Coalisland & District Development Association IA cornpany limited by guarant, not having a share Capital) DIRECTORS. ANNUAL REPORT for the financial year ended 30 April 2023 The directors present their Oirectors, Annual Report. combining the Directors. Report and Trustees, Report. and the unaudited financial staiements for the financial year ended 30 April 2023. The financial ststements are prepared in accordan with th8 Companies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Chari118S. Slalemenl of Recommended Practice applicable to charities preparing their financial statements in accordance with th$ Financi81 Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021- The Directors. Report contsins the informalion required lo be provided in the DireGtors' Annual Report under the Statement of Recommended Practice ISORP} guidelines. The directors of the company are also charity trustees for the purpose of chaTEty18w and under the comparts a>n$tituthon are known 8$ mombers of tha board of trust8ès. In this report the direclors of Coalisland & District Development Assoaalion present a summary of ils purpose, govemance, activities. achievements and finanS for the financial finanryal year 30 April 2023. The company is a registered charity and hence the report and results are presented in a fomi which complies with the requirements of the Companies Art 2006 and, ahhough not obli9ed lo comply w¢th the Statement of Recommended PraGlice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in Ihese financial ststements. Structure, Govemance and Managgment Structure Coalisland & District Development AssooatiOT7 15 a (x)fnpany limited by guarantee and does not have a share capital. 11 is governed by ils Memorandum and Articles of Company. 11 is recgonised a5 a charity by HM Revenue & Customs. Board of Directors Di¢10r$ 8re appointed or re-appointed at the annual general meeting. rth)t more than fifteen months must lapse between the date of one AGM and that of the next_ The Board of Directors are listed on page 3. The th)ard meetings are held on a birymonthty basis. The directors agree the board strategy and areas of activity. The day to day operations of the chartty are handled by senior management and staff. The directors are nol remunerated. Risk Management The direclors have actively reviewed the major risks which the MpanY faces and believe that achieving the desired level of tenancy occupation of their units, combined with the annual review ol the controls over the key financial systems, will provide sufficient reSoUS in the event of adverse conditions. They have also examined other business and operational risks, which they face and confimi that they have established systams to mitsgate signtficant risks. Review of Activities, Achlevements and Perforniance The ststement of financial aclivrties for the year is set out on page 10 of the financial statements. The net movement in funds for the financial year is a surplus of £6,078 12022 surplus £30,421). The Chanty utiliseU the Government's Coronavirus Job Retention Scheme to assist with financial pressures during the Covid 19 Pandemic. The main activities of the company are unchanged from the last year, as are the main funding sources. The main funding sourcé is rental income. In the coming year the diredors are (mMItted lo driving the company forward by retaining funding from current sources and lrybng to obtain additional funding from new sources. Flnan¢lal Ro$uIts Al the end of the financial year the company has assets of £456,037 12022 £449,807) and liabilities of £12,493 L2022- £12,341). The net assets ol the company have increased by £6.078. Reser¥es Position and Poli The charity's policy is lo relain a level of free reserves whth malches the need of the company, )th at the current lime and in the forseeable future. Free reserves are those unrestricted reserves not invested in fixed assets. which are availabl6 for general use. The directors are striving lo sei2ire reserves in the future sufficient lo meel committed expenditure and the running osts of the Charity for a period equivalent to 9 months annual expenditure. which equat8S to £82,37812022 £78.1161. The directors believe that the period of 9 months is ne(xssary in order that there is contsnuity of service and will continue lo work towards the implementation of this policy. Al present the free reseeS which amount to £375,782 12022 £368,28118re sufficienl to meet this level of spending.
Coalisland & District Development Association IA company limited by guarantèe, not having a share capital) DIRECTORS. ANNUAL REPORT for the financial yaar endéd 30 April 2023 The policy relaling lo re3erves is vIewed annualty. Reference and AdmlnlstratlV8 details Coalisland & Distn'ct Development Assoryalton is registered Nwth the Charibes Commission Nl.. Charity Number NIC105759 83 a company limited by guarantee and is registered with the Companies Registrar registration number N117957. 11 is also recognised as a charity by HM Revenue and Customs XT2235. The directors and secretary of the charity are listed on page 3. The prinicpal and registered office of the charsty is also listed on page 3 together with the details of the professional advisors and bankers. Dlro¢tors The directors who Served throughout Ihe financial year. exp1 as noted. were as follows.. Mr. P McGirr Mr. J Corr Mr. P8t O'H8nJon In aco)rdance with the Conslitution. the directors retire by rotstion and. b8ing eligible. offer themselves for re-election. The secretary who served during tha finanaal year was.. Mr. Michael Plunkett Daly Compliance with SgCtor¥lide Legislation and Stsndards The wmpany engages pro-actively with legislation. standards and codes which are developed for the sector. Coalisland & District Development Assoryation subscribes to arwj is compliant with the lollowng.. The Companies Act 2006 The Charibes SORP IFRS 102) Public Benefit The (xsmmittee believes that the charitable rnpanY provides a public berfit by providing training services for the acquisition and development of occupational skills amd work experience lo advanL educatson and provide and maintain employment, espeaalty for young people. In particular. the challtable company provides job skills courses and programs. aimed al getting people off the unempknyment register. The commiitee is fully aware of the guidelines coming from the Charity Commission for Northern Ireland. The committee believes that is is operating entirely within those guidelines which have been released so far and it looks forward with confidence to the development of the charty's work in the province. Taxation As a charity, the company is able to recover most tsx deducted al source from its investment income and is not liable for corporation tax on its other income or on capital gains. Recovery is therefore made of tax credits and tax deducted from income received under deed of veThant or gtft ahl. Plan for futurn periods The Charity has had to deal with 8 certain level of disruption as a resutt of the rent Coronavius pandemic with some lime to pay arrangements made with lennants. As the re51rictions imposed begin to ease, the Charity anticipate a relum lo full servi. Whibt the Board of Directors realise Iheie may be an element of uncertainty during the difficult times, the Charity has mantained an overall healthy financial position and is therefore confident the Charity c4n continue lo provide fvll service going forward. The Board of Directo will continue to plan for the delivery of consislenl high qualty standards in relation to achieving the objectives as detailed above. Collectively they will ensure that those charged with governance or managernenl of the entity will be made aware of their responsibilities. The charity will demonstrate that rt is using its resources to deliver charitable acttvity and therefore public benefit in the best possible way in these uncertain ecxlnom times. Resources will be managed in a cost effective manner. Expenditure will be strictty mntiored and controlled wilhoul ompromislng quality of servi. Management structures will be kept under review and monllored to ensure that good govemance prevails and exposure of the charity to risk is minimised. Key perfom)ance indicators Given the Straightfoard nature of the business, the 0)mpanS directors are of the opinion that 8n8tysis using KPIS is not necessary for an urbderstanding of the development. performance or posibon of the business. Senlor managamont team Chief executsve - R Thornton Manager- Melanie Campbell
Coalisland & District Development Association IA company limitod by guarant8•, not Iiavln9 a shar• Capital) DIRECTORS. ANNUAL REPORT for the finandal year ended 30 April 2023 Small ¢ompanies' exemption This report has been prepared in accordan(8 wtth Ihe specAal prwsions r81aling to small MpanIeS within Part 15 of the Companies Act 2006. Ap rovèd by thé Board of Dlroctors on 27 June 2023 and slgnad on its haff by: