Corf(ley D8velopmenl Assoclatlon Company Ilmlled by guaranleg Report lo the board of d1recto on Ihe pyeparallon of Ihe unaudlled BlalorY Ilnanclal slalgmoDts of Corklgy Developmenl Asso¢latlon Year ended 81 July 2023 In order to 8881styou lo IUHII your dutl8s under Ihe Companles Act 2006,1 havg prepared for your approval the Ilnanclal slatemeniB of Corkley Development AssoclalEon lor the year erKled 31 July 2023 whl¢h comprise the 8tatempnt ol Income and reialned earnlros, slalemenl of ffinanclal poglllon and related noles Irom the ompanY8 accountlng r8¢ords and from Inlormallon and gxplanallons you have gfven me. As a praGtlslng member of Chartered Ac¢ountanl8 Ireland , l am sublecl to118 8thlcal and other prolesslonal requlrements which are dptalled at W.¢hartereda¢¢0UnIant8.10. ThlB reporl Is made solgty to the boar(J of dlre¢tors of Corftley Development Associallon, as a body, sn a¢cord8n¢e wlth the tem18 of my engagement letter. My work has been undertaken solely to prepare for your 8pproval Ihe flnandal stalemeDlS of Corkley DevelDpmenl Assoclallon aTrJ slate those matters Ihat we have agrged lo state lo the Ix)ard of dlroctors of Corkley Developmènt AssoGlatlon as a bodyi in Ihls repoit In accordance w5th the rpquiremenls of Chartered AGcountanls Ireland delalled al www.charteredaccountanls,ie. To the full68t ext8nt perniitied by law, I do not a¢G9Pt or assume responsibllhy to anyone other than Corkley Oevplopmenl A3soclalion and Ils board ol dSreclors as a Ix)dy for my woik or lor Ihls report. It 1$ your duty to ensure that Corkl8y Development Asso¢latlon has kept adequolp aG¢ountlng records and to prepare slalulory flnanclal Gtalements thai olve a twe and falr vi8w of Ihe assets, Ilabllliles, finarKlal p)$lllon aTrJ loss of Corkley D8vebpment Assodatlcn. You ¢onsidpr that Corkley Dovelopmgnl As80datlon Is exempl from Ihg slalulory audll reqvlrament for the year. I have not been Insifudod to carry oul an audlt or a le9W of the fSnanclal slalemenls of Corkley Development Assoclallon. For thls roason, I have nol verified the acctjracy or complalen8gs of the a(tounllThJ records or Infomiauon and explanallons you have glven lo me and I do nol, thorolore,. expiess any oplnbn on thg staithory flnanclal slatement¥. M Mccung & Co Charlèrèd Accountanls 63 Matket Street Tandragoe Co Armagh BT62 2BP 15 Aprfl 2024 Page 3
Corkley Developmenl Associallon Company Ilmlted by guarantee Slatemenl ol Ilnanclal p051tlon 31 Jiily 2023 2023 2022 Nole Flxed assets Tangible assets 17,133 17,133 Currei)l assels Dcblois Casli al ban1( Cind Sn hand 652 5,090 7,Jf47 7,547 6,542 Credllor5: amovnls lalllng due williln ono year 120,31101 {920} Net CLiYrenl Iliabiiiilesllassels Total a55els less CLirrenl lial)Ililles {12,833} 4,300 Net a$sels 4,300 5,847 Capilal and reserves Prolil 1¢ lid Iuss clCCQllI)I 4,300 5,847 Meinbers lui)ds 4,300 For Ihe year endiiig 31 July 2023 Ilie conipany was enlilled lo cxempiion Irorri audil UT)der seclioii 477 01 Ilio Companies Acl 2006 relaliiig lo snicill coiiipaiiios. Directors iesponsibililies.. Tlie iiii)ITibers h¢lVP Iiot required Ihe Goinpaiiy lo oblaiii an Liuclil ol Ils liiiciiicial slaloineiils lor Ihe y(Jar iii queslion iii ?