Charity number: NIC101123 Company number: N1018768 STRABANE ENfERPRISE AGENCY (A company limited by guarantee) Trustees, report and financial 8tatementS for the year ended 31 Mareh 2025
STRABANE EiYfERPRISE AGENCY (A company limlted by guarantse) Contents age Legal and administrative inforniation Tn¢s, Atmual Report Independent Auditors, report 7-10 Statem¢nt of fll]&Dcial activities 11 Statement of Financial Position 12 Notss to the financial statements 13-21
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Legal and Administrative Details Charity number NIC101123 Company registration number N1018768 Business address Orchard Road Industrial Estate Orchard Road Strabane Co. Tyrone BT82 9FR Registered office Orchard Road tndustrial Estate Orchdrd Road Co. Tyrone BT82 9FR Trustees Patrick Brendan Dohety Seamus McFadden Seamus McGarrAgle Eamon Mccay James McBeth Athian Patterson Christina Mullen Trevor Linton Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by Board Appointed by Board Secretary Orla MGNulty Auditors McDaid, Mccullougty Moore 28 - 32 Clarendon Street Derry BT48 7HD Bankers AIB Meadowbank Strand Road Derry BT48 7TN Page I
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Legal and Administrative Details Banker8 Ulster Bank Limited 29 Abercorn Square Strabane Co. Tyrone BT82 8AL Solicitors John Fahy & Company 8 Bowling Green Strabane Co. TyTone BT82 8BW Page 2
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trustees, Annual Report for the year ended 31 March 2025 The Trustees, who are also directors of the charity for the putposes of the Companies Act 2006, present their armual report and the audited financial statements for th& year ended 31 March 2025. The tnJstees who served during the year and up to the. date of thi% report are setL out.on page l. This report is prepared in accordancc with Accounting and Reporting By Charities.. Statement of Recommcnded PraLtice (SORP) applicable to Charities preparing their accounts in accordance with the Financial Reportiiig Standard applicable in tbe UK and Republic of Ireland (FRS102) (effective 01 January 2019). Structure> governance and mvdnagement Governlng Document Strabane Entery)rise AEency is a charitable company limited by guarantee not having a share capital (company registration number NIOI 8768). It is governcd by its Metnorandum and Articles of Assoeialion dated 22 July 2003. Strabane Enterpri8¢ Agency was regislered with The Charity Commi88ion for Northern Ireland on 18 May 2015 and given the charity number NICI 01123. Organisational Structure The Gharilable ¢on]pany is managed daily by Orla McNulty, the Chief executive who reports periodically to the Board of Trnstees. Trustees meet monthly to review perfornlance. detennine strategies, assess risk and plan future policies. Appointment and iraining oftrustees New trustees are nominated by current tru8tees. 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 oificer 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 Memorandurn and Articles. iii) Resourcing and the current firncIal position as sel out in the latest published accounts; iv) Future plans and objectives Risk Management, Governance and Internal Conlrol 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 mitigale those risks. Significant external risks relating to funding have led to the development of a strategic plan which will allow for the diversification of funding and activlties. Internal risks are minimised by the implementation of proccdures for authorisation of all transaGtionb & projects. Key manaxement remuneration policy The key management personnel of the charitable company are the trustees and senior Management. The truslees are not remunerated for their services and did not rec¢ive and were not reimbursed for expen%cs during the year. The remuneration of senior management is set by the trustees and reviewed annually. Objectives and activities (and how they deliver publie benefit) Charitable ObjecÉs The company wa8 &8tabli.qhed under a Memorandum of Association dated 22 July 2003 which establibhed the objwt5 and powers of the charitable company and is governed under its Article8 of Association. Strabane Enterprise Agency was established to: - promote for the public benefit of urban regeneration in Strabane and its environs. advanc¢ 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) Trusteesl Annual Report for the year ended 31 March 2025 Public benefit Strabane Enterprise Agency Strives to ensure that they"'provide public benefit. Public benefit is at the heart of wliat it .means to be a charity. Strabane .Enterprise Agency objective is to facilitate the creation of additional job opportunities. .and.new enterprises through business. growth within Northern Ireland and to acquire property for the purposes of developing same. In setting this objective the TTustees' have considered the Charity Commission for Northern Ireland's guidance on public benefit to ensure that its activities have helped to achieve its principal objective of public benefit for its beneficiaries. To achieve its objectives Strabane Enterprise Agency provides the following services: - Workspace Units.. Phase I cUentlY provides 22 office I workshops for business and emplOnellt for 62 people. Phase I I comprises 22 units which provide emplo>Thent for 