ma h Enter rise Com an Limited Charitable Com Limited b Guarant Members. Annual Re ort for the ear ended 31 March 2023 Mission, Vision & Values Mission The company's mission is to promote enterprise and support start-up, growth and social economy businesses. The mission provides a platform that underpins all activities and is aligned with key stakeholders such as Department for Communities, Department for the Economy, Invest Nl, Fermanagh and Omagh Council, South West College, Omagh Chamber of Commerce, Enterprising West and Enterprise Nl. It is also linked to local and regional economic dp_vp.lopmp.nt policies and recognises the value placed on the contribution made to the economy by the small business sector. The objectives of the company laid down in its Articles of Association are to benefit the area by working with individuals, communities, and businesses to reduce unemployment and creatc wcalth through the development of start-up and existing businesses. As company with charitable status, we strive to reduce poverty through the promotion of enterprise. The NI economy needs to be more enterprising, entrepreneurial, and innovative to compete on a global basis. In this context, the role of the company is to ensure the local economy reflects these characteristics as it develops. This approach ensures the economy develops in a way that creates greater wealth and job opportunities for the people of the area. It also ensures a robust local economy that is increasingly attractive as a centre for inward investment and as a place for people to work and live. Vision The company's vision is to be a world-class local enterprise agency for the entrepreneurs and small businesses of the area. We strive to be leaders of enterprise and the social economy and add value to clients through the provision of services. In order to achieve the vision, we will focus efforts and resources on our key strategic priorities and objectives. Values The mission and vision of the company are underpinned by six core values. The values are carried across all areas of the organisation and guide the delivery and implementation of the strategic priorities and objectives. The core values of the company are: Integrity, Professionalism, Teamwork, Respect, Creativity and Enthusiasm. Integrity We commit to being honest and fair in our dealings with each other and with clients and stakcholdcrs. Wc will be open, transparent, and professional in our hanclling of all public funds, programmes, and projects. Professionalism We cummit to continuous professlonal development to upgrade our individual and collective skills and knowledge. This enables us to deliver high quality services and results for our clients and stakeholders. Page 3 Oma h Enter rise Com an Limited imited b Guarant Members. Annual Re ort for the ear ended 31 March 2023 Cont'd Teamwork We work as highly motivated individuals and as a multi-disciplinary team across the organisation. We develop strong relationships and partner with organisations and stakeholders to achieve our mission of promoting enterprise and supporting start-up, growth, and social economy businesses. Respect We show equal respect to each other and everyone we have contact with as part of carrying out our business activities. We arp_ c.ommitted to oiir equality responsibilities, as highlighted by Section 75 of the NI Act 1998. Creativity We use creativityi imagination, and lateral thinking to considcr better and more innovative ways of developing and delivering services for the benefit of clients and stakeholders. Enthusiasm We approach our work in a positive, enthusiastic, and realistic frame of mind and demonstrate our belief and commitment in what we do each day. STRATEGIC PRIORITIES AND OBJECTIVES The company contlnues 10 revlew lis key strategic priorities through which Its vision, mission and core objectives are achieved. Given the likely economic climate during the period of the plan the priorities are: Priority l.. Financial Sustainability Priority 2.. Property Management & Development Priority 3: Programme Delivery & Development Priority 4: People & Skills Priority 5: Governance & Representation The focus of the corporate plan is to develop in each area of strategic priority to maintain financial strength; develop the property assets. promote enterprise and deliver programmes to support start-up, growth and social enterprises; and influence policy and resource allocation through good governance and representation. As a result, we will strive to ensure that by 2030 the organisation is a financially secure enterprise agency that contributes to community, social, enterprise and economic development. It will also ensure the organisation is well positioned in the context of Fermanagh and Omagh District Council's responsibility for local economic development. The company has developed a range of objectives to achieve its strategic priorities. The objectives are detailed below under each priority. Priority I: Financial Sustainability Under Financial Sustainability we will eiisure the 019aiiibLiLiuii IS ITldll(Iged on a commercial basis and maintain its ethos of being 'profit making but not profit taking,. This approach will ensure the tong-term viability of the company and reinforce its ability to contribute to the community, enterprise and economic development of the area. As a Page 4 ma h Enter Charitabl rise Com an om an Limit Limited b Guarantee Members. Annual Re ort for the ear ended 31 March 2023 Cont'd result, the company will develop as a social and economic resource to achieve its core objectives of reducing poverty