Company reglstratlon number N1020880 (Northèrn Ireland) COOKSTOWN ENTERPRISE CENTRE LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
COOKSTOWN ENTERPRISE CENTRE LTD COMPANY INFORMATION Dlre¢tor8 MrTWlson Mr S Best Mr McGuokin Mr P Cassidy Mrs E Kearns Miss G Evans Company numb•r N1020880 R•gl•terod offl¢o Derryloran Industrial Estat8 Sandhol8s Road Cookstown Co Tyrona BT80 9LU Audltor David Lyttle + Co Ltd Station Hous8 46 Molesworth Street Cookslown Co Tyron8 BT80 8PA Bu8lno88 addre•s Derryloran Industrial E8tatg Sandholes Road Cookstown Co Tyrone BT80 9LU 8ankor8 Ulster 8ank 20 Wlliam Street Cookslown Co Tyrone BT80 8ND
COOKSTOWN ENTERPRISE CENTRE LTD CONTENTS Page Trustee's report Directors, responsibilities statement Independent auditorfs report Statement of flnanclal actlvllies Balance 3h88t 10 Notes to the financial statements The followlng pages do not form part of the stslulory financial stalemenls.. Detailed trading and profit and loss accounts 20-21
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees, who are Directors for tho purposes of company law, present their annual report and financial statements for the year ended 31 August 2024. Prlnclpal actlvltlos The purpose of Cookstown Enterprise Centre Limited is lo let industrial units to both new and existing businesses, together with the provision of conferencé facili118s, se¢retari21 services, project management, traSning. consultancy and other services normally provided by Local Enterprise Agencies. Cookstown Entèrprise Centre Limited obtained charitable Status on 18 Junè 2003 and the charity reference number with the North8m Ireland Charity Commission is Nl 100109. Structure, govgmanc8 and managgment The organisalion 15 a charitable company limited by guarant88. Th8 company was established under Memorandum of A$8ocialion which established the objects and powers of the charitable company 8nd is governed under its Articles ofAssociation. Th8 appointment of directors is in accordance with thè charity's Articles of Association, whereby al every Annual G8n8ral Meeting on8-Ihird of th8 dlrectors shall retire from office Ibul are eligible for re-eleclionl. The dlr8ctors to retir8 by rotation shall bo 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 gen8ral meeting unless helshe is recommended by the directors or not less than fourt&en nor more than thirty five clear days before the datg appointed for the meeting, notice 8x&cuted by a member qualified to Vole al the meeting has been glven lo the charitable company of the intention lo propose that person for appointment or reappoinlmenl. Flnanclal revlow The results for th8 year are Set out on pag8 8, which the Directors consider lo be satista¢tory. The reserves of thé Company a held for the advancement of its charitsblé purpose, other than restricted reserves whlch are held for a deslgnated purpose. Dlrectorn The directors who held office during the year and up to the date of signature of the financial statements were as follows.. Mr Twilson Mr S Best Mr McGuckin Mr P Cassidy Mr M Foley Mrs E Keams Miss G Evans (Resigned 17 January 20241
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Obloctlve8 and actlvltle8 The objects of the charity are Specificalty reslri¢ted to the following., 111 The advancement of community development, in particular the promotion for the publlc benefit of UTban and rural regeneratson in Cookstown and surrounding areas, being an area of social and economic deprivation, by all or any ol the following means., {1} the creation of training and employment opportunities by the provision of workspace, buildings, andlor land for use on favourable terms., (ill the provision of financial assistsncè, technical assistance or business advice or Consultancy in order to provlde training and employment opportunitie5 for unemployed people in cases of finandal or other charllable need through help '. {al in setting up their own business, or Ibl to existing businesses., {iiil the relief of unemployment, {iv) the advancement of Bducation, training or retraining., Iv) the provision of housing for those who are in condilions of need. (21 Promoting such other ch8ritabl8 purposes as may from tlme to time be d8temSn8d. It alms to achleve thés& objectives by providlng business start-up and developmént a$$istanc& for businosses setting up or developing in the Cookstown District Council area.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achl•vements and perfomianco During the period lo August 2024, the buslness envlronment continued lo present significant challenges to CEC and its clients. An employment related HR grievance proved lo be extremely difficult, time consuming and ffsulted in unplanned legal f$os. Because of this matter, the operation of the business suffered considerable disruption, and the business Was forced to operate without a staff membar for the entire trading year in a busy, labour-intensive part of the Company's operation. Cookstown Enterprise Centre howev8r has again had a s8tisfaclory financial performance during this year. Significant incrfrased costs for insurance, heat, light, and power 88 well as maintonance hav8 been exp8rienc8d resulting in a decrease n the nel profit margin. Income from Go for 11 and Go Succeed business support tralning and mentorlng initiatives agaln ntribUted approximately 100A of the lotsl r8venue income. Occupan¢y levels of all CEC owned properties has remained consistently above 950h with rental income and conferance room hire revenues making up the remalning 900h of the annual income. The strong financial performance has again made il possible the charity to invest time and r&sources into the delivery of free Of charge sèrvices lo the locAI business and community and voluntary sèctor. Competitive rénts and flexible tenancy agreements as well as free advice, and information form the core of the support package provldad by the enlgrprise c8ntr8. The usage of the conferènce and meeting facilities operated al an extrem8ly elevated level of activity. The gross revenue generated from this service to tho business community locally was th8 highest since the business began trading over thity years ago. As with 811 core services provided by CEC, these fa¢iliti&s are provided to users in some instances, tree of charge or at v8ry favourable rates. During the year, ongoing invèstment In Ihg overall property base has enhanced the quality of propèty on off8r thus making it an attractive choice lo all section$ of the local community. A major capital expenditur8 project to improve the entire roof area was approved by the Iruslees and work commenced in August 2024. To fvrther increase the propety bas8, in April 2024, the organisation has completed the purchase of the fomer DSS Jobs & Benefits Office in Cookstown. This government owned building was acquired under the Community Asset Transf8r' pr0¢858. Architèctural plan3 are al an advanced stage for the repurposing of this facility to provide office accommodatSon and support services lo the micro business as well as the community and voluntary sectors within th8 district. It is anticipated that this £1m ¢onstru¢lion project will be completed in mid-2025. Training support. which contlnues lo be delivered on a 'no profit, basis, through the prtrslart Explore Enterprise programme as well as the 'Go for It. 8nd Go Succeed Start-up initiatives. These core inilialives are offered fr8e of charge to thè local beneficiaries with funding being provid6d by the Uk Goveinment through Invést Nl and the eleven District Councils throughout Northem Ireland. During the last hvelve months local entrepreneurs continue to avail of the free of Charge CEC monthly business advice and information clinics which are delivered by experienced advisors. The establighment of 'Flexi Space, which provides hot desking and co-working facilities and private offices for rent on a daily, weekly, or monthly basis. Users from the business and community and voluntary sectors ar8 provided with Hyper fast internet, modern, Comfortable fijrnilure, and surroundings a$ well as complimentary tea and Coffee. ISO 9001.'2015 quality accreditation was also SUC$sfUllY retained in June 2024 following an annual surveillance audit conducted on site by NQA independent assessors. The ¢ompany also continues lo 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 consistently high and the latest propety acquisition facililales CEC in its core objective lo provide quality business ac¢ommodation with favourable rents and flexible tenancy arrangements.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Flnanclal Rgvlew The diiectors will conduct annual reviews of the appropriate level of Unrestricted Reserves. The purpose of this Reserve is to provide stsbility for the charity to 8nsure 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 fluctuation in 8xpenditure or income. The directors have taken a decision to estsblish a Designated R8serve al a level ol 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 cary on its current activilies. The directors estimate the provision for four months of annual expenditure to be £100,000. The present l&vel of Reserves available to the charity is £2,107,230 and this is nSIdered salisfa¢tory.
