Northern Counties Development Association
Annual report and audited financial statements for the year ended 31 January 2024
Registration No: NI036601 (Northern Ireland) Charity Registration No: XR32310
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Contents
| Page (s) | |
|---|---|
| Charity Information | 1 |
| Strategic Report | 2 - 3 |
| Directors’ Report | 4 - 5 |
| Independent Auditors’ Report | 6 - 8 |
| Statement of Financial Activities | 9 |
| Statement of Comprehensive Income | 10 |
| Statement of Financial Position | 11 |
| Statement of Cash Flows | 12 – 12 |
| Statement of Changes in Equity | 14 |
| Notes to the financial statements | 14 – 23 |
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 1
Charity Information
| Directors | Charity Secretary |
|---|---|
| Ann Brennan | Claire McKendry |
| Anthony McGuckin | |
| Veronica McKendry | |
| Fiona O'Hagan | |
| Claire McKendry | |
| Dermot Friel | |
| Lucy Kearney | |
| Registered Office | Auditors |
| 15C Main Street | ASM (M) Ltd |
| Swatragh | Chartered Accountants |
| Maghera | The Diamond Centre |
| Market Street | |
| Magherafelt | |
| Solicitors | Bankers |
| PJ McGuckin | Bank of Ireland (UK) plc |
| Main Street | Market Street |
| Maghera | Magherafelt |
| Registration Number | Charity Registration Number |
| NI036601 (Northern Ireland) | XR32310 |
Page 2
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Strategic Report
The Directors present their Strategic Report for the year ended 31 January 2024.
Principal activities
The Charity's principal activity is to promote the benefit of the inhabitants of Granaghan and the neighbourhood thereof.
Review of activities and future developments
The results for the year are set out in the Statement of Financial Activities on page 9 and in the related notes.
Future outlook
The future developments in the Charity’s activities are discussed in the Directors' Report.
Grant making policy
The Charity seeks applications for grants and other forms of assistance from various parties in the local area and proposals are reviewed and assessed in detail and approved by the Board of Directors.
Reserves Policy
The Directors have reviewed the Charity's requirements for reserves in conjunction with their analysis of the main risks for the Charity.
The unrestricted funds not invested in fixed assets need to be sufficient to cover six months of annual running costs.
At the date of the approval of these financial statements the Charity has approximately 2 months reserves and the Directors recognise that this will require the building up of reserves over the next few years.
However the level and nature of expenditure has been analysed and an assessment made as to how reductions can be made if the need arises. This policy is reviewed annually by the Board of Directors.
Key performance indicators
The Directors used the key performance indicators set out in the table below to monitor the Charity’s performance/
| Rental income (£) Revenue growth (%) Gross profit (£) Gross profit margin (%) Operating profit (£) Operating profit margin (%) |
31 January 2024 5,510 3.3% 5,510 100.0% 3,252 59.0% |
31 January 2023 5,335 101.3% 5,335 100.0% 4,679 87.7% |
|
|---|---|---|---|
As demonstrated above, a number of key performance indicators showed an adverse performance movement, however the Directors are confident that changes that have already been implemented will result in a reversal of this adverse performance in the next financial year.
Principal risks and uncertainities
The principal risks and uncertainties affecting the Charity are securing grant funding and donations.
The Charity’s management endeavours to mitigate these risks by implementing regular strategic and operational reviews.
Key performance indicators
The Charity Directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.
Financial risk management
The Charity’s operations expose it to a variety of financial risks that are analysed under separate subheadings below.
The Charity has a risk management programme in place that seeks to limit the adverse effects of these risks on the financial performance of the Charity.
Credit risk
The Charity does not sell on credit and consequently does not have any credit risk.
Financial instruments
The Charity does not actively use financial instruments as part of its financial risk management.
Page 3
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Strategic Report
Liquidity risk
The Charity maintains a mixture of long term and short term debt finance that is designed to ensure that the Charity has sufficient available funds for current operations and planned expansions.
Foreign exchange risk
The Charity's principal operating currency is sterling (£).
The Charity does not have any material transactions in foreign currencies.
The Charity does not have any material exposure to foreign exchange risk.
