Reglstratlon number: N1622290 Charlty number. NIC100661 Magnet YAC (Company Ilmlted by 8uArants4) Report and Unaudlted Ilnandal statements for the year ended 31 Marth
Magnet YAC Report of the Board of Dir&tors Statenwit of Financial Activities Balan Sheet Notes to the Financial Statements
Magnet YAC Charity Name Magnet YAC Ch&r%ty Number Cll)0661 Company Number N1622290 Board of Dlrectors Eug¢ne Donnelly Patrick Hugbes John F¢gan 81a Hill Street N¢wry Co. Down BT34 IDG Operatlonal Addre ASM (N) Ltd 30 Monaghan st£t Newryy Co. Dovrn BT35 6AA BgDker8 Danske Bank 58 Hill Street Newry Co. Down BT34 IBD
Magt YAC rt of the Board of Directo for the ear ended 31 March 2023 The Board of Directors pr&8ents their reprt and the unaudited financial stateMts for the year ended 31 March 2023. Tr ditectorn bave adopted th¢ provisions of the Stateniellt of ReCommdeA Praclice (SORP) "Accounting and Rewting by awities. issued 2015 in weparlng their 9nllu report and financial stateme of the dwity. Tr charity was establi8hed in 1988. It incorporated as a company limi1 by guarantee on 14 January 2014 a8 Magnet YAC. It started to trad¢ as a limited company on l April 2014. tof The management con)mittee 18 Constantly changing from year to year. The Magnet Centre was founded by voluntetts aDd the always bll an ethos of promoting volunteer8 Witbin the centre alld given the orgaDisation8 operational pattern of 65 hour8 pu week the AB a need for a 8tron8 vohwteuirAg teanL New members to the nwagement committee invit1 and encourag to attend a 8eries of training 8e88i008 to familiaJise themsdv¢s with the charity aDd gain the sknus necessary to tske an active rol¢ in llw¢ment and leadeTrhip. thi8 iDfornwtion a8 it sets out the aim8 and objedives of the organi8. The Board of Directors meet monthly and are responsible for the stratew dixeclion and policy of the clwity. Aside from the Board of Directors the organisation also employ a full lime manager. a part time administrator and brM)k.keeper, a building supeThisor. a CleeT and a number of foll tiD* and part tinx Youth Workers. anisati Tr Organisation Works alongside the Education Authority (EA), The Pubjic Health A8¢ncy, Youth Action and The Newry NeighbourhoThl Renewal Team. ObJe¢llves and Actlvlties The organisations mission statement is "to advance the education aud PrnDWt¢ th¢ benefit of young adults. imarily 15-25 year olds. ID Newry and the suTh>unding nral areas of South Down and South Arna8h in a neutral, non-alcohol drug free envitonwt.. - to estsb]ish jinks with sthtutory and voluntary organisations, thus PTomoting and enhancing the work of the . r¢cogniK encourage and support uw.groups within the c¢ntre whose aciivitie8 are in accordance with objeclives of the centse.
