Company Number: N1017785 Charlty Number: NIC101885 Omagh Enterprlse Company Llmlted Annual Report and Audited Flnanclal Statements For the year ended 31 March 2024 CavanaghKelly Chartered Accountants & statutory Audltors 36 - 38 Northland Row Dungannon BT71 6AP
nter ri Com Li ted Page General Information Members, Annual Report 3-14 Directors, Annual Report 15-16 Dlrectors, Responsibilities Statement 17 Independent Auditor's Report to the Members of Omagh Enterprise Company Llmited 18-21 statement of Flnancial Activities {includlng an Income and expenditure account) 22 Statement of Financial Posltion 23 Statement of Cash Flows 24 Notes to the Financial Statements 25-36 Page I
Oma hEn ris Directors Mr Marcus Isherwood (Chalrperson) Mrs Geraldine Keys (Vice chairperson) Mrs Glenda Mcllwaine (Secretary) Mr Robert Brady Mr Pete Campbell Mr Stephen Donnelly Mr Barry McElduff Mrs Kathleen McGread Mr Errol Thompson Mr Allan Rainey Company Secretary Mrs Glenda Mcllwaine Registered office Gortrush Industrlal Estate Great Northern Road Omagh Co Tyrone BT78 SLU Charity Number NIC101885 Company Number N1017785 Auditors Cavanagh Kelly 36 - 38 Northland Row Dungannon Co. Tyrone BT71 6AP Bankers AIB 2-4 East Brldge Street Ennisklllen Co. Fermanagh BT74 7BT Solicltors Mcconnell and Fyffe The Old Rectory 21 Church Street Omagh Co Tyrone Bf18 IDG Page 2
hEnt arita Imited om it nual end d31 ar 2024 1.0 Introductlon Since it5 establishment in 1984, Omagh Enterprlse Company has been a cornerstone of economlc development and growth in our community. Formed as a company limited by guarantee, it is governed by a voluntary board of directors representing the local community. Our mission is to support entrepreneurs and start-up businesses in the area. Here's a look back at our journey: 1986: We opened 40,000 square feet of office and industrlal workspace, accommodating 25 businesses creatlng 130 jobs. 1996: An additlonal 12,000 square feet of industrial workspace was developed, providing space for 15 more businesses and creating 50 new jobs. 2005: We built a 14,000 square foot Technology Iricubation Centre, which housed 15 businesses employing 125 people. 2013: The 14,000 square feet Innovation Growth Centre was establlshed, supportlng 25 buslnesses and 100 jobs. 2024: Development began on a 26,500 square feet Digi-Hub, set to open in the sprSng of 2025, which will accommodate 50 businesses and create 250 jobs. With thls expanslon, we wlll support 130 buslnesses and 655 Jobs. In additlon to developlng office and Industrlal workspace to support buslness and create Jobs, we have also provided buslness advice, mentorlng, and flnancial support to thousands of entrepreneurs, start-up, growth, and soclal economy businesses durlng thls period. Mlssion, Vlslon & Values Mlsslon The company's mlssion is to promote enterprlse and support start-up, growth and soclal economy businesses. The mlssion provides a platfonn that underpins all activltles and Is aligned wlth key stakeholders such as Levelling Up Fund, Department for Communltles, Department for the Economy, Invest NI, Fermanagh and Omagh Council, South West College, Omagh Chamber of Commerce, Enterprising West and Enterprise Nl. It Is also linked to local and regional economlc development policies and recognises the value placed on the contributlon made to the economy by the small business sector. The objectlves of the company lald down In Its Artlcles of Assoclatlon are to beneflt the area by working wlth Indivlduals, communlties, and buslnesses to reduce unemployment and create wealth through the development of start-up and exlstlng buslnesses. As a company with charltable status, we strlve to reduce poverty through the promotlon of enterprlse. The Nl economy needs to be more enterprising, entrepreneurlal, and innovatlve to compete on a global basis. In this context, the role of the company Is to ensure the local economy reflects these characteristlcs a5 it develops, This approach ensures the economy develops in a way that create5 greater wealth and job opportunitie5 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. Page 3
En er rise an Llm ed ran ee fo th ear Mar 024 co ti ued Vlsion The company's vision is to be a world-class local enterprlse agency for the entrepreneurs and small buslnesses of the area. We strlve to be leader5 of enterprlse 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 resource5 on our key strategic prioritles and objectives. Values The mission and vlsion of the company are underpinned by six core values. The values are carrled across all areas of the organisatlon and gulde the delivery and implementation of the strategic priorlties and objectives. The core values of the company are: Integrity, Professionallsm, Teamwork, Respect, Creativity and Enthusiasm. 