The Esme Mitchell Trust
Statement of financial activities For the Year Ended 5 April 2024
| Note Income from: Investments 3 Other income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward 10 Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 255,274 14,150 269,424 271,720 271,720 (2,296) 544,569 542,273 8,392,194 542,273 8,934,467 |
Total funds 2024 £ 255,274 14,150 269,424 271,720 271,720 (2,296) 544,569 542,273 8,392,194 542,273 8,934,467 |
Total funds 2023 £ 241,380 14,991 256,371 259,192 259,192 (2,821) (607,483) (610,304) 9,002,498 (610,304) 8,392,194 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
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The Esme Mitchell Trust
| Balance Sheet As at 5 April 2024 Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 10 Unrestricted funds 10 Total funds |
2024 £ 35,500 282,156 317,656 (64,740) |
2024 £ 8,681,551 8,681,551 252,916 8,934,467 8,934,467 8,934,467 - 8,934,467 8,934,467 |
2023 £ 24,850 262,172 287,022 (51,810) |
2023 £ 8,156,982 |
|---|---|---|---|---|
| 8,156,982 235,212 |
||||
| 8,392,194 | ||||
| 8,392,194 | ||||
| 8,392,194 | ||||
| - 8,392,194 |
||||
| 8,392,194 |
The financial statements were approved and authorised for issue by the Trustee on 06 January 2025 and signed on their behalf by:
Michael Graham
Cleaver Fulton Rankin Trustees Limited
The notes on pages 9 to 16 form part of these financial statements.
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The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) and the Charities Act (Northern Ireland) 2008.
The Esme Mitchell Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The Trustee of The Esme Mitchell Trust has reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, The Esme Mitchell Trust continues to adapt the going concern basis in preparing the financial statements.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2024
1. Accounting policies (continued)
1.8 Cash at bank and in hand
Cash at bank and 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.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.10 Financial instruments
The Charity 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.
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. These purposes are set out in the Trustee's report in relation to the Heritage fund.
Investment income, gains and losses are allocated to the appropriate fund.
2. Related Parties
There were no related party transactions during the year ended 5th April 2024. There were also no related party transactions during the period ended 5th April 2023.
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The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2024
3. Investment income
| Unrestricted funds 2024 £ Dividend income received 243,313 Interest received 11,961 255,274 |
Total funds 2024 £ 243,313 11,961 255,274 |
Total funds 2023 £ 237,339 4,041 241,380 |
|---|---|---|
4. Other incoming resources
| Loan interest Other income |
Unrestricted funds 2024 £ 1,000 13,150 14,150 |
Total funds 2024 £ 1,000 13,150 14,150 |
Total funds 2023 £ 1,000 13,991 14,991 |
|---|---|---|---|
5. Analysis of expenditure
| Unrestricted funds 2024 £ Charitable donations - General fund 167,874 Charitable donations - Heritage fund 91,750 Independent examiner and accounting fees (Including VAT) 3,000 Management fees 9,096 271,720 |
Total funds 2024 £ 167,874 91,750 3,000 9,096 271,720 |
Total funds 2023 £ 181,418 65,000 3,000 9,774 259,192 |
|---|---|---|
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The Esme Mitchell Trust
Notes to the Financial Statements
For the Year Ended 5 April 2024
6. Trustee's remuneration and expenses
Except for the management fee disclosed above and paid to the corporate trustee, during the year, the Trustee received no remuneration, expenses or other benefits (2023 - £NIL).
7. Fixed asset investments
| Cost or valuation At 6 April 2023 Disposals Revaluations At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 |
Listed investments £ 8,156,982 (20,000) 544,569 |
|---|---|
| 8,681,551 | |
| 8,681,551 | |
| 8,156,982 |
All of the investment is held in the Sarasins Endowment Fund, an authorised unit trust quoted on the UK Stock Exchange.
8. Debtors
| Due within one year Other debtors |
2024 £ 35,500 35,500 |
2023 £ 24,850 24,850 |
|---|---|---|
Other debtors includes a loan of £20,000 to the Belfast Buildings Preservation Trust which is repayable on demand and on which interest is payable at 5% per annum.
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The Esme Mitchell Trust
Notes to the Financial Statements
For the Year Ended 5 April 2024
- Creditors: Amounts falling due within one year
| Grants awarded and not yet paid Accruals |
2024 £ 61,740 3,000 64,740 |
2023 £ 48,810 3,000 |
|---|---|---|
| 51,810 |
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The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2024
| Notes to the Financial Statements For the Year Ended 5 April 2024 |
||||
|---|---|---|---|---|
| 10. Statement of funds Statement of funds - current year Balance at 6 April 2023 £ Unrestricted funds Designated funds Heritage Fund 3,713,431 General funds General Funds 4,678,763 Total Unrestricted funds 8,392,194 Statement of funds - prior year Balance at 1 April 2022 £ Unrestricted funds Designated funds Heritage Fund 3,925,461 General funds General Fund 5,077,037 Total Unrestricted funds 9,002,498 |
Income £ 103,546 165,878 269,424 Income £ 109,544 146,827 256,371 |
Expenditure £ (91,750) (179,970) (271,720) Expenditure £ (65,000) (194,192) (259,192) |
Gains/ (Losses) £ 232,139 312,430 544,569 Gains/ (Losses) £ (256,575) (350,908) (607,483) |
Balance at 5 April 2024 £ 3,957,366 |
| 4,977,101 | ||||
| 8,934,467 | ||||
| Balance at 5 April 2023 £ 3,713,430 |
||||
| 4,678,764 | ||||
| 8,392,194 |
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The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2024
- Grants made from General Funds
| Grants made from General Funds | |
|---|---|
| 2024 | |
| £ | |
| Charles Wood Festival of Music & Summer School | 6,000 |
| Livability | 2,000 |
| Read for Good | 2,000 |
| Future Trees Trust | 3,000 |
| Belfast Philharmonic Society | 20,000 |
| NI Opera | 20,000 |
| Seamus Heaney Centre | 4,000 |
| Willowfield Parish Community Association | 1,500 |
| Chamber Choir Ireland | 2,000 |
| Cruit Éireann, Harp Ireland | 2,500 |
| Versus Arthritis NI | 1,500 |
| Ygam | 2,000 |
| Tinderbox Theatre Co | 2,000 |
| National Gallery of Ireland | 5,000 |
| Youth Lyric | 2,000 |
| Circusful | 5,000 |
| Allset Summer Scheme | 2,000 |
| Help for Heroes Inverclyde Residential | 5,000 |
| Motor Neurone Disease Association | 2,000 |
| Made for More | 1,500 |
| Cahoots NI | 5,000 |
| ROCI | 1,000 |
| Bruiser Theatre Company | 1,000 |
| NIMMI | 1,000 |
| Ederney Village in Bloom | 3,000 |
| Young at Art | 2,000 |
| Adopt NI | 3,000 |
| Brian Walker Book | 3,000 |
| Belfast Jewish Community | 3,000 |
| Leukaemia Care | 3,000 |
| Multimedia Heritage | 3,000 |
| The Prince’s Trust NI | 3,000 |
| The Speedwell Trust | 2,000 |
| Liberty Consortium | 2,000 |
| Glens of Antrim Historical Society | 5,000 |
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The Esme Mitchell Trust
| Notes to the Financial Statements For the Year Ended 5 April 2024 Other National Trust - Painiting RCN Foundation Music in Hospitals & Care Northern Ireland Deaf Sport Engage with Age Hearing Dogs for Deaf People Living Hope Belfast Read for Good service at The Royal Belfast Hospital for Sick Children The John Hewitt Society Cruse Bereavement Support Summer Recital Series Book on Mildred Anne Butler (1858-1941) Irish watercolour painter Relate NI Derry Well Woman EastSide Arts 12. Grants made from Heritage Funds Irish Georgian Society St Benedict's Priory Cobh, Co Cork The Church of Ireland/ St Matthew’s Keady Annagh Social Farm CIC National Churches Trust The Old Church Centre Cushendun Building Preservation Trust Ulster Historical Foundation |
(1,116) 4,000 2,500 5,000 2,500 2,000 1,500 1,000 2,000 5,000 2,000 5,000 2,000 1,440 1,050 1,000 167,874 2024 £ 5,000 20,000 10,000 10,000 25,000 1,750 20,000 91,750 |
|---|---|
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