Company Registration Number: NI028504 Charity Registration Number: 107336
Maghera Development Association Limited (Charitable Company Limited by Guarantee)
Annual Report and Unaudited Financial Statements
For the year ended 31 July 2025
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
CONTENTS For the year ended 31 July 2025
| Page | |
|---|---|
| General Information | 3 |
| Directors' Report | 4 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Statement of Financial Position | 10 - 11 |
| Notes to the Financial Statements | 12 - 22 |
8
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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/O Burns & Co 61 Main Street Maghera Co. Derry BT46 5AB
Company registration number NI028504 Charity registration number 107336 Independent examiners Cooper Parry Chartered Accountants 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP
Bankers
Danske Bank 14 Broad Street Magherafelt Co. Derry BT45 6EA
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
DIRECTORS' REPORT For the year ended 31 July 2025
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 2025.
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 Details
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 objectives are to encourage, support and develop enterprise in the Maghera area through the provision of offering a range of industrial units to a diverse 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 donations to a wide range of entities such as local charities, schools, sports clubs and community groups.
The strategic objectives of the group are as follows:
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•To promote economic and social growth locally;
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•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 2025.
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 continues 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.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
DIRECTORS' REPORT For the year ended 31 July 2025
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 £25,884 (2024: net incoming resources of £47,793).
At 31 July 2025, the total funds of the charitable company amounted to £1,212,344 (2024: £1,186,483) comprising 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 expenditure incurred.
Structure, Governance and Management
Organisational structure
The charitable 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 Association, 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.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
DIRECTORS' REPORT For the year ended 31 July 2025
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 Directors to prepare financial 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 resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are required to:
-select suitable 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 charitable 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 Act 2006.
This report was approved by the Board of Directors on and signed on its behalf by:
Mr Gary Burns Director
Company Registration Number: NI028504 Charity Registration Number: 107336
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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 2025
We report on the financial statements of the charitable company for the year ended 31 July 2025 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:
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examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
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follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008; and
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state whether particular matters have come to our attention.
Basis of Independent Examiner’s Report
We have examined your charitable company's financial statements as required under section 65 of the Charities Act (Northern Ireland) 2008 and our examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008. The examination 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 such matters.
Our role is to state whether any material matters have come to our attention giving us cause to believe:
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That accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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That the accounts do not accord with those accounting records; or
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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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland; or
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That there is further information needed for a proper understanding of the accounts to be reached.
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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 2025
Independent Examiner’s Statement
We have completed our examination and have no concerns in respect of the matters listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention.
COOPER PARRY Chartered Accountants & Statutory Auditors 36-38 Northland Row Dungannon Co Tyrone BT71 6AP
Date:
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 July 2025
| Note INCOME AND ENDOWMENTS 3 Income from Charitable Activities Other Income TOTAL INCOME AND ENDOWM RESOURCES EXPENDED 4 Charitable Activities TOTAL RESOURCES EXPENDED Net incoming resources for the year 5 Transfers between funds Total funds brought forward Total funds carried forward |
Unrestricte d Funds Restricted Funds Total Funds Total Funds 2025 2025 2025 2024 £ £ £ £ 74,530 -74,530 79,998 188 -188 485 74,718 -74,718 80,483 (48,856) - (48,856) (32,709) (48,856) - (48,856) (32,709) 25,862 - 25,862 47,774 - - - - 1,186,483 -1,186,4831,138,709 1,212,345 - 1,212,345 1,186,483 |
|---|---|
The above Statement of Financial Activities includes all information as required to be disclosed by the Companies Act 2006.
All of the activities of the charitable company are classed as continuing.
The Statement of Financial Activities includes all gains and losses recognised during the year.
The notes on pages 12 to 22 form an integral part of the financial statements.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
STATEMENT OF FINANCIAL POSITION As at 31 July 2025
| Note Non-Current Assets Property, plant and equipment 7 Investment Property 8 Current Assets Receivables 9 Cash and cash equivalents Payables: Amounts falling due within one year 10 Net Current Assets Total assets less current liabilities Provisions for liabilities and charges 11 Net Assets 12 REPRESENTED BY: Unrestricted funds 13 Restricted funds 13 Total Funds 13 |
2025 £ 146,450 855,766 1,002,216 8,250 254,452 262,702 (33,022) 229,680 1,231,896 19,551 1,212,345 1,212,345 - 1,212,345 |
2024 £ 146,450 855,766 1,002,216 10,650 288,681 299,331 (83,520) 215,811 1,218,027 31,545 1,186,482 1,186,483 - 1,186,483 |
|---|---|---|
The Directors' statements shown on the following page form part of this Statement of Financial Position.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
STATEMENT OF FINANCIAL POSITION As at 31 July 2025 (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 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The Directors confirm that the members have not required the company to obtain an audit of its financial 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 financial statements were approved and authorised for issue by the Board of Directors on ____ and signed on their behalf by:
Mr Gary Burns Director
Company Registration Number: NI028504 Charity Registration Number: 107336
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
1. 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 Policies
The following accounting policies have been applied consistently 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 Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 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 prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company's financial statements.
