Charily rngistration number NIC107181 Company registration number N1645803 (Northern Ireland) MARROWBONE COMMUNITY ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 •ADZ8PIMX' 2710312025 COMPANIES HOUSE A06
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MARROWBONE COMMUNITY ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Directors David Adams Denise Bums Philip McTaggart Rory O'connor Ruairi Og O'connor Sinead Markey Paul Mccann Bridget Corr (Appointed 5 February 2024) (Appointed 24 October 2024) (Appointed 24 October 2024) (Appointed 24 October 2024) Charity number NIC107181 Company number N1645803 Registered office 11113 Gracehill Court Belfast BT14 7RG Independent examiner Fountain Accounting Ltd 2nd Floor Donegall House 98-102 Donegall Street Belfast BT12GW
MARROWBONE COMMUNITY ASSOCIATION CONTENTS Pag¢ Dir8Ctorfs report Independent examinels report Statement of financial activities Balance sheet Notes lo the financial statements 6-14
MARROWBONE COMMUNITY ASSOCIATION DIRECTOR'S REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MAY 2024 The directors present their annual report and financial ststements for the year ended 31 May 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (as amended for accounting periods Commencing from 1 January 2016) Objectives and activities The organisations objects are to- To promote the benefit of the inhabitants of the Marrowbone area and its environs without dlstinction of age. gender fa, polilical. religious or other opinion. by association with statLJlory authorities, voluntary organisalions and inhabitants in a common effort to advance education and lo provide facilities in the interests of social welfare, for health, recreation and leisure time occupation, with the object of improving the conditions of life for the said Inhabitants. To promote Cothoperation beeen local community groups with the object of improving the conditions of life for the inhabitants in the area of benefit. To promote and co-ordinate community development, by enhancing the local social infrastructure through support, training and resource provision. The charity trust8es have complied wlth their duty to have due regarcl to the commission's publlc benefit guidance when exercising any powers or duties to which the guidance is relevant. The directors have paid due r8gard to guidance Issued by the Charity Commisslon in deciding what activltles the charity should undertake. Achlevements and performance Review of the year The company was incorporated on 16th May 2017, N1645803. Phase Two of the refurbishment of the hall has been completed and as of May 2022. Teach Eills is fully operational. A wide range of community organisats'ons avail of Teach Ellis on a weekly basis. It is home lo Sacred Heart Boxing Club and also hosts a youth club, men and women groups, a community garden. crèche, welfare rights. education and employment, counselling and cultural diversity services. Various programmes throughout the year were organlsed by the Manager and Senior Youth Worker to further our objectives and continue to promote the activities of Marrowbone Community Association. These activities continue to have a tangible positive effect on our community. The directors have assessed the major risks to which th8 charity is exposed, and are satisfied that syslems are in place to mitigate exposure to the major risks.
MARROWBONE COMMUNITY ASSOCIATION DIRECTOR'S REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Structure, governance and management The charity is a company limited by guarantee. The directors who served during the year and up to the date of signature of the financial statements were: David Adams Denise Burns John Mallon Philip McTaggart Daniel Cahoon Rory O'connor Ruairi Og O'connor Sinead Markey Paul Mccann Bridget Corr (Resigned 6 February 2024) (Resigned 6 Febwary 2024) (Appointed 5 February 2024) (Appointed 24 October 2024) {Appointed 24 October 2024) {Appointed 24 October 2024) None of the directors has any beneficial interest in the company. All of the directors are members of the cornpany and guarantee to contribute £1 in the event of a winding up. The director's report was approved by the Board of Directors. Rualrl Og O'connor Director Dated: 28 February 2025
MARROWBONE COMMUNITY ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF MARROWBONE COMMUNITY ASSOCIATION I report to the directors on my examination of the financial statements of Marrowbone Community Association (the charity) for the year ended 31 May 2024. Responsibilities and basis of report As the directors of the charity {and also ils 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 Adl. Having satisfied myself 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, I report in respect of my examination of the charity's financial statements carried out under section 65 of the Charities Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 65(91(b) of the Charitie4 Act. Independent examiner's staternenl I have completed my examination. I confirm that no matters have come lo my attention in connection wlth the examination giving me Cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records: or the financial statements do not comply with Ihe accounting requirernents of section 396 of the 2006 Act oth8r than any requirement that the accounts give a true and fair view which is not a matter considered as part of an ndependent examinalion; or 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). I have no concems 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 Ihe financial statements to be reached. Fountaln A¢¢ounling Ltd 2nd Floor Donegall House 98-102 Donegall Street Belfasl 8T12GW Dated: 28 February 2025
MARROWBONE COMMUNITY ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY 2024 Unrestrlcted Reslricted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Note$ Income from: Grants and Donations Charitable activitles 165,403 7,908 165,403 35,252 600 36,173 154.022 7.906 154,622 44,079 27,346 Tolal Incoma 27.346 173,309 200,655 36,773 161,928 198.701 Expendlture on: Charitable activities 19,891 173,166 193,057 35,699 162,270 197,969 Total expendlture 19,891 173,166 193,057 35,699 162,270 197,969 Net income and movement In funds 7,455 143 7,598 1,074 {3421 732 Recon¢iliation of funds: Fund balances al 1 June 2023 2.459 131,205 133,664 1,385 131,547 132,932 Fund balances at 31 May 2024 9.914 131,348 141,262 2,459 131,205 133,664 The statement of financial activities includes all gains and losses recognised In the year. All incom8 and expenditure deriv8 from continuing activities.
