Charlty Reglstratlon Number: NIC103048 Llsnaskea Fairs and Markets (Charltable Trust for the benefit of the inhabitants of the town of Llsnaskea) Annual Report and Flnancial Statements For the year ended 31 December 2020 CavanaghKelly"
Llsna$kea Falrs and Markets Contents Page General Information Trustees, Report Independent Examinerfs Report Statement of Flnancial Activltles Statement of Financlal Posltlon Notes to the Flnanclal Ststements 10-15 CavanaghKel
Llsnaskea Falrs and Markets General Information Trustees Mr K Kelly (Chair for 2020) Mr P Leeman Mr G Reihill (Treasurer) Mr H Crawford (Chair for 2021) Mr R Farrell Mr J McElwaine Mr J McBrlen Mr E Mccaffrey Secretary Mrs A Curran Trust Offic¢ 23 Droles Road 5bellaw Co. Fermanagh BT94 5JG Charlty Reglstratlon Number NIC103048 Accepted as a Charlty by HM Revenue & Customs under Reference N100551 Independent Examiner Ryan Falls ACA CavanaghKelly l Broadmeadow Place Castle Island Court Ennisklllen Co. Fermanagh BT74 7HR Sollcltors JC Brady & Son 10 Belrnore Street Ennlsklllen Co. Fermanagh Bf14 6AA Bankers Ulster Bank LSmlted 186 Main Street Usnaskea Co. Fermanagh 8T92 OJF CavanaghKelly'
Lisnaskea Falrs and Markets Trustees. report for the year ended 31 December 2020 The trustees present their report and the financial statements for the year ended 31 December 2020. Reference and Administration Details The reference and admlnlstratlon detai15 of the charlty are as shown on page 2. Structure, Governance and Management Organisatlonal Structure The trust, formed on 17th January 1924, is a charitable trust and a reglstered charity for taxation purposes. The trust Is governed by the Trustees. None of the Trustees have any beneficial Interest In the trust. Subject to the provlslons contained in the Trust Deed, in the case of the death or reslgnation of a trustee, the trustees have the power to elect a new trustee. The Secretary was responsbble for the supervlslon of the day-to-day operatlons of the trust throughout the perlod of the accounts. Trustees The trustees who served durlng the year are as follows: Mr K Kelly Ichalr for 2020) Mr P Leeman Mr G Reihlll (Treasurer) Mr H Crawford (Chair ffor 2021) Mr R Farrell Nr J McElwalne Mr J McBrlen Mr E Mccaffrey Rlsk Management The Trustees have revlewed the key rlsks faclng the charity and have e5tabli5hed procedures to fflanage those risks. Investment r15ks have led the trustees to develop a strateglc plan whlch allows for the dlverslflcatlon of Investment of the trust's cash resources. Actlvities, Aims & Objectlves The publlc beneflts are.. the Increased efflcbency and effectlveness of comrnunlty and voluntary sector organisation5, re5ultlng In enhanced outcomes and service delivery and, consequently, an Improved quality of life for those who beneflt from thelr work; enhanced activlty, engagement and particSpation In soclal attivitle5 by residents of the area of benefit, leading to an irnprovernent in thelr well- belng and quallty of life and greater soclal coheslon,. Increased acce55 to public amenlties and the enjoyment derlved from the displays of flowers and shrubs, whlch all helps to Improve people's quality of life and well-being; and the preseNatlon of the unlque chararter of the L15naskea area, leadlng to an enhanced ap?reclatSon by resldents and visltors of Its hlstoryi herltage and culture and the enjoyment arising from its pleasing visual appearance. CavanaghKelly"
Lisnaskea Falrs and Markets Trustees. report for the year ended 31 December 2020 - continued The dlrect beneficlaries are residents of and vlsltors to the area of benefit and local comrnunity and voluntary sector organlsations. These benefits can be evldenced through the flndings of community surveys, feedback from the beneflclarles and evaluations of the work and impatt of comrnunity and voluntary sector oroani5ations and feedback from those they have a5SiSted. No prlvate beneflt or hami arlses from thls purpose. The trustees of The Lisnaskea Falrs and Markets endeavour through the income generated from the lands, markets, hereditaments and premises they hold In trust to.. provide dOaOn$ for communlty projects and groups when required- pay for the plantlng and rnaintenan of flowers and shrubs wlthln the town's central yard and In other areas wlthbn the town,. maintain and preserve some of the most hbstorlcal building5 In the town of Llsnaskea and provbde them for use by the communlty as both business premises and places to gather for 50clal and communlty events. and to approach those who may hold pmperty or lands which have become derellct and purchase them 50 that they may be put to better use. Aehievements and Performance The Trustees are confldent the chBrlty is meetlng Its obJectlve5. Durlng the year ended 31 December 2020, as well as maintabnlng the trust property In good condition, the trust has contrlbuted £25,500 to charitles and wcirthy causes (2019.. £ 18,5001. Financlal Revlew The trust is a charitable organlsatlon. The results for the year are set out In detail on pages 8 to 15. The trust returned net Incomlngl(outgoing) resources for the year of £(12,665) {2019'. £8,048). At 31 December 2020, the total funds of the charlty amounted to £553,290 12019: £565,955) comprlslng unrestricted fund5 of £553,290 and