MOURNE HERITAGE TRUST- THE (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments Donations & legaGies Investments Charitable activities Other income 402,575 7,501 404,231 402,575 7,501 570,241 2,761 230,513 244 885,555 2,950 166,010 2.761 Total income 168,771 814,307 983,078 1,119,262 Expendlture Fundraising Charitable activities Other 2,804 831,211 2,804 1,010,670 2,721 1,072,236 179,459 Total expendlture 179,459 834,015 1,013,474 1,074,957 Net incomel(expendllure) {10,688) 119,7081 130,3961 44,305 Extraordinary income NILGOSC exit pension scheme surplus 436,400 Net In¢omel{expenditure) after extraordinary Income 110,688) 119,7081 (30,396) 480,705 Transfers between funds 12 (9.440) 9,440 Net movement in funds 120,128) {10,268} 130,3961 480,705 Reconciliation of funds.. Total funds at 1 April 2023 16 91,826 1,113,919 1,205,745 725,040 Total funds at 31 March 2024 16,17 71.698 1,103,651 1,175,349 1,205,745 All activities relate to continuing activities. The noles on pages 17 to 30 form part of these financial statements. 14
MOURNE HERITAGE TRUST-THE (A company limited by guarantee) BALANCE SHEET AS A T31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 13 175,715 152,520 Current assels Debtors Cash at bank and in hand 14 223,289 941.428 1.114.957 147,657 1,164.717 1,262,614 Creditors: amounts falling due within one year 15 <165,083) (209,3891 Net current assets 999,634 1,053,225 Tolal assets less eurrent Ilabilities 1,175,349 1,205,745 Net assets 1,175,349 1,205,745 Charity Funds Restricted funds 16 71,698 91,826 Unrestricted funds: General funds Designated funds 16 16 589,651 514,000 1,113,919 Total unrestricted funds 1,103,651 1,113,919 Total funds 16,17 1,175,349 1,205,745 The financial statements were approved by the Directors on by: and signed on their behalf, David Maginn Chairman John Toner Vice Chairman The notes on pages 17 to 30 form part of these financial statements. 15
MOURNE HERITAGE TRUST-THE (A company Ilmlted by guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash provided byllused in) op@rating aclivities 18 845,323 98,141 Cash flows from investing activiti8S'. Dividends, interest and rents from investments Proceeds from sale of tangible fixed assets PurGhaselsale of property, plant and equipment 7,501 4,750 (63,8031 244 244 168,6031 Net cash used in Investing activltles (51,5521 168,359} Change in Cash and eash equivalonts in the year 793.771 29,T82 Cash and cash equivalents brought forward 147,657 117,875 Cash and cash equlvalents carriod forward 19 941,428 147,657 16
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 General Information Mourne Heritage Trust Ss a private company limited by guarant88 and is incorporated and registered in Northern Ireland under Company Registration Number Registered number N1032946. Thè Company is also registered with the Charity Commission under Registration Number N IC 105840 and HMRC Charity Number XR23015. The Mourna Heritagè Trust meets Ihe definition of a public benefit entity under FRS 102. The company's registered office is situated at 19 Causeway Road, NewGastle, Co Down, Northem Ireland, BT33 ODL. 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 Reporling Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019) (Charities SORP IFRS 102)}, the Financial Reporting Standard applic8bl8 in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Mourn8 Heritage Trust meets the definition of a public b8nefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or Iransaclion value unless otherwise slated in the relevant accounting policy. The Financial Stat6menls 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 Estlmatas The preparation of the financial statements requires management to make judgements. estimates and assurnplions 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 lo 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 Ald or deeds of covenant is recognised at the lime of the donation. Income tax recoverable in relation lo 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. 17
