Company registration number: Nt026172 Charity registration number: 101211 Antrim Enterprise Agency Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2023 DT Carson & Co. 51- 53 Thomas Street Ballymena Co. Antrim BT43 6AZ
Antrim Enterprise Agency Limited Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and lega¢i¢s Charitable activities Other trading activities Investment income Other income 67 223,371 10,571 3,905 1,848 67 248,587 10,571 3,905 1.848 25,216 Total income 239,762 25,216 264,978 Expenditure on: Raisillg fimds Charitable activities (10,364) 223,549 (10,364) (235.094) (11,545) Total expenditure (233.913) (11,545) 245,458) Net income Transfers between funds 5,849 29.453 13,671 (29.453) 19.520 Net mov¢n)¢nt in funds 35.302 (15.782) 19,520 Re¢on¢ili2tion of funds Total funds brougbt forward 809.745 26,563 836,308 Total fidS carried forward 22 845,047 10,781 855.828 The notes on pages 23 to 39 forni an integrnl part of these financial statements. Page 20
Antrim Enterprise Agency Limited Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2022 IW4ote Income #nd Endowments from: Donations and legacies Charitable activities Other trading activities Investment income Oth¢r incou 17 217,976 22,355 292 1,596 17 269.753 22,355 292 1.596 51,777 Total income 242.236 51,777 294,013 Expendithre on". Raising fidS ChaTitable activities (9.759) (164,091) (9,759) (198.781 (34.690) Total expenditt]re (173.850) (34,690) (208,540) Net income 68,386 17,087 85.473 Net movement in funds 68,386 17.087 85,473 Re¢on¢ili#tion of funds Total funds brougbt forward Total funds carried forward 741,359 9.476 750,835 22 809.745 26,563 836,308 All of the clwity's activities derive from continuing op¢rdtions during the above two periods. Th¢ fimds breakdovrn for 2022 is shown in note 22. The notes on pages 23 to 39 forni an int¢graL part of these fanCIal statements. Pag¢21
ADtrim Enterprise Agency Limited (Registration number: N1026172) Balance Sheet as at 31 March 2023 2023 2022 Note Flxed assets Tangible assets 16 604,379 596,775 Current assets Debtors Cash at bank and in hand L7 18 23,712 399.315 18,875 396.038 423,027 414,913 Creditors: Amounts falling due witbin one year 19 (81,114) (70,727) Net current a$$ets 341,913 344,186 Total assets less current liabilities 946,292 940,961 Creditors: Amounts fallinE due After more than one year 20 (90,464} (104,653) 836,308 Net assets 855,828 FuDds of the ¢harity: Restricted income fvnds Restricted fimds 22 10.781 26,563 Unrestrlded fincome funds Unrestricted funds 845.047 809.745 Totsl fuDds 22 855.828 836.308 The5¢ fmancial statements have been prepared in accordance with the special provisions relating to compatiies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 20 to 39 were approved by the trustees, and authorised for issue on 11 September 2023 aod signed tbeir behalf by: rof J Walla¢¢ Chaitman and Tn]stee The notes on pages 23 to 39 form an integrdl part of thcse fmanGial statements. Page 22
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 I Charity status The charity is a private company limited by guarantee. incorporated in Northern Ireland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exc¢¢ding £ I towards the assets of the charity in the event of liquidation. The addres5 of its registered office is 58 Greyslone Road, ANTRIM. B T41 IJZ These financial statements were authorised for issue by the trustees on I I September 2023. 2 Aecounting policies Summary of significant accounting policies And key Aeeounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenily applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in aeeordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to cliarities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) - (Cliarilies SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008 and the Companies Act 2006. The charity is a Public Benefit Entity as defined by FRS 102. Basis of preparAtio Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy noles. The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1. Going concern The financial statements have been prepared on a going concern basis &$ the trustees consider that Iliere are no material uncertainties about the charity's ability lo continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity. The trustee5 have considered both th¢ level of funds held and the expected level of income and ¢xpenditure for 12 months from authorising these financial statements, taking inlo Consideration all relevant factors including the Covid 19 pandemic. Page 23
