Company registration number.. N1685847 Charity registration number.. 109558 Kilcoo Regeneration Group Limited (A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 March 2025 KPS Accountants Limited 50A Main Street Newcastle Co Down BT33 OAD
Kilcoo Regeneration Group Limited Contents Reference and Administrative Details Trustees, Report 2to4 Independent Examiner's Report 5t06 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9t015
Kilcoo Regeneration Group Limited Reference and Administrative Details Charity Registration Number 109558 Company Registration Number N1685847 Registered Office 1211123 Dublin Road Kilcoo Newry Co Down BT34 5HP Independent Examiner KPS Accountants Limited 50A Main Street Newcastle Co Down BT33 OAD Page 1
Kilcoo Regeneration Group Limited Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. The trustees have adopted the provisions of 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)- Objectives and activities Objects and aims Kilcoo Regeneration Group Limited will purchase, manage and maintain community facilities for the social, recreational and educational benefits of inhabitants of Kilcoo. Accepting gifts, borrowing money and raising funds to acquire and ensure the sustainability of the community facilities. Financial review Principal funding sources The principal funding sources are grants and donations. Plans for future periods Aims and key objectives for future periods The Charity will be providing people in the Kilcoo area with a community space to engage in services and activities designed to improve their physical and mental wellbeing. The benefits above will be demonstrated by the number of community buildings acquired for community use and the numbers accessing services and activities within the community facilities. The charities beneficiaries are people living in and around Kilcoo village. Trustees and officers The trustees and officers serving during the year and since the year end were as follows". Trustees: Mabel Mccarthy Mr Roger Morgan John Devlin Andrina Fettes (resigned 22 October 2024) Gabrielle Fitzpatrick Mary Sloan (appointed 22 October 2024) Noirin Madine (appointed 22 October 2024) Page 2
Kilcoo Regeneration Group Limited Trustees. Report Structure, governance and management Nature of governing document The charity is controlled by its governing document, Articles of Association, and constitutes a limited company by guarantee as defined by the Companies Act 2006. Statement of trustees. responsibilities The trustees (who are also the directors of Kilcoo Regeneration Group Limited for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law qUIreS the trustees to prepare financial statements for each financial year. Under company law the trustees 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 charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards, comprising FRS 102 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 charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006and Charities Act (Northern Ireland) 2008. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Page 3
Kilcoo Regeneration Group Limited Trustees. Report The annual report was approved by the trustees of the charity on 9 January 2026 and signed on its behalf Mabel Mccarthy Trustee Mr oger Morgan Trustee Page 4
Kilcoo Regeneration Group Limited Independent Examiner's Report to the trustees of Kilcoo Regeneration Group Limited {'the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination. it is my responsibility to.. examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act., and state whether particular matters have come to my attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 4. That there is further information needed for a proper understanding of the accounts to be reached. Page 5
Kilcoo Regeneration Group Limited Independent Examiner's Report to the trustees of Kilcoo Regeneration Group Limited ('the Company.) Independent examiner's statement I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and. in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Nicole Toner ACCA KPS Accountants Limited 50A Main Street Newcastle Co Down BT33 OAD 9 January 2026 Page 6
Kilcoo Regeneration Group Limited Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2025 Note Income and Endowments from: Donations and legacies Other trading activities Total income 38,003 1,203 11,362 49,365 1,203 39,206 11,362 50,568 Expenditure on: Raising funds Charitable activities (220) {38,637) (1,500) 12,445 (1,720) 51,082 Total expenditure Net incomel(expenditure) Net movement in funds (38,857) 13,945 52,802 349 (2,583 2,234 349 (2,583) (2,234) Reconciliation of funds Total funds brought forward 86,668 179,058 265,726 Total funds carried forward 12 87,017 176,475 263,492 The notes on pages 9 to 15 form an integral part of these financial statements. Page 7
