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 O￿l¢e at the date of approval of ihese financial statements, each
conlirni as far as we are aware, that..
there is no relevant audit infOrn￿￿On 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 Pu￿0$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 lin￿ted 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
￿ru￿tee
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 fu￿nCIal 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 n￿terIaL uncertainties that n￿Y 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 infom￿tIOn 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 infOrn￿ll0n 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 compall￿s 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 ll￿ke
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
expendi￿re 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 r￿ognISed in that period together with ￿tllre periods if necessary.
The depreciation charge in respect of tangible fixed assels is based on the estimated use￿1 life of each group of
assets. Revision of estimated use￿1 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:
Dep￿lation 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 r￿ed 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 Ente￿rise 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 then￿elveS, such an amount as may be required not exceeding one pound.
Page 21