ashel Cornmuni Charitable Com an Devel ssocia Limited b Guarante DI S'RE rth d 30 November 2020 The Directors, who are the trustees for the purpose of charity law. have pleasure in presenting their report and the unaudited financlal statements of the charitable company for the year ended 30 Novernber 202tI. The financial statement5 have been prepared in accordance with the Statement of Recommended Prartice "Accounting and Reporting by Charitie5" (FRS IQ2). Unlted Klngdom Generally Accepted Accoijnting Practice and the Companie5 Act 20D6. Reference and Administration Details The reference and administration details of the charitable company are as shown on page 2. Ob5e¢tives and Activities Objectlves The objettlve of the charttable company is the promotion for the public benefit of rural regeneratlon In areas of soclal and economic deprivation and in particular the area of Moyga5hel and di5trlct. Activities The company's activitie5 include the promotion of Job opportunlties and Industrial project5, enterprises and inltiative5 With the objective of provldlng employment and Improving the quality of life; undertaking projects of a community nature wlthin the area in the Interest of social welfare for employment, recreation and leisure time occupatlon for those living or worklng In or resorting to the area; promoting and encouraging social integratlon In the area. and providlng housin9 includlng sooal and shelte housing to persons in need of such. Public Beneflt Statement The Directors of Moygashel Communlty Development Association Limited confirm that they have complied with their duty under settion 4{6) of the Charities Act (Northem Ireland) 2008 to have regard to the Charity Commisslon for Northem Ireland's guidance on public benefit and that the public benefit requirement has Informed the activitie5 of the charitable company In the year ended 30 November 2020. Achievements and Perforrnance After developing the old, derelict Moygashel fattory into the Linen Green shopping centre and Its onward sale, the compony is seeking to use its current funds for the provislon of housing. Financial Review Flnancial Performance The flnancial Performan was in line with the D1CtO$ expectatlons. The charitable company malns In a sound financial position at the year end. The results for the year are set out In detall on pages 8 to 17. The charitable company retumed net outgoing resour5 for the year of £4,734 (2019 outgoing resources of £2,610). At 30 November 2Q20, the totsl funds of the charitable company amounted to £964,523 (2019 - £969,257) comprislng entirely of unrestritted fun(Js. Principal 50urce5 of funding and how thls has supported the key objectives of the charitable company are disdosed in the notes to the finèndal staternents. CavanaghKellyi Chartered Accountants & Ststutory Auditors Page 3
shel Communit Develo ment Associati om Limited b Guarantee Cha IRECTORS. REPORT for the ea and Énu Financlal Review (Continued) Reserves Pollcy The charitable company does not maintain a formal reseNes pollLry however the Board of Dlrectors contlnue to monltor the level of reserves held by the charitable company and are satlsfied that these are adequate to meet any unforeseen expenditure incurred. structure, Governance and Management Organlsatlonal Strurture The charltable company Is a company limited by guarantee, not having a share capital. The charltable company was established under a Memorandum of Association which established the objects and powers of the charftable company and 15 gDvemed under its Articles of Association, In accordance with the Artides of A$50cfatlon, the members to tIre by rotation shall be those who have been longest in office since their last elettion, and the relevant motion will be put at the Annual General Meetin9. A retiring member shall be ellglble for re-electlon. Dlrectors The Directors durlng the year are the same as the Directors as listed on page 2. Taxation Status The charitable company Is recognlsed as a charity by HM Revenue & Customs. Accordinglyi the charitable company has avalled of the exemptions contained in Chapter 3 Part 11 Corporation Taxe5 Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. D5re¢tors' Responsibilities The Directors are responsible for preparing the financlal statements in accordance with appllcable law and Unlted Klngdom Accounting Standards (United Kingdom Generdlly Accepted Accountlng Practlce). Company law requlres the Directors to prepare financlal statements for each financial year whlch give a true and fair view of the state of the affalrs of the charitable company and of the incoming resources and application of resources, includlng the income and expenditure, of the charitable company for that year. In preparlng these financlal ststements the Directors are required to: selert suitable accounting policies and apply them consistently• observe the methods and prtnciples in the Charities SORP (FR5 102); make Judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subjett to any materiol departures disc105ed and explained in the financial statements; and prepare the financial statements on the going concem basls unless it Is Inappropriate to presume that the charitable company will continue in operation. The Dlrectors are responsible for keeping adequate accounting records that disclose with reasonable accurncy at any time the financial position of the charitable company and enable them to ensure that the financial Statements comply with the Companie5 Act 2006. They are also responsible for safeguardlng the hssets of the charitable company and he for tsklng reasonable steps for the preventlon and detertlon of fraud and other irregularities. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 4
Mo ashel Charitable Com en tion Limited Ll ORS. T forthe ear ended 30 November 2020 Small Companies Exemption The above report has been prepared in accordan with the special provlslons relating to small companles withln Part 15 of the Companies Act 2006. This report was approved by the Board of Directors 2310812021 and signed on its behalf by: William Oliver Ross Director an tration Number: N1027893 ration Number: IOQI CavanaghKellyi Chartered Accountants & Statutory Auditors Page 5