COOKSTOWN ENTERPRISE CENTRE LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Statgment of d18clo8ure to audltor So far as each person who was a director at th& dale of approving this report is aware, there Is no relevant audit information of which tho company's auditor is unaware. Additionally, the directors indimdually have taken all the necessary steps that they ought to hav8 taken as directors in order to make themselves aware of all relevant audit information and lo establish that the company's auditor is aware of that information. This r6POrt has been prepared in accordance with the provisions applicable to companies entitled to th& small companies examption. On behalf of the board Mr T Wilson Dlrector 19 March 2025
COOKSTOWN ENTERPRISE CENTRE LTD DIRECTORS, RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law qUireS the directors to prepare financial statement5 for each financial year. Under that law the directors hav8 81ect8d to prepare the financial statemenls in accordance with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable lawl. Under company law the directors must not approve the financial 5tatem8nts unless they ar8 Satisfied that they give a tru6 and fair view of the stat8 of affairs of the company and of the surplus or deficil of the company for that period. In preparing these financial statements, the directors are required to.. select suitsble accounting polici8s and then apply them consistently., make judgements and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless il is inappropriaté to prgsume 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 thom 1¢ ensu Ihat the financial stslemenls ¢omply with the Companies A 2006. They are also responsible for $8feguardlng th8 assets of the company and henc• for taking reasonable steps for the prevontlon and dele¢tion of fraud and other irregularities.
COOKSTOWN ENTERPRISE CENTRE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOKSTOWN ENTERPRISE CENTRE LTD Oplnlon We havo audited the )Inan¢ial statements of Cookstown Ent8rprise C8ntre Ltd (the 'companll for the year 8nded 31 August 2024 set out on pages 6 to 19. The financial reporting framework that has been applied in their preparalian is applicable law and United Kingdom Accounting Standards, including FRS 102 Th& Financial Reporting S18ndard appliGable in the UK and Republi¢ of Ireland {United Kingdom Generally Accepted Accounling Practic&l. In our opinion tha financial statements.. give a true and fair vièw of tha slate of th8 company's affairs a8 8t 31 August 2024 and of its Surplus for the year then ended., have b8en prop8rly prepared in accordance With United Kingdom Gènerally Accepted Aecountsng Practice,. and have been prepared in accordance with the ffjquirement5 of the Companies Act 2006. Bi818 for oplnlon W8 condu¢t&d our audit in accordance with Intemational Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditorfs responsibiliti8s for the audit ol the financial statements sects'on of our rèport. W8 are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we havo fulfilled our other @thical responsibiliti&$ in accordanc8 with these requirements. We beliova that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng eoncern W8 have nothing to rèport in respect of thè following matters in relation to which the ISAS IUKI requir8 us lo report to you where.. the dir8Ctors' use of th8 going concern basis of 8¢¢ounting in thè preparation of tha financial $18tem8nts is not appropriate,, or the directors have not disclosed in the financial stalamenls any identified material uncertainties that may cast significant doubt about the company's ability to continue lo adopt the going concern basis of accounting for p&riod of al least e1ve months trom tho date when the financial slalemenls ar8 authorised for issue. Other Infomatlon The other informatSon compris85 the information included in the annual report other than th8 financial statements and our auditor's report thereon. The directors arè responsible for the Other information contained within thè annual report. Our opinion on th8 financial statements does not cover the oth8r information and, except lo the extént otherwise explicitly staled in our report, W8 do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infomalion and, in doing so, consid8r whether the other information is materially inctsnsistent with tho financial statements or our knowledg8 obtained in the cours8 of the audit, or othèrwise appears lo be materially mi$slated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo d&temiin8 whather this giv85 rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi551atement of this other infomation. we