Magherafelt Market Trustees Annual report and unaudited financial statements for the year ended 31 March 2023 ReBlStration No". XN47760 INorthem Ireland) Chaylty Reglstratlon No: 101134 Magherafelt MarketTrustees~ Flnanclal strtements tor theyear emded 31 March 2023 Contents Page15) Association Infonnation Strategic Report Trustees, Report Independent Examiners, Report Statement of Financial Activities Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows io Statement of Changes in Equity li Notes to the financial statements 12-18 ASM agherafelt MarketTrustees- Flnanctal statwents for the yearended 31 March 2023 A550ciation Information Pagé I Tru5tee'5 Association Secretary Mr R Collin5 Dr J Keatley Mr A Burns Mr JJ Keatley Mr l Henry Mr S Higgifts MrR Cdlins Registered Office Attountants 12A Queen Street Magherafelt ASM {Ml Ltd Chartere(l Accountant5 The Diamond Centre Market Street Magherafelt Registration Number Bankers XN47760 INorthern Ireland) Danske Bank 14 Broad Street Magherafelt Charity Registration Number 101134 ASM Magherafelt Market Tru5tee5- Finandal statementsfor the year ended 31 Marth ZO23 Strategic Report Page3 rhe Trustee's present their Strategic Report for the year ended 31 March 2023. Principal activitiès The Association's princip31 activity is to maintain listed buildings in Magherafeltand to make sure that they would also be used to benefit the'good people of the town".. Charlty's objethives To manage and use the same hereditaments and premises for the benefit of the Inhabitants of the Town of Ma£herafelt as the Tru5tee5 or the major part of them shall in their LEncontrolled discretion think fit and for such p5Jrpose to make regulations as to and to fix a scale of charges for the user of the said hereditaments and premises wrth powerto remit such charges altogether if deemed proper so to do and to apply the surplu5 rents and profits arising from the said hereditaments and premises after payment there out of all necessary outgoings and expenses in reference to rhe insurance maintenance and management of the same premise5 in or towards the development and improvement thereof and of the Town of Magherafelt as the Trustees or the major part of them shall in their uncontrolled discretion from time to time determine. Review of activltles and future development5 The results for the year are set out in the Statement of Financial Attivitie5 on pa8e 7 and in the related notes. FutUTe outlook The future develgpments in the Association's activities are discussed in Trustees, Report Grant maklng policy The Association seeks applications for grants and other fomis of assistance from warious parties in the l¢xal area and proposals are reviewed and assessed in detail and approved by the Board of Trustees. Reserves Polity The Trustee's have reviewed the As50thation's requirements for reserves in conjunction with their analysis of the main risks for the A550Ciation. The unrestricted funds not invested in fixed assets need to be sufficient to cover six months of annLFal running Costs. At the date of the approval of these financial statements the Association has approximately 2 months reserves and the Trustee's recognise thatthis will require the building up of reserves overthe next few years. However the level and nature of expenditure ha5 been ana￿se￿ and an assessment made as to how reductions can be made if the need arises. Thi5 policy is reviewed annually by the Board of Trustee's. Key performance indicators The Trustees used the key perfomiance indicator5 set out in the table below to monitor the A550ciation's performance. 2023 1022 Rental Income In Revenue growth l%1 Cr0555urplvslE) Gr05$ proflt m3rÈln 1%) 0￿￿ting$urp1￿S (Q Opevatlngprofitm2rein (%) 67,218 94.5% 34.Lb77 3% 35,85q 53.3% 31.755 47.2% As demonstrated above, a number of key performan￿ indicators showed an adverse performance movement. however the Trustees are confident thot changes that have already been implemented will result in a revers31 of thi5 adverse performance in the next financial year. Principal risks and uncertainities The Associaiion does not have any principal risks or uncertainties. The Association's manogement endeavours to mitigate these risks by implementing regular strategic and operational reviews. Key performance indicator5 The Association Trustee'5 are of the opinion that analysis using key perfonykance indicètors is not necessary for an understandsng of the developmenti performance or position of the business. ASM