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← Fermanagh Enterprise Limited

2025-03-31-accounts

Company Number: NI018464 Charity Commission for NI: 101571

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by guarantee) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

CONTENTS

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J

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

GENERAL INFORMATION

Directors

J Byrne T Harpur —- Chairperson U Lilley T Maguire T McCartney 1 McCrea P Robinson

Company Secretary Registered Office

A Monaghan

Enniskillen Business Centre 21 Lackaghboy Road Enniskillen Co Fermanagh BT74 4RL NI018464

Company registration number NI018464 Charity Commission for NI number 101571 Auditors Cooper Parry Audit (Ireland) Limited 36-38 Northland Row Dungannon Co Tyrone BT71 6AP Solicitors Murnaghan and Fee Boston Chambers Queen Elizabeth Road Enniskillen Co Fermanagh BT74 7JA Bankers Bank of Ireland 7 Townhall Street Enniskillen Co Fermanagh BT74 7BD Nationwide Building Society 19 High Street Enniskillen BT74 7DD

Auditors

Solicitors

Bankers

Danske Bank 24 Townhall Street Enniskillen Co Fermanagh BT74 7BB

2

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

The directors, who are the trustees for the purpose of charity law, present their report and the audited financial statements of the charitable company far the year ended 31 March 2025,

The financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102) and the Companies Act 2006.

Reference and Administration Details

The reference and administration details of the charity are as shown on page 2.

Objectives and Activities

Objectives

The principal activity of the charitable company is the promotion, for the public benefit, of urban and rural regeneration in Co Fermanagh and the surrounding areas. Fermanagh Enterprise Limited seeks realistic solutions to the problem of unemployment through promoting the establishment, development and growth of small businesses in Co Fermanagh.

Activities

The charitable company’s activities include the provision of workspace for small and medium enterprises and the delivery of training and support services to local businesses, community organisations and individuals. The charitable company provides advice and guidance to people considering self employment as weil as delivering business training and mentoring through variaus programmes.

Fermanagh Enterprise Limited is responsible for the management and operation of the Buttermarket, the Enniskillen Business Centre, the Killyhevlin Business Centre and the Abbey House Business Centre, all of which are located in Enniskillen, Co Fermanagh.

Public Benefit Statement

The directors of Fermanagh Enterprise Limited confirm that they have complied with their duty under section 4(b) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit anid that the public benefit requirement has informed the activities of the charitable company in the year ended 31 March 2025.

Achievements and performance

The charitable company delivered several programmes during the year: Go Succeed, Explore Enterpise, and Female Entrepreneur. Fermanagh Enterprise Limited has continued to provide commercial premises maintaining high levels of occupancy:

Buttermarket: 99% (2024: 97%);

Enniskillen Business Centre: 99% (2024: 98%); Killyhevlin Bustness Centre: 95% (2024: 89%); and Abbey House Business Centre: 94% (2024: 94%),

3

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

DIRECTORS’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025

Financial Performance

The company is a charitable organisation. The results for the year are set out in detail on pages 11 to 21. The company returned net incoming resources for the year of £74,203 (2024: £44,697).

At 31 March 2025, the total funds of the charitable company amounted to £2,953,750 (2024: £2,879,547) comprising: Designated £650,000, Unrestricted £2,301,370 and Restricted £2,380 (2024: £506,000, £2,376,813 and £2,734). Principal sources of funding and how this has supported the key objectives of the charity are disclosed in the notes to the financial statements.

Recent years have been challenging for the small and medium business sectors to which Fermanagh Enterprise Limited provides services and facilities. Changes in government funding have resulted in a reduction in the availability of programmes which the charitable company delivers and increased competition from other providers bas proved a challenge for the charitable company. However, the directors and management consider that the charitable company is in a strong position because of its knowledge of the enterprise environment and the quality of service provided to win and deliver programmes to SMEs into the future.

The charitable company's success is dependent on the ongaing management of business risks and the uncertainties it faces. The directors intend to maintain and develop the business further as the charitable company provides a quality service in the area and through better management of costs and improved efficiencies within the business.

Reserves policy

In order to maintain and develop support to the company’s small business start-up and growth clients in a strategic way, the directors recognise the need to maintain sustainability both of the skills and experience accrued by the staff and the extensive workspace built to provide an important business location for the tenant businesses.

The directors also recagnise the risks associated with the short-term nature of much of the support programmes currently being delivered, all of which are subject to tender on the open market as well as being influenced by the budget restrictions and limitations of bodies which are well outside the control or influence of the directors themselves, In order to be able to provide reliable services over the longer term, the company must be able to absorb setbacks and to take advantage of change and opportunity. It is considered good practice for the company to build and maintain some financial reserves which will allow it to meet future commitments or unforeseen expenses without a negative impact on its ability to deliver services or to develop the business in the manner planned.

