## **Northern Counties Development Association**
**Annual report and audited financial statements for the year ended 31 January 2025**
**Registration No: NI036601 (Northern Ireland) Charity Registration No: XR32310**
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
## **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 - 14|
|Notes to the financial statements|15 - 23|
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**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 2025**
## **Strategic Report**
The Directors present their Strategic Report for the year ended 31 January 2025.
## **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**
**2025**
**8,300**
**50.6%**
**8,300**
**100.0%**
**22,967**
**276.7%**|31 January
2024
5,510
3.3%
5,510
100.0%
3,252
59.0%|
|---|---|---|---|
As demonstrated above, each of the Charity's key performance indicators, were either consistent with, or an improvement on the performance achieved in the previous accounting period, and overall the Directors are satisfied with the Charity's performance for the 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.
## **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.
**Page 3**
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
## **Strategic Report**
## **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 16 October 2025 and signed on its behalf by:
## **Ann Brennan**
**Director**
**Page 4**
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
## **Directors’ Report**
The Directors present their report and the audited financial statements for the year ended 31 January 2025.
## **Results**
The Statement of Financial Activities for the year ended 31 January 2025 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 2025, who have all been directors for the whole of the year ended on that date, except as noted below, are listed on page 1.
|ed on page 1.||
|---|---|
|**Name**
Patrick Turner|**Resignation Date**
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 2025.
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.
In preparing these financial statements, the Directors are required to:
▪ select suitable accounting policies and then apply them consistently;
**Page 5**
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
## **Directors’ Report**
- 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 16 October 2025 and signed on its behalf by:
## **Ann Brennan**
## **Director**
**Page 6**
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
## **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 2025 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 2025 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 2025**
## **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 2025**
## **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**
## **16 October 2025**
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 9**
## **Statement of Financial Activities**
|**Note**
**Incoming Resources**
Trading Income
Rental income
Trading costs|**Unrestricted**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**|**Restricted Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**|**Endowment**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**|**Total**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**|Total
31 January
2024
(12 months)
£
-
-|
|---|---|---|---|---|---|
|Net Trading Income
Voluntary income
7
Revenue grants
8
Rental income
9|**-**
**6,366**
**25,307**
**8,300**|**-**
**-**
**-**
**-**|**-**
**-**
**-**
**-**|**-**
**6,366**
**25,307**
**8,300**|-
1,615
5,742
5,510|
|**Total incoming resources**|**39,973**|**-**|**-**|**39,973**|12,867|
|-
**Resources Expended**||||||
|Charitable activities
Governance
Management and administration
10|**7,990**
**2,532**|**-**
**-**|**-**
**-**|**7,990**
**2,532**|-
2,598|
||**10,522**
**5,215**|**-**
**-**|**-**
**-**|**10,522**
**5,215**|2,598
6,951|
|**Total resources expended**
11|**15,737**|**-**|**-**|**15,737**|9,549|
|||||||
||**24,236**|**-**|**-**|**24,236**|3,318|
|Amortisation of property, plant and equipment|**(1,269)**|**-**|**-**|**(1,269)**|(66)|
|**Net resources for the year before interest payable**|**22,967**|**-**|**-**|**22,967**|3,252|
|Interest payable
13|**-**|**-**|**-**|**-**|-|
|**Net resources for the year before taxation**|**22,967**|**-**|**-**|**22,967**|3,252|
|Taxation
14|**-**|**-**|**-**|**-**|-|
|**Net resources for the year**|**22,967**|**-**|**-**|**22,967**|3,252|
The notes on pages 15 to 23 form part of these financial statements
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 10**
## **Statement of Comprehensive Income**
|**Note**|**Unrestricted**
**Funds**
**£**|**Restricted Funds**
**£**|**Endowment**
**Funds**
**£**|**Total**
**£**|
|---|---|---|---|---|
|At 1 February 2023
Total comprehensive income for the year
At 31 January 2024
Total comprehensive income for the year
**At 31 January 2025**|328,830
3,252|-
-|-
-|**328,830**
**3,252**|
||332,082
22,967|-
-|-
-|**332,082**
**22,967**|
||**355,049**|**-**|**-**|**355,049**|
All amounts above relate to continuing operations of the Charity.