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 Judgements The prepardtion of the financial statements requtres the Trustees to moke judgements. estimates and &8sumptions that affect the application of accounting poLicies and the reported amount of assets and liabilities. income and expenses. The estimates and asso¢iated assumptions are based on historical experience and other factors that are onsidered to be r¢l¢vallt. Actual results may differ frorn thes¢ estimates. The estinteS 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 p10d of the revision and filture periods where the revision affects both current and futh periods. Key sources of estimation uncertaiDty Tangible Fixed &8sets Tangible fixed &ssets are depreciated over their useful economic lives taking into account residual values. wher¢ appropriate. The actual lives of the assets and residual values ate assessed annually and may vary depending on a number of factots. In re-as5¢ssing asset liv¢s, fadots such as maintenance progrdmTnes and te¢bnologi¢aL innovation are taken into account. Residual value assessments consider issues such as future market condttions, the remaining life of the asset and projecfrd disposal values. The cwing amount is £604,379 (2022 -£596.775). Income and endowments All income is recognised once there 15 a legal or constructive obligatlOD to that income after any perfornmce onditions have b¢en meL the amount can be measured reliably and it is probable that incorne will be received. All income is allocated to the applicable income heading that aggregate similar income to that category. Dontthons and legacies Donations are recognised when the charity has been notified in ltillg of both the amount and settlement date. In the event that a donation is Subject to conditions that require a level of perforniance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are llY me¢ or the fi]lfiiment of those conditions is wholly within the Gontrol of th¢ tharity and it is probabl¢ that these conditions will be fidfilled in the reporting period. Grants receivable Grants are recognised when the charity has an entitl¢m¢nt to the funth and any conditions linked to the grdnts have been met. Where performance conditions are attached to the grant and are yet to be meL the income is recognised as a liability and in¢luded on the balall¢e she¢t as defe[d income to be rele2SC Other trading t7cÈivilies The cbarity generates rental income by uti]ising the business workspace to further its primary aims and objectives. Invthentincome tnterest on fimds held on deposit is included when ceIVable and the amount can be reliably measuted by the Charity" this is DOrn]ally upon notification of the interest paid or payable by the bank. Pa 24
Antrim Enterprise Agency Limited Notes to the Financial Statements for tbe Year Ended 31 March 2023 Charitable activiti The charity undertakes activities to further their ain and objects in a number of areas including: Workspace & Business Space Support Programmes start.up Pro1)me$ Pre.Start Programmes Eoterprise Progrdmmes Expenditure All expenditure is recognised once there is a legal or constructive obligation to tbat expend1tte. it is probable settlement is required and the anwuDt can be measured reliably. All costs are allocated to th¢ applicable expendittwe heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spenl and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs . Raisingfunds These are costs in attracting voluntary iOrne. the management of investments and thos¢ incutred in trading activities that raise fids. Charitable activilies Clwitable expenditure comprises those costs incurred by the charity in tbe delivery of its activities and service5 for its beneficiaries. It includes both costs that can be allocated directty to such artivities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have