Magherafelt Market Trustees- Nnancial statements for the year erthd 31 March 2023 Strategic Report PaBe ? Financial risk management The Association's operations expose it to o variety of financial risks that are analysed under separate subheadings below. The Association has a risk management programme in place that seeksto limitthe adverse effects of these risks on the financial performance of the ￿sOcIation. Credit risk The As50¢iation rloes not sell on credit and consequently does not have any credit risk. Financial instruments The Association does not actively use financial instTurnent5 a5 part of its financial risk management Liquidity risk The A550Cl8tion maintain5 a mixture of lorE term and short tem debt finance thar is designed to ensure that the Association has sufficient available furEd5 for current opeTation5 and ￿a￿ed expansiors. Foreign eJ(chark8e risk The AsSOCi3tion's principal operating currency is sterfing {£1. The Association does not have any material transactions in foreign currencies. The Association does not have any material exposure to foreign exchange risk. Approval This 5trate8ic Report was approved by the Trustee's on 13 November 2023 and signed on its behalf by= MrABurns Chairperson Aslvl Magherafelt MarketTru5tee5- Financial statementsforthè year ended 31 March 2023 Trustees, Report Page 4 The Trustee's present their report and the unaudited financial 5taternents for the year ended 31 March 2023. Results The Statement of Financial Artivities for the year ended 31 March 2023 is set out on page 7. Performance review Both the year end financial position and the financial Performan￿ forthe year were as expected. Future outlook The Trustees expect that the Association's financial performance and financial position will improve in the near future. Trustee's The trustee's of the Association at 31 March 2023. who have all been trustees for the whole of the year ended on that date, are listed on page l. Dividends and transfers to reserves The Trustee's do not recommend the payment Df a dividend in respect of the year ended 31 March 2023. The result for the year has been transferred to reserve Financial instrument5 and risk management Infomiation on the use of financial instruments by the Association and its management of financtal risk are discussed in the Strategic Report. Changes in fixed assets The Association does not have any fixed assets. Research and development The Association does not have any material research and development acttvities. Events after the reporting date There were no material events after the year end that require disclosure in the financial statements. Employees The Association's policy is to consult and discuss with ernployees where appropriate matters likely to affect employees, interests. Disabled persons The Association's policy is to recruit disabled workers for those vacancies that they are able to fill and all necessary assistance with initial training courses is provided. Arrangements are made, whenever possible, for retraininE employees who become disabled, to enable them to perform work Identified as appropriate to theii aptitudes and abtlities. Political donations The Association did not make any political donations during the year or in the preceding year. Trustee's, responsibilittes statement From the constitution the Trustees must compty with their obligations wth regard to- the keepinE of accounting recor(Js of the Association; and the preparation of annual statements of account for the As50Uation. Internal financial control The Tru5tee5 have overall responsibility for ensuring that the Association has in place an appropriate system of controls, financial and othenvise. to provide reasonable assurance that: the A550ciation is operating efficiently and effectively- its assets a￿ safeguarded against unauthorised L5se or disposition- ASM MaBheTafelt Mark¢tTrustees- Financi31 statements forthe year ended 31 Ma￿h 2023 Trustees, Report Paue 5 proper records are maintained and financial information used within the Association or for publication is reliable,. and the Association complies with relevant laws and regulations. The Association's systèms of financial control are designed to provide reasonable. but not absolute, assurance against material mis-statement or loss. Approval This Trustee's, Report was approved by Trustee's on 13 November 2023 and signed on its behalf by- MrABums Chairperson ASM Mogheiafelt Market Trustees- Flnancial statements