Company Registration Number: Nl 27285 Charity Number: NIC100340 Castlewellan Regeneration Limited (Company Limited by Guarantee) Annual Report and Financial Statements Year Ended 31 March 2024 KPS Chartered Accountants Chartered Tax Advisers Registered Auditors 35 Irish Street Downpatrick BT30 6BW
Castlewellan Regeneration Limited Financial Statements Year Ended 31 March 2024 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 2024 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 Down BT31 9AQ 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 2024 The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024 which complies with the requirements for a directors, report and accounts under the Companies Act 2006. The truslees have adopted the provisions of the Ststement of Recommended Practice {SORPI "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 ft)r the purposes of charity law. The trustees who have served during the yeaf ended 31 March 2024 and Sin 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 business advisor or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or olher 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 preiudice 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:_ "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 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 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 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 funding opportunities for Spruce Up Schemes. CRL continues to run the Tuesday Club for senior citszens 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 cILfb 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 2024 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 Firstly, I would like to thank my fellow Directors and the staff of Castlewellan Regeneration Ltd for their unwavering commitment to the Company. The Past number of years has at times been difficult in terms of the cost- of-living crises with the economic situation worldwide and with global uncertainty, we are all being affected by issues beyond our control. The increase in the cost of fuellpower along with the cost-of-living increase has undoubtedly affected everyone and it was due to these increases that in the past CRL had to make the difficult decision to slightly increase our service charge and ad hoc rentals. This very small increase enabled Castlewellan Regeneration Ltd to keep economically viable but this year we have decided as a company to refrain any such increase but as the cost-of-living crisis continues to escalate, we will continue to monitor the situation closely. 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. l am pleased to state that our usage has increased slightly over the past year with new ad hoc users NMDDC, NIHE and more local groups availing of our premiseslfacilities etc. The variations in our tenants at the lodge provide many services to the local population from optician to podiatry and everything in betr4een, make up a vibrant centre alongside NCCE Chomaltas who provide music/ 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 both our Tuesday Club and Men's Shed grow from strength to strength and enjoying such activities as Keep Fit, Crafts, Well Being. gardening etc and of course Shopping Trips. It was because of the success of the Tuesday Club that we decided to start a men's shecl. As a Community Group we are all too aware of the challenges and difficulties faced by older people and both clubs provides a much, needed lifeline for all those who attend as many live in social and rural isolation, Funding opportunities are becoming more and more difficult but during the past year we were able to secure funding from KNIB and CDRCN. We are currently sourcing funding to upgrade the wooden floor in the large hall and replace the flooring in the green room. Like all Community groups it can be a struggle to maintain the premises and ensure full potential usage at a suitablelrate cost for all concerned but as a Regeneration Group we will endeavour to do so for as long as possible. 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. I would like to thank our solicitor Mr Michael Curran Newcastle and our staff who keep the wheels in motion. I 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 2024 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 £15,005 (2023 loss.. £27,671) Within the overall loss was a surplus of £8,169 (2023. £5,854 Deficit) in respect of ijnrestricted funds and a deficit of £23.174 (2023- £21,817 deficit} in respect of restricted funds. At 31 March 2024, the total funds of the charity amounted to £768,672 (2023.. £783,677} comprising restricted funds of £713,885 (2023. £737,059) and unrestricted funds of £54,787 (2023. £46,618). 