CavanaghKelly Company Registration Number: N1029812 Charity Registration Number: XR17090 Mourne Stimulus Limited (Charitable Company Limited by Guarantee) Annual Report and Unaudited Financial Statements For the year ended 31 March 2024
NTENT For the ear ended arch 2 24 Page General Information Report of the Trustees Independent Auditor's Report 7-10 statement of Financial Attivities li Statement of Financial Position 12 statement of Cash Flows 13 Notes to the Financial Statements 14-24
ourn Chari stimulus blec imited Limit d Gua ENERA INFORM TION Trustees Mrs K Campbell Mrs M Morri5 G Hanna Ms C Cranston Ms L Campbell Ms M Haugh Ms D Bailie Mrs K Hanna G Mitchell G Nicholas Company Secretary G Nicholas Registered Office I Council Road Kilkeel Co. Down BT34 4NP Company Registration Number N1029812 Charity Registration Number XR17090 Independent Examiners CavanaghKelly Chartered Accountants 36-38 Northland Row Dungannon Co Tyrone BT71 6AP Bankers AIB 42-44 Hill St Newry Co Down BT34 IAU CavanaghKellyi Chartered Accountants & Statutory Auditors Page12
Mourne Stimulus Limited Charitable Com an Limited b Guarantee REPORT OF THE TRUSTEES for the ear ended 31 March 2024 The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the audited financial statements of the charitable company for the year ended 31 March 2024. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102) and the Companies Act 2006. Reference and Administration Details The reference and administration details of the charitable company are as shown on page 2. Objectives and Activities Mourne Stimulus Limited is committed to providing a high quality day care service for adults with a learning disability. This is catered for by providing a range of day care activities which provides a focused learning and development tool for the attendees. The aims of the company are as follows: To provide quality service to adults with learning disabilities which enable them to ach ieve thei r full potential To support their parents and carers To advocate for them To help develop an environment that understands their needs, respects their human right5 and recognises their contribution. Public Benefit statement The Directors of Mourne Stimulus Limited confirm that they have complied with their duty under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 March 2024. Achievements and Performance Charitable activities The Daycare Centre has continued to provide suitable services and activities designed to maximise the potential of attendees and has further developed the Garden Project during the year. Internal and external factors In consultation with Southern Health and Social Care Staff Mourne Stimulu5 continues to offer Attendees either full time or part time hours depending on their individual assessed needs. CavanaghKellyi Chartered Accountants & Statutory Auditors Page13
Mourne Stimulus Limi Chari ed Limite Guar ee REPORT FTHETR STEE for th ear en rch2 Conti Financial Review Financial Performance The financial performance was in line with the Board of Director's expectations. The charitable company remains in a sound financial position at the year end. The results for the year are set out in detail on pages 11 to 25. The charitable company made net outgoing resources for the year of £12,109 (2023 net outgoing resources of £37,045). At 31 March 2024, the total funds of the charity amounted to £510,492 (2023: £522,601) comprising restricted funds of £174,904 (2023.. £(32,976)), designated funds of £112,115 (2023,. £112,115) and unrestricted funds of £223,473 (2023.. £443,462). Principal sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements. Reserves Policy The charitable company has no free reserves at the year end. The Directors believe that it is prudent to work towards holding 6 months funding. The main reason for holding reserves is to ensure that the charity has enough resources to fund the programmes it is supporting and to meet any emergencies that may arise. For this purpose the charitable company is holding £112,115 in designated fLrnds (2023.. £112,115). Risk Management The Board of Directors has conducted a review of the key risks facing the charity and has established a strategic plan and procedures to manage those risks. Continuous external risks in relation to funding have led to the development of a struttured approach which allows for the longer-term diversification of funding and activities. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. Future Plans It remains the Boards wish to develop further projects for the attendees as well as seeking additional funding for the Daycare service. Furthermore, it is still the intention of the Board to expand the range of services to include the provision of a purpose-built Therapeutic Work Hub. This will necessitate the procurement of additional funding to ensure that such a service can be developed to provide Day Opportunities for attendees. A Sensory Garden project is also going to be progressed, and funds have been of £23,541 have been set aside specifically for this project. CavanaghKellyi Chartered Accountants & Statutory Auditors Page14
