Company regislration number.- N1049926 Chairty registralion number: 106120 Bright Community Association Limited Company limited by guarantee Unaudited financial statements 31 March 2024 Eamonn P. McGrady & Co. Chartered Accountants & Registered Auditors 4-6 Markel Lane Downpatrick Co Down BT30 6TH Tel: 028 4461 4340 Email.. eamonnmcgrady@yahoo.com
Bright Community Association Limited Company limited by guarantee Contents Page Directors and other information Direclors reporl Accountants report Statement of comprehensive income Statement of financial posrtion Statement of movemenl on restricled and unrestricted funds Notes to the financial statements 8-11
Brlght Community Association Limited Company limiled by guarantee Directors and other infomiation Directors Mr Joseph McLeigh Mrs Delia McLaughlin Mr Sean Blaney Mr Owen O'connor Mrs Joan Law Mr Cyril McKinney Mr Edward Sharvin Mr Sean M¢Laughlin Mrs Phyllis Laird-shatvin Mr Martin Ranaghan Mr David Laird Mrs Mary McLaughlin' Chairperson Treasurer Secrelary Delia McLaughlin Company number N1049926 Registered office 66 Ballynoe Road Downpatrick Co Down BT30 8AR Accountants Eamonn P. McGrady & Co. 4-6 Market Lane Downpalrick Co Down BT30 6TH Bankers Bank of Ireland 1 Donegall Square South Belfast BT1 5LR Danske Bank POBOX 183 Donegall Square West Belfast BT1 s Page 1
Brighl Community Association Limited Company limiled by guarantee Directors report Year ended 31 March 2024 The directors present their report and the unaudtted financial stalements of the company for the year ended 31 March 2024. Direclors The directors who served the company during the year were as follows.. Mr Joseph McLeigh Mrs Delia McLaughlin Mr Sean Blaney Mr Owen O'connor Mrs Joan Law Mr Cyril McKinney Mr Edward Sharvin Mr Sean McLaughlin Mr Martin Ranaghan Mrs Phyllis Laird-sharvin Mr David Laird Mrs Mary McLaughlin Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the board of directors on 19 December 2024 and signed on behalf of the board Mrs Mary McLaughlin Director and Treasurer Page 2
Bright Community Association Limited Company limited by guarantee Report to the board of directors on Ihe preparalion of the unaudlted statutory financial stalements of Bright Community Associalion Llmited Year ended 31 March 2024 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval Ihe financial statements of Bright Community Association Limited for the year ended 31 March 2024 which comprise the statement of comprehensive income. statement of financial posilion, statement of changes in equity and relaled notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland , we are subjecl to ils ethical and other professional requirements which are detailed at vMw.charteredaccounlants.ie. This report is made solely to the board of directors of Bright Community Associalion Limited, as a body. in accordance with the terms of our engagement letter. Our work has been undertaken solely lo prepare for your approval the financial statements of Bright Community Association Limiled and slate those matters that we have agreed lo state to the board of directors of Brighl Community Association Limiled as a body, in Ihis report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountanls.ie. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than Bright Community Association Limited arKI its board of directors as a body for our work or for this report. It is your duty lo ensure that Bright Community Association Limited has kept adequale accounting records and to prepare statutory linancial slatements thal give a true and fair view of the assets, liabililies, financial posilion and loss of Bright Community Association Limiled. You consider that Bright Community Association Limiled is exempt from the statutory audit requirement for the year. We have not been instructed lo carry out an audit or a review of the financial statements ot Brighl Community Association Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or inlormation and explanations you have given to us and we do not, Iherelore, express any opinion on the statulory financial stalements. Eamonn P. McGrady & Co. Chartered Accountants & Registered Auditors 4-6 Market Lane Downpatrick Co Down BT30 6TH 19 December 2024 Page 3
Bright Community Association Limited Company Ilmited by guarantee Statement of comprèhensive inrome Year ended 31 March 2024 2024 2023 Note Restricled Unrestricted Funds Funds Tolal Funds Total Funds Income Turnover Cost of sales Other operating income 4.174 4,174 2,550 3,053 3,053 5,700 3.053 4.174 7,227 8,250 Expenditure Direct charitable activity Cosl ol iundraising Depreciation Administrative expenses {9,899} (9,899} (10,6231 (9.899) (20,5221 {10,623} {10.623} 19,899) (6,2761 {16.175} {Deficit)ISurplus before taxation Tax on {delicitllsurplus {7.570J (5,725) (13,2951 (7,925) {Def icit)ISurplus for the financial year and lotal comprehensive income (7.570) (5.725) (13.2951 {7.925} Retained earnlngs at the start ol the year 5,185 181.262 186,447 194.372 Retained earnings at the end ol the year {2,385} 175,537 173,152 186,447 All the activities of the Company are from continuing operations. The notes on pages 8 10 11 form part of Ihese financial statements. Page 4
