COMPANY REGISTRATION NUMBER: N1602079 CHARITY REGISTRATION NUMBER: NIC101934 Coleraine Rural & Urban Network Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 DONALDSON & THOMPSON Chartered Accountants 3 Limavady Road Londonderry BT47 6JU
Coleraine Rural & Urban Network Company Limited by Guarantee Flnanclal Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's 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 Llmlted by Guarantee Trustees. Annual Report (Incorporatlng tha Director's Report) Year ended 31 March 2024 The trustees, who are also the direclors for the purposes of company law, present their report and the unaudited financial slatemenls of the charity for the year ended 31 March 2024. Reference and admlnlstratlve detalls Registered charity name Coleraine Rural & Urban Network Charlty reglstratlon number NIC101934 Company registratlon number N1602079 Principal office and registered 18rook Street off Ice Coleraine Co. Londonderry 8T52 1 PW The trustees Robert Ritchie Ann McNi¢kle Angela Welch Independent examiner Donaldson & Thompson Chartered Accountants 3 Limavady Road Londonderry BT47 6JU Structure, governance and management The organisalion is a charitable company limited by guarantee, incorporated on 10th Febwary 2010, accepted 8s a charity by HM Revenue & Customs under reference XT24573 and registered with Ihe Charity Commission for Northern Ireland on 12th May 2016 under charity number NIC101934, The company was established under a Memorandum of Association which slates the objects and powers of the charitable company and is governed 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 actlvltles The principal activity of the charrty is to promote the benefit of the inhabitants of the North West region and in particular to support and develop the work of communily-based and voluntary groups irs charitable activities which seek to relieve poverty. advance education and improve the quality of life of the inhabitants by providing office accommodation and support services and an inclusive open venue for members of the community The charity's Irustees 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 Dlrector's Report) (conllnued) Year ended 31 March 2024 Achievements and perfonnance The community hub remains al full capacity for shoploffice rental with 3 occupants, being here from day one. We have had a permanenl resident In meeting room 1, and the office spaco previously occupied in now a meeting room The conference room and meeting room rentals are now receiving more bookings as we continue to recover from the global pandemic, and face lo 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. Flnanclal review The results for the year are contained in the financial statements from page 5. The Community Hub has improved its rental performance 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 periods The trustees will continue to build on what Coleraine Rural & Urban Network h85 established the past few years and maintain Ils 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 meelings and training. Small company provlslons Thi5 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 5 November 2024 and signed on behalf of the board of trustees by Robert Ritchie Trustee Ann McNickle Trustee
Coleraine Rural & Urban Network Company Limited by Guarantee Independent Examiner's Report to the Trustees of Coleraine Rural & Urban Network Year ended 31 March 2024 I report on the financial statements for the year ended 31 March 2024. whiGh comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes. Respectlve responslbllltles of trustees and examiner The charity's trustees {who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts in accordance with the requirements of the Companies Acl 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, rt 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 65191{b) of the Charities Act., and to state whether particular matters have come lo my atlenlion. Basis of independent examiner's report I have examined your charily 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)Ib) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records 11 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 slate 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 accounling records That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and wilh the methods and principles of the Charities Slalemenl 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 Examinerfs Report to the Trustees of Coleraine Rural & Urban Network (¢ontlnued) Year ended 31 March 2024 Independent examln•rfs statement I have completed my examination and have no concerns in respect of the matters (11 to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Donaldson & Thompso Chartered Accountants Independent Examiner 3 Limavady Road Londonderry 8T47 6JU 5 November 2024
Coleraine Rural & Urban Network Company Limited by Guarantee statement of Financlal Activities (including income and expenditure account> Year ended 31 March 2024 2024 Unrestricled funds Total funds Total funds 2023 Note Income and 8ndowments Charitable activities other income 58,830 58,830 53,400 7.334 Total income 58,830 58,830 60,734 Expenditure Expenditure on charrtable activities Total expenditure 102,383 102,383 106,468 102,383 102,383 106.468 Net expenditure and n•t movement in funds (43,553) {43,563) (45,7341 Reconciliation of funds Total funds brought forward Total funds carried forward 1,919.254 1,919.254 1,964,988 1,875,701 1,875,701 1,919,254 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on page8 8 to 14 form part of the•e flnanclal Statements.
Coleraine Rural & Urban Network Company Limited by Guarantee Statement of Financlal Position 31 March 2024 2024 2023 Nolo Fixed assets Tangible fixed assets 14 1,846,449 1,885,543 Current assets Deblors Cash at bank and in hand 15 8,939 80,286 89,225 4,812 79,485 84,297 Credltors: amounts falling due wtthin one year Net current assets 16 69,973 50,586 29,252 1,875,701 1,875,701 33,711 Total assets less current liabilities 1,919,254 Net assets 1,919.254 Funds of the charlty Unrestricted funds 1,875,701 1,875,701 1,919,254 Total charity funds 17 1,919,254 For the year ending 31 March 2024 the charity was 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 $18lements for the year in question in accordance with section 476-. The directors acknowledge their responsibilities for complying with the requirement5 of the Act with respecl to accounting records and the preparation of financial statements These financial statements have been prepared In accordance with the provisions applicable lo companies subject to the small companies. Tegime, The statement of financial position continues on the following page. The notes on pago8 8 10 14 forni part of tho98 flnanclal ststoment8.