and unemployment. The organisation will be managed in an efficient and effective way with the necessary systems and processes in place to ensure value for money, good corporate governance, and transparency. We will manage our finances, property, programmes, people and partnerships in a responsible and professional way to meet the challenges and opportunities that lie ahead. We are aware that many programmes delivered during recent years have benefited from significant EU monies. Financial support from EU programmes has helped the company deliver projects on a local and international basis. The new arrangements between the UK and EU since Brexit and the implications for Northern Ireland will have an impact on the company and the number of programmes delivered will reduce. As a result, a kcy focus of the company during the period of the plan is the developilienl of long-term sustainable income from property. To this end, the company will continue to explore capital funding opportunities to develop an Enterprise & Innovation Digi-Hub on the former Health Centre site purchased in 2019 through the Community Asset Transfer programme. We will also tender for business support programmes that contribute to the local economy. Priority I: Financial Sustainability - Objectives Objective Actions Required oni or Income on a mon asis Maximise property income to replace reduced income from programme delivery Maximise facilit hire income oni or over ea san re uce cos ere possi update and review monthly financial projections Maintain profit on an annual basis oni or paymen rom ors an ocre Ensure effective credit control measures Monitor bank balance on a regular basis U date and review monthl cash flow oni ors ri cre con ro measures Receive deposits from all tenants in keeping with good ractice acas reserve Monitor interest rates for future investments in fixed-term deposit account ocus on promo iono ecen er o recrui Review useof units and implement changes/ refurbishment to aid additional revenue on Inue oimp emen ec Ive corpora e governance procedures to ensure effective and efficient processes are in lace nsure an effective Risk Assessment Strategy is in place Review and develop best practice procedures where ro riate Manage turnover level Iiiire£15e profitability ors Increase cash flow ro ections uce san provision for bad debts ncrease Inancia reserves and develop investment strategy enan Manage asset base Implement corporate governance procedures Page 5 Oma h Enter rise Com an Limited Charl ecom an Limited b arantee Members. Annual Re ort for the ear ended 31 March 2023 Cont'd Priority 2: Property Management & Development Under Property Management and Development, our focus is to recruit tenants and promote the centre as a location for businesses. We will work with stakeholders to develop the former Health Centre site as an Enterprise & Innovation Digi-Hub to provide workspace for 50 businesses creating 250 jobs. We will use social media to continue to promote the centre with its unique selling points including access to super-fast broadband, high-quality office space, free car parking, w-fi, an on-site ￿staUrant and virtual office services. We will continue to review our product offering and promotion to ensure we become a world leader in enterprise workspace. The current property portfolio comprises 78,000 square feet of managed workspace. It includes a purpose-built state of the art Technology Incubation and Resource Centre completed in 2005 and an Innovation Growth Centre completed in 2013. The units range from 180 to 1,000 square feet and are suitable for office, manufacturing or high-tech businesses and available to tenants on an 'easy-in, easy-out, lease option. The purchase of the health Centre site under the Community Asset Transfer programme was completed in 2019 with a £300,000 loan from the Ulster Community Investment Trust. Due to effective cashflow management and an increase in cash reserves we were able to repay the loan in full in 2021. During the year ahead we will work with the Project Management Led Design Team to secure planning permission for the development of an Enterprise & Innovation Digi-Hub with an expected completion date on site of March 2025. During the period we will work with stakeholders to bring the project to fruition and regenerate what is a particularly derelict part of the town centre. The compaiiy lias a number uf conference, meeting and Iralning rooms available for hire and these are used by the general public although bookings have dropped considerably since March 2020 due to the Covid-19 pandemic. As a charitable organisation, we offer facilities to a number of social, community and voluntary organisations such as Young Enterprise, Business in the Community and Omagh Chamber of Commerce. We will complete a 'green' audit of the existing property base with a view to adopting an environmental implementation plan for the site during the period of the plan. We will continue to keep a watch on other potential development opportunities such as the St. Lucia site. OSD Town Centre Master Plan, the former Omagh District Council's.. Towards a City Vision for 2025 Strategy and the town centre school sites that will become vacant on completion of the Strule Shared Educational Campus. We will work closely with our colleagues in Fermanagh Enterprise Centre to promote enterprise in the Fermanagh and Omagh District Council area. We will also explore existing property assets to see where further on-site improvements can be carried out. Page 6 Oma h Enter Charitabl C rise Com an Limited an Limited b Guarantee