ar8 required to roport that fact. We have nothlng to report in this rogard. Oplnlon8 on other matters pre8crlbed by the Compan1 Act 2006 In our opinion, based on the work undertaken in the course ol 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 slatemenls,. and the directors, 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 Mattern on whlch w• are requlred to report by oxceptlon In the light of the knowledge and understanding of the company and it5 environment 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 requlres us to report to you if. in our opinion.. adèquate accounting records havè not been kept, or returns adequate for our audit have not been received from bran¢hes not visited by us.. or the financial statements are not in agreement with the accounting records and relums., or certain disclosures of directors, muneralion specified by law ar@ not made., or we have not received all the infomialion and explanations we require for our audit., or the directors were not entitled to prepare the financial statement5 in accordance with the small companies regime and take advantagg of the small companies. exemption in prepafing th& directors, report and from the requirement to preparè a strategic report. RoJpon•lbllltle• of dlrectorn As explained mor8 fully in tho directors, responsibilities statement, the dlrectors are responsible for th8 preparation of the financial statements and for bein9 satisfied that they giv8 a true and fair view, and for 3uch internal control as the directors delermino Is necessary lo enable the preparation of financial statements thal are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slatem8nts, the directors are responsible for assesslng the company's ability lo continue as a going concern. disclosing. as applicable, matters related to going concern and usin9 the going concern basis of accounting unless the directors 8lther intend to liquidate the company or to cease operations, or have no reali$li¢ alternative bul to do so. Audltorfs rn•pon•lbllltlos for the audlt of the fln•nclal statements Our objo¢tives are to obtain reasonable assurance about whether the financial statements a$ a whole are froe from material misstatement. whethgr duo to fraud or error, and to issue an audilorfg report that includes our opinlon. Reasonable a$guran¢e is a highlgvel of agsurance but is not a guarantee that an audit conducted in accord8n¢e with ISAS IUKI will always detecl a mat8rlal mi5Stalemenl when it exists. Mi5s1atements can aris8 from fraud or error and ar8 considered material if. individually or in the aggregate, they ¢ould reasonably be expected to influence the economic d8clsions of users takèn on the basis of these financial statements. A further descTlPtion of our responsibillties is avallable on the Financial Reporting Council's website al, https'.11 ww.frc.org.ukJauditorsre8ponsibililies. This descTlPtion forms part of our auditorfs T8POrt. This report Is made solely lo the company's member5. as a body, in accordance with Chapter 3 of Part 16 of thè Companies Act 2006. Our audit work has been undertaken so that we might state lo tho company's members those matters we are required to Stale lo them in an audilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the ¢ompany and the Company's members as a body, for our audit work, for thi$ report, or lor the opinions we have formed. 19 March 2025 Erlca Conv•ry (Senlor St for and on behalf of Oav Chartered Accountants Statutory Auditor tory Au or) Lyttle + Co Ltd station Hous8 46 Molesworth Street Cook51own Co Tyrone BT80 8PA
COOKSTOWN ENTERPRISE CENTRE LTD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unro8trlcted Funds Total 2024 Total 2023 Notes Incomlng resour¢o5 Incoming resources from generated funds 10,120 10.120 26,817 Incoming resourc8$ from charitable activities 345,012 345,012 334.228 COVID grants received Total Incomlng rosource8 355,132 355,132 361,045 Resources oxpgndod Charitabl& activities 281,788 281,788 269,132 Governanc8 costs 53,534 53.534 54,013 Total ro•ource8 expended 335,322 335,322 323.145 N•t Incomlnglloutgolngl rn$oure•s 19,810 19,810 37,900 Net movement In fund$ Total fvnds broLtghl forward 1 Seplembor 2023 2.087,420 2,087.420 2,049,520 Total fund8 carrlèd forward at 31 Augu8t 2024 2,107,230 2,107,230 2,087.420