The board has agreed to seek to build some financial reserves which will allow them to: ° maintain the fabric of the built estate in good functional order and meet any repairs or maintenance requirements as the buildings age; e absorb some of the risk of falling revenues caused by external econamic stresses; ° meet future commitments or unforeseen expenses without a negative impact on their ability to deliver services; ° take advantage of any future business opportunities which may present themselves; e be in a position to respond to any developing market demand for services over and above that provided from the company’s current portfolio;

4

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

DIRECTORS’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025

In keeping with the strategic direction of the company, a key aspect is the monitoring of occupancy leveis In the Buttermarket, Enniskillen Business Centre, Killyhevlin Business Centre and Abbey House Business Centre.

Definition of Reserves

For the purposes of this 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 has or can make available to spend for any or ali of its purposes, once it has met its commitments and covered its other planned expenditure. This definition excludes unspent money from restricted grants or funds where this is relevant.

Extent of Reserves

The reserves are needed to secure the viability of Fermanagh Enterprise Limited, meet unforeseen contingencies, develop and grow the services 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 required is likely to be anything frarm £800k to £2m. The Board plan to build reserves year on year from trading surpluses, if available, and will review the reserves policy annually.

Structure, Governance and Management

Organisational Structure

The company is a charitable company limited by guarantee,

On 9 February 2015 the company was registered as a charity with the Charity Commission for Northern Ireland.

The company is governed by the Board of Directors. None of the directors has a beneficial interest in the company. The Manager was responsible for the supervision of the day-to-day operations of the charitable company through out the year.

The names and addresses of those organisations providing banking services or professional advice to the charitable company are listed on page 2.

Directors

The directors who served during the year, except where stated otherwise, were as follows:

Name: Office: Appointed: Resigned:
James Byrne 11 March 2020
Thomas Harpur Chairman 2 November 2011
Una Lilley 6 December 2019
Tommy Maguire 23 January 2020
Terence McCartney 11 October 2002
Jenny McCrea 11 October 2002
PautRobinson 17June2005

Compensation of Key Management Personnel

The directors meet annually 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 ability of the charitable company to be able to afford any proposed increases in salaries.

$

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

DIRECTORS’ REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

Taxation status

The company is recognised as a charity by HM Revenue & Customs. Accordingly, the company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992.

Directors’ Responsibilities Statement

The directors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Campany law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, Including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and ta enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of Disclosure of Information to Auditor In so far as the directors, who held office at the date of approval of these financial statements, are aware:

Auditors Cooper Parry Audit (Ireland) Limited are deemed to be reappointed auditors in accordance with Section 487(2) of the Companies Act 2006.

6

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

DIRECTORS’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the Board on 25 Novembér 2025 and signed oft. its behalf by: & XM NV Ov. Lo 7 Monaghan = Secretary

Registered office: Enniskillen Business Centre 21 Lackaghboy Road Enniskillen BYT74 4RL

Company Registration number: NI018464 Charity Commission for NI number: 101571

fi

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR’S REPORT TO THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Fermanagh Enterprise Limited (‘the charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable faw and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice) applying Section 1A of that standard.

This report is made solely to the charitable company’s directors / trustees, as a body, 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 charitableand company’s directors/ trustees those matters we are required to state to them in an auditor's report for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s directors / trustees as a body, for our audit work, for this report, or for the apinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accardance with International Standards on Auditing (UK) (ISAs (UK)) and applicable faw. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion,

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (UK) require us to report to you where:

8

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR’S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025

Other Information

The directors are responsible for the other information. The other information comprises the information 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 information 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies, or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors / Trustees

As explained more fully in the Directors’ Responsibilities 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 financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intends to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.

9

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free fram material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion, 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. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial staternents.

A further description of our responsibilities for the audit of the financial staternents is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilitles. This description forms part of our auditor’s report,

Mr. Ryan Falls FCA

(Senior Statutory Auditor)

For and on behalf of Cooper Parry Audit (Ireland) Limited Chartered Accountants and Statutory Auditors

36 — 38 Northland Row Dungannon Co. Tyrone BT71 6AP

Date: 25 November 2025

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FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

Note 2025 2024
Fixed Assets £ £
Property, Plant and Equipment 9 2,092,600 2,160,315
Current Assets
Inventories
Receivables
Cash at bank and in		 hand 11 500
85,833
893,950		 500
47,174
776,069
980,283 823,743
Payables: amounts falling
duewithin oneyear 12 (119,133) (104,511)
Net Currentassets
/(liabilities)		 861,150 719,232
NetAssets 13 2,953,750 2,879,547
REPRESENTED BY: £ £
Designated Funds
Unrestricted Funds
Restricted Funds		 14
14
14		 650,000
2,301,370
2,380		 500,000
2,376,813
2,734
TotalFunds 2,953,750 2,879,547

These financial statements have been prepared in accordance with the special provisions of the Companies Act relating to small companies.

