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 inco￿Orated 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 Tn￿teeS 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 fi￿thllg 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 Ente￿rise Northern IrelaTLd and Social Ente￿riSe 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 ente￿nSeS and clwities, Antrlm Entetprise is entering a period of some uncertainty around
continuity of programme fimding and challenges with recruitsnent. However, the th￿teeS are committed to
fulfdling their rhatitabl¢ objectiv¢s and investing in the fabriG of the ente￿riSe 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 cXt￿d our sinG¢r¢ thanks to our outgoing Ti¢asurer
Celine cO￿1g￿ll 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 Ent￿nSe'S resour¢¢s and rapa¢ity
Antrim Ente￿rise,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 n￿al 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
sU￿lUS
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
¢nte￿riSe 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 b￿lneSSeS 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 ente￿rise 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 Ente￿rise 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 s￿dIeS 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"
b￿lties8 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 Ente￿rise 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 j￿t 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 Ente￿riSe maDaging the
programme. Under this pro￿amMe six workshops are to be delivered with minimum 60 attendees; 75
participants to receive 21￿S 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 Ente￿riSe 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, Tn￿te¢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 se￿entIllg and presenting the organI￿tiOnS work.
Antrim Enterprise continu¢s to work towards their new strdtegy to identify opportunities for b￿Ill¢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 Ente￿ris¢ future strdtegic priorities for 2021- 2026 are SUMM￿Sed 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 f0t￿￿lLY 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 ¢nte￿Il5¢ 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 t￿St¢eS consid¢r the Reserve Policy an important part of the internal fmancial management of Antrim
Ente￿riSt 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 fL￿d8. 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
fi￿ding along. At present the t￿￿teeS 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 tn￿teeS 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¢ b￿k.
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￿ ¢I￿ted
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 T￿￿tee5 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 InCu￿ed.
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. Tn￿teeS 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 Ttt￿tee 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 tr￿Ste¢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 Ente￿riSe Agency we are committed to provtding equality and fairness for all in employment and
service delivery and not to discriminate on any grounds inclUd￿g 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, baCk￿Unds. 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 tr￿teeS 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 reSoU￿eS and application of resources,
including its income and expellditure. of the charitable cornpany for that p¢riod. Io preparing these f￿￿￿la1
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 In￿teeS are responsible for keeping proper accounting records that can disclose with re&80nable accurdcy at
any time the fill￿131 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 CO￿Or&te and financial infotmation
included on the cljaritsble company's website. Legislation governing the preparation and dissemination of
f￿anCial statements may differ from legislation in other jurisdictions.
Page 13

Antrim Enterprise Agency Limited
Trustees, Report
Dlsclosure ofiDfornMtion to auditor
Each tr￿stee has taken steps that they ougbt to have taken as a tn￿t¢¢ 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 Ente￿riSe 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 tn￿te¢S of th¢ charity on I I Septe]nber 2023 ar￿ signed on its behalf by:
rof J Wallace
Chairnwi and Trustee
Page 14