2023-03-31-accounts - Mourne Heritage Trust

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MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Restricted funds 2023 £ -	Unrestricted funds 2023 £ 230,513 244 416,684 -	Total funds 2023 £ 230,513 244 885,555 2,950	Total funds 2022 £ 279,838 21 668,390 2,065
-
468,871 2,950
471,821	647,441 2,721 602,433 -	1,119,262	950,314 1,240 906,176 -
- 469,803 -		2,721 1,072,236 -

469,803	605,154 42,287 436,400	1,074,957	907,416 42,898 -
2,018 -
2,018 35,494	478,687 (35,494)	480,705 -	42,898 -
37,512 -	443,193 -	480,705 -	42,898 318,000
37,512 54,314	443,193 670,726	480,705 725,040	360,898 364,142
91,826	1,113,919	1,205,745	725,040

All activities relate to continuing activities.

The notes on pages 18 to 32 form part of these financial statements.

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

BALANCE SHEET AS AT 31 MARCH 2023

£ - 1,114,957 147,657	2023 152,520 1,053,225	£ 578 657,743 117,875	2022 £ 113,644 611,396
1,262,614 (209,389)		776,196 (164,800)
1,113,919 -		670,726 -
	1,205,745 -		725,040 -
	1,205,745		725,040 54,314 670,726
	91,826 1,113,919

	1,205,745		725,040

30/11/2023

The financial statements were approved by the Directors on ……………………… and signed on their behalf, by:

................................................ ................................................ David Maginn John Toner Chairman Vice Chairman

The notes on pages 18 to 32 form part of these financial statements.

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Note Cash flows from operating activities Net cash provided by/(used in) operating activities 19 Cash flows from investing activities: Dividends, interest and rents from investments Purchase of property, plant and equipment Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 20	2023 £ 98,141 244 (68,603) (68,359) 29,782 117,875 147,657	2022 £ (294,856) 21 (34,184) (34,163) (329,019) 446,894 117,875

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies

1.1 General Information

Mourne Heritage Trust is a private company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number Registered number NI032946. The Company is also registered with the Charity Commission under Registration Number NIC 105840 and HMRC Charity Number XR23015. The Mourne Heritage Trust meets the definition of a public benefit entity under FRS 102.

The company's registered office is situated at 19 Causeway Road, Newcastle, Co Down, Northern Ireland, BT33 0DL.

1.2 Accounting convention

The financial statements have been prepared in accordance with 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 1 January 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Mourne Heritage Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Financial Statements are presented in sterling which is the functional currency of the charity. A summary of the more important accounting policies, which have been applied consistently, is set out below.

1.3 Judgements and Key Estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported. The estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are considered to be reasonable under the circumstances.

1.4 Income

Turnover represents grants and donations from the government and other bodies, and sundry income from certain activities undertaken by the company.

All income is recognised once the company has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1.5 Fund apportionment

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the company for particular purposes.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Support costs are those costs incurred directly in support of expenditure on the objects of the

company.

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

All resources expended are inclusive of irrecoverable VAT.

1.7 Cash flow

The company provided a cash flow statement on the basis of FRS 102 using the indirect method.

1.8 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

L/Term Leasehold Property - 5% per annum on a straight-line basis Plant & machinery - 15% per annum on a reducing balance basis Motor vehicles - 25% per annum on a reducing balance basis Fixtures & fittings - 15% per annum on a reducing balance basis

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.

1.12 Pensions

The company operates a defined benefit pension scheme. The fund is valued annually by a professionally qualified independent actuary, the rates of contribution payable being determined by the trustees of the scheme based on the advice of the actuary. Pension costs are charged to the Statement of Financial Activities on a systematic basis based on the actuary's calculations. The company pays no other post-retirement benefits to its employees.

The company also operates a defined contribution pension scheme. Contributions are charged directly to the Statement of Financial Activities.

1.13 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.14 Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.15 Financial instruments

The company has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactional value and subsequently measured at their settlement value.

1.16 Accumulated funds

Unrestricted funds are funds that are expendable in furtherance of the objectives of the charity.

Restricted funds are subject to specific conditions by the donors as to how they may be used.

Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes.

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1.17 Going Concern

The financial statements have been prepared on a going concern basis. The Directors do not believe that there are any factors or material uncertainties which would impact on their assessment of this.

2 Income from donations and legacies

Donations Grants Total donations and legacies	Restricted funds 2023 £ - - -	Unrestricted funds 2023 £ 1,243 229,270	Total funds 2023 £ 1,243 229,270	Total funds 2022 £ 35,568 244,270
		230,513	230,513	279,838

3. Unrestricted Funds Income

Charitable Activity Protection and conservation – Mourne Core funding NMDDC, NIEA, TNI Friends of Mourne MBR Bicycle wash National Trust Narnia Experience Artisan Markets Active Lifestyles- Trees NI Water Erosion Control Route cards Insurance claim Sundry	2023 £ 374,990 400 521 - - 9,865 - 27,963 1,098 1,847 -	2022 £ 374,950 210 1,085 11,080 2,347 8,575 1,000 2,997 - - 115 402,359
	416,684

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Restricted Funds Income

Restricted funds 2023 £ -	Unrestricted funds 2023 £ 244	2023 £ 34,506 - 282,717 136,912 - - 14,736 - - - -
		468,871
		2,950
		2,950
Restricted funds 2023 £ 468,871	Unrestricted funds 2023 £ 416,684	Total funds 2023 £ 885,555

Income from charitable activities was £885,555 (2022- £668,390) of which £468,871 (2022 - £266,031) was restricted and £416,684 (2022 - £402,359) was unrestricted.

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Fundraising

Advertising & publications	Restricted funds 2023 £ -	Unrestricted funds 2023 £ 2,721	Total funds 2023 £ 2,721	Total funds 2022 £ 1,240

Costs of generating voluntary income was £2,721 (2022 - £1,240) all of which was unrestricted.

7. Analysis of expenditure on charitable activities

Summary by fund type - Protection and conservation - Mourne

	Restricted	Unrestricted	Total	Total
	funds	funds	funds	funds
	2023	2023	2023	2022
	£	£	£	£
Protection and conservation - Mourne	469,803	602,433	1,072,236	906,176

Expenditure on charitable activities re the protection and conservation of Mourne was £1,072,236 (2022 - £906,176) of which £469,803 (2022 - £272,597) was restricted and £602,433 (2022 - £633,579) was unrestricted.

Summary by expenditure type

		Depreciation
	Staff costs	& fixed asset	Other costs	Total	Total
	2023	2023	2023	2023	2022
	£	£	£	£	£
Protection and
conservation - Mourne	771,626	29,727	270,883	1,072,236	906,176

		Depreciation
	Staff costs	& fixed asset	Other costs	Total
	2022	2022	2022	2022
	£	£	£	£
Protection and
conservation - Mourne	589,764	23,890	292,522	906,176

(A company limited by guarantee)

MOURNE HERITAGE TRUST - THE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Charitable Activities – Activities Undertaken Directly

Basis of Allocation Friends of Mourne Actual Ranger Actual Wildfire Fund Actual Mourne Ranger Service Actual Mourne Mountain Bike Ranger Actual Active Lifestyles Actual Mourne Erosion Control Actual Woodland Trust Actual Sustainable Tourism -Artisan Actual Sustainable Tourism CS Lewis Actual Newcastle Community Orchard Actual Heritage Lottery Fund - CRESNI Actual Upland paths Actual Subcontractors Actual Wages and salaries Actual National insurance Actual Pension cost Actual	Protect and conserve £ 578 606 - 9,429 23,028 1,765 112,533 3,756 1,716 - - 2,692 - - 451,795 36,843 34,517	Total 2023 £ 578 606 - 9,429 23,028 1,765 112,533 3,756 1,716 - - 2,692 - - 451,795 36,843 34,517	Total 2022 £ 780 3,042 551 17,223 21,574 2,183 53,720 10,827 1,407 22,798 162 - 8,599 14,812 309,014 24,442 29,708
	679,258	679,258	520,842

