Magnet YAC
ort of the Board of Directors
for the
ear ended 31 March 2024
The Board of Directors PTescnts their report and the unaudited financial statcments for the y&qT ended 31
Marcb 2024. The directors have adopted the provisions of the Statement of Recommended Practice (SORP)
"Accounting and R¢porting by Charitie8" issued 2015 in preparing their annual report and financial statem¢nts
of the charity.
structu￿ Governance and Management
Governin
D￿uMent
The charity was established in 1988. It incoryorated as a company limit￿1 by guarantee on 14 January 2014 as
Magnet YAC. It started to trade &8 a limited company on l April 2014.
Rccruitmcnt and A
ointment of Mana
ement Con]mittee
The management committee is constantly changing from year to year. The Magnet Centre was founded by
volunteers and there has always been an ethos of promoting voluntcers within the centre and given the
organisations operational pattem of 65 hours per week there is a need for a strong volunteering team.
New members to the management committee are invited and encouraged to attend a series of training sessions
to farniliarise themselves with the charity and gain the skills necessary to take an active role in management
and leadership.
The committee also produce a Service Level Agreement pack each year. New members are encourag￿ to read
this infOrn￿tiOn as it sets out the aims and objectives of the organisation.
anisational Structure
The Board of Directors meet monthly and are responsible for the strategic dI￿tiOn and policy of the charity.
Aside from the Board of Directors the organisation also employ a full time manager, a part time administrator
and book-keeper, a building supervisor, a cleaner and a number of full time and part time Youth Workers.
Connected Or
anisations
The Otganisation works alongside the Education Authority (EA), The Public Health Agency, Youth Action
and The Newry Neighbourhood Renewal Team.
Objectlves and Actlvitles
The organisations mission statement is "to advance the education and promote the benefit of young adults,
primarily 15-25 year olds, in Newry and the surrounding rural areas of South Down and South Arn]agh in a
neutral, non-alcohol drng free environment"
Aims of the centre are:
- to establish links with statutory and voluntary organisations, thus promoting and enhancing the work of the
centre.
- r￿ognISe, encourage and support user-groups within the centre whos¢ activities are in &ccordan¢e with the
objectives of the centre.
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Magnet YAC
Re
rt of the Board of Directors continued
- promote the ethos of participation and Tesponsibility in our members. to ensure opportunity, choice and
inclusion.
- provide a drop in venue, where young people aged between 15-25 year olds may develop their recreational
and leisure time activities in a non-alcoholic and drug free environment.
While stereotypical youth Clubs focus on a more sports orientat￿1 curriculum the Magnet YAC offers a more
'Ji
rnixed service for its users. One such service is the provision of rehearsavrecording facilities for musicians and
offers a venue for live perfonnances for young musicians. It also provides access to other arts activAties such
a8 dra￿ health and education groups.
Fundlng
Against the backdrop of limited resources and insecurities over funding, it has continued to be difficult to plan
or develop services. The Majority of the charity's funding is received through Education Authority (EA). Th¢
Centre also received funding through the Public Health Agency (PHA) and has received additional funding
through FAlucatson Authority (EA) for Outreach and Inclusion programmes.
The Board of Directors need to research current funding bodies to source any grants or funding available to
the charity, as well as other means of raising funds such as bag packs, flag days. gigs and sponsored activitie5
to keep the centre running.
Plans for the future
The charlty plans continuin8 the activities outlined above in the forthcoming years subject to sati8factory
funding arrangements, Plans are also being developed to work on a number of other issues such as:
- help young adults taC￿e the negative image of mental health illness, raise awareness of the many different
kinds of illnesses in the area and of the many resources available to people in the New and Mourne Area.
- to raise the awareness of sexual health issues among young adults in the local catchment area.
- to raise awareness of drug and alcohol misuse amongst rnembers.
to develop the self-csteem and confidence of young people and address the issues which effect young women
and men in the Newry and Mourne Are&
to develop a group where young adults of different cultural backgrounds, sexual orientation and religious
background can meet and discuss issues affecting them in a safe. conforn]able environment.
- to help young people develop their skills in the arts i.e. music and media recording, and art group design.
Statement of Trustees, responslbfilltles
The trustees (who are also directors of Magnet YAC for the purpose of cornpany law) are responsible for
preparing the Trnstees, Report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Members of the
management committ¢¢ who served during the year ended 31 March 2024 and up to dat¢ of this report are set
out in pages 1-2.
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Magnet YAC
Re
rt of the Board of Directors continued
Company law requires th¢ trnistees to prepare financial statements for each financial year, which giv¢ a trne
and fair view of the state of the affairs of the charitable company and the incoming resources and application
of resources, including the inconw and expenditure. of the charAtable company for the year. In preparing these
financial statements, the truste¢s are required to:
- select suitable a¢¢ounting policies and apply them consistently;
- make judgements and estimates that are reasonable and p￿dent.
- state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charitable company will continue in operation.
The tru5tces are responsible for keeping proper accounting rccords 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 2(K)6. They are also reponsible for safeguarding the assets of the
charitable company and hence for taking reasonable stq)s for the prevention and detection of fraud and other
irregul￿ltseS.
This report is prepared in accordance with the Statement of Recommended Practice: Accounting and
Reporting by Charities (issued March 2005) and in accordance with the special provisions of Part 15 of the
Companies Act 2006 relating to small companies.
This report was approved by the Board of Directors and authorised for issue on 17 December 2024 and signed
on its behalf by
Patrick Hughes
Dlrectr)r
Dats: 17 December 2024
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