Charity iiumber: NIC101123 Company number: N1018768 STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trustees, report and financial statements for the year ended 31 March 2023
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Contents Page Legal and admillistralive infomiation Trustees, Annual Report Independent Auditors, report 7-10 Statemcnt of financial aclivities li Statement of Financial Position 12 Notes to the financial statements 13-21
STRABANE ENTERPRISE AGENCY (A Company limited by guarantee) Legal and Admlnistrative Detalls Charity number NIC101123 Company regfistratlon number N1018768 Business address Orchard Road Industrial Estate Orchard Road Strabane Co. Tymne BT82 9FR Registered office Orchard Road Industrial Estate Orchard Road Strabane Co. Tyrone BT82 9FR Trnstee8 Patrick Brendan Dohety Seamus McFadden Seat)ws McGarrigle Eamon Mccay James McBeth Adrian Patterson Trevor Linton Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by B04rd Appointed by Board Secretary Cl)ristina Mullen Auditors McDaid, mccullou Moore 28 - 32 Clarendon Street Derry BT48 7HD Bankers Meadowbank Strand Road Derry BT48 7TN Page I
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Legal and Administrative Details Bankers Ulstcr Bank Limited 29 Abercorn Square Strabane Co. Tyrone BT82 8AL Solicitors John Fahy & Company 8 Bowling Green Strabane Co. Tyrone BT82 8BW Page 2
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2023 The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report and the audited financial statemenls for the year ended 31 March 2023. The trnstees who served during the year and up to the dale of this report are set out on page l. This report is prepared in accordance with Accounting and Reporting By Cliarities: Statement of Recon)mended Practice (SORP) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRSI 02) (effective 01 January 2019). Structure) governanee and management Governing Document Strabatse Enterprise Agency is a charitable company limited by guarantee not having a share Capital (company registration number N1018768). It is governed by its Memorandum and Articles of Association dated 22 July 2003. Strabane Enterprise Agency was registered with The Charity Commission for Northern Ireland on 18 May 2015 and given the charity number NICIO 1123. Organisarional Sirncture The charitable company is managed daily by Christina Mullen, the chief executive who reports periodically to the Board of Trustees. Trnstees meet monthly to review perfonJan¢e, detern]ine strategies, assess risk and plan future policies. Appoinlment and Iraining oftruslees New trustees are nominated by current trustees. Trustees are chosen based on their skills to ensure a wide range of skills are represented on the board. Induction and training of new trustees is provided by the Chief Executive Officer of the charity and covers.. i) The obligations of the Management Cornmittee members. ii) The main documents which set out the operational framework for the charity including the Memorandum and Articles; lll) Resourcing and the current fjnancial position as set out in the latest published accounts: iv) Future plans and objectives Risk Managemenl, Governance and Internal Control The management of the charitable company has conducted its own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Significant external risks relating to funding have led to the development of a strategic plan which will allow for the diversification of ttd1ng and activities. Internal risks are inimised by the implementation of procedures for authorisation of all transactions & projects. Key managemenl remt4neration policy The key management personnel of the charitable company are the twstees and senior management. The Irustees are not remunerated for their services and did not receive and were not reimbursed for expenses during the year. The remuneration of senior management is set by the trnstees and reviewed allnually. Objectives and activities (and how they deliver public benefit) Charitable Objects The company was eslablished under a Memorandum of Association dated 22 July 2003 which established the objects and powers of the charitable company and is governed under its Articles of Association. Strabane Enterprise Agency was established to: - promote for the public benefit of urban regeneration in Strabane and its environs. advance education, training or retraining. provide financial assistance, technical assistance, business advice or consultancy in order to provide training and employment opportunities. - the creation of training and employment opportunities by the provision of workspace. Page 3
STRABANE ENTERPIUSE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2023 Public benefit Strabane Enterprise Agency strives to ensure that they provide public benefit. Public benefit is at the heart of what il means lo be a charity. Strabane Enterprise Agency objective is to facilitate the creation of additional job opporttjnities and iiew enterprises througl) business growth within Northern Ireland and to acquire property for the purposes of developing same. To achieve its objectives Strabane Enterprise Agency provides the following services.. - Workspace Unils - Provision of a range of different business programmes. The trustees believe that they are therefore meeting the public benefits lest as they give careful consideration when setting the rental rates of their workspace units so that they are accessible to everyone and by providing a range of different business programmes which enhance business growth. The trnstees believe that the servi¢es provided together have a positive commercial effect on the local economy. Aehievemellts and perforniallce The results for the year are set out on page I l. The main programmes in operation during tlie year were NI Business Start Up, Start Up Accelerator Programme and Enterprise Plus. Occupation of the workspace unils remains