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 fir￿ncIal 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 cU￿entlY provides 22 office I workshops for business and emplO￿nellt 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 aCC￿lbIe 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 n￿1n 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 tn￿leeS are satisfied with the perforn￿nCe 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 perforn￿nCe 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 perforn￿nCe 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 fu￿nCIal activities, the statement of f￿anCIal 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 f￿￿￿claI 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 tn￿te¢S arc responsible for the other infonnation. Thc other infonnation comprises the inforn]ation included in the trustees, annual report , other than the f￿anCIal 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 fu￿1claI 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 f￿anCIaL 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¢ f￿anCIal 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 e￿Or. 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