STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trusteesl Annual Report for the year ended 31 March 2023 The Trnstees, who are also dire¢tOTS of the charity for the purposes of the Companies Act 2006. preseni their annual report and the audited financial statements for the year ended 31 March 2023. The trnstees who served during the year and up to che date of this report arc set out on page l. This report is prepared in accordance with Accounting and Reporting By Charities: Statement of Recommended Practice (SORP) applicable to Charities preparing their acLounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ircland (FRS102) (effective O I January 2019). Strncture, governance and mydnagement Governing Document Strabanc Enterprise Agency is a charitable company limited by guarantee not having a sharc capital (company rcgislration numbcr NIOI8768). It is governed by its Memorandum and Article.4 of Association dated 22 July 2003. Strabanc Enterprise Agency was registered with The Charity Commi.88ion for Northern Ireland on 18 May 2015 and given the charity number Ntcioi123. Organisatlonal Siructure The charitable company is managed daily by Christina Mullen. the chief executive who reports periodically to the Board of Trustees. Trustees meet monthly to review perfomance, detennine strategies, assess risk and plan future policies. Appoinlrnent and Èraining of Iruslees 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 Committee rnembers. ii) The main documents which set out the operational framework for the charity including the Memorandum and iii) Resourcing and the current financial position as set out in the latest published accounts. iv) Future plans and objectives Risk Management, Governance and Inlernal Control The management of the charitable company has conducted its ovm review of the major risks lo which the charity is exposed and systems have been established to mitigate those risks. Significant external risks relating to fimding have led to thL" development of a strategic plan which will allow for the divcr8ification of funding and activities. Internal risks are minimised by the implementation of procedures for authorisation of all transactions & projects. Key management remuneratiort p(Jlicy The key management personnel of the charitable company are thc truslees and senior management. Thc trnstees are not remunerdted for their services and did not receive and were not reimbursed for expenses during the year. The remuncration of senior managemenl is set by the tnleeS and reviewed annually. Objectives and aetivities (and how they deliver public benefit) Charilable Objec¢s The cornpany was established under a Memorandun] 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 Enteryirise 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 ernplo)rynent opportunities. - the creation of training and employment opportunities by the provision of workspace. Page 3
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2023 Public benefit Strabanc EnterISe Agency strives to ensure that they provide public benefit. Public benefit is at the heart of what it means to be d chaiity. Strabane Enterpribe Agency objective is to facilitate the Creation of additional job opportunitics and new enteryrises through business growth within Northern Ireland and to acquire property for the PUTposes of developing same. To achieve it% objectives Strabane Eaterpribe Agency provides the following Services: - Workspace Units - Provision of a range of different business programmes. The trnstees believe that they are therefore meeting the public benefLts test 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 trustees believe that the services provided together have a positive commerclal effect on the local economy. Achievements and perforniance The results for the year are Set oul on page I l. The main programmes in operation during the year were NI Business Start Up, Start Up AGceleralor Programme and Enterprise Plus. Occupation of the workspace units remains constant and highlights the importance of providing such a facility to the IoGal business ¢ommunity. The trustees are satisfied with the perfoman¢e of the charitable company during the year and expect to expand ill 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 res'ources expended from £255,397 to £281,061. Net assets increased from £2,766,885 to £2,813,210 an increase of £46,325. The trustees are satisfjed with the perfornwlce and results of the charitable company during the year and expect to expand in all areas of activities in the future. Principalfvnding sources The principal funding sources of the charity are twofold.. l. Unit and Room Rental from thc Workspace units 2. Funding received for NI Business Start Up, Start Up Accelerator Progryamme and Enierprise Plus. Invc¥lmentpolicy Th¢ Charity operates a prudent investment policy. Investments are in the fonn of short term low risk bank deposits. Reserves policy The Trustec8 business plan en8ures adequate re8¢rv&8 exist to meet the ongoing requirements of the Company. The general reserve. comprising reserves of £1,279,079 at the balance sheet date, is available ¢0 be applied at the discretion of the Trustees to any of the Agencgs 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) Trusteesl Annual Report for the year ended 31 March 2023 Plans for future periods The Trustees are satisfied with the perforniance of Ibe charity during these difficult times. The TnteeS expect to maintain and increase revenue streams from fullding bodies and also increasing revenue received from Unit and Room Rental. Disclosure of Information to the auditors We, the trustees of the charitable company, who held office at the date of approval of these financial statements, each confirni as far as we are aware, that.. there is no relevant audit inforniation of which the charitable company's auditors are unaware. and we have thken all steps thal we ought to have taken to make ourselves aware of any relevant audit inforn]ation and to establish that the charitable compangs auditors are aware of that inforniation. Statement of trustees, responsibilities The trustees {who are also directors of Strabane Enterprise Agency for the purposes of company law) are responsible for preparing the Trustee's Annual Report and the funCIal statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare fjnancial statements for each financial year. which give a true and fair view of the slate 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 funCIal 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 cbarilable company will Continue in operation. The tThlees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statemenls comply with the Companies Act 2006. They are also responsible for safeguardtng the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors A resolution 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 1finted by guarantee) Trustees, Annual Report for the year ended 31 March 2023 This report has been prepared taking advantage of the 8niall ¢ompanies' exemption of the Section 415A of the Con]panies Act 2006. This report was approved and authorised for i88ue by the Tntee8 and signed below on its behalf by. Pfiti'ick Brenclan Dolie Trustce Dated: l June 2023 Page 6