constant and highlights the importance of providing such a facility to Ihe local business cominunity. The trustees are satisfied with the perfomance of the Cliaritable company during the year and expect lo expand in all areas of activity in the future. Financial review Net income increased during the year from net incoming resources of £18,107 to net incoming resources of £46,325. Incoming resources increased from £273,504 to £327,386 along with an increase in resources expended from £255,397 lo £281,061. Net assets increased from £2,766,885 to £2,813,210 an increase of £46,325. The trustees are satisfied with the perfom]ance and results of the charitable company during the year and expect to expand in all areas of activities in the ture. Principalfynding sources The principal ndIng sources of the cbarily are twofold: l. Unit and Room Rental from fhe Workspace units 2. Funding received for NI Business Start Up, Start Up Accelerator Progranune and Enterprise Plus. Jnveslmentpolicy The chatily operates a prudent investment policy. Investments are in the fonn of short terni low risk bank deposits. Reservespolicy The Trustees business plan engures adequate reserves exist to meet the ongoing requireinenfs of the company. The general reserve, comprising reserves of £1,279,079 at the balance sheet date, is available to be applied at the discretion of the Trustees to any of the Agency's charitable activities. Restricted reserves are funds secured for specific expenditure of a capital nature and amount to £1,534,131 at the balance sheet date. Page 4
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2023 Plans for future periods The TNstees are satisfied with the performance of the charity during these difficult times. The Trvslees expect to maintain and increase revenue streams from ftmding bodies and also increasing revenue received from Unit and Room Rental. Disclosure of information to the auditors We, the trustees of the charltable ¢ompany, who held Ol¢e at the date of approval of ihese financial statements, each conlirni as far as we are aware, that.. there is no relevant audit infOrnOn of which the charitable company's auditors are unaware; and we have taken all steps that we ought to have taken to make ourselves aware of any relevant audit infomation and to establish that the charitable companvs auditors are aware of that infornialion. Statement of trustees, responsibilities The trnstees (who are also directors of Strabane Enterprise Agency for the Pu0$e8 of company law) are responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice). Company law requires the lrnstees to prepare financial statements for each financial year. which give a trne and fair view of ihe state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charithble company will continue in operation. The trustees are respoiistble for keeping adequate a¢¢ounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable ihem to ensure that the finan¢ial statemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors A re501uÉion proposing that McDaid, Mccullough, Moore be reappointed as auditors of the charitable company will be put to the Annual General Meeting. Small Company provisions Page S
STRABANE ENTERPRISE AGENCY (A company linted by guarantee) Trusteesl Annual Report for the year ended 31 March 2023 This report has been prepared taking advantage of the small compatiies, exemption of the Section 415A of the Companies Act 2006. This report was approved attd authorised for issue by the Tntstees and signpAI below on its behalf by: Pnti'ick Bi'eiidAiI Dohc rutee Dated: l June 2023 Page 6
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY We have audited the financial statemenls of Strabane Enterprise Agency (the '¢haritable company,) for the year ended 31 March 2023 which comprise the statement of financial activities. the statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The funCIal reporting fratnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 trne and fair view of the state of the charitable companvs affairs as at 31 March 2023, and of ils total incoming resources and expenditure of resowces, including its incotlle and expenditure, for the year ihen 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 ¢onducted OUT audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable 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 have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng Collcern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate. or the trustee8 have not disclosed in the financial stsfrmenls any identified nterIaL uncertainties that nY cast significant doubt about the charitable compangs ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial stafrments are authorised for issue. Other Information The trnstees are responsible for the other inforniation. The other infonnation comprises the infomtIOn included in the trustees, annual report , other Iban the financial slatements and our auditoes report thereon. Our opinion on the fmancial statements does not cover the other inforn]ation and. except lo the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforn)ation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial stafrments or our knowledge obtalned in the audit or otherwise appears to be materially misstated. If we identify such material inGonsisten¢ies or apparent n]aterial misstatements, we are required to detennine whether there is a material misstatement in the financial statements or a material misstatement of the other inforniation. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other 1nfornuti0 we are required to report that fact. We have nothing to report in this regard. Pydge 7
