Company Number: N1018464 Charlty Commlsslon for Nl: 101571 FERMANAGH ENTERPRISE LIMITED (Charitable Company Llmlted by guarantee) ANNUAL REPORT AND AUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) CONTENTS Page General Infom)ation D1CtOrS, Report Independent Auditor's Report 8-10 Statement of Flnanclal Attlvltles li statement of Financial Posltlon 12 statement of Cash Flows 13 Notes to the Flnancial Statements 14-21 CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) GENERAL INFORMATION Dlrectors J Byrne T Harpur - Chairperson U Lllley T Maguire T Mccartney J Mccrea P Roblnson Company Secrétary A Monaghan Reglsteréd Offlce Ennlsklllen 8uslness Centre 21 Lackaghboy RDad Enniskillen Co Fermanagh BT74 4RL Company reglstration numb•r N1018464 Charity Commlssion for Nl number 101571 Audltors CavanaghKelly 36-38 Northland Row Dungannon Co Tyrone BT71 6AP Solicltor• Murnaghan and Fee Boston Chambers Queen Ellzabeth Road Ennlsklllen Co Fermanagh BT74 7JA Bank•r• Bank of Ireland 7 Townhall Street Enniskillen Co Fermanagh 8T74 7BD Natlonwlde Bulldlng Soclety 19 Hlgh Street Ennisklllen BT74 7DD Danske Bank 24 Townhall Street Ennlskillen Co Fermanagh BT74 7BB CavanaghKelly'
FERMANAGH ENTERPRISE LIMITED (Charltable Company Limited by Guarantee) DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The directors, who are the trustees for the purpose of charity law, present their report and the audited flnancial Statements of the charitable company for the year ended 31 March 2024. The flnancial statements have been prepared In accordance with the Statement of Recommended Practice "Accounting and Reportlng by Charitie5' (FRS 102) and the Companles Act 2006. Reference and Administratlon Details The reference and admlnistratlon detalls of the charlty are as shown on page 2. Objectlves and Actlvltles Objectlves The prlncipal attlvlty of the charitable company is the promotion, for the public benefit, of urban and rural regeneration In Co Fermanagh and the surroundlng areas. Fermanagh Enterprise Limited seeks realistic solutions to the problem of u nemployment through promoting the establlshment, development and growth of small buslnesses in Co Fermanagh. Actlvities The charltable company's activltles Include the provision of workspace for small and medlum enterprlses and the delivery of tralnSng and su Pport services to local buslnesses, community organ IsatSons and Indivlduals. The charltable company provldes advlce and guSdance to people conslderlng self employment as well as dellverlng bu51nes5 training and mentoring throug h varlous programmes. Fermanagh Enterprise Llmlted Is responsible for the management and operatlon of the Buttermarket, the Ennlsklllen Buslness Centre, the Klllyhevlln Business Centre and the Abbey House Buslness Centre, all of whlch are located in Ennlsklllen, Co Fermanagh. Public Ben•fit ststement The dlrectors of Fermanagh Enterprlse Llmlted conflrm that they have complled wlth thelr duty under sectlon 4{b) of the Charltles Act (Northern Ireland) 2008 to have regard to the Charity Commlsslon for Northern Ireland's guldance on publ Ic beneflt and that the publlc benefit requlrement has Informed the actlvltles ol the charitable company In the year ended 31 March 2024. Achievem•nts and perform•nce The charltable company delivered several programme5 during the year.. Go For It, Go Succeed, Explore Enterplse, and Female Entrepreneur. Fermanagh Enterprlse Llmited has continued to provide commerclal premlses maintaining h Igh levels of occu pancy: Buttermarket: 97VD (2023., 99Wo)' Enniskillen Business Centre.. 98010 {2023: 99Vo)' Klllyhevlin Business Centre.. 89010 (2023.. 870/01; and Abbey House Business Centre: 940/0 (2023: 94010). CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) DIRECTORS. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal Revlew Flnanclal Performance The company is a charitable organisation. The results for the year are set out in detail on pages I I to 21. The company returned net incoming resource5 for the year of £44,697 {2023.' £31,976). At 31 March 2024, the total funds of the charltable company amounted to £2,879,547 (2023.. £2,834,850) comprising: Deslgnated £500,000, Unrestrltted £2,376,813 and Restritted £2,734 (2023: £400,000, £2,428,887 and £5,963). Princlpal source5 of fundlng and how this has supported the key obJectlve5 of the charity are disclosed In the notes to the financlal statements. Recent years have been challenging for the small and medium buslness sectors to which Fermanagh Enterprlse Llmited provides services and facilities. Changes in government funding have resulted in a reductlon in the