Charity number: NIC101123 Company number: N1018768 STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trustees, report and financial statements for the year ended 31 March 2024
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) C ontents Page Legal and administrative infonnation Trustees, Annual Report Independent Auditors, report 7-10 Statement of financial activities li Statement of Financial Position 12 Notes to the financial statements 13-21
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Legal and Administrative Details Cbarity number NICIO1123 Company registration number NIO18768 Business Address Orchard Road Industrial Estate Orchard Road Strabane Co. Tyrone BT82 9FR Registered office Orchard Road Industrial Estate Orchard Road Strdbane Co. Tyrone BT82 9FR Trustees Patrick Brendan Dohety Seamus McFadden Seamus McGarrigle Eamon Mccay James McBeth Adrian Patterson Cl)ristina Mullen Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by Board on 0110712023 Appointed by Board Trevor Linton S'ecretary Orla McNulty - appointed 0110712023 Audltors McDaid, Mccullough, Moore 28 - 32 Clarendon Street Derry BT48 7HD Page I
STRABANE ENTERPRISE AGENCY (A company limlted by guarantee) Legal and Admlnistrative Details Bankers AIB 811.uiid Ilodd t)eiiy B T48 7"1'N Bankers U15ter1.41( iik. l.iiiiitcd 29 Ab¢i'L(ii'ii Sciucll'e SirL11)uiic Co. 'I'yi'oiic B'f82 8A1, Solficltors John Fahy & Company 8 Bowling Green Strabane Co. Tyrone BT82 8BW Pydge 2
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 Mareh 2024 Tbe Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual reVIrt and the audited financial statcmenls for the year ended 31 March 2024. The trustees who served during the year arnd up to the date of this report are set out on page l. This report is prepared in accordance with Accounting and R¢porting By Charities.. Statement of Recommended Practice (SORP) applicable to Charitie5 preparing their accounts in accordance witll the Finiincial Rcporting Standard applicable in the UK and Republic of Ireland (FRSI 02) (effective O I Jamuary 2019). Structure? governance and management Gverning Document Strabane Lnterprise Agency is a charitable company limited by guarantce not having a share capital (company registration number NIOI 8768). It is governed by its Memorandum and Articles of Association dated 22 July 2003. StT&bane Enterprise Agcncy was registered with The Charity Commission for Northern Ireland on 18 May 2015 and given th¢ charity number NICI 01123. Organisalional Structure The charitable company is managed daily by Orla McNulty, the chief executive who reports periodically to the Board of Trustees. Trustees meet monthly to review perfonnance, deterniine strategies, assess risk and plan future policies. Appointment and training of iruslees New trust¢es 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 Committ¢e mernbers. ii) The main documents which set out the operational framework for the charity including the Memorandum and Articles. iii) Resourcing and the current financial position as set out in the latest published accounts. iv) Future plans and objective5 Risk Management, Governance and Inlernal Control The management of the charitable company has conducted its own review of tILe major risks lo which the charity is exposed and systems have been established to mitigate those risks. Significant external risks relating to ndIng have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal risks are minimised by the implementÉltion of procedures for authorisatiun uf all transactions & projects. Key managemenl remuneration policy The key management personnel of the charitable company are the trustees and senior management. The trustees are not remunerated for their services and did not receive and were not reimbursed for expense5 during the year. The remuneration of senior management is set by thc Iruslees and reviewed annually. Objectives and activities (and how they deliver public benefit) Charilable Objects The company was established under a Memorandum of Association dated 22 July 2003 which established the objects and powers of the charitable company and 15 governed under its Articles of Association. Strabane Enterprise Ag¢n¢y 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 ENTERPRISE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2024 pwblic benefit sabane Enterprise Agency strives to ensure that they provide public benefit. Public benefit is at the heart of what it m£ans to be a charity. Strabane Enterprise Agency objective is t() facilitate the creation of additional job opportunities ad new enterprises through business growth within Northern Ireland and to acquire propety for the purposes of dsveloping same. In setting this objective the Trustees, have considered the Charity Commission for Northern Ireland's gldance on public benefit to ensure that its activities have helped to achieve its principal objective of public benefit for it5 beneficiaries. To achieve its objective5 Strabane EnterISe Agency provides the following seivice5.' Workspace Units.. Phase I cUentlY provides 22 office / workshops for business and employment for 65 people. Phase l L comprises 22 units which provide employment for 162 people and Phase I I I has a consistent tenancy cUentlY employing 21 p¢opl¢. - Provision of a range of different business programmes consisting of: 'The Go for it Prograrnme,, WI ESS- Go Succeed,, NI Explore Enterprise Support Servic¢, and the, Entetprise NI Loan Fund,. The trnstees believe that they are therefore meeting the public benefits test as they give care] consideration when setting the rental rates of their workspace units so that they are accessible to everyone and by providing a lange of different business programmes which enhance business growth. The trustees believe that the services provided together have a positive