Bright Community Association Limited Company limitod by guarantee Statement of financial posilion 31 March 2024 2024 2023 Note Fixed assets Tangible assets 170.325 180.224 170,325 180,224 Current assets Cash at bank and in hand 4,327 6,973 4.327 Creditors: amounts talling due within one year Net current assets 6,973 {1,500) 1750} 2.827 6.223 Total assets less Current liabilities 173.152 186,447 Net assets 173.152 186,447 Capital and reserves Reserves Page 7 173,152 186,447 Members funds 173.152 186,447 For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo srnail companies. Directors responsibilities= The members have not rÈquired the company lo obtain an audit of its financial statements for the year in question in accordance with section 476-, The directors acknowledge their responsibilities for complying with the requirements of Ihe Act with respecl to accounting records and the preparation of financial statements. These financial statements havo been prepared in accordance wtth the provisions applicable lo companies subject to the small companies, regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland.. The notes on pages 8 to 11 fomi part of these financial stalements. Page 5
Bright Community Association Limited Company limited by guarantee Statement of financial position (continued) 31 March 2024 These financial statements were approved by the board of directors and authorised tor issue on 19 December 2024, and ned on behalf of the board by: Mr David Laird Chairperson Mrs Mary McLaughlin Treasurer Company registration number-. N1049926 The notes on pages 8 to 11 fom) part of these financial statements. Page 6
Bright Community Associatlon Limited Company limiled by guaranteo Statement of movement on restricted and unreslricted funds Year ended 31 March 2024 Restricted Unreslricted Funds Funds Total Funds At l April 2022 194.372 194,372 {Deficil)ISurplus for the year Total comprehensive income for the year {7,9251 {7,9251 17.925) (7,925) At 31 March 2023 and 1 April 2023 186,447 186.447 Other comprehensive income for the year: Total comprehenslve income for Ihe year (7.570) 15,725) 113,2951 15,725) 113,2951 {7.570} At 31 March 2024 (2.3851 175,537 173,152 Page 7
Bright Community Association Limited Company limited by guarantee Notes to the linancial slatements Year ended 31 March 2024 General information The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered oflice is 66 Ballynoe Road. Downpatrick. Co Down. BT30 8AR. Statemenl ol compliance These linancial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. The Triennial review 2017 amendments to the standard have been early adopted. Accounllng policies Basis ol preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and inveslment properties measured at fair value Ihrough profit or loss. The linancial statements are prepared in sterling. which is the functional currency of the entity. Changes in accounting policles There has been a change in accounting policy in respecl of the treatment of deferred credit. In accordance with FRS102, deferred credit is no longer capitalised and written off in annual instalments. Thè carrwng amount has been written off to reserves by way of a prior year adjustment. The effects of this adjustment are detailed in Note 7. Turnover Turnover is measured at the fair value of the consideration received or receivable lor goods supplied and services rendered, net ol discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to Ihe buyer (usually on despatch of the goods).. the amount of revenue can be measured reliably- it is probable that the associated economic benefils will Ilow to the entity- and the costs incurred or to be incurred in respect of the Iransactions can be measured reliably. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehenstve income. except to the exlent thal it relates to items recognised in other comprehensive income or direcily in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the currenl and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rales and laws that have been enacted or substantively enacted at Ihe reporting dale. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred lax liabilities or olher future laxable profits. Deferred tax is measured using the tax rates and laws thal have been enacted or subslanlively enacted by the reporting dale Ihal are expected to apply to the reversal of tho timing difference. Page 8
Brighl Community Association Limited Company limited by guarantee Noles to the financial stalements (continued) Year ended 31 March 2024 Tangible assets Tangible assets are initially recorded al cost. and are subsequently stated al cosi less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value al the dale of revaluation less any subsequenl accumulated depreciation and subsequent accumulaled impairment losses. An increase in the carrying amount of an asset as a resull of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of Ihe same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capilal and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of Ihal assel. the excess shall be recognised in profil or loss. Depreciation Depreciation is calculated so as to write off the cost or valualion ol an asset, less its residual value, over the useful economic life of that asset as follows.. If there is an indication thal thère has been a signrficant change in depreciation rate, useful life or residual value ol langible assets, the deprecialion is revised prospectively lo reflect the new eslimates. Impaimient A review lor indicalors of impairment is carried out at each reporting dale, with the recoverable amount being estimated where such indicators exisl. Where the carrying value exceeds the recoverable amounl, the asset is