' North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 NDDO Report for the Directors. year end 31st March 2023 The trustees, who are also directors of the charity for the purposes of the Companies Act, submit thelr annu81 report and the financlal statements independentty reviewed for the year ended 31 March 2023. The trustees have adopted the provisions of thg Chaiities Ststement of Recommended Practice (Charities SORP) {FRS 102) in preparing financial statements of the charity in accordance with the Financial Reporling StarKJard applicable in the UK and Republic of Irelarwl, the Charitles Act (Northern Ireland) 2008 and The Charities (Accounts aNI Reports) Regulations (Northern Ireland) 2015. Structure, governance and management North Down Development Organisation Limited (NDDO) was incorporated in 1984 and is governed by its mèmorandum and 8cleS of association. It IS the Local Enterprise Development Agency for the area having teen set up as a company limited by guarantee and achieved charitable status with HMRC in 2003. Charitable status was achieved on 8th December 2014 with the Charity Commission for Northem Ireland- ffirst LEA to achieve this. It is atso a member of Enlerprise Northern Ireland., a partnetship of enteTprise centres which provide a Nl wide network of support for prospective and estabfished businesses who have chosen the entrepreneurial option. NDDO focuses on Maintaini and ensuring quality in all areas and it is of utmost importance and is reflected in the relevant accreditatrons attained by the Organisation including the transition to the new standard ISO 9001=2015 along with individual staff accreditations and training. The Organisation reinvests any surpluses back into the community- oither by provision of affordable workspace or through a wide range of training and development courses. Objectives, Activities and Future Plans The Organisation's main objectives are to develop enterprise in the local Council area and assist in the creation, and retention, of businesses in the area and to continue to work in partnership with other economic development organisations. In order to promote. and encourage new bLBiness, the Organisation provides a range of value added business support seNices including, but not reslricted to, provision of managed workspace and training for future entrepreneur5. The objectives of the Organisalion are the promotion for the public nefit of urban and rural regeneration in the Counc41 area of Ards and North Down by relief of poverty in such ways as may be seen fit. the relief of unemployment . the &Jvancement of education. tr8inirvJ or retraining, particularty among unemployed people and provide them with work experience, the provision of financial and tschnical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed p8ople in cases of financial or other charitable need through help in setting up their own business, assisting existing businesses and the creation of training and employment opportunities by the provision of workspace. building andlor land for use on favourable terms. NDDO is involved in promotlng entrepreneurship and transferring business sknlls across all sections of the local community and does slgnificant amount of work in disadvantaged areas. The Organisation provides a range of trainiro programmes including. blbt not restricted to, pre-start, start-up, growth and cross border- many of the programmes are aimed at youth and promoting entrepreneurship acr055 all sections of the local community, parbcularly in Neighbourhood Renewal areas arKI encouragement of micro businesses to be cieative, innovative and fOard thinking. NDDO are the onty local training organisation delivering a complete portfolio of programmes designed to support the business needs to, not onty start-Ltp buslnesses, but also growth businesses. page I
North Down Development Organisation Limited Reports and Financial Statements Forthe Year Ended 31st March 2023 NDDO Report of the Directors for the year end 31st March 2023 Oblèctlves, Activities and Future Plans (continued) During the year ending 31 March 2023, the Organisation achieved the followng:_ GO FOR IT-NIBSUP 80 businèss plans were completed April- March along with 3 direct referrals being idenlifi8d and forwarded to INI. EEP4 Year 5 Courses 9 and 10 had 17 parbclparrts submitting portfofios and achieving Accreditalion Certifficates in Enterprise. 6 of the 17 moved on to the Go Foi It Pfogramme, a further 4 secured full time employment and 5 entsred into self - employment. GO FOR IT workshops A series of 5 worksho[6 were held throughout the year and all achieved the ststutory atterKlanGe of 12. NDDO VrkShopS Four WOTkshops were held indendentlY by NDDO and were well attended. ENI Loan Fund 7 loan applications were completed arKI Subtted. ENI Plus SeTvice NDDO as a member of Enterprise Nl {ENI) and in conjunction wth them, launched a new inibative- the ENI Pus- a powerful business platrorm providing essential services, resources, advice, learning. benefits and substantial cost savings for businesses and business owners. NDDO has assisted promotion ofthe platform for tenants and local business owners located in Ards and North Down Borough Council area. Job Fairs NDDO attended a number of virtual job faits to promote the option of self employment narne Ards and North Down Jot6 Fair and North Down Local Market Partnership Start Her Up Programme NDDO in conjundion Mth the ENI nelwork delivered a prcwJramme for women 1840 interested in enteTprise- 2 parlipants were awarded £1,000 start up award The Organisation has an overall workspace area of109,846 sq ft offering a provision of both workshop