MARROWBONE COMMUNITY ASSOCIATION BALANCE SHEET AS AT31 MAY2024 2024 2023 Notes Flxed asset8 Tangible assets Current assets Cash at bank and in hand 11 446.788 459.273 49,206 33,260 Creditors: amounts falling due within one year 12 {6,877) {3,108) Net current assets 42,329 30,152 Total a88ets less current IlabSlltles 489,117 489,425 Deferred income 13 {347,855) (355,761) Income funds General reslrlcled funds Revaluation reseNe 21,348 110,000 21,205 110,000 14 131,348 9,914 131,205 2,459 Unrestricted funds 141,262 133,664 The company is entitled to the exemption from the audit requirement contained in section 477 of Ihe Companies Act 2006, for the year ended 31 May 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Acl 2006 with respect lo accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of ils financial statements for Ihe year in questlon in accordance with section 476. These financial slatemenls have been prepared in accordance wlth the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Directors on 28 February 2025 Ruairi Og O'connor Director Company Registration No. N1645803
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies Charity Informatlon Marrowbone Community Association is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 11113 Gracehill Court, Belfast, BT14 7RG. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and °Accounling and Reporting by Charities: Staternent of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 20161. The charily is a Public Benefit Entiiy as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charitl8s applying FRS 102 Update Bulletin 1 nol 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 fin8nclal statements are rounded to the nearest £. The financial statements have been prepared under the historieAI cosl convention. [modified to include the revaluation of freehold properties and to include inveslment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are Set out below. 1.2 Going concern At the time of approving the financial statements, the directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the dlrectors continue to adopl the going concem basis of accounting in preparing the financial statements, 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the directors 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 lo specific conditions by donors Ihal Ihe capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any p8rformance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donatiorss 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 lax 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 othenKise if the charity has been notified of an impending distribulion, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Accounting pollcles (Conlinued) 1.5 Expenditure Expenditure is r8cognised once Ih8r8 is a legal or constructive oblSgatlon to transfer economic beneflt to third party, il is probable Ihat a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expendllure is classified by 8Ctivily. The costs of each activity are mad8 up of the tot81 of direct costs and shared costs, including support costs Involved In undertaking each acts'vity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attribulable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff cnsts arR 8llocated on th8 ba8iG ol tlmo Spent, and depreciatlon charges are allocated on the portion of Ihe asset's use. Professional fees 1.6 Tangible fixed assets Tangible fixed assets are initially measured at Cost and subsequenlly measured at cost or valuation, net of d8pr8ciation and any Smpairment losses. 250A straight line Depreciation is recognised so as to write off the cost or valuation of assets over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Flxture5 and fittings Computers 2010 Straight line 250/0 Straight lin8 25°/0 Straight line 250A straight line The gain or loss arising on the disposal of an asset is determined as Ihe difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of flxed assets At each reporting end date, the charity reviews the Carrying amounts of its tangible and intangible 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 eslimaled in order to delemiine the extent of the impairment loss (if any). 1.8 Cash and Cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term Ilquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basi¢ financial assels Basic financial assels, which include debtors and cash and bank balances, are initially measured at Iransaction price including transaction costs and are subsequently carried 8t amortised cost using the effeclive interest method unless the arrangement constitutes a finan¢lng transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable wilhin one year are not amortised.