for the year ended 31 March 2023 Independent Examinerf5 report to the Trustees of Magherafelt Market Trustees Page 6 I report to the Trustees on our examination of the financial statements of Magherafelt Market Trustees Ithe Trust) for the year ended 31 March 2023. Responslbllltles and l)asi5 of report Asthe charity trustees of theTrustyou are responsibleforthe preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 20221'the Acy). I report in respect of my examination of the Trusvs accounts carried out under Section 65 of the 2022 Act and in carrying out my examination I have followed all the applicable dirertions given by the Charity Commission under Section 6519) Ibl of the Act. Independent examinerfs Statement I have tompleted rny examination. I confim that no material matters have come to my attention in connertion with the examination givirg me cause to believe that in any material respect: l. accounting reccKd5 were not kept in respert of the Trust as required by Section 63 of the Act,. or 2. the accounts do not accord with those records- or 3. the accounts do not COTnply with the applicable requlrements concerninE the form and content of accounts set out in the Charities Act other than any requirement that the accounts gÉve a 'true and fair wev/ which 15 not a mètter considered as part of an independent examination. I have no concerns antl have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a prO[￿r understanding of the accounts to be reached. ASM {M} Ltd Chartered Accountants The Diamond Centre Market Street Magherafelt 13 Novernber 2023 ASM Mogherafelt MarketTrustees- FSnan¢lal statements for the yexended 31 March 2023 Statement of Financlal Activities PaBe 7 LIK*5tliCted FU￿d$ T¢rtat Total Funds 31 Marth Fund5 31Marth 31 Marth 31 Marth 31 Maf¢h 2023 2024 2023 2D22 {12 rnonth {IZ rnorfhsl IIZ rnonthsl IE2 rnonths) 112 mDnLhs) In¢omin8 R¢sour¢es Tradin8 Income Rent31 income Tradlngcosts NetTradin8 Income VEFluntary income Investment income 150,*21 150.384 150.381 150,3821 13L3641 131.3641 701 710 Rental income 67,218 Total in¢omiDu rè50UrtÈs 34.838 37,265 Rescurc*5 ExpendÈd Charltable activities Governance L2CX) 1.2 N10nBgementand Èdmlnistration Total resour(e5 expended io li l•teTe5t payable Net resourceseorthe YEar before taxatlon Taxatlon 13 29.738 29,738 32,465 14 Netre5Qu￿e5IQTthe year 29.738 32.4 The DotL% Ort paEe$ 11 to 181(*m part oF1iwfw7a￿h1l$tWcMCr*ts Asr. Ma8heYafelt Market Trustee5- Financial statements tor the year ended 31 March 2023 Statement of Comprehensive Income P88e 8 Note UwE51rKted ftesttithed FvTrds Fund5 AI IApril 2021 Total Cornprehensive income for rhe ye* Revaluation L671,W 6n,993 31465 32065 250,362 At 31 March 2022 1,954.820 29.738 1.954.8ZD 29.738 1.9B4.558 Total Comprehensive income forthe year At 31 March ZOZ> L984,558 All èmounts above relate to continuin8 operations of the Association. Ihc note50Tr pages 11 to 18 ftjrtn p4rtofthesoflr￿nfh7ls￿c￿rtts ASM Maghèrafelt Market Trustees- Flnarteial statemènts for the year ertded 31 March 2023 Statement of Financial Position Page 9 31Mz< 31 Wrch 2023 2022 F5xed a55ets In¥e5tments I,W.8LO 657.82D L657.810 L657.EIO Cur(*￿1355Ets Receiv3bles 16 157 J,073 297.437 C35h atbankand in haid 3Z8.591 319,748 29&5JQ Crtdbtors:aDwurts falllnidue wlthlnoneyear 17 Nettyrvenia55ets 32A740 297,010 Tolal zs5etsle55￿rre￿t11a￿I1Iles I.￿.553 L9￿.$20 Netassets L984,558 Lg54.820 Capitaland rèSeiV*5 iknrestrictedreseryes 1984 i.W.82D Re51riclEd ieserve5 Yotrl gpltslandfeseF¥es IJN558 L9Y,820 The fir>ancial statemernts on page5 7 to 18 were approved arnj 3uthori5ed for t55ue by the Twu5tee'5 on 13 NovemFtr 2023 and were 5igrsed on its beha￿ by: MrABurn5 Chairperson Registratlon Number: XN47760 (Northern Iretand) Charity Re8lStrntion Number: 101134 The rot# rfft pag¢5 IA tol8form part oFtr.esefin6n¢o1 sraicmeAts ASTrvl Magherafelt M3TketTrustee5- FinatKtal ststements for the yèar ended 31 March 2023 Statement of Cash Flo Page 10 31 Marth 31 March ID23 IDZ2 IIZ month51 112 mDnth51 Cash Inflows from operatingo¢ti¥ities Returns Dn inve5trnerrtsand 5eryi¢ing of flnan InvèstmÈnt tncorne 710 Interest payable 71 Taxatlon In¥estmÈnt Purchase ot property. plant and equipment Netwhflowfrom imie5tment Equitydividends paidtOshareholdeFS Finan¢ng NetCa5h flowlromfinandng NètCa5h inflow 31.154 Reconelllation of net resources to net cash inflow from operating activitie5 31 March 31 Mèrch Z023 2022 112 monihsl et resourcesforthe year bÈlarÈ t3xatio Amortisatlon ol ptoperty. plant 3nd oquipmenl Investment incorne 29,738 32.465 17911 Z8.947 17101 31.755 Ilncreaselldecrease In prepaymentslother receiva￿￿5 In£reaselldÈtteasÈl in actruols ash inflows from operating ittiwitiÈs 1841 i.soo 1651 19001 30.79) 30.363 Analysis of change5 in net cash 31Marth Y1￿Ch Openln¢tash balance IDcreJ5o/ldocro45el In &75h balanms c105lng￿h balame 265.937 31,5DQI 297,437 31.L54 34S91 31Marth 31MArth MoY¢mcnt 1022 An0ty51$of ¢¥shb4¥rrtts Cash at bankiind ID haftd 94Trkoverdrift 3￿9k 297,437 3L1$4 321591 257.437 3¥154 The nDtC5 on pa8Q511 to 18 fom) part oftho5efgwnria15t*eThents AsfKrf M?gheTafelt Market Trustees- Financial ststements forthe year ended 31 March 2023 Notes to the financial statements Paee 11 l. Company Information Legal statu5 Magherafelt Market Trustees is a assoaation established in Northern Ireland. Registration number and re8iStered office The Association's re8iStered office address and registration number is set out on page l. Funrtlonal currency The financial statements are prepared in sterling (£1 which is the fvnctional currency of the Association. 2. Basis of preparation of financial statements Applicable leglslatlon and a¢¢ountlng standards These financial statements have been prepared in accordance with: Accounting ond Reporting by Charities-. Statement of Recommended PractKe applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 (effective l January 20191- (Charities SORP IFRS 10211,- applicable UK accounting5tandards includÈng FRS 102 The Financtal Reporting sta[￿ard appltcable in the UK and Republic of Ireland.. the historical cost basis of accountÈng- and the Charities Art (Northern IrelarKII 2022. Goin8 concem The A5SOCiation made a surplus during the year ended 31 March 2023 and. at that date, the Association's assets exceeded its The principal risk and uncertai nty afferting the A$50¢iation'5 ability to continue trading as a going concern is the continuing availability of bank loari facilities. After maknng enquiries the Association's trustees consider there is a reasonable expectation that the A5$0ciati¢n has adequate resources to continue in operational existence for the foreseeable future and accordingly have prepared the financial statements on the going concern basis. Funds The Association has various types of funds for vthich it is responsible and which require separate disclosure. These are as follows.. lil restricted fund5.' income which 15 earmarked bythe donor for spe¢rfi¢ purposes. Such purposes are wthin the overall aims of the organisation; lill unrestrlrted funds.. funds which are expendable at the discretion of the Trustees in furtherance of the objects OF the Company. In addition to expenditure on transport provi%on, such funds may be held in orderto finance c3Pltal investment and working capital; and liiil endowment funds: funds which cornpri5e of unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each desiBnated fund is set out in the notes to the financial statements. Management and administration costs Costs that relate to the costs of running the Association, such as the costs of meetings, audit and statutory compliance and any costs which cannot be specifically identified to anotherexpenditure classification. are 5epaiately disclosed as management and administration costs, 3. Judgements and key sources of estimation uncertainty Judgements and key sources of estimation uncertainty are continually evaluated and are based on historical experience and other factors, including expectations of future events that a￿ believed to be reasonable under the circumstances. Aslvl MagheTafelt Market Trustees- Financial ststem?nts fcf the year ended 31 Marth 20Z3 Notes to thefinancial statements PaRÈ 12 Crltlcal ludgemenr5 Used in the application of ac¢owting policies There were no critical judgements Used in the application of accounting policies and the preparation of the financial statements. CrTtlcal accounting estimates and assumptiOTSS There We￿ no critical accounting estitnates or assumptions used in the application of accourbting policies and the preparation of the financial statements. ASM Magherafelt Market Trustees- Fin3ncial 5tstemenls for the year erEded 31 Marth 2023 Notes to the financial statements Page 13 4. Principal accounting policies TurnoveT Turnover represents amounts receivable for goods and servkces net of value added tsxe5 and trade discounts. Investment Income Income from deposits is included. together with any related