2.3 Cash Flow Statement
The charitable company has applied Update Bulletin 2 as published on 5 October 2018 (effective 1 January 2019) and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
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 reliability.
(ii) 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.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2025
2.7 Property, Plant and Equipment and Depreciation
All property, plant and equipment are initially recorded at cost.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Freehold Property 0% Straight Line Fixtures and Fittings 25% Reducing Balance Computer Equipment 25% Straight Line
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 difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognsied in the statement of financial activities.
2.9 Trade and Other Receivables
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 initially recognised at fair value and thereafter stated at cost.
2.11 Taxation
As a charity, the charitable company is not liable to Corporation Tax.
2.12 Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original 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.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
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 recognised 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 objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is decrease in the impairment loss arising 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.
Financial 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 significant 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.
(ii) Financial Liabilities
Basic financial liabilities, including 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 effective 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.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2025
2.14 Financial Instruments - continued
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 initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to 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 judgements are continually evaluated and are based on historical experience and other factors, including 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 applying the charity’s accounting policies.
Critical accounting estimates and assumptions
There are no actual accounting estimates and assumptions.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
| 3. INCOME AND ENDOWMENTS Unrestricted Funds Restricted Funds Total Funds 2025 2025 2025 £ £ £ Charitable Activities Rental Income 62,536 -62,536 Deferred Government Grant 11,994 -11,994 Total Income from Charitable Activities 74,530 -74,530 Other Income Bank Interest Received 188 -188 188 -188 |
Total Funds 2024 £ 61,326 18,672 79,998 485 485 |
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
4. RESOURCES EXPENDED
| Unrestricted Funds Restricted Funds Total Funds 2025 2025 2025 £ £ £ Charitable Activities Insurance 8,591 -8,591 Rates 312 -312 Light and heat 5,140 -5,140 Repairs and maintenance 4,070 -4,070 Sundry - -- Accountancy 2,613 -2,613 Donations 23,250 -23,250 Subscriptions 7 7 Legal and professional 4,650 -4,650 Bank interest and charges 23 -23 Hire of P&M 199 -199 48,856 -48,856 |
Total Funds 2024 £ 8,400 309 3,483 5,266 - 2,485 8,850 295 3,600 21 - 32,709 |
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
5. NET INCOME/(EXPENDITURE) FOR THE YEAR
Net income/(expenditure is stated after charging/(crediting):
| Independent Examiner's remuneration | 2025 £ 2,613 2,613 |
2024 £ 2,485 2,485 |
|---|---|---|
6. STAFF COSTS AND EMPLOYEE BENEFITS
The average number of persons employed by the charitable company during the year NIL (2024: NIL).
6.1 DIRECTORS' REMUNERATION
The Directors received nor waived any remunerations or any other benefits during the year and no reimbursements of expenses incurred.
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
7. PROPERTY, PLANT AND EQUIPMENT
| Cost At 31 July 2024 Additions At 31 July 2025 Depreciation At 31 July 2024 Charge for the year At 31 July 2025 At 31 July 2025 At 31 July 2024 |
Freehold Property Fixtures & Fittings Computer Equipment Total £ £ £ £ 146,450 18,405 3,210 168,065 - - - - 146,450 18,405 3,210 168,065 - 18,405 3,210 21,615 - - - - - 18,405 3,210 21,615 146,450 - - 146,450 146,450 - - 146,450 |
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8. INVESTMENT PROPERTY
| Cost At 31 July 2024 Additions At 31 July 2025 Carrying amount At 31 July 2025 At 31 July 2024 |
Investment Property Total £ £ 855,766 855,766 - - 855,766 855,766 855,766 855,766 855,766 855,766 |
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
| 9. RECEIVABLES 2025 £ Trade Receivables 8,250 8,250 10. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Trade Payables - Other tax and social security 1,040 Accruals 31,982 33,022 11. PROVISIONS FOR LIABILITIES AND CHARGES Cost At 31 July 2024 Additions At 31 July 2025 Grant Released At 31 July 2024 Charge for the year At 31 July 2025 Balance At 31 July 2025 At 31 July 2024 |
2024 £ 10,650 10,650 2024 £ 312 1,474 81,734 83,520 Deferred Government Grant £ 832,776 - 832,776 801,231 11,994 813,225 19,551 31,545 |
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Maghera Development Association Limited (Charitable Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025
12. ANALYSIS OF NET ASSETS
| Non-Current Assets Current Assets Current Liabilities Non-Current Liabilities 13. ANALYSIS OF FUNDS Opening balance Net incoming / (outgoing) resources Transfer between funds Closing balance |
Unrestricted Restricted Total Funds Funds Funds 2025 2025 2025 £ £ £ 1,002,216 - 1,002,216 262,702 - 262,702 (33,022) - (33,022) (19,551) - (19,551) 1,212,345 - 1,212,345 Unrestricted Restricted Total Funds Funds Funds 2025 2025 2025 £ £ £ 1,186,483 - 1,186,483 25,862 - 25,862 - - - 1,212,345 - 1,212,345 |
Total Funds 2024 £ 1,002,216 299,331 (83,520) (31,544) 1,186,483 Total Funds 2024 £ 1,138,709 47,774 - 1,186,483 |
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