Company Number NI040086
Charity Number 100642
Forkhill & District Development Association Ltd (A company limited by guarantee)
Report and Financial Statements For the year ended 31 January 2024
Forkhill & District Development Association Ltd Report and accounts Contents
| Page | |
|---|---|
| Legal and Administrative Information. | 2 |
| Trustee's Report | 3 |
| Examiners' report | 4 |
| Profit and loss account | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 |
Forkhill & District Development Association Ltd Company Information
| Trustees and | Seamus McGivern |
|---|---|
| Directors | Bernard Boyle |
| Kevin Halpenny | |
| Secretary | Kevin Halpenny |
| Accountants | Boyle and Co Accountants Ltd |
| 4 Forkhill Business Centre | |
| Main Street | |
| Forkhill | |
| Newry | |
| Co Down | |
| BT35 9SG | |
| Bankers | AIB Bank |
| 42-44 Hill Street | |
| Newry | |
| Co Down | |
| BT34 1AU | |
| Solicitors | Tiernans Solicitors |
| 86 Dublin Road | |
| Newry | |
| Co Down | |
| Registered office | 5 Forkhill Business Centre |
| Main Street | |
| Forkhill | |
| Newry | |
| Co Down | |
| BT35 9SG | |
| Registered number | NI040086 |
1
Forkhill & District Development Association Ltd Company number NI040086 Charity number 100642
Trustees Report 01 February 2023 to 31 January 2024
Purposes and Aims
Our charity's purposes as set out in the objects contained in the company's memorandum of association are to:
Promote the benefit of the inhabitants of Forkhill and surrounding area,without distinction of sex,sexual orientation,race,age or of political,religious or other opinions.
To provide and equip premises and centres required for the purposes of the company.
To organise,sponsor and conduct educational and training courses, meetings, conferences and exhibitions.
Main Activities and Achievements
During the year from 01/02/2023 to 31/01/2024, Forkhill and District Development Association provided 13 commercial units at reduced rental rates to local businesses.
During the year from 01/02/2023 to 31/01/2024, Forkhill and District Development Association promoted and advised on local development.
Public Benefit
In setting our objectives and planning our activities for the year the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit,ensuring that the activities have helped to achieve the charity's purposes and provide a benifit to the local community.
Reponsibilities of the Management Committee
Statement of directors responsibilities
Company law requires the directors/management committee to prepare accounts for each financial year.
Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these accounts, the directors are required to:
select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent;
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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Forkhill & District Development Association Ltd Company number NI040086 Charity number 100642
Trustees Report 01 February 2023 to 31 January 2024
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Members of the Management Committee
Members of the Management committee who are directors for the purpose of company law and trustees for the purpose of charity law,who served during the year and up to the date of this report are set out on page 2.
In accordance with company law,as the company's directors,we certify that:
so far as we are aware,there is no relevant audit information of which the company's auditors are unaware: and
as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the management committee and signed on its behalf by:
Seamus McGivern Director 21-Oct-24
3
Forkhill & District Development Association Ltd
Independent examiner`s report to the charity trustees of Forkhill & District Development Association Ltd
I report on the accounts of the company for the year ended 31 January 2024, which are set out on pages 5 to 11.
