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
D1￿CtOrS, 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 p￿ventIon 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 dISc￿tIOn 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