Registered number
NI028850
Rathfriland and District Regeneration Company Ltd
Report and Accounts
for the year ended
31 May 2025

Rathfriland and District Regeneration Company Ltd
Report and accounts
for the year ended 31 May 2025
Contents
Page
Company information | 2
Directors' report | 3-9
Statement of directors' responsibilities | 10
Independent auditor's report | 11-13
Income and expenditure account | 14
Statement of comprehensive income | 15
Rental income and expenditure account | 16
Shop income and expenditure account | 17
Chandlers House income and expenditure account | 18
Balance sheet | 19
Statement of changes in equity | 20
Notes to the accounts | 21-23

Rathfriland and District Regeneration Company Ltd
Report and accounts
for the year ended 31 May 2025
Company Information
Directors
Mr Patrick Rafferty (Chairman)
Mr Andrew Peters (Vice-Chairman)
Mrs Catherine Cummings
Mrs Margaret Davenport
Mr Sam Faulds
Mrs Dorothy James
Secretary
David Bell L.L.B
Auditors
Fitzpatrick & Kearney Ltd
Chartered Accountants and Registered Auditors
10C Marcus Square
Newry
Co. Down
BT34 1AE
Bankers
Bank of Ireland
Bridge Street
Banbridge
Co. Down
BT32 3JL
Ulster Bank
86 Hill Street
Newry
Co. Down
BT34 1BT
Solicitors
Gordon Bell & Son
9-11 Newry Street
Rathfriland
Co. Down
BT34 5PY
Registered office
9-11 Newry Street
Rathfriland
Co. Down
BT34 5PY
Registered number
NI028850
Registered Charity number
NIC100924

Rathfriland and District Regeneration Company Ltd
Report and accounts
Registered number: | NI028850
Registered Charity number: | NIC100924
Directors' Report
The directors present their report and accounts for the year ended 31 May 2025.
PRINCIPAL ACTIVITIES
The company was originally incorporated in 1994 to help regenerate Rathfriland town centre and the surrounding district for the benefit of all citizens irrespective of their class, creed, culture, race or religion
Crummies, 13 Church Square
Initially the company took advantage of funding from the International Fund for Ireland and the Department for Environment for Northern Ireland under the Community Regeneration and Improvement Special Programme (CRISP) to purchase and refurbish 13 Church Square, Rathfriland, a substantial vacant listed former retail shop with accommodation above. Apart from the front façade which was listed, the building was completely rebuilt to provide 6 residential units and two retail units
The purpose of the redevelopment was to provide one bedroom living accommodation for singles, preferably in receipt of housing benefit or people placed by Social Services usually having slight learning or other difficulties. The two retail units were let at very advantageous rentals and between them have provided continual employment foe six people for more than twenty years.
The residential and retail units have enjoyed a high degree of occupancy over the years and have made a significant contribution to the company’s finances to enable it to deliver its charitable purposes in other areas. One retail unit has, with the assistance of approximately £5,000 of the PEACE IV Grant now been converted into a Sensory Room for use by children with ADHD and similar problems and opened its doors to clients in September 2019 . The other retail unit continues to be let.
The Crummies Building as it is known, is now owned outright by the company and is entirely free from any legal charges with all loans and interest charges having been repaid in full. No harm has been occasioned to anyone either during the reconstruction or subsequent use of the building.
Community Centre
In 1996 the company was awarded a total of £600,000 in Grant Aid from Millennium Commission, Banbridge District Council(BDC), the Central Community Relations Unit of the N.I. Department of Finance and Personnel and the Rathfriland Pre-School Playgroup to provide a Community Centre on a greenfield site in John Street which was part of the BDC funding and the Pre-School Playgroup’s contribution ensured that a separate dedicated facility within the curtilage of the building was provided for that Group’s own use. The company took possession of the Centre in May 1998 but by the summer of 1999 it became apparent that the future of the Community Centre depended upon proper fulltime management and suitable and sufficient working capital. Agreement was reached with all the funding bodies concerned that ownership, control, and responsibility for the running and upkeep of the Community Centre should be transferred to Banbridge District Council which has now been subsumed into the Armagh City, Banbridge and Craigavon Borough Council. The Community Centre is still operating and providing much needed employment and leisure facilities for local people. The Playgroup continues to provide vital early learning facilities for the town and district toddlers and some valued spare time to busy mums and dads. No harm has been occasioned to anyone either during the construction or subsequent use of the building whilst in the ownership of the Rathfriland and District Regeneration Co Ltd.
11-13 Main Street
These premises were acquired by the company in 2006 with a view to implementing its strategy of regenerating the town centre in an effort to increase footfall in the local shops. Funding was obtained from the European Union Programme for Peace and Reconciliation in Northern Ireland, Border Region of Ireland 2000 – 2004 Peace II (£192,559) and the International Fund for Ireland (£238,500). During building works the builder went into liquidation and the company was left with a partly finished building and no funds to complete it. At this point a local businessman stepped in and offered to complete the part finished building if the company would agree to sell it to him. Due to the nature of the funding involved, and after negotiations with the funders, it was agreed to rent the building in its entirety to the businessman and to give him an option to purchase it in ten years’ time. The building was completed in 2007 and under the terms of the agreement the businessman has the option of purchasing the building within 5 years from 1st November 2017 for £95,040. The option to purchase was exercised by the businessman and the building was formally transferred to him on 1st January 2018.
Due to the property crash in 2008 this investment has proved very advantageous to the company allowing it to build up substantial reserves of cash thus enabling it to make further investments in town centre property which is being utilised for the benefit of the people of Rathfriland.
No harm has been occasioned to anyone either during the construction or later use of the building whilst in the company’s ownership.
Allotments
Allotments have been created in the area to the rear of the Crummies building. These have proved to be very popular and considerable investment has taken place in terms of time and expense. There is now a waiting list for space in the allotments and negotiations have been ongoing with BT regarding possible use of their land adjacent to the allotments.
Once Again Community Shop
The company decided to open a community shop with the intention of raising money for local charities and good causes, including the company’s own events. Premises in Downpatrick Street were identified as being suitable, rent agreed with the owner and the doors opened for business in August 2012.
The shop sells a mixture of goods donated by the community including adult and children’s clothing, furniture, toys and bric-a-brac. It also sells furniture which has been repaired and repainted (upcycled) by volunteers as well as a small amount of new stock which is mostly restricted to goods not sold elsewhere in Rathfriland.