Approval
This Strategic Report was approved by the Board of Directors on 23 January 2025 and signed on its behalf by:
Ann Brennan
Director
Page 4
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Directors’ Report
The Directors present their report and the audited financial statements for the year ended 31 January 2024.
Results
The Statement of Financial Activities for the year ended 31 January 2024 is set out on page 9.
Performance review
Both the year end financial position and the financial performance for the year were as expected.
Future outlook
The Directors expect that the Charity's recent financial performance will be sustained for the foreseeable future.
Directors
The directors of the Charity at 31 January 2024, who have all been directors for the whole of the year ended on that date, except as noted below, are listed on page 1.
| page 1. | page 1. | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name | Resignation Date | |||||||||
| Patrick Turner | 1 April 2024 | |||||||||
| Name | Appointment | |||||||||
| Dermot Friel | 22 October 2024 | |||||||||
| Lucy Kearney | 1 April 2024 |
Dividends and transfers to reserves
The Directors do not recommend the payment of a dividend in respect of the year ended 31 January 2024.
The result for the year has been transferred to reserves.
Financial instruments and risk management
Information on the use of financial instruments by the Charity and its management of financial risk are discussed in the Strategic Report.
Changes in fixed assets
The movements in fixed assets during the year are set out in notes 15 and 16 to the financial statements.
Research and development
The Charity does not have any material research and development activities.
Events after the reporting date
There were no material events after the year end that require disclosure in the financial statements.
Employees
The Charity’s policy is to consult and discuss with employees where appropriate matters likely to affect employees’ interests/
Disabled persons
The Charity’s policy is to recruit disabled workers for those vacancies that they are able to fill and all necessary assistance with initial training courses is provided. Arrangements are made, whenever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
Political donations
The Charity did not make any political donations during the year or in the preceding year.
Directors’ responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law).
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and the profit or loss of the Charity for that financial year.
Page 5
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Directors’ Report
In preparing these financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting 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; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006.
The Directors are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Accounting records
The measures taken by the Directors to secure compliance with the requirements of Section 386 to Section 389 of the Companies Act 2006, with regard to keeping of accounting records, are the employment of appropriately qualified accounting personnel and the maintenance of computerised accounting systems/ The Charity’s accounting records are maintained at 15C Main Street, Swatragh, Maghera.
Statement of disclosure of information to auditors
So far as each of the Directors in office at the date of approval of these financial statements are aware:
-
there is no relevant audit information of which the Charity’s auditors are unaware- and
-
they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.
This statement is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.
Auditors
The auditors, ASM (M) Ltd, are deemed to be reappointed under Section 485 of the Companies Act 2006.
Provisions relating to the preparation of the financial statements
This report has been prepared in accordance with the provisions of the Companies Act 2006 relating to na sized companies.
Approval
This Directors’ Report was approved by the Board of Directors on 23 January 2025 and signed on its behalf by:
Ann Brennan
Director
Page 6
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Independent Auditors’ Report to the Trustees of Northern Counties Development Association
We have audited the financial statements of Northern Counties Development Association (the “ Charity ”) for the year ended 31 January 2024 which comprise the Statement of Financial Activities, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the notes to the financial statements including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and Generally Accepted Accounting Practice in the United Kingdom including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
In our opinion the financial statements:
-
give a true and fair view of the assets, liabilities and financial position of the Charity as at 31 January 2024 and of its surplus for the year then ended;
-
have been properly prepared in accordance with Generally Accepted Accounting Practice in the United Kingdom and FRS102; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the !uditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's (FRC) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the !nnual Report, other than the financial statements and our auditor’s report thereon/
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Based on the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report or the Directors’ Report.
Page 7
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Independent Auditors’ Report to the Trustees of Northern Counties Development Association
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of Directors’ remuneration specified by law are not made- or
-
we have not received all of the information and explanations we require for our audit.
Respective responsibilities
Directors’ responsibilities for the financial statements
As explained more fully in the Directors’ responsibilities statement set out in the Directors’ Report the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
!uditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
-
revenue recognition;
-
management override of controls;
-
posting unusual journals; and
-
unusual estimation amounts.
As part of our audit procedures we discussed these risks with management, and performed audit procedures to identify the occurrence of such risks.
