Charity registration number NIC101192 Company registration number N1024735 (Northern Ireland) LISBURN ENTERPRISE ORGANISATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LISBURN ENTERPRISE ORGANISATION LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees MrA H Robinson (Chairman) Mr N E Elliott (Financial Director) Mr R S Briggs Mr N S Fenton Mr G A Green Mr D T Magill Mr I S S McBrien Mrs J E McQuitly Mr B Sofley (Company Secretary) Secretary Mr B Sofley Charity number NIC101192 Company number N1024735 Prlncipal address 6 Enterprise Crescent Ballinderry Road Lisburn Co Antrim BT28 2BP Registered office 6 Enterprise Crescent Ballinderry Road Lisburn Co Anlrim BT28 2BP Auditor GMCG LISBURN Century House 40 Crescent BLrsiness Park Lisburn BT28 2GN Bankers Danske Bank 62-66 Bow Street Lisburn BT28 1 YS Solicitors Maccorkell Legal & Commercial Garvey Sludios 8-10 Longstone Street Lisburn Co Antrim BT28 1TP
LISBURN ENTERPRISE ORGANISATION LIMITED CONTENTS Page Trustees, report Independent auditor's report 10-15 Statement of financial aclivities 16 Balance sheet 17 statement of cash flows 18 Notes to the finanGial statements 19-28
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for Ihe year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Gharilies preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and RepubliG of Ireland (FRS 102). (effective 1 January 20191 Chairman's Foreword Welcome to the 2024 Annual Review of the activities of Lisburn Enterprise Organisation, presented on behalf of the LEO Board of Directors. This year has been exceptionally busy for the organisation. LEO has sustained its support for local businesses by providing expert advice, implementing new business support initiatives, and offering essential workspace solutions. One outstanding example is the successful year-long delivery of the Go Succeed Programme to Lisburn-based entrepreneurs, in partnership with Enterprise Northern Ireland and Lisburn and Castlereagh City Council. This initiative, funded by the UK government, provides timely and tailored support to entrepreneurs al every stage of their journey, greatly boosting their chances of success and growth. Moreover, our Business Advisory team continued to deliver the Nl Explore Enterprise and our own fLrnded initiative, My Adviser. The successful implementation of these initiatives has enabled LEO to support more local businesses than ever before. These programmes have empowered Gountless entrepreneurs, equipping them with the essential resources and guidance to excel in a competitive market. LEO has successfully cultivated strong partnerships with various organisations throughout the year. Thanks to these Gollaborations, we are now a proud delivery partner of the Go Succeed Growth programme in the Lisburn and Castlereagh City Council area, in partnership with Full Circle Management consultants and have also delivered Ihe Vision to Venture self-employment programme in partnership with Tangible Consulting. These partnerships have significanlly amplified our impact, allowing us to reach and support a wider number of businesses. The provision of workspace units and Grade A office facilities is a fundamental activity of our organisalion, supporting many of LEO'S charitable endeavours. l am proud lo report that by the end of December 2024, we achieved 99.7 % occupanGy al our site. This accomplishment underscores the essential role our faGilities play in promoling business growih and fostering community development. LEO is continuing ils mission of empowering entrepreneurs and driving economic growth in the Lisburn area. The remarkable success, outstanding performance, and impressive achievements of LEO are all thanks to the incredible dedication of our Chief Executive, Martina Crawford, and her support staff. On behalf of the Board, I wish lo record our thanks to them. I would also like to take the opportunity to extend my heartfelt Ihanks to our Board of Directors for their unwavering commitment and support. LEO'S success is truly a testament to their individual and collective contributions. Their voluntary dedication is immensely appreciated and has made a significant impact on our achievements. Objectives and activities The objectives of the charity include the promotion of an entrepreneurial culture, support for business start-ups and mechanisms lo encourage existing business development. This report highlights the organisalion's main activities and beneficiaries. The organisation's charitable activities focus on the promotion of urban and economic regeneralion in the Greater Lisburn area and are intended to further charitable purpose for the public benefit. Every activity is assessed in respect of its impact on beneficiaries and its contribution to charitable activities so that Trustees may determine the best allocation of resources.
