Company registration number N1020880 (Northern Ireland) COOKSTOWN ENTERPRISE CENTRE LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
COOKSTOWN ENTERPRISE CENTRE LTD COMPANY INFORMATION Directors Mr T Wilson Mr S Best Mr McGuckin Mr P Cassidy Mr M Foley Mrs E Kearns Miss G Evans (Appointed 21 September 2022) Company number N1020880 Registered offlce Derryloran Industrial Estate Sandholes Road Cookstown Co Tyrone BT80 9LU Auditor David Lyttle + Co Ltd ststion House 46 Molesworth Street Cookstown Co Tyrone BT80 8PA Buslness address Deryloran Industrial Estate Sandho18s Road Cookstown Co Tyrone BT80 9LU Bankers Ulster Bank 20 William Street Cookstown Co Tyrone BT80 8ND
COOKSTOWN ENTERPRISE CENTRE LTD CONTENTS Page Trustee's report Independent auditor's report Statement of financial activitl8S Balance sheet Notes to the flnancial statements 10-18 The following pages do not form part of the statutory financial statements: Detailed trading and profit and loss accounts 19-20
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees, who are Directors for the purposes of company law, present their annual report and financial statements for the year ended 31 August 2023. Prlncipal activltles The purpose of Cookstown Enterprise Centre Limited is to let industrial Units to both new and existing businesses, together with the provision of conference facilities, secretarial services, project management, training, consultancy and other services normally provided by Local Enterprise Agencies. Cookstown Enterprise Centre Limited obtained charltable status on 18 Jun8 2003 and the charity reference number with the Northem Ireland Charity Commission is Nl 100109. Structure, governance and management The or9anisation is a charitable company limited by guarantee. The company was established under Memorandum of Association which established the objects and powers of the charitable company and is govemed under its Articles of Association. The appointment of directors is in accordance with th8 charity's Articles of Association, whereby at every Annual General Meeting one-third of the directors shall retire from office (but are eligible for re-election)- The direclors to retire by rotation shall be those who have been longest in office since their last appointment or reappointment. No person other than a director retiring by rotation shall be appointed or reappointed a director at any general meeting unless helshe is recommended by the directors or not less than fourteen nor more than thirty five clear days before the date appointed for the meeting, notice executed by a member qualified to vote at the meeting has been given to the charitable company of the Intention to propose that person for appointment or reappointment. Flnanclal revlew The results for the year are set out on page 8, which the Directors consider to be satisfactory. The reserves of the Company ar8 held for the advancement of its charitable purpose, other than restricted reserves which are held for a designated purpose. Directors The directors who held office during the year and up to the date of signature of the financial statements were as follows: MrT Wilson Mr D Legge Mr S Best Mr M¢Guckin Mr P Cassidy Mr M Foley Mrs E Kearns Miss G Evans (Resigned 19 October 20221 (Appointed 21 September 2022)
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Objectives and activities The objects of the charity are specifically restricted to the following.. {1) The advancement of community development, in particular the promotion for the public benefit of urban and rural regeneration in Cookstown and surrounding areas. being an area of social and economic deprivation, by all or any of the following means- (i) the creation of training and employment opportunities by the provision of workspace, buildings, andlor land for use on favourable terms., (ill the provision of f1nancial assistsnce, technical assistsnce or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help '. la} in setting up their own business, or {b) to existing businesses. (iii) the relief of unemployment., {ivl the advancement of education, training or retraining. (v) the provision of housing for those who are in conditions of need. {2) Promoting such other charitable purposes as may from time to time be determined. It aims to achieve these objectives by providing business start-up and developmenl assistance for businesses selting up or developing in the Cookstown District Council area.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Achievements and performance During the period to August 2023, the business environment continued to present significant challenges to CEC and its clients. Cookstown Enterprise Centre has again had a satisfactory financial performance during Ihe year. Markedly increased costs of insurance, heat, light. and power as well as maintenance are being experienced resulting in a decrease in the net profit margin. Income from small business support training and mentoring initiatives have contributed approximately 100/0 of the total income. Occupancy levels of all CEC owned properties has remained consistently above 95 % with rental income and conference room hire revenues maklng up the remaining 90 /0 of income. The strong financial performance has again made it possible for the charity to invest time and resources into the delivery of free of charge services to the local community. Competitive rents and flexible tenancy agreements as well as free advice, mentoring, and information form the core of the support package provided to micro and small businesses as well as the community and voluntsry sector locally. Following the interruption to business because of the pandemic, the usage of the conference and meeting facilities in the Enterprise Centre has returned to a high level of activity with face-to-face meetings accepted as the best way to share knowledge and information. As with all core services provided by CEC. these facilities are made available to the business and the community sector either free of charge or at favourable hire rates. During the year, ongoing investment in the overall property base has enhanced the quality of property on offer thus making it an attractive choice to all sections of the local community. To further strengthen the property base, the organisation has made an application under the 'Community Asset Transfer, process to purchase a former DSS, government owned building in Cookstown. If successful, this facility will be refurbished to provide support services to micro businesses