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2022-12-31-annual-report

Registration number NI035332

Carntogher Community Association

Registered Charity Number: NIC 104017

Trustees' report and financial statements for the year ended 31 December 2022

Contents

Page
Company Information 1
Trustees Report 2-26
Auditors' report 27-29
Statement of financial activities 30-31
Balance sheet
 32
Cash flow statement
 33
Notes to the financial statements 34 – 45

Company information

Trustees Niall O'Kane
Liam O Flannagan Chairperson
John Donnelly
Karen Mills Appointed 18thFeb 2022
Barry Glass Appointed 28thFeb 2022
Secretary Niall O'Kane
Key Management Personnel Claire Doherty Centre Manager
Leonne Lindsay Project Manager
Joseph Doherty Project Manager
Kelly Hann Project Manager
Company number NI035332
Registered office 132A Tirkane Road
Maghera
Co Derry
BT46 5NH
Auditors EM Accountants
42A-44A New Row
Coleraine
BT52 1AF
Business address 132A Tirkane Road
Maghera
Co Derry
BT46 5NH
Bankers Bank of Ireland
11 Market Street
Magherafelt
Co Derry
BT45 6EE

1

Carntogher Community Association Independent auditors' report to the trustees of Carntogher Community Association

Opinion

We have audited the financial statements of Carntogher Community Association for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, related notes including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion .

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

27

We have nothing to report in this regard.

Opinion on other Matter Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Respective responsibilities of trustees

As explained more fully in the Trustees Responsibilities Statement set out, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the annual report and the financial statements and being satisfied that they give a true and fair view and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

28

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website www.frc.org/auditresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

..................................... Paul McKillop, FCCA (senior statutory auditor) For and on behalf of EM Accountants, Statutory Auditor

42A-44A New Row Coleraine BT52 1AF

DATE: 21st December 2023

29

Carntogher Community Association

Statement of financial activities (incorporating summary income and expenditure account) for the year ended 31 December 2022

Restricted Unrestricted Restricted Unrestricted 2022 2021
Notes £ £ £ £
Incoming and endowments from
Donations, legacies and gifts - 5,212 5,212 61,862
Grants receivable 2 302,851 - 302,851 372,099
Activities for generating funds
Fundraising and sponsorship - - - 10
Investment income 4 - 18,062 18,062 18,000
Course fees - 26,848 26,848 14,982
Other income 5 - 49,734 49,734 48,324
_ _ _ _
Total income and endowments 302,851 99,856 402,707 515,277
_ _ _ _
Charitable expenditure
Direct Activity Costs 6 206,962 286,161 493,123 376,732
Other governance costs 2,600 2,720 5,320 7,815
_ _ _ _
Total expenditure 209,562 288,881 498,443 384,547
Net income/(expenditure) before transfers 93,289 (189,025) (95,736) 130,730
Gross transfers between funds 10 (63,576) 63,576 - -
_ _ _ _
Net income/(expenditure) for year/net income/(loss) 29,713 (125,449) (95,736) 130,730
Fund balances brought forward at 1 January 2022 2,280,279 295,228 2,575,507 2,444,777
_ _ _ _
Fund balances brought forward at 31 December 202216 2,309,992 169,779 2,479,771 2,575,507
_ _ _ _

All amounts relate to continuing operations of the charity.

The charity has no recognised gains or losses other than those included in the results above, and therefore no separate statement of gains and losses has been presented.

The notes on pages 34 to 45 form an integral part of these financial statements

30

Carntogher Community Association

Statement of financial activities (incorporating summary income and expenditure account) for the year ended 31 December 2021

