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 Catson & Co. 51- 53 Thomas Street BallyTnena Co. Antr&m BT43 6AZ
Antrim Enterprise Agency Limited Contents Reference and Administrative Details TTusfres' Report 2to 14 Statement of Trustees, Responsibilities 15 Independent Auditorfs Report 16to19 Statem¢nt of Financial Activities 20to21 Balance Sheet 22 Notes to the Financial Statements 23to39
Antrim Enterprise Agency Limited Reference and Administrative Details Chairman Prof J Wallace Trustees Prof J Wallace R W Calms M S Cosgrove L McKnight Dr I Smyth W Waite DBa A Mcmurtrie J Atkinson Seeretary J Mcwilliams Senior Management l Leader$bip J Mcwilliams, Chief Executive Officer Team Charity Registration Iyurnber 101211 Company Registration Number N1026172 The chaTity is incoOrated in NortheTn treland. Registered Office 58 Greyston¢ Road BT41 IJZ Auditor DT Carson & Co. 51- 53 Thomas Street Ballymena Co. Antrirn BT43 6AZ Page I
Antrim Enteryrise Agency Limited Trustee5' Report The TnteeS are pleased to present their annual directOTS' report togeth¢r with the financial statements of the harity for th¢ year ending 31 March 2023 wbich are also prepared to meet the requirements for a diTectOTS' report and accounts for Companies Act 2006 purposes. The friancial statements cotuply with the CEwities Act 2008, the Companies Act 2006. the Memordndum and Articles of Association, and Accounting and Reporting by Charilies.. Ststement of Recommended Practice applicable in the UK aDd Republic of treland (FRS 102) (effective l Jan 2015) Ch21r's Report On behalf of the directors and trustees of Antrim Enterprise Agency l am delighted to present a review of the activities for the yeat end 2023. 2022-2023 has been a busy year for the clwity supporting individuals into self-employment and along their entrepreneurial journey. We do this by providing advice, guidance and traiDiDg to individuals starting a business to those established. tn additioo we have a business park bousing 37 industrial utiits, coworking unit Th¢ Hatchery Nl and collabordtive offic¢ suite NEXTSpa¢¢. Our public fithllg is not only crucial to our existence, 1¢ also ensures that we contribute to the strategic development of our sector. We are grateful to our funders: AntTim and Newtownabbey Borough Council, Halifax Foundation for Northern Ireland, The Department for Economy, The Enkalon Foundation and Th¢ Northern Ireland European So¢ial Fund Programme 2014_2020 as well as a private donors within the borough. We continue tt) b¢ mernbers of Enterise Northern IrelaTLd and Social EnteriSe Northern ITeland and joined durAThg the year Northern treland Community Voluntary Association and Chief Executives of the Third Sector. tn addition, w¢ would like to acknowledge our association and working relationship with our neighbouring enterprise centres LEDCOM and Mallusk Enterprise Park Ltd. whicb facilitate the delivery of severdl pTograD]mes of bu8iness support. Lik¢ nwy soGial entenSeS and clwities, Antrlm Entetprise is entering a period of some uncertainty around continuity of programme fimding and challenges with recruitsnent. However, the thteeS are committed to fulfdling their rhatitabl¢ objectiv¢s and investing in the fabriG of the enteriSe agency with upgrddes and improvements to the park. Finally. I would like to take the opportunity to thank my frllow directors for their support, collegiality, and enthusiasm during the year. We would esp¢Gially like to cXtd our sinG¢r¢ thanks to our outgoing Ti¢asurer Celine cO1gll for her experti , knowledge, and dedication since joining in 2015. of J Wallace I I September 2023 Pag¢ 2
Antrim Enteryrise Agency Limited Trustees, Report The trustees, who are directors for the purposes of Compatty law. present the annual report together with the f]nancial ststements of the charitable company for the year ended 3 R March 2023. Objectives and activities Objects and ain Vision, Mission and Valu Vtslon Established in 1991, the entewis¢ has th¢ following vision: To be th¢ destinotion of Choicefor enterpnse developmen4 enabling budding entrepreneurs ¢0 develop and grow a successful business, therety achieving iheir entrepr¢neurit71 dr¢am& Misslon Our mission is to help others to win, achieve their dreams and quality of life aspiration througb entetprise education, pre and start-up initiativ¢s. developing business suppor( property and meetlng room facilities. These aims also seek to enhance the wider public benefit that flows from their successful implementation. Values Fwulamentsl to our success in achieving our viston and mission, is the fact that quality underpins everything we do, and we do it with pride wbich encoD]p&sses our core values: Passion: Our staff are emotionally ¢OllllDitted employees. passionate about their work and the organization they work for Respect.. We are about treating all people [directors, staff, customers, clients, suppliers and stakeholdm] with dignity and value the collective power of teamwork Integrlty: Antrim Enteiprise is about being hon¢st and having strong mordl pIincipEes in all our day-t(Hlay dealiw with custome. clients alld suppliers Dedication: Antrim Enterpris¢ fosters strong teamwork and encourages personal initiative and growth within th¢ workplace Excellence: We strive to excel in every aspect of our business aad deal with ¢very task with a detern]ination to succeed Page 3
Antrim Enteryrise Agency Limited Trustees, Report The enterprise has the following aims: l. Promoting enterprise in Antrim and Newtovmabbey Borough 2. Supporting the sustsinability and growth of existing businesses 3. Strengthening local economies and promoting community cohesion 4. tncreasing Antrim EntnSe'S resour¢¢s and rapa¢ity Antrim Enterise,8 main activities and beneficiaries are detailed in this reporL All our charitable activities focus on promotion of ud)an and economic regeneration in the Antrim and Newtownabbey borough. Every activity is assessed in Tespect of its impact on beneficiaries and its contribution to tharitable adiviti¢s so that Trustees may detern]ine the best allocation of Te50urce5. Objectives, stralegies and activilies Object$ Despit¢ th¢ ¢halleThging year that has been, the entewise centre has been busy achieving its ¢hatitable obj¢cts. These being:_ l) Promote urban and nal regenerdtion for the public benefit in the Antrim area and its environs (the "area of benefit"), being an area of social and economic deprivation, by all or any of the following means: a. The relief of unemployment in sucb ways as May be thought fil including a5SiStance to find employment. b. The advancement of educatio training, or retraining, particularly omong unemployed people, and providing unemployed people with work experience The provision of financial assistance. tecl]Dical assistance or business advice or consultancy to provide traiDiThg and employment opportunities for unemployed people in ¢ase5 of financial or other charitable need through help i) in setting up th¢iT own business. or u) to existing business d. The promotion and support of social enterprise and sustainable meaDS of hleving onoMiC growth and regeneration . The creation of training and employment opportunities by the ptovision of workspace, buildings andlor 18nd for use on favourable tem 2) Advance education for the public benefit by raising awareness and in¢r¢asing knowledge of the importance of economic enteIpTise, entrepreneursbip and enterprise sustainability, in particular among members of locaE comrnutiity groups and young people 3) Advance community development in the area of b¢nefit and in particular the promotion of the community aDd voluntary sector for the benefit of th¢ publi¢ by providing facilities. support and inforniation to and promoting good pra¢ti¢¢ atnon& comrnutiity and voluntary groups. Page 4
Antrim Enterprise Agency Limited Trustees, Report Objective5 Specific obje¢tives for the year 2022-2023 were: • To assist in the set up and development of100 businesses per year To maintsin our existing workspace & coworking facility and develop alternative offerlngs for wwing businesses . To work towards the development of another business support service which will ¢ontTibute towards our sUlUS Public benefif The public benefits that flow from the aforementioned aims are: l. A reduction in poverty, unemployment and hardship, l¢ading to a bett¢r quality of life for th¢ b¢n¢ficiaries and consequent improvements in health and well-being 2. Increased levels of self employTneDt and better prospects of sustainable development 3. The Greation of a nv)re educate(L skilled and qualified community 4. A safer. more stable and cohesive community 5. Eknced knowledge and und¢rstanding arnong adults and children of the importance of all aspects of ¢nteriSe development 6. Increased effi¢i¢noy and effectiveness of commuDity and voluntsry organisations Some private ben¢fit is obtain¢d by the owners of small blneSSeS who rent units on favourable tern, but this is ancillary and necessary to achieving our charitable purpose. No harm lSeS from these purposes. The trustees confirm that they have ¢ompli¢d with the requirements of section 4 of th¢ Charities A¢t 2008 to hav¢ due regard to the public benefit guidance published by the Clwity Commission for Northern Ireland. Achievements and perforllwnce Strate¢ Themes Antrim Ent¢TI5¢ ¢ontinu¢s to review its key strategic priorities through which its vision, mission and core obj¢¢tives are achieved. During the period 2022-2023, the priorities were: strate l.. Property ManagementandDevelopment strate 2.. Enl¢rpris¢ Education andPromotion strate 3.. Programme Delivery qndDev¢lopment strate 4.. Financialsustainabilty Page 5
