**Charity registration number NIC101615** **Company registration number NI015089 (Northern Ireland)** ## **CARRICKFERGUS ENTERPRISE** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **CARRICKFERGUS ENTERPRISE** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr W Adamson Mr D McIlhagger Ms J A Harper Mr R H Kay Mr J Lowndes Mr S R Stewart Ms L Millar Mr L Robb Mr I Kerr (Appointed 31 March 2023) **Secretary** Mrs K McRoberts **Charity number** NIC101615 **Company number** NI015089 **Registered office** 8 Meadowbank Road Carrickfergus BT38 8YF **Auditor** GMcG BELFAST Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Street Belfast BT2 8EQ **Bankers** Danske Bank 21-23 High Street Carrickfergus BT38 7AL **Solicitors** Reavey & Company Castle House 4-6 Castle Street Carrickfergus BT38 7BE ## **CARRICKFERGUS ENTERPRISE** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 10| |Independent auditor's report|11 - 16| |Statement of financial activities|17| |Balance sheet|18| |Notes to the financial statements|19 - 32| ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022** The trustees present their report and audited financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## **Objectives and activities** Carrickfergus Enterprise’s main activities and beneficiaries are detailed in this report. All of the charitable activities focus on the promotion for the public benefit of urban and rural regeneration in the Carrickfergus area and its environs, being an area of social and economic deprivation. Furthermore, providing facilities for the employment and training of said residents in the interest of social welfare with the objective of creating conditions which, if taken advantage of could lead to an improvement in well-being for the individual and the community. All activities are assessed to determine their impact on beneficiaries and its contribution to charitable activities so that Trustees can ascertain the best allocation of resources. The objectives of the Charity include the promotion and stimulation of an enterprise culture, support for business start-up and frameworks to encourage business development and growth of existing businesses. The Charity makes a contribution to the following Charitable purposes:- - the relief of poverty in such ways as may be thought fit; - the relief of unemployment in such ways as may be thought fit, including assistance to find employment; - the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience; - the provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help: (i) in setting up their own business, or (ii) to existing businesses; - the creation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms. ## Public Benefit The Trustees have taken cognisance of the Charity Commission for Northern Ireland's guidance on public benefit as defined in the Charities Act (Northern Ireland) 2008. The public benefits that flow from the purpose of urban and regeneration are:- - The creation of employment, training and experience opportunities for residents living in economically and socially deprived areas and consequently a reduction in poverty, unemployment and hardship, leading to a better quality of life for beneficiaries and consequent improvements in health and wellbeing; - Enhanced knowledge about setting up and running small businesses resulting in increased levels of self-employment and better prospects of sustainable development; - Increased levels of knowledge and transferable vocational skills among employees/work experience trainees, assisting in the creation of a more educated, skilled and qualified community; - A greater sense among the beneficiaries of more fulfilled and purposeful lives, resulting in a safer, more stable and cohesive community. These benefits can be evidenced in records kept by various agencies of the number of jobs and work experience opportunities created and the numbers of those who have successfully completed training courses. Evidence can also be found in independent evaluations of the activities of enterprise agencies carried out by funding bodies and in community surveys of living standards and attitudes. - 1 - ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** Some private benefit is obtained by the owners of small businesses who rent units on favourable terms, but this is ancillary to the main purpose and is greatly outweighed by the gains in public benefit. No harm arises from these purposes. Carrickfergus Enterprise was formally registered with the Charity Commission for Northern Ireland on 2 April 2015, having been confirmed to exist for charitable purposes and the public benefits under charity number NIC101615. ## **Achievements and performance** _**Business Start up and Growth Support**_ ## Enterprise Awareness All activities carried out by Carrickfergus Enterprise are underpinned by generating awareness of Enterprise and support that can be offered to encourage and inspire a range of individuals to consider self employment. In 2022 Staff member Alan Hamilton in his role as Business Support Executive has been attending themed events facilitated by Carrickfergus Job Centre. These include Jingle and Mingle and Support is in the Air over the Christmas and Valentine’s Day week. This provides the opportunity to meet JBO work coaches and share information on the range of support we can offer claimants. Holly Hume took part in, NRC Infofest on 20th September 2022 providing newly enrolled students with information on support available such as Go for it and Enterprising Women. Alan is working with Young Enterprise in local Primary Schools commencing 28th November 2022 delivering the Our World programme which is all about importing, exporting and business. ## Global Entrepreneurship Week Carrickfergus Enterprise delivered the Speed networking – Grow your business, Build your network event in partnership with Mid and East Antrim Borough Council as part of Global Entrepreneurship Week. Over 30 businesses attended on Thursday 17th November at Dobbins Hotel, Carrickfergus. The event was facilitated by Manager Kelli McRoberts, She used technology such as Mix Seater to maximise table seating and ensure attendees got the most out of the experience. Using her 26+ years experience in the sector she also offered best practice examples and tips for networking to help those participating to develop and grow your connections and ultimately your business. Feedback was excellent with many expressing interest in a dedicated local network for local business owners. ## Northern Ireland Business Start-up Programme The support programme for those taking their first steps into self employment saw 24 business plans being completed in 2022. Enquiry levels continued to be at a lower level, due to rising cost of living and increasing utility costs. Businesses assisted in 2022 included Beauty/Asthetics, Epoxy flooring and taxi tours. ## Enterprising Women The Charity continues to develop and enhance the network for local female entrepreneurs in Mid and East Antrim Borough. In 2022 we entered a partnership with our colleagues in Ballymena Business Centre to combine our SLA budgets to deliver a larger programme of activities with funding from Mid and East Antrim Borough Council. Activities aim to stimulate business connections and growth, job creation and collaboration opportunities for those considering self employment or growing their business. The network is very much about the creation of a welcoming environment for women to take their first steps into networking and to grow in confidence whilst updating their skills and knowledge. In 2022/23 the following activities were delivered:- - 3 x Coffee & Networking events across the Borough - 2 x themed speed networking events in Carrickfergus and Larne - 4 x Knowledge based workshops across the Borough in areas such as Mastering Etsy, Make Content Count, Selling Better in 2023 and Minding your Mind – Work/Life Balance - 1 x Exchange visit to take part in Women Beyond Borders Networking Summit partnering with Donegal Women in Business and Derry Women in Enterprise with over 200 attendees and 23 participating from MEA - 2 - ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** - 1 x International Women’s Day Conference at Ulster University, Coleraine Campus partnering with Enterprise Causeway with 230 attendees including 26 from MEA - 1 x Spring Networking Lunch in The Carrie, Kells - 2 x Group mentoring sessions on Mastering Etsy and Secrets to Successful social media ads - 53 hours one to one mentoring with 8 members in areas such as brand development, confidence building, social media and starting in business. The Outputs over the 12 month delivery period were:- |**Output**|**Result achieved**| |---|---| |To maintain and grow the Enterprising Women’s
network in Mid and East Antrim Borough Council
area by increasing recorded members (108) by
approx. 30% to 140 by March 2023. This will factor
in possible initial reduction in members due to
database cleansing.|·
144 members by 31/3/23.
