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 CoMprehen￿ve 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 applical￿e UK Accounting Standards have been followed, 5ubjeci to any material departU￿s, 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 Ma￿h 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 Un￿strIcted Fund5 Restricted F￿d$ Endowment FLtnd5 Total 31 l*larth 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 R*50ur¢¢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