The notes on pages 14 to 21 form an integral part of these financial statéments.

These financial statements were approved and authorised for issue by the directors and signed on their behalf by: T Harpur M Mh Chairman and director Director

Date: 25 November 2025

Company Registration number: NI018464 Charity Commission for NI number: 101571

12

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
£ £
Cash flows from operating activities
Surplus/(Deficit) for the year 74,203: 44,697
Adjustments for:
Depreciation 86,010 90,406
160,213 135,103
Movements in working capital:
Movement in receivables (38,659) 19,984
Movement in payables 14,622 (9,369)
(24,037) 10,615
Netcash (used in)/generatedfrom operating activities 136,176 145,718
Cash flowsfrom investing activities
Payments to acquire property, plant and equipment (18,295) (19,457)
Net (decrease) /increase incash and cash equivalents 117,881 126,251
Cash
ivalent
Cash andcashequivalents atbeginning of		 f fi
i
financialyear		 776,069 649,818
i
Cash and cash equivalents at end		 id offinancial year 893,950 776,069
Cash and cash equivaients consist of:
2025 2024
£ £
Cashatbankandinhand 893,950 776,069

13

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

Fermanagh Enterprise Limited is a charitable campany limited by guarantee, incorporated in Northern Ireland. In the event of the charitable 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 policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.

2.1 Statement of Compliance

2.2 Basis of Preparation

The financial statements are prepared on a going concern basis under the historical cost conventian unless otherwise stated in the relevant accaunting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company’s financial statements:

Charitable 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 provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

2.4 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 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.

14

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

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.

2.5 Fund Accounting

The charitable company has three types of funds for which it is responsible at the year-end:

Designated Funds - Such funds are held by the charitable 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 are in addition to the charitable company’s reserve policy.

Unrestricted Funds - Funds which 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 - Income received for specific purposes. Such purposes are within the overall aims of the charity.

2.6 Property, Plant and Equipment and Depreciation

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 asset over its expected useful life, as follows:

Freehold Land & Buildings 2% Straight Line Leasehold Land & Buildings 5% and 20% Reducing Balance Fixtures, Fittings and Equipment 20% Reducing Balance

2.7 Taxation

As a charity, the charitable company is not liable to Corporation Tax.

2.8 Trade and other receivables

Trade and other receivables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts.

2.9 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 liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

15

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions 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.

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 There are no accounting estimates in applying the company’s accounting policies.

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 highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12 Going 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 Pensions

Payments to defined contribution retirement benefit schemes are charged as ari expense as they fali due.

16

FERMANAGH ENTERPRISE LIMITED

(Charitable Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

3. INCOME

Unrestricted Restricted Unrestricted Restricted
Funds Funds Funds Funds
2025 2025 2024 2024
£ £ £ £
Income from charitable activities:
Go For It Programme - - 20,424 -
Co-Innovate Programme 1,657 = = -
Explore Enterprise 12,855 - 11,175 -
Go Succeed 57,248 = 8,741 -
Female Entrepreneur 11,680 - 8,393 .
Room Hire 6,805 - 8,305 -
Consultancy 400 - 500 -
Rental Income 570,078 - 558,256 .
Water and sewage charges 4,732 - 4,977 -
Parking charges 5,243 = 4,652 -
Electricity and gas charges 48,494 - 55,237 -
Solar electric generation 24,692 - 20,673
Management Services 5,000 = 5,000 -
748,884 = 706,333 -
Income from other trading activities:
Office Services 194 325 -
Other Income 111 320 -
Craft Development Fund 17 = 53
305 17 645 53
Investment Income
Bank deposit interest =———-37,035-. pg IE
32,035 23 22,111 -
Totalincome 781,224 17 729,089 53