commercial effect on the local economy. Achievements and performance The results for the year are set out on page I l. The main programmes in operation during the year were. The Go For It Programme which facilitated the delivery of 32 business plans, Nl ESS (Go Succeed), facilitating the delivery of the Go Succeed programme servicing 119 enquiries, 55 diagnostic meetings and 17 business plans alongside 2 workshops, NI Explore Enterprise Support Service helped 4 economically inactive individuals to explore the opportunity of self employment, Enterprise NI Loan fund assisted in loan fund applications totalling £60,000 for entrepreneurs who required finance. Strabane Enteryrise Agency undertakes significant levels of work which meets the Public Benefit description. The role is fundamental to our aims and objectives. During the year the expertise and experience of the staff have been provided free of charge to a range of individuals, community 0Up$, colleges and stakeholder organisations. The Agency particiapted in Several events to raise enterprise awareness, this included presentations to Students at NWRC and staff at local jobs and benefits offices. Busincss seminars and drop in clinics during the year have ¢ilso proven to be a success. Occupation of the workspace units remains constant and highlights the importance of providing such a facility to the local business community and sUPPOrts employment. The trustees are satisfied with the perforniance of the charitable company during the year and expect to expand in all eas of activity in the futurc. Financial review Net income decreased during the year from net incoming resources of £46,325 to net incoming resources of £2,885. Incoming resources decreased from £327,386 to £246.392 along with a dccrease in resources expended from £281.061 to £243,507. Net assets increased fTom £2,813,210 to £2,816,095 an increase of £2,885. The trustees are sat15fied with th¢ perfornwice and results of the charitable company during the year and expect to expand in all ar¢as of activities in the future. Principalfvnding sources The principal funding sources of the charity are twofold.. l. Unit and Room Rental from the Workspace units 2. Funding received for a range of different business programmes consisting of. NI Go For It Business Start up, NI ESS-GO Su¢c¢ed and Nl Explore Enterprise Support Service. Page 4
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2024 Investmeni policy The charity operates a prudent investment policy. Investments are in the fonn of short tern] low risk bank deposits. Reservespolicy The Trustees business plan ensures adequate reserves exist to meet the ongoing requirements of the company, The general reserve, comprising reserves of £1,336,777 at the balance sheet date, is available to be applied at the discretion of the TnteeS to any of the Agency's charitable activities. Restricted reserves are funds secured for specific expenditure of a capital nature and amount to £1,479,318 at the balance sheet date. Plans for future periods The Trustees are satisfied with the perforniance of the charity during these difficult tin]es. The Trust¢¢s expect to maintain and increase revenue streams from funding bodies and also increasing revenue received from Unit and Room Rental. Disclosure of inforniation 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 infonnation 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 inforn]ation and to establish that the charitable company's auditors are aware of that information. 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 financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitabl¢ company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing th¢se fmancial statements, the trustees ar¢ required to: select suitable accounting policies and then apply them consistently. obs¢rv¢ 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 follow¢d, 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 th¢ charitable company will continue in operation. The trustees 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 statements 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 resolution proposing that McDaid, Mccullough, Moore be reappointed as auditors of the charitabl¢ company will be put to the Annual General Meeting. Page S
STRABANE ENfERPRISE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2024 Small company provisions his rewrt has been prepaTed taking advantage of the small companies, exemption of the Section 415A of the Companies Act 2006. Thi8 report was approved and authorised for issue by the Trustees and signed below on its behaIf by: J'atrii k Brendan l) njstee ierly Page 6
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPIUSE AGENCY We have audited the financial statements of Strabane Entery)rise Agency (the 'charitable company,) for the year ended 3 1 M arch 2024 which cornprise the statement of financial activities, the statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The fanCIal reporting framework that has bsen applied in theiT preparation is applicable law and United Kingdom Accounting Standards, including Financial RGPOrting Standard 102 'The Financial Rcporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 5tatcmcnts: give a true and fair view of the state of the charitablc company's affairs as at 31 March 2024, and of its total incoming resources and cxpendilur¢ of r¢sources, including its income and expenditur¢. for the year then cnded. have been properly preparcd in accordance with United Kingdom Generally Acc¢pt¢d Accounting Practice. and have been prepared in accordance with th¢ requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intsrnational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements 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 Ethtcal Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require u5 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 tteeS hav¢ not disclosed in the fjnancial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going conccrn basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The trustees are rcsponsible for the other inforniation. The other inforn]ation comprises thc information included in the trustees, annual report , other than the financial statements and our iiuditofs report thereon. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our Teport, we do not express any forni of a55urance conclusion thereon. In connection with our audit of the fancial statcments. our responsibility is to read the other infomlation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or ow knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we ar¢ required to detcnnin¢ whether there is a material misstatement in th¢ financial statements or a material misstatement of the oth¢r inforniation. If, based on the work we have perfonned, we conclude that there is a material misstatem¢nt of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Page 7
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY (continued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent 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 charitable company and its enivronment obtained in the course of the audit, we have not identified material misstatements 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 returns adequate for our audit have not been received from branches not visited by us. or the financial slatements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. or the trustees, were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees, report and from the requir¢ment to prepare a strategic report. Responsibilities of Trustees As explained more fully An the Trustees, Responsibilities Statement, set out on page 5, the trustee5' (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detern]ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees 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 trustees 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 the financial slatements as a whole are free from material misstatement, whether due to fraud or eOr, and to issue an auditovs report that includes our opinion. Reasonable assurance is a hi) level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 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. Irregulariti¢s. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of ]egUlar1t1es, 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 materlal effect on the financial statements. We also considcred laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and VAT. Audit procedur¢s performed included the following: Inspecting correspondence with regulators and tax authoritics. Discussions with management illcluding consideration of known or suspected instances of non-cumpliance with laws and regulation and fraud. Considering the intcrnal controls in place to mitigate risks of fraud and non-cornpliance with laws and regulations" Identifying and testing journa15 and thc rationale behind significant or unusual transactions. in particular journal entries posted with unusual account combinations, postings by unusual US¢TS or with unusual descriptions; Challenging assumptions and judgements made by manag¢ment 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 materia] misstatements in the financial statements, even though we have properly plaThned and perforn)ed 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 financial statemenls, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as With any audit, there remains a higher risk of non-detection of irregularities as these may involve collusion, forgery, intentional omissions, misrepres¢ntations, 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 professionaljudgment and maintain professional scepticism throughout the audit. We also: 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 sufficient 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 ettor, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or thc 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 purposc of expressing an opinion on the effectiveness of the charitable companys inlernal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosure5 n]ade by the trustees. Conclude on the appropriateness of the trustccs, usc of the going concern basis of accounting and, based on the audit evideuce obtaincd, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to conlinue as a going conccrn. If we conclude that a material unccrtainty exists, we are r¢quir¢d to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, tUre events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events irA 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 findings, including any significant deficiencies in internal control that we identify during our audit. Use ofour report This report is made solely to the charitable company's members, as a body, in accordartce with Chapter 3 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemlitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's men)bers as a body, for our audit work, for thi5 report, or for the opinions we have fornied. Gerard Murray (Senior St Auditor) For and on behalf of McDaid Mccullough Moore Chartered Accountants and Statutory Auditor 28 - 32 Clarendon Street Derry BT48 7HD 13 September 2024 Page 10
