Company Registration Number: Nl 27285 Charity Number: NIC100340 Castlewellan Regeneration Limited (Company Limited by Guarantee) Annual Report and Financial Statements Year Ended 31 March 2023 KPS Chartered Accountants Charterod Tax Advisers Registered Auditors 35 Irish Street Downpatrick BT30 6BW Castlewellan Regeneration Limited Financial Statements Year Ended 31 March 2023 Contents Page Charity Reference and Administrative Details Trustee's Annual Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Stetements 11-14 Castlewellan Regeneration Limited Charity Reference and Administrative Details Year Ended 31 March 2023 Charity registration number NIG100340 Company registration number N127285 Trustees Jean King Terence O'Reilly Samuel Brannigan Eamonn O'Neill John Shilliday Robert Trotter Hugh Gallagher John O'Neill Company Secretary Samuel Brannigan Registered Office The Lodge 10ublin Road Castlewellan Co Down BT319AQ Accountants KPS Chartcred Accountants 35 Irish Street Downpatrick Co Down BT30 6BW Bankers Ulster Bank Limited 29 Upper Square Castlewellan Co Down Solicitors Michael F Curran 29 Cpntral Promenade Newcastle Co Down BT33 OAA Castlewellan Regeneration Limited Trustee's Annual Report Year Ended 31 March 2023 The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 which complies with tle requirements for a directors, report and accounts under the Companies Act 2006. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities. (FRS 102) in preparing the annual report and financial statements of the charity Trustees of the charity The directors of ilie LkiaiiLable Gompany are Its trustee3 for the purposes of charity law. The trusteè8 who have served during the year ended 31 March 2023 and since the year end were as fo51ows: Jean King Terence O'Reilly Samuel Brannigan Eamonn O'Neill John Shi51iday Robert Trotter Hugh Gallagher John O'Neill Objectives and activities To organise the provision of financial assi3tance. technical assistance or business advisor or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through hglp in setting up their own business or existing business. The promotion for the public benefit of best practice in the field of urban and rural regeneration and in partip.iJlar within Castlewellan (the operating area) and including the promotion for the public without (without prejudice so that generality) the public benefit of the preservation of buildings or sites of historical or architectural importance, so as to enhance the provision or recreational facilities for the public at large or those by reason of their youth, age, infirmity or disablement. social and economic circumstances have neerj of such facilities. The promotion of such Other chantstsle purposes as the Gompany (CRL) see fit. Castlewellan Regeneration Ltd Mission Statement consists of the followin9'.- Castlewellan Regeneration Ltd aim is to Regenerate the economic. environmental and social life of Castlewellan by encouraging statutory, voluntary and private bodies and individuals to invest their tim9 2nd money in the town and district. By sharing and participating in partnerships with others, Castlewellan Regeneration Ltd also endeavours to improvg. the fabric of the wider South East Down Region to the benefit of all its people. In the past CRL have been instrumental in obtaining grants to bring derelict buildings back into community usage for example Hillyard house, The Corncrane Building from which the doctors in Castlewe11an now operate from and most recent and currently The Lodge Building from which CRL now operate from. CRL have over the past number of years carried out along with DDC a number of envifonmental improvement schemes throughout the town this ranged from footpaths, flowerbedslshrubs to spruce up projects for local traders antj businesses. Currently we are exploring further funding opportunities for Spruce Up Schemes. CRL continues to run the Tuesday Club for senior citizens that provides various activities and trips out for them. Prior to the Pandemic we would have 30 plus people attending the club and all who attend say that the club offers them a lifeline not only from the point of social but also rural isolation and firm fri?.ndships and wellbeing have been established as a result. Castlewellan Regeneration Limited Trustee's Annual Report Year Ended 31 March 2023 Public benefit statement The charity has given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities entered into during the year have helped to achieve the charity's objectives and activities as well as providing public benefit. Achievements and performance We would like to thank the directofs and the staff of Casueweiian Regeneratlon Ltd {CRL) for Ilieir unwavering commitment to the company. The past year has seen things getting back to more normal times however, we are all being affecied by issues beyoiid our control. For example, the increase in the cost of fuellpower along with the cost-of-living increase has undoubtedly affected everyone. Due to these increases CRL had to make the difficult decision to slightly increase our Se￿iCe charge and ad hoc rentals. This very small increase has enabled Castlewellan Regeneration Ltd to keep economically viable but as the cost of living crisis continues to escalate, we will continue to monitor the situation. We are extremely fortunate that all our tenants have understood our rational and have remained part of the complex within the lodge building, providing excellent services and facilities for the residents of Castlewellan and beyond. The variations in our tenants at the lodge provide many services to the local population from optician to podiatry and everything in be￿een, make up a vibrant centre alon95ide NCCE Chomalta5 who provide musicl culture to both our young and old. I would like to wish all our tenants and users continued