Charlty reglstration number NIC100663 Company reglstratlon number N1029924 (Northern Ireland) RANDALSTOWN ARCHES ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
RANDALSTOWN ARCHES ASSOCIATION LEGALAND ADMINISTRATIVE INFORMATION Trustees JB McGookin P Boyle E Ingram W Blair WAllen H Boyd M Hackett L Hurrell O Heatley (Appointed 21 February 2023) Secretary E Ingram Charity number NIC100663 Company number N1029924 Registered offlce 3840 Main Street Randalstown CoAntrim BT413AB Auditor Corrigan CA Limited 24 Greystone Road AntFim N Ireland BT412QN
RANDALSTOWN ARCHES ASSOCIATION CONTENTS Page Trustee report statement of Trustee responsibilities 12 Independent auditorfs report 13-14 ststement of finanaal aotivities 15 Balance sheet 16 Notes to the financial statements 17-25
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees who are also directors of the charity for the purposes of thè Companies Act 2006, present their report with financial statements of the charity for the year ended 31 December 2023. The financial ststements comply with the Charities (Accounts & Reports) Regulations {Northem Ireland) 2015, the Charities Act 2008 (substitution of sums) order (Northem Ireland) 2015, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 Jan 2015). CHAIRMAN'S REPORT This year at ARCHES has been an exceptionally busy and transformative one. We've eXperiend numerous changes. gained valuable lessons, and witnessed significant progression. Desplte the challenges. the year has been successful, albeit it seemed to pass by swiflly, wtlh last yearfs AGM feeling as if it was just yesterday. ARCHES Board of Dlrectors At the November 2022 AGM, six directors were eligible to retire by rotation. and all SLY were re*lected for another three-year term. Throughout 2023.1 had the privilege of working with a dedicated board: Peter Boyle (Wice Chair) Eileen Ingram (Secretary} Wllliam Allen (Treasurer) Moore Blair (Assistant Treasurer) Helen Boyd Christine Butler Sheelagh Hlllan Martin Hackett Llam Hurrell Joseph McErlean Brian McGookln Jane McTaggart Additionally, on 21 st November 2022. Oonagh Heatley was co-opted onto the board and has slnce proven to be a remarkable addition. She was officially ratified at last years AGM. l extend my sincere gratitude to all directors who have supported and worked alongside me throughout the year. Your time, advi. and contributions are invaluable to ARCHES. and I thank you for your dedication. This year, we bid farewell to Christine Butler. Joe McErlean, and Jane McTaggart. who have decided to resign from the board. While we are saddened by their departure, we wish them the very best in their future èndeavours and thank them for their years of hard work and commitment.
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 ARCHES Staff The board was ably supported by our dedicated staff throughout 2023.. Hannah Moloney. Operations Manager: Oversees the organization's operatlons, manages staff, handles business interests, and maintains the day-to-day finances alongside William Allen. Despste ongoing heatth concems, Hannah continues to work from home. and we wish her a speedy recovery. Sinead Morren. Senior Administrator: Manages the running of courses, events, and social media. Congratulations to Sinead on her recent marriagel Peggy Mulholland, Communty Development Administrator.. Joined in January and has quickly become a valuable team member. bringing innovative ideas and completing her BSL Level 6 qualification. Owen Mcclurkin. Finan and Office Assistsnt: Supports Hannah wilh accounts and asslsts Sinead with administrative tasks. Ergnat McLaughlln. Caretakerand Property Manager. Ensures the upkeep of allARCHES properties. Mary Robb, Cleaner. Maintsins the cleanliness and tidiness ofARCHES. On behalf of the Board, l express ry heartfelt thanks to all our staff. Your passion and commitment to the community make a significant impact. especAally as we fa challenges in the comin9 winter months. ARCHES Facllltles ARCHES House and ARCHES Mews are fully occupied, and our commercial properties are nearly at full capacity. Following the departure of one tenant in 2022, we are exploring repurposing thi5 unit in Arches Lane. Our community spaces had an outstanding year, with room bookings reaching an all-time high. Early booking has become essential to secure a spot! We also continue to support local groups With technical and administrative assistance. We are grateful for the funding from the Department for Communities and Antrim and Newtownabbey Borough Council. which supports the running of our community hub. ARCHES Events I Seasonal Actlvltles A huge thank you to everyone involved in organising this year's festival. Special thanks to Peggy. who admirably managed her first festival week 5010 due to health and personal concems affecting other staff members. The festival saw a great tumout, with many families enjoying the community spirit. We also held a successful Health Fair in September, in collaboralion with Impact Network and Randalstown Pharniacies, featuring informative events and activities. During the Health Fair, we were delighted to announce a generous £2,500 donation from an anonymous donor, which we passed on to the Randalstown Autism Support Group, an organisation close to our hearts. In November, we hosted our first Deaf Club event, which was well-attended and will contlnue rnonthty, providing a space for BSL students and the Deafcommunity to connect and practice their skills. The Christmas Lights Switch-on in collaboration with Antrim and Newtownabbey Council, proved to be another successful community event.
