STRABANE ENTERPIUSE AGENCY (A company linjited 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 report and the audited financial statements for the year endcd 31 March 2024. The trubtees who served during thc year arnd up to the date of this report are set out on page l. I'his report is prepared in accordance with Accounting and Reporting By Charities.- Stiltement of Rccommended Practice (SORP) applic¢ible to Charities preparing their ti¢counts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective O I January 2019). Structure? governance and management Governing Documeplt Strabane Enterprise Agency is a charitable company limited by guarantee not having a share capital (company registration number NIOI8768). It is governed by its Memorandum and Articles of Associatiun dalcd 22 July 2003. StTabane EnterISe Agency was regi8tcrcd with The Charity Commission for NDrth¢rn Ireland on 18 May 2015 and given the charity number NIC101123. Organi¥atiOP7al Slrtsclure The charitable company is managed daily by Orla McNulty, the chief executive who reports periodically to the Board of Tru5te¢5. Trustees meet monthly to review perfonnance, determine strategies, assess risk and plan future policies. Appoinlmenl and training of truslees New trustees are nominated by curr¢nt trustees. Trustees are chosen based on their skills to ensure a wide range of skills are represented on the board. Induction and trainiiig of new trustees is provided by the Chief Executive Officer of the charity and covers: i) The obligations of the Management Committee members; ii) The inain 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 objectives Risk Management, Governance andlnternal 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 extcrnal risks relating to funding have led to the development of <i Strategic plan which will allow for the diversification of funding and activities. Internal risks are minimiscd by the implementation of procedur¢s lor authorisation of all transactions & projects. Key management remuneralion policy The key management personncl of the charitable company are thc trustees and senior managem¢nt. The trustees are not Temuneratcd for their services and did not reccive and were not Teimbur5ed for cxpenses during the year. The remuneration of senior management is set by the trustees thd rcviewed annually. Objectives and activities (and how they deliver public benefit) Charitable Objecls The company was established under a Memorandum of Association dated 22 July 2003 which established the objects and powers of the charitable company and is govern¢d under its Articles of Association. Strabane Enterprise Agency was establishcd 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 ernployment 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 2024 PblIC bellefit Strabane Enterprise Agency strives to ensure that they provide public benefit. Public benofit Is at the heart of what it mtans to be a charity. Strabane Enterprise Agency objcctive is to facililatc the creation of additional job opportunities arAd new enterprises through business gr0h within Northern Ireland and to dcquire property for the purposes of developing same. In setting this objective the Trustees, have CUT]sid¢red th¢ Charity Commission for Northern Ireland's guid¢ince on public benefit to enSUTe that its aclivities have helped to achieve its principal objective of public benefit for its bencfjciaries. To achieve its objectives Strabanc Enterprise Agency provides the following scrvices.. Workspace Units.. Phase I cUentlY provides 22 officc / workshops lor business and employment for 65 people. Phase I I ci)mprises 22 units which provide ¢mployment for 162 people alld Phasc I I I has a consistent tenancy curr¢ntly ¢mploying 21 people. - Provision of a range of different business programmes consisting of: 'The Go for it Programme,, ESS- Go Succeed,, Nl Explore Enterprise Support Servic¢, and th¢, Enterprise NI Loan Fund,. The trustees b¢lieve that they are therefore meeting the public benefits test as they give careful consideration when setting the rental rates of their workspace units so that they are accessible to everyone and by providiT]g a range 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 perforniance 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 employmenL EnteipTise Nl Loan fund assisted in loan fund applications totalling £60,000 for entrepreneurs who required finance. Strabane Enterprise Agency undertakes signifjcant levels of work which meets the Public Benefit description. The role is fundamental to our aims and objectives. During the year the expertise and experiencc of the staff have been provided free of charge to a rmge of individuals, community groups, 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 offiies. Business seminars and drop in clinics during the yvar have also proven to be a success. OcLupation of the workspace units remains constant and highlights the importance of providing such a facility to the local business community and sUPPQrts employment. 11]e trustees are satisfied with the perfomiance of the charitable company during the year and cxpect to expand in all areas of activity in the fllture. Financial review Net income decreascd during the year from net incoming resources of £46,325 to net incoming resources of £2,885. Incoming rcsources decreased from £327,3 86 to £246,392 along with a decrease in resources expended from £281,061 to £243,507. Net assets increased from £2,813,210 to £2.816,095 an increase of £2,885. The trustees are satisfied with the perfonnance and results of the charitable company during the year and expect to expand in all areas of artivities in the ture. Principalfunding 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, Nl ESS-GO Succeed and Nl Explore Enterprise Support Service. Page 4
STRARANF. FNTERPIUSE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2024 Investmentpolicy The charity operates a prudent investment policy. Investments are in the fom] of short terni low risk bank deposits. Reserves policy 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, As available to be applied at the discr¢tion 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 £1,479,318 at the balance sheet date. Plans for future periods The Trustees are satisfied with the perforniance of the charity during these difficult times. The Trustees exp¢ to maintain and increase revenue streams from funding bodies and also increasing revenue received from Unit and Room Rental. Disclosure of information to the auditors We, the trusfres of the charitable company. who held office at the date of approval of these financial statements, each confIrm 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 taken all steps that we ought to have taken to make ourselves aware of any relevant audit inforniation 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 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 fmancial statements, the trustees are required to: select suitable accounting policies and then apply thern 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 appli¢abl¢ UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepar¢ the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for k¢eping 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 charitable company will be put to the Annual General Meeting. Page S
STRABANE ENTERPRISE AGENCY (A company Ilmlted by guarantee) Trustees, Annual Report for the year ended 31 March 2024 Small company provisions This report has been prepared taking advantage of the small companies, exemption of the Section 415A of the Companies Act 2006. This report wa8 appmved authorised for issue by the Trustees and signed below on its behalf by.. IIAilriL.Ic Brendan l) Trustee erty Page 6