facilities and a range of offices. Average occupancy during the year was 91 % and the Trustees continue to believe that this Is a strategic part of the Organisation's future. It is the Trustees. intention to continue to improve and develop this very important area of the Organisation's operations and a programme of refurbishment and reinvestment wll continue. The board are still intending to extend the Innotsc site. but due to major increases in buildinrnaterIal costs and other factots including INI timeframes to build, this ha5 not progressed but remains high on the priority Ilst.Talks with the bank have cntinued and they are supportive when the timeframe pemiits. Occupancy levels have decreased to 91% - cost of living espeaally utility increases and the increase in buslness rates folfowng Reva123 have been major factors in businesses nottsking on their own premises and this has also been reflected in the training nUrnbe coming through. A list of perfomance indicators ar6 inciuded wlhin the IS09001-.2015 Accreditation and these are reviewed on an annual basis. Principal iisks to the Orgallisation are occupancy levels and the continued decline in tr8ining income- current training on tho Go For It Programme is an extension due to finish In SeFlember. Appointment of TrnstsÈs Following the recent merging of Counols the appointment of TfU5tees rellects representation from the new Ard8 and North Down Borough Counul. Trustees. who are also directors of the charitable company for the purpose of company18w. glve Iheir time and experbse on a voluntary basis and play an activg ro19 Iri the affai of the Organisation. The Trustees meet on a kn-monthty basls where all major decislons In rel8tion to the Organisation are addressed. page 2
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 NDDO Report of the Dlrectors for the year end 31st March 2023 Trusteè Induction & Training Prospactive Trustees are usualty recommended by existing Board members, and are Inviied to rneet wf(h the Chief Executive and Chaimian when they are gwen an insight into the running of the Organisation, their obligations, what th&ir role would be within the Board and the aims and objectwes of the Organisation. They are then invited to att•nd a Board meeting in on obsétver capacity, before deciding ff they wish to Joln the Board. Health and SafetyEqual opportunities NDDO adhere to ts Heath & Safety and Equal Opportunty Policies, which are an integral part of ts ISO 9001'.2015 Flnancial review The financial resuts are set out on pages 7 10 12 and statement of reseNes in note 10 to these accounts. A5 previously mentioned. NDDO succeeded an average occupancy of 91% throughout the year. Salaries and other costs have also bèan controlled as far as possible combating incrèasing iNfjationary pressures. It Is the policy of the ¢haTity that unrestricted reserves that have not been designated for a particular purpose should be maintained at a level to ensure that in the event of a significant drop in income, itwill ba ablè to conts.nua the chariV$ ¢urient actw(ties and debl repayments , while consideration is given lo addf(ional ways to raise income. Statsmènt of dl$¢losure of Inlorm*lon to Independent a¢¢ountanL We. the directors ofthe company who held office at the date of approval of these Financial Statsments, as set out abo, $a¢h ¢onfimi so far as we are aware, that. there Is no relevant accountlng infomation ofwhich the cornpanys examiner are unaware.. and we have taken all the steps that we oughtto have taken as directors in order to make Ourse•$ 8waro of any relevant accounting information and to establish Ihal the company's examiner are aware of that infomiation. Plans for future perltxl$ and M4Jor Risks Th8 major risk affècting th& company would be a de¢linè in thè dèmand for prèmisas ownod by the Company in the local market place. The Trsjstees however. are satisfied WTth the COTnpanVs financial progress during the year. Occupancy rates have decreased slightly during tho year and demand is steadily improving wrth an increase in enquiries from both inside and outside the organisation. A number of èxisting tenants now wish to develop their businès5 to a second level and need18rger space Ythich 15 encouraging going forward. The company is f¢Jnded through cash generated by rts rental aetNites which in turn subsidise the training and services departmènts of the organi5ation. The company has longerterm financing in the form of a ffixed loan that IS 5e¢ured until 2028-when payment is completed then there will be no outstanding borrowing5. The board have diseusso¢J the future oxt•nsion of the Innotec s(Ée. The development of the organisations property base would assist in the ¢reation and retention of businesses in the local area and ongoing development of training programmes and delivery of samt in partnership th other local economic development organisation5. page 3