( ccordai)¢e wilh soclion 476., Tlie directors acknowledge Ihoii. rosponsibililios lor coniplying with Ihe roquiremonls ol tho Acl wilh re%pocl lo accounting records and Ihe prepar1¢ lion ol financial slalemenls. Those linancial slalemenls liave boen propared in accordaiice will) Iho provi&ionr%Tr applicablc lo Lompilliies subje¢l lo Ihe 5n)all companies, I"ecJiiYio and in accordanee willi Seclion 1A ol FRS 102 'Tlio Financial Reporliiig Slaii(l(ird applicLiblLi iii the UK and Rcpublic ol Ireland.. The notes on pages 7 10 l O lorin pai'l ol Iliese linaiiclal slalemcnls. Page 5
Coi'kley Developinenl Association Company limited by guarantee Notes lo Ihe linanclal slalemenls Year ended 31 Jiily 2023 General Inlormallon The company is <7 privalo company limiled by guaraiileo, regir•lered in Norlliorn Irelic nd, Tl)e address ol 11)e regislorod ollicE is 5 Tho Sciuai o, Taiidragee, Co Arinagh, BT62 2AA. Slatemeiit ol coinpllaii¢e These Ilnclncial statements have been propared in Lompliance with Ihe provisions ol FRS 102, Seclion 1 A, 'fhe Financial Reporliiig Slandcird applicable in the Ul< and Repiiblic ol Irelaiid,. Accounllng pollcles Basls of preparation The liiiaiiGial slalemenls havo been prepared on Ihe hlsloriGcil ¢osl basis, as modilied by Ihe revalualioii ol cerlain financial a5selvo and liabllilles and invesimenl pi"operlies moasured al l¢iir valuo Ihiouuli prolil or loss. The linancial slalemonls c1re i)repared in sterling, which is the lunclional Lurrone,y ol Ilic erilily. Turnovor TLiriiover is moasured al Ihg lalr value ol Ilie coiisideralion recelved or receivablo lor goods supplied ai)d serviccs rendered, riel ol discoiiiils and Valuo Added TLIX. Reveiiiio from Ilie lo ol goods Is rccognised when the siqnilicanl risks and rewards ol ownorbhip h¢lVC Ir<inslerred lo Ihc bLiyer {iisuall/ ori despalcli ol Ihe goods),, Ihe aiiiouiil ol revenuo cali bo Inocisui¢d reliably; il is probablo Ihal th8 associaled economic benelils will flow lo Ihe enlily; and Ihe cobls incurred or lo be incurred in respect ol Ihe Iransaclions cali be Ineasured rellably. Taxatlon Tlie laxiilioii expoiisc iepres6)iils Ilie aggrc(Jale amouiil ol ciirreiil aiid delerred lax recogiiised in Ihe rLporling period. T1r X Is I'ecoqnioecl in Ihe sl?r lemenl ol con)preheiisive iiicorne, oxcepi lo Iho exleiil Ihal il relalcs lo iiems recoqiiised in olhor comi?I'ehensive incomc or directly ii) capilcll <ind fearervos. Iii Ihis case, lax is recognised in oilier comprehensivo incoine or diroclly in capilc11 cind re5crves, re5peclively. Current lax is rocognised on laxable prolil lor Ihe curreiil and i)asl periocls. Gurrenl lax is measurLJd (Il the amounls ol lax oxpecled lo pay or recover usiiig Ihe lax rates and laws 11)al have boeii ei)aclcd or subslanlively enaclecl al Ilie reporliiig dale. Deferred I1x Is recognised ii) respecl ol all liining dlllcionces al Ihe reporliilg dale. Uiirolieved lax Ioss¢.Is ic nd ollier dololrcd lilx ¢issols are rLicognise(I lo Ilie exleiil Ihal il is probabl& Ihal Ihey will bo rocovèrLd ag4111)bl IIIL) roveisal ol delerred lax liabi5ilies or ollier luliire Icixablo r)rolils. DLlerred lax is ITI@asiirod Iibiiig Il)e lax ralcs aiid law Ilial liave beeli L)ficicled or SLibslai)lively enaclcd ljy Iho reporling dale Ilidl arc (gxpeGled lo ai)ply lo Iliv ieversal ol Ilie limii)g dillereiiLe. Page 7
