Company Registration Number: N1028504 Charity RegTStration Number: 107336 Maghera Development Association Limited (Charitable Company Limited by Guarantee) Annual Report and Unaudited Financial Statements For the year ended 31 July 2023 CaVanaKelly.
Maghera Development Association Limited (Charitable Company Limited by Guarantee) CONTENTS For the ear ended 31 Jul 02 Page General Information Directors, Report Independent Examiner's Report Statement of Financial Activities Statement of Flnancial Position 10- 11 Notes to the Flnancial Statements 12-22 CaVanaKellY.
Maghera Development Association Limited (Charitable Company Limited by Guarantee) GENERAL INFORMATION Board of Directors Mr Gary Mark Gordon Burns Mr Joseph Mallon Mr John Mccamley Registered office C/0 Burns & Co 61 Main Street Maghera Co, Derry BT46 SAB Company registration number N1028504 Charity reglstration number 107336 Independent examlners CavanaghKelly Chartered Accountants 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Bankers Danske Bank 14 Broad Street Magherafelt Co. Derry BT45 6EA Cavana4iKelly"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT For the year ended 31 July 2023 The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year ended 31 July 2023. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102), United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006 and the Charities (Northern Ireland) Act 2008, Reference and Administration Detalls The reference and administration details of the charity are as shown on page 3. Objectives and Activities Maghera Development Association Limited was formed in 1994 with the specific aim of promoting the establishment and growth of new and established businesses throughout the area of Maghera. The objectlves are to encourage, support and develop enterprise in the Maghera area through the provision of offering a range of industrial units to a dlverse range of businesses for rent at favourable rates, with flexible lease terms. The charity also aim to promote prosperity throughout the area and continues to provide financial doiiations to a wide range of entities such as local charities, schools, sports clubs and communlty groups. The strategic objective5 of the group are as follows: •To promote economic and social growth locally. •To provide support to businesses and members of the community. and •To create training and employment opportunities for the local area. Public Benefit statement The Directors of Maghera Development Association Limited confirm that they have complied with their duties under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 July 2023. Achievements and Performance The group has been successful in the development of facilities, training and support for local businesses, offering a range of industrial units for rent at favourable rates, with flexible lease terms. The Directors are confident that the charitable company contlnues to meets its performance objectives to benefit the local community. The charitable company continues to receive funding from local bodies and runs events throughout the course of the year. CavanaghKety"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT For the year ended 31 July 2023 Financial Review Financial Performance The financial performance was in line with the Board of Directors, expectations. The charitable company remains in a sound financial position at the year end. The results for the year are set out in detail on pages 9 to 22. The charitable company returned net incoming resources for the year of £50,488 (2022.. net incoming resources of £65,140). At 31 July 2023, the total funds of the charltable company amounted to £1,138,709 (2022: £1,088,221) comprlsing entirely of unrestricted funds. Principal sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements. Reserves Policy The charitable company does not maintain a formal reserves policy however the Board of Directors continue to monitor the level of reserves held by the charitable company and are satisfied that these are adequate to meet any unforeseen expendlture incurred. Structure, Governance and Management Organisational structure The charltable company is a company limited by guarantee, Incorporated In Northern Ireland, not having a share capital. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In accordance with the Articles of Assoclatlon, the members to retire by rotation shall be those who have been longest in office since their last election, and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-election. Directors The Directors during the year are the same as the Directors as listed on page 3. Taxation Status The charitable company is recognised as a charity by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. CaYanaghKety"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT For the year ended 31 July 2023 Directors, Responsibilities The Directors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Dlrectors to prepare financlal statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resaurces, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are requlred to,. -select Sultable accounting