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 p￿SuMe
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 Other￿lSe 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 re￿Ipt 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¢qui￿d 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 Re￿1VableS
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