rbca.co) for signing
Fri, 16th May 2025 20:43:56 BST
(51.19.106.223)
Fri, 16th May 2025 20:43:56 BST Sat, 17th May 2025 8:40:43 BST Sat, 17th May 2025 9:04:13 BST Sat, 17th May 2025 9:04:13 BST Sat, 17th May 2025 9:04:20 BST Sat, 17th May 2025 9:04:32 BST Sat, 17th May 2025 9:04:58 BST Sat, 17th May 2025 9:04:58 BST
Document emailed to brian.stewart@rbca.co (18.130.238.125) Patrick Hirst opened the document email. (146.75.174.13) Brian Stewart opened the document email. (81.104.236.75) Brian Stewart opened the document email. (81.104.236.75) Brian Stewart viewed the envelope (104.28.89.41) Brian Stewart viewed the envelope (40.69.92.134) Brian Stewart signed the envelope (104.28.89.41) This envelope has been signed by all parties (104.28.89.41)