REGIsfERED COMPANY NUMBER: N1025664 (Northern Ireland) REGIsfERED CHARrrY NUMBER: 102482 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024 Aughnacloy Development Association Ltd. (A Company Limited by Guarantee)
Aughnacloy Development Association Ltd. Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examiner's Report statement of Financial Activities Balan Sheet Notes to the Financial Ststements 7 to 13 Detailed Statement of Financial Activities 14 to 15
Aughnacloy Development Association Ltd. Report of the Trustees for the Year Ended 31 December 2024 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report wlth the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJEcfIvES AND ACTIVITIES Objectives and aims Our activities include the provision of day care facllities for disabled adults from the Clogher Valley area as well as short term residential accommodation and shop units. We organise fundraising events to assist with the development of the town and district of Aughnacloy. FINANCIAL REVIEW Reserves policy The results for the year are set out in detail on page 4 onwards. The charity returned a net surplus of £7, 146 for the year ended 31 December 2024 (2023 - £25,964). The charity does not maintain a formal reserves policy however the Board of Directors continue to monitor the level of reserves held by the charity and are satisfied that these are adequate to meet any unforeseen expenditure incurred. srRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINIsfRATIVE DETAILS Registered Company number N1025664 (Northern Ireland) Registered Charity number 102482 Registered office The Mccreedy Mill Centre Caledon Road AUGHNACLOY Co. Tyrone BT69 6AL Trustees Paddy Douglas John Tweedle Millar Tom Quinn stephen Salley Gwen Stevenson John Ward Page I
Aughnacloy Development Association Ltd. Report of the Trustees for the Year Ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Independent Examiner Gildernew & Co Ltd Six Northland Row DUNGANNON Co. Tyrone BT716AW Approved by order of the board of trustees on 14 April 2025 and slgned on its behalf by: Gwen Stevenson - Trustee Page 2
Independent Examiner's Report to the Trustees of Aughnacloy Development Association Ltd. I report on the accounts of the company for the year ended 31 Dernber 2024, which are set out on pages four to thirteen. Respective responsibilities of charity trustees and examiner As the charity's trustees (and also the directors for the purposes of company law) you 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 Settion 65 of the Charities Act follow the procedures laid down in the general Directions given by the Charity Commission for Northem Ireland under Section 65(9)(b) of the Charities Act state whether particular matters have come to my attention. Basis of the independent examiner's report I have examined your charity accounts as required under Section 65 of the Charities Act and my exaMInaOn was carried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under Section 65(9)(b) of the Charities Act. The examinatlon 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 you as charity 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 Companies Att 2006 and with the methods 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. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters (l) to (4) listed above and, in connettion with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Mr Gerard Gildernew FCA Gildernew & Co Ltd Six Northland Row DUNGANNON Co. Tyrone BT716AW 14 Aprll 2025 Page 3
Aughnacloy Development Association Ltd. statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 150 12,104 12,254 3,000 Investsnent income 35,742 35,742 40,288 Total 35,892 12,104 47,996 43,288 EXPENDITURE ON Raising funds 23,411 17,439 40,850 17,324 NEf INCOME/(EXPENDThURE) Transfers between funds 12,481 {5,335) (5,335) 5,335 7,146 25,964 12 Net movement in funds 7,146 7,146 25,964 RECONCILIATION OF FUNDS Total funds brought forward 670,907 670,907 644,943 TOTAL FUNDS CARRIED FORWARD 678,053 678,053 670,907 The notes form part of these financial statements Page 4
Aughnacloy Development Association Ltd. Balance Sheet 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets 548,939 548,939 545,245 CURRENT ASSETS Debtors Cash at bank and in hand 10 11,260 122,986 11,260 122,986 15,248 113,333 134,246 134,246 128,581 CREDrroRS Amounts falling due within one year 11 (5,132) (5,132) (2,919) NET CURRENT ASSETS 129,114 129,114 125,662 TOTAL ASSETS LESS CURRENT LIABILITIES 678,053 678,053 670,907 NET ASSETS 678,053 678,053 670,907 FUNDS Unrestricted funds 12 678,053 670,907 TOTAL FUNDS 678,053 670,907 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 Dember 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the stste of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companie5 Att 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes form part of these financial statements Page 5 continued...
Aughnacloy Development Association Ltd. Balance Sheet - continued 31 Defflber 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 14 April 2025 and were signed on its behalf by: Gwen Stevenson - Trustee The notes form part of these financial statements Page 6
Aughnacloy Development Association Ltd. Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Attivities once the charlty has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or construttive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fjxed assets Depreciation has been provided at the following rates in order to write off the assets over thelr estimated useful Ilves: Plant & Machinery 20% Reducing Balan Plant and machinery are valued at cost. Freehold property is carried at its revalued amount being its falr value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restrirted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restritted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 7 continued..
