COMPANY REGISTRATION NUMBER: N1625831 CHARITY REGISTRATION NUMBER., NIC102750 Aghanloo Community Association Company Limited by Guarantee Unaudited Financial Statements 31 July 2024 DONALDSON & THOMPSON Chartered Accountants 101 Irish Green Street Limavady BT49 9AA
Aghanloo Community Association Company Limited by Guarantee Flnancial Statements Year ended 31 July 2024 Page Trustees, annual report (incorporating the directors, 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
Aghanloo Community Association Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) Year ended 31 July 2024 The trustees, who are also the direclors for the purposes of company law, present their report and the unaudited financial statements of the charity lor the year ended 31 July 2024. Reference and admlnlstrative details Registered ¢harlty name Aghanloo Community Association Charity reglstratlon number NIC102750 Company registration number N1625831 Prlncipal office and registered The Community Centre offlce 31 Aghanloo Road Limavady BT49 OHY The trustees Mr J Thompson Mr E Stevenson Mr l Martin Mrs E Scott Mrs R Savage Independent examiner Donaldson & Thompson Chartered Accountan15 101 Irish Green Street Limavady BT49 9AA StruGtur*, governance and management The organisation is a charitable company limited by guarantee, incorporaled on 25th July 2014, accepled as a charity by HM Revenue & Customs. reference N100620 and registered with the Charity Commission for Northern Ireland on 22nd April 2016, charity number NIC102750. The company was incorporated under a Memorandum of Association which established the objects and powers of the charitable company and is governed under ils Articles of Association. In the event of Ihe company being wound up members are required to contribule an amount not exceeding £10. ObJe¢tlv6s and activities Aghanloo Community Association serves the Rural Community of Aghanloo and surrounding areas with the provision of a community centre which facilitates aclivilies for children. young people. those with mental heallh. socially isolated. families and older persons. The association aims to provide a secure, safe environment for t1105e living within the rural area for community engagement, education, training and social Icullural activities. Aghanloo Community Association is a community hub which aims to provide, facilitate and support ils local residents and meet the needs of the ruial community in wliicli it 15 situated.
Aghanloo Community Association Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) f¢onilnuedJ Year ended 31 July 2024 Achlevements and performance The charity currently runs dance classes, facilitate Woman's Institute, charity events. educational workshops and classes and adult social evenls. The property is also hired out to local religious groups for events and functions and provided to residenls of Ihe Aghanloo area and surrounding district for recreational purposes. Financlal revlew The results for the year are contained in the financial statements attached. Community activities, room hire and workshop events continued during the year. The charity and its legal representatives have reviewed the situation with regard to the fraud conimilted on the charity by an external perpelralor in respect of the loan facility obtained to fund Ilie renovation of the charity's property in an earlier year. 11 is the charity's trustees, intention to continue to work with Communily Finance Ireland (formerly Ulster Community Investment Trust Lld (UCIT)) to achieve a resolution lo Ihis situation. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled lo tlie small companies exemption. The trustees. annual report {incorporaling the directors, report) was approved on 10 October 2024 and signed on behalf of the board of trustee5 by.. Mr J Thompson Trustee
Aghanloo Community Association Company Limited by Guarantee Independent Examiner's Report to the Trustees of Aghanloo Community Associatlon Year ended 31 July 2024 I report on the financial statements for the year ended 31 July 2024, which comprise the statement of financial aclivilies (including Income and expenditure accounll, slalement of financial position and the related notes. Respoctlve responsibilities of trustees and examiner The charity's Iruslees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance wlh the requirements of the Companies AGI 2006. Having satisfied myself that the charity is not subjeGI lo audil under coinpany law, and is eligible for independent exaniinalion, it is my responsibility lo. examine the account5 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 6519llb) of the Charities Act: and to state whether particular matters have come to my attention. Basis of indèpendent examlner's report I have examined YOUT charity accounts as required under section 65 of Ihe Charities Act and my exaniinalion was carried out in accordance wilh the general Directions given by the Charity Commission for Northem Ireland under section 65{9){bl of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the acGounts presented with those recofds. It also included consideration of any unusual ilems or disclosures in the accounts, and seeking explanations from the Iruslees concerning any guch matlers. My role is lo stale whether any material mallers have come to my attention giving me cause to believe.. That accounting records were not kept in accordance wth section 386 of Ihe Companies Act 2006 That Ihe accounts do not accord with those accounting records That Ihe accounts do not comply with the accounling requiremen15 of seclion 396 of the Companies Act 2006 and with the methods and principles of the Charities Slalement of Recon)mended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. That Ihere is further infom)ation needed for a proper underslanding of the accounts to be reached.
Aghanloo Community Association Company Limited by Guarantee Independent Examiner's Report to the Trustees of Aghanloo Community Association (contlnuedj Year ended 31 July 2024 Independent examlner's statement I have completed my examination and have no concerns in respect ofthe matters (1) to (41 listed above and, in conneclion with following the Directions of the Charity Commission for Northern Ireland, I have foLind no matters Ihal require drawing to your altention. Donaldson & Thomp on Cliartered Accounlanls Independent Examiner 101 Irish Green Street Limavady BT49 9AA 10 October 2024
Aghanloo Community Association Company Limited by Guarantee Statement of Financial Activities (Including income and expenditure account) Year ended 31 July 2024 2024 Restricted funds Total funds 2023 Unreslricled funds Tolal funds Note Income and Èndowments Charitable activities Inveslmenl Income Other income 7,005 1,285 8,290 17,940 1.010 Total Income 7,010 1,285 8,295 18,9Jf6 Expenditure Expenditure on charitable aclivities Total expendituro 17,815 12,908 30,724 28.717 17,815 12,908 30,724 28.717 N8t oxpendlture and net movement In funds {10,805) (11,623) (22,429) 19,7611 Reconciliation of f unds Total funds brought fOard Total funds carrled forward 345.945 (86,760) (98,383) 259,185 268,946 335.140 236,757 259,185 The statement of financial activities includes all gains and1055es recognised in the year. All income and expendilure derive Irom continuing aclivities. The notes on pagos 7 to 16 fomi part of these flnanclal 8tatement$.
Aghanloo Community Association Company Limited by Guarantee Statement of Financial Position 31 July 2024 2024 2023 Note Flxed assots Tangible fixed assets 14 354,980 363,357 Current asset8 Debtors Cash at bank and In hand 15 282 13,915 268 15,353 14,197 15,621 Creditors: arnounts fallSng due wlthln one year Not current liabilities 16 132,421 119,793 118.224 104 172 Tolal as5et$ lèss current liabilities 236.756 259,185 Net assets 236,756 259,185 Funds of the charity Restricted funds Unreslricled funds (98,383) 335,140 {86,859) 346,044 Total charity funds 17 236,757 259,185 For the year ending 31 July 2024 the charily was entitled lo exemplion from audit under section 477 of tlie Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company lo obtain an audit of its finarbcial slatemenls 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 Ihe preparation of financial statements. These financi31 statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial stalemenls were approved by the board of trustees and authori5ed for issue on 10 October 2024, and are signed on behalf of the board by-. Mr J Thomp50n TrLJStee Mr E Stevenson Trustee The notes on pages 7 to 16 forrn part ofthese Ilnan¢lal statements.
Aghanloo Community Association Company Limited by Guarantee Notes to the Flnancial Statements Year ended 31 July 2024 General infomiation The charity is a public benefit entiiy and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ifeland. The address of the registered office is The Cominunily Centre, 31 Aghanloo Road. Limavady. BT49 OHY. Statement of compllanc8 Tlie5e financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable In the UK and the Republic of Ireland,, the Staleinenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP (FRS 1021) and Ihe Companies Act 2006. Accountlng policies Basis of preparatlon The financial statements have been prepared on the historical cost basis, a5 modified by Ihe revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expendilure. The financial stalements are prepared in sterling. which is the functional currency of the enlity. Golng concern There are no material uncertainties about the ¢harity's ability to continue. Judgements and key sources of estlmation uncertainty The preparation of Ihe financial statements requires management to make judgements, eslimatÈs and assumptions that affect the amounts reported. These eslimales and judgements are continually reviewed and are based on experience and other factors. including expectations of fulure events that are believed lo be reasonable under the circumstances. Fund accountlng Unreslricled funds are available for use at the discretion of the trustees to ftjrther any of the charity's purposes. Designated funds are unreslricled funds eamarked by the truslees for partlGular 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 oftwo sub-classes restricted income funds or endowment funds.
