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2023-12-31-accounts

Registration number NI035332

Carntogher Community Association

Registered Charity Number: NIC 104017 Trustees' report and financial statements for the year ended 31 December 2023

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 Resigned 01/04/2024
Karen Mills
Barry Glass
Caoimhe Maria Mhic Thaidhg Appointed 01/04/2024
Secretary Niall O'Kane
Key Management Personnel Claire Doherty Centre Manager
Leonne Lindsay Project Manager
Joseph Doherty Project Manager
Kelly Hann Project Manager
Aoibheann Doherty Irish Language Manager
Aoife Ni Chaiside Youth Officer
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 2023 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 (Oct 4, 2024 15:31 GMT+1) Paul McKillop, FCCA (senior statutory auditor) For and on behalf of EM Accountants, Statutory Auditor

42A-44A New Row Coleraine BT52 1AF

DATE: 3[rd] October 2024

29

Carntogher Community Association

Statement of financial activities (incorporating summary income and expenditure account) for the year ended 31 December 2023

Restricted Unrestricted Restricted Unrestricted 2023 2022
Notes £ £ £ £
Incoming and endowments from
Donations, legacies and gifts - 94,019 94,019 5,212
Grants receivable 2 307,781 - 307,781 302,851
Activities for generating funds
Fundraising and sponsorship - - - -
Investment income 4 - 18,078 18,078 18,062
Course fees - 24,401 24,401 26,848
Other income 5 - 47,130 47,130 49,734
_ _ _ _
Total income and endowments 307,781 183,628 491,409 402,707
_ _ _ _
Charitable expenditure
Direct Activity Costs 6 300,559 228,606 529,165 493,123
Other governance costs 3,250 3,649 6,899 5,320
_ _ _ _
Total expenditure 303,809 232,255 536,064 498,443
Net income/(expenditure) before transfers 3,972 (48,627) (44,655) (95,736)
Gross transfers between funds 10 (58,600) 58,600 - -
_ _ _ _
Net income/(expenditure) for year/net income/(loss) (54,629) 9,973 (44,655) (95,736)
Fund balances brought forward at 1 January 2022 2,309,992 169,779 2,479,771 2,575,507
_ _ _ _
Fund balances brought forward at 31 December 202216 2,255,363 179,753 2,435,116 2,479,771
_ _ _ _

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 2022

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

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 2023

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		 2023
£
£
2,272,363
20,000
-
140,382
44,867
_
185,249
(42,496)
_
142,753
_
2,435,116
_
2,435,116
_
2,255,363
179,753
_
2,435,116
 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

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 3[rd] October 2024 and signed on its behalf by

Niall O'Kane Trustee

Naill O'Kane

Naill O'Kane (Oct 4, 2024 15:29 GMT+1)

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 2023

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
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		 2023
£
(51,862)
(51,862)
(3,328)
-
(3,328)
(55,190)
100,057
44,867		 2022
£
66,331
66,331
(70,641)
-
(70,641)
(4,310)
104,367
100,057

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 2023

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

amount can be quantified with reasonable accuracy. The specific bases are as follows:

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 2023

………….. 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 2023

………….. 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 2023

………….. continued

2. Grants receivable

Restricted Unrestricted
£
£
AFA
-
-
Arts Council
36,609
-
Mid Ulster Council
71,987
-
Foras na Gaeilge
160,656
-
Heritage Lottery Fund
-
-
Ciste
30,830
-
Education Authority
5,800
-
Department for Communities
-
-
Conradh Na Gaeilge
852
-
An Toireachtas OIC
212
-
Glor na nGael Teor
835
-
_
_
307,781
-
_
_

Grants receivable in the 2022 year were all restricted

3. Auditors' remuneration


Auditors' remuneration - audit of the financial statements

Auditors' remuneration – other services

4.
Investment income


Rental income

Bank interest received		 Restricted Unrestricted
£
£
AFA
-
-
Arts Council
36,609
-
Mid Ulster Council
71,987
-
Foras na Gaeilge
160,656
-
Heritage Lottery Fund
-
-
Ciste
30,830
-
Education Authority
5,800
-
Department for Communities
-
-
Conradh Na Gaeilge
852
-
An Toireachtas OIC
212
-
Glor na nGael Teor
835
-
_
_
307,781
-
_
_

Grants receivable in the 2022 year were all restricted

3. Auditors' remuneration


Auditors' remuneration - audit of the financial statements

Auditors' remuneration – other services

4.
Investment income


Rental income

Bank interest received


_
-
_
_

37

Carntogher Community Association Notes to the financial statements for the year ended 31 December 2023