Restricted Unrestricted Restricted Unrestricted 2021
Notes £ £ £
Incoming and endowments from
Donations, legacies and gifts - 61,862 61,862
Grants receivable 2 323,277 48,822 372,099
Activities for generating funds
Fundraising and sponsorship - 10 10
Investment income 4 - 18,000 18,000
Incoming resources from charitable activities
Course fees - 14,982 14,982
Other income 5 - 48,324 48,324
_ _ _ _
Total income and endowments 323,277 192,000 515,277
_ _ _
Expenditure on
Costs of generating voluntary income
Interest payable and other charges 8 1,378 672 2,050
Marketing and publicity 1,319 2,430 3,749
_ _ _
Total costs of generating funds 2,697 3,102 5,799
_ _ _
Charitable expenditure
Charitable activities
Running and operating costs 6 179,673 191,260 370,933
Other - 7,815 7,815
_ _ _
179,673 199,075 378,748
_ _ _
Total expenditure 182,370 202,177 384,547
_ _ _
Net income/(expenditure) before transfers 140,907 (10,177) 130,730
Gross transfers between funds 10 (61,458) 61,458 -
_ _ _ _
Net income/(expenditure) for year/net income/(loss) 79,449 51,281 130,730
Fund balances brought forward at 1 January 2021 2,200,830 243,947 2,444,777
_ _ _
Fund balances brought forward at 31 December 202116 2,280,280 295,227 2,575,507
_ _ _

All amounts relate to continuing operations of the charity.

The charity has no recognised gains or losses other than those included in the results above, and therefore no separate statement of gains and losses has been presented.

The notes on pages 34 to 45 form an integral part of these financial statements

31

Carntogher Community Association Balance sheet

as at 31 December 2022

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
Debtors
14
Cash at bank and in hand
Creditors: amounts falling
due within one year
15
Net current (liabilities)/assets
Total assets less current
liabilities
Net assets
Capital and reserves
Restricted reserves
16
Unrestricted Reserves
16
Shareholders' funds		 2022
£
£
2,339,192
20,000
5,300
74,665
100,057
_
180,022
(59,443)
_
120,579
_
2,479,771
_
2,479,771
_
2,309,992
169,779
_
2,479,771
 2021
£
£
2,342,972
20,000
4,640
159,884
104,367
_
268,891
(56,356)
_
212,535
_
2,575,507
_
2,575,507
_
2,280,279
295,228
_
2,575,507

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with the Accounting and Reporting by Charities: 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 issued in October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The financial statements were approved and authorised for issue by the Board on 21st December 2023 and signed on its behalf by

Niall O'Kane Trustee

Registration No. NI035332

The notes on pages 34 to 45 form an integral part of these financial statements

32

Carntogher Community Association Cash Flow Statement for the year ended 31 December 2022

Notes
Cash flow from operating activities
18
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Payments to acquire shares
Interest Received
Net cash flow from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1st January
Cash and cash equivalents at 31st December		 2022
£
66,331
66,331
(70,641)
-
-
(70,641)
(4,310)
104,367
100,057		 2021
£
150,781
150,781
(49,446)
(20,000)
1
(69,945)
80,836
23,531
104,367

The notes on pages 34 to 45 form an integral part of these financial statements

33

Carntogher Community Association Notes to the financial statements

for the year ended 31 December 2022

1 Accounting policies

Charity Information

Carntogher Community Association is a private company limited by guarantee incorporated in Northern Ireland. The registered office is An Carn, 132a Tirkane Road, Maghera. BT46 5NH. Carntogher Community Association is a public benefit entity.

1.1. Basis of preparation

The financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS102), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015.

The company has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small company.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £ and the trustees have concluded that the financial statements give a true and fair view.

The accounts have been prepared under the historic cost convention. The principal accounting policies adopted are set out below.

1.2. Tangible fixed assets and depreciation

The carrying value of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Buildings - 2% Straight line Equipment - 20% Reducing balance Office equipment - 20% Reducing balance

1.3. Investments

Income from investments is included, together with the related tax credit, in the year in which it is received. Rent receivable from investment property is classified as investment income.

1.4. Incoming resources

Donations and gifts

Voluntary income received by way of donations and gifts to the charity is included in full in the Statement of Financial Activities when received.

34

Carntogher Community Association Notes to the financial statements

for the year ended 31 December 2022

………….. continued

Grants

Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred. Grants for the purpose of capital expenditure are credited to restricted incoming resources when receivable and released to revenue over the estimated useful life of the relevant assets.

1.5. Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to headings, they have been allocated to activities on a basis consistent with use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.

Costs of generating fund

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of other income generation e.g., the costs associated with investment portfolio.