154 people and Phase I I I has a consistent tenancy Currently employing 28 people. Provision of a range of different business programmes consisting of: 'Nl ESS- Go Succeed,, NI Explore Enterprise Support Service,, 'Succeed in Enterprise, and the, Enterprise NI Loan Fund,. The trustees 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 ihat they are aCClbIe 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 commercial effect on the local economy. Achievements and performance The results for the year are set out on page I l. The n1n programmes in operation during the year were. The NI ESS (Go Succeed), facilitating the delivery of the Go Succeed programme, Ni Explore Enterprise Support Servi¢e helped economically inactive individuals to explore the opportunity of self employment, Succeed in Enterprise providing one-to-one mentoring, workshops and grants, Enteryrise NI Loan fund assisted in loan fund applications. Strabane Enterprise Agency undertakes significant levels of work which meets the Public Benefit description. The role is fijndamental 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 groups, colleges and stakeholder organisations. The Agency particiapted in several events to raise enteTprise awareness, this included presentations to Students at NWRC and staff at local jobs and benefits offices. Business seminars and drop in clinics during the year have also 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 Gornmunity and supports employment. The tnleeS are satisfied with the perfornnCe of the charitable company during the year and expect to expand in all areas of activity in the future. Finrdncial review Net inuome deLreayed during Ihe yvur from net inLuming resuurl¢Tr 01 £2,884 to iiet IXl¢OLIIi118 IEsources of £1,275. Incoming resources increased from £246,392 to £289,344 along with a increase in resources expended from £243,508 to £288,069. Net assets increased from £2,816,094 to £2,817,369 an increase of £1,275. The truskes are satisfied with the perfornnCe and results of the clwitable company during the year alld 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 the Workspace units 2. Funding received for a range of different business programmes Consisting of. NI ESS-GO Succeed, Succeed in Enterprise 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 2025 Investmeni policy The charity operates a prndent investment policy. Inveslmenls are in the fonn of short terni low risk bank deposlts. Reservespolicy The TNstees b"usine8s plan ensures adequate. reserves exist to meet the ongoing requirements of the. company. The . gcn¢ral rcscrvc, comprising reserves of £.1,393.190 at the balance shèet date, is available to be applied at the discretion of the Trnstees to any of the Agencvs charitable activities. Restricted reserves are funds secured for specifi¢ expenditure of a capithl nature and amount to £1,424.180 at the balance sheet date. Plans for future periods The Trustees are satisfied with the perfornnCe of the charity during these difficult times. The Trustees expect 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 trustees of the charitable company, who held office at the date of approval of these financial statements, each confinn 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 infortnation and to establish that the Charitable company's auditors are aware of thai inforniation. Statement of trustees, responsibilities The trustees {who are also directors of Strabane Enfrrprise Agency for the purposes of company law) are responsible for preparing the Trustee's Annual Report and the financial slatements in accordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statemenls 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 applicalion of resources, including the income and expenditu, of the charitable company for that period. In preparing these financial statements, the trnstees 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 UIQ Accounting S'tandards have been followed, subje¢t to any material departures disclosed and explained in the fInancial statemenls; prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charitable company will continuc in opcration. The trustees are responsible for keeping adequale 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 Éhe charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregulariÉies. Auditors A resolution proposing that McDaid, Mccullough, Moore be reappointed as auditors of the charitable company will be put to the Amiual General Meeting. Page 5
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Trnstees, Annual Report for the year ended 31 March 2025 Small Company provlslons This report has be¢n Prepared taking advantsge of tlk¢ small compaDies' exemption of the Section 415A of the Companies Act 2006. This report was approved and authorised for issue by th¢ Trnste¢s and signed below on its behalf by: e¥k Patrick Ilrciidan Doliorly Tru8tee Dated: 21 November 2025 Page 6