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2024 DONATIONS AND LEGACIES 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Restricted funds Council grants 150 12,104 12,254 3,000 INVESTMENT INCOME 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Restricted funds Rents received 35,742 35,742 40,288 RAISING FUNDS Raising donations and legacies 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Restritted funds Together Building a United Community costs Security Christmas lights expenses Support costs 60 7,473 7,533 50 2,804 6,089 60 8,978 3,737 3,797 8,978 9,098 11,210 20,308 8,943 Investment management costs 31.12.24 Total funds 31.12.23 Total funds Unrestritted funds Restricted funds Portfolio management Consulting fees Property repalrs Depreciation 1,590 1,910 9,507 1,306 1,590 1,910 15,736 1,306 802 860 4,977 1,742 6,229 14,313 6,229 20,542 8,381 Aggregate amounts 23,411 17,439 40,850 17,324 Page 8 continued...
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2024 SUPPORT COSTS Governance costs Management Finance Totsls Raising donations and legacies 6,947 607 1,424 8,978 NET INCOMEI(EXPENDrruRE) Net Income/(expenditure) is stated after charging/(crediting): 31.12.24 31.12.23 Depreciation - owned assets 1,306 1,742 TRusfEES' REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTIVTfIES Unrestricted fund Restrlcted funds Totsl funds INCOME AND ENDOWMENTS FROM Donations and legacies 3,000 3,000 Investment income 40,288 40,288 Total 43,288 43,288 EXPENDThURE ON Raising funds 17,324 17,324 NET INCOME 25,964 25,964 RECONCILIATION OF FUNDS Total funds brought forward 644,943 644,943 Page 9 continued..
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIvrrIES - continued Unrestritted fund Restricted funds Total funds TOTAL FUNDS CARRIED FORWARD 670,907 670,907 TANGIBLE FIXED ASSErs Freehold property Plant and machinery Totals cosr At l January 2024 Additions 775,730 5,000 33,240 808,970 5,000 At 31 December 2024 780,730 33,240 813,970 DEPRECIATION At l January 2024 Charge for year 235,730 27,995 1,306 263,725 1,306 At 31 December 2024 235,730 29,301 265,031 NET BOOK VALUE At 31 December 2024 545,000 3,939 548,939 At 31 December 2023 540,000 5,245 545,245 The company's freehold property was valued at 31 December 2024 at £545,000. If the property continued to be carried under the cost model its net book value at 31 December 2024 would be £279,672. io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade debtors VAT Prepayments and accrued income 8,158 693 2,409 13,342 1,906 11,260 15,248 Page 10 continued...
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2024 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade creditors VAT Other creditors Accruals and deferred income 1,211 474 1,332 3,800 1,234 5,132 2,919 12. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12,24 At 1.1.24 Unrestricted funds General ftjnd 670,907 12,481 (5,335) 678,053 Restricted funds Council grants (5,335) 5,335 TOTAL FUNDS 670,907 7,146 678,053 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 35,892 (23,411) 12,481 Restricted funds Councll grants 12,104 (17,439) (5,335) TOTAL FUNDS 47,996 (40,850) 7,146 Page 11 continued...
Aughnacloy Development Association Ltd. Notes to the Financlal Statements - continued for the Year Ended 31 December 2024 12. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement In funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 644,943 25,964 670,907 TOTAL FUNDS 644,943 25,964 670,907 Comparative net movement in funds, included in the above are as follows: Incoming resources ReSoUrS expended Movement in funds Unrestricted funds General fund 43,288 (17,324) 25,964 TOTAL FUNDS 43,288 (17,324) 25,964 A current year 12 months and prior year 12 months combined position is as ft)Ilows'. Net movement in funds Transfers btheen funds At 31.12.24 At 1.1.23 Unrestricted funds General fund 644,943 38,445 (5,335) 678,053 Restricted funds Council grants (5,335) 5,335 TOTAL FUNDS 644,943 33,110 678,053 Page 12 continued...
Aughnacloy Development Association Ltd. Notes to the Financial Ststements - continued for the Year Ended 31 December 2024 12. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds, Included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 79,180 (40,735) 38,445 Restricted funds Council grants 12,104 (17,439) (5,335) TOTAL FUNDS 91,284 (58,174) 33,110 13. RELATED PARTY DISCLOSURES The were no related paty transacttons for the year ended 31 Detrmber 2024. Page 13