beell allocated to activity cost categories on a basis consistellt with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by Spent and other Gosts by their usag¢. Governance costs These include the costs attributsble to the charity's compliance with constitutional and statutory requirements, including audil strategic management and trustees's rneetings and reirabutsed expenses. TaxatioD The clwity is considered to pass the tests set out in ParaaPh I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK ¢OTporation tax PUTposes. Accordingly. the clwity is potentially exempt from taxation in respect of income or capital gains received within categories overed by Chapter 3 Part I l of the Corporation T&x Act 2010 or Section 256 of the Taxation of Clwgeable Gains Act 1992, to the extent that such income or sains are applied exclusively to clwitable putposes. T2ngibl¢ fixed #s$et$ Tangible fixed assets (individually costing £100 or more) are initially measured at cost and subsequently measured at cosL net of depff¢iation and any impairnlent losses. The company &8sess¢s at Teporting date whether tangible fixed assets are impaired. Page 25
AntrAm Enterprise Agency Limited Notes to the Fillancial Statements for the Year Ended 31 March 2023 Depreciation and amortlsation Deprectation is provided on tangibl¢ fixed assets so as to write off the cost or valuatioo le&g any estimated restduaI value, over their expected useful economic life as follows: Asset class Land & Buildings Furniture & Equipment Depreciation method and rate 2_IOO/o straight line 150/0- 33.30/0 straight line Trade debtors Trade debtors are amounts due from customers for services perfornied in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using tbe effective interest rneth0 less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original tern ofthe receivables. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits. and oth¢[ short-terni higbly liquid investments that are readily ¢onv¢rtible to a knovrn amount of cash and are subject to an insigntficant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods OT services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as cuent liabilities if the clwity does not have an unconditional righL at the end of the Teporting perioiL to defer 5¢tt1ement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to d¢f¢T settlement for at least twelve months after the reportlng date. they are presented &5 non-current liabilities. Trade credilors are recognised initially at the traDsa¢tion pric¢ and subsequently measured at amortised cost Using the effective interest method. Borrowings Int¢rest-b¢aTing boTrowings arc initially recorded at fair value, net of transaction wsts. tnterest-bearing borrowings are subsequently carried at arnortised cosL with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a Charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is Tecognis¢d on th¢ basis of the effective interest method and is included in int¢r¢st payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of th¢ liability for at least twelv¢ months after the reporting dats. Fund structure Unrestricted income funits are geneTal funds that ar¢ availabl¢ for use at the tSteeS discretion in fierallCe of the objectives of the charity. Designated fidS are unrestricted fimds set &8ide for spe¢ifi¢ pury)ses at the discretion of the trustee5. Page 26
Antrim Enteryrise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 Restticted income funds are those donated for U5¢ in a particular area or for specific purpose4 the use of which is restricted to that area or purpose. Pensions Alld other post rettrement obligations The clwity operat¢s a def¢d Contribution pension schenie whirh is a p¢nsioll plan under which fixed contributions are paid into a pension fund and the charity has no legal or constmctive obligation to pay further contributions even if the fund does not hold Sufficient assets to pay all employees Ihe benefits relating to employee service in the current and priorperiods. Contributions to defmed contribution plans are rerogDis¢d in the Stst¢m¢nt of Financial Activities when they are due. If contribution payments exceed the contribution due for service. the excess is Tecognised as a pr¢payDienL Flnancial instruments Classification Financial &8sets and financial liabilities are recognised when the charity becomes a paty to th¢ contractual provisions of the instnuneTht. Financtal liabilities and equity ]trUMents are classified according to the substsllce of the contrdctual arrangements entered into. An equity instrument is any contract that evidenc¢5 a residual interest in tbe assets of the charity after deducting all of its liabilities. Recognition and meofurement Basic fllwicial assets Basic financial assets, whi¢h include debtors, cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute5 a fjnancing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interesL Financial assets classified &8 receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities. which include creditors and loans. are initially measured at traDsaction prtce unless the aTrangement constitutes a financing transaction, where the debt instnllnent 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. Fillancial liabilities are derecognised when the Charitys contractual obligatioDS expiT¢ or are discharged or Cancelled. Impairment For fttwlcial assets carried at amortised cosL the amount of impairnient is the difference between the asset's carying amount and the present value of estimated tUre ¢asbfiows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impainnenL the impainnent loss is the difference between the asset's caThying amount and the estimate of the amount tbat would be received for the asset if it re to be sold at the reporting date. Where indicators ¢xist for a decrease in impairrnent loss, and the decrease can be related objectively to an ¢vent occurring after the impairn]ent was recognised, the prior impainnent 105S 15 tested to deternline reversal. An impaillnent 105s is reversed on kn individual impaired fmancial asset to the extent that the revised 0Verable value does not lead to a revised cwing amount higher than the carrying value had no impairn]ent been recogni5ed. Page 27
Antrim Enteryrise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 3 Intome from donations f4nd leEAeies Unrestritted funds General Total 2023 Donation5 and legacies. Donations from individuals 67 67 67 67 Unrestricted fullds Gelleral Total 2022 Donation5 and legacies; Donations from individuals 17 17 17 17 4 Income from ch4ritsble activitie5 Unrestricted fund5 General Restricted funds Total 2023 Workspace & Business Space Existing Business start.up Programmes Pre-start Programmes Enterise Education 219,869 3,499 219,869 3.499 19,080 6268 (129) 19.080 6,268 (132 25.216 223.371 248,587 Unrestrlcted funds General Restricted funds Total 2022 Workspace & Business Space start.up Programmes Pr¢.Start Programme5 Enterise Education 217,016 960 217.016 39,422 13,157 158 38,462 13.157 158 217.976 51.777 269,753 Page 28
Antrim Enteryrise Agency Limited Notes to the Finan¢AaI Statements for the Year Ended 31 Marcb 2023 5 Income from other trading activities Unr¢stricted funds Gener41 Total 2023 Total 2022 Other income from other trading artivitie5 10,571 10,571 22,355 10.571 10.571 22.355 6 Investment income Unrestricted funds General Total 2023 Interest receivabl¢ and similar income" tnterest receivable on bank deposits 3,905 3,905 3.905 3,905 Unrestricted funds General Total 2022 Interest receivable and similar income. tnterest Teceivable on bank deposits 292 292 292 292 7 Other income Unrestrieted funds Gell¢ral Total 2023 Total 2022 Other income including government grants 1,848 1.848 1.596 Page 29
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 8 Expenditure on raising funds a) Costs of trading activities Allocated support Costs Total 2023 Dfirect eosts Staff costs Costs of trading activities 7.902 2.459 Allocated SUPPOrt Costs 10,364 Total 2022 Direct ¢05ts StatTcosts Costs of trading artivities 30 6,179 3,550 9,759 9 Expenditure on cbaritable fdctivities Activity undertaken directly Staff costs of activity Aetivity support costs 2023 Workspac¢ & Business Space Existing Business start.up Programmes Pre-start Programmes Enterise Education GoveTnan¢e 71.261 833 11,758 1,607 167 4.522 29.397 19,584 21,903 9,311 3.462 26.991 9.141 6,096 6,818 2,898 1.078 8,267 109,799 26,513 40.479 13.816 4.707 39,780 90.148 Activity undertaken directly 110.648 34.298 235.094 Stsff costs of activity Activity support costs 2022 Workspace & Business Space Existing Business start.up Progrdmmes Pre-start Programr( Enterprise Education Governance 42,364 2,179 25.385 7,346 2,853 3,288 20,748 23,945 14.586 6,811 3,683 9.627 9,379 10.855 6.612 3,088 1,669 4.363 72.491 36.979 46,583 17,245 8,205 17.278 83.415 79,400 35,966 198,781 £223,549 (2022- £164,091) of the above expenditure was attributable to unrestricted fimds and £l1.545 (2022- £34,960) to restrithd fund5. Page 30
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 tn addition to the expenditure analysed above, there are also governance costs of £39.780 (2022 _ £17.278) which relate directly to charitable activities. See note 10 for furtber details. 10 Attalysis of governance and support eosts Governance costs Unrestricted funds GeDeral Total 2023 Staff Costs Wages and salaries Social secuTity costs Pension costs Other staff costs Audit fees Audit of the financial statements Other fees paid to auditors Other govemance costs Allocated support costs 22,150 922 1,305 2,614 22,150 922 IJ05 2.614 1,650 375 1,185 9.579 1,650 375 1.185 9.579 39,780 39,780 Unrestricted funds Genernl Total 2022 Staff costs Wages and salaries Social swity costs Pension costs Other staff costs Audit fees Audit of the finan¢iaI statements Other fees paid to auditors Prof¢ssioJJal fees Other governance Gosts Allocated support costs 8.703 343 545 35 8,703 343 545 35 1,650 375 268 923 4,436 1,650 375 268 923 4.436 17.278 17,278 Page31
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year EDded 31 March 2023 11 Net incomingloutgoing resourc Net incoming resources for the year include: 2023 2022 Audit fees Loss on disposal of fixed assets held for the charity's own use 1.650 7.928 1,650 12 Trustees remuneration and expenses No trnstees, nor any persons connected with the have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the clwity during the year. 13 Staff costs The aggregate payToII costs were a5 follow$: 2023 2022 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs Other staff costs 98.479 4.098 5.803 10,168 77,305 3,050 4,844 380 118.548 85.579 Th¢ nwnthly av¢rdge number of persons (including senior rnanagern¢nt I l¢ad¢rsbip team) employed by the charity during the year expressed as time equivalents was as follows: 2023 2022 Charitable activities Governance No employee ieceived ernolumellts of tnor¢ than £60,000 during the year. The total employee befits ofthe key management personnel of the charity were £41,000 (2022 - £38.332). Page 32
Antrim Enterprise Agency Lin)ited Notes to the Financial Statements for the Year Ended 31 March 2023 14 Auditors remuneration 2023 2022 Audit of the fmancial statements 1,650 1,650 Other fees to auditors All other non-audit services 375 375 15 Taxation The clwity is a registered charity and is therefore exempt from taxation. 16 Tangible rued 95sets Land and buildings Furniture 4Dd equipment Total Cost At l April 2022 Additions Disposals 2,131,343 18.724 (18.255) 158.050 8.496 (27,274) 2.289.393 27,220 45,529 At 31 March 2023 2,131,812 139,272 2.271.084 Depreciation At l April 2022 Cbarge for the year Eliminatrd on disposals 1,541.855 8.364 (10,327) 150.763 3,324 27,274 1,692,618 11,688 37.601) At 31 Marcll 2023 1.539.892 126.813 1,666,705 Net book vdue At 31 March 2023 591,920 12.459 604,379 At 31 March 2022 589.488 7,287 596,775 17 Debtors 2023 2022 Trade debtors Prepayments Accrned income Other debtors 10,889 4.347 1.195 7,281 7.614 3,980 7,281 23.712 18,875 Page 33
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 18 Cash and c*5h equivalents 2023 2022 C&8h on Iland Cash at bank 19 396,019 399,306 399.315 396,038 Balances held by the charity that are not available for use by the charity 2023 2022 Balances held by the Charity that are not avaiEable for use by the charity 17,969 14,669 Included witbin casb are amounts relating to tenant deposits held by the clwity. These arnoullts have been ring-fenced by the trustees and may be repaid to the tenants upon satisfactory completion of their rental ontracts. As such the trustees have decided not to spend these funds and included a COespOndIng creditor in the financial statements and as such there is no effect on the net assets figure. 19 Credltors: amounts fxllillg due wlthin one year 2023 2022 Bank loans Trade creditors Other loaDS VAT repayable Other creditors Acc1$ 9,924 20.628 4.319 6,678 18,442 21.123 9,550 16.074 4,065 7,939 14,668 18,431 70,727 81,114 Page 34