There are inherent limitations in any audit procedures undertaken, and in particular the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement due to error.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at.
www.frc.org.uk/auditorsresponsibilities
This description forms part of our auditor’s report/
Page 8
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Independent Auditors’ Report to the Trustees of Northern Counties Development Association
Use of our report
This report is made solely to the Charity’s members, as a body, in accordance with Section 495 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael McAllister (Senior Statutory Auditor)
For and behalf of:
ASM (M) Ltd
Chartered Accountants and Statutory Auditors The Diamond Centre Market Street Magherafelt
23 January 2025
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 9
Statement of Financial Activities
| Note Incoming Resources Trading Income Rental income Trading costs |
Unrestricted Funds 31 January 2024 (12 months) £ - - |
Restricted Funds 31 January 2024 (12 months) £ - - |
Endowment Funds 31 January 2024 (12 months) £ - - |
Total 31 January 2024 (12 months) £ - - |
Total 31 January 2023 (12 months) £ - - |
|---|---|---|---|---|---|
| Net Trading Income Voluntary income 7 Revenue grants 8 Rental income 9 |
- 1,615 5,742 5,510 |
- - - - |
- - - - |
- 1,615 5,742 5,510 |
- 900 5,750 5,335 |
| Total incoming resources | 12,867 | - | - | 12,867 | 11,985 |
| - Resources Expended |
|||||
| Charitable activities Governance Management and administration 10 |
- 2,598 |
- - |
- - |
- 2,598 |
- 1,513 |
| 2,598 6,951 |
- - |
- - |
2,598 6,951 |
1,513 5,793 |
|
| Total resources expended 11 |
9,549 | - | - | 9,549 | 7,306 |
| 3,318 | - | - | 3,318 | 4,679 | |
| Amortisation of property, plant and equipment | (66) | - | - | (66) | - |
| Net resources for the year before interest payable | 3,252 | - | - | 3,252 | 4,679 |
| Interest payable 13 |
- | - | - | - | - |
| Net resources for the year before taxation | 3,252 | - | - | 3,252 | 4,679 |
| Taxation 14 |
- | - | - | - | - |
| Net resources for the year | 3,252 | - | - | 3,252 | 4,679 |
The notes on pages 14 to 23 form part of these financial statements
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 10
Statement of Comprehensive Income
| Note | Unrestricted Funds £ |
Restricted Funds £ |
Endowment Funds £ |
Total £ |
|---|---|---|---|---|
| At 1 February 2022 Total comprehensive income for the year At 31 January 2023 Total comprehensive income for the year At 31 January 2024 |
324,151 4,679 |
- - |
- - |
324,151 4,679 |
| 328,830 3,252 |
- - |
- - |
328,830 3,252 |
|
| 332,082 | - | - | 332,082 |
All amounts above relate to continuing operations of the Charity.
The notes on pages 14 to 23 form part of these financial statements
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 11
Statement of Financial Position
| Note Fixed assets Property, plant and equipment 15 Investments 16 Current assets Receivables 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Provisions for liabilities 19 Net assets Capital and reserves Unrestricted reserves Restricted reserves Total capital and reserves |
31 January 2024 £ 233 253,480 |
31 January 2023 £ - 244,090 |
|---|---|---|
| 253,713 | 244,090 | |
| 66,451 15,957 |
66,451 22,448 |
|
| 82,408 | 88,899 | |
| 4,039 | 4,159 | |
| 78,369 | 84,740 | |
| 332,082 | 328,830 | |
| - | - | |
| - | - | |
| 332,082 | 328,830 | |
| 332,082 - |
328,830 - |
|
| 332,082 | 328,830 |
The Directors acknowledge the Charity’s obligations under the Companies Act 2006 to keep adequate accounting records and prepare financial statements which give a true and fair view of the assets, liabilities and financial position of the Charity at the end of each period of account and of its profit or loss for each period of account, and otherwise comply with the requirements of the Companies Act 2006 relating to financial statements so far as they are applicable to the Charity.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small sized companies.