as well as the community and voluntary sectors within the district. Training support, which continues to be delivered on a 'no profit, basis, has been delivered with the 'Go for It, start- up iniliative as well as tailor8d business development support programmes. These core initiatives are offered free of charge to the beneficiaries with funding coming from Invest Nl, Mid Ulster District Council, and other external sources. The contract to deliver the Go for It Programme funded by Invest Nl In collaboration with the elev8n Councils across Northern Ireland expires on 30 September 2023. The successor initiative supported by the UK Prosperity Fund is intended to commence in October 2023. During the last twelve months, EU funding for the development and delivery of bespoke support services to mlcro and small businesses came to an end. Local entrepreneurs continue to avail of the free of charge CEC monthly business advice and information clinics which are delivered by experienced advisors. A particular highlight during the most recent trading period was the establishment of 'Flexi Space, which provides hot desking and co-working facilities. Changes in working practices in the 'post pandemic, environment have provided an opportunity to work from home. The purpose-built facility provides flexi desks and private offices for rent on a daily, weekly, or monthly basis. Up to twenty users simultaneously can enjoy hyper fast internet, modern, comfortable furniture, and surroundings as well as ¢omplimentsry tea and coffee, which are just some of the key features of the new space. Flexi Space was formally opened for business in April 2023 with an event which was attended by sixty guests representing the small business, community & voluntary sectors locally. ISO 9001'.2015 quality accreditation was also successfully relained in June 2023 following an annual surveillance audit. For the first time in three years, the audit was conducted face to face on site. The company also continues to meet its charitable objects with all services provided at favourable rates and financial surpluses reinvested to ensure essential support for micro business and social enterprises locally. The demand for business property from micro enterprises locally has remained ¢onsistently strong and despite the lack of suitable industrial zoned land or buildings locally, CEC continues to research opportunities to expand the current property portfolio. The provision of business accommodation with favourable rents and flexible tenancy arrangements continues to be a core objeGtive of the trustees.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Financlal Revlew The directors will conduct annual reviews of the appropriate level of Unrastricted Reserves. The purpose of this Reserve is to provide stability for the charity to ensure that it is able to honour existing contractual obligations, to upgrade existing capital equipment, to cover unforeseen events beyond the company's control and to enable it to continue its operations in the event of a significant flu¢tuation in 8xpenditura or incom8. The directors have taken a decision to estsblish a Designated Reserve at a level of four months of annual expenditure. This is a reserve designed to meet unexpected financial commitments, and also to build a provision for redundancy for all staff in the unlikely event that the company would cease to carry on its current activities. The directors estimate the provision for four months of annual expenditure to be £100,000. The present level of Reserves available to the charity is £2,087,420 and this is considered satisfactory. Statement of dlr8Ctors' responslbllltles The directors are responsible for preparing the annual report and the financial statements in accordance with applicabla law and regulations, Company law requires the directors to prepare financial statements for 8ach 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 lawl. Under Company law the directors musl not approve the financial slatem8nts unless they are satisfied that they give a true and fair view of th8 State of affairs of the company and of the surplus or deficit of the company for Ihat period. In preparing these financial slatements, th8 directors are required to.. select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless it is inappropriate to presum8 that the company will continue in business. 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 lime 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 tha prevention and detection of fraud and other irregularities.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Statement of dlsclosur8 to auditor So far a5 each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company s auditor is aware of that information. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. On behalf of the board Mr T Wilson Director 15 November 2023
COOKSTOWN ENTERPRISE CENTRE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOKSTOWN ENTERPRISE CENTRE LTD Opinlon We have audited the financial statements of Cookstown Enterprise Centre Ltd {the 'company') for the year ended 31 August 2023 set out on pages 6 to 18. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its surplus for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Slandards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the Iinancial statements section of our report. We are independent of the company in accordance with the ethical requiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslon8 relatlng to golng concern We have nothing to report in respect of th8 following matters in relation to which the ISAS {UKI require us to report to you where.. the dir8Ctors' us& of the going concem basis of accounting in the preparation of the financial statements is not approprlate; or the directors have not dlsclosed In the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounling for P8ri0d of at least twelve months from the date when the financial statements are authorised for issue. Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the olher information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to Tead the other information and, in doing so, consider whether the olher information is materially inconsistent with Ihe financial statements or our knowledge obtained in the course of Ihe audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the directors, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the direGtors' report has been prepared in accordance with applicable legal requirements.