Antrim Enterprise Agency Limited Iyotes to the Financial Statements for the Year Ended 31 March 2023 Bank borrowings Bank loan is denominated in sterling with a nominal interest rate of 2.50/0 (2021 _ 2.5Yo), and the final instalment is due on l July 2026. The carrying amount at year end is £33,256 (2022 - £42,958). Other borrowings UCIT with a cwing amount of £71,451 (2022 - £75,311) is denominated in sterling with a nominal interest rdte of 80/• (2022- 6f/*o). The fmal instalment is due on 12 September 2034. 20 Creditors: amounts falling due after one year 2023 2022 Bank loans Other loans 23.332 67,132 33,407 71,246 90.464 104,653 tncluded in the creditors are the following amounts due afteT more than fiv¢ yws: 2023 2022 After more than five years by instalments 46,942 52.281 21 Pension and other 5cheme5 Defilled contribution pension scheme The charity operates a defined contrlbution pension scheme. The pension cost charge for the year represents contributioDS payable by the charity to tILe scheme and amounted to £5.803 (2022 - £4,844). Page 35
Alltrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 22 Funds B#l2nte at 31 March 2023 Balance at I April 2022 Incoming resources Re50urce5 expended Transfers Unrestri¢ted funds General Operational reserves Assets in R¢serv¢s 142,970 596,775 223,839 15,923 (222,600) (11,313) (25.547) 118,662 601,385 739,745 239.762 (233,913) (25,547) 720,047 Desisnated Designated Reserve 55.000 125,000 Total unrestricted funds 809,745 239,762 (233,913) 29,453 845,047 Re5tri¢ted funds The Shed Antrim Areas At Risk- It's All About Me Exploring Enterise - Enkalon Business Start Up Coaching ProgTamTne Starttneupshow Mind Your Business & Finance Halifax grant Social Enteiprise Programme Entrepreneurship Programrne 7,709 (132) (7,577) 1,350 (1.350) 7,608 (7,608) 7,704 2,192 2,478 6,000 (2,317) (3,139) (7,865) (5,053) 3,200 3,869 (1.620) (374) 1,580 3.495 2,231 2.231 7,183 220 167 (3.929) (166) 3,254 54 167 SULF ENI Start Her Up Totsl restricted funds 26.563 25.216 (11,545) (29,453) 10,781 Total funds 836,308 264,978 245,458 855,828 Page 36
Antrim Enterprise Agency Limited Notes to the Fillancial Statements for the Year Ended 31 March 2023 Balance at I April 2021 Incoming resources Resources pended Balance 2t 31 Mareh 2022 Unre$trieted funds General Operational reserves Assets in Reserves 70,957 600.402 242,236 (170,223) {3.627) (173.850) 142,970 596.775 671,359 242,236 739.745 Designated Designated Reserve 70,000 70.000 Total unrestricted funds 741,359 242.236 (173,850) 809,745 Restri¢ted The Shed AntTim Areas At Risk- It's All About Me Exploring Entetpri8e- Enkalon Business Start Up Coaching Progralljme Starttneupshow 12.591 1,350 (1.896) (2,986) 7.709 1.350 7.608 12,211 {4.603) (4,465) 38,462 3,000 (26,293) (808) 7,704 2,192 Total restricted funds 9,476 51,777 (34,690) 26,563 Total funds 750.835 294.013 (208,540) 836,308 Page 37
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 The specific purposes for which the fidS are to be applied are as follows: The Shed AntTim (f0rn1erly called HER SHE'd) project is a follow through from the successful pilot programme in 2019. The participants have received fidIThg througb Peace IV to develop the group and purchase start up equipment to nui sessionslworkshops in trdd¢sthaberdashery and , along with funding from Big Lottery Awards for All towards rullning costs and equipment. The Areas At Risk- It's All About m¢ fimd delivers a Irf¢ skills progratt]me to year 9 pupils aitned at enhancing and developing their entetPTenieurial skill and delivery of confidence building and self-image to year 13 students to enable them to develop their skills and abilities and the utilisation of these in future life, education and career. Enkalon