Macauleysmyt Professional l Reliable l Approachable MPANY REGISTRATION NUMBER N1057350 Chartered Accountants ALTNAVEIGH HOUSE TRUST (2005) LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2023 Charity Number NIC105050 MACAULEY SMYTH nhartered Accountants 20A Upper Water Strt Newry BT34 1 DJ 20A Upper Water Sl Newry Co. Do BT34 1DJ T.. IY28 30 11 F.. 028 30 251 746 '. info@M*MYth.ccffi VAT FbJ. No 978 1x3 79 c1 Mxauw FGAA Bem Srnyth FC4MrnCTA A1, <CTA)
ALTNAVEIGH HOUSE TRUST (2005) LIMITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Trustees Annual Report Statement of Financial Activities (incorporating the income and expenditure account) Balance sheet Notes to the financial statements The following pages do not form part of the financial ststements Detailed statement of financial activities 16
ALTNAVEIGH HOUSE TRUST (2005) LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 DeCeMr 2023. REFERENCE AND ADMINisfRATIVE DETAILS R15 dj charity name Altnaveigh House Trust (2005) Limited Charity roistration numb NIC105050 CompaDy rltratIOn numb N1057i50 Rlsterd1 office 51 Down5hire Road Newry Co. Down BT34 1 EE THE TRusfEES The trusiees who served the charity during the period were as follows: Mr. A. G. Russell Mr. J. H. Thompson Mr. W. Hanna Mrs. M. Nummy Mr. W Glendinning rdgry William Hanna Accountants Macaulev Smyth Chartered Accountants 20A Upper Waier Street Newry BT34 1 DJ RUCTURE,GOVERNAIYCE AND MANAGEMENT The charitv is a company limited bv guarantee. having a board of directors (trustees) who are responsible for the etTicieni execution of its charitable objects. OKIECTIVESAND ACTIVITIES The charit). has been esiablished to construct and maintain a community resource facility located al Downshi Road, Newry. ACHIEVEMENTSAND PERFORMANCE In the period under review. the charity. continued io make it's COTnmunity resource facility available to a diverse range of stakeholders. including local community groups and organisations. FINANCIAL REVIEW The charily's core rental activity realised a profit of £1,810. The uncertainty SUOnd]ng the charity's Sister organisation. Altnaveigh House Limited, continues to cast a shadow over the organisalion's finances.
ALTNAVEIGH HOUSE TRUST (2005) LIMITED TRUSTEES ANNUAL REPORT (continuéd) YEAR ENDED 31 DECEMBER 2023 PLANS FOR FUTURE PERIODS The Board is pleased that the organisaiion continues to recover from the negative effects of the Covid pandemic. However, it is unfortunaie ihat a number of comrnunily groups have not returned to make use of the facilities. We iyere again grateful for the financial support of the Execuiive Office allowing us 10 develop g(M)d relations opponunities wilh several like-minded community groups and local schools. series of go(K1 relalions workshops and two Studv trips allowed the charity to again establish ilself as an imw)rtant shared space within the community. All necessary repairs and maintenance projecis ivere compleied alihough the increases in core costs, especially fuel and electricity., put a burden on all but essential work. A grant of £IO.000 from the Council allowed the charit! to completely refurbish the kitchen in the Front House and it is hoped to Continue ihis work Ihrouahout the building in the future as finance becomes available. The charity will continue to seek oui opportunities 10 improve ils position as a leader in shared community experiences and iraining. RESPONSIBILITIESOFTHE TRuEEs The irustees (who are also the directors of Alinaveigh House T$1 {?005) Limited for the purposes of company laiv) are responsible for preparints the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounlints PrdCtice)- Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the chariiable company and of the incoming resources and application of resources. including the income and expendiiure, of the charitsble company for that period. In preparing these financial siatements, the trustees are required to: select suitable accounting lIcI¢S and then apply them con5lStently; observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudeni. state whether applicable UK Accounting Standards have been followed. subject to any material departures discloscd and explained in the financial sthtements; prepare the financial staiemenis on ihe goin2 concern basis unless it is inappropriate to presume thai the chariiable company will continue in operation. The trustees are responsible for keeping proper accounting records thai disc105e with reasonable accuracv at any time the financial posilion of the charitable company and enable them to ensure that th¢ financial statements complN' wilh the Companies Act ?006. The trustees are also responsible for safeguardino the assets of the charitable company and hence for taking reasonable steps for the prevention and deteciion of fraud and other irregularities.