The financial statements on pages 9 to 23 were approved and authorised for issue by the Board of Directors on 23 January 2025 and were signed on its behalf by:
Ann Brennan
Director Registration Number: NI036601 (Northern Ireland) Charity Registration Number: XR32310
The notes on pages 14 to 23 form part of these financial statements
Page 12
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Statement of Cash Flows
| Cash inflows from operating activities Returns on investments and servicing of finance Interest payable Taxation Investment Purchase of property, plant and equipment Purchase of investments Net cashflow from investment Equity dividends paid to shareholders Financing Related undertaking repayments Net cash flow from financing Net cash inflow/(outflow) |
31 January 2024 (12 months) £ 3,198 |
31 January 2023 (12 months) £ 4,755 |
|
|---|---|---|---|
| - | - | ||
| - | - | ||
| - | - | ||
| (299) (9,390) |
- - |
||
| (9,689) | - | ||
| - | - | ||
| - | (7,000) | ||
| - | (7,000) | ||
| (6,491) | (2,245) |
Reconciliation of net resources to net cash inflow/(outflow) from operating activities
| Net resources for the year before taxation Amortisation of property, plant and equipment |
31 January 2024 (12 months) £ 3,252 66 3,318 |
31 January 2023 (12 months) £ 4,679 - |
|---|---|---|
| 4,679 | ||
| (Increase)/decrease in prepayments/other receivables Increase/(decrease) in accruals Cash inflows from operating activities |
- (120) 3,198 |
6,750 (6,674) |
| 4,755 |
Analysis of changes in net cash
| 31 January 2024 £ |
31 January 2023 £ |
||
|---|---|---|---|
| Opening cash balance Increase/(decrease) in cash balances |
22,448 (6,491) |
24,693 (2,245) |
|
| Closing cash balance | 15,957 | 22,448 | |
| 31 January 2024 |
31 January 2023 |
Movement | |
| Analysis of cash balances | £ | £ | £ |
| Cash at bank and in hand Bank overdraft |
15,957 - |
22,448 - |
(6,491) - |
| 15,957 | 22,448 | (6,491) |
The notes on pages 14 to 23 form part of these financial statements
Page 13
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Statement of Cash Flows
Analysis of changes in net debt
| At 1 February 2022 Repayments At 31 January 2023 - - - - - - - Repayments At 31 January 2024 - - - - - - - |
Related undertakings £ (59,451) (7,000) |
Total £ (59,451) (7,000) |
|---|---|---|
| (66,451) - |
(66,451) - |
|
| (66,451) | (66,451) |
The notes on pages 14 to 23 form part of these financial statements
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 14
Notes to the financial statements
1. Company Information
Legal status
Northern Counties Development Association is a private company limited by guarantee established in Northern Ireland.
Registration number and registered office
The Charity’s registered office address and registration number is set out on page 1.
Functional currency
The financial statements are prepared in sterling (£) which is the functional currency of the Charity.
2. Basis of preparation of financial statements
Applicable legislation and accounting standards
These financial statements have been prepared in accordance with:
-
(i) 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 (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102));
-
(ii) applicable UK accounting standards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland;
-
(iii) the historical cost basis of accounting as modified by the revaluation of certain assets as specified in the accounting policies below; and
-
(iv) the Companies Act 2006.
Going concern
The Charity made a surplus during the year ended 31 January 2024 and, at that date, the Charity's assets exceeded its liabilities.
The principal risk and uncertainty affecting the Charity's ability to continue trading as a going concern is the continuing availability of bank loan facilities.
After making enquiries the Charity's directors consider there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and accordingly have prepared the financial statements on the going concern basis.
Funds
The Charity has various types of funds for which it is responsible and which require separate disclosure. These are as follows:
-
(i) restricted funds : income which is earmarked by the donor for specific purposes. Such purposes are within the overall aims of the organisation;
-
(ii) unrestricted funds : funds which are expendable at the discretion of the Directors in furtherance of the objects of the Company. In addition to expenditure on transport provision, such funds may be held in order to finance capital investment and working capital; and
-
(iii) endowment funds : funds which comprise of unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Management and administration costs
Costs that relate to the costs of running the Charity, such as the costs of meetings, audit and statutory compliance and any costs which cannot be specifically identified to another expenditure classification, are separately disclosed as management and administration costs.