Antrim Enterprise Agency Limitsd Trusteesl Report Activitie5 & AchievemeDts Specific activities and achievemeots during the year contributing towards achieving our objectives were: _ strate l.. Propérty Management andDevelopmeHt Workspace In total the enterprise centre offers 44,143 sq.ft. of industrial, retsil and office space. Operating at capacity at year en 31 businesses are located onsite as tenants located in 38 units raDgiThg from 500_3.OOOsq ft. Two tenants occupy the four offices in NEXTSpace' collaborative office suite and three licensees are located in The Hatchery NI in individual offices {IOOO/o) with another three licensees in the dedicated 5Uite (750/•). There are 70 virtual Clients using The Hatchery Nl as a mailing address with three of these also receiving phone answering services. As part of our developrnent of a new piopety base. the enterise centre commenced discussions with Antri and Newtownabbey Borough Council regarding management of a proposed co-working space. The Antrim Integrated Physical and Economic Regeneration Project funded through the Levelling Up Fund will iticlude the redevelopment of the fornier Wellworths buildin& now ovrned by the Karl Group, in the town centre into 16,OOOsq foot of office and workspac¢. Room Hire Antrim Enterise provides adaptable training and meeting spaces for workshops, traitking, interviews. counselling use. During the Course of the year the enterprise centr¢ awommodated 14 different organisations and 420 individual bookings, operating at 50400/0 capacity. During the course of the year, the agency invested througb Halifax Foundation in Northern Ireland fimding in large 4k smart TVS. 360 d¢grtt web cameras for bl¢uded rn¢etings and to complement the existing wrlteable walls. Strate&v 2.. Enterprise Education andPromotion Outreach Duting the course of the year, Antrim Enterprise participated in three job fairs; delivered nitie Love Enterprise Coffee sessions throughout the borough a5 well as two entetprise presentation5 in GreeDmount and one exhibition at Northern Regional College Entrepreneurial Hub. Outreacb is happening on a weekly basis at community groups as well as mother and tot groups rOsS the borough. The Ladies ShedAntrim Antrim Enterprise provided free rental spac¢ to this group to the value of £3.150 until end of De¢ember. The group havc now relocated to tsrger shared space after forming their own Constituted Group. Stralw 3.. Programme Delivery andDevelopmenl Start Up Support Siart Me Up Show (Funder Areas at Risk via Antrim and Newtownabbey Borough Council and Department for Comntunities) The Start Me Up Show consisted of eight motivational entrepreneurial speakers across two public and two closed school events, attracting 55 attendees in total. In additio 14 individuals received one to one mentoring to help develop an action plan for self-employment. As part of the outpuL an action plan booklet was distributed to include Top Tips: For a Healthy Entrepreneur. For a Successfill Start-up and to Manage Your Personal Finance. Also in the action plan were eight entrepreneurial case sdIeS to cover diversity in gender, economic statu4 disability, business legal status and etbniGity. Page 6
Antrim Enterprise Agency Limited Trustees, Report Build My Start Up Following redevelopment and T¢btanding. Antrim Enterpris¢ lauDched their Build My Start Up series during 2022-2023. Under the suite of supporL four clinics are delivered covering business & legals. personal finance" blties8 fjnance and health & well-being. During the course of the year, nine clinics were delivered to 70 attendees. Business BoohBursary Three local residents w¢r¢ re¢ipi¢nts of the Business Boost £600 Bursary thath to a donation from a lo¢aL resident. Business Siart Up Couching Programme (Funders Antrim andNewtownabbey Borough Council) Antrim Enterprise, LEDCOM and Mallusk Entetprise Park delivered the Business Start-up Coaching (Pilot) and Antrim Enterise managed the programm¢ on behalf of the Consortium. The programme offered up to a maximum of five houts per business coaching support for applicants who had completed the Go For It Progrdmme sinee 1st September 2019 and had a registered business or restdential address located within the boundary of Antrim and Newtownabbey Borough Council. The programme assisted them from business planning to operdtional stage. tn addition to coaching. the programtne offered the participant small bursary amounL up to the value of £200, inclusive of VAT, which could be used towards the costs of startlng up the business. 