Magherafelt Market Trustees Annual report and unaudited financial statements for the year ended 31 March 2024 Registration No: XN47760 {Northem Ireland) Charity Registration No: 101134
MagherafeFt MarketTrustees- Financlal slatement5 for t17è yearendèd 31 March 2024 Contents Page Is) A550Ciation Information Strategic Report Trustee Report Independent Examinerfs Report Statement of Financial Activities Statement of CoMprehenve Income Statement of Financial Position Statement of Cash Flows 10-12 Notes to the financial statements 13-21 ASM
Magherafelt Market Trustees- Finan¢lal ststements for the yearended 31 March 2024 Association Information PaEe J Trustees Associatlon Secretary Mr R Collins Mr A B¢Jrns Mr JJ Keatley Mrl Henry Mr S Higgins Mr T Scott Mr R Collins Registered Office Accountants 12A Queen Street Magherafelt ASM {Ml Ltd Chartered Accountaiits The Diamond Centre Market Street Ma8herafelt Règlstratton Nurnber Bankers XN47760 INorthern Ire13ndl Danske Bank 14 Broad Street Magherafelt Charity Registration Number 101134 ASM
Magherafelt Market Trustees- Financial statements for the year ended 31 March 2024 Strategic Report Page 3 The Trustees present their Strategic Report for the year ended 31 March 2024. Principal artivities The Assotiation's principal activity 15 to maintain listed buildings in Magherafelt and to make sure that they would also be used to benefit the'good people of the town" Charity's objertives To manage and use the same hereditaments and premises for the benefit of the Inhabitants of the Town of Magherafelt as the Trustees or the major part of them shall in their uncontrolled discretion think fit and for such purpose to make regulations as to and to fix a scale of charges for the user of the said hereditaments and premises with power to remit such charges altogether if deemed proper so to do and to apply the surplus rents and profits arising from the said hereditament5 and premise5 after payment there out of all necessary outEoin8s and expenses in reference to the insurance maintenance and management of the same premises 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. Revlew of actlvitie5 and future developments The results for the year are set out in the Statement of Financial Activities on pa8e 7 and in the related notes. Futurè outlook The future developments in the Association'5 activities are dlsCU55ed in the Trustees, ReporL Grant making pollcy The Association seeks applications for grants and other forms of assistance from various parties in the local area and proposals are reviewed and assessed in detail and approved by the Board of Trustees. Reserrfes Policv The Trustees have revlewed the Association's requirernents for reseNes in conjunction with their analysis of the main risks for the Association. The unrestricted funds not invested in fixed assets need to be suffiaent to cover SIX months of annual running costs. At the date of the approval of these financial statement5 the Association has approximately 2 months reserves and the Trustees recogni5e that this will require the building up of reserves over the next few years. However the level and nature of expenditure has been analysed and an assessment made as to how reductions can be made if the need arises. This policy is reviewed annually by the Board of Trustees. Key performance indicators The Trustees used the key performance indicators set out in the table below to monitor the Association's performance. JI Mai¢h 31 Mar¢h ?023 Z024 Rental intome 1£) Rè¥eaue erowih (%) 91.823 8.8% 84.429 25.6% 34.047 40.3P 28.947 34.3 11.081 23.0% 14.969 16.3% Gro>s prtylit mor4in 1961 Oper3tiry profit 1£) 0petst1 profit rnarRln l%1 As demonstrated above, a number of key performance indicators showed an adverse performance movement, however the Trustees are confident that changes that have already been implemented will result in a revers31 of this adverse performance in the next financial year. Principal risks and uncertainitie5 The Association does not have any principal risks 01 uncertainties. The As50Clation's management endeavours to mitigate these risks by implementing regular strategic and operational reviews. Key performance indicator5 The Association Trustees are of the opinion that aDaly5iS Using key performance indicators is not necessary for an understanding of the develgpment. performance or position of the business. ASM
Magherafelt Market Trustees- Flnancial statements fc* thè year ended 31 March 2014 Strategic Report Pège ? Flnancial risk management The Association's operations expose it to a variety of financial risks that are analysed under separate subheadings below. The Association has a risk management programme in place that seek5 to limit the adverse effects of these risks on the financial performance of the Association. Credit risk The Association does not sell on credit and consequently does not have any credit risk. Financial instrumÈnts The Associarion does not actively use financial instruments as of its financial risk managemÉnt. Liquldlty rlsk The Association maintains a mixture of long term and short term debt finan that is designed to ensure that the Association has sufficlent available funds for current operations and planned expansions. Forelgn exchange risk The Association's principal operating currency is sterling {£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 Thls Strate8ic Report was approved by the Board of Trustees on 30 January 2025 and signed on its behalf by: Mr A Burns Trustee ASM
Magherafelt Market Trustees- Fin?Thcial ststements for theyear ended 31 Marth 2024 Trustees, Report Page 4 The Trustees present their report and the unaudited financial Statements for the year ended 31 March 2024. Re5uItS The Statemenr of Financial Activities for the year ended 31 March 2024 is set out on page 7. Performance review Both the year end financial position and the financial performance for the year were as expected. Future outlook The Trustees expect that the Association's recent financial performance will be sustained for the foreseeable future. Trustees The trustees of tho Association at 31 March 2024, who have all been trustees for the whole of the year ended on that date, except as noted below, are listed on page l. Name Resi8ftation Date 8January Z024 DrJ Keatlèy NanTe Appointment Mr T Srott 7June 2023 Dividends and transfers to reserves The Trustee5 do not recommend the payment of a dividend in respert of the year ended 31 March 2024. The result for the year has been transferred to reserves. Flnanclal Instruments and risk management Information on the use of financial instruments by the Association and its management of financial risk are discussed in the Strate8ic Report. Changes in flxed assets The movements in fixed assets during the year are set out In note IS to the financial statements. Research and development The AsSOClètion does not have any material research and development activities. Events afterthe reporting date There were no material events after the year end that requlre disclosure in the financial statements. Employees The Association's policy is to ¢on5uIt and discuss with employees where appropriate matters likely to affect employees, interests. Disabled persons The Association'5 policy is to recruit disabled workers for those vacancies that they are able to fill and all necessary assistance with initial training cour5e5 15 provided. Arransements are made, whenever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities. Trustee5' responslbilities statement The Trustees are responsible for preparing the Strate8ic Report, the Truslees, Reporl and the financial statements in accordance with applicable law and re8ulations. Company law requires the Trustees to prepare financial statements for each financial year. Under thot low the Trustees have elected to prepare the financial statements in accordance with UK Generally Accepted Accounting Practice IUK Accounting Standards and applicable lawl. ASM
Magherafelt Markpt Tru5tee5- Finan¢ial statements for theyearended 31 Matth 2024 Trustees. Report Page 5 Under company law the Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the Association and the profFt or105s of the Association for that financial year. In preparing these financial statements, the Trustees are reqvired to- 5elett suitable accounting polirie5 and then applythem con5iStently: make judgements and accounting estimates that are reasonable WKI prudent: state whether applicale UK Accounting Standards have been followed, 5ubjeci to any material departUs, disdosed and explained in the finanoal statements,- and prepare the financial statements on the going concern basls unless it is inappropriate to pre5urne that thE Association will tontinue business. The Trustees are responsible for keeping adequate &counting records that are sufficient t0 show and explain the Association's transactions and disclose with reasonable accuracy at any time the finarKial posltion of the Association and enable them to ensure that the financi31 statements comply with the Companies Act 2006. The Tru5tee5 are also responsible for safeguarding the assets of the Association and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. Accounting records The measures taken by the Trustees to secure compliance with the requirements of Section 386 to Section 389 of the Companles Act 2006, with regard to keeping of accounting records, ère the employment of appropriately qualified ccountin8 personnel and the maintenance of computerised attounting systems. The Association's accounting records are maintained at 12A Queen Street. Magherafelt. Provisions relatlng to the preparation of the financlal statements This report has been prepared in accordance with the provisions of the Companies Act 2006 relating to na slzed companie5. Approval Thi5 Trustees, Report was approved by the Board of Trustees on 30J3nuary 2025 and signed on its behalf by: Mr A Burns Trustee ASM
