Company Registration NuFnber N1027893 Charity Registration Number 100133 Moygashel Community Development Assoclation Limlted (Charitable Company Limited by Guarantee) Annu31 Report & Unaudited Financial Statements For the Year Ended 30 November 2020 CavanaghKelly Chartered Accountants & Statutory Auditors 36 - 38 Northland Row Dungannon BT71 6AP
ashel OFnmunit itable Com velo ment Asso Limited b Guarantee Ch CONTENTS For the ear ended 3 02 Page General infomation Dlrectors. Report Independent Examinerfs Report Statement of Financial Activities statement of Financial Position 9-10 Notes to the Financlal Statements 11- 17 CavanaghKellyi Chartered Accountants & Statutory Auditors Page I
shel Communi "table Com Develo ent Asso Limited b Guarantee ted GENERAL INFO Board of Directors JJ Cavanagh Ann Kerr Kenneth Maginnis Hilda Orr Wllliam Oliver Ross Margaret Parke (Resigned 3010612021) Thomas Forsythe (Resigned 3010612021) Company Secretary William Oliver Ross Company Registration Number N1027893 Charity Reglstration Number 100133 Registered Office C/0 Simmons Meglaughlin & Orr Solicltors 20 Northland Row Dungannon Co. Tyrone BT71 6BL Independent Examiners CavanaghKelly Chartered Accountsnts 36-38 Northland Row Dungannon Co. Tyrone 8T71 6AP Bankers Danske Bank 5 Market Square Dungannon Co. Tyrone BT70 IAB Solicltors Simmons Meglaughlin & Orr 20 Northland Row Dungannon Co. Tyrone 8T71 6BL CavanaghKellyi Chartered Accountants & Statutory Auditors Page 2
ashel Communi Charitable Com Dav Limi ssoeia ante DI S. REP rthe ear ended 30 November 2020 The Direttors, who are the trustees for the pury)ose of charity law, have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year ended 30 November 2020. The financial statements have been prepad in accordance with the Statement of Recommended Practice °Accounting and Reporting by Charities. (FRS 102), Unlted Klngdom Generally Accepted Accounting Practice and the Companies Art 2006. Reference and Administration Detalls The reference and administration details of the tharitable company are as shown on page 2. Obje¢tive5 and Activities Objectives The objective of the charitable company is the promotlon for the publlc beneflt of rurdl regeneration in areas of social and economic deprivation and in partlcular the area of Moygashel and dlstrid. Actlvltles The company's artlvitles include the prnmotion of job opportunities and industrial projetts, enterprtses and inltiatives wlth the objertive of providing employment and improving the quality of life; undetsking projects of a community nature within the area in the interest of Social welfare for employment, recreatlon and leisure time occupation for those living or working in or resorting to the area,. promoting and encouraging social integration in the area. and providing housing including social and sheltered houslng to persons in need of such. Publlc Benefit statement The Dlrertors of Moygashel Community Developrnent A$500ation Llmlted confirm that they have complled with their duty under section 4{6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northem Ireland'5 guidan on public beneffit and that the public benefit requirement ha5 infonned the activitle5 of the charltable company In the year ended 30 November 2020. Achlevements and Performance After developlng the old, derelitt Moygashel factory into the Linen Green shopping centre and its onward sale, the company Is seeklng to use it5 current fund5 for the provision of housing. Flnancial Revlew Flnanclal Performance The financial performance was In line with the Oirectorfs expectations. The charftable company remalns in a sound ftnanciol positlon at the year end. The results for the year a Set out In detail on page5 8 to 17. The charitable company returned net outgoing reSoUrS for the year of E4,734 (2019 outgolng resources of £2,610). At 30 November 2020. the totsl funds of the charitable company amounted to £964,523 12019 E969,257) cornprislng erttirely of Un$trItted funds. Principal sources of funding and how thi5 has supported the key objectives of the charftable company are disdosed in the notes to the financial statements. CavanaghKellyi Chartered Accountants & Statstory Auditors Page 3