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STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Company No. N1018768 Statement of Financial Position as at 31 March 2024 2024 2023 Notes Fixed assets Tangible fixed assets io 2,215,223 2.257.144 Current aets Debtors Bank and cash 8.384 622.493 12.574 568.372 630.877 580.946 Creditors: amounts falling due within one year 13 (30.3) (24.880) Net current assets (11111,872 55(),111)(I Net assets 2.8 l (),(IC)5 Funds Reslricled funds Unrestricted flind8 14 1.47l),.118 1,3_10,777 1.534,131 1 ?7(),117() Total eharity funds 2,141 (),111)S 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 RepubliL uf heland,. The financial statements were approved and authorised for issue by Ilie l?i)iird iiiid %ignLd l)L'luw i)n ils L]ehall by JIK PltrIck IlrelidIn Dijlier Trustee Trevor Linton I'rustee The notes on pages 13 to 21 forni an Integral part of these financial statements. Page 12
STRABANE ENTF,RPRI.SF, ACF,NCY (A company limited by guarantee) Notes to the fmancial statements for the year ended 31 March 2024 Accounting policies Accounting convention and basis of preparation The charity Lonstilutes a public benefit entity as defined by FRS 102. Strabane EnterpTise Agency is a private limitcd company lirnited by guarantee. registered in Northern Ireland. The address of the regi5tercd office is Orchard Road Industrial Estate, Orchard Road. Strabane, BT82 9FR. The financial statements have been prepared in accordance with Accounting and Reporting Charities: statement of Kecommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ircland (FRS102) (effective l January 2019) (Charitics SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), The Charities Act Nl 2008, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The charity has applied Updatc Bulletin l as publishcd on 2 February 2016 and does not includ¢ a cash flow statement on the grounds that it is applying FRS 102 Section l A. The financial statements are prepared on a going concern basis under the historical ¢05t convention, modified to include certain ifrrns at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial slat¢ments are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Fund Accounting The funds of the charitable cotnpany consist of Restricted Funds and Unrestricted Funds. General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each restricted fund is bet out in the notes to th¢ financial stiltemcnts. 1.3. Income All incoming resources are includ¢d in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. lllcome includes workspacc units and room rentals, investmcnl income and grant income from various business progrdmmcs. The following specific policies are applied to particular categories of incom¢= Income from investments is included in the year in which it is receivable. Pgge 13
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 1.4. Expenditure All expenditure is accounted for on an accnthls basis and has been classified under headings that aggregate all costs related to the category. Expenditure 15 recognised whcrc there is a legal or constructive obligation to make 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 cxclusive of VAT. Charitable activities Comprises those costs incurrcd by the charity In the deliverance of its charitable activities, Resources expended are recognised in the year in which they are incurred. Support costs are those costs incurrcd directly in support of expenditure on the objects of the charity and include general managem¢nL administration costs and d¢pr¢ciation. Governance costs included those costs associated with meeting the statutoy requircments of the charity and include audit fees. 1.5. Tangible fixed assets and depreciation Tangible fjxed assets are slated at cost (or deemed cost) or valuation less accumulated depreciation and accun]ulated impainnent 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 the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Land and buildings Plant and machinery Fixtures, fittings and equipment 2 % straight line IOO/o straight line Pension costs The company operates a defined contribution scheme for the benefit of its employees. Contributions are expensed as they become payable. Going Concern The flnancial statements hav¢ been prepared on the going concern basis as the trustees believe that no material uncertainti¢s exist. The trustees h(tve considcred the level of funds held and the expected Icv¢l of income and expenditure for twelve months from the date of authorising thcse financial statements. The budgeted income and expellditure is surricient with the level of reserves for the charity to be ablc to Continue as a going concern. The main factors underlying this judgemenl. 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 its programmcs. 1.8. Judgements and key sources of estimation uncertainty In applying the company's 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 recognised in that period together with tUre periods if necessary. The depreciation charge in respect of tangible fixed assets is based on the estimated useful lifr of each group of assets. Revision of estimated useful life will affect the estimates charged in the Statement of Financial Activities. Page 14
STRABANE ENTERPRISE AGENC.Y (A Company limited by guarantee) Notes to the finaneial statements for the year ended 31 March 2024 1.9. Tax The charity is an exempt charity Wlthin 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 meets the definition of a charitable company for UK corporation tax purposes. Investment income Unrestricted Restricted runds funds 2024 Total 2023 Total Deposit interest 10,890 10,8()0 2,386 10,890 l (I,X90 2,386 Income from charitable activities Unrestricted Restricted funds funds 2024 Total 2023 Total Unit and Room Rental Services & Courses ENI Go Succeed Explore Enterprise Programme Nl Business Start Up Co-Innovate Programme Enterprise Plus Start Up Accelerator Programme 208,450 15,253 1,748 1,163 8,888 208,450 15,253 1,748 1,163 8,888 234,898 9,325 24,522 356 7,827 48,072 235,502 235,502 325,000 Page 15
