Company Number: N1018464 Charity Commission for Nl: 101571 FERMANAGH ENTERPRISE LIMrrED (Charitable Company Limited by guarantee) ANNUAL. REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) CONTENTS Page General Information Directors. Report Independent Audltor's Report 8-10 Statement of Flnanclal Attlvities li Statement of Flnanclal Position 12 Statement of Cash Flows 13 Notes to the Flnanclal Statements 14-21 CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) GENERAL INFORMATION Dlrectors J Byrne T Harpur - Chairperson U Lilley T Maguire T Mccartney J Mccrea P Roblnson Company Secretary A Nonaghan Registered Offlce Enniskillen Business Centre 21 Lackaghboy Road Ennlsklllen Co Fermanagh BT74 4RL Company reglstratlon number N1018464 Charlty Comml$sion for Nl number 101571 Auditors CavanaghKelly 36-38 Northland Row Dungannon Co Tyrone BT71 6AP Sollcltors Murnaghan and Fee Boston Chambers Queen Ellzabeth Road Enniskillen Co Fermanagh BT74 7JA Bankers Bank of Ireland 7 Townhall Street Ennlskillen Co Fermanagh BT74 7BD Natlonwlde BLtlldlng Soclety 19 Hlgh Street Ennlsklllen BT74 7DD Danske Bank 24 Townhall Street Enniskillen Co Fermanagh BT74 7BB CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The directors, who are the trustees for the purpose of charity law, present thelr report and the audlted flnancial 5tatement5 of the charitable company for the year ended 31 March 2023. The flnanclal statements have been prepared In accordance wlth the Statement of Recommended Practlce "Accounting and Reportlng by Charities" (FRS 102) and the Companies Act 2006. Reference and Administration Detalls The reference and adminlstration details of the charlty are as shown on page 2. Objectives and Actlvltles Objectives The principal actlvlty of the charStable company Is the promotion, for the publlc beneflt, of urban and rural regeneration in Co Fermanagh and the surroundlng areas. Fermanagh Enterprlse Llmlted seeks reallstic solutions to the problem of unemployment through promotSng the establishment, development and growth of small buslnesses In Co Fermanagh. Activlties The charitable company's actlvities Include the provision of workspace for small and medlum enterprlses and the dellvery of training and support Services to local buslnesses, communlty organ15ations and indlviduols. The charltable company provldes advlce and guidance to people conslderlng self employment as well as delivering buslness training and mentoring through varlous programmes. Fermanagh Enterprise Llmlted 15 responsible for the management and operatlon of the Buttermarket, the Ennlsklllen Business Centre, the Killyhevlln Buslness Centre and the Abbey House Buslness Centre, all of whlch are located in Ennlsklllen, Co Fermanagh. Publlc Benefit Statement The directors of Fermanagh Enterprlse Llmlted confirm that they have complied with thelr duty under sectlon 4(b) of the Charltles Act (Northern Ireland) 2008 to have regard to the Charity Comm155ion for Northern Ireland's guldance on public beneflt and that the public benefit requirement has informed the actlvltles of the charltable company In the year ended 31 March 2023. Achlevements and performance The charltable company dellvered several programmes durlng the year: Klck-start; Co-lnnovate and Go For It. Fermanagh Enterprlse Llmlted has contlnued to provlde commerclal premlses malntalning high levels of occupancy: Buttermarket 99 % (2022: 960/0). Ennlsklllen Business Centre 990/0 (2022: 970/0); Killyhevlln Business Centre 870/0 (2022: 95Wo); and Abbey House Business Centre 94010 (2022: 990/0). CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) DIRECTORS. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 Financial Review Financial Performance The company is a charitable organisation. The result5 for the year are set out In detall on page5 11 to 21. The company returned net Incoming resources for the year of £31,976 (2022: £62,869). At 31 March 2023, the total fund5 of the charitable company amounted to £2,834,850 (2022: £2,802,874) comprising Deslgnated £400,000, Unrestricted £2,428,887 and Restricted £5,963 (2022.. £300,000 £2,488,409 and £14,465). Prlncipal SOLsrces of fundlng and how this has supported the key objectives of the charity are dlsclosed In the notes to the financial Statements. Recent years have been challenging for the small and medlum buslness sectors to whlch Fermanagh Enterprise Limited provldes services and facllities. Changes in government fundlng have resulted in a reduction In the avallablllty of programmes which the charltable company delivers and increased competltion from other provlders has proved a challenge for the charitable company. However, the directors and management consider that the charltable company Is In a strong position because of it5 knowledge of the enterprlse environment and the quallty of servlce provided to win and dellver programmes to SMES into the future. The charltable company's success is dependent on the ongolng management of buslness rlsks and the uncertalntie5 It faces. The directors Intend to malntaln and develop the buslness further as the charltable company provldes a quallty service In the area and through better management