Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT For the year ended 31 July 2023 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 July 2023. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102), United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006 and the Charities (Northern Ireland) Act 2008, Reference and Administration Detalls The reference and administration details of the charity are as shown on page 3. Objectives and Activities Maghera Development Association Limited was formed in 1994 with the specific aim of promoting the establishment and growth of new and established businesses throughout the area of Maghera. The objectlves are to encourage, support and develop enterprise in the Maghera area through the provision of offering a range of industrial units to a dlverse range of businesses for rent at favourable rates, with flexible lease terms. The charity also aim to promote prosperity throughout the area and continues to provide financial doiiations to a wide range of entities such as local charities, schools, sports clubs and communlty groups. The strategic objective5 of the group are as follows: •To promote economic and social growth locally. •To provide support to businesses and members of the community. and •To create training and employment opportunities for the local area. Public Benefit statement The Directors of Maghera Development Association Limited confirm that they have complied with their duties under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 July 2023. Achievements and Performance The group has been successful in the development of facilities, training and support for local businesses, offering a range of industrial units for rent at favourable rates, with flexible lease terms. The Directors are confident that the charitable company contlnues to meets its performance objectives to benefit the local community. The charitable company continues to receive funding from local bodies and runs events throughout the course of the year. CavanaghKety" Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT For the year ended 31 July 2023 Financial Review Financial Performance The financial performance was in line with the Board of 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 9 to 22. The charitable company returned net incoming resources for the year of £50,488 (2022.. net incoming resources of £65,140). At 31 July 2023, the total funds of the charltable company amounted to £1,138,709 (2022: £1,088,221) comprlsing entirely of unrestricted funds. Principal sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements. 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 unforeseen expendlture incurred. Structure, Governance and Management Organisational structure The charltable company is a company limited by guarantee, Incorporated In Northern Ireland, not having a share capital. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In accordance with the Articles of Assoclatlon, the members to retire by rotation shall be those who have been longest in office 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 3. 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 Act 1992. CaYanaghKety" Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT For the year ended 31 July 2023 Directors, Responsibilities The Directors 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 requires the Dlrectors to prepare financlal 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 resaurces, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are requlred to,. -select Sultable accounting policies and apply them consistently, -observe the methods and principles in the Charities SORP (FRS 102),. -make judgements and estimates that are reasonable and prudent; and -prepare the financial statements on the going concern 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 charltable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small Companies Exemption The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Att 2006. This report was approved by the Board of Directors on and signed on its behalf by., rGar Bur Company Registration Number: N1028504 Charity Registration Number: 107336 CavanaghKely"