For the year to 31st May 2024, £500 each from shop surplus was donated to Life and Time and Parkinsons UK. In previous years, our own events to benefit included £2,075 for the August 2013 Fair Day, for the Christmas Lights and Santa visits since 2012 and £2917 for the purchase of the Fire-Retardant curtains in Chandlers House.
Other charities that benefited included Click Sargent, 1st Rathfriland Scout Group, Head Injury Support, The Daisy Lodge facility of the N I Children’s Hospice, Friends of the Cancer Centre, Mourne Mountain Rescue Team, Macmillan Nurses, Tiny Life, Northern Ireland Air Ambulance, Parkinsons Support Group Newry, R.N.L.I. Kilkeel, Age N.I., N.I. Children’s Hospice, Cancer Research U.K. – Rathfriland Branch, Prostate Cancer U.K., Northern Ireland Air Ambulance and Prostate Cancer U K
The Once Again Community Shop affords people the opportunity to benefit the community and themselves by giving them the opportunity to work in the shop. Younger people can use it as a means to fulfil their service requirements for the Duke of Edinburgh Award Scheme and for older people it gives them the opportunity to offer their services for the benefit of the community.
The shop was in operation throughout the year. Staffing issues had been overcome and the directors again express their thanks to the volunteers who operate the shop so faithfully and effectively.
No one is harmed by any aspect of the shop’s working practices.
The Community HUB, 25 Church Square
This building had originally been the residence and surgery of the late Dr John Shannon and then similarly for his son Dr Ian Shannon. When the medical practice moved to The Health Centre and Dr Ian Shannon moved home the premises became the home of Wilbert and Lily Bingham and it also housed the financial services business of the late Seamus Lavery. In August 2013 following the demise of Mrs Bingham it was purchased by the company for £75,000. It had been the initial intention of the company to turn it into a boutique guest house. By the autumn of 2014 the company had abandoned the idea of a guest house and decided to turn the building into a Community Hub and Headquarters. A Legacy Grant was received from Banbridge District Council for a laptop and other office equipment and furniture. An office was established and the front room and kitchen renovated. Further renovations were undertaken to upgrade the building to comply with the latest Health & Safety and Fire regulations. In 2018 the company was awarded £15,000 of European Union Peace IV Grant and some £10,000 was spent on I. T. equipment and a dedicated Computer Suite was established. A Memorandum of Understanding was agreed with the Southern Regional College to use it as a venue to deliver I.T. based courses.
Since then, it has become the company’s main meeting place and has, as well, hosted many vocational and recreational classes including conversational French, beginners and improvers guitar lessons, sewing, arts and crafts courses, musical rehearsal rooms. The Conversation Café which affords citizens, for whom English is not their first language, an opportunity to improve their conversational English skills. In addition the Cosy Café affords people over 55 to socialise and enjoy new skills. The upstairs bathroom has with the benefit of grant aid from the National Lottery Awards for All grant been transformed into a modern toilet area.
Grant Aid had been received from the Education Authority for the operation of a Youth ‘Drop In’ facility and this was proving popular with the young people of the town. The Men’s Shed continues its activities in the Hub and maintains its role as a focus for men in the locality while providing plants, manufactured wooden items and other items to the community.
Chandlers House, 27 Church Square
This building was the former Bank of Ireland and a Grade B listed building which the company saw as a community space and the purchase of this building was completed in January 2014 for the sum of £85,000
The Banking Hall was completely renovated with the agreement of the Northern Ireland Environment Agency and turned into one large open space for use by the community. The first event to be held in the building was a Polish night organised by the local Policing and Community Safety Partnership followed by a children’s Halloween Disco. The exterior was also painted in appropriate heritage colours.
The building was renamed Chandlers House (due to the site having originally been a candle factory) and it was officially opened on 12th August 2014 when the Pride in Place judges attended. The company had been entered into the competition by Banbridge District Council but were unsuccessful in obtaining a prize.
In late 2014 having received a proposal from Kathy Wilson a two-year lease was granted to her to run a café and bistro named Katie Banks. The café closed in October 2018 and the company decided to retain the space for community use. Further extensive renovations took place including the installation of a small kitchen, stage lighting, sophisticated audio-visual facilities and a sound desk using some of the remaining parts of the former bank’s counter. Further Fire and Health and Safety measures were undertaken to enable the company to obtain an Entertainment Licence which was granted by the Armagh City, Banbridge and Craigavon Borough Council on 1st March 2020. The company runs very successful upholstery and sewing classes and Rathfriland Bridge Club holds its weekly meeting in the building.
The major project to construct four apartments in the building and to renovate and enhance the ground floor area for use as a cultural and musical space was completed. The total cost of the project to the company was £746,103. Funding had been received from, The Garfield Weston Foundation, Department for Communities Village Catalyst Fund, Ulster Garden Villages and the Northern Ireland Housing Executive with a loan from the Architectural Heritage Fund. The former toilet block in John Street was demolished to permit proper access to the rear of the building and to the proposed community garden to be developed at the rear.
