**MOURNE HERITAGE TRUST - THE** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**Income and endowments**
**Note**
Donations & legacies
**2**
Investments
**4**
Charitable activities
**5**
Other income
**3**
**Total income**
**Expenditure**
Fundraising
**6**
Charitable activities
**7,8**
Other
**Total expenditure**
**Net income/expenditure**
**Extraordinary income**
NILGOSC exit pension scheme surplus
**9**
**Net income/expenditure after**
**extraordinary income**
**Transfers between funds**
**12**
**Other recognised gains/(losses):**
Actuarial (losses)/gains on defined benefit
pension schemes
**Net movement in funds**
**Reconciliation of funds:**
Total funds at 1 April 2022
**17**
**Total funds at 31 March 2023**
**17,18**|**Income and endowments**
**Note**
Donations & legacies
**2**
Investments
**4**
Charitable activities
**5**
Other income
**3**
**Total income**
**Expenditure**
Fundraising
**6**
Charitable activities
**7,8**
Other
**Total expenditure**
**Net income/expenditure**
**Extraordinary income**
NILGOSC exit pension scheme surplus
**9**
**Net income/expenditure after**
**extraordinary income**
**Transfers between funds**
**12**
**Other recognised gains/(losses):**
Actuarial (losses)/gains on defined benefit
pension schemes
**Net movement in funds**
**Reconciliation of funds:**
Total funds at 1 April 2022
**17**
**Total funds at 31 March 2023**
**17,18**|**Restricted**
**funds**

**2023**
**£**
-|**Unrestricted**
**funds**
**2023**
**£**

230,513

244

416,684

-||**Total**
**funds**
**2023**
**£**
230,513
244
885,555
2,950|**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. 15 ## **MOURNE HERITAGE TRUST - THE** ## **(A company limited by guarantee)** ## **BALANCE SHEET** _**AS AT 31 MARCH 2023**_ |**Note**
**Fixed assets**
Tangible assets
**13**
**Current assets**
Stocks
**14**
Debtors
**15**
Cash at bank and in hand
Creditors:**amounts falling due within one**
**year**
**16**
**Net current assets**
**Total assets less current liabilities**
Defined benefit pension scheme liability
**23**
**Net assets including pension scheme**
**liabilities**
**Charity Funds**
Restricted funds
**17**
Unrestricted funds:
Unrestricted funds excluding pension
liability
**17**
Pension reserve
Total unrestricted funds
**Total funds**
**17,18**||**£**
-
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. 16 **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| |---|---|---| 17 **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. 18 **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 19 **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. 20 **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|| 21 ## **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** |**Charitable Activity **
**Protection and conservation – Mourne**
Woodland Trust
National Trust
Mourne Erosion Control
Mourne Ranger Service
Sustainable Tourism Silent Valley AR
Sustainable Tourism CS Lewis
Heritage Lottery Fund - CRESNI
Newcastle Community Orchard
Slieve Gullion Path & Corridor
NI Water Erosion Control
Corona Virus Job Retention Scheme
**Social fund**
Staff social fund
**4.**
**Investment income**
Bank interest received
**5.**
**Income from charitable activities**
Protection and conservation - Mourne|**Restricted**
**funds**
**2023**
**£**
-
|
**Unrestricted**
**funds**
**2023**
**£**

244||**2023**
**£**
34,506
-
282,717
136,912
-
-
14,736
-
-
-
-|

|**2022**
**£**
38,939
-
137,450
64,473
-
25,169
-
-
-
-
-
266,031
2,065
2,065
**Total**
**funds**
**2022**
**£**
21

**Total**
**funds**
**2022**
**£**
668,390
| |---|---|---|---|---|---|---| |||||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. 22 ## **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| 23 **(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** |**Basis of**
**Allocation**
Other support costs
Actual
Wages and salaries
Actual
National insurance
Actual
Pension cost
Actual
Depreciation & fixed asset disposal
Actual
Governance
Actual
Total Charitable Activities|**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| 24 **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. 25 **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||| |||||| 26 **(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|| |||| 27 ## **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|**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

-
|**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| 28 **(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. 29 ## **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| 30 ## **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| 31 **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. 32