Company Registratlon Number: N1028504 Charity Registration Number: 107336 Maghera Development Associatlon Llmited (Charltable Company Llmlted by Guarantee) Annual Report and Unaudited Financial Statements For the year ended 31 July 2024 CavanaghKelly'
Maghera Development Association Limited (Charitable Company Limited by Guarantee) CONTENTS or en IJ 1 2024 Page General Informatlon Dlrectors, Report Independent Examlner's Report Statement of Financlal Actlvities Statement of Financial Position 10-11 Notes to the Flnanclal Statements 12-22 CavanaghKelly"
Maghera Development Assoclation Llmlted (Charitable Company Limited by Guarantee) LINF TION Board of Directors Mr Gary Mark Gordon Burns Mr Joseph Mallon Mr John Mccamley Reglstered offlce C/0 Burns & Co 61 Maln Street Maghera Co. Derry BT46 SAB Company reglstratlon number N1028504 Charity reglstratlon number 107336 Independent •xamlnerg CavanaghKelly Chartered Accountants 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Bankers Danske Bank 14 Broad Street Magherafelt Co. Derry BT45 6EA CavanaghKelly"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS. REPORT For the year ended 31 July 2024 The Dlrectors, who are the trustees for the purpose of charity law, have pleasure In presentlng their report and the unaudited financial statements of the charitable company for the year ended 31 July 2024. The flnancial statements have been prepared In accordance wlth the Statement of Recommended Prattlce °Accountlng and Reporting by Charities" (FRS 102), Unlted Kingdom Generally Accepted Accountlng Practlce, the Companles Act 2006 and the Charltles (Northern Ireland) Act 2008. Reference and Admlnlstratlon Detalls The referen and admlnistratlon details of the charity are as shown on page 3. Objectlves and Actlvltles Maghera Development Assoclatlon Llmited was formed In 1994 with the speclflc alm of promoting the establishment and growth of new and established businesses throughout the area of Maghera. The objertlves are to encourage, support and develop enterprise In the Maghera area through the provlslon of offering a range of Industrial unlts to a dlverse range of buslnesses for rent at favourable rates, wlth flexible lease terms. The charity a150 alm to promote prosperlty throughout the area and continues to provide financial donations to a wide range of entitle5 such as local charltles, schools, sports clubs and communlty groups. The strateglc objectlves of the group are as follows: •To promote economic and social growth locally; •To provlde support to buslnesses and members of the communlty; and •To create trainlng and employment opportunltles for the local area. Publlc Beneflt Statement The Dlrectors of Maghera Development Association Llmlted conflrm that they have complied wlth their dutles under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guldance on publlc beneflt and that the public beneflt requlrement has Informed the artivltles of the charltable company in the year ended 31 July 2024. Achlevements and Performance The group has been successful In the development of facllltles, tralnlng and support for local buslnesses, offering a range of industrial units for rent at favourable rates, with flexible lease terms. The Directors are confident that the charitable company continues to meets its performance objectives to beneflt the local communlty. The charitable company continue5 to recelve fundlng from local bodies and runs events throughout the course of the year. CavanaghKelly'
Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS. REPORT For the year ended 31 July 2024 Financlal Review Flnanclal Perforniance The flnanclal performance was in Ilne wlth the Board of Dlrectors, expectations. The charltable company remains in a sound flnancial position at the year end. The results for the year are set out In detall on pages 9 to 22. The charltable company returned net incomlng resources for the year of £47,774 (2023: net Incomlng resources of £50,488). At 31 July 2024, the total funds of the charltable company amounted to £1,186,483 (2023: £1,138,709) comprlslng entlrely of unrestrltted funds. Prlnclpal sources of funding and how thls has supported the key objectlves of the charitable company are dlsclosed In the notes to the flnancial statements. Reserves