The Fermanagh Trust
Statement of Financial Activities (Including Summary Income and Expenditure Account) for the year ended 5 April 2025
| Unrestricted | **Restricted ** | Endowment | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Total | Total | ||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | ||||||||||
| Income from: | Notes | £ | £ | £ | £ | £ | ||||||||
| Donations | 4 | 2,237 | 251,025 | 21,756 | 275,018 | 319,394 | ||||||||
| Income from charitable activities | 5 | 19,526 | 172,141 | - | 191,667 | 328,043 | ||||||||
| Income from other trading activities 6 | 353,335 | - | - | 353,335 | 199,566 | |||||||||
| Investment Income | 7 | 265,455 | - | - | 265,455 | 60,021 | ||||||||
| Total incoming resources | 640,553 | 423,166 | 21,756 | 1,085,475 | 907,024 | |||||||||
| Expenditure on: | ||||||||||||||
| Raising Funds | 8 | (35,192 | ) | (324,507 | ) (2,200 |
) | ) (361,899 |
) (334,004 |
||||||
| Charitable Activities | 8 | (67,868 | ) | (184,466 | ) - |
) (252,334 |
) (305,029 |
|||||||
| Trading Operations | 8 | (227,426 | ) | - | - | ) (227,426 |
) (194,932 |
|||||||
| Total expenditure | (330,486 | ) | ) (508,973 (2,200 |
) | ) (841,659 |
) (833,965 |
||||||||
| Net income before transfers | 310,067 | (85,807 | ) 19,556 |
243,816 | 73,059 | |||||||||
| Unrealised gains/(losses) on investments | 10,562 | - | - | 10,562 | 93,575 | |||||||||
| Net incoming resources | 320,629 | (85,807 | ) 19,556 |
254,378 | 166,634 | |||||||||
| Fund balances brought forward | 1,828,369 | 1,558,636 | 792,571 | 4,179,576 | 4,012,942 | |||||||||
| Fund balances carried forward | 2,148,998 | 1,472,829 | 812,127 | 4,433,954 | 4,179,576 |
All of the above results are derived from continuing gains and losses recognised in the year are included above.
The notes on pages 21 to 32 form an integral part of these financial statements.
Page 18
The Femngh Trust Balance sheet as gt 5 April 2025 2025 2024 Notes Fixed Assets Tangible assets Investments io li 1.405.252 2,342,118 1,448.339 2,081,556 3.747.370 3.529.895 Current assets Debtors Cash at bink and in hand 12 66.670 712,690 77.268 589,147 779.360 666.415 Creditors: amount5 falling due within one year 13 (92.776) (16.734) Net eurrent a$seLs 686.584 649.681 Net Assets 4.433,954 4,179,576 Funds Unrcstricted funds ResiriLted funds Endowment tunds 14 14 14 2.148,998 1.472.829 812,127 1.828,369 1.558.636 792,571 Total funds 4,433,954 4,179,576 The fmancial stat¢ments w¢rc approv¢d by thc Trustecs on 9 Junc 2026 and signcd and approved for issu¢ on its behalf by 2026 16'.39 46 GMT+11 ue Bryson 20 09'02..12 GMT+11 Jim Ledwith Trustee Sue Brvso Trustee The notes on page5 21 to 32 form integral part of these financial 5tstement Page 19
The Fermanagh Trust
Cash flow statement for the year ended 5 April 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Cash generated from operations | |||||
| Net income / (expenditure) for the year | 254,378 | 166,634 | |||
| Depreciation | 43,087 | 43,086 | |||
| Movement in debtors | 10,598 | ) (13,257 |
|||
| Movement in creditors | 76,042 | ) (67,404 |
|||
| Investment income recognised in statement of financial activities | ) (265,455 |
(60,021 | ) | ||
| Net cash movement from operating activities | 118,650 | 69,038 | |||
| Cash flow statement | |||||
| Net cash inflow from operating activities | 118,650 | 69,038 | |||
| Cash flow from investing activities | |||||
| Proceeds from sale of investments | - | 823 | |||
| Unrealised Gains/Losses on Investments | ) (260,562 |
(93,576 | ) | ||
| Purchase of investments | - | ) (77,159 |
|||
| Investment income | 265,455 | 60,021 | |||
| Movement in cash in the year | 123,543 | (40,853 | ) | ||
| Reconciliation of net cash flow to movement in net funds | |||||
| Movement in cash in the year | 123,543 | (40,853 | ) | ||
| Cash and cash equivalents at 6 April 2024 | 589,147 | 630,000 | |||
| Cash and cash equivalents at 5 April 2025 | 712,690 | 589,147 |
The Fermanagh Trust
Notes to the financial statements for the year ended 5 April 2025
1. Accounting policies
Company information
The Fermanagh Trust is a Charity, registered in Northern Ireland. The address of the registered office is Fermanagh House, Broadmeadow Place, Enniskillen, County Fermanagh, BT74 7HR.
1.1. Accounting convention
The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and"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 published in October 2019". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.
