Registration number: N1622290 Charlty number: NIC100661 Magnet YAC (Company Ilmlted by guarantse) Report and unaudlted tlnanclal statsments for the year ended 31 March 20
Magnet YAC Contents Pa Reference & Administrative Infornlation Report of the Board of Directors Accountants, Report Sthtement of Financial Activities Balance Sheet Notes to the Financial Statements 9-13
Magnet YAC Charlty Name Magnet YAC Charlty Number NIC100661 Company Number N1622290 Board of Dlrectors Eugene Donnelly Patrick Hughes John Fegan Company Secretary Shannon Rea Regtstered Olee and Operatfional Address 81a Hill Street NewTy Co. Dolvn BT34 IDG Accountants ASM (N) Ltd Chartered A¢counlants 30 Monaghan Street Newry Co. Down BT35 6AA Bankers Danske Bank 58 Hill Street Newry Co. Down BT34 IBD Page I
Magnet YAC ort of the Board of Directors for the ear ended 31 March 2024 The Board of Directors presents their report and the unaudited fmancial statements for the year ended 31 Marcb 2024. The directors have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and R¢porting by Charities" issued 2015 in preparing their annual report and financial statem¢nts of the charity. structu Governance and Management Governin Document The charity was established in 1988. It incorporated as a company limited by guarantee on 14 January 2014 as Magnet YAC. It started to trade as a limited company on l April 2014. Rccruitmcnt and A ointment of Mana ement Conm]itQe The management committee is constantly changing from year to year. The Magnet Centre was founded by volunteers and there has always been an ethos of promoting volunteers within the centre and given the organisations operational pattern of 65 hours per week there is a need for a strong volunteering team. New members to the management Committee are invited and encouraged to attend a series of training sessions to familiarise thernselve5 with the charity and gain the skills necessary to take an active role in management and leadership. The committee also produce a Service Ltvel Agreement pack each year. New members are encourag to read this information as it sets out the aims and objectives of the organisation. anisational Structure The Board of Directors meet monthly and are responsible for the strategic direction and policy of the charity. Aside from the Board of Directors the organisation also employ a full time manager, a part time administrator and book-keeper, a building supervisor, a cleaner and a number of full time and part time Youth Workers. Connected Or anisations The Oiganisation works alongside the Education Authority (EA), The Public Health Agency, Youth Action and The Newry Neighbourho(xl Renew Team. Objectlves and Aetlvltles The organisations mission statement is "to advance the education and promote the benefit of young adults, primarily 15-25 year olds, in Newry and the surrounding rural are&8 of South Down and South Arniagh in a neutral, non-alcohol drug free environment" Aims of the centre are: - to establish liLS with statutory and voluntary organisations, thus promoting and enhancing the work of the centre. - recognise, encournge and support user-groups within the centre whos¢ activities are in accordance with the objectives of the centre. Page 2
Magnet YAC Re ort of the Board of Directors continued promote the ethos of participation and responsibility in our members. to ensure opportunity, choice and inclusion. - provide a drop in venue, where young people aged between 15-25 year olds may develop their recreational and Icisure time activities in a non-alcoholic and drug free environment. While stereotypical youth clubs focus on a more sports orientated curriculum the Magnet YAC offers a more rnixed service for its users. One such service is the provision of rehearsavrecording facilities for musicians and offers a venue for live perfOrn)ceS for young musicians. It also provides access to other arts activities such as dra health and education groups. Fundlng Against the backdrop of limited resources and insecuTities over funding, it has continued to be difficult to plan or develop services. The Majority of the charity's funding is received through Education Authority (EA). Th¢ Centre also received funding through the Public Health Agency HA) and has received additional funding through Education Authority (EA) for Outreach and Inclusion progratllmes. The Board of Directors need to research current funding bodies to source any grants or funding available to the charity, as well as other means of raising funds such as bag packs, flag days. gigs and sponsored activitie5 to keep the centre running. Plans for the future The charlty plans CODtinuing the activities outlined above in the forthcoming years subject to satisfactory funding aangementS, Plans are also being developed to work on a number of other issues such as: - help young adults tackle the negative irL]age of mental health illness, raise awareness of the many different kinds of illnesses in the area and of the many resources available to people in the Newry and Mourne Area. - to raise the awareness of scxual health issues among young adults in the local catchment area. - to raise awareness of drug and alcohol misuse amongst members. to develop the .4elf-esteem and confidence of young people and address the issues which effect young women and men in the Newry and Mourne Area. to develop a group where young adults of different cultural backgrounds. sexual orientation and religious background can meet and discu55 issues affecting them in a safe. cOnfornbIe environment. - to help young people develop their skiEls in the arts i.e. music and media recording, and art group design. ststement of TnLStees' responsfibllltles The trustees (who are also directors of Magnet YAC for the purposc of cornpany law) are responsible for preparing the Trnstees, Report and the financial statements in accordancc with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Members of the management committec who served during th¢ ycar ended 31 March 2024 and up to date of this report are set out in pages 1-2. Page 3
