Mo Ch ashel Communit Develo ment Association Limited ri le Com an Limited b Gu ntee Company Registration Number N1027893 Charity Registration Number 100133 Moygashel Community Development Association Limited (Charitable Company Limited by Guarantee) Annual Report & Unaudited Financial Statements For the Year Ended 30 November 2024 CavanaghKelly Chartered Accountants & Statutory Auditors 36 - 38 Northland Row Dungannon BT71 6AP
ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarantee CONTENTS For the ear ended ONOV 24 Page General Information Directors, Report Independent Examiner's Report Statement of Financial Activities statement of Financial Position 9-10 Notes to the Financial Statements CavanaghKellyi Chartered Accountants & Statutory Auditors Page I
Mo ashel Communit Develo ment Association Limited Charitab Limited b Guarant GENERAL INFORMATION Board of Directors JJ Cavanagh Ann Kerr (resigned 24 Jan 2024) Kenneth Maginnis (resigned 30 Sept 2024) Hilda Orr (resigned 25 Jan 2024) William Oliver Ross Company Secretarv William Oliver Ross Company Registration Number N1027893 Charity Registration Number 100133 Reg istered Office CIO Simmons Meglaughlin & Orr Solicitors 20 North5and Row Dungannon Co. Tyrone BT71 6BL Independent Examiners CavanaghKelly Chartered Accountants 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Bankers Danske Bank 5 Market Square Dungannon Co. Tyrone BT70 IAB Solicitors Sirnmons Meglaughlin & Orr 20 Northland Row Dungannon Co. Tyrone BT71 6BL CavanaghKellyN Chartered Accountants & Statutory Auditors Page 2
Mo ashel Communit Develo ri Limi ed ment Association Limited uarantee DIRECTORS. REPORT for the ear ended 30 November 2024 The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year ended 30 November 2024. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102), United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006. Reference and Administration Details The reference and administration details of the charitable company are as shown on page 2. Objectives and Activities Objectives The objective of the charitable company is the promotion for the public benefit of rural regeneration in areas of social and economic deprivation and in particular the area of Moygashel and district. Activities The company's activities include the promotion of job opportunities and industrial projects, enterprises and initiatives with the objective of providing employment and improving the quality of life,. undertaking projects of a community nature within the area in the interest of social welfare for employment, recreation 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 housing to persons in need of such. Public Benefit Statement The Directors of Moygashel Community Development Association Limited confirm that they have complied with their duty under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 30 November 2024. Achievements and Performance After developing the old, derelict Moygashel factory into the Linen Green shopping centre and its onward sale, the company is seeking to use its current funds for the provision of housing. Financial Review Financial Performance The financial performance was in line with the Directors, expectations. The charitable company remains in a sound financial position at the year end. The results for the year are set out in detail on pages 8 to 17. The charitable company returned net incoming resources for the year of £29,307 (2023 outgoing resources of £78,946). At 30 November 2024, the total funds of the charitable company amounted to £876,567 (2023 £847,260) comprising entirely of unrestricted funds. Principal sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 3
ashel Communit Develo Charitable Com an Limi ment Association Limited rantee DIRECTORS, REPORT for the ear ended 30 November 2024 Continued Financial Review (Continued) Reserves Policy The charitable company does not maintain a formal reserves policy; however, the Board of Directors continue to monitor the level of reserves held by the charitable company and are satisfied that these are adequate to meet any unforeseen expenditure incurred. structure, Governance and Management Organisational Structure The charitable company is a company limited by guarantee, not having a share capital. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In accordance with the Articles of Association, the members to retire by rotation shall be those who have been longest in office since their last election, and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-election. Directors The Directors during the year are the same as the Directors as listed on page 2. Taxation Status The charitable company is recognised as a charity by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors. Responsibilities The Directors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charltable company and of the incoming resources and application of resources, including the incorne and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are required to: select suitable accounting policies and apply them consistentlyi observe the methods and prlnciples in the Charities SORP (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue in operation. The Directors are responsible for keeping adequate accounting record5 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 detection of fraud and other irregularities. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 4
Mo ashel Communit Develo ment Association Limited ri Com an Limited b Guaran DIRECTORS. REPORT for the ear ended 30 November 2024 Continued Small Companies Exemption The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. This report was approved by the Board of Directors on Jg rm its behalf by: 2025 and signed on William Oliver Ross Director Com an Re istration Number: N102789 Charit Re istration Number: 100133 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 5
Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarant INDEPENDENT EXAMINER'S REPORT to the members on the unaudited financial statements of Mo ashel Communit Develo ment Association Limited for the ended 30 November 2024 We report on the financial statements of the company for the year ended 30 November 2024 which are set out on pages 8 to 17. Respective Responsibilities of Directors and Independent Examiner As the charitable company's Directors, who are the trustees for the purpose of charity law, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charitable company is not subject to audit Ljnder company law, and is eligible for independent examination, it is our responsibility to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008; follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008; and state whether particular matters have come to our attention. Basis of Independent Examiner's Report We have examined your charitable company's financial statements as required under section 65 of the Charities Act (Northern Ireland) 2008 and our examination was carried out in accordance vvith the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008. The examination included a review of the accounting records kept by the charitable company and a comparison of the accounts presented wvith those records. It also includes consideration of any unusual items 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 materlal matters have come to our attention giving us cause to believe: That accountlng records were not kept in accordance with section 386 of the Companies Act 2006; or That the accounts do not accord with those accounting records; or That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland,. or That there is further information needed for a proper understanding of the accounts to be reached. CavanaghKelly, Chartered Accountants & Statutory Auditors Page 6
Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarante INDEPENDENT EXAMINER'S REPORT to the members on the unaudited financial atement ofmo ashel Communi velo ment Association Limited for th ended 30 November 2024 Independent Examiner's Statement We have completed our examination and have no concerns in respect of the matters listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. Cavanagh Chartered Accountants & Statutory Auditors 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: CavanaghKellyi Chartered Accountants & Statutory Auditors Page 7
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Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Gu ntee STATEMENT OF FINANCIAL POSITION as at 30 November 2024 Note 2024 2023 Fixed Assets Property. plant and equipment 867,438 867,438 Current Assets Receivables Cash and cash equivalents 1,467 1,082 13,506 14,905 Payables: Amounts falling due within in one year Net Current Assets / (Liabilities) 9,129 (20,178) Net Assets 876,567 847 260 REPRESENTED BY: Unrestricted funds Restricted funds Total Funds io io 876,567 847,260 876,567 847 260 The Directors, statements shown on the following page form part of this Statement of Financial Position. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 9
Mo ashel Communit Develo ment Association Limited harit an Limited b G rantee STATEMENT OF FINANCIAL POSITION as at 30 November 2024 Continued These financial statements have been prepared in accordance with the provisions applicable to small companies regirne within Part 15 of the Companies Act 2006. For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The Directors confirm that the members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with Section 386; and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming or outgoing resources for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes on pages 11 to 17 form an integral part of the financial statements. The financial statements were approved and authorised for issue by the Board of Directors on 2orMfv4 2025 and signed on their behalf by: William Oliver Ross Director Com Re istration Number: N1027893 Charit Re istration Number: 100133 CavanaghKellyi Cha rtered Accountants & Statutory Auditors Page 10
Mo ashel Communit Develo ment Association Limited Chari an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 30 November 2024 I. GENERAL INFORMATION Moygashel Community Development Association Limited is a charitable company limited by guarantee incorporated in Northern Ireland. In the event of the charitable company being wound Upi the liability in respect of the guarantee is limited to an amount not exceeding £2 per member of the charitable company. The address of the registered office is as shown on page 2. The charitable company constitutes a public benefit entity as defined by FRS 102. 2. ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company's financial statements. statement of Compliance The financial staternents have been prepared in accordance with Accounting and Reporting by Charites: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Fieporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2019 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of Preparation The financial statements are prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company's financial statements. Cash Flow Statement The charitable company has applied Update Bulletin 2 as published on 5th October 2018 (effective l January 2019) and does not include a cash flow Statement on the grounds that it is applying FRS 102 Section IA. Income and Endowments (i) Investment Income Income from inveslment activities includes interest and dividends earned on investments. It is recognised as earned. CavanaghKellyi Cha rtered Accountants & Statutory Auditors Page 11