STRABANE ENTERPRISE AGENCY (A Company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY We have audited the financial statements of Strabane Enterprise Agency (the 'charitable company,) for the year ended 31 March 2025 which comprise the statcment of funCIal activities, the statement of fanCIal position and notes to the financial statements. including a summary of significant accounting policies. The financial Teporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, in¢luding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdum Gen¥Tally AcLepted Accounting Practice). In our opinion the fmancial 5tatements.' give a true and fair view of the state of the charitable company's affairs as at 3 l March 2025. and of its total incoming resources and expenditure of resources. including its income and ¢xpenditure, for the year then ended. have bcen properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards oll Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's responsibilities for the audit of the fmancial statements section of our report. We aTe ind¢pendent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the fclaI statements in the UK, including the FRC'S Ethical Standard, and we hav¢ fulfilled our other ethical responsibilities 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 us to report to you where: the trustees, use of the going concern basis of accounting in the preparation of the fmancial statements is not appropriate; or the trnstees have not disclosed in the fmancial statements ally identified mat¢rial uncertainties that may cast significallt doubt about the charitable company's ability to continue to adopt the going concern babis of accounting for a period of at least twelve months from the date when the fJnan¢ial statements are authorised for issue. Other information The tnte¢S arc responsible for the other infonnation. Thc other infonnation comprises the inforn]ation included in the trustees, annual report , other than the fanCIal stateTnents and our auditorfs report thereon. Our opinion on the fmancial statements does not cover the other inforniation and, except to the ¢xtent othenvise explicitly stated in our report, we do not express any forni of assurance conclusion thcreon. In connection with our audit of the fmancial statements, our responsibility is lu redLi ilie oilier itiforinatioi) aiid, in doing so, consider whether the other inforn]ation is materially inconsistcnt with the financial statements or our knowledge obtained in the audit or othen¥ise appcars to be materially misstated. If we identify such material inconsistencics or appar¢nt mat¢rial misstat¢m¢nts, we ar¢ r¢quir¢d to detennine whether there is a tnaterial misstatement in the f]nancial statements or a material misstatement of the other infomiation. If, based on the work we have perfornled, we conclude that there is a material misstatement 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 inforniation given in the trustees, report (incoTrorating the directors, report) for the fll]ancial year for which the fmancial statements are prepared is consistent with th¢ fmancial statements. and the directors, report included within the truste¢s' Icport has b¢en 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 enivronm¢nt obtained in the course of the audil we have not identifLed 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 th¢ 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 visit¢d by us,. or the fmancial statements are not in agreement with the accounting records and retums. or certain disclosures of trustees, remuneration sp¢cified by law are not made. or we have not received all the infornation and explanations we r¢quire for our audit. or the trustees, were not entitled to prepare the fmancial statsments in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees, report and from the requirement to prepare a strategic report, Responsibilities of Trustees As explained more fully in the Trustees, Responsibilities Statement, set out on page 5, the trnstees, (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the fitwicial 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 fu1claI statements that ar¢ free from material misstatement, whether due to fraud or error. In preparing the fll)ancial statements, the trustees are responsible for assessing th¢ charitable company's ability to continue as a going concern, disclosing, as applicabl¢, matters related to going concern and using th¢ going concern basls of accounting unless the trustees either intend to liquidate th¢ charitable company or to cease operations, or have no r¢alistic 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 fanCIaL staten]ents as a whole lire free from matcrial misstatcmcnt, whcthcr duc to fraud or crror, tffld to issue an auditoV,s report that includes our opinion. Reasonable assurance is a high 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 ¢xists. Misstatements cam 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 fJn&ncial statenlents. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatem¢nts in respect of irregularities, including fraud, The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Page 8