189 clients received 850 hours of coaching over the length of the programme with 128 registering as self ¢mploy¢d with jt over £16.000 of bursaries paid out to 85 recipients. Entrepreneurship Programm¢ The Entrepreneurship progrdmrne replaced the Business Start Up Coaching Programm¢ in late September 2022 and 15 due to be completed end of September 2023. This programme was successfully awarded to the consortium Antrim EDteTpris¢. LEDCOM ar Mallwk EnteTPTiSe Park with AntTim EnteriSe maDaging the programme. Under this proamMe six workshops are to be delivered with minimum 60 attendees; 75 participants to receive 21S of pre Go For It wacbing and 60 participants to receive 5hr5 of post Go For It oaching. To date 64 participants have received pre coaching with four WOTkshops deliver¢d & 33 attendees. 36 participants have r¢ceived post coaching. Exisling Business Support ASK.. Antrim andNewtownabbey Borough Couna"l- I client assigned & completed Optimal.. Antrim and Newlownabbey Borough Council (managed by Mallusk Enterprise) - 4 cli¢nts assigned & mentoring completed Social Enferprise Programme.. Antrim t7nd Newlownabbey Borough Council (managed by Mallusk Enterpr&ve) - 4 clients assigned & mentoring completed S¢art Up Loan Fund.. BriiLYh Bank (managed by Enlerprise IYI) - I client assigned & work in progr¢ss Nehvorking events As part of our objective to ensure the health and wellbeing of entrepreneurs and reduce isolation among lone workers, throughout the year, Antrim Enterpris¢ hosfrd over 220 attendees a¢ro55 10 networking ¢vents. Events included our Opencoffee club, NETWalking, Celebration of EnteriSe and SWAN (Strong Women in Antrim and Newtovrnabbey) networking lunch to r¢E¢brdtc Int¢rnationai Women's Day. Page 7
Antrim Enterprise Agency Limitsd Trustees, Report Strategy 4.. Financial Sustainability Antrim Enterprise continue to ensure that they are profit makin& not profit taking to ensure the long-terni sustainability of the orgaDisatlOD. Th¢ enterprise centre eaTned illcon from prop¢ty r¢ntal. room hire and from business Start-up and development programmes. Antrim Enterprise is conscious that it nee(ts to set up a standalone business which could generate income for the ¢ntsrprise centre to offset the charitable costs. The Chief Executive contlnues to work towards the development of a new business model. Other achievements during the year During the course of the year, Tnte¢S were recipients of AntTim and NewtQV4Dabb¢y Borough Coun¢il Spirit of Volunteering Award for Social and Community Enterprise. Future Plans The agency's strategy 2021-2026 suggests the adoplion of a"Shiftll¥ Portfolio" approach to income generation including continuously developing new ways of seentIllg and presenting the organItiOnS work. Antrim Enterprise continu¢s to work towards their new strdtegy to identify opportunities for bIll¢Ss development. Such issues include: _ ' Tedu¢iDg government funding for enterprise development activities and a move away from enterprise I new business start-up at the general level towards a specific focu5 • Utilising the new skills and thinking from the fresh directors appoillted to the chatity with a desire to see th¢ organisation grow and develop • Emerging discussions with a rdnge of orgaDisations regarding co-operation and stronger partnership working. Antiim Enteris¢ future strdtegic priorities for 2021- 2026 are SUMMSed under 4 themes: Strategic Priority One.. OrganisatiDnalDevelopment As Antritn Enterprise enters this five-year strategy, a key priority is the internal development of the organisation with focus on board and stsff development and su¢c¢ssion plaDDing. This will includ¢ attr4ctiDg and retaining the best people and development of the leadersbip abilities and potential of the whole team. Strategic Priority Two.. Partnership Through our strategy exercise we bave identified a number of orgallisatioDS that have shared value5 and synergy with ours¢lve5. and w¢ will pursue how these relatio[lpS can be more f0tlLY developed to allow us to continue to deliver excellence