CHARITY REGISTRATION NUMBER: 102726
The Fermanagh Trust Report and Financial Statements Year ending 5 April 2023
The Fermanagh Trust
Independent auditor's report to the members of The Fermanagh Trust Year ended 5 April 2023
Opinion
We have audited the financial statements of The Fermanagh Trust for the year ended 5 April 2023 which comprise statement of financial activities (including income and expenditure account), statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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Give a true and fair view of the state of the charity’s affairs as at 5 April 2023;
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Have been properly prepared in accordance with the United Kingdom General Accepted Accounting Practice;
Basis of opinion
We conducted our audit in accordance with International Standard on Auditing (UK) (lSAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent in accordance with the ethical requirements that are relevant to our audit of the financial statement in the UK, including FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the lSAs (UK) require us to report to you where:
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The Trustees‘ use of the going concem basis of accounting in the preparation of the financial statements is not appropriate; or
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The Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitys ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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The Fermanagh Trust
Independent auditor's report to the members of The Fermanagh Trust Year ended 5 April 2023
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies of apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters
In our opinion, based on the work undertaken in the course of the audit:
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The information given in the Trustees‘ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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The Trustees‘ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified misstatements in the Trustees‘ report.
We have nothing to report in respect of the following matters if, in our opinion:
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Adequate accounting records have not been kept by the charity, or returns adequate for our have not been received by us; or
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The charity’s financial statements are not in agreement with the accounting records and returns; or
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Certain disclosures of Trustees‘ remuneration specified by taw are not made; or
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We have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees‘ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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The Fermanagh Trust
Independent auditor's report to the members of The Fermanagh Trust Year ended 5 April 2023
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor‘s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with lSAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
This report is made solely to the charity's members, as a body. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept to assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform 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 material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
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Conclude on the appropriateness of the Trustees’ use of the going concern 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 attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion, Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content oi the financial statements including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Obtain sufficient appropriate audit evidence regarding the financial information of the entity or business activities to express n opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.
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The Fermanagh Trust
Independent auditor's report to the members of The Fermanagh Trust Year ended 5 April 2023
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Anthony Rasdale
Anthony Rasdale (Senior Statutory Auditor)
For and on behalf of MacNeary, Rasdale & Co. Limited Chartered Accountants & Statutory Auditor Wellington House 30 Darling Street Enniskillen Co. Fermanagh
27 November 2023
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The Fermanagh Trust Statement of financial activities (including income and expenditure account) for year ending 5 April 2023
| Income and Endowments from: Donations 4 Charitable activities 5 Other trading activities 6 Investments 7 Other including HMRC JRS Total Income Expenditure on: Raising funds 8 Charitable activities 9 Trading operations 10 Total Expenditure Unrealised gains/(losses) on investments Net Income/(expenditure) and net movement in funds for the year Reconciliation of funds: Total funds brought forward Total funds carried forward 19 |
Unrestricted Restricted Endowment Total Total Funds Funds Funds Funds Funds 2023 2023 2023 2023 2022 £ £ £ £ £ 620 260,377 29,025 290,022 250,791 70,114 167,648 - 237,762 363,662 206,945 - - 206,945 157,157 26,805 - 16,319 43,124 15,997 - - - - 7,140 |
|---|---|
| 304,484 428,025 45,344 777,853 794,747 |
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| 20,500 219,097 33,586 273,183 265,370 66,919 253,150 - 320,069 330,556 122,866 - - 122,866 123,904 |
|
| 210,285 472,247 33,586 716,118 719,830 |
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| (57,081) 0 (36,494) (93,575) 71,474 37,118 (44,222) (24,736) (31,840) 146,391 1,709,637 1,581,584 753,562 4,044,783 3,898,392 |
|
| 1,746,755 1,537,362 728,826 4,012,943 4,044,783 |
The statement of financial activities includes all gains and losses recognised in the Year. All income and expenditure derive from continuing activities.