shel Communit Develo rnent Associati abl Com Limited b Guarantee Chari DIRECTORS, REPORT for ènd nued Financial Review (Continued) Reserves Policy The charitable company does not maintain a formal reseNes pollcy however the Board of Dlrectors continue to monitor the level of reseNes held by the charitable company and are satisfied that these are adequate to meet any Unfo$een expenditure Incurre(l. structure, Governance and Management Organisational Strurture The charitable company is a company limited by guarantee, not having a share capltal. The charitable company was established under a Memorandum of Association whlch established the objects and powers of the chaiitable company and is govemed under Its Artlcles of Assoclatlon. In accordance wlth the Artldes of Association. the mernbers to tire by rotation shall be those who have been longest In office Since thelr last election, and the relevant motion will be put at the Annual General Meeting. A retirfing member shall be eligible for re-election. Directors The Directors during the year are the same as the Direttors as listed on page 2. Taxation Status The charitable company is recognlsed as a charity by HM Revenue & Customs. Accordlngly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporatlon Taxes Act 2010 and Settion 256 Taxatlon of Charyeable Gain5 Act 1992. Directors, Responsibllltles The Directors are responsible for preparing the financial statements in accordance with applicable law and United Klngdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Director5 to prepare financial Statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resource5 and application of resources, including the income and expendlture, of the charitable company for that year. In preparing these financial statements the Dlrectors a required to: select suitable accounting policie5 and apply them con5iStentlyi observe the methods and principles in the Charities SORP {FRS 102); make Judgements and estlmates that are reasonable and prudent; state whether appllcable UK Accounting Standard5 have been followed, subject to any materlal departures ¢Jlsclosed and explained in the financial statements; and prepare the flnancial statements on the going concem basi5 unless It Is Inappropriate to presume that the charitable company will continue in operation, The Directors are respon51ble for keeplng adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detectlon of fraud and other Irregularities. avanaghKellyi Chartered Accountants & Statutory Auditors Page 4
Mo ashel Charitable Com en tion Limited an DI OR5. REPORT for the ear ended 30 N 020 Small Companies Exemption The above report has been prepared in accordance with the speclal provlslons relatlng to small companles within Part 15 of the Companie5 Act 20D6. Thls report was approved by the Board of Directors 2310812021 and signed on Its behalf by: William Oliver Ross Director Com hari an Re istration Numb Re istration Num Io 789 33 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 5
ashel Communit Develo ment Association Limited Charita ecom Limited b Guarantee INDEPENDENT EXAMINER'S statements of Mo a5hel Comm ended 30 Nov mber Z020 he m Ited f Inan ia We report on the financial statements of the company for the year ended 30 November 2020 whlch are set out on pages 8 to 17. Respectlve Responsibilities of Directors and Independent Examiner As the charitable company'5 Directors, who are the tru5tee5 for the purpose of charlty law, you are responslble for the preparation of the financial 5tatement5 in accordance wlth the requlrements of the Companies Act 2006. Having satisfied ourselve5 that the charitable company Is not subject to audit under company law, and is eligible for independent examination, It Is our responslblllty to: examlne the accounts under section 65 of the Charities Art {Northem Ireland) 2008- follow the procedures lald down irF the general Directions given by the Charity Commission for Northern [lartd under sectlon 65(9){b) of the Charities Act (Northem Ireland) 2008; and state whether partlcular matters have come to our attention. Basis of Independent Examiner's Report We have examlned your charitable company's flnancial statements as requlred under section 65 of the Charities Act (Northem Ireland) 2008 and our examlnation was carried out In accordance with the general Directlons given by the Charity Commission for Northem Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008. The examination included a revSew of the accounting records kept by the charitable cornpany and a comparison of the account5 presented wlth those records. It also includes consideration of any unusual item5 or disclosures in the accounts, and seeking explanations from you as charitable company Directors concerning any such matters. Our role Is to state whether any material matters have come to our attention giving us cause to believe.. That accountlng records were not kept In acctydance wlth sectlon 386 of the Companies Act 2006; or That the accounts do not accord with those accountlng records; or That the accounts do not cornply with the accounting requirements of sectlon 396 of the Companies Act 2006 and with the methods and princlples of the Charitie5 Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Yinancial Reporting Standard applicable in the UK and Republic of Ireland. or That there Is further infomiation needed for a proper understanding of the accounts to be reached. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 6