………….. continued

5. Other Income

Other Income
Room hire, office rent and administration
Internet and services provided
Access NI forms
Livestock sales and single farm payment
Glor Na Gael Prize Money
Samhain event
Coronavirus Job Retention scheme
Social events
ROCS
Visiting groups
Other miscellaneous income		 2023
£
18,328
2,553
611
11,937
848
4,761
-
5,567
1,054
1,471
-
_
47,130
 2022
£
9,808
5,246
114
7,624
5,647
--
-
11,105
1,221
7,636
1,333
_
49,734

6. Charitable expenditure

Restricted Unrestricted 2023 2022
£ £ £ £
Direct activity costs
Wages and salaries 139,455 103,662 243,117 221,511
Staff training - 2,565 2,565 173
Pension costs 5,935 1,012 6,947 6,591
Recruitment fees - 40 40 176
Bank charges 122 640 762 901
Loan interest - 665 665 961
Projects 72,302 16,640 88,942 80,521
Marketing and publicity 6,471 760 7,231 8,318
Catering 800 4,233 5,033 4,272
Tutors fees 13,115 3,465 16,580 24,035
Rent and administration 15,293 - 15,293 4,776
Rates - 2,738 2,738 3,126
Printing, postage and stationery 12,884 643 13,527 5,098
Heat, light and power 13,620 5,539 19,159 33,997
IT Maintenance and software costs 7,869 1,444 9,313 4,587
Repairs and maintenance 2,148 3,433 5,581 6,074
Furnishings - - - 1,216
Travelling expenses 831 504 1,335 512
Bad Debt write off - - - 54
Farm expenses and stock movement - 7,384 7,384 65
Insurance 4,870 1,090 5,960 6,374

38

Carntogher Community Association

Continued….

Depreciation
-
70,157
70,157
Telephone and internet
3,322
251
3,574
Miscellaneous
122
1,140
1,262
Scholarships
-
350
350
Consultancy fees
1,400
251
1,651
_
_
_
300,559
228,606
529,165
_
_
_
Restricted Unrestricted 2022
£
£
£
Direct activity costs
Wages and salaries
107,166
114,345 221,511
Staff training
-
173
173
Pension costs
6,591
-
6,591
Recruitment fees
-
176
176
Bank charges
-
901
901
Loan interest
-
961
961
Projects
53,796
26,725
80,521
Marketing and publicity
1,559
6,759
8,318
Catering
362
3,910
4,272
Tutors fees
13,862
10,173
24,035
Rent and administration
4,776
-
4,776
Rates
-
3,126
3,126
Printing, postage and stationery
850
4,248
5,098
Heat, light and power
9,401
24,596
33,997
IT Maintenance
2,179
2,408
4,587
Repairs and maintenance
2,690
3,384
6,074
Furnishings
387
829
1,216
Travelling expenses
171
341
512
Bad Debt write off
-
54
54
Farm expenses and stock movement
-
65
65
Insurance
1,125
5,249
6,374
Depreciation
-
74,422
74,422
Telephone
2,047
1,639
3,688
Miscellaneous
-
1,552
1,552
Scholarships
-
125
125
_
_
_
206,962
286,161
493,123		 74,422
3,688
1,552
125
-
_
493,123
_

39

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2023

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


7.
Net outgoing resources for the year
Net outgoing resources for the year after charging:
Staff costs (Note 9)
Depreciation of owned assets		 2023
£
250,064
70,157
 2022
£
228,102
74,422

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

8.
Interest payable and other charges
Interest payable on loans and bank charges		 2023
£
1,427
 2022
£
1,862

9. Employees Number of employees The average monthly numbers of employees excluding trustees, during the year were:

9.
Employees
Number of employees
The average monthly numbers of employees
excluding trustees, during the year were:
2023 2022
Number Number
Administration 2 2
Support 7 7
_ _
9 9
_ _
Employment costs 2023 2022
£ £
Wages and salaries 227,900 204,279
Employer National insurance 15,217 13,861
Employer pension costs 6,947 6,591
Redundancy - 3,371

No employee received emoluments of more than £60,000 (2022: None)

The company operates a defined contribution pension scheme for its employees. The amount recognised as an expense in the period was £6,947 (2022: £6,591). Contributions outstanding at the year end amount to £Nil (2022: £Nil). The total amount of employee benefits received by key management personnel in the year was £122,002 (2022: £112,991)

40

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2023

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


10.		 Transfers between funds Restricted Unrestricted
funds funds
£ £
Transfer from restricted funds to unrestricted funds (58,600) 58,600
_ _

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 2023 2,883,137
308,797
154,807		 3,346,741
Additions -
2,986
342		 3,328
_
_
_		 _
At 31 December 2023 2,883,137
311,783
155,149		 3,350,069
_
_
_		 _
Depreciation
At 1 January 2023 660,925
206,200
140,424		 1,007,549
Charge for the year 46,379
20,867
2,911		 70,157
_
_
_		 _
At 31 December 2023 707,304
227,067
143,335		 1,077,706
_
_
_		 _
Net book values
At 31 December 2023 2,175,833
84,716
11,814		 2,272,363
_
_
_		 _
At 31 December 2022 2,222,212
102,597
14,382		 2,339,192
_
_
_		 _

