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 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 Aiinual Report 4-7 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 Brannigan Registered Office The Lodge 1 Dublin Road Castlewellan co Uown BT319AQ AcGountant8 KPS Chartered Accountants 35 Irish Street DownpatriGk 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 unaudited financial statements of the charity for the year ended 31 March 2023 which complies with the requirements for a directors, report and accounts un(Jer the Companies Act 2006. The trustees have adopted the provisions of the Statement of Recommended Practice ISORP} "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity- Trustees of the charity Tl)e (iirectors of the charitable company are its trustces for the purposes of charity law. The triiqtp.és who have seTved 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 activities To organise the provision of financial assistance, technical assistance or bLiqinp.ss 2dvisor 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 operatinq 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 charltable purposes a5 the Company (CRL) see fit. Ca5tlewellan Regeneration Ltd Mission Statement consists of the following:_ "Castlewellan Regeneration Ltd aim is to Regenerate the economic, environmental and social life of Castlcwellan 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 l_td also pndeavours 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 recent and currently The Lodge Building from which CRL now operate from. CRL have over the past number of years carried out along Wilh DDC a number of enviroiimental improvement schemes throughout the town this ranged from footpaths. flowerbedslshrubs to spruce up projects for local traders and buslnesses Currently we are exploring further funding opportunities for Spruce Up Schemes. CRL Gontinues 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 offèrs them a lifeline not only from the point of sor.i21 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 Nortllern Ireland's guluance 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 3t8ff 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 aro all boing affected by issues beyond our contrnl For Èxample, 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 service 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 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 aqain 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 15 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 lo upgrade the indoor lighting in our communal areas as well as somc of our offices with morè energy efficiency lighting helping to reduce our carbon footprint. We are currently in discussion to provide fecilitics for an energy advice officer who will provide informationjsignposting to the Pliblic in A mnnthly r.linic based in the lodge building. This will provide much needed support and information. I speak for my fellow Castlewell2n Regeneration I td 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 foNiard 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 cjetail on pages 9 to 14. The Gharitable 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 deficil) 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 electea 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 re5eives at the required leve13 and combincd with an annual review of the controls ovpr the key financial systems will provide sufficient resources in the event of adverse conditions. The company continues in its commitment to meèting th8 highest standards of good governance and best practice. Further attp.ntion 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 responsiblp frjr 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 piepare 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 trusleeb are iequiied to-. select suitable accounting policies and then apply them consistently; obseNe 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 (Jisclosed and explained in the finanLial statements., prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charity will continue in operaiion. 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 safeguardlng 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 bccn 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 Q'NEI 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 g to 14. Respective responsibilities of Trustees and examiners As the rharity'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 Chafitieg Act 2nd my Èxamination was carried out in accordance with the general directions given by the Charity Commissioner for Northern Ireland under section 65{9)