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.5 Fund apportlonment General funds are unrestricted funds which are available for use at the discretion of the Directors in furlheranGe of the general objectives of the company and which have not been designated for olher purposes. Designated funds comprise unrestricted funds that have been sel 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. Restricled funds are funds which are to be used in accordance wilh specific restrictions imposed by donors which have been raised by the company for particular purposes. 1.6 Expendlture 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 Ihe obligation can be measured reliably. All expènditure is accounted for on an acGruals basis. All expenses including support costs and governance costs are allocated lo the applicable expenditure headings. Support costs are those costs incurr8d dlrectly in support of expenditure on the objects of lh8 company. Governance costs are those incurred in connection with administration of the company and compliance with Gonstitutional and statutory requirements. All resources expended are inclusive of irrecoverable VAT. 1.7 Cash flow The company provided a cash flow st8temenl on the basis of FRS 102 using the indirect method, 1.8 Oporating 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 depreclation 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.. LerM Leasehold Property Plant & machinery Motor vehicles Fixtures & fittings 50/0 per annum on a straight-line basis 15 % per annum on a reducing balance ba51S 25°/u per anrium on a reducing balance basis 15Q/o per annum on a reducing balance basis 18
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.10 Debtors Trade and other debtors are recognised at the settlem@nl amount after any trade dlscount offered. Prepayments are valued at Ihe amount repaid net of any trade discounts due. 1.11 Pensions The company also operates a defined contribution pension scheme. Contributions are charged directly to the Staternenl of Financial Activities. 1.12 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. 1.13 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 lo 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. 1.14 Flnanclal Instruments The company has only financlal assets and financlal Ilabilities of a kind that qualify as basic financial instrumants. Basic financial instruments are initially recognised at transactional value and subsequently measured al their settlement value. 1.15 Going Concern The financial statements have been prepared on a going Goncern basis. The Directors do nol believe that there are any factors or material uncertainties which would impact on their assessment of this. 19
MOURNE HERITAGE TRUST-THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Grants NIEA 2,575 400,000 2,575 400,000 1,243 229,270 Total donations and legacies 402,575 402,575 230.513 Unrestrlcted Funds Income Charltable Activity Protection and conservation- Mourne 2024 2023 Core funding NMDDC, NIEA, TNI RPS Mourne Walls Friends of Mourne MBR Bicycle wash Artisan Markets Active Lifestyles - Trees Nl Water Eroslon Control Route cards Insurance claim Sundry 376,000 25,000 390 692 374,990 400 521 9,865 1,500 27,963 1,098 1,847 649 404,231 416.684 20
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Restricted Funds Income Charitable Activity Protection and conservation- Mourne 2024 2023 Woodland Trust Moume Erosion Control Moume Ranger Service Heritage Lottery Fund - CRESNI Nl Water Grazing Ranger Mourne Mountain Landscape Partnership 16,386 40,234 35,000 35,091 21,499 17.800 34,506 282,717 136,912 14.736 166,010 468,871 Soclal fund Staff social fund 2,761 2,950 2,761 2,950 Investment Income Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Bank interest received 7,501 7,501 244 Income from charitable activities Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Protection and conservation - Mourne 166,010 404,231 570,241 885,555 Incom@ Irom charitable activilies was £570,241 (2023 - £885,555) of which £166,01012023 £468.871) was restricted and £404,231 {2023- £416,684} was unreslricted. 21
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fundraising Restrtcted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Advertising & publications 2,804 2,804 2,721 Costs of generatlng voluntary income was £2,804 {2023 - £2,721) all of which was unrestricted. Analysis of expenditure on ¢harltable activitie5 Summary by fund type - Protectlon and conservation - Mourne Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Protection and conservation - Mourne 179,459 831.211 1,010,670 1,072,236 Expendilure on charitable activities in relalion to the protection and conservation of Mourne was £1,010,670 12023 £1,072,236) of which £179,459 <2023 £469,803) was restricted and £831,211 (2023 - £602,433) was unrestricted. Summary by expenditure type Depreciatlon Staff costs & fixed asset Other costs 2024 2024 2024 Total 2024 Total 2023 Protection and conservation - Moume 721,279 35.856 253,535 1,010,670 1,072,236 Depreciation& fixed asset Other costs 2023 2023 Staff cosls 2023 Total 2023 Protection and conservation Mourne 771.626 29,727 270,883 1,072,236 22
