COMPANY REGISTRATION NUMBER: N1039228 CHARITY REGISTRATION NUMBER: NIC103616 Brackfield Old School Ltd Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 Brackfield Old School Ltd Company Llmlted by Guarantee 'Financlal Statements Year ended 31 March 2024 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 Brackfield Old School Ltd Company Limlted by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (contlnuedj Year ended 31 March 2024 Achlevements and perfomiance The community hub provided by ihe charity conlinue51o be well Lrtilised by local charities and community bodies. The charity has continued a policy of improwng and maintaining the fabric of the building. Flnanclal revlew The results for the year are contained in Ihe financial statements attached. For the current year amoLtsnts received in respect of rental charges for the use of the community hub by other charities and community bodies were in excess of expenses incurred. In accordance vrith the charity's reserves policy this surplus has be8n transferred to designated reserves. Excesses of income over expenditure in any financial year are transferred to a designated reserve in order to provide sufficient reserv8S to conducted improvements and repairs lo the thanty's property when required to ensure that the bullding Is of sufficient standard for its continued use as a communily hub. Small company provlslons This report has been wepared in accordance with the provisions applicable to companles entltled to the small companies exernption. The trustees, annual report was approved on 9 Apnl 2024 and signed on behalf of the board of trustees by paac Mr M Smith Trustee rs J Polloth Trustee Brackfield Old School Ltd Company Limited by Guarantee Independent Examiners Report to the Trustees of Brackfield Old School Ltd Year ended 31 March 2024 I report to the trustees on my examination of the financAal stalements of Brackfield Old School Ltd {'the charity,) for the year ended 31 Marth 2024. Responslbllltles and basls of report As the trustees of the company land also ils directors for the purposes of company lawl you are responsible for the preparalion of the financjal statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the '2008 Act.) and the Companies Act 20061'the 2006 Act'l. You are $81isfied that the accounts of the company are not required by tharity or company law to be audlted and have chosen instead to have an independent examinatlon. Having satisfied myself thal the accounts of the company are not required to be audited under Part 16 of the 2006 Ad and are eligible for independent examination, I report in respect of my examination of the charity's financial slatemenls as carried oul under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by Ihe Charity Commission for Northern Ireland under section 65(9)(b) of th8 2008 Act. Independent 8xamlnefs Statement I have completed my examination. I confimi that no matters have come to my attention in conneclion with my examinalion giving me cause lo believe that in any malerial respect. accounting records were not kept in respect of the th8nty as required by section 386 of the 2006 Act,. or the financial statements do not accord wth those records., or the flnancial statements do not comply with the actounting requirements of seclion 396 of the 2006 Act other than any fequirement that the accounts give a 'true and faitr view which is not a matter considered as part of an independent examination,. or the financial statements have not b88n prepared in accordan￿ wlh the methods and principle5 01 the Stalement of Recotnmended Pracknce for accounting and reporting by harilies applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepUt￿lC of Ireland IFRS 102). I confimi Ihat there are no other matters to which your attention should be drawn to enable a proper understanding of the accLiunts to be reached. Arthur McFarland W.S. Sterritt & Co Ind8pendenl Examiner Carton House 15 Ebrington Terrace Londonderry BT47 6JS 9 April 2024 Brackfield Old School Ltd Company Limited by Guarantee Statement of Flnancial Activities (Including Income and expenditure account) Year ended 31 March 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legaaes Charitable activits'es Investment income 240 10,700 1,046 240 10,700 1,046 11,986 240 5,350 973 Total Income 11,986 6,563 Expendllure Expenditure on charitable activities Total expendlture 7,587 7,587 7,587 26,333 7,687 26,333 Net Incomel(expendlture) and net movement In funds 4,399 4,399 (19,770) Reconclllatlon of funds Total funds brought forward Total funds cathed forward 91,956 91,966 96,355 111,726 96,355 91,956 The stal&ment of finana81 activities Indudes all gains and losses recognised in the year. All income and expenditure denve from continuing activities. Tha noles on pages 6 to 13 form part of these Ilnanclal •tatèments. Brackfield Old School Ltd Company Llmlted by Guarantee Statement of Financlal Posltlon 31 March 2024 2024 2023 Nole Flxed a55ets Tangible Iixed assets Inveslments 14 15 40,000 40,000 40,000 40,000 80,000 Current assets Debtors Cash at bank and in hand 16 4,725 51,630 66,366 1,780 10,176 11,956 11,956 Net current assets 66,365 96,355 Total assets less current Ilabllltles 91,956 Funds of the charlty Unreslricled funds 96,355 96,365 91,956 91,956 Total charlty funds 17 For the year ending 31 Marth 2024 the tharity was ents'lled to exempts'on from audil 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 finandal statements for the year in question in accnrdancè wth section 476,. The directors acknowledge their responsibilities lor complying the requirements of the Act wth r83P8cI to accounting records and th8 preparation of financial statemenls. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial stalements were approved by the board of trustees and authorised for issue on 9 April 2024, and are signed on behall of the board by.. Mr M Smiih Truslee rs J Pollodf Trustee Company r8gistralion number.. The company is B private limited company limited by guarantee. registered in Northern Ireland. N1039228 Th• notes on pages 6 to 13 fom? part of thes? flninclal $taten7ents. Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financlal Statements Year ended 31 March 2024 General Infomiatlon The charity is a public benefit entity and a private company limlted by guarantee, registered in Northern Ireland and a registered charity in Northem Ireland, The address of the registered office is The Old School House, 2 Foreglen Road, Kjllaloo, Londondery, BT47 3TP. statement of compllance These financial statements have been prepared in compliance vith FRS 102, 'The Financial Reporting St8ndard 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 1021 (Charlties SORP (FRS 102)) and Ihe Companies Act 2006. Accountlng pollcles 8a818 of preparatlon The linancial statements have been prepared on the histoncal cost basis, as modified by the revalLJation of certain financial assets and liabilities and investment properties measured at fair value through income or expendilure. The finanaal siaiements are prepar8d in sterling, which is the functional currency of Ihe enlity, Golng concern There are no material uncertainlies about the charity's ability to contlnue. Judgement8 and key sources of e3tlmatlon uncertalnty The preparation ol the financial slatements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are contlnually reviewed and are based on experience and other factors, induding expect8tions of future events th81 are believed to be reasonable under the arcumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Deslgnated funds are unrestricted funds eamarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure dedared by the donor or through the terms of an appeal. and fall Into one of two sub-dasses. reslncted income funds or endowrnenl funds. Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financlal Statements (¢onllnued) Year ended 31 March 2024 Accountlng pollcles {conWnu Incomlng resources All incoming r8sources are induded in the statement of finanaal activities when 8ntitlemenl has passed to the charity., il is probable that the economic benefits associated with the traiisaction will flow lo the charity and the amount can be reliably measured. The following speafic polides are applied to particular categories of income.. income frorn 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 esl8bllshed. incomè from donated goods is measured at the fair value of the goods unless this is ImpractiC81 to measure reliatly, in thlch case the value is denved from the cost lo the donor or the estimated resale value. Donated faalilies and services are recognised in the accounts when received if the value can be reliably measured. No amounts are induded for the contribution of general volunteers. Income frorn ¢onlracts for the supply of serwces is recognised with the delivery of the contracted service. This Is dassified as unrestricted funds unless there is a contractual requirem8nt for it to be spent on a partiujlar purpose and retumed if unspent, in ￿lch case It may be regarded as restricted. Resource4 expended Expendilure Is recognised on an accTuals basis as a liability is incurred. Expenditure Includes any VAT which cannot be lully recovered, and is dassified under headings of the slatement of financial activities to which it relates.. expenditure on raising funds indudes the cJ)sts of all fundraising activities, 8vents, non- chantable trading aclivilies, and the sale of donated goods. expenditure on chanlable activitie5 includes all costs incurred by a charity in undertaking activities that further Its charitable aims for the benefit of its benefiaaries, induding those support rJ)sts and costs relating to the govemance of th8 charity apportioned to charitable activities. other expenditure indLJdes all expenditure that is neilher related lo raising funds for the charlty nor part of its expenditure on chariiable activities. All costs are allocated to expenrjiture categories renects'ng the use of the resource. Direct costs atlribulable to a single activity are alloc2ted directly to that actiwty. Shared costs are apportioned between the activities they contribute to on a reasonable, Justs'fiable and consistent basls. Brackfield Old School Ltd Company Llmlted by Guarantee Notes to the Flnancial Statement8 (conllnued) Year ended 31 March 2024 Accountlng pollcles (¢ontlnu Tanglble assets Tangibl8 assets are initl8lly recorded at cost, and subsequently slated 8t cost less any accumulated depreciation and impairment losses. Any tangible assets caffied at revalued amounts are recorded at the fair value at the date of revaluation less any Subsequent accumulated depreciation and subsequent accumulated impaimienl losses. An increase in the carrying amount of an assei as a result of a revaluation, is recognised in other recognised gains and105ses, unless it reverses a charge for Impaimient that has previously been recognised as expenditure wthin the statement of financial actiwties. A decrease in the carrying amount ol 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 losse5 on the statement of financial activities. Invèstment8 Unlisted equity investments are inilially recordéd at oJst, and subsequently measured alfair value. If falr value cannot be reliably measured, assets are measured at cost less Impaimient. Listed investm8nts are measured at falr value with changes in fair value being recngnlsed in income or expenditure. Investments In assoclates Investments in assoa8tes accounted for in accordan￿ vAth the cost model are recorded at cost less any accumulated Impairment losses. Investments in assoaates accounted for in accordance wlh the fair