The apartments are now fully let and the ground floor hosts a wide variety of musical and cultural events which are widely supported by locals and those from further afield alike.
The Sensory Room (Molly Moos)
In February 2017 one of the retail units in Crummies building became vacant and was used as a pop-up shop by ONCE AGAIN. After much thought the company decided to turn the premises into a Sensory Room for children with ADHD and other behavioural issues. Extensive research and visits to similar projects was undertaken and with the assistance of British Telecom and part of the PEACE IV grant the company opened the doors of Molly Moo’s in September 2019 the name having been used with permission of the family of a local young girl who unfortunately passed away before she could benefit from the use of the facility. The Sensory Room proved very successful in addressing many of the problems which affect these children. Guidelines for the use of the facility were revised and uptake of the Room was very encouraging.
Christmas Events
As in previous years grant aid was received from ABC Council to assist with the provision of selection boxes to local schoolchildren and for use in Santa's Grotto. The 2023 Christmas Light Switch On and Santa event benefited from assistance provided by the ABC Council and the company greatly acknowledges this additional help meaning several hundred children and adults experienced an enjoyable evening. The, by now traditional, Horse and Carriage rides proved as extremely popular as ever.
Levelling Up Fund Application
Extensive work was carried out in submitting an application to the Government “Levelling Up” Fund. Meetings were held with relevant stakeholders and a detailed and comprehensive proposal submitted for development of the community garden and ancillary works. Despite very positive feedback being received from the Levelling Up department, ultimately the application was unsuccessful.
Charity Commission for Northern Ireland
Like all other charities operating in Northern Ireland the company came under the regulation of the Charity Commission for Northern Ireland (CCNI) and was called forward for formal registration in late 2014. Registration proved to be a long and somewhat arduous process since the company’s existing Objects Clause in its Memorandum from 1994 was deemed to be not exclusively charitable. Eventually a meeting with CCNI was arranged and representatives from Northern Ireland Council for Voluntary Action (NICVA) were invited to be present. This meeting proved to be very productive and led to NICVA drawing up a new Objects Clause which was incorporated into a new set of Articles.
The company made application to CCNI to formally adopt the new Articles and the CCNI issued its consent on 19th January 2016 and this enabled the company to pass the necessary Special Resolution adopting the new Articles at its meeting on 10th February 2016. A copy of the new Articles was deposited with Companies House and the CCNI formally registered the company as a charity with the registration number NIC100924 with effect from 1st April 2016
The main achievements and performances during the year
The charity was successful in obtaining the following Grant Aid during the year under review
DAERA TADA Rural Capital Micro Grant | 2,543.76
National Garden Scheme | 4,055.00
ABC Christmas Grant | 750.00
ABC Façade Grant | 760.00
ABC Running Costs Grant | 2,000.00
OBJECTS AND PUBLIC BENEFIT STATEMENT
The company makes no apology in publishing the Objects and Public Benefit Statement in this report as they feel it is necessary for all Members to keep the Objects in mind at all times when dealing with company matters.
The company's objects as stated in the Objects Clause of the Articles of Association are
(4.1) the promotion for the benefit of the public of urban or rural regeneration in areas of social and economic deprivation (and in particular in Rathfriland and the surrounding area) by all or any of the following means:
(a) the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;
(b) the creation of training and employment opportunities by the provision of workspace, buildings, and/or land for use on favourable terms;
(c) the provision of housing for those who are in conditions of need and the improvement of housing in the public sector or in charitable ownership provided that such power shall not extend to relieving any local authorities or other bodies of a statutory duty to provide or improve housing;
(d) the promotion of public safety and prevention of crime.
(4.2) The advancement of heritage for the benefit of the public by any exclusively charitable means as the Directors shall consider appropriate.
Beneficiaries
The beneficiaries are the public in Rathfriland and the surrounding areas.
Public Benefit
In relation to Objects 4.1 (a), (b), (c) and (d) our activities include offering youth training programmes in partnership with the Education Authority and the Southern Regional College as well as private tutors. The development of the Community Hub and Chandlers House has enabled the company to offer several rooms of various sizes (in the Community Hub) and a large open space (in Chandlers House) to a variety of clients for a multitude of purposes. We have organised, either ourselves or with independent facilitators craft classes, French classes, guitar classes, creative literary classes, Fire Safety lectures, maths for parents’ classes, yoga and Relax Kids activities. We also organise the annual Christmas Lights Switch On and associated Santa visit and have made our premises available for exhibitions and presentations. All of these activities contribute to the social and community inclusion and regeneration of Rathfriland and district.