Foundation - Exploling Enterprise Programme fid is 250/0 funding of an Enterprise & Employability Programme comprising of l_l rnentoring. group training and an accreditation to enhance participant skills for r¢-¢rnploymenL employftnent or self-employment aimed at individuals who are economically inactive, unemployed or working part-time. The Exploring Ent¢rprise Programme is match funded througb ESF and the Department for th¢ Economy and ANBC. Business Start Up Coaching Progra[[e is an Alltrim and Newtownabbey Borough Council funded progralljme rnanaged by Antrim Enterprise and delivered in partnership with LEDCOM and Mallusk Enterprise. The programme aims to support participants who have completed a business plan under the Northern Ireland Business Start Up programme (Go For It). They are able to avail of coaching in a range of business areas along with a small bursary towards start-up costs. Start Me Up Show funded thmugh Antsim and NewtOWDabbey Borough CoutLciI and Department for Communities Area at Risk Fund is designed to work with individuals within the wards of Farranshane, Steeple and Ballycraigy specifi¢ally intended to inspire participatLts to start the journey of self-emploeDt. It was ain]ed at addressing tbe batriers faced by individuals looking to start their own business and consisted of a series of motivational events featuring inspirdtional local entrepreneurs. supported by tailored coaching to allow individuals to embark on the first steps of their entrepreneuriaijoumey. Build My Start Up Clintcs - Following redevelopment and rebranding of the Mind Your Business & Mind Your Finance clinics, Antrim Enterprise launched their Build My Start Up series during 2022-2023. Under th¢ suite of SUPPOTL four clinics are delivered covering business & legals. personal finance. business finance and health & well-being. The Ethlon Foundation has provided grant funding for two years covering 500/0 of the ¢osts of these clini¢s. Halifax Foundation equipment grdllt - During the course of the year The Halif&x Foulldation Northetn Ireland awarded £3.496 towards the purchase of Meeting Owl Pros and Sallung Smart 4k Ultra HR LED TVS. This was to allow AntTim Enterprise to revert a rnore effective hybrid approach to training. Social Enterprise Programme is an Antrim and N¢wtownabb¢y Borougb Council funded progrdnurye managed by Mallusk Enterprise Park and delivered in partnership with LEDCOM and Antrim Enterprise. The programme supports groups and individuals exploritig social enterprises. They were able to avail of workshops and one to one mentoring. Page 38
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2023 Entrepreneurship Programm¢ is atl Antrim and Newtownabbey Borougb Coullcil Ojnded programme managed by Antrirn Entetprise and delivered in partnership with LEDCOM and Mallusk Enterprise Park. Participants could avail of pre-coaching & ttaining before progressing to the Go For It programme. Once their business plan was completed under this prograTnme, they could revert back to the Entrepreneurship Programme for post start up coaching. SULF - Our membersbip organisation EnteilSe NI is the business support partner delivering Start Up LoaDS (SULF) on behalf of British Business Bank in Northern Ireland. Antrim Enterprise as a member, supports clients with one year of mentoring if tl]ey are recipients of a loan. Enterprise NI in parthership with Ulster Bank ran the Start Her Up progrdmme. As members of EnterpTi5e NI, Antrim EnteriSe hosted one of the workshops under this pmgrdmme for women exploring selfpemployment in the Antrim alld Newtownabbey borougb area. 23 Analysis of net assets between funds Unrestricted fund5 Other Total funds rdt 31 March 2023 R¢stri¢t¢d funds Tangible fixed assets Current assets cU¢t liabiliti¢s Creditors over l year 601.385 415,240 (81,114) 90.464 2.994 7,787 604.379 423,027 (81,114) 90.464) 855.828 Total net assets 845.047 10.781 Unrestricted funds Other TotAI funds at 31 March 2022 Restricted funds TatLgible fixed assets Current assets Current liabilities Creditors over l year 596.775 388,350 (70,726) (104.654) 596,775 414,913 (70,726) (104.654) 26,563 Total net a55ets 809,745 26,563 836.308 Page 39