3. Judgements and key sources of estimation uncertainty
Judgements and key sources of estimation uncertainty 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.
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 15
Notes to the financial statements
Critical judgements used in the application of accounting policies
There were no critical judgements used in the application of accounting policies and the preparation of the financial statements.
Critical accounting estimates and assumptions
There were no critical accounting estimates or assumptions used in the application of accounting policies and the preparation of the financial statements.
4. Principal accounting policies
Property, plant and equipment
Plant and other equipment is stated at purchase cost, net of depreciation and any provision for impairment.
The carrying value of plant and equipment is reviewed for impairment in each acounting period if events or changes in circumstances indicate the carrying value may not be recoverable.
Depreciation is calculated to write off the cost of plant and equipment, less any estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates and bases used for this purpose are as follows:
Asset category Basis of amortisation % Basis of amortisation % Plant and equipment Straight Line 0.00% Straight Line 20.00% Office equipment, fixtures and fittings Straight Line 0.00% Straight Line 20.00% - 25.00%
Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
Investment property
The Charity holds certain properties for long-term investment, which are initially recognised at cost (which includes purchase cost and any directly attributable expenditure). On an ongoing basis investment properties are restated at fair value with any surplus or deficit arising on changes in fair value being credited or charged respectively to the Income Statement.
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 16
Notes to the financial statements
Turnover
Turnover represents amounts receivable for goods and services net of value added taxes and trade discounts.
Investment Income
Income from deposits is included, together with any related tax credit, in the Income Statement on an accruals basis.
Foreign Currencies
Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
At the end of each financial accounting period assets and liabilities denominated in foreign currencies are translated into Sterling at the exchange rates ruling at that date and all exchange differences are taken to the Income Statement.
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.
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 17
Notes to the financial statements
Deferred taxation
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
5. Directors’ emoluments and key management compensation
Directors’ remuneration
| Aggregrate emoluments | 31 January 2024 (12 months) £ - - |
31 January 2023 (12 months) £ - - |
|---|---|---|
Key management remuneration
The Directors are the key management of the Charity.
6. Employee information
The average number of persons (including executive Directors) employed by the Charity during the year was:
| By activity Governance indirect payroll Total employees and their emoluments were: Staff costs (for the persons above) Gross wages and salaries Employer's social security costs |
31 January 2024 (12 months) Number |
31 January 2023 (12 months) Number |
|---|---|---|
| 7 | 8 | |
| 7 | 8 | |
| 31 January 2024 (12 months) £ |
31 January 2023 (12 months) £ |
|
| - - |
- - |
|
| - | - | |
and their emoluments were:
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 18
Notes to the financial statements
7. Voluntary income
| Bridge Club Open Doors Club Sponsorship received Other voluntary income |
Unrestricted Funds 31 January 2024 (12 months) £ 490 825 300 - |
Restricted Funds 31 January 2024 (12 months) £ - - - - |
Endowment Funds 31 January 2024 (12 months) £ - - - - |
Total 31 January 2024 (12 months) £ 490 825 300 - |
Total 31 January 2023 (12 months) £ 500 400 - - |
|---|---|---|---|---|---|
| 1,615 | - | - | 1,615 | 900 |
8. Revenue grants
| Grant from DAERA Mid-Ulster District Council Brockaghboy Grant |
Unrestricted Funds 31 January 2024 (12 months) £ 1,492 1,250 3,000 |
Restricted Funds 31 January 2024 (12 months) £ - - - |
Endowment Funds 31 January 2024 (12 months) £ - - - |
Total 31 January 2024 (12 months) £ 1,492 1,250 3,000 |
Total 31 January 2023 (12 months) £ - 5,750 - |
|---|---|---|---|---|---|
| 5,742 | - | - | 5,742 | 5,750 |
9. Rental income
| Womens Group Granquilters |
Unrestricted Funds 31 January 2024 (12 months) £ 3,515 1,995 |
