## **MORNINGTON COMMUNITY PROJECT LIMITED** (Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT** |**Note**
2
Charitable Activities
3
6
**Reconciliation of Funds**
**Total funds brought forward**
12
**Total Funds carried forward**
11
Charitable Activities
**Net income/(expenditure)**
Transfers between funds
**Net movement in funds**
**Expenditure on:**
**Total Expenditure:**
**Income from:**
**Total Income**
Donations and Legacies|**Year to**
**Unrestricted**
**Restricted**
**30-Sep-24**
**Funds**
**Funds**
**TOTAL**
**£**
**£**
**£**
3,608
109,411
**113,019**
69,207
3,395
**72,602**
**72,815**
**112,806**
**185,621**
70,134
117,170
**187,303**
**70,134**
**117,170**
**187,303**
2,681
(4,364)
**(1,683)**
20,434
(20,434)
**-**
23,115
(24,798)
**(1,683)**
(29,618)
44,427
**14,808**
**(6,503)**
**19,629**
**13,126**|**Year to**
**30-Sep-23**
**TOTAL**
**£**
131,894
67,062
**198,957**| |---|---|---| |||208,802
**208,802**| |||(9,845)
-| |||(9,845)| |||24,653| |||**14,808**| 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 Companies Act 2006. The notes on page 13 to 19 form an integral part of these accounts 10 ## **MORNINGTON COMMUNITY PROJECT LIMITED** (Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |**Note**
**13**
Debtors
**8**
8,072
22,891
30,963
**Liabilities**
**10**
(17,837)
**Net assets**
**Funds**
Restricted
Unrestricted
**TOTAL FUNDS**
**11**
**As at 30 September 2024**
**Total Assets Less Current (Liabilities)**
**Net Current Assets**
Creditors:amounts falling due within one year
Cash at bank
**Current Assets**
Tangible Assets
**Fixed Assets**
**BALANCE SHEET**|**Note**
**13**
Debtors
**8**
8,072
22,891
30,963
**Liabilities**
**10**
(17,837)
**Net assets**
**Funds**
Restricted
Unrestricted
**TOTAL FUNDS**
**11**
**As at 30 September 2024**
**Total Assets Less Current (Liabilities)**
**Net Current Assets**
Creditors:amounts falling due within one year
Cash at bank
**Current Assets**
Tangible Assets
**Fixed Assets**
**BALANCE SHEET**|| |---|---|---| ||30,963
(17,837)|| |||| 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 2024. 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 2024 ## **BALANCE SHEET continued… As at 30 September 2024** 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 23/06/2025 and were signed on their behalf by: David Hall Trustee The notes on page 13 to 19 form and integral part of these accounts 12 ## **MORNINGTON COMMUNITY PROJECT LIMITED** (Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## **NOTES TO THE ACCOUNTS** ## **1 Accounting policies** ## **Charity information** Mornington Community Project Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 53 Andersonstown Road, Belfast, BT11 9AG ## **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 1 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 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements 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 instruments 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 negative (23,686) the board have discussed this 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 2024 ## **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 assets** Tangible fixed assets are initially measured at cost and subsequently measured 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 4% straight line Plant & machinery 25% reducing balance Fixtures & fittings 20% reducing balance Computer equipment 25% 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 months 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 