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 ARCHES Courses Our courses and workshops continue to attract participants from across Northem Ireland, a testament to the quality of our training and the welcoming environment we provida. Over our 28-year history. we have trained over 11,000 students in more than 40 different subjects. While enrolment has dipped slightly this auturnn due to rising living costs, we remain committed to offering valuable training Opportunities and are aayS open to new workshop ideas. Collaborations This year. we strengthened our collaborations with several key groups. including Tidy Randalstown, Randal Community Shed. Town Team, Randalstown Autism Group, JAM Store, and Randalstown Chamber of Trade. We continue to provide administrative support to several of these organizations. Publiclty nnformatlon Our website, managed by Sinead, has undergone significant improvements, streamlining our online presence. We maintain an adive presence on social media and continue to publish our community newsletter, ARCHES Outlook, quarterty. Our 103rd issue has just been released, and we encourage everyone to check it out online. Finance and Funding ARCHES is fortunate to have strong support from our funders, including the Department for Communities and Antrim and Newtownabbey Borough Council. who provide funding for core costs. salaries, and events like the Festival and Christmas Lights. We also appreciate the support from local traders throughout the year. Our prudent investment In property over the years ensures a stable income. safeguarding our operations should public funding sources diminish.
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans and Priorities for 2024 Looking ahead to 2024. our priorities Include continuing the activities and addressing the issues outlined in this report. We've completed a feasibility study for our next major project and will soon begin preparations for our next strategy review and board succession plannlng. We also have several community projects in the pipeline, which we hope to see realized soon. Closlng Comments I would like to extend my sincere thanks to our Board and staff for their tireless efforts throughout the year. It is their dedication that drives ARCHES and ensures our continued success. Finally, it is an honour to serve as Chaimian of ARCHES, an organisation rooted in determination, resilience, kindness, and compassion. l am proud to represent our staff and comrnunity. past and present. who have shaped ARCHES into the respected organization it is today. The future holds great promise, and l am excited for the opportunities ahead. These accounts were prepared under the supervision of the outgoing Chainnan, Mr RG Graham, but have been reviewed and signed by the Acting Chairper50n. Mr P Boyle. ¢sfv Georye Graham. OBE Chairman, Randalstown ARCHES Association Ltd
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES OF THE CHARITY A Summary of the objects of the charlty as set out In Its governlng document Summary ofth8 ChariVs Objects As outlined in the goveming document, the objectives of the charity are to benefit the inhabitants of Randalstown, Co. Antrim, and the Surrounding area by.. Advancing Community Development: Supporting local community groups and charitable organizations to promote and implement activities for the communty's benefit and improvement. Relieving Need: Assisling those in need due to youth. age. ill-health, disabilty. financial hardship, or other disadvantages. Advancing Education and Training.. Providing opportunities for learning and sktll development. Providing Social Welfare Facilities.. Offering recreational and leisure facilities to improve the quality of life for residents. Advancing Other charitable Purposes: Supporting any other charitable purpose under Northern Ireland law as decid8d by the trustees. Charity's Alms and Impact The charity aims to support those in the Randalstown area most in need. such as the elderly, disabled, and unemployed, by offering training courses, programs, and health fairs. The charity also seeks to improve living conditions in Randalstown by providing rental accommodation, assisting with town regeneration, and supporting initiatives like Tidy Randalstown. A key strategy is acquirtng funding to Sustain staff and premises necessary for ongoing work. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Volunteers During 2023, volunteers contributed 600 hours. offering vital support across activities. including teaching. organizing events, community initiatives, festival planning, and fundraising efftjrts. Volunteers remain a critical component ofARCHES' operational success, and their efforts are deepty valued. PUBLIC BENEFIT ARCHES aims to enhance the qualty of life for people in Randalstown and surrounding areas through awessible professional and communty events and training. The charity achieves its objedive5 by offering opportunities to a broad range of people, presenting diverse courses, and planning and implementing social. environmental, and educational improvefflents for the entire community.