Restricted Funds 31 January 2024 (12 months) £ - - |
Endowment Funds 31 January 2024 (12 months) £ - - |
Total 31 January 2024 (12 months) £ 3,515 1,995 |
Total 31 January 2023 (12 months) £ 2,925 2,410 |
|---|---|---|---|---|---|
| 5,510 | - | - | 5,510 | 5,335 |
10. Management and administration
| Management & administration | Unrestricted Funds 31 January 2024 (12 months) £ 6,951 |
Restricted Funds 31 January 2024 (12 months) £ - |
Endowment Funds 31 January 2024 (12 months) £ - |
Total 31 January 2024 (12 months) £ 6,951 |
Total 31 January 2023 (12 months) £ 5,793 |
|---|---|---|---|---|---|
| 6,951 | - | - | 6,951 | 5,793 |
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 19
Notes to the financial statements
11. Analysis of total resources expended
| Direct expenditure Support costs |
Trading activities 31 January 2024 (12 months) £ - - |
Charitable activities 31 January 2024 (12 months) £ - 6,257 |
Raising funds 31 January 2024 (12 months) £ - 347 |
Governance 31 January 2024 (12 months) £ 2,598 - |
Investment management 31 January 2024 (12 months) £ - 347 |
Total 31 January 2024 (12 months) £ 2,598 6,951 |
Total 31 January 2023 (12 months) £ 1,513 5,793 |
|---|---|---|---|---|---|---|---|
| - | 6,257 | 347 | 2,598 | 347 | 9,549 | 7,306 |
12. Net Resources
| Unrestricted Funds 31 January 2024 (12 months) £ Net resources for the year before interest payable is stated after charging: |
Unrestricted Funds 31 January 2024 (12 months) £ Net resources for the year before interest payable is stated after charging: |
Restricted Funds 31 January 2024 (12 months) £ |
Endowment Funds 31 January 2024 (12 months) £ |
Total 31 January 2024 (12 months) £ |
Total 31 January 2023 (12 months) £ |
|---|---|---|---|---|---|
| Auditors' fees: | |||||
| Audit services Other services |
2,460 13 |
- - |
- - |
2,460 13 |
1,513 - |
| Depreciation charge for the year: | |||||
| Owned fixed assets -property,plant and equipment | 66 | - | - | 66 | - |
| And after crediting: Revenue grants Other income (1) |
5,742 1,615 |
- - |
- - |
5,742 1,615 |
5,750 900 |
13. Interest payable and similar charges
| Interest payable on bank loans and overdrafts: Repayable within five years and not by instalments |
31 January 2024 (12 months) £ - |
31 January 2023 (12 months) £ - |
|
|---|---|---|---|
| - | - |
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 20
Notes to the financial statements
14. Taxation
(a) Analysis of the charge for the year
| Income tax Corporation tax on the profit for the year Adjustments in respect of prior periods Total corporation tax Deferred tax Origination and reversal of timing differences Adjustments in respect of prior periods Total deferred tax Total tax charge |
31 January 2024 (12 months) £ |
31 January 2023 (12 months) £ |
|
|---|---|---|---|
| - - |
- - |
||
| - | - | ||
| - - |
- - |
||
| - | - | ||
| - | - |
(b) Factors affecting the tax charge for the year
The tax assessed for the year is lower than the amount calculated at the standard rate of corporation tax in the United Kingdom (25.0%). The difference is explained below:
| Profit on ordinary activities before taxation Surplus multiplied by the standard rate of corporation tax in the United Kingdom of 25.0% (2023: 19.0%) Effects of: Other (income)/expenditure not allowable for taxation Excess (deficit) of capital allowances for the period compared to amortisation of fixed assets Property, plant & equipment Increase/(decrease) in losses Adjustments in respect of prior periods |
31 January 2024 (12 months) £ 3,252 |
31 January 2023 (12 months) £ 4,679 |
|---|---|---|
| 813 (813) (58) 58 |
889 (889) - - |
|
| - - |
- - |
|
| - | - |
15. Dividends
| 31 January 2024 (12 months) £ |
31 January 2023 (12 months) £ |
|
|---|---|---|
| Total dividends | - | - |
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 21
Notes to the financial statements
16. Property, plant and equipment
| Cost At 1 February 2023 Additions At 31 January 2024 - Depreciation At 1 February 2023 Charge for the year At 31 January 2024 - Net book value At 31 January 2024 - At 31 January 2023 - |
- - - - |
- - - - |
- - - - |
- - - - |
Plant and equipment £ 3,917 - |
Office equipment, fixtures and fi i £ 9,299 299 |
Total £ 13,216 299 |
|---|---|---|---|---|---|---|---|
| 3,917 | 9,598 | 13,515 | |||||
| 3,917 - |
9,299 66 |
13,216 66 |
|||||
| 3,917 | 9,365 | 13,282 | |||||
| - | 233 | 233 | |||||
| - | - | - |
The net book value of property, plant and equipment include amounts of £Nil (2023: £Nil) in respect of assets held under asset purchase agreements.
