The Irish Landmark Trust Limlted {A company limited by guarantee. not having a 8hare capita Annual Report and Audited FinanGial Statements for the financial year ended 31 December 2022 Company Number: Nl 031218 Charity Number: IOIX15
The Irish Landmark Trust Limited IA ¢ornpany limitèd by guarantee. not havlng a share capital) CONTENTS Page Reference and Administrative Information Directors, Annual Report Statement of Directors, Responsibilities Independent Auditorfs Report 8-10 Statement of Financial Activities 11 Balance Sheet 12 Notes to the Financial Statements 13-19
The Irish Landmark Trust Limited IA company limitod by guarantse, not havlng a 8thare capitsll REFERENCE AND ADMINISTRATIVE INFORMATION Dlrectors Michael O'Boyle {Chaimanl Mary Apied (Resi9ned 22 September 2022} Galen Bales Emer Bell David Canty Iliam Cummir¥J Mary Hanna {Re5igned 22 September 2022} David Lowe Caroline McErlean Niall meagtrr Elhna Murphy (Appointed 28 June 2023} Simon P Murphy Mona O'Rourke Primrose Eileen IAfilson Gavan Woods Company Secretsry Mona O'Rourke Charlty Number In Northern Iroland 101205 Company Number Nl 031218 Reglstered Offico and Principal Address 50 Bedford Street Belfast BT2 7FW Audltors CruleY$ DFK Unlimited Company Chartered Accountants and Statutory Audit Fi 16117 College Green Dublin D02 V078 Bankers Bank of Ireland Belfast City Branch 1 Donegal Square South BT15LR Solicitixs clever. Fulton Rankin 50 Bedford Street Belfasl 8T2 7FW
The Irish Landmark Trust Limited (A eornpany Ilmlted by 9uarants&, not having a share capi*l} DIRECTORS. REPORT for the finan¢ial year ended 31 Dgcember 2022 The directors present thelr Directors. Report, and the audiled ffinancial ststements for the financial year ended 31 December 2022. The finanaal statements have been pwared in accordan with the accounting policies set out in note 2 to the financial statements and comply with the charivs memorandum 8nd articles of association, the Companies Act 20 and "Accounting and Reporting by Charities: Statement of Recommended PTrcIi applicable to charibes preparing their accounts in accordan with the Financial ReF)Orting Standard applicable in the UK and Republic of Ireland FRS 102" {effeclive 1 January 20191. Mission. Obiectives and Strategy Mission Statement Irish Landmart( Trust is e5tabli$hed in both Northem Ireland (1996) and the Republic of Ireland {1992) as not-forf&rofft company. limited by guaranlee, wlth charitable status in both jurisdicbons. To act as an educalional twst for the purpose of cOnSeIng, improving and restoring buildings of character and architectural meri( and to that end, lo rescu8, restore and make available to the public archlteclurally s¢gnificant buildings which fomi an important part of the landscape in which they are set bul whose restoration may not otheiSe be economicalty justffied. To document the construction methods used in the buildings rescued, document techniques used in r&slorallon. promote and develop the skills required to enable historic building$ lo be restored in a manner ¢onsistent with their orfginal character and to promote public appreciation and understandin9 of the historic and archilectural importance of the sdected buildings. The wort( of lrfsh Landmark Trust ¢¥t&S awareness, apprectation and understanding of the value of Ireland's built heritsge. It operates as an educational resource, demonstrating how historic buildings can be Sed in a purposeful and beneficial way. By making its conservation and restoration rerdS available. it operates as an educational resou for students of 8hItectUre and for owners of historic propertie5 who mKJht wish to undertake a conservationlrestoration project Review of Activities. Achievements and Perfomiance Achievements and Performance During the fi¥st six months of 2022 a large volume of holidays that were postponed due to covid restrictions were realised. In addition, there was strong demand for ITiSh Landmark Trust holidays throughout the year. making 2022 th8 busiest year for bookings in the compan$ history. Along with the increase in income there was a Corresponding increase in cost of sales. This was due in part to the grgaler volume of bookings but also to inflation and rising 8nergy C05ts. In 2022 the organisation conlinued the digllisation of the finance and booklng lunclions including the administratlon of House Manager5 expenses. improvements in the treabnenl of standing charges for properties and the delivery of dtgital gift cards. A new website was develoFed and launched to ¢learfy articulate a compelling organisational story and make il easler for our guests lo b¢xJk a holiday. A Northern Ireland based Operations Manager was appolnted.
