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Coalisland & District Development Association | (A company limited by guarantee, not having a share capital) _ forDIRECTORS'the financial year endedANNUAL30 April 2025REPORT
The directors present their Directors' Annual Report, combining the Directors’ Report and Trustees’ Report, and the unaudited financial statements for the financial year ended 30 April 2025.
The financial statements are prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). | The Directors' Report contains the information required to be provided in the Directors’ Annual om under the Statement of Recommended Practice (SORP) guidelines. The directors of the company are also charity trustees for the purpose of charity law and under the company's constitution are known as members of the board of Slsiess: In this report the directors of Coalisland & District Development Association present a summary ofjits purpose, governance, activities, achievements and finances for the financial year 30 April 2025. The company is a registered charity and hence the report and results are presented in a form which com lies with the requirements of the Companies Act 2006 and, although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements. | Structure, Governance and Management Structure | Coalisiand & District Development Association is a company limited by guarantee and does not have a share capital. It is governed by its Memorandum and Articles of Company. _ It is recgonised as a charity by HM Revenue & Customs.
Board of Directors
Directors are appointed or re-appointed at the annual general meeting, not 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 board meetings are held on a bi-monthly basis. The directors agree the board strategy and areas of activity. The day to day operations of the charity are handled by senior management and staff. The directors are not remunerated. |
Risk Management
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The directors have actively reviewed the major risks which the company faces and believe that achieving the desired level of tenancy occupation of their units, combined with the annual review of the controls over the key financial systems, will provide sufficient resources in the event of adverse conditions. They have also examined other business and operational risks, which they face and confirm that they have established systems to mitigate significant risks.
Review of Activities, Achievements and Performance The statement of financial activities 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 £17,119 (2024 deficit £244,502). The Charity utilised 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 source is rental income. In the coming year the directors are committed to driving the company forward by retaining funding from current sources and trying to obtain additional funding from new sources. Financial Results |
At the end of the financial year the company has assets of £273,197 (2024 - £214,888) and liabilities of £57,036 (2024 - £15,846). The net assets of the company have increased by £17,119.
Reserves Position and Policy
The charity's policy is to retain a'level of free reserves which matches the need of the company, both at the current time and in the forseeable future. Free reserves are those unrestricted reserves not invested in fixed assets, which are available for general use.
The directors are striving to secure reserves in the future sufficient to meet committed expenditure and the running costs of the charity for a period equivalent to 9 months annual expenditure, which equates to £117,305 (2024 £267,641). The directors believe that the period of 9 months is necessary in order that there is continuity of service . and will continue to work towards the implementation of this policy. At present the free reserves which amount to £149,874 (2024 £132,260) are sufficient to meet this level of spending. i
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Coalisland & District Development Association (A company limited by guarantee, not having a share capital) DIRECTORS’ ANNUAL REPORT for the financial year ended 30 April 2025 The policy relating to reserves is reviewed annually. | Reference and Administrative details | Coalisland & District Development Association is registered with the Charities Commission NI: Charity Number NIC105759 as a company limited by guarantee and is registered with the Companies Registrar registration number NI17957. Itis 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 charity is also listed on page 3 together with the details of the professional advisors and bankers.
Directors
The directors who served throughout the financial year, except as noted, were as follows:
Pat O'Hanlon Mr J Corr P McGirr
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In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election. The secretaries who served during the financial year were: | Samuel Walker (Appointed 26 June 2024) | Michael Plunkett Daly (Resigned 25 June 2024) Compliance with Sector-Wide Legislation and Standards TheCoalislandcompany& DistrictengagesDevelopmentpro-activelyAssociationwith legislation,subscribesstandardsto and andis compliantcodes whichwith thearefollowing:developed for| the sector. « The Companies Act 2006 | " The Charities SORP (FRS 102) | | Public Benefit | The committee believes that the charitable company provides a public benefit by providing training services for the acquisition and development of occupational skills and work experience to advance education and_ provide and maintain employment, especially for young people. In particular, the charitable company provides job skills courses and programs, aimed at getting people off the unemployment register. The committee 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 charity's work in the province. ; Taxation | As a charity, the company is able to recover most tax deducted at 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 covenant or gift aid. | Plan for future periods The Charity has had to deal with a certain level of disruption as a result of the recent Coronavirus pandemic with some time to pay arrangements made with tenants. As the restrictions imposed begin to ease, the Charity anticipate a return to full service. Whilst the Board of Directors realise there may be an element of uncertainty during the difficult times, the Charity has maintained an overall healthy financial position and is therefore confident the Charity can continue to provide full service going forward. The Board of Directors will continue to plan for the delivery of consistent high quality standards in relation to achieving the objectives as detailed above. Collectively they will ensure that those charged with governance or management of the entity will be made aware of their responsibilities. The charity will demonstrate that it is using its resources to deliver charitable activity and therefore public benefit in the best possible way in these uncertain economic times. Resources will be managed in a cost effective manner. Expenditure will be strictly monitored and controlled without compromising quality of service. Management structures will be kept under review and monitored to ensure that good governance prevails and exposure of the charity to risk is minimised.
Key Performance Indicators Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. | | Senior management team | Chief executive - R Thornton
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Manager - Melanie Campbell
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Coalisland & District Development Association (A company limited by guarantee, not having a share capital) DIRECTORS’ ANNUAL REPORT for the financial the financial financial year ended 30 April 2025 ended 30 April 2025 30 April 2025 April 2025 2025
for the financial the financial financial year ended 30 April 2025 ended 30 April 2025 30 April 2025 April 2025 2025 | Small companies' exemption | This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. | Approved by the Board of Directors on 24 June 2025 and signed on its behalf by: |
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Pat O'Han
Director
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Coalisland & District Development Association (A company limited by guarantee, not having a share capital) STATEMENT OF DIRECTORS' RESPONSIBILITIES
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for the financial year ended 30 April 2025
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the net income or expenditure of the company for that period.
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In preparing these financial statements, the directors are required to:
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« select suitable accounting policies and apply them consistently;
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» make judgements and estimates that are reasonable and prudent;
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» state whether the financial statements have been prepared in accordance with the relevant financial reporting framework, identify those standards, and note the effect and the reasons for any material departure from those standards; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The directors confirm that they have complied with the above requirements in preparing the financial statements.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. :
Approved by the Board of Directors on 24 June 2025 and signed on its behalf by:
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Pat O'Hanlon
Director
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