ashel Communi Char Com Oevelo ment Associa Limited b Guarantee INDEPENDENT EXA statement ended RE th on the unaudited financial ment Association Limited for the ear ash unl bér Independent Examlner's Statement We have cornpleted our examinatlon and have no concems in respert of the matters listed above and, in connertion wlth following the Dlrert5on5 of the Charity commi40n for Northern Ireland, we have found no matters that require drawlng to your attentlon. CavanaghKelly Chartered Accountants & Statutory Auditor5 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 2310812021 CavanaghKellyi Chartered Accountants & Ststutory Auditors Page 7
ni Devolo ment Association Limited Limited b Guarantee bl STATEMENT OF FINANCIAL Acri Includrn an income & ex enditur For th ear ended O November 2 Unrestricted Restrlcted Funds Funds Total Funds Total Funds 2020 2020 2020 2019 INCOME AND ENDOWMENTS Income from Investments {Note 3) TOTAL INCOME AND ENDOWMENTS RESOURCES EXPENDED Charitable Activities {Note 4) TOTAL RESOURCES EXPENDED (4,734) (4,734) (4,734) (4.734) (2,610) {2,610) Net Incoming/{outgoing) resources for the year (4,734) 14.734) {2,610) Trdnsfers between fund5 Total funds brought forward 969,257 969,257 971,867 Total funds carried forward 964 523 964 523 969 257 The above Statement of Financial Activities includes all informatlon as required to be dlsclosed by the Companies Att 2006. All of the artivities of the charftable company are dassed as continuing. The Statement of Flnanclal Artivities indudes all gains and losses recognised during the year. The notes on pages 11 to 17 form an integral part of the finanaal statements. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 8
ashel Communi Chari able Com Develo ment Limited b Guarantee nLi STATEMENT OF FINA ber 2020 Note 2020 2019 Fixed Assets Propertyi plant and equipment 867 438 202 846 Current Assets Receivable5 Cash and cash equivalents 1.494 117 591 119.085 204 769 207 769,411 Payables: Amounts falling due wlthln in one year io Net current assets 964 523 969 257 REPRESENTED BY: Unrestricted funds Restricted funds Total Funds li li 964,523 969,257 964 523 969 257 The Directors, statements shown on the followlng page forni part of this Statement of Financial Position. CavanaghKellyi Chartered Accountants & Statutory Audltors Page 9
el Commun abl om Develo ment Association Limited b Guarantee Chari STATEMENT OF FIN at er 2020 Continued These financial statements have been prepared in accordance with the provisions applicable to small companie5 reglme withln Part 15 of the Companies Act 2006. For the financial year ended 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The Directors confirm that the members have not requlred the company to obtaln an audit of its flnancial statements for the year in questlon In accordance wlth settion 476 of the Companies Act 2006. The Dlrettors acknowledge their responsibilities for ensuring that the charitable company keeps accountlng records which comply with Section 386; and for preparing financlal statements whlch glve a true and falr view of the state of affalrs of the charitable company as at the end of the finandal year and of its incoming or outgoing resour5 for the financial year in accordance with the requirements of sertions 394 and 395 and which othernise comply with the requ1ments of the Companles Act 2006 relating to financial Statements, so far as applicable to the charitable company. The notes on pages 11 to 17 form an integrnl part of the financial statements. The financial statements were approved and authorised for issue by the Board of Direttots on 2310812021 and slgned on thelr behalf by: Willlam Oliver Ros$ Director Com hari tra mber: N1027893 mb 33 str CavanaghKellyi Chartered Accountants & Statutory Auditors Page 10
ashel Communit Develo ent Associ aritable Com Limit b Guarante ed NOTES TO T Forth ar ended IAL GENERAL INFORMATION Moygashel Community Development As50flation Limlted Is a charitable company Ilmlted by guarantee incorporated in Northern Ireland. In the event of the charStable company belng wound Upi the liability in respect of the guarantee is Ilmlted to an amounf not eXeding £2 per member of the charitable company. The address of the reglstered office is as shown on page 2. The charitable company constltutes a public beneflt entity as deflned by FRS 102. ACCOUNTING POLICIES The following accounting policies have been applled consistently In deallng wlth Items whlch are consldered material in relation to the charitable companvs financial statements, Statement of Compliance The nnancial statements have been prepared in accordantr with Accounting and Reporting by Charites: Statement