avallabillty of programmes which the charitable company delivers and Increased competition from other providers has proved a challenge for the charitable company. However, the dlrettors and management consider that the charitable company Is In a strong position because of Its knowledge of the enterprise environment and the quality of servlce provlded to win and dellver programmes to SMES into the future. The charitable company's success Is dependent on the ongolng management of business rlsks and the uncertainties It faces. The dlrectors Intend to maintaln and develop the business further as the charitable company provldes a quallty servlce In the area and through better management of tosts and Improved efflclencles within the business. Reserves policy In order to malntaln and develop support to the company's small buslness start-up and growth cllents In a 5trateglc way, the dlrector5 recognise the need to maintain 5UStalnability both of the skills and experience accrued by the staff and the extensive workspace built to provlde an Important buslness locatlon for the tenant buslnesses. The directors also recognise the rlsks assoclated with the short-term nature of much of the support programmes currently belng dellvered, all of whlch are subject to tender on the open market as well as belng Influenced by the budget restrlctlons and limltatlons of bodles which are well outslde the control or Intluence of the dlrectors themselves. En order to be able to provide rellable services over the longer term, the company must be able to absorb setbacks and to take advantage of chan9e and opportunity. It Is considered good practice for the company to build and maintaln some financlal reserves which will allow It to meet future commitments or unforeseen expenses wlthout a negatlve impact on its abllSty to dellver services or to develop the buslness In the manner planned. The board has agreed to seek to build some financial reserves which will allow them to., malntaln the fabric of the built estate In good functlonal order and meet any repalrs or malntenance requirements as the bu ildings age; absorb some of the risk of falling revenues caused by external economic stresses. meet future commitments or unforeseen expenses without a negative impact on their abillty to deliver services; take advantage of any future business opportunities which may present themselves; be In a p051tion to respond to any developing market demand for services over and above that provlded from the company's current portfollo; CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED {Charitable Company Limited by Guarantee) DIRECTORS. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 In keeping wlth the strateglc dlrertlon of the company, a key aspect Is the monltorlng of occupancy levels In the Buttermarket, Enniskillen Busine55 Centre, Killyhevlin Business Centre and Abbey House Business Centre. Deflnition ol Reserves For the purposes of thls policy the term "Reserves" is applied to that part of the company's income that is freely available for Its general purposes. Reserves are the resources the company ha5 or can make avallable to Spend for any or all of Its purposes, once it has met Its commltments and covered its other planned expenditure. This deflnltlon exclude5 unspent money from restrlcted grants or funds where thls Is relevant. Extent of Reserves The reserves are needed to secure the viability of Fermanagh Enterprise Limited, meet unforeseen contlngencies, develop and g row the services of the company are dependent on a number of external factors including market demand for property and mlcro and macro trends in the economy. The extent of the reserve5 required Is Ilkely to be onythlng from £800k to £2m. The Board plan to bulld reserves year on year from trading surpluses, If avallable, and wlll revSew the reserves pollcy annually. Structure, Governance and Management Oryanlsatlonal Structure The company Is a charitable company limited by guarantee. On 9 February 2015 the company was registered as a charlty wlth the Charity Commi551on for Northern Ireland. The company Is governed by the Board of Dlrettors. None of the dlrectors has a beneflclal Interest In the company. The Manager was responslble for the supervlslon of the day-to-day operation5 of the charitable company thmugh out the year, The names and addresses of those organlsatlons provlding banking services or professlonal advice to the charltable company are listed on page 2. Dlrectors The directors who served durlng the year, except where stated otherwise, were as follows: Name: James Byrne Thomas Harpur Una Lllley Tommy Magulre Terence Mccartney Jenny Mccrea Paul Roblnson Office: Appolnted: 11 March 2020 2 November 2011 6 December 2019 23 January 2020 11 Ottober 2002 11 October 2002 17 June 2005 Resigned: Chalrman Compensation of Key Management Personnel The director5 meet annLJally with the key management personnel to set targets for the forthcoming year and to review the previous years, performance. Compensation levels are set based on performance and the ablllty of the charitable company to be able to afford any proposed increases In salarles, CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Llmited by Guarantee) DIRECTORS. REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 Taxation status The company 15 recognised as a charlty by HM Revenue & Customs. Accordingly, the company has avalled of the exemptlons contalned In Chapter 3 Part 11 Corporation Taxes Att 2010 and Sectlon 256 Taxatlon of Chargeable Gains Act 1992. Dlrectors, Responslbilities Statement The directors are responslble for preparing the flnanclal statements In accordance wlth appllcable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accou nting Practlce). Company law requires the dlrectors to prepare financial statement5 for each financial year which give a true and falr vlew of the state of affairs of the charltable company and of the Incomlng resources and appllcatlon of resources, including the income and expenditure, of the charitable company for that year. In preparing these flnancial statements, the directors are required to: select suitable accounting policles and apply them conslstentlyi observe the methods and prlncl ples In the Charitles SORP (FRS 102); make judgements and estlmates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures dlsclosed and explalned in the financlal statements. and prepare the flnancial 5taternents on the golng concern basls unless It Is Inapproprlate to presume that the charitable company will contlnue in operatlon. The dlrectors are responsible fo r keeplng adequate accountlng records which disclose wlth reasonable accuracy at any time the flnancial posltlon of the charitable company and to enable them to ensure that the financial statements comply wlth the Companles Act 2006. They are also responslble for safeguardlng the assets of the charitable company and hence for taking reasonable steps for the pventIon and detection of fraud and other irregularltie5. Statement of Dlsclosure of Information to Auditor In so far as the d Irectors, who held offlce at the date of approval of these flnanclal statements, are aware: There Is no relevant aud5t Information of which the company's auditor Is unaware. and The direttor5 have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Informatlon and to establlsh that the auditor Is aware of that Inforrnatlon. Small company exemptlon Thls report ha5 been prepared In accordance wlth the speclal provisions relating to small companie5 Wlthln Part 15 of the Companies Act 2006, Audltors CavanaghKelly are deemed to be reappointed audltors In accordance with Section 487(2) of the Companles Act 2006. CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) DIRECTORS. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Thls report was approved by the Board on 25 November 2024 and slgned on Its behalf by.. A Monaghan Secretary Registered offlce: Ennlsklllen Business Centre 21 Lackaghboy Road Enniskillen BT74 4RL Company Reglstration number: N1018464 Charity Commlssion for Nl number: 101571 CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Oplnion We have audited the flnanclal statements of Fermanagh Enterprlse Llmlted ('the cha rltable company,) for the year ended 31 March 2024 whlch comprise the Statement of Financial Actlvlties, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the ffinanclal statements, including a summary of slgnificant accou nting policies. The financial reporting framework that has been appl led in their preparation Is appllcable law and United Klngdom Accountlng Standards, Includlng FRS 102 "The Flnanclal Reportlng standard applicable in the UK and Republic of Ireland" (Unlted Klngdom Generally Accepted Accounting Prattice) applylng Sectlon IA of that standard. Thls report Is made solely to the charltable company's dlrectors I trustees, as a bodyi In accordance wlth Chapter 3 of Part 16 of the Companie5 Act 2006. Our audlt work has been undertaken so that we might state to the charltable company's dlrectors / trustees those matters we are requlred to State to them In an auditor's report and for no other pu rpose. To the fullest extent permltted by law, we do not accept or a55ume responsibility to anyone other than the charltable company and the charltable company's directors I trustees as a bodyi for our audit work, for thls report, or for the oplnlons we have formed, In our oplnlon the flnanclal staternents: glve a true and falr view of the state of the charltable company's affalrs as at 3 1 March 2024 and of Its total incomlng resources and expendlture of resources, including Its Income and expendlture, for the year then ended; have been properly prepared Sn accordance wlth Unlted Kingdom Generally Accepted Accountlng Practlce; and have been prepared In accordance with the requlrements of the Companies Act 2006. Basls for opinion We conducted our audlt In accordance with Internatlonal Standards on Aud Itlng (UK) (ISAS (UK)) and appllcable law. Our responslbllltles under those standards are fijrther described in the Auditor's responslbllltles for the audlt of the flnancial statements sectlon of our report. We are Independent of the company i n accordance wlth ethlcal requirements that are relevant to our audlt of the financial statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fulfllleé our other ethical responslbllltles In accordance with these requlrements. We belleve that the audlt evldence we have obtalned Is sufficient and appropriate to provide a basis for our oplnlon. Conclusions relating to golng concern We have nothing to report in respect of the followlng matters In relatlon to whSch ISAS (UK) requlre us to report to you where: the dlrectors, use of the golng concern basis of accounting in the preparatlon of the flnanclal statements Is not approprlate; or the director5 have not dlsclosed In the financial statements any Identlfled materlal uncertainties that may cast slgn Iflcant doubt about the charltable company's ablllty to contlnue to adopt the golng concern ba515 of accounting for a period of at least twelve months from the date when the financial statement5 are authorised for issue. CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charltable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 Other Information The dlrectors are responsible for the other information. The other Information comprises the informatlon Included in the Directors, Report, other than the financial statements and our Audltor's Report thereon. Our Oplnlon 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 connection with our audit of the flnaneial statements, our responslblllty Is to read the other Snformation and, in doing 50, consider whether the other Information Is materlally Inconslstent wlth the financial statements or our knowledge obtained In the audit, or otherwise appears to be materially misstated. If we identify such materlal Incon515tencles, or apparent materlal mlsStatements, we are required to determine whether there Is a material mlsstatement In the financial statements or a materlal mi55tatement of the other information. If, based on the work we have performed, we conclude that there Is a material m155tatement of thSs other Informatlon we are required to report that fact. We have nothlng to report In thls regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinlon, based on the work undertaken in the course of the aud it: the Informatlon glven In the Directors, Report for the flnanclal year for which the financial statements are prepared Is consistent wlth the financial statements; and the Directors. Report has been prepared In accordance with appllcable legal requlrements. Matters on whith wo are required to report by exceptlon In the Ilght of our knowledge and understandlng of the charltable company and Its envlronment obtalned In the course of the audit, we have not Identified material mi55tatement5 In the Directors, Report. We have nothing to report in respect of the followlng matters In relation to which the Companles Act 2006 requlres us to report to you If, In our oplnion.. adequate accountlng records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us; or the flnancial Statements are not In agreement with the accountlng records and returns; or certaln disclosures of d Irectors, remuneration specified by law are not made; or we have not recelved all the Informatlon and explanations we requ ire for our audlt; or the dlrectors were not entitled to prepare the flnanclal statements In accordance with the small companies, reglme and take advantage of the small companles, exemptlon In preparlng the Directors, Report. Responslbilities of Director5 1 Trustees As explained more fully in the Directors, Responslbllltles Statement, the dirertor5 (who are also the trustees of the charitable company for the purpose of charity law), are responsible for the