Ma8net YAC Re rt of the Board of Dlrertors eontln . PTomots the &hos of participation and responsibility in our rnemkn. to eDsur¢ opportimty, choic¢ and inclusion. . ptrlvide a drop in venu4 where young people aged between 15.25 year olds may develop their recreational and leisure time activities in a non.alcoho]ic and drng free envimnn Vhile stereotypical youth clubs focus OD a more sports Orientated eufficvjum the Magnet YAC offers a more mixed service for its users. One such seryice is the provision of rehe8Ths facilities for musicians and offers a venue for Jive perfornwces for young musicians. It al80 provide8 ac¢¢8S to other arts aclivities such as dram4 health and education gr(xips. Against the backdrop of linjited resou$ and InsrItiCa over fuThdin8• It ha8 CODtitiued to be difficult to plan or develop 8ervice8. The Majority of the ¢lwity'S funding 18 re£eived through FAlucalion Authority (EA). The Centre al80 receive41 funding th[rSh the Public Health Agency (PIL4) and ba8 1ved additional fimding thwugh Education Authority (EA) for Outreach and Tnclusion pro. The Board of Directors Deed to research current funding bodies to 60UTce any grnnts or funding available to the Chlty. as well a8 other means of raising funds sucb 88 bag packn tlag days. gigs and spon80red activities to kw the centre nMll)in8. Plam for the fvture Tr charity plans continuing the activities outlined above in the forthcoming years sUbJt to satisfactory funding amDgements. Plans are al80 being developed to work on a number of other issues 8uch as: - help young adults ts¢kle the negative image of mental health illness, raise awareness of the many differnit kinds of illnesses in the area and of the many resources available to people in the Newry and Mourne Are& . to raise the awaTeDes8 of sexual health i$8ue8 among yOUDg adults in the local catcbment eTr& . to raise awareness of drng and alcohol misuse amongst memb¢rs. . to develop the 8e]f-e8teem and llfidenCe of young people and address the is8ue8 which effect yQUll8 wom¢n and men in the N¢wry and Mourne Axe& . to develop a group whern adults of different cultural backgrounds, sexual OTientalion and reli8iOUS backwund can meet and di8CU88 issues affecting th¢m in a 8af4 conforn)able environnL . to help young peopk develop th¢ir skills in the i.e. music and lldia recording. and art group design. Statement of Trustees, rwdbllltl&s The trustees (who are al80 dittctors of Magna YAC for the puSe of company law) are zesponsibk for preparAng the Th, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unitrd Kingdom Genmlly Accepted Accounting Practice). Members of the management committee who served duxing the year ended 31 March 2021 and up to date of this report are set out in pages 1-2.
Magoet YAC Re rtoftheBoard fDke¢torsco ' Company law requires the trntee8 to prepan finaDcial statements for each financial y¢ar. vknich give a tsiie and fair view of the state of the affairs of the chaTitable CouanY and the incoming resou and app]icalion of r¢sour¢es. including the inconw and exndItuT< of the charitable company for the year. In PTeparing these financial statements, the tnistres are re4uired to: - select Suitable atillg policies and apply them consisteDtIy; . make judgem¢nts and ¢stimates that are reasonable and prudent; - stAte whether applicable UK Accounting Stsndards have been followed. wbject to any nuterial departures disclosed and explained in the financial statements: . prepare the financial 8tatem¢nts on the goAThg concern basis Unless it is inappropriate to Presume that the charitable company will continue in opetation. The trustee8 aff responsible for keeping proper accounting rd$ that di8close with reasonable accuracy at any lime the financial positioD of the dwitabk company and enable them to eDsuTe that the financial statenients comply with the Companies Act 2006. They are also reponsible for safrguarding the assets of the charitable company and hen¢e for tsking reasonable steps for the pr¢v¢Dtion and deiOn of fraud and other This report is prepared in accordance with the Statem¢Dt of R&omnwided Practie¢: Accounting and Reporting by Charities (issued March 2005) and in accordance with the special prnvision8 of Part 15 of th¢ Companies Act 2006 relIng to rnll companies. Thi8 report was approved by the Board of DitectoTr and authori8ed for i8su¢ on 19 Decth 2023 and signed on its btha]f by Patrfck Hu8hes DITector Date: 19 Decanber 2023