of costs and improved efficiencies wlthln the business. Reserves pollcy In order to maintain and develop support to the company's small business start-up and growth cllents in a strategic way, the directors recognise the need to malntaln sustalnablllty both of the skllls and experience accrued by the staff and the extensive workspace built to provlde an Important buslness location for the tenant buslnesses. The directors also recognlse the rlsks associated with the short-term nature of much of the support programmes currently being dellvered, all of whlch are subject to tender on the open market as well as being influenced by the budget restrlctlons and limitations of bodles whlch are well outslde the control or Influence of the dlrectors themselves. In order to be able to provide liable 5ervlces over the longer tem, the company must be able to absorb setback5 and to take advantage of change and opportunity. The director5 have agreed to seek to build financlal reserves which will allow Fermanagh Enterprise Llmlted to: meet future commltments or unforeseen expenses wlthout a negatlve Impact on Its abillty to deliver services; take advantage of any future business opportunltles whlch may present themselves; be in a position to respond to any developing rnarket demand for 5ervlces over and above that provided from the company's current portfollo. Absorb some of the impact of falllng revenues caused by the current pandemic and any future crises. CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) DIRECTORS. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 In keeplng with the strateglc direction of the companyi a key aspect is the monitorlng of occupancy levels in the Buttemarket, Enn15klllen Business Centre, Killyhevlln Business Centre and Abbey House Business Centre. Deflnltlon of Reserves For the purposes of this pollcy the term "Reserve5" 15 applled to that part of the company's income that is freely available for its general purposes. Reserves are the resources the company has or can make avallable to spend for any or all of its purposes, once It has met its commitments and covered its other planned expendlture. Thls definition excludes unspent money from restricted grants or fund5 where thi5 is relevant. Extent of Reserves The reserves are needed to secure the viablllty of Fermanagh Enterprise Limited, meet unforeseen contingencies, develop and grow the servlces of the company are dependent on a number of external factors including market demand for property and micro and macro trends in the economy. The extent of the reserves requlred Is Ilkely to be anything from £600k to £1.5m. The Board plan to bulld reserves year on year from trading surpluses, if available, and wlll revlew the reserves policy annually. Structure, Governance and Management Organisational Structure The company Is a charltable company limited by guarantee. On 9 February 2015 the company was registered as a charlty wlth the Charity Commlsslon for Northern Ireland. The company is governed by the Board of Dlrettors. None of the directors has a beneflclal interest In the company. The Manager was responsible for the supervlslon of the day-to-day operations of the charltable company through out the year. The names and addresses of those organlsatlons provldlng banklng servlces or professlonal advice to the charltable company are listed on page 2. Dlrectors The directors who served durlng the year, except where stated otherwlse, were a5 follows: Name: James Byrne Thomas Harpur Una Lilley Tommy Magulre Terence Mccartney Jenny Mccrea Paul Roblnson Offlce: Appointed: 11 March 2020 2 November 2011 6 December 2019 23 january 2020 li October 2002 li October 2002 17 June 2005 Resi9ned: Chairman Compensation of Key Management Personnel The dlrectors meet annually with the key management personnel to set targets for the forthcoming year and to review the prevlous year5. performance. Compensation levels are set based on performance and the ability of the charitable company to be able to afftird any proposed increases in salaries. CavanaghKelly"
FERMANAGH ENTERPRISE LIMrrED (Charitable Company Limited by Guarantee) DZRECTORS. REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2023 Taxation status The company is recognised as a charlty by HM Revenue & Customs. Accordingly, the company has avalled of the exemptions contained In Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors, Responsibilitles Statement The directors are responsible for preparing the financia5 statements In accordance wlth applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financlal statements for each financial year which give a true and fair view of the state of affairs of the charltable company and of the Incoming resources and appllcatlon of resources, Including the Income and expendlture, of the charltable company for that year. In preparing these flnanclal statements, the dlrectors are requlred to: selett suitable accounting policie5 and apply them conslstently; obsenie the methods and prlnclple5 In the Chorities SORP (FRS 102); make Judgements and estlmates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basi5 unless It Is Inappropriate to presume that