rone Limited Limited b Guarante Charita DIRECTO ' REPOR ear ended 31 December 2018 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 31 December 2018. The financial statements have been prepared in accordance vlith the Statement of Recommended Prattice "Accounting and Reporting by Charities- (FRS 102) and the Companies Art 2006. Reference and Adminbstration Details The reference and administration details of the charitable company are as shown on page 2. Objectives and Activities Objectlves The principal artivity of the charitable company is that of a community based social economy enterprise, whose objectives are the economic, social and human resource development of the Carrickmore and wider Mid-Tyrone catchments. Artlvltles The charitable comparky's artivities include the Tnanagement and operation of Termon Business Park and the Milestone Centre, the provision of high calibre workspace for small and medium enterprises and the delivery of training and support services relevant to businesses. community organisation5 and individuals. Publlc Benefit Statement The Directors of Techno Tyrone Limited confirm that they have complied with their duty under sertion 4(6) of the Charities Act (Northem Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidan￿ on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 December 2018. Achievements and Performance The Directors have established the charitable company as a progressive rural enterprise that supports business development, Job creation. skills enhan￿rnent and inward investment to the area. all of which it Is committed to continue. Financial Review Financial Performance The financial performance was in line with the Directors. 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 incoming resources for the year of £13,342 (2017- £5.167). At 31 December 2018, the total funds of the charitable company amounted to £1,440,544 (2017 £1,427,202) comprising restricted funds of £1,379,824 and unrestricted funds of £60.720. Principal sources of funding and how this has supported the key objectives of the charitable company are disdosed in the notes to the finanaal statements. CavanaghKelly. Chartered Accountants & statutory Audltors Page 3 rone Li ble Com ited Limit Chari uaran DIRECT RS. REPORT f ear ended l December 201 Continued Financial Revlew (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 unforeseerb expenditure incurred. Strurture. Governan￿ 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 objerts and pov4ers 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 offfice 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 Directors 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 Art 1992. Directors. Responsibllltles The Oirectors 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 require5 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 Dirertors are required to- select suitable accounting policies and apply them conslstently; observe the methods and principles in the Charities SOFiP (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 finar)cial statements,. and prepare the financial statements on the going concem 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 responsiblÈ 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 T hnoT ron le Com it an Limi ntee DIRECTORS. REPORT for the Small Companles 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 Dirertors on 12 September 2019 and signed on its behalf by: Registered office: The Milestone Centre Termon Business Park Carrickmore Co Tyrone BT79 9AL Mr James Maguire Director Com ri an Re i5tration Number: NI 25913 istration N AA r: 102966 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 5