Company Registration No. NI040841
HMRC Charity Registration No. XR47227
NI Charity Commission Registration No. NIC 100907
Loughmacrory Community Development Association
(Charitable Company Limited by Guarantee)
Annual Report and Financial Statements
For the year ended 31 May 2024
Loughmacrory Community Development Association
(Charitable Company Limited by Guarantee)
Trustees and advisors
Directors/Trustees
Declan McAleer (Chairperson)
Barry McElduff
Martin Donaghy
Sean McDermott (resigned 26 October 2023)
Tom O'Brien
Sharon O'Brien
Kevin McElduff
Raymond Coyle
Orla Fox
Independent Examiner
Ruairi Dundas FCA
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Bank of Ireland
Campsie
Omagh
Co Tyrone
BT79 0AE
Registered office
176 Loughmacrory Road
Loughmacrory
Omagh
Co Tyrone
Northern Ireland
Registered number
NI040841
Loughmacrory Community Development Association
(Charitable Company Limited by Guarantee)
Registered number: NI040841
Statement of financial position
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 6 1,646,859 1,682,821
Current assets
Debtors 7 1,118 -
Cash at bank and in hand 8,907 11,639
10,025 11,639
Creditors: amounts falling due within one year 8 (5,193) (11,000)
Net current assets 4,832 639
Total assets less current liabilities 1,651,691 1,683,460
Creditors: amounts falling due after more than one year 9 (1,483,369) (1,514,977)
Net assets 168,322 168,483
Funds of the charity
Unrestricted funds 168,322 168,483
Restricted funds - -
Total charity funds 10 168,322 168,483
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
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 19 February 2025
Loughmacrory Community Development Association
(Charitable Company Limited by Guarantee)
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction values unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2015 Charities SORP (FRS 102), the Companies Act 2006 and the Charities Act (Northern Ireland) 2008.

The currency used for the reporting of these financial statements is Sterling (£)
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.
Income
All incoming resources are included in the statement of financial activities when the charitable company is entitled to the income and the amount can be quantified with reasonable accuracy.

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.

.
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.
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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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
Loughmacrory Community Development Association is a registered charity and, as such, is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.
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 2,008,856 45,305 2,054,161
At 31 May 2024 2,008,856 45,305 2,054,161
Depreciation
At 1 June 2023 336,050 35,290 371,340
Charge for the year 33,456 2,506 35,962
At 31 May 2024 369,506 37,796 407,302
Net book value
At 31 May 2024 1,639,350 7,509 1,646,859
At 31 May 2023 1,672,806 10,015 1,682,821
7 Debtors 2024 2023
£ £
Other debtors 1,118 -
8 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23 5,690
Trade creditors and accruals 5,170 5,310
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
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