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Through the promotion of an entrepreneurial culture and offering support seNices to new and existing businesses, the charily contributes to the following charitable purposes= The relief of poverty., b. The relief of unemployment, including assistance to the unemployed to find employment-, The advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience- d. The provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help.. (i) in selting up their own business, or lill to existing businesses- and e. The creation of training and employment opportunities by Ihe provision of workspace, buildings andlor land for use on favourable terms. Public Benefit The Trustees have had regard to the Charity Commission Guidance on public benefit in the Charities Act 2011. The public benefit of our charitable purposes of advancing citizenship and community development through the promotion of urban regeneration in Lisburn are as follows.. The relief of poverty through increased opportunities to learn, train and be successful in attaining paid employment locally., A reduction in unemployment because of enhanced opportunities to upskill, gain work experience and attain paid-for job positions., An increase in the number of indigenous businesses established., An increase in the survival rates of business start-ups as a result of the advice, training & mentoring received- An improvement in the skills and experience of the local resident population so that Lisburn becomes an attractive destinalion for businesses to locate, thus providing more opportunities for paid jobs, skills and experience., An enlargement of Ihe local economy by providing support to businesses to become sustainable and prosper thus employing more people locally who's wages when spent locally, sustain many more businesses. The enhanced access to support structures making it easier for people to access advice, training & mentoring in entrepreneurship & business skills., and The advancement in awareness of enterprise as a viable career option. These benefits are evidenced in a number of ways, both in the collection of primary data and the review of independently produced statistics. Lisburn Enterprise Organisation was formally registered with the Charity Commission Nl on 13 February 2015 having been confirmed by the Commission to exist for charitable purposes and the public benefit. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance EnterISe Awareness A key feature of the work at Lisburn Enterprise Organisalion is the promotion of an entrepreneurial Gullure and the undertaking of awareness raising activities to highlight the opportunity of self-employment and business start-up in the Lisburn area. Entrepreneurial activity levels are a key indicator of an economy's health, with research demonstrating a positive link between new venture creation and the factors that drive economic growth and productivity. The Global Entrepreneurship Monitor (GEMI provides an insight into enlrepreneurial activity at national and international levels. The latest GEM Northern Ireland 202312024 National Report highlights Ihal the rate of Total early-slage Entrepreneurial Activity (TEA) in Northern Ireland in 2023 was 9.7°/o, up from 8.7°/0 in 2022. This figure is just slightly lower than a figure of 10.7 /0 in the UK overall and 10.8°/0 in England in 2023. Throughout the year, LEO Business Advisers continued to champion entrepreneurship, offering guidance and support to individuals exploring the path lo self-employment. The team actively connected with local community groups and Jobs and Benefits staff and took part in an event hosted by the local Jobs and Benefits office, promoting self-employment as a realistic and rewarding career choice. Business start up Northern Ireland Explore Enterprise Support Service The Northern Ireland Explore Enterprise Support Service is available to economically inactive individuals and aims lo provide them with the opportunity to develop their entrepreneurial and employability skills. Lisburn Enterprise Organisation partnered with Enterprise Northern Ireland to deliver this er)terprise support initiative in the Lisburn and Casllereagh Cily Council area throughout the year. Supported by the UK Government through the UK Shared Prosperity Fund, this programme provides personalised one-to-one mentoring with an experienced Business Adviser, along with training tailored to each individual's pace and needs. Participants can also work towards gaining a Level 2 qualification in Business Enterprise. The initiative is designed to help those currently out of work grow both personally and professionally, with the goal of strengthening the economy by supporting participants in becoming economically active. During the year LEO Business Advisers engaged with 10 individuals to assist them in exploring the setting up of a new venture or develop their employability skills. Corinne Price participated on the programme to gain business skills and confidence to help her sel up her new venture, Corinne Price Ceramics. Corinne produces colourful sculptural vessels and found the programme very beneficial in helping her to research her business idea and develop the confidence lo launch her business.
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Business start up (continued) Vision to Venture Self Employment Programme In Spring 2024 the Vision to Venture Self-Employment Programme supported aspiring entrepreneurs in the initial stages of setting up a business through the provision of workshops, one to one bespoke mentoring and a small bursary. Lisburn Enterprise Organisation assisted Tangible Consulting to deliver this initiative, funded by the Department of Communities, in the Lisburn and Castlereagh City Council area as part of the Lisburn and Castlereagh Labour Market Partnership. Participants who were unemployed or underemployed were supported through the programme to start up their own venture. LEO Business Advisers provided mentoring to 12 aspiring entrepreneurs, helping them in areas such as marketing, planning and finance. The team also assisted these entrepreneurs to apply for a £750 bursary through Ihe programme to spend on business start-up costs which included capital equipment, Gomputer hardware, websites and marketing materials. Daniel Greenan, of Daniel Greenan Photography and Videography, took part in Ihe programme and received one- to-one mentoring from a LEO Business Adviser. He Shared that the programme equipped him with valuable skills, personalised mentoring and a clear action plan to successfully launch his business. "The workshops and individual support from my mentor gave me a solid roadmap to transition my business into a full-time operation. The grant funding also enabled me to invest in essential equipment. Since completing the programme, my business has continued to grow from strength to strength.. Go Succeed Start Go Succeed is a Northern Ireland wide business support service for entrepreneurs and is delivered on behalf of the eleven councils by local enterprise agencies and Enterprise Northern Ireland. Funded by the UK Government, Lisburn Enterprise Organisalion deliver the Go Succeed Start initiative to Socal entrepreneurs in partnership with Enterprise Northern Ireland and Lisburn and Castlereagh City Council. Go Succeed offers customized assistance to individuals at various stages of their entrepreneurial journey whether they're starting out, looking to grow or aiming to scale their business. Over the Gourse of the year, LEO'S expert Business Advisory learn supported entrepreneurs al various stages of their start-up journey. They provided lailored one-to-one mentoring to help individuals refine their business ideas or successfully launch their ventures. The team also worked with entrepreneurs who had already begun trading, helping them reach key business milestones. In total, 1,257 individual mentoring sessions were delivered to 314 entrepreneurs. Alongside offering expert business advice and mentoring, LEO hosted a variety of Go Succeed workshops and Enterprise Clinics at the centre, aimed at helping aspiring entrepreneurs develop their business ideas. Key topics included Exploring Your Business Idea. Presenting with Confidence, and Finance Fundamentals. Throughout the year, the team also actively promoted the wide range of online Go Succeed workshops and masterclasses available to local entrepreneurs, supporting them in starting and growing their businesses.
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Business start up (continued) MY Adviser Lisburn Enterprise Organisation conlinued ils full funding of the MY Adviser programme throughout the year. This initiative offers start-up entrepreneurs in Ihe Lisburn area who are trading for less than 18 month access to personalised one-to-one business mentoring and regular MY Network catch-up events. Funded by LEO since 2018, the programme has proven highly valuable in helping local entrepreneurs build confidence and create actionable plans to move from concept lo launch. Each participant is matched wilh a dedicated LEO Business Adviser for a 12-month period, receiving bespoke mentoring alongside opportunities to Gonnect and learn from fellow start-up business owners. The programme blends mentoring with monthly MY Network evenls designed to strengthen business skills and foster peer support. Over the year, LEO hosted 8 such events, covering a wide range of topics including.. Photography for Social Media, Accountancy for Start-ups, Videography with Smartphones, Sales Slrategy. QuiGkBooks Demonstration, Building an Effective Website, Natural Resilience for Business, and Aulomation and Al Technology. By December 2024, 8 participants had benefited from tailored mentoring and networking sessions. Since its launch, the prograrnme has supported a total of 91 entrepreneurs. Business Development Go Succeed Grow Throughoul the year, Lisburn Enterprise Organisation continued to partner with Full Circle Management Consultants to assist in the delivery of growth business mentoring to established businesses in the Lisburn and Casllereagh City Council area. Go Succeed Grow provides tailored business mentoring to established business owners who require assistance on the best ways to expand and innovate and take their business to the next stage.