Charitable Activities - Support costs

Protect and conserve £ 96,732 196,816 15,109 36,546 29,727 18,048 392,978	Total 2023 £ 96,732 196,816 15,109 36,546 29,727 18,048	Total 2022 £ 106,214 174,462 13,191 38,947 23,890 28,630
	392,978	385,334

1,072,236	1,072,236	906,176

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Extraordinary income

The company has historically participated in a multi-employer defined benefit pension scheme in the UK, operated by NILGOSC (see note 23).

On the 31 December 2022 Mourne Heritage Trust, with the support of scheme members, exited the NILGOSC pension scheme. An exit valuation was carried out by the actuary, Aon Solutions UK Limited and in accordance with Regulation 70 of the Local Government Pension Scheme Regulations (Northern Ireland) 2014 an exit payment of £436,400 was to be paid to Mourne Heritage Trust on 31 March 2023, being the surplus of fund asset over fund liabilities at the exit date.

10. Income

This is stated after charging:

	2023	2022
	£	£
Depreciation of tangible fixed assets:
- owned by the charity	29,727	23,890

During the year, no Directors received remuneration (2022 - £NIL). During the year, no Directors received benefits in kind (2022 - £NIL).

During the year, no Directors received a reimbursement for expenses incurred (2022 - £NIL). Key management personnel are referred to in note 24 Related Parties.

Audit fees for the year ended 31 March 2023 amounted to £3,920 (2022 - £3,560). Accounting and other consulting services during the year amounted to £nil (2022 - £2,710).

The major source of core operating income is grants received from Northern Ireland Environment Agency. Other sources of core operating income include support grants/service level agreements from Newry, Mourne and Down District Council (NMDDC) and the Tourism NI. Project funding was received from the NMDDC, National Lottery Heritage Fund, Sport NI and the Woodland Trust.

11. Staff costs

Staff costs were as follows: Wages and salaries Social security costs Other pension costs (Note 23)	2023 £ 648,611 51,952 71,063	2022 £ 483,476 37,633 68,655 589,764
	771,626

In addition to the pension costs stated above the charity paid £700 (2022 - £700) in deficit recovery contributions to the NILGOSC Pension scheme.

The average monthly number of employees during the year was
as follows:	2023	2022
Staff	28	21

No employee received remuneration amounting to more than £60,000 in either financial year.

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Transfer between funds

Mourne Heritage Trust routinely support specific restricted projects as a match funder. This results in a transfer from unrestricted funds to restricted funds during the period.

13. Tangible fixed assets

Cost At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge for the year On disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 Cost At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge for the year On disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022	L/Term Leasehold Property £ 24,357 - -	Plant & machinery £ 123,331 21,940 -	Motor vehicles £ 122,473 38,295 - 160,768 66,267 18,838 - 85,105 75,663 56,206	Fixtures & fittings £ 100,599 8,368 - 108,967 80,552 3,635 - 84,187 24,780 20,047 Total £ 370,760 68,603 - 439,363 257,116 29,727 - 286,843 152,520 113,644
	24,357	145,271
	24,357 - - 24,357	85,940 7,254 - 93,194 52,077
	-
	-	37,391

(A company limited by guarantee)

MOURNE HERITAGE TRUST - THE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Stocks Finished goods and goods for resale 15. Debtors Debtors Prepayments and accrued income Pension exit debtor - NILGOSC Other debtors 16. Creditors: Amounts falling due within one year Bank loans and overdrafts Creditors Accruals and deferred income Deferred income Deferred income at 1 April 2022 Resources deferred during the year Amounts released Deferred income at 31 March 2023	2023 £ -	2022 £ 578 2022 £ 639,565 14,178 - 4,000 657,743 2022 £ 6,816 45,361 112,623 164,800 £ 82,664 35,091 (1,627) 116,128
	2023 £ 659,583 14,974 436,400 4,000
	1,114,957
	2023 £ - 19,878 189,511
	209,389