Pollcy The charltable Company does not malntaln a formal reserves policy however the Board of Directors continue to monltor the level of reserves held by the charitable company and are satlsfied that these are adequate to meet any unforeseen expendlture Incurred. Structure, Governanca and Management Oryanlsatlonal strurture The charltable company Is a company limited by guarantee, incorporated in Northern Ireland, not having a share capital. The charltable company was establlshed under a Memorandum of Assoclatlon which establlshed the objects and powers of the charltable company and Is governed under Its Artlcles of Assoclatlon. In accordance wlth the Articles of Association, the members to retlre by rotstlon shall be those who have been longest In office since their last electlon, and the relevant motlon wlll be put at the Annual General Meeting. A retlring member shall be eligible ft)r re-electlon. Dirertors The Dlrectors during the year a the same as the Dlrectors as listed on page 3. Taxation Status The charStable company Is recognised as a charlty by HM Revenue & Customs. Accordlngly, the charitable company has availed of the exemptions contained In Chapter 3 Part 11 Corporation Taxes Act 2010 and Sectlon 256 Taxation of Chargeable Gains Act 1992. CavanaghKelly"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS. REPORT For the year ended 31 July 2024 Dlrectors, Responsibllltles The Directors are responslble for preparlng the financial statements In accordan wlth appllcable law and Unlted Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practlce). Company law requires the Dlrectors to prepare financial statements for each flnanclal year which glve a true and falr view of the state of the affalrs of the charitable company and of the Incomlng resources and appllcatlon of resources, Including the Income and expendlture, of the charltable company for that year. In preparlng these flnanclal statements the Dlrectors are requlred to: -select suitable accounting pollcles and apply them conslstently. -observe the methods and prlnclples in the Charltles SORP (FRS 102); -make judgements and estlmates that are reasonable and prudent. and -prepare the financlal statements on the golng concern basls unless it Is Inapproprlate to pSuMe that the charltable company wlll contlnue In operation. The Dlrectors are responslble for keeplng adequate accountlng records that disclose wlth reasonable accuracy at any tlme the financlal posltlon of the charltable company and to enable them to ensure that the flnancial statements comply wlth the Companles Act 2006. They are also responslble for safeguardlng the assets of the charitable company and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularities. Small Companles Exemptlon The above report has been prepared In accordance wlth the speclal provlsions relatlng to small companles wlthin Part 15 of the Companles Art 2006. Thls report was approved by the Board of Directors on and signed on Its behalf by: rGa Burns or Company Registratlon Number: N1028504 Charity Registratlon Number: 107336 CavanaghKelly'
Maghera Development Associatlon Llmlted (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 2024 We report on the flnancial statements of the charltable company for the year ended 31 july 2024 which are set out on pages 9 - 22. Respectlve Responslbllltles of Dlrectors and Independent Examlner As the charitable company's Dlrectors, who are the trustees for the purpose of charlty lawl you are responsible for the preparatlon of the financlal statements In accordance with the requlrements of the Companies Act 2006. Havlng satisfied ourselves that the charitable company Is not subject to audlt under company law, and Is eliglble for Independent examination, It Is our responsibility to: - examlne the accounts under sectlon 65 of the Charltles Act (Northem Ireland) 2008. follow the procedures lald down In the general directlons glven by the Charlty Commlsslon for Northern Ireland under sectlon 65191(b} of the Charlties Act (Northern Ireland) 2008. and - state whether particular matters have come to our attentlon. Bas18 of Independent Examlner's Report We have examlned your charltable company's flnanclal statements as requlred under sectlon 65 of the Char5tles Act (Northern Ireland) 2008 and our examlnation was carried out In accordance wlth the general dlrectlons given by the Charlty Commisslon for Northern Ireland under section 65(9)(b) of the Charitles Act (Northern Ireland) 2008. The examination Included a revlew of the accounting records kept by the charitable company and a comparison of the accounts presented wlth those records. It also Includes consideratlon of any unusual Items or dlsclosures In the accounts and seeklng explanations from you as charltable company Dlrectors conceming any such matters. Our role Is to state whether any materlal matters have come to our attentlon glvlng us cause to belleve: That accountlng records were not kept In accordance wlth section 386 of the Companles Act 2006. or That the accounts do not accord wlth those accounting records; or That the accounts do not comply wlth the accountlng requirements of section 396 of the Companles Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reportlng Standard applicable in the UK and Republic of Ireland; or That there Is further Informatlon needed for a proper understandlng of the accounts to be reached. CavanaghKelly'
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 2024 Independent Exarnlner's Statement We have completed our examination and have no concerns In respect of the matters listed above and, In connettion with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attentlon. CAVANAGHKELLY Chartered Accountants & Statutory Auditors 36-38 Northland Row Dungannon Co Tyrone BT716AP Date: CavanaghKelly'
Maghera Development Assoclation Limited (Charitable Company Llmlted by Guarantee) STATEMENT OF FINANCIAL AcfiviTIES For the year ended 313uly 2024 Unrertricted Funds 2024 Restrirted Funds 2024 Total Fund$ 2024 Total Funds 2023 XNCOME AND ENDOWMENTS Income from Charitable Actlvltles Other Income TOTAL INCOME AND ENDOWMENTS 79,998 485 79,998 485 94,534 662 5,196 ResouRCES EXPENDED Charltable Actlvltles TOTAL RESOURCES EXPENDED Net Incomlng r•$ourc•s for th• y•ar 47,793 47,793 50,488 Transfers between fijnds Total funds brought for*vard 1,138,709 1.138.709 1,088,221 Total fund8 carrled forward 1 186 503 1 186 503 1 138 709 The above Statement of Flnanclal Artlvltles Includes all Inforniatlon as reqLtlred to be dlsclosed by the Cornpanles Act 2006. All of the actlvlties of the charltable company are classed as contlnulng. The Statement of Flnandal Actlvltles Includes all galns and losses recognlsed durlng the year. The notes on pages 12 to 22 forni an Integral part of the finandal ststements. CavanaghKeV
Maghera Development Association Limited (Charltable Company Limited by Guarantee) STATEMENT OF FINANCIAL POSITION As at 31 July 2024 2024 2023 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 Recelvables Cash and cash equlvalents 10,650 288 681 299.331 8,250 262 593 270,843 Payables: Amounts falllng due wlthln one year io Net Current Asgets 215 810 186 710 Total as8etg le•9 current Ilabllltl•g 1,218,026 1.188.926 Provlslons for Ilabllltle• and charg•s li 31,544 50,216 Net Assets 12 1 186 482 1 138 710 REPRESENTED BY: Unrestrlcted funds Restrlcted funds Total Funds 13 13 13 1.186.482 1.138.709 1 186 482 1 138 709 The Dlrettors, statements shown on the followlng page form part of thls Statement of Flnanclal Posltlon. CavanaghKelly" io
Maghera Development Association Limited (Charitable Company Limited by Guarantee) STATEMENT OF FINANCIAL POSITION As at 31 July 2024 (Continued) These financial statements have been prepared in accordance with the provisions applicable to the small companles, reglme within Part 15 of the Companies Act 2006. For the flnanclal year ended 31 July 2024 the company was entltled to exemptlon from audlt under section 477 of the Companles Act 2006. The Dlrectors conflnn that the members have not required the company to obtaln an audlt of Its financlal statements for the year in questlon in accordance wlth sectlon 476 of the Companles Act 2006. The Dlrectors acknowledge thelr responsibi5itles for ensurlng that the charltable company keeps accounting records whlch comply wlth Section 386; and for preparing financlal statements which glve a true and falr vlew of the state of affalrs of the charltable company as at the end of the flnanclal year and of Its Incomlng or outgolng resources for the flnanclal year in accordance wlth the requlrements of sectlons 394 and 395 and whlch OtherlSe comply wlth the requSrements of the Companles Act 2006 relating to flnanclal statements, so far as appllcable to the charitable company. The notes on pages 12 to 22 form an Integral part of the flnanclal statements. The financial statements were approved and authorlsed for issue by the Board of Directors on and slgned on thelr behalf by: Mr Company Registration Number: N1028504 Charity Registration Number: 107336 CavanaghKelly' 11