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Business Support Workspace At Lisburn Enterprise Organisation, we offer a variety of flexible workspace options tailored lo meet the needs of entrepreneurs, from light industrial units to modern office spaces. Our property portfolio now spans more than 85,000 square feet. To support and encourage enlrepreneurship, we provide favourable terms, including a flexible licence agreement with just 30 days, notice required for termination. Our all-inclusive licence fee covers site securily, waste disposal, grounds maintenance, and access to on-site administrative and business support services. Over the course of the year occupancy levels remained exceptionally strong, reaching 99.7 % in December 2024. As a result, 150 businesses are now operating from the site, collectively employing over 500 people. As part of our ongoing commitment to environmental sustainability, LEO is proud to report that this year's waste reduction and recycling initiatives successfully diverted 68 tonnes of waste from landfill. Virtual Office Facilities Lisburn Enterprise Organisalion virtual office facilities enable business owners to maintain a professional image while minimising overhead costs. Clients can benefit from a commercial mailing address and if desired, add a professional call handling service. Instead of the expense of hiring a fulplime receptionist, businesses can rely on the LEO administrative team to provide a personalised call handling solution. By Ihe end of the year, 43 businesses were actively using the Virtual Office services available at the centre. Conference Facilities This year, the combination of outstanding room hire facilities, exceptional service quality and a prime central location significantly boosted demand for our meeting rooms and conference services. The LEO team successfully hosted a total of 209 room hire meetings and events throughout the year. Accessing Finance During the year LEO were delighted to deliver business mentoring to clients who received a loan through the Start Up Loans Company. LEO is an official and pro-active Delivery Partner of the Start Up Loans Company and the Nl Small Business Loan Fund. In 2024 Ihese two loan funds committed £268,300 in loans to 12 Lisburn based businesses and entrepreneurs. Co-operatlon & Partnership A key aspect of LEO'S charitable work lies in the valuable contributions made by its Trustees and staff to various initiatives both within the city of Lisburn and beyond. Our partnership with Fusion Theatre Company remained strong this year. Fusion, an award-winning youth theatre based in Lisburn, offers young people aged 8 to 21 from all backgrounds the chance to participate in high-quality musical theatre productions. Their performances of Anastasia and Amélie at the Island Arts Centre once again highlighted the outstanding talent of local youth. The Board of Directors greatly values the strong relationship shared with our core enterprise and economic development partners Lisburn & Castlereagh City Council and Enterprise Northern Ireland. Throughout Ihe year, LEO supported a number of business growth initialives and networking events on behalf of the Council. In addition, the Chief Executive actively participated in the Council's networking events, engaging with local entrepreneurs. LEO remains an active and committed member of Enterprise Northern Ireland {ENII, with representation on the organisation's Board. LEO also plays a key role in delivering a range of ENI initiatives to support local entrepreneurs. Each year, LEO encourages local business owners to take part in the ENI Barometer sutvey, which offers valuable insights into the performance of our SMES and highlights the main challenges they face. In addition to tracking performance, the survey identifies the types of support needed to help these businesses succeed. Throughout the year, Ihe organisation maintained a strong and collaborative relationship with Lisburn Chamber of Commerce. In 2024, LEO participated in key Chamber events, including the President's Lunch and the Lisburn Chamber Dinner at The Ballymac Hotel. LEO also continues to engage with the Bank of England and the British Business Bank, ensuring that the perspectives and experiences of Lisburn businesses are reflected in the economic and financial insights gathered by Bank agents.