We offer opportunities for volunteering and work experience for young people involved in the Duke of Edinburgh Award Scheme. Young people will have the opportunity to build CV skills, interview techniques and gain increased confidence in their ability to enter the workplace. We also collaborate with the local Policing and Community Safety Partnership and the Neighbourhood Policing Team in delivering good driving habits courses and drugs awareness courses. The benefits that accrue is better social skills, happiness and physical health and employers will gain better skilled employees. We can demonstrate these benefits from the feedback from the young people themselves, their parents and their employers.
We have established a Men’s Shed where men of all ages can meet on a regular basis and share skills and support each other through social intercourse and practical activities. A direct benefit is the reduction in social isolation amongst the male population and the promotion of health and wellbeing.
We also have social housing in Crummies building consisting of six one-bedroom flats where we provide low cost housing for vulnerable adults and single persons. The benefit is that by providing shelter to individuals we ensure they live independent lives and have a home to meet their needs at an affordable price whilst enabling them to live in and be part of the community. Similar outcomes have been shown following the completion and letting of the residential units in Chandlers House. Social and cultural activities are carried on in Chandlers House. The benefits can be demonstrated through direct and indirect feedback from tenants and participants as well as the fact that both complexes have enjoyed a very high level of occupancy since their respective openings.
In relation to Object (4.2) we have established Sister City status with Armstrong B.C., Canada through the shared history of Rathfriland resident Catherine O’Hare who emigrated to America in 1846 aged 16. There she married Agustus Schubert and moved to Canada where they joined the Overlanders of 1851 in their trek over the Rockies to British Columbia. There they eventually settled in the City of Armstrong. In 2018 we had a visit from around two dozen Armstrong citizens including a number of direct descendants of Catherine which has forged lasting friendships and connections between us. We now have frequent visits from Armstrong citizens who are holidaying in Europe and the U K which are reciprocated by Rathfriland folk holidaying in Canada. Some of our members have given awareness talks and presentations to various organisations – Women’s Institutes; Historical Societies; etc. – on the life and times of Catherine.
It is the company’s intention to actively seek and talk to relevant funders to enable it to turn the gardens behind The Community Hub and Chandlers House into a green area for the benefit of the residents of Rathfriland
Private Benefit
Any private benefit that arises in the course of volunteering with the company is both incidental and educational to the recipient.
MEMBERS AND DIRECTORS
The Members of the company as of 31st May 2025 are:
| Individual members
| Mr David Bell
| Mrs Catherine Cummings
| Mrs Margaret Davenport
| Mrs Barbara Dickson
| Ms Kara Doran
| Mr Sam Faulds
| Mrs Dorothy James
| Mr George James
| Mr Paul Kavanagh
| Ms Caroline Maginn
| Mr Graeme McCrum
| Ms Siobhan McLean
| Mr Andrew Peters
| Mr Pat Rafferty
| Mrs Donna Weir
| Affiliate members
| None
| Associate members
| None
| Directors
| The following persons served as directors during the year:
| Mr Patrick Rafferty (Chairman)
| Mr Andrew Peters (Vice-Chairman)
| Mrs Catherine Cummings
| Mrs Margaret Davenport
| Mr Sam Faulds
| Mrs Dorothy James
| Mr Patrick Rafferty and Mrs Dorothy James are required to retire by rotation this year but being eligible intend to offer themselves for re-election.
| No director received any remuneration from the company.
| Company Secretary
| Mr David JG Bell LLB
Political and charitable donations
The company made no political donations during the year.
The company made the following charitable donations during the year:
|  |  |  |  |  | £
|  | PIPS Hope & Support | 500
|  | Barnardos Willowgrove | 500
The company was successful in obtaining and grateful for the Grant Aid & Funding noted below during the year under review:
£
| DAERA TADA Rural Capital Micro Grant | 2,543.76
| National Garden Scheme | 4,055.00
| ABC Christmas Grant | 750.00
| ABC Façade Grant | 760.00
| ABC Running Costs Grant | 2,000.00
The company and its predecessor, the Rathfriland Traders and Residents Association (TARA) have a long and successful reputation of working with the residents of the town and surrounding areas to influence and enhance the lives and livelihoods of its residents and businesses. The company prides itself on its long and successful history and hopes that this work will continue well into the future.
The work of the company is ultimately the responsibility of the Board of Directors who are automatically the Trustees in as far as the CCNI is concerned. However, both Rathfriland Regeneration and TARA have always been member led as the directors are firmly of the belief that the best results for the residents and businesses of Rathfriland are obtained when the community itself gets involved.
In order to ensure the continuity of the company and its work it is vital that we attract new members who will bring with them fresh minds, new ideas and so we need YOU to get involved.
The company meets every second Wednesday in the month, with a number of extra meetings held for specific purposes as required. The place is the Community Hub, 25 Church Square, Rathfriland starting at 7.30pm.
We need people with experience in all walks of life but even more importantly we need people who are passionate about making their environment a better place in which to live and work, are prepared to be constructive and to take responsibility for getting things done.
Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
● | as far as they are aware, there is no relevant audit information of which the company's auditor is unaware, and
● | they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 12 December 2025 and signed on its behalf.
Director | Company Secretary
Patrick Rafferty | David Bell