The Irish Landmark Trust Limited IA company limited by guarar*t••. not havlng a share ¢apitsll DIRECTORS, REPORT for the financial year ended 31 De¢ber 2022 How Irish Landmark Achleved Thesè Aims Preserving historic places ITish Landmawk Trust is resF)onsible for the maintenance and upkeep of thirteen heritage proptrb&s at eleven sites across Northern Ireland. The work lo maintain these prOrtIeS is carried out in line with our principals of using fr3d"on?1 craft skills and sustairsable practices. We partner with Irish Lights and private property owner5 to act as custCKlian of the buildings in our care. The majority of properbes are held on a long lease or licence. The company owns one property at Bushmills in Co. Antrim. AJI of the properbes in our care are subject to a Quiwuennial Pryty Inspection Report. canied out by a RIAI Grade 1 Conservation Architect. The House Manager for each pr(Ipety is responsible for day-ttrday maintenance arKI for weekly Ppety checks. Prornotlng public enjoyment of historic pla¢es The buildings rescued by Irish Landmark Trust are available to. enjoyed by many people. The many guests who stayed at the conserved properties duriNJ 2022 enjoyed a tangible experience of our built heritage which requires no prior knowledge or qualification. To live in an historic building. even for a short lime, has the capacity to inspire and offer a sense of beauty and pea. The availability at the propeths of the hislory of e8¢h Focalion and its physical and historical context encourages visitors to learn more. In addition lo making the propertie$ available ft>r rent Irish Landmark TNst proparties were open duriry the Europ8an Heritage Open Day In September. Irish Landma Trust's totsl portfolio of Ihity-three properties in Ireland has been saved and given a new viable use. By repurposing the conserved buildings for holiday use, as well as guarante•ing their survival, they remain within public conseiousness. These building$ help ¢ate a sense of plao for local communities and contribute to local identity and memories. In 2022 Irish Landmarf( Trust continued working with Ihe lrfsh Architectural Archive (IAA). This partnership will see the IAA take possession of our extensive archiv8 over the next few years. Govèrnance and management of the oryanlsatlon The Board of Dipctors undertook a comprehensive Board Skills Audf( and Board and Chair PerfoThance Review process in Ihe second haw of 2022. A new suEFcommittee of the board was formed. The Communications and Development Committee has been established to SUPPOrt the new intemal role of Communications Managèr and ensure intemal and extemal organisational communicatsons are appropriate and reflectNe of our mission and values. At the Annual General MeetirwJ that took in pla in September 2022. Mary Apted and Mary Hanna retired. Caroline McErlean, William Cumming, David Canty and Primrose Eileen Vlson retid by rotation and were re-appointsd accordingty. In 2022 there were six Board meetings taking pla on average every tsvo months. The Property Committee met six limes. Audit Committee eleven times. Communication and Development Committee met five limes. The General Purpose Committee meets as the need arises. The directors rEceive no remuneration or out of pocket eXnSeS from the Irish Landmark Trusl. The organisatson is managed on a day-to-day basis by the Chief Executive Officer. who works with an executive team of fwe. The executive team is augmented by a team of nine House Managers in Northern Ireland. who work on a part time basis, dependent on bookings at Oach of their individual properti85. Risk management The major risks lo Irish Landmark Trusfs business and fvture viablllty have been ass&ssed. Th& dlrector8 believe that Irish Landmart( Trust continues to lake the necessary actions to en5 the continuin9 survival and sustainable growth of the organisation. Flnancial Review The results for the financial year are set out on page 11 and addit6on81 notes are provKlgd showing income and exFtnditure in greater detail.
The Irish Landmark Trust Limited IA company Ilmlted by guarant••. not havSng a $har• ¢aphall DIRECTORS. REPORT for the financial year ended 31 December 2022 Flnanclal Rosults At the end of the financial year the charity has gro$$ assets of £500.622 {2021- £574.854) and liabilitie5 of £97,408 {2021- £138.9461. The net assets of the charfty have decreased by £32,694. Dir•¢tors The directors who served throughout the financial year, except as noted. were as follows.. Michael O'Boyle {Chaimanl Mary Apled (Resigned 22 September 2022) Galen Bales Emer Bell David Canty Wllliam Cumming Mary Hanna {Resigned 22 September 20221 David Lowe Caroline McErl8an Niall Meagher Ethna Murphy {Appointed 28 June 2023) Simon P Murphy Mona O'Rourke Primrose Eileen Imlson Gavan Woods In accordan¢e wlth the Conslitution, the directors retire by rolallon and. being eligible, offer themselves for re-election. The secretary who seNed during the financial year was: Mona O'Rourke Auditors The auditors, Crowleys DFK Unlimited Company Chartered Ac¢ountants and Statutory Audil Fimi, will be proposed for reappointrnent in aCrdance wilh séction 485 of the Companies Act 20¢A. Sp9cial Provisiorts Relatlng to Small Companles The above report has been ppared in accordance with the special provisions relating lo small companies within Part 15 of the Companles Act 2006. Dtsclosure of Infomiatlon to Audllors Each of the tttsons who are directors al the lime when this Directors, Report 1$ approved has confim)ed IhaL - so far as the direcloT is aware, there is no relevant audit infomialion of which the Company's audstors are unaware, and - the director has taken all the steps that ought lo have been taken as a director in order to be aware of any relevant audit infomiats'on and lo establish that the Company's audiiors are aware of that infomiats'on. Auditors The auditors, Crowley$ DFK Unlimited Company have indicateil their willingness to cLJntinue in office In accordance with the provisions of Section 485 of the Companie$ Act 2006. Approv d by thg Board ol Directovs on nd signed on its behalf by: h7 O'BoylB (Chairman) Director Simo Dire Murphy
