LISBURN ENTERPRISE ORGANISATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Unrestricted funds funds 2023 2022 Notes Charitable activities Investments 655,094 11,063 643,234 907 Total Incom8 666,157 644,141 Charitable activities 516,692 544,167 Net Income for the yearl Nat movement In funds 149,465 99,974 Fund balan8 at 1 January 2023 3,774,802 3,674,828 Fund balances at 31 December 2023 3,924,267 3,774,802 The statement of Itnancial actwities includes all gains and10sses recognised in the year. All income and expenditure derive from continuing activit188. The ststement of financial activtties also compllas with the requlrements for an income and expenditure account under the Companies Act 2006. 16-
LISBURN ENTERPRISE ORGANISATION LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets 10 2,807,123 2,944,893 Current assets Debtors Cash at bank and in hand 11 26,134 1,210,468 21,954 920,034 1,236,602 Creditors: amounts falling due withln one year 941,988 12 {119,458) (112,079) Net current assets 1,177,144 829,909 Total assets less Current Ilabiliti8S 3,924,267 3,774,802 Income funds Unrestricted funds 3,924,267 3,774,802 3,924,287 3,774,802 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. signed on their behalf by.. MrA H Robinson (Chairman) Trustee Mr N E EllS0tt (Flnanclal Dlrector} Trusteè Company registration number N1024735 17-
LISBURN ENTERPRISE ORGANISATION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating actlvtties Cash generated from operatlons 15 279,371 207,650 Investlng activlties Purchase of tsngible fixed assets Investment income received (7,878) 907 11,063 Net cash generated fromJ(used In) investlng activltles 11,063 (6,971) Net cash used In tlnanclng actlvltles Net Increase in cash and cash 8qulvalents 290,434 200,679 Cash and cash equivalents at beginning of y88r 920,034 719,355 Cash and cash equlvalents at end of year 1,210,468 920,034 18-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles Charlty information Lisbum Enterprise Organisation Limited is a private company limtted by guarantee incorporated in Northem Ireland. The registered office 1$ 6 Enterprise Crescent, Ballindery Road, Lisbum, Co Antrim, BT28 2BP. 1.1 Accountlng convention The financial statements have been prePad in accordance wtth the charty's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statem&nt of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in th8 UK and Republic of Ireland {FRS 102). {as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as d6fined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The flnancial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial ststements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational exislence for the ft)resee2ble future. Thus th8 tnBte@s continue to adopt the going concèm basis of accounting in preparing the financial statements. 1.3 Charltable fund3 Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objeGtives. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Th8 aim and use of each designat8d fvnd is set out in Ihe notes to the financlal statements. Grants received to fund capital expenditure are transferred to designated funds from restrlcted fvnds when expended and then released to general funds over the related assets, useful economlc life. 1.4 Income Income is recognlsed when the charty is legally entitled to it after any performance conditlons have been met, the amounts can be measured reliably, and it is probable that Incom8 wlll be recelved. Incoming resources from charitable activities comprises licence fee income, progrdmm8 income, administrative services income and consultancy. Income Is deferred when it does not meet the criteria for recognition as incoming reSoUrS in the Statement of Financial Activities, as entitlement to the incoming resource does not 8st at the balance sheet date. Interest on funds held on deposit is included when re[Vable and the amount can be measured reliably by the ¢harity', this is norrnslly upon notification of the interest paid or payable by the bank. 19-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AcGountlng poli¢ies (Continued) 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructtve obligation to make payments to third parties, it is probable that the settlement W711 be required and the amount of th8 obligation can be measured reliably. It is categorlsed under one of the following headings.. Costs of raising funds, Expenditure on charitable activities and Other expenditure. Support costs are those that assist th6 work of the charlty but do not directly represent charitable activities and include office costs, governance Costs, depr&ciation costs and administrative payroll costs. They are incurred dlrectly in support of 8xpenditure on the objects of the charity and include project managèment carried out at the office. Office costs, depreciation Costs, governan costs and payroll costs are allocated to charitable activities based on perGentage of turnover. The allocation of support costs is analysed in note 7. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at ¢ost and subsequ8ntly measured at cost or valuation, net of depreciation and any impairrnent losses. Depreciation is recognised so as to wrlte off the cost or valuation of assets less their residual values over thelr useftjl lives on the following bases: Freehold buildings Plant and equipment Fixtures and fittings 3% Straight line 1 Ooh Reducing balance 250h Reducing balance The gain or loss arising on the disposal of an asset Is determined as Ihe dlfference beeen the sale proceeds and the carrylng value of th8 ass&t, and is recognised in the statement of financial activities. 1.7 Impalrmont of fixed assets At each reporting end date, the charitable company revlews the carrylng amounts of its tangible assets to determine whether ther8 is any indication that those assets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiinè the extent of the imp£irment loss (If any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call wth banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings In current liabllities. 1.9 Financial instruments The charity has elected to apply the provisions of Sectton 11 'Basic Financial Instruments, and Sectlon 12 'Other Financlal Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to th8 contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the finanaal statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. -20-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Baslc flnancial assets Basic financial assets. which Indude debtors and cash and bank balances, are initially rneasured at transaction price including transaction costs and are subs8quentty carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the pr8sent value of the future recelpts discounted at a market rate of interest. Financial assèts classifled as receivable within one year are not amoits8d. Basie ffnanclal Ilabllltles Basic financial liabilit18s, Including credltors and bank loans are initially recognised at transaction price unless the arrangement constitules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitles classified as payable within one year are not amortised. Debt Instruments are subsequently carried at amortised Cost, using the 8ffective inter8St rate method. Trade creditors are obllgations to pay for goods or services that have b88n acquired in the ordinary course of operations from suppliers. Amounts payable are Glassified as Gurrent liabilities if payment is due wlthin one year or les5. If not, they are presented as non-current liabilities. Trade creditors are recognised inltlally at transaction prits and subsequently measured at amortised cost using the 8ffective interest method. Derecognition of flnancial liabilities Flnancial liabilities are derecognised when the charity's contractual obligatlons expire or are discharged or cancelled. 1.10 Employee b8neffts The cost of any unused hollday entitlement Is recognised In the period In which the employee's services are received. Termination benefits are recognlsed Immediately as an expense when the charrty is demonstrably committed to terminate the employment of an employee orto provide temilnation benefits. 1.11 Retlrement benefits Payments to defined contribution retirament ben8fit 8cheme8 are ¢harged as an expense as they fall due. Crltical accounting estlmates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions ara reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both cuffent and future periods. -21
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 critical accountlng estimates and judgements (Continued) Key sources of 8stimatlon uncertainty Flxed Assets The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estlmates of residual values. The trustees regulady review thes8 assets lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisaticn and physical Condition of the assets concerned. Changes in assets lives can have a signffjcant impact on depreciation charges for th8 period. Detail of th8 useful lives is included in the a¢¢ounting policies. R88triGted and unr8stricted funds Judgement are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The trustees consider it appropriata to allocate these funds based on donations received. Charitable activities Unrestricted Unrestricted. funds funds 2023 2022 Programme and consultancy income Llcence fee income Secretarial and oth8r s8rylces 32,074 568,400 54,620 46,006 542,285 54,943 655,094 643,234 Investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 11,063 907
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activlties 2023 2022 Staff costs Depreciation and impainnent Programme expenditur8 Rates Insurance Heat and light Repairs and renewals Equipment maintenance Printing, postage and stationèry Waste disposal Security service General expenses Bad debts Training & developm8nt Cleaning Advertising Telephone Computer Costs Hire of Equipment Motor & Travel Bank Charges Donations Subscrlptlons 135,759 137.770 24,140 4.000 22,054 56,381 45,248 10,222 2,438 13,227 2,594 10,726 149,158 135,984 13.153 4,800 18.497 74,183 57,375 12,397 6,502 14,951 2,495 10,646 113 1,024 14,4Q6 425 3,241 9,437 1,391 5,917 649 200 138 2,000 14,508 2,361 2,867 10,029 1,385 5,855 528 200 150 504,440 537,082 Share of govemance wsts (see note 71 12,252 7,085 516,692 544,167 Analysis by fund Unrestricted funds 516,692 516,692 Forthe year ended 31 December 2022 Unrestricted funds 544,167 544,167 Descrlption of charitable activities anan onomi eneration All charitable activitiès focus on the promotion of urban and economic regeneration in the Greater Lisbum area. -23-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance Gosts costs 2023 2022 Audit fees Legal and professional 5,075 7,177 5,075 7.177 3,685 3,400 12,252 12,252 7,085 Analysed beeen Charitable activities 12,252 12,252 7,085 Govemance Costs includes payments to th8 auditors of £5,07512022- £3,685) for audit fees. Trustees None of the trustees (or any persons connected with them) r8c8lved any remuneration or b8nefits from the chadty during the year. Employees Th& average monthly number of employ888 during th8 year was: 2023 Number 2022 Number Adrninlstration Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 123,653 8,176 3,930 135,463 9.758 3,937 135,759 149,158 The number of employees whose annual remuneration was more than £60.000 is as follows- 2023 Number 2022 Number £60,000- £70,000 -24-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Tanglble fixed assets Freehold bulldlngs Plant and Flxtures and equlpment fittlngs Totsl Cost At 1 January 2023 6,252,671 116,283 179,361 6.548,315 At 31 December 2023 8,252,671 116,283 179,361 6,548,315 Dopreciation and impairment At 1 January 2023 Depreciation Charged In the year 3,337,624 131,768 99,945 1,817 165,853 4,185 3,603,422 137,770 At 31 December 2023 3,469,392 101,762 170,038 3,741,192 Carylng amount At 31 December 2023 2,783,279 14,521 9,323 2,807,123 At 31 December 2022 2,915.047 18,338 13,508 2,944,893 11 Debtors 2023 2022 Amounts falllng due wlthln one yoar: Trade debtors Other debtors PpayMentS and 8ccru8d income 21,673 835 3,626 17,140 266 4,548 26,134 21,954 12 CredltorJ: amounts falllng due wlthln one year 2023 2022 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 27,189 9,068 58,525 24,876 25,205 9,732 59,165 17,977 119,458 112,079 -25-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Operating lease commilments At the porting end date the charity had outstanding commltments for future minimum lease payments under non-cancellable operating lèases, which fall due as follows.. 2023 2022 Within one year Between and five years 1,730 238 5,495 713 1,968 6,208 14 Related party transactlons Remuneratton of kèy management personnel The remuneration of key management personn81 is as follows. 2023 2022 Aggr8gate compensation 70,060 90,335 The charity conslders Its key management personnel to comprise of the chief executive officer and senior business advisor. 16 Cash generated from operations 2023 2022 Surplus for the y8ar 149,465 99,974 Adjustments for. Investment income recognised In statement of financial actlvtties Depreciation and impairment of tangible fixed assets (11,063) 137,770 1907) 135,984 Movements in working capital.. Ilncrease)Idecrease in debtors Increaselldecreasel In creditors (4,180) 7,379 5,335 (32,736> Cash generated from operatlons 279,371 207,650 16 Analysls of changos In net funds The chartty had no debt during the year. -26-