Members. Annual Re ort for the ear ended 31 March 2023 Cont'd Priority 2: Property Management & Development - Objectives Objective Actions Required ecrui enant companies or occupancy Review existing prices per square meter Review existing use of units and refurbish where necessary Work with stakeholders to develop the Enterprise & Innovation Digi-Hub Promotion of the site as a superior business location in Northern Ireland through website, social media, press and emails Explore further property development opportunities Increase the number and profile of jobs on- site Review all service/reception costs and charges Review facility hi re prices Increased promotion and general awareness of the training and meeting rooms Increased promotion of virtual office services Create database of previous and potential new clients for promotional purposes Increase 'aftercare' with previous users of facilities Promotion of meeting rooms through website, social media, press and emails Cnnsider fLJture development of conference facilities Secure funding to develop the 5,000/10,000 jobs proposal in Omagh town center Consider further building on O'Kane site at rear Consider purchase of Omagh Auction Centre site Consider purchase of town center property Consider presence on Strule Shared Educational Campus or Gateway building Consider development on St Lucia site Explore the promotion of developing Gortrush as a Digital Business Park given the presence of the Project Kelvin infrastructure and DETI'S Digital Park strategy Explore Cross border Shared Island property development opportunities Explore Regional property development opportunities with enterprise partners under the Mid South West Growth Deal Explore vacantschool sites in town centerfollowing relocation to Strule Shared Education Campus. onitor mont y over ea Review annual maintenance and service contracts and costs Maximise income from existing renta I and explore property development opportunities Maximise income from conference and meeting rooms Explore off-site development opportunities Explore other deve opportunities opment ontinual y review efficiencies in relation to running costs Page 7 Oma h Enter rise Com an Charitable Com Limit Limited Guarantee Members, Annual Re ort for the ear ended 31 March 2023 Cont'd Priority 3: Programme Delivery and Development Under Programme Delivery and Development, we will promote enterprise and support new start-up, growth and social economy businesses in the area. During the year ahead programme income will reduce and we will continue to tender for any suitable programme opportunities that arise. The company has a proven track record of programme delivery and has delivered a variety of tailored programmes to support the start-up and growth of small businesses. We will continue to deliver support to start-up businesses under the NI Business Start-up Programme on behalf of Enterprise Nl. We will promote enterprise and self-employment through the delivery of the Explore Enterprise Programme with a focus on clients Not in Employment, Education or Training located in disadvantaged areas to reduce unemployment. We will provide support to the social economy sector through mentoring support and the First Stop Shop. We will continue to support the growth of female entrepreneurs to help create employment through the Female Entrepreneur Programme. We will keep a watching brief on the stream of funding that government will replace EU funding with such as the Shared Prosperity Fund. Priority 3: Programme Delivery and Development - Objectives Objective Actions Required Deliver the Exploring Enterprise Programme in the Omagh area Annual sponsorship of Young Enterprise Awards Annual sponsorship of Omagh Chamber of Commerce Small Business Award5 De Ivery o or t Programme In t mag Delivery of the Enterprise NI Start-up Loan Fund to clients Delivery of the Fermanagh &Omagh Districtcouncil Female Entre reneur Pro ramme Ivery o men Shop oring suppo roug Delivery of the UnLtd Lead the Change awards programme Delive of the UnLtd Do It For Real awards oni or press or ten er opportuni ies Continuous review of company's capabilities for management and delivery Ensure quality systems and processes for management and delivery of programmes are maintained Work with Enterprising West and Enterprise NI to tender forsmall business support projects and programmes Work with S W College and other partners to tender for small business support projects and programmes Work with schools to develop the Education to Enter rise ro ramme Promotion of enterprise and entrepreneurship throughout the Fermanagh and Omagh district area Provision of support to start-up businesses Irs op Provision of support to SOCl(Jl enterprises and entrepreneurs ro ramme Development of programmes to support small businesses Page 8 Oma h Enter Charitable rise Com an Limited nt Members. Annual Re ort for the ear ended 31 March 2023 Cont'd Priority 4: People & Skills Under People, we will value the individual contribution of each board and staff member and provide leadership in a challenging and rewarding environment that realises the potential of each person. We will work as a motivated team showing mutual respect and trust in each other. We will communicate positively and effectively while challenging ourselves and delivering Services to client5 in a professional manner. We will ensure all staff have a clear understanding of the company's mission, vision and values and their role within the organisation. It will ensure each person has the understanding and skills needed for the job and a sound knowledge