The Irish Landmark Trust Lfmited IA company Ilmltsd ty gu4fantse. not havlng a Sha capital) STATEMENT OF DIRECTORS. RESPONSIBILITIES for the financial year ended 31 December 2022 The diTrdor5 a responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires th8 directors to prepare financial statements for each financlal year. Under that law the directors have elected to prepare the financial stalem•nts In accordance with United Kingdom Generalty AcLepted Accounting Practice {United Kingdom Accounting Standards and applicable law) including FRS102 Yho Financial Reporting Standard applicable in the UK and Republi¢ of Ireland" Under company law the directors must not approve the financial statements unless Ihey are satlsfied that they 9ive a true and fair view of the state of affairs of the charity and of the net income or expeThJilure of the charity for that period. In preparing these financial statements, Ihe directors a required to.. Sele suitable accounting policies and apply them consistently., observe th& methods and princlples in the Chariti&s SORP make judgements and estimates that are reasonable and prudent; state whether the finanaal ststements have been prepar8J in accordance with the relevant financial reportin9 framework, identify those standards, and note the effect and the reasons for any material departur& from those Starards. and prepare the financial statements on the going Concern basis unl8s5 It 1$ inapproprlale to presume that the charlty will ¢ontinue in operatlon. The directors are responslble for keeping adequate aeKounting records that are sufficient lo sh¢)w and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enablg them to ensure that the financial stat•ments comply with the Companies Act 2006 and. They are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for th• prev•nllon and detection of fraud and other Irregularities. In so far as the dlrecloTs are aware: there is no relevant audit information linfomiation needed by the charity's auditor in connection with prepartng the auditor's report) of which the charity's auditor is unaware, and the directors have taken all the steps thal they ought to have taken as dire¢tors In order lo make themselves aware of any leVant audit infomialion and lo establish that the charity's auditor 1$ aware of tho1 infonnation. Approved by the Board of Dlr•¢tors on O . o g. c?iS and sign on Its behalf by: Mlc ael O'Boyle {Chaimian Director onPMur
INDEPENDENT AUDITOR'S REPORT to the Members of The Irish Landmark Trust Limited IA company Ilmited by guarantee. not havin9 • ahar• Capltal Report on the audit of the flnanclal statsmgnts Opinion We have audited the financlal $tstements of The Ifish Landmark Trust Limited I'the charitable companw) for the financial year ended 31 December 2022 which comprise Ihe Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balan Sheel and notes to the financial statements. including the summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom AecountirffJ Standards. including FRS 102 "The Financtal Reporting Standard applsc8ble in the UK and Republic of Ireland" and Accounting and Reporting by Charities.. Statement of Recommended Practice aFJplicable to charities preparing their accounts in accordance with FRS 102. In our opinion. the financial statements.. give a true and fair view of the slate of the charitable companys affairs as at 31 Dember 2022 and of its incoming resources and application of resour, including its income and expenditure. for the financial year then ended; have been properly prepared in accordance wilh United Kingdom Generally ACpIed Accounting practi,. and have en prepared in accordan with the requirements ollhe Companies Act 20C6 and the Charities Act 2011. Basis for oplnion We conducted our audit in accordan with Intemational Stsndards on Auditing (UIQ IISAS {UK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the al11 of the financial ststements section of our report. We are iThJependent of the charity in accordan with ethi1 requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical r8sponsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate lo provide a basi5 for our opinion. Conclusiorts rolatlng to golng concern In auditing the financial statements, we have concluded that the directors. use of the goin9 ¢oncem b8sis of accounting In the preparation of the finan¢ial statements is appropriate. Basèd on the work we have perfomied, we have not identifd any material un¢•rtainties relating lo events or conditions that, individually or collectively, may ¢asl significant doubt on the charity's ability lo Continue as a going conrn for a periThJ of at least twelve months from the date when Ihe financial statements are aulhorised for issue. Our responsibilities and the wponsibililies of the directors wilh reS¢t to going concern are described in the relevant seetions of this reporL Other Infomiation The other infomiation comprises the infOnation induded in the annual report olher than the financial ststements and our Audrtorfs Report Ihereon. The directors are responsible for the other infomialion contained wilhin the annual report. Our opinion on the financial statements does not