value model are initially recorded at the transaction pnce. At each reportin9 dale, the Inveslments are measured at fair value, with changes in fair value taken through income or expenditure. ￿ere it is impracticable to measure fair value reliably V•fjthDUt undue cost or effort, the cost model will be adopted. Dividends and other dlstributions received from the investment are recngnised as income wthout regard to whether the distributions are from accumulated profits of the assocAate arislng before or after the date of acquisition. Investments In Jolnt ventures Investments In joinlly controlled entities accounted for in accordanc£ with the o)st model are recorded al cost less any accumulated impaimienl losses. Investments in jointly controlled enllties accounted for in accordance wilh the fair value model are initially recorded at the transaction pnce. Al each reporting date, the investments are measured al fair value, wth changes in fair value taken through income or expenditure. ￿ere it is impracb'cable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Brackfield Old School Ltd Company Llmited by Guarantee Notes to the Financlal Statements {ronllnuedJ Year ended 31 March 2024 Accountlng pollclas (conrfnuadj Investments In Jolnt ventures (conllnu Dlvidends and other distributions received from the investment are recognised as income wthout regard to whether the distnbutions are from accumulated profits of the joint venture arising before or after the dale of acquisition. Impalmient of flxad a88ets A review for indicators of impalnnent is Carried out at each reporting date, with the recoverable amount being esllmated Whe￿ such indicators exist. Wiere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Pnor Impaimients ar8 also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, then it is noi possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit lo which the 8sset belongs. The cash-generating unil Is the smallest Identifiable group of assets that indudes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of asset5. For impaimient testing of goodwill, the g00dv￿lI acquired in a business combination is, from the acquisition rjate, allocated to eath of the cash-generaling units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the tharity are assigned to Ihose units. Flnanclal Instruments Current assets and current liabilities are subsequently measured al the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently m8asured at amortised cost, Umlted 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 rèquired not exceeding £1 to the assets of the charitable company in the event of its b8ing wound up while he or she is a member, or within one year after he or she ceases to be a member. Donatlon8 and legacies Unrestricted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Donatlon8 Donated services 240 240 240 240 Brackfield Old School Ltd Company Limlted by Guarantee Notes to the Flnanclal Ststements (con11n￿d) Year ended 31 March 2024 Charltable actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rent receivabl8 10,700 10,700 5,350 5,350 Investment Income Unrestricted Total Funds Un￿Stricted Total Funds Funds 2024 Funds 2023 Bank interest receivable Building sodety interest receivable 866 180 866 180 173 800 173 800 1,046 1,046 973 973 Expendlture on charftable actlvltles by fund type Unrestricted Total Funds Unrestrlcted To181 Funds Funds 2024 Funds 2023 Community hub Support costs 7,301 286 7,301 286 26,044 289 26,044 289 7.587 7,687 26,333 26,333 Expendlture on charftable actlvltles by actlvlty type Actimties undertaken directly Support Total funds costs 2024 Tolal fund 2023 Community hub Governance costs 7.301 7.301 286 26,044 289 286 7,301 286 7,687 26,333 10. Analysls of support costs Govem8nce costs Total 2024 Total 2023 Finance cosls Support costs - Other costs Support costs- Independent examination 33 13 240 33 13 240 36 240 286 286 289 10 Brackfield Old School Ltd Company Llmited by Guarantee Notes to the Financial Ststements (contlnu•o) Year ended 31 March 2024 11. Independent examlnatlon lees 2024 2023 F88s payable to the independent examiner for.. Independent examlnatlon of the financial statements 240 240 12. TNstee remuneratlon and expense8 No remuneration or other benefits frorn employment with the charity or a relaled @ntity were received by the trustees. No trustee expenses have been incurred. 13. Employee numbers No members of staff were employed by the charlty. 14. Tanglble Ilxed assets Freehold property Cost At 1 Apr 2023 and 31 Mar 2024 Depreclatlon At l Apr 2023 and 31 Mar 2024 Carrylng amount At 31 Mar 2024 40,000 40,000 40,000 At 31 Mar 2023 11 Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financial Statements (conrlnuedj Year ended 31 March 2024 16. Investments Cash or cash aqulvalentB Cost or valuatlon At 1 Apr 2023 Additions Disposals At 31 Mar 2024 40,000 140,000) Impalmient At 1 Apr 2023 and 31 Mar 2024 Carrylng amount At 31 Mar 2024 Al 31 M8r 2023 40,000 All inveslments shown above are held at valuation. 16. Debtors 2024 2023 Prepaymenls and acLYued income 4,725 1,780 17. Analy51s of charftable funds Unrestrlcted funds Al 1 Apr 2023 At Income Expenditure 31 Mar 2024 Designated Fund - Old School building 91,956 11,986 17,587) 96,355 At 1 Apr 2022 At Income Expenditure 31 Mar 2023 Designated Fund- Old School building 111,726 6,563 126,3331 91,956 12 Brackfield Old School Ltd Company Limited by Guarantee Notes to the Financlal Statements (conrlnued) Year ended 31 March 2024 18. Analysls ol net assets between funds Unrestricted Total Fund5 Funds 2024 Tangible fixed 8S5ets Investments Current assets 40,000 40,000 56,355 96,355 56,355 96,355 Nel assets Unrestricted Total Funds Funds 2023 Tanglble fixed assets Investments Current assets 40,000 40,000 11,956 40,000 40.000 11,956 Net assets 91,956 91,956 13