restrlcted £nll. Princlpal sources of funding and how this has supported the key objectlves of the charity are disclosed In the notes to the financial statements. Reserves policy At the time of writlng the charlty does not have a formal reserves policy. However, the trustees are in the pmcess of prepadrng and adoptlng a reserves pollcy. The trustees conslder that the charity's reserves are unrestrlcted and are generally Intended for future unexpected need or to pursue an opportunity in line with the charity's purposes. The Trustees continue to monitor the level of reserves held by the charity and are actbvely taking steps to utilise the reserves In order to meet the objectlves of the charity. Plans for future periods The Trustees continue to look for opportunlties where input from the trust will benefit the inhabitants of the town of L15naskea. CavanaghKelly'
Llsna$koa Falrs and Markets Trustees, report for the year ended 31 December 2020 - continued Thls report was appmved by the Trustees and slgned on Its behalf by: r K Kelly Chair for 202 Date Trust Offlce Lbsnaskea Falrs and Markets 23 Droles Road Llsnaskea Co. Fermanagh BT94 5JG Charlty Reglstration Number NEC103048 CavanaghKelly'
Lisnaskea Fairs and Markets Independent Examiner's report to the Trustees of Lisnaskea Fairs and Markets for the year ended 31 December 2020 I report on the accounts of the Trust for the year ended 31 December 2020, whlch are set out on pages 8 to 15, Respective responslbllltles of Charity tru$tee$ and examiner As the charlty's trustees you are responslble for the preparatlon of the accounts In accordance with the Charltles Act {Northern Ireland} 2DD8. It is my responsibility to: • examlne the accounts under sectlon 65 of the Charftle5 Act follow the procedures lald down In the general Directlons given by the Commlsslon under sectlon 65(91(b) of the Charltbes Act state whether partlcular matters have come to my attentlon. Basls of Independent examiner's report I have examlned your charity accounts as required under section 65 of the Charities Act and my examlnatlon was carried out in accordance with the general Dlrections given by the Charlty Commission for Northern Ireland under settlon 65{9)(b) of the Charities Art. My examlnation induded a revlew of the accounts'ng records kept by the charity and a comparlson of the account5 presenteé wbth those records. It also Included conslderation of any unusual items or disclosures in the accounts and seeklng explanations from you as charity trustees concernlno any such matters. My role Is to state whether any materfal matters have come to my attention glvlng me cause to belleve: l. That accountlng records were not kept In accordance wlth sectlon 63 of the Charlties Act,. 2. That the accounts do not accord wlth those accountlng records,. 3. That the accounts do not comply wlth the accounting requirernents of the CharltSes Act. and 4. That there is further Informatlon needed for a proper understanding of the accounts to be reached. CavanaghKelly'
Llsnaskea Falrs and Market5 Independent Examiner's report to the Trustees of Lisnaskea Fairs and Markets for the year ended 31 December 2020 - continued Independent examlnerfs statement I have completed my examination and have no concerns In respect of the matter5 (1) to 14) listed above and, In connectlon with following the Direction5 of the Challty CommSsslon for Northern Ireland, I have found nts matters that require drawlng to your attention. Ryan Falls, ACA CavanaghKelly Chartered Accountants Ireland l Broadmeadow Place Castle Island Court Ennisklllen Co. Fermanagh Bf14 7HR Date CavanaghKelly'
Llsnaskea Fairs and Markets statement of Financial Activities (including an Income & Expendlture Account) For the year ended 31 December 2020 Unrestricted Funds Restricted Funds Total Funds Total Funds 2020 2020 2020 2019 Income and endowments from: (Note 2) Charltable attivities Investment Income 31,310 1,952 31,310 1,952 31,100 4,262 Total 33,262 33,262 35,362 Expendlture on: (Note 3) Charltable actlvities Total 45,927 45,927 45,927 45,927 43,410 43,410 Net income / (expenditure) (12,665) {12,665} (8,048) Reconclliatlon of funds: Transfer between funds Balan brought forward 565,955 565,955 574,003 Balance carrled forward 553 290 553 290 565 955 The notes on pages 10 to 15 form part of these flnanclal statements. All of the artlvitie5 of the charity are classed as Contlnulng. There Is no difference between the net incomlng resources for the year stated above and their historlcal cost equlvalents. CavanaghKelly'
L15na5kea Falrs and Markets Statement of Financial Position (Balance Sheet) As at 31 December 2020 Note 2020 2019 Fixed Assets Tangible Assets Investments 54,860 70,000 56,744 70.000 124 860 126 744 Current Assets Debtors Cash at bank and In hand 16,647 412 983 429,630 14,266 426 145 440,411 Creditors: amounts falllng Due wlthln one year (1,2001 11,2001 Net Current assets 428.430 439,211 Net Assets 553 290 565 955 REPRESENTED BY: Unrestrltted Funds 553 290 565 955 Total Funds 553 290 565 955 The notes on pages 10 to 15 form part of these flnanclal statements. These financial statements were approved and authorfsed for Issue by the Trustees and slgned on thelr behalf by MrKKel Chair T G Reihill Treasurer Date Charity Registration Number NXC103048 CavanaghKelly'