of the company's strategic priorities and objectives. The company has 13 staff (equivalent to 10 full-time). In addition. the company engages external contractors as needed given programme demands and deadlines. The company operates flexible working time arrangements that can be availed of by staff, depending on the needs of the business. The management of the company is focu55ed on delivering its activities in a professional and profitable way. Given the projected reduction in programme delivery during the year ahead, we will continue to monitor the staffing levels required to deliver services. We will, at all times, ensure an appropriate level of staff combined with appropriate level of reliance on external contractors. The company is committed to the ongoing development of its board and staff. Staff performance appraisals and salary reviews are carried out on an annual basis. The process ensures the retention of a flexible and skilled team and identifies areas for additional training and professional development. It also ensures all staff members have the knowledge and skills necessary to meet the needs of clients. The company has an agreed board membership process in place to facilitate the recruitment and appointment of new board members and ensure the correct mix of skills and experience amongst all board members. A register of board members detailing relevant expertise and experience is maintained and reviewed on an annual basis. Page 9 h Enter rise Com Charitabl Com an Limit Limited Guarantee Members, Annual Re ort for the ear ended 31 March 2023 Cont'd Priority 4: People and Skills - Objectives Objective Actions Required arry out annua sta pe ormance a praisa Review existing Job descriptions and Fraining requirements Support staff to carry out Continuous Professional Development as necessary continuous review of programme delivery performance with a view to identifying gaps in skill requirements Monitor staff trainin and develo ment needs Monitor board membership to ensure correct mix of skills and experience exists Maintain a register of board members and their relevant skills and expertise Recruit new board members with appropriate skills and ex erience as needed Monitor existinq core staff and external contrattors as needed Ensure an appropriate level of staffing, combined with appropriate levels of reliance on external contractors Continuous management review of programme delivery requirements to ensure all staff are working to full capacity Additional staffi n em lo ed on contract basis ommunica iono orpora an employees, Board members and stakeholders Communication of staff roles and responsibilities in the context of the Corporate Plan Maintain and encourage flow of information throu hout the or anisation nsure correct mix o San capabilities amongst staff Ensure correct mix of skills an capabilities amongst Board Members Ensure an appropriate eve staffing combined with appropriate levels of reliance on external contractors ec Ive communica iono company activity Priority 5: Governance and Representation Under Governance and Representation, we will work in partnership with all key stakeholders and contribute to policy issues, particularly in relation to communityi enterprise and economic development. We will focus our efforts where they are most effective and be actively involved in the development and implementation of small business strategies and programmes. In taking forward our plan, we will work in close partnership with key stakeholders such as Fermanagh and Omagh District Council. South West Cnllp.gp.. Enterpriging West, Invest Nl, Enterprise NI, Department of the Economy, Department for Communities, Omagh Chamber of Commei-ce, Young Enterprise and Business In the Community. We will also work closely with individuals and groups in the private, public and community and voluntary sectors. We will work with other bodies to inform key policies and strategies that affect the economic well-being of the area. We will continue to develop our digital and Social media strategy to promote the company and raise awareness of the services on offer. We will use platforms such as Twitter, LinkedIn, Instagram and Facebook to promote the organisation. Page 10 Oma h Enter rise Com an Limited Charitable Com an Limited b nt Members, Annual Re ort for the ear ended 31 March 2023 Cont'd Priority 5: Governance and Representation - Objectives Objective Actions Re uired Ensure good corporate governance Complete an annual external audit of accounts procedures are in place and processes and procedures Hold regular Audit & Risk Management Committee meetings to review finances and procedures Regular review of the company's Risk Register Deliver programmes within programme policies and procedures Compliance with rocedures Chief Executive to develop strategic alliances and partnerships Chief Executive to represent OEC at Board level where potential for future development of artnershi s exist Local Fermanagh and Omagh District Council Fermanagh and Omagh District Council Community Plan Omagh Place Shaping Strategy Omagh Chamber of Commerce Business in the Community Young Enterprise St Lucia Consultation Strule Shared Educational Community Stakeholder Group ODC 2025,. Towards a City Vision OSD Town Centre Masterplan Regional Enterprising West Mid South West Growth Deal South West College Invest NI Cross-border Intertrade Ireland Local Enterprise Offices Institutes of Technology ICBAN Letterkenny Institute of Technology SEUPB Northern Ireland Enterprise NI Irbve5t NI Colleges Nl Catalyst Inc Ulster Community Investment Trust NORIBIC