·
154 by 30/4/23.
·
26 % based in Larne, 42% Ballymena, 32%
Carrickfergus.
·
10 % at Start up stage, 22% set up in 2022/
23, 35% between 2018-2021, 19% in 2013-
2017, 8% in 2008-2012 and 6% 1997- 2007
and 6% set up before 1996.
·
65% members are brand new.
·
35% existing member prior to membership
re-issue Sep 2022.
·
29% of members have artisan business,
10%
food
related.
50%
Professional
service, 6% retail and 5% tourism related.| |To deliver two Speed Networking Events in person
with proposed topics on Nourishing the Business
Mind and Body, Scaling up your business
(20 registrations per event).|·
Fuel your business for success focused on
nutrition 13/10/2022, 18 registrations.
·
Self-Sabotaging
Mindsets
9/2/23,
23
registrations.| |To deliver four knowledge based workshops/
webinars on topics including Creating attention
grabbing online content, developing my business
on Etsy/Amazon, Developing and Winning sales
opportunities, Spinning the work/life balance plates
(15 registrations).|·
Mastering Etsy 29/9/22, 22 registrations.
·
Make
Content
Count
01/12/22,
33
registrations.
·
Selling
Better
in
2023
25/01/23,
19
registrations.
·
Minding your Mind – work/life balance 02/
03/23, 15 registrations.| |To hold a Celebration and Networking event in
March 2023 Building Resilience in business.|We combined resources to deliver a much larger
scale event with our colleagues at Enterprise
Causeway. Taking place at Ulster University
Riverside Theatre to mark International Women’s
Day on 7th March 2023. Over 230 women
attended with speakers from Business, Community
and Education.| - 3 - ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** |To hold an exchange, visit residential to Waterford
or Donegal to share best practice, improve
networking, cross promotion opportunities.|This event took place 23rd February 2023 with
over 100+ in attendance including 22 from
Enterprising Women.| |---|---| |To hold 3 Coffee & Networking Events throughout
Mid and East Antrim to provide an informal social
meeting opportunity (no target).|3 Coffee & Networking Events took place:-
·
08/09/2022
NACS,
Carrickfergus,
24
registrations.
·
17/11/2022 The Carrie, Kells Ballymena,
23 registrations.
·
12/01/2023 AEL, Larne, 21 registrations.| |To develop a coaching/mentoring bank of hours to
provide regular follow up with members to develop
confidence and signposting opportunities to other
enterprise support programmes such as Spark,
EEP, GFI. Formal structure for referral will be
developed.|The bank of hours was used for a combination of
group mentoring for follow up master classes held
on zoom and one to one mentoring as follows:-
·
Esty
Masterclass
04/10/22,
18
registrations.
·
Secrets to Successful Social Media Ads
20/01/2023, 33 registrations.
·
8
members
received
one
to
one
mentoring totalling 53 hours in a range of
topics such as social media, LinkedIn,
personal development and bookkeeping.| ## Causeway Cluster Collaborative Growth Scoping Study The contract for the project finished in March 2022 and had been hugely impacted by Covid. In the absence of funding facilitator Kelli McRoberts offered her time on a pro bono basis to ensure momentum of the network was not lost. Although time dedicated to the project was greatly reduced Carrickfergus Enterprise, continued discussions with Invest NI and Tourism NI to support the cluster and identify possible funding streams. This included the development of linkages with Donegal County Council and organisation and facilitation of a two day visit to Donegal on 14/15 September 2022. 19 businesses participated from Causeway Coastal Route and 12 from Donegal area. A workshop was facilitated to look at appetite for working together to extend Causeway Coastal Route into Wild Atlantic Way and vice versa. Kelli McRoberts also took part in a Ireland wide Cluster Skills training programme with all island cluster managers facilitated by Munster Technology University and Cork University Business School. This looked at global best practice in cluster development. In addition Carrickfergus Enterprise is working with Invest NI to identity funding opportunities for an Ireland wide bid to Peace Plus under Theme 6 - Building and Embedding Partnership and Collaboration. ## Accessing Finance Activity under the Start Up Loan programme greatly reduced in 2022 and may be linked to hesitancy towards considering self employment, due to rising costs etc. Participating clients receive up to 15 hours mentoring in a range of areas over the first 12 months of business. 2 loan referrals were received in 2022 totalling £17,000. ## _**Property & Development**_ ## Workspace Accommodation 2022 saw Carrickfergus Enterprise add two additional property solutions including new office accommodation (Connect) and secure storage units (Protect). Connect saw the transformation of existing conference, training and administration area (3146 sq ft) into six grade ‘A’ office space with communal kitchen and meeting area. Carrickfergus Enterprise staff accommodation and board room was reconfigured to maximise efficiency. The design and build was carried out by Calibro commencing in December 2021 and completing in February 2022. Due to some issues around Building Control occupancy and therefore income streams commenced in June 2022. The first new Tenants who located to this new space were Kobault and existing tenant Effectis. - 4 - ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** Protect provides flexible and high quality secure space with the first tranche of 5 secure storage units to the rear of phase 3 carpark, installed in June 2022. This provided an immediate solution for ancillary space requirements for existing tenants and other small businesses who require affordable, secure and dry space for storage of equipment, stock or documents. Demand exceeded expectations with the first 5 fully let in Summer 2022, and approval given to the next tranche of 7 in December 2022. These again have been let in early 2023 and board approval given for the final tranche of 4 as per the initial planning application. This brings the total workspace available at the Meadowbank Road site to 57,243 sq ft. This comprises 39 units, 19 high tech offices, 12 secure storage units as well as new training and meeting room. Such workspace is offered on favourable terms in order to stimulate and develop enterprise within the Carrickfergus area. This includes a flexible lease that can be terminated with one full calendar month’s notice. In addition, tenants can access a range of business support services, including meeting rooms, access to business support and finance options. The site now has 36 tenants employing 150 staff. Tenants are involved in a range of sectors including Research and Development, Life Science and Marine. The Company continued to maintain its quality accreditation ISO 9001. The last few years have been particularly challenging for the Charity as rising costs of living and Covid have brought challenging trading conditions. Despite this occupancy has remained buoyant, although we experienced a sizeable fall in occupancy for phase 3 in 2022 for the first time since pre Covid. As at 31 December 2022 these were as follows:- ||**Target**|**Actual**| |---|---|---| |Phase 1|Target 97%|98%| |Phase 2|Target 97%|99.6%| |Phase 3|Target 97%|91%| |Connect|No % target set