policies and apply them consistently, -observe the methods and principles in the Charities SORP (FRS 102),. -make judgements and estimates that are reasonable and prudent; and -prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charltable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small Companies Exemption The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Att 2006. This report was approved by the Board of Directors on and signed on its behalf by., rGar Bur Company Registration Number: N1028504 Charity Registration Number: 107336 CavanaghKely"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) INDEPENDENT EXAMINERS, REPORT to the members on the unaudited financial statements of Maghera Development Association Limited for the year ended 31 July 2023 We report on the financial statements of the charitable company for the year ended 31 July 2023 which are set out on pages 9 - 22. Respective Responsibilities of Directors and Independent Examiner As the charitable company's Directors, who are the trustees for the purpose of charity law, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charitable company is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to: examlne the accounts under section 65 of the Charities Act (Northern Ireland) 2008. follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 6519iibi of the Charities Act (Northern Ireland) 2008; and - state whether particular matters have come to our attention. Basis of Independent Examlner's Report We have examined your charitable company's financial statements as required under sectlon 65 of the Charities Act (Northern Ireland) 2008 and our examination was carried out In accordance with the general directions given by the Charlty Commission for Northern Ireland under section 65(9)(b) of the Charlties Act (Northern Ireland) 2008. The examlnation included a review of the accounting records kept by the charitable company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as charitable company Directors concerning any SLJch matters. Our role Is to state whether any material matters have come to our attention giving us cause to believe., That accounting records were not kept In accordance with section 386 of the Companies Act 2006, or That the accounts do not accord with those accounting records. or That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland. or That there is further information needed for a proper understanding of the accounts to be reached. CavanadiKelly"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) INDEPENDENT EXAMINERS, REPORT to the members on the unaudited financial statements of Maghera Development Association Limited for the year ended 31 July 2023 Independent Examiner's Statement Weha and completed our examination and have no concerns in respect of the matters listed above onnection with following the Directions of the Charity Commission for Northern Ireland, we und no atters that require drawing to your attention. CAVANAGHKELLY Chartered Accountants 36-38 Northland Row Dungannon Co Tyrone BT71 6AP statutory Auditors Date: CavanodiKelly"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 July 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2022 Note INCOME AND ENDOWMENTS Income from Charitable Actlvities Other Income TOTAL INCOME AND ENDOWMENTS 94,534 662 95,196 94,534 662 95,196 98,484 626 99,110 RESOURCES EXPENDED Charitable Activities TOTAL RESOURCES EXPENDED 44,707 33,969 Net incomlng resources for the year 50,488 50,488 65,140 Transfer5 between funds Total funds brought forward 1,088,221 1,088,221 1,023,081 Total funds carried forward 1 138 709 1 138 709 1 088 221 The above Statement of Financial Activlties include5 all information as requlred to be dlsclosed by the Companles Act 2006. All of the activitie5 of the charltable company are classed as contlnuing. The Statement of Flnancial Activlties includes all galn5 and losses recognised d urlng the year. The notes on pages 12 to 22 form an Integral part of the fln3ncial statements, CavanaghKelly"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) STATEMENT OF FINANCIAL POSITION As at 31 July 2023 2023 2022 Note Non-current Assets Property, plant and equipment Investment Property 146,450 855 766 1,002,216 146,450 855 766 1,002,216 Current Assets Receivables Cash and cash equivalents 8,250 262 593 270,843 8,250 268 866 277,116 Payables: Amounts falling due withln one year io 107 687 Net Current Assets 186 709 169 429 Total assets less current Ilabllities 1,188,925 1,171,645 Provisions for liabllitles and charges li 50,216 83,424 Net Assets 12 1 138 709 1 088 221 REPRESENTED BY: U nrestricted fu nds Restricted funds Total Funds 13 13 13 1,138,709 1,088,221 1 138 709 1 088 221 The Directors, statements shown on the following page form part af this Statement of Financial Position. CavanaghKelly" io