Maghera Development Association Limited (Charitable Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 l. General Informatlon Maghera Development Assoclatlon Llmlted Is a charltable company Ilmlted by guarantee Incorporated in Northern Ireland. In the event of the charitable company being wound Upi the liablllty Sn respert of the guarantee Is Ilmlted to an amount not exceeding £10 per member of the chartlable company. The address of the reglstered offlce Is as shown on page 3. The charitable company constitutes a publlc benefit entity as defined by FRS 102. 2. Accountlng Pollcles The followSng accountlng pollcles have been applled conslstently In deallng wlth Items whlch are consldered material In relatlon to the charltable company's flnancial statements. 2.1 Statement of Compllance The flnanclal statements have been prepared In accordance wlth Accountlng and Reportlng by Charltes: Ststement of Recommended Practlce (SORP) appllcable to charltles preparlng thelr flnanclal statements In accordance wlth the Flnanclal Reportlng Standard appllcable in the UK and Republlc of Ireland (FRS 102) effectlve l January 2021 (Second Edltion), the Financlal Reportlng Standard appllcable In the United Kingdom and Republlc of Ireland (FRS 102), the Companles Act 2006 and the Charltle5 (Northern Ireland) Art 2008. 2.2 Basls of Preparatlon The flnanclal ststements are prepared on a golng concern basls under the hlstorlcal cost conventSon unless otherwlse stated In the relevant accountlng pollcy. Hlstorlcal cost Is generally based on the falr value of the conslderatlon glven In exchange.for assets. The followlng ccountlng pollaes have been applled consistently In deallng with items whlch are consldered matertal In latIon to the charltable company's financial statements. 2.3 Cash Flow Statement The charltable company has applled Update 8ulletln 2 as publlshed 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 Sectlon IA. CavanaghKelly" 12
Maghera Development Association Limlted (Charltable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 2.4 Income and Endowments (l) Charltable Actlvltle$ Income from charltable activities Includes Income recelved under contract or where entitlement to grant fundlng is subject to specific performance condltlons. It Is recognlsed as earned. Grant Income Is recognlsed In the Statement of Flnanclal Actlvltles when receivable. Grant income Included In thls category provldes funding to support proJerts and Is recognlsed where there Is entltlement, certalnty of reIpt and the amount can be measured wlth sufflclent rellablllty. (11) Other Income Other Incorne Is recognlsed In the Statement of Flnanclal Actlvltles where there Ss entitlement, certalnty of recelpt and the amount can be measured wlth sufflclent rellablllty. 2.5 Expendlture Expendlture Is recognlsed when a Ilablllty Is Incurred. Where costs cannot be directly attrlbuted to a partlcular headlngi they have been allocated to actlvltles on a basls conslstent wlth use of resources. (l) ChJrltsble Actlvltles Thls comprfses all the resources applled by the charitable company In undertaklng Its work to meet Its charltable objectlves. Charltsble artivities wlll Include the costs of governance arrangements whlch relate to the general runnlng of the charltable company. 2.6 Fund Accountlng The charltable company has two types of funds for whlch It Is responsible at the year-end: Unrestrlcted Funds - Funds whlch are expendable at the dlscretlon of the Board of Dlrectors In furtherance of the objectives of the charitable company. In addltlons, funds may be held In order to flnance capltal Investment and working capltal. Restricted Funds Income received for speclfic purposes. Such purposes are withln the overall aims of the charitable company. CavanaghKelly' 13
