Aghaloo & Blackwater Community Association Ltd Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 2022 Unrestricted funds Totsl funds Total funds Notè Income and endowments Donations and legacies other trading activibes Total Income 103.000 15,210 118.210 3.500 18,964 3.500 18,964 22,464 22.464 Expendlture Expenditure on charitable activiiles Total expenditure 24,807 24.807 23,220 24.807 24,807 23,220 Net {expenditure)lincome and net movement in funds (2.343) {2,343) 94,990 Reconclllatlon of funds Toial funds brought forward Total funds ¢arried forward 195.172 195,172 192,829 100,182 195,172 192.829 The statement of financial 3ctswts.es indudes all gains and losses recognised in the year. All Sncome and expendltur8 derive from continuing aclivities. The notès on pages 13 to 19 fofm part of thesa financial sL7tem8nts. 11 Aghaloo & Blackwater Community Association Ltd Company Limited by Guarantee Statement of Financial Position 31 DecembeT 2023 2023 2022 Note Fixed assets Tangible fixed assets 11 156.628 168,627 CurrÈnt assets Cash at bank and In hand 37.161 28.805 Creditors. amounts falling due within one year Net current assets 12 960 2.260 36.201 26 545 Total asset5 less curyent lsabilities 192.829 195.172 Funds of the charity Unreslricled funds 192,829 195 172 Total charity funds 14 192,829 195.172 For the year ending 31 December 2023 the charity was enb.tled to exemption from audit under section 477 of the Companies Act 2006 relating to small Comp￿leS. Directors. resw)nsibililies'. The members have not required the company lo obtain an audit of its financial slalements lor the y8ar In que8lion In ar.cordance wilh section 476.. The directors acknowledge their responsibilrties for complwng with the requirempnls of the A¢1 with respect to accounting records and the preparat￿n of financial statements. These financial slalemenls have been prepared in accordance with the provisions applicable lo companies subject lo the small companies, regime. These financial slalemenls were approved by the board of Iruslees and authorised for i>5ue on 30 October 2024, and are 51gned on behalf of the board by". Job. lard IChairperson} Kathleen Mccaughey (Treasurer) Trustee The notes on pages 13 to 19 form part of these financial statements. 12- Aghaloo & Blackwater Community Association Ltd Company Limited by Guarantee Notes to the Financial Statements YeaT ended 31 December 2023 General infomiation The charlty is a public benefrt entity and a private company limited by guaranlee, registered in Northern 1relaf￿ and a regislered charity in Northern Ireland. The address of the re9lStered office is 70 Moore Street, Aughnacloy, Co Tyrone, BT69 6AY. Statement of compliance These finan¢ial statements have been prepared In Compliance with FRS "02, 'The Financial Reporting Slandard applicable in Ihe UK and the Republic of Ireland.. the Slatemenl of Recommep.ded Practice applicable lo charities preparing their accounts In accordance with Ihe Financial Reporting Starbdard applicable in the UK and Republic of Ireland (FRS 1021 (Chariues SORP IFRS 102)13nd the Companies Act 2006. A¢countSng policies Basis of preparatlon Tlie liridncial ¥l¢ilem13nls have prepdTed un Ilie Iiisl¢Jrical Losl batriis, as Inodified by Ilie revaluation of certain financial assets and liabilibes and investment properties measured at fair value through Income OT expenditure. The financial statementg 3r• prapared in sterfff)g, which is Ihe functional currency of thè entsty. Golng concern There are no material uncertainties about the charitys ability to conlinue. Dlsclosure exemptlons The Charity has taken advanlage of the Fmvisions in he SORP for charitses applying FRS 102 Updale Bulletin 1 not lo prepare a Ststement of Cashflows. Judgemènts and key sources of estfjmati¢)n un¢ertalnty In the application of the charity's accounting policies. the Trustees are rgquired to make judgements, estimates and assumptions about the carrying value of assets and liabilitses Ihal are not readily apparent from other sources. The eslimales and associaled assumptions are based on historical experience and other factors that are consKlered to be relevant. Aclual results Tnay differ from these estimales. The eslimates and underfybng assumptions are reviewed on an ongoing basis. Revisions to the accounting eslimales are recognised in the r¢ritJY in which the estimate is revised where the Tevision affects only Ihal period, or in the period of ￿ViS￿n and future perK>ds where the revision affecls bolh current and future periods. 