Monkstown Village Initiatives Company Number: N.1. 063696 MONKSTOWN VILLAGE INITIATIVES LIMITED Independent Examinerfs Report To the charity trustees of Monkstown Village Initiatives Limited I report on the financial statements of the charity for the year ended 31, March 2024, which are set out on pages 17 to 27. Respective responsibilities of charity trustees and examiner The charity trustees, who are also the directors of Monkstown Village Initiatives for the purposes of company law, are responsible for the preparation of the accounts. Having satisfied myself that the charity is not subject to audit under part 16 of the Companies Act 2006, and is eligible for an independent examination, it is my responsibility to: examine the accounts under section 65 of the 2008 Act; 2. follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 6519)Ib) of the 2008 Act; and state whether particular matters have come to my attention. Basis of Independent Examiner's report My examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It a Iso includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations f rom you as charity trustees concerning any such matters. The procedure5 undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a "true and fair view" and the report is limited to those matters set out in the next statement. Independent Examinerfs statement In connection with my examination, no matter has come to my attention: lal which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare financial statements which accord with the accounting records, comply with the accounting requirements of Section 396 of the Companies act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities; have not been met,. or Ibl to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Signed Date 09/10/2024 Tony Clarke FCPA 53 Andersonstown Road Belfast BTII 9AG 16
Monkstown Village Initiatives Company Number: N.1. 063696 Statement of Financial Activities including an Income & Expenditure Account st for the year ended 31 March 2024 The statement of financial activities include5 all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Notes Income Donations and Legacies 1,411 4,858 6,269 8,282 Income from Charitable Activities 44,619 76,199 120,818 116,247 TOTAL 46,030 81,057 127,087 124,529 Expenditure Charitable Activities 46,902 83,862 130,764 133,400 Total Expenditure 46,902 83,862 130,764 133,400 NET Incoming / Expenditure for the year before transfers (872) (2,805) (3,677) (8,871) Transfers between funds Net movement in funds {872) (2,805) {3,677) (8,871) Reconciliation of funds Fund Balances Brought Forward 42,119 2,259 44,378 53,249 Fund Balances Carried Forward 41,247 (546) 40,701 44,378 17
Monkstown Village Initiatives Company Number: N.1. 063696 st Balance Sheet as at 31 March 2024 Notes 2024 2023 FIXED ASSETS Tangable Fixed Assets CURRENT ASSETS Bank Balance Debtors 41,991 555 44,696 55 42,546 44,751 CREDITORS: Amounts due in less than one year Creditors and Accruals 11,832) {3731 NET CURRENT ASSETS 40,701 44,378 NET ASSETS 40,701 44,378 REPRESENTED BY: Accumulated Fund Restricted Accumulated Fund - Unrestricted 1546) 41,247 2,259 42,119 40,701 44,378 The company is entitled to the exemption from the audit requirement contained in section 477 of the st Companies Act 2006, for the year ended 31 March 2024. The trustee5 acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and a pplication of resources, including its income and expenditure, for the f ianncial yea r in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. 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. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the Trusteees on I l. 2024 Nigel Beattie Director (Treasurer) Company Registration Number- N1063696 The notes on the pages following119 to 271, form part of these financial statements. 18