STIL4BANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY (continued) Oplnions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: thc infornLation given in the trustees, report (incorporating the dircctors, report) for the financial year for which the financial statements are prepared is consistenl with the financial statements. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of our knowledge and understanding of the charitsble company and its enivronrnent obtained tn the course of the audil we have not identified material mis8tatements in the directors, report included within the trustees, 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 retun)s 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 re¢ords and retLrnS' or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the infOrnll0n and explanations we require for our audit. or the trustees, were not entitled to prepare the financial stalements in accordance with the small companies regime and lake advantage of the small companies exemption in preparing the tTUStees' report and from the requiremenl lo prepare a stralegic report. Responsibilities of Trustees As explained more fully in the Trustees, Responsibilities StatemenL set out on page 5, the trnstees, (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of ihe financial statements and for being satisfied that they give a tn and fair view, and for such internal Control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from material mis8tatemenL whether due to fraud or error. In preparing the financial statements, the trnstees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trnstees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether ibe fllwicial statements as a whole are free from nmterial misstalement. whether due to fraud or error. and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantec that an audit conducted in accordance with ISAS (UK) will always detect a material tni88tatement when it exists. Misstatement8 can arise fmm fraud or error and are ¢onsider¢d 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. trregularitie5, including fraud, are instances of non-compliance with laws and regulation8. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Page 8
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to those standard to small charitable companies, and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll lax and VAT. Audit procedures perfonned included the following: Inspecting correspondence with regulators and lax authorities" Discussions with management including consideration of known or suspected instances of non-compliance with law) and regulation and fraud. Considering the internal controls in place to mitigate risks of fraud and Thon-compliance with laws and regulations" Jdentifying and testing journal.8 and the rationale behind significant or unusual transactions, in particular journal entries posted with unusual account combinations, postings by unusual userq or with unusual descriptions. Challenging assumptions and judgements made by management in their critical accounting estimates. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfomied our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the finan¢ial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In additio as with any audit, there remains a higher risk of non-dete¢tion of irregularities as these nuy involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK), we exercise professional judwent and maintain professional scepticism throughout the audit. We a180: Page 9
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY (continued) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perforni audit procedures responsive to those risks, and obtain audit evidence that is sutTicient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery> intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable companls internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of a¢¢ounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may Gast significant doubt on the charitable company's ability to continue as a going concern. If we Conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the fmancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusiolls are based on the audit eviden¢e obtained up to the date of our auditorfs report. However, futyre events or conditions may cause the charitable company to cease to continue as a going conce Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transaclions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit fjndings, including any significant deficiencies in internal colltrol that we identify during our audit. Use of our report This report is made solely to the charilable company's members, as a body, in a¢cordan¢e with Chapter 3 Part 16 of the Companies Aci 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required io state to them in an auditovs report and for no other purpose. To the fullest extent pernlitted by law, we do not accept or assume responsibility to anyone other than the charitable compaThy and the charitable compalls members as a body, for our audit work, for this report, or for the opinions we have fonned. Gerard Murray (Senlor Statutory A For and on behalf of McDald Mc Chartered Accountants and Statutory Auditor 28 - 32 Clarendon Street Derry BT48 7HD to ough Moore l June 2023 Page 10
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Company No. N1018768 Statement of Financial Position as at 31 March 2023 2023 2022 Notes Fixed assets Tangible fixed assets io 2,257,144 2,309.826 Current assets Debtors Bank and cash li 12.574 568,372 23,271 457,855 580,946 481,126 Creditors: amounts falling due within one year 13 (24,880) (24,067) Net current assets 55(),0()() 457,059 Net assets 2,813 ?10 2,76C),885 Funds Restricted funds Unrestricted fLmds 14 1,-534,131 1.279,1)79 1,588,945 1 ,177,940 Total charlty funds 2,81.1,210 2,7C)C),8115 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the sn]all companies, regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Irelartd,. The financial statements were approved and authorised for issue by the board and signed below on its behalf by PAtI"lL' Trustee Ili"eiid#n erty Trevor Linton Trustee )JJ Dated: l June 2023 The notes on p8ges 13 to 21 form an integral part of these financial statements. Page 12