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 A¢counling policies (Continued) Basic financial Ilabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financlng transaction, where the debt instrument Is measured at the present value of the future payments discounted at a market rate of inlerest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently Carrled at amortised cost, using the effecllve interest rate method. Trade creditors are obligations to pay for goods or services that have been a¢quir8d in the ordinary Course of operations from suppliers. Amounts payable are classified as curr8nt liabilities if payment is due Wlthin nne year or less. If not, they are presented as non-current liabilities. Traée creditors are recognSsed inltlally al transaction price and subsequently m8asured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the charily's contractual obligations expire or are discharged or cancelled. 1.9 Employee beneflt8 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 lo terminate the employrnent of an employee or to provide tem)inalion benefits. Crltlcal accountlng astlmates and ludgement8 In the application of the charity's accounting policies, the directors are required to make judgements. eslimales and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experien and other factors that are considered lo be relevant. Actual resulls may differ from these estimates. The estimales and underlying assumptions are revlewed on an ongolng basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only thal period. or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unreslri¢ted Restricted funds funds Total Total 2024 2024 2024 2023 Donations and gifts Grants receivable 13,400 152,003 13,400 152,003 600 154,022 165.403 165,403 154,622 For the year ended 31 May 2023 600 154,022 154,622
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 Donations and legacies (Continued) Income from charitable activities 2024 2023 Rent and room hire Less.. deferred income 27,346 7,906 36,173 7,906 35,252 44,079 Analysls by fund Unreslricled funds Restricted funds 27,346 7,906 36.173 7,906 35,252 44,079
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Charftable activities Restricted Unrestricted Fund Fund Expendlture Expenditure Total 2024 Total 2023 2024 2024 Slaff costs Depreciation and impairment Heat & Light Telephone & Intem8t Postage. stationery & advertising 95.916 12,485 14,857 3,614 95,916 12,485 15,162 3,614 115,893 17,609 18,261 4,392 305 436 7.284 45,578 3,341 436 7,574 46,220 3,341 560 564 2,140 600 1,845 1,679 6,199 21,167 2,982 1,113 587 3,186 500 1,801 Repairs & maintenance Programme expenses Insurance General expenses Bank Charges Leasing expenses Committee Training Tuck shop & catering 290 642 560 564 2,140 600 1,845 185,651 4,806 190,457 195,369 Share of govemance costs (see note 6) 2,600 2,600 2,600 185,651 7,406 193.057 197,969 Analysis by fund Unrestricted funds Restricled funds 12.485 173,166 7,406 19.891 173.166 35,699 162,270 185.651 7,406 193,057 197,969 For the year ended 31 May 2023 Unrestricted funds Restricted funds 17,609 162,270 18,090 35.699 162,270 179,879 18,090 197,969 Support costs allocated to activities 2024 2023 Govemance costs 2,600 2,600 Analysed between: Accountancy 2,600 2,600 10-
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting)'. Depreciation of owned tangible fixed assets 12.485 17,610 Directors None of the directors (or any persons connected with them> received any remuneration or benefits from the charity during the year. Employees Th8 average monthly number of employees during th8 year was.. 2024 Number 2023 Number 10 10 Employment CO818 2024 2023 Wages and salari8S 95,916 115.893 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneralion of key management personnel was as follows: 2024 2023 Aggregate compensation 57,713 54,450 10 Taxatlon The charity is exempt from tsxation on its activities because all its income is applied for charitable purposes. 11
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 11 Tangible fixed assets Freehold land and buildlngs Plant and Fixtures and equipment fittlngs Computers Total Cost At 1 June 2023 506.790 1,847 22,081 22,022 552,740 At 31 May 2024 506,790 1,847 22,081 22,022 552,740 Depreciatlon and impairment At 1 June 2023 Oepre¢ialion charged in the year 52,879 10,136 1,385 462 17,562 1,508 21.641 381 93,467 12,485 At 31 May 2024 63,015 1,847 19,068 22,022 105.952 Carrying amount At 31 May 2024 443,775 3.013 446,788 At 31 May 2023 453,911 462 4,519 381 459,273 12 Creditors: amounts falling due within one year 2024 2023 Accruals and d8ferred income 6,877 3,108 13 Government grants Monies regarding the premises project is being managed by Belfast City Council (BCC) in agr8ement with Marrowbone Community Association and DFC (the main funder). Monies towards the project amounted to £395.290 in 2019 {DFC £161,758 and BCC £233,532). This non-monetary grant is being accounted for by the accruals method for capital based grant. income. Deferred income is included in the financial statements as follows: 2024 2023 Deferred income is included within.. Shown as deferred income on the face of the balance sheet 347,855 355,761 Movements in the year-. 12-
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 13 Government grants {Continued Deferred income al 1 June 2023 Released from previous periods 355,761 (7.906) 363,667 (7,906) Deferred income al 31 May 2024 347.855 355,761 14 Re$trlcted funds The restricted funds of the chariiy comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be us8d. At 1 June 2023 Incomlng resources Resources expended At 31 May 2024 131,205 173.309 (173.1661 131.348 Previous year". At 1 Jun• 2022 Incoming resources Resources expended At 31 May 2023 131,547 161,928 {162.270) 131,205 15 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are nol subj8cI 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 June 2023 Incomlng resources Resources expended At 31 May 2024 General funds 2,459 27,346 (19,891) 9,914 Previous year. At 1 June 2022 Incoming resources Resources expended At 31 May 2023 Gener81 funds 1,385 36,773 (35,699) 2,459 13-
MARROWBONE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 16 Analysis of net assets between funds Unrestricted funds 2024 Restrlcted funds 2024 Total 2024 At 31 May 2024: Tangible assels Current asselsl{liabllilies) Provisions and deferred income 446.788 32,415 {347.855) 446,788 42,329 (347,855) 9,914 9,914 131.348 141.262 Unrestricted funds 2023 Restrlcted funds 2023 Total 2023 At 31 May 2023: Tangible assets Current assetsl(liabililies) Provisions and deferred income 459,273 27,693 (355,761) 459,273 30,152 (355,761) 2,459 2,459 131.205 133,664 17 Related party transaction8 There were no disclosable related party transactions during the year. 14-