Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Registration number: NI622290 Charity number: NIC100661
Magnet YAC (Company limited by guarantee) Report and unaudited financial statements for the year ended 31 March 2025
Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
| Contents Reference & Administrative Information Report of the Board of Directors Accountants' Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements |
Page |
|---|---|
| 1 2 - 4 5 6 7 - 8 9 - 13 |
Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Reference and administrative information
Charity Name Magnet YAC Charity Number NIC100661 Company Number NI622290 Board of Directors Eugene Donnelly Patrick Hughes John Fegan (Resigned 17th December 2025) Company Secretary Shannon Rea Registered Office and 81a Hill Street Operational Address Newry Co. Down BT34 1DG Accountants ASM (N) Ltd Chartered Accountants 30 Monaghan Street Newry Co. Down BT35 6AA Bankers Danske Bank 58 Hill Street Newry Co. Down BT34 1BD
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Report of the Board of Directors for the year ended 31 March 2024
The Board of Directors presents their report and the unaudited financial statements for the year ended 31 March 2025. The directors have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued 2015 in preparing their annual report and financial statements of the charity.
Structure, Governance and Management
Governing 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 1 April 2014.
Recruitment and Appointment of Management Committee
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 themselves with the charity and gain the skills necessary to take an active role in management and leadership.
The committee also produce a Service Level Agreement pack each year. New members are encouraged to read this information as it sets out the aims and objectives of the organisation.
Organisational 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 Organisations
The Organisation works alongside the Education Authority (EA), The Public Health Agency, Youth Action and The Newry Neighbourhood Renewal Team.
Objectives and Activities
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 areas of South Down and South Armagh in a neutral, non-alcohol drug free environment".
Aims of the centre are:
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to establish links with statutory and voluntary organisations, thus promoting and enhancing the work of the centre.
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recognise, encourage and support user-groups within the centre whose activities are in accordance with the objectives of the centre.
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Magnet YAC
Report of the Board of Directors continued
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promote the ethos of participation and responsibility in our members, to ensure opportunity, choice and inclusion.
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provide a drop in venue, where young people aged between 15-25 year olds may develop their recreational and leisure 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 mixed service for its users. One such service is the provision of rehearsal/recording facilities for musicians and offers a venue for live performances for young musicians. It also provides access to other arts activities such as drama, health and education groups.
Funding
Against the backdrop of limited resources and insecurities 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). The Centre also received funding through the Public Health Agency (PHA) and has received additional funding through Education Authority (EA) for Outreach and Inclusion programmes.
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 activities to keep the centre running.
Plans for the future
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. Plans are also being developed to work on a number of other issues such as:
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help young adults tackle the negative image 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.
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to raise the awareness of sexual health issues among young adults in the local catchment area.
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to raise awareness of drug and alcohol misuse amongst members.
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to develop the self-esteem and confidence of young people and address the issues which effect young women and men in the Newry and Mourne Area.
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to develop a group where young adults of different cultural backgrounds, sexual orientation and religious background can meet and discuss issues affecting them in a safe, conformable environment.
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to help young people develop their skills in the arts i.e. music and media recording, and art group design.
Statement of Trustees' responsibilities
The trustees (who are also directors of Magnet YAC for the purpose of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Members of the management committee who served during the year ended 31 March 2024 and up to date of this report are set out in pages 1-2.
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Report of the Board of Directors continued
Company law requires the trrustees to prepare financial statements for each financial year, which give 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 income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records 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 2006. They are also reponsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 11 February 2026 and signed on its behalf by
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_____
[<SC59FE44BCFA04B1... by:
Patrick Hughes
Director
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Date: 11 February 2026
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Independent examiner's report to the charity trustees of Magnet YAC
We report on the accounts of Magnet YAC for the year ended 31 March 2025.
Respective responsibilities of charity trustees and examiner
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is our responsibility to:
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examine the accounts under section 65 of the Charities Act
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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
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state whether particular matters have come to my attention.
Basis of Examiner's Statement
We have examined your charity accounts as required under section 65 of the Charities Act and our 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 records 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.
Our role is to state whether any material matters have come to our attention giving us cause to believe:
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That accounting records were not kept as required by section 63 of the Charities Act
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That the accounts do not accord with those accounting records
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That the accounts do not comply with the accounting requirements of the Charities Act
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That there is further information needed for a proper understanding of the accounts to be reached.
Independent Examiner's Statement
We have carried out this engagement in accordance with M48 - “Chartered Accountants’ Reports on the Compilation of Historical Financial Information of Unincorporated Entities” issued by the Institute of Chartered Accountants in Ireland and have complied with the Rules of Professional Conduct and the ethical guidance laid down by the Institute.
_______ ASM (N) Ltd
Chartered Accountants
30 Monaghan Street Newry Co. Down BT35 6AA
Date: 11 February 2026
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Statement of Financial Activities (including Income and Expenditure Account)
for the year ended 31 March 2025
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Funds | Funds | ||
| Funds | Funds | 2025 | 2024 | ||
| Income and endowments from: | £ | £ | £ | £ | |
| Charitable activities | 2 | - | 303,918 | 303,918 | 321,141 |
| Other trading activities | 7,670 | - | 7,670 | 2,766 | |
| Investments | 103 | - | 103 | 90 | |
| Other | - | - | 10,863 | ||
| Total income and endowments | 7,774 | 303,918 | 311,692 | 334,860 | |
| Expenditure on: | |||||
| Raising funds | 6,623 | - | 6,623 | 5,554 | |
| Charitable activities | - | 314,602 | 314,602 | 335,315 | |
| Other | 9,935 | - | 9,935 | 8,331 | |
| Total expenditure | 3 | 16,558 | 314,602 | 331,160 | 349,200 |
| Net gains / (losses) on investments | - | - | - | - | |
| Net income / (expenditure) | (8,784) | (10,683) | (19,468) | (14,340) | |
| Net Movement in funds | (8,784) | (10,683) | (19,468) | (14,340) | |
| Reconciliation of funds: | |||||
| Total funds brought forward at 1 April 2024 | 29,981 | 386,162 | 416,143 | 430,483 | |
| Total funds carried forward at 31 March 2025 | 7 | 21,197 | 375,480 | 396,676 | 416,143 |
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Balance Sheet as at 31 March 2025
| Notes Fixed Assets Tangible assets Current assets Trade Debtors Cash at bank 6 Current liabilities Bank loans and overdrafts Other creditors Accruals Current assets less current liabilities Net Assets Unrestricted Funds Restricted Funds Total Funds 7 |
10,974 14,738 25,712 108 2,939 816 3,863 |
2025 £ 374,827 21,849 396,676 21,197 375,480 396,676 |
- 26,832 26,832 - - 816 816 |
2024 £ 390,127 26,016 |
|---|---|---|---|---|
| 416,143 | ||||
| 29,981 386,162 |
||||
| 416,143 |
The directors' statements required by Sections 475(2) and (3) are shown on the following page which forms part of this Balance Sheet.
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Balance Sheet (continued)
Director's statements required by Section 475(2) and (3) for the year ended 31 March 2025
For the year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The members have not required the company to obtain an audit of its accounts for the in question in accordance with section 476;
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The directors acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records 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 applicable in the UK and Republic of Ireland'.
These accounts were approved by the Board and authorised for issue on 11 February 2026, and are signed on behalf by:
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___ [<SC59FE44BCFA04B1... by: (CF _____ B65675792ECC4F8... by:
Patrick Hughes Eugene Donnelly
Director Director
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Registration number: NI622290
Charity number: NIC100661
The notes on pages 9 to 13 form an integral part of these financial statements.
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Notes to the Accounts for the year ended 31 March 2025
1. Accounting Policies
1.1. Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of certain fixed assets. The financial statements are prepared in accordance with:
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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 1 January 2015)
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The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015
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Companies Act 2006
1.2. Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance 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 grants for purchase of fixed assets, are recognised 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 there is a legal 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 allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds 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. Restricted funds
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Notes to the Accounts for the year ended 31 March 2025
1.7. Tangible fixed assets 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 2% Straight Line Fixtures, fittings - and equipment 20% Straight Line
| Charitable activities | 2025 | 2024 | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | |
| EA Core Budget | - | 144,897 | 144,897 | 134,213 |