17. Fixed asset investments
| Cost or valuation At 1 February 2023 Additions At 31 January 2024 - Amortisation At 1 February 2023 Charge for the year At 31 January 2024 - Net book value At 31 January 2024 - At 31 January 2023 - |
- - - - |
- - - - |
- - - - |
- - - - |
- - - - |
Investment property £ 244,090 9,390 |
Total £ 244,090 9,390 |
|---|---|---|---|---|---|---|---|
| 253,480 | 253,480 | ||||||
| - - |
- - |
||||||
| - | - | ||||||
| 253,480 | 253,480 | ||||||
| 244,090 | 244,090 |
Investment property
There has been no external valuation of the Charity's investment property during the year. The fair value of the Charity's investment property at the year end was determined by the Charity's directors. In assessing the fair value of the Charity's investment property, the directors took into consideration sales values and capitalised rental values achieved on the sale and rental respectively, of comparable investment properties located in the same areas as the Charity's investment properties.
18. Receivables
| 31 January | 31 January | ||
|---|---|---|---|
| Amounts falling due within one year | 2024 £ |
2023 £ |
|
| Trade receivables Owed by related undertakings |
- 66,451 |
- 66,451 |
|
| - - |
66,451 | 66,451 |
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 22
Notes to the financial statements
19. Creditors: amounts falling due within one year
| 31 January | 31 January | ||
|---|---|---|---|
| Accruals | - - |
2024 £ 4,039 |
2023 £ 4,159 |
| 4,039 | 4,159 |
20. Provisions for liabilities
Deferred taxation
Deferred taxation provided in the financial statements is analysed as follows:
| Gross fixed asset timing differences Total revenue losses Net timing differences - - Timing differences not provided Deferred tax provision - - |
31 January | 31 January |
|---|---|---|
| 2024 £ 58 (58) |
2023 £ - - |
|
| - | - | |
| - | - | |
| - | - | |
21. Pension costs
Defined contribution pension schemes
The Charity did not make any contributions to employee pension schemes during the year.
22. Contingent liabilities
Under the terms of certain government grant agreements, a liability may arise to repay in whole or in part capital or revenue grants received if certain conditions in the grant agreements are not complied with. In the opinion of the directors the terms of the letter of offer have been complied with and a liability is not expected to arise.
23. Events after the reporting period
There were no material events in the period between the end of the reporting year and the date of the approval of the financial statements.
24. Capital commitments
The Charity did not have any material capital commitments at 31 January 2024 or at 31 January 2023.
25. Contracts with inception dates after the end of the reporting period
The Charity did not enter into any material contractual commitments in the period between the year end and the date of approval of these financial statements.
Northern Counties Development Association - Financial statements for the year ended 31 January 2024
Page 23
Notes to the financial statements
26. Related party transactions
Related undertakings
The amounts owed by/(to) related undertakings at the start and end of the financial year and the transactions with these related undertakings during the year are summarised in the table below.
| Category of related party Other related undertakings |
At 1 February 2023 £ 66,451 |
Interest receivable/ (payable) £ - |
Rent receivable/ (payable) £ - |
Amounts written off £ - |
Exchange adjustments £ - |
Loan advances/ (repayments) £ - |
Other £ - |
Provision £ - |
Accounts receivable/ payable movement £ - |
At 31 January 2024 £ 66,451 |
|---|---|---|---|---|---|---|---|---|---|---|
| 66,451 | - | - | - | - | - | - | - | - | 66,451 |
27. Approval of the financial statements
The Board of Directors approved the financial statements for issue on 23 January 2025.