impaired accordingly. Prior impairmenls are also reviewed for possible reversal al each reporting date. When it is nol possible to estimate the recoverable amounl of an individual asset. an estimate is made ol the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generales cash inflovvs Ihal are largely independenl ol the cash inflows from other assets or groups of assets. Government granls Government granls are recognised at the fair value of the asset received or receivable. Granls are not recognised unlil Ihere is reasonable assurance that the company will comply with the condition5 attaching to them and the grants will be received. Government grants are recognised using the accrual model and the perlomiance model. Under Ihe accrual model. government grants relating to revenue are recognised on a syslematic basis over the periods in which the company recognises the related costs for which the granl is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for Ihe purpose of giving immediate financial support lo the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assels are recognised in income on a systematic basis over the expected useful lile of the assel. Where part ol a granl relaling to an asset is deferred. it is recognised as deferred income and nol deducted from the carrying amount of the asset. Under the performance model. where Ihe grant does not impose specified future performance-relaled conditions on the recipient, rt is recognised in income when the grant proceeds are reGeived or receivable. Where the grant does impose specified future perfomiance-related conditions on the recipient, it is recognised in income only when the pertormance-relaled conditions have been mel. Where grants receiveo are prior to satisty'ng the revenue recognition criteria, they are recognised as a liability. Page 9
Bright Community Association Limiled Company limited by guarantee Notès to the financial statements (contlnued) Year ended 31 March 2024 Financlal instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at ihe transaction price. unless the arrangement constitutes a financing transaction, where it is recognised al Ihe present value of the tuture payments discounted at a markel rate of interesl for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investmenls in non-convertible prelerence shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at lair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives. are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate ol interest thal is nol a market rate, in which case the asset is measured at the present value of Ihe future payments discounled at a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured al fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cosl or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence ol impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant. Ihese are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis ol similar credit risk characlerislics. Any reversals of impairment are recognised in profil or loss immediately. lo the extent that the reversal does not result in a carrying amount ol the financial asset that exceeds what Ihe carrying amount would have been had the impairmenl not previously been recognised. Limlted by guaranlee The Company is limited by guarantee and therefore does not have a share capital. Loss before taxation Loss before taxation is stated after chargingllcredrting): 2024 2023 Depreciation of tangible assels 9,899 9,899 Page10
Bright Community Associalion Limited Company limited by guarantee Notes to the financial statements (continued) Year ended 31 March 2024 Tangible assels Freehold Fixtures. propety fittings and equipfflent Total Cost At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Carrying amount At 21 March 2024 At 31 March 2023 494.925 3,566 498,491 314,701 9.899 3,566 318,267 9,899 324.600 3,566 328,166 170.325 170,325 180,224 180,224 Creditors: amounts lalling due wilhin one year 2024 Other creditors 2023 1,500 750 Restricted and unrestricted funds Restricted funds are funds which must be used for purposes specilied by the donor. Unrestricled funds includes all donations for which a donor has not expressed any prelerence as to how the funds shall be spenl and the unrestricled income accruing to the charity. These tunds are applied for any charitable purpose at the discretion of the truslees. At 31 st March 2024. Unrestricted funds amounted to £175.537 {2023 _ £181,262) and Resiricted funds amounted to (£2,385112023 £5,185). Page 11
Bright Community Association Limitèd Company limited by guarantÈe The following pages do not form part ol the statutory accounts.
Bright Community Association Limiled Company limited by guaranlee Detailed Income slatement Year ended 31 March 2024 2024 2023 Turnover Hire of hall 4,174 2,550 4.174 2,550 Gross surplus 4.174 2.550 Gross surplus percentage 100.0/. Overheads Administrative expenses Water & sewerage Insurance Light and heal Repairs and equipment purchased Hire of equipmenl Events Supplies Accountancy fees Bank charges General expenses Depreciation of tangible assets (1,0981 11,5001 (5,1231 (611} (180) {1,257) {750) (104) {1,0471 {1,325} 11 ,936) 11 ,088) (830) (63} 13 {9,8991 (16,175) {9,899) (20.522} Other operating income Grants recognised directly in income 3.053 5,700 3,053 5,700 Operaling {deficit)/surplus (13,295) 17,925} Operating {delicit)Isurplus percentage 318.5/. 310.8°/. (Deliclt)Isurplus before taxalion {13,295) {7,9251