Magnet YAC Accountsnts, rt on the unaudlted financlal statements to the ement collllnittse of the etyo Adult Centre Tn accord with instructions given to us we have prepare(L without ¢STrying (*rt an audic th¢ annexed fitianci statements for the year ended 31 March 2023 from the accounling rd8 of ma YouDg Adult Centy 81a Hill Street, Newry. Co. Down and from infollDation and explaiialiolls 6uppli&l to us. The annexed financial 8tatemeDts are supp]ied sokly for the confidential use of the Magn¢t Young Adult Cetre. They may not be relied upon by any third party for aDy purpose whatsoever. The financial 8tstements must not be made availabl< copied or recited to any third party without our express permission. ASM (N) Limited neither owes nor acw any duty to any other party and 8hall not bc ]iablc for any 1088, damage or expense of whatsoever natsire whith is cau8ed by their r¢liance on the fjnancial statements. We have not audited or (rtherwise attempted to vthfy the accuracy or completeness of such [d8, InforntiOn and explanations and, IOrdi0&1y, expttss no OPiDioll OD the fmaocial statements. Accounting and reporting by Charities (issued March 2CK15). s(n ASM (K) Ltd 30 Mon48han Street Co. Down BT35 6AA Date: 19 Dprnnber 2023
MagDetYAC tatement f Fillal Activi ' Tneome and E TotAI Total 2023 2022 Income and endownients from: Clwitable activities Other trading activitie8 tnvestments 10.000 2.883 13 6,083 263.906 273.906 314,979 1883 2,435 13 63 8,102 42,244 2.019 Total Income and endowments 18,979 265,925 284,904 359.721 Raising funds chltable activities 4,3 4,243 5.101 275.487 275,487 302,708 6.365 7.652 6,365 Total extllre 10,608 275,487 286.095 315,461 Net gains 10088e8) on investrnents Net Income l (expenditure) Net Movement ID hmd8 8.371 (9,562) (1,191) 44,260 (9,562) (1.191) 44,260 8,371 Reeonclllation of fund8: Totsl funds brought forward at l April 2022 Totsl funds c8rrled fornTd at 31 March 2023 6.576 425,098 431.674 387.414 415,536 430.483 431,674 14,947
Maznet YAC BaJAnce Sheet 123 2022 Notes Tangible a88ets Current 088ets Cash at baDk 424,547 435.325 21,309 1,035 21,309 1,035 Corrent llabllllle3 Bank loan$ and ovudrafts 704 13.145 2,228 3.982 15,373 4,686 Current as las current Uabllllles 5,936 (3,651) Net assets 430,483 431.674 Unre8tr1cted Funds 14,947 6,576 415.536 425,098 Toial Funds 430,483 431,674 The dirlOr$, statements requirnj by Sections 475(2) and (3) are Shown on the followin8 pag¢ which fomis Part of this Balance SheeL
Magnet YAC Balance Sheet conthiued ulred b Secdon 475 ear ended 31 Marth for the For the year ended 31 MaTch 2023 the company was entitled to ex¢tIOn from audit under Sxtion 477 of the DITt08 respon8ibdities: • The memb¢r8 have not required the company to obtain an audit of its accwnts for the in question in accordance with 8ectsoD 476: . The directots acknowkdges their responsibilities for compl)ryng with the requIrents of the Act with respect to accounting Tecords and the pryaration of acLY)unts. These a¢wunts have been prepared in accordance the provlsions applicable to comwlles subjett to the 8mall u)mpanies regime and ID accoran with FRS 102 The Financial Reporting Standard applicable in the UK and Repubjic of Ireland,. These accounts were approv by the Board and authwiwl for issue on 19 2023. and are 8igned on behalf by: Patrlck Hughes John Fe8an Charlty number: NICII)0661 The notes on pages 9 to 13 form an integra] part of these fIDaw1 statements.