Lisnaskea Fairs and Markets Notes to the Flnancial Statements For the year ended 31 December 2020 l. General Information Lisnaskea Fairs Markets Is a charitable trust formed in Northem Ireland 17th January 1924. The address of the trust offlce Is as shown on page 2. The charitable trust constitutes a publlc benefit entity a5 defined by FRS 102. 2. Accounting Policles The following accountlng policies have been applied conslstently in dealing wlth items whlch are considered materlal In relation to the trust's flnanclal statements. A. Basi5 of accountlng The flnancial statements have been prepared In accordan wlth Accountlng and Reporting by Charltles: Statement of Recommended Practlce (SORP) applicable to charlties preparing thelr flnancial statements In accordance with the F5nanclal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) Issued on 16 July 2014 (as updated through Update Bulletin I publlshed on 2 FebrLJary 20161, the Fbnanclal Reporting standard applicable in the United Kingdom and Republlc of Ireland IFRS 1021 and UK Generally Accepted Practi as It applles from l Jar)uary 2015. Assets an8 Llabllitles are initially recognlsed at hlstortcal c05t or transaction value unless otherwise stated In the relevant accountlng pollcy. 8. Cash Flow Statement The financial statements do not Include a Cash Flow Statement because the trust, as a small reportlng entity, Is exempt from the requirement to prepare such a statement under SORP. C. Income from charltable Jctlvltles Encome from charftable activlties Includes income received under contract or where entitlement to grant fundlng Is subject to speclflc performance conditions. It is recognised as earned as the related 5ervlces or goods are provlded. Grant Income Included in thls category provides funding to support projects and is recognlsed where there Is entitlement, certainty Df receipt and the amount can be measured with sufflclent rellablllty. D. Expenditure Expenditure Is recognlsed wheTr a liablllty Is Incurred. Contractual arrangements and performance related grant5 are recognised as goods and servlces are supplied. Where costs cannot be directly attributed to a particular headingi they have been allocated to activities on a basis conslstent with use of resource5. Staff costs and overhead expenses are allocated to activitles on the basis of staff time spent on those activities, CavanaghKelly'
Llsnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2020 Accounting Policies - contlnued Charitable actlvSties Thls comprises all the resources applled by the charlty in undertaklng its work to meet Its charitable objectives. Charitable activities wlll Include the costs of governance arrangements whlch relate to the general running of the chadty. E. Fund Accountlng The charity only has one type of fund for whlch it is responslble at the year-end: Unrestricted Funds Funds whlch are expendable at the dlscretion of the trustees In furtherance of the objectlves of the charlty. In addition, funds may be held In order to finance capltal Investment and worklng capital. F. Tangible Fixed Assets and Depreclatlon All flxed assets are Inltlally recorded at Cost. Depreclatlon 15 provlded at rates calculated to wrlte off the c05t less residual value of each asset over its expected useful life, as follows; Fixtures, Fittlngs and Equipment Land & Buildings 259¢ Reducing Balance 3Wo Reducing Balance G. Taxation As a charityi the trust Is not Ilable to Income Tax. HM Revenue & Customs charlty reference N100551. CavanaghKelly'
Llsna5kea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2020 2. Income and endowments Charitable actlvltles 2020 2019 Rental income 31,310 31,100 Investment Income 1,952 4,262 All Income in the years ended 31 December 2020 and 2019 wa5 from unrestrlcted funds. CavanaghKelly'
Lisnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2020 3. Expenditure Charltable Actlvltles 2020 2019 Donations Property repalr5 and malntenance Depreclation on property Depreclation on equlpment 25,500 8,755 1,652 482 18,500 6,985 1,703 560 36,389 27,748 Management and Administration Of the charlty Secretary's fees Rates Insurance Llght, heat and power Cleanlng Legal and professional fees Accountancy 2,150 554 3,727 326 2,450 3,866 299 60 7.307 1,680 1,091 1,690 9,538 15,662 Total Expendlture Expenditure on charitable activltles In the years 2020 and 2019 was all from unrestrlcted funds. CavanaghKelly'
Llsnaskea Falrs and Markets Notes to the Financial Statements - contlnued For the year ended 31 December 2020 4. Tangible Fixed Assets Land and buildings Flxtures, fittings and equlpment Total Cost At l January 2020 Addition5 Dlsposals At 31 December 2020 182,145 5,905 250 188,050 250 182,145 6,155 188,300 DepreclatloD At I lanuary 2020 127,080 4,226 131,306 Charge for the year 1,652 482 2,134 Disposals At 31 December 2020 128,732 4,708 133,440 Net Book Values At 31 Dember 2020 53,413 1,447 54,860 At 31 Dernber 2019 5. Investments 2020 2019 NFU 6. Debtors 2020 2019 Trade debtors Prepald expenses 14,575 12,245 CavanaghKelly"
Llsnaskea Falrs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2020 7. Creditors: amounts falllng due within one year 2020 2019 Accruals and deferred Income CavanaghKelly'