Markethill District Enterprises Ltd Statement of Financial Activities Year Ended 315t August 2023 Total 2023 Total 2022 Income Rent and Hire income Grants Other Income 30,278 8,675 436 33,373 6,720 39,389 40,105 Expenditure Cost of Fundraising Cost of Educational Activities Cost of Charitable Activities Governance Costs 6,022 30,555 5,608 21,189 Total payments 36,577 26,795 Net incomellexpenditurel Transfers lollfrom) funds Surplusl(deficit) for the year 2,812 13,310 Page 6
Markethlll District Enterprises Ltd Statement of Financial Position st Year Ended 31 August 2023 2023 2022 Note Fixed assets Tangible assets 15,857 11,593 Current assets Debtors Cash al bank and in hand 2,942 94,789 170 99,879 Total current assets 97,731 100,049 Creditors: amounts falling due within one year (2,438) {3,0741 Net current assets 95,293 96,975 Total assets less Current liabilities 111,150 108,568 Creditors Amounts falling due after more than one year 230 460 Net assets 110,920 108,108 Charlty Fund5 Income and expenditure account 110,920 108,108 Total charlty funds 110,920 108,108 The directors are satisfied that the company is enlilled to exemption from audit under section 477 of the Companies Act 2006 and that member5 have not required an audit in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of Companies Act 2006 with respect to accounting records and preparation of financial stalemenls. The financial statements have been prepared in accordance with the special provision in Part 15 of the Companies Act 2006 to companies subject lo the small companies regime. The financial statements were approved and authorised for issue by the Board on 151h April 2024. Signed on behalf of the board of trustees. Alison Strong The notes on pages 8 to 11 form part of these financial statements. Company registration number.. NIC107116 Page 7
Markethill District Enterprises Ltd Notes to the Financial Statements st Year Ended 31 August 2023 Summary of significant accounting policies (a} General information and basis of preparation Markethill District Enterprises Ltd is a company limited by guarantee in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information of these financial slalements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16th July 2014 las updated through Update Bulletin 1 published on 2nd February 20161, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2008, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applie5 from 151 January 2015. The charity has applied Update Bulletin 1 as published on 2nd February 2016 and does not include a cash flow slalemenl on the grounds that il is applying FRS 102 Section 1A. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otherwise stated. Ib) I ncome re¢ognition Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the ilem{sl of income have been met, it is probable that the income will be received, and the amount can be measured reliably. {cl Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. {d) Support costs allocatlon Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and premises costs. They are incurred directly in support of expenditure on the objects of the charity. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. The analysis of these costs is included in note 2. Page 8
Markethill Distrlct Enterprises Ltd Notes to the Financlal Statements st Year Ended 31 August 2023 (el Debtors and Creditors receivable I payable withi n one year Debtors and creditors with no staled interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. If) Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Igl Golng concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. The budgeted income and expenditure is sufficient with the level of reseNes for the charity to be able to continue as a going concern. (h} Judgements and key sources of estimatlon uncertainty The trustees do not feel there any material judgements or key sources of estimation uncertainly in these accounts. Analysis of cost of fundraising Expenses Support costs Total Cost of Fundraising Analysis of expenditure on charitable activities Activities undertaken directly Support cost5 Total Gardening Club Christmas General expenses 4,603 1,195 4,603 1,195 224 224 5,798 224 6,022 Page 9
Markethill District Enterprises Ltd Notes to the Financial Statements Year Ended 315t August 2023 Trustees. and key management personnel remuneratlon and expenses The trustees neither received nor waived any remuneration during the year {2022'. £Nil}. The trustees did not have any expenses reimbursed during the year12022 - £Nill. Fund reconciliation Balance at Balance al 31, August 2023 Income Expenditure September 2022 Unreslricled Restricted 108,108 30,714 8,675 27,902 8,675 110,920 108,108 39,389 36,577 110,920 Page 10
Markethill District Enterprises Ltd Notes to the Financial Statements st Year Ended 31 August 2023 2023 2022 Income Rent Receivable Restaurant Hire Creche Hire Other income 17,278 6,500 6,500 436 20,373 6,500 6,500 12 Other income Grants received Government grants 30,714 33,385 8,675 6,720 8,675 6,720 Expenses Donations Wages Rates and water Insurance Light and heat Repairs to property Printing, post and stationery Computer costs Sundry expenses Accountancy Depreciation of tangible fixed assets Fixture and fittings 39,389 40,105 140} 15,485) (330) {3,202} {6,517} (11,167) {3941 {3501 (6,022) (970) (100) (6,070) 13081 (3,281) (3,245) (4,986) {446) (931) 15,606) 1890} 902 136,4451 {26,765) 944 Finance Costs 13,340 Bank charges 132 30 NET SURPLUS 2,812 13,310 Page11