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial 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 intention 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 2024 ## **NOTES TO THE ACCOUNTS CONTINUED…** ## **1.9 Basic financial assets** Basic financial assets, 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 assets 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 is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are 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 suppliers. Amounts payable are classified as current liabilities if payment is 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 benefits are recognised immediately as an expense when the charity is demonstrably 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 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 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 2024 ## **NOTES TO THE ACCOUNTS CONTINUED…** |**2 **
**3 **
**4 **|**Income from Donations and Legacies**
Donations
Grants
**Totals 2024**
**Totals 2023**
**Income from Charitable Activities**
Rental Income
Tús Geal
**Totals 2024**
**Totals 2023**
**Staff Costs and Numbers**
Gross Wages and Salaries||**2024**
**2023**|**2024**
**2023**| |---|---|---|---|---| |||**Unrestricted**
**Restricted**
**Funds**
**Funds**
£
£
3,144
-
464
109,411|**TOTAL**
**TOTAL**
£
£
**3,144**
1,968
**109,875**
129,927|| |||**3,608**
**109,411**|**113,019**
**131,894**|| ||||**131,894**
**2024**
**2023**|| |||**1,968**
**129,927**||| |||||| |||**Unrestricted**
**Restricted**
**Funds**
**Funds**
£
£
9,625
-
59,582
3,395|**TOTAL**
**TOTAL**
£
£
9,625
9,127
62,977
57,936|| |||**69,207**
**3,395**|**72,602**
**67,062**|| ||||**67,062**
**2024**
**2023**
**£**
£
**91,414**
67,975|**2023**| |||**67,062**
**-**||| |||||| ||||**91,414**
**67,975**|| No employee received emoluments of more than £60,000 (2023: Nil) The average monthly number of employees during the year, calculated on the basis of full time equivalents, was as follows: |**2024**|2023| |---|---| |**Number**|Number| |**3**|3| ## **5 Related party 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 2024 ## **NOTES TO THE ACCOUNTS CONTINUED…** ## **6 Expenditure** |**Expenditure**|| |---|---| |**Charitable Activities**
Activities
Tús Geal
Programme costs
Insurance
Light & heat
Repairs & maintenance
Salary
Telephone
General
Bank charges
Depreciation
Business Mentoring & Support
Accountancy fees
Other Professional Services
**Total 2024**
**Total 2023**|**2024**
**2023**| ||**Unrestricted**
**Restricted**
**Funds**
**Funds**
**TOTAL**
**TOTAL**
£
£
£
£
-
1,690
**1,690**
2,850
8,951
32,226
**41,177**
37,957
3,606
8,762
**12,369**
17,941
2,719
2,167
**4,886**
4,724
888
4,014
**4,903**
7,994
8,062
-
**8,062**
6,077
39,418
51,996
**91,414**
67,975
333
-
**333**
302
4,574
1,840
**6,414**
10,130
428
-
**428**
434
375
-
**375**
40,337
60
-
**60**
7,791
720
3,444
**4,164**
4,290
-
11,029
**11,029**
-| ||**70,134**
**117,170**
**187,303**
**208,802**| ||**74,962**
**133,839**
**208,802**| ## **7 Trustees remuneration & expenses** During the year, no Trustees received any remuneration (2023 - £NIL). During the year, no Trustees received any benefits in kind (2023 - £NIL). During the year, no Trustees received any reimbursement of expenses (2023 - £NIL). ## **8 Debtors** |**Debtors**||| |---|---|---| |Trade debtors
Other Receivable|**2024**
2023
**£**
£
5,782
8,365
2,290
1,000|2023| ||**8,072**
