MORNINGTON COMMUNITY PROJECT LIMITED {Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT Year to Unrestrirted Restricted 30-Sep23 Funds Funds TOTAL Year to 30-Sep-22 TOTAL Note Income from: Donations and Legacies Charitable Activities 1,968 67.062 129,927 131.894 67.062 190,724 37,825 Total Income 69,030 129.927 198,957 228,549 Expenditure on: Charitable Activities 74,962 133.839 208.802 225,689 Total Expenditure: 74,962 133,839 208,802 225,689 Net income/{expenditure) (5.933) {3.912) 19.845) 2,860 Transfers between funds Net movement in funds {5,933) {3,912) 19,845 2,860 Reconciliation of Funds Total funds brought forward 12 {23,686) 48,339 24.653 21,793 Total Fund5 carried forward li {29,618) 44,427 14,808 24,653 The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companie5 Act 2006. The notes on page 13 to 19 form an integral part of these accounts io
MORNINGTON COMMUNITY PROJECT LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 BALANCE SHEET As at 30 September 2023 2023 2022 Note Fixed Assets Tangible Assets 13 375 375 40,711 40,711 Current Assets Debtors Cash at bank 9.365 17,785 27,150 10,060 39,236 49,296 Liabilities Creditors: amounts fallin8 due within one year io (12,717) (27,299) Net Current Assets 14,433 21,997 Total Assets Les5 Current (Liabilities) 14.808 62,708 Long term creditors 14 (38,055) Total Long-term Liabilities (38,055} Net assets 14,808 24,653 Funds Restricted Unrestricted 44,427 (29,618) 48,339 (23,686) TOTAL FUNDS 11 14,808 24,653 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023. The trustees 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 application of resources, including its income and expenditure, for the financial year 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. 11
MORNINGTON COMMUNITY PROJECT LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 BALANCE SHEET continued... As at 30 September 2023 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 board directors on 30/09/2023 and were signed on their behalf by: David Hall Trustee The note5 on page 13 to 19 form and integral part of these accounts 12
MORNINGTON COMMUNITY PROJECT LIMITED (Private company limited by guarantee without share capitall TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 NOTES TO THE ACCOUNTS l Accounting policies Charity information Mornington Community Project Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is: Mornington Community Project, 117 Ormeau Road, Belfast, BT7 ISH 1.1 Accounting convention The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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 102)" (as amended for accounting periods commencing from l January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amount5 in these financial statement5 are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instrument5 at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. During the year the organisations unrestricted reserves have gone into a negative123,686) the board have discussed thi5 and are content that the Charity will have sufficient income in future years to bring the organisations unrestricted fund into a positive. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. 1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 13
MORNINGTON COMMUNITY PROJECT LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 NOTES TO THE ACCOUNTS CONTINUED... 1.4 Incoming resources (continued) Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant IS recognised at the time of the donation. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. 1.5 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive 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. The charity is below the charity audit threshold and therefore is exempt from reporting expenditure on an activity basis. The charity has opted to report by the nature of expenditure rather than on an activity basis. 1.6 Tangible fixed asset5 Tangible fixed assets are initially measured at cost and subsequently mcasurcd at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold Property 4Yo Straight line Plant & machinery 25% reducing balance Fixtures & fittings 20Yo reducing balance Computer equipment 25Yo reducing balance 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three month5 or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issue5, of FRS 102 to all of its financial instruments. Finaricial instruments are recognised in the charity's balance sheet when the charity becomes party to contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an i ntention to settle on a net basis or to realise the asset and settle the liability simultaneously. 14