cover the other infomialion and, except to the extent otherwtse explicitly ststed in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so. consider whether the other infomiation is materialty inconsistent with the financial stalements or our knowledge obtained in the course of the audit, or otherwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misslatements. we are required to determine vdhether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfoned. we conclude that there is a material misstatement of this other infomialion. we are required to report that tsct. We have nothing to report in this regard. Opinion on other rnattar prescribed by the Companies Act 2006 In our opinion, based on the worf( undertaken in the course of the aijdrt.. the information given in the D1Clo[$. Report for the financial year for which the financial statements are prepared 15 corisistent with the financial statements." and Ihe Directors, Annual Report has been prepared in aCrdance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT to the Members of The Irish Landmark Trust Limited IA Company limitefl by guarat••, not havlng a $h#r upltall Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and Its environment obtained in the course of the audiL we have not identthed material misstatements in the Directors, Report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion.. adequ8te accounting records have been kepl: or the financial statement5 are in agreement with the accounting records and retums; or certain disclosures of directors. remuneration specified by law are made" or the directors were entitted to prepa the financial staternents in accordan with the small companies regime and tske adwantage of the small compantes, exemption in preparing the Directors, Report. Responsibilities of directors for the financial statements As explained more fully in the Ststement of Directors. Responsibilities set out on page 7. the directors are responsible for the preparation of the financial ststements and for being satisfied that they give a true and frail view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from merial misstatement. whether due to fraud or error. In preparing the financial statements. the directors are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters relaled to going conrn and using the going cL)ncem basis of accounting unless management either intends lo liquidate the chanty or to Cease operations, or has no realistic alternative but to do so. Audltorfs responsibilitios for the audll of the financial stsiements Our objectives a lo obtain reasonable assurance about whelher the finan¢i81 Ststements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an Al1t0rfS Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee Ihat an audit conducted in accordan with ISAS {UKI will always detect a material misslalement when il exists. Misststemenis can arise from fraud or error and are ¢onsidered material if, individualty or in the aggregate, they could reasonably be 8xpe¢ted to influence Ihe economic decisions of users tsken on the basis of Ihese financial ststemenls. Irregularities, includlng fraud, are instanwJ of nonrycompliance with laws and regLtlations. We des¢gn proodures in line with our responsibilities, outlined above, to detect material misstatements in reSct of irregularities, including fraud. Th8 extent to which our procedures are capable of detecting irwularities, in¢luding fraud is detailed below.. Based on our dixusslons with the charity's management and the Directors, we Jentified that the following laws and regulations are significant to the entity= Those laws and regulations considered to have a direct effect on the financial statements indude UK financial reporting standards and Charity Law. - Those18ws and regulations for which non-compliance may te fvndamental lo the operating a8cts of the charity and therefore may have a material effect on the finanaal ststements include Complian with the charitable objectives, public benefit, fundraising regulations. safeguarding aThJ health and safety legislation. These matters were dIuSSed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audil. Audit procedures undertaken in response to the potential risks relating to irregularilie5 (which include fraud and noncompliance with laws and regulations) comprised of.. inquiries of management and the Direciors as to whether the enlity complies with such laws and regulations.. enquiries with the same concerning any actual or potential litsgation or claims. inspection of relevant legal corresponden. review of Director meeting minutes., testing the apprcpriatenes5 of joumal entries., arKI the perf0M18n of analytical review to identify unexpected movements in account balan which may be indi(xtive of fraud. No instsn5 of material non-complianc£ were idenlrfied. However. the likelihood of detecting iFregularities. including fraud. is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls. and the nature, liming and extent of the audit procedures perfOrnd. Irregularities that result from fraud might be inherently more drfficull lo delecl than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has teen Plann arKI p8rfomied in accordan with ISAS (UK). A fijrther description of our responsibilities ts available on the Financial Reporting Council's website at: hts.'Il vNM.frc.org.ukJaudilorsrespon$ibilities. This descfiplion forms part of our audilorfs reiKJrt.