Maghera Development Assoclation Limited (Charltable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 2.7 Property, Plant and Equlpment and Depreclation All propertyi plant and equlpment are Inltlally recorded at cost. Depreclatlon Is provlded at rates calculated to wrlte off the cost less resldual value of each asset over Its expected useful Ilfe, as follows: Freehold Property Flxtures and Fittings Computer Equlpment 0% Stralght Llne 25 % Reduclng Balance 25% Stralght Une 2.8 Investment Property Investment property is carrled at falr value determlned annually and derived from the current market rents and Investment property yields for comparable al estate, adjusted, If necessaryi for any difference In the nature, location or condltlon of the speclfic asset. No depreclatlon is provlded. Changes In falr value are recognsied in the statement of flnanclal actlvltles. 2.9 Trade and Other Recelvable• Trade and other recelvables are Inltlally recorded at falr value and thereafter stated at cost less Impalrment losses for bad and doubtful debts. 2. 10 Trade and Other Payablos Trade and other payables are initially recognlsed at falr value and thereafter stated at cost. 2.11 Taxatlon As a charlty, the charitable company Is not Ilable to Corporatlon Tax. 2.12 Cagh and Cash Equlvalents Cash and cash equlvalents include cash In hand, deposlts held at call wlth banks, other short term highly Ilquld Investments wlth orlglnal maturltles of three months or less. 2.13 Finance Costs Finance costs are charged to the 5tstement of Financial Activities over the term of the debt. CavanaghKelly" 14
Maghera Development Association Limited (Charltable Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 2.14 Flnancial Instruments (l) Financial Assets Baslc flnanclal assets, Includlng trade and other recelvables, cash and bank balances and amounts owed by related partles and are Inltlally recognlsed at transactlon prlce, unless the arrangement constltutes a financlng transaction, where the transactlon Is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carrled at amortlsed cost uslng the effectlve Interest method. At the end of each reporting period flnanclal assets measured at amortlsed cost are assessed for objectlve evldence of Impalrment. If an asset Is Impalred the Impalrment loss is the dlfference between the carrylng amount and the present value of the estlmated cash flows dlscounted at the asset's origlnal effectlve Interest rate. The Impalrment loss Is recognlsed in proflt or loss. If there Is decrease In the Impalrment10ss arlslng from an event occurrlng after the impairment was recognlsed, the ImpaSrment Is reversed. The reversal Is such that the current carrylng amount does not exceed what the carrylng amount would have been had the Impalrment not prevlously been recognlsed. The Impalrrnent reversal Is recognlsed In proflt or loss. Flnanclal assets are derecognlsed when (a) the contractual rlghts to the cash flows from the asset explre or are settled, or (b) substantlally all the rlsks and rewards of the ownershlp of the asset are transferred to another party or (c) despite havlng retalned some slgnlflcant rlsks and rewards of ownershlpi control of the asset has been transferred to another party who has the practlcal ablllty to unllaterally sell the asset to an unrelated thlrd party wlthout Imposlng addltlonal restrlctlons. (11) Flnanclal Liabilities Baslc flnanclal Ilabllltles, Includlng trade and other payables, bank loans and overdrafts and amounts owed to related partles a initially recognised at transaction prlce, unless the arrangement constitutes a flnanclng transactlon, 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 carrfed at amortlsed cost, uslng the effective interest rate method. Fees pald on the establlshment of loan facllltles are recognlsed as transactlon 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. 10 rne exienr rnere Is no eviaence Inar 11 Is proDaDie rnar some or ali or rne raciiiry wiii De 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 senilces that have been a¢quid in the ordinary course of business from suppliers. Accounts payable are classifled as current Ilabllities If payment Is due wlthln one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction nrirp anrl si ih4paiipntlv mpa¢i irpd at amnrti¢prl rnqtr i isinn trhp pffprtivp intprp¢tr mptrhnd CavanaghKelly' 15