MORNINGTON COMMUNITY PROJECT LIMITED {Private company limited by guarantee without share capital) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 NOTES TO THE ACCOUNTS CONTINUED... 1.9 Basic financial assets Basic financial asset5, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial asset5 classified as receivable within one year are not amortised. 1.10 Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument 15 measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year arc not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligated to pay for goods or services that have been acquired in the ordinary course of operations from supplier5. Amounts payable are classified as current liabilities if payment 15 due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.11 Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefit5 are recognised immediately as an expense when the charity is dernonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 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 the carrying amount of a55ets and liabilities that are not readily apparent from other sources. The estimates and associated assumption5 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 current and future periods. 15
MORNINGTON COMMUNITY PROJECT LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 NOTES TO THE ACCOUNTS CONTINUED... 2 Income from Donations and Le acies 2023 2022 Unrestrirted Restricted Funds Funds TOTAL TOTAL Donations Grants Totals 2023 1,968 1,968 129.927 131,894 6,548 184,176 190,724 129,927 129,927 1,968 Totals 2022 40.119 150.606 190,724 3 Incorne from Charitable Activities 2023 2022 Unrestrirted Restrirted Funds Funds TOTAL TOTAL Rental Income Tus Geal Totals 2023 9,127 57,936 67.062 9,127 57,936 67,062 7,250 30,575 37,825 Totals 2022 37,825 37,825 4 Staff Costs and Numbers 2023 2022 Gross Wages and Salaries 67,975 67,975 103,493 103,493 No employee received emoluments of more than £60,00012022: Nil) The average monthly number of employees during the year, calculated on the basis of full time equivalent5, was as follows: 2023 Number 2022 Number 5 Related art transactions During the year, there were no related party transactions entered into and no outstanding balance with related parties at the year end. 16
MORNINGTON COMMUNITY PROJECT LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 NOTESTO THE ACCOUNTS CONTINUED... 6 Ex enditure 2023 2022 Charitable Activities Unrestricted Restricted Funds Funds TOTAL TOTAL Activities Tus Geal Programme costs Insurance Light & heat Repairs & maintenance Salary Telephone General Bank charges Depreciation Business Mentoring & Support Accountancy fees Total 2023 2,850 1.120 14.579 614 7.753 1,116 47,288 2,850 37.957 17.941 4,724 7.994 6.077 67,975 302 10,130 434 40,337 7.791 4.290 208,802 3,452 12,756 12,602 4,036 8,800 3,794 103,493 288 18,308 421 51,648 2,791 3,300 225,689 36,837 3.362 4,110 241 4,961 20,686 302 1,944 434 8,186 40,337 7,176 2,820 133,839 615 1,470 74.962 Total 2022 89,204 136.485 225,689 7 Trustees remuneration & expenses During the year, no Trustees received any remuneration (2022 - £NIL). During the year, no Trustees received any benefits in kind {2022 - £NIL}. During the year, no Trustees received any reimbursement of expenses {2022 - £NIL). 8 Debtors 2023 2022 Trade debtors Other Receivable 8,365 1,000 9,365 5,950 4,110 10,060 9 Inde endent examiner's remuneration The independent Examiner's remuneration amounts to an Independent Examination fee of £0.00 {2022 - £0.00) 17
MORNINGTON COMMUNITY PROJECT LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 NOTESTO THE ACCOUNTS CONTINUED... 10 Creditors: amounts fallin due within one ear 2023 2022 Trade Creditors Credit Card 11.653 1,063 12,717 25,578 1,721 27,299 11 Statement of funds - current ear Balance at I October 2022 Balance at 30 September 2023 Income Expenditure Transfer in/out Restricted funds Awards for all Belfast City Council Building Grant CRC DFA HSCB Hallfax Foundation NIHE PHA Total restricted funds 8,507 {4,110) 22,715 18,507) (20,540) (40,337) {1,200) {14,671) {15,025) 14,658) (20,721) {8,180) (133,839) 30,650 38,055 1,5(K) 24,934 15,025 500 11,083 8,180 129.927 6.000 20,434 300 16,528 6,265 4,158 10,801 1,163 48,337 44,425 Unrestricted funds General funds Total Unrestricted funds {23,686) (23,686) 69,030 69.030 (74,962) (74.962) (29.618) 129.618) Total of funds - current year 24,652 198,957 (208.802) 14,807 At the end of the year Belfast City council owed Mornington £1,000 which is reflected in Note 8. 18
MORNINGTON COMMUNITY PROJECT LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 NOTESTO THE ACCOUNTS CONTINUED... 12 Statement of fund - rior ear Balance at I October 2021 (23,297) 45,090 21,793 Income Expenditure Transfer Balance at in/out 30 Sept 2022 {23,686) 52,447 28,762 Total unrestricted funds Total restricted funds Total of funds - prior year 77.943 154,715 232,659 (89,204) 10,872 {136,485) (10,872) (225,689) 13 Tan ible assets Freehold Pro Plan & Machine Fixtures & Computer Fittin ui ment Total Cost At 01/10/2022 Addition5 Total 512,519 13,654 84,791 2,777 613,741 512,519 13,654 84.791 2.777 613,741 Depreciation At 01/10/2022 Charge Total 472,887 39,632 512.519 13,654 84.791 1,698 704 2.403 573,030 40,337 613,367 13.654 84.791 Net Book Value At 30109/2023 At 30109/2022 375 1,079 375 40,711 39,632 14 Grant Release Cost At 01/10/2022 Additions Total Total 190,267 190,267 Amortisation At 01/10/2022 Charge Total 152,212 38,055 190.267 Net Book Value At 30109/2023 At 30/09/2022 38,055 19