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 dO￿a￿On$ 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 De￿mber 2020
53,413
1,447
54,860
At 31 De￿rnber 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'