Monkstown Village Initiatives Company Number: N.1, 063696 Notes to the Financial Statements for the Year Ended 31, March 2024 I. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the prepa ration of the financial statements are as follows: a) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by 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 {FRS 1021 {effective I, January 2015) - (Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Monkstown Village Initiatives meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. b) Preparation of the accounts on a going concern basis The trustees are of the opinion that the charity is a going concern due to the level of reserves in place. th The trustees have considered this in the knowledge that on the 30 January, the World Health th Organisation (WHO) announced Coronavirus as a global health emergency and on the 11 March 2020, it announced that Coronavirus was a global pandemic. cl Fund Accounting Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of restricted funds is set out in the notes to the financial statements. Restricted funds may only be transferred to general or designated funds once the criteria for restriction have been discharged or no longer apply. dl Income Income is recognised when the charity has entitlement to the rent, funds, any performance conditions attached to the itemls) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income is deferred only when the charity has to fulfil conditions before becoming entitled to use it in the period. el Donated services and facilities In accordance with the Charities SORP IFRS 1021, the general volunteer time of supporters is not recognised. f} Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 19
Monlistoivn Village Initiatives Company Number: N.1. 063696 st Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Expenditure is classified under the following activity heading: Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. gl Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Office Equipment Furniture & Fittings 20¥0 Straight line 20% straight line h) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term current accounts. il Value added tax Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities. jl Taxation The company is a registered charity and the charitable tax exemptions are therefore being claimed to the extent that income and/or gains are applicable and applied to charitable purposes only. These exemptions will remain in place as long as income and expenditure is applied to charitable purposes only. Critical Accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about carrying the amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods, 20
Monkstoivn Village InAtiatives Company Numbei.: N.1. 063696 st Notes to the Financial Statements for the Year Ended 31 March 2024 Icontinued) 2 FIXED ASSETS Furniture Office Equipment Fittings Total COST as at l April 2023 Additions Disposals as at 31 March 2024 244 1,678 1,922 244 1,678 1,922 DEPRECIATION as at l April 2023 Charge for the Year 244 1,678 1,922 as at 31 March 2024 244 1,678 1,922 NBV as at l April 2023 244 1,678 1,922 as at 31 March 2024 21
Monkstown Village Initiatives Company Number: N.1. 063696 st Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) INCOME Notes Unrestricted Restricted Funds Funds 2024 Total 2023 Total Donations and Legacies Donations 1,411 4,858 6,269 8,282 1,411 4,858 6,269 8,282 Charitable Activities Monkstown Com Forum Salaries etc. MCF Sage + contr Education Authority Enkalon grantforgarden Monkstown Community Forum Programmes ANBC Premises Grant ANBC Programmes Grant Rent from Hire of Premises M iscellaneous Soil Association Grant Bank Interest 64,716 64,716 891 891 3,279 3,279 61,338 731 3,000 250 17,475 5,000 500 27,230 131 20,186 20,186 3,750 3,563 23,916 244 3,750 3,563 23,916 244 500 92 273 273 44,619 76,199 120,818 116,247 Total 46,030 81,057 127,087 124,529 22
Monkstown Village Initiatives Company Number: N.1. 063696 5t Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) EXPENDITURE Notes Unrestricted Restricted Funds Funds 2024 2023 Total Total Charitable Activities Salaries and As5 Costs Heat and Light Office Costs Cleaning Materials Insurance Activities & Community Events Sundries Room Hire Reg & Prof. fees Travel and Training Gifts Bank Fees Subscriptions Vehicle Hire Clothing 38,302 4,394 120 661 865 558 31 1,306 64,716 103,018 103,499 3,079 7,473 5,891 891 I,oii 1,049 661 666 865 4,152 31 7,560 1,035 480 loo 147 1,333 2,380 518 1,622 11,775 121 5,760 I,ioo 48 130 149 1,310 280 3,594 6,254 1,035 445 35 loo 147 183 200.00 1,150 2,180 518 46,902 83,862 130,764 133,400 5 MOVEMENT IN FUNDS Unrestricted Restricted 2024 2023 Balance brought forward 42,119 2,259 44,378 53,249 Income for year Expenditure for the Year Balance carried forward 46,030 46,902 41,247 81,057 83,862 {5461 127,087 124,529 130,764 133,400 40,701 44,378 23