COOKSTOWN ENTERPRISE CENTRE LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COOKSTOWN ENTERPRISE CENTRE LTD Matters on which w8 are required to report by exceptlon In the light of the knowledge and understanding of the company and its onvironment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit., or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantsge of the small companies, exemption in preparing the dire¢tors' report and from the requirement to prepare a strategic report. Responslbllities of directors As explained more fully in the directors, responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststements, the directors are responslbl8 for assessing the company's ability to continue as a going concern, discloslng, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate th8 company or to C8ase operations, or hav8 no realistic alt8rnative but to do so. Audltorfs responslbllltles for the audlt ol the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whose are free from mat8rial misstatement, whether due to fraud or error, and to issue an audltor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conduct8d in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at: https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. This report is made solely to the company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's mbers as a y, for our audit work, for this report, or for the opinions we have formed. David Lyltle (Senior Statutory Auditor) for and on behalf of Davld Lyttle + Co Ltd Chartered Accountants statutory Auditor 15 November 2023 Station Hous8 46 Molesworth Street Cookstown Co Tyrone BT80 8PA
COOKSTOWN ENTERPRISE CENTRE LTD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Unrestrlcted Funds Total 2023 Total 2022 Notes Incoming resources Incoming resources from generated funds 26,817 26,817 370 In¢oming resources from charitable activities 334,228 334,228 327,305 COVID grants received 7,530 Total Incomlng resources 361,045 361,045 335,205 Resources expended Charitable activities 269,132 269,132 259,030 Governance costs 54,013 54,013 54.606 Total resources expended 323,145 323,145 313,636 Net Incomlngl(outgoing) resources 37,900 37,900 21,569 Net movement In funds Total funds brought forward 1 September 2022 2,049,520 2,049,520 2,027,951 Total funds carrled forward at 31 August 2023 2,087,420 2,087,420 2,049,520
COOKSTOWN ENTERPRISE CENTRE LTD BALANCE SHEET ASAT31 AUGUST2023 2023 2022 Notes Flxed assets Tangible assets 2,226,439 2,362,778 Current assets Debtors Cash at bank and in hand 18,531 823,278 23,595 761,787 841,809 785,382 Creditors: amounts falllng due wlthln one year 10 (83,897) (108,883) Net current assets 757,912 676,499 Total assets less current Ilabllltles 2,984,351 3,039,277 Credltors: amounts falling due after more than one year 11 (19,274) (79,517) Accruals and deferred income 12 (877,657) (910,238) Net assets 2,087,420 2,049,522 Income funds Unrestricted reserves D8signated reserves 1,987,420 100,000 1,949,522 100,000 Total charlty fund5 14 2,087,420 2,049,522 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by: Mr T Wilson Dlrector Company Registration No. N1020880
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Company Information Cookstown Enterprise Centre Ltd 15 a private company limited by guarante8 incorporated in North8rn Ireland. Thé registered office is Derryloran Industrial Estate, Sandholes Road, Cookstown. Co Tyrone, BT80 9LU. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2015) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Cookstown Enterprise Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accountancy policy note(s>. The financial statements are prepared on a going concern basis. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearesl £. The financial statements have been prepared under the historical cost convention, lrnodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accoLtsnting policies adopted are set out below. 1.2 Fund accounting Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expendlture imposed by the provider of the funds. 1.3 Incoming resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. -Investment income is included when receivable. -Incoming resources from charitable activity represents amounts receivable for rent, training and services. These incoming resources are accounted for when earned and accounted for net of VAT and trade discounts. 10
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (Continued) 1.4 Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. It is accounted for net of VAT and any discounts given. Charitable expenditure comprises those Costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that have been allocaled directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting th8 constitutional and statutory requirements of the charity and include the audit fees and ¢osts linked to the strategic management of the charity. Costs which are directly attributable to a charitabla activlty or to governance are allocated directly to that activity. Items of expenditure which contribute directly to the output of more than one category are apportioned on a reasonable, justifiable and consistent basis. Support costs which are shared b8lMeen activities are apportioned on a reasonable, justifiable and consistent basis to tha activity cost categories being supported. The basis of apportionment of staff costs is by the estimated time spent by the individual members of staff on different activity cost categories. Most other support costs are apportioned on the basis of the estimated floor area of the building utilised by the different activity cost categories unless there are specific reasons to apply different proportions of costs to different activity cost categories. 1.5 Tanglble flxed assets Tangibl8 fixed assets are initlally measured at cost and subsequ8ntly measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold land and buildings Office furniture and fittings 2 % straight line 25ty/0 reducing balance The gain or loss arising on the disposal of an asset is delermined as the difference between the sale proceeds and the carrying value of the asset, and is Gredited or charged to surplus or deficit. 1.6 Impalrnient of flxed assets At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate Ihat reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of futur8 cash flows have not been adjusted. If the recoverable amount of an asset lor cash-generating unit) is estimated to be less than its carying amount, the carrying amount of the asset lor cash-generating unit) is reduced to its recoverable amount. An impaiment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. 11
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies {Continued) Recognised impairment losses are reversed if, and only if, the reasons for the impaiment loss have ceased to apply. Where an impairment loss subsequently reverses, the carying amount of the asset {or cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carying amount that would have been determined had no impairment loss been recognised for the asset {or cash-generating unit) in prior years. A reversal of an impairment Soss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 1.7 Cash at bank and in hand Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call wlth banks, other short-term liquid investments with original maturities of three months or less, and bank ovardrafts. Bank overdrafts ar8 shown within borrowings in current Ilabilities. 1.8 Flnanclal Instruments The company has elected to apply the provisions of Sectlon 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issu8s' of FRS 102 to all of Its financlal instruments. Financlal instruments ar8 recognised In the company's balance sheet when tha company becomes party to the contractual provisions of the instrument. Financial assets and liabilities ar8 offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention lo settle on net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classificatlon of flnanclal liabilitles Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instnjment is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, includlng creditors, bank loans, loans from fellow group companies and preference shares that ara classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrum8nt is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsèquently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or Services that have been acquired in the ordinary course of businèss from suppliers. Amounts payable are classified as currenl liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. 12
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (Continued) The company is exempt from corporation tsx, it being a company not carrying on a business for the purposes of making a profit. Having obtained charitable status with effect from 18 June 2003, the company is not liable to corporation tax. 1.9 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those Costs are required to be recognised as part of the Gost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are receiv8d. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.10 Retlrement beneflts Payments to defined contribution retirement benefit schemes are ch8rg8d as an expense as they fall due. Incomlng resources from generated funds Unrastrlcted funds Total 2023 Total 2022 Distributlon from Cookstown Enterprise Propertles C.l.C. Bank interest 19,870 6,947 19,870 6,947 370 26,817 26,817 370 Incoming resources from charitsble actlvities Unrestrlcted funds Total 2023 Total 2022 Rental Income Other property income Business development income 267,768 41,025 25,435 267,768 41,025 25,435 279,264 18,461 29,580 334,228 334,228 327,305 13
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Resources expended on charltable activlties Unrestricted funds Total 2023 Total 2022 39,234 81,490 2,523 2,967 5,619 16,449 29,916 14,581 {856) 2,477 1,927 2,153 1,289 512 1,358 9,642 6,669 4,179 5,630 (30,300) 93,957 (22,284) 41,640 78,083 2,467 2,790 427 21,405 25,567 9,141 529 2,973 980 1,786 961 2,441 1,926 1.145 6,520 2,239 2,874 (30,300) 83,436 Direct costs Wages and salaries Social security costs Staff pension costs defined contribution Rates Power, light and heat Repairs and maintenance Insurance Motor and travel expensas Subscriptions Legal and professional fees Consultancy and administration support Bank charges Bad and doubtful debts Printing, postage and stationery Advertising and publicity InterneUICT expenses Cleaning services Sundry expenses Capital grant amortisation D8preciation Profit or loss on sale of investment property 39,234 81,490 2,523 2,967 5,619 16,449 29,916 14,581 {856} 2,477 1,927 2,153 1,289 512 1,358 9,642 6,669 4,179 5,630 {30,300) 93,957 {22,284) 269,132 269,132 259,030 14-
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Resources 8xpended on governance costs Unrestricted funds Total 2023 Total 2022 Wages and salaries Social security costs Staff pension costs defined contribution Stsff pension costs defined contribution Rates Power, light and heat Repairs and maintenance Insurance Motor and travel expenses Consultancy and administration support Audit fees Printing, postage and stationery InterneUICT expenses Cleaning services Sundry expenses Capital grant amortisation Depreciation Bank interest 30,703 3,151 1,272 30,703 3,151 1,272 29,459 3,078 1,196 423 1,238 2,252 2,027 (641 162 4,570 102 502 315 424 {2,281) 7,072 2,145 423 1,238 2,252 2,027 {64) 162 4,570 102 502 315 424 (2,281) 7,072 2,145 32 1,611 1,924 1,618 40 134 4,340 145 491 169 216 (2,281) 6,280 6,154 54,013 54,013 54,606 Operating surplus 2023 2022 Operating surplus for the year is stated after charglng: Fees payable to the company's auditor for the audit of the company's financial statements 4,340 4,570 Taxation Having obtained charitable status with effect from 18 June 2013, the company is not liable to corporation tax on its profits. 15-
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Tanglble flxed assets Land and Plant and buildings machinery etc Total Cost At 1 September 2022 Additions Disposals 3,167,309 631.431 25,541 3,798,740 25,541 (177,948) {177,948) At 31 August 2023 2,989,361 656,972 3,646,333 Depreclatlon and impalrm8nt At 1 September 2022 Depreciation charged in the year Impaimient losses 1,018,227 58,129 1117,097) 417,735 1,435,962 42,900 101,029 {117,097) Al 31 August 2023 959,259 460,635 1,419,894 Carrylng amount At 31 August 2023 2,030,102 196,337 2,226,439 Al 31 August 2022 2,149,082 213,696 2,362,778 Debtors 2023 2022 Amounts falllng due wlthln one year: Trade debtors Other debtors 8,780 9,753 12,552 11,043 18,533 23,595 10 Creditors: amounts falling due wlthin one year 2023 2022 Bank loans and overdrafts Trade creditors Taxation and social Security Other creditors 10,648 10,242 11,019 51,988 10,648 19,077 79,158 83,897 108,883 16-
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 11 Creditors: amounts falling due after more than one year 2023 2022 Bank loans and overdrafts Other creditors 19,274 29,042 50,475 19,274 79,517 12 Capital grant reserve Government grants Balance at I September 2022 Amortisation in the year 910,238 {32,5811 Balance at 31 August 2019 877,657 13 Retlrement beneflt schemes 2023 2022 Deflned contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 4,239 3,986 14 Statement of movements on charity fund5 Unrestrlcted surpluses Balance at 1 September 2022 Profit for the year 2,049,520 37,900 Balance at 31 August 2023 2,087,420 Split as follows- General reserves Designated reserves 1,987.420 100,000 2,087,420 17
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 15 Members. liabillty The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. 16 Related party transactions Mr S Best, director of Cookstown Enterprisa Centre Ltd. 15 also the owner of Stanley Best Eststa Ag8nts, a business that provided18tting services to Cookstown Enterprise Centr8 Ltd during the year amounting to £450 {2022.'£480). There was £nil {2022'.£nil) owing to Stanley Best Estate Agents at 31 August 2023. The above transactions were carried out under normal commercial terms. 18-
COOKSTOWN ENTERPRISE CENTRE LTD MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 AUGUST 2023
COOKSTOWN ENTERPRISE CENTRE LTD PROPERTY AND TRAINING DIVISIONS- DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Turnover Property division Training division COVID and other income 308.794 25,435 297,725 29,580 7,530 334,229 334,835 Cost of sales Direct costs 39,234 41,640 (39,234) {41,640} 293,197 Gross proflt 294,995 Admlnlstratlve expenses (281,767) 1265,842) 13,228 27,353 Operatlng proflt Exceptlonal Items Profiulloss) on sale of tsngible assets Other interest r8celvable and simllar income Bank interest received Distribution from Cookstown Enterprise Properties c.i.c 6,947 370 19,870 26,817 370 Interest payable Bank interest (6,154) (2,145) 21,569 Proflt before taxatlon 11.34'10 37,900 19-
COOKSTOWN ENTERPRISE CENTRE LTD PROPERTY AND TRAINING DIVISIONS. SCHEDULE OF ADMINISTRATIVE EXPENSES FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Administrative expenses Wages and salaries Social security costs Staff pension costs defined contribution Rates Power, light and heat Repairs and maintenance Insurance Motor and travel expenses Subscriptions Legal and professional fees Consultancy and administration support Audit fees Bank charges Bad and doubtful debts Printing, postage and stationery Advertising and publicity InterneUICT expenses Cleaning services Sundry expenses Capital grant amortisation Depr8ciatlon Profit or loss on sale of investment property 112,193 5,675 4,239 6,042 17,687 32,168 16,608 1920) 2,477 1,927 2,315 4,570 1,289 512 1,460 9,642 7,171 4,494 6,054 {32,581) 101,029 (22,284) 107,542 5,545 3.986 459 23,016 27,491 10,759 569 2,973 980 1,920 4,340 961 2,441 2,071 1,145 7,011 2,408 3,090 {32,581) 89,716 281,767 265,842 -20-