Cornpany re818tratton number. Nt026L72 Charity rn8iStrntion number. IOI21.1 Antrim Enterprise Agency Limited (A CDnJpany Ilmlt¢d by gurntee) Aww8l R¢port¥nd Fittancial Sta*nwits for th¥ YearEnded 31 Mar¢h 2024 D. T. CARSON & Co 51- 53 THOMAS STREET BALLYMENA CO. ANTR BT43 6AZ TEL . 028 2565 2389 FAX . 028 2565 1295 Email . inf0@dtearsocOM CHARTERED ACCOUNTANTS IRELAND
Antrim Enterprise Agency Limited Statement of Finantial Aetivities for the Year Ended 31 MArch 2024 Oncluding Income and ExpeDdAture Account and Statement of Total Recognised Gains and Losses) Unrestricted lunds Restricted fund5 I'otal 2024 Note Income and Endowtnents from: Donations and legacies Charitable activities Other trading a¢tivitie8 Investment income Other inco¢ 966 244,991 14.788 10,187 75.978 1.800 36,103 2,766 281.094 14.788 10,187 75,991 13 Total income 346,910 37,916 384,826 Expendlture Raising funds Charitable activities (17.260) (209.444) (17,260) (229.996) (20,552) Total expenditure (226.704) (20.552) (247.256) Net income TrSferS between fimds 120.206 20.095 17.364 (20.095) 137,570 N¢t movement in fiwds 140,301 (2.731) 137.570 ReconciliAtion ollund$ Total futkds brought forward 845.047 10,781 855,828 Total funds carried fonvard 22 985.348 8,050 993,398 The notes on pages 23 to 40 forni an integral part of these financial stat¢[rEts. Page 20
Antrim Enterprise Agency Limited Statement of Financial Activities for the Year Ended 31 March 2024 ncluding Income and Expenditure Account and Statement 4)f Total Recognised Gains and Losses) UDTe5trieted funds Restrkcted funds Total 2023 Note Income and Endowmcnts from: Dollations and Icgaci CliaEitable activitie5 Other trading activities Invesiment illconie 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 25,2l6 264,978 Expenditure on: Raising fwids Cjwitable activities (10,364) (223.549) (10,364) (235,094) (11,545) Total expenditure (233,913) (11,545) (245.458) Net income Transfeis between funds 5,849 29.453 13.671 (29.453) 19.520 Net movement in funds 35.302 (15,782) 19.520 Reconciliation of funds Total fi]nd5 brought forward Total funds carried forward 809,745 26.563 836,308 22 845.047 10.781 855.828 All of th¢ charity's aclivitk¢s derive from continuing operations during Ibc above two p¢riod5. The funds breakdown for 2023 is shown in note 22. Thc notcs on pagc5 23 to 40 form all integrnl part of these financial stst¢lltS. Page21
Alltrim Enteryrise Agency Limited (Registration llumber: NK026172) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tallgible assets 16 643.712 604 J79 Current asstts Debtors Cash at bank and in hand 17 Is 26,951 478.136 23.712 399.315 505.087 423,027 Creditors: Amounts falling due within one year 19 (78,745) (81.114) Net current 85sets 426.342 341.913 Total assets less eurrellt liabilities 1.070.054 946.292 Creditors: Amounts falling due after more than olle year 20 {76,656) (90.464) Net assets 993.398 855.828 Funds of the charity: Restricted income funds Rcstrictcd funds 22 8.050 10,781 Unrestricted income funds Unrestricted fjJnds 985,348 845,047 Ttst funds 22 993.398 855,828 Th¢se financial statements have been prepared in accordance with tbe special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Aci 2006. The financial statements on pages 20 to 40 were approved by the tsteeS. and authorised for issue oo 9 September 2024 and signed oll their behalf by- f J Wallace ChaitllWL and Ttustc Tbe notes 00 pages 23 to 40 forni an integral part of ihese financial statements. Page 22
