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@dtearso￿cOM 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 Tr￿SferS 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¢ll￿￿tS. 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 t￿steeS. 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 state￿￿ntS were authorised for isslle by the trll5tees on 9 Scptember 2024. 2 A￿￿￿￿tIng 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 tra￿￿ctIOn value utdess othcrwisc stated in the rclcvant accounting policy llotCS. The presenlational curr¢n¢y of th¢s¢ f￿ancial 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 si￿LfICant areas of uncertainty that affect the carrying value of assets held by the charity. The tr￿stee9 have considered both the level of fi￿dS 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¢ depr￿lated 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 v￿ue 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 an￿ll￿t 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 perfornia￿e 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 defe￿ed 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 Cal￿0t 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 COnsti￿tiOnal 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 pU￿Oses. 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 T￿tion of Chargcable Gains A¢t 1992. to the extent that such income or gains are applied exclusively to clLariiable PU￿OSC$. 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 bo￿oW1n Interest expense is recognised on the basis of the effective interest method and is included in interest payable and sitnilar charges. BO￿OWingS 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 fi￿herance 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¢f￿ed 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 Tr￿1d sufficicnt ass¢ts to pay all crnployces the benefits relating to employee service in the cu￿ent and prior pcrii)ds. contrib￿lOnS 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 constit￿eS 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 I￿pa￿ll￿nI. 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 recO￿lsed. 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 & B￿sIneSs Space Existing B￿sIneSS Start-up Pr0grdMn￿S 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 & B￿sinesS 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