.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 Chartered Tax Advisers Registerecl Auditors 35 Irish Street Downpatrick BT30 6BW
Castlewellan Regeneration Limited Financial Ststements Year Ended 31 March 2023 Contents Page Charity Reference and Administrative Details Trustee's Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements 11-14
Castlewellan Regeneration Limited Charity Reference and Administrative Details Year Ended 31 March 2023 Charity registration number NIC100340 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 8rannigan Registered Office The Lodge 1 Dublin Road Castlewellan Co Down BT319AQ Accountants KPS Chartered Accountants 35 Irish Street Downpatrick Co Down BT30 6BW Bankers Ulster Bank Limited 29 Upper Square Castlewellan Co Down Solicitors Michael F Curran 29 Central 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 unaudrted financial statements of the charity for the year ended 31 March 2023 which complies with the 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 the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year ended 31 March 2023 and since the year end were as follows.. Jean King Terence O'Reilly Samuel Brannigan Eamonn O'Neill John Shilliday Robert Trotter Hugh Gallagher John O'Neill Objectives and activlties To organise the provision of financial assistance, 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 help 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 particular 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 need of such facilities. The promotion of such other charitable purposes as the Company (CRL) see fit. Castlewellan Regeneration Ltd Mission Statement consists of the following'.- Castewelsan Regeneration Ltd aim is to Regenerate the economic, environmentsl and social life of Castlewellan by encouraging statutory, voluntary and private bodies and individuals to invest their time and money in the town and district. By sharing and participating in partnerships with others, Castlewellan Regeneration Ltd also endeavours to improve 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 Castlewellan now operate from and most fecent 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 environmental improvement schemes throughout the town this ranged from footpaths, flowerbedslshrubs to spruce up projects for local traders and businesses. Currently we are exploring further ftjnding opportunities for spru 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 friendships 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 directors and the stsff of Castlewellan Regeneration Ltd (CRL) for their unwavering commitment to the company. The past year has seen things getting back to more normal times however, we are all being affected by issues beyond our control. For example, the increase in the cost of fuellpower along with the cost-of-living incfease has undoubtedly affected everyone. Due to these increases CRL had to make the difficult decision to slightly increase our service charge and ad hoc rentals. This very small increase has enabled Ca5tlewelSan 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 between, make up a vibrant centre alongside NCCE Chomaltas 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 do. This past year has seen our Tuesday Club back again to the level of pre covid and enjoying 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 Tuesday Club that we hoping to start 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 more energy efficiency lighting helping to reduce our carbon footpnnt. We are currently in discussion to provide facilities for an energy advice officer who will provide informationlsignposting 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 Castlewellan Regeneration Ltd directors, we will try whenever 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 advice over the past year and a final thanks to our staff who keep the wheels in motion. We look foNard 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 Financial Review 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 restricted funds of £737,059 (2022- £758,876) and unrestricted funds of £46,618 (2022. £52,472) Reserves Policy Sound financial control and a robust policy of charging sensible rates for the use of facilities ensure we have established a level of reserves 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 director of the company is also a charity trustee for the purposes of charity law under 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. Risk 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 best practice. Further attention has focused on non-financial risks arising from fire, health and safety 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 Year Ended 31 March 2023 Trustees, responsibilities 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 Trustees, Annual Report and the financial statements in accordance with 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 accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the 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 accuracy 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 Part 15 of the Companies Act 2006. Signed on behalf of the board of trustees on MR EAMONN TRUSTEE NEILL
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 charity's trustees (and also the directors of the company for the purpose of company law) you 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 examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general directions given by the Charity Commissioner for Northern Ireland under section 65(9)(b) of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as charity directorsltrustees concerning any such matters. My role is to state whether any material matters have come to our attention giving us cause to believe.. That accounting records were not kept In accordance with section 63 of the Charities Act. That the accounts do not accord with those accounting records., That the accounts do not comply with the accounting requirements of the Charities Act That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connec n with following directions of the Charity Commission for Northern Ireland, we have found no matters t re re awing to your attention. Kyran S yth Independent Exa er For and on behalf of KPS Chartered Accountsnts 35 Irish Street Downpatrick Co Down BT30 6BW Date..IL
Castlewellan Regeneration Limited Statement of Financial Activities Year Ended 31 March 2023 Notes Unrestricted Funds Restrlcted Funds Total Total Funds Funds 2022 2023 Income: Charitable Activities Grants Total income 76,678 76,678 2,974 79,652 61,142 14,337 75,479 2,974 2.974 76.678 Expenditure on: Charitable Activities Governance Costs Total expenditure 80,532 2,000 82.532 24,791 105,323 2,000 107,323 84,783 1,800 24,791 Net incomelexpenditure Net movement on Funds 5,854 5,854 21,817 21,817 27,671 27,671 11,104 Reconciliation of Funds Total funds brought forward Net movement in Funds for Year Total funds carried fofward 52,472 5.854 46,618 758,876 811,348 822,452 21,817 27,671 11,104 737,059 783,677 811,348 All income and expenditure derives from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The notes on pages 11 to 14 fomi part of these financial statements.