the charitable company will contlnue In operation. The dlrectors are responsible for keeping adequate accountlng records which dlsc105e with reasonable accuracy at any tlme the flnancial position of the charitable company and to enable them to ensure that the financial Statements comply wlth the Companies Act 2006. They are also responslble for safeguardlng the assets of the charltable company and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. Statement of Disclosure of Informatlon to Auditor In so far as the dlrectors, who held office at the date of approval of these flnanclal statements, are aware: There Is no relevant audit informatlon of whlch the company's audltorls unaware; and The dlrectors have taken all steps that they ought to have taken to make themselves aware of any relevant audit informatlon and to establish that the audltor Is aware of that Information. Small company exemptlon This report has been prepared in accordance wlth the speclal provlslons relating to small companles wlthln Part 15 of the Companles Act 2006. Auditorg CavanaghKelly are deemed to be reappointed auditors in accordance with Sectlon 487(2) of the Companies Act 2006. CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) DIRECTORS. REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2023 This report was approved by the Board on 28 November 2023 and signed on its behalf by: Monaghan cretary Registered office: Ennisklllen Buslness Centre 21 Lackaghboy Road Enniskillen BT74 4RL Company Reglstratlon number: N1018464 Charity Commisglon for NI number: 101571 CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 Opinlon We have audited the financial 5tatement5 of Fermanagh Enterprlse Llmited ('the charitable company,) for the year ended 31 March 2023 whlch comprise the Statement of Financial Actlvltles, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, includlng a summary of slgnlficant accounting policies. The financial reporting framework that has been applied in thelr preparation Is applicable law and United Kingdom Accounting Standard5, Including FRS 102 "The Financial Reportlng Standard appllcable In the UK and Republlc of Ireland. (Unlted Kingdom Generally Accepted Accounting Prattlce) applying Sectlon IA of that standard. This report is made solely to the charltable company's directors/ trustees, as a bodyi in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charltable company's directors / trustees those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslbility to anyone other than the charltable company and the charitable company's dlrectors / trustees as a body, for our audit work, for thls report, or for the Oplnlons we have formed. In our opinion the financlal statements: glve a true and fair vlew of the state of the charitable company's affair5 a5 at 31 March 2023 and of its total incomlng resources and expendlture of resources, including Its Income and expenditure, for the year then ended; have been properly prepared in accordance wlth United Kingdom Generally Accepted Accountlng Practice. and have been prepared in accordance wlth the requlrements of the Companies Act 2006. Basls for oplnion We conducted our audlt In accordance wlth Internatlonal Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responslbilities under those standards are further descrlbed In the Auditor's responslbilltles for the audlt of the flnancial statements settlon of our report. We are Independent of the company In accordance wlth ethlcal requlrements that are relevant to our audit of the financlal statements In the UK, includlng the FRC'S Ethical Standard, and we have fu Ifllled our other ethical re5ponsibilitie5 in accordance with these requlrements. We belleve that the audit evidence we have obtained Is sufficlent and appropriate to provide a basis for our oplnlon. Concluslons relating to going concern We have nothing to report In respect of the followlng matters in relation to whSch ISAS (UK) requlre us to report to you where: the dlrectors, use of the going concern basis of accounting In the preparation of the financial statements is not appropriate. or the dlrectors have not dlsclosed In the flnanclal statements any Identified materlal uncertalntles that may cast significant doubt about the charitable company's abillty to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the fi'nancial statements are authori5ed for i55ue. CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 Other Information The directors are responslble for the other information. The other infom)ation comprlses the informatlon included in the Directors. Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other Informatlon and, except to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. In connectlon wlth our audit of the flnanclal statements, our responsibility Is to read the other infomiatlon and, In doing so, conslder whether the other Information is materially Inconsistent with the financlal statements or our knowledge obtained in the audit, or otherwise appears to be materlally mlsstated. If we identify such material inconsistencles, or apparent materlal misstatements, we are requlred to determlne whether there is a material mlsstatement in the financlal statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a materlal misstatement of this other informatlon we are requlred to report that fact. We have nothlng to report In thls regard. Oplnlons on other m•tters prescribed by the Companies Act 2006 In our oplnlon, based on the work undertaken in the course of the audlt.. the Informatlon glven In the Directors, Report for the financial year for whlch the financlal statements are prepared is conslstent wlth the financial stotements. and the Directors, Report has been prepared In accordance wlth appllcable legal requlrements. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and it5 environment obtalned In the course of the audit, we have not Identified material mlsstatements in the Directors, Report. We hove nothlng to report In respett of the following matters in relation to whlch the Companies Act 2006 requires US to report to you if, in our oplnlon: adequate accounting records have not been kept, or returns adequate for our audlt have not been recelved from branches not vlslted by us; or the financial statements are not in agreement with the accounting records and returns; or certain dlsclosures of directors, remuneratlon speclfled by law are not made. or we have not received all the Information and explanations we require for our audit. or the directors were not entitled to prepare the flnanclal statements In accordance wlth the small companles, reglme and take advantage of the small companles, exemptlon In preparlng the Dlrectors, Report. Responslbllltles of Dir•ctors / Trustees As explained more fully In the Directors, Responsibilitles Statement, the directors (who are also the trustees of the charitable company for the purpose of charity law), are responsible for the preparation of the financlal statement5 and for being satisfied that they give a true and fair view, and for such internal control as the Director5 determine is necessary to enable the pparatIOn of financial statements that are free from materlal mlsstatement, whether due to fraud or error. In preparing the financlal statements, the director5 are responsible for assesslng the company's ablllty to continue as a going concern, di5closingi as applicable, matters related to going concern and uslng the golng concern ba515 Of accounting unless the directors either intends to liquidate the charitable company or to cease operations, or has no realistic alternatlve but to do 50. CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 Auditor's responsibilities for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the flnanclal statement5 as a whole are free from material mlsstatement, whether due to fraud or error, and to issue an Auditor's Report that Includes our oplnlon. Reasonable assurance Is a high level of assurance but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Mlsstatements can arlse from fraud or error and are consldered material if, indivldually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. A further descriptlon of ou r responsibi lities for the audlt of the financlal statements is located on the Flnanclal Reportlng Council's webslte at www.fr .or This descriptlon forms part of our audltor's report. Mr. Ryan Falls FCA (S•nior Statutory Audltor) For and on behalf ol CavanaghKelly Chartered Accountants and Statutory Auditors 36 38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 28 Novamber 2023 CavanaghKelly" io
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FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023 Note 2023 2022 Fixed Assets Property, Plant and Equipment 2,231,254 2,298,880 Current Assets Inventories Receivables Cash at bank and in hand 500 67,158 649 818 717,476 500 67,034 611 313 678,847 li Payables: amounts falllng due within one year 12 (113,880) (174,853) Net Current assets/(liabilities) 603 596 503 994 Net Assets 13 2 834,850 2 802 874 REPRESENTED BY: Designated Funds Unrestricted Funds Restrlcted Funds 14 14 14 400,000 2,428,887 5,963 2 834 850 300,000 2,488,409 14,465 2 802 874 Total Funds These financlal statements have been prepared in accordance with the special provisions of the Companies Act relating to small companles. The notes on pages 14 to 21 form an integral part of these financial statements. These financial statements were approved and author behalf by: ed for Iss by the dlrectors and signed on their T Harpur Chalrman and dlrector artney Date: 28 November 2023 Company Registratlon number: N1018464 Charlty Commlsslon for NI number: 101571 CavanaghKel 12
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from operating activities Surplus/(Deficit) for the year 31,976 62,869 Adjustments for: Depreciation 96,486 128,462 103,315 166,184 Movements in working capital.. Movement in receivables Movement in payables (124) 60,973 (19,471) 41,999 22,528 Net cash (used In)/generated from operatlng actlvltles 67,365 188,712 Cash flows from Investlng actlvlties Payments to acqulre property, plant and equipment (28,860) (46,228) Net (decrease)/lncrease In cash and cash equlvalents 38,505 142,484 Cash and cash equivalents at beglnnlng of financial year 611,313 468,829 Cash and cash equivalents at end of financial year 649,818 611,313 Cash and cash equivalents consist of: 2023 2022 Cash at bank and in hand 649,818 611,313 CavanaghKelly° 13
