The Esme Mitchell Trust
Statement of financial activities For the Year Ended 5 April 2025
| Statement of financial activities For the Year Ended 5 April 2025 |
|||||
|---|---|---|---|---|---|
| Unrestricted | Total | Total | |||
| funds | funds | funds | |||
| 2025 | 2025 | 2024 | |||
| Note | £ | £ | £ | ||
| Income from: | |||||
| Investments | 3 | 256,453 | 256,453 | 255,274 | |
| Other income | 4 | 16,457 | 16,457 | 14,150 | |
| Total income | 272,910 | 272,910 | 269,424 | ||
| Expenditure on: | |||||
| Charitable activities Total expenditure Net expenditure before net (losses)/gains on |
5 | 330,648 330,648 |
330,648 330,648 |
271,720 271,720 |
|
| investments | (57,738) | (57,738) | (2,296) | ||
| Net (losses)/gains on investments | 7 | (167,644) | (167,644) | 544,569 | |
| Net movement in funds | (225,382) | (225,382) | 542,273 | ||
| Reconciliation of funds: | |||||
| Total funds brought forward | 10 | 8,934,467 | 8,934,467 | 8,392,194 | |
| Net movement in funds | (225,382) | (225,382) | 542,273 | ||
| Total funds carried forward | 8,709,085 | 8,709,085 | 8,934,467 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
Page 7
The Esme Mitchell Trust
Balance Sheet As at 5 April 2025
| Balance Sheet As at 5 April 2025 |
||||||
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | |||
| Note | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Investments | 7 | 8,438,907 | 8,681,551 | |||
| 8,438,907 | 8,681,551 | |||||
| Current assets | ||||||
| Debtors | 8 | 45,965 | 35,500 | |||
| Cash at bank and in hand | 292,039 | 282,156 | ||||
| 338,004 | 317,656 | |||||
| Current liabilities | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 9 | (67,826) | (64,740) | |||
| Net current assets | 270,178 | 252,916 | ||||
| Total assets less current liabilities | 8,709,085 | 8,934,467 | ||||
| Net assets excluding pension asset | 8,709,085 | 8,934,467 | ||||
| Total net assets | 8,709,085 | 8,934,467 | ||||
| Charity funds | ||||||
| Unrestricted funds | 10 | 8,709,085 | 8,934,467 | |||
| Total funds | 8,709,085 | 8,934,467 |
The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:
Timothy Rankin
Cleaver Fulton Rankin Trustees Limited
Date: 12 August 2025
The notes on pages 9 to 17 form part of these financial statements.
Page 8
The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
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 2025
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.
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 either the year ended 5th April 2025 or 5th April 2024.
3. Investment income
| Unrestricted Total |
Unrestricted Total |
Total | |
|---|---|---|---|
| funds funds |
funds | ||
| 2025 2025 |
2024 | ||
| £ £ |
£ | ||
| Dividend income received | 243,047 | 243,047 | 243,313 |
| Interest received | 13,406 | 13,406 | 11,961 |
| 256,453 | 256,453 | 255,274 |
Page 10
The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
4. Other incoming resources
| Unrestricted Total |
Total | |
|---|---|---|
| funds funds |
funds | |
| 2025 2025 |
2024 | |
| £ £ |
£ | |
| Loan interest | 1,000 1,000 |
1,000 |
| Other income | 15,457 15,457 |
13,150 |
| 16,457 16,457 |
14,150 |
5. Analysis of expenditure
| Unrestricted Total |
Unrestricted Total |
Total | |
|---|---|---|---|
| funds | funds funds |
funds | |
| 2025 2025 |
2024 | ||
| £ £ |
£ | ||
| Charitable donations - General fund | 205,990 | 205,990 | 167,874 |
| Charitable donations - Heritage fund | 112,100 | 112,100 | 91,750 |
| Independent examination and accounting fees (Including | |||
| VAT) | 3,510 3,510 |
3,000 | |
| Management fees | 9,048 9,048 |
9,096 | |
| 330,648 | 330,648 | 271,720 |
Page 11
The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
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 (2024 - £NIL).
7. Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2024 | 8,681,551 |
| Disposals | (75,000) |
| Revaluations | (167,644) |
| At 5 April 2025 | 8,438,907 |
| Net book value | |
| At 5 April 2025 | 8,438,907 |
| At 5 April 2024 | 8,681,551 |
All of the investment is held in the Sarasins Endowment Fund, an authorised unit trust quoted on the UK Stock Exchange.