Magherafelt MarketTrustees- Financial staternents for the yÈar ènded 31 Mah 2024 PaKe 6 Independent Examinerfs report to the Board of Trustees on the unaudited financial statements of Magherafelt MarketTru5tees I report to the Trustees on our examination of the financial statements of Magherafelt Market Trustees (the Trust) for the ye3r ended 31 March 2024. Responsibilities and basi5 of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 20221'the Act'l. I report in re5pert of my examination of the Trusys accounts tarried out under Section 65 of the 2022 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under Settion 65191 Ibl of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respert of the Trust as required by Section 63 of the Act; or 2. the accounts do not èccord with those records. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out In the Charities Act other than any requirement that the accounts Bive a 'true and fair vlew, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connettion with the examination to which attention should be drawn in this report in order to enable a prover understanding of the accounts to be reached. )L ASM IMI Ltd Chartered Accountants The Dlamond Centre Market Street Magherafe 30 January 2025 ASM
Magherafelt MarketTrustees. Flnancial statements for the yearended 31 March 2024 Statement of Ftnancial Artivities Page 7 Mole UnstrIcted Fund5 Restricted Fd$ Endowment FLtnd5 Total 31 llarth 31 Marth 31 Marfh 31 Mèrth 31 March 2021 2024 Z024 2024 2023 112 rnoNh4 112 fflonths IL2 111 moothsl 112 monthsl Incoming Resource5 Trnding Intome Trading revenue Trading costs Net Tradin8 Income Voluntary iftcome Investment into 9L823 170,7421 21,081 91,823 (70.7421 21.081 84,429 150,3821 34.047 49S 495 791 Total incomin8 resour 21,576 21,576 34,838 R50ur¢¢s Expended Charitable actlvitles Goveinance 1,800 1.800 1,500 1.500 1,8 ManaEement •nd administratlon Total resources expended 4.312 6,112 4.a12 3.600 io 6.112 S,JOD Interest payable Net re50ur¢e$ fortho year before lalation Taxation 15,464 ISA64 29,738 13 Net re5oyrce5 for the year 15,464 15,464 29,738 The notts V¢leC5 13 10 21 Form part of those IwhanctJl staiemethis ASM
Magherafelt market Tru5tees- Financlal ststements for the year ènded 31 March 2024 Statement of Comprehensive Income Page 8 Vnrertricted Fynds Re5trirted uThds Endowmtnt Total At l April 2022 Total comprehenstve tncome for the year At 31 March 2023 1,954.820 1.954,820 29.738 29,738 1.984.558 15.4fA 1,984,558 15.464 Total comprehensive income for tfre year At 31 March 2Q24 2.000,022 2,000.022 All amounts above relate to continuing operations of the Association. Thr notc* oft paBos 13 to 21 part olthose Iinan<ial 51atE[nr ASM
Magherafelt MarketTruslee5- Hnanclal sratements for the year ended 31 MaTth 2024 statement of Financial Position PaEe 9 Note 31 March 31 Marth 2024 2023 FIX assets Investments 1,657,BlO 1.657.810 1,6S7,810 1.657,810 Current assets Receivèbles 15 7,031 337,C131 1,157 328,591 Cash at bank4nd in hand 344,062 329,748 CrÉdltors.' smounts fallln¢ dL*within oneyear 16 1,850 3,OLKS Netturrent assels 342,212 326.748 Tolal a$5ets le55 currenl Ilabllltles 2,000,022 1.984.558 Provislons lorliabilitiès 17 Net assets 2.000,021 1,984,558 Capltal and reserve5 Unreslrlcted reserve5 2,¢)00,022 1,984,558 Restricted reserves Total capital and reserves 2,(ty)0,022 1,984.558 The financial statements on pages 7 to 21 were approved and authorised for issue by ihe Board of Tru5tee5 on 30 January 2025 and were slgned on its behalf by: Mr A Bums Trustee Registratlon Number: XN47760 (Northern Ireland) Charlty Reelstration Number: 101134 Tho notEs on pocos 13 to 21 lith porr olthesefinaTht•l SlJlcmcnts ASM
Magherafelt MarketTrustees- Flnancial statements for the year ended 31 Marth 2024 statement of Cash Flows Page ID 31 March 31 March 2024 2023 112 mr*fbth51 112 montlisl Cash Inflow5 from operat1 actlvltles 30,363 Returns Invesiments and seryiclng of flnènce Investment income Interest payable 495 791 495 791 Taxation Investmènt Purchase of property. plant and eqviprnEnt Nel ca5htlow from InVerneDt Equity dividend5 pald to shareholde Flnanclng Net cash Ilow Irom flnancine Net ¢a5h inllow 8,440 31.154 Thc nDtQS On PaEe5 13 10 21 form of Ihc5E financial Statem1 ASM
Magherafelt Market Trustees- Flnanci31 ststements for the year ended 31 March 2024 statement of Cash Flows Page 11 Reconclliation of net resouTces to net cash inflow from operating act?vitie5 31 March 31 Marth 2023 112 monihsl 11? frnthS 14Èt resouices for the year before taxation Amortlsatlon ol property. p]ant and eouipment Investmènt ineome 15.4fj4 29.738 14951 14.969 {5.8741 11,Isoi 7.945 17911 28,947 Ilncreasèlldetrease in prepaymentOIher receivables Increase/ldecre3sel in ac£Nèls ?sh inflows Irom Operatiat1[tIQs 1841 1.500 30,363 Thc note5 on paecs 13 to 21 Iotm wrt ofthE5o Iinonc¥l siatement5 ASM
Magherafelt Market Trustees- Financial 5tsternents for the year ended 31 Marth 2024 Statement of Cash Flows Page IZ AnalysÉs of change5 in net cash JI March Z024 31 March 2023 OpeDlngra5h baktKe Inirea5e/ldecre35el In cash balance5 Closin¢ tash bolancè 328.591 8.440 3J7.031 297A37 31,154 328591 31 March 2024 31 March 2023 Movement Anoty515 of cash balances Cash at bank and In hand BariF. overdraft 33?.031 328,591 337,031 328.591 Thtr nutQ5 poges 13 to 21 IDtm port of tho5c financial Straten[S ASM
M3gherafelt Market Truslee5- Financlal ststements for thp year ended 31 March 2024 Notes to the financial statements Page 13 l. Company Information Legal status Magherafelt Market Trustees is a association established in Northern Ireland. Registration nurnber and registered olte The Association's registered office address and re8lStration number is Set out on page l. Functional currency The financial statements are prepared in sterling (£1 which is the funrtional currency of the Association. 2. Basis of preparation of financial statements Appllcable legislation and accountlng standards These f inancial statements have been prepared in accordance with: Accounting and Reporting by Charities- Ststement of Recomrnended Practice applicable to charitles prepèrlng their accounts in accordance wlth the Financial Reportin8 Standard applicable in the UK and Repub5ic of Ireland (FR5 1021 leflective I January 20191- ICharitie5 SORP IFRS 10211.. appllcable UK accounting standards iludIng FRS 102 The Financial Reporting Stand?rd applicable in the UK and Republic of Ireland,. the historical cost basis ol accounting as modified by the revaluation of certain assets as speclfied in the aCCOLfntin8 policies below; and the Companies Act 2006. Golng concern (Iv) The Association's Trustees consider that the fiiancial statements should be prepared on a cessation b3SIS. After making enquiries the Association's trustees consider there is a reasonable expectation that the A550ciation has adequate resources to continue in operational existence for the foreseeable future and accordingly have prepared the flnancial statements on the going concern basis. Funds The As50Clation has various types of funds for which if is responsible and which require separate dlsc105ure. These are as follows.. lil restritted fund5'. income which is earmarked by the donor for speclfic purposes. Such purposes are within the overall aims of the organisalion.. lill unre5trirted funds.. funds which are expendable at the discretion of the Trustees in furtherance of the object5 of the Company. In addition lo expendilure on transport provision. such funds may be held in order to finance capSts1 investment and working capital,. and liiil endowment funds: funds which comprise of unrestricted funds that have been set aside by the Truslees for particular purposes. The ai m and use of each designated fund is set out in the note5 to the financial statements. Management and administration tosts Costs that relate to the costs of running the Association. such as the costs of meeti ngs. audit and statutory compliance and ny costs which cannot be Specifically identified to another expenditure classification. are separately disc105ed as management and adrninistration costs. Aim