United Kingdom Levelling Up Fund Shared Prosperity Fund Community Ownership Fund UK Science Park Association Enter rise NI statutory reporting Create, maintain and strengthen existing and new relationships with relevant stakeholders appropriate Maintain and develop existing and new representation and relationsh ips at a loca I, regional, cross-border and European level Campus Page 11 Oma h Enter ris Charit b Com Com an an Limit Limited b Guarantee Members. Annual Re ort for the ear ended 31 March 2023 Cont'd Develop and promote a strong brand for all company property, conference and programme activities Facebook Twitter LinkedIn Instagram Email database Newsletter Videos Goo le Anal tics CORPORATE GOVERNANCE Corporate Governance The company is committed to the principles of Corporate Governance and through the development of a number of internal processes captures all internal and external procedures. The detailing of the company'5 activities in this way ensureb IL follow5 best practice guidelines and demonstrates openness, transparency and accountability in all its business activities. The creation of an Intemal Audit & Risk Management Committee has enabled the company to address corporate governance issues and a risk register is in place. These actions ensure the company has effective corporate governance procedures in place and manages key areas of risk during the period of the plan. Embracing Corporate Governance ensures the organisation adheres to the highest standards of integrity in carrying out its business and managing its finances. The company is fully aware of its responsibilities and the need for both internal and external audit and accountability, particularly in relation to the management of public money. Risk Management Internal controls are in place throughout the company's processes and procedures to provide dear accountability. The areas addressed include financial sustainability, property management and development, programme delivery and development, people and corporate governance. and any risks that may occur. Thp. company carries out a full external audit on an annual basis. The company maintains high standards in the management of risk and the processes in place are reviewed annually to ensure their relevance. Key risks are identified and managed to achieve a balance between risk and reward. Financial Management The company carries out a complete financial audit of all activities on an annual basis in accordance with Companies Act 2006 and Financial Reporting Standard 102 applicable in the UK and Republic of Ireland issued by the Financial Reporting Council. The process is carried out by external auditors (CavanaghKelly) and presented to the Audit & Risk Management Committee which presents it to the Board for approval at the Annual General Meeting. The financial year runs from 1st April to the 31st March at which point audited accounts are prepared and presented to the Audit and Risk Management Committee and then to the Board. The audited accounts comply with the Statement of Recommended Practice for Charitable organisations and meet the requirements of the NI Charity Commission. Page 12 Oma h Enter rise Com an Limited Charitable Com Limited b fjuarantee Members. Annual Re ort for the ear ended 31 March 2023 Cont'd The Audlt & Risk Management Committee meet on a quarterly basis to review management accounts, financial projections, the risk register, authorise electronic bank payments and consider other relevant business. Management Accounts are completed and presented to the Board for consideration at each Board meeting. Individual programmes are audited on a regular basis by the respective funder organisations. Claims for programme delivery are invoiced monthly or quarterly to the fLinder on a work-completed basis as per individual funder letters of offer. The Audit & Risk Management committee is chaired by the Vice-chair of the company. The company is also registered to comply with HMRC Anti-money Laundering Regulations and the National Crime Agency. Equality The company is committed to its equality responsibilities and to provide fair and unprejudiced treatment for everyone, as highlighted by Section 75 of the NI Act 1998. As part of the company's best prattice procedures and membership of Enterprise Nl, equality information for all participants on mainstream programmes is collected and monitored via a central database. The company is a registered employer with the Equality Monitoring Commission and _£ubmits relevant employment monitoring statistics on an annual basis. QUALITY Quality The company will maintain its quality control systems and procedures and monitor other quality mark: with a view to implementation where they are of particular benefit. In addition, as a member of Enterprise NI, quality is monitored in relation to individual programme delivery and progress against targets. The attention to quality is captured through the Membership Agreement held with Enterprise NI. The quality of services provided by the company 15 further measure(J by the ability to tneet oulputS diid Li11gèLs detailed in individual letters of offer and service level agreements with relevant funders. PUBLIC BENEFIT STATEMENT Public Benefit statement In setting our objectives and planning our activities for the year the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charitable company's purposes and provide a benefit to the beneficiaries. Approved by the Board of Directors on 29 lune 2023 and signed on its behalf by: Mr Marcus Isherwood (Chairperson) Trustee Mrs Geraldine Trustee ¥( ice chairperson) Page 13