Charity Registration Number: NIC103048 Lisnaskea Fairs and Markets (Charitable Trust for the benefit of the inhabitants of the town of Lisnaskea) Annual Report and Financial Statements For the year ended 31 December 2023 CcMinaghKelly
Lisnaskea Fairs and Markets Contents Page General Informatlon Trustees. Report Independent Examinerfs Report Statement of Financial Artivitles Statement of Financial Position Notes to the Financial Statements 9-13 CavanaghKelly'
Lisnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2023 Accounting Pollcles - contlnued Charitable activities This comprises all the resources applied by the charity in undertaking its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements which relate to the general running of the charity. E. Fund Accountlng The charity only has one type of fund for which it is responsible at the year-end: Unrestrlcted Funds Funds which are expendable at the discretion of the trustees In furtherance of the objectives of the charity. In addition, funds may be held in order to finance capital investment and working capital. F. Tanglble Flxed Assets and Depreciation All fixed assets are initially recorded at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Flxtures, Fittings and Equipment Land & Buildings 25% Reducing Balance 3Wo Reducing Balance G. Taxation As a charity, the trust is not liable to Income Tax; HM Revenue & Customs charity reference N100551. CavanaghKelly'
Lisnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2023 2. Income and endowments Charitable actlvltles 2023 2022 Rental income CeiVable Insurance compensation Investment income Bank and building society interest Profit on disposal of fixed assets 29,755 31,535 4,269 6,350 2,644 All Income the years ended 31 December 2023 and 2022 was from unrestricted funds. 3. Expenditure Charitable Activities 2023 2022 Donations Property repairs and maintenance Depreciation on property Depreclatlon on equipment 42,800 8,864 1,329 203 32,950 9,564 1,554 271 53,196 44,339 Management and Administratlon Of the charity Secretary's fees and expenses Rates Insurance Light. heat and power Accountancy General expenses 2,200 4,166 4,066 949 1,560 2,450 139 3,807 790 1,560 146 Total Expenditure Expenditure on charitable activlties in the years 2023 and 2022 was all from unrestrlcted funds. CavanaghKelly'
Lisnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2023 4. Tangible Fixed Assets Land and buildings Fixtures. fittings and equipment Total Cost At l January 2023 Additions 182,145 6,155 188,300 Disposals At 31 December 2023 (21.561) 160,584 (21,561) 166,739 6,155 Depreclatlon At l January 2023 131,888 5,341 137,229 Charge for the year 1,329 203 1,532 Disposals At 31 December 2023 (15,612) 117,605 (15,612) 123,149 5,544 Net Book Values At 31 December 2023 42,979 611 43,590 At 31 December 2022 50,257 814 51,071 5. Investments 2023 2022 NFU Mutual investment at cost loo 000 loo 000 Valuation at l January Investment made during year Gains / ( losses) on revaluation 99,103 109,716 Valuatlon at 31 December 106,348 99,103 6. Debtors 2023 2022 Trade debtors Prepaid expense5 7,180 7,955 CavanaghKelly'
Lisnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2023 7. Credltors: amounts falling due wlthln one year 2023 2022 Accruals and deferred income CavanaghKelly'
Lisnaskea Fairs and Markets Statement of Financial Activities (including an Income & Expenditure Account) For the year ended 31 December 2023 Vnrestrirted Funds Restricted Funds Total Funds Total Funds 2023 2023 2023 2022 Income and endowments from: (Note 2) Charitable artivities Investment Income Profit on disposal of fixed assets Insurance compensation Total 29,755 6.350 31,039 29,755 6,350 31,039 31,535 2,644 4,269 38,448 67.144 67,144 Expendlture on: (Note 3) Charitable activities Management and administration Total 53,196 12,941 66,137 53,196 12,941 66,137 44,339 8.892 53,231 Net income / (expenditure) 1,007 1,007 (14.783) Gains / (losses) on the revaluation of investments (Note S) 7,245 7.245 (10.613) Net movement In funds 8,252 8,252 {25,396) Reconciliation of funds." Transfer between funds Balance brought forward 528 120 528 120 553 516 Balance carried forward 536 372 536 372 528 120 The notes on pages 9 to 13 forni part of these financial statements. All of the activities of the charity are classed as continuing. There is no difference between the net Incoming resources for the year stated above and their historical cost equivalents. CavanaghKelly'
