Company registration number: N1608257 Corkley Development Associatlon Company limited by guarantee Unaudited financial statements 31 July 2024 Corkley Development Associatlon Company limited by guaranlee Contents Page Directors and other information Directors report Accounlanl's report Slalement of income and retained earnings Slalemenl ol linancial position Notes to Ihe financial slalemenls 7-10 Corkley Development Assoclation Company limited by guarantee Directors and other information Directors B F Bingham G Bingham A H Clarke C Kirkland E Coleman W A Coleman- A E E Moorcroll H W Moorcroll H O Smyth Company number N1608257 14egistered office 5 The Square Tandragee Co Armagh BT62 2AA Accountant M Mccune & Co 63 Market Street Tandragee Co Armagh BT62 2BP Bankers Danske Bank Business Banking PO Box 183 Donegall Square Wesl Belfast BT16JS Page 1 Corkley Development Association Company limited by guarantee Directors report Year ended 31 July 2024 The direclors present their report and the unaudited financial slalemenls ol the company lor the year ended 31 July 2024. Dlreclors The directors who served the company during the year were as follows: B F Bingham G Bingham A H Clarke C Kirkland E Coleman W A Colewan E Johnston A E E Moorcroll H W Moorcroll H O Smyih Small company provisions This reporl has been prepared in accordance with the provisions applicable to companies enlilled lo the small companies exemption. This report was approved by the board of directors on 29 April 2025 and signed on behalf ol the board by: A H Clarke Director Page 2 Corkley Development Association Company limited by guarantee Report to the board of directors on the preparation of the unaudited statutory financlal statements of Corkley Development Association Year ended 31 July 2024 In order lo assist you lo lullil your dulles under the Companies Act 2006, 1 have prepared for your approval the financial slalements ol CorKley Development Association lor Ihe year ended 31 July 2024 which comprise the slalemenl ol income and retained earnings, slalement ol financial position and related notes from the company's accounting records and from information and explanations you have given me. As a praclising rllember of Chartered Accountants Ireland , l am subject to ils ethical and other professional requirements which are detailed at www.charleredaccountanls.ie. This report is made solely lo the board ol directors ol Corkley Development Association, as a body, in accordance with the terms ol my engagernenl leller. My work has been undertaken solely lo prepare lor your approval the financial statements ol Corkley Development Association and slate those mallers that we have agreed lo slate to the board ol directors of Corkley Development Association as a body, in this report in accordance with the requirements ol Chartered Accountants Ireland as detailed al www.charleredaccountanls.ie. To the fullest exlenl permitted by law, I do not accepl or assume responsibility lo anyone other than Corkley Development Association and ils board ol directors as a body lor my work or for this report. 11 is yOLJr duly lo ensure Ihal Corkley Development Association has kepl adequate accounting records and lo prepare slalulory financial statements that give a true and lair view ol the assets, liabilities, financial posilion and profil ol Corkley Developmenl Association. You consider that Corkley Development Association is exempl from the slalulory audit requirement lor the year. I have not been instructed lo carry out an audit or a review ol the financial slalements ol Corkley Development Association. For this reason, I have not verified the 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 financial slalements. M Mccune & Co Chartered Accounlanls 63 Market Street Tandragee Co Armagh BT62 2BP 29 April 2025 Page 3 Corkley Development Assoclation Company limiled by guarantee Statement of income and retained earnings Year ended 31 July 2024 2024 2023 Note Turnover Cost ol sales 9,130 {901 2,078 14551 Gross profit 9,040 1,623 Administrative expenses {1,587) 13,1701 Operating profitl(loss) 7,453 11,5471 Prolitl(loss) belore laxation 7,453 11,5471 Tax on proliullossl Profitl(loss} for the f Inanclal year and total comprehensive income 7,453 11,5471 Retained earnings al the start of the year 4,300 5,847 Retained earnings at the end of the year 11,753 4,300 All Ihe activities ol the company are from continuing operations. The notes on pages 7 to 10 form part of these financial statements. Page 4 Corkley Development Association Company limited by guarantee Statemenl of f inancial position 31 July 2024 2024 2023 Note Fixed assets Tangible assets 17,097 17,133 17,097 17,133 Current assets Deblors Cash al bank and in hand 400 816 7,547 1,216 7,547 Creditors: amounts falling due within one year (6,5601 (20,380) Net currenl liabilities 15,344} 112,8331 Total assets less current liabilities 11,753 4,300 Net assels 11,753 4,300 Capital and reserves Profil and loss account 11,753 4,300 Members funds 11,753 4,300 For the year ending 31 July 2024 the company was entitled to exemption Irom audit under section 477 01 the Companies Act 2006 relating to small companies. Direclors responsibilities.. The members have not required the company lo obtain an audit of ils financial slalemenls lor the year in question in accordance with section 476., The directors acknowledge their responsibilities lor complying with the requirements ol the Act with respect lo aocounting records and the preparation ol financial stalements. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime and in accordance with Section 1A ol FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland,. The noles on pages 7 to 10 form part of these financial stalements. Page 5 Corkley Development Assoclatlon Cornpany limited by guarantee Statement of f inancial position (continued) 31 July 2024 These financial statements were approved by the board ol directors and aulhorised lor issue on 29 April 2025, 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 part of these financial statements. Page 6 Corkley Development Association Company limited by guarantee Notes to the financlal statements Year ended 31 July 2024 General information The company is a private company limited by guarantee, registered in Northern Ireland. The address ol the registered office is 5 The Square, Tandragee, Co Armagh, BT62 2AA. Statement of compliance These financial slalemenls have been prepared in compliance with the provisions ol FRS 102, Section 1 A, 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland,. Accounting policies Basls of preparallon The financial slalements have been prepared