Charity Nutnb8r: 102726 Fermanagh Trust Annual Report and Financial Statements For the V8af Ended 5th Aprfl 2024 The Fernianagh Trust Slalefflenl of Financial Positlon as at 51h Aprfl 2D24 2024 2023 Flxed Assets Tang￿16 assets IrNg¥tmgn13 15 16 1.448.339 2,081556 3,5?9,895 1,41)1.425 1,911,645 3,403,070 Tolal fixed assets Current a55et5 D8blors Cash at bank and In hand 17 77,268 589.147 666,415 64,011 630.000 694,01 Total cuffent assets Llabllltles Creditors lalling dua wilhln one year Nel currenl ass8ts 16,734 649.681 84,138 609.873 Tolal assets loss current IIAbM115es 4,179,576 4,012,943 Creditors: falllng due after more Ihan l year Nel asset 4.179,576 4,012.943 The funds ol the charlly: Endowmenl funds Resldcled Incom8 furM18 Unre8tslcled Income funds 19 792,571 1.558,636 1,828,369 728,826 1,537J62 1,746,755 Total charity lund$ Thesè flnanclal 51alements wer8 approved by tha Board olTrusl8ès and authorlsed for issue on 2 December 2024. and are slgned on behall of the Board by: Ernle Flsher Chalrperson Sue Bryson Secretary Pa9e 18 The Fermanagh Trust stst•ment of Flnanclal Actlvltl•s {Indudlng Income and Expendlture Ac￿untI for yearendlng Slh Aprll 2024 Unr89tricted Funds 2024 Restrl¢t•d Endowmgnt Funds Funds 2024 2024 Total Funds 2024 Funds 2023 I￿0￿• and Endowm•nts from: D¢Jnall¢Jns 293.313 26,081 319.394 290,022 Charfiabl8 acllvlll85 72.908 255.135 328.043 237.762 Olher tradthg activiiles 199,588 199.568 208,945 Investments 37.693 22.328 80,021 43,124 Total Incorno 310,187 548,448 48.409 7,024 777,853 Expndltur• ￿.. Rd4r¥J 18,650 294,196 21,158 334.004 273,183 Charftsble •ClI￿lIeS 72.052 232.978 305.030 320,069 Tradlng uperallons 10 194,932 194.932 122,8S8 Tolal Expendlture 285,834 527.174 21.158 833.966 716.118 Unre411Bad gaIn￿l0$￿) on Investmonls 16 57,081 36,494 93,575 (93.5751 Net Incom•l(exp•ndllur•l and not movéménl In funds lor tho yoar 81,614 21,274 63,745 166ffi33 (31.8401 Reconcillalion of fund Tolal lund5 brought lorward 1.740.755 1.53T.362 728,828 4,012,943 4.044,783 Total funds CAnled fopw4rd 19 1.828.369 1.558.638 792.571 4,179.576 4,012.943 Thestalemffii of Ilnandal actfvltles all galn5 and losse5 recognlsed In the Vear. All Income ond expendllur? dedvo from continuing acllvltles, Page 19 Ttr￿ Fennanagh Trust Statement of Cash Flows for the year ending 5th Aprll 2024 2024 2023 Cash flow from operatlng actlvltlos Net movement In lunds 166,633 (31,840) Depre¢S8tlon oluslrnent 43,086 44,662 Surplus1{10gs) in disposal of Inveslments {93.575) 93.575 In¢reasellDecrease In credllors) (67,404) 62,848 Decreasel{Increase In deblor8) (13,257) 39,551 Net cashflow 3S,483 208,796 Purchase ol tanglbla fixed assets (29.914) Proce•ds from sale of Investments 823 1,052 Purchase of Invastmènts (77,159) (41,812) Net ¢a5hflow {40,853) 138,122 Increasel{Decrease)kn c8sh and cash equlvalents in Ihe ygar Cash and cash equl¥al8nts at Ihe beglnnlng of the yeaf 630,000 491,878 Total cash and cash equlvalents at th• end of the year 589,147 630,000 These InV￿lments