8. Debtors
| 2025 | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors | 45,965 | 35,500 | |
| 45,965 | 35,500 |
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 2025
- Creditors: Amounts falling due within one year
| 2025 | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Grants awarded and not yet paid | 64,466 | 61,740 | |
| Accruals | 3,360 | 3,000 | |
| 67,826 | 64,740 |
Page 13
The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
10. Statement of funds
| Statement of funds | Statement of funds | |||||||
|---|---|---|---|---|---|---|---|---|
| Statement of funds - current year | ||||||||
| Balance at 6 | Gains/ | Balance at 5 | ||||||
| April 2024 | Income | Expenditure | (Losses) | April 2025 | ||||
| £ | £ | £ | £ | £ | ||||
| Unrestricted funds | ||||||||
| Designated funds | ||||||||
| Heritage Fund | 3,957,366 | 103,852 | (112,100) | (94,337) | 3,854,781 | |||
| General funds | ||||||||
| General Funds | 4,977,101 | 169,058 | (218,548) | (73,307) | 4,854,304 | |||
| Total Unrestricted funds | 8,934,467 | 272,910 | (330,648) | (167,644) | 8,709,085 | |||
| Statement of funds - prior year | ||||||||
| Balance at | Gains/ | Balance at | ||||||
| 6 April 2023 | Income | Expenditure | (Losses) | 5 April 2024 | ||||
| £ | £ | £ | £ | £ | ||||
| Unrestricted funds | ||||||||
| Designated funds | ||||||||
| Heritage Fund | 3,713,431 | 103,546 | (91,750) | 232,139 | 3,957,366 | |||
| General funds | ||||||||
| General Funds | 4,678,763 | 165,878 | (179,970) | 312,430 | 4,977,101 | |||
| Total Unrestricted funds | 8,392,194 | 269,424 | (271,720) | 544,569 | 8,934,467 |
Page 14
The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
- Grants made from General Funds
| Grants made from General Funds | |
|---|---|
| 2025 | |
| £ | |
| New Lodge Arts | 2,000 |
| Mencap | 5,000 |
| Book publication: Balloo, Killinchy: a hidden history | 1,000 |
| Future Trees Trust | 3,000 |
| Panathalon - Special needs | 2,000 |
| East Antrim Battalion Heritage Society | 1,000 |
| Vault Artist Studios | 2,000 |
| HERe NI Belfast LGBT Centre | 2,000 |
| QSS Studios & Gallery | 2,000 |
| National Museums NI | 3,000 |
| European Squirrel Initiative | 1,000 |
| Wandsworth Community Association | 2,000 |
| Overcoming MS | 2,000 |
| Meningitis Now | 2,000 |
| Ballynahinch Counselling Service | 2,874 |
| Asthma Relief | 1,000 |
| Caudwell Children | 2,000 |
| Haemochromatosis in Northern Ireland | 3,000 |
| Charles Wood Festival of Music and Summer School | 12,000 |
| Derrylin Church Hall | 5,000 |
| R-Space Gallery Northern Ireland Linen Biennale 2025 | 5,000 |
| ROCI | 1,000 |
| Caring Breaks | 3,270 |
| Ulster Youth Orchestra | 1,000 |
| PBC Foundation | 2,000 |
| CAST | 1,000 |
| National Museums NI | 7,000 |
| Fighting Words | 2,000 |
| Deafblind | 2,000 |
| St Polycarp's Choir | 3,000 |
| Carers Northern Ireland | 2,600 |
| Downshire Brass | 5,000 |
| Glór Uachtar Tíre | 2,000 |
| NI Museum Council | 15,000 |
| Share Discovery Village | 10,000 |
Page 15
The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
| PDSA Belfast Pet Hospital and Clinic | 3,000 |
|---|---|
| First Steps Women's Centre | 1,000 |
| Future Trees Trust | 2,000 |
| Leukaemia Care | 4,000 |
| An Gaelaras Limited | 3,000 |
| DU Dance (NI) | 5,000 |
| Festival of Fools | 2,000 |
| Foyle Obon | 1,000 |
| Creggan Country Park | 1,000 |
| Asthma + Lung UK | 1,000 |
| Young at Art | 2,000 |
| The British Wireless For The Blind Fund | 1,380 |
| Youth Lyric | 500 |
| Carers Unite | 1,000 |
| Bruiser Theatre Company | 1,000 |
| National Autistic Society | 4,000 |
| Engage with Age | 2,000 |
| Made of More | 2,000 |
| Craigavon Area Foodbank | 2,000 |
| Ecological Continuity Trust | 2,000 |
| North Belfast Youth Choir | 15,000 |
| The Derrynoose Banner Project | 1,000 |
| WPCA | 2,000 |
| Shaftesbury Coburg House | 1,000 |
| Chamber Choir Ireland | 3,500 |
| Dream Holidays | 3,400 |
| Lisburn Downtown Centre | 2,000 |
| The Guide Dogs for the Blind Association | 2,000 |
| Centre Stage Theatre Company Ltd | 2,000 |
| The Boys’ Brigade East Antrim Battalion Heritage Society | 1,000 |
| Combat Stress | 3,000 |
| Earthwatch | 4,966 |
| Friends of Mitchell House School | 3,500 |
| MDUK | 1,500 |
| Westenders | 1,500 |
| 205,990 |
Page 16
The Esme Mitchell Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
- Grants made from Heritage Funds
| Grants made from Heritage Funds | |
|---|---|
| 2025 | |
| £ | |
| Irish Landmark Trust | 10,500 |
| Parish of Ballyphilip and Ardquin | 5,000 |
| The Church of Ireland/ St Matthew’s Keady | 5,000 |
| Enterprise Causeway | 10,000 |
| National Churches Trust | 10,000 |
| St Mark's Dundela | 5,000 |
| The Follies Trust | 5,000 |
| Gracehill Old School Trust | 6,000 |
| Armagh Observatory and Planetarium | 600 |
| Sinclair Seamen’s Presbyterian Church | 10,000 |
| Ulster Architectural Heritage | 20,000 |
| Riddel’s Warehouse Project | 5,000 |
| In Your Space Circus | 10,000 |
| Causeway Coast & Glens Heritage Trust (CCGHT) | 10,000 |
| 112,100 |
Page 17