MOURNE HERITAGE TRUST-THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charitable Activities -Activities Undertaken Directly Basis of Allocation Protect and conserve Total 2024 Total 2023 Friends of Mourn8 Ranger Mourne Ranger Servic& Mourne Mountain Bike Ranger Active Lifestyles Mourne Erosion Control Woodland Trust Sustainable Tourism - Artisan Trees for Mourne Nl Water Grazing Range Heritage Lottery Fund - CRESNI Wages and salaries National insurance Pension cost Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actua I Aclual 578 606 9,429 23,028 1,765 112.533 3.756 1,718 255 2,055 13,033 1,582 70,878 2,696 255 2,055 13,033 1,582 70,878 2,696 2,907 1,856 5,205 383,973 33,482 23,658 2,907 1,856 5,205 383,973 33,482 23,658 2,692 451,795 36,843 34,517 541,580 541,580 679,258 Charitable Activities - Support cost8 Basls of Allocatlon Protect and conserrfe Total 2024 Total 2023 Other support Costs Wages and salaries National insurance Pension cost Depreciation & fixed asset disposal Governance Actual Actual Actual Actual Actual Actual 139,010 233,315 18,908 27,943 35,856 14,058 139,010 233,315 18,908 27,943 35,856 14,058 96,732 196,816 15,109 36,546 29,727 18,048 469,090 469,090 392,978 Total Charltable Activitles 1,010,670 1,010,670 1,072,236 23
MOURNE HERITAGE TRUST- THE (A company limited by guarantge) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Extraordinary income The company has historically participated in a mulli-employer defined benefit pension scheme in the UK. operated by NILGOSC (see note 22). 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 staled after charging.. 2024 2023 Depreciatlon of tangible fixed assets: owned by the charity 37,328 29,727 During the year, no Directors received remuneration12023 - £NIL). During thè year, no Directors received benefits in kind (2023 £NIL). During the year, no Directors received a reimbursement for expenses incurred12023 - £NIL). Key management personnel are referred lo in note 23 Related Parties. Audit fees for the year ended 31 March 2024 amounted to £4,115 (2023 £3,920). Accounting and other consulting services during the year amounted to £nil (2023 - £nill. The major source of core operating income is grants received from Northern Ireland Environment Agency. Other sources of core operating income include support grantslservice level agreements from Newry, Mourne and Down District Council {NMDDCI and the Tourism Nl. Project funding was received from the NMDDC, National Lottery Heritage Fund, Sport Nl and the Woodland Trust. 11. Staff costs Staff costs were as follows.. 2024 2023 Wages and salaries Social security cosls Other pension costs 617,288 52,390 51,601 648,611 51,952 71,063 721,279 771,626 In addition to the pension costs slated above the charity paid £nil 12023 £7001 in deficit recovery contribution5 to the NILGOSC Pension scheme. The average monthly number of employees during the year was as follows.. 2024 2023 Staff 23 28 One employee received remuneration amounling to more than £60,000 during the year {2023 - Nil). 24
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Transfer between funds Mourne Heritage Trust routinely support specific restricted projects as a match funder. This resulls in a transfer from unrestricted funds to restricted funds during the period. 13. Tangible fixed assets UTerm Leasehold Property Plant & machinery Motor vehicles Flxtures & flttings Cost At 1 April 2023 Additions Disposals 24,357 145,271 15,749 160,768 42,000 108,967 6,054 At 31 March 2024 24,357 158,020 197,773 115,021 Depreclation Al 1 April 2023 Charge for the year On disposals 24.357 93,194 8,992 000 85,105 24,165 84,187 4.171 At 31 March 2024 24,357 99,186 107,555 88,358 Net book value At 31 March 2024 58,834 90,218 26,663 At 31 March 2023 52,077 75,663 24,780 Total Cost At 1 April 2023 Additions Disposals 439,363 63,803 At 31 March 2024 495,171 Depreciation At 1 April 2023 Charge for the year On disposals 286,843 37,328 At 31 March 2024 319,456 Net book value At 31 March 2024 175,715 At 31 March 2023 152,520 25
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Debtors 2024 2023 Trade debtors Prepayments and accrued income Pension exil debtor- NILGOSC other debtors 199,950 18,290 659,583 14,974 436,400 4,000 5,049 223,289 1,114,957 15. Creditors: Amounts falling due withln one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 58,834 5,480 100,769 19,878 189,511 165,083 209,389 Deferred income Deferred income at 1 April 2023 Amounts released 116,128 Deferred Income at 31 March 2024 63,237 26
