OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Charity registration number NIC101615

Company registration number NI015089 (Northern Ireland)

CARRICKFERGUS ENTERPRISE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CARRICKFERGUS ENTERPRISE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr W Adamson Mr D McIlhagger Ms J A Harper Mr J Lowndes Mr S R Stewart Ms L Millar 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 - 9
Independent auditor's report 10 - 15
Statement of financial activities 16
Balance sheet 17
Notes to the financial statements 18 - 30

CARRICKFERGUS ENTERPRISE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report and audited financial statements for the year ended 31 December 2023.

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:-

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:-

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.

CARRICKFERGUS ENTERPRISE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 support that can be offered to encourage and inspire a range of individuals to consider self employment. The effects of Covid over the last few years has resulted in a reduction in face to face events. However, 2023 saw participation back to full capacity with staff attending a range of events over the year with the view to generating awareness and interest in self employment. Our Property & Enterprise Officer Alan Hamilton took part in the following events:-

Date Enterprise Awareness Activity
5th January2023 Job Centre Team Talk,Carrickfergus
26th January2023 Job Centre Support Event
16th February2023 Job Centre ‘Support is in the air’ event
22nd March 2023 NRC EntrepreneurshipClub Launch event
14th September 2023 NRC EntrepreneurshipClub Event
20th September 2023 NRC InfoFest
16th November 2023 NRC Global EntrepreneurshipWeek event
18th December 2023 NRC EntrepreneurshipClub Drop-in session

Global Entrepreneurship Week

We held one of our Enterprising Women events to mark Global Enterpreneurship Week (13-19 November 2023). The event took place at Midtown Makers, Ballymena on Wednesday 15th November. The theme was Menopause Awareness as many of our clients have battled with symptoms with a stigma surrounding this stage of a woman’s life. Speaker Siobhan Kearney recently founded Menopause NI to generate awareness and education supporting women to understand the impact. This is a phase of life every woman goes through, yet its stages and symptoms are often misunderstood. The session provided participants with information on the stages, symptoms, its impact on our physical, emotional and mental health and the support available to manage the menopause. Feedback was extremely positive and it is likely that this theme will be included in our schedule annually.

Northern Ireland Business Start-up Programme/Go-Succeed

Carrickfergus Enterprise has been providing various Start Up programmes for nearly 30 years with 2023 seeing the launch of the new delivery framework with the launch of Go-Succeed. From January to September the existing NIBSP continued with the completion of 16 business plans in that period. Businesses assisted in 2023 included a Japanese restaurant, dog sitting service, Energy analysis service and aesthetics business.

Go-Succeed was launched in October 2023 and provides a new support services provided by local councils in Northern Ireland, delivered by Enterprise Northern Ireland that can help to start, grow or scale a business. Funding has been provided by the UK Government through the Department for Levelling Up, Housing and Communities (DLUHC) and represents a £17 million investment in local entrepreneurs and businesses.

CARRICKFERGUS ENTERPRISE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 pool our SLA budgets to deliver a larger programme of activities with funding from Mid and East Antrim Borough Council. The activities offered 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 2023/24 the following activities were delivered:-

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 (144) by
approx. 20% by March 2024.		 229 by 30/03/2024 an increase of 59% mainly due
to referrals by existing members and LEAs
referring clients.
We paused membership until funding confirmed
and managing members expectations who want
activities to continue from April onwards.
Ballymena at 45% continues to be the area of
highest member representation with 26% from
Larne and 29% Carrickfergus.
52% have set up in the last 3 years with the
majority 36% between 4-13 years.
26% of members have artisan/craft business, 4%
food related, 30% professional service, 6% retail
and 8% tourism related, 20% health & wellbeing.
Further develop membership to include corporate
membership
for
local
employers
for
their
employees to upskill, develop connections and
collaborations.
This
could
help
develop
foundations for future programme development i.e.
Peace Plus, Shared Island.		 Membership has grown by 59% due to increasing
brand awareness of the network and referrals from
existing members.
Due to the strong growth of membership early on
in the new programme we did not specifically
target corporate members as we had a limited
budget to service our existing membership.
However
there
has
been
registration
and
attendance from a number of corporate members
including
Riada
Resourcing,
Turnstone
Management Systems and McAuley & Ritchie
Solicitors.