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity stgtus The charity is a private company limited by guarantee, incorpordted in Nortbern Ireland, and consequently does not have .4hare pItal. Each of the trustees is liablc to contributc amount not exceeding £1 towards the assets of tbe clmrity in the event of liquidatloll. The address of its registered otrLce is 58 Greys¢one Road. ANTIUM. BT41 IJZ These financial statentS were authorised for isslle by the trll5tees on 9 Scptember 2024. 2 AtIng policies Summary of significant accouDting policies and key #e¢oundng estlmates The principal accounting policies applied in the prepardtioD of these financial statements are set out bclow. These policies have been consistently applied to all the years presented. unless otherwis¢ stat¢d. StAtement o( ¢Dmpli%nee Th¢ financial statements bave been prepared itt accordance with Accounting and Reporting by Charities: Ststement of Recomme[ed Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} (effecliv¢ l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable ID Ébe UK and Republic of treland (FIL8 102), the Cbarities Act (Northern Ireland) 2008 and the Companies Act 2006. The charity is a Public Benefit Entity as defined by FRS 102. Basis of preparAtion A&sets and liabilities are initially recogniscd at bistorical cost or tractIOn value utdess othcrwisc stated in the rclcvant accounting policy llotCS. The presenlational curr¢n¢y of th¢s¢ fancial ststements is sterling and amounts have been rouaded to the nearest £1. Going eottc¢r The financial stat¢ments have been prepared on a going concern basis as thc trustees consider that th¢r¢ are no material uncertainties about the charitys ability to continue as a going concern nor any siLfICant areas of uncertainty that affect the carrying value of assets held by the charity. The trstee9 have considered both the level of fidS held alld the expected level of income and expenditure frlr 12 month5 frotn authorising these financial stat¢meDts. taking into consideration all relevant factors. Page 23
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Judgements Thc PTcparation of the financial statcmcnts rcquircs the Trustees to judgements. estimates and assumptions that affect the application of accounting policies and thc tcportcd amount of assets and liabilities, income and expenses. The ¢5timates and associated a5SUttTrplions arc ba5cd on historical experience aod othw facto that are considered to be relevant. Actual results may differ from these estimatcs. Thc cstimatcs and undcrlying assumptions arc rcviewed on an ongoing basis. Revisions to accounting cstimates are recognised ill thc petiod in which the estimate is revised where the revision affects only that perio(L OT in thc period of the revision and tllre pertods whsTC the rcvisiotl atfecls both cuffettt and firture periods. Key sour¢es of estimation uncertainty Tangible Fixed 85sets Tangibl¢ fixed assets aT¢ deprlated ov¢r their useful economic lives taking into account r¢sidual values, where appropriat¢. Th¢ tUal liv¢s of the assets and residual values ar¢ assessed aDnually and may vary dependillg on a number of factors. In re-assessing 8sset liv¢s, factors such as maintenance programmes and technological innovation are taken into &¢count. Residual vue assessments consider issues such firture market conditions, the rem&iDiug lile of tbe assel and projected dispos&l values. The carrying amount is £643,712 (2023 -£604,379). Income #Dd endowmenls All inGOEne is rewgnised once th¢re is a legal or constructive obligation to that income after any pcrformace conditions hav¢ b¢ell m¢t, th¢ amount can be measured reliably and it is probable tbat income will b¢ received. All income is allocated to the applicable income heading that awegate similar income to that category. Donalions and legacie Donations are r¢cogDised wben the ch#rity has been notifled ID writin8 of both the anllt and settlement date. In the event that a dollation is subjcct to conditions that require a level of pcrfonnallcc by the cllatity before the charity is entitled to the funds. the inc4)me is dcfcrrcd and not recogntsed until either thosc conditiolls are llY mel or the fiilfilment of those conditions is Itholly within thc control of thc chatity and il is probable that these conditions will be fidfilled in the reporting period. GrnnLs receivoble Gtallts are rccogniscd whcn thc chatity ha5 all elltiilement to the fimds and any conditions linked to the grants have been met. Where perforniae conditions arc attachcd to the grant and are yet to be met. the incomc is recognised as a liability and included on the balanc¢ sheet as defeed income to be released. Other trading activities The charity generates rental Income by utilising the business workspace to furtbcr its prirnary aims alld objectives. Investmen¢ iftcome Intercst on funds hcld on deposit is includcd when receivabl¢ and the amount can be reliably measured by the ChaTity" this is noThnally upon notification of the interest paid or payable by the bank. Page 24
