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..
L￿erM 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.
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