Occupied
from
June
2022|
100%| |Protect|No
%
target
set
Occupied
from
June
2022|

100%| ## **Community Engagement & Employability** Made for Memories – Enabling People Living with Dementia to Access Heritage This pilot project was launched in October 2022, led by Mid and East Antrim Borough Council in partnership with Carrickfergus Enterprise. The project was awarded over £14k from The National Lottery Heritage Fund and aims to raise dementia awareness within the tourism and hospitality sector in Mid and East Antrim and throughout the Causeway Coastal Route. This was achieved through training, bespoke storytelling sessions and simple adaptions to create safe, welcoming, managed spaces at visitor attractions for those living with the early stages of dementia and their carers. Pre-visit guides for visitors for The Heritage Hub at Carnlough Town Hall and Whitehead Railway Museum were specifically designed for use by families and carers of people living with early stage dementia. Carrickfergus Enterprise provided the link between heritage and business through using their contacts with tourism businesses along the Causeway Coastal Route tourism cluster to promote the initiative culminating with a showcase event in March 2023 and the sharing of best practice on dementia friendly steps to provide an inclusive experience for all visitors. - 5 - ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## Cooperation and Partnership The Board/Trustees continue to develop partnerships complementary to Carrickfergus Enterprise's Charitable objectives including membership of stakeholder and voluntary organisations aligned with our strategic objectives and charitable purposes. Manager Kelli McRoberts was appointed Chair of Mid and East Antrim Local Action Group in September 2020 and led the organisation towards official closure in May 2022 with a special event being hosted by Mayor of Mid and East Antrim Borough Council Cllr William McCaughey in the Mayor’s parlor to highlight the key outcomes over the duration of the programme from with a total of £4.6million invested into projects that support rural businesses, communities and villages, creating 70 jobs. Stepping down from this role provided the opportunity to seek new opportunities with Kelli McRoberts appointed as Vice Chair of Mid and East Antrim Labour Market Partnership and social member and Vice Chair of MEA PeacePlus Partnership. The Labour Market Partnership will focus on 4 key areas. Economically Inactive, Long Term Unemployed, Disability and Skilled Labour Supply with programmes such as Women Returners Outreach, Confidence and Capacity Building Programme and Enterprise Pathways. The PEACEPLUS programme is managed by the Special EU Programmes Body (SEUPB) and has been designed to support peace and prosperity across Northern Ireland and the border counties in the Republic of Ireland, building upon the work of the previous PEACE and INTERREG Programmes. Mid and East Antrim has confirmed an allocation of £5m and will be centered around three core themes – Local community regeneration and transformation, Thriving and peaceful communities and Building respect for all cultural identities. Collaboration and partnership will be the key approach for both funding and delivery and the Charity will continue to look at opportunities to add to their existing portfolio. Currently the Charity and its staff are members of Enterprise Northern Ireland, Carrickfergus Community Forum, Young Enterprise, Causeway Coastal Route Cluster, Enterprising Women, MEA Labour Market Partnership, MEA PeacePlus Partnership. ## Staff and Trustees The first part of 2022 saw staff and trustees adjust to the return to the first ‘normal’ year of operation since Covid with a return to face to face meetings and greater confidence for mixing socially once again. Enterprise welcomed new staff member Holly Hume who joined the team in August 2022 as the new Enterprise and Marketing Executive. Holly had previously been on placement with the organisation from Ulster University. It was poignant, in the 40[th] Anniversary year that founding board member Mr Boyd Logan resigned on 5 February 2022 due to continued ill health. Sadly Mr Logan passed away peacefully on 28th June 2023. The Manager and Alan Hamilton represented Carrickfergus Enterprise at the private funeral. The Chairman and Board wish to note Mr Logan's four decades of service to Carrickfergus Enterprise and the local community of Carrickfergus and beyond. His in depth legal knowledge and contacts have been invaluable over the years particularly during our capital build projects in 2000, 2005 and the sale of Cheston Street in 2016. Longstanding Board Member Bernadette McCrea also resigned in on 18[th] November 2022 due to ill health. Appointed on 1[st] February 1996 she served the Board for over 26 years and as a retired Health Visitor she brought a range of expertise to the Board, particularly in the area of Disabilities and staffing. ## 40th Anniversary Celebrations Carrickfergus Enterprise was incorporated in August 1981 and 2021 marked the 40th Anniversary of the Company’s formation. Due to Covid and the lack of social gatherings and face to face meetings the official celebrations were delayed until 2022. Working with PR companies Rumour Mill and ATTNx the management team put together a series of activities to mark the milestone. This includes the Job for the Future Schools competition and business profiles of past clients including Kal Tabeth who set up Advanced Sensors and Innov8 and Errol Maxwell Managing Director of Property Pal. The school competition targeted local primary 6 and 7 school children to design a job for the future. As well as marking the milestone it provided the opportunity for greater awareness of Carrickfergus Enterprise and the work it does as a charity in terms of promotion of Enterprise and inspiring future entrepreneurs. Over 300 entries were received from schools throughout Mid and East Antrim with four lucky winners selected and presented with their prizes in June 2022. The wining designs are now displayed permanently at the new Connect offices. Celebrations drew to a close with a final Anniversary Dinner held in January 2023 for board members, staff and their families at Castillo Restaurant Carrickfergus. - 6 - ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **Financial review** The results for the year are set out in detail on pages 17 – 32. The charity returned net outgoing resources for the year of £84,348 (2021 - net incoming resources