Page 23 - Iveagh Trust

Annual Report 2023 21
2023
FINANCE
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
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.
CORA PETRIE, DIRECTOR OF FINANCE
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
The Trust invested €2.3 million to maintain the
Trust’s housing stock, comprising response
delivered strong operating and financial
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
performance for the year ended December 2023.
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