Friends of Charis Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI605705 (Northern Ireland)

FRIENDS OF CHARIS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Jarlath Conway

Thomas Patrick Diamond

Dr Ben Patrick Glancy

David Andrew Henry

Mrs Margaret McAteer

Professor Marie Louise McHugh

Steven McKay

Mrs Kirsty McManus

Peter William David Stafford

James Cassidy

Mrs Roisin Ann Toner

REGISTERED OFFICE:

163 Lough Fea Road

Ballybreist

Cookstown

Co. Tyrone

BT80 9TU

REGISTERED NUMBER:

NI605705 (Northern Ireland)

INDEPENDENT AUDITORS:

CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

SOLICITORS:

P A Duffy & Co

27 - 29 Broad Street

Magherafelt

Co. Londonderry

BT45 6EB

NON-CURRENT ASSETS

Property, plant and equipment

5

11,202

14,980

CURRENT ASSETS

Receivables: amounts falling due within one year

6

2,747

6,160

Cash at bank and in hand

131,047

55,806

133,794

61,966

PAYABLES

Amounts falling due within one year

7

(89,423

)

(18,832

)

NET CURRENT ASSETS

44,371

43,134

TOTAL ASSETS LESS CURRENT LIABILITIES

55,573

58,114

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

55,572

58,113

55,573

58,114

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

Approved by the board the Board of Directors and authorised for issue on 25 January 2022 and were signed on its behalf by:

Professor Marie Louise McHugh - Director

1.	STATUTORY INFORMATION

Friends of Charis is a private company limited by shares incorporated in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The denominated currency is Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;

- the company retains no continuing involvement or control over the goods;

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow through the company

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

IT Equipment

- 25% Straight line

Fixtures and Fittings

- 20% Straight line

Motor Vehicles

- 25% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the statement of financial position date.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial

instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts

owed by related companies are initially recognised at transaction price, unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at

amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for

objective evidence of impairment. If an asset is impaired, the impairment loss is the difference

between the carrying amount and the present value of the estimated cash flows discounted at the

asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment

was recognised, the impairment is reversed. The reversal is such that the current carrying amount

does not exceed what the carrying amount would have been had the impairment not previously

been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire

purchase contracts are initially recognised at transaction price,unless the arrangement constitutes

a financing transaction, where the debt instrument is measured at the present value of the future

receipts discounted at a market rate of interest. Debt instruments are subsequently carried at

amortised cost, using the effective interest rate method. Fees paid on the establishment of loan

facilities are recognised as transaction costs of the loan to the extent that it is probable that some

or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down

occurs. To the extent there is no evidence that it is probable that some or all of the facility will be

drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the

period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Accounts payable are classified as current liabilities if payment

is due within one year or less. If not, they are presented as non-current liabilities. Trade payables

are recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements

when there is a legally enforceable right to set off the recognised amounts and there is an

intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Finance Income

Finance income comprises interest receivable on funds invested in cash and cash equivalents. Interest is recognised in the Income Statement as it accrues.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

IT

and

Motor

Equipment

fittings

vehicles

Totals

£

£

£

£

COST

At 1 November 2020

and 31 October 2021

4,390

31,026

13,800

49,216

DEPRECIATION

At 1 November 2020

4,390

29,558

288

34,236

Charge for year

-

328

3,450

3,778

At 31 October 2021

4,390

29,886

3,738

38,014

NET BOOK VALUE

At 31 October 2021

-

1,140

10,062

11,202

At 31 October 2020

-

1,468

13,512

14,980

6.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

VAT

1,359

4,867

Prepayments and accrued income

1,388

1,293

2,747

6,160

7.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade payables

727

1,130

Amounts owed to group undertakings

85,846

15,000

Taxation and social security

1,723

924

Other payables

1,127

1,778

89,423

18,832

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (A.C.A) (Senior Statutory Auditor)

CavanaghKelly CavanaghKelly

9.	RELATED PARTY DISCLOSURES

The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies.