Broca Char h and Distrirt Re Li eneration Grou Guara DIREcfoRS' REPORT fo ear ende 23 The u(tèttots, who are the tru5tÈÈ5 for the purpose Of charity taw, have plthstsrè in presenting their report and the unaudited financtal statements of the charitable company for the year ended 31 October 2023. The financial statements have been prepared in accordan with the Statement of Recommended practi °Accountlng and Reporting by Charitles" (FRS 102], Unlted Kingdom Generally Accepted Accounting Practice and the Companies Act 2006. Reference and Admlnlstration Detslls The referentr and administration detalls of the charltable company are as shown on page 2. ObJectlves and Artivlties Brocagh and District Regeneration Group was formed In 1996 wlth the specifK aim of promoting economic and social regeneration of the Brocagh area, formlng parts of the Washingbay Ward. . Dungannon and the Killycolpy Ward, Cookstown, through the pmislon of Informatlon, support services and workspace. The objectives are to encoura9e, support and develop enterprise in the Brocagh area through the provision of inforn7atlon, support services and workspace. It also offers communlty fac111tS and alms to further develop opportunltles ft>r communlty engagement and actlvities as well as creatjng shorellne laalitles that encourage tourlsm. The strategic objectives of the group are as follows: To provide and malntain adequate commuTrlty space for ectivltles: To provide workspace unlts for business creatlon and development locally; and To create shoreline facllities to encourage tourism growth. Public Beneflt Statement The Directors of Brocagh and District Regeneratlon Group confirrn that they have complled with their duties under section 4(6) of the Charities Act (Northern Irejand) 2008 to have regard to the Charlty Comrntssfon for Northem Ireland's gUIdan Dn publir benefft and that the pubFIc benefit requirement has infomied the actlvities of the charitable company In the year ended 31 October 2023. Achlevements and Perforniance The gTOUP has been successful In the development of Castlebay Communlty Resour Centre oITerlng community. enterprtse and shorefine facilities. The Dlrectors are Confident that the charitable company contlnues to meet Its performan objectives to benefit the IOGII community. The charitable company continues to receive fvnding frorn local bodies and runs events throughout the course of the year. Financial Revlew Financlal Perforniance The financial performance was In line with the Board of Directors. expertations. The charitable company remains in a sound fiftancial posltlon at the year er. The results for the year are set out in detail on pages 8 to 19. The charitable c(Trmpany rturneo net outgoing resour for the year of £25,950 (2022: net outgoing resources of E22.686). CavanaghKelty, Chartered Acrountants & Statutory Audito Page 3
Broca d District Re ener tion G ou uar IREcfoRS' REPORT fo ea ended 31 October 202 Continued Financial Review (Continued) Financial Performance (Continued) At 31 October 2023, the total funds of the charitable company amounted to £585,844 (2022: £611,794) comprising of £103,558 of unrestricted and £482,286 of .restricted funds. Prsncipal sources of funding and how this has supported the key obiectives of the charitable corripany are (fisclosed in the notes to the fjnanciaf statements. Reserves Policy The charitable company does not maintaln a formal reserves pollcy however the Board of Dlrecto¥s continue to monitor the level of reserves held by the charitable compar¥y and are satisfied that these are adequate to rneet any unforeseen expenditure incurred. Structuré Governanc• and Management OrganAsational Strurturn The charitable company is a company Ilmited by guarantee. not havlng a share capltal. The charltable company was establlshed under a Memorandum of Assoclatlon whlch establlshed the objects and powers of the charitable company and is governed under its Artlcles of Association. In accordance with the Articles of Association, the members to retire by rotation shall be those who have been longest in office Sin their last election, and the relevant rnotion will be put at th6 Annual Gene%al Meeting. A retlrlng member shall b& ellgible for re-elect.lon. Dlrvctors The Dlrectors during the year are the same as the Directors as listed on page 2. raxation Status The charitsble company Is recognfsed as a charlty by HM Revenue & Customs. Accordinglyi the charitsble company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxatlon of Charyeable Gains Act 1992. Directors. Responsibilitles The Directors are responsible for preparing the financlal statements In accordance wlth applicable law and Unlted Kinodom Accounting Standards (United Kingdom Generally Accepted Accountin9 Practlce). Company law requlres the Directors to prepare finandal statements for each financial year which glve a true and fair vlew of the state of the affalrs of the charitable company and of the Incoming resources and appllcation of resources, including the income and expenditure, of the charitable company for that year. In preparing these flnanclal statements the Dlrertors are requlred to: select suitable accountlng policies and apply them consistently; observe the methods and principles in the Charities SORP (FRS 102); - nwke judgements and estimates that are reasonable and prudent; state whether appllcable UK Accounting Standards have been followed, subject to any materlal departu disclosed and explained in the financial statements; and prepare the financial statements on the goin9 concem basis unless it Is Inapproprlate to presume that the charitable company will contlnue in operatlon. CavanaghKellyi. Chartered Accountants & Statutory Auditors Page 4
ro h and District Re eneration Grou arante DIREcfoRS' REPO T for the ear ended 31 Octobe 2023 Conti Directors. Responsibilities (Continued) 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 to enable them .to ensure that the flnandal statements comply with .the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for taking reasonable steps tor the prevention and detection ot rraud and other irregularities. Small Companies Exemption The above report has been prepared In accordan with the special provisions relating to small companles within Part 1.5 of the Companles Act 2006. This report was approved by the Board of Dirertors on 25 October 2024 and signed on Its behalf by: r Martin Morr SECREfARY Istratl r" N103138 is CavanaghKellyr Chartered Accountants & Statutory Audltors Page 5