CARRICKFERGUS ENTERPRISE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

To gain referrals from LEA counterparts and other
networks to ensure spread and outreach from
women across the Borough. Create a more
structured referral process and membership
registration/benefits.
To undertake active outreach to the business
community across Mid and East Antrim Borough
Council and wider (to attract those residing in the
areas) including social enterprise sector, online
community groups, self-governing town focused
Facebook groups, colleges and 3rd sector market.		 Continued outreach through social media as can
be seen under each event with council branded
social media ad and eshot. We carried out
promotion at various forums including Job centre
team talk, Economic Development Forum. This
extensive outreach is evidenced in the growth in
registrations - Target 20% Actual 59%.
The network is highlighted to women at the first
point of contact with the LEA as part of the initial
assessment and as part of Go Succeed. We have
developed a membership registration form and
accompanying email to ensure a consistent
approach to membership registration.
To deliver one large Speed Networking Event in
person following a traditional timed rotation of
attendees using mix seater app to ensure good
mix and rotation.		 (see exchange visit below).
To deliver five knowledge-based workshops. Ideas
suggested by members include:- photography,
video production, menopause, well-being, sales,
social media.		 At the end of every financial year we have a
session with members to determine topics for the
year ahead. This ensures engagement and
participation in event.
During 2023/24 the following workshops took place.
·
28/9/23 Mobile Movie Making
·
15/11/23 Menopause Awareness
·
12/12/23 Social Media back to basics
·
25/1/24 Changing Mindset for a Better Life
·
21/2/24 A picture is worth a thousand words
- Photography, Camera, PR Graphics.
To hold 1 best practice visit to include pre
matching with similar business in the area,
opportunities for networking and shared learning.		 The annual exchange visit took place on Friday
8th March 2024 in Donegal with MC Digg Mama
Caroline
O’Neill
and
key
speaker
Joanne
McSweeney. Over 120 women attended including
33 from Mid and East Antrim.
Part of the event included a highly interactive
speed networking activity facilitated by Kelli
McRoberts. Using networking platform app Mix
seater women selected people they would like to
meet and took part in 4 rotations to maximise their
connections.
To hold a number of Coffee & Networking Events
and Power Brunches throughout Mid and East
Antrim to provide an informal social meeting
opportunity.		 6 events were held throughout the year including:-
25/5/23 Coffee & Networking, Whitehead Railway
Station.
1/6/23 Ballygally Walk and Talk Event.
7/9/23 Power Brunch, Follow Coffee, Ballymena.
26/10/23 Coffee & Networking, The Bank House,
Whitehead.
6/12/23 Jingle & Mingle Afternoon Tea, Ross Park
Hotel, Ballymena.
8/1/24 Power Brunch,Prom Café,Larne.

CARRICKFERGUS ENTERPRISE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

To develop a coaching/mentoring bank of hours to The bank of hours was used for a combination of provide regular follow up with members to develop group mentoring for follow up master classes held confidence and signposting opportunities. Group on zoom and one to one mentoring as follows:mentoring sessions will be encouraged as follow up after workshops. Follow up to Video Movie Making 24/10/23. All members were provided with the opportunity to avail of mentoring with 10 members receiving one to one mentoring totalling 41 hours in a range of topics. These included business strategy, diversification and social media. Members were referred from and to other programmes such as Go Succeed and NRC training courses.

Property & Development

Workspace Accommodation

The total workspace available at the Meadowbank Road site has increased to 57,243 sq ft, following the introduction of two new space offerings, Connect Hi tech office space, and Protect a range of secure storage units. The full site now comprises of 39 units, 19 Hi 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 Company continued to maintain its quality accreditation ISO 9001.

2023 saw a difficult trading year once again with increasing costs and other global events that impacted on our local businesses, despite this, occupancy has remained high. We experienced some turnover of tenants but overall occupancy increased by 3% for phases 1-3 on the previous year. As at 31 December 2023 these were as follows:-

Target Actual
Phase 1 Target 97% 99%
Phase 2 Target 97% 100%
Phase 3 Target 97% 100%
Connect No % target set, as tenant invested in the
office and do not envisage them vacating
100%
Protect 90% Note difference in pricing and
occupation
71%

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

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Carrickfergus Enterprise provided the link between heritage and business by organising and hosting a showcase event on 2nd March 2023 in The Londonderry Arm Hotel, Carnlough. The event shared the top tips tourism and hospitality businesses gained from participating on the Council’s dementia friendly tourism pilot project. Four groups participated in the project including Prom Friendship Group, Larne; Karingmore Residential Home, Carnlough; elderly volunteers from the Carnlough Heritage Hub and tenants of Victoria Court (sheltered accommodation) Whitehead. Our Chief Executive Kelli McRoberts facilitated the event and led a discussion on how local tourism providers could integrate the learning experience into their own businesses. There was a commitment by interested tourism business owners to set up a working group ensuring inclusivity to a wider range of their visitors with a hidden disability.

Cooperation and Partnership

The Board/Trustees continue to develop partnerships complementary to Carrickfergus Enterprise's Charitable objectives. The Charity continues to develop opportunities for membership of stakeholder and voluntary organisations aligned with our strategic objectives and charitable purposes. Chief Executive Kelli McRoberts is currently 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. We continue to review and develop opportunities to access funding opportunities from this programme that would benefit our clients and the wider community. Opportunities include the development of a Social Enterprise Hub.

The community social enterprise hubs will serve as multi-purpose spaces, where a range of community-led and driven activities, training programmes, and social enterprises can then operate from. They will provide opportunities for local organisations to test potential social enterprise activities, encourage cross-community interaction, and increase the vibrancy of each of the main town centres in the Borough 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. We continue to develop our contacts annually and develop opportunities to collaborate on programme delivery as well as capital investment.

Staff and Trustees

The staff resource of the Company reduced to three with Enterprise and Marketing Executive Holly Hume taking up an opportunity to live and work in Australia. The existing staff are sufficient for resourcing the delivery of our key services including property rental and programme delivery, in the short term. However, longer term with the roll out of our Strategic plan including new space and PeacePlus social hubs, additional roles will need to be identified and resourced.

2023 also saw the loss of one of our found Board Members Mr Boyd Logan who passed away peacefully on 28th June 2023. Board Member Mr Robert Kay offered his resignation on 21st September 2023. Mr Kay, a retired Building Surveyor was appointed to the board on 1st August 1991 and was a former Chairman of the Company as well as Chairman of the Property Committee. His expertise in the area of property development was crucial in the development of all three phases of workspace at our Meadowbank Road site. This contribution was acknowledged by the Chairman, Directors and Staff, along with a gift presentation at our 2023 AGM.

The Board welcomed a new Director in 2023 with the appointment of Mr Ian Kerr in March 2023. Mr Kerr has a longstanding relationship with the board providing mentoring, training and facilitation services for nearly 20 years. He brings considerable business experience to the Board.

CARRICKFERGUS ENTERPRISE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The results for the year are set out in detail on pages 16 – 30. The charity returned net outgoing resources for the year of £62,001 (2022 - £84,348). The results for the year included a depreciation charge of £114,872.

At 31 December 2023, the total funds of the charity amounted to £3,128,188 comprising restricted funds of £1,026,518 and unrestricted funds of £2,101,670. 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 has free reserves of £10,138. 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, and an increasingly competitive marketplace. The Board approved its 5 year Strategic Development Plan in March 2023. A number of the strategic actions are currently being developed by the General Purposes Committee in conjunction with the Chief Executive and her team. As with any major strategic project there is a due diligence process and risk assessment carried out to research the market and assess the viability. The GPC are currently developing a number of project areas to bring forward to the Board.

Future Strategy

The 5 year Strategic plan was approved by the Board in March 2023 and outlined four key themes:-

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 prioritize 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 continue to deliver the high level of service to our clients as well as developing new ideas and projects underpinned by our charitable objectives.

In 2023 the GPC has met a number of times to discuss and develop the actions and priorities under each theme. A number of these have moved faster than others such as Rental Space Strategy with the committee researching and developing a business case to introduce further space to the Meadowbank Road site with the introduction of purpose built office pods. This will provide a professional and modern space for a variety of needs including office, art and therapies. Draft plans have been produced and market research carried out to determine costs and demand. A collaboration opportunity with B Crowe & Sons is also being explored with the potential Sullatober Business Park. The project is to provide a range of larger spaces representing a £5 millon investment with Carrickfergus Enterprise acting as the Managing Agent.

CARRICKFERGUS ENTERPRISE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

The charity is governed by its Memorandum and Articles of Association.

Mr W Adamson Mr D McIlhagger Ms J A Harper Mr R H Kay (Resigned 21 September 2023) Mr J Lowndes Mr S R Stewart Ms L Millar Ms L Robb (Resigned 3 January 2024) 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 Chief Executive, 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 * 100% Mr D McIlhagger 100% Ms A Harper 100% Mr R H Kay – resigned 21st September 2023 100% Mr I Kerr – appointed 31st March 2023 50%

*Percentage attendance during the year. Attendance reflects meetings members eligible to attend.

Three meetings of the General Purposes Committee took place in 2023 on 17/02/23, 27/10/23 and 20/11/23.

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. As Board Structure is a key priority for the board, it is timely to identify and recruit new board members and provide appropriate training.

Directors/Trustees

The directors of the charity during the year were: Mr W Adamson – Chairman *100% Ms A Harper 100% Mr D McIlhagger 100% Mr R H Kay 50% (Resigned 21 September 2023) Mr J Lowndes 67% Mr R Stewart 33% Ms L Millar 0% Ms L Robb 33% (Resigned 3 January 2024) Mr I Kerr 100% (Appointed 31 March 2023)

*Percentage attendance during the year. The board of trustees meet quarterly with 3 meetings held in 2023. Attendance reflects meetings members eligible to attend.

In accordance with the Articles of Association retire by rotation and Ms L Millar and Ms A Harper, are eligible for re-election.

CARRICKFERGUS ENTERPRISE TRUSTEE8' REPORT (IICLUDWG DIRECTORW REPORT) (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 Statsrn•nl olTr￿lI. r•¥on•WIII•• Th8 ￿￿teS, whts •rè lh• dr•cJrn frjr thè purpo#è cl ￿MpanY law, arn r¢spowble for wewwig TnAlees' Re￿rt and Ihe fin￿lIa1 statements applc8ble tslr ¥iew of Iha stats of8ffalrs crfth• thlty 8NI ofth• r•s(•rn 4rfalN)n ofr•sowc•s. e and expenditure. rAtho LaritaW? canpanyknthal >wr. dlsdmed ewalned kn tho f￿￿￿81 slat8merts" arKI . pr¥p8r• thg firwdol slat￿Trts on th• IxK4ffl basts * 15 kwpr(yrkte to that the dwlty wll c¥nIn￿ tn 0￿ra11t￿. Thé trustsos am rw¥)nslt4e for keeth adyl6 tr￿¢ dls()se with reasonatAe ac¥#Jraui at ny timè 1h• h￿nCl01 pokn olthe carfty anabl• Ih•m lo •ngJr• that frndal siatements (x¥￿ty Authtor audttLYofb)e ry)rnpgnywl b8 at o Small ¢omynlM •x•mptlon section 415Aolthe CThripaThesAd 20(6. Dhclowro { Inlonnatlon to E¥¢h of thè tmst46s has CA)nt￿ that thom15 lthmth ltrffj arn awaro rn18vant to th• audlL iKrt ofwhth thg athyitor i¥ ￿8W￿re. Tlw hayp fwlher wnfymgd thgt IPW h8vg lakon apwvpr•ts Ste￿ to

CIIAtiTRkBb AteouMTAirrs CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Oplnlon We have audited the financial statements of Cairithfrrgus Enterprise Ithe'tharity.) for the year ended 31 Oecember 2023 Nthich comprise the statement of fina￿al aclivibes. Ihe balance sheet and notes lo the finanL7al statements, ineluding significant aecounting policies. The fin￿￿81 reporb'ng framework that has been applied in thèir weparatson Is applicable law and United Kingdom Aecwnb'ro Standards. ffiLKling Financial Reporting Standard 102 The Financial Repo￿ng Standard applicable in the UK and RewNic ol Ireland (United Kingdom Generally Accep18d Accountk)g Pracatcel. In our opn1￿, thg financial statw)Iwts'. give a true and fair iiew of the state of the charrtable compan￿$ affaits as at 31 December 2023 and of Ils lrtoming resowces applicatK>n of rescrtwces. for the year then ende(I: have been pr4)erty Wep￿ed in UThted Kingthjn Generally A￿￿pIed Aco)unting Praclts., aThJ have b8en pr￿re{l in xCOrda￿e ￿7th the rewirements ofthe cC%npar￿A¢1 21￿. Basis for opinlon We ￿ndUCted our audit in aceordanee ￿ryth 1rrfematir￿ Stan￿5 on Authiing (UK) (ISAS IUKI) and applicable law. Ow responsiLMlities under those stsndards ￿e further desL¥ibed in the Auditorfs reSpOns￿lIrtieS lorlhe audit the financial sf8t6menls section ol ow repjt. independent of Ihe thaity Mi accordance with the ethical requirements that are rdevant to ￿dit of the financial stalements in the UK, I￿￿dIng the FRC'S Ethical Standard. and we have fulfilled our ¢t￿r ethical resFth)sibilits"es in acctydance these requireffnls. We believe that the audit evidence we have obtained is sufficient and appr(yriale to PYOVtde a basis our opinion. Conclusions relating lo going c(xMrn In ￿dIting thfr finanaal slatements, we have ¢(y￿l#￿ed that ts Twstees. use cl the goThJ concem basis of accountmg in the Fyeparatr'cm of the ffin￿l statements is apwowiate. Based thè work w8 have performed. we have not h18nti￿ Mat￿la1 unc8rtainli8s relating to events conditions that. 1ndl￿dUalty or collectwety, may cast ￿gnif￿ant thubl on the charty's ability to contmue as a going concern lor a period of al least twelve months frtyn Tknn the finarKial stements are auth￿1$¢￿ for issue. OLty responsit¥"lthes and the responsdxffits of Intstees with respeca to going cor￿eM are descrbèd in thé rdevant seclons of trms resx)rt. Celltllry House 40 Cre5trnt I%￿1rS$PO[k LISEIURN vr28 2GN l7 MahdthTrlleSI PORTAtX)WN X9Alfred street BEiFkST BTr 8EQ DXJ910 NRBe]fastS0 10- craig3￿n BT62 3PB Tel: +4410)28 90311113 F￿. +44 (0)28 9OJI 07n Tel: +44108 926oT&&S FLY: +44 lob8 9260 J656 Tcl= +44 lok8 3833 2801 Fax.. +44 lop8 38350293

CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Othor Infomiation The othei infomiation ￿PriseS th8 Infonnati￿ induded in Ihe anwal repcrft othgr than the finarKial Btalemen18 and our auditorfs report ther80n. The Ifustees are responsible tr tl cther infomiation contained within the annual report. Our opinion on the finJwal does cover ts other irrformalion and. except lo t￿ extent othemse exFlieiUy ststed in our reFUt. we do not exwess form of assurance conclu$on Ihereon. Our responsibility 15 to read the other informth.on aTr, in ￿ng so. ￿SIder whthr the other informion is materialty inconsistent with the financlal statements ¢y our knowledge obtsined in ts COLrse of Ihe audit, or otherwise appeals to be Material￿ misstated. If we idenb.fy 5uth material ￿K￿nsIstenC1eS or apparent material misstatements, we are required to determine whether this gives rise to a material mi5Statement in the financial statements Ihemselves. If. based on the work we have perfomied. we condude that there is a mri misstsiement of this ot￿r information, we are requiied to report tlkqt fact. VIÈ have r¥)thng lo reFh)rt in this Tegard. Oplnlon$ on other matters pre$cnl)ed by the C¢Mnpanie$ Act 21x16 In our ownion, based on the work undertaken in Ihe cwrse of (xw auditr. the infomab'on gven in Twslee5' reF¥yi ￿ the fwHrKial year for whKth th8 ffinancial statements are prepared. wh￿h incJdes Ihe direct(￿¥. weiyt wep¥ed for ts pwposes of company law, is consislenl wth the financial ststements.. tho directors, report I￿luded Wbthin the Tntslees, repcrft has been KKepared In aceordanc& wlh appli¢abk1ogal requirements. Matters on whlch w• are roqulr•d to report by ex¢eption In the li￿t of th8 knovAedg8 and undgrstanding of the th¥ity and its environment cthined in the course of the audit, we have not identified material misslatements in the threctLYS' Tepcvt induded within the Trustees, rertht. have notlmng to rewt in respect of Ihe matters in Tel￿￿ to the Companles Act 2006 r4uires us lo report lo you if. in our opiri￿- adequate accountlng records have been adwie for our a￿tht have ￿1 bgen recelved from blanches not wsited by us.. crf the fin￿cial sIalem￿ts a￿ not in agreemttwilh the ac(wth records and rètmw" t certain disctosures of truste85' remun8ratl￿ specIf￿d by law Made; or we have not received am the infom8￿n arKI exF4anations we require lor our autht; L the trustees were nol entilled to prewe the f￿￿01 slateffnts in accordance WTth the small CoMpan￿S r8gim8 and take advantag8 of the small 8xempbx in prying the Trustees, report and from the requirement to prepare a strategic report. 11

CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Rwonslbllltl•s of trust••B As explained more fully in the stslement of Trustees. responsbilities, the trustees, vtho are also the directors of the charrty for the purpose of company law, are re$￿SItIe fry the Fffewat#)n of the fnancial statements and for being satisfied thai they give a true and fair view, for s￿h wrtemal conlrcA as ￿ trustees detemiine is nec8ssary to enable ts preparation of finar￿la1 statemenls that am free from material misstatèment, vthethor dua lo fraud or error. In preparing Ihe finanaa statements, th8 trustees are responsJle for assessir¥J the Charity's ability to continue as a gcing ¢on¢em. dixlosmig. as ¥pkaWe, matters rdaled to goiryJ c￿Cern and using the going concem basis of aCC￿nting unless the trustees erther intend to liquida18 the tharilable company or to cease operations. or have no realistic aknnative but io do so. AUdit0￿S r•sponsibiliti•s forth• aud6t of th• flnanclal stat•m•nts Our objectives are lo obta"n reasonable assurarKX abrNJt w•￿ther Ihe f￿￿r￿la1 statements as a whole fr80 from material misstatement. %thelher due to fraud or emr. lo issue an auditors report that includes our opinion. Reasona)le assurance is a high level of assuran￿ is not a gUThtee thal an audit conducted in acccfdance wilh ISAS (UK) always delect a matsn.al misstat￿ent Wh￿ it exists. Misstatemen15 can artse from fraud or error and are considered material rf, indiwdualty or in the agsyegaie. they Could reasonably be expected to inlluence the economic declglons of uws tsken on basis oftrse T•)￿￿81 statements. The eX￿t lo vthith wocedures are capamè d detecth¥J ireg￿r1￿¢S. ir￿￿￿1n9 fraLhJ, is detailed below. 12-

CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Ext•nt to whlch th• aud(t consid•r•d capabl• of d•t•cting Irr•gularftS05. Indudlng fraud Vve identify and assess the risks of material miss¢atgment of the f￿an￿al stem8nts. whether ¢Je to fraud or error. and then destsjn and perform aLKlit procedures responsive to risks. indudirwJ obtaining evidence that IS suffKient and apFwopriale to provtde a basis for4)W In identifying and assessir#J poiential risks of material mi8state￿I m rèspect of ryularities I￿AudIng fraud and non-compliance5 wih laws and regtl'or6. * ¢CffjKlered fcAI(A¥iro: . The nature of the industy and sector, contrd envirormnent and bu&ness perfcrfmance, indudiTrJ the company s ren￿neratIOfi pdiaes for (fireclcts. levels and perfomance tsrgets, rf any., . Résults ol our errfjuiries of managemenl abwl ttir wi Jentiknon assessment of th8 risks of Irregularities,. . Any matters we identified havirvj and the (xMnp￿ry'5 d￿umen1￿.0n of ther policies and procedures relatiThJ to: . Ide￿Ing. evaluth'ng and eonwying wilh laws and Wations aNI Vthelher ttw were aware of any instanee of non<oMpli¥￿e. . DetectirKJ and resp)nthThJ to the risks of fra￿1 aThl they have kn￿￿odge of ￿Y actual, suspethd or alleged fraKI'. and . The intemal controls estatashed to mtyate risks of fraud or nonoomrAiance laws and regulabon$: . The matter5 discussed among the a￿All erVJag£￿t team regarth'ng how and where fraud mitht occur in the financial slalements a)d ￿tential in(fficatcrt Offr&￿. A$ a resutt of these wocedwes. we ¢￿&d￿ed OFpyiurlies incentives ttwt may 8￿$1 wthin thg company fraud and Identified the greatest Wenlial in revenue recwilion and property valuation. In c(wnmon th all audits ISAS (UKI. we are also reqLMred to perform specific Pr￿edureS lo respond to the risk of management override. We also obtained an underslandiThJ of the legol regulatryy frarnewc￿k$ that the ¢ompany operates in. f¢)cusing on provisions of those ￿wS and rOg￿atiOnS that had a direct effect on the determinakn.on of material amomts and disdosures in the financial stalemenls. The key arKI whtions considered m this ccffllext included the CompaniesAct 20(k8. and kjcal tax legislation. In addllion. we considered provisions of other Im wd regulatN)n8 Ihat do not have a direct eff￿1 on the financaal statements but compliance ￿1th whth may be fundamental to the company's ability lo operate or lo awid a material pena￿y. 13-

CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Audlt rosponso to rfsks Identthed Our proedU￿9 to respond to the risks l(lenli￿ irKluded foknMg'. Reviewing the finarbjal statement disclosures and testing lo SUp￿rting dOC￿Men￿tI)n to assèss eompliance ￿th provisions of relevant Laws aThJ regulations described as having a dkect effect on the ffinanrAal statements.. . Enquiring of managem￿1 rxjncermg ￿tUal potential IrtWh)n and dams: . Perfomiing analytical pr￿￿re$ lo thrthfy ￿ wwwal (Y wwgcted relal#)nships Ihal may indicate risks of malerial nNsslatement due to fraLbJ.' . Reading minutes of me¢tNigs of Ih(>se ￿ThIh 9)vem￿ arKI revith¥iNJ em¥￿ènea tax authorities., and . In addressMIg the risk of fra￿ tlwwJh mia o¥effi(k of controls. tesliNJ the appropriateness of journal entries and cther adjustments: assessing I￿)ether the lud9emenls made in maklng accountlng estimates are indicative of a [￿tential trAas." t+d evalL￿{ing the business ratI¢ma￿ of any signifi￿t Iransadions that are unusual or outsKJe the rKvma c£K5rse of ￿sness. also communicated relevanl identifd I￿ I￿all(￿ WKI prtential fraLvJ risks lo all engBgemgnl team membws and remained 4ert lo any indi¢otKJns olfrawj cff with aThY regu￿1(￿$ thrOu￿oUt the (hfjng lo the inherent limitatsons of an audic Ure i8 ￿ unavoidthe risk U)at we may not have detected som• material mlsststemenls in the financial sLements. even thcmjgh we have properly planned and perfcrfmed our audit in accordan￿ wth auditing stsndards. In adthtiC￿, as 4viih any audit. there remairts a higher risk of noFbdetection of irregularrties, 8S they may involve collusion. kngery. irtentional omissions. mis￿pIesenIatioft$. or the override of intemal eontrds. We are not responsitAe for we¥￿tI￿j n0rpc￿r￿8nce Gqnnot be expected to detect non• compliance wlh all laws and regulalions. 14-

CARRICKFERGUS ENTERPRISE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARRICKFERGUS ENTERPRISE Us• of our r•port This report is made sc4ely lo the chariwle o)mpan￿S members, as 8 bcJy, in accordance vthh Chapter 3 of Part 16 of th8 Companies Act 2￿6. audii V•rsrk has been ￿Hjertaken so that we myht sLe lo the charitatle company'$ members those matters we are required to slate to them in an a￿fitcrt and lor no other Pufpose. To the fullest extent permitted by law. we do not aswm respongb"tlity lo ￿YOne other than the charitable company and the charitable Company $ members as a bc¥Jy, ts our audit work. for this report. or fLYlhe opinions we have formed. Mr Mig•NL FCA {S•nior StatutoryAudltorl for and on behall of GMCG BELFAST Chartered Acc(￿ntsnts stat￿*)ry Audltor charteredA￿in1aftts & Statutory Auditor frBd Hr¥Js& 19AWred Street Belfast BT2 8EQ 15.

