COMPANY REGISTRATION NUMBER: N1602079 CHARITY REGISTRATION NUMBER: NIC101934 Coleraine Rural & Urban Network Company Limited by Guarantee Unaudited Financial Statements 31 March 2023 DONALDSON & THOMPSON Chartered Accountants 3 Limavady Road Londonderry BT47 6JU
Coleraine Rural & Urban Network Company Limlted by Guarantee Financial Statsments Year ended 31 March 2023 Page Trustees, annual report (incorporating the directorfs report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
Coleraine Rural & Urban Network Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) Year ended 31 March 2023 The trustees, who are also the directors for the purposes of company law, present their report and the unaudrted financial statements of the charity for the year ended 31 March 2023. Reference and administrative details Registered charity name Coleraine Rural & Urban Neiwork Charity registrdtion number NIC101934 Company registration number N1602079 Principal office and registered 1 Brook Street office Coleraine Co. Londonderry BT52 1 PW The trust•os Robert Ritchie Ann McNickle Angela Welch Independent examlner Donaldson & Thompson Chartered Accountants 3 Limavady Road Londonderry BT47 6JU structurej governance and management The organisation is a charitable company limited by guarantee, incorporated on 1 Oth February 2010, accepted as a charity by HM Revenue & Customs under reference XT24573 and registered with the Charity Commission for Northern Ireland on 12th May 2016 under charity number NIC101934. The company was established under a Memorandum of Association which states the objects and powers of the charitable company and is govemed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Objectives and activities The principal activity of the charity is to promote the benefit of the inhabitants of the North West region and in particular to 5UPPOrt and develop the work of community-based and voluntary groups in charitable activities which seek to relieve povety, advance education and improve the quality of life of the inhabitants by providing Offi accommodation and support servi$ and an inclusrve open venue for members of the communty. The charity's trustees have had regard to the Charity Commission for Northern Ireland's guidance on public benefit.
Coleraine Rural & Urban Network Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conunuedj Year ended 31 March 2023 Achievements and performance The community hub remains at full capacity for shoploffice rental with all 4 occupants, being here from day one. The conference room and meeting room rentals are now receiving more bookings a5 we start t COVer from the global pandemic, and face to face meetings and training start to happen again. A steady progress is being made in room hire bookings and these will again increase during the future years. Financial review The results for the year are contained in the financial statements from page 5. The Community Hub has improved its rental perf0rrnan over the past financial year and is looking to improve this performance in the following years, especially with more freedoms and less restrictions on meeting in public places. Plans for future perlods The trustees will continue to build on what Coleraine Rural & Urban NefvK)rf( has established the past few years and maintain its core values and objectives to ensure the continued development. An advertising campaign has now started to encourage new and previous users to return to the building for meetings and training. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 7 November 2023 and signed on behalF of the board of trustees by: Robert Ritchie. Trustee Ann McNickle Trustee
Coleraine Rural & Urban Network Company Llmited by Guarantee Independent Examlnar's Report to the Trustees of Coleraine Rural & Urban Network Yaar ended 31 March 2023 I report on the financial statements for the year ended 31 March 2023, which comprise the statement of financial activities (including income and expenditure account), ststement of financial position and the related notes. Respective responsibilities of trustees and examiner The Gharity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law. and is eligible for independent examination. it is my responsibility to.. examine the accounts under section 65 of the Charities Act; to follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act," and to state whether particular matters have come to my attention. Basis of independent oxaminerfs report I hw4e examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of th8 Charitie3 Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: That accounting records were not kept in accordance with section 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirements of section 396 of the Cornpanies Act 2006 and with the methcKls and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. That there is further information needed for a proper understanding of the accounts to be reached.
Coleraine Rural & Urban Network Company Llmited by Guarantee Independent Examlnerfs Report to the Trustees of Coleraine Rural & Urban Network (contlnuedj Year ended 31 March 2023 Independent examin•Vs statemént I have cornpleted my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matteTS that require drawing to your attention. Donaldson & Thompson Chartered Accountants Independent Examiner 3 Limavady Road Londonderry BT47 6JU 7 November 2023
Coleraine Rural & Urban Network Company Llmlted by Guarantse Ststement of Financlal Activltles (Including Income and expenditure account) Year ended 31 March 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Charitable activities Other income 53,400 7,334 60,734 53AOO 7.334 48,960 Total income 60.734 48,960 Expenditure Expenditure on charitable activities Total expenditure 106,468 106,468 106A68 80,019 106.468 80,019 Net expendlture and net movement In funds (45,734) (45,734) (31.059) Reconclliation of funds Total funds brought forward Total funds carrled forward 1,964,988 1,919,254 1,964.988 1,919,254 1,996,047 1,964,988 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tho note8 on pag08 7 to 13 form part of the80 financial statsments.
Coleraine Rural & Urban Network Company Llmlted by Guarantee Statement of Financial Posltlon 31 March 2023 2023 2022 Fixed assets Tangible red assets 14 1,885,543 1,929,649 Current assets Debtor5 Cash at bank and in hand 15 4,812 79,485 84,297 3,432 95,626 99,058 Creditors: amounts falling due within one year Net current assets 16 50,586 63.719 33,711 35.339 Total assets less current liabilities 1.919,254 1.919,254 1,964,988 1,964.988 Net assets Funds of the charfty Unrestricted funds 1,919.254 1.919.254 1,964,988 Total charlty funds 17 1,964,988 For the year ending 31 March 2023 the charity vras entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 7 November 2023, and a signed on behalf of the board by.. Robert Ritchie Trustee Ann McNickle Trustee Company registration number. N1602079 The company is a private limited company limited by guarantee, registered in Northern Ireland. Tho notos on pages 7 to 13 fomi part of these flnancial statsments.