Lisnaskea Fairs and Markets Statement of Financial Position (Balance Sheet) As at 31 December 2023 Note 2023 2022 Fixed Assets Tangible Assets Investments 43,590 106,348 51,071 99,103 149 938 150 174 Current Assets Debtors and prepayments Cash at bank and in hand 9,075 378 439 387,514 9,850 369 176 379,026 Creditors: amounts lalllng Due within one year (1,080) (1,080) Net Current assets 386,434 377,946 Net Assets 536 372 528 120 REPRESENTED BY: Unrestrlcted Funds Total Funds 536 372 536 372 528 120 528 120 The notes on pages 9 to 13 fomi part of these financial statements. These financial statements were approved and authorised for issue by the Trustees and signed on heir behalf by Mr R Farrell Chair for 2023 Mr G Reihill Treasurer Date Charlty Registration Number NIC103048 CavanaghKelly'
Lisnaskea Fairs and Markets Notes to the Financial Statements For the year ended 31 December 2023 l. General Informatlon Llsnaskea Fairs Markets is a charitable trust formed in Northern Ireland on 17th January 1924. The address of the trust office Is as shown on page 2. The charitable trust constitute5 a public benefit entity as defined by FRS 102. 2. Accountlng Pollcies The followlng accounting policies have been applied conslstently In dealing with items which are considered material in relation to the trust's financial statements. A. Basis of accountlng The financial statements of Llsnaskea Fairs and Markets, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) {effective l January 2019),, 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland, and UK Generally Accepted Practice. The financial statements are prepared on a golng concern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost 15 generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial statements. Cash Flow Statement The financial statements do not include a Cash Flow Statement because the trust. as a small reporting entity, is exempt from the requirement to prepare such a statement under SORP. C. Income from charitable artivities Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income included in this category provides funding to support projects and 15 recogni5ed where there is entitlement, certainty of receipt and the amount can be measured with Sufficient reliability. D. Expenditure Expenditure Is recognised when a liability is incurred. Contrartual arrangements and performance related grants are recognised as goods and services are supplied. Where costs cannot be directly attributed to a particular headlng, they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. CavanaghKelly"
Lisnaskea Fairs and Markets General Information Trustees Mr H Crawford Mr R Farrell Mr K Kelly Mr P Leeman Mr J McBrien Mr E Mccaffrey Mr J McElwalne Mr G Reihill (Treasurer) Secretary Mrs A Curran Trust Offlce 23 Droles Road Lisbellaw Co. Fermanagh BT94 5JG Charity Registratlon Number NIC103048 Accepted as a Charity by HM Revenue & Customs under Reference N100551 Independent Examlner Ryan Falls FCA CavanaghKelly 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Sollcltors JC Brady & Son 10 Belmore Street Enniskillen Co. Fermanagh BT74 6AA Bankers Ulster Bank Limited 186 Main Street Llsnaskea Co. Fermanagh BT92 OJF CavanaghKelly'
Lisnaskea Fairs and Markets Independent Examiner's report to the Trustees of Lisnaskea Fairs and Markets for the year ended 31 December 2023 report on the accounts of the Trust for the year ended 31 December 2023, which are set out on pages 7 to 13. Respective responslbllltles of charity trustees and examiner As the charity's trustees you are responsible for the preparation of the account5 In accordance with the Charities Act (Northem Ireland) 2008. It is my responsibility to: examine the accounts under section 65 of the Charities Act follow the procedures laid down in the general Direttions given by the Commission under sertion 6519){b) of the Charities Art State whether particular matters have come to my attention. Basls of independent examlner's report I have examined your charity accounts as required under sertion 65 of the Charities Art and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65{9)(bl of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts and seeking explanations from you as charity trustees concerning any such matters. My role Is to state whether any material matters have come to my attentlon giving me cause to believe: l. That accounting records were not kept in accordan with section 63 of the Charities 2. That the accounts do not accord with those accounting e0rds. 3. That the accounts do not comply with the accounting requirements of the Charities Act; and 4. That there is further infomiation needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters (l) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your ttention. 17.12.2024 Date Ryan Falls, FCA CavanaghKelly Chartered Accountants Ireland 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP CavanaghKe1.