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The Fermanagh Trust Statement of Financial Position as at 5 April 2023
| Fixed Assets Tangible assets 15 Investments 16 Total fixed assets Current assets Debtors 17 Cash at bank and in hand Total current assets Liabilities Creditors falling due within one year 18 Net current assets Total assets less current liabilities Creditors:falling due after more than 1 year Net assets The funds of the charity: 19 Endowment funds Restricted income funds Unrestricted income funds Total charity funds |
2023 2022 £ £ 1,491,425 1,506,173 1,911,645 1,964,460 |
|---|---|
| 3,403,070 3,470,633 |
|
| 64,011 103,562 630,000 491,878 |
|
| 694,011 595,440 |
|
| 84,138 21,290 |
|
| 609,873 574,150 |
|
| 4,012,943 4,044,783 - - |
|
| 4,012,943 4,044,783 |
|
| 728,826 753,562 1,537,362 1,581,584 1,746,755 1,709,637 |
|
| 4,012,943 4,044,783 |
These financial statements were approved by the Board of Trustees and authorised for issue on 27 November 2023, and are signed on behalf of the Board by:
………………………………
Ernie Fisher
Trustee ……………………………… Sue Bryson Trustee
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The Fermanagh Trust Statement of Cash Flows for the year ending 5 April 2023
| Cash flow from operating activities Net movement in funds Depreciation adjustment Surplus/(loss) in disposal of investments Increase/(Decrease in creditors) Decrease/(Increase in debtors) Net cashflow in Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Net cashflow Increase/(Decrease)in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year |
2023 2022 £ £ (31,840) 146,391 44,662 39,153 93,575 (71,474) 62,848 (21,216) 39,551 (49,605) |
|---|---|
| 208,796 43,249 (29,914) 0 1,052 1,124,164 (41,812) (1,214,687) |
|
| 138,122 (47,274) |
|
| 138,122 (47,274) |
|
| 491,878 539,152 |
|
| 630,000 491,878 |
- These investments are held with Northern Ireland Central Investment Fund for Charities (NICIFC), Northern Ireland Community Energy (NICE) Limited, and Drumlin Wind Energy Co-operative Limited.
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
1 General Information
The Fermanagh Trust is a Charitable Trust , registered in Northern Ireland.
The address of the registered office is Fermanagh House, Broadmeadow Place Enniskillen Co Fermanagh, BT74 7HR
2 Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)).
3 Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
There are no material uncertainties about the Charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund Accounting
Unrestricted Funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted Funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: Restricted Income Funds or Endowment Funds.
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
Incoming Resources
All incoming resources are included in the Statement of Financial Activities when entitlement has passed to the Charity; it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reasonably measured. The following specific policies are applied to particular categories of income:
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
income from contracts for Room Rent/Hire and supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted fund unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources Expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
expenditure on Donations includes all Grants awarded and expenses incurred in these activities
expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity.
expenditure on raising funds includes all costs of the trading activity which supports the work of the charity.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributed to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible Assets
Fixed Assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions are not capitalised.
Investments held as fixed assets are valued at lower of cost and market value. The Market value of the Investments are shown in a note to the accounts.
Depreciation
Depreciation is calculated so as to write off the cost or value of an asset, less its residual value over the useful economic life of that asset as follows:
Buildings 2% straight line Fixture & Fittings 20% reducing balance
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
Investments
Investments are stated at lower of cost and mrket value. All gains or losses on sale of investments are included in the financial statements when they occur.
Debtors
Trade and other Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity from the date of aquisition or opening of the deposit or similar account.
Creditors and Provisions
Creditors and Provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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.
Pensions
The Trust fully complies with its obligations under the Pension Regulator in respect of auto-enrolment.
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
4 Donations
| Donations | |
|---|---|
| Donations Oisin McGrath Foundation The Fisher Foundation Callagheen Wind Farm Tieges Windfarm Slieve Rushen Windfarm Cornavarrow& Slieveglass Other Donations Oisin McGrath Foundation The Fisher Foundation Callagheen Wind Farm Tieges Windfarm Slieve Rushen Windfarm Cornavarrow& Slieveglass Other |
Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2023 £ £ £ £ - - 18,850 18,850 - - 10,175 10,175 - 17,496 - 17,496 - 64,900 - 64,900 - 54,000 - 54,000 - 123,981 - 123,981 620 - - 620 |
| 620 260,377 29,025 290,022 |
|
| Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2022 £ £ £ £ - - 6,101 6,101 - - 285 285 - 17,153 - 17,153 - 58,960 - 58,960 - 54,000 - 54,000 - 113,792 - 113,792 500 - - 500 |
|
| 500 243,905 6,386 250,791 |
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The Fermanagh Trust Notes to the Financial Statements
for the year ending 5 April 2023
5 Charitable Activities
| **5 ** | Charitable Activities | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Shared Education: | ||||
| Early Years Project-SEUPB | - | 6,696 | 6,696 | |
| Community Development: | ||||
| Department for Communities | - | 55,452 | 55,452 | |
| National Lottery Community Fund-Community Leadership | - | 85,500 | 85,500 | |
| Rank Foundation | - | 20,000 | 20,000 | |
| Fermanagh Trust | 70,114 | - | 70,114 | |
| 70,114 | 167,648 | 237,762 | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Shared Education: | ||||
| Early Years Project-SEUPB | - | 82,458 | 82,458 | |
| Community Development: | ||||
| Department for Communities | - | 54,386 | 54,386 | |
| National Lottery Community Fund-Community Leadership | - | 165,274 | 165,274 | |
| Rank Foundation | - | - | - | |
| Fermanagh Trust | 61,544 | - | 61,544 | |
| 61,544 | 302,118 | 363,662 | ||
| **6 ** | Other Trading Activities | Total Funds | Total Funds | |
| (Unrestricted) | (Unrestricted) | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Fermanagh House | 206,945 | 157,157 |
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
| 7 Investment Income Income Income 8 Resources Expended Donations Grants Awarded Other Costs Grants Awarded Other Costs |
Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2023 £ £ £ £ 26,805 - 16,319 43,124 |
|---|---|
| Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2022 £ £ £ £ 10,320 - 5,677 15,997 |
|
| Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2023 £ £ £ £ 20,500 193,060 21,760 235,320 - 26,037 11,826 37,863 |
|
| 20,500 219,097 33,586 273,183 |
|
| Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2022 £ £ £ £ 23,800 194,507 17,284 235,591 - 24,391 5,388 29,779 |
|
| 23,800 218,898 22,672 265,370 |
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
9 Expenditure on Charitable Activities
| Expenditure on Charitable Activities | |
|---|---|
| Salaries Development/Training Travel Accountancy Fees Administration/Telephones & General expenses Legal, Consultancy & Management Depreciation |
Unrestricted Restricted Total Funds Funds Funds 2023 £ £ £ 47,212 151,477 198,689 363 38,056 38,419 5,234 935 6,169 3,660 - 3,660 9,082 3,405 12,487 1,368 14,615 15,983 - 44,662 44,662 |
| 66,919 253,150 320,069 |
| Salaries Development/Training Travel Accountancy Fees Administration/Telephones & General expenses Legal, Consultancy & Management Depreciation |
Unrestricted Restricted Total Funds Funds Funds 2022 £ £ £ 18,766 166,723 185,489 - 80,188 80,188 1,196 141 1,337 3,500 - 3,500 8,685 - 8,685 1,422 10,782 12,204 - 39,153 39,153 |
|---|---|
| 33,569 296,987 330,556 |
10 Trading Operations
| Salaries Insurances, Light & Heat, Cleaning & Repairs Postage, Stationery & Advertising Computer Expenses Telephone & Fax Audit, Legal & Consultancy General Expenses Bank Interest & Charges |
Total Funds Total Funds Total Funds Total Funds (Unrestricted) (Restricted) (Unrestricted) 2023 2023 2023 2022 £ £ £ £ 75,852 - 75,852 80,931 37,607 - 37,607 29,041 3,331 - 3,331 2,521 558 - 558 3,282 1,238 - 1,238 1,901 2,500 - 2,500 2,075 1,249 - 1,249 3,849 531 - 531 304 |
|---|---|
| 122,866 - 122,866 123,904 |
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The Fermanagh Trust Notes to the Financial Statements
for the year ending 5 April 2023
11 Net Income
Net Income is stated after charging
| Net Income Net Income is stated after charging |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Depreciation of Tangible Fixed Assets | 44,662 | 39,153 |
| Fees payable for the Audit of the Financial Statements | 2,500 | 2,075 |
12 Staff Costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| Wages and Salaries Social Security Costs Pension Costs |
2023 2022 £ £ 205,568 196,136 51,359 53,907 17,614 16,376 |
|---|---|
| 274,541 266,419 |
The average monthly number of full time equivalent employees (including casual and part-time staff) during the year were as follows:
| Employees | 2023 2022 9 9 |
|---|---|
| 9 9 |
No employee received employee benefits of more than £60,000 during the year (2022 : Nil)
The charity has met all obligations for pension auto-enrolment and it is open to all staff. Contributions in the year ended 5 April 2023 were £17,614. (2022 : £16,376)
13 Trustees remuneration
The charity trustees were not paid or received any other benefits from employment with the Trust. One trustee received travel expenses during the financial year amounting to £417. (2022 : £368). The rate paid per mile was at arms length value.
No charity trustee received payment for professional or other services supplied to the Charity.