Magnet YAC tothe Accoun Polides 1.1. AccoundDg conveDtAon The financial statements are Prepared wider the historical cost ¢ODvention modified to include the Tevaluation of certsin fixed assets. The fiDaDcial stat¢ll are prepared in accordance with: Statement of RecoMmed Practice applicable to c]wities preparing their accounts in accordance with the Fina1 Reporting Standatd applicable in the UK and Republic of Ireland (FRS 102) (efftctive l January 20L5) The CharitiU (Accounts and Reports) Regulations (Nlxthern Ir¢land) 2015 12. Income rwDltlon All incoming Tesources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any Irf0m1¢e conditions have been me( the amount ¢an be measured reliably and it is Probable that the income will be rec¢iv¢ IJ. Government grants Grnnts, including grants for purch&8e of fixed assets, are recol$ed in full in the Statement of Financial A¢tivitie8 ID the year they are receivab 1.4. ExndItOr¢ reco8nldoD All ¢xpenditure is accoun*d for on an accruals ba818 and has been classified under headings that aggre8at¢ all costs r¢Jated to the category. ExtKndith 18 rxognised whe there is a legal or COD8tructiv¢ obligation to make payments to third parties. It is probable that the SleMent will be required and the amount of the ob]igation caD b¢ measured reliably. Support costs 4llocadoD Support costs are those that a88iSt the work of the charity but do not directly reprnsent charitable activities. Whete support costs cannot be directly attributed to Particular headings they have been allocated to cost of rai8ing funds ajjd expenditure on charitable aclivities on a basis consistent with use of the re8ourcu. UDrestsictl funds are doDations and other inconllng resources Teceivable or generdted for the objects of the charity without furtbet specified purpose and are available as gener81 fimds. 1.6. Restricted funds Restricted funds are to be used for wific puq)08es as laid down by the donor. Expenditure which meets these ¢riteria is charged to the fund, together with a fair allocation of management and support costs.
magtYAc Notes to the Accoun for the ded3 Marcb 1.7. Tanglble rued a&qds and depredadon Depreciation is provided at Tates calculated to lte off the cost or valuation kss residual value of each asset over its expe£ted useful life, &8 follows: IaDd and buildings ture4 fittings Straight Line 20% Straisht Line 2023 2022 Total EA Core Budget EA Additional Funding Public Health Agency Funding 101,750 101,750 87,658 10.722 10,722 89.078 134.417 134,417 127,244 Youth Action Rentsl Income ACNI 17.017 17.017 10.(x)o 263,906 273,906 314.979
Magnet YAC Notes to the Accounts tor the 31 ChArltable 2023 Total Total to adlvlllo8: Full & Part time youth lead¢r8 73,929 73.929 60,391 to a¢tlvftle8: Stsff Costs PayolNic Pension (3roup activitieA & residential 1.579 298 163 511 31 232 152 74,990 14.138 7.732 24256 1,471 11.013 2,368 78,937 14,882 8,139 25,533 1,548 11,593 103261 21,419 9,305 31,662 766 46 Travel]ins costs Trainin8 EducatiojklstscQbIp H08pits]ity 7,838 17,019 47 320 58 175 1253 15,200 2,764 8.314 71 2,370 16,(MXI 16,fM) 1,544 5.926 87 263 Light & heat 8,751 138 6,568 917 207 30 6,914 8.787 Sub8criptionJ Bank chgx8es 272 5.124 13.598 3J82 70 1,508 43 476 131 5,728 15,133 3,478 162 429 113 5,394 14,313 3,770 74 1,587 Depttciation Telepbone 286 75 Printing, postsge & 8tstionery 32 796 1,474 379 130 io 15 501 Petty Cash Le801 & Professional rr costs 49 51 4.243 275,487 6,365 286,095 315,459
Magnet YAC Land and Flxtllros Totsl tdngs & freehold Equipment At l AprAI 2022 Addition8 430,635 60.611 3,535 491J6 3J35 At 31 March 2023 430,635 64,146 494.781 Depredatlon At l April 2022 Charge for the year At 3 l March 2023 22.530 8.162 33,391 6,151 55.921 14,313 30.692 39,542 70.234 N¢t book Values At 3 l March 2023 399.943 24,604 424.547 At 31 March 2022 408,105 27220 435325 2022 Cath held Cash at BAnk 2023 21)22 Number I Cumt Actount One Stop Shop Account Magnet Credit Card 5.662 15.647 1,035 21,309 1.035
Magnet YAC the ov Al l Apr1] Jncomlng Outgolng At 31 MaTch Unrestricted Restiicted 6,576 425.098 18,979 265,925 (10.608) (275,487) 14.947 415,536 Totsl funds 431,674 284.904 (286.095) 430,483