COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
We report to the trustees on our examination of the financial statements of COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC) (the charity) for the year ended 31 August 2023.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied ourselves that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, We report in respect of our examination of the charity’s financial statements carried out under section 65 of the Charities Act 2008 (the 2008 Act). In carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 65(9)(b) of the 2008 Act.
Independent examiner's statement
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
KEARNEY & CO
2nd Floor Donegall House 98-102 Donegall Street Belfast BT1 2GW
Dated: 24 May 2024
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Charitable activities 3 27,062 110,550 Total income 27,062 110,550 Expenditure on: Charitable activities 4 24,487 132,040 Total expenditure 24,487 132,040 Net income/(expenditure) and movement in funds 2,575 (21,490) Reconciliation of funds: Fund balances at 1 September 2022 92,143 578,343 Fund balances at 31 August 2023 94,718 556,853 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 137,612 29,659 119,596 137,612 29,659 119,596 156,527 27,161 127,888 156,527 27,161 127,888 (18,915) 2,498 (8,292) 670,486 89,645 586,635 651,571 92,143 578,343 |
Total 2022 £ 149,255 149,255 155,049 155,049 (5,794) 676,280 670,486 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
BALANCE SHEET
AS AT 31 AUGUST 2023
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current liabilities Total assets less current liabilities Net assets excluding pension liability The funds of the charity Restricted income funds 13 Unrestricted funds |
2023 £ 2,000 831 2,831 (5,449) |
£ 654,189 (2,618) 651,571 651,571 556,853 94,718 651,571 |
2022 £ 4,325 241 4,566 (8,879) |
£ 674,799 (4,313) 670,486 670,486 578,343 92,143 670,486 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 24 May 2024
STEPHEN WALLACE DAVID KENNEDY Trustee Trustee
Company registration number NI607934 (Northern Ireland)
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
Charity information
COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC) is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 15F GLENAVY ROAD, CRUMLIN, CO. ANTRIM, BT29 4LA.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's deed of trust, The Companies Act 2006 and "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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% Straight Line Fixtures and fittings 20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.6 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, 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 period of the revision and future periods where the revision affects both current and future periods.
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
3 Charitable activities
| Sale of goods Other income Analysis by fund Unrestricted funds Restricted funds |
Fees 2023 £ 12,801 - 12,801 12,801 - 12,801 |
Cafe Room Hire Misc Income 2023 2023 2023 £ £ £ 10,273 365 - - - 3,623 10,273 365 3,623 10,273 365 3,623 - - - 10,273 365 3,623 |
Grants 2023 £ - 110,550 110,550 - 110,550 110,550 |
Total 2023 £ 23,439 114,173 137,612 27,062 110,550 137,612 |
Total 2022 £ 28,536 120,719 |
|---|---|---|---|---|---|
| 149,255 | |||||
| 29,659 119,596 |
|||||
| 149,255 |
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
3 Charitable activities
(Continued)
For the year ended 31 August 2022
| Sale of goods Other income Analysis by fund Unrestricted funds Restricted funds |
Fees £ 14,499 - 14,499 14,499 - 14,499 |
Cafe Room Hire Misc Income £ £ £ 10,432 2,150 - - - 1,123 10,432 2,150 1,123 10,432 2,150 1,123 - - - 10,432 2,150 1,123 |
Summer Scheme £ 1,455 - 1,455 1,455 - 1,455 |
Grants £ - 119,596 119,596 - 119,596 119,596 |
Total 2022 £ 28,536 120,719 |
|---|---|---|---|---|---|
| 149,255 | |||||
| 29,659 119,596 |
|||||
| 149,255 |
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
4 Charitable activities
| Charitable Expenditure | Charitable Expenditure | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Staff costs | 85,190 | 72,922 |
| Depreciation and impairment | 22,532 | 18,547 |
| Insurance | 2,867 | 2,478 |
| Light and Heat | 7,099 | 5,882 |
| Telephone | 1,498 | 1,510 |
| Facilitators and tutors | 20,831 | 18,584 |
| Sundries | 1,838 | 1,883 |
| Summer Scheme Expenses | 1,331 | 3,101 |
| Donations and Sponsorship | - | 1,330 |
| Events and hospitality | 1,198 | 3,345 |
| Cafe | 4,802 | 7,890 |
| Repairs | ||
| 3,311 | 14,634 | |
| Bank fees | 510 | 423 |
| 153,007 | 152,529 | |
| Share of governance costs (see note 5) | 3,520 | 2,520 |
| 156,527 | 155,049 | |
| Analysis by fund | ||
| Unrestricted funds | 24,487 | 27,161 |
| Restricted funds | 132,040 | 127,888 |
| 156,527 | 155,049 |
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
5 Support costs
| Support costs | ||||
|---|---|---|---|---|
| Support Accountancy Analysed between Charitable activities |
costs Governance £ - - - |
costs £ 3,520 3,520 3,520 |
2023Support costs Governance costs £ £ £ 3,520 - 2,520 3,520 - 2,520 3,520 - 2,520 |
2022 £ 2,520 |
| 2,520 | ||||
| 2,520 |
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Other pension costs |
2023 Number 6 2023 £ 81,974 3,216 85,190 |
2022 Number 9 |
|---|---|---|
| 2022 £ 69,458 3,464 |
||
| 72,922 |
There were no employees whose annual remuneration was more than £60,000.