Mourne Stimulus Limit char.ta an db Guar nt REPORT F THE TRUSTEE for ear 31 March 2024 Continu Structure, Governance and Management The charitable company is a company limited by guarantee, not having a share capital. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In accordance with the Articles of Association, the members to retire by rotation shall be those who have been longest in office since their last election, and the relevant motion will be put forward at the Annual General Meeting. A retiring member shall be eligible for re-election. The charitable company is governed by the Board of Directors. None of the Directors have any beneficial interest in the charitable company. Any person wishing to become a direttor must apply in writing prior to the annual general meeting. A vote is then taken at the annual general meeting as to whether that person is appointed. Directors The Directors during the year are the same as the Directors as listed on page 2. Taxation Status The charitable company is recognised as a charity by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors. Responsibilities The Directors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company 13w requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are required to: select suitable accounting pollcies and apply them consistently. observe the methods and principles in the Charities SORP (FRS 102); make judgements and 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 going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial staternents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. CavanaghKellyi Chartered Accountants & Statutory Auditors Page15
rne Stimulus Limited Char"table C an Limite ar nt REPO F THE TRU TEES for ear ended 3 rch2 Continue statement of Disclosure of Information to Auditor In so far as the Directors, who held office at the date of approval of these financial statements, are aware.. there is no relevant audit information of which the charitable company's auditor is unaware; and the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Small Companies Exemption The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. This report was approved by the Board of Directors on 19 December 2024 and signed on its behalf by., Registered office: I Council Road Kilkeel Co. Down BT34 4NP &A G Nicholas TRUSTEE Com hari istra ion Numb istra on 1029 1709 12 CavanaghKellyi Chartered Accountants & Statutory Auditors Pagc16
ourne Stimulu Charitabl C Limited an it b Guaran ee INDEPENDENT AUDITOR REPORT t th Directors the ren l March 2024 f Mourn sti ulus Li ed for Opinion We have audited the financial statements of Mourne Stimulus Limited ('the charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Attivities, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies. The rinancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitable company's Directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's Direttors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Directors as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: Give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its total incoming resources and expenditure of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAS (UK) require us to report to you where.. the directors, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate. or the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. CavanaghKelly. Chartered Accountants & Statutory Auditors Page17
Mourne Stimulus Limited Charitable Co Limit d uarante INDEPENDENT A Northern Irelan DITORS. REPOR Limited for the o th Dir ct rs of The Verbal A ear ended 31 March 2024 Continued Other Information The directors are responsible for the other information. The other information comprises the information included in the Directors, Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstaternent in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Direttors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Directors, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adeqLrate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. or the directors were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companie5, exemption in preparing the Directors, Report. CavanaghKellyi Chartered Accountants & Statutory Auditors Page18
Mourne Stimulus Limit Charitabl Limited b ntee INDEPENDENT AUDITOR REPORT to th Directors of The V rbal Arts C Northern Ireland Limtted for the ear ended 31 March 2024 Continued re Responsibilities of Directors As explained more fully in the Directors, Responsibilities Statement, the directors (who are also the trustees of the charitable company for the purpose of charity law), 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 Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company'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 directors either intends to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: We obtained an understanding of the legal and regulatory requirements applicable to the charitable company's financial statements 3nd considered the most significant are the Companies Act 2006 and Financial Reporting Standards (FRS102)' We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance, We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Understanding the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations; and Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified the following potential areas where fraud may occur: timing of revenue recognition and management override. CavanaghKellyr Chartered Accountants & Statutory Auditors Page19
