COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINEEids chartered accountants STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023 Unrestricted Unrestricted funds funds 2023 2022 Notes Donations and legacies Charitable activities 225 6,850 1,739 3,698 Total Income 7,075 5,437 Ex Charitable activities en 5,666 6,488 Net Incomel{expendlturel for the yearl Net movement in funds 1,409 (1,051) Fund balances at 1 February 2022 4,805 5,856 Fund balances at 31 January 2023 6,214 4,805 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an incorne and expenditure account under the Companles Act 2006. COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINEEids chartered accountants BALANCE SHEET AS AT 31 JANUARY2023 2023 2022 Notes Current assets Cash at bank and in hand 6,214 4.847 Creditors: amounts falling due withln one year (42) Nel current assets 6,214 4,805 Income funds Unrestricted funds 6,214 4,805 6,214 4,805 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Acl 2006, for the year ended 31 January 2023. The director acknowledge5 his responsibilities for comp5ying with Ihe requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in aeKordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 27 July 2023 Mr R Morrison Trustee Mr S Wade Trustee 6}fJ Company registration number N1025202 COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINEEids chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Accounting policies Charlty information Coleraine and District Society of Model Engineers Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 74 Ballykelly Road, Tullyhoe, LIMAVADY. Co Londonderry, BT49 9DS. 1.1 Accountlng convention The financial statements have been prepared in accordance with the Coleraine and District Society of Model Engineers's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities-. statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> {effective 1 January 20191" The Coleraine and District Society of Model Engineers is a Public Benefit Entity as defined by FRS 102. The Coleraine and District Society of Model Engineers has taken advantage ofthe provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements ar8 prepared in sterling, which is the functional currency of the Coleraine and District Society of Model Engineers. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statemenls have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial stalements, the Trustees have a reasonable expectation that the Coleraine and District Society of Model Engineers has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltab18 funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. 1.4 Incomlng resources Income is recognised when the Coleraine and District Society of Model Engineers is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Coleraine and District Society of Model Engineers has been notified of the donation, unless performance Conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINEE chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Accountlng policies (Continued) 1.5 Resources expended Expenditure is recognised once th6re is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by aclivity. The costs of each activity are made up of the total of dIr￿t costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregat8 all costs related to the category, Vvhere costs cannot be directly atlribuled to particular headings they have been allocated to activities on a basis consistent with use of the resources Premises overheads have been allocated on a floor area basis and other overheads have been allocated on the basis of the head count. 1.6 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities, Baslc flnancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 1.7 Taxation No provision is required for taxation as the company is defined as a charity for taxation purposes. Crltlcal accountlng estlmates and judgements In the application of the Coleraine and District Society of Model Engineers's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects ¢Jnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINEE chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Donations and legacies Unrestrlcted Unrestrlcted funds funds 2023 2022 COVID Grant Membership fees 1,392 347 225 Income from charltable actlvltles 2023 2022 Open days, exhibition5 and sponsorship 6,850 3,698 Charltable actlvltles 2023 2022 Purchases Rent and Rates Power, light and heat Repairs and maintenance Insurance Accountancy Bank charges Miscellaneous 556 1,056 132 1,358 1,775 660 86 43 1,012 1,051 151 1,884 1,687 600 73 30 5,666 6,488 5,666 6,488 Trustees None of the Trustees (or any persons connected with them} received any remuneration during the year, but 2 of them were reimbursed a total of £605.57 for expenses inCu￿ed {2022- 3 were reimbursed £196.25). Employees There were no employees during the year. COLERAINE AND DISTRICT SOCIETY OF MODEL ENGINEFids chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Creditors: amounts falling du8 Wlthin on8 year 2023 2022 Other creditors 42 Related party transactlons During the year one of the directors was paid £1 ,000 for rent (2021 £1,000). 10-