13- Aghaloo & Blackwater Community Association Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (conts'nued) Fund accounting Unrestricled funds are available for use at the discretion of the trustees io further any of the charitys purposes. Designate(t funds are unreslricled funds earmarked by the trust885 fof parts'cular future project or commitment. Restricted funds are subiecled lo restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall Inlo one of Iwo Su￿laSses. restrKled income funds or endowment funds. Incomlng resources All incoming resources are included in the slalement of financial activities when enlitlemenl has passed to the charity.. Il Is probable Ihal Ihe economic benefits ass¢xiated with the transaclion will now lo the charity and the amount Can be reliably measured. The folloiNing specific policies are applied to parh'cular categories of income: income from donations or grants is recognised when Ihere is evidence of ontillement to the gift, receipt is probable and its amount can be measured reliably. legacy income Is recognised vthen rec8yt Is probable and entitlement is eslabllshed. inc.ome from donated goods is measured al Ihe fair value of Ilie goods unleqs this is impractical to measure reliably. in which case the valve Is derived from the cost lo the donor or Ihe estimated resale value. Donaled facilib'es and services are reLognised in the accounts when received if the value can be reliably measured. No amounts are Included for the cOntribut￿n of general volunleers. Income from contracts for the suppty of sorviccs is recognised with lh¢ dolivery of the contracted sorvicc. This is classif,.cd as unrestrictce fJnds unlcss IhcTe Is a conlFacluol requircmenl for il lo be spent on a particular purpose an¢ relurned Il unspenl. In which case Il rnay be regarded as restricted. 14- Aghaloo & Blackwater Community Association Ltd Company Limited by Guarantee Notes to the Financial Statements (cononued) Year ended 31 December 2023 Accounting policies (continued) Resour¢es expended Expenditure is recognised on an accwals basis as a liability is incuried Expendilure includes any VAT which cannot be lully recovered. and is classified under headings of the statement of financial activities to which il relates.. expenditure on raising fund5 includes the costs of all fundraising activib'es. events, non- charitable trading aclivilie5. and the sale of donated goods. expenditure on charitable activities inknlude5 all costs incurred by a charity in undertaking activities that further ils chariiable aims for the benefit of Ils beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activikn'es. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of Éts experKlilure on charitable activities. All costs are allocated lo expenditure c81egories reflecting the use of the resource. Direct costs atlribulable lo a single acb'vily are allocalec directly lo that activity. Shared CO>ls are apportioned between the aclivrties they contribute to on a reasonable. juslifiable and consistent basis. Tangible assets Tangible assets are initially recorded al cost and subsequently slated at cost less any accumulated depreciation and impairment losses. Any tangible assets C8rried al revalued amoijnts are recorded al the fair value al the dale of revaluation less any subsequent accumulaltry depreciation and subsequent accumulated impairmenl losses. An increase in the carrwng amount of an asset as a result of a revaluats"on, is recognised in olher recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the stalenenl of financi81 activities. A decrease in the carrying amount of an asset as a result of revaluabon, Is recognised other recognised gains and losses. except to which il offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the stalemer,l of financial aclivilies. Depreciation Depreciation is calculated so as lo write off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that assel as follows: Property Fixtures. fittings and equipment 40k straight line 25% reducing balance Impairment of fixed assets A review for indicators of impaimient is carried out at each reporting date. with the recoverable amount being eslimated where such indithtors exisl. Where the carryng value exceeds the recoverable amount. the asset is impaired accordingly Prior impaim)ents are also reviewed for possib5e