2.4 Integrlty We commlt to belng honest and fair In our dealings with each other and with cllents and stakeholders. We will be open, transparent, and professlonal in our handling of all public funds, programmes, and projects. Professlonallsm We commlt to contlnuous professlonal development to upgrade our Indlvldual and collectlve skills and knowledge. Thls enables us to dellver hlgh quallty servlces and results for our cllents and stakeholders. Teamwork We work as highly motlvated Individuals and as a multi-discipllnary team across the organisation. We develop strong relationships and partner wlth organisatlons and stakeholders to achieve our misslon 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 buslness actlvities. We are commltted to our equality responslbilities, as highllghted by Sectlon 75 of the Nl Act 1998. 2.8 Creatlvity We use creativity, imagination, and lateral thinking to conslder better and more innovatlve ways of developlng and dellvering servlces for the beneflt of cllents and stakeholders. Enthu$lasm We approach our work in a posltlve, enthuslastic, and reallstlc frame of mlnd and demonstrate our bellef and commltment In what we do each day. STRATEGIC PRIORITIES AND OBJECTIVES The company continues to review its key strateglc priorlties through which Its vlsion, misslon and core objectives are achleved. Given the likely economic climate during the period of the plan the priorities are: Priority I: Financial Sustainablllty Priority 2: Property Management & Development Priority 3.. Programme Delivery & Development Priority 4: People & Skills Priority 5: Governance & Representation Page 4
Oma Ch nt se om an ed ri ee Me er 'Ann for the ear ed Imar 24 in The focus of the corporate plan Is to develop In each area of strategic prlorlty to malntain financial strength; develop the property assets; promote enterprlse and deliver programmes to support start-up, growth and social enterprises; and inftuence pollcy and resource allocation through good governance and representation. As a result, we will strlve to ensure that by 2030 the organi5atlon is a financially secure enterprise agency that contributes to community, social, enterprise and economic development. It will a150 ensure the organisation is well positioned in the context of Fermanagh and Omagh Dlstrict Council's responsibillty for local economlc development. The company has developed a range of objectives to achieve its strategic prlorities. The objectives are detailed below under each priority. Prlorlty I: Flnanclal Sustalnablllty Under Financial Sustainabillty, we will ensure the organlsation is managed on a commercial basis and maintain its ethos of belng 'profit making but not profit taking,. Thls approach wlll ensure the tong-term viabillty of the company and relnforce Its ablllty to contrlbute to the communlty, enterprlse and economlc development of the area. As a result, the company wlll develop as a soclal and economlc resource to achleve its core objectlves of reducing poverty and unemployment. The organisatlon wlll be managed In an efflclent and effective way wlth the necessary systems and processes In place to ensure value for money, good corporate governance and transparency. We will manage our flnances, property, programmes, people and partnerships in a responsible and professional way to meet the challenges and opportunlties that lie ahead. We are aware that many programmes delivered during recent years have beneflted from slgnificant EU monles. Flnancial support from EU programmes in the past helped the company deliver projects on a local and internatlonal basis. The new fundlng streams from the UK Treasury such as Levelling Up Fund and the Shared Prosperlty Fund will have an impact on the company and the number of programmes belng delivered. As a result, a key focus of the company Is the development of long-term sustainable Income from property. To thls end, the company is developing an Enterprise & Innovatlon Digi-Hub on the former Health Centre slte purchased In 2019 through the Community Asset Transfer programme. We will also dellver the Go Succeed Start and Go Succeed Grow business support programmes that contrlbute to the local economy on behalf of Enterprise Nl. Page 5
h Enter ari Com Limi ed uar it te for the ed31 ar 24 nu 3.1.1 Prlority I: Flnanclal Sustalnabillty - Objectlves Objectlve Actlon5 Requlred Monitor incorne on a monthly basis Maximise property income to replace reduced income from programme delivery Maximise Facllit Hire income Monitor overheads and reduce costs where possible Update and review monthly financial projections Maintain roflt on an annual basis Monltor payments from debtors and to credltors Ensure effective credit control measures Monitor bank balance on a regular basls U date and revlew monthl cash flow Monltor strict credit control measures Receive deposits from all tenants in keeping wlth good ractice Build a cash reserve Monitor Interest rates for future Investments In flxed-term oslt account Focus on promotion of the center to recruit tenants Review use of units and implement changes / refurbishment to aid addltlonal revenue Contlnue to Implement effectlve corporate governance procedures to ensure effectlve and efficlent processes are in place Ensure an