Maghera Development Association Limited (Charitable Company Limited by Guarantee) STATEMENT OF FINANCIAL POSITION As at 31 July 2023 (Continued) These financial statements have been prepared in accordance with the provisions applicable to the small companies, regime within Part 15 of the Companies Act 2006. For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The DSrectors confirm that the members have not required the company to obtain an audit of its flnancial statements for the year In question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with Section 386. and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming or outgoing resources for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes on pages 12 to 22 form an integral part of the financial statements. The fi ial statements were approved and authorised for issue by the Board of Directors on and signed on their behalf by: Mr Dir Gary Company Registration Number: N1028504 Charity Registration Number: 107336 CavanathKelly" li
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 l. General Information Maghera Development Association Limited is a charitable company limited by guarantee incorporated in Northern Ireland. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to an amount not exceeding £10 per member of the chartiable company. The address of the registered office is as shown on page 3. The charitable company constitutes a public benefit entity as defined by FRS 102. 2. Accounting Pollcles The following accounting policies have been applied conslstently in dealing with items which are considered material in relation to the charitable company's financial statements. 2.1 Statement of Compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charites,, Statement of Kecommended Practice (SORPI applicable to charlties preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2021 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities (Northern Ireland) Act 2008. 2.2 Basis of Preparation The financial statements are pi-epared on a going concern basis under the historical cost conventlon unless otherwise stated in the relevant accountlng policy. Historlcal cost is generally based on the fair value of the conslderation given in exchange for assets. The following accounting policies have been applled consistently in dealing with Items which are consldered material in relation to the charltable company's financlal statements. 2.3 Cash Flow Statement The charitable company has applied Update Bulletin 2 as published on 5 October 2018 (effective l January 2019) and does not include a cash flow statement on the grounds that it is applying FRS 102 Section IA. CavanaghKelly" 12
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 2.4 Income and Endowments (i) Charitable Activities Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned. Grant income is recognised in the Statement of Financial Activities when receivable. Grant income included in this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliabllity. (li) Other Income Other income is recognised in the Statement of Financial Activities where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. 2.5 Expenditure Expenditure is recognised when a liability is incurred. Where costs cannot be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with use of resources. (i) Charitable Activities This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements which relate to the general running of the charitable company. 2.6 Fund Accounting The charitable company has two types of funds for which it is responsible at the year-end: Unrestricted Funds - Funds which are expendable at the discretion of the Board of Directors In furtherance of the objectives of the charitable company, In additions, funds may be held In order to finance capital investment and working capital. Restricted Funds Income received for specific purposes. Such purposes are within the overall aims of the charitable company. CavanaghKelly" 13
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 2.7 Propertyi Plant and Equipment and Depreciation All property, plant and equipment are initially recorded at cost. Depreciation is provided at rate5 calculated to write off the cost less residual value of each asset over its expected useful life, as follows.. Freehold Property Fixtu res and Fittings Computer Equipment OQ/o Stra ig ht Line 250/0 Reduclng Balance 250/0 Straight Llne 2.8 Investment Property Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted, if necessary, for any d ifference in the nature, location or condition of the specific asset. No depreciation is provlded. Cl)anges In fair value are recognsied in the statement of financial activities. 2.9 Trade and Other Recelvables Trade and other receivables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts. 2.10 Trade and Other Payables Trade and other payables are initlally recog nlsed at fair value and thereafter stated at cost. 2.11 Taxation As a charity, the charltable company is not liable to Corporatlon Tax. 2.12 Cash and Cash Equivalents Cash and cash equlvalent5 include cash in hand, deposits held at call wlth banks, other short term highly liquid investments with orlginal maturities of three months or less. 2.13 Finance Costs Finance costs are charged to the Statement of Financial Activities over the term of the debt. CavanaghKelly" 14