Kilcoo Regeneration Group Limited (Registration number: N1685847) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets 336,623 335,829 Current assets Debtors Cash at bank and in hand 2,699 62,654 81,756 65,353 81,756 Creditors: Amounts falling due within one year Net current assets 10 (15,850 (20,641 49,503 61,115 Total assets less current liabilities 386,126 396,944 Creditors: Amounts falling due after more than one year Net assets (122,634) 263,492 (131,218 265,726 Funds of the charity: Restricted income funds Restricted funds 176,475 179,058 Unrestricted income funds Unrestricted funds 87,017 86,668 Total funds 12 263,492 265,726 The financial statements on pages 7 to 15 were approved by the trustees, and authorised for issue on 9 January 2026 and signed on their behalf by". Mabel Mccarthy Trustee Mr oger Morgan Trustee The notes on pages 9 to 15 form an integral part of these financial statements. Page 8
Kilcoo Regeneration Group Limited Notes to the Financial Statements for the Year Ended 31 March 2025 1 Charity status The charity is limited by share capital, incorporated in The address of its registered office is.. 1211123 Dublin Road Kilcoo Newry Co Down BT34 5HP These financial statements were authorised for issue by the trustees on 9 January 2026. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Kilcoo Regeneration Group Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 9
Kilcoo Regeneration Group Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the ftjnds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grant expenditure Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the Statement of Financial Activities once the recipient of the grant has provided the specific service or output. Grants payable without performance conditions are recognised in the accounts when a commitment has been made and communicated to the recipient, and there are no conditions to be met relating to the grant which remain in the control of the charity. Page 10
Kilcoo Regeneration Group Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Grant provisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Land and buildings Fixtures, fittings and equipments Depreciation method and rate 2 % straight line 20 % Straight line Trade debtors Trade debtors are amounts due from customers for merchandise sold or seNices performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 11
Kilcoo Regeneration Group Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference beeen the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 3 Income from donations and legacies Unrestricted funds General Restricted funds Total funds Donations and legacies-, Donations from individuals Legacies Grants. including capital grants; Grants from other agencies 1,097 36,906 1,097 36,906 11,362 11,362 Total for 2025 38,003 11,362 49,365 Total for 2024 38,152 195,000 233,152 4 Income from other trading actlvities Unrestricted funds General Total funds Trading income., Other trading income 1,203 1,203 Total for 2025 1,203 1,203 Page 12
Kilcoo Regeneration Group Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 S Staff costs The aggregate payroll costs were as follows.. 2025 staff costs during the year were: Wages and salaries 7,137 No employee received emoluments of more than £60,000 during the year. 6 Taxation The charity is a registered charity and is therefore exempt from taxation. 7 Tangible fixed assets Land and buildings Furniture and equipment Totsl Cost At 1 April 2024 Additions 330,000 11,440 10,027 341,440 10,027 At 31 March 2025 330,000 21,467 351,467 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 4,950 6,600 661 2,633 5,611 9,233 11,550 3,294 14,844 Net book value At 31 March 2025 318,450 18,173 336,623 At 31 March 2024 325,050 10,779 335,829 8 Debtors 2025 other debtors 2,699 Page 13
Kilcoo Regeneration Group Limited Notes to the Financial Statements for the Year Ended 31 March 2025 9 Cash and cash equivalents 2025 2024 Cash on hand Cash at bank 177 62,477 81,756 81,756 62,654 10 Creditors: amounts falling due within one year 2025 2024 Bank loans Other taxation and social security Accruals 14,012 577 1,261 15,850 19,441 1,200 20,641 11 Creditors: amounts falling due after one year 2025 2024 Bank loans 122,634 131,218 12 Funds Balance at 1 April 2024 Incoming resources Resources expended Balance at 31 March 2025 Unrestricted funds General 86,668 39,206 (38,857) 13,945 87,017 Restricted funds 179,058 11,362 176,475 Total funds 265,726 50,568 {52,802) 263,492 Page 14
