Magherafelt Market Trustees Annual report and unaudited financial statements for the year ended 31 March 2025 Reglstration No: XN47760 (Northern Ireland) Charlty Re8lstration No: 101134
Magherafelt Market Trustees- financial statements for the year ended 31 March 2025 Contents Pa8e (s) Association Information Strategic Report Trustees, Report Independent Accountants, Report Statement of Financial Activities Statement of Comprehensive Income Statement of Financial Position io Statement of Cash Flows 11-13 Notes to the financial Statements 14-20 z.ASM
Magherafelt Market Trustees- Financial statements for the year ended 31 March 2025 Associatlon Information Page I Trustees Association Secretary Mr R Collins MrA Burns Mr JJ Keatley Mr l Henry Mr T Scott Mr R Collins Reglstered Office Accountants 12A Queen Street Magherafelt ASM IMI Ltd Chartered Accountants The Diamond Centre Market Street Magherafelt Registration Number Bankers XN47760 (Northern Ireland) Danske Bank 14 Broad Street Magherafelt Charity Registration Number 101134
Magherafelt Market Trustees- Flnancial statements for the year ended 31 March 2025 Strategic Report Page J The Trustees present their Strate8ic Report for the year ended 31 March 2025. Princlpal activities The Association'5 principal activity is 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 objectives 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 of the user of the said hereditaments and premises with power to remit such charges altogether if deemed proper 50 to do and to apply the surplus rents and profits arising from the said hereditaments and premises after payment there out of all necessary outgoings 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. Review of activities and future developments The results for the year are set out in the Statement of Financial Activities on page 8 and in the related notes. Future outlook The future developments in the Association's activities are discussed in the Trustees, Report. Grant maklng poliry The Association seeks applications for grants and other forms of assistance from various parties in the local area and proposals are reviewed and a55essed in detail and approved by the Board of Trustees. Reserves Policv The Trustees have reviewed the Association's requirements for reserve5 in conjunction with their analysis of the main risks for the Association. The unrestricted fund5 not invested in fixed assets need to be sufficient to cover six months of annual running costs. At the date of the approval of these financial statements the A550ciation has approximately 2 months reserves and the Trustees recognise 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. 31 M¥h 2025 31 March 2024 Tradlng revenue l£} Rever¢ue gfowth 1%> Gr055 proflt 1£) Gross profit margin (%) Operatin8 profit 1£) Operating profit margin {%) 88,183 91,823 8.8% 15,996 21.081 18.1% 23.0% 10.646 14.969 Iz.i% 16.3% 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 reversal of this adverse performance in the next financial year. Principal risks and uncertainities The Association does not have any principal risks or uncertainties. The Association's management endeavours to mitigate these risks by implementin8 regular strategic and operational reviews. Key performance indicators The Association Trustees are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business. Financial 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 seeks to limit the adverse effects of these risks on the financial ASM
Ma8herafelt Market Truslee5- Flnanclal statements for the year ended 31 Marth 2025 Strategic Report Page 3 performance of the Association. Credit risk The Association does not sell on credit and consequently doe5 not have any credlt risk. Financial instruments The Association does not actively use financial instruments as part of its financial risk management. Liquidity risk The Association maintains a mixture of long term and short term debt finance that Is designed to ensure that the Association has sufficient available funds for current operations and planned expansions. Forelgn exchange rlsk The Association's principal operating currency is sterling l£}. 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 Strategic Report was approved by the Board of Trustees on 18 February 2026 and signed on its behalf by: Mr A Burns Trustee riiASM
Ma8herafelt Market Tiu$tee5 - Flnanclal statements for the year ended 31 Marth 2025 Trustees, Report PaKe 4 The Trustees present their report and the unaudited financial statements for the year ended 31 March 2025. Results The Statement of Financial Activities for the year ended 31 March 2025 is set out on page 8. Performance revlew 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 the Association at 31 March 2025, who have all been trustees for the whole of the year ended on that date, are listed on page l. Name Resignation Date S Higgins Financial instruments and risk management Information on the use of financial instruments by the Association and its management of financial risk are discussed in the Strategic Report. Changes in fixed assets The movements in fixed assets during the year are set out in note 14 to the financial statements. Research and development The Association doe5 not have any material research and development artivities. 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 employees where appropriate matters likely to affett employees, interests. 2 September 2025 Disabled persons The Association's policy is to recruit disabled workers for those vacancie5 that they are able to fill and all necessary assistance with initial training courses is provided. Arrangements are made, whenever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities, Political donations The Association did not make any political donations during the year or in the preceding year. Trustees, responsibilities statement The Trustees are responsible for preparing the Strategic Report, the Trustees, Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statement5 in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Association and the profit or loss of the Association for that financial year. In preparing these financial statements, the Trustees are required to.. select sultable accourbting policies and then apply them consistently: make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departures. disclosed and explained in the financial statements; and prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the A550ciation will continue in business. The Trustees are responsible for keeping adequate accountin8 records that are sufficient to show and explain the Association's r&.ASM
Magherafelt Market Trustees- Financi315tatements for the year ended 31 March 2025 Trustees, Report P?ge 5 transactions and disclose with reasonable accuracy at any time the financial position of the Association and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees 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 Companies Act 2006. with regard to keeping of accounting records, are the employment of appropriately qualified accounting personnel and the maintenance of computerised accounting systems. The Association's accountin8 records are maintained at 12A Queen Street. Magherafelt. Provisions relating to the preparatlon of the financial statements This report has been prepared in accordance with the provisions of the Companies Act 2006 relating to na sized companies. Approval This Trustees, Report was approved by the Board of Trustees on 18 February 2026 and signed on its behalf by: Mr A Burns Trustee rAASM
Magherafelt Market Trustees - Flnancial staternents for the year ended 31 Marth 2025 Independent Accountants, report to the Members on the unaudited financial statements of Magherafelt Market Trustees Page 6 I have: lal examined the financial statements of Magherafelt Market Trustees (the "Association") for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the notes to the financial statements including a summary of Significant accounting policies- and {bl satisfied myself that the Association is not subject to audit under applicable law and is eligible for independent examination. Respectlve responsibilities Trustees, respons5bllltles tor the financial statements As explained more fully in the Trustees, responsibilities statement set out in the Trustee5' Report the Tru5tee5 are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the prep3ration of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Association's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Association or to cease operations, or have no realistic alternative but to do so. Independent Examlnees responsibilities for the examination of the Ilnanclal statements My responsibilities as the independent Examiner are to: {al examine the financial statements under Settion 65 of the Charities Act (Northern Ireland) 2008 {the "Charltles Act"),. {bl follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under Section 65{9llb) of the Charities Act; and {cl state whether particular matters have come to my attention. Basis of the Independent Examinerf5 Report I have examined the financial statements for the year ended 31 March 2025 as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 6519llbl of the Charities Att. The examination included: lal a review of the accounting records kept by the Association and a comparison of the financial statements presented with those records; and Ibl consideration of any unusual items or disclosures in the financial statements and seeking explanations from the Trustees concerning any such matters. My role is to state whether any material matters have come to my attention glvlng me cause to believe: la} that accounting records were not kept in accordance with the requirements of the Companies Act 2006,. Ib) that the financial statements do not accord with those accounting records; Ic} that the financial statements do not comply with the accounting requirements of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice CCNI ARR07 (supporting document 7 August 20161 applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; and Id) that there is further information needed for a proper understanding of the financial statements to be reached. r//ASM
Magherafelt Market Trustees- Financial statements for the year ended 31 March 2025 Independent Accountants. report to the Members on the unaudited financial statements of Magherafelt Market Trustees Page 7 Independent Examinerfs Statement I have completed my examination and confirm that.. lal I have no concerns in respect of the matters lal to Idl listed above; and Ibl I have no found no matters which I consider need to be drawn to the attention of the Trustees in connection with the Directions of the Charity Commission for Northern Ireland. ASM IM) Ltd Chartered Accountant ASM IMI Ltd Chartered Accountants The Diamond Centre Market Street Magherafelt 18 February 2026 AASM
Magherafelt Market Trustees - Flnanclal statements for the year ended 31 March 2025 Statement of Financial Activitie5 Page 8 Vnrertrl¢ttd Funds 31 March Re#rltted Funds 31 Mah Endowment Funds 31 Marth Tot Total 31 March 31 March 2025 2025 2025 2025 2024 112 morbth4 112 mohthsl 112 monthsl 112 month51 112 months Incomln8 Resources Tradi ng I ncome Tra ding revenue Tradlng Costs Net Trading Income Voluntaryincome Investment i ncome 88.283 172,2871 15,996 91,823 170.7421 21,081 1712871 15,996 11112 12.112 24108 495 T(rtal lrt¢omlng resources 28.108 21,576 Resour¢es Expended Charitable act4Vities GOrTha Thce 4500 L5rJ) Ma nagement and adminlstiation Totsl resrceS expended 3A50 5,350 3,850 5,350 4,312 6,112 io Interest payable Net resourtès for the year be1ce tsxation Taxation 12 21758 22,758 15.464 13 Net resowce5 for the year 2L758 22.758 15.464 The notes on pages 14 to 20 form part of these flnanclal statements rAASM
Magherafelt Market Trustees- Financial statements for the year ended 31 March 2025 Statement of Comprehensive Income Page 9 Nole Vnrestrlcied Funds Re5trlcted Funds Endowment Fund5 Total At I ApTi12023 Total compTehen5ive income forthe year At 31 Ma rch 2024 1.984.558 1.984.558 15,464 15.464 2,000,022 22.758 000.022 Tota I CoMphen51ve Income for the yea r At 31 M?h 2025 22,758 2,022.780 2.022.780 All amount5 above relate to continuing operations of the Association. The notes on page$ 14 10 201orm part of thesefinan¢lal staiernenis rAASM
Magherafelt Market Trustees - Financlal statements for the year ended 31 March 2025 Statement of Financial Position Page 10 Note 31 M*ch 31 March 2025 2024 Fbxed assets Investments 14 1,657,810 1.657,810 1.657,810 1,657,810 Cyrrent assets Receiwables 15 7,031 337.031 Cash atbank and in hand 359,322 367,970 344.062 Cre(Itots: amowbts falling witNn one year 16 1.8SO Net current assets 364,970 342.212 Total asseis lèss current lialmlities 2,021780 2,(,022 Prols1On$ for liabilities 17 Net assets 2,022,780 2,(¥X),022 Capital and reserves Unrestrlcted re5erve5 2,022,780 2,OCK).022 Restrirted rese¢ves Total aThl reser4es 2.022,780 2.000.022 The Trustees acknowledge the Charity's obligations under the Companies Act INI) 2008 to keep adequate accounting records and prepare financial statements which give a true and fair view of the assets, liabilities and financial position of the Charity at the end of each period of account and of its profit or loss for each period of account, and otherwise comply with the requirement5 of the Companies Act INI) 21)08 relating to financi31 statements so far as they are applicable to the Charity. The finarbcial Statements on pages 8 to 20 were approved and authorised for issue by the Board of Trustees on 18 February 2026 and were signed on its behalf by.. MrA Burns Trustee Registration Number: XN47760 (Northern Ireland) Charity Registration Number: 101134 The ntstes on page5 14 to 20 form part of these financial statements rA.ASM
Magherafett Market Trustees - Financial statements for the year ended 31 March 2025 Statement of Cash Flows Page 11 31 March 2025 112 monthsl 31 Maich 2024 112 months) Cash Inflows from i)perating activitie5 10.179 7,945 Returns on lrnestments and servlclng of flnance Rental income Investment income Income from 8roup undertaklngs Inteiestpaid on finance leases and hire purchase contracts Interest payable 12,112 495 12,112 495 Net cash inllow 22,291 8,440 r&.ASM
Magherafelt Market Trustees- Financial statements forthe year ended 31 March 2025 Statement of Cash Flows Page 12 Reconclllatlon of net resources to net cash inflow from operating activities 31 March 31 March 2025 2024 {IZ months) 112 monthsl Net resources for the year before taxatlon Amortisation of property. plant and equipment Investment income 22,758 15,464 {12,1121 10.646 (1,6171 1,150 10,179 14951 14.969 15,8741 11,1501 7,945 Ilncrea5el/decrease in prepaymentslother receivables Increase/ldecreasel in accruals -ash inflow5 from operating artimties ASM
Magherafelt Market Trustees - Flnanclal statements for the year ended 31 March 2025 Statement of Cash Flows Page 13 Analysis of changes in net cash 31 March 20ZS 31 March 2024 Openingca5h bolonce Incase/1deCrea5e> irs cash bèlances aoslng cash balance 337,031 Z2,291 359,322 328,591 8.440 337,031 31 March 20Z5 31 March 2024 Molement Analys55 of cash balances Cash atbankand in hand Bank overdraft Commerclal finan 359,322 337.031 22,291 359,322 337.031 22,291 fA.ASM
