Company registratlon number: N1608257 Corkley Development Asso¢iatlon Company limlted by guarantee Unaudlled financi81 statements 31 July 2022 Corkley Dèvelopmenl Association Company limiled by guarantee Contents P8ge Directors and other information Direclors report Accoijnlanl's report Staiemenl ol income and retained earnings Slalement ol financial p0511ion Notes to the linancial stalem&nls 7.10 Corkley Development As59ciation Company limited by guaranleg Directors and other inlormallon Dlrectoys B F 8ingham G Bingham A H Clarke M E Clarke E Coleman W A Coleman E Johnslon A E E fvloorcroll H W Moorcroll H O Smylh Company number N1608257 Registered otlice 5 The Square Tandragee Co Armagh BT62 2AA Accountant M Mccune & Co 63 Market Slreel Tandragee Co Armagh BT62 28P Bankers Dallske Bank Busilless Banking POBOX 183 Donegall Square Wesl Bellasl BTJ 6JS Page 1 Corkley Development Association Company limited by guaranlee Directors report Year ended 31 July 2022 The diroclors present their reporl and the uriaudiled financial statements ol the company lor the year ended 31 July 2022, Directors The directors who served the company during the year were as follows.. B F Bingham G Bingham A H Clarke M E Clarke E Coleman W A Coleman E Johnston A E E Moorcroll H W Moorcroll H O Sttiyll) Small company provislons This report has been prepared In accordance wilh Ihe provisions applicable lo companie5 enlilled lo the small companies exemplion. This report was approved by the board ol direclors on 18 April 2023 and signed on beliall ol the board by., A H Clarke Director Page 2 Coikley Development A5sociatlon Company limited by guarantee Report to the board ol dlrectors on Ihe preparation of the unaudited slalulory financial slalements ol Corkley Dèvelopment Association Year ended 31 July 2022 In order lo assist you to lullil your duties under the Companies Act 2006, 1 have prepared lor your approval the financial 51alem&nls ol Corkley Development Association lor the year ended 31 July 2022 Nvhich comprise the slalemenl ol income and retained earnings, slaletnenl ol financial position and related noles from the ¢ompany's accoLJnting records and from Information and explanations you have given me. As a piactising member ol Chartered Accounlanls Ireland , l am subject lo ils ethical and (Ilher professional requirements which are detailed al www.cliarlere(Jaccounlanls.ie. This report is made solely lo the board ol directors ol Cothley Development Association, as a body, in accordance wilh the terms ol my engagement leller. My work has been underlakrjn sololy lo proparo for your approval the financial stalemellt5 01 Corkley Development Associalion and stale Ihose mallers that we have dgreed lo slate lo the board ol directors ol Corkley DevElopment AssoLiation as a body, in Ihis report In accordance with the requirements ol Chartered Accounlanls Ireland as detailed at www.¢harleredaccounlanls.io. To the lullesl exteTrl p8rmilled by law, I do nol aCGepl or assume responsibility lo anyone olher Ihan Corkley Developmenl Association and ils board ol dire¢lors as a body lor Iiiy work or for this report. 11 is your duty to ensure Ihal Corkley Development Association has kopl adequate accounting rocords and lo prepare slalulory financial slalemenls Ihal give a Iiue and lair view ol the assets, liabilities, linancial position anc* profil ol Gorkley Development AssoGialion. You consider Ihal Corkley Developtnenl Associalion is exempl from Ihe slatulory audit requirfjmenl lor the year. I have not been instructed to carry out an audit or a review ol lh& financial slalemenls ol Corkley Development Association. For this reason, I have nol voriligd Ihg accuracy or completeness ol the accounting records or information and explanations you have given lo me and I do not, therefore, express any opinion on the slalulory linan¢ial slalemenls. M Mccune & Co Chartered Accounlanls 63 Market Slieel Tandragee Co Armagh BT62 2BP 18 April 2023 Pagg 3 Corkley Development Association Company limiled by guarantee Statement ol Income and relalned earnlngs Year ended 31 July 2022 2022 2021 Note Turnover Cost ol sales 4,143 11,5721 2,785 15001 Gross protll 2.571 2,285 Administrative expenses 11,6491 11,8291 Operallng profil 922 456 Profil before laxalion 922 456 Tax on profil Profit lor Ihe fillancial year and total comprehenslve Income 922 456 Retained earnings al the start of the year 4,925 4,469 Aelained earnings at the end of the year 5,847 4,925 All Ihe activities ol the company are Irom continuing operations. The notes on pages 7 to 10 form parl ol these financlal statements. Page 4 Corkley Development Association Company limited by guarantee Statement ot linan¢ial position 31 July 2022 2022 2021 Note Fixed assets Tangible assets 225 281 225 281 Currenl assets Deblors Cash al bank