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Summary of The Main Achlevements Of The Charlty During The Year A Loamlng Community Offered a comprehensive program of education. learning, and training, with approximately 300+ students in 2023. Provided facilities for CompUteraSed training, meetings. and othèr sessions beneficial to the local community. Developed relationships with education providers to enhance employment opportunities for disadvantsged individuals. An Inclusive Communlty Pmmoted social inclusion by collaborating with organizations to support disadvantaged groups and facilitating community events celebrating divetsty. An Active Community Promoted health and wellbeing initiatives through social media and partnerships, and supported local groups with resources and facilities. An Influential Communlty Strengthened partnerships with local councils, ststutory bodies, and comtnunity organizations, contributing to social housing and commercial space availability. Fundraislng Activities Fundraising activities during the year included= Advert sponsorship from local traders in the ARCHES Cross Community Festival booklet. Fundraising festival events such as Gymkhana, Fiddle & Five Strings Music Night, Duck Ra. and others. Sponsorship for the annual Schools Colouring Competition for the Christmas Lights Swttch-on event. Achievements and Perfonnance Chan'table Objectives ARCHES had a successful year in advancing its charitable objectives, evidenced by the positive impact of its activities on the Randalstown community. The charity met its objectives by providing educational programs, supporting vulnerable individua15. and fostering social inclusion. staff and Board Development ARCHES continues to invest in stsff training and development. The Board remains committed to ensuring high govemance standards. transparency, and accountability.
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal revlew OveNi8W ARCHES remains in a strong financial position, thanks to prudent management and dhiersified income strearns. The charitys income is derived from rental properties, grant funding, fundraising events, and donations. Grant income decreased slightty from £88,232 In 2022 to £87,738 in 2023. Rentsl income decreased from £78,755 to £77.745. There was a significant increase in income from training courses as it increased from £14,636 in 2022 to £27.883 in 2023. Donations during the year also seen an increase from £1,224 in 2022 to £6,767 in 2023. Expenditure in the year increase to £236,214 in the year from £219.212 in 2022. Overall there was a deficit of £35,857 during the year (£36.361 in 2022). The trustees believe that these results will improve in future as they have reassessed the fees charged for training courses. They are in the process of repurposing their only vacant rental unit and are hopeful that this will generate the income that was lost in the current year as a result of this until being vacant. The trustees are confident that they have sufficient reserves in place to continue until such times as this additional incomè is generated. Reserves Pollcy and Golng Concem The charity maintsins reserves to ensure the continuity of its activities in the event of a funding shorffall. The current reserve level is in line Wbth the Board's policy, providing adequate coverage for six monlhs of operational costs. It is the policy of the charity that unrestricted general funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure. The ideal level of reserves would therefore be beeen £52,152 and £104,304. The tmstees consider that reserves at this level will ensure that, in the event of a significant drop in fijnding, they will be able to continue the charity's current activities while consideration is given to ways in which additional fvnds may be raised. At 31 st December 2023 there was the equivalent to more than three months running costs in unrestricted free reserves which is within the ideal level. The actual unrestricted general reserves at 31 st December 2023 are £778,775, wilhln these are unrestricted general funds and unrestricted designated reserves. These unrestricted designated reseNes have been designated by the Trustees and represent the charity's investment in land and buildings. The balance in unrestricted general reserie is £59,429. PRINCIPLE FUNDING SOURCES The principal funding sources during the year included: Income from rent from commercial units and residential flats. - Community Investment Fund and energy grants from the Department for Communities. - Festival and premise5 funding from Antrim and Newlownabbey Borough Council. - Project-specific funding from extemal organizations like Impact Network.
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Inveslment Policy And ObJectlves In order to gulde the investment strategy the Board of Trustees has adopted the followng objectives: to protect and maintain a steady annual Income which allows the support of an equlvalent level of activity of the charity over the long term", to follow an Investment policy deslgned to provide for a level of income that matches inflation and protects the real value of capital over thè long tsrn. - to follow a policy which provides the highest security with the highest achievable total return Investments Strategy:_ A risk adverse Strategy Is adopted in relation to investments so that an appropriate amount is held in bank accounts. Social. environrnenlal and ethical considerations have been taken into account. Moniioring:. The treasurer will monitor the perfomance of the bank accounts and report regularly to the Board of Truslees. Rlsk Management The trustees identify the major risks to which the charity is exposed each financial year when preparing and updating a strategic plan, in particular those related to the operations and finances of the charity. The trustees then review any major risks which have been identified and estsblish systems to mitigate those risk5. The charity is satisfied that the systems are in place to rnitigate their exposure to the major risks which have been so identified and reviewed. The Board is not proposing any capital expenditure at present beyond secured funding. Trustees will make effort during the coming years to secure additional funds for any new developmentwork and ongoing funding forthat existing work. Future Plans ARCHES plans to continue its focus on community development, expanding ts training prograrns. and pursuing new funding opportunities to enhance its impact on the Randalstown community. Looking ahead to 2024. our priorities include continuing the acttvities and addressing the issues outlined in this report. We've completed a feasibility study for our next major project and will soon begin preparations for our next strategy review and board succession planning. We also have several community projects in the pipeline. which we hope to see realized soon. structure, governance and management Constitution ARCHES is registered a5 a charity and operates in accordance with its Memorandum and Articles ofAssociation, eslablished on 7th November 1994. The Board of Directors, chaired by George Graham, meets monthly, with additional meetings as necessary, to oversee governance and management issues. The trustees, who are also the dlrectors for the purpose of company law. and who served during the year were: JB McGookin P Boyle S Hillan E Ingram W Blair W Allen J McErlean H Boyd C Butler (Resigned 23 April 2024) (Resigned 1 January 2024) (Resigned 1 January 2024)
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 RG Graham M Hackett L Hurrell J McTaggart O Heatley (Resigned 13 September 2024) (Resigned 1 January 2024) (Appointed 21 February 2023) Recmitment andAppointment of Trustses The charity's trustees are appointed annually at the AGM. New trustees are recruited based on their skills, experience, and commitment to the charitys mission, ensuring a welkrounded board that reflects the community's diversity. Trustee Induction and Trnining New trustees receive an induction to understsnd the charity's work, their legal obligations, and the govemance framework. Ongoing training is provided to ensure trustees are equipped to fulfill their roles effectively. Risk Management The Board regularly reviews the major risks to which the charity is exposed and implements risk management strategies to mitigate these risks. This includes financial controls, safeguarding policies. and compliance wilh regulatory requirements. Organlsatlonal Structure The board of trustees meets monthty as a full board. It has established sub groups which discuss the activities of the charity, in temis of finan, premises and staffing. The subgroups make recommendations to the board of trustees and monitor operational activities. Staff of the charity have delegated authority to carry out day to day work within policies agreed by the Board. Financial stsnding orders give necessary authorisation of different amounts. Prior to being elected, nominees are invited to a Management Committee meeting, as well as visiting the premise5 to meet trustee5 and members of staff. Should they be appointed, they are provided with all relevant information from the Charity Commission and Companies House as well as further information from the Charity itself regarding the content of work for a trustee. Following this, arrangements are made on a continual basis, to attend any courses which are deemed to be of advantage to any trustee.
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Pay Pollcy For Senior Staff The trustees consider the board of trustees and the senior management team comprisè the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees give their time freely and no trustee received remuneration in their year. Details of related paty transactions are disclosed in the notes to the accounts. The pay of senior staff is reviewed annualty and normally increased in compliance with legislation. Related Partles Health Fairs involved the local phamiacy. of which one director is a partner. All transactions are at an arms-length commercial rate. The diredor is also on the Mentsl Health Review Tribunal, a member of Ulster chemists Association. Sperrin U3A Treasurer and sil on St. MacNissis Parish Council financial committee. A Director is a on the board ofAntrim Credli Union. the Chamber of Trade and Randal Community Shed. A Director is on the board of Old Bleach Cycle Club who use our facilities and organise some of Festival events. A Director is on the board of Randalstown Rugby Club who use our facilities and organise some of Festival events. A Director is the honorary President of Mid Antrim Pony Club who use our facilities and organise some of Festival events. Two Directors are on the board of Tidy Randalstown and Town Team for whom we provide admin and office support. A Director is on the board of Tidy Randalstown and the Chamber of trade. They also have links to hope and a Future who use our premises for seasonal community events A Director is a partner of a local event equipment hire business from which goods or servi5 made Is hired from time to time at an arm's length commercial rate. A Director is an owner of a local Jewellers and Trophy supplier business from which goods are purchased at an arm's length commercial rate. A member of staff is related to our plumber. All services are Caled out at an ami's length commercial rate. A member of staff if related to staff members of the company used to support our IT. All setvices and goods rendered are carried out and provided at an arm'5 lenglh commercial rale. No other trustèe or other person related to the charity had any personal Int8rest in any contract or transaction entered into by the charity during the year. No trustee incurred any expenses. WIDER NETWORK The Charity has no responsibilty for any other organisation and is answerable to Charity Commission Northern Ireland. ARCHES work to form and nurture relationshlps with other groups and agencies, which allows partnership working for the greater good of the cornmunity. We have boardlcommittee representation in Antrim and District Communities Network, Community Safety Policing Partnership, Public Health Alliance. Tidy Randalstown, Randal Community Shed, Randalstown ASD Support Group and Randalstown Chamber ofTrade. In addition, ARCHES liaise with over 80 community groups and organisations in the greater Randalstown area. many of which we work closely with, particularly in the organisation of the annual Community Festival and Christmas Lights events. and they benefit from our training programs. 10-
RANDALSTOWN ARCHES ASSOCIATION TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Audltor Corrigan CA Limited were appointed as auditor to the company and a resolution proposing that they be re- appointed will be put at a General Meeting. The Trustee report was approved by the Board of Trustees. WAllen Dated: 19 September 2024 11
RANDALSTOWN ARCHES ASSOCIATION STATEMENT OF TRUSTEE RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees. who are also the directors of Randalstown Arches Assoclatlon for the purpose of company law, are responsible for preparing the Trustee Report and the accounts in accordan with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practlce). Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of rèsources. including the income and expenditurè. of the charitable company for that year. In preparing these accounts. the trustees are rèquired to: - select suitable accountlng policles and then apply them consistently" - obseNe the methods and principles In the Charities SORP- make judgements and estimates that are reasonable and prudent-, state whether applicable UK Accounting Slandards have been followed, subject to any material departurès disclosed and explained in the accounts. and - prepare the accounts on the going concern basis unless it is inapproprtate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. 12-
RANDALSTOWN ARCHES ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RANDALSTOWN ARCHES ASSOCIATION Opinion We have audlted the financial statements of Randalstown Arches Association (the 'charity) for the year ended 31 December 2023 which comprise the statement of financial activities. the balance sheet and notes to the financial statements, including signtficant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting standard 102 The Finanual Reporting Standany applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conduded our audit in accordance wtth Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs SponSibl11t1eS for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirernents that are relevant to our audtt of the financial staternents in the UK, including the FRC'S Ethical standard. and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustee use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. other Inforniatlon The other information comprises the Information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other information and, in doing so, consider whelher the other information is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misslatement of this other infomation. we are required to report that fact. We have nothlng to report in this regard. Matters on which we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 requires us to report to you if. in our opinion: the information given in the financial statements is inconslstent in any material respect with the Trustee report; or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accountin9 records; or we have not received all the information and explanations we requir8 for our audit. 13-