Coleraine Rural & Urban Network Company Llmited by Guarantee Notes to the Financial Ststements Year ended 31 March 2023 General infomiation The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northem Ireland. The address of the registered office is 1 Brook Street, Coleraine, Co. Londonderry, BT52 1 PW. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charitie5 SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basls of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and koy sources of estimation uncertainty The preparation of the financial ststements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Coleraine Rural & Urban Network Company Limitad by Guarantee Notes to the Flnancial Statemants (conllnued) Year ended 31 March 2023 Accounting pollcles (conthiued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity: it is probable that the economic benefts associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resa value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed rf unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ts charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds forthe charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reffecting the use of the resour. Direct costs attributsble to a single activiiy are allocated directly to that activty. Shared costs a apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment loss. Cost includes all costs that are directly attributable to bringing the asset into working condition for its intended use. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life. as follows:
Coleraine Rural & Urban Network Company Llmited by Guarantee Notès to the Financial Statements (conlinu Year ended 31 March 2023 Accountlng pollcles (conthiuedj Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold property Fixiures, frtiings & equipment 2% straight line 20% straight line Impairment of fixed assets A review for indicators of impainnent is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largeFy independent of the cash inflows from other assets or groups of assets. For impaimient testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespecttve of whether other assets or liabilities of the charity are assigned to those units. Financial Instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and currerrt liabilities are subsequently measured at the cash or other consideration expected to be paid or reiVed and not discounted. Debt instruments are subsequently measured at amortised cosL Limited by guardntee Coleraine Rural & Urban Network is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of ts being wound up while he or she is a member, or within one year after he or she ceases to be a member.
Coleraine Rural & Urban Network Company Limited by Guarantee Notes to the Financial Statements {contlnuedJ Year ended 31 March 2023 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Room hire CRUN - Rent received CAB - Rent received Age Concem - Rent received Action for Children - Rent received CRUN- Service charge CAB - Service charge Action for Children - Service charge 3,389 9.960 9.960 9.960 2.040 8.194 8.194 1.703 3,389 9,960 9,960 9,960 7.184 9,960 9,960 9,960 2,040 4,531 4.796 529 7,184 9,960 9,960 9,960 2,040 4,531 4,796 529 8,194 8,194 1,703 53.400 53,400 48,960 48,960 Other Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 other income-lnsurance Claim 7,334 7,334 Expenditure on charitable actlvltles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Community training & education facility Support costs 103,508 2,960 103,508 2,960 77,102 2,917 80,019 77,102 2,917 106,468 106.468 80,019 Expenditure on charitable activiti8s by activity type Activities undertaken directly Support Total funds Costs 2023 Total fund 2022 Communty training & education facilty Govemance costs 103.508 680 2.280 104,188 2,280 77,618 2,401 103,508 2.960 106,468 80,019 10
Coleraine Rural & Urban Network Company Limited by Guarantse Notes to the Financial Statements (continuedj Year ended 31 March 2023 Analysis (rf support costs Community facilty Total 2023 Total 2022 General office Finance costs Governance costs 566 114 2.280 566 114 2,280 2,960 405 111 2,401 2,960 2,917 10. Net expenditure Net expenditure is stated after chargingl(crediting)'. 2023 2022 Depreciation of tangible red assets 44,106 44.104 11. Independent examlnatlon fees 2023 2022 Fees payable to the independent examiner for. Independent examination of the financial statements 360 360 12. Staff costs The average head count of employees during the year was Nil (2022: Nil). No employee received employee benefits of more than £60.000 during the year (2022: Nil). 13. Trusteé remuneration and expenses No remuneration or other benefrts from employment with the charity or a related entity were received by the trustees. No trustee expenses have been incurred. 11
Coleraine Rural & Urban Network Company Llmited by Guarantee Notes to the Financlal Statsments (cofttinued) Year ended 31 March 2023 14. Tangible flxed assets Land and Fixtures and buildings fittings Total Cost At 1 Apr 2022 and 31 Mar 2023 Depreciation At 1 Apr 2022 Charge for the year At 31 Mar 2023 2.191,535 21,650 2.213,185 262,984 43,831 20,552 275 283,536 44,106 306,815 20,827 327,642 Carrying amount At 31 Mar 2023 1,884,720 1,928,551 823 1,885,543 1,929,649 At 31 Mar 2022 1,098 15. Debtors 2023 2022 Prepayments and accrued income 4,812 3,432 16. Croditors: amounts falllng due within one year 2023 2022 Accruals and deferred income Other creditors 5,540 45,046 13,524 50,195 50,586 63,719 17. Analysis of charitable funds Unrestrlcted funds At 1 Apr 2022 At Income Expenditure 31 Mar 2023 Unrestricted Fund 1,964,988 60.734 (106,468) 1.919,254 At 1 Apr 2021 At Income Expenditure 31 Mar 2022 UnStricted Fund 1,996,047 48,960 (80,019) 1,964,988 12
Coleraine Rural & Urban Network Company Limlt8d by Guarantee Notes to the Financial Statements (with(Md) Year ended 31 March 2023 18. Anatysls of net assets between funds Unrestricted Total Funds Funds 2023 Tangible red assets Current assets Creditors less than 1 year Net assets 1,885,543 84,297 (50,586) 1,919.254 1.885,543 84,297 150.586) 1.919,254 Unrestricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Ngt ag¥9ts 1,929,649 99.058 (63,719) 1,964.988 1,929,649 99,058 (63.719) 1,964,988 13