ill our service offering within the enterprise eco-system in Northern treland. Strategic Priority Three." Business Developmenl Being landlo¢ke(L Antiim EnteTPTiS¢ have exGiting plan5 to expand our physical presence within the borough and to lead the way in providing rn0de accessible, fit for purpose acconunodation options for our entreprelleu to address their wious stage of ¢nteIl5¢ d¢velopment and growth. Stralegic Priority Four.. Finance & Resourc In order to achieve the themes already mentionel Antrim Enteryirise will review and implement a range of capital raising options. We will wntinue to ensure finatL¢ial sustainability alld maintain profitability by diversifying and growing existing and new revenue streams. Aligned with our organisation development theme. Antrim Enterprise will invest in tools to equip stsff in their continuous delivery of excellence in business start-up and development support. Page 8
Antrim Enterprise Agency Lirnited Trustees, Report Fjnancfial review The total unrestricted incoming Tesources for the year atoounted to £239.762 (2022: £242,236) with expenditure of £233,913 (2022: £173,850) resulting in a net increase of unrestricted funds of £5,849 (2022: increase of £68,386). This leaves unrestticted fun(Ls, after transfers of £845,047 (2022: £809,745) at the year end. Policy on reserves The tSt¢eS consid¢r the Reserve Policy an important part of the internal fmancial management of Antrim EnteriSt Agency. It assists with strategic planning when reviewing new or potential projects/activities' inforn the budget process and enables pla[illg for a balanced budget or use of reserves. and it infOrn the budget and risk management process by identifying any uncertainty in future incom¢ streams. Reserves are r¢viewed in detail annually but also monitored throughout the year to assess any build-up of reserves or unexpected depletion of these. Operational Reserves are required to allow the organisation to continue to deliver its charitable objectives and se¢k alternative funding sources, should existing aDnual funding b¢ restricted and to provide assurance against a risk of an unforeseen emergency or other unexpected need for fLd8. In additio Operational Reserves provide the organisation with the ability tr) react to short tenn opportunities. In quantifying the level of Operdtional Reserves require the level of net current assets and liabilities are compared to the av¢rag¢ monthly expenditure. The risk associated with thture incomes. gratLts and expenditure aTe also considered. As a resul¢ the ttustees have determined in their last review that six months of the annual recurring expenditure arc required as Operational Reserves. Six months of recurring penditUTe amounts to £130.597. Operdtional Reserves at the year end were £118,662. tn additional, Strategic Reserves are required for planned conunitments that cat]not be met by future annual fiding along. At present the tteeS have establish¢d strdtegic reserves which have been classified as an Unrestricted De5igoated Res¢rv¢ of £125.000. put in place May 2022 to ieflect both increasing costs associated with building works and also anticipated expenditure over the next few years. This reserve was put in place to provide reassurance that at all times the buildings were in a good state of repair and that should unexpected capital works be required then the fund5 were in pl¢ to enable this to happen. The property committee undertake a Teview of the ¢ondition of the properties annually and bave due regard to ar of dcleriordtion OT aT¢as that need upgrade for current regulatory compliance. The tnteeS also Consider that th¢ future development of the capitsl base of the Agency should be provided for d their strategic plan is addressing various options for fiwther developtnenL Page 9
Antrim Enterprise Agency Limitsd Trustees, Report Golng Concern The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or ¢ondttions that may cast significant doubt on the ability of the clwity to ODtiThue as a going concern. The tswstees make this assessment in respect of a period of one year from the date of approval of the financial statements. With Brexit and the removal of funding under European SoGiai Funl the charlty has had to 51ightly ¢urtaiL or change, how it operates. The charity bas been able to continue with delivery on most of its programmes and adapted to hybTid activities. Antsim Enterprise has adapted quickly to any fall in income, presented monthly cashflow projections, strived to build and find alternative sources of fmance and have done all we can to be ready for any economic bounc¢ bk. At the time of approving the accounts the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the ttustees continue to adopt the going Concern b&qis of accounting in preparlng these financial statements. Page 10