The notes on pages 15 to 23 form part of these financial statements
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**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**
**2025**
**£**
**8,431**
**253,480**|31 January
2024
£
233
253,480|
|---|---|---|
||**261,911**|253,713|
||**66,451**
**30,792**|66,451
15,957|
||**97,243**|82,408|
||**4,105**|4,039|
||**93,138**|78,369|
||**355,049**|332,082|
||**-**|-|
||**-**|-|
||**355,049**|332,082|
||**355,049**
**-**|332,082
-|
||**355,049**|332,082|
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 16 October 2025 and were signed on its behalf by:
**Ann Brennan Director**
**Registration Number: NI036601 (Northern Ireland)**
## **Charity Registration Number: XR32310**
The notes on pages 15 to 23 form part of these financial statements
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 12**
## **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**
**Net cash flow from financing**
**Net cash inflow/(outflow)**||**31 January**
**2025**
**(12 months)**
**£**
**24,302**|31 January
2024
(12 months)
£
3,198|
|---|---|---|---|
|||**-**|-|
|||**-**|-|
|||**-**|-|
|||**(9,467)**
**-**|(299)
(9,390)|
|||**(9,467)**|(9,689)|
|||**-**|-|
|||||
|||**-**|-|
|||**14,835**|(6,491)|
The notes on pages 15 to 23 form part of these financial statements
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 13**
## **Statement of Cash Flows**
## **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**
**2025**
**(12 months)**
**£**
**22,967**
**1,269**
**24,236**|31 January
2024
(12 months)
£
3,252
66|
|---|---|---|
|||3,318|
|Increase/(decrease) in accruals
Cash inflows from operating activities|**66**
**24,302**|(120)|
|||3,198|
The notes on pages 15 to 23 form part of these financial statements
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 14**
## **Statement of Cash Flows**
## **Analysis of changes in net cash**
||**31 January**
**2025**
**£**|31 January
2024
£|
|---|---|---|
|Opening cash balance
Increase/(decrease) in cash balances|**15,957**
**14,835**|22,448
(6,491)|
|**Closing cash balance**|**30,792**|15,957|
||**31 January**
**2025**|31 January
**Movement**
2024|
|**Analysis of cash balances**|**£**|£
**£**|
||||
|Cash at bank and in hand
Bank overdraft|**30,792**
**-**|15,957
**14,835**
-
**-**|
||**30,792**|15,957
**14,835**|
## **Analysis of changes in net debt**
|At 1 February 2023
Repayments
At 31 January 2024
-
-
-
-
-
-
-
Repayments
**At 31 January 2025**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Related**
**undertakings**
**Total**
**£**
**£**
(66,451)
**(66,451)**
-
**-**|
|---|---|
||(66,451)
**(66,451)**
-
**-**|
||**(66,451)**
**(66,451)**|
The notes on pages 15 to 23 form part of these financial statements
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 15**
## **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 2025 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.
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 16**
## **Notes to the financial statements**
## **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.
## **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 2025**
**Page 17**
## **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 2025**
**Page 18**
## **Notes to the financial statements**
## **Research and Development**
Research expenditure is written off to the Income Statement in the period in which it is incurred.
Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects, in which case the expenditure is deferred and amortised over the period during which the Charity is expected to benefit.