Mo ashel Communit Develo ment Association Limited Charitable Com Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 30 N 24 Continued 2. ACCOUNTING POLICIES (Continued) Expenditure Expenditure is recognised when a liability is incurred. Where costs cannot be directly attributed to a particular heading, they have been allocated to actlvities on a basis consistent with use of resources. (i) Charitable Activities This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives. Charitable activilies will include the costs of governance arrangements which relate to the general running of the charitable company. Fund Accounting The charitable company has two types of funds for which it is responsible at the year end: Unrestricted funds - Funds which are expendable at the discretion of the Directors in furtherance of the objectives of the charitable company. In additions, funds may be held in order to finance capital investmenl and working capital. Restricted f unds Income received for specific purposes. Such purposes are within the overall aims of the charitable company. Investment Property Investment property is carried at fair value determined annually and derived 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 specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of financial activities. Trade and Other Receivables Trade and other receivables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts. Trade and Other Payables Trade and other payables are initially recognised at fair value and thereafter stated at cost. Taxation As a charityi the charitable company is not liable to Corporation Tax. CavanaghKellyi Cha rtered Accountants & Statutory Auditors Page 12
Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS 30 November 2024 Continued 2. ACCOUNTING POLICIES (Continued) 2.10. Finance Costs Finance costs are charged to the statement of financial activities over the term of the debt. 2.11. Cash and Cash Equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less 2.11. Financial Instruments (i) Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial asset5 measured at amortised cost are assessed for objective evidence of impairment. 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 effective interest rate. The impairment loss is recognised In profit or loss. If there is decrease in the impairment loss arising from an event occurring after the Impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in p rofit or loss. Financial assets are derecognised when (a) the contractual rights to the cash flows 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) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (li) Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 13
Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 30 November 2024 Continued 2. ACCOUNTING 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 this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non- current liabilities. Trade payables are recognised initia Ily at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obllgation is discharged, cancelled, or expires. (iii) Offsetting Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 3. INCOME AND ENDOWMENTS Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Charitable Activities Investment income Total Income and Endowments 30,240 30,240 31,680 Other Gains / (losses) Profit on disposal of lease interest 15,000 15,000 15,000 15,000 CavanaghKelly, Chartered Accountants & Statutory Auditors Page 14
Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 30 November 2024 Continued RESOURCES EXPENDED Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Charitable Activities Rates Insurance Repairs and maintenance Independent Examiner's Remuneration Management Fee5 Professional Fees Bank Interest & Charges Total Resources Expended 3,533 3,227 3,455 1,921 3,533 3,227 3,455 1,921 2,673 2,986 95,505 2,323 3,629 3,629 5,271 1,693 175 110,626 168 15,933 168 Expenditure on Charitable Activities in the year ended 30 November 2023 of £110,626 was made up of entirely unrestricted funds. NET INCOME/(EXPENDITURE) FOR THE YEAR Net income/(expenditure) is stated after charging/(crediting): 2024 2023 Independent Examiner's remuneration 1,921 2,323 CavanaghKellyr Chartered Accountants & Statutory Auditors Page 15
Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS h Year Ended mb r 2024 Continued 6. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company during the year was Nil. (2023,. NIL) 6.1. DIRECTORS. REMUNERATION The Directors received nor waived any remuneration or any other benefits during the year and no reimbursement of expenses incurred. 7. INVESTMENT PROPERTY Investment Property Total Cost At 30 November 2023 867,438 867,438 867,438 867,438 At 30 November 2024 Carrying amount At 30 November 2024 867,438 867.438 At 30 November 2023 867,438 867,438 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 16
Mo ashel Communit Develo ment Association Limited hari Com Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 November 2024 Continued 8. RECEIVABLES 2024 2023 Other receivables 1,467 1,082 9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals and deferred income 10. ANALYSIS OF NET ASSETS Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Tota I Funds 2023 Fixed Assets Current Assets Current Liabilities 867,438 13,506 867,438 13,506 867,438 14,905 876 567 876 567 847 260 11. ANALYSIS OF FUNDS Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Openlng balance Income Expenditure Other Gains Closing balance 847,260 30,240 (15,933) 847,260 30,240 (15,933) 15,000 876 567 926,206 31,680 (110,626) 876 567 847 260 CavanaghKellyr Chartered Accountants & Statutory Auditors Page 17