Antrim Enterprise Agency Limited Notes to the Fin2ncial Statements for the Year Ended 31 March 2024 Clmrithble aclivili The clwity undertakes activities to further their aims and objects in a number of areas including: Woik5pace & Business Space Support Programmes Start-up Progrdmmes Pre.Start Progratnmes Enterprise Programmes Expenditure All expenditure is recognised once tbere is a legal or constrllctive obligation to that expeThditurc. it is probable settlement is rcquircd and the amount can be measurcd rcliably. All costs are allocated to the applicable expendittwe heading that aggregate similar costs to that category. Where costs Cal0t be dircctly attributcd to particular headings they have been allocated on a basis consistent with thc wc of resources, with central slaff costs allocated on the basis of time spenl and depreciatlOD charg&£ aIlocated oll the portion of the asseds us¢. Other support costs are allocated based oll the spread of staff costs . Rdiwngfunds These ale costs tn attracting voluntary itL¢ome. the management of investments and ih05¢ incurr¢d in trading activitie5 that rais¢ funds. Charitable activilles Clwitable expenditur¢ comprises those costs incurred by the charity in the delivery of its activities and services for its b¢nefi¢iari¢s. It includes both costs that can be alloc*¢d directly to gucb activities aDd those costs of an indirect nature necessary to support thertL Support costs Support costs include central nCtiOnS and have been allocated to activity cost categories on a basis consistellt witb the use of resources. for example, allocating property costs by floor areas, or per capila, staff costs by time pent and other costs by their usage. Covernance eosts These include the costs attributable to the charity's compliance with COnstitiOnal and statutory requirements. including audit, strategic managemeut and tru8tces's meetings and reimbursed expenses. Taxation Tbe clwity is COnSAd¢red to pass th¢ tcsts set out in Parngraph I Schedule 6 of the Finance Act 2010 and therefore it mects thc dcfillition of a charitablc cottwany for UK corporation tax pUOses. Accordingly. tbc charity is potentially exempt from taxation ill respect of income or capital gains received within categories overed by Chapter 3 Part I l of thc CoTPOTatioTh Tax Act 2010 or Section 256 of the Ttion of Chargcable Gains A¢t 1992. to the extent that such income or gains are applied exclusively to clLariiable PUOSC$. Tanglble fixed assets Tangible fixed assets (individually stIll8 £100 or mor¢) are initially measured at cost and subsequently measured at cos¢ net of deprectation and any impaimient 108ses. The Company &sses5es at each rcportillg date whether tangible fixed a$5¢ts are inwaired. Page 25
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Depreclatlon and amortisatio Depreciation is provided on tangible fixed assets so as to write off the cost or Valuatio less any ¢stimated residual value. over their expected useful economic life as follows: Asset class IAlld & Buildings Furniture & Equipment Depreciatioll method #nd rydte 2_lov/ Strdight line 15 /o- 33.3 /0 straight line Trade debtor5 Trade debtors are arnounts due from customers for serviccs pcrfoTmed in the ordinary course of business. Trade debtors are recogDiscd initially at tbe Iransaction price. They aic 5ubsequcuily measured at amortised cost using the effectivc intercst metbod, less provision for impairnient A provision for thc impairment of trade debtois is