Magherofelt Market Trustee5- Financlal ststernents for the ye2rended 31 March 2024 Notes to the financial statements Page 14 3. Judgements and key source5 of estimation uncertainty Jud8ements and key sources of estimation uncertainty are continually evaluated and are based on historical experien and other factors. including expectatlons of future events that are believed to be re3sonable under the circumstances. Critical Judgements Used in the application of accounting pollcies There were no critical judgements used in the application of accounting policies and the preparation of the financial statements. Crltlcal accountin8 estlmates and assumptlons There were no critical accounting estimates or assumptions used in the application of accounting policies and the preparation of the financial statements. 4. Principal accountlng policies Investments Fixed asset investments are stated at cost less provision for permanent diminution in value. Investment propèrty The Association hold5 certain propertles for long-term investment, which are initially recognised at cost (which includes purchase cost and any dlrectly attributable expenditure). On an ongoing basis investment properties are restated at fair value with any surplus or deficit arising on changes in fair value being credited or charged respectively to the Income Statement. ASM
Magherafelt MarketTrustee5- Financial statementsfor the year ended 31 March 2024 Notes to the financial statements PaEQ 15 Turnover Turnover represents amounts receivable for goods and servi5 net of value added taxes and trade discounts. Investment Income Income from deposits is induded, together with any related tax credit, in the Income Statement on an accruals basis. Foreign Currencies Transactions denominated in foreign wrrencie5 are translated into Sterlin8 at the rate of exchange ruling at the date of the transaction. At the end of each financial accounting period assets and liabilities denomin3ted in foreign cu rrencies are translated into Steiling at the exchange rates ruling at that date and all exchange dIfferenS are taken to the Income Statement. Finaftcial Instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction pri, unless the arrangement constitutes a financing transattion, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amort15ed cost. Where investments in non.convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise 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 recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present va lue of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any chan8es recognised in profit or loss. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or a mortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objertive evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all eq uity instruments regardless of significance. and other financial 3s5etS that are individually significant, these are assessed individually for i mpairment. Other financial assets or either assessed individua Ily or grouped on the basis of similar credit risk cha rarteri5tiC5. Any reversals of irnpairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recogni5ed. ASM
M¥gherafelt Market Trustees- Finarnclal statements for the yÈarÈnded 31 March 2024 Notes to the financial statements P3Ee 16 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 from 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 timin8 differences at the reporting date. Unrelieved tax losses and other deferred tax assÈts are only recognised when it is probable that they will be recovered against the reversal ot deferred tax lia bilities or other fLFture taxable profits. Deferred tax is measured using tax rates and law5 that have been enacted or svbstantively enacted by the period end and that ère expected to apply to the reversal of the timin8 differen. S. Trustees, emoluments and key management compensation Trustee< remuneration 31 M•rch 31 March 2024 2023 IIZ Mortthsl 112 mnthsl Awe8rate emc+lumentS Key management remuneration The Trustees are the key mana8ement of the Association. 6. Employee information The average number of persons lincluding executive Trusteesl employed by the Association during the year was,. 31 March 2024 112 mtsnthsl Nmb•r 31 Mor£h 2023 112 mDnlh51 Numb*r By artivity Governance indirect payroll Total employees nd their emoluments were: 31 Maich 2024 112 monthsl 31 March 2023 112 monrhsl Staff costs Iforthe persons abovel Gross wages and salaries Employers social security co$ ASM
MaEherafelt Market Trustees- Financial ststements for the yearended 31 March 2024 Notes to the financial statements Page 17 7. Voluntary income UNe5tricted R¢5vlcted FuTrd5 Funds £ndtThme#t Fund5 Total 33 Marth 31 Mardj 31 March 31 Marth 31 March 2024 2024 2ty24 2023 112 Thollthsl IIZ mDTri1) 112 months) 112 months) 112 TfKJnth51 Othervoluntary income 8. Investment in¢ome Vnrestrltted RÈstvict4 Furtds Fund5 Endowrnent FuAd5 TDtsI Tot•1 51 Marth al Mar¢h 31 Mreh 31 March 31 Marth 2024 2024 1014 2024 2023 112 rnoRths1 112 months) 112 mgnth51 112 monihsl Iii rntsnth51 Bank dè$It interesi 495 495 791 495 495 791 9. Management and administration Unrértrtttd Rq#rici•d Funds Fund5 Endowrnent Funds Total 31 Mirth 31 Marrh 31 Maich 31 Mar¢h 31 Maich ZOZ4 2024 2024 2024 2023 112 fflDnih51 112 Lth¥ IL2 month5i 112 month$l 112 mcfithsl Manè8ement & administration 4,31Z 4.312 4,312 4,312 10. Analysls of total resources expended R*lw lunds 6oweih•nte InvestmEnT mana8ement Toial Total •¢UvltlES 31 M¥th 31 Marth 51 Mah JI Mh JI rth 31 March 2024 2024 ZO14 IOZ4 2024 Z02 2023 112 nh$) 112 112 thl IIZ month51 112 months) IIZ monihsl 112 months) Direct expenditure Support Costs 1,800 1.500 3,600 s,100 3,880 216 216 4,31Z 216 1.800 216 6,IlZ ASM