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Based on our understanding of the company and the environment in which it operates, we identified that the Principal risks of non-compliance with laws and regulations related to those standard to small charitable companies, and we considered the extent to which non- compliance might have a material effect on the fman¢ial statements. We also considered laws and regulations that have a direct impact on the preparation of the fmancial statements such as the Companies Act 2006, income tax, payroll tax and VAT. Audit procedures perfonned included the following.. pectllig knOA'i'espoiid¢Lice widi irgulatol's alld autlioi-ities. Discussions with management including consideration of known or suspected instances of non-compliance with laws and r¢gulation and fraud; Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. Identifying and testing journals and th¢ rationale behind significant or unusual transactions, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descTlPtions' Challenging assumptions and judgements made by management tn their critical accounting estimates. Owing to th¢ inh¢rent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements ill the financial statements, even though we have properly planned and peTfonned our audit in accordance with auditing standards. For oxamplc, thc fillther removed non-compliance with laws and regulations (ittegularities) is from the events and transactions reflected in th¢ fanCIal statements, the less likely the ijtherently limited procedures required by auditing standards would identity it. In additioffj as with any audit, there remains a higher risk of non-detection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot b¢ exp¢ct¢d to detect non-compliance with all laws and regulations, As part of an audit in accordance with ISAS (UK), we exercise professional judgment 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 fmancial statements, whether due to fraud Or Or, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that IS Sufficient and appropriate to PTovide a basis for our opinion. The risk of not dctecting a material misstatement resulting from fraud is higher than for one resulting from eOr. as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropiiate in the circumstances, but iiot for the purpose of exprc55iThg un opinion on thc cffcctiveness of thc charitable company's internal control. Evaluate the appropriateness of accounting policies used and th¢ reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the tn]stees' use of the going CODcern basis of accounting and, b&8ed on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubt on th¢ charitabl¢ companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures aTe inadequate, to modify our opinion. Our conclusions are bas¢d on the audit evidence obtained up to the date of our auditovs report. However, future events or Conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, strncture and content of the fmancial statements, including the disclosures, and whether the financial statements represent the und¢rlying transactions and events in a manner that achiev¢s fair prvsent<ition. We Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit fmdings, including any significant defici¢ncies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable company's members, as a body, in accordance 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 auditovs report and for no other purpose. To the 11¢$1 extent permitted by law, we do not accept or assume responsibility to anyon¢ other than the ch<Witable company and the charitable companys members as a body. for our audit work, for this report, or for the opinions we have formed, A--Jty• Cerard Murray (Senior Statutory Auditor) For and on behalf of McDaid Mccullough Moore Chartered Accountants and Statutory Auditor 28 - 32 Clarendon Street Derry BT48 7HD 21 November 2025 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 2025 2025 2024 Notes Fixed'assets Tangible fixed assets io 2,195,769 2,215,223 Current assets Debtors Bank and cash 7,144 638,489 8,384 622,493 645,633 630,877 Creditors: amounts falling due wfithin one year 13 (24,032) (30,005) Net current assets 621,601 600.872 Net assets 2,1117,370 2,816,095 Funds Restricted funds UnrestrACted fimds 14 1,424,180 1,393,190 1,479,318 1,336,777 Total charity funds 2,817,370 2,816,095 These fman¢ial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 'Th¢ Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland,. The fanCIal statements were approved and authorised for issue by the board and signed below on its behalf by Patrick Brendan Doherty Trustee Trevor Linton Trustee Dated: 21 November 2025 The notes on pages 13 to 21 form an integral part of these financial statements. Page 12
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 Accounting policies 1.1. Accounting convention and basis of preparation Th¢ charity constitutes a public ben¢fJt entlty ils defined by FRS 102. Strabane Entcrpri8e Agency is a private limit¢d company limited by guarante¢, regist¢red in Northern Ireland. The address of the registered offic¢ 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 Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rcporting Standard applicable in the UK and Kepublic of Ireland (FRS102) (effective l January 2019) (Charities SORP (FRS 102)). the Financial Reporting Standd applicable in the UK alld Republic of Ircland (FRS102), The Charities Act Nl 2008, the Companies Act 2006 and UK Generally Accepted Accounting Practicc. The charity has applied Update Bulletin l as published on 2 February 2016 and does not include a cash flow Statement on the grounds that it is applying FRS 102 Section IA. The fancIal statements are prepared on a going concern basis und¢r the historical cost convention, modified to include certain items at fair value. The fmancial 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 funcial statements are set out below. These policies have been consistently applied to all years presented unless othenvise stated. 