**9,365**|| ## **9 Independent examiner's remuneration** The independent Examiner's remuneration amounts to an Independent Examination fee of £0.00 (2023 - £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 2024 ## **NOTES TO THE ACCOUNTS CONTINUED…** ## **10 Creditors:** amounts falling due within one year |Trade Creditors
Credit Card
**** Statement of funds- current year**
Balance at 1
October
2023
Income
Expenditure
**Restricted funds**
£
£
£
Awards for all
-
19,800
(13,264)
Belfast City Council
6,000
10,718
(16,718)
Building Grant
20,434
-
-
CRC
300
3,395
(1,800)
DFA
16,528
16,339
(22,672)
DOH
-
11,149
(11,149)
Halifax Foundation
-
7,500
(6,500)
NIHE
1,163
23,923
(25,086)
PHA
-
5,000
(5,000)
**Total restricted funds**
**44,425**
**97,823**
**(102,187)**
**Unrestricted funds**
General funds
(29,618)
72,815
(70,134)
**Total Unrestricted funds**
**(29,618)**
**72,815**
**(70,134)**
**Total of funds - current year**
**14,807**
**170,638**
**(172,320)**|Trade Creditors
Credit Card
**** Statement of funds- current year**
Balance at 1
October
2023
Income
Expenditure
**Restricted funds**
£
£
£
Awards for all
-
19,800
(13,264)
Belfast City Council
6,000
10,718
(16,718)
Building Grant
20,434
-
-
CRC
300
3,395
(1,800)
DFA
16,528
16,339
(22,672)
DOH
-
11,149
(11,149)
Halifax Foundation
-
7,500
(6,500)
NIHE
1,163
23,923
(25,086)
PHA
-
5,000
(5,000)
**Total restricted funds**
**44,425**
**97,823**
**(102,187)**
**Unrestricted funds**
General funds
(29,618)
72,815
(70,134)
**Total Unrestricted funds**
**(29,618)**
**72,815**
**(70,134)**
**Total of funds - current year**
**14,807**
**170,638**
**(172,320)**|**2024**
2023
**£**
£
17,411
11,653
426
1,063|2023| |---|---|---|---| |||**17,837**
**12,717**|| |||Transfer
in/out
**Balance at**
**30**
**September**
**2024**|| |
**Restricted funds**
Awards for all
Belfast City Council
Building Grant
CRC
DFA
DOH
Halifax Foundation
NIHE
PHA
**Total restricted funds**
**Unrestricted funds**
General funds
**Total Unrestricted funds**
**Total of funds - current year**|||| ||£
£
£
-
19,800
(13,264)
6,000
10,718
(16,718)
20,434
-
-
300
3,395
(1,800)
16,528
16,339
(22,672)
-
11,149
(11,149)
-
7,500
(6,500)
1,163
23,923
(25,086)
-
5,000
(5,000)|£
**£**
-
**6,537**
-
**-**
(20,434)
**-**
-
**1,895**
-
**10,196**
-
**-**
-
**1,000**
-
**-**
-
**-**|| ||**44,425**
**97,823**
**(102,187)**
(29,618)
72,815
(70,134)|**(20,434)**
**19,627**
20,434
**(6,503)**|| ||**(29,618)**
**72,815**
**(70,134)**|**20,434**
**(6,503)**|| ||**14,807**
**170,638**
**(172,320)**|**-**
**13,126**|| ## **11 ** Statement of funds - current year** 18 ## **MORNINGTON COMMUNITY PROJECT LIMITED** (Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## **NOTES TO THE ACCOUNTS CONTINUED…** ## **12 Statement of fund - prior year** |**13 **|Total unrestricted funds
Total restricted funds
**Total of funds - prior year**
**Tangible assets**
**Cost**
At 01/10/2023
Additions
Total
**Depreciation**
At 01/10/2023
Charge
Total
**Net Book Value**
At 30/09/2024
At 30/09/2023|Balance at 1
October
2022
Income
Expenditure
Transfer
in/out
**Balance at**
**30 Sept 2023**| |---|---|---| |||(23,686)
69,030
(74,962)
-
**(29,618)**
48,337
129,927
(133,839)
-
**44,425**| |||**24,652**
**198,957**
**(208,802)**
**-**
**14,807**| |||Freehold
Property
Plan &
Machinery
Fixtures &
Fittings
Computer
Equipment
**Total**| |||512,519
13,654
84,791
2,777
**613,741**
-
-
-
-
**-**| |||**512,519**
**13,654**
**84,791**
**2,777**
**613,741**
512,519
13,654
84,791
2,403
**613,367**
-
-
-
375
**375**| |||**512,519**
**13,654**
**84,791**
**2,777**
**613,741**
**-**
**-**
**-**
**-**
**-**| |||-
-
-
375
375| 19