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COMPANY REGISTRATION NUMBER: NI032294
CHARITY REGISTRATION NUMBER: XR13643
Craigavon Urological Research and Education
Company Limited by Guarantee
Unaudited Financial Statements
30 April 2023
Craigavon Urological Research and Education
Company Limited by Guarantee
Financial Statements
Year ended 30 April 2023
Page
Trustees' annual report (incorporating the director's report)
1
Chartered accountant's report to the board of trustees on the preparation of the unaudited statutory financial statements
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
Craigavon Urological Research and Education
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 April 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 30 April 2023 .
Reference and administrative details
Registered charity name
Craigavon Urological Research and Education
Charity registration number
XR13643
Company registration number
NI032294
Principal office and registered
3 Alexandra Avenue
office
Portadown
BT62 1DT
Armagh
The trustees
Mr A O'Brien
Mr M Young
Company secretary
Mr Jerome Marley
Accountants
Kelly & O'Neill Ltd
Chartered accountants
15E Molesworth Street
Cookstown
Co. Tyrone
BT80 8NX
Structure, governance and management
The charity is a company limited by guarantee and does not have a share capital. It is governed by a Memorandum of Articles of Association and the liability of each member is limited to an amount not exceeding £1.
The directors are elected to serve until the next annual general meeting, when one third of the directors who are subject to retirement by rotation will retire. If the vacancy is not filled, the retiring director shall, if willing to act, be deemed to have been reappointed unless at the meeting it is resolved not to fill the vacancy. New directors may be appointed if recommended by directors or proposed by a member qualifying to vote at the annual meeting.
Risk
The directors have examined the business and operational risks faced by the organisation and confirm that systems to mitigate significant risks are in place.
Objectives and activities
This past year has continued to demonstrate the difficulty of CURE meeting its original aims and objectives, established on its formation. Whilst last year there was some potential for a new direction in urological care post pandemic, this has not come to the expected fruition. As noted last year, it remains the case that clinical staff levels within urology care remain compromised and as previously noted the clinical structures in healthcare continue to mean that what were historically CURE's activities are no longer capable of being met in today's environment. As a consequence and respecting the original aims and objectives, it has been decided to begin the process of disbursement of remaining funds to organisations whose work is appropriately matched to CURE activity.
CURE was established to help fund research and educational intervention in the area of urological care especially within the Craigavon Area Hospital and Southern Trust area if Northern Ireland. Our aims were to support both nursing and medical colleagues, as well as other members of the multidisciplinary team whose work was urology focussed. Due to staffing, clinical demands and changes in the way medical staff in particular are prepared now it is no longer possible for CURE to meet its aims and objectives in any meaningful way. Having investigated the potential for existing urology staff to identify new avenues for support from CURE, it is now clear beyond doubt that the passage of time from its inception now means that we CURE has no future. CURE is content that the prudence of recent years, protecting funds for a potential future use locally, is no longer appropriate and to meet the aims and objectives of supporting urology education and research, we need to divest funds to organisations doing this work today.
Achievements and performance
We have decided to cease the company. We must respect the integrity of the generosity of those people who have donated their money in pursuit of our aim to support research and education. The directors will be respectful, transparent and coherent in the dissolution of funds of the company.
CURE has also identified potential organisations in the area of urology care who could benefit from the remaining funds and will discuss the organisations to be granted monies and the sums involved prior to the completion of the final set of accounts to be delivered next year.
Financial review
As mentioned in previous reports, CURE continued the policy of protection of funds. However, unlike before this was for a final disbursement rather than a return to our historical activities. CURE is now happy to divest funds and as noted above CURE is now actively disbursing monies to organisations providing either urological education or research, in support of their work and the wishes of those who provided the funds in the first place.
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 11 March 2024 and signed on behalf of the board of trustees by:
Mr Jerome Marley
Charity Secretary
Craigavon Urological Research and Education
Company Limited by Guarantee
Chartered Accountant's Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of Craigavon Urological Research and Education
Year ended 30 April 2023
As described on the statement of financial position, the trustees of the charity are responsible for the preparation of the financial statements for the year ended 30 April 2023, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
You consider that the charity is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Kelly & O'Neill Ltd Chartered accountants
15E Molesworth Street Cookstown Co. Tyrone BT80 8NX
11 March 2024
Craigavon Urological Research and Education
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 April 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Investment income
5
181
181
6
----
----
----
Total income
181
181
6
----
----
----
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
6
1,985
Expenditure on charitable activities
7,8
740
740
929
----
----
-------
Total expenditure
740
740
2,914
----
----
-------
----
----
-------
Net expenditure and net movement in funds
( 559)
( 559)
( 2,908)
----
----
-------
Reconciliation of funds
Total funds brought forward
41,066
41,066
43,974
--------
--------
--------
Total funds carried forward
40,507
40,507
41,066
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Craigavon Urological Research and Education
Company Limited by Guarantee
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Current assets
Cash at bank and in hand
41,827
42,393
Creditors: amounts falling due within one year
11
1,320
1,327
--------
--------
Net current assets
40,507
41,066
--------
--------
Total assets less current liabilities
40,507
41,066
--------
--------
Net assets
40,507
41,066
--------
--------
Funds of the charity
Unrestricted funds
40,507
41,066
--------
--------
Total charity funds
12
40,507
41,066
--------
--------
For the year ending 30 April 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 11 March 2024 , and are signed on behalf of the board by:
Mr M Young
Trustee
Craigavon Urological Research and Education
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 April 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 3 Alexandra Avenue, Portadown, BT62 1DT, Armagh.
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
The Directors are of the opinion that trading within the company will cease within the 12 month period following 30 April 2023.
Disclosure exemptions
The Trustees have taken advantage of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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.
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
Criagavon Urological Reserch and Education is a company limited by guarantee and does not have share capital. The liability of each member is limited to an amount not exceeding £1
5. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
181
181
6
6
----
----
----
----
6. Costs of raising donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Costs of raising donations and legacies - Donations
1,985
1,985
----
----
-------
-------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Support costs
740
740
929
929
----
----
----
----
8. Expenditure on charitable activities by activity type
Support costs
Total funds 2023
Total fund 2022
£
£
£
Governance costs
740
740
929
----
----
----
9. Analysis of support costs
Analysis of support costs activity 1
Total 2023
Total 2022
£
£
£
Finance costs
81
81
82
Governance costs
660
660
847
----
----
----
741
741
929
----
----
----
10. Trustee remuneration and expenses
- No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
11. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
660
667
Accruals and deferred income
660
660
-------
-------
1,320
1,327
-------
-------
12. Analysis of charitable funds
Unrestricted funds
At 1 May 2022
Income
Expenditure
At 30 April 2023
£
£
£
£
General funds
41,066
181
(740)
40,507
--------
----
----
--------
At 1 May 2021
Income
Expenditure
At 30 April 2022
£
£
£
£
General funds
43,974
6
(2,914)
41,066
--------
----
-------
--------
13. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
41,827
41,827
Creditors less than 1 year
(1,320)
(1,320)
--------
--------
Net assets
40,507
40,507
--------
--------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
42,393
42,393
Creditors less than 1 year
(1,327)
(1,327)
--------
--------
Net assets
41,066
41,066
--------
--------