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

Mag￿t 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 stateM￿ts for the year ended 31
March 2023. Tr ditectorn bave adopted th¢ provisions of the Stateniellt of ReComm￿deA 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 limi￿1 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 b￿ll an ethos of promoting volunteer8 Witbin the centre alld given the
orgaDisation8 operational pattern of 65 hour8 pu week th￿e AB a need for a 8tron8 vohwteuirAg teanL
New members to the nwagement committee invit￿1 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 Cle￿eT 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 rehe8Th￿s 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 Ins￿￿rItiCa 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[r￿Sh 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 Ch￿lty. 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 sUbJ￿t 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 environn￿L
. to help young peopk develop th¢ir skills in the i.e. music and ll*dia recording. and art group design.
Statement of Trustees, rwdbllltl&s
The trustees (who are al80 dittctors of Magna YAC for the pu￿Se 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 trn￿tee8 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 Cou￿anY and the incoming resou￿ and app]icalion
of r¢sour¢es. including the inconw and ex￿ndItuT< of the charitable company for the year. In PTeparing these
financial statements, the tnistres are re4uired to:
- select Suitable a￿￿tillg 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 r￿d$ 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 de￿iOn 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 re￿lIng to rn￿ll 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 r￿d8 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
Ce￿tre. 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,
Inforn￿tiOn and explanations and, I￿Ordi0&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 Filla￿l￿ 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
ch￿ltable activities
4,￿3
4,243
5.101
275.487 275,487 302,708
6.365
7.652
6,365
Total ex￿tllre
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 dir￿lOr$, 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
DIT￿t0￿8 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 requIren￿ts 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 RecoMm￿ed Practice applicable to c]wities preparing their
accounts in accordance with the Fina￿1￿ 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 I￿rf0m￿1¢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 reco￿l$ed in full in the
Statement of Financial A¢tivitie8 ID the year they are receivab
1.4. Ex￿ndItOr¢ 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 S￿leMent 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.
UDrestsict￿l 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.

mag￿tYAc
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
Educatiojklsts￿cQ￿bIp
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