effectlve Risk Assessment Strategy is in place Review and develop best practice procedures where ro riate Manage turnover level Increase profltability Increase cash flow Reduce bad debts and provlsion for bad debts ro ections Increase flnancial reserves and develop investment strate Manage asset base Implement corporate governance procedures Prlorlty 2: Property Management & Development Under Property Management and Development, our focus is to recrult tenants and promote the centre as a locatlon for businesses. We wlll continue to work with Levelling Up Fund, Department for Communitles and other stakeholders to develop the forrner Health Centre site as an Enterprise & Innovation Digl-Hub to provide workspace for 50 buslnesses creatlng 250 Jobs. We wlll use soclal medla to contlnue to promote the centre wlth its unique selling polnts Including access to super-fast broadband, hlgh-quality offlce space, free car parklng, wi-fi, an on-slte restaurant and vlrtual offlce servlces. We wlll contlnue to review our produrt offerfng and promotlon to ensure we become a world leader In enterprlse workspace. The current property portfolio comprises 78,000 square feet of managed workspace. It includes a purpose-built state of the art Technology Incubatlon and Resource Centre completed In 2005 and an Innovatlon 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 In line wlth our core mlssion. The purchase of the health Centre site under the Community Asset Transfer programme was completed In 2018. During the year ahead, we will continue to work with the Project Management Led Design Team and constructlon company to complete the development of the 26,500 square feet Enterprise & Innovatlon Digi-Hub with an expected completion Page 6
Orna er ris om Com Li Ited rs, or orth ear Mar h 2024 nu date on site of March 2025. During the year we wlll work with stakeholders to brlng the project to fruitlon and regenerate what Is a partlcularly derelict part of the town centre. The company has a number of conference, meeting and trainlng rooms avallable for hire and these are used by the general public. A5 a charitable organisation, we also offer facilitles to a number of social, community and voluntary organisations such as Young Enterprise, 8u5iness in the Community and Omagh Chamber of Commerce. We will continue to review actions from our sustalnability audit of the company with view to adopting an environmental implementation plan for the site during the year ahead. We wlll continue to review other potential development opportunitles such as the St. Lucia slte, Council's Place Shaping Plan, Department for Economy's Place & Sub-Regional Economy Plan and the town centre school sltes 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 enterprlse in the Fermanagh and Omagh Dlstrict Councll area. We will also explore exlstlng property assets to see where further on-slte improvements can be carrled out. 3.2.1 Prlorlty 2: Property Management & Development - Objectlves Objectlve Actions R•qulred Recrult tenant companies for full occupancy Review exlsting prlces per square meter Review exlsting use of unlts and refurbish where necessary Work wlth stakeholders to develop the Enterprise & Innovatlon Digl-Hub Promotion of the site as a superior business locatlon In Northern Ireland through website, social media, press and emalls Explore further property development opportunlties Increase the number and rofile of 'obs on-slte Review all service/receptlon costs and charges Revlew faclllty hire prices Increased promotlon 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' wlth prevlous users of facllities Promotion of meeting rooms through website, social media, press and emails Consider future develo Maxirnise potential of existing rental property and explore further property development opportunities Maxlmise potentlal of conference, meeting rooms and general services ment of conference facllities Page 7
er rlse C har Lim ran s, Ann ortf aren rch 202 nu Secure fundlng to develop the 5,000/10,000 jobs proposal in Omagh town center Consider further building on site at rear Consider purchase of town centre 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 Busine55 Park given the presence of the Project Kelvln infrastructure and DETI'S Digital Park strategy Explore Cross border Shared Island property development opportunities Explore Regional property development opportunltles with enterprise partners under the Mid South West Growth Deal Explore vacant school sltes in town centerfollowlng relocation to Strule Shared Education Cam us. Monitor monthly overheads Review annual maintenance and servlce contracts and costs Explore off-site development opportunlties Continually revlew efficiencles in relation to runnin costs Prlorlty 3: Programme Dellvery and Development Under Programme Delivery and Development, we will promote enterprlse and support new start-up, growth and social economy businesses in the area. Durlng the year ahead we will deliver the Go Succeed programmes to support pre-start, start-up, growth and soclal economy businesse5 In the area. We will continue to tender for any suitable programme opportunities that arlse. The company has a proven track record of programme delivery and has dellvered variety of tailored programmes to support the start-up and growth of small businesses. We wlll contlnue to dellver support to start-up and growth businesses under the Go Succeed Start and Go Succeed Grow programmes on behalf of Enterprlse NI. We wlll promote enterprise and self-employment through the delivery of the Explore Enterprlse Programme wlth a focus on clients Not in Employment, Educatlon or Tralnlng located in disadvantaged areas to reduce unemployment. We wlll provide support to the social economy sector through mentorlng support. We will continue to support the growth of female entrepreneurs to help create employment through the Female Entrepreneur Programme and Women In Business Explore It. We will keep a watching brief on UK funding opportunlties such a5 Levelling Up Fund, Shared Prosperity Fund and Community ownership Fund. 3.3.1 Prlorlty 3: Programme Dellvery and Development - Objectlves Objectlve Actlons Requlred Deliver the Explore Enterprlse Programme In the Omagh area Annual sponsorshlp of Young Enterprise Awards Annual sponsorshlp of Omagh Chamber of Comrnerce Small Buslness Awards Promotlon of enterprise and entrepreneurship throughout the Fermanagh and Oma h district Page 8
Oma har En bl Co an mit Limlt d ar ee emb alR ren Mar 24 ntln ed Delivery of NI Go Succeed Start Programme in the Omagh area Delivery of the Fermanagh &Omagh District Council Female Entrepreneur Programme Dellver of the Women in Buslness Ex lore It Pro ramme Delivery of Go Succeed Grow Programme in the Omagh area Provision of support tD start-up businesses Provision of support to social enterprises and entrepreneurs Monitor press for tender opportunltles Contlnuous revlew of company's capabllitles for management and dellvery Ensure quallty systems and processes for management and dellvery of programmes are maintalned Work with Enterprislng West and Enterprlse NI to tender forsmall business support projects and programmes Work with S W College and other partners to tender forsmall business support projects and programmes Development of programmes to support small businesses Prlorlty 4: People & Skllls Under People, we wlll value the indlvldual contrlbutlon of each staff and board member and provide leadership In a challenglng and rewardlng environment that realises the potential of each person. We wlll 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 clients In a professional manner. We will ensure all staff have a clear understanding of the company'5 mlsslon, vision and values and their role within the organisatlon. It will ensure each person has the understanding and skills needed for the job and a sound knowledge of the company's strateglc priorities and objectives. The company has the equlvalent of 10 full-tlme staff. In addltlon. the company engages external contrattors as needed glven programme demands and deadllnes. The company operates flexlble working tlme arrangements that can be avalled of by staff, dependlng on the needs of the buslness. The management of the company Is focussed on dellverlng Its actlvlties In a professlonal and profitable way. We will contlnue to monitor the stafflng levels required to deliver seNices. We wlll, at all times, ensure an appropriate level of staff combined with appropriate level of rellance on external contractors. The company Is commltted to the ongolng development of Its board and staff. Staff performance appraisals and salary reviews are carrled out on an annual basis. The process ensures the retention of a flexible and skllled team and identifles areas for additional tralning and professional development. It also ensures all staff members have the knowledge and skills necessary to meet the needs of clients. The company has a board membershlp process in place to facilltate the recruitment and appointment of new board members and ensure the correct mlx of skllls and experience amongst all board mernbers. A register of board members detailing relevant expertise and experience Is maintained and reviewed on an annual basis. Page 9
Oma hari nter rise om Ll ed 'Ann rth ear 31 rch2 con 3.4.1 Prlorlty 4: People and Skllls - Objectlves Objective Actions Required Carry out annual staff performance appraisals Review exlsting job descriptlons and training requirements Support staff to carry out Continuous Professional Development as necessary Continuous review of programme delivery performance with a vlew to identifying gaps in skill requlrements Monitor staff trainin and develo ment needs Monitor board membershlp to ensure correct mlx of skllls and experlence exlsts Maintaln a reglster of board members and thelr relevant skills and expertise Recruit new board members wlth approprlate skills and ex erience as needed Monitor existing core staff and external contractors as needed Ensure an