Registration Number NI023366
Strathfoyle Community Association Limited Company Limited by Guarantee
Financial Statements and Trustees Report
For the Year Ended 31st March 2023
Strathfoyle Community Association Limited Company Limited by Guarantee
Contents
| Contents | ||
|---|---|---|
| Page | ||
| Legal and Administrative Information | 1 | |
| Trustee's Report | 2 | - 4 |
| Independent Examiner's Report | 5 | - 6 |
| Statement of Financial Activities for the year ended 31st March 2023 | 7 | |
| Statement of financial position as at 31st March 2023 | 8-9 | |
| Notes to the Accounts | 10 | - 15 |
Strathfoyle Community Association Limited Company Limited by Guarantee
Legal and Administrative Information
Status:
The Organisation is a charitable company limited by guarantee incorporated on 11th December 1989.
| Directors: | Hugh Hastings |
|---|---|
| Philomena Coyle | |
| Martina Jenkins | |
| Raymond Whorisky | |
| Accountants: | Diver Donaghy and Company Limited |
| Accountants and Tax Consultants | |
| Gortfoyle Business Centre | |
| 104-108 Spencer Road | |
| Derry | |
| BT47 6AG | |
| Bankers: | Danske Bank |
| PO Box 183 | |
| Donegall Square West | |
| Belfast | |
| BT1 6JS | |
| Solicitors: | Hasson & Co Solicitors |
| 39-41 Clarendon Street | |
| Derry | |
| BT48 7ER | |
| Registered Office: | 31-33 Bawnmore Street |
| Strathfoyle | |
| Derry | |
| BT47 1XP | |
| Company Number: | NI023366 |
Page 1
Strathfoyle Community Association Limited Company Limited by Guarantee
Trustees' Annual Report for the Year Ended 31st March 2023
Report of the Trustees for the year ended 31st March 2023
The directors present their annual report together with the financial statements of the organisation for the period from 1st April 2022 to 31st March 2023 which are also prepared to meet the requirements for a Directors' Report and Accounts for Companies Act purposes.
The financial statements comply with the Companies Act 2006, the Memorandum and Articles of Association, and accounting and reporting by 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 (FRS102) (effective 1 January 2015.)
The company is governed by a Memorandum and Articles of Association dated 11th December 1989. The company number is NI023366 and the registered office is 31-33 Bawnmore Street, Strathfoyle, Derry, BT47 1XP.
Directors and Trustees
The directors of the company are the trustees for the purpose of charity law. The Directors during the period and as at 31st March 2023 were as follows:
Hugh Hastings Philomena Coyle Martina Jenkins Raymond Whorisky
Page 2
Strathfoyle Community Association Limited Company Limited by Guarantee
Trustees' Annual Report for the Year Ended 31st March 2023 - Continued
Chair's Report
In our 50[th] year I would like to acknowledge and value the contribution of our external partners especially our main funder Strathfoyle Village Centre Ltd. We are also very grateful for the funds awarded to us by Northern Ireland Housing Executive, Comic Relief, Nationwide Building Society, Rural Area Partnership in Derry and Department of Agriculture, Environment and Rural Affairs. These funds are vital to ensure we can continue to provide our invaluable service to the community.
I wish to commend the work of our staff, management committee, Directors, Trustees and volunteers for their support and commitment during the past year.
I would like to thank all the residents for their continued support and dedication to this community and its development.
I am pleased to report that the Strathfoyle Greenway officially opened to the public in June 2023. The opening of the Greenway is a welcome addition to our community. It will promote active travel and improve health and wellbeing for local residents.
Our summer festival was a great success. Our fun day was once again the most popular event and attended by approximately 300 people. This brought smiles to the faces of children throughout the area. Our festival would not have been possible without the support/donations from NIHE Cohesion Unit, Londonderry Port & Harbour, Firmus Energy, Burke Shipping and Evermore Energy.
We were able to celebrate our 50[th] year with a fun day in September 2022. This was only possible due to funding that we received from the Police Property Fund. A great day was had by all.
We continue to provide our meals on wheels service to the elderly and vulnerable within the community 5 days per week for a subsidised rate. Our Advice Northwest outreach service is available in our premises every Thursday from 14:00 – 16:00, by appointment only.
At Christmas we worked with other local groups to hold Santas Grotto in the Strathfoyle Youth Centre, this was a great event that brought some Christmas magic to the area. We also organised a Christmas Craft Fair and Santa turned on the lights of the Strathfoyle Christmas Tree. Our Older Peoples Christmas Dinner Dance in The Belfray Country Inn was a great night with plenty of dancing, great food and company.
I am looking forward to another successful year as chairperson of Strathfoyle Community Association Ltd and the further development of this community in the coming years.