Monlistown Village Initiatives Company Number: N.1. 063696 st Notes to the Financial Statements for the Year Ended 31 March 2024 Icontinued) Note 3.1 Donations Donations of £6,269 Unrestricted £1,411 , Restricted £3,055 to Rethink, £1,598 to Youthworks, £205 to Garden Unrestricted Rethink Youthworks Garden Gift Aid Gifts from Glenabbey Amazon Smile Gift from Rotary Gift from COGS Green Boxes Gift from Abbey Donations for Rethink 1,518 2,000 21 300 205 198 750 1,277 6,269 290 I,ioo 21 1,228 900 300 205 198 500 250 1,277 3,055 Total 1,411 1,598 205 Note 3.2 Income restricted to MVI Youthworks, re.think and Garden. Note 3.3 Income restricted to Sage expenditure. Note 3.4 Antrim & Newtownabbey Borough Council IA&NBCI Grants Premises Grant £5,000 restricted to general spend on heat, light, room rental and cleaning materials. Note 3.5 Income restricted to MVI Youthworks Expenditure Note 4.1 Breakdown of Salaries Paid out Wages and Salaries Employers National Insurance Employers pension Contribution Refund SSP Total 100,238 1,745 1,752 236 103,499 Monkstown Village Initiatives employ 2 full-time staff and 8 part-time staff, none of whom receives more than £60,000 per year. The Charity has paid all National Insurance Contributions up to date. It makes pension contributions in line with The Pensions Regulator guidance. The Directors received no salaries and have received no expenses during the year. 24
Monkstown Village Initiatives Company Number: N.1. 063696 st Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Note 4.2 Activities and Community Events £4,152 - from re.think activities £1,196, Youthworks £2,508 and Garden project £448 re:think/re:act activities Christmas Afternoon Tea Materials for Flourish Visit to Secret Garden 601 127 468 Tota I 1,196 MVI Youthworks activities Resources for TLG Visit Carrickfergus Castle Repairs Summer Scheme outings AccessNI Checks Printer Darts Equipment Stationary Sports Equipment Arts and Crafts supplies Resources for Christmas events Resources for Summer events 16 120 129 1,066 155 94 66 71 346 242 194 Total 2,508 Garden Project Plants for Summer programmes Surestart Programme supplies Plants for October Planter Day 162 123 163 Total 448 Overall Total 4,152 Restricted £3,594 Non-Restricted £558 25
Monkstown Village InitRatives Company Number: N.1. 063696 st Analysis of expenditure on Restricted Funding for the Year Ended 31 March 2024 Note 4.3 Expenditure on Restricted Funding Donations and Legacies £4,858 re.'think/re.'act £3,035 Professional fees CBT Materials Rent 735 566 1,754 3,055 MVI Youthworks Spend against £1,598 TLG Spend Subscriptions + resources 900 Clothing Materials 518 480 1,598 Garden project £205 Subscription A Rocha 205 Total 205 4,858 Grant Funding Grant Funding Activities Undertaken Spend against Grant Total MVI re.think salaries/projects MVI Youthw Salaries/projects 8,196 45,360 Salary Youth Workers, salaries 8,196 45,360 MVI Garden Salaries/projects 11,160 Garden Manager's Salary 11,160 Office Costs EA Grant 891 Sage Software + Hardware 891 2,200 Spend Net Worlds Sports Dart Board 20 Darts Darts mat Board Surround Delivery etc. HP Printer Glue Sticks Scissors Colouring Pens Spike ball XBOX Dock Euroffice Staff Training United Bus Company Total 18 20 25 li 155 17 23 25 52 20 346 329 650 1,711 Underspend c/f 2024/25 489 26
Monkstown Village Initiatives Company Number: N.1. 063696 EA Grant 1,079 Spend 478 Electricity Feb/Mar 2024 Gas Mar 2024 Total 601 1,079 Over paid Room Rental from Connected Health £1,800 Returned 11/0512024 1,800 Soil Association Grant £161 Carried forward from last year Travelling Subscription A Roche 116 45 161 A&NBC Community Grant £8,346 Rent Heat and Light Examination of Accounts Flourish Spring and Christmas catering Youth Easter and Summer entrance fees Transport Hire Arts and Crafts Total 2,700 2,000 300 630 930 1,530 256 8,346 Already received To be claimed during 2024/25 7,313 1,033 TOTAL 79,193 4,858 84,051 78,704 4,858 83,562 TOTAL Allocated Unspent 1,289 85,340 1,033 To be claimed in 2024/25 83,818 Overspend from 2024 MVI Youthworks Underspend from 2024 MVI Youth Misc. 489 MVI Garden Project MVI rethink MVI Rethink Unspent against A&NBC Grant Misc 1,033 27