COMPANY REGISTRATION NUMBER: N135768 CHARITY REGISTRATION NUMBER: NIC103094 Benedy Community Association Limited Company Limited by Guarantee Unaudited Financial Statements 31 March 2023 PFS ACCOUNTANTS AND AUDITORS LTD Chartered Certified Accountants 122 Main Street Dungiven Co Derry BT47 4LG
Benedy Community Association Limited Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the Trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
Benedy Community Association Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees, 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 2023. Reference and administrative details Registered charity name Benedy Community Association Limited Charity registration number NIC103094 Company registration number N135768 Principal office and registered 72 Corrick Road office Dungiven Co Derry BT47 4SG The directors Cormac Mccloskey Sabina O'Kane Sean O'Kane Independent examiner PFS Accountants and Auditors Ltd 122 Main Street Dungiven Co Derry BT47 4LG Structure, governance and management Benedy Community Association Limited is a company limited by guarantee and accepted as charitable by HMRC. The company was incorporated on 5 March 1999.The company was established under a Memorandum of Association which established the objects and powers of the company and is governed by its Articles of Association. The board consists of the three directors. Objectives and activities Benedy Community Association's purpose is to help relieve povety, sickness and the aged and to promote the benefit of the inhabitsnts of the Benedy area of Co. Derry and its environs {hereinafter described as "the area of benefit") without distinction of age, sex, race, political, religious or other opinion, by associating the statutory authorities, voluntary organisations and inhabitants in a common effort to advance education, and to provide facilities in the interests of social welfare for recreation or other leisure-time occupation, with the object of improving the conditions of life for the said inhabitants. Financial review During the year the company made a net loss of £5,814, this is shown on page 4 to the accounts.
Benedy Community Association Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {¢ontinued) Year ended 31 March 2023 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 29th June 2023 and signed on behalf of the board of trustees by.. Sabina O'Kane Director
Benedy Community Association Limited Company Limited by Guarantee Independent Examiner's Report to the S of Benedy Community Association Limited Year ended 31 March 2023 I report to the trustees on my examination of the financial statements of Benedy Community Association Limited {'the charity,) for the year ended 31 March 2023. Responsibilities and basis of report As the trustees 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 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(91(b) of the 2008 Act. Independent examiner's statement I have completed my examination. I confirm 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 fair, 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. PFS Accountants and Auditors Ltd independent Examiner 122 Main Street Dungiven Co Derry BT47 4LG 29th June 2023
Benedy Community Association Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Investment income Other income 28,951 28 27,178 56,129 28 12,740 10 1,491 Total income 28,979 27,178 56,157 14,241 Expenditure Expenditure on charitable activities Other expenditure Total expenditure 27,682 7,000 34,682 27,289 54,971 7,000 32,221 27,289 61,971 32,221 Net expenditure and net movement in funds (5,703) (111) (5,814) (17,980) Reconciliation of funds Total funds brought fomard Total funds carrred forward 30,437 62,471 92,908 110,888 24,734 62,360 87,094 92,908 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 S to 13 fonn part of these financial statsments.
Benedy Community Association Limited Company Limited by Guarantse Ststement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets 15 73,819 85,889 Current assets Debtors Cash at bank and in hand 16 1,203 12,972 7,835 14,175 7,835 Creditors: amounts falling due within one year Net current assets 17 900 816 13,275 87,094 7,019 Total assets less current liabilities Net assets 92,908 92,908 87,094 Funds of the charity Restricted funds Unrestricted funds 62,360 24,734 62,471 30,437 92,908 Total charity funds 18 87,094 For the year ending 31 March 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 29th June 2023 and are signed on behalf of the board by.. Sabina O'Kane Director The notes on pages 6 to 13 forni part of these financial statements.
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 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 Northern Ireland. The address of the registered office is 72 Corrick Road, Dungiven, Co Derry, BT47 4SG. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Stsndard 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 fcators 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 funds earmarked by the trustees for particular future project or commitment. Restricted fvnds 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.
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2023 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 estsblished. 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 all fundraising activities, events, non<haritable 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 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 between 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.
