Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarantee DIRECTORS, REPORT for the ear ended 30 Novemb r 2023 The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year ended 30 November 2023. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102), United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006. Reference and Administration Details The reference and administration details of the charitable company are as shown on page 2. Objectives and Activities Objertives The objective of the charitable company is the promotion for the public benefit of rural generation in areas of social and economic deprivation and in particular the area of Moygashel and district. Activities The company's activities include the promotion of job opportunities and industrial projects, enterprises and initiatives with the objective of providing employment and improving the quality of life. undertaking projects of a community nature within the area in the interest of social welfare for employment, recreation and leisure time occupation for those living or working in or resorting to the area; promoting and encouraging social integration in the area. and providing housing including social and sheltered housing to persons in need of such. Public Benefit Statement The Directors of Moygashel Community Oevelopment Association Limited confirm that they have complied with their duty under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 30 November 2023. Achievements and Performance After developing the old, derelict Moygashel factory into the Linen Green shopping centre and its onward sale, the company is seeking to use its current funds for the provision of housing. Financial Review Financial Performance The financial performance was in line with the Director's expectations. The charitable company remains in a sound financial position at the year end. The results for the year are set out in detail on pages 8 to 17. The charitable company returned net outgoing resources for the year of £78,946 (2022 incoming resources of £53,265). At 30 November 2023, the total funds of the charitable company amounted to £847,260 (2022 £926,206) comprising entirely of unrestricted funds. Principal sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 3
Mo ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarantee DIRECTORS, REPORT for th ar ended 30 November 2023 ed Financial Review (Continued) Reserves Policy The charitable company does not maintain a formal reserves policy however the Board of Directors continue to monitor the level of reserves held by the charitable company and are satisfied that these are adequate to meet any unforeseen expenditure incurred. Structure, Governance and Management Oryanisational Structure The charitable company is a company limited by guarantee, not having a share capital. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In accordance with the Articles of Association, the members to retire by rotation shall be those who have been longest in office since their last election, and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-election. Directors The Directors during the year are the same as the Dirertors as listed on page 2. Taxation Status The charitable company is recognised as a charity by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors, Responsibilities The Directors are responsible for preparing the financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP (FRS 102). make judgements and 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 charitable company will continue in operation. The Directors are responsible for keeping adequate accounting records that 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 2006. 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. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 4
ashel Communit Develo ment Association Limited Charitable Com an Limited b Guarantee DIRECTORS. REP RT for the ear end O November 2023 Continued Small Companies Exemption The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. This report was approved by the Board of Directors on 26 January 2024 and signed on its behalf by: William Oliver Ross Director Com Chari an Re istration Number. 1027893 istration N mber: 100133 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 5