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I. GENERAL INFORMATION Fermanagh Enterprise Limited is a charitable company limited by guarantee, incorporated in Northern Ireland. In the event of the charitable company being wound Upi the liability in respect of the guarantee is limited to £1 per member of the charitable company. The addre55 of the registered office is as shown on page 2. The charitable company constitutes a public benefit entity as defined by FRS 102. 2. ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which a considered material in relation to the company's financial statements. Statement of Compliance The financial statements have been prepared in accordance with Accounting and Reportlng by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Section IA effective l January 2019 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. Basls of Preparation The flnancial statements are prepared on a golng concern basis under the hlstorlcal cost convention un le55 Otherwise stated in the relevant accounting policy. Historical cost Is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applled consistently In deallng wlth Items which are considered material in relation to the charitable company's financial statements.. Income and Endowments Charltable Activities Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned as the related Services or goods are provided. Grant income included in this category provide5 funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Expenditure Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and services are supplied. Where costs cannot be directly attributed to a particular heading they have been allocated to activities on ba515 con515tent with use of resources. staff costs and overhead expenses are allocated to activities on the bas15 of staff time spent on those activities. CavanaghKel 14
FERMANAGH ENTERPRISE LIMITED (Charltable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (continued) Charitable activities This compromises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements to the general running of the charitable company. Fund Accounting The charitable company has three types of funds for which it is responsible at the year-end: Deslgnated Funds - Such funds are held by the charltable company to meet the costs of future capital projects. The charitable company aims to withhold a portion of Its Surpluses each year to help meet these costs. These funds a in additlon to the charitable company's reserve pollcy. Unrestricted Funds - Funds whlch are expendable at the discretion of the directors In furtherance of the objectives of the charity. In addition, funds may be held in order to finance capital investment and working capital. Restricted Funds aims of the charity. Income CeIved for speclflc purposes. Such purposes are withln the overall Property, Plant and Equlpment and Depreclatlon Property, plant and equipment are initially recorded at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each a55et over its expected useful life, as follows: Freehold Land & Buildings Leasehold Land & Buildings Fixtures, Fittings and Equipment 2010 Straight Line 50/0 and 200/0 Reducing Balance 20010 Reducing Balance Taxation As a charity* the charitable company is not liable to Corporation Tax. Trade and other recelvables Trade and other recelvables are Inltlally recorded at fair value and thereafter stated at cost less Impalrment losses for bad and doubtful debts. Trade and other payables Trade and other payables are initially recognised at fair value and thereafter stated at cost. 2.10 Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilitie5 that are not readily apparent from other sources. The estimates and associated a55umptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimate5. CavanaghKelW 15
FERMANAGH ENTERPRISE LIMrrED (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recognised in the period in which the estimate Is revised were the revision affects only that period, or in the period of the revision and futu periods were the revision affects both current and future periods. Critical judgements in applying the entity's accounting policies There are no critical judgements in applying the company's accounting policies. Critical accounting estimates and assumptions The are no accounting estimates in applying the company's accounting policies. 2.11 Cash and cash equlvalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquld Investments that mature in no more than the months from the date of acquisition and that are readily convertlble to known amounts of cash with insignificant risk of change in value. 2.12 Golng Concern The financial statements are prepared on a going concern basis. Taking account of the risk review undertaken by the directors, they do not consider there to be a risk to the going concern status of the charitable company. 2.13 Pen51on5 Payments to defined contribution retirement benefit schemes are charged as an expense a5 they fall due. CavanaghKel 16
