COMPANY REGISTRATION NUMBER: N1044042 CHARITY REGISTRATION NUMBER: NIC103077 Brackaghreilly and District Community Association Limited Company Limited by Guarantee Unaudited Financial Statements 30 September 2023 PFS ACCOUNTANTS AND AUDITORS LTD Chartered Certified Accountants 122 Main Street Dungiven Co Derry BT47 4LG
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Financial Statements Year ended 30 September 2023 Page Trustees, annual report (incorporating the director's report) Chartered certified accountants report to the board of trustees on the preparation of the unaudited statutory financial statements Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 30 September 2023 The trustees, who are also the directors for the purposes of wmpany law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2023. Reference and administrative details Registered charity name Brackaghreilly and District Community Association Limited Charity registration number NIC103077 Company registration number N1044042 Principal office and registered 2 Ranaghan Lane office Maghera BT46 5JZ Co Derry The trustees Mr Peter McKenna Mr Danny Gallagher Mr Frank McKaigue Mr Hugh McKenna Accountants PFS Accountants and auditors Ltd Chartered Certified Accountants 122 Main Street Dungiven Co Derry BT47 4LG Structure, governance and management The company was incorporated on 5 September 2002 and was established under a Memorandum of Association which establishes the objects and powers of the company and is governed under the Articles of Association. The company currently has five directors who manage it. Objectives and activities The objects of the Company is to promote the benefit of the inhabitants of the area of Brackaghreilly and its environs (the "area of benefit") without distinction of sex, race or political, religious or other opinions by associating with the statutory authorities, voluntary organisations and inhabitants in a ommon effort to relieve povety, advance education, preserve and protect health and provide facilities in the interests of social we5fare for recreation and other leisure time occupations with the object of improving the conditions of life for the said inhabitants.
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 30 September 2023 Achievements and perfonnance During the year ended 30 September 2023 the company raised £2,800 from youth and drama clubs and holding card nights. The company also received a grant from Mid Ulster Council which was towards the costs of lighting and heating of the hall. Each year the company aims to raise enough funds to cover its overheads. Financial review During the year ended 30 September 2023 the company made a net loss of £923 {2022: Loss £1,098) Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 21 June 2024 and signed on behalf of the board of trustees by-. Mr Peter McKenna Trustee
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Chartered Certified Accountants Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of Brackaghreilly and District Community Association Limitsd Year ended 30 September 2023 As described on the statement of financial position, the trustees of the charity are responsible for the preparation of the financial statements for the year ended 30 September 2023, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes. You consider that the charity is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your ststutory responsibilities, from the accounting records and from information and explanations supplied to us. PFS ACCOUNTANTS AND AUDITORS LTD Chartered Certified Accountants 122 Main Street Dungiven Co Derry BT47 4LG 21 June 2024
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30 September 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities 785 785 2,800 4,800 530 2,800 Total income 2,800 785 3,585 5,330 Expenditure Expenditure on charitable activities Total expenditure 3,723 785 4,508 6,428 3,723 785 4,508 6,428 Net expenditure and net movement in funds (923) 1923) (1,098> Reconciliation of funds Total funds brought foNard Total funds carried forward 135,082 800 135,882 136,980 134,158 800 134,958 135,882 The statement of financial activities includes all gains and Sosses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 6 to 13 fonn part of these financial statements.
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Statement of Financial Position 30 September 2023 2023 2022 Note Fixed assets Tangible fixed assets 13 136,866 136,937 Current assets Cash at bank and in hand 1,197 1,473 Creditors: amounts falling due within one year Net current liabilities 14 3,105 1,908 134,958 2,528 1,055 Total assets less current liabilities 135,882 Net assets 134,958 135,882 Funds of the charity Restricted funds Unrestricted funds 800 134,158 800 135,082 Total charity funds 15 134,958 135,882 For the year ending 30 September 2023 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. These financial statements were approved by the board of trustees and authorised for issue on 21 June 2024, and are signed on behalf of the board by: Mr Peter McKenna Trustee The notss on pages 6 to 13 forni part of these financial statements.
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Notss to the Financial Statements Year ended 30 September 2023 General inforniation The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 2 Ranaghan Lane, Maghera, BT46 5JZ, Co Derry. 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)) 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. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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 fvnds earmarked by the trustees 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 two sub-classes.. restricted income funds or endowment funds.
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 30 September 2023 Accounting policies (continued) Incoming resources All incoming reSoUrS 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 services 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 a15 fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitab5e 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 governance 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 beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment 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 impairment losses.
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 September 2023 Accounting policies (ntinued} 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 ft)r 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 re¢ognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings 10 /v Straight line Impairment 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%enerating 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%enerating 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. 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.
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 September 2023 Accounting policies (continued) Financial instruments {continuedJ Vvhere 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 evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is re¢ognised under the appropriate heading in the statement 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. Limited by guarantee The company has no share capital and is a company limited by guarantee. Donations and legacies Restricted Total Funds Funds 2023 Restricted Total Funds Funds 2022 Grants MUDC Mains Grant 785 785 4,800 4,800 4,800 785 785 4,800
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 30 September 2023 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from youth I drama club, cards and activity classes 2,800 2,800 530 530 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Overheads 3,723 785 4,508 Unrestricted Funds Restricted Total Funds Funds 2022 Overheads 2,428 4,000 6,428 Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2023 Total fund 2022 Charitable Activities 4,508 4,508 6,428 Net expenditure Net expenditure is stated after chargingl(crediting)'. 2023 2022 Depreciation of tangible fixed assets 71 10. Independent examination fees 2023 2022 Fees payable to the independent examiner for: Independent examination of the financial statements 528 468 11. Staff costs The average head count of employees during the year was Nil (2022.. Nil}. No employee received employee benefits of more than £60,000 during the year (2022: Nill. 10
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 September 2023 12. Trustee remuneration and expenses None of the trustees received remuneration during the year ended 30 September 2023 13. Tangible fixed assets Freehold Fixtures and property fittings Total Cost At 1 October 2022 and 30 September 2023 Depreciation At 1 October 2022 Charge for the year At 30 September 2023 Carrying amount At 30 September 2023 At 30 September 2022 207,131 16,483 223,614 70,265 16,412 71 86,677 71 70,265 16,483 86,748 136,866 136,866 136,866 71 136,937 11
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 30 September 2023 14. Creditors: amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income Other creditors 2,289 576 240 1,838 450 240 3,105 2,528 15. Analysis of charitable funds Unrestricted funds At 30 September 2023 At 1 October 2022 Income Expenditure General funds 135,082 2,800 (3,7231 134,158 At 30 September 2022 At 1 October 2021 Income Expenditure General funds 136,980 530 (2,428} 135,082 12
Brackaghreilly and District Community Association Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 30 September 2023 15. Analysis of charitable funds {continuedJ Restricted funds At 30 September 2023 At 1 October 2022 Income Expenditure Restricted Fund 800 785 (785) 800 At 30 September 2022 At 1 October 2021 Income Expenditure Restricted Fund 4,800 (4,000) 800 13