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial review The charity returned net incoming resources of £176,633 (2023 - £149,465), of which all were unrestricted. At 31 December 2024, the level of unreslricted reserves held was £4,100,900 (2023 - £3,924,267). The primary objective of the LEO ReseNes Policy is to retain a level of free resetves which matches the needs of the charitable company both at the current lime and in Ihe foreseeable fulure. The most recent review of this policy encompassed the nature of the income and expenditure streams, Ihe need to match variable income wilh fixed commitments and the nature of the reserves. The review concluded that to allow the charity to be managed efficiently and to provide a buffer for uninterrupted services, an adequate general reserve should be maintained at a level equivalent to 6 month's expenditure. The LEO Board believes in retaining an appropriate level of reserves for the following reasons= To ensure sufficient funds are available to meet current commitments when income streams are erratic. To ensure services can be maintained in the event of an unexpected loss of income or exceptional expenditure. To provide sufficient funds for an orderly winding up in the event that the organisation should cease operations. The trustees maintain a policy of actively managing the reserves in order to increase the operational possibilities of the charitable company in future years. The Reserves Policy is formally reviewed annually. The trustees have assessed the major risks to which the charitable company is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. Plans for future perlods LEO plans on continuing its aGlivities under the headings of enterprise awareness, business start-up, business development and business support in forthcoming years. structure, governance and management The charity is a company limited by guarantee and does not have share capital. It is governed by a Memorandum and Articles Association. The charitable company was incorporated on 13 August 1990 and registered as a charity on 16 February 2004. The company has charitable status for taxation purposes. The trustees, who are also the directors for the purpose of company law, and who served during the year and up lo the date of signature of the financial statements were.. MrA H Robinson (Chairman) Mr J R Catney (Company Secretary) Mr N E Elliott (Financial Director) Mr R S Briggs Mr N S Fenton Mr GAGreen Mr D T Magill Mr I S S McBrien Mrs J E McQuitty Mr B Sofley (Company Secretary) (Resigned 14 May 20241
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The charitable company is managed by the Board which usually meets each month. The day to day management of the Gharitable company is carried out by the Chief Executive Officer. The trustees of the company are elected by the members of the charitable company. Trustees are recruited and appointed in accordance with the Articles of Association. Upon election each trustee is given a copy of Ihe Memorandum and Articles of Associalion and the latest Annual Report and also introduced to the legal and operational aspects of the charity to ensure they have an understanding of the nature of charity Irusleeship and responsibilities and duties that go wilh this position. None of the trustees has any beneficial interest in the company. All of the trustees are members oflhe company and guarantee to contribute £1 in Ihe event of a winding up. Key Management Personnel The Board Gonsider the board of trustees, the chief execulive officer and the senior business advisor as comprising the key management personnel of the Gharity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All board members give their lime freely and no board remuneration was paid in the year. Board members are required to disclose all relevant conflict of interests and register them at each monthly board meeting and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. The Board of Directors would like to formally acknowledge and thank Martina Crawford, Chief ExeGulive, along with the entire team for their dedication and hard work throughout the year. Demand for our programmes remained consistently strong, room hire increased significantly and we achieved an impressive occupancy rate of 99.70A. The Charity remains committed to Ihe ongoing development and training of both staff and Board members, ensuring the delivery of the highest quality seNices lo our clients. Over the course of the year, staff received training in various areas, including new programme initiatives. We are proud lo report that the organisation successfully maintained its ISO 9001 and ISO 14001 accreditations during the year. Trustees and staff are also actively engaged in voluntary work within the local community and in prisons. In 2024, this included fundraising efforts by staff and licensees, who raised £407 in support of Macmillan Cancer. The Trustees of the Charity give their time to support LEO voluntarily and are not in receipt of any payment from the Charity.