and in hdnd 504 5,180 5,890 6,542 5,684 Credltors.. amoun15 lalllng due within one year 19201 11,0401 Net current assets 5,622 4,644 Total asse15 less current liabilities 5,847 4,925 Net assels 5,847 4,925 Capital and reserves Prolit and loss accoLJnl 5,847 4,925 Members lunds 5.847 4,925 For the year endlng 31 July 2022 the company was enlilled lo exemption Irorn audit under section 477 01 the Companies Acl 2006 relating to small companies. Director5 responsibilities.. The members have nol required the company lo oblain an audit ol its financial slalements lor the year in question in accordance wilh section 476., The directors acknowledge their responsibilities lor complying with the requirements ol the Act with respect lo accounting records ancs the preparation ol financial slalemenis. These financial slalemen15 have been prepared in accordance with tho provisions applicable lo companies subject lo the small ¢ompanies' regiine and in accordance with Section 1A ol FRS 102 'The Financial Reporting Standard applicable in the UK and Flepublic ol Ireland.. The notes on pages 7 to 10 form parl ol these financial slalemenls. Page 5 Corkley Dev8lopm8nl Assoclation Company limlled by guarantee Stalemenl of financial position Icontinued} 31 July 2022 These financial statements were approved by the board ol directors arKI aulhoii5ed lor issue on 18 April 2023, and are signed on behalf ol the board by.. A H Clarke Director Company registration number.. N1608257 The notes on pages 7 to 10 form parl ol these financial slalements. Page 6 Corkley Development Associallon Company limited by guarantee Notes to the financlal stalemenls Year ended 31 July 2022 General information The company is a private company limited by guarantee, registered in Northern Ireland. The addre55 01 the registered office is 5 The Square, Tandragee, Co Armagh. BT62 2AA. stalemeni of compliance These financial slalemenls have been prepared in compliance with the provisions ol FRS 102, Section 1A, 'The Financial Repc>rling siandard applicable in the UK and Republic ol Ireland.. The Triennial review 2017 amendments lo the siandard have been early adoptod. Accounting policies Basls of preparation The financial slalemenis have been prepared on the historical cost basis. as modified by the revaluation ol cerlain linancial as5els and Iiabililies and Inveslmenl properties measured at lair value through profil or Ios5. The financial slalemenls are prepared 51erling, which is the functional currency ol the entily. Turnover Turnover is measured al the faSr value ol the Gonsideralion received or Teceivable lor goods supplied and services rendered, nel ol discounts and Value Added Tax. Revellu8 from the sale ol goo(Ss is recognised when the significant risks and rewards ol ownership have Iran51eired lo the buyer (usually on de5palch ol the goods),. the amoiinl ol revenue can be measured reliably,. il is prtsbable Ihal the associated economic benefits will flow lo the enlily,. and Ihe costs in¢urred or lo be Incurred in respect ol the transaclions can be measured reliably. Taxation The taxation expense represenls Ihe aggregate amount ol current and deferred lax recognised in the reporting period. Tax is recognised in the slalemenl DI comprehensive income, excepl lo tho exlenl that il relates lo ilems recognised in other comprehensive income or directly in capital and reserves. In this case, lax 15 iecognised in other comprehensive income or direclly in capital and reserve5, respeclively. CLJrreril lax is recognised on taxable prolil lor the Guirent and pasl periods. Current tax is measured at the amounts ol lax expecled lo pay or recover using the lax rates and laws that have been enacied or subslanlively enacted al Ihe reporting date. Deferred lax is recognised in respecl ol all liming dillerences al the reporling dale. Unrolieved lax losses and other delgrred tax assets are recognised lo the exlenl thal il is probable that they will be recovered against the reversal ol deferred lax liabilities or other lutUTe taxable profits. Deferred lax is measured using the lax rates and law5 that have been enacted or 5ubslanlively enacted by Ihe reporling date Ihtil are expected lo apply lo the reversal ol the timing dillercnce. Page 7 Corkley Development Association Company limited by guarantee Noles lo the financial slatemenls Icontinuedl Year ended 31 July 2022 Tangible 055è15 Tangible assets are initially recorded al cosl, and are subsequently slated al cosl18ss any accumulated depreciation and impairment losses. Any lang￿ble asse15 carried al revalued amtsunls are recorded al Ihe lair value al Ihe dale DI revaluation less any subseqLJenl accumulated depreciation and subsequenl accumulaled impairment losses. An increase In the carrying amount ol an asset as a result ol a revalualion, is reco9nised