STRABANE ENTERPRISE AGENCY (A cnmpany limited by guarantee) Notes to the fmancial statements for the year ended 31 March 2024 Costs of eharitable activities Support costs 2024 2023 Staff costs Establishment costs Motor and travelling expcnses Governance costs Legal and professional Telephone and internet Postage and stationery Interest payable and similar charges General expens¢s Depreciation and amortisation ENI subscriptions Start Up Accelerator Programme expenses 111,561 47,168 142,128 41,446 3,225 6,496 1,221 1,841 7,041 579 4,115 57,782 2,986 12,204 7,728 1,822 1.059 8,729 588 4,246 58,106 2,500 243,507 281,IIC)4 Net incoming resources for the year 2024 2023 Net incoming resources are stated after charging: Depreciation and other amounts written off tangible fixed assets Auditors, remuneration (Note 6) 58,106 7,728 57,782 6,496 Auditors, remuneration 2024 2023 Auditors, remun¢ration - audit of the financial statements 7,728 6,496 Page 16
STRABANE ENTERPRISE AGENCY (A company limited by giJAr2ntee) Notes to the financial statements for the year ended 31 March 2024 Employees En]ployment costs 2024 2023 Wages and salaries Social security Costs Pension costs 104,8118 4,066 2,607 129,625 7,233 5,270 111,561 142,128 No employees received total employee benefits (excluding employer pension costs) of more than £60,000. (2023: None) 7. 1. Trustees, Remuneration The truste¢5 were not paid for their services during the year (2023 - £NIL) nor did they receive payments in respect of expenses. (2023 - £NIL) 7.2. Number of employees The average monthly numbers of employees during the year, calculated on the basis of full time equivalents, was as follows: 2024 Number 2023 Number Administrative Key Management Personnel Key management p¢rsonnel 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 pcrsonnel in the year totalled £53.219 (2023 - £63,524). Pension costs 2024 2023 Pension charge 2,607 5,270 The charity operates a defined contribution scheme and contributions are charged in the statement of financial activities as they accrue. The charge for the year was £2,607 (2023- £5,270). Page 17
STIL4BANE ENTERPRISE AGENCY (A company limited by giiarantee) Notes to the financial statements for the year ended 31 March 2024 Taxation No charge for corporation tax arises in the year ended 31 March 2024 (2023: £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 Ydnd fittings and buildings machinery cquipment io. Tangible fixed assets Total Cost At l April 2023 Additions 2,740.711 IC),185 31,939 82,283 ? 854,933 16,185 At 31 March 2024 2,756.896 31,939 82,283 ?,871,1111 Depreciation At l April 2023 Charge for the year 497,398 55,138 31,939 72,522 2,968 5()7,7119 58,IOC) At 31 March 2024 548,4C)6 31,939 75,490 655,895 Net book values At 31 March 2024 2,208 1130 6,793 2,215,223 At 31 March 2023 2,247.3113 9,761 2,? fi7,144 11. Debtors 2024 2023 Trade debtors Oth¢r debtors Prepayments 7,771 4,500 2,778 5,296 613 8,384 12,574 Page 18
STRABANE ENTERPRISE AGENCY (A e.OTnpany limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 12. Cash and Cash Equivalents 2024 2023 Cash at Bank and On Hand Bank Loans and Overdrafts 622,492 (12,125) 568,371 (2,851) 610,367 565.520 13. Creditors: amounts falling due withill one year 2024 2023 Bank Overdraft Trade creditors Taxes and social security Costs Accruals and deferred income 12,125 i.oio 8,745 8,125 2,85 1 3,546 11,531 6,952 30,005 24.X8 Security Bank borrowings are secured by: i) Legal mortgagelcharge over land with industrial units at Orchard Road, Strabane, dated 1810712005. ii) Legal mortgage/charge over unit at Orchard Road, Strabane, dated 3010112009. 14. Anatysts of net assets between funds for the charitsble company Unrestricted Restrlcted funds funds Total funds Fund balances at 31 March 2024 as presellted by: Tangible fjxed assets cllent assets Cuent liabilities 6,794 1,347.IIC)3 (17,880) {729.112) 2,208,429 2,215.223 1,347,863 (746.992) 1.336,777 1,479,317 2,816,094 Page 19
STRABANE ENTERPRISE AGENCY (A cfimpany limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 15. Unrestricted funds At l April Incoming Outgoing 2023 resources resources At 31 March 2024 General Funds 1.279.079 246,392 (1148,()1)4) 1,33C>.777 Purposes of unrestricted funds Unrestricted funds are fvnds that are utilised at the discretion of the trustees in furthcrance of th¢ objects of the charitable company. 16. Restricted funds At l April Outgoing 2023 resources At 31 March 2024 Phase 1, 2 & 3 Workspace Development 1.534,131 {.54,813) 1,479,318 Purposes of restricted funds The Workspace Development programme is financed by the International Fund for Ireland, the EU programme for Peace & Reconciliation and the charity's own resources. The purpose of the programme is the provision of incubation and other workspacc 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 transactions No related party transactions occurred during the year, 18. Contrnlling interest The trustees are considered to b¢ the charity's controlling party. 19. Going coneern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainty exists. The trustees have considered the level of funds and the expected level of income and expenditure for twelve months from the date of authorising these financial statements. Page 20
STRABANE ENTERPRISE AGENCY (A c.rfrmpany limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 20. Charitable Company limited by guarantee Strabane Enterprise Agency is a charitable company limit¢d by guarantee and does not have a share capital. Every member of the charitable company undertakes to contribute to the assetslliabilities of the company in the event of the same being wound up while helshe is a member, or within one year after helshe ceases to be member, for payments of the debts and liabilities of the charitable company contracted before he/she ceases to be a member, and of costs, charges and expenses of winding up and for the adjustment of the rights of the contributories amongst themselves, such all amount as may be required not exceeding one pound. Page 21