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2023 Accountlng policies 1.1. Accounting convention And basis of preparation The charity ¢onstitutes a public benefit entity as defined by FRS 102. Strabane Enterprise Agency is a private limited company limited by guarantee, registered in Northern Ireland. The address of the registered office is Orchard Road Industrial Estate, Orchard Road, Strabane, BT82 9FR. The fJnancial slatements have been prepared in accordance with Accounting and Reporting 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 (FRS102) (effective l January 2019) (Charities SORP (FRS 102)). the Financial Reporting SLqndard applicable in the UK and Republic of Ireland (FRS102), The Charities Act NI 2008, the Companies Aci 2006 and UK Generally Accepted Accounting Practice. The charity has applied Update Bulletin l as published on 2 February 2016 and does not include a cash flow statemeut on the grounds that it is applying FRS 102 Se¢tion IA. The financial slalements are prepared on a going concern basis under the historical cost convention, modified to include certaill items at fair value. The financial statements are presented in sterling which is the fimctional currency of the charity and rounded to the nearest £1. The signifIcant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all y&qrs presented unless othenvise slated. Fund Accounting The funds of the charitable company consist of Restricted Funds and Unrestricted Funds. General fvnds are unrestricted ndS which are available for use at the discretion of the iruslees in furtherance of the general objectives of the charity and have not been designated for other purposes. Restricted fimds are funds which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each restricted fijnd is set out in the notes lo the financial statements. 1.3. Income All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable a¢¢ura¢y. Income includes workspace units and room rentals, investment income and grant income from various business programmes. The following specific policies are applied io particular Categories of income.. Income from investments is in¢luded in the year in which it is receivable. Page 13
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2023 1.4. Expendlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or construclive obligation to llke payments to third parties, it is probable that the settlement will be required and the amount of the obligation Can be measured reliably. Expenditure, where relevant is exclusive of VAT. Charitable activities comprises those costs incurred by the charily in the deliveran¢e of its charithble activities. Resources expended are recognised in the year in which they are incurred. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include general management, administration costs and depreciation. Governance costs included those costs associated with meeting the statutoy requirements of the charity and include audit fees. 1.5. Tanglble fixed assets and depre¢latfion Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairn]ent losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off ihe cost, less estimated residual value, of each asset on a systematic basis over ils expected useful life as follows: Land and buildings Plant and machinery Fixtures, fittings and equipment 20/y Straight line IOO/ts Straight line Penslon costs The company operates a defined contribution scheme for the benefit of its employees. Contributions are expensed as they become payable. 1.7. Going Concern The financial statements have been prepared on the going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expendire for twelve months from the date of authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. The main factors underlying this judgement are maintaining the current level of income from the workspace units and room rental along with the continued support of Invest Northern Ireland for funding for ils programmes. 1.8. Judgements and key sources of estimation uncertainty In applying the cornpangs accounting policies the trustees are required to make judgements, estimates and assumptions on an ongoing basis about the carrying value of assets and liabilities. If revision is required, the revision is rognISed in that period together with tllre periods if necessary. The depreciation charge in respect of tangible fixed assels is based on the estimated use1 life of each group of assets. Revision of estimated use1 life will affect the estimates charged in the Statement of Financial Activities. Page 14
STRABANE ENTERPRISE AGENCY (A company Ilmlted by guarantee) Nots8 to the financial statements for the year ended 31 March 2023 1.9. Tax The charity 18 an exempt charity witbin the meaning of schedule 3 of the Charities Act 2011 and is Considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it me¢ts the definition of a clwitable wmpany for UK corporation tsx purposes. Investment income UDrestricted Restrlcted funds funds 2023 Total 2022 Total Dep081t interest 2,386 2,386 34 2,386 2,386 34 Income from charltable actlvltles Ullrestrlcted Restricted funds funds 2023 Total 2022 Total Unit and Room Rentsl Services & Cour8e8 Exploring Enterprise Programme NI Business Start Up Co.Innovate Progran)me Ente4)rise Plus Start Up Accelerator Programme 234,8911 9,325 234,1198 9,325 233,129 7,137 1,170 24,102 1,312 24,522 356 7,827 48,072 24,522 356 7,827 48,072 6,620 325,000 325,000 273.470 Page 15