of £38,094). The results for the year included a depreciation charge of £95,667. After accounting for a revaluation gain of £701,500 on land and buildings the overall net increase in funds for the year was £617,152. At 31 December 2022, the total funds of the charity amounted to £3,190,189 comprising restricted funds of £1,052,806 and unrestricted funds of £2,137,383. The unrestricted funds are considered to be essential to provide sufficient funds to cover any unforeseen costs which may arise and fulfil the legal obligations of the charity in the event that current levels of income are not maintained. The charity’s policy is to maintain a level of free reserves sufficient to cover such costs. Within unrestricted funds the trustees have designated an amount of £200,000 for planned future expenditure. The planned expenditure includes the purchase of land for Phase 4 of the charity's facilities and other maintenance, improvements and general repairs that are required. In addition to the designated amount, the charity began the year with free reserves of £189,417. These reserves were utilised during the year for investment in fixed assets and the charity will seek to build its free reserves back to the target level from future rental income. ## **Risk management** The Trustees, supported by management and staff, have established a rigorous risk assessment system that includes monitoring monthly management accounts and variance analysis as well as monitoring cashflow forecasts on a monthly basis. Risks may include reduction in occupancy rates resulting in reduced rental income as well as reduction in programme funding available, as well as an increasingly competitive marketplace. The Board is all too aware of such risks and in 2022 recommenced the development of a five year strategic plan (delayed due to Covid) to progress the charity in a number of key areas to ensure its long term sustainability. ## **Strategy development** Despite difficult trading conditions from 2020 to early 2022, due to the global Covid pandemic, the Charity continued to maintain high levels of occupancy and met or exceeded programme delivery targets. This was achieved through the strong foundations of our Charity objectives and core values as well as continued high quality service delivery in key areas such as workspace provision and business support. Initially the organisation embarked in the development of a Strategic Development Plan in early 2020, this was paused due to the continued uncertainties in the marketplace brought about by Covid. The Board agreed the time was right to restart development of the strategy with the exercise commencing in June 2022, facilitated by Ian Kerr of Kerr Consulting. The process included a review of the initial strategy development from 2020, analysis of our strengths and weaknesses and the inclusion of staff in a session to further develop the plan and vision, mission. These sessions took place between June and September 2022. All directors were invited to participate with staff taking part in a session on 21st July 2022. |Director/Staff
Member
Attendance|17/06/2022|24/06/2022|21/07/2022|22/09/2022| |---|---|---|---|---| |W
Adamson
(Chairman)|Y|Y|Y|Y| |D McIhagger|Y|Y|Y|Y| |L Robb|Y|Y|Y|Y| |A Harper|Y|Y|Y|Y| |R Kay|Y|Y|Y|Y| |J Lowndes|||Y|Y| |R Stewart|||Y|Y| |L Millar|||Y|Y| |B McCrea||||| The final element was direction and formulation of the Strategy with the initial draft circulated in November 2022. The final 3-5 year Strategic plan was recommended by General Purposes Committee and received Board approval on 31st March 2023. - 7 - ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **Future Strategy** In 2022 we celebrated our 40th Anniversary year and over those four decades the board and staff have weathered many challenges including high rates of unemployment, recession, Brexit, and Covid 19. The Chairman, Trustees and staff have embraced these challenges with firm foundations in place to build resilience and agility to deal with such difficult trading conditions. Led by Chairman Bill Adamson, the Board and staff have been extremely pro-active in adapting to the ever-changing trading conditions and continue to identify needs within the local economy and beyond to provide much need business support at every stage of the business journey. This has included the development of workspace provision through the introduction of Connect office accommodation and Protect storage units as well as the enhancement of activities under the Enterprising Women network. The completion and approval of the Strategic development plan will give us the underpinning strategic priorities to ensure we can continue to be financially sustainable and maintain a strong commitment to make a difference in the local economy. We now need to prioritise how we will develop and implement this strategy particularly as trading conditions including rising interest rates and costs continue. We cannot stand still, and the Chairman, trustees and staff look forward to continuing to deliver the high service delivery to our clients as well as developing new ideas and projects underpinned by our charitable objectives. ## **Structure, governance and management** The charity is governed by its Memorandum and Articles of Association. Mr W Adamson Mr D McIlhagger Mrs B McCrea (Resigned 18 November 2022) Ms J A Harper Mr R H Kay Mr J B Logan (Resigned 5 February 2022) Mr J Lowndes Mr S R Stewart Ms L Millar Mr L Robb Mr I Kerr (Appointed 31 March 2023) Carrickfergus Enterprise is steered strategically by an experienced voluntary Board of Directors/Trustees. Day to day management of the charity is the responsibility of the Enterprise General Manager, Mrs K L McRoberts, supported by a dedicated team of professional staff. The General Purposes Committee aims to improve decision making and overall efficiency of the board meeting bi-monthly with the full board meeting quarterly. The Committee consists of the following directors: Mr W Adamson – Chairman Mr D McIlhagger Ms A Harper Mr R H Kay Mr I Kerr - Facilitator Mrs K McRoberts - Facilitator Two meetings of the General Purposes Committee took place in 2022. New directors are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent financial performance of the charity. They are free to discuss any issue with other current directors or key employees. Directors are encouraged to attend any appropriate external training events where these will facilitate the undertaking of their role. This provides an understanding of what Charity Trusteeship entails and the responsibilities and duties that go with that position. Now that the Strategic Development Plan has been finalized it would be in order to revisit Good Governance training for Trustees as delivered in the past by Edwards & Co Solicitors, The Charities Act 2008 and the responsibilities of Directors/ Trustees in relation to this legislation. A refresher of this training