established when there is objcclivc cvidence that th¢ clwity will not be able to collect all anwuuts due accordin8 to thc origillal tetms of tbe receivabl¢s. Cash and cash equivalent5 Casll and cash equivalents Comprise cash on hand and call d¢posits. and other short-terrn bighiy liquid inv¢slrn¢nts that are readily convertible to a known atnount of cash and are subject to an iDsigDificant risk of change in value. Trade creditors Trade creditors are obligatiolls to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are cl8S8ifi¢d as current liabilities if the charity does not have an unconditional righ( at the end ol the reporting period. to defer settlem¢nt of the creditor for at least twelve months after th¢ reporting date. If there is an wiconditional right to defer settlement for at least twelve months aftcT the reporting date, they ar¢ presented as non-current liabilities. Trade creditors art recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Borrowillgs Int¢rest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings ¥re sub.sequently carricd at amort15ed cost, with the diffcrcnce between the procecd¥. Let of transaction c4)sts. and the amount due on redemption bcing recognised 8$ a cbarge to the Ststcutcnt ol Financial ActiVLties over the periiKI of tbc rclcvant booW1n Interest expense is recognised on the basis of the effective interest method and is included in interest payable and sitnilar charges. BOOWingS are classified as Giirr¢tLt liabilities unless the chartty has an unconditional rigljt to deter settlement of the liability for at leasi twelv¢ months after the reporting date. Fund structure Unrestrictcd incOll fimds are g¢nerdl funds that are available for us¢ at tho trustee3 discretion in fiherance of the obj¢c¢ives of th¢ cTrwity. Designated fimds are uor¢stricted funds set aside for specific puLpos¢s at the discrettoll of the ttwste¢s. Page 26
Antrim Enterprise Agency Limited Iyotes to the Financial Statements for the Year Ended 31 March 2024 Restricted income fjjnds are those donated for use in a particular area or for specific purposes, tb¢ we of which is restricted to that area or purpose. Pensions and other post retirement obligAtions The charÈty opcratcs a d¢fed contributioll pension scheme which is a pension plan under which fixed Contributions are paid into a pension fimd and the charity has no Icgal or consttuclive obligation to pay further colltributions 6vcll if thc fund docs not Tr1d sufficicnt ass¢ts to pay all crnployces the benefits relating to employee service in the cuent and prior pcrii)ds. contriblOnS to defined contribution plans are recogniscd in the Statemellt of Financial Activities when they are due. If colltributlOD payments exceed the contribution due for service. the excess is recognised as a prcpayment. Financial in5trllments Financial assets and financial liabiliti¢s are recoguised wb¢ll the charity becomes a party to th¢ contractual provisions of th¢ instrum¢nt. Financial liabililies and equity instnllnents are classifi¢d according to the substsnce of tbe contra¢tU31 arrangements entered into. An equtty instrum¢nt Is aIiy Contract that evidences a residual int¢r¢st in the assets of the charity aft¢r d¢du¢ting all of its liabilities. Recognition and measuremenl Basic financial assets Basic finan¢ial assets. wbi¢h include debtors, ¢&sh and bank balances, initially measured at transaction price illcluding transaction costs and are subs¢queThtly carried 81 nortiSed cost using the effective interest method UDless th¢ atrangement CODstitutes a financing transactio wher¢ the transa¢tion is measured at th¢ present value of the future re¢¢ipts discounted at a tnarket rate of interest. Financial assets Classified as receivable WAthin one year are not amortise Basic financial liabilities B&sic financial liabilities. which include creditors and loans, are initially rneasured at traDsacÉion price unless the 8rrangement constiteS a financing transaction, where the debt in5trutnent is measured at the present