Poyntzpass Community Regeneration Company Limited (A compAny Ilml¢¢d by 8uofAllt¢¢ rtot hiving * $har¢ ¢ap1¢141) Financial statements for the year ended 31 August 2023 (unaudited) Rcglstrallon No: Nl 40376 *A04ALK62* 3110512024 COMPANIES HOUSE Ag #129 Poyn17pass Community Regenerurfon Company Linuled Financlal statementsfor Iheyear ended 31 Augusl 2023 (unaudiled) Page (s) Company infonnation Statement of Financial Activities Balance Sheet Notes to the financial statements 4-10 Poynwass Community Regeneration Company Limited Financial staiéments Éar ended 31 Au ust 2023 Page I unaudiled Company information Directo Solicitors J Morrow J Mcveigh M Mcveigh C Sterritt G Crilly R Patel Gillen & Co. Solicitors 3a Old Kenlis Street Banbridge Co. Down BT32 3LR Secretary Bankers J Waddell Danske Bank 58 Hill Str¢et Newry Co. Down BT34 IAR Registered Office "The Meeting Place" 16-18 Church Str¢et Poyntzpass Newry Co, Down BT35 6SW Poynooass Community Regeneration Company Limited Financial sialements ear ended 31 A usl 2023 Page 2 unaudited Statement of Financial Activities Note$ 2023 Unrestricted 2023 Restricted 2023 Total 2022 Total Income Grants Investment income Total Income 13 21 Expenditure Raising funds Other expenditure Total Expenditure 423 423 927 Net ineome/(expenditur¢) before tax for Ihe reporting period Tax payable Net in¢omel(¢xpenditure) after tsx before investment gains/(losses) Net gains/(losses) on investments Net ineome/(expenditure) Extraordlnary ilems Transfers between funds Other reeognised gains I {losse$): Gains and losses on revaluation of fixed assets for the Charity's own use Other gains/(losses) Nel movement in total funds (or the y¢gr (lJ73) (34,295) (35,668) (41,277) (lJ73) (34295) (35,668) (41,277) (lJ73) (34,295) (35,668) (41,277) 73 Recon¢ili4tlon of funds: Funds brought forward Funds e8rrled forward Poyn17wass Copnmunity Regenerrttlon Company Limited Financial sialements ear ended 31 Au usl 2023 Page 3 unoudited Balance Sheet Notes 2023 2022 Flxed assets Property, plant and equipment 38,404 72,699 Current assels Debtors Cash at bank and in hand 13 16 329 10,S65 10,894 265 11,285 11,550 Credltors: amounts falling due withln one year 14 56,581 55.864 Net current assets {45,687) (44.314) Total assets less eurrent Ilabilities (7283) 28,385 Provislons for liabllltles and eharges 15 30,000 30,000 Net g$s¢ts (37,283) (1,615) Funds Unrestricted General Restricted 13,149 14,522 (50,432) (16,137) (37,283) 1,615 For the year ending 31 Augusl 2023, the directors of the company have tsken advantage of the exemption from audit under section 477(2) of the Companies Act 2006 relating to the small companies, regime. The members hav¢ not required the company to obtain an audit of these accounts in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject lo the small companies, regime and in arxordance with FRS102 SORP. Approved by the board of directors on 30 May 2024 and signed on its behalf by: Reggie Patel Dlrector 30th May 2024 The notes on pag¢5 4 to l O forni part of these abbreviated fulancial statements Poyntyjass Community Regenerlllion Company Limiled Finoncial slalements ear ended 31 Au 2023 Page 4 unoudiied Notes to the financial statements l. Basis of Preparation Poyntzpass Community Regenerntion Company Ltd is a company incorporated in Northern Ireland. The Company's financial statements have been prepared in compliance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") as it applies to the financial statements of the Company for the year ended 31 August 2023. The Company transitioned from previously extant UK GAAP to FRS 102 as of I September 2014. No transition adjustments are required on the transition to FRS 102. Basls of aeeounllng These accounts have been prepared under the historical cost convention with items or transaction value unless oiherwise stated in the relevant note(s) to these accounts. ecognised at cost The financial statements are Prepared in accordance with the Stat¢m¢nt of Recommended Practice,, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014. Going concern The Company's expenditure exceeded its income during the year ended 31 August 2022 and, at that date, the Company's assets exceeded its liabilities. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The accounts present a true and fair view and no changes have been made to the accounting policies adopted in note 2. No material prior year errors have been identified in th¢ reporting period (3.47 FRS102 SORP). 2. Accounting Policies This standard list of accounting policies has been applied by the Charity except for thos¢ d¢let¢d. Where a different or additional policy has been adopted then this is detailed below. Income Recognition of iDcome Income is included in the Statement of Financial Activities (SOFA) when: the charity becomes entitled to the resources. it is more likely than not that the trustees will receive the resources. th¢ monetary value can be measured with sufficient reliability. Offsetting There has b¢en no offsetting of assets and liabilities. or income and expenses. unless required or p¢rn)itt¢d by the FRS 102 SORP or FRS 102. Poyntyjass Communlty Regeneration Company Llmiled Flnancial stalements ear ended 31 Au usl 2023 Page S unaudiled Grants and donations Grants and donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 5.12 FRSI02 SORP}. Legacies There are no legacies recognised in the SOFA. Government graDts The charity has received no government grants in the reporting period. Donated goods, services and facilities There are no donated goods, services or facilities recognised in the SOFA. Support costs The charity has incurred expenditure on support costs. . Volunteer help The value of any voluntary help received is not included in the accounts but is described in th¢ Directors, annual report. Income from interest. royalties and dividends This is included in the accounts when receipt is probable. and the amount receivable can be measured reliably. Income from membership subscriptions There are no membership subscriptions included in the SOFA. Settlement of insurance clydims Insurance claims are only included in the SOFA when the general income recognition criteria are met (5.10 to 5.12 FRSI 02 SORP) and are included as an item of other incorne in the SOFA. There are no insurance claims included in this year's SOFA. Investment gains and losses This includes any realised or unrealised gain5 or losses on th¢ sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Expenditure and liabilities LiAbillty reeogDition Liabilities are recognis¢d where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of th¢ obligation Can be measured with reasonable certainty. Governance and support costs Support costs have been allocated to other expenditure. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Redundancy ¢o$t The company made no redundancy payments during the reporting period. The company had no employees. Deferred income No material item of deferred income has been included in the accounts. Poyntzpass Communlty Regeneralion Company Lintiled Finaneial slalemenls or Ihe ear ended 31 Au usl 2023 Pogt 6 unaudiled Creditors The charity has creditors which are measured at settlement amounts less any trade discounts. Provisions for liabilities A liability is measured on recognition at its historical cost and then subsequently measured at the best estimat¢ of th¢ amount required to settle the obligation at the reporting date. Assets Tangible fixed assets for Use by charity These are capitalised if they can be used for more than one year. They are valued at cost. The d¢pr¢ciation rat¢s and methods used are disclosed in note 8. Intangible fixed assets The company does not currently have intangible fixed assets. Heritage fixed assets The company does not currently have heritage fixed assets. Inve$tmeDts The company do¢s not currently have investments. Stocks and works in progress The company does not currently hold stock or work in progress. Debtors Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the company. Subsequently, they are measured at the cash or other consideration ¢xpected to be received. Current asset investments The charity has investments in cash and cash equivalents with a maturity date less than one y&qr. Other polleles The company currently has no other accounting policies. Poyn¢oass Communlty Regeneralion Coryany Limiled Finaneial