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 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 asset, less its residual value, over the useful economic life of that asset as follows.. Freehold property Fixtures and fittings 5 % straight line 10 % 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 impaiments 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. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the ontractual 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.
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continued) Financial instruments (Continued) 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 evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised 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 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Fundraising events Hire of centre Recycling project Memberships Yoga and Luncheon club Donations 17,395 3,575 340 2,129 5,018 494 17,395 3,575 340 2,129 5,018 494
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Grants Causeway Coast & Glens Borough Council COAST Awards for all Rural Development Grant Scheme Community Foundation- Micro Community Investment Fund Community Foundation- Dunmore Community Fund Community Foundation- Evishagaran & Craigorre Community Benefit 2,750 600 10,000 578 2,750 600 10,000 578 2,000 2,250 2,000 2,250 Dungiven Parish Halifax 5,000 500 3,500 5,000 500 3,500 28,951 27,178 56,129 Unrestricted Funds Restricted Total Funds Funds 2022 Donations Fundraising events & donation Hire of ¢entre Recycling project Youth Club 1,875 3,105 200 510 1,875 3,105 200 510 Grants Causeway Coast & Glens Borough Council COAST Dungiven Parish WHSCT NR Area Dungiven 5 2,500 500 2,500 500 500 2,000 1,000 550 500 2,000 1,000 550 6,740 6,000 12,740 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable type 1 28 28 10 10 10
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income 1,491 1,491 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Direct charitable expenditure 27,682 27,289 54,971 27,682 27,289 54,971 Unrestricted Funds Restricted Total Funds Funds 2022 Direct charitable expenditure 20,008 12,213 32,221 20,008 12,213 32,221 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2023 Total fund 2022 Activity type 1 Governance costs 6,383 6,383 48,588 1,988 30,233 48,588 48,588 6,383 54,971 32,221 10. Other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other expenditure - charitable donation NW Cancer Centre 7,000 7,000 11
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2023 11. Net expenditure Net expenditure is stated after chargingl(crediting)'. 2023 2022 Depreciation of tangible fixed assets 12,070 12,213 12. Independent examination fees 2023 2022 Fees payable to the independent examiner for.. Independent examination of the financial statements 892 865 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as ft)Ilows: 2023 2022 Wages and salaries 11,433 7,800 The average head count of employees during the year was 3 (2022.. 1). No employee received employee benefits of more than £60,000 during the year (2022: Nil). 14. Trustee remuneration and expenses None of the trustees received remuneration during the year ended 31 March 2023. 15. Tangible fixed assets Freehold Fixtures and property fittings Total Cost At 1 April 2022 and 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 357,220 24,793 382,013 275,137 11,036 20,987 1,034 296,124 12,070 308,194 286,173 22,021 Carrying amount At 31 March 2023 71,047 82,083 2,772 73,819 85,889 At 31 March 2022 3,806 12
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 16. Debtors 2023 2022 Trade debtors 1,203 17. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 900 816 18. Analysis of charitable funds Unrestricted funds At 31 March 20 23 At 1 April 2022 Income Expenditure General funds 30,437 28,979 (34,6821 24,734 At 31 March 20 22 At 1 April 2021 Income Expenditure General funds 42,204 8,241 (20,008) 30,437 Restricted funds At 31 March 20 23 At 1 April 2022 Income Expenditure Restricted Fund 62,471 27,178 (27,289} 62,360 At 31 March 20 22 At 1 April 2021 Income Expenditure Restricted Fund 1 68,684 6,000 (12,213) 62,471 13
Benedy Community Association Limited Company Limited by Guarantee Notes to the Financial Statements feontinued) Year ended 31 March 2023 19. Analysis of net assets between funds Unrestricted Restricted Funds Funds Total Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year 18,764 6,870 (900} 55,055 7,305 73,819 14,175 (9001 Net assets 24,734 62,360 87,094 Unrestricted Restricted Funds Funds Total Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 23,418 7,835 (816) 62,471 85,889 7,835 (816) 30,437 62,471 92,908 14