INDEPENDENT AUDITOR'S REPORT to the Members of The Irish Landmark Trust Llmited (A ¢ompany Ilmlted by gu?r•ntsg, not having a share capltsll Furthgr information regardlng thè scow of our responsibilities as audltor As part of an audit in ar£ordan¢e with ISAS {UK}, we exercise professional judgement and maintain professional scepticism throughout the audil. We also- Identify and assess the risks of material misststement of the financial $tal•mfrnts. whether due to fraud or effor, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materlal mlsstatement resulting from fraud 1$ higher than for one r•sulting from error. as ffaud may Involve collusion, for98ry, intentional LNnissions, misrepresentations. or the override of internal control. Obtsin an understsnding of intemal control relevant to the audit In order to design audtt procedures that are appropriate in the ¢ir¢umstsnees. but not for the purpose of expressing an opinion on Ihe effectiveness of the chaTity's intemal control. Evaluate the appropriateness of accounliThJ policies used and the reasonableness of accounting estimates and related disdosures made by directors. Conclude on the appropriateness of the directors, use of the going concarn basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast Significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attenlion in our AL1t0¢S Report to the related disdosures In the financial statements or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audll eviden obtained up lo the date of our Audito¢5 Report. However, future evenls or conditlons may cause the charity to cease to contlnue as a goin9 concem. Evaluate the overall presentation, $tw¢ture and content of the financial ststements, including the disdosures, and whether the financlal statements represent the underfying Iransa¢tion$ and events in a manner that achieves fair presentation. We communicate wilh thos• Charged with governance regardlng, among other matters, the planned scope and timing of the audit and signlficant audit findings, in¢ludlng any spnificanl d•fi¢iencies in intemal control that we identity during our audit. The purpose of our audSt work and to whom we (wie our respmsibiliti05 This pOrt Is made solely to th8 tharity's members, as a l)ody, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit WOTk has been undertaken so that we might stste to the charity's members those matters we are required to state to them in an auditols pOrt and for no other purpose. To the ful$1 extent pemiitted by law, we do not accEpl or assume responsibilty to anyone other than the charty and tho ¢harity's memters as a body. for our audil work, for thls report, or for the opinions we have formed. Natalle Kelly (Senior Ststutory Audltor) for and on behalf of CROWLEYS DFK UNLIMITED COMPANY CHARTERED ACCOUNTANTS AND STATUTORY AUDIT FIRM 16117 College Gn Dublin D02 V078 10
The Irish Landmark Trust Limited IA company limited by 9uarant••, not havlng a share ¢api*l STATEMENT OF FINANCIAL ACTIVITIES {In¢orpoTating an Incomè and Expendlture A¢¢o¥nt} for the financial year ended 31 De¢ber 2022 Unrestrlcted Funds Unrestricted Funds 2022 2021 las restated) Donalions and legacres Charitable activilies Rental income other income 1.215 376,910 290.446 204,827 110.870 Total income 291,661 692,607 Exponditure Charitable activities 324,355 297,591 Net {expendItUrenCorne Translers betsen funds (32.694) 395,016 Net movement in funds for the flnanclal year 132,694) 395.016 Reconciliation of funds Balances brougm forward at 1 January 2022 13 435.908 40.892 Balances carried forward at 31 Decgmber 2022 403.214 435.9D8 The Statement ol Financial Activilies includes all gains and losses reGcgnised in the ffiala1 year. All income and expenditure relate to continuing activities. The slatemènl of financial aclivities also complies with the requirements for an income and expenditure account under the Companies Act 2006. Th& notes on pages 13 to 19 fom) part of the financial st81?m¢nls 11
The Irlsh Landmark Trust LimSted IA ¢0MnY Ilmli•d by guarantee. not having a shar• ¢apllall Company Number= Nl 031218 BALANCE SHEET as al 31 December 2022 2022 2021 las restated) Ixed Assets Heritage assel 358,203 367,578 Current Assets Debtors Cash at bank and in hand 10 11.204 131.215 13.841 193.435 142.419 207.276 CredStors: Alnounts falling dup wlthln ong y9ar 11 (97,408) 1138.9461 Net Currenl Assets 45,011 68,330 Total Assets less Current Liabilities 403,214 435,908 Funds Unrestricted 403,214 435,908 Total funds 13 403.214 435,908 These financial statements have been prepared in accordan with the special provisions relating to small companies within Part 15 of the Companies Act 2006. Approved by the Board of Diractors and authorisèd for Issue on behalf and slgned on Its aèl O'Boyle (Chairman) Director Sim P Murp The notes on pages 13 to 19 fomi part ofthe )Inanaal statements 12
The Irish Landmark Trust Limited IA company lirnitsd by 9uarant•è, not havlng a shar• ¢•pit411 NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 De¢ember 2022 GENERAL INFORMATION The Irish Landmark Tru$1 Limited is a ccfflpany limited by guarantee incorporatsd in Northem Ireland. The registered office of the Charity is 50 Bgdlord Street, Belfast, BT2 7FW, Northèrn Ireland which is also the principal place of business of the charity. The financial statements have been presented in Pound steIng (£) which is also the fun¢tional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have teen applied CA)nslstenlty in dealing with itsms which are considered material in relalion lo the charity's financial statements. Basls of preparatlon The finan¢ial ststements have been prepared on the going conc•m ba$1$ under the historical cost convention. modified 10 include certain items at fair value. The financial statements have been pPared In accordance wtlh the Statement of Recommended practi ISORPJ "Accounting and Reporting by