on the historical cosl basis, as modified by the revaluation ol certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial slalemenls are prepared in sterling, which is the lunclional currency ol the enlily. Turnover Turnover is measured at the lair value ol the consideration received or receivable lor goods supplied and services rendered, nel of discounts and Value Added Tax. Revenue from the sale ol goods is recognised when the significant risks and rewards ol ownership have transferred to the buyer (usually on despatch ol the goods). the amounl of revenue can be measured reliably,. il is probable that the associated economic benefits will flow lo Ihe enlily,. and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Taxalion The taxation expense represents the aggregate amount ol current and deferred tax recognised in the reporting period. Tax is recognised in the slalement ol comprehensive income, except lo the exlenl that il relates lo items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profil lor the current and pasl periods. Current lax is measured at the amounts ol lax expecled to pay or recover using the tax rates and laws that have been enacted or subslanlively enacted at the reporting dale. Deferred lax is recognised in respect of all liming dillerences at the reporting date. Unrelieved lax losses and other deferred lax assets are recognised to the extent that it is probable that they will be recovered against the reversal ol deferred tax liabilities or olher future taxable profits. Deferred lax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting dale that are expected lo apply lo the reversal ol the timing dillerence. Page 7 Corkley Development Association Company limited by guarantee Notes to the Ilnancial statements Iconlinued) Year ended 31 July 2024 Tangible assets Tangible assets are initially recorded al cost, and are subseqLJenlly slated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded at the fair value at the dale ol revaluation less any subsequent accumLJlaled depreciation and subsequent accumulated impairment losses. An increase in the carrying amount ol an asset as a result ol a revalualion, is recognised in other comprehensive income and accumulated in capital and reserves, except lo the exlenl il reverses a revaluation decrease ol the same asset previously recognised in profil or loss. A decrease in the carrying amount ol an asset as a result ol revaluation is recognised in other cotnprehensive income lo the exlenl ol any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect ol that assel, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write oll the cost or valuation ol an asset. less its residual value, over the useful economic life ol that asset as follows: If there is an indication that there has been a significant change in depreciation rate, useful life or residual value ol tangible assets, the depreciation is revised prospeclively lo reflect the new eslimales. Impairment A review lor indicalors ol impairment is carried out al each reporting dale, with the recoverable amount being eslitnaled where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed lor possible reversal al each reporting dale. When il is not possible lo estimate the recoverable amount of an individual asset, an estimate is made ol the recoverable amount of the cash-generating unil lo which the asset belongs. The cash-generaling unil is the smallest identifiable group ol assets that includes the asset and generates cash inflows that are largely independent ol the cash inflows from other assels or groups of assets. Page 8 Corkley Developmenl Associallon Company limited by guarantee Notes lo the financial statemenls (continued) Year ended 31 July 2024 Financial instruments A financial asset or a financial liabilily is recognised only when the company becomes a parly lo the contractual provisions of Ihe instrument. Basic financial instruments are inilially recognised al the transaction price, unless the arrangement constitutes a financing transaction, where il is recognised at the presenl value ol the future payments discounted al a market rale ol interest lor a similar debt inslrumenl. Debt instruments are subsequently measured al amortised Gosl. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their lair value can otherwise be measured reliably, the investment is subsequently measured al lair value with changes in fair value recognised in profil or loss. All other such investments are SLJbsequenlly measured al cost less impairment. Other financial inslrumenls, including derivatives, are initially recognised at lair value, unless payment for an asset is deferred beyond normal business leyms or financed at a rate ol interest Ihal is not a markel rate, in which case the asset is measured al the present value of the lulure payments discounted at a market rale of interest lor a similar debt instrument. Other financial instruments are subsequently measured al lair value, with any changes recognised in profil or loss, with the exception ol hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amorlised cosl are reviewed lor objeclive evidence ol impairmenl al the end ol each reporting dale. 11 there is objeclive evidence ol impairment, an impairment loss is recognised in profil or loss immediately. For all equity instruments regardless ol significance, and other financial assets Ihal are individually signilicanl, these are assessed individually lor impairment. Other linancial assets or either assessed individually or grouped on the basis ol similar credil risk characlerislics. Any reversals ol impairment are recognised in profil or loss immediately, lo Ihe exlenl that the reversal does not result in a carrying amount of Ihe financial assel Ihat exceeds what the carrying atnounl would have been had the impairment not previously been recognised. Limited by guarantee Company limited by Guarantee Profitlloss before taxation Prolivloss before laxalion is slated after chargingllcredilingl: 2024 2023 Deprecialion of tangible assets 36 45 Page 9 Corkley Development Association Company limited by guarantee Notes to the financial slatemenls {conlinued) Year ended 31 July 2024 Tangible assets Electricity Fixtures, supply liltings and equipment Total Cosl At 1 August 2023 and 31 July 2024 16,953 351 17,304 Deprecialion Al 1 August 2023 Charge for the year 171 36 171 36 At 31 July 2024 207 207 Carrying amount At 31 July 2024 16,953 144 17,097 Al 31 July 2023 16,953 180 17,133 Debtors 2024 2023 Olher debtors 400 Credilors: amounts falllng due wilhin one year 2024 2023 Bank loans and overdralls Other creditors 5,700 860 19,070 1,310 6,560 20,380 Page 10