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. Principal a¢tlvities 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 nomially provided by Local Enterprise Agencies. Cookstown Enterprise Centre Limited obtained charitable status on 18 June 2003 and the charity reference number with the Northern Ireland Charity Commission is Nl 100109. structure, governance and management The organisation is a charitable company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the charitsble company and is govemed under ils ArtiGles of Association. The appointmenl of directors is in accordance with the chariws 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 directors to retire by rotation shall be those who have been longest in office sill 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 meetiriy. notice exeGUted by a mcmbcr qualifiad to vote at the mep.ting has been given to the charitable company of the intention to propose that person for appointment or reappointment. Financial review The results for the year are set out on page 8. which the Directors consider to be satisfactory. The reserves of the Company are held for the advancement of its charitable purpose, other than restricted reserves which are held for a designaled purpose. Dlrector5 The directors who held Offi during the year and up to the date of signature of the financial statements were as follows.. Mr T Wilson Mr D Legge Mr S Best Mr McGuckin Mr P Cassidy Mr M Foley Mrs E Kearns Miss G Evans (Resigned 19 Odober 2022) (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; (li) the provision of financial assistance. technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed peoplp. in cases of financial or other charitable need through help -. (a) in setting up their own business. or (b) to existing businesses: (iii) the relief of unemployment. (iv) the advancement of education, training or retraining: (v) the provision of housing for those who are in conditions of need. (21 Promoting such other charitsble purposes as may from time to time be detemiined. It aims to achieve these objectives by providing business start-up and development assistance for businesses setting up or developing in the Cookstown District Council area.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 AGhievements and performanca During the periixl 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 lotal income. Occupancy levclD of all CEC owned propÈrtip.8 has remained consistently above 950/0 With rental income and conference room hire VenUeS making up the remaining 90 /0 of income. The strong financial performance has again made It PO55iblv lor the charity to invest timc ond resources into thÈ delivery of free of charge serVIS to the local community. Competitive rents and flexible tenancy agreements as well as free advi, mentoring, and information fomi the core of the support package provided to micro and small businesses as well as the community and voluntary sector locally. Following the intemjption to business because of the pandemic. the usage of Ihe coriferenGe and meeting feGilitics in the Enterprise Centre has retumed to a high level of activity with fa-tO-faCe meetings accepted as the best way to share knowledge and infomiation. As with all core services provided by CEC, th8se 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 propety 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 'Communlty Asset Tiiaiisfer, proce35 to purchasc a fomar DSS, govemment owned building in Cookstown. If successful, this facility will be refurbished to provide support services to micro businesses as well ¢15 the Gommunity 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 initiative as well as tailored business development support programmes. These core Inltiativeb Lire offered free of charge to the beneficiaries with funding coming from Invest Nl, Mid Ulster District Council, and other external sources. Thè contract to deliver thp. Go for It Programme funded by Invest Nl in collaboration with the eleven Councils across Northern Ireland expires on 30 September 2023. The successor initiative supported by the UK Prosperlty Fund ili intended to commence in October 2023. During the last twelve months, EU funding for the development and delivery of bespoke support services to micro and small businesses came to an end. Local entrepreneurs continue to avail of the free of charge CEC monthly business adviGe and information clinics which are delivered by experienced advisors. A particular highlight during the most rent trading period was the establishment of 'Flexi Space. which provides hot desking and co-working facilities. Changes in working praCtIS 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 simulianeously can enjoy hyper fast intemet. modern, comfortable fumiture, and surroundings as well as complimentary tea and coffee, which are just some of the key features of the new space. Flexi Space was fomially 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 retained 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 Gonsistently strong and despite the lack of suitable industrial zoned land or buildings locally. CEC continues lo research opportunities to expand the urrent property portfolio. The provision of business accommodation with favourable rents and flexible tenancy arrangements continues to be a core objective of the trustees.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Financial Reviow The directors will conduct annual reviews of the appropriate level of Unrestricted 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 fluctuakn'on in expenditure or income. The directors have taken a decision to establish a Designated Reserve at a level of four months of annual experidilui¥. This is a ieserve designed to meet uncxpccted financial commitments, and also to biiild 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 pmvision 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 directors, responslbtlities The directors are responsible for preparing the annual port and the financial statement5 in ¢lLcordanGe with applicable law and regulations. Company law requires the directors to prepa financial statements for each financial year. Under that law the directors have e5ected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors mij.st not approve the financial slatements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these fjnancial statements, the directors are required to- select suitable accounting policies and then apply them consistently" Iiiake judgements and accounting estimatcs that ara reasonable and prudent" prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continiip 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 flnanclal posltion uf the Gompany and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardlng the asset5 vf Ilie company and hence for taking rcaOn8b1e steps for the prevention and detection of fraud and other irregularities.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ststement of dlsclosure to auditor So far as each person who was a director at the date of approving this repori is aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the directors individually have tsken all the necessary steps that they ought to have tsken 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