preparation of the flnanclal statements and for being satlsfled that they give a true and falr view, and for such internal control as the Dlrectors determine Is necessa ry to enable the preparatlon of financlal statements that are free from materlal m155tatement, whether due to fraud or error. In preparlng the financial statements, the director5 are responsible for asse55lng the company's ability to ontlnue as a going concern, dlscloslng, as applicable, matters related to golng concern and uslng the going concern ba515 of accounting u nless the directors either intends to Ilquldate the charitable company or to cease operations, or has no re311stic alternative but to do so. CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Auditor's responsibilities for the audit of the flnancial statements Our objectlves are to obtain reasonable assurance about whether the flnancial statements ès a whole are free from materlal misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our Oplnlon. Reasonable assurance Is a hlgh level of assurance but is not a guarantee that an audit conducted In accordance wlth ISAS (U K) will always detect a material mlsstatement when it exists. Misstatements can arise from fraud or error and are considered materlal if, individually or In aggregate, they could reasonably be expected to Influence the economic declslons of user5 taken on the basis of these fi nancial statements. A further descriptlDn of ou r responslbllitles for the audit of the financial statements is located on the Flnancial Reportlng Council'5 webslte at www.fr Th15 descrlptlon forms part of our auditor's report. Mr. Ryan Fal FCA (Senior Statutory Auditor) For and on beh•lf of CavanaghKelly Chartered Accountants and Statutory Audltors 36- 38 Northland Row Dungannon Co. Tyrone 8T71 6AP Date.. 25 November 2024 CavanaghKelly" io
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FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) STATEMENT OF FINANCIAL posrrIoN AS AT 31 MARCH 2024 Note 2024 2023 Fixed Assets Propertyi Plant and Equipment 2,160,315 2,231,254 Current Assets Inventories Receivables Cash at bank and in hand 500 47,174 776 069 823.743 500 67,158 649 818 717,476 li Payables: amounts falllng due within one year 12 (104,511) (113,880) Net Current assats/(Ilabllltie$) 719 232 603 596 Net Assets 13 2 879 547 2 834 850 REPRESENTED BY: Designated Funds Unrestricted Funds Re5trlcted Funds 14 14 14 500,000 2,376,813 2,734 2 879 547 400,000 2,428,887 5,963 2 834 850 Total Funds These flnancial statements have been prepared in accordance with the Special provisions of the Companies Act relatlng to small companles. The notes on pages 14 to 21 form an Integral part of these flnanclal statements. These financlal statements were approved and authorlsed for behalf by: sue by e dlrertors and slgned on thelr T Harpur Chalrman and dlrector Mc rtney Date: 25 November 2024 Company Reglstratlon number: N1018464 Charity Commisslon for NI number: 101571 CavanaghKelV 12
FERMANAGH ENTERPRISE LIMITED (Charitable Company Llmited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operatlng activities Surplusl(Deficit) for the year 44,697 31,976 Adjustments for: Depreciation 90,406 135,103 96,486 128,462 Movements In worklng capital: Movement in receivables Movement In payables 19,984 9,369 10,615 (124) (60,973 61,097) Not c•sh (used In)/generated from operatln9 actlvltles 145,718 67,365 Cash flows from Investing actlvlties Payments to acquire propertyi plant and equipment (19,467) (28,860) Net (decrease)/increase in cash and cash equlvalents 126,251 38,505 Cash and cash equlvalents at beginning of flnancial year 649,818 611,313 Cash and cash equivalents at end of flnancial year 776.069 649,818 Cash and cash equivalents consist of: 2024 2023 Cash at bank and In hand 776,069 649,818 CavanaghKel 13
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I. GENERAL INFORMATION Fermanagh Enterprise Limited is a charitable company limited by guarantee, incorporated in Northern Ireland. In the event of the charltable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The address 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 policie5 have been applied consistently in dealing with items which are consldered material in relation to the company's financial statements. Statement of Compliance The financial statements have been prepared In accordance wlth Accountlng and Reportlng by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financlal Reportlng 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 Acl 2006. Basis of Preparation The financial statements are prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost Is generally based on the fair value of the consideration glven In exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relatlon to the charitable company's financlal statements: Income and Endowments Charltable Actlvities Income from charitable actlvities includes income received under contract or where entitlement to grant funding Is subject to speclflc performance conditions. It Is recognised as earned as the related services or goods are provided. Grant income included in this category provides 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 good5 and services are supplied. Where costs cannot be directly attributed to a particular heading they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. CavanaghKel 14
FERMANAGH ENTERPRISE LIMITED (Charltable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Charitsble activities This compromises all the resources applied by the charitable company in undertaking its work to meet Its charitable objectives. Charitable actlvltles wlll Include the costs of governance arrangements to the general running of the charitable company. Fund Accountlng 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 alms to wlthhold a portlon of its surpluses each year to help meet these costs. These funds are in addltlon to the charltable company's reserve pollcy. Unr•strlcted Funds - Funds which are expendable at the dISctIOn of the dlrertors in furtherance of the objectives of the charity. In additlon, fund5 may be held in order to finance capltal Investment and working capital. Restricted Funds - Income received for specific purposes. Such purposes are within the overall aims of the charity. Propertyi Plant and Equipment and Depreciation Property, plant and equipment are Inltlally recorded at cost. Depreciation is provided at rates calculated to wrlte off the cost less residual value of each asset over its expected useful Ilfe, as follow5: Freehold Land & Bulldlngs Leasehold Land & Buildings Fixtures, Flttings and Equipment 20/0 Straight Line 50/0 and 200/0 Reducing Balance 200/0 Reducing Balance Taxatlon As a charlty, the charltable company is not liable to Corporatlon Tax. Trade and other recelvables Trade and other receivables are initially recorded at falr value and thereafter stated at cost less impalrment losses for bad and doubtful debts. Trade and other payables Trade and other payables are initially recognlsed at falr value and thereafter stated at cost. 2.10 Critical accounting estimate5 and judgements In the application of the Charity's accounting policies, the Trustee5 are required to make judgements, estlmates and assumptions about the carrying value of assets and Ilabilities that are not readily apparent from other 50urce5. The e5timate5 and a550ciated assumptions are based on historical experience and other factors that are considered to be relevant. Actual result5 may differ from these estimates. CavanaghKel 15
FERMANAGH ENTERPRISE LIMITED (Charitable Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 The estimates and underlying assumptlons are reviewed on an ongoing basls. Revlsions to accounting 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 future periods were the revision affects both current and future periods. Criticaljudgements in applying the entlty s accountlng policies There are no critlcal Judgements In applying the company's accounting pollcles. Critical accounting estimates and assumptions There are no accountlng estimates in applylng the company's accounting pollcies. 2.11 Cash and cash equivalents 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 hlghly Ilquld investments that mature in no more than three months from the date of acqulsltlon and that are readily convertible to known amounts of cash wlth Insignificant rlsk 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 dlrectors, they do not consider there to be a rlsk to the going concern status of the charitable company. 2.13 Penslons Payments to defined contrlbution retlrement beneflt schemes are charged as an expense as they fall due. CavanaghKelW 16
FERMANAGH ENTERPRISE LIMITED (Charitable Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 3. INCOME Unrestrlcted Funds 2024 Restricted Funds Unrestrlcted Funds Restrlcted Funds 2023 2024 2023 Income from charitable activities: Kick Start 2 Programme Go For It Programme Co-lnnovate Programme Explore Enterprise Go Succeed Female Entrepreneur Room Hire Consultancy Rental Income Water and sewage charges Parklng charges Electricity and gas charges Solar electric generation Management Services 16,400 39,496 139 20,424 11,175 8,741 8,393 8,305 500 558,256 4,977 4,652 55,237 20,673 7,814 600 519,165 4,621 4,097 38,437 18,430 706 333 654 199 Zncome from other trading actlvltles: Office Services Other Income Craft Development Fund 325 320 414 53 53 645 53 419 53 Investment Income Bank deposit interest Total income 729 089 53 658 432 53 CavanaghKel 17
FERMANAGH ENTERPRISE LIMrrED (Charitable Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 4. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restrlcted Unrestrlcted Funds Funds Funds 2024 2024 2023 Restricted Funds 2023 Go For It Programme costs Klck Start Programme costs Go Succeed programme costs Female Entrepreneur programme costs Co-lnnovate workshops and mentorlng Wages and Salaries Penslon costs Professional Subscriptions Postage, stationery and advertislng Telephone Broadband 918 12,220 1,721 218 1,285 267,241 13,894 2,928 7,361 4,040 17,742 2,543 3,723 20,016 18,342 101,322 34,989 4,830 76,162 307,554 16,898 2,700 8,276 3,418 19,697 1,725 3,789 18,946 14,658 117,974 55,810 6,783 74,147 404 1,250 2,845 5,970 Motor and Travel Rates and water charges Insurance Cleaning Llght, heat and power Repairs and maintenance General expenses Depreciation - property Depreciation - flxtures, fittings & equipment Bank charge5 Legal and professlonal fees Accountancy and audit Total expenditure on charitable actlvlties 16,259 360 2,730 20,324 438 1,529 33 142 681 163 619 147 CavanaghKelly" 18
FERMANAGH ENTERPRISE LIMITED (Charitable Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 S. NET INCOME / EXPENDITURE FOR THE YEAR Net income / (expenditure) Is stated after charging / (crediting): 2024 2023 Depreciation of property Depreclation of fixtures, flttlngs and equlpment Auditors, remuneration 74,147 16,259 7,500 76,162 20,324 7,300 6. AUDITORS, REMUNERATION The auditors, remuneratlon amounts to £7,500 (2023: £7,300) 7. STAFF COSTS AND EMPLOYEE BENEFITS The average number of person5 employed by the company durlng the year was ID (2023: 11). The total staff cost5 and employees. beneflts was as follows.. 2024 2023 Wages and salaries (Including social security) Pension costs 307,554 267,241 324,452 281,135 No employee of the charitable company received total employee beneflts of more than £60,000. 8. DIRECTORS EMOLUMENTS The directors received no remuneratSon during the year and no reimbursement of expenses. CavanaghKel
FERMANAGH ENTERPRISE LIMITED (Charitable Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 9. PROPERTY, PLANT AND EQUIPMENT Freehold land and buildings Short leasehold land and bulldlngs Long leasehold land and bulldings Fixtures fittings and equipment Total Cost At l Aprll 2023 Additions Disposals At 31 March 2024 1,405,955 19,467 6,516 2,704,755 363,825 4,481,051 19,467 1,425,422 6,516 2,704,755 363,825 4,500,518 Depreciatlon At l April 2023 Charge for year Disposa15 At 31 March 2023 168,713 28,508 6,498 1,792,055 45,63S 282,531 16,259 2,249,797 90,406 197,221 6,502 1,837,690 298,790 2,340,203 Net Book Values At 31 March 2024 1,228,201 14 867,065 65,035 2,160,315 At 31 March 2023 1,237,242 18 912,700 81,294 2,231,254 10. Securlty At 31 March 2024, there was one outstanding charge held against the company relating to the property Abbey House, in Enniskillen. The charge, dated l June 2018, is held by the vendor of Abbey House restricting the company's abillty for five years to sell the property, or lease It for a perlod of more than twenty-one years. 11. RECEIVABLES 2024 2023 Trade debtors Doubtful debts provlslon other debtors, prepayments & accrued income 22,418 (4,667) 29,423 34,035 (4,667) 37,790 CavanaghKel 20
FERMANAGH ENTERPRISE LIMITED (Charltable Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 12. PAYABLES: amounts falling due wlthln one year 2024 2023 Trade credltors Other taxes and social security Other creditors, accrued expenses and deferred income 9,036 23,646 71.829 104 511 1,942 22,837 89,101 113 880 13. ANALYSIS OF NET ASSETS Deslgnated Funds Unrestricted Funds Restrlcted Funds Deslgnated Funds Unrestrlcted Restrlcted Funds Funds 2024 2024 2024 2023 2023 2023 Propertyi Plant & Equipment Current Assets Current Liabilities 2,160,315 2,231,254 500,000 321,009 104 511 2 376 813 2,734 400,000 311,513 113 880 2 428 887 5,963 500 000 400 000 14. ANALY515 OF FUNDS Deslgnated Funds Unrestricted Fund$ R•strlcted Funds Deslgnated Funds Unrestrlcted Restrlcted Funds Funds 2024 2024 2024 2023 2023 2023 At l April 2023 Income Expenditure Fund transfers At 31 March 2024 400,000 2,428,887 729,089 (681,163) loo 000 2 376 813 5,963 53 (3,282) 300,000 2,488,409 658,432 (619,147) 14,465 53 (7,362) loo 000 500 000 loo ooo 400 000 2 428 887 CavanaghKel 21