approprlate level of staffing, combined with appropriate leve15 of reliance on external contractors Continuous management review of programme delivery requlrements to ensure all staff are worklng to full capaclty Addltional staffln em lo ed on contract basls Communication of Corporate Plan to all employees, Board members and stakeholders Communicatlon of staff roles and responsibllities in the context of the Corporate Plan Maintain and encourage flow of informatlon throu hout the or anlsation Ensure correct mix of skills and capabilitles amongst staff Ensure correct mlx of skllls and apabllltles amongst Board Members Ensure an appropriate level of Stafflng, combined with appropriate leve15 of reliance on external contractors Effective communication of all company activity 3.5 Prlority S: Governance and Representatlon Under Governance and Representation, we wlll work In partner5hlp wlth all key stakeholders and contrlbute to pollcy Issues, partlcularly In relatlon to communlty enterprlse and economlc development. We wlll focus our efforts where they are most effectlve and be actlvely Involved In the development and Implementatlon of small buslness strategles and programmes. In taking forward our plan, we will work in close partnership with key stakeholders such as Fermanagh and Omagh Distritt Council, Department for Communities, Levelling Up Fund, South West College, Enterprising West, Invest NI, Enterprise NI, Department of the Economy, Omagh Chamber of Commerce, Young Enterprise and Business in the Community. We will also work closely with indivlduals and groups in the prlvatei public and community and voluntary sectors. We wlll 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 ralse awareness of the services on offer. We will use platforms such as Twitter, LinkedIn, Instagram and Facebook to promote the organisation. We will Page 10
Oma h Enter eco an Limit li ite aran em ' Annu end 24 ontln ed Priority 5: Governance and Representation (contlnued) embrace Artifi'clal Intelligence In all Its forms to help manage all aspects of the business and inform staff of its use to further develop the business. 3.5.1 Prfority 5: Governance and Representatlon - Objectlves Objectlve Ensure good corporate governance procedures are In place Actlons Re ulred Complete an annual external audit of accounts and processes and procedures Hold regular Audit & Risk Management Commlttee meetlngs to revlew flnances and procedures Regular revlew of the company's Rlsk Reglster Deliver programmes wlthln pollcies and procedures Compllance wlth all statutory reporting rocedures Chlef Executive to develop appropriate strategic alliances and partnerships Chlef Executlve to represent OEC at Board level where potential for future development of Eartnershi s exlst Local Fermanagh and Omagh Dlstrlct Councll Fermanagh and Omagh District Councll Communlty Plan Omagh Place Shaplng Strategy Omagh Chamber of Commerce Business In the Community Young Enterprise St Lucia Consultstlon strule Shared Educatlonal Community Stakeholder Group ODC 2025: Towards a Clty Vlsion OSD Town Centre Masterplan Omagh Place Shaping Plan Reglonal Enterprising West Mid South West Growth Deal South West College Invest NI Cross-border Intertrade Ireland Local Enterprlse Offlces Institutes of Technology ICBAN Letterkenny Institute of Technology SEUPB Northern Ireland Enterprise NI Department for Communities Department of the Economy Invest NI programrne Create, maintain and strengthen existlng and new relationshlps wlth relevant stakeholders Malntain and develop exlstlng and new repre5entatlon and relatlonshlps at a local, reglonal, cross-border and European level Campus Page 11
Limit 3.5.1 PrAority 5: Governance and Representatlon - Objectives (contlnued) Colleges Nl Catalyst Inc Community Flnance Ireland NORIBIC Unlted Klngdom Levelllng Up Fund Shared Prosperlty Fund Community Ownership Fund UK Science Park Association Enter rise NI Facebook Twltter Llnkedln Instagram Email database Newsletter Videos Google Analytlcs Artlflclal Intelli ence In all its forms Develop and promote a strong brand for all company propertyi conference and programme actlvities 4.0 CORPORATE GOVERNANCE Corporate Governance The company Is committed to the prlnclples of Corporate Govemance and through the development of a number of internal processes captures all internal and external procedures. The detailing of the company's activities in this way ensures it follows best practlce guSdelines and demonstrates openness, transparenoi and accountability In all Its business activities. The creation of an Internal Audit & Risk Management Committee has enabled the company to address corporate governance Sssues 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 perlod of the plan. Embracing Corporate Governance ensures the organisation adheres to the highest standards of Integrlty In carrylng out Its buslness and managlng Its flnances. The company is fully aware of Its responslbS1itles and the need for both Internal and external audlt and accountablllty, partlcularly In relatlon to the management of publlc money. Rlsk Management Internal controls are In place throughout the company's processes and procedures to provide dear accountability. The areas addressed include financial sustainabilityi property management and development, programme dellvery and development, people and corporate governance, and any rlsks that may occur. The company carries out a full external audit on an annual basls. The company maintains hlgh standards In the management of rlsk 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. Page 12