tax credit. in the Income Statement on an accruals basis. Foreign Currencie5 Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. At the end of each financial accounting period assets and liabilitie5 denominated in foreign currencie5 are translated into Sterlin£ at the exchange rates ruling at that date and all exchange differences are taken to the Intome Statement. Financial In5trumentS A financial asset or a financlal IlabilFty is recognised only Wh￿ the company become5 a party to the contractual provisions of the Instrument. Basic financial instrument5 are initially recognised at the transartion price, unless the rrangernent constitutes a financing transaction. where it is recognised at the present value of the future payrnents discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amorti5ed cost. Where investments in non-corkvertible preference shares and non-puttable ordinary share5 or preference share5 are publicly traded or their fair value can otherwse be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives. are initially re¢ognised at fair value. unless payment for an asset 15 deferred beyond normal busine55 terms or financed at a rate of interest that is not a market rate, in which case the asset 15 measured at the present value of the future payments discounted at a market rate of interest for similar debt instrument. Other financial instrurrbent5 are subsequently measured at fair value. with any thanges recognised in profit or soss. with the eX￿ptIon of hedging instruments in a designated hedging relationship. Financial asset5 that are measured at C05t or amortised cost are reviewed for objective evidence of impairfflent at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised in profit or loss immediaielv. For all equity instruments regardless of significance, and other finanual assets that are individually significant, these are assessed individually for impairment. Other financial 3Ssets or either a55e55ed individually or grovped on the basis of similar credit risk charatteristics. Any reversals of impairment are recognised in profit or loss immediately* to the extent that the reversal doe5 not result in a carrying amount of the financial a55et that exceed5 what the carrying amount would have been had the impairment not previously been recognised. ,4si Magherafelt M8rketTrustees- Financial statements for the ywended 31 March 2023 Notes to the financial statements Page 14 Deferred taxation Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise frorn the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they wll be recovered against the reversal of deferred tax liabilities or other future taxable profits. Defeiied tax is rne35ured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. 5. Trustee's emoluments and key management compensation Trustee's remurEeration ai Myrth 31 M3rch 20Z3 2022 112 m(xithsl {12 ry￿￿t￿$) Ag8re8rate emoluments Kèy management remuneration The Trustee's are the key management of the Association. 6. Employee information The average number of persons linduding eKecutive TtU5tee'sl employed by the Association during the year was: 31 Marth 31 Marth 2022 2023 (12 rnorfhsl Number 112 ￿￿￿th5) P￿mbEr Bya¢iivity Governance Indirert payroll Toial employees and their emoluments were: Ji ￿rth 31 Maich 20Z3 2022 112 months) 112 mtynt￿l Staff Costs Iforthe personsat¥)¥el Gross waees and S8Earie5 Employer'ssDcial 5eiurity costs ASM Magherafelt Market Trustees- Finantizl stètements for thè year ended 31 March 2023 Notes to the financial statements Page 15 7. Voluntary income UNestlirted Fun05 Ilestrited Fynds EfvJowmeAI Funds T0ty5 JI M¥th 31 Marth 31 ￿tth 31 Mi¢¢h 102> 2a23 2023 2022 112monttsl {12 month5) 112 12 ￿nths> Rechafgè fortenanr5in5urar)te paid Othervoluntary income 701 701 8. Investment income Ihrest¥kt¢ Fthds RestrittÈd Funds £rtdDwmemt Funds Tot4 Totsl 31 Marth 31 Marth 31 Wrth 31Marth 3) M?rth ZDZJ 2022 (IZ mpnth51 112 m￿h5) IIZ mon¢h51 {12rnublthsJ 112 month51 Bankdep051t Interesi 791 710 791 710 9. Rental income Uwe5trlrted knds RestrKteil Inds Tat Ttstrl 31 Marth 31 Mafth JI￿th 31 Malth 31 Mar£h Z023 iQZ3 2013 I022 IIZ mont￿) (IZ mOilths} iizmonth4 tt2 month4 112 r￿r$th5) 6&8 KinE 5Ereet- Modern Électronlcs 5.9 Mtyrketst￿et- Espre5$0 1&18 QueenStieet- Involve Marketyard io,c 21, lo.c￿8 io.cKK¢ 2LO53 9,498 io.rm 2.365 MUDC Croditors H06ss Quarry Fairhill Nursery Carpark Bèlfèst rÈgional EA NIE Substation 5.575 Otherre•tal inc¢xne Is,r 84,4Z9 67.218 