Magherafelt MarketTrustees- Financial staternents for the yearended 31 March 2024 Notes to the financial statements Page 18 11. Net Resources iknrestrirted Restiirted Fund5 Funds Endowment Funds Toial Toiol 31 Mah 31 M¥r(h 31 Marth JI M?rth 31 March 2024 ID24 2024 ZO24 2023 112 rnonthsl 112 FfvTrthsl 112 rnonthsl 112 mDnth51 112 nths1 Net resourcés forthe year belore interest payable isslated after cha. Accountants. lees: kcounts preparatTon 1,800 1.5 IZ, Interest payable and similar charges 31 March 31 Mar¢h 2023 112 I)h$) 2024 112 m•hth$l Ini¢rest p¥yable on bank loans and overdrafts: Repayable within five years and not by Instslmenis 13. Taxation (a) Analysis of the charge for the year 31 March 31 March ZD24 2023 IA2 month51 112 monthsl Corporation tax Corporation tax on the surpluslorthe year AdSustmonis In rospect of prlof porl¢xls Total corporation tax Delerred tax Origination and reversal oltirning differences Adjustments In respert of prior periods Total defèrred tax TotaltaxchBrge A.SM
Magherafelt MarketTru5teES- Financial sfatements for the year ended 31 March 2024 Notes to the financial statements PagÈ 19 Factors afferting the tax charge for the year The tax assessed for the year is lower than the amount calculated at the standard rate of corporation tax in the United Kingdom125.0%). The difference is exploined below.. 31 Marc 31 March 2024 2023 IIZ rAonth51 112 mnths) Profit on ordinary aCvItieS before tayaiion 15,464 29.738 Surplus mulrlplled bythe stèndèrd ratè of corpoTrtioft tax in ihe United Kirgdorn of 25.0%12023.. 19.0%) Effects ol-. Othei Ilncomellexpenditure not allowable lortaxation 3,866 5.6SO 13,8661 15.6501 Adlustments in respect ol wior periods 14. Dlvidends 31 March 31 March 2024 2023 112 monrh51 IIZ tTrJnthsl Total dlvldends 15. Flxed asset Investments Investm•Trt property Total Cost orvaluatiDn Ar Y April 2023 Addition5 At 31 Mar<h 2024 Amort15atlon IA57.810 1ts57,810 1.657.810 1,657.810 At l April 2023 Charp.e forfhÈ year At 31 Marth 2021 NÉI book valtse At 31 M4r<h 2024 1,657,81ts 1.657.810 Ai 31 March 2023 1.557MIO 1fi57.810 Investment property There lia5 been no eernal valuation of the Association's investment property during the year. The fair value of the A550ciation's investment property at ihe year end was determirsed by ihe Association'5 trustees. In assessing the fair value of the Association's investment property. the trustee5 took into ccfflsideralion sales values and tapFtalised ntaI values achieved on the sale and rental respertively. of comparable investment properties located in the Same areas as the A550cialion's investmenl properties. ASPv1
M¥Bher3felt Market Tru5tees- Financial statements for the year ended 31 Marth 2024 Notes to the financial Statements Page 20 16. Receivables 31 March 31 March 2024 2023 Arnountsfalllng due within one year Trade receivable5 Prepayments Other receivable5 1,379 5,652 7,031 1,157 1,157 17. Creditors: amount5 falling due within one year 31 March 31 March 2024 2023 Accruils 1,850 I,BSD 3,DrA) 3,DQO 18. Provisions for liabilities Deferred taxatlon Deferred taxation provided in the financial statements is analysed as follow5: 31 March 2024 31 March 2023 Gross fixed assei liming differences NÈt tlmlng dlFfertnces Timlng dlllerences not prov•Yed Deferred tax provision 19. Pension costs Delined ¢onlribution pension schemes The Assoclatlon did not make any contributions to employee pension schemes during the year. 20. Contingent liabilltles The Association had no material contingent liabilities at 31 March 2024 or at 31 March 2023. 21. Events after the reporting period There were no material events in the period between the end of the reporting 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 2024 or at 31 March 2023. 23. Contracts with inception dates after the end of the reporting period The Association did not enter into any material corbtractual commitments in the period between the year end and the date of approval o* these financial statements. ASM
Thllagherafelt Market Trustees- Kjnancial ststements for the year ended 31 Marth 2024 Note5to the financial statements Page 21 24. Approval of the financi315tatementS The Board of Trustees approved the financial statements for issue on 30 January 2025. ASM