urne Sti ul s Limite Charitabl C ed ar ntee NDEPENDE UDITORS. REPORT to the Directors of The Verbal Arts Cen Northern Ireland Limited for the ear ended 31 March 2024 Continued The audit response to risks identified included: Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above, Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at www.frc.or description forms part of our auditor'5 report. .uk audi rsr on5ibiliti other matters which we are required to address The financial statements for the year ended 31 March 2023, forming the comparative figures of the financial statements for the year ended 31 March 2024 are unaudited. Mr. Ryan Falls FCA (Senior Statutory Auditor) For and on behalf of CAVANAGHKELLY Chartered Accountants and Statutory Auditors 36 - 38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 19 December 2024 CavanaghKellyi Chartered Accountants & Statutory Auditors Pagel 10
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Mourn "mulus Limite "table Com an 'mited b G arantee STATEME OF FINANCIAL OSITION a at 31 March 2 Notes 2024 2023 FIXED ASSETS Tangible assets Investments Investments Investment property 178,014 190,542 107,382 223 305 508,701 118,464 223 305 532,311 10 CURRENT ASSETS Debtors Cash at bank and in hand li 325 325 25,438 24,410 CREDITORS: Amounts falling due within one year 12 (23,647) (34,120) NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES 510 492 522 601 NET ASSETS 13 510 492 522 601 FUNDS Unrestricted funds Restricted funds Designated funds Total Funds 14 14 14 223,473 174,904 112 115 510 492 443,462 (32,976) 112 115 522 601 These financial statements have been prepared in accordance with the provisions applicable to the small companies, regime within Part 15 of the Companies Act 2006. The notes on pages 14 to 25 form an integral part of the financial statements. The financial statement5 were approved and authorised for issue by the Board of Trustees on 19 December 2024 and were signed on its behalf by: GHa TRUSTEE G Nicholas TRUSTEE Com Chari an Re ra Number.. Nl Re istration Number: X 812 090 CavanaghKelly, Chartered Accountants & Statutory Auditors Page | 12
ourne Stimulus Limited Charitable Limit d b Gu ran ee ST TEMENT OF ASH LOWS For the ear ended 31 March 2024 2024 2023 Cash flows from operating activities (Deficit) for the year (12,109) (37,045) Adjustments for: Depreciation FV gain on investments 12,527 16,455 (4,390) (12,898) Movements in working capital: Movement in receivables Movement in payables 4,516 (10,472) (9,237) Net cash (used in)/generated from operating activities (14,862) (22,135) Cash flows from investing activities Acquisition of property, plant and equipment Disposal proceeds Net cash used in investing activities (2,169) Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of financial year Cash and cash equivalents at end of financial year 1,028 (24,304) 24,085 48,389 25,113 24,085 Cash and cash equivalents consists of: 2024 2023 Cash at bank and in hand CavanaghKellyi Chartered Accountants & Statutory Auditors Pagel I"
Mourne Stimul s Limi Charitabl Com ed Limited b G rant OTES TO THE F NAN AL STATEMENT For the ear ended 31 March 2024 I. GENERAL INFORMATION Mourne Stimulus Limited is a charitable company limited by guarantee incorporated in Northern Ireland. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The address of the registered office is as shown on page l. The charitable company constitutes a public benefit entity as defined by FRS 102. The financial statements are stated in £ sterling which is the functional currency of the charitable company. 2. ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company's financial statements. 2.1 Statement of Compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charites: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2019 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. 2.2 Basis of Preparation The financial statements are prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. 2.3 Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fund5, It is probable that the income will be received and the amount can be measured reliably. 2.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. CavanaghKellyr Chartered Accountants & Statutory Auditors Page | 14