10. Managementand administration Ihre5trlrted Fvnd5 Re5trldEd Fynd5 Ernty)yJrnent Fun¢$ Total Ttytsl 31Marth Ji Marth 31 &larth JI MBrth 31 M4rth ZVZJ ZJ 2Q23 2013 2022 112 months) 112 rnordts) 112 months) Iii rnonthsl 112 mDnih51 n38emeni & adrnit7i51ratic ASVI Magherafelt Market Trustees- Financial statementsfor thè yw ended 31 March 2023 Notesto the financial statements Paee 16 11. Analysis of total resources expended (hvltable 4knKyfvnd5 stment Total Totsl 31 Marth 31 Marth 31 Ji M•rth 31 31 March 2023 2023 XJ29 2023 2022 IIZ rnonthsl {IZmonlh51 112 mOnthJl P2 moDth51 (12 #wthsl 111 ￿K￿Zhs1 Direct expenditure Support costs LZ s,itsJ 12. Net Resources HertrlciEd Fund5 Tot TDlal Fuffld5 Fund5 31 M¥rth ¥1 ￿arth 3a Atrrth 31 Mnrth 31 Mat¢h zo 20Xa 201a I023 022 m4MEh 112 A￿￿th$S IIZ monthil 112 mDnths) Net resourtes lOrth￿ yEar betore Interest p￿ty1￿15 siaiedaft+rtharBir¥. AttouThtant5' fee5- Accounts prepèrnriorb 4ltercredSllry. Other inGOtne 111 L2tt1 13. Interest payable and similar charges 31 PA¥¥h 31 March 2013 ID22 IIZ rnonih51 {12 mhihsl Iniefest payable ¢n bank loansandoverdrafts: Repayable within riveyea￿4Tr￿ not by inxalrneDt5 14. Taxation {al Analysis of the charge for the year 31 Wrth 2022 112 mDThihsl 2023 112 MDAthsl Corporation ta Corporation tax the surplus forthe year Adjustments In respÈtt of prior period5 Total £orFkoration tax Deferred tax Origination and reversal of Tlmlng differences Adjvstments in respÈ£t of prior periods Total deferned tax Totrl tax charge ASM Magherafelt Market Trustee5- Financial statements for the year ended 31 March 2023 Note5 to the financial statements Pag¢ 17 Ib} Factors affertlng the tax charge for the year The tax assessed for the year is equal to the amount calculated at the slandard rate of corporation tax in the United Kingdom 119.0%). 31 M*th 31 M8r¢h 2023 1022 IIZ wnth51 {12 mtynthsl Surplusonardinary acttviti05 beloretaxation 29.738 32.465 Surplus multiplied by the standard rote of torpo¥ation tax in the United Kin8domol 19.IPA12022= ISIPAI Efletts of.. Other linromEllexpenditure not allowaFAÈ fort3Xation 6,168 15.6501 16,1681 Adjtjstments In respett of pritsrpÉri(xls 15. Fixed asset investsnents Tor41 prOPètty costDrvalu¥ii¢n Al l April 2022 J.657,810 1,657,810 At3lMarth 2WJ Arnurtlsatian At IAp*I 2022 Charg& IDrthoye¥ Ataimatth 2023 N¢tbookvalL 1.6S7.810 IffiS7.810 At31Mar¢h2023 1,6S7.810 L657.810 At 31 Marih 2(F21 1.657.810 L657.810 Investment property There has ken no external valuation of the Ass￿lation,$ investment property duringthe year. The f•r value of theA550ciation'5 investmeE)t property Bt the year end was determined by the A550Ciation's Iruslees. In assessing the fair value of the AsSOCiation's investment propertv. the trustees took into toftsideration sales value5 and tapitalise¢J rental values achieved on the salè and re¥)tal respectively. ol comparable investment properties located in the same areas as the Association's investment properties. 16. Receivables 31 Mwth 31 M•r£h 202 Amounts falling due within one ye¥ Trade ￿e￿i¥¥bleS Prepayment5 1,157 1.157 1,073 L073 17. Creditors: amountsfalling due within one year 31 31 Marth 20Z3 2022 Accruals 1.5LK) ASM Magherafelt Market Trustees- FinantFal statements f¢Y the yearended 31 Marth 2023 Notestothe financial statements Page 18 18. Provisions for Ilabslities Deferred taxati¢)n Deferred taxation pmided in the finanaal stater￿ntS is analysed a5 folk)ws= 31 Marth 31 March 202Z 2023 Gross f5xed a55ettimsn£ dIfferen￿S Nettlmlngdiff2reDw5 Timingdifference5 notprovided Deferred ts¥ prov151on 19. Pension costs Defined contribution penslon sthernes The Association did not make any contributions to employee penston s¢hemes during the year. 20. Contlngent liabilities The Association had no material contingeni liabiltties at 31 March 2023 or at 31 Marth 2022. 21. Events afterthe reporting period There were no material events in the period between the end of the reportirg year and the date of the approval of the financial statements. 22. Capital commitments The Association did not have any material capital commitments at 31 March 2023 or at 31 March 2022, 23. Contrarts wlth inception dates after the end of the reporting period The Association did not enter into any material contractual tornmitments in the period between the year end and the date of pproval of these financial statements. 24. Approval of the financial statements The Trustee's approved the financial statements for issue on 13 November 2023. ASM