Charities preparlng their accounts in accordan with the Financial Reportlng Stsndard applicablg in the UK and Republic of Ireland FRS 102" Cash flow statement The charity has avail•d of the exemption in FRS 102 from the requirement to produce a $h flow ststement tecau$e it Is dassified as a small charity. Fund a¢¢ountlng The foi1*lng are the categories of funds maintsined.. Unrestrl¢ted funds Unrestri¢led fijnds consist of General and Desl2nated funds. General funds represent amounts whi¢h are expendable at thè discrelion of the board. in furtherance of the obje¢twe$ of the ¢harity. Designated fvnds comprise unrestricted funds thal the l)oard has, at its discretion. set aside for partlcular purposes. Th•s• destgnalions have an administrative purpose only. and do not 18galty restrict the board's dlscrelion to apply the furKI. Income Income is recognlsed by inclusion in the Statement of Financial Activities only when the charity is 18gally entied to the income, p8rforrnan conditions attached to the iiemls) of income have been mgt, the amounts involved can be measured with sufficignt reliabilty and 11 Is probable that the Income will be received by the charity. Income from ¢haritsblo actlvttles Income from ¢harllable actiwties include income earned from the supply of SeiCe$ under conlraclual arrangements and from performance related grants whl¢h have conditiorss that specify the provision ol partl¢ular services to be provided by the charity. Income from govemment and other co-funders is recognised when the charity 1$ IallY entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Whero a grant ts received in advance, its recognition is deferred and included in creditors. who entlement occurs b8for8 income is received. il is accrued in debtors. Grants from govemments and other Co-funders typicalty include one of the following types of conditions- - Performanc£ based conditions.. WhebY the charity is contractualty entitled to funding only lo the extent that the core objeclives of the grant agreement are achteved. Where the charity is meeting the core objectives of a grant agreement, il recognise$ the related expenditure, to the extent that it is reimbursable by the donor, as inrne. -rime based conditions- whereby the ¢harity is contractually entitled lo fvnding on the condition that it is utili5ed in a parti¢ular period. In these cases thg charity reeognlses the income to the &xlenl il 1$ utilised within the period srecified in Ihe agreement. In the absen of such ¢ondltlons, assuming that receipt is probable and the amount can be liablY measured, grant income is reco9nised once the charity is notified of enlltlemenl. Grants reiVed towards capitsl expenditu are credited to the Statement of Financial Activities when received or re¢•ivable, whichever is earlier. 13
The Irish Landmark Trust Limited IA ¢¢mpany Ilmlted by guar4ntee. not havlng a share ¢apltsll NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 Expendlture Expenditure is analysed betsveen costs of charitable activities and raisin9 fvnds. The costs of each actmty are separately accumulaled and disclosed, and analystd according to their major components. Expenditure is recognised when a legal or cnnstnjctive obligation exlsls as a resull of a past event, a transfer of economic benefits is qUIred in setllemenl and the amount of the obligation can be reliably measured. Support Costs are those fun¢tion$ that assist the work of the charity but cannot be attributed to one aclvty. Such tosls are allo¢ated to activities in proportion to staff time spent or other suitsble measure for each activity. Tangiblè fixed assets and dèpre¢iatlon Tangible fixed assets are stated at cost or at valuatn, less accumulaled depwiafjon. The charge to depreeiation Is calculated to write off the original cost or valuation of tanglble fixed assets, le55 their estimated residual value. over their expe¢ted useful lives as follows.. Heritage Asset 40 years Debtors D&blors are re¢conised at the settlement amount due after any discounl offered. Prepayments are valued ot the amount prepaid net of any trade discounts due. In¢¢e recognised by the Charity from govèmmanl agencies and other cfrfunders, but not yet received al financial year end. Is included in debtors. Cash at bank and in hand Cash at bank and in hand comprises cash on deposit at banks requiring les$ than three months. noticg of withdrawal. Taxatlon No current or delerred taxation arises as the charity ha$ teen granted charilable exemption. Irrecoverable valued added is expensed as incurred. General funds General funds represent accumulated surpluses and deficits that are available for use at the discretlon of the company. The company is reviewing its r8serves policy whereby sufficient general funds will be maintained $0 that in the event of unforeseen diffieulties resulting in the unavoidable winding up of the company Ihe following ¢o$ls could be metr . All¢)W the di8charge of all legal obligati¢)ns, including payment of statutory redundancy to all •ligibl¢ stsff,. . Facilitate an orderfy and efficient wind down of the company- . Protect the repulatson of the company, its directors and of its achievements during its years of operation. Designated funds Designated funds are unrestricted fvnds sel aside for a particular purpose. Restrlcted funds Restricted fvnds represent donalionslgrants reiVed which can only be used for particular purposes. Such purposes are within thé overall aims of the organisation. Herltage fund5 Heritage funds represents furKls te1Ved towards Ihe re$loratlon of the company's heritage assets. These heritage assets have been capitslised since the implemenlalion of FRS 102. Aso included here is the capiial value of properties received a$ gifts or donations. These heritage funds do not r8pre5ent a cash reSee a1 the funds will reduce as the heritage assets a depreciated by way of a transfer of fvnds from heritag• fvnds to general furKIs. 14
