Company registralion number: N1611742 Burnfoot Community Development Association Company limited by guarantee Unaudited filleted abridged financial statements 31 March 2023 Burnfoot Community Development Association Company limited by guarantee Contents Directors and other information Accountants report Abridged statement of financial position Notes to the financial statements Burnfoot Community Development Association Company limited by guarantee Directors and other information Directors Mary Black Boyd Douglas Kathleen Douglas Donald Laughlin Vie Whiteside Hilary Steele Secretary Kathleen Douglas Company number N1611742 Registered office Bumfoot Community Hall 292 Drumrane Road Dungiven Co Londonderry BT47 4RG Accountants ASM (D) Ltd 79 Cunninghams Lane Dungannon Co Tyrone BT716BX Bankers Danske Bank 46 Catherine Street Limavady Co Londonderry BT49 9DH Burnfoot Community Development Association Company limited by guarantee Report to the board of directors on the preparation of the unaudlted statutory flnanclal statements of Burnfoot Communlty Development Assoclatlon Year ended 31 March 2023 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statemenls of Burnfoot Community Development Association for the year ended 31 March 2023 as sel out on pages 3 to 7 from the company's accounling records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject lo its elhical and other professional requirements which are d8tai18d at www.charteredaccountants.l8. This report is made solely to the board of directors of Burnfoot Community Development Association, as a body, in accordance with the terms of our engagement letter dated 26 November 2013. Our work has been undertaken solely lo prepare for your approval the financial Statements of Burnfoot Community Developmenl Association and state those matters that we have agreed to state to the board of directors of Burnfoot Comrnunity Developmenl Association as a body. in this report in accordance with the requirements of Chartered Accountants Ireland, as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do nol accept or assume responsibility to anyone olh8r than Burnfoot Community Development Association and its board of directors as a body for our work or for this report. It is your duty to ensure thal Burnfoot Community Developmenl Association has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assels, liabilities, financial position and profit of Burnfoot Community Developmant Assoclation. You consider that Burnfoot Communlty Development Association is exempt from the statutory audil requirement for Ihe year. We have not been instructed to Carry out an audit or a review of the financial statements of Burnfoot Community Development Association. For this reason, we have not verified the accuracy or completeness of Iho accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the stalutory financial statements. ASM (D) Ltd Chartered Accountants 79 Cunninghams Lane Dungannon Co Tyrone BT716BX 21 December 2023 Burnfoot Community Development Association Company limited by guarantee Abridged ststement of financial position 31 March 2023 2023 2022 Note Fixed assets Tangible assets 84,495 88,773 84,495 88,773 Current assets Cash at bank and in hand 110,285 82,423 110,285 82,423 Credltors: amounts falllng due wllhln one year { 99,161) { 80,794) Net current a8Set8 11,124 1,629 Total assets less Current liabilities 95,619 90,402 Net assets 95,619 90,402 Capltal and r8sèrvgs Restricted funds Profit and loss account 95,619 90,402 Members funds 95,619 90,402 For the year ending 31 March 2023 the company was enlitled 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 staternents for Ihe 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 ststements. These financial slatements have been prepared and delivered in accordance with the provisions applicable to companies subject lo the small companies, regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has nol been delivered. All of the members have consented lo the preparation of the abridged statement of financial position for the current year ending 31 March 2023 in accordance wilh Section 44412A) of the Companies Act 2006. These financial statements were approved by thè bogrd of dirèctors and authorised for issue on 21 December 2023 and are signed on behalf of the board by.. Boyd Douglas Director Company registration number: N1611742 Burnfoot Community Development Association Company limited by guarantee Notes to the financial statements Year ended 31 March 2023 1. General Informatlon The company is a private company limited by guarantee. registered in Northern Ireland. The address of the registered office is Burnfoot Community Hall, 292 Drumrane Road, Dungiven, Co Londonderry, BT47 4RG. 2. Statement of compliance These financial stalements have been prepared in compliance with the provisions of FRS 102. Section IA, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. 3. Accounting policies Basls of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain rinanci81 assets and liabilities and investment properties measured at fair value through profit or loss. Thè financial statemènts are prépared in stèrling, which is the functional currency of the èntity. Revenue recognltlon Income represents donations, grants and other income received by the company during Ihe year. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates lo items recognised in olher comprehensive income or directly in capital and reserves. In Ihis case, tax is recognised in other cornprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current lax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporling date. Deferred tax is recognised in respect of all timing differen￿$ at the reporting date. Unrelieved lax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using Ihe tax rates and laws that have been enacted or substantively enacled by the reporting date that are expected to apply to the reversal of the timing difference. Tangible assets tangible assets are initially recorded at C05t, and are subsequently stated at Gost less any accumulated depreciation and impairment losses. Any tangible assels carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequenl accumulated depreciation and subsequent accumulated impairmenl losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decreas8 in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accurnulated revaluation gains accumulated in capital and reserves in respect of thal asset. the excess shall be recognised In profit or loss. Depreciation Depreciation is calculated so as io write off the cost or valuation of an asset, less its residual value, over the useful economic life of thal asset as follows: Freehold property 2 0/0 Straight line Fittings fixtures and equiprnent 20 '/0 Straight line If there is an indication that Ihere has been a significant change in deprecialion rate, useful life or residual value of tanglble assets, the depreclatlon Is revlsed prospectlvely to refl8Ct the new @stlmates. Impairment 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. When it is not possibla to estimata the racoverable amount of an individual asset, an estimate is made of th& recoverable amount of the cash%enerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets thal includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Financial instruments A financial asset or a financial liability is recognised only when the company becomes a paty to the contractual provisions of the instrument. B8sic financial instruments are initially reoognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the futLJre payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can olherwise be rneasured reliably, the investmenl is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequenlly 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 profil or loss, 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 evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairmenl loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for irnpairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaimient are recognised in profit or loss immediately, to the extenl thal the reversal does not result In a carrying amount of the financial asset that exceeds what Ihe carrylng amount would have been had the Impalrment not prevlously been recognlsed. 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 extenl that the prepayment will lead to a reduction in fulure payments or a cash refund. When contributions ar8 not 8xpected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance cosls in profit or loss in the period in which it arises. 4. Llmlted by guarantee The company is limited by a guarantee from each member of the board of directors and does not have Issued share capital.Each director undertakes to conlribute to the assets of the company, in the event of the same being wound up while they are a member, or within one year after they cease to be a member, for payment cf debts 2nd liabilities of the company contracted before they cease to be a member, and of the costs, charges and expenses of winding up. and for the adjustment of the rights of the contributors among themselves such amount as may be required not exceeding £1.00. 5. Employee numbers The averagg number of persons employed by the company during tha yaar amounlad to 6 (2022.. 6). 6. Tangible assets Cost At 1 April 2022 and 31 March 2023 111,556 Depreciation At 1 April 2022 Charge for the year 22,783 4.278 At 31 March 2023 27,061 Carying amount At 31 March 2023 84,495 At 31 MarGh 2022 88,773 This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic fonn, authentication and manner of delivery under section 1072 of the Companies Act 2006.