in other comprehensiv8 income and accumulated in capilal and reserves, except 10 the exlenl il reverses a rovaluaiion doorease ol the same asset previoLJsly recognised in profil or loss. A defyreaso in tho carrying amoLJnl ol an asset as a result ol revaluation ig recognised in other comprehensive income to the extent ol any previously recogni5ed revaluation increase accumulated in capital and reserves in respect ol that asset. Where a revaluation decrease exceeds the aecutnulaled revaluation gains accumulalod in capital and reserves in respect ol that asset, the exGess shall bc recognised in profit or loss. Deprecialion Depreciation is Ca￿Ulated st> as lo wrile oll the cE>sl or valualion ol an asset, less ils residual value. over the useful economic life cil that asset as follows.. 11 there is an indication that there has been a signilicanl change in depreciation rate, useful life or residual value DI tangible assets, the depreciation is revised prospectively lo rellecl the new eslimales. Impalrment A review lor indicators ol impaiimenl is carried out at each reporting dale, with Ihe recoverable ainounl being estitnaled where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset 15 impaired accordingly. Prior impairments are also reviewed lor possible reversal al each reporting dale. When il is not possible lo estimate the recoverable amount ol an individual assel, an estimate is made ol the recoverable amount ol the cash-generaling unil lo which the asset belongs. The cash-generaling unil is the smallest idenliliable group ol a5se15 that includes Ihe asset and generates cash inflows that are largely independenl ol Ihe cash inllows Iroin olher asseis or groups ol assels. Page 8 Corkley Dgvelopmenl Associatlon Company limlted by guaranlee Noles lo the Ilnancial slalements Iconllnuedl Year ended 31 July 2022 Financlal inslruments A financial as5el or a Iinancial liability is recognised only when the company becomes a party lo the contractual provisions ol the instrument. Basic linanfjial in51rumenls are initially retognised al the transaction price, unless Ihe arrangement constitutes a financing transaction, where il is recognised al the present value ol the lulure paymenls discounled al a market rale ol interest lor a similar debt instrument. Debt insfrumenls are subseqijenlly measured al amorlised cc>sl. Where investments in non-cDnvertible preference shares and non-putlable ordinary shares or preference shares are publicly traded or their lair value can otherwise be measLJred reliably, Ihe Investment is subsequently measured al lair value with changes in lair value recognised in profil or Ioss. All olher such inveslinenls are subsequently measLJrod al cost less impairment. Other financial inslrumenls, including derivatives, are initially recognised al lair value, unless payment lor an assel is deferred beyond normal business terms or linanced at a rate ol interest that is nol a market rate, in which case Ihe asset 15 tneasured al the present value ol Ihe future payments discounted al a market ral8 01 inleresl lor a similar debt inslrutnerTrt. Oilier financial inslrumenls are subsequently measured al fair value, with any changes recognised in profil or loss, willi Ilie eKceplion ol hcdging Instrumenis in a designated hedging relationship. Financial dsséls Ihal are measured al ¢osl or amoriised cost are reviewed lor objective evidence ol iTnpairmenl at the end c>1 each reporling dale. 11 Ihere is objective evidonce ol impairment, an impairment loss is recognised in profit or loss itnmedialely. For all equity in51rumenls regardless ol significance, and olher financial assets (hal are individually signilicanl. these are assessed individually lor impairment. Other financial assets or either assessed individually or grouped on the basis ol similar credit risk characlerislics. Any reversals ol impairment are recognised in profil or loss immediately, to the exlenl that Ihe reversal does nol resull in a carrying amount ol the financial asset that exceeds what the carrying amounl would have been had the impairment nol previously been recognised. Llmlted by guarantee Company limited by Guarantee Profil before laxatlon Prc>lil ￿lore laxalion is stated alter chargingllcreiSitingl'. 2022 2021 Depreciation ol tangible assets 56 70 Page 9 Corkley Development Assoclatlon Company limited by guarantee Notes to the Ilnanclal slalemenls (continued) Year ended 31 July 2022 Tangible assets FixlLJres. liltings and equipment Total Cost Al 1 August 2021 and 31 July 2022 351 351 Depreclallon Al 1 August 2021 Gharge lor the year 70 56 70 56 Al 31 July 2022 126 126 Carrying amount Al 31 July 2022 Ai 31 July 2021 225 225 281 281 Debtors 2022 2021 Other debtors 652 504 Credilois.. amounts falling due within one year 2022 2021 Other creditor5 920 1,040 Page 10