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 chafltable 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 gener81 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 continue5 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 2024 Trustees, responsibilities Trustee's responsibilities statement The Trustees Iwho 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 charitsble company and of the incoming resources and application of reSoUrS of the charity for that period. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them coTrsistently', observe the methods and principles in the Charities SORP 2019 (FRS 1021., 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 chaf ity 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. Sign d on behalf of Ihe board of trustees on MR EAMONN O'NE TRUSTEE
Castlewellan Regeneration Limited Independent Examiner's Report Year Ended 31 March 2024 Independent Examinerfs Report to the Trustees of Castlewellan Regeneration Limited. We report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 9 to 14. Respective responsibilitles of Trustees and examiners As the charity's trustees (and also the directors of the company for the purpose of company lawl 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)(bl of the Charrties Act.. and State whether particular matters have come to our attention. Basis of independent examinerfs 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 explanats'ons from you as charity directorsltrustees conceining 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. Inde ndent examin tement Ihavec examina n and have no concerns in respect of the matters (1) to (41 listed above and, in connec ollowing dir tions of the Charity Commission for Northern Ireland, we have found no matters drawing to yo r attention. at Kyran Smyth Independent Examine For and on behalf of KPS Chartered Accountants 35 Irish Street Downpatrick Co Down BT30 6BW
Castlewellan Regeneration Limited ststement of Financial Activities Year Ended 31 March 2024 Notes Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2023 Income: Charitable Activities Grants Totsl income 87,911 87,911 2,675 90,586 76,678 2,974 79,652 2,675 Expenditure on: Charitable Activities Governance Costs 76,859 2,883 25.849 102,708 105,323 2,883 2,000 Total expenditure 79,742 25,849 105,591 107 323 Net incomelexpenditure Net movement on Funds 8,169 23,174 15,005 15,005 27,671 Reconciliation of Funds Total funds brought fomard Net movement in Funds for Year Total funds carried foNard 46,618 8,169 54,787 737,059 783.677 831,348 23,174 15,005 27,671 713,885 768,672 783,677 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 fom) part of these financial statements.
Castlewellan Regeneration Limited Balance Sheet Year Ended 31 March 2024 NOTES 2024 2023 Fixed Assets Tangible Assets 757 892 780 218 Current Asset Debtors & Prepayments Cash at bank and in hand 4,812 5,700 16,535 11,589 Creditors: Amount5 falling due within one year Net Current Assets l (Liabilitiesl Total Assets Less Current Liabilities 768,672 783,677 Net Current Liabilities Amounts falling due after more than one year Net Assets Charity Funds Restricted Funds Unrestricted Funds 713,885 737.059 Total Charity Funds For the year ended 31st March 2024 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. AP ED BY THE BOARD OF TRUSTEES ON . . AND SIGNED ON THEIR BEHALF BY MR EAMONN O'NEILL TRUSTEE COMPANY REGISTRATION No. Nl 27285 The notes on pages 11 to 14 forni part of these ftnancial statements. 10
Castlewellan Regeneration Limited Notes to the Financial Statements Year Ended 31 March 2024 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 financial 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 Ifeland (FRS 102) (Charities SORP {FRS 1021), Charities Act (Northern Ireland> 2008, the Companies Act 2006, and UK Generally Accepted Accounting Practice. The chafity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going conrn 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 otherwise stated. (b) INCOMING RESOURCES All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to income and the amount can be quantified with reasonable accuracy. (cl RESOURCES EXPENDED Expenditure is accounted fr)r on an accruals basis and has been classified under headings that aggregate all cost related to the category. Vvhere costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. (dl ALLOCATION AND APPORTIONMENT OF COSTS. All costs relate to the single activity of the charitable company and are recognised accordingly. (el 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 ifj DEBTORSICREDITORS RECEIVEABLEIPAYABLE WITHIN ONE YEAR Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at Iransaction price. Any losses arising from impairment are recognised in expenditure. The notes on pages 11 to 14 fonn part of these financial statements. 11