are held wlth Northem Ir•land Cenlrdl Investment Fund for Charltles (NICIFCI. Northem Ireland Communty Energy (NICE) Llmlted. and Drumlln Wind Energy Coryoperatlve Llmlled. The Fennanagh TNst Nole$ ￿ thè Financlal St31•m8nis for th•yew¢ndlng 5th April 2024 1 Genernl Infomi*lltsn The Fermpnègh Tw5t15a C￿rItabl￿TruSI, registered In Norihem Ireland. Theoddffj$5 ol ihe regi51ered office is Ferrn￿￿gh House, Broadmeadow Plac•Enniski11on Co Femianagh, BT74 7HR 2 St•t•m•nt al C•mpll*n¢* Theso financial ¥lalerngnls h?vo been prepared in cornpllance wilh FRS 102, Tho Flngndal Raporfing Slarbdard applicable in Ihe UK and Ihe Republic of Ireland,, ihe Slalemonl ol RecOmM8nd￿ Pradco appllcabl• to thartll•$ pr¢pÈTing Ihelr a￿￿nIS in withthe Flnancl81 ReportingSl8ThJard aKplicablè In the UK pnd Republlc of Ir?land IFRS 1021 (Charille¥ SORP {FRS 10211. 3 Accoul￿n9 Pollchi B••l•ol Prnp•rntlon Tho financlal 51alemen15 have b••n pr•par•d on th• h15tortcal cost baslB. The finonrjal glolerngnts are prepared In 8t•ding, hyhlch is Ihe funcllvnel currency of the enltty. Th•r• •r• no material un¢ert8inlks about tho Chwllvs obilty to conthr•Je. Judgem*nt¥qnd koy sourt•sol ￿tImatIon urKertainly Thg preparollon ol Ihe finandal 51aleffMlg roqulreg manag¢menl lo make ludggmenl8. osllmalés and as$umpllon$ Ihal alfo¢t the amounl reponed. Th059 esltrnalo¥ 8nd ludgoment5 aro contlnually ￿vIewed and 410 b05ed on oxperlence and olhor1o¢lor5. Indudlng oypeclDIi005 01 lulure evenl8 that are btrlieY•d lo be r•B¥onablg under the Gircum51an¢es. Fund Ac¢ounllng Unrestricted Fund5 aro avgllablo lor uso al Iho dlscrollon ol Iho InJsloes lo furlhor any ol Ihe harivspurposes. l)*nalod fundBare unfestricled fundsèamorkod by Ihe Imstoes for particwlar futur6 prolecl or commilmenl. Restr¢clod Fundsaro Jubjeclod Io feslrictlons on Ihelr expendilure declared by Iha donoror Ihruugh thg lems of an appeal. and fall Into onè ol gubs8 and relumed if unsp8nt. In ¥*fftlch case il may be regafded as re8trlcled. RMourtK Exp•nd ExpondrtUTB15 rewjnised cnonacwals ba5b as a Ilabllty 15 lfKxff￿J. Expendlbjre IKlud85 any VATWhl¢hcanr￿I be fully recovered. andlg d8s8ified under head￿95 oftheslatom•nt of finonclal advllles to whlch It relal8S: expwKlfture on Donati￿4 IrKludts all Grnnts awarded and ex￿n￿l In￿r[•d In Ihese acllvlues oxpèndi￿ra on charitable acllvlll8s IKludes allcosts Incurred by lh& thartty In underlaklng acuvrtleg Ilwt further Ils charftable alms for tha bèmfit ol Its ben8ficl8rles, Includino those wpport colts and reljlkng lo Ihe go¥emarKe of tho charfty. 8xperKlllure on ral8lng funds IndUd￿ al coslj ofth? tradlngJGbvity bthlch wpryis Ihe wo of the charfly. Mry)513 are gittaled tOeXpenth￿rn calegorles rnlledng theuse oflhèrnsoufce. Dlrectcoslg attrfbuled to a single acbvityaTr alkjcated dlredy lo that actlvlty. Shated costg areapportloned between Ihe athllle5 Ihey contdbute to on a reasonable, justlfiablè andc￿sS8¢en1 basls. T•nglbl• Assets FNed PAsets (8Xd￿thn9 Thastmentsl slatwl alrJ)5t1856accumLtsted