COOKSTOWN ENTERPRISE CENTRE LTD BALANCE SHEET ASAT31AUGUST2024 2024 2023 Note• Flxgd assets Tangible assets 2.571,198 2,226,439 Current assets Debtors Cash at bank and In hand 31,460 461,568 18,531 823,278 493,028 841.809 Crodltor•: amounts fllllng du• wlthln one yoar 10 1102,6811 183,8971 Net curront a8¥0ts 390,347 757,912 Total 4180ts108• current IlabSlltlgs 2.961,545 2.984,351 Cr•dltor•'. amounts falllng duo aft•r more than one yoar 11 19,2391 119.274) Accrual• and d•f•rr•d In¢om• 1845,0761 1877,657} Ngt ag80ts 2,107.230 2,087,420 Income fund8 Unreslri¢ted reserves Designated reservès 2,007,230 100,000 1,987,420 100.000 Total charlty funds 2.107,230 2,087,420 These financial statements have b•on prepared in ac¢ord8nce with th8 provisions applicable to companies subject to the small companies regime. The financial ststements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by.. Mr T Wilson Olrector Company Rgglstratlon No, N1020880 10-
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 A¢eountlng pollcle$ Company Informatlon Cookslown Enterprise Centre Ltd 19 a private company limited by guarantee inrpOrated in Northern Ireland. The registered office is Derryloran Industrial Estate. Sandholes Road, Cookstown, Co Tyrone, 8T80 gLU. 1.1 A¢countlng conv8ntlon The financial slat8ments have been prepared in accordanc8 with Accounting and Reporting by Charities.. Statement of Recommend8d Practice appli¢able to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effeotive 1 January 20151- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 and the Companies Act 2006. Cookslown Enterprise Centre meets th8 definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost and transaction value unlèss otherwise slatad in the r818vant accountancy policy notels). The financial statements are prepared on a going con¢em basis. The fin8naal statements arg prepa18d in sterlSng, which is the lunctSonal currency of the company. Monetary amounts In these financial slatem8nls are rounded to the nearest £. The financial statemènts have bèen preparèd under th8 historical cost conv&ntion, Imodified lo Include the rovalualion of freehold properties and to include investment propèrties and certain financial instruments al fair valuel. The principal accounting polici05 adopted are set out below. 1.2 Fund accountlng Unre81ricted funds are available for use al the discretion of the dlwctors in lurtharanee of th& general objectives of the charity. Restricted fund8 are subjeoled lo r8slriclions on their expenditure imposod by the provider of the fund8. 1.2 Incomlng r88ouree8 All incoming resources arè included in the statement of financial activities when tho charity 1$ entitled to the Income and the amount Can be quantified with reasonable acouracy. The following specific policies are appli8d to particular categories of income.. -Inv8strnenl income 18 includéd when receivable. -Incoming resources from chAritable activity repr&$enls amounts receivab18 for rent, training and sèrvices. These incoming resources are accounted for when earned and accounted for net of VAT and trade discounts. 11
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢¢ountlng poll¢lo9 (Contlnuedl 1.4 Resour¢o$ expended Expenditure is recognised on an accrual ba515 as a li8bilily is incurred. It is accounted for nel of VAT and any dis¢ount8 given. Charitable expenditure comprises those costs incurred by the charity in the delivery of it5 activities and services for its beneficiaries. It includes both costs that have been allocatod directly to such activities and those costs of an indirect nature necessary to support them. Governanc& costs include those Costs associated with meeting the constitutional and stalutory requirements of the charity and include the audit fees and costs linked to the stra189ic management of the ¢harity. Costs which are directly attributable to a charitable activity or to governance are allocated directly lo that activity. Items of expenditure which contribute directly to the oulpul of more than ono category ara apportioned on a reasonable, justifiab18 and consistent basis, Support costs which are shared beeen activities ar8 apportioned on a reasonablg, jUStifiable and consistent basis to tho activity cost cat8gories being supported. The basis of apportionment of stsff costs 15 by the estimated time spent by the individual members of staff on different activity Cost categorl•s. Most other support costs are apportioned on the basi5 of the estimated floor area of the building ulilised by the different activity cost catègories unless there are speGific reasons lo apply differont proportions of costs to different activity cost categories. 1.8 Tanglblg flxed a859ts Tangible fixed assets are Initl8lly mèasured at cost and subsequently measured at cost or valuatlon, nel of depreciation and any impaim$nl losses. Depreclalion is recognised so as to write off the cost or valuation of 8SSets less Iheii r8sldual valuès over their useful lives on the following bases.. Leasehold land and buildings Offlce furniture and fittings 20/0 Stralghl line 250/0 reducing balance The gain or Ios5 arising on the disposal of an asset is determined as the difference befvleen the sale proceed5 and the carrying value of the a8$el, and is credited or charged to surplus or deficit. 