hEn rit er rise om Llmlt tee ers. A or the ed31M h202 contlnu Financlal Management The company carrles out a complete financial audit of all actlvltles on an annual basis In accordance wlth Companies Act 2006 and Flnancial Reportlng Standard 102 applicable in the UK and Republic of Ireland issued by the Financlal Reporting Council. The process is carrled out by external auditors (Cavanagh Kelly) 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 Rlsk Management Commlttee and then to the Board. The audlted accounts comply with the Statement of Recommended Prattlce for Charitable organlsations and meet the requirements of the NI Charity Commisslon. The Audlt & Risk Management Committee meet on a quarterly basis to revlew management accounts, flnancial projections, the risk register, authorise electronic bank payments and conslder other relevant business. Management Accounts are completed and presented to the Board for consideration at each Board rneetlng. Individual programmes are audited on a regular basis by the respective funder organisations. Claims for programme dellvery are Involced monthly or quarterly to the funder on work-completed basls as per indlvldual funder letters of offer. The Audlt & Rlsk Management commlttee Is chaired by the Vlce-chalr of the company. The company Is also reglstered to comply wlth HMRC Antl-money Launderlng Regulatlons and the Natlonal Crlme Agency. quallty The company is commltted to its equallty responsibilitles and to provide falr and unprejudlced treatment for everyone, as highllghted by Section 75 of the Nl Act 1998. As part of the company's best practice procedures and mernbershlp of Enterprise NI, equality Information for all participants on mainstream programmes is collected and monltored via a central database. The company is a reglstered employer wlth the Equallty Monitorlng Commission and submits relevant employment monitorlng statistics on an annual basls. 5.0 QUALITY Quality The company wlll malntain Its quallty control systems and procedure5 and monltor other quallty marks wlth a view to Implementatlon where they are of partlcular benefit. In addltlon, as a member of Enterprlse Nl, quallty is monltored In relation to indlvldual programme delivery and progress agalnst targets. The attentlon to quallty is captured through the Membershlp Agreement held wlth Enterprlse Nl. The quallty of services provided by the company is further measured by the ability to meet outputs and targets detailed in indlvldual letters of offer and service level agreements with relevant funders. PUBLIC BENEFIT STATEMENT Public Beneflt statement In setting our objectlve5 and planning our activities for the year the trustees have glven careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achleve the charity's purposes and provide a benefit to the beneficiaries. Page 13
hEnt ari abl rise om Liml ar Approved by the Board of Directors on 2 luly 2024 and slgned on its behalf by: Mr Marcus Isherwood (Chairperson) Trustee Mrs Geraldine Keys Trustee ice chairperson) Page 14
Om Ch Enter it blec rl ecom Llmited ed ntee IR for OR efln 'ANN nci AL REPO ar d31M 024 The directors present their Directors, Annual Report, combining the Dlrectors, Report and Trustees, Report, and the audited flnancial statements for the financial year ended 31 March 2024. The financial statements are prepared in accordance with the Companies Act 2006,the Charitles (Northern Ireland) Act 2008, FRS 102 "The Financial Reportlng Standard applicable in the UK and Republic of Ireland" and Accounting and Reportlng by Charltles: Staternent of Recommended Practlce applicable to charities preparing their flnancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102). The Directors, Report contains the Information required to be provlded in the Directors, Annual Report under the Statement of Recommended Practice (SORP) guidelines. The directors of the company are also charlty trustees for the purpose of charlty law and under the company's constltution are known as members of the board of trustees. In this report the dlrectors of Omagh Enterprlse Company Llmlted present a summary of Its purpose, governance, activltles. achievements and flnances for the financlal year 31 March 2024. The company Is a reglstered charlty and hence the report and results are presented In a form which complie5 wlth the requlrements of the Companles Act 2006 and, although not obllged to comply with the Statement of