CONIPANY REGISTRATION NUMBER: N1613538 CHARITY REGISTRATION NUMBER: NIC102760 Fairhill Youth Centre Company Limited by Guarantee Unaudited Financial Statements 31 March 2024
Fairhill Youth Centre Company Limited by Guarantee Financial Ststements Year ended 31 March 2024 Page Directors, annual report (incorporating the trustee report) Independent examinerfs report to the directors Statement of financial activities (including income and expend iture account) Statement of financial position Notes to the financial statements
Fairhill Youth Centre Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The directors, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative detsils Registered charity name Fairhill Youth Centre Charity registration number Company registration number N1613538 Principal office and registered 3 Tirkane Road office Maghera Co Derry BT46 SAG NIC102760 The directors Deirdre McKenna Kathleen Lagan Bemadette McEriean Margaret Woods John Donnelly Donal Mullan Independent examiner Patrick O'Hagan 122 Main Street Dungiven Co Derry BT47 4LG Structure, governance and management Fairhill Youth Centre is a company limited by guarantee and accepted as charitable by HMRC. The company was incorporated on 9 July 2012.The company was established under a Memorandum of Association which established the objects and powers of the company and is govemed by its Articles of Association. The board consists of the six directors. Objectives and activities The principal activity of the Fairhill Youth Centre during the year was the promotion of benefits to children in the Maghera area, to educate and assist such children and young people through their leisure-time activities so as to develop their physical, mental and emotional capacities.
Fairhill Youth Centre Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Financial review The financial results of the company for the year ended 31 March 2024 are in line with expectstions. The centres main source of income remain grant income. Grant income has increased in the year to 31 March 2024. Income from other sources such as membership fees and fundraising as increased in the year ended 31 March 2024. During the year ended 31 March 2024 the company made a net surplus of £7,374,this is shown on page 4 to the accounts. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The directors, annual report was approved on 9 October 2024 and signed on behalf of the board of trustees by= Deirdre McKenna Director
Fairhill Youth Centre Company Limited by Guarantee Independent Examiner's Report to the Directors of Fairhill Youth Centre Year ended 31 March 2024 I report to the directors on my examination of the financial ststements of Fairhill Youth Centre ('the charity,) for the year ended 31 March 2024. Responsibilities and basis of report As the directors of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the '2008 Act,) and the Companies Act 2006 ('the 2006 Act,). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 ACL In carrying out my examination I have followed the general Directions given by the Charty Commission for Northern Ireland under section 65(9)(b) of the 2008 Act. Independent examiner's statement I have completed my examination. I confim that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination; or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. LJ,kK /&£. Patrick O'Hagan Independent Examiner 122 Main Street Dungiven Co Dery BT47 4LG 9 October 2024
Fairhill Youth Centre Company Limited by Guarantee ststement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Other trading activities Totsl income 64,549 64,549 13,202 77,751 44,942 11,696 13,202 13,202 64,549 56,638 Expenditure Expenditure on charitable activities Totsl expenditure 5,906 64,471 70,377 50,672 50,672 5,906 64,471 70,377 Net income and net movement in funds 7,296 78 7,374 5,966 Reconciliation of funds Total funds brought forward Total funds carried forward 7,682 14,978 7,682 1,716 78 15,056 7,682 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 pages 7 to 15 fonn part of these financial statements.
Fairhill Youth Centre Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 13 180,519 195,506 Current assets Debtors Cash at bank and in hand 14 349 20,019 4,719 4,913 20,368 9,632 Creditors: amounts falling due within one year Net current assets 15 1,140 19,228 1,207 8,425 203,931 Total assets less current liabilities 199,747 Creditors: amounts falling due after more than one year Net assets 16 184,691 15,056 196,249 7,682 Funds of the charity Restricted funds Unrestricted funds 78 14,978 7,682 Total charity funds 20 15,056 7,682 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 statements 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 the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The notes on page$ 7 to 15 forni part of these financial statements.
Fairhill Youth Centre Company Limited by Guarantee Statement of Financial Position (continued) 31 March 2024 These financial statements were approved by the board of trustees and authorised for issue on 9 October 2024, and are signed on behalf of the board by.. Deirdre McKenna Director The notes on pages 7 to 15 forni part of these financial statements.
Fairhill Youth Centre Company Limited by Guarantee Notes to the Financial 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 3 Tirkane Road, Maghera, Co Derry, BT46 SAG. Statement of compliance 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}l and the Companies Act 2006. Accounting policies Basis 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 at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity- Going concern There are no material uncertainties about the charity's ability to continue. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the directors 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 sub-classes.. restricted income funds or endowment funds.