1.6 Impilmiont of flxod aJsetJ Al each reporting perlod end date, the company reviews the carylng amounts of ils tanglble 85sets to delermine whether there is any indication that those assets have suffered an impairment loss. If any such indication exis1$, the recoverable amount of the asset is estimated in order lo determine the extent of the impaiment loss (if any}. Where il 15 not possible to estimate the recoverable amount of an individual asgel, the company estimates the recoverable amount of the ca$h4enerating unit to whlch 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 eslimaled future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market as5essment5 of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverabl8 amount of an as5el lor cash-goneraling unit) 15 estimated to be less than its carrying amount, the carrying amount of the asset {or Cash-generating unit) 1$ reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit. unless the relevant asset is carried at a revalued amount. in which Case the impairment Ioss 15 treated as a revaluation decrease. 12-
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Ac¢ountlng pollcles (Contlnued) Recogni$6d impalrment losses are reversed if, and only if, the reasons for the impalrrnent Ios5 have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset lor cash- generating unill is increased to the revised estimate of its recoverable amount, but so that the inereaged Carrying amount does not exceed the carrying amount that would have been detemined had no impairment los$ been recognised for the asset lor cash-generaling unit) in prior years. A reversal of an impairment loss Is recognised immediately in surplus or deficit, unless the relevant asset 1$ carried at a revalued amount, in which c8$8 the reversal of tha impairment loss is Irealed as a revaluation Increase. 1.7 Ca¥h at bank and In hand Cash and cash equivalents ar8 basic financial assets and includ8 cash in hand, d8po$its h8ld at call with banks, other short-term liquid investments with origlnal maturities of three months or lèss, and bank overdrafts. Bank overdraft8 are shown within borrowings in current liabilities. 1.8 Flnanclal In$trum6nts The company has elècted to apply the provislons of Sectlon 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance she8t when the Company becomes paty to the conlraclual provlsions of the inslrumant. Financial 8ss8ts and liabillll&s are offs8t, with the net amounts presènted In the financial statemanls, when there is 816gally enforceable right lo $el off the recognised amounts and there is an intention to Settle on net basis or to realise the asset and Settl• the liablllly simultaneously. Ba$lc flnan¢lal assets Basic financial assets, which include d8blors and cash and bank balances. are initially measured et transaction price including Iransactlon costs and are subsequenly carried at amorti$ed cost using the effective interest method unless the arrangement constituleg a financing Iransaclion, where the transaction is measured at the present value of the future rèceipts discounted at a market rale of Interest. Financlal assets classified a$ receivable within one year are not 8mortised. Classlflcatlon of flnanclal Ilabllltles Financial liabilities and equity instruments are classified according lo the substance of thè contractual arrangements entered into. An equity instrument is any Contract that evidences a residual interest in the assets of the company aft8r deducting 811 of its liabilities. Baslc flnanclal Ilabllltle$ Basic financial liabilitie$, including creditors, bank loans, loans from fellow group companies and preferanca shares that are Classified as debt, are initially recognised at transaction prleo unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the futur& payments discountèd at a market rate of interest. Financial liabilities ciassified as payable within one year ara not 8mortised. Debt instruments aro subsequ6ntly Carried 81 amortised cost, using the effe1ve interesl rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from supplier5. Amounts payable are classified as current liabilits'es if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently rneasud 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 cognised in profil or loss immediately, together with any ¢hanges in the fair value of the hedged asset or liability that are attributable lo the hedged risk.