depreiat1￿. The o)515 ol mlnor addltlons are ncl capltallsgd. Inv8slments held as fixed ass81s aT8 valued atkwerolcost and mathet value. Them8￿81 value ol lh8 Inv8slments are shown In a note lo Ihe accounts. Depreclatlon DOPreaatic￿15 calculated so a510 wroleoff th8coslorvalug olanasseL les8 its regdual value over Ihe useful econornlc Ilfe oflhal assel as lollow¥." B￿ldIng5 Flxtrxe & Flltlngs 2% stralghl Iw 20% reducing baance Ply 22 Th• Fomianagh Trust Not•s tothe FlnanGlal Stal•ffl•nts forlh• year •ndlnq 5th Awll 2024 Inv•stments Inveslm8ntsarn slated al lowerofcost and mafketvdue. All gakns orlosses onsaleofThieskngnts wel￿￿led In the finenci81 statements when they occur. D•blor• Trade and olherD8btcrfs arnwnls8d al lhos8￿8rn8n¢ aft￿unt thA. Prepaymenls are valued allhe amounl prepald. Cash al bank and In hand Cash albank andin hand Includes cash and short lemi t49hly Ilqukl Investments wlh a 5hcrt matU￿ty from the dal8 ofacqulslllon oropènlng of Ihédeposlt or 8lmllar account. Crndllor• and Pro¥1 Credll(Ks aThJ Prwl¥lons ero recogni$ed wherathechartty hasa pte5entobligation resulting fmm a pasl ovent that wlll probably res￿1 In Ihe Iransfar ol funds lo a Ihlrd party and tho amunt duè lo u¢d8 lh8 a￿lgallOfi bèmeasurad oresllmat8d rellably. Credltor8 and prov%kx ara nomially facognlsed al thelrs8tdem&ntamountallef allowlng for any trad8 d18c0￿ due. Fln•ncl4 Instruments TheTrusl orly ha$ findnclal assels and IOnanclg1 IIAblllUes ola klThl thatquallfy as basic fffiandal Instrumerts. 8al¢ flnanclal Instrumnts Inlfjally rec*)3nlsed attrnnsactkn valu? and subsequenuy measured al Ihelrsetllemenl value. P•nsloni Tr*TruBt complk9s *1th1ts obwllons under the Pen61on Re•lator bn respecl ol aulo4nroln*rf, Page 23 The Fermanagh Tn￿1 Notesto Ihe Finon¢l81 Sielements for the year ernllng 5th Apr412024 4 thjnations Unrestricted Funds R•8lrfct•d Funds Endowm•nt Funds Totsl Funds 2024 Donatlons Wath Foundation ]anTrfmbl8 Fund callagheo￿ Wlnd Fami Tie9es Windfa Slleve Rushen Wlndfam Comavanrw& Slievegl8s8 Olher IS851 10,230 15.851 10.?Jo 17,846 69JJ5 74,000 131132 17.B46 69,3J5 74.000 132,132 293,313 96.081 319J94 Unrestrlctad Fund$ Rttitrlclqd Funds Endowm•nt Funds TotAI Funds 2023 Donallon• 18,850 10,175 18J50 10.175 17896 Thg FI51￿r Founda￿on Callagheen Wlnd Fa ege5 Wndarni Smeve Rushen w￿￿8m) Comav8rnw& Slloveglass 17.496 64.9110 54,(MK) 12J.981 123.981 62Q 620 260,377 29.lJ25 290.022 The Fernianagh Trusl Nol•s tothe Flnanclal Staternenls for Ih• y•ar endlThJ 51h Aprll 2024 5 Charllabh Actlvltl•s Unr•$lrklod Fun R•sirf¢t•d Fund¥ Tolal Funds 2024 Communlty Dgv8knwML' Departmenl for Coff¥nun111•8 NBllonal Loitery Communlly Fund.Communlty LeadeTrhlp Rank Fou￿1 Costs Pr*t F•mi8n4h TnLsl 60.619 125.5(KI 29.615 39.401 60.619 1*5.500 29,615 39.401 72.908 328.043 72,908 255.135 Unr•strlct•d F￿d3 Restrlct•d Total Funds 2023 Sharnd Educatbn.. E?rfy Yearn PmJecl4ELPB commun￿ Oqveknwenl.. Deparfmoni fv>r commun¢￿8 Nattonol Lottory Comunliy Fund.Communlty Leèdernhlp Rwk Four#Jotknn