will take place later this year. - 8 - ## **CARRICKFERGUS ENTERPRISE** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **Directors/Trustees** The directors of the charity during the year were: Mr W Adamson – Chairman 100% Ms J A Harper 100% Mr D McIlhagger 100% Mr R H Kay 67% Mr J B Logan (Resigned 5 February 2022) Mrs B McCrea 0% (Resigned 18 November 2022) Mr J Lowndes 33% Mr S R Stewart 100% Ms L Millar 0% Mr L Robb 0% Mr I Kerr (Appointed 31 March 2023) In accordance with the Articles of Association retire by rotation and being eligible, Mr R H Kay and Mr J Lowndes offer themselves for re-election. *Percentage attendance during the year. The board of trustees meet quarterly with 3 meetings held in 2022. ## **Statement of Trustees' responsibilities** The trustees, who are also the directors of Carrickfergus Enterprise for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity 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 trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 9 - CARRICKFERGUS ENTERPRISE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Audltor In accordance with th8 company's artides, a resolution proposing that GMCG BELFAST be reappointed as auditor of the company will be put at a Gen8ral Meeting. Small companles exempllon In preparing this report, the directors have taken advantage of the small companies exempiions provided by section 415A of th6 Companies Act 2006. Dl$closur8 of Infomiatlon to auditor Each of the trustees has confirffled that there is no infomialion of whith Ihey are aware which is relevant to the audit. bul of whlch the auditor is unaware. They have furth8r confirmed Ihat they hav8 laken appropriate steps to identify such relevant information and to establish that the auditor Is aware of such inftjrmation. The Trustees, report was approved by Ihe Board of Trustees. Mrw Adam80n Trustee Daled.. 21 Seplomber 2023 10- CHARTERED ACCOUNTANTS CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Oplnlon We have audited thè financial statements of Carn'ckfergus Enterpns8 (the 'charity') for Ihe year ended 31 December 2022 which Comprise the statement of financlal activlties, the balance sheet and noies to the financial statements, including significant accounling policies The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 Th8 Finan￿81 Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial slatemenls- give a true and fair vlew of the $tata of the charitable companls affalrs as at 31 December 2022 and of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlc¢', and have been prepared in arxordanc8 With the requir&mants of the Companies Aci 2006. Basls for oplnlon We conducted our audit in accordance with International Slandards on Audillng (UK) {ISA8 (UK)) and applicable law Our responsibilities under those standards are further described in the Auditors responsibilities for Ihe audit ol Ihe linancial stal8ments section ol our report. We are independent of the charity in accordance with the ethical requirernents that ara relevant to our audit of the finanaal statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believ8 that the audit evidance we hava obtained Is sufficient and appropriate to provid& a basis for our oplnlon. Concluslons relatlng to golng Concern In auditing the financial statements, we have Gon¢luded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identlfled any material uncertainlies relating to events or conditions that, individually or collectively. may casl significant doubt on the charity's ability to continue as a going concern for a period of at least bwelve months from when the financial statements are aulhorised for issue. Our responsibilrtles and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this ieport, 11 Alfred House 19 Alfred Street BELFAST BT2 8EQ DK3910 NR Belfast 50 Century House 40 Crescent Business Park LISBURN B'128 2GN 17 Mandeville Street PORTADOWN Craigivtsn B'L'62 3PB Tel: +44 (0)28 9031 IIA3 Fax: +44 (0)a8 903A 0777 Tel: +44 (o)28 9260 7355 Fax: +44 {0)28 9260 16,56 Tel.. +44 (0)28 3833 2801 Ifax.. +44 (0)28 3835 0293 GbkGIs¢tr•Ji￿ Nan￿￿0ml￿GK￿llpl4M￿￿Rry￿p.. NI0596&￿ l15t0fTh￿￿I￿5Llb1eal tttsuedofvkE Rryi*eThltOo)￿lurta￿1thtWOrkbythel￿￿t¢OfCh1rtrrn(A¢<￿th￿7￿ Irdond CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE othor InfomiatloTr The other infonnation comprises the information Included in the annual r8POrt other than the fina￿la1 statemenls and our audrtorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not COV8r the othei information and, 8xcept to the extent othemise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the olher Information and, in doing so, consider whether the other inftjrmation is matefially inconsistent with the financial statements or our knowledge obtalned In the course of the audit. or othep•vise appear$ to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work w8 have performed, Ive condude that thera is a material misstatement of this other information, are required lo report that fact. We have nothing to report in this regard. Oplnlons on other mattors pre8crlbed by th• Companles Act 2006 In our opinion, based on the work undertaken in thè course of our audit: the information given In the Trustees, report for the financial year for which the financial statements are prepared. which includes the directors. report prepared for the purposes of company law, Is consistent with the financial statements; and the directors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by oxcoptlon In the light of the knowledge 8nd und8rstanding of the charity and its environment obtained in the course of the audit, W8 have not identified material misslatements in the directors, report included within the Trust8es' report. We have nothing to report in respect of the following matters in relatlon to vthich the Companies Act 2006 requires us to report lo you if, in our opinion. adequatè accounting records have not been kept. or returns adequate for our audit have not been received trom branches not visited by us: or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees, remuneration specified by law are nol made. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepar8 th8 financial statements In accordance with the small companies regime and lake advantage of th8 small companles, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. 12- CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Re8ponslbllltles of trustees As explained more fully in the statement of Trustees. responsibilities, the trustees, who ar8 also the directors of the charlty for the purpose of company law. are responsible for th8 preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 irusteas are responsible for assesslng the charity's ability to continue as a going concern, disdoslng. as applicable, matters relal8d to going con￿￿ and using the going concern basis of accounting unless Ihe trustees either intend to liquidat& the charitable company or to cease operations, or have no realistic alternative but to do so, Audltof8 respon81bllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statement$ as a whole are free from material misstalemenl, whether due lo fraud or error, and to issue an aLtdrtofs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misslatemenl whan it exists. Misstatements can arise from fraud or error and are ￿nsidered material rf, individually or In thé aggregate, they could reasonably be expected to influence the economic declsions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities. Including fraud, is detailed below. 13- CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Extent to whlch the audlt was consldered capable of dete¢iing Irregulafltles, Includlng fraud We identrfy and assess the risks of material misstatement of th8 financial statements. whether due to fraud or error, and then design and perforni audit procedures responsive to those risks. including obtaining audit evid8nce that is suffici8nl and appropriate to provide a basis for our opinion. In Identifying and assessing potential risks of material misstatemènt in respect of irregularities, including fraud and non-compliances with laws and regulations. we considered the followng.. The nature of the industry and sector, control environment and business performance. including the company's remuneration policies for directors, bonus levels and performance targ8ts, if any., Results of our enquiries of management about their own identification and assessment of the ri6ks of irregularities: Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: Identifying, evaluats'ng and complwng vAth laws and regulations and whether thay were aware of any instance of non-compliance., Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud: and The Internal controls established to mits'gate risks of fraud or non-compliance with laws and regulations., The matters discussed among tha audit engagement tearn regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures. we Gonsidered the opportunities and incentives thal may exist within the company for fraud and idenlified the greatest potential for fraud in revenue recognition and property valuation. In common with all audils under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override We al80 obtained an understanding of tha legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the deiermination of materia5 amounts and disclosures in the financial statements. The key lavts and regulations we considered In this contexl included the CompaniesAct 2006, and local tax legislation. In addition, we considered provisions of other laws and regulalions that do not have a direct effect on Ihe financial statements but compliance with which rnay be fundamental lo the company's ability to operate or to avoid a rnaterial penalty. 14- CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Audlt responso to rlsks Idontlfled Our procedures to respond to the risks identified included the following= Reviewing the financial statement disclosures and tesling to supporting documentation lo assess complianca wrth provlsions of relevant laws and regulations described as having a dlrect effect on the financial stat8ments; Enquiring of management concern￿9 actual and potential litlgation and claims., Perfom)ing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud: Reading minutes of meetings of Ihose charged with govemance and reviewing correspondence wilh tax authoiities: and In addressing the risk of Iraud through management override of controls, testing the appropriateness of journal 8ntries and other adjustments, assessing whether the judgements made in making accounting estimates are indicaiiva of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicatèd relevant identified law8 and regulations and potents'al fraud risks to all engagement team members and remained alert lo any indications of fraud or non-compliance with laws and regulations throughout the audit Owing to the inherenl limitations of an audit, there Is an unavoidable risk that we may not have detected soma material misstat8ments in the financlal statements, even though we have properly planned and performed our audit in accordance wilh auditing standards, In addition. as with any audrt, there remains a higher risk of non.detecliDn ol irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the overrlde of internal controls. Vve are not responsble for preventing non-compliance and cannot be expected to delect no compliance with all laws and regulation8. 15- CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE U$• of our report This report is made solely to the charitable company's members, 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 charitaLl8 company's members those matters we are r8quiied to state to them in an auditors report and for no other purpose. To the fullest extent Permitted by law. we do not accept or assume responsibility to anyone oiher than the charitable company and the charrtable company's members as a body. for our audrt work, for this report, or foi the opinions have fomied. Mr Nlgal FCA (Senlor Statutory Audltor) for and on behalf of GMCG BELFAST Charterad Accountsnts statutory Audltor Chartered Accountants & Statutory Audltor Alfred House 19 Alfred Street Belfast BT2 8EQ 16- ## **CARRICKFERGUS ENTERPRISE** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31 DECEMBER 2022** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income and endowments from:**
Charitable activities
**3**
271,472
6,212
Investments
**4**
149
-
Other income
**5**
263
-
**Total income**
271,884
6,212
**Expenditure on:**
Charitable activities
**6**
325,327
37,117
**Net (outgoing)/incoming resources**
(53,443)
(30,905)
**Other recognised gains and losses**
Revaluation of tangible fixed assets
701,500
-
**Net movement in funds**
648,057
(30,905)
Fund balances at 1 January 2022
1,489,326
1,083,711
**Fund balances at 31 December 2022**
2,137,383
1,052,806|**Total**
**2022**
**£**
277,684
149
263
278,096
362,444
(84,348)
701,500
617,152
2,573,037
3,190,189|**Total**
**2021**
**£**
325,897
277
1,638| |---|---|---| |||327,812| |||289,718| |||38,094
-| |||38,094