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Ac¢ountlng pollcS08 (Contlnuedl The company is exempt from corporation tax. it being a company not carrying on a business for tha purposes of making a profil. Having obtsined charitable gtatus with Offed from 18 June 2003, the ¢ompany is not liable to corporation tax. 1.9 Employ00 boneflts The costs of short-term employee benefits are recognised as a liability and an expens6, unless those costs aro required to be reoognis8d as part of the cost of stock or fixed assets. The cost of any unused holiday entsllement is regnised in the period in whlch the employao's 8grvi08s are received. Ttrrminalion benefits ar8 recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an amployee or to provide termination bengfits. 1.10 Retlrtrmenl bengflts Payments to defined contribution relirem8nt benefit 3ch8mes are charged as an expense as they fall due. Incomlng re8our¢e8 from gonerntod fund• Unr••trlcted fund• Totsl 2024 Total 2023 Distribution from Cook3town Enterprise Properties C.l.C, Bank interest 19.870 8,947 10,120 10,120 10,120 10,120 26,817 In¢omlng re•our¢o8 frorn charltsble actlvltles Unrestrlcted fund8 Totsl 2024 Total 2023 Rent81 Income Other property inwme Business development income 268.852 55,058 21,102 268,852 55,058 21,102 287.768 41.025 25,435 345,012 345,012 334.228 14
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Re8ource8 expended on ¢harltablo actlvltles Unro$trlcted funds Total 2024 Total 2023 Direct costs Wages and salan&s Social security costs Staff pension costs defined contribution Rates Power, light and heat Repairs and maintenanca Insurance Motor and travel expenses Subscriptions Legal and professional fees Consultancy and administration support Bank charg85 Bad and doubtful debts Printing. postage and stationery Advertising and publicity InlerneVICT expenses Cl8aning servi¢è8 Sundry expenses Capital grant amortisation Depreciation Profit or loss on sale of Inv88lmenl prop8ty 28,454 90,840 2,750 3,052 5,050 17,201 23.823 10.062 1,396 3,082 250 10.022 1,147 28,454 90,840 2.750 3.052 5,050 17,201 23,823 10.062 1,396 3,082 250 10,022 1,147 39,234 81.490 2,523 2,967 5,619 16,449 29,916 14,581 {8561 2,477 1,927 2,153 1.289 512 1,358 9,642 6.669 4,779 5,630 (30,300} 93,957 122,2841 1,362 4,868 7,032 7,534 5,983 130,3001 88.380 1,362 4,668 7,032 7,534 5,983 130,300) 88.380 281,788 281,788 289,132 15-
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Re$ourco8 oxpondod on governancg ¢08ts Unro$trlcted funds Total 2024 Totsl 2023 Wages and Salaries Social security costs staff pension costs defined contribution Rates Power. light and heat Repairs and maintenance Insurance Motor and travel expens8s Consultancy and administration support Audit fees Printing, postage and stationery InterneVICT expenses Cleaning services Sundry expenses Capital grant amortlsation Depreciation Bank int&r8sl 31.734 3.042 1,308 380 1,295 1,793 1,687 105 754 4,800 102 529 567 450 {2,281 } 6,656 613 31,734 3,042 1,308 380 1.295 1.793 1.687 105 754 4,800 102 529 567 450 12,281) 6,658 613 30,703 3,151 1,272 423 1,238 2,252 2,027 164) 162 4.570 102 502 315 424 12,2811 7,072 2,145 53,534 53,534 54.013 Operntlng surplus 2024 2023 Operatlng surplus for the year is staled after charging.. Fees payable to tho company's audltor for the audit of the company's financial ststemenls 4.800 4,570 Taxatlon Having obtsined charitable status with effect from 18 June 2013, the company is nol liabla to corporation tax on its profits. 16