Castlewellan Regeneration Limited Notes to the Financial Ststements Year Ended 31 March 2024 (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.. Land & Buildings.. Fixtures & Fittings & EqL5ipment'. Plant & machinery 20h On Cost 15 % Reducing Balance 20°/o Reducing Balance {h} LIMITED BY GUARANTEE The company is limited by guarantee and does not have a share capital. Income from charitsble activities and grants 2024 2023 Rentsl income Project income Grants 86,001 75,566 1,910 1,112 2,675 2,974 90,586 79,652 Income from charitable activities was £87,911 (2023.. £76,678). £Nil {2023'. £Nil) was attributable to restricted funds and £87,911 12023.. £76,678) was attributable to unrestricted funds. Income from Grants was £2,675 (2023.. £2,974) £2,675 {2023. £2,974) was attributable to restricted funds and £Nil 12023. £Nil) was attributable to unrestricted funds. 3. Analysis of expenditure on charitable activities Unrestricted funds Restricted funds Total 2024 Totsl 2023 Costs Directly Allocated to Activities Staff Costs 34,906 34,906 32.213 Support Costs allocated to Activities Rent & Rates Insurance Heal & Light Repairs elc Postage & Slalionery Security cost5 Computer software and maintenance costs Telephone Bank Fees Interest General Expenses Advertising Legal & Professional fees Depreciation 5,329 5.038 13.524 6.175 212 3.110 635 2,585 774 5.329 5,038 13,524 6,175 212 3.110 635 2,585 774 5,463 4,608 20,236 8,467 320 2,300 2,069 623 93 2,420 103 200 26,208 105,323 2.929 74 1.000 3,929 74 1,568 76,859 24,849 25,849 26.417 102,708 Governance Cost Accountancy 2,883 2.883 2,883 2,883 2.000 2,000 79.742 25,849 105.591 The notes on pages 11 to 14 form part of these financial statements. 12 107,323
Castlewellan Regeneration Limited Notes to the Financial Statements Year Ended 31 March 2024 Independent examinerfs remuneration The independent examiner's remuneration amounts to £2.883 {2023.' £2,000). 5 Tangible fixed assets Land & Land & buildings buildings (Cofncrane) {The Lodge) Equipment Total At 1st April 2023 Addltions At 3131 March 2024 336,660 838,742 71.174 4,091 75,265 1,246,576 4,091 1,250.667 336,660 838,742 DEPRECIATION At 1st April 2023 Charge for year At 318t March 2024 NET BOOK VALUE 159,620 6,733 166,353 250.865 16,775 267,640 55.873 2,909 58.782 466,358 26,417 492,775 At 31st March 2024 170,307 571,102 16,483 757,892 At 31st March 2023 177,040 587.877 15,301 780,218 6 Debtors 2024 2023 Other debtorslPrepayments 4,812 4,812 5,700 5,700 Creditors: amounts falling due within one year 2024 2023 Bank overdraft VATIPAYE Accruals and deferred income Loans and other borrowings 3,017 1,546 3,567 2,188 3,567 5,755 8,130 Creditors: amounts fallin9 due after one year 2024 2023 Loans and other borrowings The notes on pages 11 to 14 fomi part of these financial statements. 13
Castlewellan Regeneration Limited Notes to the Financial Statements Year Ended 31 March 2024 9 Fund reconciliation Unrestricted funds Balance at 110412023 Balance at Transfers 3110312024 Income Expenditure General funds 46,618 87.911 79,742 Restricted funds Balance at 110412023 Balance at 3110312024 Income Expenditure Transfers Community Funding DAERA Grants Received Total 21,450 714,722 887 737,059 (280) (24,1851 1,384 25.849 21,170 690,537 2,178 713,885 2.675 2,675 Fund descriptions Unrestricted funds Comprise funds that the trustees are free to use in accordan with the charity's objectives. Restricted funds Financial assistance was received from Keeping Northern Ireland Beautiful and County Down Rural Community NeOrk to assist with expenditure throughoLtt the year. 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 trustees neither received nor waived any remuneration during the year (2023.. £Nil). The total amount of employee benefits received by key management personnel is £nil {2023 - £nil}. Key management personnel a considered to comprise the trustees. No {2023 - none) trustees are accruing pension arrangements. The trustees did not have any expenses reimbursed during the year (2023 - £nil). The notes on pages 11 to 14 forni part of these financial statements. 14