Registration number NI053949 (Northern Ireland)
**Carn Media**
**Registered Charity Number: 102716**
**Annual report and unaudited financial statements**
**for the year ended 28[th] February 2024**
## **Company information**
|Trustees|Declan Devlin|
|---|---|
||Niall O’Cathain|
|Company secretary|Leanne Noone Resigned 6thMay 2023|
|
Key Personnel|Steven Noonan|
|Company number|NI053949|
|Charity number|102716|
|Principal and||
|Registered office|An Carn|
||Tirkane|
||Maghera|
|Accountants|EM Accountants|
||42A-44A New Row|
||Coleraine|
||BT52 1AF|
|
Bankers|Bank of Ireland|
||Market Street|
||Magherafelt|
|Solicitors|P J J McGuckin|
||Hall Street|
||Maghera
|
## **Contents**
||**Page**|
|---|---|
|Trustees’ Report|**1-8**|
|Independent Examiners' report|**9**|
|Statement of financial activities|**10**|
|Balance sheet
|**11**|
|Notes to the financial statements|**12-17**|
## **Independent Examiner's Report to the Trustees of Carn Media**
I report on the accounts of the charity for the year ended 28[th] February 2024 which are set out on pages 10 to 17.
## **Respective responsibilities of trustees and examiner**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance 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;
- 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
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
I have 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 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. 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:
1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006
2. That the accounts do not accord with those accounting records
3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 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.
4. 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 (1) 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.
Paul McKillop (Feb 12, 2025 11:28 GMT)
Paul McKillop F.C.C.A EM Accountants 42A/44A New Row Coleraine Co Londonderry BT52 1AF
28[th] October 2024
**9**
## **Carn Media**
**Statement of financial activities (incorporating summary income and expenditure account) for the year ended 28[th] February 2024**
|**Restricted Unrestricted**
**Notes**
**£**
**£**
**Income**
Income from charitable activities:
Media services
-
15,000
Voluntary income
-
-
_______
_______
**Total Income**
-
15,000
_______
_______
**Expenditure**
Expenditure on Charitable Activities:
Running and operating costs**3**- 14,224
_______
_______
**Total Expenditure**
**-**
14,224
_______
_______
**Net income/(expenditure) before transfers**
776
Gross transfers between funds
-
-
_______
_______
**Net income/(expenditure) and movement**
**in funds for the year**
-
776
_______
_______
**Reconciliation of Funds**
**Total Funds Brought Forward**
-
(7,615)
_______
_______
**Total Funds Carried Forward**
-
(6,839)
|**2023**
£
20,027
-
_______
20,027
_______
18,728
_______
18,728
_______
1,299
-
_______
1,299
_______
(8,914)
_______
(7,615)
|
|---|---|
All amounts relate to continuing operations of the charity.
All income and expenditure in 2023 was unrestricted
The charity has no recognised gains or losses other than those included in the results above, and therefore no separate statement of gains and losses has been presented.
## **The notes on pages 12 to 17 form an integral part of these financial statements**
**10**
## **Carn Media Balance sheet As at 28[th] February 2024**
|**Notes**
**Fixed assets**
Tangible assets
**5**
**Current assets**
Debtors
**6**
Cash at bank and in hand
**Creditors: amounts falling**
**due within one year**
**7**
**Net current (liabilities)/assets**
**Total assets less current**
**liabilities**
**Net assets**
**Funds of the Charity**
Restricted reserves
**8**
Unrestricted Reserves
**8**
**Total Charity funds**|**2024**
**£**
3,517
2,822
_______
6,339
(13,178)
_______|**£**
-
(6,839)
_______
(6,839)
_______
(6,839)
_______
-
(6,839)
_______
(6,839)
|**2023**
**£**
7,000
724
_______
724
(15,339)
_______|**£**
-
(7,615)
_______
(7,615)
_______
(7,615)
_______
-
(7,615)
_______
(7,615)
|
|---|---|---|---|---|
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 28[th] February 2024 the company was entitled to exemption under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements were approved and authorised for issue by the Board on 28[th] October 2024 and signed on its behalf by
## Niall Ó Catháin
**Niall Ó Catháin Trustee**
Niall Ó Catháin (Feb 12, 2025 15:54 GMT)
**Registration Number: NI053949 Charity Registration Number: 102716**
**The notes on pages 12 to 17 form an integral part of these financial statements**
**11**
## **Carn Media Notes to the financial statements for the year ended 28[th] February 2024**
## **1 Accounting policies**
The following accounting policies have been applied consistently in dealing with items, which are considered material in relation to the company accounts.