of Recommended Practi (SORP) applicable to charities preparing their financial Statements In accordance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland (FRS ID2) effective l January 2019 (Second Edition), the Financial ReportSng Standard appllcable in the United Kingdom and Republic of Ireland (FRS 102) and the Companles Act 2006. Basis of Preparation The flnancial statements are prepared on a going concem basls under the hi5torlcal cost convention unless otherwise stated in the relevant accountlng policy. Historical cost Ss generally based on the fair value of the consideratlon given in exchange for assets. The followlng accounting policies have been applied consistently in dealing with Items whlch are consldered material In relation to the charitable company's financial statement5, Cash Flow Statement The charitsble company has applled Update Bulletln 2 as published on 5th October 2018 (effettive l January 2019) and does not Include a cash flow statement on the grounds that It is applying FRS 102 Section IA. Income and EndowmeThts (l) Investment Income Income from Investment activities includes interest and dlvldends earned on investments. It Is recognised as eamed. CavanaghKellyK Chartered AccountaTrts & Stathtory Audttors Page 11
ashel Comm Charitable Com el ocia Lim ar TE FIN ATEMENTS er 2020 Continued 30N ve ACCOUNTING POLICIES (Continued) Expenditure Expenditure Is recognlsed when a liability Is incurred. Where costs cannot be directly attributed to a partlcular heading, they have been allocated to activitie5 on a basis cons1Stent wlth use of resources. (i) Charitable Activities This comprises all the resources applled by the charitable company In undertaking its work to meet its charitable objertives. Chadtable artivities will Include the costs of governance arrangements whlch late to the general running of the charitable company. Fund Accounting The charitable company has two type5 of funds for which it Is responslble at the year end: Unrestrlcted funds - Funds which are expendable at the discretion of the Dlrettors In furtherance of the objectives of the charitable company. In additions. funds may be held In order to finance capital investment and working capital. Restricted funds - Income received for specific purposes. Such purposes are within the overall aim5 of the charitable company. Investment Propertv Investment property is carried at fair value detemiined annually and derlved from the current market rents and investment property yields for comparable real estate, adjusted, If necessary* for any difference in the nature, location or condition of the 5peclflc asset. No depreciation is provided. Changes in fair value are recognised in the statement of flnancial attivities. Trade and Other Receivables Trade and other recelvables a inltially recorded at fair value and thereafter stated at cost less irnpairment losses for bad and doubtful debts. Trade and Other Payables Trade and other payables are initially recognlsed at fair value and thereafter stated at cost. Taxation As a charlty, the charltable company is not liable to Corporation Tax. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 12
ashel Cornmuni arl ble Com an Develo ment Associa Limited b Guarantee NOTES TO T For the ear end ci ENT ed 2. ACCOUNTXNG POLICIES (Contlnued) 2.10. Finance Costs Flnante costs are charged to the statement of finandal attlvlties over the term of the debt. 2.11. Cash and Cash Equivalents Cash and cash equivalents indudes cash in hand, deposits held at call wlth banks, other short term highly liquid investments wlth orioinal maturltles of the months or less 2.11. Financial Instruments (l) Nnancial assets Baslc financlal assets, induljing trade and other receivables, cash and bank balan$ and amounts owed by related parties and are initially recognised at transaction price, unles5 the arrangement constltutes a financing transaction. where the transartion is measured at the present value of the future receipts discounted at a rnarket rate of interest. Such asset5 are subsequently carrled at amortised cost using the effective interest method. At the end of each reporting pertod financial assets measured at amortised cost are assessed for objective evidence of Impaimient. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effectlve Interest rate. The Impalrment Ioss 15 recognised in profit or loss. If there is decrease in the impairnient loss arising from an event occurring after the Impairment was recognised, the impaimient is reversed. The reversal is such that the current carrying amount does not exed what the carrylng amount would have been had the Impalmient not previously been recognised. The impairment reversal 55 recoynised in profit or loss. Financial a55ets are derecognised when (a) the contractual rights to the cash flow5 from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) desplte having retajned some signifficant risks and reward5 of ownershlp. control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated thlrd party wlthout imposing additional restrictions. (11) Flnanclal IlabS1ities Basic flnanclal Ilabllltles, Including trade and other payables, bank loans and overdrafts and arnounts owed to related parties are initially recognised at transactlon prlce, unless the arrangement constitutes a financing transaction, where the debt instrument Is meaSUd at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, uslng the effective Interest rate rnethod. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 13
Mo ashel Communit Develo ment As Charitable Com an Limit b Guarante te OTES T For the NT ear ov IL 2. ACCOUNTZNG POLICIES (Continued) Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that Some or all of the facility will be drawn down. In thi5 case, the fee Is deferred until the draw-down occurs. To the extent there Is no evldence that It is probable that some or all of the facility will be drawn down, the fee Is capitalised as a pre-payment for liquldlty servlces and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or seNlces that have been acqulred In the ordlnary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within cne year or less. If not, they are presented as non-current Ilabilities. Trade payables are recognised initially at transaction price and Subsequently measured at amortised cost uslng the effettive interest method. Financlal Ilabllities are derecognised when the liability is extinguished, that Is when the contractual obligation 15 dlscharged, cancelled or expires. {lii) Offsettlng Financial assets and liablllties are offset, and the net amounts presented In the financial statements when there 15 a legally enforceable right to set off the recognlsed amounts and there is an intention to settle on a net basis or to reallse the asset and settle the Ilability Simultaneously. INCOME AND ENDOWMENTS Unrestricted Restricted Fund5 Funds 2020 2020 Total Funds 2020 Total Funds 2019 Charitable Activttie5 Investment income Total Income and Endowments Income from Charitable Attivities in the year ended 30 November 2019 was nll. CavanaghKelly Chartered A¢¢ountants & Statutory Auditors Page 14
sh I Communi rita an Develo ment Assoctation Limi Limited b Guarantee NOTES TO THE FINAN For the ear nded 30 Nov EME tinu RESOURCES EXPENDED Unrestricted Restrlrted Funds Funds 2020 2020 Total Funds 2020 Total Funds 2019 Charltable Actlvltles Independent Examinerfs RemLFneratlon Bank Entere5t & Charyes Insurance Total Resources Expended 3,134 3,134 2,460 150 150 150 Expenditure on Charitsble Activlties in the year ended 30 November 2Q19 of E2,610 was made up of entirely unrestrtcted funds. NET INCOME/(EXPENDITURE) FOR THE YEAR Net Income/{expenditure) is stated after charging/(crediting): 2020 2019 Independent Examinerfs remuneration CavanaghKellyi Chartered Accountants & Statutory Auditors Page 15
Mo ashel Communi Charitable Com Develo Limited b ment Association L" uarantee NOTES TO THE For the Year Ended ATE 6. INDEPENDENT EXAMINER'S REMUNERATION 2020 2019 Independent examinerf5 remuneration Independent examinerfs services 7. sfAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company during the year was nil. {2019: NIL) 7.1. DIREcfoRS' REMUNERATION The Directors received nor waived any remunerntion OT any other beneflts durlng the year and no reimbursement of expenses incurred. 8. INVESTMENT PROPERTY Investment Property Total Cost At 30 November 2019 Addition5 Disposals At 30 November 2020 202,846 664,592 202.846 664,592 867,438 867,438 Depreclatlon At 30 November 2019 Charge for year Disposa15 At 30 November 2020 Carrylng amount At 30 November 2020 867,438 867,438 At 30 November 2019 202,846 202,846 CavanaghKellyrt Chartered Accountants & Statutory Auditors Page 16
ashel Communtt Develo ment Association Limited Charl ble Com Limited b Guarantee NOTES TO THE FIN r the Year End d ENT 20 9. RECEIVABLES 2020 2019 Trade receivables VAT 42 42 162 204 10. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Accruals and deferred income Other Payables 3,000 3,000 11. ANALYSIS OF NEf ASSETS Unrestricted Funds 2020 Restrlcted Funds 2020 Total Funds 2020 Total FLsnds 2019 Flxed Assets Current Assets Current Liabilities 867,438 119,085 867,438 119,085 202,846 769,411 964 523 964 523 969 257 12. ANALYSIS OF FUNDS Unrestrlrted Restricted Funds Funds 2020 2020 Total Funds 2020 Total Funds 2019 Openlng balance Net Incomlngl(outgolng) resources Transfer between funds Closlng balance 969,257 (4,734) 969,257 (4,734) 971,867 {2,610} 964 523 964 $23 969 257 CavanaghKellyr Chartered Accountants & Statutory Auditors Page 17