Macauleysmyth Professional l Reliable l Approachable COMPANY REGISTRATION NUMBER N1057350 Chartered Accountants ALTNAVEIGH HOUSE TRUST (2005) LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2024 Charity Number NIC105050 •AE8TZRZL* 2510912025 COMPANIES HOUSE A26 #195 MACAULEY SMYfH Chartered Accountants 20A Upper Water Street Newry BT34 1 DJ 20A Upper Water St Newry Co. Down BT34 1 DJ T.. 028 30 833 F.. 028 30 251 746 info@macaukysmyth.com W.. www.macaubysmyth.¢om VAT R89. No 978 1543 79 Partnars.. Caroline Macauley ￿￿Or¢) FCACTA Bernie Smyth Cio AITI AtsMser(eTAI ALTNAVEIGH HOUSE TRUST (2005> LIMITED FINANCIAL STATEMENTS YEAR.ENDED 31 DECEMBER 2024 CONTENTS PAGE Twstees Annual Report Statement of Financial Activities (incorporating Ihe income and expenditure account) Balance sheet Notes to the financial statements The following pages do not form part of the financlal statements Detailed statement of financial activities 16 ALTNAVEIGH HOUSE TRUST (2005) LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 Decevnber 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Altnaveigh House Trust (2005) Limited Charity registratlOA number NtC105050 Company regislrntion number N1057350 Registered office 51 Downshire Road Newry Co. Down BT34 IEE THE TRUSTEES Thc trustecs who served the charity during the period wcrc as follows: Mr. A. G. Russell Mr. J. H. Thompson Mr. W. Hanna Mrs. M. Nummy Mr. W Glendinning Secretary William Hanna Accountants Macauley srn￿h Chartered Accounlants 20A Upper Water Street Newry BT34 IDJ STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is a company limited by guaranlee, having a board of direcloTS (trustees) who are responsible for the ¢￿ICient execution of its charitable objects. OBJECTIVES AND ACTIVITIES The charity has bcen establisl*d to construct and mainlain a community resource facility ILxated at Downshire Road, Newry. ACHIEVEMENTS AND PERFORMANCE In the period under review, the charity continued to make it's community resource facility available to a diverse range of stakeholders. including local community groups and organisations. FINANCIAL REVIEW The charity's core rental activity realised a loss of £21,072 The uncertainty surrounding the charity's slster organisation, Altnaveigh House Limited, continues to cast a shadow over the organisation's finances. ALTNAVEIGH HOUSE TRUST (2005) LIMITED TRUSTEES ANNUAL REPORT{¢+￿￿¥•dj YEAR ENDED 31 DECEMBER 2024 PLANS FOR FUTURE PERIODS The Board is pleased that the organisation conlinues to recover from the ne8ative effects of the Covid pandemic albeit that it continues to impact Altnaveigh House. Reductions in available funding have severely impacted the wider charity and C4)mmunity sector. Many organisationg have faced tighter budgets, reduced staffing. and ongoing fman¢ial pressures, which has limited thetr ability to hire external venues. These wider challenge5 have had a direct knock-on effect on Altnaveigh House, reducing the level of income nornially generated throughout 2024. We were again grateful for the financial support of the Executive Office allowing us to develop good relations opportunities with several like-minded community groups and local sch¢X)Is. A series of good relations workshops and two study trips allowed the charity to again establish itself &5 an important shared space within the Community. All necessary repairs and maintenance projects were completed although the in¢rea5es in Core costs, especially fuel and electricity, Put a burden on all but essential work. A grani of £53,338 from the Sustainable Cornmunity Buildings Fund, administered by the Community Fund in Northern Ireland, will provide valuable support to Altnaveigh House in reducing knth our operatillE costs and our environmentsl impact, The funding will enable u5 10 invest in energy efficiency rneasurcs such &$ improved insulation. modemised heating systems, and more sustainable energy solutions. These upgrades will nol only reduce our lon8-twm utility expcnditurc, but will also significantly lower our carbon footprint, ensuring the building is operated in a more environmentally responsible manner. By creating a more S￿laInable facility, we will able to safeguard resources for community use and demonstrate our commitment to ¢nvironmentsl stewardship alongside our core charitable objectives. Altnaveigh House successfully applied for fundin£ under the PeacePLUS.. Thriving Together project to support both intemal and extemal refurbishment works. The programme, operated by the Special EU Progrdmmes Body (SEUPB) and administered Ic￿llY by the Council, h&$ approved funding of up to £59,981.70, These refurbisl]ments will ensure the buildin8 is more a¢c¢ssible. user-friendly, and fit for purpose, while also creating addilional meeting spaces for local user groups. The planned improvements will str¢n8then our Capacity to deliver services within a community-bwd ethos, supporting education, skills development, employment opportunities. and the overall quality of life for the CA)mmunity we serrfe. The charity will Conlinue to seek out opportunities lo improve its position as a leader in shared community experiences and training. RESPONSIBILITIES OF THE TRUSTEES The tr￿Slee$ (who are also the directors of Altnaveigh House Trust {2005) Limited for Ihe purposes of company law) are responsible for preparin8 the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom G¢n¢rally Acc¢ptrAI ArKounling Praclice). 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 charitable company and of the incoming resources and applicalion of resources, including the incom¢ and expenditure, of the charitable company for that period. In preparin8 these financial statements, the trustees are required to: select suitable accounting p)licies and then apply them consistently; observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudenL ALTNAVEIGH HOUSE TRUST (2005> LIMITED TRUSTEES ANNUAL REPORT (eonllftu•d) YEAR ENDED 31 DECEMBER 2024 state whether applicable UK Accounting Standards have been followed, subjKI lo any material departures disclosed and cxplained in the financial stafrments. prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the charitable company will conlinue in operation. The twstees are responsible for ke£ping proper accounting records that disclose wilh rea%)nable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The tr￿SleeS are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Registered office.. 