Magnet YAC Re rt of the Board of Directors continued Company law requires th¢ trnistees to prepare financial statem¢nts for each financial year, which giv¢ a true and fair view of the state of the affairs of the charitable company and the incoming resources and application of resources, including the Incon and expenditure. of the charAtable company for the ycar. In preparing these financial statements, the truste¢s are required to: - select suitable a¢¢ounting policies and apply them consistently; - make judgements and estimates that are rusonable and pdent. - state whether applicable UK 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 charitable company will continue in operation. The trustces are responsible for keeping proper accounting rccords that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2(K)6. They are also reponsible for safeguarding the assets of the charitable company and hence for taking reasonable stq)s for the prevention and detection of fraud and other irregulltie8. This report is prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued March 2005) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. This report was approved by the Board of Directors and authorised for issue on 17 December 2024 and signed on its behalf by Patrick Hughes Dlrector Date: 17 December 2024 Page 4
Magnet YAC Accountants, Re rt on the unaudited financial statements to the ment committee of the Ma et Youn Adult Centre In accordance with instrnctions given to us we have prepared, without carrying out an audit, the annexed financial statements for the year ended 31 March 2024 from the accounting records of Magnet Young Adult Centre, 8 la Hill Street, Newry, Co. Down and frorn information and explanations supplied to us. The annexed financial statements are supplied solely for the confidential use of the Magnet Young Adult Centre. They may not be relied upon by any third party for any purpose whatsoever. The financial statements must not be made available, copied or recited to any third party without our express permission. ASM (N) Limited neither owes nor accepts any duty to any other party and shall not be liable for any loss. dan]age or expense of whatsoever nature which is caused by their reliance on the financial statements. We have not audited or otherwise attempted to verify the accuracy or comple*ne58 of such r¢cords, inforntion and explanations and, accordingly• express no opinion on the financial statements. These financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and reporting by Charities (issued March 2005). Afjm l/V) Ltl ASM (N) Ltd Chartered Accountants 30 Monaghan Street Newry Co. Down BT35 6AA Date: 17 December 2024 Page 5
Magnet YAC men f Fina vities includin ome and E 20 Iture Acco Totsl Unrutrlcted Restricted Funds Funds Funds 20 Total Funds 2023 Income and endowments from: Charitable activities Other trading activities Investments Other 15,200 2,766 305,941 321,141 2,766 273,906 2,883 13 8,102 10,863 10,863 Total Income and endowments 28,919 305,941 334,860 284,904 Expenditure on: Raising funds Charitable activities Other 5,554 5,554 335,315 335,315 8,331 4.243 275,487 6,365 8,331 Totsl expendlture 13,885 335,315 349,200 286,095 Net gains l Oosses) on investments Net Income l (expendlture) Net Movement In funds 15,034 (29,374) (14,340) (1,191) (29,374) (14,340) (1,191) 15.034 Reeonclllatlon of funds: Total funds brought forward at l April 2023 Total funds carrled foThard at 31 March 2024 14.947 415,536 430,483 431,674 386,162 416,143 430,483 29,981 Page 6
Magnet YAC 2024 2023 Notes Ffixed Assets Tangible assets 390,127 424.547 Current assets Cosh at bank 26,832 21,309 26,832 21,309 Current liabllities Other creditors Accruals 13,145 2,228 816 816 Current &ssets less current IIAbllltles 15,373 26,016 5,936 Net assets 416,143 430,483 Unrestrlcted Funds 29,981 14,947 Restrlcted Funds 386.162 415,536 Total Funds 416,143 430,483 The directors, statements required by Sections 475(2) and (3) are shown on the following page which fomis part of this Balance Sheet. Page 7
Magnet YAC Balance Sheet continued Director's statements r uired b Section 475 for the ear ended 31 March 20 and For the year ended 31 March 2024 the company was entided to exemption from audit under section 477 of the Companies Act 2006 relating to snTrll companies. Director's responsibilities.. The members have not required the company to obtsin an audit of its accounts for the in question in accordance with section 476. The directors acknowledges their responsibilities for complying with the requirements of the Act with respcct to accounting record& and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accorance with FRS 102 The Financial Reporting Standard appbcable in the UK and Republic of Ireland,. These accounts were approved by the Board and authorised for issue on 17 December 2024, and are signed on behalf by: Patrlck Hughes Dlrector John Fegan Dlrector RegtstrAtlon number: N16222 Charlty number: NICI(K1661 The notes on pages 9 to 13 fonJ] An integral part of the tlnanelal statsments. Page 8