RANDALSTOWN ARCHES ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF RANDALSTOWN ARCHES ASSOCIATION Responslbllltles of trustees As explained more fully in the statement of Trustee responsibilities, the trustees, who are also the dlrectors of the Gharity for the purpose of company law. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from rnaterial misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem. disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidats the charitable company or to cease operations. or have no realistic atternative but to do so. Auditorfs responslbllltles for the audit of the financial statements We have been appointed as auditor under section 65 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and report in accordance with the Act and relevant regulations rnade or having effect thereafter. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS detect a material misstatsment when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities. including fraud. is detailed below. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. This report is made solely to the charity's trustees. as a body, in accordance with Section 65(2) of the Charities (Accounts and Reports) Regulations (Northem Ireland) 2015. Our audit work has been undertaken so that we might state to the charsty's trustees those matters we are required to state to them, in an auditors report and for no other purpose. In our opinion the statement of accounts complies with the requirements ot regulation 8 of Ihe Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and tt's trustees as a body, for our audbt work, for this report, or for the opinions we have formed. Mrs Celine Corrlgan (Senior Statutory Audlto for and on behalf of Corrlgan CA Llmited 19 September 2024 Chartered Accountants Statutory Audltor 24 Greystone Road Anlrim N Ireland BT412QN Corrigan CA Limited is eligible for appointment as auditor of the charity by virtue of its eligibllity for appointment as auditor of a company under section 1212 of the Companies Act 2006. 14-
RANDALSTOWN ARCHES ASSOCIATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Restricted funds funds Total 2023 Total 2022 Notes Income from: Donations and legacies Charitable activities Investments 6.767 105.828 24 87,738 94,505 105,828 24 89.456 93.391 Total income 112,619 87,738 200,357 182.851 enditure on: Charitable activities 142,577 93,637 236,214 219,212 Net expenditure for the yearl Net movement In funds (29,958) (5,899) (35.85n (36,361) Fund balances at 1 January 2023 808,733 31,118 839,851 876,212 Fund balances at 31 December 2023 778.775 25,219 803,994 839,851 The statement of financial activities includes all gains and losses recognised in the year. The slatement of financial activities also complies with the requirements for an income and expenditure account underthe CompaniesAct 2006. 15
RANDALSTOWN ARCHES ASSOCIATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 11 719,346 745,237 12 34,901 62,726 21.658 87,910 97,627 109,568 Creditors: amounts falllng due withln one year 13 (12.979) (14,954) Net current assets 84.648 94,614 Total assets less current liabilitles 803.994 839.851 Income funds Restricted funds Unrestrided funds 25,219 778,775 31.118 808,733 803,994 839,851 The directors acknowledge their responsibilities for comptying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordanGe with the provisions applicable to companies subjeci to the small companies regime. The account5 were approved by the Trustees on 19 September 2024 P Boyle Trustee WAlle Trustee Company Registratlon No. N1029924 16-
RANDALSTOWN ARCHES ASSOCIATION BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 Critical accounting estimates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements. estimates and assumptions aboul the carrying amount of assels and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Accountlng pollcles Charlty Infomiatlon Randalstown Arches Association is a private company limited by guarantee inrporated in Northern Ireland. The registered office is 3840 Main Street, Randalstown, Co Antrim, BT413AB. 2.1 Accounting convention The accounts have been prepared in accordance with the charity's goveming docurnent. the Companies Act 2006 and °Accounting and Reporting by Charities: 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). (as amended for accounting periods cornmencing from 1 January 2016). The charity is a Public Benefrt Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial slatements are prepared in slerling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 2.2 Going concern The financial statements have been prepared on a going concem basis. The trustees have assessed a period of 12 months from the date of approving the financial ststemenls wilh regard lo the appropriateness of the going concem assumption in preparing the financial statements. The Trustees note the operating and cashflow position at sign off of the financial statements and believe that the company will conlinue as a going concem and be able to realise its assets and discharge its liabilities in the normal course of its operation 2.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 2A Incomlng resources Incomin Resources from Charitable Activities Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliabw. and it is probable that income will be received. Donations Cash donations are recognlsed on recelpt. oth8r donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. 17-