## **5. Directors’ emoluments and key management compensation**
**Directors’ remuneration**
|Aggregrate emoluments|**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**|31 January
2024
(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**
**2025**
**(12 months)**
**Number**|31 January
2024
(12 months)
Number|
|---|---|---|---|
|||**8**|6|
|||**8**|6|
|||||
||||31 January
2024
(12 months)
£
-
-
-|
|||**31 January**
**2025**
**(12 months)**
**£**||
|||**-**
**-**||
|||**-**||
and their emoluments were:
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 19**
## **Notes to the financial statements**
## **7. Voluntary income**
|Bridge Club
Open Doors Club
Carnglen Credit Union
Killelagh St John's Donation
Fundraiser
Summer Scheme
Other voluntary income|**Unrestricted**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**
**300**
**2,000**
**2,266**
**1,800**
**-**|**Restricted Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Endowment**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**
**300**
**2,000**
**2,266**
**1,800**
**-**|Total
31 January
2024
(12 months)
£
490
825
300
-
-
-
-|
|---|---|---|---|---|---|
||**6,366**|**-**|**-**|**6,366**|1,615|
## **8. Revenue grants**
|The Honourable Irish Society- Grant
Grant from DAERA
Community Foundation For Northern Ireland
Mid-Ulster District Council
Brockaghboy Grant
Other revenue grants|**Unrestricted**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**800**
**1,989**
**3,000**
**1,200**
**-**
**18,318**|**Restricted Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**|**Endowment**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**31 January**
**2025**
**(12 months)**
**£**
**800**
**1,989**
**3,000**
**1,200**
**-**
**18,318**|Total
31 January
2024
(12 months)
£
-
1,492
-
1,250
3,000
-|
|---|---|---|---|---|---|
||**25,307**|**-**|**-**|**25,307**|5,742|
## **9. Rental income**
|Womens Group
Granquilters
Open Doors Club
Art Group
Other Rent|**Unrestricted**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**2,935**
**1,450**
**200**
**850**
**2,865**|**Restricted Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**
**-**
**-**
**-**|**Endowment**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**
**-**
**-**
**-**|**Total**
**31 January**
**2025**
**(12 months)**
**£**
**2,935**
**1,450**
**200**
**850**
**2,865**|Total
31 January
2024
(12 months)
£
3,515
1,995
-
-
-|
|---|---|---|---|---|---|
||**8,300**|**-**|**-**|**8,300**|5,510|
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 20**
## **Notes to the financial statements**
## **10. Management and administration**
|Management & administration|**Unrestricted**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**5,215**|**Restricted Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**|**Endowment**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**|**Total**
**31 January**
**2025**
**(12 months)**
**£**
**5,215**|Total
31 January
2024
(12 months)
£
6,951|
|---|---|---|---|---|---|
||**5,215**|**-**|**-**|**5,215**|6,951|
## **11. Analysis of total resources expended**
|Direct expenditure
Support costs|**Trading**
**activities**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**-**|**Charitable**
**activities**
**31 January**
**2025**
**(12 months)**
**£**
**7,990**
**4,691**|**Raising funds**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**262**|**Governance**
**31 January**
**2025**
**(12 months)**
**£**
**2,532**
**-**|**Investment**
**management**
**31 January**
**2025**
**(12 months)**
**£**
**-**
**262**|**Total**
**31 January**
**2025**
**(12 months)**
**£**
**10,522**
**5,215**|Total
31 January
2024
(12 months)
£
**2,598**
**6,951**|
|---|---|---|---|---|---|---|---|
||**-**|**12,681**|**262**|**2,532**|**262**|**15,737**|9,549|
|||||||||
|**12. Net Resources**||||||||
|**Unrestricted**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**
**Net resources for the year before interest payable is stated after charging:**||||**Restricted Funds**
**31 January**
**2025**
**(12 months)**
**£**|**Endowment**
**Funds**
**31 January**
**2025**
**(12 months)**
**£**|**Total**
**31 January**
**2025**
**(12 months)**
**£**|Total
31 January
2024
(12 months)
£|
|Auditors' fees:||||||||
|Audit services
Other services|||**2,460**
**34**|**-**
**-**|**-**
**-**|**2,460**
**34**|2,460
13|
|Depreciation charge for the year:||||||||
|Owned fixed assets -property,plant and equipment|||**1,269**|**-**|**-**|**1,269**|66|
|**And after crediting:**
Revenue grants
Voluntary Income|||**25,307**