The Irish Landmark Trust Limited IA company limited by guarant•è, not havlng a share capilall NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of these financial statements requires managemenl to make judgements, estimates and assumption$ that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are Continually evaluated and a based on hisloiical experience$ and other factors, in¢luding expectstions of fvtur• events that are believed to be reasonable under the circumstsnce$. The Company makes estimales and assumptions conmIng the futu. The resulting accounting estimates will, by definition. seldom equal the related actual r8suIts. The estimates and assumptions that have a significant risk of causing a malerial adjustment to the carrying amounts of assets and liabililw wilhin the next financial year are discussed below. D•foTr•d Income gift vouchors Thg company makes an estimate of the CoVerable value of gift vouchers. The company us8s estimates based on obj'ective evKlen¢e in determining the bvgl of gift vouchers, which the company believes, will not be utilise. These estimates include such factors as the ageing profile of gift vouchers. Goin9 conc•m The company has net cash reserves of approximately £131,21 S (which includes deferred income of £48,072). In preparlng these financial stal8menl$ the dir8cIofS ar8 of the opinion that there is no material uncertainty regarding the Company's ability to continue as a going conrn. Accordingly, the* financial statements have been prepared on a going con¢ern basis and do not include any adjustments to the carrying amounts and classrfication of assets and liabilities that may arise if the Company was unable to oontinue as a going concem. Hèrilage Asset A Heritage Asset is defined as a tan9iblg asset with architectural, historical, archaeological. art¢slic, cultural, $¢ientific. social, or technologlcal, qualities of interest that is held and maintained principally for its contribution lo knowledge and culture. The company seeks to ensure that the accounting treaknent of ils properties is Consistent w¢th the underlying legal basis of ownership. The portfolio comprises propertles on an all-island basis with varied freeholdl leasehold terms & conditions and are treated as follows.. la) Imere we have received a donation of proFerty and have full freehold lit. then that a5seL when reived, will r•¢ognised in the Income Statement and Balance Sheet. The valuation of the propeity will be provided by an iThYependent professional valuer. Depréciation will be calculated over the useful life of the assel which will be dètemilned on 8 caSe-byse ba$i$. Due to the varied nature of the propettes, there ts no one single rate of depre¢iation whlch can be Unir$allY applied" however, each property will be individually assessed to detefftiine its estimated useful life which usually will not exed 40 years. Ibl Whore a leasehold property is transferred to Irish Landmark Trust wtth a speclfic lease term, which requires significant additional company funding. the addlOal costs which may be incurred to brityj th8 propety to its present condition will be Capitslised. Depreciation on the capitsl cost will be cal¢ulal•d over the term of the lease. If the provision of a lease Is outstsnding the company will depreciate the asset on an estimated ba$is from the date of acquisition and make an appropriate prospective depreciation adjustmenl In the year in which the updated infomiation is available. {c} For all other properbes which do not require signrficant additional ¢anpany funding, then the costs incurred on a day to day basis for repair and maintsnance of the fabric of these propèrti&s are recognised in the Income Ststemenl as they are incurred. There is no c8pitalisalion and no related depreciation ¢har9e. {dl Our heritsge assets are depreciated either over the lrfe of the asset or the term of the lease, whichever Is applicable in accordance with subparagraphs (a) & Ibl referred to above. If ther& 1$ objective evidence of impaimenl e.g., due 10 a catastrophic event then an impalm)enl loss may be recognised in the Income Statement. {1} Critical A¢¢ounting Judgem8nts and Estimates The preparal¢on of the financial statements requi management to make judgements, estimates and assumpbons that affect the amounts reported for assets and liabililies as at the reporting date and the amounts réported for revenues and expenses durlng the year. However, the nature of estimalion means Ihat actual outcomes could differ from those esiimat•$. The following judgements have had the most signrficanl effect on amounts recognised in the financ481 slalements. 15