Fairhill Youth Centre Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2024 Accounting policies (continued) 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 with 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 its 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 ServIS 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 the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it 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 includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non-charitsble trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governan of the charity apportioned to 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 costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequendy ststed at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses.
Fairhill Youth Centre Company Limitsd by Guarantee Notes to the Financial Statements {¢ontinuedJ Year ended 31 March 2024 Accounting policies {continued) Tangible assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised 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 losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asse( less its residual value, over the useful economic life of that asset as follows- Fixiures and fittings Tenant Improvements 250/0 reducing balance 5 % straight line Impaimient of fixed 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 carrying 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 to 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 goodwill 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 synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Government grants Government grants are recognised at the fair value of the asset reiVed or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future perfomance-related conditions on the recipient, it is recognised in income when the grant prOedS are received or receivable. Where the grant does impose specified future performance-related condttions on the recipient, it is recognised in income only when the performance-related conditions have been met. Vvhere grants received are prior to satisfying the revenue recognition criteria, they are recognised as a
Fairhill Youth Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty 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 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. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective eviden of impairment at the end of each reporting date. If there is objective evidence of impaiment, an impairment loss is recognised under the appropriate heading in the ststement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in fvture payments or a cash refund. 10
Fairhill Youth Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (Continued) Defined contribution plans (continued) When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related SeICe, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The Company is limited by guarantee of its members and does not have share capitsl. The liability of members is limited to £1. Donations and legacies Unrestricted Funds Restricted Totsl Funds Funds 2024 Grants Grants receivable 64,549 64,549 Unrestricted Funds Restricted Total Funds Funds 2023 Grants Grants receivable 3,339 41,603 44,942 other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Membership fees Fundraising events 12,053 1,149 13,202 12,053 1,149 13,202 8,827 2,869 8,827 2,869 11,696 11,696 11
Fairhill Youth Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Direct charitable expenditure Other costs 2,468 3,438 5,906 60,714 3,757 63,182 7,195 70,377 64,471 Unrestricted Funds Restricted Total Funds Funds 2023 Direct charitable expenditure Other costs 4,832 4,237 17,022 24,581 21,854 28,818 50,672 9,069 41,603 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Direct charitable expenditure Other costs 63,182 63,182 7,195 21,854 28,818 7,195 63,182 7,195 70,377 50,672 Net income Net income is stated after chargingl{crediting)'. 2024 2023 Depreciation of tangible fixed assets 14,987 15,020 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,112 890 12
Fairhill Youth Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 34,960 540 450 12,305 35,950 12,313 The average head count of employees during the year was 3 (2023.. 3). No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 12. Trustee remuneration and expenses None of the trustees received remuneration during the year ended 31 March 2024. 13. Tangible fixed assets Fixtures and User defined fittings asset Total Cost At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 23,584 297,800 321,384 23,194 97 102,684 14,890 117,574 125,878 14,987 23,291 140,865 Carying amount At 31 March 2024 293 180,226 180,519 195,506 At 31 March 2023 390 195,116 14. Debtors 2024 2023 Prepayments and accrued income Other debtors 349 4,719 4,719 349 13
Fairhill Youth Centre Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2024 15. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Social security and other taxes 1,140 1,140 67 1,140 1,207 16. Creditors: amounts falling due after more than one year 2024 2023 Accruals and deferred income Other creditors 150,373 34,318 184,691 163,173 33,076 196,249 17. Deferred income 2024 2023 At 1 April 2023 Released to profit and loss account At 31 March 2024 163,173 (12,800) 150,373 175,973 {12,800) 163,173 18. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £450 (2023.. £8). 19. Government grants The amounts recognised in the financial statements for govemment grants are as follows: 2024 2023 Recognised in creditors: Deferred government grants due after more than one year 150,373 163,173 14
Fairhill Youth Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 20. Analysis of charitable funds Unrestricted funds At 1 April 2023 At Income Expenditure 31 March 2024 General funds 7,682 13,202 (5,906) 14,978 At 1 April 2022 At Income Expenditure 31 March 2023 General funds 1,716 15,035 (9,069) 7,682 Restricted funds At 1 April 2023 At Income Expenditure 31 March 2024 Restricted Fund 64,549 (64,471) 78 At 1 April 2022 At Income Expenditure 31 March 2023 Restricted Fund 41,603 (41,603) 15