Fennanagh Trusl 6ffl6 55,452 8SS00 20,000 SSA52 85JOO 20,CKAI 70,114 237.762 70.114 70,114 167,648 6 Othw Trndlng Actlvld Tolal FundB IUnrnstrlci•d> 2024 Tptsl Fund• (ilnrnstrlctod) 2023 F•mianagh Ho 199,566 P•ae 25 Thg F•rmana9h Trust Nolestoth• Flnanclal StatMn•nts forthe y•or endlry 5th Wl 2124 7 Invaslment Incrm Unreslrictsd Funds Ra￿rtC1ed Fund8 Endowmenl Fundy Total Fund8 2024 Income 37,693 22,3?8 60.0?1 Unrnslrkied Fund¥ Re8trkted Fur Endovm)ènl F￿nd& Tolal Funds 2023 Income 26,805 16J19 43.174 6 Resourc•s Exp•nd•d Dona￿on$ Unrnsldded Funds R•$ldcl•d Fund$ EndowTn•nt Fund8 Tolal FurK18 2024 Grants Awanled OihOT Cosls 18.650 264,864 29.33? 294.IY6 9,(A9 11.509 21,15X 293,163 40.841 334.004 111.650 Unrn$tricted Funds Restrtcted Fund$ EndoWrr￿I Funds Tolal Funds 2023 Grants Awarded Other Costs 20.500 193.060 26.037 11,760 11,826 235J20 37,863 20.5 219,1197 33.586 273,183 Thè Fermanagh TNst Not•8 tolh• Flnanclal Stat•ments lor th• y•ar•ndlwJ 5th Aprfl J24 9 Exp•ndtlur• on Chorf￿1 Adl¥llle$ Unrejtrkted Funds R•8trlctod Funds Tolal Funds 2024 Salarfes Developn￿nItrTr1ning Tmvel kcounl8ncy Feas Almlnl8tratlonrrolephoneslCompulef & Gener81 expan865 Legal, Consultw & Management Depreclatlon 53.868 113,122 59.285 4.130 166.9 59,285 4,442 2.850 26.913 1.463 43,086 305,030 312 2.850 13,559 13,354 43,086 232,978 72.052 Unrestrlcted Fund8 Toial Funds 2023 Funds Salad8S DevelfJPmenl￿rnlnfjng Travel Accountancy Fee8 Admlrlslrallonrrelephones & Genernl expenses L•gal, Consullancy & Managernenl Depredalton 47,212 363 5.234 1S1,477 38,056 935 198,689 38.419 6.169 3,680 12.487 15,983 44,662 9,082 1.368 3.405 14.615 44,682 253,150 66.919 10 Tradkn￿ Op•rntlon8 Total F￿d$ Total Fund• {UnrestrfGtedl (Restrlctedl 2024 2024 Total FurKIs Totsl Fund• Iunreslrlclèdl 2023 2024 Salarfes Insuran￿5. Llghl & Heot. Cle8nlng & Repalrs P05tsgo. Stalionory & Adv•rtWr¥J Computar EX￿#5 To18phone & Fax AudS1. Legal a Consult Gwwal Expenses Bank Inleresi & Chgrge$ 132,963 43,254 4,468 132,983 43,254 4,468 2,094 1,848 8,450 2,981 75.652 37.607 3,331 1,848 6,450 2,981 1,238 1500 1.249 194,932 194,932 122.886 Py27 Th• Fomianagh Trust No¢•8 loth• Rnanclal Sta1•m•nts forlhv Y•￿ ￿dIng 5thAprfl 2024 11 Net Incoffle Nel Income is slated Bftef charglng 2024 2023 Depreclation ofTanolble Fixed hsse¢s F•¢s payabl• for tho Audll ol th• Flnondal Stalem¢nls 43.086 2.850 44.662 15QJ 12 Stnft Costs The tolal 51aff C￿lS and •mployw ban9r￿ (or th• f•POrtSrKJ p•rk4 ar• ￿alySed as folkn￿. 2024 2023 Wages #nd Soda Sevjrlty Co6 Penslon Costs Othar Costs 224.584 53,394 19.978 1.997 299.953 205,$68 51,359 17,614 274,541 Th8 av•rnue monthly number of fulllkng 9(yJvalgnl ompbygej Ilndudkng e4tual and Slaffl dudng Iho year wgrg as lollows.. 2024 2023 Émployees Thb numb•r ol •mployo6s *thos• arywal ￿￿￿￿oratIon was mor• £80.00016 as fol0￿.. 