The Irish Landmark Trust Limited IA company limited by 9u#riit•è, not havlng a share pilI NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED) Donated Heritage Assets The values of properties donated to Irish Landmark Trust are detemiined using a third party valuation. The Irish LaThJm8tk Trust exer¢is&s ludgment in selecting the expected useful life and residual value of herrtage assets on a case by case basis and have concluded that asset INes and residual values a appropriate. Impaimient ofA5sets Assets that are subject lo amorlisation are reviewed for ImpalmnI whenever events or changes in circumstances Irl¢ate that Ihe carrying amount may not be recoverable. An impaimienl Ioss 18 recognised for the amount by which Ihe asset's ¢anying amount 8XfAds its reVerable amount. The recoverable amount is the higher of an asset's fair value les$ Cost to sell and value in use. For the purpose of assessing impaiment, assels are grouped at Ihe levels for which there a separately identifiable cash flows leash generating units). Non-financlal assets that suffered impaiment are reviewed for possible revefsal of the impaiment al each reporting date. Depreciation and Residual Values The Board have reviewed the asset lives and assoeiated residual values of all fixed asset classes, and in particular, the useful economic lif• and residual values and have concluded that these are appropriate. INCOME DONATIONS AND LEGACIES Unrostri¢ted Funds 2022 2021 Donations and legacies 1.215 1,215 376,910 In 2021 Irish Landmart Trust was donated a heritage asset pioperty with a value of £375,000. CHARITABLE ACTIVITIES Unrostrf¢ted Funds 2022 2021 Income from Charitable activities- rentsl income 290,446 290.446 204,827 OTHER INCOME 2022 2021 Othèr in¢¢me 110,870 Other income in 2021 relates to Covid-19 govemment support received. HARrrABLE ACTIVITIES other Support Costs 2022 2021 Expenditure on charitsble activities Govemance Costs IN¢te S.21 286.174 7,437 30,744 316.918 7,437 288,551 9.040 293.611 30,744 324.355 297,591 GOVERNANCE COSTS 2022 2021 Audit and legallprofessional fees 7,437 9.040 16
The Irish Landmark Trust Limlted IA eompany limited by guarantge. not havlng a Share capitaF) NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 ANALYSIS OF SUPPORT COSTS 2022 2021 Admin15UPPOrt salarEs 30,744 NET INCOME 2022 2021 Net Incorne is slated after ¢harglng: Depreeiation of tangible assets Audit services 9.375 7,26S 7,422 6.925 EMPLOYEES AND REMUNERATION Number of employeès The average number of persons 8mployed during the finanaal year was as follows.. 2022 Number 2021 Number Parttirne 13 12 The stsff costs comprise: 2022 2021 Wages and salari¢$ Employer National Insurance 104,759 5.074 71.552 1,870 The directors received no remuneration or out of pod(et expenses during the year12021: None). No employee received over £60,00012021: None) FIXED ASSETS Total Heritsge Ass•t Cost Al 31 December 2022 375,000 Depreciation Al 1 January 2022 Charge for the financial year 7,422 9,375 At 310ecember 2022 16.797 Net book value At 31 December 2022 358.203 At 31 December 2021- as restated 367,578 17
The Irish Landmark Trust Limited company Ilmlted by guarantse, not having a 5har• capitsti NOTES TO THE FINANCIAL STATEMENTS ontinued for the finanaal year ended 31 t)e¢ember 2022 10. DEBTORS 2022 2021 Other debtors Taxation and Social security o)sts Prepayments and a¢¢rued Income 9,804 11,522 2,319 1.400 11,204 13,841 11. CREDITORS Amounts falling due within one year 2022 2021 Trade credito Amounts owed to connected parties (Note 15) Taxation and social security Costs Defetred incoFne Accruals 4.750 11,813 42,LK)4 2,770 74.213 8,146 12,114 48.072 31.519 97.408 138,946 12. RESERVES 2022 2021 At 1 January 2022 (Deficitllsurplus for the financial year 43S.908 132,6941 40,892 395.016 At 31 Dembèr 2022 403,214 435,908 13. FUNDS 13.1 RECONCILIATION OF MOVEMENT IN FUNDS Totsl Unrestrlcled Funds At 1 January 2021 Movement during the financial year 40.892 395,016 At 31 Dwxmbei 2021 Movement during the financial year 435,908 (32.694) At 31 DecEmber 2022 403.214 13.2 ANALYSIS OF MOVEMENTS ON FUNDS Balancg 1 January 2022 Income Expendituro Transfers Balan¢e betweon 31 December funds 2022 Unreslricled funds 435,9)8 291,661 324,355 403,214 Total unrestr4¢tod funds 435,908 291.661 324,355 403.214 18
The Irish Landmark Trust Limited IA ¢ompany limitèd by guaranteg, not havlng 4 ¥harè capltal) NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 13.3 ANALYSIS OF MOVEMENTS ON ASSETS Fixed assets Current assets Currant Ilabllltles Totsl Untestricted funds 358,203 142.419 {97,4081 403.214 Tolal unrestricted fund5 358,203 142.419 197.408 403.214 14. STATUS The tharity is limiled by guarantee not having a share capital. The liability of the Mem1$ is limited. Every member of Ihe company undertakes lo contribute to the assets of the ¢ompany in the event of its being wound up while they are Mernbe. or within one finan¢ial year thereafter, for Ihe payment of the debts and liabilities of the company Contracted before they eeased to be members, and the costs. char98s and gxpen5es of winding up, and for th? adjustment of th8 rights of the ¢ontribulors amon9 Ihemselves. such amount as may be requir&J, not exceeding £1. 15. RELATED PARTY TRANSACTIONS The following amounts are due to other connected parttes: 2022 2021 The lrfsh Landmatk Trust CLG 953 42,004 The Irish Landmath Twst Limited CLG INI) and its sister company in Dublin Co-operate on a nrnr of fund-raising activities. An amount of £85,024 was charged in 2021 for management recharges of this £43,020 was paid in 2021 and an amount of £41.051 was paid in 2022 which leaves a balance of £953. There were no management charges in 2022. 16. POSTSALANCE SHEET EVENTS There have been no signfficant events affecting the Charity since the financial year-end. 17. PRIOR YEAR ADJUSTMENT Thè financial ststements y8ar ended 31 December 2021 have been restated to incorporate the ¢apitalisalion of a heritage asset donated to the company after a review carrted out by management. Athough the transfer of the asset was completed after the 2021 audit, the date of tille had transfèrred during 2021. As a result, langible fixed assets have increased by £367.578, the surplus for the year has increased by £367.578 and net assets have inc8$ed by £367.578. 18. APPROVAL OF THE FINANCIAL STATEME$ The financial statements were approved and authorised for Issue by the Board of Dirertors on 19