**6,366**|**-**
**-**|**-**
**-**|**25,307**
**6,366**|5,742
1,615|
## **12. Net Resources**
## **13. Interest payable and similar charges**
|**Interest payable on bank loans and overdrafts:**
Repayable within five years and not by instalments||**31 January**
**2025**
**(12 months)**
**£**
**-**|31 January
2024
(12 months)
£
-|
|---|---|---|---|
|||**-**|-|
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 21**
## **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**
**2025**
**(12 months)**
**£**|31 January
2024
(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% (2024: 25.0%)
Effects of:
Amortisation of non-qualifying fixed assets
Property, plant & equipment
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**
**2025**
**(12 months)**
**£**
**22,967**|31 January
2024
(12 months)
£
3,252|
|---|---|---|
||**5,742**|813|
||||
||**317**
**(6,059)**
**-**
**-**|-
(813)
(58)
58|
||**-**
**-**|-
-|
||**-**|-|
## **15. Property, plant and equipment**
|**Cost**
At 1 February 2024
Additions
**At 31 January 2025**
**-**
**-**
**-**
**Depreciation**
At 1 February 2024
Charge for the year
**At 31 January 2025**
**-**
**-**
**-**
**Net book value**
**At 31 January 2025**
**-**
**-**
**-**
At 31 January 2024
-
-
-|**-**
**-**
**-**
**-**
**-**
**-**
-
-|**Plant and**
**equipment**
**£**
3,917
-|
**Office**
**equipment,**
**fixtures and**
**fittings**
**£**
9,598
9,467|
**Total**
**£**
13,515
9,467|
|---|---|---|---|---|
|||**3,917**|**19,065**|22,982|
|||3,917
-|9,365
1,269|13,282
1,269|
|||**3,917**|**10,634**|**14,551**|
|||**-**|**8,431**|**8,431**|
|||-|233|233|
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 22**
## **Notes to the financial statements**
The net book value of property, plant and equipment include amounts of £Nil (2024: £Nil) in respect of assets held under asset purchase agreements.
## **16. Fixed asset investments**
|**Cost or valuation**
At 1 February 2024
Additions
**At 31 January 2025**
**-**
**-**
**-**
**-**
**-**
**-**
**Amortisation**
At 1 February 2024
Charge for the year
**At 31 January 2025**
**-**
**-**
**-**
**-**
**-**
**-**
**Net book value**
**At 31 January 2025**
**-**
**-**
**-**
**-**
**-**
**-**
At 31 January 2024
-
-
-
-
-
-|**Investment**
**property**
**£**
253,480
-|**Total**
**£**
253,480
-|
|---|---|---|
||**253,480**|**253,480**|
||-
-|-
-|
||**-**|**-**|
||**253,480**|**253,480**|
||253,480|253,480|
## **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.
## **17. Receivables**
|**Amounts falling due within one year**
Trade receivables
Owed by related undertakings
**-**
-
**18. Creditors: amounts falling due within one year**
Accruals
**-**
-
**19. Provisions for liabilities**
**Deferred taxation**
Deferred taxation provided in the financial statements is analysed as follows:
Gross fixed asset timing differences
**Net timing differences**
**-**
-
Timing differences not provided
**Deferred tax provision**
**-**
-|**31 January**|31 January|
|---|---|---|
||**2025**
**£**|2024
£|
||**-**
**66,451**|-
66,451|
||**66,451**|66,451|
||||
||||
||**31 January**|31 January|
||**2025**
**£**
**4,105**|2024
£
4,039
4,039|
||**4,105**||
||||
||||
||**31 January**|31 January|
||**2025**
**£**
**-**|2024
£
-|
||**-**|-|
||**-**|-|
||**-**|-|
||||
## **18. Creditors: amounts falling due within one year**
## **19. Provisions for liabilities**
## **Deferred taxation**
Deferred taxation provided in the financial statements is analysed as follows:
**Northern Counties Development Association - Financial statements for the year ended 31 January 2025**
**Page 23**
## **Notes to the financial statements**
## **20. Pension costs**
## **Defined contribution pension schemes**
The Charity did not make any contributions to employee pension schemes during the year.
## **21. 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.
## **22. 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.
## **23. Capital commitments**
The Charity did not have any material capital commitments at 31 January 2025 or at 31 January 2024.
## **24. 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.
## **25. 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**
**2024**
**£**
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**
**2025**
**£**
66,451|
|---|---|---|---|---|---|---|---|---|---|---|
||**66,451**|**-**|**-**|**-**|**-**|**-**|**-**|**-**|**-**|**66,451**|
## **26. Approval of the financial statements**
The Board of Directors approved the financial statements for issue on 16 October 2025.