value of the future payments discounted at a maTkct rate of interesL Financial liabilities classÈficd as payable vlithin one year are not amortised. Fina¢kcial liabilities are dcrccognised when the Charitys contt&Ltual obligations expire or arc dischargcd or canccllcd. Impairment For financial assets carried at arnortiscd cost, the amount of illwaillncllt is the difference between the assct's catryillg aniount alld the piesent Yalue olestirnated flrture ca4hflows. discountcd at the fjnancial &et'S original offcctiv£ inÉcrcsÉ ratc. For fit]ancial assets carried at cost Ic5s IpallnI. the iEnpainnent loss is the differcncc between the assevs carrying amount and the estimate of th¢ amount that would be received for thc asset if it w¢r¢ to bc sold ai the reporting date. Where indicators exist for a decrease in impairnicnt loss. and the decrease can be related objecliv¢ly to an event occurring after the itnpairmellt was recogn15e& th¢ prior impairnient loss is tested to detennine r¢v¢r5al. An impairnient loss is rev¢rs¢d on an individual itnpaxred financial asset to the extent thai ibe revks¢d recoverabl¢ value does not lead to a revised carrytng amount higher than the ¢atrying value had no impairment been recOlsed. Pagc 27
Antrim Enterprise Agency Limiited Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donations and legacies Unrestricted funds General Restricted fund5 Total Z024 Donations and legacies" Donatious from individuals 966 1,800 2,766 966 1,800 2.766 Unrestricted fund5 GellerAI Total 2023 Donations and legacies" Donations from individuals 67 67 67 67 4 Income from charitable activities Unreslrleted funds General Restri¢tsd funds Total 2024 Workspace & Business Space Existing Business Start-up Programmes Pre-start Progranunes 244.628 363 244,628 363 1,248 34.855 1.248 34,855 244,991 36.103 281,094 Unrestri¢t¢d funds Generxl Restrlcted funds Total 2023 WoTkspace & Business Space Existing Business Start-up Progrdmmes Pre-start Prosrammes Enterprise Education 219,869 3.499 219.869 3.499 19.080 6,268 (129) 248,587 19.080 6.268 132) 223,371 25,216 Page 28
Antrim Entcrprise Agency Limited Iyotes to the Financial Statement5 for the Year Ended 31 March 2024 5 Income from oÉher trading gctivities Unrestricted nds General Total 2024 Total 2023 Olber income from other trading activities 14,788 14.788 10,57L 14,788 14,788 10.571 6 Investment income Unrestrltted funds General Tot&1 2024 Total 2023 Interest receivable and similar income. Interest receivable on bank deposits 10.187 10,187 3.905 7 Otber income Unrestrleted nds General Restricted funds Tot*1 2024 Total 2023 Othcr illcomc including govclltmcnt grants 75.978 13 75,991 1,848 Pagg 29
Antrim Enterpriise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 8 Expendithre on raising funds a) Costs of trading activities Alloeated support costs Total 2024 Direct tosts Staff eostg Costs of trading aGtiviti¢s (79) 12,466 4,873 Alloca¢¢d sllpport costs 17,260 Total 2023 Direct costs Staff costs Costs of trading arttvities 7.902 2.459 10.364 9 Expenditure on charitable activities Activity undertsken directly St2ff costs of aetlvlty Activity support costs 2024 Workspace & BsIneSs Space Existing BsIneSS Start-up Pr0grdMnS Pre-start Prograromes Enterprise Education Gov¢rnance 62.493 923 16.946 3.656 (70) 6.903 28.409 9.530 23.504 6.987 4.557 27,060 11,103 3,723 9,521 1397 1.781 10,573 102,005 14,176 49.971 l3,040 6,268 44,536 90,851 Activity undertaken directly 100,047 39.098 229,996 Staff costs of activity Activity support costs 2023 Workspace & BsinesS Space Existing Business Start-up Progrdmmes Pre-St2rt Programrnes Enterprise Education Governaace 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 90,148 110.648 34.298 235.094 £209,4M (2023 - £223,549) of the above expenditure was attributsble to W¢StriCted fijods and £20.552 (2023 _ £11.545) to r¢strict¢d fiwds. Page 30