Castlewellan Regeneration Limited Balance Sheet Year Ended 31 March 2023 NOTES 2023 2022 Fixed Assets Tangible Assets 780 218 800 891 Current Asset Debtors & Prepayments Cash at bank and in hand 5,700 4,408 11,589 16,632 Creditors: Amounts falling due within one year Net Current Assets I (Liabilities) Total Assets Less Current Liabilities 783,677 811,348 Net Current Liabilities Amounts falling due after more than one year Net Assets Charity Funds Restricted Funds Unrestricted Funds 737,059 758,876 Totsl Charity Funds For the year ended 315t March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Trustees, responsibilities= The Trustees have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.. and The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Accounts. These financial statements have been prepared in accordance with the special provisions relating to companies, subject to the small companies regime within part 15 of the Companies Act 2006. OVED BY THE BOARD OF TRUSTEES ON .... . AND SIGNED ON THEIR BEHALF BY MR EAMONN O, TRUSTEE ILL COMPANY REGISTKATION No. Nl 27285 The notes on pages 11 to 14 form part of these financial statements. 10
Castlewellan Regeneration Limited Notes to the Financial Statements Year Ended 31 March 2023 1. Summary of significant accounting policies (a} BASIS OF ACCOUNTING Castlewellan Regeneration Limited is a company limited by guarantee in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charity constitutes a public benefit entity as defined by FRS 102. The fsnancial statements have been prepared in accordance with Accounting and Reporting by 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 IFRS 1021 (Charities SORP (FRS 102}}, Charities Act (Northern Ireland) 2008, the Companies Act 2006, and UK Generally Accepted Accounting Practice. The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash fiow statement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless othemise stated. (b) INCOMING RESOURCES All incoming resources are included in the Ststement of Financial Activities when the charity is legally entitled to income and the amount can be quantified with reasonable accuracy. RESOURCES EXPENDED Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. ALLOCATION AND APPORTIONMENT OF COSTS. All costs relate to the single activity of the charitable company and are recognised accordingly. FUND ACCOUNTING Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated funds are funds set aside by the trustees out of unrestricted general funds for the specific future purposes or projects. DEBTORSICREDITORS RECEIVEABLEIPAYABLE WITHIN ONE YEAR Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. (c) (d) (e) (fj The notes on pages 11 to 14 form part of these financial statements. 11
Castlewellan Regeneration Limited Notes to the Financial Statements Year Ended 31 March 2023 (g) TANGIBLE FIXED ASSETS Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. 2°/ On Cost 15 % Reducing Balance 200/0 Reducing Balance Land & Buildings: Fixtures & Fittings & Equipment" Plant & machinery (h) LIMITED BY GUARANTEE The company is limited by guarantee and does not have a share capital. Income from charitable activities and grants 2023 2022 Rental income Project income Grants 75,566 60,317 1,112 825 2,974 14,337 79,652 75,479 Income from charitable activities was £76,678 (2022.. £61,142) which was attfibutable to unrestricted funds. Income from Grants was £2,974 (2022.. £14,337). £2,974 (2022.. £14,337) was attributable to restricted funds and £Nil (2022.. £Nil) was attributable to unrestricted funds. 