KILREA ENTERPRISE GROUP LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 The charity's objects are to promote the benefit of the inhabitants of Kilrea and rts environs (the "area of benefit") without distinction of sex, race or political, religious or other opinions by associating with the statutory authorities. voluntary organisations and inhabitants in a common effort to= {1} advan education (li) provide facilities in the interests of social welfare for recreation and other leisure time occupations with the object of improving the conditions of life for the said inhabitants,. and (iii) provide such amenities and facilities for the benefit of Ihe public in particular but not exclusively river walks, wild flower meadows and tree planting. Public benefrt The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Providin amenities and facilities for the benefit of the ublic The public benefit is improved health and well-being and the promotion of positive and physical health through the development and support of walking trail and aCsS to the countryside to those of our beneficiaries who are in poor health or disability. There is a public benefit which flows from our charitable objects as we increase employ ability and ensure that our area is an attractive and well managed place to live and that local people can acquire the education and skills they need to fulfil their true potential and enjoy positive health and well-being as a result. Volunteers We are an open organisation welcoming people of all ages and from all backgrounds who are interested in volunteering with us. Our beneficiaries are the members of the public who are rural dwellers of all ages from the local area. They are also our volunteers who can gain skills and confidence while providing of their time and expertise. How we prove our benefit is through record keeping of feedback from those who attend our initiatives as well as those who volunteer in our various activities and attend our events. We provide newsletters and flyers, utilise the local press for publicity and take photographs and also collect monitoring information when we access public funds for our activities. There is no private benefit accrued to any of our trustees as everyone is treated the same and has equal access to all of our support and services. Achievements and perforniance Significant activities and achievements against objectives Financial review The results for the year are set out on page 5. The company retumed net income for the year of £67,595 {2023 - net expenditure of £32,973). At 31st March 2024 the total funds of the charity amounted to £833,733 (2023- £766,138) comprised solely of general unrestricted funds. Resernes policy The trustees endeavour to maintain sufficient fvnds to ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.
KILREA ENTERPRISE GROUP LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Major risks The Trustees regularly assess the major risks to vthich the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to any major risks. Plans for futu periods The Kilrea Enterprise Group wll help to fvnd suitable local start up businesses that fulfil relevant criteria for sustainability and employment, using the interest generated by capital, with a view to keeping the capital intact. Structure, governance and management The charity is a company limited by guarantee. The principal activity of the company is to promote the establishment of small business activities which would provide employment in the area. The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were= Mr Thomas Collins MBE Ms Mary Gibson Mr David Laughlin Recruitment and appointment of twstees The management of the company is the responsibilty of the trustees who are elected under the terms of the Memorandum and Articles of Association. Mr T Collins MBE, Ms M Gibson and Mr D Laughlin. being the trustees for the time being, retire by rotation at the Annual General Meeting. The above persons. being eligible. offer themselves for re-election. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Organisational stnjcture Kilrea Enterprise Group Limited is govemed by its Memorandum and Artides of Association dated 5 February 1991. It registered with the Charity Commission for Northem Irdand on 30 June 2015. Small companies provisions. disclosure This report has been prepared in accordan with the provisions applicable to companies entitled to the small companies exemption. Thp. triJ.qtp.p.q rp.nort was approved by the Board of Trustees. Mr David Lauglilin Trustee 30 January 2025