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 tn addition to the expelldithre analysed above, there are also governance costs of £44,536 (2023 - £39,780) whicb relate directly to charitable activities. See note 10 for further details. 10 Analysis of govern*n¢e and support costs GoverDxnce cost8 Uorestricted furtds General Totlll 2024 Stsff costs Wages and sa18ries Social sccutity costs Pellsioll costs Other staff costs Audit fees Audit of the finan¢ial stat¢ments Other fees paid auditors Other governance cost5 Allocated support costs 23,391 900 1,459 1,296 23,391 900 1,459 1.296 4.775 4.775 500 1,346 10,869 1,346 10,869 44,536 44.536 Unrestrieted fuDds General Total 2023 Staff Sts Wages and salaries Social security costs Pension costs Othci staff costs Audit fees Audit of the financial statetu¢nts Other fees paid to auditors Other governance costs Allocated support ¢osts 22.150 922 1.305 2,614 22,150 922 1.305 2.614 1.650 375 1.185 9,579 1.650 375 1,185 9,579 39,780 39,780 Page31
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 11 Net incomingloutgoing resources Net incoming resources for the year include: 2024 2023 Audit fees tA)ss on <h"sposal of red a&sets held for thc charlty's own use 4,775 1.650 7,928 12 Truste&s remuneration aud expenses No ttees, nor any persons connected with them. have received any remuneration from the chty during the No trte¢S hav¢ r¢r¢iv¢d any reimbursed expellS or any other beneflts from the charity during th¢ year. 13 Staff Costs The aggregate pa011 costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs 97,277 3,744 6.067 4,925 98.479 4,098 5.803 10.168 112.013 118,548 The monthly avctage numbei of persons (including senior nTrnagernciit I leadership team) employed by the baTity during tbe year ¢xpr¢55ed as full tim¢ wuivalents was as follows: 2024 2023 Cbaritable activities Governanc¢ No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key managemeTht pcr50nncl of the charity were £44.250 {2023 - £41.000). Page 32
Antrim Enterprise AgeThcy Limited Notes to tbe Financial Statements for the Year Ended 31 March 2024 14 Auditors, remuneration 2024 21123 Audit of the financial statements 4,775 1,650 Other fees to auditors All other non-audit service5 500 375 15 Taxation The charity is a registered charity and is thcrefore exempt from tsxation. 16 Tangible fixed assels Land and buildin£s Furniture and equiptnent Total Cost At l April 2023 Additioos 2.131,812 43,468 139,272 10,378 2.271.084 53.846 At 31 March 2024 2.175.280 149.650 2,324,930 Depreciation At l April 2023 Chatge for the year 1,539,892 10,158 126,813 4.355 1,666,705 14.513 At 31 Mah 2024 1,550.050 131,168 1,681.218 Net book value At 31 March 2024 625,230 18,482 643,712 At 31 March 2023 591,920 12,459 604,379 17 Debtors 2024 2023 Trade debtors Prepayments Accrued income Otber debtors 11.592 4,561 10,530 268 10.889 4,347 1.195 7.281 26.951 23,712 Page 33
Antrim Enterprise Agency Limited Notes to the Fallancial Statements for the Year Ended 31 March 2024 18 Cash alld cash equivalents 2024 2023 Cash on hand Cash at bank 13 478,123 478,136 399.306 399.315 B41ance$ kneld by the eharity that are not available for use by tbe charity 2024 2023 Balances held by the charity that are llot available for use by the ch&rity 21,036 17,969 Included within casb are amourLts relatinE to tenant deposits held by the charity. These amouttts havc been ring-fenced by thc trustccs alld bc Icpaid to the tenants upou satisfactory completioll of their rentsl contracts. As wcb the In]stees have decided tLOt to spcnd thcsc fjjllds and included & corresponding creditor in the fmancial statements and as such there is llo effect oll th¢ net assots figure. 19 Creditors= amount$ falling due within one year 21124 2023 Bank loans Trad¢ creditots Other loans VAT repayable Other creditors Accnjals 10,141 15,475 4,590 6,082 21.807 20,650 9.924 20,628 4.319 6,678 18,442 21.123 78,745 81,114 Pa8e 34
