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. Page 7 ## 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. Page 8 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. Page 9 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. Page 10 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| |---|---|---| Page 11 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. Page 12 The Esme Mitchell Trust ## Notes to the Financial Statements For the Year Ended 5 April 2024 9. 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| Page 13 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| Page 14 The Esme Mitchell Trust Notes to the Financial Statements For the Year Ended 5 April 2024 11. 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| Page 15 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| |---|---| Page 16