Page 23 - The Iveagh Trust AR 2023

Annual Report 2023 21
2023
The Trust delivered strong operating and financial performance for the year ended December 2023 and continues to have a sound financial position with adequate resources
FINANCE
to continue operations and to grow for the foreseeable future.
Total income for the year grew to €14.6 million with an operating surplus after amortisation of grants and depreciation of €3.8 million. Overall, there was a net increase in revenue reserves, after financial items of €2.2 million.
The Trust holds a provision for unfunded pension obligations in respect of service before the funded pension scheme was introduced in 1991 and recognises the funding shortfall in this scheme at €1.2 million. After taking the advice
of the actuary, the funded pension scheme is no longer in deficit and is reflected as a pension asset of €0.3 million at year end. In 2023, there was an overall reduction in pension liabilities of €0.5 million.
The Trust invested €2.3 million to maintain the Trust’s housing stock, comprising response and planned repairs together with capital enhancements. The Trustees are cognisant
of the longer-term obligations to sustain the quality of the Trust’s housing estates and expect that substantial investment will be made over the coming years within the constraints
of the financial resources of the Trust. In this regard, the Trust is engaging on solutions to fund the lifetime costs of managing and maintaining its unencumbered and grant-funded stock as income is insufficient to cover these costs.
The Trust continues to maintain a contingency reserve of €5 million in “Designated
Reserves”.
Cash at bank of €8.3 million was held at the year- end, together with financial investments
of €1.1 million. These funds are held in support of continuing investment in repairs and renewals of Trust properties.
The Trust invested €18.3 million in the acquisition of 55 new homes in Kiln View, Leopardstown,
Co. Dublin financed by borrowings under the
CORA PETRIE, DIRECTOR OF FINANCE
The Trust delivered strong operating
and financial performance for the year ended December 2023.