1.2. Fund Aceounting The funds of the charitable company consist of Restricted Funds and Unrestricted Funds. General funds are unrestricted fijnds which are available for use at the discretion of the trnstees in furtherance of the general objectives of the charity and have not been designated for other purposes. Restricted fidS are fimds which are to be used in accordance with specific restrictions irnposed by donors. The aim and use of each restricted fund is set out in the notes to the fmancial statetnents. Income All incoming resources are included in the Statement ol Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasouable accuracy. Income includes .workspace units and room rentals, investment illcoTne and grant illcome from various business programmes. The following specific policies are applied to particular categories of income: Income from investments is included in the year in which it is receivable. Page 13
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 1.4. Expenditure All expenditure is accounted for on an accrnals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required alld the amount of the obligation can be measurcd reliably. F.xpenditure, where relevant is exclusive of VAT. Charitable activiti¢s con)prises those costs incurred by thc charity in the deliverance of its charitable activities. Resuurceb ¥xp¥nd¥d reL()gnised in the in whiLh thvy IIILurIYd. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include general managemellt, administration costs and depreciation. Governance costs included those costs associated with meeting the StatOY requirements of the charity and include audit fees. 1.5. Tangible fixed assets and depreciation Tangible fed assets are stated at cost (or deemed Cost) or valuation less accumulated depreciation and accumulated impairment 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 use1 life as follow5., Land and buildings Plant and machinery Fixtures, fittings and equipm¢nt 2(/p D straigbt line IOO/o straight line 100/tr330/o straight line 1.6. Pensfion costs The company operates a defed contribution scheme for the benefit of its ¢mployees. Contributions are expensed as they become payable. 1.7. Golng Concern The fmancial statements have been prepared on the going concern basis as the trustees believe that no material uncertainties exist. 'fhe trustees have considered the level of fidS held and the expectcd level of income and cxpenditurc for twelv¢ nionths from the date of authorising these FnCIal statemcnts. Thc budgctcd incomc and expenditUTe is sufficient with the level of reserves for the charity to be able to continue as a going concern. The llialli factois widei'lyllig tliis judgeiiieiit are iiiall]taining tti¢ cun-eiit level of income from the workspacc units and room rental along with the continued support of Invest Northern Ireland for fimding for its programmes. 1.8. Judgements and key sources of estimation uncertainty In applying the company's accounting policies the tswstees are required to mak¢ judgements, estimates and assumptions on an ongoing basis about the carying value of assets and liabilitie5. If revision is required, the revision is T¢cognised in that period together with tre periods if necessary, The depreciation charge in respect of tangible fixed assets is based on the estimated useful life of each group of &ss¢ts. R¢vision of estimated useful life will affect the estimates charged in the Statement of Financial Activities. Page 14
STRABANE ENTERPRISE AGENCY (A cornpany limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 1.9. Tax The charity is an exempt charity within the meaning of schedule 3 of the Charitie5 Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and theTefore it meets the defmition of a charitable company for UK corpoiation tax purposes. Investment income Unrestricted Restricted funds funds 2025 Total 2024 Total Deposit interest 11,422 11,422 10,890 11,422 11,422 10,890 Income from charitable activities Ullrestricted Restricted funds funds 2025 Tolal 2024 Total Unit and Room Rental Services & Courses ENI Go Succeed Explore Enterprise Progranune Nl Business Start Up 216,668 25,370 33,071 2,813 21.6,668 25,370 33,071 2,813 208,450 15,253 1,748 1,163 8,888 277,922 277,922 235,502 Page 15
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 Mareh 2025 Costs of charitable activities Support costs 2025 2024 Staff costs Establislllnent costs Motor and travelling expenses Governance costs Legal and professional Telephon¢ and intern¢t Postage and stationery Intercst payable and similar charges General expenses Depreciation and amortisation ENI subscriptions Start Up AcceleTator Programme ¢xpenses 115,962 58,852 742 7,266 29,608 1,501 8,038 553 3,323 59.099 3,125 111,561 47,168 7.728 1,822 1,059 8,729 588 4,246 58,106 2,500 288,069 243,507 Net incoming resources for the yeydr 2025 2024 Net incoming resources are stated after charging: Depreciation and other amounts written off tangible fixed assets Auditors, remuneration (Note 6) 59,099 7,266 58,106 7,728 Auditors, remuneration 2025 2024 Auditors, remuneration - audit.of the flllancial statements 7,226 7,728 Page 16