LISBURN ENTERPRISE ORGANISATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of trustees, responsibilities The trustees, who are also the directors of Lisburn Enterprise Organisation Limited for the purpose of company law, are responsible for preparing the Trustees, 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 Iruslees to prepare financial slatemenls for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the Gharitable company for that year. In preparing these financial staternents, the trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 (FRS 1021. make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will conlinue in operation. The trustees are responsible for keeping adequate accounting records thal disGlose with reasonable accuracy at any lime the financial position of the Gharily 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor In accordance with the company's articles, a resolution proposing that GMCG LISBURN be reappointed as auditor of the company will be pul al a General Meeting. Dlsclosure of information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify SUGh relevant information and to establish that the auditor is aware of such information. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemptions. The trustees, report was approved by the Board of Trustees. IiA MrA H Robinson {Chairmanl Trustee Dale..
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Opinion We have audited the financial statements of Lisburn Enterprise Organisation Limited (the 'charity') for the year ended 31 December 2024 which comprise Ihe statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended., have been 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 opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audil of the financial statements section of our report. We are independent of the charity in accordance with the elhical requiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have 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. ConclusTons relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of al leasl twelve rnonths from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect lo going concern are described in the relevant sections of this report. 10-
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Other Information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial stalements themselves. If, based on Ihe work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the Gourse of our audit.. the information given in the truslees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial stalemenls are prepared is con8lStent with the financial statements-, and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following malters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns; or Gertain disclosures oftrustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not enlilled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. 11
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Responsibllities of trustees As explained more fully in Ihe statement of trustees, responsibilities, the truslees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for SUGh internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or erior. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to Gontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Ihe trustees either intend to liquidate the charitable Gompany or to cease operations, or have no realistic alternative but to do so. Audltor's responslbilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material rnisstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audil conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 12-
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Extent to which the audit was considered capable of detecting irregularlties, includlng fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate lo provide a basis for our opinion. In identifying and assessing polenlial risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business performance, including the ch8rity's remuneralion policies for directors, bonus levels and performance targets, if any., Results of our enquiries of management about their own identification and assessment of the risks of irregularities; Any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to.. Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance., Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest polential for fraud in revenue recognition. In common with all audits under ISAS (UK), we are also required to perform specific procedures lo respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Charities Act 2011. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fLfndamental to the charity's ability to operate or to avoid a material penalty. 13-
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Audlt response to risks identified Our procedures to respond to the risks identified included the following.. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial stalements., Enquiring of managemenl Goncerning actual and potential litigation and claims., Performing analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misstalemenl due to fraud., Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities- and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgemenls made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal Gourse of business. We also ¢ommuniGated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indiGations of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-deteclion of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal conlrols. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 .frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. 14-