Respective responsibilities of charity trustees and examiner
As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 65 of the Charity 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
-
state whether particular matters have come to my 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 Commission for Northern Ireland under section 65 (9) (b) of the Charities Act. The examination included a review of the accounting record kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
-
That accounting records were not kept in accordance with section 386 of the Companies Act 2006
-
That the accounts do not accord with accounting records
-
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
-
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 connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
Boyle and Co Accountants Ltd Accountants
4 Forkhill Business Centre Forkhill Newry BT35 9SG
21 October 2024
4
Forkhill & District Development Association Ltd Profit and Loss Account for the year ended 31 January 2024
| Turnover Gross profit Administrative expenses Operating (loss)/profit Interest payable (Loss)/profit on ordinary activities before taxation Tax on (loss)/profit on ordinary activities Loss for the financial year |
2024 £ 25,708 25,708 (30,985) (5,277) (85) (5,362) (498) (5,860) |
2023 £ 27,115 27,115 (25,189) 1,926 (134) 1,792 (1,949) (157) |
|---|---|---|
5
Forkhill & District Development Association Ltd Registered number: NI040086 Balance Sheet as at 31 January 2024
| Notes Fixed assets Tangible assets 2 Investments Current assets Debtors 3 Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 5 Net assets Capital and reserves Profit and loss account Shareholders' funds |
2024 £ 388,308 250 388,558 4,271 19,037 23,308 (19,945) 3,363 391,921 (7,014) 384,907 384,907 384,907 |
2023 £ 396,291 250 396,541 4,034 18,487 22,521 (20,681) 1,840 398,381 (7,615) 390,766 390,766 390,766 |
|---|---|---|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Seamus McGivern Director
Approved by the board on 21 October 2024
6
Forkhill & District Development Association Ltd Notes to the Accounts for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% reducing balance Plant & Machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
7
Forkhill & District Development Association Ltd Notes to the Accounts for the year ended 31 January 2024
2 Tangible fixed assets
| Land and buildings £ Cost At 1 February 2023 581,564 At 31 January 2024 581,564 Depreciation At 1 February 2023 185,523 Charge for the year 7,921 At 31 January 2024 193,444 Net book value At 31 January 2024 388,120 At 31 January 2023 396,041 Freehold land and buildings: Historical cost Cumulative depreciation based on historical cost |
Plant and machinery etc £ 18,663 18,663 18,413 62 18,475 188 250 |
2024 £ 581,564 193,444 388,120 |
Total £ 600,227 600,227 203,936 7,983 211,919 388,308 396,291 2023 £ 581,564 185,523 396,041 |
|---|---|---|---|
3 Investments
| Cost At 1 February 2023 At 31 January 2024 3 Debtors Trade debtors Other debtors |
Other investments £ 250 250 2024 £ 4,271 4,271 |
Total £ 250 250 2023 £ 4,034 4,034 |
|---|---|---|
8
Forkhill & District Development Association Ltd Notes to the Accounts
for the year ended 31 January 2024
| 4 Creditors: amounts falling due within one year Accruals Bounce Back loan Deferred income Trade creditors Corporation tax Other creditors VAT 5 Creditors: amounts falling due after one year Bounce Back loan Other creditors |
2024 £ 2,328 1,300 1,500 336 2,408 11,086 987 19,945 2024 £ 1,862 5,152 7,014 |
2023 £ 2,208 1,300 1,500 186 3,542 11,086 859 20,681 2023 £ 3,162 4,453 7,615 |
|---|---|---|
9
Forkhill & District Development Association Ltd Detailed profit and loss account for the year ended 31 January 2024
| Sales Gross profit Administrative expenses Operating (loss)/profit Interest payable (Loss)/profit before tax |
2024 £ 25,708 25,708 (30,985) (5,277) (85) (5,362) |
2023 £ 27,115 27,115 (25,189) 1,926 (134) 1,792 |
|---|---|---|
10
Forkhill & District Development Association Ltd Detailed profit and loss account for the year ended 31 January 2024
| Sales Sales Administrative expenses Premises costs: Light and heat General administrative expenses: Subscriptions Bank charges Equipment Hire Insurance Repairs and maintenance Depreciation Bad debts Legal and professional costs: Accountancy fees Book-keeping fees Advertising and PR |
2024 £ 25,708 25,708 106 106 231 297 285 1,512 17,279 7,983 487 28,074 1,700 355 750 2,805 30,985 |
2023 £ 27,115 27,115 285 285 300 283 115 1,380 12,427 8,166 22,671 1,600 336 297 2,233 25,189 |
|---|---|---|
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