Alex Duffy Chairperson
14[th] August 2023
Page 3
Strathfoyle Community Association Limited Company Limited by Guarantee
Trustees' Annual Report for the Year Ended 31st March 2023 - Continued
Statement of Directors Responsibilities
The directors are responsible for preparing the directors report and 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 statement for each financial period which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these the directors are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for the safeguarding of assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
The report was approved by the board on the 14th August 2023 and signed on it's behalf by:
Hugh Hastings Director
14th August 2023
Page 4
Strathfoyle Community Association Limited Company Limited by Guarantee
Independent examiner's report to the Directors of Strathfoyle Community Association Limited for the year ended 31st March 2023
We report solely to the company directors on our examination of the accounts for the year ended 31st March 2023. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Strathfoyle Community Association Limited and its directors as a body for our work or for this report. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie
Respective responsibilities of the directors and examiner
As the directors of the company, you are reponsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008. Having satisfied ourselves that the charity is not subject to an audit under Company Law, and is eligible for independent examination, it is our responsibility to:
-
examine accounts under section 65 of the Charities Act
-
follow the procedure laid down in general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act
-
- state whether particular matters have come to our attention.
Basis of Independent Examiner's Report
We have examined your charity accounts as required under section 65 of the Charities Act 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. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included considertion of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
Our role is to state whether any material matters have come to our attention giving us concern to believe:
-
the accounting records were not kept as required by section 386 of the Companies Act 2006 and section 63 of the Charities Act;
-
that the accounts do not accord with those accounting records;
-
that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006, The Charities Act and with 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.
-
that there is further information needed for a proper understanding of the accounts to be reached.
Page 5
Strathfoyle Community Association Limited Company Limited by Guarantee
Independent examiner's report to the Directors of Strathfoyle Community Association Limited for the year ended 31st March 2023 - Continued
Independent Examiner's Statement
We have completed our examination and have no concerns in respect on the matters (1) to (4) 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
Diver Donaghy and Company Limited Gortfoyle Business Centre 104-108 Spencer Road Derry BT47 6AG
14th August 2023
Page 6
Strathfoyle Community Association Limited Company Limited by Guarantee
Statement of Financial Activities for the Year Ended 31st March 2023
| Notes Incoming Resources Donations Other Income Total Income Resources Resources Expended Charitable expenditure: Furtherance of charitable activities 6 Management and administration 6 Depreciation Total Resources Expended Net Movement in Funds Total funds brought forward at Beginning of Year Total funds carried forward at end of Year 5 Income from activities for generating funds 5 5 Income from Activities of Furtherance of charitable objects 5 |
709 10286 10995 61273 31028 92301 11343 0 12983 16111 -6911 10840 Unrestricted Restricted Totals Funds Funds 2023 £ £ £ 45000 2000 47000 0 0 0 21750 0 21750 66750 34403 101153 0 0 0 61982 41314 103296 4768 -6911 -2143 0 32403 32403 |
0 Totals 2022 £ 45700 21750 23856 |
|---|---|---|
| 91306 | ||
| 8816 80850 0 |
||
| 89666 | ||
| 11343 1640 |
||
| 12983 |
Thera are no gains or losses other than the profit or loss for the above financial year.
Page 7
Strathfoyle Community Association Limited Company Limited by Guarantee
Statement of Financial Position as at 31st March 2023
| Unrestricted | Restricted | Totals | Totals | ||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | 2022 | ||
| Notes | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Tangible Assets | 8 | 0 | 0 | 0 | 0 |
| Current Assets | |||||
| Debtors and Prepayments | 6750 | 0 | 6750 | 6750 | |
| Cash at Bank and on hand | 4900 | 0 | 4900 | 6720 | |
| Total Current Assets | 11650 | 0 | 11650 | 13470 | |
| Creditors: Amounts falling due | |||||
| within one year | 9 | -810 | 0 | -810 | -487 |
| Net Current Assets | 10840 | 0 | 10840 | 12983 | |
| Total Assets less Current liabilities | 10840 | 0 | 10840 | 12983 | |
| Creditors: Amounts falling due | 0 | 0 | 0 | 0 | |
| after one year | |||||
| Net Assets | 10840 | 0 | 10840 | 12983 | |
| Financed By: | |||||
| Funds | 10 | 16111 | -6911 | 10840 | 12983 |
For the year ending 31st March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors Responsibilities:
-
The members have not required the company to obtain an audit of it’s financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
Page 8
Strathfoyle Community Association Limited Company Limited by Guarantee
Statement of Financial Position as at 31st March 2023
These financial statements were approved by the Board of Directors and authorised for issue on the 14th August 2023 and were signed on behalf of the board by:
Hugh Hastings Director
14th August 2023
Company Registration Number: NI023366
Page 9
Strathfoyle Community Association Limited Company Limited by Guarantee
Notes to the Financial Statements For the Year Ended 31st March 2023
1. General information
The company is a charitable private company limited by guarantee, registered in Northern Ireland. The address of the registered office is 31-33 Bawnmore Place, Strathfoyle, Derry, BT47 1XP.
2. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by 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 (FRS102) (effective applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Strathfoyle Community Association Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy Note(s).
Turnover
Turnover represents the total value of grants received and receivable as well as other income arising from other operating and fundraising activities during the year. Grants are recognised in the Profit and Loss account when the conditions for their receipt have been complied with and there is reasonable assurance that the grant will be received.