Rathfriland and District Regeneration Company Ltd
Report and accounts
Statement of Directors' Responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
● | select suitable accounting policies and then apply them consistently;
● | make judgements and estimates that are reasonable and prudent;
● | prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Rathfriland and District Regeneration Company Ltd
Independent auditor's report
to the members of Rathfriland and District Regeneration Company Ltd
Opinion

We have audited the accounts of Rathfriland and District Regeneration Company Ltd for the year ended 31 May 2025 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the accounts:

● | give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its surplus for the year then ended;

● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

● | have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have assisted with the preparation of the accounts.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included the following :
We considered as part of our audit risk assessment of the nature of the company, its business model and related risks including the impact of the cost of living crisis, the requirements of the applicable financial reporting framework and the system of internal control. We evaluated the directors' assessment of the company's ability to continue as a going concern, including challenging the underlying data and key assumptions used to make the assessment, and evaluated the directors' plans for future actions in relation to their going concern assessment.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
● | the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
● | the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
● | the accounts are not in agreement with the accounting records and returns; or
● | certain disclosures of directors’ remuneration specified by law are not made; or
● | we have not received all the information and explanations we require for our audit; or
● | the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below :
Identifying and Assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
● | the nature of the industry and sector, control environment and business performance
● | results of our enquiries of management about their identification and assessment of the risks of irregularities
● | any matters which we have identified having obtained from management whether they were aware of any instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; and reviewing the internal controls established to mitigate risk of fraud or non-compliance with laws and regulations; and
● | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have identified the greatest potential for fraud in the areas which management is required to exercise significant judgement. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pension and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included data protection, employment, environmental and health and safety regulations.
Audit response to risks identified
As a result of performing the above, we identified the potential for management override of the controls as a key audit matter related to the potential risk of fraud. Our procedures to respond to the risks identified included the following:
● | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
● | enquiring of management concerning actual and potential litigation and claims;
● | performing analytical procedures to identify any unusual or unexpected relationships that many indicate risks of material misstatement due to fraud;
● | reading minutes of meetings of those charged with governance; and
● | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Ben Reynolds ACA
(Senior Statutory Auditor) | 10C Marcus Square
for and on behalf of | Newry
Fitzpatrick & Kearney Ltd | Co. Down
Accountants and Statutory Auditors | BT34 1AE
12 December 2025

Rathfriland and District Regeneration Company Ltd
Income and Expenditure Account
for the year ended 31 May 2025
|  |  |  |  |  | 2025 |  | 2024
£ | £
Surplus on Rental Account | 34,216 |  | 33,702
Surplus on Shop Account | 12,338 |  | 13,936
Surplus on Chandlers House Bronte Music Club | 2,425 |  | (2,554)
Room hire | 10,286 |  | 10,691
Amortisation of Capital grants | 13,184 |  | 13,558
Revenue Grant Income | 4,578 |  | 38,742
Other Income | 4,333 |  | 2,509
Bank interest | 9 |  | 4
Membership fees | 320 |  | 110
Tuition fees received | 2,843 |  | 2,714
|  |  |  |  |  | 84,532 |  | 113,412
Expenditure
Project expenditure | 6,364 |  | 17,077
Postage, Stationery & Advertising | 84 |  | 509
Light and heat | 2,707 |  | 2,545
Bank charges | 171 |  | 212
Sundry expenses | 4,243 |  | 690
Telephone and internet | 293 |  | 188
Audit and accountancy fees | 4,350 |  | 3,950
Other legal and professional | 5,514 |  | 2,500
Depreciation | 35,076 |  | 35,984
National Lottery Community fund - Awards for all | - |  | 3,197
Architectural Heritage Fund loan interest | 5,037 |  | 5,215
Donations | 1,000 |  | 1,421
Water rates | 838 |  | 947
Repairs and maintenance | 5,549 |  | 4,215
Insurance | 3,657 |  | 3,500
Travel & Subsistence | 3,798 |  | -
|  |  |  |  |  | 78,681 |  | 82,150
Surplus/(Deficit) for the year. | 5,851 |  | 31,262

Rathfriland and District Regeneration Company Ltd
Statement of comprehensive income
for the year ended 31 May 2025
|  |  |  |  | 2025 |  | 2024
£ | £
Profit for the financial year | 5,851 |  | 31,262
Other comprehensive income
Total comprehensive income for the year | 5,851 |  | 31,262