Lisnaskea Fairs and Markets Trustees. report for the year ended 31 December 2023 The trustees present their report and the financial statements for the year ended 31 December 2023. Reference and Administration Detalls The reference and administration details of the charlty are as shown on page 2. structure, Governance and Management Organisational Strurture The trust, formed on 17tl January 1924, Is a charitable trust and a registered charity for taxatlon purposes. The trust is govemed by the Trustees. None of the Trustees have any beneficlal Interest In the trust. Subject to the provisions contained in the Trust Deed, in the case of the death or resignation of a trustee, the trustees have the power to elect a new trustee. The Secretary was responsible for the supervislon of the day-to-day operations of the trust throughout the period of the accounts. Trustees The trustees who served during the year are as follows: Mr H Crawford Mr R Farrell Mr K Kelly Mr P Leeman Mr J McBrien Mr E Mccaffrey Mr J McElwaine Mr G Reihill Risk Management The Trustees have reviewed the key risks facing the charity and have established procedures to manage those risks. Investment risks have led the trustees to develop a strategic plan which alk)ws for the diversification of investment of the trust's cash resources. Activitles, Aims & Objertives The public benefits are- the increased efficiency and effectiveness of community and voluntary sector organisations. resulting in enhanced outcomes and service delivery and, consequently, an improved quality of life for those who benefit from their work; enhanced activity, engagement and participation in social activities by residents of the area of benefit, leading to an improvement in their well- being and quality of life and greater social cohesion. increased access to public amenities and the enjoyment derived from the displays of flowers and shrubs, which all helps to improve people's quality of life and well-being; and the preservatlon of the unique character of the Llsnaskea area, leading to an enhanced appreciatlon by residents and visitors of its history, heritage and culture and the enjoyment arising from its pleasing visual appearance. CavanaghKelly'
Lisnaskea Fairs and Markets Trustees. report for the year ended 31 December 2023 - continued The direct beneficiaries are the residents of, and visitors to, the area of benefit and local community and voluntary sector organisations. These benefits can be evidenced through the findings of community surveys, feedback from the beneficiaries and evaSuations of the work and impact of community and voluntary sector organisations and feedback from those they have assisted. No private benefit or harm arises from this purpose. The trustees of The Lisnaskea Fairs and Markets endeèvour through the income generated from the lands, rnarkets, hereditaments and premises they hold in trust to: provide donations for community projects and groups when required" pay for the planting and maintenance of flowers and shrubs within the town's central yard and in other areas within the town; maintaln and preserve some of the most historical buildings In the town of Lisnaskea and provide them for use by the community as both business premises and places to gather for social and community events; and to approach those who may hold property or lands which have become derelict and purchase them so that they may be put to better use. Achievements and Performance The Trustees are confident that the charity is meeting its objectives. During the year ended 31 December 2023, as well as maintaining the trust property in good condition, the trust contrlbuted £42,800 to charities and worthy causes (2022: £32.950). Flnancial Review The trust is a charitable organisation. The results for the year are set out in detail on Pages 7 to 13. The trust returned net increase in funds for the year of £8,252 (2022: decase £25,396}. At 31 December 2023. the total funds of the charity amounted to £536,372 (2022: £528, 120) comprising unrestrirted funds of £536.372 and restricted £nil. Principal sources of funding and how this has supported the key objectives of the charity are disclosed in the notes to the financial ststements. Reserves pollcy During 2021 the trustees adopted a formal reserves policy to enable them to be better able to plan and agree on the level of reserves required and how best those reserves may be used to fulfil the charity's purposes. The trustees consider that the charity's reserves are unrestricted and are generally intended for future unexpected need or to pursue an opportunity in line with the charity's purposes. Plans for future periods The Trustees continue to look for opportunities Whe input from the trust will benefit the inhabitants of the town of Lisnaskea. CavanaghKelly'
Lisnaskea Fairs and Markets Trustees. report for the year ended 31 December 2023 - continued This report was approved by the Trustees and signed on its behalf by: Mr R Farrell, Chalr for 2023 Date Trust Office Lisnaskea Fairs and Markets 23 Droles Road Llsnaskea Co. Fermanagh BT94 51G Charlty Registratlon Number NIC103048 CavanaghKelly'