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Use of our report This report is made solely lo the company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the company's members those matters we are required to stale to them in an auditorfs report and for no other purpose. To Ihe fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Stephen Houston FCA {Senior Statutory Auditor) for and on behalf of GMCG LISBURN Chartered Accountants statutory Auditor Century House 40 Crescent Business Park Lisburn BT28 2GN 15-
LISBURN ENTERPRISE ORGANISATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from.. Charitable activities Investments 708,057 52,151 655,094 11,063 Total income 760,208 666,157 Expenditure on: Charitable activities 583,575 516,692 Total expenditure 583,575 516,692 Net Income and movement in funds 176,633 149,465 Reconclliation of funds: Fund balances at 1 January 2024 3,924,267 3,774,802 Fund balances at 31 December 2024 4,100,900 3,924,267 The statement of financial activities includes all gains and losses recognised in Ihe year. All income and expenditure derive from Gontinuing activities. 16-
LISBURN ENTERPRISE ORGANISATION LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 12 2,670,576 2,807,123 Current assets Debtors Cash at bank and in hand 13 27,996 1,526,084 26,134 1,210,468 1,554,080 1,236,602 Creditors: amounts falling due within one year 14 1123,756) {119,458) Net current assets 1,430,324 1,117,144 Total assets less current liabilities 4,100,900 3,924,267 Income funds Unrestricted funds 4,100,900 3,924,267 4,100,900 3,924,267 These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Trustees on and signed on their behalf by.. O(,cL Qck) MrA H Robinson (Chairman) Trustee Mr N E Elliott (Financial Director) Trustee Company registration number N1024735 17-
LISBURN ENTERPRISE ORGANISATION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 18 263,821 279,371 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income received (6241 268 52,151 11,063 Net cash generated from investing activities 51,795 11,063 Net cash used in financlng activities Net increase in cash and cash equivalents 315,616 290,434 Cash and cash equivalents at beginning of year 1,210,468 920,034 Cash and cash equlvalents at end of year 1,526,084 1,210,468 18
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIVIBER 2024 Accounting policles Charity Tnformation Lisburn Enterprise Organisalion Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 6 Enterprise Crescent, Ballinderry Road, Lisburn, Co Antrim, BT28 2BP. 1.1 Accounting conventlon The financial stalemenls have been prepared in accordance with Ihe charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" las amended for accounting periods commencing from 1 January 2016}. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional Gurrency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hislorical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern At the time of approving the financial statemenls, the trustees have a reasonable expectation thal the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the going concern basis of accounting in prepartng the financial statements. 1.3 Charltable funds UnrestriGted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Grants received to fund capital expenditure are transferred to designated funds from restricted funds when expended and then released to general funds over the related assets, useful economic life. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Incoming resources from charitable activities comprises licence fee income, programme income, adminislralive seNices income and consultancy. Income is deferred when it does not meet the criteria for recognition as incoming resources in the Statement of Financial Activities, as entitlement to the incoming resource does not exist at the balance sheet date. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally 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 2024 Accounting policies (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 constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under one of the following headings.. Costs of raising funds, Expenditure on charitable activities and Other expenditure. Support costs are those Ihal assist the work of the charity bul do not directly represent charitable activities and include office costs, governance costs, depreciation costs and administralive payroll costs. They are inGurred directly in support of expenditure on the objects of the charity and include project management carried out at the office. Office costs, depreciation costs, governance costs and payroll costs are allocated to charitable activities based on percentage of turnover. The allocation of support costs is analysed in note 7. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on Ihe following bases.. Freehold buildings Plant and equipment Fixtures and fittings 30/0 Straight line 100/0 Reducing balance 250/0 Reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in Ihe statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication Ihat those assets have suffered an impairment loss. If any such indication exists, Ihe recoverable amount of Ihe asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with 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 liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are reGognised in the charity's balance sheet when the charity beGomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial 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 2024 Accounting policles (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised Gost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes 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 liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using ihe effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or lo provide lerrnination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltlcal accountlng estimates and judgements In the application of the charity's accounting policies, the Iruslees are required to make judgements, estimates and assumptions about the carrying 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 Ihese estimates. The estimates and underlying assumptions are 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 currenl and fulure periods. 21