1.2. Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.The funds are either treated as Restricted funds or Endowment funds.
1.4. Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Investment income is recognised once the income and been declared and notified to bank accounts.
The Fermanagh Trust
Notes to the financial statements
for the year ended 5 April 2025
.................... continued
1.5. Resources expended
All expenditure is accounted for on an accruals basis.
Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.
1.6. Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7. Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Fermanagh Trust
Notes to the financial statements for the year ended 5 April 2025
.................... continued
1.8. Financial Instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially and subsequently at transaction price.
1.9. Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10. Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The Fermanagh Trust
Notes to the financial statements
for the year ended 5 April 2025
.................... continued
| 2. Net incoming resources for the year Net incoming resources is stated after charging: Depreciation and other amounts written off tangible assets Auditors' remuneration 3. Employees Number of employees The average monthly numbers of employees during the year were: Management and administration Employment costs Wages and salaries Employers national insurance Pension costs Other costs |
2025 £ 43,087 2,850 2025 10 2025 £ 271,539 21,240 27,483 2,063 322,325 |
2024 £ 43,086 2,850 2024 9 2024 £ 224,584 53,394 19,978 1,997 299,953 |
|---|---|---|
The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £60,001 | - £70,000 | 1 | 1 |
The charity trustees were not paid or received any other benefits from employment with the charity. One Trustee recieved travel expenses during the year amounting to £423. (2024: £442).
The Fermanagh Trust
Notes to the financial statements
for the year ended 5 April 2025
| .................... continued Unrestricted Restricted Endowment Total 2025 2025 2025 2025 £ £ £ £ 4. Income from donations Oisin McGrath Foundation - - 16,526 16,526 Joan Trimble Fund - - - - Callagheen Wind Farm - 18,203 - 18,203 Tieges Windfarm - 90,895 - 90,895 Slieve Rushen Windfarm - 54,000 - 54,000 Cornavattow & Slieveglass - 77,927 - 77,927 Charities Trust Donations 198 - - 198 Fisher Foundation - - 5,230 5,230 Halifax Foundation - 10,000 - 10,000 NICE N.I. Charities 618 - - 618 Drumlin Wind Energy 1,421 - - 1,421 2,237 251,025 21,756 275,018 |
Total 2024 £ 15,851 10,230 17,846 69,335 74,000 132,132 - - - - - |
|---|---|
| 319,394 |
In 2024 donation income of £293,313 was attributable to unrestricted income funds and £26,081 was endowment funds.
The Fermanagh Trust
Notes to the financial statements for the year ended 5 April 2025
.................... continued
| Unrestricted Restricted Total 2025 2025 2025 £ £ £ 5. Charitable Activities Department for Communities - 62,176 62,176 National Lottery Community Fund-Community Leadership - 75,500 75,500 Rank Foundation - 16,222 16,222 Resurgam CA - 9,000 9,000 International Fund For Ireland - 9,243 9,243 Fermanagh Trust 19,526 - 19,526 Digital Costs Project - - - 19,526 172,141 191,667 In 2024 Charitable Activities of £72,908 was attributable to unrestricted income and £255,135 was restricted. Unrestricted Restricted Total 2025 2025 2025 £ £ £ 6. Income from other trading activities Fermanagh House 276,473 - 276,473 Connect Fermanagh 1,667 - 1,667 Early Years 28,248 - 28,248 Community Climate Action Project 7,012 - 7,012 Aspire PeacePlus Project 18,067 - 18,067 Bank Interest 21,868 - 21,868 353,335 - 353,335 |
Total 2024 £ 60,619 125,500 29,615 - - 72,908 39,401 |
|---|---|
| 328,043 | |
| Total 2024 £ 199,566 - - - - - |
|
| 199,566 |
In 2024 £199,566 of other trading activities was attributable to unrestricted income.
The Fermanagh Trust
Notes to the financial statements
for the year ended 5 April 2025
| .................... continued Unrestricted Restricted Endowment Total 2025 2025 2025 2025 £ £ £ £ 7. Investment Income Income 265,455 - - 265,455 265,455 - - 265,455 |
Total 2024 £ 60,021 |
|---|---|
| 60,021 |
In 2024 investment income of £37,693 was attributable to unrestricted income funds and £22,328 was endowment funds.