Coleraine Rural & Urban Network Company Llmlted by Guarantee Statement of Flnanclal Positlon (contlnued) 31 March 2024 These financial statements were approved by the board of trustees and authorised for issue on 5 November 2024, and are 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, registefed in Northern Ireland. Tho nole8 on pages 8 to 14 form part of thèse flnanclal statements.
Coleraine Rural & Urban Network Company Llmited by Guarantee Notes to the Flnanclal Statements Year ended 31 March 2024 General information 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 compllanc• 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) (Charities SORP {FRS 102)) and the Companies Act 2ChJ6. 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 al fair value through income or expenditure. The financial stalernents afe prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key sourGes of estlmatlon uncertainty The preparation of the financial statements requires management to make judgemenls, 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 Unreslricled funds are available for use at the discretion of the trustees to further any of the charity'5 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 Llmited by Guarantee Notes to the Financial Statements (¢ondnuedJ Year ended 31 March 2024 Accounting policies fconllnu•d) 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 benefits associated wilh 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 ils 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 resale 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 Ihe delivery of the contracted service This is classified as unrestricted funds unless there is a contractual requirement for rt to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred Expenditure include5 any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities lo which il relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charilable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefrt of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct G05ts attributable to a single activity are allocated directly lo that activity Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Coleraine Rural & Urban Network Company Limited by Guarantee Notes to the Financial Statements (contlnueo) Year ended 31 March 2024 Accountlng policies fconilnued) Tangible assets Tangible fixed assets are Staled at cost less accumulated depreciation and accumulated impaiment 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. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. le5S Its residual value, over the useful economic life of that asset as follows: Freehold property Fixtures. fittings & equipment 20kn straight line 200/0 Straight line Impalrmènt of flxed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the cafrying 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 lo which the asset belongs The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets For impairment testing of goodwill, the goothvill 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 synergie5 of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instruments A financial asset or 8 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 conslilules 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 Current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted Debt instruments are subsequently measured at amortised cost. 10
Coleraine Rural & Urban Network Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2024 Llmlted by guarantee 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 nol exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she aSe5 to be a member. Charitable actlvltles Unrestricted Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Room hire CRUN - Rent received CAB - Rent received Age Concern - Rent received Action for Children Rent received CRUN - Service charge CAB - Service charge Action for Children - Service charge 11,644 9,960 9,960 9,960 340 8,876 7,874 216 11,644 9,960 9,960 9,960 340 8,876 7,874 216 3,389 9,960 9,960 9,960 2,040 8,194 8,194 1,703 3,389 9,960 9,960 9.960 2.040 8.194 8,194 1,703 58,830 68,830 53,400 53,400 Othèr Income Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 other income .Insurance Claim 7,334 7,334 Expenditure on charitable actlvltles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Community training & education facility Support costs 99,327 3,056 99,327 3,056 103,508 2,960 103,508 2,960 102,383 102,383 106,468 106,468
Coleraine Rural & Urban Network Company Llmited by Guarantee Notes to the Financlal Statements (conllnued) Year ended 31 March 2024 Expenditure on charltabl• a¢tlvltlès by actlvlty type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Community training & education facility Governance costs 99,327 759 2,297 100,086 2,297 104,188 2,280 99,327 3,056 102,383 106,468 Analysls of 8UPPOrt costs Community facility Total 2024 Total 2023 General off ice Finance costs Governance costs 647 112 2,297 647 112 2,297 566 114 2,280 3,056 3,056 2,960 10. Net expenditure Net expenditure is stated after chargingl(crediting)'. 2024 2023 Depreciation of tangible fixed assets 45,358 44,106 11. Independent examination fees 2024 2023 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 (2023.. Nil) No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 13. Trustee remun8ration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees, No Iruslee expenses have been incurred. 12
Coleraine Rural & Urban Network Company Limited by Guarantee Notes to the Financial Statements (contlnuadj Year ended 31 March 2024 14. Tangible flxed assels Land and Fixtures and buildings fittings Total Cost At 1 Apr 2023 Additions 2.191,535 21,650 6,264 2,213,185 6,264 At 31 Mar 2024 2,191,535 27,914 2,219,449 Depreclation At 1 Apr 2023 Charge for the year At 31 Mar 2024 306,815 43.831 20,827 1,527 327,642 45,358 350,646 22,354 373,000 Carrying amount At 31 Mar 2024 1,840,889 5,560 1,846,449 At 31 Mar 2023 1,884.720 823 1,885,543 15. Debtors 2024 2023 Prepayments and accrued income 8,939 4,812 16. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors 3,580 56,393 5,540 45,046 59,973 50,586 17. Analysls of charitable funds Unrestrlcted funds At 1 Apr 2023 At Income Expenditure 31 Mar 2024 Unrestricted Fund 1.919,254 58.830 1102,383) 1,875,701 At 1 Apr 2022 At Income Expenditure 31 Mar 2023 Unreslricled Fund 1.964.988 60,734 (106,468) 1,919,254 13
Coleraine Rural & Urban Network Company Limited by Guarantee Notes to the Financial Ststements (contlnued) Year ended 31 March 2024 18. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,846,449 89,225 (59,973) 1.875.701 1,846,449 89,225 (59,9731 1,875,701 Unrestricted Total Funds Funds 2023 Tangible fixed 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 14