North Dovm Development Organisation Limited Reports and Financial Statements For th8 Year Ended 31st March 2024 NDDO Report for the Directors. year end 31st March 2024 Th8 trustees, who are also diroctOTS of the charity for the puOse5 of the Companies Act, submit their annual report and the financsal statements indep8nd8ntty reviewed for th8 year ended 31 March 2024. The trustèès have adopted the provisions of th8 Charlties Statement of Recommended PraGtice (Charlties SORP) (FRS 102) In preparing financial statements of the charity in accordance with the Fin8n¢ial Reporting Standard applcable in the UK and RepU1C of Ireland, the Charities Act (Northem Ireland) 2008 and The Charitles {Accounts and Reports) Regulations (Northem Sreland) 2015. Strudure, governance and management North Down Development Organlsallon Llmlted (NDDO) was InGorporated in 1984 and Is governed by its mamorandum and articles of association. It is the Lotsal Enterprise Development Agency for the area h8ving been set up as a company limited by guarantee and achieved charitable status th HMRC in 2003. Charitable stalus was achleved on 8th December 2014 with the Chaiity Commission for Northern Ireland-first LEA to achieve this. It is also a member of Enterprise North&rn Ireland,. a partnership of enterprise centres which provide a Nl wide netsvork ofsupport for prospedve and estabfished buslnesses who have Chosen the entreprenourial option. NDDO focuses on maintainlng and ensuring quality in 8118reas and it is of utmost importance and is rell8Cted in the relevant accreditations attained by the OTganisation including the transition to th8 new standaid ISO 9001.'2015 along with individual staff accreditations and training. The Organlsation reinvests any surpluses back Into the communlty,. either by provision of affordable workspace OT through a wide range of training and development courses. Objective4 Activities and Future Plans The Organisation's main objectives are to develop enterprise in the local Councll area and assist In the creation, and retention, of businesses In th? area and to contlnue to work In partnership wlth other economlG development organisations. In order to promola, and encourage new business, the Organisation provides a range of valu8 added business support services including, but not restricted to, wovision of managed workspace and tralnlng for future enlrepreneurs. The objectives of the Organisation are the promotion for the pubbc benefit of urban and rural regeneration in the Counc41 arEa of Ards and North Down by Teli8f of poverty in such ways as may be seen fit, the relief of unemployment , thè advancement of education, traininu or retraining, particularty among unemplDyed people and wovide them wth work experience, the provision of financial and technical assistance or business advlce or Gonsuttancy in order to provlde training and employment OPPDrtunities for unemployed p6opl8 in cases of finanaal or other chaiitsbl? neod through help in setting up their own business, assisting existing businesses and tho Gfeation rjf training and emtAoyment opportunibes by the provision of workspace, building andlor land for use on favourable teryns. NDDO is invofved in promoting entrepreneutship and transferring business sla118 across all secllons of the local Gommunlty and does a significant omount of work in disadvantaged areas. The Organisation provides a range of training programmes including. but not rèstricted to. pre-start, start-up. grovrth and cross border- many of the programmes are aimed at youth and promoltng entrepr8neur5hip across all sections of the local Gommunlty, particularly In Nelghbourhood Renewal areas and encouragement of micro businesses to be creative, Innovative and forward thinknng. NDDO are the only local training organisalion detivering a Com?te portrolio of programmes d8signed to support the business needs to, not only start-up businesses. but atso growth businesses. page I
