MOURNE HERITAGE TRUST- THE {A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Noto Income and endowments Donations & legaciès Investments Charitable activities Other income 408,654 10,002 380,197 408,654 10,002 702,843 2,620 402,575 7,501 570,240 2,761 322,646 2,620 Total income 325,266 798,853 1,124,119 983,077 Expendlture Fundraising Charitable activities Other 6,125 873,862 6,125 1,192,054 2,804 1,010,670 318,192 Total expenditure 318,192 879,987 1,198,179 1,013,474 Net incomelexpenditure 7,074 181,134) 174,0601 130,3971 Transfers between funds 11 {12,7591 12,759 Net movement In funds {5,685} {68,375) {74,060) {30,397) Reconciliatlon of funds,, Total funds at 1 April 2024 15 71,698 1,103,650 1,175,348 1.205,745 Total funds at 31 March 2025 15,16 66,013 1,035,275 1,101,288 1,175,348 All activities relate to continuing activities. The noles on pages 18 to 30 form part of these financial statements. 15
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) BALANCE SHEET AS A T 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets 12 165,449 175,715 Current assets Debtors Cash at bank and in hand 13 405,758 721,282 223,289 941,428 1,127,040 1,164.717 Creditors.. amounts falling due wSthin one year 14 (191,2011 (165.084) Net current assets 935,839 999,633 Total assets 1•8s curr¢nt liabilities 1,101,288 1,205,745 Net assets 1,101,288 1,175,348 Charlty Funds Restricted funds 15 66,013 71,698 Unrestricted funds.. General funds Designated funds 15 542,122 493,1 $3 589,650 514,000 Total unrestricted funds 1,035,275 1,103,650 Total funds 15,16 1,101,288 1,175,348 The financial ststements were approved by the Directors on by: 2? 111 and signed on their behalf, David Maginn Chairman Vincent McAlinden Vice Chairman The notes on pages 18 to 30 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 2025 2025 2024 Note Cash flows from operating actlvities Net cash provided byl(used in) operating activities 17 {202,064) 845,323 Cash flows from InvestSng actlvlties: Dividends, interest and rents from investments Purchaselsale of property, plant and equipment 10,002 (28,084) 7,501 (59,053) Net cash u8•d in Investing activltles (18,082) (51,552) Change In cash and cash equlvalonts In the year Cash and cash equivalents brought forward (220,146) 793,771 941,428 147,657 Cash and cash equlvalents ¢arrled forward 18 721,282 941,428 17
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 General Infomiation Mourne Heritage Trust is a private company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number Registered number N1032946. 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 ODL. 1.2 Accountlng conventlon 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 1021), 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 entily 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 Judg•m•nts and Key Estimates The preparation of the financial statements requires management lo make judgements, estimates and assumptions that effect the amounts reported. The estimales 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 entillemenl to the income, il is probable thal 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 2025 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 lo 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 Operatlng leases Rentals under operaling leases are charged to the Statement of Financial Aclivilies on a straight-line basis over the lease term. 1.9 Tangible flxed 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.. Lrrerm Leasehold Property Plant & machinery Motor vehicles Fixtures & fittings 5 % per annum on a straight-line basis 150/0 per annum on a reducing balance basis 25 % per annum on a reducing balance basis 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 2025 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 Penslons 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 posl-retirement benefits to its employees. The company also operates a defined conlribution pension scheme. Contributions are charged directly to the Statement of Financial Activities. 1.13 Cash at Bank and in hand Cash at b8nk 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 deposil or similar account. 1.14 Creditors and provlsions Creditors and provisions are recognised where Ihe 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 al 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 furtheran 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 2025 1.17 Going Concern The financial statements have been prepared on a going concern basis. The Directors do not believe that there are any faclors or material uncertainties which would impact on their assessment of this. Income from donations and legacles Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations Core Grants NIEA 606 408,048 606 408,048 2,575 400,000 Total donations and legacies 408.654 408,654 402,575 Unrestrlcted Funds Income CharStabl• Activlty Protection and conservation - Mourne 2025 2024 Core funding NMDDC {TNI -2024) RPS Mourne Walls Friends of Mourne MBR Bicycle wash Active Lifestyles - Trees Nl Water Erosion Control Route cards Sundry 311,000 25,000 380 170 1,000 41.000 122 1,525 376,000 25,000 390 692 1,500 649 380,197 404,231 21