Charitable expenditure

Charitable expenditure comprises direct expenditure including direct staff costs to its activities. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Governance costs include those incurred in the governance of its assets and are associated with constitutional, statutory and strategic requirements.

1.6. Debtors

Debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful of collection.

1.7. Fund accounting

The charity has various types of funds for which it is responsible, and which require separate disclosure. Definitions of the various types of funds are as follows.

Restricted funds

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds

Unrestricted funds are donations and other incoming resources received or generated which are expendable at the discretion of the charity in furtherance of its objectives.

35

Carntogher Community Association Notes to the financial statements for the year ended 31 December 2022

………….. continued

1.8. Stock

Stock is valued at the lower of cost and net realisable value.

1.9. Employee benefits

When employees have rendered service to the charity, the short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operated a defined contribution plan for the benefit of its employees. The pension cost charged in the financial statements represent the contribution payable by the company during the year. The regular cost of providing retirement pensions and related benefits is charged to the statement of financial activities over the employees’ service lives on the basis of a constant percentage of earnings.

1.10. Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements (apart from those involving estimates), estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the revision and future period where the revision affects both current and future periods.

1.11. Going Concern

The trustees have considered the effect of Brexit and the cost-of-living crisis on the Charity and its ability to meet its working capital requirements. Having considered all matters the Trustees believe that there are no material uncertainties about the charity’s ability to continue.

36

Carntogher Community Association Notes to the financial statements for the year ended 31 December 2022

………….. continued

2. Grants receivable

Restricted Unrestricted
£
£
AFA
10,000
-
Arts Council
36,609
-
Mid Ulster Council
19,743
-
Foras na Gaeilge
99,250
-
Heritage Lottery Fund
77,072
-
Ciste
30,177
-
CnaG
-
-
Department for Communities
30,000
-
Glor na nGael Teor
-
-
_
_
302,851
-

 2022
£
10,000
36,609
19,743
99,250
77,072
30,177
-
30,000
-
_
302,851
 2021
£
10,000
35,000
45,131
120,645
38,976
36,084
31,816
5,625
48,822
_
372,099

Grants receivable in the 2021 year were all restricted except for £48,822 received from GLor na nGael Teor


3. Auditors' remuneration


Auditors' remuneration - audit of the financial statements

Auditors' remuneration – other services

4.
Investment income


Rental income
 2022
£
1,950
__
2,200
_
2022
£
18,062
____
18,062
 2021
£
1,950
_
1,950
_
2021
£
18,000
_
18,000
 2021
£
1,950
_
1,950
_
2021
£
18,000
_
18,000
_
_
_
18,000

37

Carntogher Community Association Notes to the financial statements for the year ended 31 December 2022

………….. continued

5. Other Income
Other Income
Room hire and office rent
Internet and services provided
Access NI forms
Livestock sales and single farm payment
Glor Na Gael Prize Money
Colaiste Fees
Coronavirus Job Retention scheme
Social events
ROCS
Visiting groups
Other miscellaneous income		 2022
£
9,808
5,246
114
7,624
5,647
-
-
11,105
1,221
7,636
1,333
_
49,734
 2021
£
2,116
541
101
8,095
16,786
3,490
9,262
6,602
1,180
151
-
_
48,324

6. Charitable expenditure

Restricted Unrestricted 2022 2021
£ £ £ £
Direct activity costs
Wages and salaries 107,166 114,345 221,511 162,596
Staff training - 173 173 2,546
Pension costs 6,591 - 6,591 4,616
Recruitment fees - 176 176 -
Bank charges - 901 901 684
Loan interest - 961 961 1,366
Projects 53,796 26,725 80,521 63,230
Marketing and publicity 1,559 6,759 8,318 3,749
Catering 362 3,910 4,272 192
Tutors fees 13,862 10,173 24,035 21,262
Rent and administration 4,776 - 4,776 1,391
Rates - 3,126 3,126 1,789
Printing, postage and stationery 850 4,248 5,098 1,975
Heat, light and power 9,401 24,596 33,997 12,391
IT Maintenance 2,179 2,408 4,587 1,891
Repairs and maintenance 2,690 3,384 6,074 9,107
Furnishings 387 829 1,216 -
Travelling expenses 171 341 512 -
Bad Debt write off - 54 54 -
Farm expenses and stock movement - 65 65 1,020
Insurance 1,125 5,249 6,374 6,434