North Down Development Organisation Lim ited Reports and Financial Statements For the Year Ended 31st March 2024 NDDO Report of the Dlrectors for the year end 31st March 2024 Objective5, Activities and Future Plans (continued) During the year ending 31 March 2024, Ihe Organisation achieved the following:_ GO FOR IT- NIBSUP 52 buslness plans were COMeted April 23- December 23 Go Succeed Start 18 buslness ptans and action plans completed- January 2024- March 2024 Go Succeed Grow 10 clients 1-2-1 mentoring supported NI EESS 11 clients (5 over target) Teceiving 1-2-1 mentoring support up to 20 hou and workshops. 4 clients ompleting CCEA Understanding Business Enterprise. 1 full time job11 ersrolled on Go Succeed Programme ENI Loan Fund 7 loan applications were completed and subnwtted. ENI Plus SeNice NDDO as a member of Enterprise Nl FNI) and in conjunction Mrfth them, launched a new inllialive; the ENI Pus - a poweTfiJl business plattonn providing essentlal seNiGes, resources, advice, learning. beneffts and sutr&8tantial cost sawngs for businessès and business ownprs. NDDO has assisted promotion of the platfom for tenants and local business owners located in Ards and North Down Borough Council area. Job Fairs NDDO continued to be present at a numbor of job fairs wthin the Borough- ugng the opportunlty to womote Ihe newtraining programme Female Peer Support Nelwo 15 women - weekly nerkIng workshops- 8 sessions The Organlsaknon has an overall workspace arg8 of109,846 sq ft offering a provision of both workshop fadlllles and a range of offices. Average OGcupanGy during the yearwas 9D°h and the Trustees Continue to believe that this is a strategic part of the Organisation's fLrture. It Is the Trustees, intention to continue to improve and develop this v8ry important area of the Organisation's operations and a programm8 of Tefurbishment and reinvestment will continue. The bD8rd are still intending tD extend the InnoteG site, but due to major increases in buildinglmaterial costs and other factors including INI timeframes lo bulld, this has not progressed but remains high on the priority &st.Talks wlth the bank have cntinued and they are SUPPOFtive ththen the timeframe pernlts. Occupancy Iwels have decreased to g0%- cost of ling continued to have an Impact on busine5SeS 85peoally Vth the increase in home mortgage rates- one bUnesS did purchase their own premises. A list of performance indicators are included within the IS09001-.2015 Accreditation and these are reviewed on an annual basis. Princapal risks to the Organisation are occupancy levels and tha contlnuad decline in training InGome- current training on the Go For It Programme is an extension due to finish in September. Appointment of Trnstees Followng the recent meroing ofCounaEs th8 appointment ofTNstees reflects repre5entslion from the new Ards and North Down Borough Council. Trustee5. who are also directors of the charitable company for the purpose of company law, give theirtime and expErtise on a voluntary bas1$ and play an active role In the affaits of the Organisation. The Trustees mpet on a kn-monthly basis where 811 major decisions In relation to Ihe Organisation are addressed. page 2
North Down Development Organisation Limited Reports and Financial Statements Forthe YearEnded 31st March 2024 Report of the Dlrectors for the year end 31st March 2024 Trustee Inductlon & Tralnlng ProspectNe Trustee6 are usualty recommended by exisfjng Board members. and are invrfted to meetwf(h the Chief Executive and Chaiman en they are given an insight into the running Df the Organisation, thèir obligations, what their role would be within the Board and the aims and objectives ofthe Organisation. They are then invited to attend a Board meeting in an obseNer capacty, bèfom deciding rflheY$h to join the Board. Health and SafetylEqual opportunities NDDO adhere to its Health & Safety and Equal Opportunty Policies, vthich are an inteyral part of its ISO 9001-2015 Flnanclal revlew Th8 financial resuhs are set 04rt on page6 7 to 12 and statsment of reserves in nole 10 to these accounts. As previousty mentioned , NDDO succeeded an av6rage occupancy of 90% throughout the year. Salaries and other costs have also been controlled a5 far as possible combating increasing inflationary pressures. It is the policy of th& Charity that unrestricted reserves Ihat have not been dèsignated for a parttcular purpose shDuld be maintained at a level to 8nsur8 that in the event of 8 significant drop in income. f(wiH b8 8bl8 to continue the chartys Cent actmbas and dtbt repayments, whi consideration is gtven to additional ways to raisè income. statement of disclosure of ink*miation to independent accountanL We, tho directots of companywhD held office atthe date olapproval ofthese Finan¢(al Stalements, as Set out above, eaGh confimi SD far a$ wa are awar8, that there is no relevant accounting inforrnalion ofwhich the companys examiner are unaware-, and we have tsken all the 51eps thal we oughtlo have tsken as dlrectors in orderto make OUTsefves aware of any relevant aeeouftting information and to eslablish that the compan$ examiner are awarè of that InfDmation. Plans tor future perlods and Major Rlsks The major risk affecting the company would be a decline in Ihe demand for premises owned by thè company in the local markèt place. Thè Trustees however. are satisfied with the compan5 financial progress during the year. O¢cup8n¢y rates have decreased slighlly dvring the year but demand forworkshops remain strong and th& decrease reflects tho drop in officg a¢cornodab"on. A number of existing tenants now wish to develop their business to a 6econd level and need larger space which is encouraging going foard. The company 15 fund¢d through cash generated by 11$ rental activites which in tum subsidise the training and 68rvi¢es departments of the organisation. The company has longer tem finan¢ing in tho form of a fixed loan that Is spruigd until 2026- when payment is completed then there will be no outstanding borrowin9S. The board have discussed the fijture e>Xen5ion of the Innotec site. The development ofthe organisations propety base would 855tst in the reation and retention ol busine6se5 in the local area and ongoing develgpment of training programmes and delivery of same in partnership wth other local eMnomic dèvelopment organisations. page 3
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 Report of tho Dlrectors for the year end 31st March 2024 Publlc benefft statement The tru8lee6 conftrm ihal Ihey have GomF4ied thelr duty a6 pre6cribed by 6ection 4 orthe Charitte6 Act (Northern Ireland) 200B t have due regard to the Charty Commis8ion for Northern ITeland public benefit guidance. The creation of emoYmen1 training and WO expèrience for residents living in eeonomiealty and so¢ialtv dethved areas and consequendy a reduction in poveity, unemployment and hardship, lea(fing to a better quality of life for the beneficiaries and consequent improvoments in health and w811 bling. Enhanced knovAedg8 about 6elting up and running small trMJ8ine66es and social enterprises resulting in increased levels of sdfmFloyment and better prospects of sustainat4e dev8lopmBn( Incre98ed levels of kno¥edge and tranSferale vocational skill6 among employeesOrk exp?riencelrainBe8, aBel8fjng In the Creation of a rnore educated, SIled and qualified community. A great sense arnong the ben?fityaries of mole fulfilled and puiposeful Ies. result in a safer, more ststle and ¢oh8slvp community. These benefrts bp evldgnced In records kept by various agenue5 of the number of 8nd WOTk experience opportunitie$ created 8nd number8 of thoBe who have Successfully Corneted training course6. Evidenee can also be found in independent evaluations of the aCtiVe6 of enterpri6e agenaes carried out by funding bodies and In rommunity surveys of living standards and attideS. Some private benefit 16 obtsined by the owners af small sIneSse8 who rent unts on favouraE4e tBims, bLrt this is anr4llary to the main purpose and 16 greauy oU91ghd by the gain$ in public benefiL No harm aiises from thes8 PUtpDs¢8. ProviBton of tralning courses which wll enat4e peokle to avail of Ihe self-employment option- th8S• eDurses free of charge and 60me include the Completion of a 8uGine£s Plan. The purpose of the tfaining and mgntaring 18 to encourage someone to Btsrt thwr own ElnesS and wovides them vth enough information and guidance to bring their idea into fru5b.on and equips them with the tools to run their Dwn butsiness. Thls in turn bpoats s8lf-¢onfidence and 8elf-b?lief and a180 can relieve poverty a8 some of the traning is dT¢rted Bpeufically to those In TSN OT. areas of deprivaOn, which can be foundwthin the local Borough. Young peDe are a18D largeted as not everyone IB sutted to univeTsty or employment and pTtartIraln1ng. again delivered at no cost to the partiupant, but sometirnes also having an aceTerfitation attached. is vital to allow a young person to pursue Self-em0yment. Getting women back into work is also an important part of the OTgani6ation's Temit but no one is Bxduded and the Organi$kn"on 18 constanly looking to improve and extend its range of programmes in order to provide a ¢omprehnslve programme of Iraining at no thargè. Provision of w08aCe on slmr4e terms, provision of seNlces and ongoing BUPPOrt and monitorlno 16 an important part ofthe OToanisation's remit- rentsl from the WOTkspaGe provision allow6 the Organi8ation to provida other essential seNi¢e8 at a minimum cost orlTe8 of chaTge. Any sm811 surF4usBS 8¢hi8ved arB roinvBsted in tho Oigani6ation Blther by trxtenwon or Imyovernent of esting property, upgrade of eyiBb"ng se18 and cont>nuBd Support for buBine8se8 in th¢ earfy stages. The Trustee6, who are drawn from the local communty, are passonate, thattraining and mentoring, 1$ a very Important aspect of the OrganisatiDn'S wovk and, whilo rental inwm¢ is r¥quir?d in order to finan¢? the training, it IB a fundamental part of the Organisation. Golng Concern The organisab"on's bu$ino66 actwiti$$, tog?th¢r vAth fadors Ilkely to affect its lulurg d?velokThent performance and position are set out abov& The TN&teeB con8lsJ$rthat appropriate level of occupancy are IkY to be 8U8lained through the going concem foresight period. on the basis of level of current tenancy agreements. A8 a con8equence. the Trustees believe Ihatthe company is well Flac8d to mange its busine65 risks succe68fulty, e6te the current economic oudook. Havlng consld#red th• rfsks and Iha ¢urrent ¢nvironmgnL the Trusteos hav¥ a rpason8t4e expect4tlDn that the Organisation ha8 adequ8te resourres to ¢ontinue in op¥rational gXi8tence forthe fore8eeatle fijture. Accordingly, they continue to adopt the going concern bad6 in weparfng the annual report and accounts. Independ•nt Audltor A re601ulion Proposing that Bradley Accounting and Taxation be re-appointed a6 an independerrt auditor of the chartty w511 bè put to lh8 Annual General Meeting. page 4
North Down Development Organisation Limited Reports and Financial Statements Forthe Year Ended 31st March 2024 U S l M S S S Report of the Directors for the year end 31st March 2024 Trustees Responslbillties Statement The trustees are responslble for preparing the Twstees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom GenerallyAccepted Accounting Praclice). The law applicable to charlties In Northem Ireland requires the trustees to prepare financial statements for each Ilnandal year which give a true and fair view of the state of affairs of the charity and of the incoming Tesources and application of resources of the charity forthat period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apptythem consistenty, obseNe Ihe methods and prtnciples in the Charities SORP 2019 (FRS102)- make judgements and estimates that are reasonable and prudenl; prepare the financlal statements on the going concem basis unless it is Inappropriate to presume that the charitywill continue in operalion. The trustees are responslble for keeping proper accounting records that d15close wtih reasonable accuracy at any time the financial posilion of Ihe charty and enable them to ensure that the financial statements complywith the Charities Act (Northem Ireland) 2008 and the Charities (Accounts and Reports) Regulations {Northem Iland) 2015. The trustees are also responslble for safeguarding the assets of the charty and hence for taknng reasonable steps forthe preventlon and detection of fraud and other irregularities. In $0 far as the trustees are aware: there is no relevant audit infomialion of which the ¢haritable company's examiner is unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant infonnation and to establish that the auditor is aware of that infomiation This report was approved by the Board on the Chainnan Ivan Thompson page 5