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COMPANY REGISTRATION NUMBER: NI625831
CHARITY REGISTRATION NUMBER: NIC102750
Aghanloo Community Association
Company Limited by Guarantee
Unaudited Financial Statements
31 July 2023
Aghanloo Community Association
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
Aghanloo Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2023 .
Reference and administrative details
Registered charity name
Aghanloo Community Association
Charity registration number
NIC102750
Company registration number
NI625831
Principal office and registered
The Community Centre
office
31 Aghanloo Road
Limavady
BT49 0HY
The trustees
Mr J Thompson
Mr E Stevenson
Mr I Martin
Mrs E Scott
Mrs R Savage
Independent examiner
Donaldson & Thompson Chartered Accountants
101 Irish Green Street
Limavady
BT49 9AA
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 25th July 2014, accepted as a charity by HM Revenue & Customs, reference NI00620 and registered with the Charity Commission for Northern Ireland on 22nd April 2016, charity number NIC102750. The company was incorporated under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Objectives and activities
Aghanloo Community Association serves the Rural Community of Aghanloo and surrounding areas with the provision of a community centre which facilitates activities for children, young people, those with mental health, socially isolated, families and older persons. The association aims to provide a secure, safe environment for those living within the rural area for community engagement, education, training and social /cultural activities. Aghanloo Community Association is a community hub which aims to to provide, facilitate and support its local residents and meet the needs of the rural community in which it is situated.
Achievements and performance
The charity currently runs dance classes, facilitate Woman's Institute, charity events, children's summer scheme and workshops, educational workshops and classes and adult social events. The property is also hired out to local religious groups for events and functions and provided to residents of the Aghanloo area and surrounding district for recreational purposes.
Financial review
The results for the year are contained in the financial statements attached. Community activities, room hire and workshop events recommenced during the year, once the charity's property reopened after the government restriction associated with the coronavirus pandemic were relaxed. The charity's legal representatives are reviewing the situation with regard to the fraud committed on the charity, in the year prior to the previous year, by an external perpetrator in respect of the loan facility obtained to fund the renovation of the charity's property. It is the charity's trustees' intention to continue to work with their legal representatives and Community Finance Ireland (formerly Ulster Community Investment Trust Ltd (UCIT)) to achieve a resolution to this situation.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 19 October 2023 and signed on behalf of the board of trustees by:
Mr J Thompson
Trustee
Aghanloo Community Association
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Aghanloo Community Association
Year ended 31 July 2023
I report on the financial statements for the year ended 31 July 2023, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 65 of the Charities Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
- to state whether particular matters have come to my attention.
Basis of independent examiner's report
I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
1.
That accounting records were not kept in accordance with section 386 of the Companies Act 2006
2.
That the accounts do not accord with those accounting records
3.
That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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.
4.
That there is further information needed for a proper understanding of the accounts to be reached.
Independent examiner's statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
Donaldson & Thompson Chartered Accountants
Independent Examiner
101 Irish Green Street Limavady BT49 9AA
19 October 2023
Aghanloo Community Association
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 July 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Charitable activities
5
6,795
11,145
17,940
11,426
Investment income
6
6
6
8
Other income
7
1,010
1,010
-------
--------
--------
--------
Total income
7,811
11,145
18,956
11,434
-------
--------
--------
--------
Expenditure
Expenditure on charitable activities
8,9
17,473
11,244
28,717
27,894
--------
--------
--------
--------
Total expenditure
17,473
11,244
28,717
27,894
--------
--------
--------
--------
--------
--------
--------
--------
Net expenditure and net movement in funds
( 9,662)
( 99)
( 9,761)
( 16,460)
--------
--------
--------
--------
Reconciliation of funds
Total funds brought forward
355,706
( 86,760)
268,946
285,406
---------
--------
---------
---------
Total funds carried forward
346,044
( 86,859)
259,185
268,945
---------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Aghanloo Community Association
