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 2024 Lisnaskea Fairs and Markets Contents Page General Information Trustees, Report Independent Examiner's Report Statement of Financial Activities statement of Financial Position Notes to the Financial Statements 9-13 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 McElwaine Mr G Reihill (Treasurer) Secretary Mrs A Curran Trust Office 23 Droles Road Lisbellaw Co. Fermanagh BT94 5JG Charity Registration Number NIC103048 Accepted as a Charity by HM Revenue & Customs under Reference N100551 Independent Examiner Ryan Falls FCA Cooper Parry Audit (Ireland) Limited 36-38 Northland Row Dungannon Co. Tyrone 8T71 6AP Solicitors JC Brady & Son 10 Belmore Street Enniskillen Co. Fermanagh BT74 6AA Bankers Ulster Bank Limited 186 Maln Street Lisnaskea Co. Fermanagh BT92 OJF Lisnaskea Fairs and Markets Trustees. report for the year ended 31 December 2024 The trustees present their report and the financial statements for the year ended 31 December 2024. Reference and Administration Details The reference and administration details of the charity are as shown on page 2. Structure, Governance and Management Organisational Strurture The trust, formed on 17th January 1924, is a charitable trust and a registered 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 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 superrfision 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 allows for the diversification of investment of the trust's cash resources. Activitles, Aims & Objectives The public benefits are: the increased efficiency and effectiveness of community and voluntary sector organisations, resulting in enhanced outcomes and servlce dellvery and, consequentlyi 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-beingi and the preservation of the unique chararter of the Lisnaskea area, leading to an enhanced appreciation by residents and visitors of its history, heritage and culture and the enjoyment arising from its pleasing visual appearance. Lisnaskea Fairs and Markets Trustees. report for the year ended 31 December 2024 ~ 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 surrfeys, feedback from the beneficiaries and evaluations 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 endeavour through the income generated from the lands, markets, hereditaments and premises they hold in trust to: provide donations for community projects and groups when required; pay for the planting and Maintenan￿ of flowers and shrubs within the town's central yard and in other areas within the town; maintain and preserve some of the most historical buildings in the town of Lisnaskea and provide them for use by the community as both business premlses 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 2024, as well as maintaining the trust property in good condition, the trust contributed £25,150 to charities and worthy causes (2023: £42,800). Financial 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 decrease in funds for the year of £3,992 (2023: increase £8,252). At 31 December 2024, the total funds of the charity amounted to £532,380 (2023: £536,372) comprising unrestricted funds of £532,380 (2023: £536,372) and restricted £nil (2023: £nil). Principal sources of funding and how this has supported the key objectives of the charity are disclosed in the notes to the financial statements. Reserves policy During 2021 the trustees adopted a formal reserves policy to enable them to be better able to plan and agree on the level of reser4es 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 where input from the trust will benefit the inhabitants of the town of Lisnaskea. Lisnaskea Fairs and Markets Trustees. report for the year ended 31 December 2024 - continued This report was approved by the Trustees and signed on its behalf by: Mr J McBrien, Chair for 2024 Date Trust Office Lisnaskea Fairs and Markets 23 Droles Road Lisnaskea Co. Fermanagh BT94 5JG Charlty Registration Number NIC103048 Lisnaskea Fairs and Markets Independent Examiner"s report to the Trustees of Lisnaskea Fairs and Markets for the year ended 31 December 2024 I report on the accounts of the Trust for the year ended 31 December 2024, which are set out on pages 7 to 13. Respective responsibilities of charity trustees and examiner As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northem Ireland) 2008. It is my responsibility to.. examine the accounts under settion 65 of the Charlties Act follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Art state whether particular matters have come to my attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under section 65(9)(b) 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 attention giving me cause to believe: l. That accounting records were not kept in accordance with section 63 of the Charities Act; 2. That the accounts do not accord with those accounting records; 3. That the accounts do not comply with the accounting reqU1￿MentS of the Charities Act. and 4. That there Is further information needed for a proper understanding of the accounts to be reached. Independent examinerfs statement I have completed my examination and have no concerns in respect of the matters (l) to (4) Ilsted above and, in CDnnection with following the Directions of the Charity xcommission for Northern Ireland, I have found no matters that require drawing to your attention. 