3. Analysis of expenditure on charitable activlties Unrestricted funds Restricted funds Total 2023 Total 2022 Costs Dlrectly Allocated to Activities Staff Costs 32,213 32,213 30,730 Support Costs allocated to Activities Rent & Rates Insurance Heat & Light Repairs etc Postage & Stationery Security costs Telephone Bank Fees Interest General Expenses Advertising Legal & Professional fees Depreciation 5,463 4,608 20,236 8.467 320 2,300 2,069 623 93 2.420 103 200 1.417 80,532 5,463 4,608 20,236 8,467 320 2,300 2,069 623 93 2,420 103 200 26,208 105,323 5,128 4,243 7,085 6.591 847 1,320 551 407 2,093 80 24.791 24,791 25,708 84,783 Governance Cost Accountancy 2,000 2,000 2.000 2,000 82,532 24.791 107,323 The notes on pages 11 to 14 form part of these financial statements. 12 1,800 1,800 86,583
Castlewellan Regeneration Limited Notes to the Financial Statements Year Ended 31 March 2023 Independent examiner's remuneratbon The independent examiner's remuneration amounts to £2,000 (2022.. £1,800}. 5 Tangible fixed assets Land & buildin9S (Corncrane) Land & buildings (The Lodge) Equipment Total At 1st April 2022 Additions At 31st March 2023 DEPRECIATION 336,660 838,742 65,639 5,535 71,174 1,241,041 5,535 1,246,576 336,660 838,742 At 1st April 2022 Charge for year At 31st March 2023 NET BOOK VALUE 152,887 6,733 159,620 234,090 16,775 250.865 53,173 2,700 55,873 440,150 26,208 466,358 At 31st March 2023 177,040 587,877 15,301 780,218 At 31st March 2022 183.773 604.652 12,466 800,891 Debtors 2023 2022 Other debtorslPrepayments 5,700 5,700 4,408 4,408 7 Creditors: amounts falling due within one year 2023 2022 Bank overdraft VATIPAYE Accruals and deferred income Loans and other borrowings 3,017 1,546 3,567 27 (554) 4,367 2,335 6,175 8.130 Creditors: amounts falling due after one year 2023 2022 Loans and other borrowings The notes on pages 11 to 14 forni part of these financial statements. 13
Castlewellan Regeneration Limited Notes to the Financial Statements Year Ended 31 March 202: 9 Fund Cont111at10n Unrestrlcted funds Balance at 110412022 Balance at Transfers 3110312023 Income Expenditure General funds 52,472 76.678 82.532 46,618 Restricted funds Balance at 110412022 Balance at 3110312023 Income Expenditure Transfers Community Funding DAERA Grants Received Total 21,780 736,052 1,044 758,876 {330) (24,304) 157 24,791 21.450 714,722 887 737,059 2,974 2,974 Fund descriptions Unrestricted funds Comprise funds that the trustees are free to use in accordance with the charity's objectives. Restricted funds Financial assistance was received from the Department of Agriculture EnvironmenL & Rural Affairs. All grants are subject to terms and conditions. The company shall be bound to repay the whole amount or part in the event of conditions being breached. 10 Trustees. and key management personnel remuneration and expenses The truslees neither received nor waived any remuneration during the year (2022.. £Nil). The lotal amount of employee beneffts received by key management personnel is £nil {2022 - £nil). Key management personnel are considered to Comprise the trustees. No12022- none) trustees are accruing pension arrangements. The trustees did not have any expenses reimbursed during the year (2022 - £nil}. The notes on pages 11 to 14 fomi part of these financial statements. 14