| EA Additional Funding | 17,533 | 17,533 | 500 | |
| Public Health Agency Funding | - | 141,489 | 141,489 | 141,687 |
| Youth Engagement Programme | - | - | - | - |
| Youth Action Rental Income | 7,670 | - | - | 7,200 |
| PHA Rental Income | - | - | - | 8,000 |
| Newry & Mourne District Council | - | - | - | 250 |
| Community Funding/ACNI | - | - | - | 26,929 |
| Irish/National Youth Federation | - | - | - | 2,361 |
| 7,670 | 303,918 | 303,918 | 321,140 |
2. Charitable activities
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Notes to the Accounts for the year ended 31 March 2025
| **3. ** | Total Resources Expended Expenditure Charitable 2025 2024 Raising Funds Activities Other Total Total £ £ £ £ £ Costs directly allocated to activities: Full & Part time youth leaders - - - - 71,493 Support cost allocated to activities: Staff Costs 3,626 172,250 5,439 181,316 99,113 Paye/Nic 334 15,850 501 16,684 20,500 Pension 206 9,808 310 10,324 8,614 Group activities & residential 26 1,226 39 1,291 25,409 Renewal & enhancement expenditure 52 2,462 78 2,592 - Travelling costs 104 4,935 156 5,195 17,659 Training - - - - - Education/Studentship - - - - - Hospitality 4 207 7 218 2,332 Rent 180 8,550 270 9,000 17,000 Repairs & maintenance 3 164 5 173 9,141 Light & heat 226 10,726 339 11,290 13,631 Room Hire - - - - - Insurance 155 7,363 233 7,750 7,491 Sundry 620 29,468 931 31,019 773 Subscriptions - - - - - Bank charges 4 208 7 219 200 Accountancy 103 4,894 155 5,152 8,895 Depreciation 306 14,535 459 15,300 34,731 Telephone 102 4,846 153 5,101 1,283 Advertisements - - - - - Printing, postage & stationery 70 3,334 105 3,509 1,909 Cleaning materials 57 2,717 86 2,860 431 Rates 44 2,094 66 2,204 3,245 Petty Cash - - - - - Legal & Professional 2 95 3 100 375 Cost of Goods Sold 38 1,793 57 1,887 - Entertainment 68 3,206 101 3,375 - IT costs - - - - 4,975 Donations 1 48 2 50 - 6,623 314,602 9,935 331,160 349,200 |
Total Resources Expended Expenditure Charitable 2025 2024 Raising Funds Activities Other Total Total £ £ £ £ £ Costs directly allocated to activities: Full & Part time youth leaders - - - - 71,493 Support cost allocated to activities: Staff Costs 3,626 172,250 5,439 181,316 99,113 Paye/Nic 334 15,850 501 16,684 20,500 Pension 206 9,808 310 10,324 8,614 Group activities & residential 26 1,226 39 1,291 25,409 Renewal & enhancement expenditure 52 2,462 78 2,592 - Travelling costs 104 4,935 156 5,195 17,659 Training - - - - - Education/Studentship - - - - - Hospitality 4 207 7 218 2,332 Rent 180 8,550 270 9,000 17,000 Repairs & maintenance 3 164 5 173 9,141 Light & heat 226 10,726 339 11,290 13,631 Room Hire - - - - - Insurance 155 7,363 233 7,750 7,491 Sundry 620 29,468 931 31,019 773 Subscriptions - - - - - Bank charges 4 208 7 219 200 Accountancy 103 4,894 155 5,152 8,895 Depreciation 306 14,535 459 15,300 34,731 Telephone 102 4,846 153 5,101 1,283 Advertisements - - - - - Printing, postage & stationery 70 3,334 105 3,509 1,909 Cleaning materials 57 2,717 86 2,860 431 Rates 44 2,094 66 2,204 3,245 Petty Cash - - - - - Legal & Professional 2 95 3 100 375 Cost of Goods Sold 38 1,793 57 1,887 - Entertainment 68 3,206 101 3,375 - IT costs - - - - 4,975 Donations 1 48 2 50 - 6,623 314,602 9,935 331,160 349,200 |
|---|---|---|
| 349,200 |
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Notes to the Accounts for the year ended 31 March 2025
4. Tangible assets
| 5. 6. |
Land and Fixtures buildings Fittings & freehold Equipment £ £ Cost At 1 April 2024 At 31 March 2025 430,635 64,456 Depreciation At 1 April 2024 51,621 53,344 Charge for the year 8,613 6,687 At 31 March 2025 60,234 60,031 Net book Values At 31 March 2025 370,401 4,425 At 31 March 2024 379,014 11,112 Cash On Hand 2025 £ Cash held - - Cash at Bank 2025 £ Number 1 Current Account 5,843 One Stop Shop Account 8,895 Magnet Credit Card - 14,738 |
Total £ 495,091 104,965 15,300 120,265 374,826 390,126 2024 £ - - 2024 £ 10,696 11,891 4,245 26,832 |
|---|---|---|
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Docusign Envelope ID: 7FF21355-1F0F-446B-BF0D-FED0C56256FC
Magnet YAC
Notes to the Accounts for the year ended 31 March 2025
7. Movements in funds
| At 1 April | Incoming | Outgoing | At 31 March | ||
|---|---|---|---|---|---|
| 2024 | Resources | Resources | 2025 | ||
| £ | £ | £ | £ | ||
| Unrestricted | 29,981 | 7,774 | (16,558) | 21,197 | |
| Restricted | 386,162 | 303,918 | (314,602 | ) | 375,480 |
| Total funds | 416,143 | 311,692 | (331,160) | 396,676 |
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