Corkley Developmenl Associalloii Company Ilmlled by guarantee Notes lo Ihe linanclal slalemenls Iconllnued) Year ended 31 July 2023 FSnanclal Snslrumenls A Ilnancivil as£el or a lin<iiitiial liabilily is recognised only when tho COlTipaiiy becomes a pt2rly lo 11)e tonlraclLial provisioiis ol Ikio inslruniont. Basic linaii¢ial inslrumenls are initldlly iecofjniocd al Ilie Iran5aolion priGe, unloss Ilio arrangoiiionl conslilules a liiianciiig Iransaclion, wliere il is recogiiised al Ilio i)resonl valuo ol Ilie luliire poyineiilty discounled al a Niarkel rale ul iiileresl lor a simil4ir debl iiislruiiiei)I, Debt inslrLimenls are siibsoquenlly n)e1c sured al amorliscd cosl. Wlioro inveslimenls in non-¢onverlible prolerence shares and non.putlable ordinary shares or prelerence. sliares aro publicly Ir¢ided or their lair valiie can oiherwise be nieasured reliably, Ilie inveslmeiil subsoqiieriily moasllfod al lair value wilh chciiiges in lair value rocognised in prolil or10ss. All oilier su¢h iiivosliDenls are 4ubsoqiienlly riio<isured al cost less iinpairmenl. Other linancial Inslruiiienls, includlng derivalive%, are inilially recogriis8d al lair value, uriles J paymonl lor ali assol is delerred beyond norrnal bijsineso lorni or li11anced al a rate ol inlerosl Ili£l1 1% nol a n)aikel rale, in wl)icli case Il)e asset is nieasured al Ihe preseiil val(Je ol Ihe lului'e payiiieiils Iliscounled <11 a Imtirkel ialo ol iiileresl lor a foiimilai dibl inslrLin)LTrnl. Olher liiiancial iiislrunienls are subsequeiilly measured al Ikiir value, willi ariy Llianges rgoogiiised li) profil or loss, wilh Ihe excopiion ol liedgiiiJ( inslrumei)Is in a dosigiiaied Iicdging Teltilic>ribliiP. Fiiianci(Il cisse15 that are measurod al cr)sl or amorli5ed cos1 are roviewed lor objective eviclei)ce ol impairinonl al IhB ond ol e1fch repoilin(J dale. 11 Iliere is objeclive evidonce vl impairnionl, an Iii)pairmenl loss is recognised in profil or105s iniii)odialely. For all equily iiielrumonls reg3fdloss ol signilic<lllCe, and olher financial assols Ilial are iiidividiially signilicLlnl, Iliesp aro assessed individually lor inipairiiicnl, oihttr lin21 iicial assels or LJilhor assesscd individually or groupod on Ilio basis ol similar credil risk cliaraclerislics. Any reversals ol iriipairmoiil dre reco(Inised Iii profil oi loss iiMni¢dialely, lo Iho eKlonl Ihal Ilio rcver.%KII does nol resiill in a c(Iffying aiTiouiiI ol ltrie li1il¢ n¢ial assel Ilial exceedtr whal IIiL Lai'rying ¢AiiioLiiiI woiild liave bÉ3eii liad Ilie impairmenl nul previovsly boon recognised. Limiled by giiaranlee Compaiiy lii)iilod by Ciuaranloe Losslprolil belore laxalion Losslprolil belofQ IiE Xlc IiDll Is 51IL led aller clio1riJingl(crediliiigl; 2023 2022 Deprecialion ol laiigible assels 45 56 Page 9