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statement of funds Brought Forward Incoming Resources resourc8S Expended Transfers Extraordinary Carried inlout Income Forward Unrestrlcted funds General Fund$ 1,113,919 814,307 (834,015) (504,5601 589,651 Desl nated Funds Slaffinglcapacily Equipmenvmachinery Match fundinglcap investment Volunteer expenses 295,000 89.000 100,000 30.000 295,000 89,000 100.000 30,000 1,113,919 814,307 (834,015) 9,440 1,103,651 Restrlcted funds Reslricled Funds - all funds 91,826 168,771 1179,459) (9,4401 71,698 Total of funds 91,826 168,771 1179,459) (9,4401 71,698 Summary of funds Brought Forward Incomlng Resources resources Expended Transfers Extraordlnary Carried inlout Income Forward Unrestricted funds Restricted funds 1,113,919 91,826 814,307 168,771 1834,015} (179,459) 9,440 (9,440) 1,103,651 71,698 1,205,745 983,078 11,013,474) 1,175,349 17. Analysis of net assets betwèen funds Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total Funds 2023 Tangible fixed assels Current assets Creditors due within one year 62,412 101,343 192,057) 113,303 1,063,374 173.0261 175,715 1,164,717 {165,083) 152,520 1,262,614 1209,389) 71,698 1,103,651 1,175,349 1,205,745 27
MOURNE HERITAGE TRUST- THE (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Nal income (deficit) for thè year (as per Slatem8nt of financial actlvltlesl {30,396} 480,705 Adjustment for: Deprecialion charges (Profit) Iloss on the sale of fixed assets Dividends, interest and rents from investments Increaselldecrease} in provision for defin& benefit pensiori liability (Increase)Idecrease in stocks Decreasellincrease) in debtors Incre8sellDecrease) in creditors 37,328 11.470} {7,501) 29,727 1244} 578 (457,214) 44,589 891,668 (44,306) Nat cash provided byl{used In) operatlng activities 845,323 98,141 19. Analysls of cash and cash equlvalonts 2024 2023 Cash in hand 941.428 147,657 Total 941,428 147,657 20. Operatlng lease commilments At 31 March 2024 Ihe company was committed to making the following total payments under non-cancellable operating leases: Land and bulldlngs 2024 2023 Other 2024 2023 Due nol laler than one year Due between two and five years 8,750 3,333 10,534 7,086 20,833 28,831 21. 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. 28
MOURNE HERITAGE TRUST-THE {A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Pension Multi. Employer Defined Benefit Historically the company participated in a defined benefit scheme in the UK, oparaled by NILGOSC. The charity exitod the scheme on 31 December 2022 (see note 9). Following an exit valuation by the acluary, Mourne Heritage Trust recognised income of £436,400 for the year ended 31 March 2023, being the surplus of scheme assets over scheme liabilities, at the point of exit. For this reason, the FRS102 defined b8n8fit disclosures are not presented for the 2023 year. Multl- Employer Defined Contrlbution The company operates a defined contribution pen510n scheme. The assets of the scheme are held separately from those of Ihe company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £51,601 (2023- £71,063) There were contributions payable lo the fund al the balance sheet date of £5,480 (2023.. Nil). 23. Related Parties rhe Directors ar8 the ultimate controlling party of the charity. The Directors neilh8r received nor waived any remuneralion during the year {2023: £Nil). See note 11 . The charity considers ils, 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 £181,166 (2023 £174,827). Employer pension contributions lolalling £29,23012023 - £48,793) were also made in relation to these employees. During the year the Charity held meetings at business premis8s owned by Dir8Ctor David Maginn. Commercial room hire charg8S, totalllng £500 were paid lo th8 business with r8gard to provision of this S8rvice. 29
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Going Concern Review The Charily's operaling activities, together with the factors likely to affect its future development and position ale set out in the Mourne AONB Management Plan referred to in the Directors, Report on page 9. The financial position of the charity is detailed in the Financial Statements on page 14. The Charity is reliant on its Core Funding from a number of Ihird-party organisalions. The current economic conditions create some uncerlainty 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 2026. Al 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 N l. The surplus received on exiling the NILGOSC pension scheme on 3111212022 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 r8asonably possible changes in its operating performance, show that the Charity should be able lo operate within the level of its working capilal. After making enquiries, Ihe Directors have a reasonable expectation that the Charity will have adequate resources lo Gonlinue in operational exislence for the foreseeable future. For these reasons, Ihey continue to adopt the going concern basis in preparing the financial statements. 30