Rental Income and Expenditure Account
for the year ended 31 May 2025
|  |  |  |  |  | 2025 |  | 2024
£ | £
Rental Income | 56,094 |  | 55,703
Less Expenses
Light and heat | 3,556 |  | 5,249
Rates | 5,285 |  | 3,075
Insurance | 372 |  | 348
Repairs and maintenance | 8,388 |  | 9,460
Property management fees | 3,927 |  | 3,815
Bank charges | 50 |  | 54
R Legal Fees | 300 |  | -
|  |  |  |  |  | 21,878 |  | 22,001
Surplus for the financial year | 34,216 |  | 33,702

Rathfriland and District Regeneration Company Ltd
Shop Income and Expenditure Account
for the year ended 31 May 2025
|  |  |  |  |  | 2025 |  | 2024
£ | £
Shop sales | 18,320 |  | 19,297
Less Expenses
Shop purchases and restoration costs | 347 |  | 662
Rent and room hire | 3,360 |  | 3,360
Bank charges | 152 |  | 132
Light and heat | 1,196 |  | 887
Telephone | 64 |  | 50
Water | 214 |  | 195
Sundry expenses | 320 |  | -
Repairs and maintenance | 329 |  | 75
|  |  |  |  |  | 5,982 |  | 5,361
Surplus for the financial year | 12,338 |  | 13,936

Rathfriland and District Regeneration Company Ltd
Chandlers House Income and Expenditure Account
for the year ended 31 May 2025
|  |  |  |  |  | 2025 |  | 2024
£ | £
Chandlers House Income | 23,754 |  | 22,008
Less Expenses
Repairs | 1,229 |  | 5,733
Project Expenditure | 19,168 |  | 17,374
Bank Charges | 22 |  | -
Light & Heat | 910 |  | 1,455
|  |  |  |  |  | 21,329 |  | 24,562
Surplus for the financial year | 2,425 |  | (2,554)

Balance Sheet
as at 31 May 2025
Notes |  |  | 2025 |  |  | 2024
£ | £
Fixed assets
Tangible assets | 5 |  |  | 1,106,631 |  |  | 1,118,739
Current assets
Debtors | 6 |  | 9,388 |  |  | 2,908
Cash at bank and in hand |  |  | 103,701 |  |  | 66,989
|  |  | 113,089 |  |  | 69,897
Creditors: amounts falling due within one year | 7 |  | (25,118) |  |  | (22,764)
Net current assets |  |  |  | 87,971 |  |  | 47,133
Total assets less current liabilities |  |  |  | 1,194,602 |  |  | 1,165,872
Creditors: amounts falling due greater than one year | 8 |  |  | 173,980 |  |  | 141,121
Provisions for liabilities | 9 |  |  | 450,150 |  |  | 460,130
Net assets |  |  |  | 570,472 |  |  | 564,621
Reserves
Profit and loss account |  |  |  | 570,472 |  |  | 564,621
Total Reserves |  |  |  | 570,472 |  |  | 564,621
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
David Bell | Patrick Rafferty
Secretary | Director/Chairman
Approved by the board on 12 December 2025

Rathfriland and District Regeneration Company Ltd
Statement of Changes in Equity
for the year ended 31 May 2025
Capital | Income & | Total
grants | expenditure
reserve | account
£ | £
At 1 June 2023 | - |  | 533,359 |  | 533,359
Surplus for the financial year | 31,262 |  | 31,262
At 31 May 2024 | - |  | 564,621 |  | 564,621
At 1 June 2024 | - |  | 564,621 |  | 564,621
Surplus for the financial year | 5,851 |  | 5,851
At 31 May 2025 | - |  | 570,472 |  | 570,472