16 February 2026 Date Ryan Falls. FCA Cooper Parry Audit (Ireland) Limited Chartered Accountants Ireland 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Lisnaskea Fairs and Markets statement of Financial Activities (including an Income & Expenditure Account) For the year ended 31 December 2024 Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2024 2024 2023 Income and endowments from: (Note 2) Charitable activities Investment Income Profit on dlsposal of fixed assets Totsl 28,020 7,390 28,020 7,390 29,755 6,350 31,039 67,144 35,410 35,410 Expenditure on: (Note 3) Charitable activities Management and administration Total 34,852 10,868 45,720 34,852 10,868 45,720 53,196 12,941 66,137 Net income / (expenditure) (10,310) (10,310) 1,007 Gains / (losses) on the revaluation of investments (Note 5) 6,318 6,318 7,245 Net movement in funds (3,992) (3,992) 8,252 Reconciliation of funds: Transfer between funds Balance brought forward 536 372 536 372 528 120 Balance carried forward 532 380 532 380 536 372 The notes on pages 9 to 13 form 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. Lisnaskea Fairs and Markets Statement of Financial Position (Balance Sheet) As at 31 December 2024 Note 2024 2023 Fixed Assets Tangible Assets Investments 42,148 112,666 43,590 106,348 154 814 149 938 Current Assets Debtors and prepayments Cash at bank and in hand 13,495 366 801 380,296 9,075 378 439 387,514 Creditors: amounts falling Due within one year (2,730) (1,080) Net Current assets 377,566 386,434 Net Assets 532 380 536 372 REPRESENTED BY: Unrestricted Funds Total Funds 532 380 532 380 536 372 536 372 The notes on pages 9 to 13 form part of these financial statements. These financial statements were approved and authorised for issue by the Trustees and signed on their behalf by Mr J McBrien Chair for 2024 Mr G Reihill Treasurer Date Charity Registration Number NIC103048 Lisnaskea Fairs and Markets Notes to the Financial Statements For the year ended 31 December 2024 l. General Information Lisnaskea Fairs Markets is a charitable trust formed in Northern Ireland on 17th January 1924. The add￿sS of the trust office is as shown on page 2. The charltable trust constitutes a public benefit entity as defined by FRS 102. 2. Accounting Policies The following accounting policies have been applied consistently in dealing with items which are considered material in ￿latiOn to the trust's financial statements. A. Basis of accountlng The financial statements of Lisnaskea 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 Republic of Ireland, and UK Generally Accepted Practice. The financial statements are prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost is 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 charltable activities Income from charitable activltles 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 is recognised 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. Contractual arrangements and performance related grants are recognised as goods and serrfices are supplied. Where costs cannot be directly attributed to a particular headingi 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. Lisnaskea Fairs and Markets Notes to the Financial Statements ~ continued For the year ended 31 December 2024 Accounting Policies - continued Charitable activities This comprises all the resources applied by the charity in undertaking Tts 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 Accounting The charity only has one type of fund for which it is responsible at the year-end: Unrestricted 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. Tangible Fixed 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: Fixtures, Fittings and Equipment Land & Buildings 25 % Reducing Balance 3 % Reducing Balance G. Taxation As a charity, the trust is not liable to Income Tax. HM Revenue & Customs charity reference N100551. io Lisnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2024 2. Income and endowments Charitable activities 2024 2023 Rental income receivable Investment income Bank and building society interest Profit on disposal of fixed assets 28,020 29,755 7,390 6,350 All income in the years ended 31 December 2024 and 2023 was from unrestricted funds. 3. Expenditure Charltable Activities 2024 2023 Donations Property repairs and maintenance Depreciation on property Depreciation on equipment 25,150 8,260 1,289 153 42,800 8,864 1,329 203 53,196 Management and Administration Of the charity Secretary's fees and expenses Rates Insurance Llght, heat and power Accountancy General expenses 2,300 1,355 4,464 692 1,650 407 2,200 4,166 4,066 949 1,560 Total Expenditure Expenditure on charitable activities in the years 2024 and 2023 was all from unrestricted funds. li Lisnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2024 4. Tangible Fixed Assets Land and buildings Fixtures, fittings and equipment Total Cost At l January 2024 Additions Disposals At 31 December 2024 160,584 6,155 166,739 160,584 6,155 166,739 Depreciatlon At l January 2024 Charge for the year 117,605 5,544 123,149 1,289 153 1,442 Disposals At 31 December 2024 118,894 5,697 124,591 Net Book Values At 31 December 2024 41,690 458 42,148 At 31 December 2023 42,979 611 43,590 5. Investments 2024 2023 NFU Mutual Investment Cost 100 000 100 000 Valuation at l January Investment made during year Gains / (losses) on revaluation 106,348 99,103 Valuation at 31 December 112 666 106 348 6. Debtors 2024 2023 Trade debtors Prepaid expenses 11,600 7,180 12 Lisnaskea Fairs and Markets Notes to the Financial Statements - continued For the year ended 31 December 2024 7. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 13