## **1.1. Basis of preparation**
The financial statements are prepared in accordance with the historic cost convention and comply with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS102), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015.
The company has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small company.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £ and the trustees have concluded that the financial statements give a true and fair view. The Financial Statements comply with SORP(FRS102 1A)
The accounts have been prepared under the historic cost convention. The principal accounting policies adopted are set out below.
## **1.2. Tangible fixed assets and depreciation**
The carrying value of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.
The charity’s policy is to provide depreciation at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows
Office and computer equipment – 20% Straight Line
## **1.3. Income**
Income is recognised on a receivable basis when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The specific bases are as follows:
## **Donations and gifts**
Voluntary income received by way of donations and gifts to the charity is included in full in the Statement of Financial Activities when received.
## **Grants**
Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred. Grants for the purpose of capital expenditure are credited to restricted incoming resources when receivable and released to revenue over the estimated useful life of the relevant assets.
**12**
## **Carn Media Notes to the financial statements for the year ended 28[th] February 2024**
## **1.4. Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to headings, they have been allocated to activities on a basis consistent with use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.
## **Charitable expenditure**
Charitable expenditure comprises direct expenditure including direct staff costs to its activities. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources.
## **1.5. Debtors**
Debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful of collection.
## **1.6. Fund accounting**
The charity has various types of funds for which it is responsible, and which require separate disclosure. Definitions of the various types of funds are as follows.
## **Restricted funds**
Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs.
## **Unrestricted funds**
Unrestricted funds are donations and other incoming resources received or generated which are expendable at the discretion of the charity in furtherance of its objectives.
**13**
## **Carn Media Notes to the financial statements for the year ended 28[th] February 2024**
## **1.7. Judgements and key sources of estimation uncertainty**
In the application of the charity’s accounting policies, the trustees are required to make judgements (apart from those involving estimates), estimates and assumptions about the carrying 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 revision and future period where the revision affects both current and future periods.
## **1.8. Going Concern**
The trustees have considered the effect of the Covid 19 pandemic and subsequent cost of living crisis on the Charity and its ability to meet its working capital requirements. Having considered all matters the Trustees believe that there are no material uncertainties about the charity’s ability to continue.
## **2. Independent Examiners' remuneration**
**2024 2023 £ £** Accountants' remuneration - examination of the financial statements 500 500 Accountants' remuneration – other services 580 580
## **3. Expenditure**
|**Restricted Unrestricted**
**£**
**£**
**Running and operating costs**
Accountancy fees
- 1,080
Bank charges
-
220
Insurance
-
-
Sundry expenses
-
12
Wages and salaries
-
12,858
Pension costs
-
54
Sundry expense
-
-
Premises costs
-
-
Depreciation
-
-
_______ _______
-
14,224
|**2023**
**£**
1,080
471
346
-
14,590
256
-
664
1,321
_______
18,728
|
|---|---|
**14**
**Carn Media Notes to the financial statements For the year ended 28[th] February 2024**
## **4. Taxation**
The company is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are supplied solely for charitable purposes.
|**5.**|**Tangible fixed assets**|**Computer**||
|---|---|---|---|
|||**and office**||
|||**equipment**|**Total**|
|||**£**|**£**|
||**Cost**|||
||At 1 March 2022|38,188|38,188|
||Additions|-|-|
|||_______|_______|
||At 28thFebruary 2023|38,188|38,188|
|||_______|_______|
||**Depreciation**|||
||At 1 March 2022|(38,188)|(38,188)|
||
Charge for the year|-|-|
|||_______|______|
||At 28thFebruary 2023|(38,188)|(38,188)|
||**Net book values**|||
||At 28thFebruary 2022|-|-|
|||**______**|**______**|
||At 28thFebruary 2023|-|-|
|||_______|_______|
The cost of tangible assets (whether acquired or self constructed) comprises of purchase price (after deduction of trade discounts and rebate) and any costs directly attributable to bringing them into working condition for their intended use.