stalemenis ear ended 31 Au usl 2023 Poge ? unaudiled 3. Income 2023 Unrestricted 2023 Restricted 2023 Total 2022 Total Income from Investments Grants Income Interest income Rental income Income from 501ar Total Income 15 7.938 11,864 11,864 All items above have a base currency of GBP. 4. Expenditure 2023 Unrestricted 2023 Restricted 2023 Tolgl 2022 Total Expenditure on raising funds Rent collection & management charges Total expenditure on raising funds 423 423 423 423 927 927 Separgte materlal Iterns of expen$¢ Property heating & lighting Prop¢ty insuran¢e Property maintenance Property running expenses Total Separate malerlal Item$ of expense 5,148 2,444 3,260 5,148 2,444 3,260 4,486 1,919 6,076 Other exp¢ndl¢ure Asset depreciation Funding inter¢st Bank charges Statutory Fees Total other expenditure 34,295 34,295 34,295 45 45 42 45 Total Exp¢ndl¢ure 5. Details of fees in expenditure 2023 2022 Independent examiner's fees Assurance services other than independent examination Tax advisory fees Other fees 6. Paid employees The company has no paid employees. Poyntyjass Community Regeneratlon Company Llmiled Finaneial stalemenfs ear ended JI Au st 2023 Page 8 unaudtsed 7. Grantmaking The company made no grants or donations which in aggregate forn) a material part of the activities undertaken. 8. Tangible fixed assets Land & Fixtures Buildings & Fittlngs Total Cost At I September 2022 Additions Revaluations Disposals Transfers At 31 August 2023 655,449 40.716 696,165 6SS,449 40,716 696,165 Depreciation At I September 2022 Disposals Charge for the year Impairment Transfers Al 31 August 2023 585,415 38.051 623.466 32.772 1,523 34,295 618.187 39,574 657,761 Net book value At 31 August 2023 At 31 August 2022 37,262 70,034 1,142 2,665 38,404 72,699 Land and buildings are depreciated at 5Q/o per annum on cost, on a straight-line basis. Fixtures and fitting are depreciated at 200/0 per annum, on a straight-line basis. 9. Intangible fixed assets The company has no intangible fixed assets. 10.Heritage assets The company has no heritage assets. 11. Investment fixed assets Th¢ company has no investment fix¢d assets. 12. Stocks and works in progress The company holds no stocks or works in progress for the purposes of resale. Poyntyiass Communlty Regener41ion Company £imiled Finanelal slalements or Ihe ear ended 31 Au us12023 Pdge 9 unaudiled 13. Debtors and prepayments 2023 2022 Amounlsfalling due within one year Accrued income & Prepaymeftts 329 265 329 265 The company have no assets receivable after l year. 14. Creditors: amounts falling due within one year 2023 2022 Amountsfalling due wiihin one year Trade creditors Accruals Taxation Other creditors 33 55,381 54.697 55,864 The company has no deferred income. 15. Provisions for liabilities and charges The company ha5 a loan from a loral authority. The local authority has indicated that the loan is not repayable. It remains a liability as the local authority has not officially confirnied this writing. Movements in provisions during the period Loan from local autbority Balance at I September 2022 Additions Amounts charged to provisions Unused amounts transfe￿ed to creditors falling due within l year Balance at 31 August 2023 30,000 30,000 16. Cash at bank and in hand 2023 2022 Short tenn cash investrneDts (less than 3 months maturity date) Short tern] deposits Cash at bank and on hand Other Total 10,565 11,760 Poyn17pass Community Regeneraflon Company Limiied Flnancial staiemenls ear ended 31 Au usl 2023 Page 10 unaudiled 17. Fair value of assets and liabilities In the opinion of the Directors, the valuation of the company's assets is not at an extremely low risk in relation to credit, liquidity or market movements. Property in tangible fix¢d assets have not been revalued since their capitalisation in 2004. 18. Events after the end of the reporting period Thcrc are no material events impacting the business occurring after the end of the reporting period. but before the accounts are authorised, which relate to conditions that arose after the end of the reporting period. 19. Transactions with directors, trustees and related parties Th¢r¢ ar¢ no material transactions with directors, trustees and relat¢d parties.