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Restricted Funds Income Charitable Activity Protection and conservation- Mourne Woodland Trust Mourne Erosion Control Mourne Ranger Service Heritage Lottery Fund - CRESNI Nl Water Grazing Ranger Mourne Mountain Landscape Partnership Recharged projects 2025 2024 16.386 40,234 35,000 35,091 21,499 17,800 202,500 18.000 37,724 42,000 17,800 4,622 322,646 166,010 Soclal fund Staff social fund 2,620 2,761 2,620 2,761 Investment income Restrlcted Unrestricted funds funds 2025 2025 Total funds 2025 Total fund8 2024 Bank interest received 10,002 10,002 7,501 Income from charitable actlvltlos Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Protection and conservation - Mourne 325,266 380,197 705,463 570,240 Income from charilable activities was £705,463 (2024 - £570,240) of which £325,266 (2024 - £166,010) was restricted and £380.197 (2024 - £404.230) was unrestricted. 22
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Fundraising Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Advertising & publications 6,125 6,125 2,804 Costs of generating voluntary income was £6,125 (2024 - £2,804) all of which was unrestricted. Analysls of expenditure on charltable actlvitles Summary by fund type - Protectlon and conservation - Mourn• Restrlcted Unrestrlcted funds funds 2025 2025 Total funds 2025 Total funds 2024 Protection and conservation - Mourne 318,192 873,862 1,192,054 1,010,670 Expenditure on charitable activities re the protection and conservation of Mourne was £1,192,054 {2024 £1,010,670) of which £318,192 (2024 - £179.459) was restricted and £873,862 (2024 - £831.211 } was unrestricted. Summary by expendlture typ• Depreclatlon Staff costs & fixed asset Oth•r costs 2025 2025 2025 Total 2025 Total 2024 Protection and conservation - Mourne 778,907 38.350 374,797 1,192,054 1.010,670 Depreciation& fixed asset Other costs 2024 2024 Staff costs 2024 Total 2024 Protection and conservation - Mourne 721.279 35,856 253,535 1.010,670 23
MOURNE HERITAGE TRUST- THE (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charitable Activities- Actlvities Undertaken Directly Basls of Allocation Protect and conserve Total 2025 Total 2024 Ranger Mourne Ranger Service Mourne Mountain Bike Ranger Active Lifestyles Mourne Erosion Control Woodland Trust 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 255 2,055 13,033 1,582 70,878 2.696 2,907 1,856 5,205 2,146 10,428 949 181,668 72 9,161 3,053 3,188 2,146 10.428 949 181,668 72 9,161 3,053 3,188 i iii 435,571 39,672 27,896 435,571 39,672 27,896 383,973 33,482 23,658 Actual Actual 713,804 713,804 541,580 Charitable Actlvltles - Support costs Basis of Allocatlon Protect and conserve Total 2025 Total 2024 Other support costs Wages and salsries National insurance Pension cost Depreciation & fixed asset disposal Governance Actual Actual Actual Actual Actual Actual 143,922 230,654 18,663 26,452 38,350 20,209 143,922 230,654 18.663 26,452 38,350 20.209 139,010 233,315 18,908 27,943 35,856 14,058 478,250 478,250 469,090 Total Charitable Activities 1,192,054 1.192,054 1,010,670 24
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income This is Stated after Gharging.. 2025 2024 Depreciation of tangible fixed assets: owned by the charily 38.350 37,328 During the year, no Directors received remuneration12024 - £N IL}. During the year, no Directors received benefits in kind {2024 - £NIL). During the year, no Directors received a reimbursement for expenses incurred (2024 - £NILI. Key management personnel are referred to in note 21 Related Parties. Audit fees for the year ended 31 March 2025 amounted to £4.323 {2024 £4,115). Accounting and other consultlng services durlng th8 year amount8d to £1,392 {2024 - £nil). The major source of core operating income is grants received from Northern Ireland Environment Agency. The other source of core operating income includes the support grantslservice level agreements from Newry, Mourne and Down Dislrict Council INMDDC). Project funding was received from the NMDDC, National Lottery Herilage Fund, Northern Ireland Environment Agency, Sport Nl and Nl Water. 10. Staff costs Staff costs were as follows.. 2025 2024 Wages and salaries Social security costs Other pension costs 666,225 58,335 54,348 617,288 52,390 51.601 778,908 721,279 The average monthly number of employees during the year was as follows.. 2025 2024 Staff 23 23 One employee received remuneration amounting lo more Ihan £60,000 during Ihe year (2024- 1). Transfer between funds Mourfje Heritage Trust has acted as a match funder for specific restricted projects, transferring £14.164 from unrestricted to restricted funds. Ongoing work with the Mourne Mountain Landscape Partnership led to the release of deferred income of £17,800 during the year, transferring funds from restricted to unrestricted funds. Additionally, £9,122 was transferred from restricted to unrestricted funds for the Grazing Ranger and CRESNI projects. Overall. this resulted in a net transfer of £12,759 from restricted to unreslric18d funds. 25