Company Limited by Guarantee
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
14
363,357
371,824
Current assets
Debtors
15
268
251
Cash at bank and in hand
15,353
8,178
--------
-------
15,621
8,429
Creditors: amounts falling due within one year
16
119,793
111,307
---------
---------
Net current liabilities
104,172
102,878
---------
---------
Total assets less current liabilities
259,185
268,946
---------
---------
Net assets
259,185
268,946
---------
---------
Funds of the charity
Restricted funds
( 86,859)
( 86,760)
Unrestricted funds
346,044
355,705
---------
---------
Total charity funds
17
259,185
268,945
---------
---------
For the year ending 31 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr J Thompson
Mr E Stevenson
Trustee
Trustee
Aghanloo Community Association
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is The Community Centre, 31 Aghanloo Road, Limavady, BT49 0HY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Aghanloo Community Association is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
5. Charitable activities
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Other income from charitable activities- Rent
2,400
2,400
Other income from charitable activities - Grants
10,125
10,125
Other income from charitable activities - Room hire
4,395
4,395
Other income from charitable activities - Workshops & events
1,020
1,020
-------
--------
--------
6,795
11,145
17,940
-------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Other income from charitable activities- Rent
2,347
2,347
Other income from charitable activities - Grants
4,879
4,879
Other income from charitable activities - Room hire
3,915
3,915
Other income from charitable activities - Workshops & events
285
285
-------
-------
--------
6,262
5,164
11,426
-------
-------
--------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
6
6
8
8
----
----
----
----
7. Other income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Other income - Refund of legal fees
1,010
1,010
-------
-------
----
----
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Community centre
16,167
11,244
27,410
Support costs
1,306
1,307
--------
--------
--------
17,473
11,244
28,717
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Community centre
16,054
10,545
26,599
Support costs
1,296
1,295
--------
--------
--------
17,350
10,545
27,894
--------
--------
--------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Community centre
27,410
27,410
26,599
Governance costs
1,307
1,307
1,295
--------
-------
--------
--------
27,410
1,307
28,717
27,894
--------
-------
--------
--------
10. Net expenditure
Net expenditure is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
8,467
8,581
-------
-------
11. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,230
1,230
-------
-------
12. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 Aug 2022 and 31 Jul 2023
400,622
5,709
406,331
---------
-------
---------
Depreciation
At 1 Aug 2022
31,072
3,435
34,507
Charge for the year
8,012
455
8,467
---------
-------
---------
At 31 Jul 2023
39,084
3,890
42,974
---------
-------
---------
Carrying amount
At 31 Jul 2023
361,538
1,819
363,357
---------
-------
---------
At 31 Jul 2022
369,550
2,274
371,824
---------
-------
---------
15. Debtors
2023
2022
£
£
Prepayments and accrued income
268
251
----
----
16. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,289
2,460
Other creditors
118,504
108,847
---------
---------
119,793
111,307
---------
---------
17. Analysis of charitable funds
Unrestricted funds
At 1 Aug 2022
Income
Expenditure
At 31 Jul 2023
£
£
£
£
General funds
(13,845)
7,811
(9,461)
(15,495)
Designated funds
369,551
(8,012)
361,539
---------
-------
--------
---------
355,706
7,811
(17,473)
346,044
---------
-------
--------
---------
At 1 Aug 2021
Income
Expenditure
At 31 Jul 2022
£
£
£
£
General funds
(10,778)
6,270
(9,338)
(13,846)
Designated funds
377,563
(8,012)
369,551
---------
-------
--------
---------
366,785
6,270
(17,350)
355,705
---------
-------
--------
---------
Restricted funds
At 1 Aug 2022
Income
Expenditure
At 31 Jul 2023
£
£
£
£
Restricted funds
(86,760)
11,145
(11,244)
(86,859)
--------
--------
--------
--------
At 1 Aug 2021
Income
Expenditure
At 31 Jul 2022
£
£
£
£
Restricted funds
(81,379)
5,164
(10,545)
(86,760)
--------
-------
--------
--------
18. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
361,955
1,402
363,357
Current assets
(14,622)
30,243
15,621
Creditors less than 1 year
(1,290)
(118,504)
(119,794)
---------
---------
---------
Net assets
346,043
(86,859)
259,184
---------
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Tangible fixed assets
370,072
1,752
371,824
Current assets
(11,906)
20,335
8,429
Creditors less than 1 year
(2,460)
(108,847)
(111,307)
---------
---------
---------
Net assets
355,706
(86,760)
268,946
---------
---------
---------
19. Charges on assets
The charity's property at Aghanloo is subject to a charge in favour of the Department of Agriculture, Environment & Rural Affairs which can be released upon the request of the company after the expiry of 10 years from 17th June 2019.