Carntogher Community Association

Continued….
Depreciation
Telephone
Miscellaneous
Scholarships
Charitable donations		 -
2,047
-
-
-
_
206,962
 74,422
1,639
1,552
125
-
_
286,161
 74,422
3,688
1,552
125
-
_
493,123
 75,174
4,360
937
-
22
_
376,732

38

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2022

.................... continued

Restricted
Unrestricted
£
£
Running and operating costs
Wages and salaries
90,709
71,887
Staff training
-
2,546
Pension costs
2,744
1,872
Youth, projects and training workshops
52,333
10,897
Catering
-
192
Tutors’ fees
11,781
9,481
Rent payable
1,391
-
Rates
-
1,789
Printing, postage and stationery
878
1,097
Heat, light and power
10,322
2,069
Repairs and maintenance
809
8,298
Travelling expenses
-
-
Bad Debt write off
-
-
Farm expenses and stock movement
-
1,020
Insurance
4,344
2,090
Depreciation
-
75,174
Telephone
3,519
841
Miscellaneous
-
937
Charitable donations
-
22
Computer costs
842
1,049
_
_
179,673
191,260
_
_
7.
Net outgoing resources for the year
Net outgoing resources for the year after charging:
Staff costs (Note 9)
Depreciation of owned assets		 2021
£
162,596
2,546
4,616
63,230
192
21,262
1,391
1,789
1,975
12,391
9,107
-
-
1,020
6,434
75,174
4,360
937
22
1,891
_
370,933
_
2022
£
228,102
74,422
 2021
£
167,212
75,174

No indemnity insurance for trustee's liability has been purchased by the charity.

39

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2022

.................... continued

8.
Interest payable and other charges
Interest payable on loans and bank charges		 2022
£
1,862
 2021
£
2,050
9. Employees
Number of employees
The average monthly numbers of employees
excluding trustees, during the year were:
2021 2021
Number Number
Administration 2 2
Support 7 7
_ _
9 9
_ _
Employment costs 2022 2021
£ £
Wages and salaries 204,279 153,100
Employer National insurance 13,861 9,496
Employer pension costs 6,591 4,616
Redundancy 3,371 -

No employee received emoluments of more than £60,000 (2021: None)

The company operated a defined contribution pension scheme for its employees. The amount recognised as an expense in the period was £6,591 (2021: £4,616). Contributions outstanding at the year end amount to £Nil (2021: £766). The total amount of employee benefits received by key management personnel in the year was £85,009 (2021: £92,164)

40

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2022

.................... continued


10.		 Transfers between funds Restricted Unrestricted
funds funds
£ £
Transfer from restricted funds to unrestricted funds (63,576) 63,576
_ _

The transfer between funds is the portion of depreciation relating to the restricted fixed assets.

11. Taxation

The company is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are supplied solely for charitable purposes.

Land and Fixtures,
12. Tangible fixed assets buildings fittings and
Office
freehold equipment equipment Total
£ £ £ £
Cost
At 1 January 2022 2,827,832
295,744
152,524		 3,276,100
Additions 55,305
13,053
2,283		 70,641
_
_
_		 _
At 31 December 2022 2,883,137
308,797
154,807		 3,346,741
_
_
_		 _
Depreciation
At 1 January 2022 614,546
181,307
137,274		 933,127
Charge for the year 46,379
24,893
3,150		 74,422
_
_
_		 _
At 31 December 2022 660,925
206,200
140,424		 1,007,549
_
_
_		 _
Net book values
At 31 December 2022 2,222,212
102,597
14,382		 2,339,192
_
_
_		 _
At 31 December 2021 2,213,286
114,437
15,250		 2,342,973
_
_
_		 _

The Trustees of The National Heritage Memorial fund, The Department of Agriculture, Environment and Rural Affairs and Ulster Community Investment Trust Limited all have a charges over Lands owned by the company.

