Mayfield Village Community Association Annual Report and Unaudited Financial Statements for the financial year ended 31 January 2024 Company Number.. N1067843 Charity Number- 107665 Mayfield Village Community Association STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an Income and ExpendItu￿ Accciuntl for the financial year ended 31 January 2024 Unrestrlcted Restrl¢ted Funds Fund5 2024 2024 Total Unreslricled Funds Funds 2024 2023 Total Funds 2023 Notes Income Charitable activrties Grants from governments and other co-funders 7,680 44,864 52,544 41,433 41,433 Expenditure Charitable activities Other trading aclNilies Other expenditure 2,853 871 956 40,696 7,834 43,549 8.70S 956 43.822 43,822 Total Expenditure 4,680 48,530 53,210 43,822 43,822 Net incomellexpenditurel 3.000 13,6661 6661 12,3891 12,3891 Transfers between funds Net movement in funds for the financial year 3,000 (3,6661 18661 12,3891 12.3891 Reconciliation of funds- Total funds beginning of the year 3,539 3,539 5,928 5,928 Total funds at the end of the year 6,539 {3,6661 2,873 3,539 3,539 The Statement of Financial Activities includ&s all gains and losses recognised in the financial year. All income and expenditure relate lo continuing activities. The notes on pages 1110 14 form part ol the financial statements Mayfield Village Community Association Company Number: N1067843 BALANCE SHEET as at 31 Jonuary 2024 2024 2023 Notes Fixed Assets Tangible assets 6,071 6,252 Current Assets Cash al bank and in hand 11,056 11.541 Creditors: Amounts falling due wthin one year 114,2541 114,2541 Net Current Liabilities 13.198} 12,7131 Total Assets less Current Liabilities 2,873 3,539 Funds Restricted trust funds General fLtnd lunrestricledl 13,6661 6,S39 3,539 Total funds 2,873 3.539 These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companie5 Act 2006. For the financial ye8r ended 31 January 2024 the charity was entitled to exemption from audtt under section 477 91 the Companies Act 2006,. and no noti￿ has been deposited under section 476. The trustees confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for ensuring that the charity 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 charity as al the end of the financial year and ol its profil and loss for the financial year in accordan￿ with the requirements ol sections 394 and 395 and which olhenNise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable lo the charity. The financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies, ￿gIMe and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" applying Section 1A of that Standard. Approved by the Board of Trustees and authorised for issue on 22 October 2024 and signed on its behalf by Clare Saunders Trustee Th8 notes on pages 11 10 14 form part of the financial slalemenls 10 Mayfield Village Community Association NOTES TO THE FINANCIAL STATEMENTS for the fin8nci81 year ended 31 January 2024 GENERAL INFORMATION Mayfield Village Community Association is a company limited by shares incoTporaled in Northern Ireland. The registered office of the charity is 1 Mayfield Mansion Square, Newtown8bbey, Antrim, BT36 7wr, United Kingdom which is also the principal place of business of the ¢harity. The fnancial statements have been presented in Pound 1£) which is also the functional currency of the charity- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial statements. Basis of preparatlon The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial slalements have been prepared in accordance with the Slalemenl of Recommended Practice {SORPI 'Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Reptsblic of Ireland FRS 102" applying Section IA of that Standard. As peTmitted by the Companies Act 2006, the charity has varied the standard forniats in that act for the St2temenl of Financial Activities and the Balance Sheet. Departures from the standard formals are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. ststement of complian¢e The financlal statements of the charity for the finanGlal year ended 31 December 2017 have been prepared on the going concem basis and in accordance with the Slatement of Recommended Practice ISORP) "Accounting and Reporting by Charities preparing their accounts in accordance wllh the Financial Reporting standard applicable in the UK and Republic of Ireland FRS 102" applyiNg Section 1A of Ihal Standard. Fund accounting The following are the calegories of funds maintained.. Restrlcted funds Restricted funds represent income received which can only be used for particular purposes. as specified by the donors. Such purposes are within the overall objectives of the charfly. Unrestrlcted funds Unrestiicted funds consist of General and Designated funds. General funds represent amounts which are exper¢dable al the discretion of the board, in furtherance of the objectives of the charity. Designated funds comprise unrestrioted funds that the board has, at its discretion, set aside for partlcular PUTposes. These designations have an administrative purpose only, and do not legally restrict the board's dls¢retion to apply the fund. Incomo Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled lo the income, performance conditions attached to the itemls) of income have been mel. the amounts involved can be measured wilh sufficient reliability and it is probable that the income will be received by the charity. Income from charitable activities Income from charitable