Company Registration No. NI040841 |
HMRC Charity Registration No. XR47227 |
NI Charity Commission Registration No. NIC 100907 |
(Charitable Company Limited by Guarantee) |
Annual Report and Financial Statements |
For the year ended 31 May 2024 |
(Charitable Company Limited by Guarantee) |
Trustees and advisors |
Directors/Trustees |
Sean McDermott (resigned 26 October 2023) |
Independent Examiner |
Ruairi Dundas FCA |
Tyrone Accountancy Services |
8-10 Church Street |
Omagh |
Co. Tyrone |
BT78 1DG |
Bankers |
Campsie |
Omagh |
Co Tyrone |
BT79 0AE |
Registered office |
176 Loughmacrory Road |
Loughmacrory |
Omagh |
Co Tyrone |
Northern Ireland |
Registered number |
(Charitable Company Limited by Guarantee) | |||||||
Registered number: | |||||||
Statement of financial position | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 6 | ||||||
Current assets | |||||||
Debtors | 7 | - | |||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 8 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 9 | ( |
( |
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Net assets | |||||||
Funds of the charity | |||||||
Unrestricted funds | |||||||
Restricted funds | - | - | |||||
Total charity funds | 10 | ||||||
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006. | |||||||
The notes on pages 9 to 14 form an integral part of the financial statements. | |||||||
Raymond Coyle | |||||||
Director | |||||||
Approved by the board on |
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(Charitable Company Limited by Guarantee) | ||||||||
Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The currency used for the reporting of these financial statements is Sterling (£) |
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Going concern | ||||||||
There are no material uncertainties about the charities ability to continue. | ||||||||
Fund accounting | ||||||||
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 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. |
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Income | ||||||||
Incoming resources includes all voluntary and fundraising income from charitable activities. Voluntary income received by way of donations and gifts to the charity is included in full in the Statement of Financial Activates when receivable. Fundraising income is credited to incoming resources when received. If the income relates to a particular event happening after the financial year end it is deferred. Other income from charitable activities includes rent and renewable feed-in tariffs from property held for charitable purposes. This income is applied for charitable purposes only and included in full in the Statement of Financial Activates when receivable. . |
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Resources expended | ||||||||
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT, and is classified under the heading of 'expenditure on charitable activities'. This includes all costs incurred by the 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. | ||||||||
Disclosure exemptions | ||||||||
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the disclosure exemption available under paragraph 1.12 of FRS 102 which allows no cash flow statement to be presented for the company. | ||||||||
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. No judgements that management has made in the process of applying the entity's accounting policies have a significant effect on the amounts recognised in the financial statements. No accounting estimates or assumptions have been made. |
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Grant income | ||||||||
Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account when received. | ||||||||
Tangible fixed assets | ||||||||
Land and buildings | 2% reducing balance | |||||||
Fixtures, fittings and equipment | 25% reducing balance | |||||||
Creditors | ||||||||
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. | ||||||||
Taxation | ||||||||
Financial instruments | ||||||||
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
No trustees have been paid any remuneration or received any other benefits from the charity. | ||||||||
No trustee expenses have been incurred. | ||||||||
3 | Donations and legacies | 2024 | 2023 | |||||
£ | £ | |||||||
Unrestricted funds | ||||||||