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Tangible fixed assets LITerm Leasehold Property Plant & machinery Motor vehicles Fixtures & fittings Cost At 1 April 2024 Additions 24,357 158,020 8,999 197.773 17,300 115.021 1,785 At 31 March 2025 24.357 167,019 215,073 116,806 Depreciatlon At 1 April 2024 Charge for the year 24,357 99,186 9,500 107,555 24,717 88,358 4,133 At 31 March 2025 24,357 108,686 132,272 92,491 Net book value At 31 March 2025 58,333 82.801 24,315 At 31 March 2024 58,834 90,218 26,663 Total Cost At 1 April 2024 Additions 495,171 28,084 At 31 March 2025 523,255 Depreciation At 1 April 2024 Charge for the year 319,456 38,350 At 31 March 2025 357,806 Net book value At 31 March 2025 165,449 At 31 March 2024 175,715 26
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 349,447 55,926 385 199.950 18.290 5,049 405,758 223,289 14. Creditors: Amounts falling dua withln one year 2025 2024 Bank loans and overdrafts Trade creditors Accruals and deferred income 106,834 84,367 58,834 106,250 191.201 165,084 Deferred Income Deferred income at 1 April 2024 Resources deferred during the year Amounts released 63,237 Deferred Income at 31 March 2025 45,437 27
MOURNE HERITAGE TRUST- THE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds Brought Forward Incoming Resources resources Expended Transfers inlout Carried Forward Unrestricted funds General Funds 589,650 798,853 (879,987) 33,606 542,122 Desi nated Funds Staffinglcapacity Equipmentlmachinery Match fundinglcapital Volunteer expenses 295,000 89,000 100,000 30,000 295,000 68,153 100.000 30,000 (20,847) 1,103,650 798,853 (879,987) 12,759 1,035,275 Restrl¢ted funds Restricted Funds - all funds 71,698 325,266 (318,192) {12.759) 66,013 Total of funds 71,698 325,266 (318,192) (12.759) 66,013 Summary of funds Brought Forward Incomlng Resourc•s resources Expended Transfers inlout Carrl•d Foard Unrestricted funds Restricted funds 1,103,650 71.698 798,853 325,266 (879,987) {318,192) 12,759 {12,759) 1,035,275 66,013 1,175,348 1.124,119 {1,198,179) 1,101,288 16. Analysis of net assets between funds Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total Funds 2024 Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges 56,639 145,292 (135,918) 108,810 981,748 (55,283) 165,449 1,127,040 (191,201) 175,715 1,164,717 (165,084) 66.013 1,035,275 1,101,288 1,175,348 28
MOURNE HERITAGE TRUST- THE {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net income (deficit) for the year (as per Statement of financial activities) (74,060) (30,397) Adlustment for: Depreciation charges {Profit) Iloss on the sale of FA Dividends, interest and rents from investments Increasel(decrease) in provision for define benefit pension liability (Increase)Idecrease in stocks Decreasel(increase) in debtors Increasel(Decrease) in creditors 38,350 37,328 (1,470) (7,501) (10,002) (182,469) 26,117 891,668 (44,305) Net cash provided byl(used In) operatlng actlvltl8s (202,064) 845.323 18. Analysis of cash and cash equivalents 2025 2024 Cash in hand 721,282 941,428 Total 721,282 941,428 19. Operating lease commltmants At 31 March 2025 the company was committed to making the following total payments under non-cancellable operating leases: Land and bulldings 2025 2024 Other 2025 2024 Due not later than one year Due beeen and five years 3,333 8,750 3,333 11,956 4,621 10,534 7.086 20. 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 guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Related Parties The directors are the ultimate controlling paty of the charity. The directors neither received nor waived any remLtner8tion during the y8ar12024: £Nill. See note 10. The charity considers its, kay management personnel to be the Chief Executive and the four individuals of the management team. The total remuneration paid to key management personnel was £187,151 (2024 £181,166). Employer pension contributions totalling £30,45712024 - £29,230) were also made in relalion to these employees. During the year the Charity held meetings at business premises own&d by director David Maginn. Commercial room hire charges. totalling £240 (2024 £5001 were paid to the business with regard to provision of this service. 22. Going Concern Revlew The Charity's operating activities, together with the factors likely to affect its future development and position are set out in the Mourne AQNB Management Plan referred to in the Directors, Report on page 9. The financial position of th8 charity is detailed in the Flnancial Statements on page 16. The Charity is reliant on ils Core Funding from a number of third-party organisalions. Th8 current economic conditions create som8 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 organisalion has commenced the process of engagernent with core funders for Ihe year @nd8d 31 March 2027. Al this stage funds have been secured from the Envlronment Fund until March 2028. There are no indications of any problems in oblainlng similar funding and service level agreements to those hlstorically negotiated wlth our other core fund@r, the local authority. The surplus received on exiling the NILGOSC pension sch8me has significantly increased the reserves of the charity while significantly reducing the level of uncertainty associated with future pension iabililies. The Charity's forecast and projections, taking account of reasonably possible changes in its operating performance, shaw that the Charity should be able to operate within the level of ils 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. 30