Magherafelt Market Trustees- Flnancial ststement5 forthe year ended 31 March 2025 Notes to the financial statements Page 14 l. Compahy Information Legal status Magherafelt Market Trustees is a association established in Northern Ireland. Registration number and registered offi¢e The Association's registered office address and registration number is set out on page l. Functional currency The financial statements are prepared in sterling 1£) which Is the functional currency of the Association. 2. Basis of preparation of financial statements Applicable legislation and accountlng standards These financial statements have been prepared in accordance with: 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 IFRS 1021 (effective l January 20191- (Charities SORP IFRS 10211,. applicable UK accounting standards including FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland,. the historical cost basls of accounting as modified by the revaluation of certain assets as specified in the accounting policies below- and the Companies Act 2006. Golng concern The Charity's Trustees consider that the financial statements should be prepared on a cessation basis. After making enquiries the Charity's trustees consider there is a reasonable expertation that the Charity 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 Charity has various types of funds for whlch it is responsible and which require separate disclosure. These are as follows: {1} restricted funds: income which is earmarked by the donor for specific purposes. Such purposes are within the overall aims of the organisation,. {ii} unrestrirted 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 provision, such funds may be held in order to finance capital investment and working capital; and {iiil endowment funds: funds which comprise of unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Management and admlnlstration 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 another expenditure cla55ific3tion, are separately disclosed a5 management and administration costs. r&,ASM
Magherafelt Market TNstees - Flnanclal statements for the year ended 31 March 2025 Notes to the financial statements Pale IS 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 are believed to be reasonable under the circumstances. Crltlcal Judgements used In the appllcatlon of accounting policies There were no critical judgements used in the application of accounting policies and the preparation of the financial statements. Critical accountlng estimates and assumpttons There were no critical accounting estimates or assumptions used in the application of accounting policies and the preparation of the financial statements. 4. Principal accounting policies Investments Fixed asset investments are stated at cost less provision for permanent diminution in value. Investment property The Association holds certain properties for long-term investment, which are initially recognised at cost (which include5 purchase cost and any directly 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 respertively to the Income Statement. f//.ASM
Magherafelt Market Tru5tees- Financial statements for the year ended 31 Mar¢h 2025 Notes to the financial statements Page 16 Turnover Turnover represents the val ue of goods sold and services provided in the normal course of business, exclusive of ValueAdded Tax and after deducting trade discounts and rebates. Revenue is recognised when it is probable that economic benefits will flow to the Company and the amount of revenue can be measured reliably. Revenue is measured at the fair val ue of the consideration received or receiva bl e. Investment Income Income from deposits is included, together with any related tax credit, in the Income Statement on an accrua15 basis. Forelgn Currencies Tra nsa cti ons denomi nated i n foreign currenci es are tra nslated i nto Sterl i ng at the rate of exchange rul i ng at the date of thetransaction. Atthe end of each financial accounting perlod a55ets and liabilitles denominated in foreign currencies are tra nslated i nto Sterl i ng at the excha nge rates rul i ng at that date a nd a I l excha nge differences a re ta ken to the Income Statement. Flnanclal Instruments Afinancial asset or a financial liability is recognised onlywhen thecompany become5 a partyto the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for 3 similar debt Instrument. Debt instruments are subsequently measured at amortised cost. Where investments i n 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 atfair valuewith changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less i mpairment. Other financial instruments, including derivatives, are inltlally recognised atfair value. unless paymentfor an asset 15 deferred beyond normal business terms or financed at a rate of interest that 15 not a market rate, in which case the asset is measured at the present value of the future payments discour)ted at a market rate of interest for a si mi l ar debt i nstrument. Other financial instruments are subsequently measured atfalr value, with any changes recognised In profit or loss, wi th the excepti on of hedgi ng i nstruments i n a designated hedgi ng rel ati ons hi p. Fi na ncia l assets that a re measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objectiveevidence of impairment, an impairment1055 is recognised in profit or loss immediately. For all equity instrument5 regardless of significance, and other financial a55ets that are individually sigr)ificant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profitor loss i mmedi ately, to the extent that the reversa I does not res ult i n a carryi ng a mount of the fi nanci al asset that exceeds what the carrying amount would have been had the impairment not previously been reco8nised. rk.ASM