51 Downshirc Road Newry Co. Down BT34 IEE SigneAI by order of the tn￿tee$ WILLIAM HANNA Charity Secretary l O September 2025 ALTNAVEIGH HOUSE TRUST (2005) LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2024 Total Funds Total Fund5 2024 2023 Nots INCOMING RESOURCES Incoming resources from generaling funds: Activities for generdting funds Grdnt funding Rental income 10.534 4￿65 64J25 39,192 16,000 76,009 131,201 TOTAL INCOMING RESOURCES 79.424 RESOURCES EXPENDED Costs of generating funds.. Fundraising trading: cost of gcK)ds sold and other costs Charitable activities (S￿53) (4,617) (94.643) (124,774) (100,496) (129,391) (21,072) 1,810 516 TOTAL RESOURCES EXPENDED N.ET OUTGOING RESOURCES FOR THE YEAR Other 8ains/losses NET MOVEMENT IN FUNDSThET EXPENDITURE FOR THE YEAR RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD (21,072) 1,81Q 569,494 54&422 567,684 569,494 The Slatement of Financial Activities includes all 8ains and losses in the year and therefore statement of total ￿ognISed gains and losses has not been prepared. All of the abov¢ amounts relate to continuing activities. The notes on page8 7 to 14 forni part of thèse Ilnanclal 8latsments. ALTNAVEIGH HOUSE TRUST (2005) LIMITED BALANCE SHEET 31 DECEMBER 2024 2024 2023 Nol• FIXED ASSETS Tangible assets Investments 10 650,(MbO 650,000 650,(JOO 650,000 CURRENT ASSETS Stocks Debtors Cash at bank 11 12 2,(KlO 1,000 22,S14 27,224 50,738 5,575 17,415 CREDITORS: Amounts falllng due within one year 13 (66,243) (78,494) NET CURRENT LIABILITJES (4&828) (27,736) TOTAL ASSETS LESS CURRENT LIABILITIES 601.I72 622,244 CREDITORS: Amounts fallSng due after more than one year NET ASSETS 14 (52,750) 548.422 (52,750) 569,494 FUNDS UNRESTRICTED INCOME FUNDS: Unrestricted income funds Revaluation reserve 15 15 769,999 (221 J77) 769,999 (200,SOS) 569,494 TOTAL iJNRESTRICTED INCOME FUNDS 548.422 TOTAL FUNDS $48,422 569,494 For the year ended 31 De¢emlxr 2024 the company was entitled to exemption under Section 477 of the Companies Act 2006 relatin8 to sma]I companies. No members have required the company to obtain an audit of its accounts for the year ended 31 December 2024 in accordance with section 476 of the Companies Act 2006. Tl)e trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of a¢counls. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The Balance sheet continues on the following page. The note8 on pages 7 to 14 form part ol the8e finaneial statements. ALTNAVEIGH HOUSE TRUST (2005) LIMITED BALANCE SHEET(¢Mfrn¥ 31 DECEMBER 2024 These financial statements were approved by the members of the committee on tlie l O September 2025 and are signed on thetr beha by: MR. A. G. RUSSELL . J. H. THOMPSON J.R MR. W. HANNA MRS. M. NUMMY MR. W. GLENDINNING Company Registration Number: NIO57350 Th• notss on pag¢& 7 to 14 forni part of these financlal statements. ALTNAVEIGH HOUSE TRUST (2005> LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTJNG POLICIES Basis of ￿￿O￿ntIng The financial statements have been prepared under the historical cost convention. except for investments which are included at market value and the revalualion of certain fixed assets, and in accordance with applicable United Kingdom accounting standards. the Statement of Recommended Praclice 'Accounling and Reporting by Charities" issued in March 2005 (SORP 2(M)5) and the Companies Act 2006. The charity h&5 becn dependent upon the support of capital grant funders in providing finance lo construct the community resource centre. However, the amount of grant funding awarded has Ixen insuificient to meet the total costs of constructing and fitting out the centre. Hence, in the absence of the trustees ￿Ing abl¢ to source additional grant &ssistance, the TnLSt 15 now dependent uw)n the availability of bank debt and loan creditors lo be able io continue its activilies. This is exhibited by the significant net current liabilities position at the balance sheet date. The Directors hope this year to consolidate the debl of the company into one loan, which at present is being negotiat¢d. Further to the closure of the community business the direciors have taken steps to replace ihe activities of ihe community business with other activities. A number of new t¢nants have been Secured, for example: British Red Cross, South Down Family Health Initiative, Paul Coulter Fitness. The directors are seeking moff tenants for the prowty. It is also hoped that fiJndin8 may be obtained to upgrade the computer suite to allow its use by the Community and increase revenue for th¢ Charity. While considering the uncertainties describcd above, the Irustees have a T￿Onable expectation that the charity will have adequate resources to continue in operalional existence for the foreseeable future. For th¢se reasons, they continue to adopi the going conrxrn b￿]5 in preparing the annual report and accounts and these financial statements do not include any adjuslments that would result from the going conLXrn basis of preparation being inappropriate. Cash Ilow slatement The trustees have taken advantage of the exempiion in Financial Reporttng Standard No I (revised) from including a cash flow statement in the financial statements on the grounds that the charity is small. ALTNAVEIGH HOUSE TRUST (2005) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Donations and grants Income from donations and Ernnts, including capital grants, are included in incoming resources when receivable. except as follows: When donors specify that donations and grants given to the company must be used in future accouiiling periods, the inc