Magnet YAC Notes to th A ounts Accountin Policies 1.1. Accounthig conventlon Th¢ financial statements arc prepared under the historical cost convention modified to include the revaluation of certain fixed assets. The financial ststements are prepared in accordance with: 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 (FRS 102) (effective l January 2015) The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 Companies Act 2006 la. Income recognltlon All incoming sOurceS are included in the Statement of Financial Activities (SOFA) when the charity 18 legally entitl1 to the income after any perfornwi¢e conditions have been met. the amount can be measured reliably and it is probable that the income will be received. 1.3. Government grants Grants, including wts for purch&se of fixed assets, are ttcognised in full in the Statement of Financial Activities in the year they are receivable. 1.4. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where ther¢ 18 a Icgal or constructive obligation to make payments to third parties. It is probable that the settlement will be required and the amount of the obligation can be measured reliably. Support costs allocadon Support costs are those that assist the work of the charity but do not directly represent charitable activities. Where support costs cannot be directly attrlbuted to particular headings they have been allocated to cost of raising llds and expenditure on charitable activities on a basis consistent with use of the resources. 1.5. Unrestricted funds Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. 1.6. Restrlcted funds Restricted funds are to be used for specific purposes as laid down by the donor. Expenditu which meets these oitffia is charged to th¢ fund, together with a fair allocation of managen]¢nt and support costs. Page 9
Magnet YAC Notes to the Accounts for the ear ended 31 March 21124 1.7. Tangible red ats and depreciation Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows: Land and buildings Fixtures, fittings and equipment 2% Straight Line 20% Straight Line Charltable actlvltles 20 Totsl 2023 Total Unrestrlcted Restricted EA Core Budget EA Additional Funding Public Health Agency Funding Youth Engagement Programm¢ Youth Action Rental Income PHA Rental Income Newry & Mourne District Council Community FundinACN[ ]rishlNational Youth Federation 134,213 500 141,687 134.213 5(Ml 141,687 101,750 10.722 134,417 7,200 7,200 8,000 250 26,929 2,361 3,OlJ) 250 26,929 2,361 17,017 15,200 305,940 321,140 273,906 Page 10
Magnet YAC Notes to the Accounts nded 31 March forth 3. Total Resourc nded Expendlture CharitAble Raising Funds Activities 2024 Total 2023 Total Other Costs directly allocated to actlvitieB: Full & Part time youth leaders 71,493 71.493 73.929 Support cost orlled to ac1lvitl. Staff Costs PayelNic Pension Group activities & residential Renewal & enhancement expenditure Trdvelling costs Training Educationlstudentship Hospitality Rent Repairs & maintenance Light & heat Room Hire Insurance Sundry Subscriptions Bank charges Accountancy Dcpreciaiion Telephone Advertisements Printing, postage & slationery Cleaning materials Rates Petty Cash L£8al & Professional IT costs Donations 1,982 410 171 508 94,158 19.475 8,184 24,139 2.973 615 259 762 99.113 20,500 8,614 25,409 78.937 14,882 8,139 25,533 1,548 11,593 7.600 353 16,776 530 17,659 47 340 183 273 2,215 16.150 8,684 12,949 70 510 274 2.332 17,000 9,141 13.631 2,370 16,000 2.909 8,751 150 15 7.116 734 225 7,491 773 6.914 968 190 8.450 32,994 1,219 200 8.895 34,731 1,283 286 5,394 14,313 3.770 74 1,587 178 695 26 267 1,042 38 38 1.814 409 3.083 57 13 97 1.909 431 3.245 501 356 4,727 375 4,975 99 149 51 5,554 335,315 8,331 349,200 286,095 Page 11
Magnet YAC ed31 2024 le assets Land and Flxtu buildings Fittkngs & freehold Equipment Total Cost At l April 2023 Additions 430,635 64,146 310 494,781 310 At 31 March 2024 430,635 64,456 495.091 Depreclatlon At l April 2023 Charge for the year 30,692 20.929 39,542 13,802 70,234 34,731 At 31 March 2024 51,621 53.344 104,965 Net book Values At 3 l March 2024 379,014 11,112 390,126 At 31 March 2023 399,943 24,604 424,547 2024 2023 Cash held Cash at Bank 2024 2023 Number I Current Account Onc Stop Shop Account Magnet Credit Card 10.696 11,891 4.245 5,662 15,647 26,832 21,309 Page 12
Magnet YAC Not&$ to the A counts Movements In funds At l Aprll Incoming Outgolng At 31 March 2023 R&qources Resources 20 Unrestricted Restricted 14,947 415,536 28,919 305,941 (13,885) (335,315) 29.981 386,162 Total funds 430,483 334,860 (349,2(K)) 416.143 Page 13
Certificate of Completion
Magnet YAC 2024.pdf
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SIGN REQUEST ISSUED: REQUESTED BY: Dec 18, 2024 Oisín Brennan 02:51 PM UTC oisin.brennan@asmnewry.com
STATUS: Completed on 18 Dec, 2024, 04:37 PM UTC
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