CARRICKFERGUS ENTERPRISE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Charitable activities
3
303,452
19,478
Investments
4
1,536
-
Other income
5
-
-
Total income
304,988
19,478
Expenditure on:
Charitable activities
6
340,338
45,766
Other
8
363
-
Total resources expended
340,701
45,766
Net outgoing resources
(35,713)
(26,288)
Other recognised gains and losses
Revaluation of tangible fixed assets
-
-
Net movement in funds
(35,713)
(26,288)
Fund balances at 1 January 2023
2,137,383
1,052,806
Fund balances at 31 December 2023
2,101,670
1,026,518		 Total
2023
£
322,930
1,536
-
324,466
386,104
363
386,467
(62,001)
-
(62,001)
3,190,189
3,128,188		 Total
2022
£
277,684
149
263
278,096
362,444
-
362,444
(84,348)
701,500
617,152
2,573,037
3,190,189

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.

  • 16 -

CARRICKFERGUS ENTERPRISE BALANCE SHEET AS AT 31 DECEMBER 2023 TrThJible assets 13 zwr2,562 2.993.101 08btofs Cash at bank arKI In haThl 14 19.020 8,2D5 242.002 250.207 Cr•dltor¥: amowits tslllry du• twlth 15 151A42) {47,2301 202,97T Total a•••ts1•8• labllll•¥ 3.1•188 3.196.078 Cr4dltorn: •mtsun¢• f•lllrtg ¢h •ft mor• than on• y•ar 15.8891 N•t •••ts 3.1¥188 3.1W,189 knMrn• l￿d• Restriclod JTrJ$ 18 1.Ir26.518 I.052.￿6 19 2CQ.OC 886,683 1.09).7(Ki 8S5.255 1.046.415 2,101,670 2.137.383 3.128.188 3.1￿1.189 to ts small companSe5 r•ne. MrWAdams Truste 17-

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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.

  • 18 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

  • 19 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

  • 20 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

  • 21 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Charitable activities

Sales within charitable activities
Services provided under contract
Performance related grants
Charitable rental income
Analysis by fund
Unrestricted funds - general
Restricted funds
For the year ended 31 December 2022
Unrestricted funds - general
Restricted funds		 Property
Programmes
2023
2023
£
£
2,665
-
-
21,700
-
3,052
295,513
-
298,178
24,752
298,178
5,274
-
19,478
298,178
24,752
259,254
12,218
-
6,212
259,254
18,430		 Total
2023
£
2,665
21,700
3,052
295,513
322,930
303,452
19,478
322,930		 Total
2022
£
607
18,430
-
258,647
277,684
271,472
6,212
277,684
271,472
6,212
277,684

4 Investments

Unrestricted Total
funds
2023 2022
£ £
Interest receivable 1,536 149
Other income
**Total ** Unrestricted
funds
general
2023 2022
£ £
Net gain on disposal of tangible fixed assets - 263

5 Other income

  • 22 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Charitable activities

Property Programmes
£
£
Staff costs
119,124
14,891
Depreciation and impairment
114,872
-
Training and other staff costs
-
1,242
Consultancy
-
5,117
Advertising, postage and stationery
8,371
1,046
General overheads
61,589
10,548
Catering
-
567
Travel
1,338
167
Subscriptions
3,930
-
Bank charges
-
136
Hire purchase interest
-
659
Programmes direct costs
-
1,158
Enterprising Women
-
12,279
309,224
47,810
Share of support costs (see note 7)
23,515
-
Share of governance costs (see note 7)
5,555
-
338,294
47,810
Analysis by fund
Unrestricted funds - general
304,807
35,531
Restricted funds
33,487
12,279
338,294
47,810
For the year ended 31 December 2022
Unrestricted funds - general
297,701
27,626
Restricted funds
33,498
3,619
331,199
31,245		 Total
2023
£
134,015
114,872
1,242
5,117
9,417
72,137
567
1,505
3,930
136
659
1,158
12,279
357,034
23,515
5,555
386,104
340,338
45,766
386,104		 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
  • 23 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7
Support costs
Staff costs
Training & other staff costs
Advertising, postage and stationery
General overheads
Travel
Audit fees
Trustees expenses reimbursed
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
14,891
-
138
-
1,046
-
7,273
-
167
-
-
5,235
-
320
23,515
5,555
23,515
5,555		 2023
£
14,891
138
1,046
7,273
167
5,235
320
29,070
29,070		 2022
£
14,575
469
1,160
7,795
187
4,805
369
29,360
29,360

Governance costs includes payments to the auditors of £4,795 (2022- £4,565) for audit fees.