2,534,943| |||2,573,037| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 17 - CARRICKFERGUS ENTERPRISE BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Nots8 Flxed a88ets Tangibl8 assets Cuffrent assets Debtors Cash al bank and in hand 11 2,993,101 2,177,822 12 8,205 242,002 13,978 454,853 250,207 468.831 Crodltors: amounts falling du• wlthln one year 14 <47,230) (58,894) Net current assat$ 202,977 409,937 Total a•Jets le85 current Ilabllltle8 3.196,078 2,587,759 Credltorn: amounts falllng du• after more than on• y•ar 16 (5,889) {14,722) Net a880ts 3,190,189 2,573,037 Income fund8 Reslrlcled funds Unrestri Designated funds General unrestiicted lunds Revaluation reserve 1.052,806 1,083,711 17 200,000 886,683 1,050,700 200,000 940.126 349,200 2,137,383 1.489,326 3.190.189 2,573,037 Theso financial statements have been prepared in accoidance with the provisions applicable to companies subject lo the small companles reglme The financial statements were approved by the Trustees on 21 September 2023 Mrw Adamson Trustee Company Reglstratlon No. N1015089 18- **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **CARRICKFERGUS ENTERPRISE** ## **1 Accounting policies** ## **Charity information** Carrickfergus Enterprise is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 8 Meadowbank Road, Carrickfergus, Co Antrim, BT38 8YF. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. - 19 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1 Accounting policies (Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. All expenditure is inclusive of irrecoverable VAT. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings 2% per annum straight line Fixtures and fittings 20% per annum reducing balance Motor vehicles 25% per annum reducing balance Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. - 20 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1 Accounting policies (Continued)** ## **1.9 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.10 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.11 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **1.12 Leases** Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability. - 21 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1 Accounting policies (Continued)** ## **1.13 Foreign exchange** Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. ## **2 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 amount 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. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **Key sources of estimation uncertainty** ## **Fixed assets** The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies. In addition, the charity applies a policy of carrying land and buildings at valuation and professional revaluations are carried out as often as is deemed necessary. Deciding on the frequency of the valuations requires judgement and the valuations involve assumptions and estimation uncertainty regarding market conditions. ## **Debtors** Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty. ## **Restricted and Unrestricted Funds** Judgements are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The directors consider it appropriate to allocate these funds based on interpretation of donations received. - 22 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **3 Charitable activities** |Sales within charitable activities
Services provided under contract
Charitable rental income
Analysis by fund
Unrestricted funds - general
Restricted funds
**For the year ended 31 December 2021**
Unrestricted funds - general
Restricted funds|**Property**
**Programmes**
**2022**
**2022**
**£**
**£**
607
-
-
18,430
258,647
-
259,254
18,430
259,254
12,218
-
6,212
259,254
18,430
238,451
81,368
-
6,078
238,451
87,446|**Total**
**2022**
**£**
607
18,430
258,647
277,684
271,472
6,212
277,684|**Total**
**2021**
**£**
663
87,446
237,788| |---|---|---|---| ||||325,897| ||||319,819
6,078| ||||325,897| ||||319,819
6,078| ||||325,897| ## **4 Investments** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|| ||**2022**|**2021**| ||**£**|**£**| |Interest receivable|149|277| |**Other income**||| ||**Unrestricted**|Unrestricted| ||**funds**|funds| ||**general**|general| ||**2022**|2021| ||**£**|£| |Net gain on disposal of tangible fixed assets|263|1,638| ## **5 Other income** - 23 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **6 Charitable activities** |**Property Programmes**
**£**
**£**
Staff costs
116,600
14,575
Depreciation and impairment
95,667
-
Training and other staff costs
-
1,063
Consultancy
-
4,936
Advertising, postage and stationery
10,440
-
General overheads
74,041
2,625
Catering
-
1,295
Travel
1,498
187
Subscriptions
3,593
399
Bank charges
-
391
Hire purchase interest
-
659
Programmes direct costs
-
1,496
Enterprising Women
-
3,619
301,839
31,245
Share of support costs (see note 7)
24,186
-
Share of governance costs (see note 7)
5,174
-
331,199
31,245
**Analysis by fund**
Unrestricted funds - general
297,701
27,626
Restricted funds
33,498
3,619
331,199
31,245
**For the year ended 31 December 2021**
Unrestricted funds - general
219,061
32,923
Restricted funds
33,511
4,223
252,572
37,146|**Total**
**2022**
**£**
131,175
95,667
1,063
4,936
10,440
76,666
1,295
1,685
3,992
391
659
1,496
3,619
333,084
24,186
5,174
362,444
325,327
37,117
362,444|**Total**
**2021**
**£**
138,330
58,027
783
6,740
5,354
42,057
277
969
3,047
646
300
1,838
4,223| |---|---|---| |||262,591
22,237
4,890| |||289,718| |||251,984
37,734| |||289,718| - 24 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** |**7**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**2022**
**£**
**£**
**£**
Staff costs
14,575
-
14,575
Training & other staff costs
469
-
469
Advertising, postage and stationery
1,160
-
1,160
General overheads
7,795
-
7,795
Travel
187
-
187
Audit fees
-
4,805
4,805
Trustees expenses reimbursed
-
369
369
24,186
5,174
29,360
Analysed between
Charitable activities
24,186
5,174
29,360
Governance costs includes payments to the auditors of £4,565 (2021- £4,150) for audit fees.|**2021**
**£**
15,370
203
595
5,961
108
4,390
500| |---|---| ||27,127| ||27,127| ||| |**8**|**Net movement in funds**|**2022**|**2021**| |---|---|---|---| |||**£**|**£**| ||Net movement in funds is stated after charging/(crediting)||| ||Fees payable to the company's auditor for the audit of the company's financial||| ||statements|4,805|4,390| ||Depreciation of owned tangible fixed assets|85,292|54,569| ||Depreciation of tangible fixed assets held under finance leases|10,375|3,458| ||Profit on disposal of tangible fixed assets|(263)|(1,638)| ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during they year. One director (2021 - one) was reimbursed a total of £144 (2021 - £250) for travel costs during the year. - 25 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **10 Employees** ## **Number of employees** The average monthly number of employees during the year was: |**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2022**
**Number**
3
**2022**
**£**
124,030
9,369
12,351
145,750|**2021**
**Number**
4| |---|---|---| |||**2021**
**£**
130,702
10,456
12,542| |||153,700| Total remuneration received by key personnel during the year was £69,921 (2021 - £67,068). The number of employees whose annual remuneration was £60,000 or more were: |**2022**
**Number**
£60,000 - £70,000
1
**11**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**Fixtures and**
**fittings**
**Motor vehicles**
**£**
**£**
**£**
**Cost or valuation**
At 1 January 2022
2,200,000
277,634
41,500
Additions
-
209,446
-
Revaluation
495,000
-
-
At 31 December 2022
2,695,000
487,080
41,500
**Depreciation and impairment**
At 1 January 2022