Donations | 2,969 | 6,845 | ||||||
Grants income | 1,250 | 1,012 | ||||||
4,219 | 7,857 | |||||||
Restricted funds | ||||||||
Donations | - | - | ||||||
Grants income: | ||||||||
Community centre lights | - | 1,500 | ||||||
Lough walk | 3,531 | 5,500 | ||||||
Summer scheme | 150 | - | ||||||
3,681 | 7,000 | |||||||
Total income from donations and legacies | 7,900 | 14,857 | ||||||
4 | Other trading activities | 2024 | 2023 | |||||
£ | £ | |||||||
Unrestricted funds | ||||||||
Renewable energy income | 584 | 534 | ||||||
Fundraising events - Halloween Trail & Santa Sunday | 3,815 | 825 | ||||||
Rent received | 11,635 | 10,578 | ||||||
Other income | - | 1,800 | ||||||
16,034 | 13,737 | |||||||
Restricted funds | - | - | ||||||
Total income from other trading activities | 16,034 | 13,737 | ||||||
5 | Expenditure on charitable activities by fund type | 2024 | 2023 | |||||
£ | £ | |||||||
Unrestricted funds | ||||||||
Charitable activities: support costs | 16,769 | 19,599 | ||||||
Accountancy services | 540 | 660 | ||||||
Independent examination services | 540 | 660 | ||||||
17,849 | 20,919 | |||||||
Restricted funds | ||||||||
Community centre lights | - | 2,000 | ||||||
Lough walk | 6,046 | 5,561 | ||||||
Summer Scheme | 200 | - | ||||||
6,246 | 7,561 | |||||||
Total resources expended | 24,095 | 28,480 | ||||||
No related party transactions have took place during the year. | ||||||||
6 | Tangible fixed assets | |||||||
Land and buildings | Fixtures, fittings and equipment | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 June 2023 | ||||||||
At 31 May 2024 | ||||||||
Depreciation | ||||||||
At 1 June 2023 | ||||||||
Charge for the year | ||||||||
At 31 May 2024 | ||||||||
Net book value | ||||||||
At 31 May 2024 | ||||||||
At 31 May 2023 | ||||||||
7 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Other debtors | - | |||||||
8 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Trade creditors and accruals | ||||||||
5,193 | 11,000 | |||||||
The UCIT loan will be fully repaid within the next 12 months so has been reclassified as falling due within one year. | ||||||||
The trustees confirmed no temporary loans were outstanding at the year end. | ||||||||
9 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Deferred government grants | 1,483,369 | 1,514,977 | ||||||
1,483,369 | 1,514,977 | |||||||
Deferred government grants represents grant income received in relation to capital expenditure. These capital grants received are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. | ||||||||
Deferred government grants movement: | ||||||||
Opening balance | 1,514,977 | |||||||
Amortised to profit and loss | (31,608) | |||||||
Closing balance | 1,483,369 | |||||||
10 | Analysis of charitable funds | 2024 | 2023 | |||||
£ | £ | |||||||
Unrestricted funds | ||||||||
At 1 June 2023 | 168,483 | 168,369 | ||||||
Income/(Expenditure) | 2,404 | 675 | ||||||
Transfers (to)/from funds | (2,565) | (561) | ||||||
At 31 May 2024 | 168,322 | 168,483 | ||||||
Restricted funds | ||||||||
At 1 June 2023 | - | - | ||||||
Income/(Expenditure) | (2,565) | (561) | ||||||
Transfers (to)/from funds | 2,565 | 561 | ||||||
At 31 May 2024 | - | - | ||||||
A transfer of restricted funds to unrestricted funds has been agreed with the Trustees. | ||||||||
This is broke down as follows: | ||||||||
Summer scheme excess of expenditure over grant | (50) | |||||||
Lough walk expenditure in excess of grant received | (2,515) | |||||||
(2,565) | ||||||||
11 | Analysis of net assets between funds | 2024 | 2023 | |||||
£ | £ | |||||||
Unrestricted funds | ||||||||
Tangible fixed assets | 163,490 | 167,844 | ||||||
Current assets | 8,907 | 11,639 | ||||||
Creditors less than 1 year | (5,193) | (11,000) | ||||||
Net Assets | 167,204 | 168,483 | ||||||
Restricted funds | ||||||||
Tangible fixed assets | 1,483,369 | 1,514,977 | ||||||
Creditors greater than 1 year | (1,483,369) | (1,514,977) | ||||||
Net Assets | - | - | ||||||
12 | Other information | |||||||
Loughmacrory Community Development Association is a public benefit entity and a private company limited by guarantee without share capital and incorporated in Northern Ireland. Its registered office is: | ||||||||
176 Loughmacrory Road | ||||||||
Loughmacrory | ||||||||
Omagh | ||||||||
Co Tyrone | ||||||||
BT79 0AE |