Antrim Enterprise Agency Limited Trustees, Report Trustees and officers The trustees and otTicers serviJJg duting th¢ year and since the yeor end were as follows: Tnlstees: Prof J Wallace R W CaiTns C Corrigan (resigned 31 March 2023) M S Co$gmve L McKnight Dr I Smyth W Waite D Barry A Mcmurtrie J Atkit)son ChaiEDWI: Prof J WaIlare Secretary: J Mcwilliatns Senior Management l L¢ad¢rship Team: J Mcwilliams, Chief Executive Officer Structure? govern#n¢e and manAgement Nalure ofgoverning document The Agency's governing docutnent is the Memorandum and Articles of Association. In the event of tbe company being wound up trustees are required to contribute £1. Recruitment and appoinlmenl oflr¥ste¢s Under the T¢quir¢ments of the Memorandum and Articles of Association th¢ Trustees of th¢ Charity a ¢Ited to serve for a period of one year after which th¢y must bc re-elected at the next Annual General Meeting. The Agency seeks to ensure that Trustees with a rang¢ of experience from within the business profession serve on the cornmittee. tn the event of particular skills and experience being lost due to retirement, public advertising and a full T¢Gruittllent process is utilised to Tecruif. Indmction qndtraining oflrnstees Most TTUStees are famiIiar with the Tole of th¢ ¢haTity through their Trnsteesbip of the Agency. New Trustees attend an orientation meeting to brief them on their legal obligations and responsibilitie5 as Ttee5 of Antrim Entetprise Agency. Trustees have cornmitted to undertsking Governance Trnining every year. Arrangementsfor setting key managementpersonnel remuneration Key Manag¢m¢nt Personnel consist of the Chief Executive whose r¢mun¢rdtion is fixed by th¢ Huttmi Resou¢ Sub Cornmittee. Pagell
Antrim Enterprise Agency Limited Trustees, Report Organisational strmclure Th¢ organisation is nwed and directed by its Trustees. The Trustees ar¢ ¢l¢cted aDnuaily and n]e¢t at least four times during the period September to June. Relationships with relxted parties Truste None of the trustees have been paid any rernuneration or received any other benefits from an employment with the charity or a related entity. No trustee expenses have been InCued. Major risks management ofthost riyks Riskmanagement Th¢ Agency a risk management strategy in place which comprises an annual i¢vi¢w of the major risks to whtch the cllarity is expose¢ in particular those related to the operations and finances of the company. and the establishment of sySten and procedures to D)itigate those risks. The trustees are satisfied that systems are in place to mitigate exposure to the major risks. TnteeS during 2020-2021 began the process of ensuring that under the Financial S¢rvic¢s Compensation S¢heme. as ¢ustodÈans of Antrim Entuprise's funds, that reserves were spread across different bankslbuilding societies. A key element in the management of financial risk is the setting of a reserves policy and its regular review by trustee5. However. the tn]5tees recognise their duties under The Ttttee Act (Northern Ireland) 2001 No 14: which discusses the Duty of Car¢ of Directors and their responsibilities under investment. Financial iDstruments Objectives andpolicies The Charity's artivities expose it to a number of financial risks iThcluding CTedit risK cashfiow risk alld liquidity risk. The use of financial derivatives is governed by the clwity's policies approved by the board of trSte¢S which provid¢ writt¢n priDcipl¢s on th¢ use of financial d¢rivativ¢s to manage these risks. The charity does not use derivative fmancial instruments ftir speculative purposes. Credit risk Th¢ clwity's principal financial assets are bank balances and c&8h. trade and other receivables and investments. The charity's credit risk AS primarily attributable to its trade receivables. The amounts presented in the balance sbeet are net of allowances for doubtful receivables. The Gharity spreads its exposure to risk by having a mix of in¢oToe from propety alld business support. Liquidity In ord¢r to maintain liquidity to ensure that sufficient funds are availabl¢ for ongoing operations and tUre developments, the charity has availed of a number of medium-tern) loalls includitig the Bounce Back Loan and through Comniuaity Finance Irelaud. Page 12