reversal at oach reporting date. -15- Aghaloo & Blackwater Community Association Ltd Company Limited by Guarantee Notes to the Financial Statements {continued) Year ended 31 December 2023 3. Accounting policies Icontinuedj Impairment of fixed assets {¢ontimi*eauently measured al the cash or other consideration expe¢led to be paid or received and not discounted. Debt instruments arc subscquently rneasurcd al amortised cost. Where inveslmenls in shares are publicly Iraded or their fair value can olhemise be measured reliably, the Investment Is subsequently measured al lair value wjlh changes in lair value recognised in 1n.come and expenditure. All olher such investmenls are subseqLsenlly measured al cosl less impairmenl. Other f117ancial instruments Including derivatives are initially recoqn15ed at fair value. unless payment for an asset is deferred beyond nom)al business terms or fmanced at a rate of interest that is not a market rate, in vthich case the asset is measured al the present value of the future payments discounled at a market rate of interest for a similar debt instrument. Olher financial instruments are subsequenlly measured at fair value, with any changes recognised in the slatemenl of financial activilies. with the exception of hedging instruments in a designaled hedging relallonship. Financial assets that are measured at cost (ff amortised cost are reviewed for objeclive evidence of impairment al the end of each ￿ports"ng date. If Ihere is objective evKlence of impairment. an impaimient loss is recognised under ihe appropriate heading in the slatemenl of financial acliwtses in which the inrtial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individually for impaimienL Other financkil assets are elther assesse 7ndividualTry or grouped on the basts of simrlar credi: risk thara¢:errstiC5. Any reversals of impairment are recognised immediately, lo Ihe extent that the reversal does not 16- result in a carrying amount of Ihe financial asset that exceeds what the carrying amount would have been had Ihe impaitment not previously been recognised. 16- Aghaloo & Blackwater Community Association Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedl Year ended 31 December 2023 Limited by guarantee Aghaloo & Blackwaler Commdnity Association I Id is a conipany limited by guarantee and 2ccord,.ngly does not have a share capital. Every member of the company undertakes lo contribute such an amount a5 may be required not exceeding £1 to the assets of the charitable comjany in the event of ils being wound up ￿11$1 he or she is a member. or wthin one year after he or she ceases to be member. Donations and legacles Unreslrrcled Total Funds Unr8slri¢led Total Funds Funds 2023 2022 Grants Grants 3,500 3,500 103.000 103,000 Other tradlng acts'vities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Fund5 2022 Other voluntary income activity 18.964 18,964 15,210 15 210 Expendlture on charitable activilies by fund ty Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Support costs 24,807 24.807 23.220 23.220 Net {expenditur91lincome Ncl lexpendiiureyinGosne Is slalod after chargin￿(CreditIng}- 2023 2022 Depreciats'on of tangible fixed assets 11,999 12,417 Independent examlnation fees 2023 2022 Fees payable lo the Independent examiner for.. Independent examinats'on of the financial statements 960 660 10. Trustee remuneratlon and expenses No remuneration vras received by Ihe trustees. 17- Aghaloo & Blackwater Community Association Ltd Company Limited by Guarantee Notes to the Financial Statement5 (continued) Year ended 31 December 2023 11. Tangible fixed assets Land and Fixlufes an buildings fittings Total Cost At 1 January 2023 and 31 December 2023 Depreclatlon Al 1 Jariuary 2023 Charge for the year At 31 December 2023 268,566 16,103 284,669 104,965 10.743 11.077 116.042 11.999 115.708 12.333 128,041 Carrylng amount At 31 Decernber 2023 152,858 3,770 156,628 At 31 December 2022 163,601 5,026 168,627 12. Credltors: amounts falllng due wlthin one year 2023 2022 Trade creditors Other Greditor8 960 1,300 960 960 2.260 13. Credltors: amounts falllng due after more Ihan one year Long tenn grant - Parish Consolidalion Fund 14. Analysis of charitable funds Unregtrlcted funds At 1 January 202 At 31 December 2023 Income Expenditure General funds 195.172 22.464 (24,8C7) 192,829 At 1 January 202 At 31 December 2022 Income Expenditure General funds 100.182 118.210 (23,2£0) 195.172 18-