Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS. REPORT For the year ended 31 July 2024 The Dlrectors, who are the trustees for the purpose of charity law, have pleasure In presentlng their report and the unaudited financial statements of the charitable company for the year ended 31 July 2024. The flnancial statements have been prepared In accordance wlth the Statement of Recommended Prattlce °Accountlng and Reporting by Charities" (FRS 102), Unlted Kingdom Generally Accepted Accountlng Practlce, the Companles Act 2006 and the Charltles (Northern Ireland) Act 2008. Reference and Admlnlstratlon Detalls The referen and admlnistratlon details of the charity are as shown on page 3. Objectlves and Actlvltles Maghera Development Assoclatlon Llmited was formed In 1994 with the speclflc alm of promoting the establishment and growth of new and established businesses throughout the area of Maghera. The objertlves are to encourage, support and develop enterprise In the Maghera area through the provlslon of offering a range of Industrial unlts to a dlverse range of buslnesses for rent at favourable rates, wlth flexible lease terms. The charity a150 alm to promote prosperlty throughout the area and continues to provide financial donations to a wide range of entitle5 such as local charltles, schools, sports clubs and communlty groups. The strateglc objectlves of the group are as follows: •To promote economic and social growth locally; •To provlde support to buslnesses and members of the communlty; and •To create trainlng and employment opportunltles for the local area. Publlc Beneflt Statement The Dlrectors of Maghera Development Association Llmlted conflrm that they have complied wlth their dutles under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guldance on publlc beneflt and that the public beneflt requlrement has Informed the artivltles of the charltable company in the year ended 31 July 2024. Achlevements and Performance The group has been successful In the development of facllltles, tralnlng and support for local buslnesses, offering a range of industrial units for rent at favourable rates, with flexible lease terms. The Directors are confident that the charitable company continues to meets its performance objectives to beneflt the local communlty. The charitable company continue5 to recelve fundlng from local bodies and runs events throughout the course of the year. CavanaghKelly'
Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS. REPORT For the year ended 31 July 2024 Financlal Review Flnanclal Perforniance The flnanclal performance was in Ilne wlth the Board of Dlrectors, expectations. The charltable company remains in a sound flnancial position at the year end. The results for the year are set out In detall on pages 9 to 22. The charltable company returned net incomlng resources for the year of £47,774 (2023: net Incomlng resources of £50,488). At 31 July 2024, the total funds of the charltable company amounted to £1,186,483 (2023: £1,138,709) comprlslng entlrely of unrestrltted funds. Prlnclpal sources of funding and how thls has supported the key objectlves of the charitable company are dlsclosed In the notes to the flnancial statements. Reserves Pollcy The charltable Company does not malntaln a formal reserves policy however the Board of Directors continue to monltor the level of reserves held by the charitable company and are satlsfied that these are adequate to meet any unforeseen expendlture Incurred. Structure, Governanca and Management Oryanlsatlonal strurture The charltable company Is a company limited by guarantee, incorporated in Northern Ireland, not having a share capital. The charltable company was establlshed under a Memorandum of Assoclatlon which establlshed the objects and powers of the charltable company and Is governed under Its Artlcles of Assoclatlon. In accordance wlth the Articles of Association, the members to retlre by rotstlon shall be those who have been longest In office since their last electlon, and the relevant motlon wlll be put at the Annual General Meeting. A retlring member shall be eligible ft)r re-electlon. Dirertors The Dlrectors during the year a the same as the Dlrectors as listed on page 3. Taxation Status The charStable company Is recognised as a charlty by HM Revenue & Customs. Accordlngly, the charitable company has availed of the exemptions contained In Chapter 3 Part 11 Corporation Taxes Act 2010 and Sectlon 256 Taxation of Chargeable Gains Act 1992. CavanaghKelly"
Maghera Development Association Limited (Charitable Company Limited by Guarantee) DIRECTORS. REPORT For the year ended 31 July 2024 Dlrectors, Responsibllltles The Directors are responslble for preparlng the financial statements In accordan wlth appllcable law and Unlted Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practlce). Company law requires the Dlrectors to prepare financial statements for each flnanclal year which glve a true and falr view of the state of the affalrs of the charitable company and of the Incomlng resources and appllcatlon of resources, Including the Income and expendlture, of the charltable company for that year. In preparlng these flnanclal statements the Dlrectors are requlred to: -select suitable accounting pollcles and apply them conslstently. -observe the methods and prlnclples in the Charltles SORP (FRS 102); -make judgements and estlmates that are reasonable and prudent. and -prepare the financlal statements on the golng concern basls unless it Is Inapproprlate to pSuMe that the charltable company wlll contlnue In operation. The Dlrectors are responslble for keeplng adequate accountlng records that disclose wlth reasonable accuracy at any tlme the financlal posltlon of the charltable company and to enable them to ensure that the flnancial statements comply wlth the Companles Act 2006. They are also responslble for safeguardlng the assets of the charitable company and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularities. Small Companles Exemptlon The above report has been prepared In accordance wlth the speclal provlsions relatlng to small companles wlthin Part 15 of the Companles Art 2006. Thls report was approved by the Board of Directors on and signed on Its behalf by: rGa Burns or Company Registratlon Number: N1028504 Charity Registratlon Number: 107336 CavanaghKelly'