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estimates and judgements (Continued) Key sources of estimation uncertainty Flxed Assets The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The Irustees regularly review these assets lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assels concerned. Changes in assets lives can have a significant impaGI on depreciation charges for the period. Detail of the usefu5 lives is included in the accounting policies. Restricted and unrestrlcted funds Judgement are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The trustees consider it appropriate to allocate these funds based on donations received. Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Programme and consultancy income Licence fee income Secretarial and other services 68,630 586,075 53,352 32,074 568,400 54,620 708,057 655,094 Income from investments Unrestricted Unrestrlcted funds funds 2024 2023 Interest receivable 52,151 11,063 -22-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltable activities 2024 2023 staff costs Temporary staff costs Depreciation and impairment Programme expenditure Rates Insurance Heal and light Repairs and renewals Equipment maintenance Printing, postage and stationery Waste disposal Security service General expenses Training & development Cleaning Advertising Telephone Computer Costs Hire of Equipment Motor & Travel Bank Charges Donations Subscriptions ProfiVILossl disposal of tangible assets 152,862 17,057 153,960 56,865 3,400 24,269 48,772 42,838 10,203 2,112 10,302 2,586 9,716 1,600 22,537 135,759 137,770 24,140 4,000 22,054 56,381 45,248 10,222 2,438 13,227 2,594 10,726 2,000 14.508 2,361 2,867 10,029 1,385 5,855 526 200 150 3,206 9,981 1,388 7,030 480 300 141 268 564,816 504,440 Share of governance costs {see note 7) 18,759 12,252 583,575 516,692 Analysis by fund Unrestricted funds 583,575 583,575 For the year ended 31 December 2023 Unrestricted funds 516,692 516.692 23-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Description of charitable activities Urban and Economic Re eneralion All charitable activities focus on the promolion of urban and economic regeneration in the Greater Lisburn area. Support costs allocated to activities 2024 2023 Governance costs 18,759 12,252 Analysed between.. Urban and Economic Regeneration 18,759 12,252 2024 2023 Governance costs comprise,. Audit fees Legal and professional 4,475 14,284 5,075 7,177 18,759 12,252 Governance costs includes payments to the auditors of £4,475 (2023 - £5,075) for audit fees and £1,075 (2023 - £nil) for payroll services. Net movement in funds 2024 2023 The nel movement in funds is slated after chargingl{crediling}'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 4,475 136,903 5,075 137,770 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 24-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Administration Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 138,637 10,146 4,079 123,653 8,176 3,930 152,862 135,759 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £70,000 - £80,000 Remuneratlon of key management personnel The remuneration of key managernent personnel was as follows.. 2024 2023 Aggregate compensation 73,404 70,060 The charity considers its key management personnel to comprise of the chief executive officer and senior business advisor. 11 Taxation The charity is exempt from taxation on its activities because all ils income is applied for charitable purposes. -25-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tangible flxed assets Freehold buildings Plant and Fixtures and equlpment fittings Total Cost At 1 January 2024 Additions Disposals 6,252,671 116,283 179,361 6,548,315 624 624 (1,3551 (1,3551 At 31 December 2024 6,252,671 116,283 178,630 6,547,584 Depreciation and Impalrment At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 3,469,392 131,768 101,762 1,666 170,038 3,741,192 3,469 136,903 {1,087) 11,0871 At 31 December 2024 3,601,160 103,428 172,420 3,877,008 Carrying amount At 31 December 2024 2,651,511 12,855 6,210 2,670,576 At 31 December 2023 2,783,279 14,521 9,323 2,807,123 13 Debtors 2024 2023 Amounts falllng due within one year: Trade debtors Other debtors Prepayments and accrued income 25,675 646 1,675 21,673 835 3,626 27,996 26,134 14 Credltors: amounts falling due wlthln one year 2024 2023 Other taxation and social security Trade creditors other creditors Accruals and deferred income 33,700 15,140 60,530 14.386 27,189 9,068 58,525 24,676 123,756 119,458 -26-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Retirement benefit schemes 2024 2023 Defined contributlon schemes Charge to profil or loss in respect of defined contribution schemes 4,079 3,930 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independenlly administered fund. 16 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subjecl to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended At31 December 2024 General funds 3,924,267 760,208 1583,575) 4,100,900 Prevlous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 3,774,802 666,157 {516,6921 3,924,267 17 Operatlng lease commitments At the reporting end dale the charity had outstanding commitments for future minimum lease payments under non-cancellable operaling leases, which fall due as follows.. 2024 2023 Within one year Between two and five years 1,611 10,697 1,730 238 12,308 1,968 -27-
LISBURN ENTERPRISE ORGANISATION LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Cash generated from operations 2024 2023 Surplus for the year 176,633 149,465 Adjustments for.. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (52,1511 136.903 (11,063) 137,770 Movements in working capilal.. {Increase} in debtors Increase in creditors (1,8621 4,298 (4,180) 7,379 Cash generated from operations 263,821 279,371 19 Analysis of changes in net funds The charity had no material debt during the year. 28-