RANDALSTOWN ARCHES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles (Continued) other Income Other income is recognised when the charity is legal entbtled to it. when the amounts can be measured reliably, and it is probable that the income will be received. Tumover is measured at the fair value of the consideration received or receNable and represents amounts receivable for good5 and services provided in the normal course of business, net of discounts, VAT and other sales related tsxes. 2.5 Resources expended enditure on Charitable Activities Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to third party, it is probable that a Iransfer of economic beneffts will be required in settlement and the amount of the obligation can be measured reliabty. The charity is below the charity audii threshold and therefore is exempt from reportlng expenditure on an activity basis. The charity has opted to report the nature of expenditure rather than on an activity basis. 2.6 Tangible fixed assets Tangible ftxed assets are initialty measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation 15 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Land and building5 Plant and machinery Fixtures, fittings & equipment 20/0 Straighl line 20 % straight line 10% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 2.7 Impalrment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 2.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturitie5 of three months or less, and bank overdraft5. Bank overdrafts are shown within borrowings in Quent liabilities. 2.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instntments, and Section 12 'other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial inslruments are recognised in the charitys balance sheet when the charity becomes party to the contractual provisions of the instrument. Financlal assets and liabilities are offset. with the nel amounts presented in the financtal statements. when there is a legalty enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 18-
RANDALSTOWN ARCHES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles {Contlnued) Baslc financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequentty carried at arnortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable withln one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri unless the arrangement constitute5 a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classrfied as payable within one year are not amorbsed. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or ServIS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classrfied as current liabilities rf payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initialty at transaction price and subsequentty measured at amortised cost using the effective interest method. Derecognition of financlal Ilabilities Financial liabiltties are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Employee Benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity us demonstrably committed to terminate the employment of an employee or to provide temiination benefits. Company Status The company is a company limited by guarantee. In the event of the company being wound up. the liability in respect of the guarantee is limited to £1 per member of the company. 19-
RANDALSTOWN ARCHES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donatlons and legacl8S Unrestrlcted Restricted funds funds Total 2023 Total 2022 Donations and gifts Grants Received 6.767 6.767 87.738 1,224 88,232 87,738 6,767 87.738 94,505 89.456 For the Year Ended 31 December 2022 1,224 88,232 89.456 Grants receivable for core actlvltles Department for Communities Antrim & Newtownabbey Borough Councll USEL Energey Grants Enkalon st. Annes Cathedral 46,373 31,985 4.280 2.100 3.000 46.373 31.985 4.280 2.100 3,000 58,333 24,500 4.949 450 87,738 87,738 88.232 Income from investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 24 -20-
RANDALSTOWN ARCHES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities 2023 2022 Hire of UnitslHall Training Courses other income 77,745 27,883 200 78,755 14,636 105.828 93,391 Anatysis by fund Unrestricted funds 27,883 77.945 105,828 27,883 77.945 105,828 For the year ended 31 December 2022 Unrestricted funds 14.636 78,755 93,391 Charilable activities Total 2023 Total 2022 Charitable Activty Payroll Costs Support Costs Depreciation 49.796 89,888 68.929 27.601 50,904 75,894 64,867 27,547 236.214 219,212 Included withln Charltable Activity Festival Costs Tutors 22,406 19,236 17,020 19.357 Included withln Support Costs Repairs & Maintenance Computer Expenses 6,690 15,274 11.747 13.067 -21
RANDALSTOWN ARCHES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees None of the trustees (or any persons connected with them) received any rèmuneration or benefits from the charity during the year. Audltofs remuneration The analysis of auditors remuneration is as follows: 2023 2022 Audit of the annual accounts 2,925 2,730 Employees Number of employees The average monthly number employees during the year was 6. Wages and salaries costs for the year were £89.179 (£75,817-2022). No employee received remuneration of more than £60,000. 2023 Number 2022 Number 10 Taxation The charity 15 exempt from taxation on its activities because all its income is applied for charitable purposes.