8 Other

Unrestricted
funds
2023
£
Net loss on disposal of tangible fixed assets
363
363
9
Net movement in funds
2023
£
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
5,235
Depreciation of owned tangible fixed assets
107,739
Depreciation of tangible fixed assets held under finance leases
7,133
Loss/(profit) on disposal of tangible fixed assets
363		 Total
2022
£
-
-
2022
£
4,805
85,292
10,375
(263)

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during they year. One director (2022 - one) was reimbursed a total of £95 (2022 - £144) for travel costs during the year.

  • 24 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11 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		 2023
Number
3
2023
£
127,108
8,829
12,969
148,906		 2022
Number
3
2022
£
124,030
9,369
12,351
145,750

Total remuneration received by key personnel during the year was £77,668 (2022 - £77,315)

The number of employees whose annual remuneration was £60,000 or more were:

2023 2022
Number Number
£60,000 - £70,000 1 1

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

  • 25 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

13
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
Motor vehicles
£
£
£
Cost or valuation
At 1 January 2023
2,695,000
487,080
41,500
Additions
-
24,696
-
Disposals
-
(3,050)
-
At 31 December 2023
2,695,000
508,726
41,500
Depreciation and impairment
At 1 January 2023
-
217,511
12,968
Depreciation charged in the year
51,200
56,539
7,133
Eliminated in respect of disposals
-
(2,687)
-
At 31 December 2023
51,200
271,363
20,101
Carrying amount
At 31 December 2023
2,643,800
237,363
21,399
At 31 December 2022
2,695,000
269,569
28,532		 Total
£
3,223,580
24,696
(3,050)
3,245,226
230,479
114,872
(2,687)
342,664
2,902,562
2,993,101

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 £7,133 (2022 - £9,510) for the year.

2023 2022
£ £
Motor vehicles 21,399 28,532

Included in land and buildings is freehold land at valuation of £135,000 (2022 - £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 2023, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £1,516,151 (2022 - £1,563,066).

  • 26 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Notes
Obligations under finance leases
17
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
16
Creditors: amounts falling due after more than one year
Notes
Obligations under finance leases
17
17
Finance lease commitments
Future minimum lease payments due under finance leases:
Within one year
Within two and five years		 2023
£
5,463
8,288
5,269
19,020
2023
£
5,889
16,521
4,127
64
24,841
51,442
2023
£
-
2023
£
5,889
-
5,889		 2022
£
3,191
-
5,014
8,205
2022
£
8,833
5,160
8,381
83
24,773
47,230
2022
£
5,889
2022
£
8,833
5,889
14,722

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 2023

18 Restricted funds

Balance at
1 January 2022
£
Building Reserve - Phase 1&2
481,432
Building Reserve - Phase 3
596,488
Big Lottery Fund
261
Enterprising Women
5,530
Power NI
-
1,083,711		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 January 2023
£
£
£
-
(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
2023
£
£
£
-
(15,535)
450,362
-
(17,910)
560,668
-
(42)
166
16,426
(12,279)
12,270
3,052
-
3,052
19,478
(45,766)
1,026,518		 Movement in funds
Incoming
resources
Resources
expended
Balance at
31 December
2023
£
£
£
-
(15,535)
450,362
-
(17,910)
560,668
-
(42)
166
16,426
(12,279)
12,270
3,052
-
3,052
19,478
(45,766)
1,026,518
1,026,518

See note 24 for explanatory notes to the funds.

  • 28 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 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 2022 resources
1		 January 2023 resources 31 December
2023
£ £ £ £ £
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
2023 2023 2023 2022
£ £ £ £
Fund balances at 31 December 2023 are
represented by:
Tangible assets 1,891,532 1,011,030 2,902,562 2,993,101
Current assets/(liabilities) 210,138 15,488 225,626 202,977
Long term liabilities - - - (5,889)
2,101,670 1,026,518 3,128,188 3,190,189

20 Analysis of net assets between funds

21 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.

22 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 £12,969 (2022 - £12,351).

23 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

  • 29 -

CARRICKFERGUS ENTERPRISE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

24 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 measures identified in the energy audit and purchase of energy efficient fixed assets as detailed in the audit.

Enterprising Women

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 programme runs from April to March annually through a Service Level Agreement with Council and provides a range of workshops in areas such as Videography, Changing Mindsets and Menopause. We also organise a best practice visit annually with a Conference in Donegal with our partners Donegal Women in Business and Londonderry Women in Enterprise. Members are offered mentoring in areas including personal development, social media and finance. Membership has grown to 240 and continues to grow.

Power NI

This is a project granted and funded by the Power NI to facilitate work on energy efficiency.

  • 30 -