17

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

4, EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted Restricted Unrestricted Restricted
Funds Funds Funds Funds
2025 2025 2024 2024
£ £ £ £
Go Succeed programme casts 24,423 = 1,721 -
Female Entrepreneur programme costs - - 218 -
Wages ahd Salaries 315,154 - 307,554 -
Pension costs 12,428 - 16,898 -
Professional Subscriptions 3,403 - 2,700 -
Postage, stationery and advertising 7,496 340 8,276 404
Telephone 2,119 - 3,418 -
Broadband 22,170 - 19,697 2,845
Motor and Travel 1,775 - 1,725 -
Rates and water charges 4,511 - 3,789 -
Insurarice 13,998 E 18,946 -
Cleaning 16,761 - 14,658 -
Light, heat and power 112,814 - 117,974 -
Repairs and maintenance 70,470 - 55,810 -
General expenses 4,562 - 6,783 -
Depreciation - property 72,144 - 74,147 -
Depreciation - fixtures, fittings &
equipment 13,866 - 16,259 -
Bank charges 518 31 360 33
Legal and professional fees 1,105 . 2,730 -
Accountancy and audit 6,950 : 7,500 -
Total expenditure on charitable
activities —__206,667
37181
163
3282

18

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

5. NET INCOME / EXPENDITURE FOR THE YEAR

Net income / (expenditure) is stated after charging / (crediting):

2025 2024
£ £
Depreciation ofproperty 72,144 74,147
Depreciation offixtures, fittings and equipment 13,866 16,259
Auditors’remuneration 6,950 7,500

6. AUDITORS’ REMUNERATION

The auditors’ remuneration amounts to £6,950 (2024: £7,500)

7. STAFF COSTS AND EMPLOYEE BENEFITS

The average number of persons employed by the company during the year was 11 (2024:11),

The total staff costs and employees’ benefits was as follows:

The total staff costscosts and employees’ benefits was as follows:
2025 2024
£ £
Wages and salaries (including social security) 315,154 307,554
Pension costs 12,428 16,898
327,582 324,452

No employee of the charitable company received total employee benefits of more than £60,000.

8. DIRECTORS EMOLUMENTS

The directors received no remuneration during the year and no reimbursement of expenses.

19

.

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

9. PROPERTY, PLANT AND EQUIPMENT

Freehold
land and
buildings		 Short
leasehold
land and		 Long
leasehold
land and		 Fixtures,
fittings and
equipment		 Total
buildings buildings
£ £ £ £ £
Cost
At 1 April 2024 1,425,422 6,516 2,704,755 363,825 4,500,518
Additions 14,000 - - 4,295 18,295
Disposals - - - - -
At 31 March 2025 1,439,422 6,516 2,704,755 368,120 4,518,813
Depreciation
At 1 April 2024 197,221 6,502 1,837,690 298,790 2,340,203
Charge for year 28,788 3 43,353 13,866 86,010
Disposals - - - = -
At 31 March 2024 226,009 6,505 1,881,043 312,656 2,426,213
Net Book Values
At 31 March 2025 1,213,413 ii 823,712 55,464 2,092,600
At31March2024 1,228,201 14 867,065 65,035 2,160,315

10. Security

At 31 March 2025, there was one outstanding charge held agalnst the company relating to the property: Abbey House, in Enniskillen. The charge, dated 1 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.

11. RECEIVABLES

11. RECEIVABLES
2025 2024
£ £
Trade debtors 22,283 22,418
Doubtful debts provision (4,667) (4,667)
Other debtors, prepayments & accrued income 68,217 29,423
«85,833 47,174

20

FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

12. PAYABLES: amounts falling due within one year

2025 2024
£ £
Trade creditors 10,943: 9,036
Other taxes and social security 38,235 23,646
Other creditors, accrued expenses and deferred income 69,955 89,101
119,133 104,511

13. ANALYSIS OF NET ASSETS

Designated
Funds		 Unrestricted
Funds		 Restricted
Funds		 Designated
Funds		 Unrestricted
Funds		 Restricted
Funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Property, Plant - 2,092,600 - - 2,160,315 -
& Equipment
Current Assets 650,000 327,903 2,380 500,000 321,009 2,734
Current Liabilities - (119,133) - - (104,511) -
650,000 2,301,370 2,380 500,000 2,376,813 2,734

14. ANALYSIS OF FUNDS

Designated
Funds		 Unrestricted
Funds		 Restricted
Funds		 Designated
Funds		 Unrestricted
Funds		 Restricted
Funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
At 1 April 2024 500,000 2,376,813 2,734 400,000 2,428,887 5,963
Income - 781,224 17 - 729,089 53
Expenditure - (706,667) (371) - (681,163) (3,282)
Fund transfers 150,000 (150,000) - 100,000 (100,000) -
At31March2025 650,000 2,301,370 2,380 500,000 2,376,813 2,734

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