The Fermanagh Trust
Notes to the financial statements
for the year ended 5 April 2025
.................... continued
| Unrestricted Restricted Endowment Total 2025 2025 2025 2025 £ £ £ £ 8. Total resources expended Raising funds Grants Awarded 35,192 324,507 2,200 361,899 Other Costs - - - - 35,192 324,507 2,200 361,899 In 2024 donation expenditure of £18,650 was attributable to unrestricted funds, £294,196 to restricted funds and £21,158 to endowment funds. Expenditure on Charitable Activities Salaries 45,354 136,060 - 181,414 Development/Training - 1,552 - 1,552 Travel 886 - - 886 Accountancy Fees 2,850 - - 2,850 Administration and office costs 14,608 3,767 - 18,375 Legal, Consultancy & Management 4,170 - - 4,170 Depreciation - 43,087 - 43,087 67,868 184,466 - 252,334 In 2024 charitable activities expenditure of £72,052 was attributable to unrestricted funds and £232,977 to restricted funds. Expenditure on Trading Operations Salaries 140,911 - - 140,911 Insurances, Light & Heat & Repairs 48,658 - - 48,658 Postage, Stationery & Advertising 216 - - 216 Computer Expenses 12,310 - - 12,310 Telephone 8,073 - - 8,073 Audit, Legal & Consultancy 4,650 - - 4,650 General Expenses 12,032 - - 12,032 Bank Interest & Charges 576 - - 576 227,426 - - 227,426 |
Total 2024 £ 293,163 40,841 |
|---|---|
| 334,004 | |
| 166,990 59,285 4,442 2,850 26,913 1,463 43,086 |
|
| 305,029 | |
| 132,963 43,254 4,468 2,094 1,848 6,450 2,981 874 |
|
| 194,932 |
In 2024 trading operations expenditure of £194,932 was attributable to unrestricted funds.
The Fermanagh Trust
Notes to the financial statements for the year ended 5 April 2025
.................... continued
9. Taxation
No liability to UK corporation tax arises on ordinary activities for the year. The entity is a registered charity .
| Extension | Fixtures, | |||||
|---|---|---|---|---|---|---|
| 10. | Tangible fixed assets | to | Buildings | fittings and | ||
| Buildings | costs | equipment | Total | |||
| £ | £ | £ | £ | |||
| Cost | ||||||
| At 6 April 2024 | 921,958 | 917,260 | 108,998 | 1,948,216 | ||
| At 5 April 2025 | 921,958 | 917,260 | 108,998 | 1,948,216 | ||
| Depreciation | ||||||
| At 6 April 2024 | 127,610 | 288,480 | 83,787 | 499,877 | ||
| Charge for the year | 18,439 | 18,345 | 6,303 | 43,087 | ||
| At 5 April 2025 | 146,049 | 306,825 | 90,090 | 542,964 | ||
| Net book values | ||||||
| At 5 April 2025 | 775,909 | 610,435 | 18,908 | 1,405,252 | ||
| At 5 April 2024 | 794,348 | 628,780 | 25,211 | 1,448,339 |
The land at Broadmeadow, on which Fermanagh House is built, is leased from Fermanagh & Omagh District Council on a 98 year lease from 24th March 2006. The peppercorn rent is £5 per annum.
The Fermanagh Trust
Notes to the financial statements for the year ended 5 April 2025
.................... continued
11. Fixed asset investments
| Fixed asset investments | Listed | |
|---|---|---|
| investments | Total | |
| £ | £ | |
| Valuation | ||
| At 6 April 2024 | 2,081,556 | 2,081,556 |
| Revaluations | 10,562 | 10,562 |
| At 5 April 2025 | 2,092,118 | 2,092,118 |
| Net book values | ||
| At 5 April 2025 | 2,092,118 | 2,092,118 |
| At 5 April 2024 | 2,081,556 | 2,081,556 |
These investments include shares in Drumlin Wind energy Co-operative Limited, Northern Ireland Community energy (NICE) and Northern Ireland Central Investment Fund for Charities (NICIFC).
| 12. Debtors Debtors- charitable activities Debtors- trading activity 13. Creditors: amounts falling due within one year Creditors, accurals and deferred income |
2025 £ 46,998 19,672 66,670 2025 £ 92,776 |
2024 £ 21,088 56,180 77,268 2024 £ 16,734 |
|---|---|---|
The Fermanagh Trust
Notes to the financial statements for the year ended 5 April 2025
| .................... continued | ||||
|---|---|---|---|---|
| Statement of funds | Balance | Balance | ||
| April | 24 | March 25 | ||
| £ | ||||
| 14. Endowment Funds: | ||||
| Endowment fund | 792,571 | 812,127 | ||
| 792,571 | 812,127 | |||
| Endowment funds include the follow: | ||||
| Fisher Foundation | ||||
| Oisin McGrath Foundation | ||||
| Restricted Funds: | ||||
| Including the capital build project | 1,558,636 | 1,472,829 | ||
| 1,558,636 | 1,472,829 | |||
| Unrestricted Funds: | ||||
| Fermanagh House | 1,451,466 | 1,772,095 | ||
| Organisations Reserves | 300,000 | 300,000 | ||
| Fermanagh House Contingency Fund | 50,000 | 50,000 | ||
| Estates Fund | 26,903 | 26,903 | ||
| 1,828,369 | 2,148,998 |
The Estates Fund 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 contingent fund covering an estimated six months of general overheads and running costs. This is a prudent reserve to manage extraordinary circumstances including the unplanned cancellation of income (donations or other charitable income).
15. Related party transactions
There were no material related party transactions to disclose during the year.
The Fermanagh Trust
Notes to the financial statements for the year ended 5 April 2025
.................... continued
16. Ultimate Controlling party
The ultimate controlling party of the charity is the Trustees.