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 NDDO Report of the Directors for the year end 31st March 2023 Publie benefft statement The trustees nfirrn that they have complied wth their duty as pre8cribed by 8eth.on 4 Of the Charitses Act (Northem Ireland) 2008 to have due regard to the Charity Comrnission for Northern Ireland putlic benefit guidance. The creation of emF4oyment. training and work experience for residents living in economically and SOLialty deprived areas and consquénly a iéduetion in povarty, unemployment and hardship, leading to a better quality of lifè foc the benefici8riè9 and consequent irnprovements in hèalth and wall being. Enhancèd knowledgè about sath.ng up and running $m811 bu$inee$e8 and soaal enterprises iesulting in increased levels of self-ernF4oyment and better prospeds of sustsinable development, increased levels of knedge and transferable vocational skills among employeeslwork experience trainees. assisting in the creation of a more educated, sknlled and qualified community. A great sense arnong the beneficiaries of more fulfilled and purposeful lives, result in safer, morè stable and cohesive community. These benefrts can be evidenced in records kept by various agenaes of thè number of jobs and work experiencè opportunth.es erèatèd and numbèrs of those who havè suceassfully completèd training coursés. Evidènca ¢8n also be found in independent evaluations of the ath"vthés of Ènterprisè agéncies (xrried OLJt by fvnding bodies and in community suNeys of living standards and attitudes. Some private benefjt is obtsined by the owner3 of small businesses who rent units on favourable terms. but this is anallary to the main purpose and is greatly Ou¥e1ghed by the gairts in public benefit No harm arises frorn these pUrSe¥. Provision of training COUTses which wll enaNe people to avail of Ihe self-employmenl oplion-these cour6es are free of charge and some include the com eo of a Business Plan. The purpose of the training and mentoring is to encourage someone to start their own business and provides them with enough information and guidance to bring their idea into fruition and equips them with the tools to run their own busine. Thi5 in lum boosts self-confiden¢8 and self-belief and also can relieve poverty as some of the training is olrected specifically to those in TSN or, areas of deprivation. which can be found wthin the local Borough. Young people are also targeted as not everyone is suited lo university or employrnent and pre-start training. again delivered at no c03t to the partiapant. but sometimes also having an accreditation attached. is vital to allow a young person to pursue selfmployment. Getting women back into work is also an important part of the Organisation's remit but no one is excluded and the Organisation is ¢onstanlly lookn.ng to improve and extend its range of programmes In order to provide a comprehensive programma of ttaining at no ¢h8rge. Provision of WOFkspaee on sirnple terrns. provision of 8ervice8 and ongoino ¥upport and monitoring is an irnPDrtanl part of the Oigani5ation's remit- iental from the workspace provision allows the Organisation to provide other es6ential seFvices at a minimum ¢ost orfree of charge. Any small sruseS achieved are reinvested in the Organisation ef(her by extension or improvement of extsting property, upgrade of existing service8 and continued support for businesses in the earfy stsges. The Trustèès, who arè drawn from thè local community, are passionate, thatlraining and mentoring, is a very important aspect of the Organisation's YWOTk and. while iental income is requiTed in order to finance the training, it is a fundamental part of the Organisation. Going Concern The organisationb business activlties. together wlh fa¢tors likoly to affèct its futurè ¢J8v•lopment parformanctr and position art sd out above. The Trustees consider that appropriate level of occupanry are likely to be sustsined through the going concern foresight period, on the basis of level of current tenancy agreements. As a consequence. the Trustees believe thatthe eornpany is well aCed to rnanga its bugness risks successfully, despite the current economic outtook. Having considered the risks and the current environmenL the Trustees have a rèasonablè èxpedation that the Organi$ation ha$ adequate fesources to continue in operational existence for the fore8eeatAe future. Accordingly. they continue to adopt the going ¢oncern basis in preparing the annual report and accounts. Independent Exarniner A resolution proposing that Hamilton Morris Waugh be re4ppointed as an independerrt examiner ofthe charty wll be putto the Annual General Meng. page 4
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 Report of the Dlrectors forthe year ended 31 March 2023 Trustees Responsibllities Slalement The tfustees are responsible for preparing ihe Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting standards {Uniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northem Ireland requires the trnstees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applicalion of resources of the charity forthat period. In preparing these financial statements, the trustees are required to.. select Suttable accounting policies and then apply Ihem consistently., observe the methods and principles in the Charities SORP 2019 {FRS102); make judgements and estimates that are reasonable and prudent- prepare the financial statements on the going concern basis unless it is inappmpriate to presume that the charity will continue in operation. The tnjstees are responsible for keeping proper accounting records that disclose with reasonablé accuracy at anytime the financial position of the chaiity and enable them to ensure that the financial statements compFy with the Charities Act {North6m Ireland) 2008 and the Chartiies (Accounts and Reports) Regulations {Northem Ireland) 2015. The Iruslees are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps forthe prevention and d6tection of fraud and other irregularities. In so far as Ihe trustees are aware.. there is no relevant audit intomialion of which the chaiitable companws examiner is unaware., and the Iruslees have taken all steps that they ought to have taken to make themselves aware of any relevant infomiation and to establish that the audtior is awar& of that information Thls report was approved by the Board on the Zltr.4& A.iJt ZtsLS Chairman Ivan Thompson page 5