Magherafelt Market Trustees- Financial ststement5 for the year ended 31 March 2025 Notes to the financial statements Page 17 Deferred taxatlon Deferred tax arises from ti ming 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 differentfrom those in which they are recognised in the financial statements. Deferred tax i s recognised on all ti mi ng di fference5 at the reporti ng date. Unrel i eved tax l osses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversa l of deferred ta x l i a bi l ities or other f uture taxa bl e profits. Deferred tax is measured 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. Trustees, emoluments and key management compensation Trustees, remuneratlon 31 Mareh 31 March 2025 2024 112 monthsl 112 monthsl Aggre8rate emol uments Key management remuneration The Trustees are the key management of the Association. 6. Employee information The average number of persons (including executive Trustees) employed by the Association during the year was.. 31 Mar¢h 2025 112 months) Number 31 March 2024 112 monthsl Number y artivity Governante i ndi rect payroll Total empl(ryees and their emoluments were: 31 March 2Q25 112 monihsl 31M3rch 2024 112 months) Staff r05ts If(Ythe per50n5 abovel Gros5 wages and salèries Employer's social securitycosts rAASM
Magherafelt Maiket Trustees - Financial statements for the year ended 31 March 2025 Notes to the financial statements Page 18 7. Voluntary Income Uttrestrlcted FyDd5 31 March RestwScted Funds 31 March EndowmeTht Fund5 31 M¥ch Tot31 31 March 31 March 2025 2025 2015 2025 2024 112 month51 112 months) IIZ months) 112 months) 112 months) Other voluntary i ncome 8. Investment income Unrestrl¢ted Funds 31 Mar¢h Restricted Funds 31 March Endowment Funds 31 March Total Total 31 March 31 March 2025 2025 2025 1025 2024 112 months) 112 monihsl 112 months) 112 month51 112 month51 Bank deposltlnterest 12,112 12.112 495 12,112 12.112 495 9. Management and administration Unrestrtcted Funds 31 March Reslrlcted Funds 31 Marth Endowment Funds 31 M3rch Total Total 31 Mwch 31 March 202S 20ZS 2025 2025 2024 IIZ months) 111 monihsl IIZ moAth$l 112 month 112 rnonthsl Mana8ement&administratlon 3,850 3,850 4,312 4.312 3A50 10. Analysis of total resources expended Tr1¥ ti¥itles Charltable actlwtie5 Ralsingfunds Gwemanfe Investment manzyment Total Total 31 March 31 Marth 31Mwch 31 March 31 March 31 March 31Mar£h 2OZ5 2025 202S 2025 ZOZ5 2025 2024 112 month51 112 mortth4 112 months) 112 months) 112 months) 111 mtshthsl 112 mofithsl Direcl expenditure Support costs i.soo 193 193 3.850 5.3S0 4.312 6,112 3.464 193 I,soo 193 11. Net Resources Unre#rlcted Fund5 31 M*ch Rellrlcted Fund5 31 Mar¢h Ettdowment Funds 31 Mar¢h Total Total 31 March 31 Morch 2025 2025 2025 2025 2024 2 months) 112 month4 112 months) 112 months) 112 months) Net resource$ for th¢ year before interest payable Is ststed after ¢har8lng: Accountant5. fees-. Accounts preparatlon 1,500 1.800 ASM
Magherafelt Market Trustees- Financlal statements for the year ended 31 March 2025 Notes to the financial statements Pagè 19 12. Interest payable and similar charges 31 March 2025 112 months) 31 March 2024 112 monthsl Intèrèst payable on bank loans and overdrafts: Repayable within five years and not byinstalments 13. Taxation No provision for taxatlon is required as the charity has charitable status approved by HM Revenue & Customs. 14. Fixed asset investments I¢Sert property Total Cost or valuatlon At IApril 2024 Addition5 1,657.810 1,657.810 At 31 March ZQZ5 knortisation At IApril 2024 Charse for the year At 31 Marth 2025 Net book value 1.657,810 1,657,810 At 31 Marth 2025 1,657,810 1.657AIO At 31 Ma rch 2024 1,657.810 1,657.810 Investment property There has been no external valuation of the Association's investment property during the year. The fair value of the Association's investment property at the year end was determined by the Association's Trustees. In assessing the fair value of the Association's investment property* the Trustees took into consideration sales values and capitalised rental values achieved on the sale and rental respectively. of comparable investment properties lotated in the same areas as the A550ciation's investment properties. IS. Receivables 31 March 2025 31 March 2024 Am<mS lallirNg due within one year Trade receivables ppaYmentS Other receivables 2.996 5.652 8.648 1.379 5,652 7.031 16. Creditors: amounts falllng due within one year 31 March 2025 31March 2024 Accrua15 1.850 1,850 r&.ASM
Magherafelt Market Trustees- Flnancial statement5 for the year ended 31 March 2025 Notes to the financial statements Page 20 17. Provisions for liabilities Deferred tsxation Oeferred taxation provided in the financial statements is analysed as follows: 31 March 202S 31 March 2024 Gross flxed assettlmln8 differences Net timlnB dlfferences Timi ng differences not promded Deferred tax wovision 18. Pension costs Deflned contrlbution pension schemes The Association did not make any contributions to employee pension scheme5 during the year. 19. Contingent liabilities The Association had no material contingent liabilities at 31 March 2025 or at 31 March 2024. 20, 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. 21. Capital commitments The Association did not have any material capital commitments at 31 March 2025 or at 31 March 2024. 22. Contracts with inception dates after the end of the reporting period The Association did not enter into any material contractual commitments in the period between the year end and the date of approval of these financial statements. 23. Approval of the financial statements The Board of Trustees approved the financial statements for iSSLse on 18 February 2026. rAASM