GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (¢onUnued) YEAR ENDED 310ECEMBER 2022 Slructurn, governance and management The charty is a charitable company limiled by guarantee. The cornpany is govemed and managed by the board of directors. The directors who served the company throughout the year are shown on page 1, together w¢ih details of the registered office and other professional advisors. The board of directors earry oth their govemance role throughout the year by way of meetings on monthly basis to review the performance of the company and to make dlS1on$ regarding ihe company's financial and operational matters. The directors govern the &tivities of the company in line with the objeclives set out in the goveming documents of the charity. namely the Mernrandum and Articles of Association and the charty's constiiutFOn. Objectives and activitie5 The principal objectives and activities of the charity during the year continued to be the Creation of additional employment opportunities in Oungiven ar¥a the surrounding areas through the 5Y¢)vision of workspace units to local enterprises al commercialty competitive rates and provlding opportunities for further education to the local community. They also delivered various social and cuttural based programmes with the assistance of partial govemmenl funding. During the year. the charity cariied out a number of xtivities and projects in the furtherance of its objectives- l. Rentsl of ccmnmercial propety to local entery)rises and srnall businesses 2. Advice services 3. Heallh and wellbeing project 4. Age friendly projects S. Cultural awareness projects 6. Good ielations projects 7. Education. training and courses Achievements and perforniance The main achievements of the charity during the year weré as follo*s: 1. Continued lo manage 48,C(10 square feet of workspace in an economically disadvantaged area providing local employment opportunities and achieving 90Yo occupancy and 7,000 square feet of heritage building for commerci81 purposes 2. Offering a wide variety of educational courses. 3. Provision of an adviGe seNKe during the financial year. 4. The directors are satisfied thal the performance of the company during the year. in terms of both financial and operalional results. is in line with the ¢harity's constitution and key objedive5. Financial review The Trustees consider the financial results to be satisfactory. The net incoming resources for the year amounted to £89,574 of which {E85) was restricted and E89.659 was unstrIcted. {2021-net incorning resources £542.751 of which {£3.935) was restricted and £546,686 was unrestricled). The total reserves al Ihe year-end amounted at £3.566.444 (2021- £3,476.870}. The trustees have a target of 1 years outgoings together with a propety repair fund of £100,000.
GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continuedj YEAR ENDED 31 DECEMBER 2022 Plans for future periods The management and toard have ring fenced £200,000 for the following projects- Preparatory work on an innovative Digital Hub at 72 Main Streel. Dungiven. Exlension of the &gfé al 74 Main Streel. Dungiven. Renovation Works at Glenshane Enterprise Centre and Glenshane Business Park. The trustees will continue to govern the company in line with Ihe constitution in ¢Nder to achieve the objeclives noted above. Trustees, r•sponsibilities statement The trustees. who are also diredors for the purposes of company law. are responsible for preparing the trustees. report and th8 financial ststements in accordance with applicable law and United Kingdom Accounting StarKlards (United Kingdom Generally Accepted Accounting Practice). Company law requires Ihe charity trustees lo prepa financial stalements for each year which give true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources. including the income and eXpeIllUre. for thal peri¢Jd. In preparing these financial slatements. the trustees are required lo: select suitable accountin9 policies and then apply Ihem nSIstenuy. observe the methods and principles in Ihe applicable Charities SORP; make judgments and accounting estimales Ihat are reasonab and prudent: prepare the financial staiemènts on the going c0M basis unless li is inappropriate lo presume thal Ihe charity will continue in business. The tnjstees are respmsible for keeping adequate accounting records that are sufficient to show and explain the charivs transactions and disclose with reasc*iable accuracy at any time the financial position of the charity and enable Ihem to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible for safeguarding ihe assets of the charity and hence for takin9 reasonable steps for the prevention and detection of fraud and othef Ifregularilies. Auditor Each of the persons who is a Irustee at Ihe date of approval of this rep)rt confirnis that: so far as Ihey are aware, there is no relevant audit infonnation of which the charilys auditor is unaware.. and they have taken all sleps that they ought to have taken as a trustee to make themsefves aware of any relevant audit information and to esiablish that the chariws auditor is aware of that infomiation. Small company provisions This report has been prepared in accordance the provisions applicable lo companies entilled to the small companles exemption. The Irustees. annual reM was approved on 27 September 2023 and signed on behalf of the board of trustees by: Mr C M¢Nicholl Truslee Mr A Farren Trustee
GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENSHANE COMMUNITY DEVELOPMENT LIMITED YEAR ENDED 31 DECEMBER 2022 Oplnlon We have audited the financial statemènts of Glenshane C(xrtmunty Development Limrted (the 'charity'l for the year ended 31 December 2022 which comprise the statement of f1nancial activlties (including income and expenditu account). statement of financial position, statemenl of cash flows and Ihe related notes, including a summary of significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdorn Accounling Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of lfylard {United Kingdom Generalty Accepted Accounting Praclice). This report is made solety to the charty's members, as a body, in accordance with Chapier 3 of Part 16 of the Companies Act 20CE. Our audii work has been undertaken so that we rnight state lo the harity's members those matter5 are required to Stale to them in an auditorfs report and for no other purpose. To the fullest ex1enl perniitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work. for this report. or fix the opinions we have fNmed. In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incorning resources and application of resources, including its income and expendrture, for the year then ended.. have been property ppared in accordance with United Kingdom Generally Accepted Accounting Practice: have been pPared in a¢cordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in acc(Ydance with Intemational Stsndards on Auditing (UK) {ISAs {UK)) and applicable law. Our responsibilities under Ihose standards are further described in the auditofs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to Our audit of the financial staternen15 in the UK. including Ihe FRC'S Ethical Standard. and we have fulfilled our other ethi1 sponsibilities in accordance with these wuirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going Concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfo. we have not identified any material uncertainties relating to events or conditions that, individually or Collectively, may cast sgnificanl doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial siatements are authorised for issue. Our responsibilities and the responsibilities of the trustees with resFeCt to going concern are deSCred in the leVant sections Of this rerM)rt.
GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENSHANE COMMUNITY DEVELOPMENT UMITED (contln( YEAR ENDEO 31 DECEMBER 2022 Other infomiation The other infomialion comprises the informatK>n included in the annual report, other than the financial staternenls and wr audilor's report thereon. The trustees are responsible for other infomiation. Our opinion on Ihe financial stalements does not cover the other infoTmalTron and. except to the extent othephiise expltcilty stated in our rewrt. we do not express any ftym of assurance wnclusion thereon. In connection with our audrt of the firk2ncial stalements. wr responsibility is to read the olher infomiation and. in doing so, consider vthether ItrE other in1ormaln ts materially Ir$1StenI wh the financial slatements or our knowled3e obtained in the audit or othep+4ise appears to be malerialty rntsslaled. If we identfy such material inconsistencies or apparent material misstalements. we are required to detemine whether there bs a material misstatement in the financial stslements or a rnaterial misstatement of the other inftxmation. If. based on Ihe work we have perfonTÉd. we conclude that there is a material misststernent of this other information. we are required to report that fact. We have nothing to rep)rt in Ihis regard. Opinions on olher matters prescrlbed by Ihe Companles Act 2006 In our opinion. based on Ihe work undertaken in the course of the audil: the infomiats.on given in the trustees. report for the financial year ft)r which the finala1 statemenls are prepared is consislent wrth the financial statements.. and the truslees. rep)rt has been prepared in accordance wrth applic4ble legal requirement5. Matters on which we are required to report by exc•ption In the light of the knowledge and understsnding ol the charty arKI its environmenl oblained in the course of the audit. we have rK)t entIrd malerial misstaten*nts in Ihe IfUStees' report. We have Ihing to reF•)rt in respect of Ihe folknving matters in relation lo which the Companies Act 20Cb requires us to port to you rf. in oui opinion: adequate accounb'ng records have not been kepi. or retums adequate for our audit have not been received from branches not visited by us; c the financial statements are not in agreemenl with the accounting reccyds arrfl retums; or certain disclosures of Irustees. remuneration specrfied by law are not made.. or we have not received all the information and explanations we require lor our audrt: or the trustees were not entitled to prepare the financial slatements in accordan with Ihe small companES regime and take advantage of the small companes, exemptions in preparing the diredors. repNI and from the requirement to prepare a slrategic report. Responsibllltles of trustees As explained rn0 fulty in Ihe trustees. spOnsIbl1]t1es staternenl, Ihe trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial staternenls and for teing satiSfd Ihat they give a true and fair view. and for such intemal control as the trustees delermine is necessary io enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or err¢x. In preparing the financial statements, the trustees are responsible for assessing the charity's ats'lity to cCtinue as a going concern, disclosing. as applicable. matters related to 90ing concem and usin9 the going concern basis of aCCn11n9 unless Ihe twstees eithef intend to liquidate the charity or to cease operations. or have no realistic allemative but to do so.