FERMANAGH ENTERPRISE LIMrrED (Charltable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 3. INCOME Unrestricted Funds 2023 Restrlcted Funds 2023 Unrestricted Funds 2022 Restricted Funds 2022 Income from charitable activities: Kick Start Programme Klck Start 2 Programme Go For It Programme Co-Innovate Programme Room Hire Consultancy Rental Income Water and sewage charges Parking charges Electricity and gas charges Solar electric (ROCS) Management Services Job Retention Scheme 37,152 600 16,400 39,496 139 7,814 600 519,165 4,621 4,097 38,437 18,430 5,000 39,571 567 8,845 1,750 481,761 4,434 3,437 28,161 17,046 5,000 654 199 641 055 Income from other tradlng actlvltles: Office Services Other Income Craft Development Fund 414 289 107 53 185 419 53 396 185 Investment Income Bank deposit interest 265 265 Total Income 658 432 53 641 716 185 CavanaghKelly" 17
FERMANAGH ENTERPRISE LIMITED (Charltable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 4. EXPENDITURE ON CHARITABLE ACTIvrrIES Unrestricted Restricted Unrestrirted Funds Funds Funds 2023 2023 2022 Restricted Funds 2022 Go For It Programme costs Kick Start Programme costs Co-Innovate workshops and mentoring Wages and Salaries Penslon costs Professional Subscriptions Postage, stationery and advertising Telephone Motor and Travel Rates and water charges Insurance Cleanlng Llght, heat and power Repairs and maintenance General expenses Depreciatlon - property Depreciation fixtures, fittlngs & equipment Bank charges Craft Development Fund contrlbutlons Bad and/or doubtful debts Legal and professlonal fees Accountancy and audit Total expenditure on charitable activltles 918 12,220 1,285 267,241 13,894 2,928 7,361 4,040 2,543 3,723 20,016 18,342 101,322 52,731 4,830 76,162 2,457 32,550 513 219,616 12,359 2,393 7,527 4,141 815 3,535 16,758 14,219 78,546 61,782 543 78,131 1,250 5,650 5,970 5,520 20,324 438 25,184 552 (2,789) 142 1,529 2,080 619 147 567 862 CavanaghKelly" 18
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 5. NET INCOME / EXPENDrruRE FOR THE YEAR Net income / (expenditure) 15 stated after charging / (crediting): 2023 2022 Depreciation of property Depreciation of fixtures, fittings and equipment Auditors, remuneration 76,162 20,324 7,300 78,131 25,184 6,950 6. AUDITORS. REMUNERATION The auditors. remuneration amounts to £7,300 (2022.. £6,950) 7. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the company durlng the year was 10 (2022: 11). The total staff costs and employees, benefits was as follows: 2023 2022 Wages and salaries (including social security) Pension costs 267,241 219,616 281,135 231,975 No employee of the charitable company received total employee benefits of more than £60,000. 8. DIRECTORS EMOLUMENTS The dlrectors recelved no remuneration during the year and no reimbursement of expenses. CavanaghKelly" 19
FERMANAGH ENTERPRISE LIMITED (Charltable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 9. PROPERTY. PLANT AND EQUIPMENT Freehold land and buildings Short leasehold land and buildings Long leasehold land and bulldings Fixtures, fittings and equipment Total Cost At l April 2022 Additions Disposals At 31 March 2023 1,377,980 27,975 6,516 2,704,755 362,940 885 4,452,191 28,860 1,405,955 6,516 2,704,755 363,825 4,481,051 Depreciation At l April 2022 Charge for year Disposals At 31 March 2022 140,594 28,119 6,492 1,744,018 48,037 262,207 20,324 2,153,311 96,486 168,713 6,498 1,792,055 282,531 2,249,777 Net Book Values At 31 March 2023 1,237.242 18 912,700 81,294 2,231,254 At 31 March 2022 1,237,386 24 960,737 100,733 2.298.880 10. Security At 31 March 2023, there was one outstandlng charge held against the company, relating to the property Abbey House, in Ennlskillen. The charge, dated l June 2018, is held by the vendor of Abbey House restricting the company's ability for five years to sell the property, or lease it for a period of more than twenty-one years. A second charge, dated 29 May 2018 was satisfied on 22 June 2022 was a flxed charge over the company's deposit account, held by the company's bank. 11. RECEIVABLES 2023 2022 Trade debtors Doubtful debts provision Other debtors, prepayments & accrued income 34,035 (4,667) 37,790 44,338 (4,667) 27,363 CavanaghKelW 20
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2023 12. PAYABLES: arnounts falllng due withln one year 2023 2022 Trade creditors other taxes and social security Other creditors, accrued expenses and deferred income 1,942 22,837 2,189 21,452 151,212 174 853 113 880 13. ANALYSIS OF NEf ASSETS Designated Funds Unrestrlcted Funds Restricted Deslgnated Funds Funds Unrestrlcted Restricted Funds Funds 2023 2023 2023 2022 2022 2022 Property, Plant & Equipment Current Assets Current Liabilities 2,231,254 2,298,880 400,000 311,513 113 880 2 428 887 5,963 300,000 364,382 174 853 2 488 409 14,465 400 000 300 000 14. ANALYSIS OF FUNDS Deslgnated Funds Unrestrlcted Funds Restrlcted Designated Funds Funds Unrestricted Restrlrted Funds Funds 2023 2023 2023 2022 2022 2022 At l April 2022 Income Expenditure Fund transfers At 31 March 2023 300,000 2,488,409 658,432 (619,147) 14,465 53 (7,362) 200,000 2,512,135 27,870 641,716 185 (567,862) (11,170) loo 000 400 000 loo 000 300 000 2 428 887 2 488 409 CavanaghKel 21