success in all they ¢JO. This past year has seen our Tuesday Club back again to the level of pre covid and Énjoying such activities as keep fit, crafts, well being, energy efficiency advice etc and of course shopping trips. It is because of the success of the Tuasday Club that we hoping to qtArt a men's shed based in the lodge in the near future. As a community group we are all too aware of the challenges and difficulties faced by older people and the senior citizens club provides a much needed lifeline for all those who attend. Funding opportunities are becoming more and more difficult but during the past year we were able to secure funding to upgrade the indoor lighting in our communal areas as well as some of our offices with rTsore energy efficiency lighting helping to reduce our carbon footprint. We are currently in discussion to provide facilities for an energy advice officer who wlll provide informalionlsi9nposting to the public in a monthly clinic based in the lodge building. This will provide much needed support and information. I speak for my fellow Castlewelldll R¢generation Ltd directors, we will try whenevcr possible to bring about positive change and we will endeavour to continue our work commitments where possible. We would like to thank our solicitor Mr Michael Curran Newcastle for his help and advi￿ over the past year and a final thanks to nLir Staff who keep the wheels in motion. We look forward to seeing what the coming year brings but like the years gone by it will not be without change and possibilities. Castlewellan Regeneration Limited Trustee's Annual Report Year Ended 31 March 2023 Finanelal Roview The results for the year are set out in detail on pages 9 to 14. The charitable company had an overall loss in the year of £27,671 (2022 loss= £11,104). Within the overall loss was a deficit of £5,854 (2022.. £7,164 Surplus) in respect of unrestricted funds and a deficit of. £21,817 (2022: £18,268 deficit) in respect of restricted funds. Increased costs and in particular an increase in the cost of heat & light by £13,151 from £7,085 in the previous year to £20,236 in the current year contributed significantly to the £5,854 unrestricted funds deficit in the current year. At 31 March 2023, the total funds of the charity amounted to £783,677 {2022.' £811,348) comprising restrictecl funds of £737,059 (2022. £7fJ8.87G) and unrestricted funds of £46.618 (2022, £52,472). Resenies Policy Sound financial control and a robust policy of charging sensible rates for the use of facilities ensure we have established a level of resetves to enable the charity to cope with any unforeseen costs that may arise. Structure, governance and management Governing document The organisation is a charitable company limited by guarantee. The 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 the event of the company being wound up members are required to contribute an amount not exceeding £1. Recruitment and Appointment of Management Committee A diieclor of the company is also a charity trustee for the purposes of charity law undgr the company's Articles. Under the requirements of the Memorandum and Articles of Association the trustees are elected by the members present at the annual general meeting and shall hold office until the next annual general meeting. Rlsk Management The trustees have reviewed the major risks which the charity faces and believe that maintaining unrestricted reserves at the required levels and combined with an annual review of the controls over the key financial systems will provide sufficient resources in the event of adverse conditions The company continues in its commitment to meeting the highest standards of good governance and besl piactice. Further attention has focused on iion-financial risks arising from fire, hcalth and safaty and child protection. A key element in the management of financial risk is the setting of a reserves policy and its regular review by trustees. Castlewellan Regeneration Limited Trustee's Annual Report Yéar Ended 31 March 2023 Trustees, responsibilitSes Trustee's responsibilities statement The Trustees (who are also Directors of the charity company for the purpose of Company Law) are responsible for preparing the Trustee5' Annual Report and the financial statemcnts in ac¢ordanc9 Wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 {FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable accoLinting standards have been followed, subject to any material departures disclosed and explained in the financial statements-, prepare the financial statements on thp going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable acLuiacy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small Companies Exemption This report has been prepared in accordance with the special provisions for small companies under Pait 15 of the Companies Act 2006. si ned on bekidlf of the board of trustees on MR EAMONN O'N TRUSTEE Castlewellan Regeneration Limited Independent Examiner's Report Year Ended 31 March 2023 Independent Examiner's Report to the Trustees of Castlewellan Regeneration Limited. We report on the accounts of the charity for the year ended 31 March 2023 which are set out on pages 9 to 14. Respective responsibilities of Trustees and examiners As the charily s trustees (and also the directors of the company for the purpose of company 13w) YOLJ are responsible for the preparation of the accounts in accordance with the Companies Act 2006. Having been satisfied that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to-. Examine the accounts under section 65 of the Charities Act.. 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.. and State whether particular matters have come to our attention. Basis of Independent examinevs report I have examined your charity accounts as required un(Jer section 65 of the Ch