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Bank borrowings Bank loan is denolljinatcd in sterlittg with a llominal inter¢st rate of 2.50/0 (2021- 2.50/0). and the final insta]ment 15 due on l July 2026. The carrying anwunt at year end is £24,199 (2023 - £33,256). Other borrowings UCIT with a carrying amount of £67,188 (2023 - £71.451) is denominated in stcrIing with a nominal interest tatc of 80/ts (2023 _ 80/.). The final Itl£nI is duc on 12 sept¢ThCl 2034. 20 Creditors: Amounts falling due 4fter one year 2024 2023 Bank loans Other loans 14,058 62.598 23.332 67,132 76.656 90,464 lllcluded in tbe creditors arc the following allUnts due after more tban five years: 2024 2023 After mor¢ than fiv¢ years by iDstalments 41,150 46,942 21 Pension and other 5¢heme5 Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost cbargc foi thc ycai repr¢s¢nts contributions payable by the charity to the scheme and amow]ted to £6.067 (2023 - £5,803). Page 35
Antrim Enterprise Ageney Limited Notes to the Financial Statements for the Year Ended 31 March 2024 22 Funds BalaAce at 31 March 2024 Balauce at i April 2023 Ineoming resources Resources expended Transfers Unrcstricted fund5 GenenTI Operational reserves Assets in Resen 118.662 601.385 293,064 53.846 (213,314) (13,390) (226.704) 20,095 218,507 641.841 720.047 346,910 20.095 860,348 Designated D¢s&gnatd Reserv¢ 125,000 125,000 Total unrestricted fuDds 845.047 346,910 (226,704) 20,095 985.348 Restricted fund5 Start me up show Mind Your Business & Finance Social Enterprise 6,000 (3,207) (2,793) 1.580 1,248 (278) 2.550 2,231 3.495 (2,231) Hahfax gratkt Entrepreneurslllp Programn SULF ENI Start Her Up Go Succcd ENt-Exploring S & EntrepTeneurslllP skills Boost Bursary 13 (1.123) 2,385 3.254 54 167 17,564 40 (12,945) (70) (7.873) 24 (167) 4.220 (1.129) 3.091 7,031 l.800 (7.031) 1.800 Total restri¢trd funds 10,781 37.916 20.552 20,095) 8.050 Totsl fund$ 855,828 384,826 (247.256) 993,398 Page 36
Antrim Enterprise Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 March 2023 Balance at I April 2022 Ineoming resources Resources expended Transfers UDre5tricted fuThds Gefteral Operational Teserves knets in Reserves 142,970 596.775 223,839 J 5.923 (222,600) (11.313) (233.913) (25,547) 118,662 601.385 739.745 239.762 (25.547) 720,047 Desigftated D¢signated Reserve 70.0(N) 55.000 125,000 Total unrestricted funds 809,745 239,762 (233,913) 29,453 845,047 Restricted The Shed Antrim Areas At Risk- It's Ail Abou¢ Me Exploring Enfrrprise - Et)kalo BLL8iness Start Up CObing 7,709 (132) (7,577) 1,350 (1.350) 7,608 (7,608) 7.704 2.192 2,478 6.000 (2.3171 (3.139} (7.865) (5.053) Stsrt me up sbow Mind Your Business & Finance Social Enterprise 3200 (1,620) 1,580 2231 3.869 2.23 1 3.495 Halifax grant Entrepreneurship (374) 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 37
Antrim EnterprAse Agency Limited Notes to the Financial Statements for the Year Ended 31 March 2024 The specific purposes for which the fill8 are to be applied are as follows: The Shed Antrim (fornierly called HER SHE'd ) pIojeGt is a follow through from the success[ pilot progrdmll ITh 2019. The participants have received fidIng througb Peace IV to develop the group and purchasc start up equipn]ent to run sessionslworkshops ID t[adesnberdaSberY and crafts. along with funding from Big IA)ttery Awards for All towards n]nning costs and equipmcnt. The Areas At Risk- Its All About me fid delivers a lifc skills progratnvnc to year 9 pupils aimed at enhancing and developing tbeir entrepr¢neurial skill and delivery of Lonfidcnce buildillg and self-ijwge to year 13 Sdents to enable thetn to develop their skills alld abilities and the utilisation of thesc in futurc lifc. cducatioll and career. Bnkalon Foundation-Exploring Enterprise Programme fvnd is 250/0 funding of an Entcrprisc & Employability Programme comprlsing of l-l mentoring, group training and an accreditation to cnhance participant skills for ie-employnLen¢ employment or s¢lf-employment aimed at individuajs who are economically inactive, ullcmploycd or working part-titnc. The Exploring Enterprise PTogrnnJn¢ is match funded through ESF and the Department lor the Econotny and ANBC. Business Start Up Coaching