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds Brought Forward Incoming resources £ £ Unrestricted funds General Funds 670,726 647,441 Pension reserve - - 670,726 647,441 Restricted funds Restricted Funds - all funds 54,314 471,821 Total of funds 54,314 471,821 Summary of funds Brought Forward Incoming resources £ £ Unrestricted funds 670,726 647,441 Restricted funds 54,314 471,821 725,040 1,119,262 18. Analysis of net assets between funds Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges	Incoming resources £ 647,441 -	Resources Expended £ (605,154) -	Transfers in/out £ (35,494) -	Extraordinary income Carried Forward £ £ 436,400 1,113,919 - - 436,400 1,113,919 - 91,826 - 91,826 Extraordinary income Carried Forward £ £ 436,400 1,113,919 - 91,826 436,400 1,205,745 Total funds Total Funds 2023 £ 2022 £ 152,520 113,644 1,262,614 776,196 (209,389) (164,800) - - 1,205,745 725,040
670,726	647,441	(605,154)	(35,494)	436,400
54,314	471,821	(469,803)	35,494	-
54,314	471,821	(469,803)	35,494	-
	Incoming resources £ 647,441 471,821	Resources Expended £ (605,154) (469,803)	Transfers in/out £ (35,494) 35,494
725,040	1,119,262	(1,074,957)	-	436,400

		91,826		1,205,745

(A company limited by guarantee)

MOURNE HERITAGE TRUST - THE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income (deficit) for the year (as per Statement of financial activities) Adjustment for: Depreciation charges (Profit) /loss on the sale of FA Dividends, interest and rents from investments Increase/(decrease) in provision for define benefit pension liability (Increase)/decrease in stocks Decrease/(increase) in debtors Increase/(Decrease) in creditors Net cash provided by/(used in) operating activities Analysis of cash and cash equivalents Cash in hand Total	2023 £ 480,705 29,727 - (244) - 578 (457,214) 44,589	2022 £ 360,898 23,890 - (21) (299,000) 780 (386,202) 4,799
	98,141	(294,856)
	2023 £ 147,657	2022 £ 117,875
	147,657	117,875

20. Analysis of cash and cash equivalents

21. Operating lease commitments

At 31 March 2023 the company was committed to making the following total payments under non-cancellable operating leases:

	Land and buildings	Land and buildings	Other
	2023	2022	2023	2022
	£	£	£	£
Expiry date:
Within 1 year	-	-	-	1,747
Between 2 and 5 years	20,833	2,250	28,831	23,680

22. Contingent Liabilities

The company has a liability to refund grant monies received by it, should it fail to comply with the relevant conditions as set out in the letter of offer.

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

23 Pension costs

Multi- Employer Defined Benefit

Historically the company participated in a defined benefit scheme in the UK, operated by NILGOSC. The charity exited the scheme on 31 December 2022 (see note 9) after discussions and the agreement from the employees who were in the scheme. Following an exit valuation by the actuary, Mourne Heritage Trust were paid £436,400 30 31 March 2023, being the surplus of scheme assets over scheme liabilities, at the point of exit. For this reason the FRS102 defined benefit disclosures are presented for the comparitive year only (2022).