Antrim Enterprise Agency Limitsd Trustees, Report Funds held as custodian trustee on behalf of others lucluded within cutTent assets and creditors are amounts totalling £17,969 related to tenant deposits beld by the charity. These amounts have been ring-fenced by the trustees and may be repaid to the tenants upon satisfactory completion of their rental contracts. As such the ttwtees have decided not to spend these fimds and there is no effe¢l on th¢ n¢t assets figures. Employment of disabled persons At Antrim EnteriSe Agency we are committed to provtding equality and fairness for all in employment and service delivery and not to discriminate on any grounds inclUdg gender, transgender. pregnancy. maritsl status, race, ethni¢ origin. colour. nationality, disability, sexual orientation, religion, or age. We believe our oigauisation will be a better. more creative and innovative place to work as a result of managing our people in a way that gets the best from their diversity; values their different perspectives and individuals, baCkUnds. and integrntes fairness and equity into every aspect of our employinent ptactice5. Credltor payment policy The Creditor Payment Policy has been incotporated into the financial procedur¢5. The t¢rn15 are as per the invoice due date. Where no payinent tenns are note4 30 days from invoice date are deemed to be standard payThent tems with undisputed creditors. As a charity supporting start-UP5 and micro businesses an early payment process is in place to ensure that their cashfiow are not adversely affected. Statsmellt of tru5tees' respon5ibiJities The tNstees (who are also the diiectors of Antrim EnteIprise Agency Limited for the pury)oses of compally law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Genernlly Accepted Accoullting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and R¢publiG of Ireland" Company law requires the trteeS to prepare financial staten]ents for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the clwitsble company and of the incoming reSoUeS and application of resources, including its income and expellditure. of the charitable cornpany for that p¢riod. Io preparing these fla1 statements, the trustees are requited to: select suitable accounting policies and apply them consistently" observe the methods and principles in the CIMTities SORP; make judgemellts and estimates that are reasonable and prudenL stst¢ whether applicable accounting standards. cotnprising FRS 102 have been followe subject to any nmterial departures disclosed and explained in the fmancial statements. and prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The InteeS are responsible for keeping proper accounting records that can disclose with re&80nable accurdcy at any time the fill131 position of the Gharitsble company and ¢nable them to ensure that the fjnancial statements cornply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chaTitsble company and bence for taking reasonable steps for the prevention and detection of fraud and otber itregularities. The trustees are responsible for the maintenance and integrity of the COOr&te and financial infotmation included on the cljaritsble company's website. Legislation governing the preparation and dissemination of fanCial statements may differ from legislation in other jurisdictions. Page 13
Antrim Enterprise Agency Limited Trustees, Report Dlsclosure ofiDfornMtion to auditor Each trstee has taken steps that they ougbt to have taken as a tnt¢¢ in order to moke themselves aware of ally relevant audit infornution and to establish that the auditor is aware of that information. The tnL8tees confirm that there is no relevant infornwtion that they know of and of which they know the auditor is unaware. Reappointment ofauditor part of the strategy review and overhaul of existing systems and pro¢edur¢s, it w&s agreed tlmt it would be prudent for Antsim EnteriSe to intr(Mluce a rotation of audit firms every three years to ensure that a familiarity risk between th¢ auditors and management does not develop and to ensure independence of the auditor. In additio as part of best practice Antrim Enterprise should alternate Independent Examinations during the three year cycle with a full audit. Antrim Enterprise is currently undergoing a tender process for the election of auditors for the next three year perio Small eompallies provision statement This report has been prepared in accordanc¢ with the small companies Tegime under th¢ Compatiies Act 2006. The annual report was approv by the tnte¢S of th¢ charity on I I Septe]nber 2023 ar signed on its behalf by: rof J Wallace Chairnwi and Trustee Page 14