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

co
so N m
riJ
0 *7* T4
r co M r
J ¢
(n c
￿￿1- U

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)