## **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 Fem*n*gh 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.