RANDALSTOWN ARCHES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Tangible flxed assets Land and bulldlngs Plant and machlnery Flxiurns, ffttlngs & oqulpmènt Total Cost At 1 January 2023 Additions 1,138,953 45.166 524 111.420 1,295,539 1.186 1,710 At 31 December 2023 1,138,953 45,690 112,606 1,297.249 Depreciation and Impalrnient At 1 January 2023 Depreciation charged in the year 412,364 22,779 38.280 2.662 101.658 2.160 550,302 27,601 At 31 December 2023 435,143 38.942 103.818 577,903 Carrying amount At 31 December 2023 703,810 6,748 8,788 719,346 At 31 December 2022 726,589 8.886 9,762 745.237 12 Debtors 2023 2022 Amounts falling due within one year: Trade debtors other debtors 9.271 25.630 3.545 18,113 34,901 21.658 13 Creditors: amounts falling due within one year 2023 2022 Notes Bank overdrafts other taxation and social security Trade creditors Other creditors Accruals and deferred income 14 24 4,567 2,893 3,470 4.000 4,246 1.563 3.170 4,000 12,979 14.954 -23-
RANDALSTOWN ARCHES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Loans and overdrafts 2023 2022 Bank overdrafts 24 Payable within one year 24 15 Unrestrlcted funds The unreslricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific Purposes. At 1 January 2023 Incomlng resources Resources expended Transfers At31 December 2023 General funds 808.733 112.619 (142,577) 778.775 Previous year: At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 General funds 845.549 94,619 (136.246) 4.811 808,733 16 Analysi5 of net assets between funds Unrestricted Restrfcted 2023 2023 Total Unreslricted Restrlcted 2023 2022 2022 Total 2022 Fund balances at 31 December 2023 are represented by.. Tangible assets Current assetsl(liabilities) 719.346 59.429 719,346 84,648 745,237 63,496 745,237 94,614 25,219 31,118 778,775 25.219 803,994 808,733 31.118 839,851 -24-
RANDALSTOWN ARCHES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Movement in Funds Fund At 01101123 Incoming Resources Resources Expended Trdnsfers At 31112123 General Designated Restrlcted 808,733 31,118 112.619 87.738 142,577 93.637 778,775 25.219 839.851 200,357 236,214 803.994 18 Securltes & Charges Northem Bank Limited holds a mortgage or charge against 3840 Main Street for securing all monies now due, or hereafter to become due or from time to time accruing. Antrim Borough Council holds an agreement and mortgage of £55,000 against 3840 Main Street for securing all monies now due, or hereafter to become due or from time to time accruing. The Department for Social Development holds a mortgage or charge debenture of £100.000 against 3840 Main Street for securing all monies now due, or hereafter to become due or from time to time accruing. Intemational Fund For Ireland holds a charge against 9 John Street for securin9 all monies now due, or hereafter to become due or from tlme to time accruing. Big Lottery Fund holds a mortgage or charge of £162,352 against 3840 Main Street for securing all monies now due. or hereafter to become due or from time to time accruing. Department for Churchill House holds a mortgage of £100,000 against 3840 Main Street, Randalstown. 19 Relatsd party transactions Purchases of £336.31 were made during the year from H Mcmanus Hardware, which is owned by one of the trustees, Liarn Hurrell. Purchases of £987.69 were made during the year from Kearney's which is managed by one of the trustees, Oonagh Heauey. £12,544.11 was paid to Nlmbus for l.T. services during the year. The father of one of the charivs employees, Hannah Moloney. is a self-employed l.T. Contractor and occasionally does work for this company. -25-