|**6.**
**Debtors**
Trade debtors
PAYE prepaid|**2024**
**£**
3,450
67
_______
3,517
|**2023**
**£**
7,000
-
_______
7,000
|
|---|---|---|
**15**
## **Carn Media**
## **Notes to the financial statements**
## **for the year ended 28[th] February 2024**
|**7.**|**Creditors: amounts falling due**||||**2024**|**2023**|
|---|---|---|---|---|---|---|
||**within one year**||||**£**|**£**|
||Bank overdraft||||-|5,983|
||Other taxes and social security costs||||-|221|
||Accruals and deferred income||||13,178|8,735|
||Loan from related party||||-|400|
||||||_______|_______|
||||||13,178|15,339|
||||||||
||||||_______|_______|
|**8.**|**Analysis of the net assets between funds**||||||
|||**Tangible**||**Net Current**|||
|||**fixed assets**|||**assets**|**2023**|
|||**£**|||**£**|**£**|
||Restricted funds||-||-|-|
||Unrestricted funds||-||(6,839)|(7,615)|
|||_______|||_______|_______|
||Total|||-|(6,839)|(7,615)|
||||||||
|||_______|||_______|_______|
|**9.**|**Employees**||||||
||**Number of employees**||||||
||The average monthly numbers of employees||||||
||excluding trustees, during the year were:||||||
||||||**2024**|**2023**|
||||||**Number**|**Number**|
||Support||||1|2|
||**Employment costs**||||**2024**|**2023**|
||||||**£**|**£**|
||Wages and salaries||||12,858|14,590|
||Employer National insurance||||-|-|
||Employer pension costs||||54|256|
No employee received emoluments of more than £60,000 (2023: None)
The company operated a defined contribution pension scheme for its employees. The amount recognised as an expense in the period was £54 (2023: £1). Contributions outstanding at the year end amount to £Nil (2023: £Nil). The total amount of employee benefits received by key management personnel in the year was £12,858 (2023: £12,320)
**16**
**Carn Media Notes to the financial statements for the year ended 28[th] February 2024**
## **10. Trustees’ Emoluments**
The trustees neither received nor waived any emoluments during the period.
No out-of-pocket expenses were reimbursed to trustees during the period.
## **11. Related Party Transactions**
During the previous period, the charity received an interest free, temporary loan from a trustee, Mr Niall Ó Catháin which was paid off during this financial year. Details of this loan are included in note 7 above.
## **12. Charity Information**
Carn Media is a private company limited by guarantee established in Northern Ireland. The registered office is An Carn, Tirkane, Maghera. BT46 5NH. Carn Media is a public benefit entity.
**17**
2025-02-12
## C214 Carn Media 28.02.2024 FS
Final Audit Report
Created: 2025-02-12 By: EM Accountants (office@emaccountants.co.uk) Status: Signed Transaction ID: CBJCHBCAABAApinSe5pG1_UmTXg8YZe5wBPdLJMO3bSi
## "C214 Carn Media 28.02.2024 FS" History
Document created by EM Accountants (office@emaccountants.co.uk) 2025-02-12 - 11:11:59 AM GMT
Document emailed to Niall O Cathain (niall@fermacproperties.com) for signature 2025-02-12 - 11:12:03 AM GMT
Document emailed to Paul McKillop (pmckillop@emaccountants.co.uk) for signature 2025-02-12 - 11:12:03 AM GMT
Email viewed by Paul McKillop (pmckillop@emaccountants.co.uk) 2025-02-12 - 11:25:55 AM GMT
Document e-signed by Paul McKillop (pmckillop@emaccountants.co.uk) Signature Date: 2025-02-12 - 11:28:19 AM GMT - Time Source: server
Email viewed by Niall O Cathain (niall@fermacproperties.com) 2025-02-12 - 11:53:51 AM GMT
Signer Niall O Cathain (niall@fermacproperties.com) entered name at signing as Niall Ó Catháin 2025-02-12 - 3:54:36 PM GMT
Document e-signed by Niall Ó Catháin (niall@fermacproperties.com) Signature Date: 2025-02-12 - 3:54:38 PM GMT - Time Source: server
Agreement completed.
2025-02-12 - 3:54:38 PM GMT