Progranllne is an Antrim and Newtownabbey Borough Council fiu)ded programm¢ managed by Antrim EntetTrrise and delivered in a partnershtp with LEDCOM and Mallusk Enterprise. The programttLe aillL8 to support p&rticipallts wbo hav¢ Mpleted a bu8iThess plan under the Northern Ireland Business Start Up progtamm¢ ( Go For It). Tbey are able lo avail of coaching in a range of business areas along with a STnall bursary towards start-up costs. Halifax grant. The balifax Foundation Northern Ireland awarded fiU1ng lowards th¢ purchase of Meeting Owl Pros and Samsung Snwt 4k Ultr2 HR LED Tvs and associatsd equipment duting 2022-2023. This was to allow Antrim Enterise to revert to a more effective hiq)rid approach to training. Build My Start Up Clinics- Following redevelopm¢nt and r¢branditLg of Mind Your Business & Mind Your Finance clinics. Antrirn Enterpiise launched their Build My Start Up serieg during 2022_2023. Under the suite of support. four clirllcs are dlivered covering business & Legals. personal finance. business finance and health and well-being. Start Me Up Show fiuthd tl)rough Antrim and Newtovmabbey Borough Council and Department for Comrnities Ar¢a at Risk Fund is d¢S1¢d to work with individuals within the wards of Farransbane. Stccple and Ballycraigy speclfically intended to inspire participants to start thc joutncy of selF-employment. It Mvas aimed at addressing the barri¢rs faced by individuals looking to start their own busines5 a[ CODSiStcd of a series of motivational events featuring inspirational local entrcprClleU. support¢d by tailored coaching to allow individllals to ellthark on the rst steps of their entrepreneurial journey. Entrepreneurship Progratt]nie is an Antrim and Newtownabbey Borough Council fidcd programme managed by Antrim F.nterprise and delivered in partneTship with LEDCOM and Mallusk Enterprise Park. Participants could avail of pre-coacbing & training before pro8ressing to the Go For It programtne. Oncc tbcit bwsiness plan was completed under this prog they could rcvcrt back to the Entrepreneurship Programme for post start up coaching. SULF- Our membership organisation Enterprise NI is the business support Per delivering Start Up LoaDS (SULF) ou behalf ofBittish Business Bank in Northern Ireland. Antrim Enterprise as a member, supports clits wkth on¢ year of nKntoring if they rwipient5 of a loan. Page 38
Antrim Enterprise Ageney Limited Notes to the Financial Statements for the Year Ended 31 March 2024 The Northern Iieland (M) Explorc EnLcTPTise Support SeNice is a new initiative delivered by Antrim Enterprise through Enterprise Nort[ll tretand in partnersbip with The Princes Trust Nl whicb provides self<mploymetEt or employment support to economically irCtive individuals across ArAtrIT00mebTLdge, Randalstowo and Crutnlin. Go Suceed- Through our membership of EnteTprise Nt, w¢ deliver Go Suceed, the new go-to source for expert busincss advice led by Northern Irelalld's eleven local councils. Thc servtce PTovides betwccn 4 and I I bouts of tailored support alld guidance to help individuals achieve their business goals. Donations- Antrim Enterprise have receiv¢d a private donation durijjg th¢ cours¢ of the year. svi)ich w&s distributed as a bursary ( Boost Bursary), to ¢lients towards Antrim EnterpTiSe's Healthy Entrepreneur Hub activities. Page 39
Antrim Enterprise Agency Limxted Notes to the Financial Statements for the Year Ended 31 March 2024 23 Analysis of net gsset5 behyeen fun(Ls Unrestricted funds Other Total funds at 31 March 2024 Restricted funds Tangible fixed assets Current ass¢ts clreAt liabiliti¢s Cr¢ditors over l year 641.841 498.908 (78.745) (76,656) 1,871 6.179 643.712 505.087 (78.745) (76.656) 993,398 Total nel assets 985,348 8.050 Unrestricted funds Other Total fullds at 31 March 2023 Restricted funds Tangible fixed assets Cuttcllt assets Current liabilitics Creditors over l yvar Total net assets 601.385 415,240 (81.114) (90,464) 2.994 7.787 604,379 423.027 (81.114) 90.464) 845,047 10,781 855,828 Page 40