41

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2022

.................... continued

13. Investments


Unlisted shares held

As at 31stDecember 2021 and 2022
_

14.
Debtors
Prepayments and accrued income
VAT refund due
15.
Creditors: amounts falling due
within one year
UCIT loan
Other taxes and social security costs
Other creditors
Other loans
Accruals and deferred income		 2022
£
20,000
_
20,000
_
2022
£
56,464
18,201
_
74,665
_
2022
£
12,608
4,213
2,675
10,000
29,947
_
59,443
 2021
£
20,000
_
20,000
_
2021
£
147,393
12,491
_
159,884
_
2021
£
19,651
3,274
2,675
10,000
20,756
_
56,356

42

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2022

.................... continued

Funds Transfers,
Balance Incoming Resources investment Balance
1 January 2022 resources expended gains/(losses) 31 December 2022
£ £ £ £ £
Restricted funds
Tangible Fixed Assets 2,041,758 42,683 - (63,576) 2,020,865
Net Current Assets 238,521 260,168 (209,562)
-		 289,127
_ ______ _ _ __
2,280,279 302,851 (209,562)
(63,576)		 2,309,992
__ _ _ _ __
Unrestricted funds
Tangible fixed assets 301,214 27,958 (74,421) 63,576 318,327
Investments 20,000 - - - 20,000
Net Current Assets (25,986) 71,898 (214,460)
-		 (168,548)
_ _ _ _ _
295,228 99,856 (288,881)
63,576		 169,779
_ _ _ _ _
Total funds 2,575,507 402,707 (498,443)
-		 2,479,771
_ _ _ _ _

16. Funds

The transfer between funds is the portion of depreciation relating to the restricted fixed assets.

Transfers,
Balance Incoming Resources investment Balance
1 January 2021 resources expended gains/(losses) 31 December 2021
£ £ £ £ £
Restricted funds
Tangible Fixed Assets 2,070,970 32,246 - (61,458) 2,041,758
Net Current Assets 129,860 291,031 (182,370)
-		 238,521
_ ______ _ _ __
2,200,830 323,277 (182,370)
(61,458)		 2,280,279
__ _ _ _ __
Unrestricted funds
Tangible fixed assets 297,230 17,698 (75,174) 61,458 301,214
Investments - - - 20,000 20,000
Net Current Assets (53,283) 174,302 (127,003)
(20,000)		 (25,984)
_ _ _ _ _
243,947 192,000 (202,177)
61,458		 295,228
_ _ _ _ _
Total funds 2,444,777 515,277 (384,547)
-		 2,575,507
_ _ _ _ _

43

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2022

.................... continued

17. Analysis of the net assets between funds

Tangible Net current
fixed assets Investments assets

£ £
£
Restricted funds 2,020,865 - 289,127
Unrestricted funds 318,327
20,000 (168,548)
_ _
_
Total 2,339,192 20,000 120,579
_ _
_

Tangible Net current
fixed assets Investments assets

£ £
£
Restricted funds 2,041,758 - 238,521
Unrestricted funds 301,212
20,000 (25,984)
_ _
_
Total 2,342,972 20,000 212,535

 2022
2021
£
£
2,309,992
2,280,279
169,779
295,228
_
_
2,479,771
2,575,507
_
_
2021
£
2,280,279
295,228
_
2,575,507

18 Reconciliation of net income (expenditure) to net cash flow from operating activities

Net income/(expenditure) for year
Depreciation and impairment of tangible fixed
assets
(Increase)/decrease in debtors
(Increase)/decrease in stock
(Increase)/decrease in creditors
Net Cash Flow from operating activities		 2022
£
(95,736)
74,422
85,219
(660)
3,087
66,331		 2021
£
130,730
75,174
(45,475)
(150)
(9,498)
150,781

44

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2022

.................... continued

19. Trustees’ Emoluments

The trustees neither received nor waived any emoluments during the year (2021: Nil).

No out-of-pocket expenses were reimbursed to trustees during the year (2021: Nil).

20. Related Party Transactions

There were no related party transactions during the period (2021: Nil).

21. Capital Commitments

At 31[st] December there were no commitments for capital expenditure (2021: Nil).

45