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 O￿lee 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 liL￿S 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 a￿angementS, 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. cOnforn￿bIe 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 p￿dent.
- 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
irregul￿ltie8.
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,
inforn￿tion 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 th￿e 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 entitl￿1 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 r￿ed a￿ts 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 Fundin￿ACN[
]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 ￿or￿lled
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** 

ID: c653ec2f-b010-4d39-9762-f1fa9b762232 

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 

## **Audit trail** 

Generated on Dec 18, 2024 

18 Dec, 2024, 02:53 PM UTC **Oisín Brennan** has invited to sign the document oisin.brennan@asmnewry.com **Verified** 18 Dec, 2024, 04:37 PM UTC **Michael O'Hare** has signed the document michael.p.ohare@asmdundalk.com **Verified** 195.38.89.119 



**Generated with eSign from Smallpdf.com** Sign documents and request signatures electronically.