ALTNAVEIGH HOUSE TRUST (2005) LIMITED TRUSTEES ANNUAL REPORT(continued) YEAR ENDED 31 DECEMBER 2023 Regisiered office: 51 Downshire Road Newry Co. Down BT34 IEE Signed by order of the trnstees WILLIAM HANNA Charity Secrelary 23 September 2024
ALTNAVEIGH HOUSE TRUST (2005) LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2023 Total Funds Total Funds 2022 INCOMING REURcEs Incoming resources from generating fun(ts: Activitie5 for generatino funds Grant funding Renial income 39,192 16,(MN 76,IXV) 35,318 15,605 76,136 TOT AL INCOMING REURcEs 131,201 127,059 REuRCE5EXPENDED Costs of generating fund5: Fundraising trading= cost of goods sold and other costs Chariiable activities {4617) {1¥774) (129,391) 1,810 (3,213) (98,(K17) (101,220) 516 TOT AL RES)URCES EXPENDED NET OUTGOING RE)uRCEs FOR THE YEAR Other gains;'losses NET MOVEMENT IN FUNDgNET EXPENDITURE FOR THE YEAR RECONCILIATION OF FUNDS Total funds brouuhi forward TOT AL FUNDSCARRIED FORWARD 1,810 567,684 541,845 569,494 567,684 The Statement of Financial Activities includes all gains and losses in the year and therefore a siatemeni of tothl recognised gains and losses has not been prepared. All of the above amounis relate to continuing activities. The notes on pages 7 to 14 fomi part of th9$0 financial statemonts.
ALTNAVEIGH HOUSE TRUST (2005) LIMITED BALANCE SHEET 31 DECEMBER 2023 2023 2022 Notè FIXED ASSETS Tangible assets Investmenis 10 650,fKM) 650,000 65QIMM) 650,000 CURRENT ASSETS Stocks Debiors Cash at bank 11 12 1,000 12,343 45.137 5Q738 CREDITOR& Amountsfalling duewithin one year 13 (78,494) (88,(M6) NET CURRENT LIABILITIES (27,756) {29,566} TOTAL ASSETS LESSCURRENT LIABILITIES 621241 6W CREDITOR&" Amountsfalling due21ter more than oneyear 14 (51750) 569,494 (5?.750) 567,684 NET ATs FUNDS UNREsfRICTED INCOME FUND& Unrestricted income funds Revaluation reserve 15 15 769,999 (2505) 769,999 (201315 ) 567,684 TOT AL UNRERICTED INCOME FUNDS TOT AL FUNDS 569,494 569,494 567,684 For the year ended 31 December ?0?3 ihe company was entitled to eXeMlOn under Section 477 of the Companies Aci 2006 relating to small companies. No members have required the company to obt3in an audit of its accounts for the year ended 31 December 202) in accordance th'ith seclion 476 of ihe Companies Act ?006. The trusttts acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the prepardtion of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies retsime. The Balance sheet continues on the following page. The notes on pagès 7 to 14 fomi part of these financial statsments.
ALTNAVEIGH HOUSE TRUST (2005) LIMITED BALANCE SHEET (contiftued) 31 DECEMBER 2023 These financial statements were approved by the and are sii,ned on their behal bers of the committee on the 23 September 2024 MR. A. G. RUSSELL MR. J. H. THOMPSON MR. W. HANNA MRS. M. NUMMY MR. W. GLENDINNING Companj Registralion Number: N1057)50 The notes on pages 7 to 14 fomi part of these financial statemonts.
ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of aeeounting The financial slalements have been prepared under the historical cost convention. except for investmenls which are included at market value and the revaluation of certain fixed assets, and in accordance with applicable Uniled Kingdom accounting stsndards. the Statement of Recommended Praciice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Companies Act ?006. The cliarilv h&s been dependent upon the sUPPOrt of capital grdnt funders in providing finance to conslrucl ihe communilJ' resource centre. However. the amount of grant funding awarded has been InsU1Clent to meet the tolal costs of construciing and filling out the centre. Hence, in the absence of the trustees being able lo source additional grant assistance. the Trust is now dependent upon the availabiliiy of bank debi and loan creditors to be able to continue its activilies. This is exhibited bj. the significani net cuent liabililies position at the balance sheet date. The Directors hope ihis year to consolidate the debt of the company into one loan, which at present is being neuotiaied. Further to the closure of the community business the directors have taken steps to replace the activities of the community business with oiher activiiies. A number of new tenants have been secured, for example: British Red Cross. South Down Family Health Initiative. Paul Coulter Filness. The directors are seeking more lenants for the propety. It is also hoped that funding may be Iyrade the computer suite to allow its use by the communiry and increase revenue obtained to UP¥ for the charity. While considering the uncertainties described above, the trustees have a reasonable expectation thal ihe charity will have adequate resources to continue in operdtional existence for ihe foreseeable fuiure. For these reasons. they continue to adopl the going concern basis in preparing the annual report and accounts and these financial statements do nol include any adjustments that would result from the going concern basis of preparation being inappropriate. Cash floiv statement The tNsiees have taken advantage of the exemption in Financial Reporting Standard No I (revised) from including a cash flow statement in ihe financial statements on the grounds that the charity is small.
ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTIIYG POLICIES IconliR*edJ Donations and grnnts Income from donations and grdnts, including capital grants. are included in incoming resources when receivable. except as folloths: When donors specify that donations and grants given to the company must be used in future accounting periods. the income is deferred until those periods. When donors impose conditions which have to be fulfilled before the charity becomes entitled to us such income. the income is deferred and not included in incoming resources until the preconditions for use have been mel. When donors specifv ihat donations and tsrdnts. including capital grants. are for particular purposes. which do not amouni io precondiiions regarding entitlemeni, this income is included in incoming resources of restricied funds ivhen receivable. The value of services provided by volunteers has not been included. Capit21 grants Capital grants are nol recoonised through the statement of financial activities. rather being initiall). reco(Jnised as liabilities until the conditions of such grant funding have expired. Capital granis received are released to the statement of financial activities in the rIOd over which the related capilalised assets are depreciated. Commitments and use of designaled fund5 Designated funds are unrestricted funds eamarked by the trustees for particular purposes. Resources expended Resources expended are included in the siatement of Financial Activities on an accruals basis, inclusive or any V AT which cannot be recovered. Certain expendiiure is directly attribuiable to specific activilies and has been included in those cost categorie5. Certain other costs. which are attribulable to more than one activity, are apportioned across c05t categories on the basis of an esiimate of the proportiOT] of time spent by staff on those aciivities. Fixed a55ets All fixed asseis are initially recorded al Cost. Asseis under the course of construction are not depreciated unlil ihey are completed and brought into economic use, al which point they are 1rnnsfeed to the appropriate fixed asset heading.
ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTIIYG POLICI ES fcwiiR*edJ Depreciation Depreciation is calculated so as io write off ihe cost of an asset, less its estimated residual value, over the useful economic life of that assei as follows: Equipmeni - over 10 years Fixtures and fillings - over 10 years Investment properties An investment prorty is an interest in land andlor buildings where the construction work and development have been completed and ihe interest is held for its investmenl Potential, with any renial income being negotiated ai arnis lenoth. Investment properties are held for the long tern) with ihe overall intention of recognising income and capital growth for the charity. Investment properties are included in the balance sheet at iheir open market value. Deprecialion is noi charged on Investment properties as it is the current value of such properties and changes lo those values thai are ihe key measures of perfonnance. This treatment may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However. Ihose properties are noi held for consumption but for investment and the directors consider thal 5y51emaTic annual depreciation would b¢ inappropriate. The accounting policy is, therefore. necessary for ihe accounts to give a true and fair view. The community resource centre has been recognised in the financial statements &s an investment properly. Stocks Stocks are valued ai the lower of cosi and net realisable value, after making due allowance for obsolete and slow moving items. Fund accounting Funds held by the charity are either- Unrestricted general funds - these are funds which can be used in accordance with ihe charitable objects at ihe discretion of the direclors. Designated funds - these are funds set aside by the directotS Out of unrestricted funds for specific future purposes or projecls. Restricted funds - these are funds that can only be used for particular purposes wiihin the objects of the charity. Restrictions arise when specified bJ' the donor or when fun(Ls are raised for particular restricted pury)oses.
ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 INCOMING RESOURCES FROM ACTIVITIES FOR GENERATING FUNDS Unrestricted Total Funds Total Funds Funds 2023 2022 Fundraising income Grant Project funding 16.OIMb 39,192 16,IMIO 39,192 15.605 35J18 RENTAL INCOME Unrestricted Total Funds Total Funds Funds 2023 2022 Income t.rom UK investmenf properties 76.009 76,009 76,136 FUNDRAISIIYG TRADING: COST OF GOODS SOLD AND OTHER COSTS Unrestricted Total Funds Total Funds Funds 2023 2022 Fundraising costs 4,617 4,617 3,213 COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Tolal Funds Total Funds Funds 2023 2022 Community resource facilities 124,774 124,774 98,007 COSTS OF CHARITABLE ACTIVITIES BY AcfiviTY TYPE Community resource Total Funds Total Funds facilities 2023 2022 Communily resource facilities 124,774 124,774 98,007 NET OUTGOING RESOURCES FOR THE YEAR This is slated afier charging- 2023 2022 Depreciation STAFF COSTS AND EMOLUMENTS There were no salaries paid io employees, during the year. 10-
ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Fixtures & Fittings Equipment Total COST At l .lanuarv 2023 Additions 2,068 60,902 62,970 A131 December 2023 2,068 60,902 62,970 DEPRECIATION At l janua ?0?" Charge for the year At 31 De¢ember 2023 2,068 60,902 62,875 60,902 62,875 NET BOOK VALUE At 31 December 2023 At 31 tkcember 2022 10. INVESTMENTS Moi'ement in market value 2023 2022 Market value ai l January ?0?" Net gains on revaluatiOT15 in the year ended 31 December 2023 Market value at i l December 202) 650,000 650,000 650,0( 650,000 Historical cost ai 31 December ?023 958,607 958,607 Analysis of investments at 31 December 2023 between funds Total Funds Total Funds 2023 ?022 Other inve5tment5 UK Investment Property 650,000 650,000 The charity's community resource centre is held in designated funds. The market value of invesiment property/community resource centre owned by the Trust was assessed by Mr lan Hall, Bsc (Hons) MRICS. of Hanna Hillen Estates on 16th June 2011. Hanna Hillen Estates is a business in which Mr David Hanna, a related party of the Trust, 15 involved. 11
ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 11. STOCKS 2023 2022 Stock 1,0 1,000 12. DEBTORS 2023 2022 Trade debiors Other debtors 21,275 1,239 11,104 1,239 22,514 12J43 13. CREDITORS: Amounts falling due within one year 2023 2022 Bank loans and overdrafis Oiher creditors Accruals 50,804 25,500 2,190 61.226 25,500 lJ20 78,494 88,046 14. CREDITORS: Amounts falling due after more than one year 2023 2022 Bank loans and overdrafts Other long lem loans 52,750 52.750 52,750 52,750 15. UNRESTRICTED INCOME FUNDS Balance at Oulgoing 31 December resource5 2023 Balance at January 2023 Incoming resources Designated Fund - Communiis, Resource Bui Idin(p Fund Designaled Fund - Communi1 Resource Building Capiial Granls (202J15) 131201 {129J91) (200,505) 769,999 769,999 567,684 131201 (129,391) 569,494 -12-
ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 15. UNRESTRICTED INCOME FUNDS (Cl11a0 The truslees have reflected the sOurceS arising from and applied to the Community Resource Building as a designated fund. The trustees have considered the accounting treatments for the capilal grants in light of the letters of offer received from the grant donors and, accordinoly. have treated capital grants as being unreslricled. aiven thal the community resource building is complete, but are to be accounted for as desiunaled funds. The irustees are unaware of any "continuing use" condition attached to any grant offers hICh would render such a orant as a restricted capital endowment fund. For ihe purposes of clarity. a separate designated fund has been established for the capital grants received. As the communiiy resource facilit>, is treated as an investment Property the designated fund is noi amortised as no depreciation is charged on the building. Included within the capital grdnts designaled fund are grdnts receivable as follows: Grant Grant Total Received Receivable R¢cogni5ed RDC Building Sustainable Prosperity Programme 217,512 nil 217,512 RDCIIFI Rural Development Programme 2)7.694 19.793 257,487 Newry and Moume District Council ?00.000 21K),(K)O OtTice of the First Minister and Depuiy First Minisier 65.000 65.000 Alinaveigh LOL No. 37 nil 30,000 TOTAL 750,206 19,793 769,999 Grants receivable have been secured by a number of the funding ix)dies by way of all monies legal charoes and all monies debenture on lands and premises at Downshire Road, Newry. Included within designated funds is a negaiive investmeni revaluation reserve of £308,607 (2022 £308.607). The charity has applied the alternaiive accounting rules in accounting for its community resource centre as an investment propety. Consequently, revaluation gains and temporary deficiis are reflected through the investmeni revalualion reserve. The significant change in the market value of the community resource centre has resulied in the investment revaluation reserve reflecting a netsaiive balance. However. the tSteeS consider that. due to the limited activity in the property market and lack of finance. the fall in value is not pennanent. 13-
ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Net curreni Long ierni rixed assets liabilities labilities Total Unrestricted Income Funds 650,000 (27,756) (27,756) (52,750) (52.750) 569,494 Total Funds 650.000 569,494 17. CONTINGENCIES The Communit), Resource Building fund is in receipt of capital grants from various public and other organisations. Certain grdnt providers have included claw-back provisions within the tern)s of funding H'hich could result in at least a proportion of the grant monies being repayable io the funder if. for example. Ihe building was io be sold within a specified period of time from the date of original grdnt. 18. RELATED PARTY TRANSACTIONS During prior periods members of the charity's key management loaned the charity funds. At the balance sheet dale ihe charity om'ed those persons £25,OIK) (2022 - £25,000). 19. COMPANY LIMITED BY GUARANTEE The company does noi have a share capithl, rdther being limited by guarantee. 14-