165,200
172,654
3,458
Depreciation charged in the year
41,300
44,857
9,510
Revaluation
(206,500)
-
-
At 31 December 2022
-
217,511
12,968
**Carrying amount**
At 31 December 2022
2,695,000
269,569
28,532
At 31 December 2021
2,034,800
104,980
38,042|**2021**
**Number**
1| |---|---| ||**Total**
**£**
2,519,134
209,446
495,000| ||3,223,580| ||341,312
95,667
(206,500)| ||230,479| ||2,993,101| ||2,177,822| - 26 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **11 Tangible fixed assets (Continued)** The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £10,375 (2021 - £3,458) for the year. |(2021 - £3,458) for the year.||| |---|---|---| ||**2022**|**2021**| ||**£**|**£**| |Motor vehicles|28,532|38,042| Included in land and buildings is freehold land at valuation of £135,000 (2021 - £135,000) which is not depreciated. The charity has adopted a policy of revaluation in relation to freehold property. A valuation was carried out by McConnell Chartered Surveyors M.R.I.C.S. valuing the properties on an existing use basis at £2,695,000 as at 31 December 2022. At 31 December 2022, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £1,563,066 (2021 - £1,609,981). ## **12 Debtors** |**Debtors**||| |---|---|---| |**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2022**
**£**
3,191
-
5,014
8,205|**2021**
**£**
6,286
1,723
5,969| |||13,978| ## **13 Finance lease commitments** Future minimum lease payments due under finance leases: |Within one year
Within two and five years|**2022**
**£**
8,833
5,889
14,722|**2021**
**£**
8,833
14,722| |---|---|---| |||23,555| Obligations under finance leases are secured on the assets to which they relate. - 27 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** |**14**
**Creditors: amounts falling due within one year**
**Notes**
Obligations under finance leases
**13**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**15**
**Creditors: amounts falling due after more than one year**
**Notes**
Obligations under finance leases
**13**|**2022**
**£**
8,833
5,160
8,381
83
24,773
47,230
**2022**
**£**
5,889|**2021**
**£**
8,833
8,656
7,591
-
33,814| |---|---|---| |||58,894| |||**2021**
**£**
14,722| - 28 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **16 Restricted funds** |**Balance at**
**1 January 2021**
**£**
Building Reserve - Phase 1&2
496,967
Building Reserve - Phase 3
614,398
Big Lottery Fund
327
Enterprising Women
3,675
1,115,367|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**1 January 2022**
**£**
**£**
**£**
-
(15,535)
481,432
-
(17,910)
596,488
-
(66)
261
6,078
(4,223)
5,530
6,078
(37,734)
1,083,711|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**31 December**
**2022**
**£**
**£**
**£**
-
(15,535)
465,897
-
(17,910)
578,578
-
(53)
208
6,212
(3,619)
8,123
6,212
(37,117)
1,052,806|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**31 December**
**2022**
**£**
**£**
**£**
-
(15,535)
465,897
-
(17,910)
578,578
-
(53)
208
6,212
(3,619)
8,123
6,212
(37,117)
1,052,806| |---|---|---|---| ||||1,052,806| See note 19 for explanatory notes to the funds. - 29 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **17 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |||**Movement**||**Movement**|| |---|---|---|---|---|---| |||**in funds**||**in funds**|| ||**Balance at**|**Incoming**|**Balance at**|**Incoming**|**Balance at**| |**1**|**January 2021**|**resources**
**1**|**January 2022**|**resources**|**31 December**| ||||||**2022**| ||**£**|**£**|**£**|**£**|**£**| |Planned land purchase|200,000|-|200,000|-|200,000| ||200,000|-|200,000|-|200,000| |**Analysis of net assets between funds**|||||| |||**Unrestricted**|**Restricted**|
**Total**|**Total**| |||**funds**|**funds**||| |||**2022**|**2022**|**2022**|**2021**| |||**£**|**£**|**£**|**£**| |Fund balances at 31 December 2022 are|||||| |represented by:|||||| |Tangible assets||1,948,626|1,044,475|2,993,101|2,177,822| |Current assets/(liabilities)||194,646|8,331|202,977|409,937| |Long term liabilities||(5,889)|-|(5,889)|(14,722)| |||2,137,383|1,052,806|3,190,189|2,573,037| ## **18 Analysis of net assets between funds** - 30 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **19 Explanatory notes to the funds** ## **Unrestricted Funds** ## General Fund This fund is the result of the charity's strategic objective to establish reserves to provide sufficient funds to cover unforeseen costs which may arise, as well as allowing for the payment of any liabilities which would arise should the charity cease to operate. ## Revaluation Reserve This represents surpluses arising on the revaluation of the charity's freehold property. ## Designated Fund This fund represents amounts set aside for planned future expenditure which includes the purchase of land for Phase 4 of the charity's facilities and other maintenance, improvements and general repairs that are required. ## **Restricted Funds** ## Building Reserves The building reserves relate to grants received in relation to the charity's freehold land and buildings. ## Big Lottery Fund This is a project granted and funded by the Big Lottery Fund to promote energy efficient venues. The purpose is to improve Carrickfergus Enterprise's energy efficiency through understanding an energy audit and purchase of energy efficient fixed assets based on the outcome of this audit. ## Enterprising Women 2022 Enterprising Women is a dedicated female network in Mid and East Antrim, that supports new and established female entrepreneurs. Helping members to connect, grow in confidence, and develop their networks and collaborations. Managed by Carrickfergus Enterprise in partnership with Ballymena Business Centre with funding provided by Mid and East Antrim Borough Council, there are regular events and opportunities to network fun and interestingly. The new programme commencing in April 2022 provided a range of workshops in areas such as Etsy, Softer skills for sales, work/life balance, and speed networking themed events on nutrition and self sabotaging mindsets. We also organised an exchange visit to Donegal collaborating with Derry’s Women in Business and Donegal Women in Enterprise. We partnered with our LEA counterparts Enterprise Causeway to deliver an event to mark International Women’s Day with over 200 women in attendance and also offered members a range of mentoring in areas including brand development, sales, and LinkedIn. Membership has grown to 144 and continues to grow. ## **20 Financial commitments, guarantees and contingent liabilities** A portion of grants received may become repayable if the charity fails to comply with the terms of the letters of offer. ## **21 Pension commitments** The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £12,351 (2021 - £12,542). - 31 - ## **CARRICKFERGUS ENTERPRISE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **22 Related party transactions** There were no disclosable related party transactions during the year (2021 - none). - 32 -