14 Related Parties
The Mummers Foundation which is a charitable organisation previously rented an office in Fermanagh House. It's company secretary and employee is also a trustee in the Fermanagh Trust. The other services during the year amounted to £49 and transactions were at arms length value. The balance outstanding at the year end was £188.
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
15 Tangible Fixed Assets
| Tangible Fixed Assets | |
|---|---|
| Cost At 6 April 2022 Additions At 5 April 2023 Depreciation At 6 April 2022 Charge for the Year At 5 April 2023 Net Book Values At 5 April 2023 At 5 April 2022 |
Extension to Building Building Fixtures at B'meadow at B'meadow & Fittings TOTAL £ £ £ £ 921,958 917,260 79,084 1,918,302 - - 29,914 29,914 |
| 921,958 917,260 108,998 1,948,216 90,732 251,790 69,607 412,129 18,439 18,345 7,878 44,662 |
|
| 109,171 270,135 77,485 456,791 812,787 647,125 31,513 1,491,425 |
|
| 831,226 665,470 9,477 1,506,173 |
The land at Broadmeadow on which Fermanagh House is built, is leased from Fermanagh & Omagh District Council on a 99 year lease from 24 March 2006. The peppercorn rent is £5 per annum.
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
16 Fixed asset investments
Long term investments
| Long term investments | |
|---|---|
| Cost at 6 April 2022 Additions Disposals Impairment of investment At 5 April 2023 Net Book Value At 5 April 2023 At 5 April 2022 |
Investment Total £ £ 1,964,460 1,964,460 41,812 41,812 (1,052) (1,052) (93,575) (93,575) |
| 1,911,645 1,911,645 1,911,645 1,911,645 |
|
| 1,964,460 1,964,460 |
These investments include shares held in Drumlin Wind Energy Co-operative Limited, Northern Ireland Community Energy (NICE) Limited and Northern Ireland Central Investment Fund for Charities (NICIFC).
Market Value of Investment
The market value of investments held with NICIFC at the year end is as follows
| Investments at Cost Market Value of Investments |
2023 £ 1,986,499 |
|---|---|
| 1,892,924 |
The carrying value of the investments at the year end ( as recorded in the portfolio valuation ) is less than the cost of the investments.
This necessitates an impairment provision of £93,575.
This provision, which is unrealised, is reflected in the statement of financial activities.
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
| 17 Debtors Debtors and accrued income from charitable activities Debtors from trading activities 18 Creditors: amounts falling due within one year Creditors, accruals and deferred income 19 Funds of the Charity Endowment Funds Cost Value at 06.04.22 753,562 Endowment Funds include the following: Fisher Foundation Greg Turley Bursery Awards Joan Trimble Award Scheme Killesher & Cleenish Oisin McGrath Foundation |
17 Debtors Debtors and accrued income from charitable activities Debtors from trading activities 18 Creditors: amounts falling due within one year Creditors, accruals and deferred income 19 Funds of the Charity Endowment Funds Cost Value at 06.04.22 753,562 Endowment Funds include the following: Fisher Foundation Greg Turley Bursery Awards Joan Trimble Award Scheme Killesher & Cleenish Oisin McGrath Foundation |
2023 2022 £ £ 49,895 83,710 14,116 19,852 64,011 103,562 2023 2022 £ £ 84,138 21,290 Cost Value Income Expenditure at 05.04.23 45,344 70,080 728,826 |
|---|---|---|
Restricted funds
| Including the Capital Build Project and other programmes | 2023 2022 £ £ 1,537,362 1,581,584 |
|---|---|
| 1,537,362 1,581,584 |
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The Fermanagh Trust Notes to the Financial Statements for the year ending 5 April 2023
Unrestricted funds (including designated funds)
| Fermanagh House Organisations Reserves Fermanagh House Contingency Fund Carers Initiative Fund Estates Fund Total Funds |
2023 2022 £ £ 1,404,852 1,435,734 265,000 170,000 50,000 50,000 - 27,000 26,903 26,903 |
|---|---|
| 1,746,755 1,709,637 |
|
| 4,012,943 4,044,783 |
The Estates Fund in reserves is a charitable fund that is currently in abeyance. The Fermanagh Trust is actively seeking match funding in order to begin active management of these funds.
Fermanagh House Contingency Fund is a property management fund held in reserve to cover unexpected or immediate unforeseen structural costs.
The Organisations Reserves are held as a contigent fund covering an estimated six months of general overheads and running costs + 20%. This is a prudent reserve to manage extraordinary circumstances including the unplanned cancellation of Income (donations or other charitable income).
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