COMPANY REGISTRATION NUMBER: N1039228 CHARITY REGISTRATION NUMBER: NIC103615 Brackfield Old School Ltd Company Limited by Guarantee Unaudited Financial Statements 31 March 2023 Brackfield Old School Ltd Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the directorfs report) Independent examiners report to the trustees statement of financial activities (including income and expenditure account) ststement of financial position Notes to the financial ststements Brackfield Old School Ltd 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 pU￿oSeS 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 Brackfield Old School Ltd Charity registration number NIC103615 Company registration number N1039228 Principal office and registered The Old School House office 2 Foreglen Road Killaloo Londondery BT47 3TP The trustees Mr M Smith Mrs J Pollock Mr C Pollock Company secretsry Mrs Joan Pollock Independent examiner Arthur McFarland W.S. Sterritt & Co Carton House 15 Ebrington Terrace Londonderry BT47 6JS Structure> governance and management The organisation is a charitable company limited by guarantee, incorporated on 6th September 2000, accepted as a charity by HM Revenue & Customs, reference XR42018 and registered with the Charity Commission for Northern Ireland on 16th October 2015. charity number NIC103615. The company was incorporated under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Objectives and activities The principal activities and objects of the charity as per the company's Memorandum are ' to promote the benefft of the inhabitants of Killaloo and Claudy and the surrounding area of County Londonderry" by provision of premises utilised as a community hub. The charty trustees have had regard to the public benefrt guidance issued by the Charity Commission for Northern Ireland. Brackfield Old School Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023 Achievements and performance The community hub provided by the charity continues to be well utilised by local charities and community bodies. The charity has conts-nued a policy of improving and maintaining the fabric of the building. Financial review The results for the year are contained in the financial statements attached. For the current year amounts received in respect of rental charges forthe use of the community hub by other charities and community bodies were in excess of expenses incurred. In accordan￿ with the charity's reserves policy this surplus has been transferred to designated reserves. Excesses of income over expenditure in any financial year are transferred to a designated reserve in order to provide sufficient reserves to conducted improvements and repairs to the charity's property when required to ensure that the building is of a sufficient standard for its continued use as a community hub. Small company provislons This report has been prepared in accordance wth the provisions applicable to companies entitled to the Small companies exemption. The trustees, annual report was approved on 23 October 2023 and signed on behalf of the board of trustees by.. Mr M Smith Trustee rs J Pollock Trustee Brackfield Old School Ltd Company Limited by Guarantee Independent Examiner's Report to the Trustees of Brackfield Old School Ltd Year ended 31 March 2023 I report to the trustees on my examination of the financial statements of Brackfield Old School Ltd {'the charity,) for the year ended 31 March 2023. Responsibilitie5 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'l. 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(9){b) of the 2008 Act. Independent examiner's statement I have completed my examination. I confirni that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect.. accounting record5 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 otherthan 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 practi￿ 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 confimi that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Arthur McFadand w.s. sterritt & Co Independent Examiner Carton House 15 Ebrington Terrace Londonderry L1141 bJ 23 October 2023 Brackfield Old School Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Unrestricted funds Total funds 2022 Total funds Income and endowments Donations and legacies Charitable activities Investment income 240 5,350 973 240 5.350 973 240 10,700 926 Total income 6.563 6,563 11,866 Expenditure Expenditure on charitsble activities Total expendlture 26,333 26,333 4,781 26,333 26.333 4,781 Net (expenditure)lincome and net movement in funds (19,770) (19,770) 7,085 Reconciliation of funds Total funds brought forward Total funds carried fomard 111,726 91,956 111,726 104,641 91,956 111,726 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 6 to 12 fomi part of these financial statements. Brackfield Old School Ltd Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 14 15 40,000 40,000 40,000 40,000 80,000 80,000 Current assets Debtors Cash at bank and in hand 16 1,780 10,176 4,367 27,359 11,956 31,726 Net Gurrent assets 11,956 31.726 Total assets less Gurrent liabilities 91,956 111,726 Funds of the Gharity Unrestricted funds 91,956 111,726 Total charity funds 17 91,956 111.726 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 23 October 2023, and are signed on behalf of the board by-. Mr M Smith Trustee s J Pollock Trustee Company registration number- N1039228 The company is a private limited company limited by guarantee, registered in Northern Ireland. The notes on pages 6 to 12 fomi part of these flnanclal statements. Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charty is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northem Ireland. The address of the registered office is The Old School House, 2 Foreglen Road, Killaloo. Londonderry. BT47 3TP. ststement 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 charitie5 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. AGGounting 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 propertie5 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 charrty's purposes. Designated funds are unrestricted ftjnds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor orthrough the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 Accounting policies (￿ntinued) 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 benefrts associated wth 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 thi5 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 liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings ofthe statement of financial activities to which it relates-. expenditure on raising funds includes the costs of all fundraising activities, events, non- Gharitable trading activities, and the sale of donated goods. expenditure on charitable activities indudes 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 govemance 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 expendtture 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 revalualion less any subsequent accumulated depreciation and subsequent accumulated impairment losse5. Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 Accounting policies {eontlnued) 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. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. Iffair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment1055es. Investments in associates accounted for in accordance wth the fair value model are initially recorded at the transaction price. At each reporting date, the investrnents are measured at fair value, with changes in fairvalue taken through income or expenditure. Where it is impracticable to measure fair value reliabty without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impaimient losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fairvalue taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model wll be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impairment of fixed assets A review for indicators of impaiment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amouni, the assei Is Impairéd accoraingiy. pllor Impaimiènis are algo reviewed Tor possible reversal at each reporting date. Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financial Statements (cofttlftued) Year ended 31 March 2023 AcGounting policies (continued) Impaimient of fixed assets (continued) 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 goodwll acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating unlts 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 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. Limited by guarantee Brackfield Old School Ltd is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, orwithin one year after he or she ceases to be a member. Donations and legacies Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Donation5 Donated seNices 240 240 240 240 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rent receivable 5.350 5,350 10,700 10,700 Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnuéd) Year ended 31 March 2023 Inveslment income Unrestricted Total Funds UnrestriGted Total Funds Funds 2023 Funds 2022 Bank interest re￿1vable BLtilding society interest receivable 173 800 173 800 59 867 59 867 973 973 926 926 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Community hub Support costs 26.044 289 26,044 289 4,502 279 4,502 279 26,333 26,333 4,781 4,781 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2023 Total fijnd 2022 Community hub Govemance costs 26,044 26,044 289 4,502 279 289 26,044 289 26,333 4,781 10. Analysls of support costs Governance Gosts Total 2023 Total 2022 Finance costs Support costs - Other costs Support costs- Independent examination 36 13 240 36 13 240 26 240 289 289 279 11. Independent examination fees 2023 2022 Fees payable to the independent examiner for. Independent examination of the financial statements 240 240 10 Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financial Statements (cotttlftued) Year ended 31 March 2023 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. No trustee expenses have been incu￿ed. 13. Employee numbers No members of staff were employed by the charity. 14. Tangible fixed assets Freehold property Cost At 1 Apr 2022 and 31 Mar 2023 Depreciation At 1 Apr 2022 and 31 Mar 2023 Carrying amount At 31 Mar 2023 40,000 40.000 At 31 Mar 2022 40,000 15. Investments Cash or cash equivalents Cost or valuation At 1 Apr 2022 and 31 Mar 2023 Impairment At 1 Apr 2022 and 31 Mar 2023 Carrying amount At 31 Mar 2023 40,000 40,000 At 31 Mar 2022 40,000 All investments shown above are held at valuation. 16. Debtors 2023 2022 Trade debtors Prepayments and accrued income 2.675 1,692 1,780 1,780 4,367 11 Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financial Ststements (contlnued) Year ended 31 March 2023 17. Analysis of charitabl8 funds Unrestricted funds At 1 Apr 2022 At Income Expenditure 31 Mar 2023 Designated Fund - Old School building 111.726 6,563 (26,333) 91.956 At 1 Apr 2021 At Income Expenditure 31 Mar 2022 Designated Fund- Old School building 104,641 11,866 (4,781) 111,726 18. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed a55ets Investments Current assets 40.000 40,000 11,956 40,000 40,000 11,956 Net assets 91,956 91,956 Unrestricted Total Funds Funds 2022 Tangible fixed assets Investments Current assets 40,000 40,000 31,726 40,000 40,000 31,726 Net assets 111,726 111,726 12