The FRS 102 Accounting Results Schedule for 31 March 2022 was complied by Aon and it reported a surplus on the pension fund of £105,000. As this pension fund was part of a multi-employer pension scheme and the assets and liabilities of the scheme were combined with those of other parties, further fees were to be incurred to verify this surplus. However, as it was not certain that the prepayment will lead to a reduction in future payments or a cash refund the Directors did not recognised this asset in these accounts in accordance with FRS102 para 28.3(a)

The major assumptions used by the actuary were:	2022
	% p.a.
Rate of increase in salaries	4.40
Rate of increase in pension payment	2.90
Pension accounts revaluation rate	2.90
Discount Rate	2.70
CPI inflation	2.90
Post- retirement morality
Members aged 65 at accounting date - male	21.80
Members aged 65 at accounting date - female	25.00
Members aged 45 at accounting date - male	23.20
Members aged 45 at accounting date - female	26.40

Asset allocation & reconciliation of fund status to Balance Sheet

Equities Bonds Property and other assets Cash Multi- asset credit Asset recognition adjustment (see above) Asset/(Liability) recognised on the balance sheet Total market value of assets Present value of scheme liabilities Fund Status Amounts recognised in the Statement of Financial Activities Pension expense recognised in Statement of Financial Activities Operating costs Current Service Cost Financing costs Interest on net defined benefit liability	2022 % £ 42.9% 1,129,986 26.9% 708,546 13.1% 345,054 4.0% 105,360 13.1% 345,054	2022 % £ 42.9% 1,129,986 26.9% 708,546 13.1% 345,054 4.0% 105,360 13.1% 345,054
	86.9%	2,634,000 2,529,000
		(105,000) 105,000
		-

		69,000 6,000 2022 £
		75,000

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Opening defined benefit obligation Current service cost Past service cost Interest expense on defined benefit obligation Contributions by members Actuarial losses/(gains) on liabilities Net benefits paid out Closing defined benefit obligation 23 Pension costs (continued) Amounts recognised in other Comprehensive income Asset gains/(losses) arising during the period Liability gains/(losses) arising during the period Asset recognition adjustment Total gains/(losses) arising during the period Changes to present value of the defined benefit obligation Changes to the fair value of assets Opening fair value of employer assets Interest income on assets Contributions by members Contributions by employer Remeasurement gains/(losses) on assets Net benefits paid out Closing fair value of assets Actual return on assets Interest income on assets Gain/(loss) on assets Actual return on assets	2022 £ 130,000 293,000 (105,000)
	318,000
	2,697,000 69,000 - 57,000 10,000 (293,000) (11,000) 2,529,000 2022 £
	2022 £ 2,398,000 51,000 10,000 56,000 130,000 (11,000) 2,634,000
	2022 £ 51,000 130,000
	181,000

MOURNE HERITAGE TRUST - THE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24. Related Parties

The directors are the ultimate controlling party of the charity.

The directors neither received nor waived any remuneration during the year (2022: £Nil). See note 11.

The charity considers its’ key management personnel to be the Chief Executive and the four individuals of the management team. The total remuneration paid to key management personnel was £174,827 (2022 - £154,900). Employer pension contributions totalling £48,793 (2022 - £53,076) were also made in relation to these employees.

25. Going Concern Review

The Charity’s operating activities, together with the factors likely to affect its future development and position are set out in the Mourne AONB Management Plan referred to in the Directors’ Report on page 10. The financial position of the charity is detailed in the Financial Statements on page 15.

The Charity is reliant on its Core Funding from a number of third-party organisations. The current economic conditions create some uncertainty particularly over the ability of the charity to secure core funding.

The Charity has considered the impact of the current environment on the financial performance and cash flow of the organisation. The organisation has commenced the process of engagement with core funders for the year ended 31 March 2025. At this stage increased funds have been secured for a five-year period from Environment Fund. There are no indications of any problems in obtaining similar funding and service level agreements to those historically negotiated with our other core funders, the local authority and Tourism NI.

The surplus received on exiting the NILGOSC pension scheme on 31/12/2022 has significantly increased the reserves of the charity while significantly reducing the level of uncertainty associated with future pension liabilities.

The Charity’s forecast and projections, taking account of reasonably possible changes in its operating performance, show that the Charity should be able to operate within the level of its working capital.

After making enquiries, the directors have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the annual report and accounts.