Mourne Chari imulus Limited blec Limi ante NOTES TO T E FINA CIAL STATEMENT For th ear ended 31 March 2024 Con ued 2. ACCOUNTING POLICIES (Continued) 2.5 Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold Property: Plant and Machinery.. Fixtures and fittings.. Computer equipment.. 2 % straight line 200/0 reducing balance 20D/o reducing balance 330/0 reducing balance 2.6 Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Attivities. 2.7 Trade and Other Receivables Trade and Dther receivables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts. 2.8 Trade and Other Payables Trade and other payables are initially recognised at fair value and thereafter stated at cost. 2.9 Taxation The charity is exempt from corporation tax on its charitable activities. 2.10 Pension Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 2.11 Financial instruments The charitable company have chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. (i) Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. CavanaghKelly, Chartered Accountants & Statutory Auditors Paoel 15
Mourne timulus Limite Ch rit ble om ite antee NOTE For the TO HE FINAN IA STATEM ear ended l March 2024 NT ntin ed ACCOUNTING POLICIES (Continued) 2.12 Financial instruments (continued) If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of Financial Activities. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the prartical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. {ii) Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre- payment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 2.13 Critical accounting estimates and judgements In the application of the charitable company's accounting policies, the Trustees are requlred to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other source5. 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 estimates. The estimates and underlying 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 only that period, or in the period of the revision and future periods where the revisions affects both current and future periods. CavanaghKellyi Chartered Accountants & Statutory Auditors PaL5el 16
Mourne S Charita imul Fec s Limited an Lim Guara NOTES TO HE INANCIAL STATEMENT For the ear ended 31 March 2024 C tinued ACCOUNTING POLICIES (Continued) 2.10 Fund Accounting The charity has three types of funds for which it is responsible at the year end: Unrestricted Funds - Funds which are expendable at the discretion of the directors in furtherance of the objectives of the charity. In addition, funds may be held in order to finance capital investment and working capital. Restricted Funds Income received for specific purposes. Such purposes are within the overall aims of the charity. Designated Funds Funds that have been specifically earmarked by the charity tOWBrds its reserves policy. The charity aims to maintain reserves of up to six months expenditure. 3. INCOME AND ENDOWMENTS Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Income from Charitable Activities Income From Picture Framing Shop income Fundraising Dinner Monies Transport & Outings Horticulture & Crafts Golf Classic Attenders Activities & Raffles Total Charitable Activities 3,428 37,113 35,526 3,428 37,113 35,526 20,915 20,915 10,840 9,254 1,049 97,210 10,840 9.254 3,749 120,825 2,700 23,615 Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Donations and Legacies Donations Trust Funding Other Grants 26 32,024 394,694 32,050 394,694 426 718 429 985 Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Investment Income Interest Received Rental Income Fair Value Movernent in Investments 6,315 6,315 Total Income and Endowments 111 604 450 333 561 937 CavanaghKelly. Chartered Accountants & Statutory Auditors Page | 17
Mourne S Ch rita imulus Limi lec ed Limited an ee NOTES TO THE FINANCI L STATEMENT For he ear ended 31 March 2024 ntinued 3. COMPARATIVE INCOME AND ENDOWMENTS Unrestricted Restricted Funds Funds 2023 2023 Total Funds 2023 Income from Charitable Activities Income From Picture Framing Shop income Donations Dinner Monies Transport & Outings Horticulture & Crafts Golf Classic Attenders Activities & Raffles Total Charitable Activities 2,449 31,859 17,675 20,064 1,957 7,576 7,630 6,786 95,996 2,449 31,859 17,675 20.064 1,957 7,576 7,630 6,786 95,996 Unrestricted Restricted Funds Funds 2023 2023 Total Funds 2023 Donations and Legacies Donations Trust Funding other Grants 20,150 385,711 20,150 381,200 (4,511) 410 151 405 640 Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Investment Income Interest Received Rental Income Fair Value Movement in Investments 3,350 3,350 Total Income and Endowments 410 151 498 464 CavanaghKelly. Chartered Accountants & Statutory Auditors Pagel 18
Mourne S Ch rita imulus Li om ite arantee NOTE For the TO THE FINA CI L STATE ear ended 31 March 2024 TS Con nu RESOURCES EXPENDED Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Charitable Activities Wages and Salaries Travell ing Centre Outings & Activities Holiday Home Running Costs Food Expenses Staff Training Uniform5 Depreciation 29,725 7,060 6,923 22,082 939 4,703 394,694 424,419 7,060 9,780 22,082 21,854 4.703 2,857 20,915 424 211 502 425 Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Support Costs Rent Rates and Water Insurance Light and Heat Telephone Post and Stationery Advertising Repairs and Renewals Refuse Collection Household and Cleaning Computer Costs Sundry Expenses 1,300 255 13,962 13,975 2,057 875 66 7,198 3,107 1,300 255 13,962 19,851 2,057 875 66 8,198 3,107 5,876 1,000 3,771 3,771 707 CavanaghKellyi Chartered Accountants & Statutory Auditors Pagel 19