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 2.14 Financial Instruments (i) Financial Assets Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recogni5ed at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objectlve evidence of impalrment. If an asset is impaired the impairment 1055 55 the difference between the carrying amount and the present value of the estimated cash flows discounted at tlie asset'5 original effective interest rate. The impairment 1055 is recognised in prof it or10s5. If there is decrease In the Impalrment loss arlsing from an event occurring after the impairment was recognised, the impairment Is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the Impairment not previously been recognised. The impairment reversal Is recognised in profit or loss. Financlal assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some signlficant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (il) Financial Liabilitles Basic financial liabilities, i ncluding trade and other payables, bank loans and overdrafts and amounts owed to related parties 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effettive interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which It relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised in itially at transaction CavanaghKelly" 15
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 (iii) Offsetting Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right t0 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. 2.15 Critical Accounting Judgements and Estimation Uncertainty Estimates and Judgement5 are continually evaluated and are based on hSstorlcal experience and other factors, includin9 expectations of future events that are believed to be reasonable under the circumstances. Critical judgements in applying the entity's accounting policies There are no critical judgements in a pplylng the charity's accounting policies. Critical accounting estimates and assumptlons There are no actual accounting estlmates and assumptlons. CavanaghKelly" 16
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 3. INCOME AND ENDOWMENTS Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2022 Charitable Activities Rental Income Deferred Government Grant Total Income from Charitable Activltles 61,326 33,208 61,326 33,208 65,276 33,208 94,534 94,534 98,484 Other Income Bank Interest Recelved 662 662 662 662 626 626 CavanaghKelly" 17
Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023
| 4. RESOURCES EXPENDED Charitable Activities Insurance Rates Light and heat Repairs and maintenance Sundry Accountancy Donations Legal and professional |
Unrestricted Funds Restricted Funds Total Funds 2023 2023 2023 £ £ £ 5,930 -5,930 275 -275 1,287 -1,287 14,058 -14,058 - -- 3,092 -3,092 17,800 -17,800 2,239 -2,239 44,681 -44,681 |
Total Funds 2022 £ 6,868 260 1,522 9,894 2,264 8,500 4,661 |
|---|---|---|
| 33,969 |
18
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 5. NET INCOME/(EXPENDITURE) FOR THE YEAR Net income/(expenditure is stated after charging/(crediting)', 2023 2022 Independent Examiner's remuneration 3,092 3,092 2,264 2,264 6. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company during the year NIL (2022.. NIL). 6.1 DIRECTORS, REMUNERATION The Dlrectors received nor waived any remunerations or any other benefits during the year and no reimbursements of expenses incurred. cavanaKelly. 19
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 7. PROPERTY, PLANT AND EQUIPMENT Freehold Fixtures & Property Fittings Computer Equipment Total Cost At 31 July 2022 Additions At 31 July 2023 146,450 18,405 3,210 168,065 146 450 168 065 Depreclation At 31 July 2022 Charge for the year At 31 July 2023 18,405 3,210 21,615 At 31 July 2023 146 450 146 450 At 31 July 2022 146 450 146 450 8. INVESTMENT PROPERTY Investment Property Total Cost At 31 July 2022 Additlons At 31 July 2023 855,766 855,766 855 766 855 766 Carrying amount At 31 July 2023 855,766 855 766 At 31 July 2022 855,766 855,766 CavanathKelly" 20
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 9. RECEIVABLES 2023 2022 Trade Receivables 8,250 8,250 8,250 8,250 10. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade Payab5es other tax and social security Accruals 1,201 1,434 81,498 84,133 1,414 106 273 107,687 11. PROVISIONS FOR LIABILITIES AND CHARGES Deferred Government Grant Cost At 31 July 2022 Additions At 31 July 2023 832,776 832 776 Grant Released At 31 July 2022 Charge for the year At 31 July 2023 749,352 782 560 Balance At 31 July 2023 At 31 July 2022 CavanaghKety" 21
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 12. ANALYSIS OF NET ASSETS Unrestricted Restricted Funds Funds 2023 2023 Total Funds 2023 Total Funds 2022 Non-current Assets Current Assets Current Liabilities Non-current Liabllitles 1,002,216 270,843 (84,133) 1,002,216 270,843 (84,133) 50,216 1 138 709 1,002,216 277,116 (107,687) 1 138 709 1 088 221 13. ANALYSIS OF FUNDS Unrestrlcted Restricted Funds Funds 2023 2023 Total Funds 2023 Total Funds 2022 Openlng balance Net incoming I (outgoing) resources Transfer between funds Closing balance 1,088,221 1,088,221 1,023,081 50,488 50,488 65,140 1 138 709 1 138 709 1 088 221 CavanodiKelly" 22