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

41

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2023

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

13. Investments


Unlisted shares held

As at 31stDecember 2022 and 2023
_

14.
Debtors
Prepayments and accrued income
Loans
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		 2023
£
20,000
_
20,000
_
2023
£
55,441
78,500
6,441
_
140,382
_
2023
£
5,269
4,831
2,675
-
29,721
_
42,496
 2022
£
20,000
_
20,000
_
2022
£
18,464
38,000
18,201
_
74,665
_
2022
£
12,608
4,213
2,675
10,000
29,947
_
59,443

42

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2023

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

Funds Transfers, Transfers,
Balance Incoming Resources investment Balance
1 January 2023 resources expended gains/(losses) 31 December 2023
£ £ £ £ £
Restricted funds
Tangible Fixed Assets 2,020,865 1,249 - (58,600) 1,963,514
Net Current Assets 289,127 306,532 (303,809) - 291,849
_ ______ _ _ __
2,309,992 307,781 (303,809) (58,600) 2,255,363
__ _ _ _ __
Unrestricted funds
Tangible fixed assets 318,327 2,079 (70,156) 58,600 308,850
Investments 20,000 - - - 20,000
Net Current Assets (168,548) 181,549 (162,099) - (149,098)
_ _ _ _ _
169,779 183,628 (232,255) 58,600 179,752
_ _ _ _ _
Total funds 2,479,771 491,409 (536,064) - 2,435,116
_ _ _ _ _

16. Funds

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

Transfers, 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
_ _ _ _ _

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

43

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2023

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

17. Analysis of the net assets between funds

Tangible Net current
fixed assets Investments assets
2023
£ £
£
£
Restricted funds 1,963,514 - 291,849 2,255,363
Unrestricted funds 308,850
20,000 (149,098) 179,753
_ _
_
_
Total 2,272,364 20,000 142,752 2,435,116
_ _
_
_

Tangible Net current
fixed assets Investments assets
2022
£ £
£
£
Restricted funds 2,020,865 - 289,127 2,309,992
Unrestricted funds 318,327
20,000 (168,548) 169,779
_ _
_
_
Total 2,339,192 20,000 120,579 2,479,771
_ _
_
_

18 Reconciliation of net income (expenditure) to net cash flow from operating activities
2022
£
Net income/(expenditure) for year
(44,655)
Depreciation and impairment of tangible fixed
assets
70,157
(Increase)/decrease in debtors
(65,717)
(Increase)/decrease in stock
5,300
Increase/(decrease) in creditors
(16,947)
Net Cash Flow from operating activities
(51,862)		 2022
£
2,309,992
169,779
_
2,479,771
_
2022
£
(95,736)
74,422
85,219
(660)
3,087
66,331

44

Carntogher Community Association

Notes to the financial statements for the year ended 31 December 2023

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

19. Trustees’ Emoluments

The trustees neither received nor waived any emoluments during the year (2022: Nil). No out-of-pocket expenses were reimbursed to trustees during the year (2022: Nil).

20. Related Party Transactions

During the year the charity received rent from the following companies under their control

2023 2022 £ £ An Carn Ltd 5,000 5,000 An Croi 5,000 5,000 An Coire 8,000 8,000 __ _ 18,000 18,000 _ ____

21. Capital Commitments

At 31[st] December there were no commitments for capital expenditure (2022: Nil).

45

C179 Carntogher Community Association FS 31.12.2023

Final Audit Report

2024-10-04

Created: 2024-10-04 By: EM Accountants (office@emaccountants.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAlm8t5FO2U0aMvj23CN9FeGr_SrGa2BBi

"C179 Carntogher Community Association FS 31.12.2023" Histo ry

Document created by EM Accountants (office@emaccountants.co.uk)

2024-10-04 - 11:12:50 AM GMT

Document emailed to Naill O'Kane (niall@fermacproperties.com) for signature 2024-10-04 - 11:12:59 AM GMT

Email viewed by Naill O'Kane (niall@fermacproperties.com) 2024-10-04 - 2:29:05 PM GMT

Document e-signed by Naill O'Kane (niall@fermacproperties.com) Signature Date: 2024-10-04 - 2:29:23 PM GMT - Time Source: server

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Document e-signed by Paul McKillop (pmckillop@emaccountants.co.uk) Signature Date: 2024-10-04 - 2:31:12 PM GMT - Time Source: server

Agreement completed.

2024-10-04 - 2:31:12 PM GMT