a¢tivities include income earned from the supply of setvices under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the charity. InGorne from government and other co-funders is recognised when the charity is legally enlilled lo the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance. ils recognition is deferred and included in creditors. Where entitlement occurs before income is received. it IS accrued in debtors. Grants from governments and other co-funders typically include one of the following types of conditions- Perfomance based Conditions.. whereby the charlty Is contractually entitled to funding onty to the extent that the ¢ore objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a grant agreement, it recognises the ￿lated expenditure, to the extent that it is reirnbursable by the donor. as 11 ntinued Mayfield Village Community Association NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 January 2024 Income. Time based conditions.- whereby the charity is ¢onlr8Glually enlilled lo funding on the condition that it is utilised in a particular period. In these case5 the charity re¢ognises the income to Ihe extent il is utilised within the period specified in the agreement. In the absence of such conditions, assuming that receipt Is probable and the amount can be rellably measured, grant income is recognised once the charity is notified of enlillement. Grants received towards capital expenditure a￿ credited lo the Statement of Financial AGtivities when received or receivable, whichever is earlier. Expenditure Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are sep8ralely accumulated and disclosed. and analysed according lo their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed lo one activity. Such costs are alloc81ed lo activities in proportion to staff time spent or other suitable measure for each activity. Tangible flxed assets and depreciation Tangible fixed assets are stated at cost or at valuation. less accumulated depre¢i8tion. The charge lo depreciation is calculated to write off the original cost or valuation ol tangible fixed assets, less their estimated residual value, over their expected useful lives as follows- Fixtures, fittings and equipment 15Vo Straight line Cash at bank and In hand Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal. Taxalion and deferred taxation No current or deferred taxation arises as the charity has b8en granted charitable exemption. Irrecoverable valued added tax is expensed as Incurred. Deferred tax is recognised In respect of all timSng differences that have originated but nol reversed al the balance sheet date where transaction5 or events have occurred al that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the charity's taxable profits and its results as slated in the financial statements. Deferred tsx is measured on an undiscounled basis al the lax rates that are anticipated to apply In the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. INCOME CHARITABLE ACTIVITIES Unrestrlcted Restricted Funds Funds 2024 2023 Grants from governments and other co-funders: Income from charitable activities 7.680 44,864 52,544 41.433 EXPENDITURE CHARITABLE ACTIVITIES Direct Costs Oth8r Costs Support Costs 2024 2023 Expenditure on charitable activites Governance Costs {Nole 4.4) 42,816 733 42,816 733 43,549 43,549 12 continued Mayfield Village Community Association NOTES TO THE FINANCIAL STATEMENTS for th8 financial year ended 31 January 2024 OTHER TRADING ACTIVITIES Direct Costs Other Costs Support Costs 2024 2023 Other trading activities 8,705 8,705 OTHER EXPENDrfuRE Direct Costs Other Costs Support Costs 2024 2023 Other expenditure 435 521 956 43.822 GOVERNANCE COSTS Direct Costs Other Costs Support Costs 2024 2023 Charitable activities- govemance costs 733 733 NET INCOME 2024 2023 Net Income ts stated after chargingl(credltlngl: Depreciation of tangible a55ets 521 2.106 TANGIBLE FIXED ASSETS Fixtures, fittings and equipment Total Cost At 1 February 2023 Additions 25.835 340 25,835 340 At 31 January 2024 26,175 26.175 Depreclation At 1 February 2023 Charge for the financial year 19.583 521 19,583 521 Al 31 January 2024 20,104 20,104 Net book value At 3fj January 2024 6,071 6.071 At 31 January 2023 6,252 6,252 CREDITORS Amounts falling due wlthin one year 2024 2023 AccTuals and deferred income 14,254 14,254 13 continued Mayfield Village Community Association NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 January 2024 RESERVES Funds Total Deficit for the financial year 16661 {666) At the end of the year (6661 3.539 2,873 FUNDS RECONCILIATION OF MOVEMENT IN FUNDS Unreslrictod Restr5cted Funds Funds Total Funds At 1 February 2022 Movement during the financial year 5,928 (2.3891 5,928 {2,389) At 31 January 2023 Movement during the financial year 3,539 3.000 3,539 {6661 (3.6661 At 31 J8nu8ry 2024 6.539 (3,666) 2.873 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 February 2023 Income Exponditure Transfers between funds Balance 31 January 2024 Restricted funds Restricted Unrestrieted funds Unrestricted General 44,864 48,530 (3.666) 3,539 7,680 4,680 6,539 Total funds 3,539 52.544 53,210 2,873 ANALYSIS OF NET ASSETS BY FUND Fixed assets . charity use Current assets Current liabilities Totsl Restricted trust funds 30.196 30,1g6 Unrestricted general funds 6,071 580 (33,9741 {27,323) 6.071 30,776 {33.974) 2,873 10. POST.BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 14