Maghera Development Association Limited (Charitable Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 (111) Offsetting Financial assets and Ilabllities are offset, and the net amounts presented In the financial statements when there is a legally enforceable right to set off the recognlsed amounts and there is an intention to settle on a net basls or to reallse the asset and settle the Ilablllty slmultaneously. 2.15 Crftlal Accountlng Judgements and Estlmatlon Unc•rtalnty Estlmatss and Judgements are contlnually evaluated and are based on hlstorlcal eXperIen and other factors, Including expectations of futu events that are believed to be asOnable under the clrcumstsnces. Crltlcaljudgements In applylng the entlty s accountlng pollcles There are no crltlcal Judgements In applylng the charlty's accountlng pollcles. crttlcal accountlng estlmates 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 2024 3. INCOME AND ENDOWMENTS Unrestri¢ted Funds 2024 Restrlcted Funds Total Funds 2024 2024 Totsl Funds 2023 Charltablé Actlvltles Rental Income Deferred Govemment Grant Total Incom• from Charltable Activitles 61,326 61,326 61,326 79,998 79,998 94,534 other Income Bank Interest Recelved 485 485 485 485 626 626 CavanaghKelly" 17
Maghera Development Associatlon Llmlted (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 4. RESOURCES EXPENDED Unrestricted Funds Restricted Total Funds Funds Total Funds 2024 2024 2024 2023 Charltable Actlvltles Insurance Rates Llght and heat Repalrs and malntenance Sundry Accountsncy Donatlons Subscrlptlons Legal and professlonal 8,400 309 3,483 5,266 8,400 309 3.483 5,266 5,930 275 1,287 14,084 2,485 8,850 295 3,600 2,485 8,850 295 3,600 3,092 17,800 2,239 32,689 32,689 44,707 CavanaghKelly' 18
Maghera Development Association Limlted (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 5. NET INCOME/(EXPENDITURE) FOR THE YEAR Net Income/(expenditure is stated after charging/(crediting): 2024 2023 Independent ExamineVs remuneratlon 6. STAFF cosrs AND EMPLOYEE BENEFITS The average number of persons employed by the charltable company durlng the year NIL (2023: NIL). 6.1 DIRECTORS. REMUNERATION The Dlrectors recelved nor walved any remunerations or any other beneflts durlng the year and no relmbursements of expenses Incurred. CavanaghKelly° 19
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 7. PROPERTY, PLANT AND EQUIPMENT Freehold Flxtures & Computer Property Flttlngs Equipment Total Cost At 31 July 2023 Additions At 31 July 2024 146,450 18,405 3,210 168,065 146 450 168 065 Depreciation At 31 July 2023 Charge for the year At 31 July 2024 18,405 3,210 21,615 At 31 July 2024 146 450 146 450 At 31 July 2023 146 450 146 450 8. INVESTMENT PROPERTY Investment Property Total Cost At 31 July 2023 Addltlons At 31 July 2024 855,766 855,766 855 766 855 766 Carrylng amount At 31 July 2024 855 766 855 766 At 31 July 2023 855 766 855 766 CavanaghKelly" 20
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 9. RECEIVABLES 2024 2023 Trade Re1VableS 10,650 10. PAYABLES: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade Payables Other tax and soclal securfty Accruals 312 1,474 1,201 1,434 11. PROVISIONS FOR LIABILITIES AND CHARGES Deferred Government Grant Cost At 31 July 2023 Addltlons At 31 July 2024 832,776 832 776 Grant Released At 31 July 2023 Charge for the year At 31 July 2024 782,560 801 232 Balance At 31 July 2024 31,544 At 31 Ju5y 2023 CavanaghKelly" 21
Maghera Development Association Limited (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 12. ANALYSIS OF NET ASSETS Unrestrlcted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Non-current Assets Current Assets Current Llabllltles Non-current Uabllltles 1,002,216 99,331 (83,520) 1.002,216 99,331 (83,520) 31.544 986 482 1,002,216 270,843 (84,133) 986 482 1 138 709 13. ANALYSIS OF FUNDS Unrestrlcted Restrlcted Funds Funds 2024 2024 Totsl Funds 2024 Total Funds 2023 Opening balance Net incomlng / (outgolng) resources Transfer between funds Closlng balance 1,138,709 1,138,709 1,088,221 47.774 47,774 50,488 1 186 483 1 186 483 1 138 709 CavanaghKelly' 22