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