rne Stimu us Limit d aritable om Limit d b Gu ran OTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2024 on RESOURCES EXPENDED (Continued) Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Finance Bank Charges Bank Interest 1,339 1,339 Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Governance Costs Audit and Accountancy Consultancy Fees Legal and Management Fees 7,221 1,404 7,221 1,404 265 265 Total Resources Expended 141,987 432,059 574,046 COMPARATIVE RESOURCES EXPENDED Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Charitable Artivities Wages and Salaries Travelling Centre Outings & Activities Holiday Home Running Costs Food Expenses Staff Training Uniforms Depreciation 403,152 9,692 6,295 3,444 21,459 5,031 499 403,152 9,692 6,295 3.444 21,459 5,031 499 455 956 466 027 CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 20
Mourne Stimulu Charitable an Limited b uarantee NOTES TO THE FI NCIAL STATEME For the ear ended 31 March 2024 TS Contin ed NET INCOME/(EXPENDITURE) FOR THE YEAR Net income/(expenditure) is stated after charging/(crediting): 2024 2023 Depreciation owned assets Auditor's Remuneration 12,527 16,455 6. AUDITORS, REMUNERATION 2024 2023 Auditor's remuneration audit services 4,500 STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company during the year was 18 (2023: 28). The total staff costs and employee benefits were as follows.. 2024 2023 Gross wages and salaries Employers, national insurance contributions Pension 396,327 381,355 22,732 21,797 424 419 403 152 No employee of the charity earned more than £60,000 in the period in question. 7.1. DIRECTORS. REMUNERATION The Directors received nor waived any remuneration or any other benefits during the year. Travel expenses of £nil (2023: £Nil) were reimbursed to Directors for out of pocket costs. CavanaghKelly• Chartered Accountants & Statutory Auditors Page | ?2
Mourne Stimulu Charitable C Li ited Limited arantee NOTES T For the THE FINANCIAL TATEMENT ear ended 31 March 2024 Continued 8. TANGIBLE FIXED ASSETS Freehold Property Plant and Fixtures Machinery and Fittings Computer equipment Total Cost At l April 2023 Additions At 31 March 2024 150,011 51,500 47,052 9,644 258,207 150,011 51,500 47,052 9,644 258,207 Depreciation At l April 2023 Charge for year At 31 March 2024 6,175 18,526 34,754 8,210 473 67,665 Net Book Values At 31 March 2024 140,836 961 178 014 At 31 March 2023 143 836 190 542 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l Apri5 2023 Disposals Revaluations 118,464 (15,890) 4,808 At 31 March 2024 107 382 NET BOOK VALUE At 31 March 2024 107 382 At 31 March 2023 118464 There were no investment a55etS Outside the UK. CavanaghKellyp Chartered Accountants & Statutory Auditors Page | 2)
Mourne Stimulus Limited Charitable Com Limited b Guarantee TE For the INANCIAL STATEMENTS ear ended 31 March 2024 Continued FIXED ASSET INVESTMENTS - CONTINUED Cost or valuation at 31 March 2024 is represented by: Listed investments Valuation in 2024 Valuation in 2023 Valuation in 2022 Valuation in 2021 Valuation in 2020 Valuation in 2019 Valuation in 2018 Valuation in 2017 Valuation in 2016 Valuation in 2015 4,808 (7,692) 4,973 27,070 (10,014) 7,757 (354) 21,425 (13,343) {4,358) 107,382 10. INVESTMENT PROPERTY FAIR VALUE At l April 2023 and 31 March 2024 223,305 NET BOOK VALUE At 31 March 2024 223 305 And 31 March 2023 223 305 11. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments 325 325 325 325 CavanaghKellyi Chartered Accountants & Statutory Auditors Page | ?4
rne Stimulus Limited Charitable C an Limi b Guaran ee TE For the O THE FINANCIAL STATEM ear ended 31 M rch 2024 NTS C tinued 12. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors other taxes and social security Accruals and deferred income Accrued expenses 13.158 5,089 9,678 23,542 900 5,400 13. ANALYSIS OF NET ASSETS Restricted Unrestricted Designated Funds Funds Funds Total Fixed Assets Investments Current Assets Current Liabil ities Net Assets 150,885 27,129 218,572 1,419 178,014 330,687 25,438 112,115 24,019 174 904 223 473 112 115 510 492 14. ANALYSIS OF FUNDS Opening Balance Income Expenditure Transfer Between funds Closing Balance Day Care Centre Extension SHS Dinner Monies Attenders Holiday Regen Waste Pulse Care Agency Newry Mourne & Down District Council Kelly, McAvoy & Brown Building Contractors Shop Show - Music licence Sensory Garden Project Total Restricted Funds (165,856) 132,880 (2,175) (3,570) (394,694) (20,915) (2,857) (4,000) (265) (1,376) 186,923 2,683 18,892 131,993 394,694 20,915 2,902 4,000 615 45 350 1,376 1,000 500 790 (1,000) (500) (707) 83 (32,976) 450,333 (432,059) 189,606 174,904 Unrestricted Funds 443,462 111,604 (141,987) (189,606) 223,473 Designated Funds 112,115 112,115 Total 522 601 561 937 574 046 510 492 CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 2)