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 Employees Employment costs 2025 2024 Wages and salaries Social security costs Pension costs 107,666 5,093 3,203 I04,888 4,066 2,607 115,962 111,561 No ¢mploy¢es received total employee benefits (excluding employer p¢nsion costs) of mor¢ than £60.000. (2024: None) Trustees, Remllneration The trustees w¢re not paid for their services durlng the year (2024 - £NIL) nor did they receive payments in respect of expenses. (2024 - £NIL) 7.2. Number of employees The average monthly numbers of employees during the year, ¢alculat¢d on the basis of fjJll time equivalents, was as folloii 2025 Number 2024 Number Administrative 7.3. Key Management Personnel Key management p¢rsonnel are thos¢ pcrsons having authority and responsibility for planningy directing and controlling tl activities of the charity. The total amount of employee benefits received by key management personnel in the year totalled £51.093 (2024 - £53,2'. Pension costs 2025 2024 Pension charge 3,203 2,607 The charity operates a defmed contribution scheme and contributions are charged in the statement of financial activities as they accrue. The charge for the year was £3,203 (2024- £2,607). Page 17
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 Taxation No charge for coryoration tax arises in the year ended 31 March 2025 (2024.. £NIL). The charity's activities fall within the exemptions afforded by the provisions of the Finance Act 2010. Accordingly, there is no taxation char%e in these accounts. 'ixtures Land and Plant and fittings and buildings machinery equipment 10. Tangible fixed assets Total Cost At l April 2024 Additions 2,756,896 36,677 31,939 82,283 2,871,118 2,969 39,646 At 31 March 2025 2,793,573 31,939 85,252 2,910,764 Depreciation At l April 2024 Ch&rge for the year 54fl,466 55,871 31,939 75,491 3,228 655,896 59,099 At 31 March 2025 604,337 31,939 78,719 714,995 et bookvalues At 31 March 2025 2,189.23C) 6,533 2.195.769 At 31 March 2024 2,208,430 6,793 2215,223 11. Debtors 2025 2024 Trade debtors Other debtors Prepayments 6,352 600 192 7,771 613 7,144 8.384 Page 18
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 12. Cash and Cash Equivalents 2025 2024 Cash at Bank and On Hand Bank tx)ans and Overdrafts 638,488 622,492 (12,125) 6311.488 610,367 13. Creditors: amounts falling due within one year 2025 2024 Bank Overdraft Trade creditors Taxes and social security costs ACcnlS and deferred income 12,125 I,oio 8,745 8,125 4,611 10,030 9,391 24,032 30,005 Security Bank borrowings are secured by; i) Legal mortgagelcharge over land with industrial units at Orchard Road, Strabane, dated 1810712005. li) Legal mortgage/charge over unit at Orchard Road, Strabane, dated 3010112009. 14. Analysis of net assets between funds for the chAritable company Unrestricted Restrlcted funds funds Total funds Fund balances at 31 March 2025 as represented by.. Tangible ftxed assets Current assets Current liabilities 6,534 1,410,688 (24,UJ2) 2,1 R9,235 2,195,769 ,41 O,()88 (7519,0117) (7tTr5,055) 1,393,190 1.424.180 2,817,370 Page 19
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 15. Unrestricted funds At l April Incoming Outgoing 2024 resourees resources At 31 Marcli 2025 General Funds 1.33C),777 289.344 (232,931) 1,393,190 Purposes of unrestricted funds Unrestricted funds are funds that are utilised at the discretion of the trustees in furtherance of the objects of the charitable company. 16. Restricted funds At l April Outgoing 2024 resources At 31 March 202S Phase 1, 2 & 3 Workspace Development 1,479.318 (55,138) .424,180 Purposes of restricted funds The Workspace Development programme is financed by the International Fund for Ireland, the EU progranune for Peace & Reconciliation and the charity's own resources. The purpose of the programme is the provision of incubation and other workspace for business development. The trustees believe that there are sufficient resources held or will be available to enable completion of the programme. 17. Related party transactions No related party transactions occurred during the year. 18. Controlling interep•t The trustees are considered to be the charity's controlling paty. 19. Going concern 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 Ihe expected level of income and expenditure for twelve months from the date of authorising these fmancial statenLents. Page 20
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Notes to the fmancial statements for the year ended 31 March 2025 20. Charitable Company Ilmited by guarantee Strabane Enterprise Agency is a charitable company limited by guarantee and does not have a share Capital. Every member of the charitable company undertakes to contribute to the assets/liabilities of the company in th¢ event of the same being wound up while helshe 15 a member, or within one year after helshe ceases to be a mcmbcr, for payments of thc dobts and liabilitics of thc chtwiknblc comptffty controcted before helshe ccascs to bc a melllber, and of costs, charges and expenses of winding up and for the adjustment of the rights of the contributories amongst themselves, such an amount as may be required not exceeding one pound. Page 21