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Tangible fixed assets
| Freehold land and buildings Fixtures and fittings £ £ Cost At 1 September 2022 790,775 26,868 Additions - 1,923 At 31 August 2023 790,775 28,791 Depreciation and impairment At 1 September 2022 136,399 6,446 Depreciation charged in the year 15,815 6,717 At 31 August 2023 152,214 13,163 Carrying amount At 31 August 2023 638,561 15,628 At 31 August 2022 654,376 20,423 |
Total £ 817,643 1,923 |
|---|---|
| 819,566 | |
| 142,845 22,532 |
|
| 165,377 | |
| 654,189 | |
| 674,799 |
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
| 10 Debtors Amounts falling due within one year: Other debtors 11 Creditors: amounts falling due within one year Other creditors Accruals and deferred income 12 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
2023 £ 2,000 2023 £ 408 5,041 5,449 2023 £ 3,216 |
2022 £ 4,325 |
|---|---|---|
| 2022 £ 5,316 3,563 |
||
| 8,879 | ||
| 2022 £ 3,464 |
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
13 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 | Incoming | Resources | At | 31 August | |
|---|---|---|---|---|---|
| September | resources | expended | 2023 | ||
| 2022 | |||||
| £ | £ | £ | £ | ||
| 578,343 | 110,550 | (132,040) | 556,853 | ||
| Previous year: | At 1 | Incoming | Resources | At | 31 August |
| September | resources | expended | 2022 | ||
| 2021 | |||||
| £ | £ | £ | £ | ||
| 586,635 | 119,596 | (127,888) | 578,343 |
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COISTE GHAELOIDEACHAS CHROMGHLINNE (CGC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 | Incoming | Resources | At 31 August | ||||
|---|---|---|---|---|---|---|---|
| September | resources | expended | 2023 | ||||
| 2022 | |||||||
| £ | £ | £ | £ | ||||
| General funds | 92,143 | 27,062 | (24,487) | 94,718 | |||
| Previous year: | At 1 | Incoming | Resources | At 31 August | |||
| September | resources | expended | 2022 | ||||
| 2021 | |||||||
| £ | £ | £ | £ | ||||
| General funds | 89,645 | 29,659 | (27,161) | 92,143 | |||
| Analysis of net assets between funds | |||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total |
||
| funds | funds | funds | funds | ||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||
| £ | £ | £ | £ | £ | £ | ||
| Fund balances at 31 | |||||||
| August 2023 are | |||||||
| represented by: | |||||||
| Tangible assets | 654,189 | - | 654,189 | 104,346 | 570,453 | 674,799 | |
| Current assets/(liabilities) | (2,618) | - | (2,618) | (4,313) | - | (4,313) | |
| 651,571 | - | 651,571 | 100,033 | 570,453 | 670,486 |
15 Analysis of net assets between funds
16 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
17 Taxation
Coiste Ghaeloideachas Chromghlinne (CGC) has been granted Charitable status by the Inland Revenue.
Charity number: NIC 105703
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