2024 £eo,001. £70,000 Th• charity has mel ell obligaU0ry6 ponslon out￿enM￿nI and il Is open lo al slaff. Conldbulknn• In y•4r •nd•d S Aprfl 2024 w•T• £19,978,12023'. £17,614) 13 TN11•￿ v•mun•rntlon The (*adty twslees wera not pald or recelyad any olherbénents frnm employrnnt ￿th IheTru81. On• r•ciS¥•d lrnv•l •ipon$es durlrq tha fmandol ye8r amountrfj lo £442.12023'. £4171, Th• rate pald por mll8 was at am* len9th value. No cha￿ty Iw51ee received payrnont for profèsslonal or olh•r w4lces 8upplled ID th Ch￿, 14 R•latsd PartS•• Th? forrner company 5ecrelary and employ•? ol Th¢ Mummer¥ Foundallon 55 also a tru51oe ol The Femiona9h Trust. Tho Mummern FDundaUon wa5 d155olvgd on 6 February 2024. and a srn811 118blllty owgd ID Fgrmanath Trust In re5PgCt ol SO￿¢0$ 93.575 Al S Aprm 2024 2,081,556 2,081.556 N•1 8ook V•lu• At 5 Aprll 2024 2.081,556 2,081,556 At S Awll 2023 1.911,645 1.911,645 Tho50 Inwdslments Includ• h•kl In Drumlln Wlnd En•ryy Llmllad, Northem Ireland Cammunlty En•rgy INICE) Llrnlled gnd Northern IrelaNI Central Investrnenl Fund for ChDrltles (NICIFCI. The mDthetvalu• of Inv•8tm•nlJ h•ld wilh NICIFC ¥llhgy•arend Isu loll¢)ws 2024 Inveslm8nl8 al Cos1 Markel Value ol knvestmen The mad(o1 value of Iha inveslrnenls al th? ygar wrfj ( as recorded kn Ihe portlollo valuallon > Is more than the cosl of the Inveslmenls. Thefelore the unreali$•d imp4rrnenl pnJvl&lon of £93￿75, wblch was laken In prbr year. has b88n rav8￿8d in Ih•stalemenl ol fin￿la1 acllvllles. and Investment ts now shown at cosL The Fernianagh Tnsl Not•s lotho Flnandal Slat•m•nts for th• ￿ar •ndSng 5 Aprfl 2024 17 Doblorn 2024 2023 Deblorn and accruéd Incorne Irom charltablo acliviti8S Debto￿ Irom Iradlng acllvith85 91.088 5fi180 49,895 14,116 77.261¢ 64.011 11 Cr•dllori: arnounts folllnq du• wlthln on• y•ar 2024 2023 CwdllorB, accruals and delerred Income 16,734 84,138 19 Fund• •lth• ChNIty Endowment Funds costv0￿8 8106.04,23 Co51 V¥ue •tOS.04.24 Incom• Expen¢%￿rI 728,816 84,903 21,158 792,￿1 Endowm&it Funds hxlud• lh• lollowlng., N5her Foundallon Greg Turfey Burnary Awards Joan Trfmblp Awanl Schem6 Kllesher & Cleenlsh Olsin McGfath F¢xmdAllon Rutrfetsd lund8 2024 2023 Including tho Capil81 Bulld Prolect 8nd olhor programm ,558,636 1,537,362 1,558,636 1.537,36? P49•)1 Tho FornianAgh Tft￿l Notes tothe Flnanclal Stat•menls for lh• y•ar •ndlng SApdl 11124 Unrnstrlct•d fvnds Oncludlng d•$lgn•t•d fundil 2024 Farnunagh Htyjso OrgAnI￿lIOn# R&soN85 Femw18gh H￿$9 Conllngorw FuThl E$lale8 Fur 1,451,466 300,000 1A04,852 26.SX)3 26.903 1,828.369 1.746,755 Total Fund8 4,179,576 4,012,943 Tho EstBlès Fund Sn reseples Is a charflatAe fund that Is curr•nlly In Bbeyanc¢. The Ffrrrnarwgh Trus116 actlvely sfraklno malch furdng In 0￿er to bek4n •¢11￿ managgmenl ol Ihe5e lunds. Form•nagh HDu$e Contlngency Fund 1$ a PfOP•rty m•Hg8m•nl lund hold In r•soN• ¢0 cover uneipocl•d ty Immg(Nal• ￿lI)r•$••￿ Slruclurnl costs. Tho Organlsailons R•sorveB Ore hgld as a conllngènl lund c¢*•dng •ne31Srn8l•d slx months ol general overheadB and runnlng costs+ 20%, ThlJ Is • prud•nl reserve lo menage •x¢rywllnary ¢1￿um91￿nC0b Includlng the unplanned can¢o118l¢on of In¢orn (donat￿n5 or olhercherttabl• InoJrne}.