Rathfriland and District Regeneration Company Ltd
Notes to the Accounts
for the year ended 31 May 2025
1 | Accounting policies
| Basis of preparation
| The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
| 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:
| Freehold buildings | 2% straight line from the date of completion or revaluation
| Shed & Polytunnel | 10% straight line
| Property Improvements | 10% straight line
| Office equipment | 20% straight line
| Impairment provision
| In order to comply with current accounting standards whereby assets should be stated at current fair value. In 2017 the directors obtained up to date professional valuations from Stephen Fitzpatrick MRICS Chartered Surveyor which indicated a substantial impairment in value compared to their current book value. The directors have made full provision for this impairment in the current financial statements.
| Debtors
| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
| 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
| No provision for corporation taxation or deferred taxation has been made as the company obtained charitable status with HMRC from 13th February 2002 and has since been formally accepted as a charity by the Charities Commission for Northern Ireland with effect from 1st April 2016.
| Government Grants
| The company receives government grants in respect of event funding. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
2 | Employees | 2025 |  | 2024
£ | £
| Average number of persons employed by the company | - |  | -
3 | Audit information
| The audit report is unqualified.
| Senior statutory auditor: | Ben Reynolds ACA
| Firm: | Fitzpatrick & Kearney Ltd
| Date of audit report: | 12 December 2025
4 | Project expenditure | 2025 |  | 2024
£ | £
| Allotment | 1,033 |  | 1,688
| Education authority programme | 79 |  | 7,242
| Strategic Plan 25-28 | 300 |  | -
| JMF Expenditure | - |  | 2,849
| Entertainment Expenditure | 100 |  | -
| Christmas Lights Switch On | 1,233 |  | 1,749
| Rural Housing Expenditure | 600 |  | 3,550
|  |  |  |  |  | 3,345 |  | 17,078
5 | Tangible fixed assets
|  |  |  | Land and buildings |  | Plant and machinery etc |  | Total
£ | £ | £
| Cost
| At 1 June 2024 | 1,216,590 |  | 59,486 |  | 1,276,076
| Additions | 18,326 |  | 4,642 |  | 22,968
| At 31 May 2025 | 1,234,916 |  | 64,128 |  | 1,299,044
| Depreciation
| At 1 June 2024 | 115,898 |  | 41,439 |  | 157,337
| Charge for the year | 30,012 |  | 5,064 |  | 35,076
| At 31 May 2025 | 145,910 |  | 46,503 |  | 192,413
| Net book value
| At 31 May 2025 | 1,089,006 |  | 17,625 |  | 1,106,631
| At 31 May 2024 | 1,100,692 |  | 18,047 |  | 1,118,739
| Freehold land and buildings: | 2025 |  | 2024
£ | £
| Historical cost | 1,678,593 |  | 1,660,267
| Cumulative depreciation based on historical cost | 430,551 |  | 400,539
|  |  |  |  |  | 1,248,042 |  | 1,259,728
6 | Debtors | 2025 |  | 2024
£ | £
| Trade debtors | 174 |  | 630
| Other debtors | 8,497 |  | 2,278
| VAT Account | 717 |  | -
|  |  |  |  |  | 9,388 |  | 2,908
| There were no debtors due after more than one year.
7 | Creditors: amounts falling due within one year | 2025 |  | 2024
£ | £
| Bank loans and overdrafts | 9,864 |  | 9,864
| Trade creditors | 319 |  | 212
| Other taxes and social security costs | 2,513 |  | 3,096
| Other creditors | 12,422 |  | 9,592
|  |  |  |  |  | 25,118 |  | 22,764
8 | Creditors: amounts falling due after one year | 2025 |  | 2024
£ | £
| Bank loans | 173,980 |  | 141,121
| In September 2021 a new loan was drawndown from the Architectural Heritage Fund and a fixed charge was held over the leasehold property known as 25-27 Church Square Rathfriland and comprised land registry folio DN197247L.
9 | Provisions for liabilities and charges | 2025 |  | 2024
£ | £
| At 1 June 2024 | 460,128 |  | 443,580
| Capital grants received | 3,206 |  | 30,108
| Amortisation of capital grant | (13,184) |  | (13,558)
| At 31 May 2025 | 450,150 |  | 460,130
| The above provisions are liabilities for Capital Grants received.
10 | Events after the reporting date
| No events occurred after the reporting date which require adjustment to the financial statements or disclosure in the financial statements.
11 | Contingent liabilities
| As far as the directors are aware there were no contingent liabilities at the year end.
12 | Related party transactions
| No related party transactions have taken place outside the normal course of business.
13 | Controlling party
| The ultimate controlling body has been identified as the Board of Directors whose details are set out on page 2.
14 | Other information
| Rathfriland and District Regeneration Company Ltd is a private company limited by guarantee without share capital and incorporated in Northern Ireland. Its registered office is:
| 9-11 Newry Street
| Rathfriland
| Co. Down
| BT34 5PY

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