Aghanloo Community Association Company Limited by Guarantee Notes to the Financlal Statements fconllnued) Year ended 31 July 2024 A¢countlng pollcies (contlnuod) Incomlng resource3 All incoming resources are inclLtded in the stalement of financial activities when enlillemenl has passed to the charily.. it is probable that the economic benefits associated with the Iran5aclion 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 donalions or granls is recognised when there is evidence of enlillemenl lo the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipl is probable and entitSement is established. income from donated goods is measured at the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and 5eThices are recognised in the accoiJnl$ when received if the value can be reliably measured. No amounls are included for the contribution of general volunleers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unreslricled funds unless there is a contractual requirement for it lo be spent on a particular purpose and returned if unspenl, in whlch case il may be regarded as restricted. Resources expended Expenditure is recognised on an accTuals basis as a liability is incurred. Expenditure includes any VAT which cannol be fully recovered. and 15 classified under headings of the statement of financial activitie5 to which it relales". expenditure on raising funds includes the costs of all fundraising activities, evenls, non- charitable trading activities, and the sale of donated goods. expendilure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charilable aims for the benefit of ils beneficiaries. including those support costs and c0515 relating lo the governance of the charity apporlioned lo charitable activities. other expenditure includes all expenditure Ihal 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 costs attributable lo a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute to ors a reasonable, justifiable and consistent basis. Tanglble assets Tangible asset5 are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible a55els carried al revalued amounts are recorded at the fair value at Ihe date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimienl losses.
Aghanloo Community Association Company Limited by Guarantee Notes to the Flnanclal Statements (conllnu•dl Year ended 31 July 2024 Accounting policies (continued) Tangible assets (¢ontlnued) An increase in the carrying amount of an asset as a result of a revaluation, is recogni5ed in other recognised gains and losses, unless it reverses a charge for impairmenl Ihat has previously been recogiiised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is Shown within other recognised gains and losse5 on the statement of financial activities. D8preclatlon Depreciation 15 calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that 8ssel as follows. Freehold property Fixtures and fittings 20A straight line 20% reduGing balance Impairment of fixed assets A review for indicators of impairmenl is carried oul at each reporting date. with the recoverable amount being estimaled where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are a150 reviewed for Possible reversal at each reporting date. For the purposes of impalrmenl testing, when il is not possible to estimate the recoverable amount of an individual asset, an estimate is made of Ihe recoverable amount of the cash-generaling unit to which the asset belongs. The cash-generating unit is the smallesl identifiable group of assets thal includes the asset and generates cash inllows Ihat13rgely Independent of the cash inflows from other assels or groups of asset5. For Smpairment testing of goodwill, Ihe goodwill acquired in a business combination Is, from the acquisition date, allocated lo each of the cash-generating unils that are expeGled lo benefit from the synergies of the combination, irrespective of whelher other assets or liabilities of Ihe charity are assigned to those units. Flnanclal instruments A financial assel or a financial liability IS fecognised only vthen the Gharity 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. Current assels and current liabilities are subsequently measured al the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cosl.
Aghanloo Community Association Company Limited by Guarantee Notes to the Flnancial Statements (conilnu•d) Year ended 31 July 2024 Accounting policles (conllnued) Financial inslruments (conilnued) Where investments in shares are publicly Iraded or their fair value Can otherwise be measured reliably, the investment is subsequently measured al fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured al cost less impairment. Other financial instruments. including derivatives, are initially recognised al fair valLse, unless payment for an a55el is deferred beyond normal business term5 or financed at a rate of interest that is not a market rate, in which case the a55et is measured al the present value of the future payments discounted at a markel rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the stalenient of finanGial activities, wilh the exception of hedging instruments in a designated hedging relationghip. Financlal assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is reGogni5ed under the appropriate heading in the slalement of financial activities n which the initial gain was recognised. For all equily Instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impaimienl. Other financial assets are eilher assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immedialely, to the exlent that Ihe reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment nol previously been recognised. Limited by guarantee Aghanloo Conimunity A550ciation is a company limited by guarantee and aGGordingly does not have a share capiial. Every member of the company undertakes to contribute such amount as may be required not exceeding £10 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 ceases to be a member. Charltable activltles UnrestriGled Funds Reslricted Total Funds Funds 2024 Other income from charitable activities- Rent Other income from charitable activities - Grants Olher income from charilable activities - Room hire Other income from charilable activities - Workshops & events 2,400 2,400 400 4,605 400 4,605 885 885 7,005 1,285 8,290 10
Aghanloo Community Association Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 Charitablg actlvltles (conilnts•d) Unrestncled Funds Restricted Total Funds Funds 2023 Other income from charitable activities- Rent Other income from charitable activities - Grant5 Other income from charitable activities - Room hire Other income from charitable activities - Workshops & events 2,400 2,400 10,125 4,395 10,125 4,395 1.020 1,020 6,795 11.145 17,940 Investment In¢om6 Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable Other Incomo Unrestricted Total Funds Unregtricled Total Funds Funds 2024 Funds 2023 Other income - Refund of legal fees 1,010 1,010 Exponditure on charitable acllvltles by fund type Unrestricled Funds Restricted Total Funds Funds 2024 Community centre Support costs 16.514 1,301 12,908 29,423 1,301 17,815 12,908 30,724 Unreslricled Funds Restricted Total Funds Funds 2023 Community centre SLlPPOrt ¢osts 16,167 1.306 11,244 27.410 1,307 17,473 11,244 28.717 11
Aghanloo Community Association Company Limited by Guarantee Notes to the Financial Statements {conllnued) Year ended 31 July 2024 Expendlture on charltable actlvlties by actlvlty type Actlvilies undertaken directly Support Total funds costs 2024 Total fund 2023 Community centre Governance costs 29,423 29.423 1,301 27,410 1.307 1,301 29.423 1,301 30,724 28,717 10. Net èxpenditure Net expenditure is stated after chargingl(crediting)'. 2024 2023 Depreciation of tangible fixed assels 8,377 8,467 11. Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 1.230 1,230 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 ramuneratlon and expense8 No remuneration or other benefits from employment with the charity or a related enlily were received by the trustees.
Aghanloo Community Association Company Limited by Guarantee Notes to the Financlal Statements (continued) Year ended 31 July 2024 14. Tangible fixed assets Freehold Fixtures and property filtings Total Cost At 1 Aug 2023 and 31 Jul 2024 Depreciation At 1 Aug 2023 Charge for the year At 31 Jul 2024 400.622 5.709 406,331 39.084 8,013 3,890 364 42,974 8,377 47,097 4,254 51,351 Carrylng amount At 31 Jul 2024 353,525 1,455 354,980 At 31 Jul 2023 361,538 1,819 363,357 15. Debtors 2024 2023 Prepayments and accrued income 282 268 16. Credltors: amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors 1,289 131,132 1,289 118,504 132,421 119,793 13
Aghanloo Community Association Company Limited by Guarantee Notes to the Financial Statements (contlnu•dJ Year ended 31 July 2024 17. Analysi5 of ¢harltable funds Unrestrlcted funds At 1 Aug 2023 At Income Expendilure 31 Jul 2024 General funds Designated funds (23.606) 369,551 7,010 (17,815) 134,411) 369,551 345,945 7,010 {17,815) 335,140 At 1 Aug 2022 At Income Expenditure 31 Jul 2023 General funds Designated funds (13,845) 369,551 7,811 19.461) (8,012) (17,473) {15,495) 361,539 355,706 7.811 346,044 Restricted funds At 1 Aug 2023 At Income Expendilure 31 Jul 2024 Restricted funds (86,760) 1.285 {12,908) (98,383) At 1 Aug 2022 At Income Expenditure 31 Jul 2023 Restricted funds (86.7601 11,145 {11,244) {86,859} 18. Analysis of net assets between funds Unreslricled Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Credilois less than 1 year Net assets 353,859 117,430) {1,290) 335,139 1,122 31,627 (131,132} (98,383) 354.981 14,197 (132,422) 236.756 Unrestricted Fund5 Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assot$ 361,955 (14,622) (1.2901 346,043 1,402 363,357 30,243 15,621 1118.5041 (119,794) (86,8591 259,184 14
Aghanloo Community Association Company Limited by Guarantee Notes to the Financlal Statements Iconlinued) Year ended 31 July 2024 19. Charges on assets The charity's property at Aghanloo is subject lo a charge in favour ofthe Department of Agriculture, Environment & Rural Affairs which can be released upon Ihe request of the company after the expiry of 10 years from 17th June 2019. 15