Tangible assets
Tangible assets are initially recorded at cost. and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset.
Page 10
Strathfoyle Community Association Limited Company Limited by Guarantee
Notes to the Financial Statements For the Year Ended 31st March 2023
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Funds
Unrestricted Revenue Funds - comprise those revenue funds which the management committee are free to use in accordance with the company objectives.
Restricted Revenue Funds - comprise those revenue funds which have been given for particular purposes and projects.
4. Limited by Guarantee
Strathfoyle Community Association Limited is a registered Charity limited by guarantee without a Share Capital.
Page 11
Strathfoyle Community Association Limited Company Limited by Guarantee
Notes to the Financial Statements For the Year Ended 31st March 2023
| 5. Incoming Resources Donations and Similar Incoming Resources Donations Income from Activities of Furtherance of charitable objects Income from activities generating funds Investment and Other Income Total Incoming Resources Fundraising Events Other Income RAPID NIHE - SPOD -Community Fund Dept. of Justice DAERA Claudy Rural Development Community Fund Interest Received Strathfoyle Village Centre Limited |
0 32403 32403 21750 0 21750 Unrestricted Restricted Totals Funds Funds 2023 £ £ £ 45000 2000 47000 0 0 0 0 0 0 0 0 0 66750 34403 101153 0 458 458 0 21710 21710 0 2340 2340 0 2223 2223 0 672 672 0 5000 5000 0 0 0 21750 0 21750 |
Totals 2022 £ 45700 |
|---|---|---|
| 23856 0 18856 0 0 0 5000 |
||
| 0 0 0 |
||
| 21750 0 21750 |
||
| 91306 |
Page 12
Strathfoyle Community Association Limited Company Limited by Guarantee
Notes to the Financial Statements For the Year Ended 31st March 2023
| 6. Resources Expended Depreciation Depreciation of Tangible Assets Total Resources Expended Management and Administrative Costs Wages Water Rates Insurance Costs Advertising, Stationery and Printing Light and Heat Bank Charges Telephone and Postage Travel Expenses Accountancy Professional Fees Repairs and Maintenance Festival Expenses Fishing Rights Sundry Furtherance of Charitable Activities Social Functions Canteen Costs Van Expenses Funding Groups |
709 10286 10995 61273 31028 92301 Unrestricted Restricted Totals Funds Funds 2023 £ £ £ 40153 26768 66921 709 0 709 6751 2251 9002 144 0 144 2225 556 2781 206 0 206 1057 264 1321 0 0 0 1704 0 1704 0 500 500 2757 689 3446 5184 0 5184 0 0 0 383 0 383 0 0 0 61982 41314 103296 709 0 709 0 6170 6170 0 2706 2706 0 1410 1410 |
Totals 2022 £ 1282 4797 2737 0 |
|---|---|---|
| 8816 | ||
| 61548 229 7145 0 1914 190 1237 0 1656 0 5691 1200 40 |
||
| 80850 | ||
| 0 | ||
| 89666 |
7. Staff Costs
The average number of persons employed by the company during the year was 4. ( 2022 - 4 )
Page 13
Strathfoyle Community Association Limited Company Limited by Guarantee
Notes to the Financial Statements For the Year Ended 31st March 2023
8. Tangible Assets
Plant &
| Cost As at 1 April 2022 Additions Disposals Balance as at 31st March 2023 Depreciation As at 1 April 2022 Charge for the Period Released on Disposals Balance as at 31st March 2023 Net Book Value As at 31st March 2023 As at 31st March 2022 9. Creditors: Amounts falling due within one Year PAYE & NIC Wages |
810 0 810 Equipment Van Total £ £ £ 21266 11470 32736 0 0 0 0 0 0 21266 11470 32736 21266 11470 32736 0 0 0 0 0 0 21266 11470 32736 0 0 0 0 0 0 2023 £ |
487 0 487 2022 £ |
|---|---|---|
| 21266 11470 |
||
| 0 0 |
||
| 0 0 |
||
Page 14
Strathfoyle Community Association Limited Company Limited by Guarantee
Notes to the Financial Statements For the Period Ended 31st March 2022
10. Analysis of Charitable Funds
Analysis of Movements in Unrestricted Funds
General Fund
Balance Incoming Resources Funds at 01.04.22 Resources Expended 31.03.23 £ £ £ £ 11343 66750 61982 16111
Name of Unrestricted Fund
General Funds
Description of the Fund
Funds which the Association is able to apply freely in pursuit of its own charitable objectives and related purposes.
Analysis of Movements in Restricted Funds
Restricted Fund
| ds | |||
|---|---|---|---|
| Balance | Incoming | Resources | Funds at |
| 01.04.22 | Resources | Expended | 31.03.23 |
| £ | £ | £ | £ |
| 0 | 34403 |
41314 |
-6911 |
Name of Restricted Fund
Restricted Fund
Description of the Fund
Funds which the Association applies for particular purposes and projects in pursuit of its charitable objectives.
All Deficits are transferred to and covered by the Unrestricted Funds.
Page 15