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
G￿verning 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
s￿abane 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
a￿d 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
g￿ldance 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 Ente￿rISe Agency provides the following seivice5.'
Workspace Units.. Phase I cU￿entlY 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 cU￿entlY
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 Tn￿teeS 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 f￿anCIal 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 t￿￿teeS 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 f￿ancial 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 e￿Or, 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 a￿ets
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
P￿ltrIck Ilrelid￿In 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
cll￿ent assets
Cu￿ent 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