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Tanglble flxod a$80ts Land and Plant and buildlngs ma¢hlnory et¢ Total Colt At 1 September 2023 Additions 2,989.361 408,031 656,972 3.646,333 31,764 439,795 Al 31 August 2024 3,397,392 688,736 4,086,128 Depr8clatlon and Impalrment Al 1 September 2023 Depreciation charged in the year 959,259 58,299 460,635 1,419,894 36,737 95,036 At 31 August 2024 1,017,558 497,372 1,514.930 Carrylng amount At 31 August 2024 2,379,834 191,364 2,571,198 At 31 August 2023 2.030,102 196,337 2.226,439 Dobtor• Amount8 lalllng du• wlthln ono year: 2024 2023 Trade debtors Other debtorg 7.237 24,223 8,780 9,753 31,460 18,533 10 Crodltors: amounts falllng duo wlthln on• year 2024 2023 Bank loans and overdrafts Trade ¢reditor8 Taxation and soaal securfty Other creditors 10,848 41,940 10,648 10,242 11.019 51,988 50,093 102,681 83,897 11 Credltorn: amounts falllng dua after more than one year 2024 2023 Bank loans and overdrafts 9,239 19,274 17-
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 Capllal grant ro$eN Government gr•nt8 Balance at 1 Sept8mber 2023 Amortisation in the year 877,657 (32,5811 Balance at 31 August 2019 845.076 13 Retlremont beneflt schemes 2024 2023 D?flnod ¢ontrlbutlon 8Ghgme• Char9e to profit or loss In respect of defined contribution sch&mes 4,360 4,239 14 8tatsment of movements on churlty funds Unrg8trlctod surpluse Balance at 1 September 2023 Profit for the year 2,087,420 19,810 Balance al 31 August 2024 2.107,230 Split a3 follows: General reserves Designated re8eTVeS 2,007,230 100,000 2,107.230 15 Mgmbers, Ilablllty The ¢ompany is limited by guarantee, not having a share capitsl 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 reqUId not exceeding £1. 18
COOKSTOWN ENTERPRISE CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 Related party tran8actlon8 Mr S Best. director of Cookstown Enterprise Centr• Ltd. 19 also the owner of Stanley Best Estate Agents, a business that provided letting services to Cookstown Enterprise Centre Ltd during the year amounting to £250 12023.£4501. There was £nil12023'£nill owing to Stanley 8est Estate Agents al 31 August 2024. The above transacllons were carried out under normal commerclal terms.
COOKSTOWN ENTERPRISE CENTRE LTD MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024
COOKSTOWN ENTERPRISE CENTRE LTD PROPERTY AND TRAINING DIVISIONS- DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Turnover Propety dlvision Training division 323,911 21,101 308,794 25,435 345,012 334,229 Colt of ¥alo8 Direct costs 28,454 39,234 128,4541 139,2341 Gr08• proflt 91.750 318,558 88.26% 294,995 Admlnlitratlvo •xpen••• 1306,2551 {281.7671 Operatlng proflt 10,303 13,228 ExceptlonAI Item$ ProfiVllos$} on sale of tangible assats othor Int•r••t rec•lvablo and Ilmllar Ineomg Bank interest receivod Distribution from Cookstown Enterprise Properties c.i.c 10,120 6,947 19.870 10,120 26,817 Intfrro8t payabl• Bank interest {6131 {2,1451 Proflt beforo taxatlon 5.74Yo 19,810 11.34*9 37,900 -20-
COOKSTOWN ENTERPRISE CENTRE LTD PROPERTY AND TRAINING DIVISIONS- SCHEDULE OF ADMINISTRATIVE EXPENSES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Admlnl¥tratlve gxpgn801 Wages and salaries Social security costs Slaff pension costs defined contribution Rates Power, light and heat Repairs and mairrt8nance Insurance Motor and travel expenses Subscriptions Legal and professional fees Consultancy and administration sUPPOrt Audit f&8S Bank charges Bad and doubtful debts Printing, postage and stationery Advertising and publicity InterneVICT expenses Cleaning services Sundry expenses Capital grant amortisation Depreciation Profil Or loss on sale of investment property 122.574 5,792 4,380 5,430 18,496 25,616 11,749 1,501 3,082 250 10,776 4.800 1,147 112,193 5.675 4.239 6.042 17,687 32,168 16,608 19201 2.477 1.927 2,315 4,570 1.289 512 1,460 9,642 7,171 4,494 6,054 132.5811 101,029 {22,2841 1,484 4,668 7,561 8,101 6.433 {32,5811 95,036 306,255 281,787 21