STRABANE ENTERPIUSE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2023 Costs of charitable activities Support co$t8 2023 2022 stsff costs Establishment costs Motor and travelling expense8 Governance costs Legal and professional Telephone and internet Postage and stationery Interest payable and sinjilar charges General expenses Depre¢iation and amortisation ENI subscriptions Start Up Accelerator Prograrnme expenses 142,128 41,446 3,225 6,496 1,221 1,841 7,041 579 4,112 57,782 2,986 12,204 140,584 34,949 3,155 7,367 1.570 2,032 5,088 502 1,624 56,383 2,143 281,061 255,397 Net fincomlng resources for the year 2023 2022 Net incoming resources are stated after charging: Deplation and other amounts written off tangible fjxed a8sets Auditors, remuneration (Note 6) 57,782 6,496 56,383 7,367 Audltors remuneratlon 2023 2022 Auditors, remuneration- audit of the financial statements 6,496 7,367 Page 16
STRABANE ENTERPRISE AGENCY (A eomp8ny limited by guarantee) Notes to the financial statements for the year ended 31 March 2023 Employees Employment costs 2023 2022 Wages and salaries So¢ial security costs Pension costs 129,625 7,233 5,270 12CJ,94CI 7,449 6,189 142,128 140,584 No employees received total employee benefits (excluding employer pension costs) of more than £60,000. (2022: None) 7.1. Tru8tsesl Remuneratlon The trustees were not paid for their services during the year {2022 - £NIL) nor did they receive payments in respect of expenses. (2022 - £NIL) 7.2. Number of employees The average monthly numbers of employees during the year. calculaied on the basis of full time equivalents, was as follows 2023 Number 2022 Number Administrative 7J. Key MaDageDJent Personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the charity. The total amount of employee benefits received by key management personnel in the year totalled £63,524 (2022 - £64,232. Pension cost8 2023 2022 Pension charge 5,270 6,189 The charity operates a defined contribution scheme and contributions are charged in the statement of financial activities as they acen. The charge for the year was £5.270 (2022- £6,189). Page 17
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2023 Taxydtioll No charge for corporation tax arises in the year ended 31 March 2023 (2022., £NIL). The charity's activities fall within the exemptions afforded by the provisions of the Finance Act 2010, Accordingly, there is no taxation charge in these accounts. Fixtures, Land and Plant and fittings and buildings machinery equlpment 10. Tangible red assets Total Cost At l April 2022 Additions 2,740,711 31.939 77,183 2.849,833 5,100 5,100 At 31 March 2023 2,740,711 31,939 82,283 2.854,93.3 Depreciation At l April 2022 Charge for the year 438,514 54,814 31,939 69,554 2,968 540,n07 57,782 At 31 March 2023 493,3211 31,939 72,522 597.789 Net book values At 31 March 2023 2 ?47,383 9,761 2,257,144 At 31 March 2022 2,30? 197 7,629 2.309,112C) 11. Debtors 2023 2022 Trade debtors Other debtors Prepayments 4,500 2,778 5,296 6,569 12,000 4,702 12,574 23,271 Page 18
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2023 12. Cash and Cash Equivalents 2023 2022 Cash at Bank and On Hand Ballk Loans and Overdrafts 568,371 (2,851) 457,1157 565,520 457,857 13. Creditors: amounts falling due within one year ri 2023 2022 Bank Overdraft Trade creditors Taxes and social security costs Ac¢ruals and deferred income 2,851 3,546 11,531 6,952 948 14,()33 8,4116 24,880 24.0()7 Security Bank borrowings are secured by: i) Legal mortgagelcharge over land with industrial units at Orchard Road, Strabane, dated 1810712005. li) Legal mortgagelcharge over unit at Orchard Road, Strabane, datsd 3010112009. 14. Analysis of net assets between funds for the charitable company Unrestrieted funds Total funds Fund balances at 31 March 2023 as represented by: Tangible fixed assets Current assets Current liabilities 9,762 1,291,345 (22,028) 9,762 1,291,345 (22,028) 1.279,079 1,279,079 Page 19
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the fmancial statements for the year ended 31 March 2023 15. Unrestricted funds At l April Incoming Outgoing 2022 resources resources At 31 March 2023 General Funds 1,177,940 327,386 (22f),247) 1.279,079 Purposes of unrestricted funds Unrestricted funds are funds that are utilised at the discretion of the trustees in furtherance of the objects of the charitable company. 16. Restricted funds At l April Outgoing 2022 resources At 31 March 2023 Phase 1, 2 & 3 Workspace Development 1,.588,945 (54,814) 1,534,131 Purposes of restricted funds The Workspace Development programme is financed by the International Fund for Ireland, the EU programme for Peace & Reconciliation and the charitys own resources. The purpose of the programme is the provision of incubation and other workspace for business development. The trustees believe that there are sufficient resources held or will be available to enable Completion of the programme. 17. Related party transactlons No related party iransactions occurred during the year. 18. Controlling interest The trustees are considered to be the charity's controlling party, 19. Going concern The financial staternents have been prepared on a going concern basis as the trustees believe that no material uncertainly exists. The trustees have Considered the level of fimds and the expecled level of income and expenditure for twelve montlL8 from the date of authorising these financial statements. Page 20
STRABANE ENTERPRISE AGENCY (A Company Ilmited by guarantee) Notes to the fmancial statements for the year ended 31 March 2023 20. Charitable Company Ilmited by guarantee Strabane Enterise Agency is a charitable company limited by guarantee and does not have a 8hare capital. Every member of the charitable MpanY undertakes to contribute to the assetsAiabilities of the company in the event of the same being wound up while he18he is a member, or within one year after helshe ceases to be a member, for payments of the debts and liabilities of the charitable Company ¢ontracted before helshe ceases to be menther, and of ¢osls, charges and expenses of winding up and for the adjustment of the rights of the contributori&8 amongst thenelveS, such an amount as may be required not exceeding one pound. Page 21