Kilcoo Regeneration Group Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Balance at 1 April 2023 Incoming resources Resources expended Balance at 31 March 2024 Unrestricted funds General 83,262 38,152 {34,746) (15,942) 86,668 Restricted funds 195,000 179,058 Total funds 83,262 233,152 (50,688 265,726 13 Analysis of net assets between funds Unrestrlcted funds General Total funds at 31 March 2025 Restricted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 333,377 62,924 (15,850) (122,634) 257,817 3,246 336,623 62,924 (15,850) {122,634) 261,063 3,246 Unrestricted funds General Total funds at 31 March 2024 Tangible fixed assets Current assets Current liabilities Creditors over 1 year 335,829 81,756 (20,641) (131,218) 335,829 81,756 {20,641) (131,218) 265,726 Total net assets 265,726 Page 15
Kilcoo Regeneration Group Limited Statement of Financial Activities by fund for the Year Ended 31 March 2025 Unrestricted Funds Total Total Unrestricted Unrestricted Funds Funds 2025 2024 Income and Endowments from: Donations and legacies Other trading activities 38,003 1,203 38,152 Total income 39,206 38,152 Expenditure on: Raising funds Charitable activities (220) {38,637) (34,746) Total expenditure (38,857 (34,746 Net income 349 3,406 Net movement in funds 349 3,406 Reconciliation of funds Total funds brought forward 86,668 83,262 Total funds carried fOard 87,017 86,668 This page does not form part of the statutory financial statements. Page 16
Kilcoo Regeneration Group Limited Statement of Financial Activities by fund for the Year Ended 31 March 2025 Restricted Funds Total Total Restricted Restricted Funds Funds 2025 2024 Income and Endowments from: Donations and legacies 11,362 195,000 Total income 11,362 195,000 Expenditure on: Raising funds Charitable activities {1,500) 12,445 15,942 Total expenditure Net {expenditure)lincome 13,945) 15,942 2,583 179,058 Net movement in funds (2,583) 179,058 Reconciliation of funds Total funds brought fomard Total funds carried fotward 179,058 176.475 179,058 This page does not form part of the statutory financial statements. Page 17
Kilcoo Regeneration Group Limited Detailed Statement of Financial Activities for the Year Ended 31 March 2025 Total 2025 Total 2024 Income and Endowments from: Donations and legacies (analysed below) Other trading activities (analysed below) Total income 49,365 1,203 233,152 50,568 233,152 Expenditure on: Raising funds (analysed below) Charitsble activities (analysed below) Total expenditure Net (expenditure)lincome (1,720) (51,082) {50,688) (52,802) (50,688 (2,234) 182,464 Net movement in funds (2,234) 182,464 Reconciliation of funds Total funds brought fotward Total funds carried forward 265,726 83,262 263,492 265,726 This page does not form part of the statutory financial statements. Page 18
Kilcoo Regeneration Group Limited Detailed Statement of Financial Activities for the Year Ended 31 March 2025 Total 2025 Total 2024 Donations and legacies Draw Income Events Income Grants - capital Grants - revenue 36,906 1,097 4,747 6,615 37,195 957 165,000 30,000 49,365 233,152 Other trading activities Rental income 1,203 1,203 Raising funds Fundraising costs Direct costs (220) (1,500) Charitable activities Wages and salaries Wages and salaries Staff training Light, heat and power Insurance Repairs and maintenance Charitable donations Sundry expenses Advertising Accountancy fees Accountancy fees Legal and professional fees Legal and professional fees Bank charges Bank interest payable Depreciation of freehold propety Depreciation of freehold propety Depreciation of fixtures and fittings Depreciation of fixtures and fittings Depreciation of Offi equipment (6,560) (577) (145) (3,561) (4,051) (10,487) (870) (8,234) (132) (1,192) (3,691) {13,746) (2,790) (7,500) (600) (600) (12,867) {1.260) (2,400) (300) (267) (2,716) (3,300) (3,300) (57) (2,411) (128) (281) {1,810) (2,475) (2,475} (661) This page does not form part of the statutory financial statements. Page 19
Kilcoo Regeneration Group Limited Detailed Statement of Financial Activities for the Year Ended 31 March 2025 Total 2025 Total 2024 Depreciation of office equipment staff pensions (Defined contribution) pension scheme 1 (37) 289 51,082 {50,688) This page does not form part of the statutory financial statements. Page 20