Recommended Practice (Charltles SORP effective January 2015), the organlsation has implemented its recommendatlons where relevant In these financial statements. Flnancial R•sults At the end of the financial year the company ha5 assets of £4,512,399 (2023 £3,996,868) and liabllities of £259,697 (2023 company have increased by £493,509. £237,675). The net assets of the The free reserves of the charitable companyi as defined by the charlty SORP, is consldered to be £42,923. Dlrectors The dlrectors who serrfed throughout the flnanclal year, except as noted, were as follows: Mr Narcus Isherwood (Chairperson) Mrs Geraldlne Keys (Vice chalrperson) Mrs Glenda McIlwalne (Secretary) Mr Matthew Bell Mr Robert Brady Mr Pete Campbell Mr Stephen Donnelly Mr Barry McElduff Mrs Kathleen McGread Mr Errol Thomp50n In accordance wlth the Articles of Association, the directors retire by rotation and, being eligible, offer themselves for re-election. The secretary who senied during the financial year was: Mrs Glenda McIlwaine Page 15
Om h Enter rit ble rlse Co Limit LJ it IR for ORS. AN cl UALR PORT on ue Compllance with SeCtoWIde Legislatlon and Standards The company engages pro-actlvely with leglslation, standard5 and codes which are developed for the sector. Omagh Enterprise Company Limited subscribes to and is compliant wlth the following: The Companies Act 2006 The Charlties (Northern Ireland) Act 2008 The Charities SORP (FRS 102) Audltors The auditors, CavanaghKelly, (Chartered Accountants) have indicated their willlngness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006. Approved by the Board of Directors on 2 July 2024 and signed on its behalf by.. Mr Marcus Isherwood (Chalrperson) Trustee Mrs GeraldSne Keys (Vlce chalrperson) Trustee Page 16
Oma hari nter ble an Liml imlt li an STATE NT DIRE TOR ' RESP NSIBI ITIE The dlrectors are responsible for preparing the flnancial statements in accordance with appllcable law and United Klngdom Accounting Standards (United Klngdom Generally Accepted Accounting Practlce). Company law requires the dirertors to prepare financial statements for each financlal year whlch give a true and falr view of the state of affairs of the charitable company and of the Incoming resources and application of resources, Including the income and expenditure, of the charltable company for that year. In preparlng these financSal statements, the directors are required to: select sultable accounting pollcles and apply them consistently j observe the methods and prlnciples in the Charities SORP (FRS 102). make judgements and estlmates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained in the financial statements; and prepare the financial statements on the golng concern basls unless it Is Inappropriate to presume that the charltable company wlll continue in operatlon. The dlrectors are responslble for keeplng adequate accountlng records whlch dlsclose wlth reasonable accuracy at any tlme the flnanclal positlon of the charltable company and to enable them to ensure that the flnanclal statements comply wlth the Companles Act 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for taking reasonable steps for the prevention and detectlon of fraud and other Irregularities. Statement of Dlsclosure of Informatlon to Audltor In so far as the directors, who held office at the date of approval of these flnancial statements, are aware: There is no relevant audlt informatlon of which the company's audltor Is unaware; and The directors have tsken all steps that they ought to have taken to make themselves aware of any relevant audlt informatlon and to establish that the auditor Is aware of that information. Approved by the Board of Dlrectors on 2 July 2024 and signed on its behalf by.. Mr Marcus Isherwood (Chairperson) Trustee Poge 17
ma Ch h Enter ritabl rl Com an Li Liml arant nd Ll ndent A dl orfsR ear ortt Memb ch 202 fom hEn rise Com Oplnlon We have audited the financlal statements of Omagh Enterprlse Company Limited ('the charitable company,) for the year ended 31 March 2024 whlch cornprise the Statement of Financial Activities, the Statement of Financial Posltion, the Statement of Cash Flow5 and the related notes to the financial statements, Including a summary of signlficant accounting policles. The financlal reporting framework that has been applled in their preparation is applicable law and United Kingdom Accountlng Standards, Including FRS 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practlce). This report Is made solely to the charitable company's directors, as a bodyi In accordance with Sectlon 65 of the Charities Act (Northern Ireland) 2008. Our audlt work has been undertaken so that we might state to the charltable company's dlrectors those matters we are required to state to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsiblllty to anyone other than the charitable company and the charitable company's directors as a body, for our audit work, for this report, or for the oplnions we have formed. In our oplnlon the flnanclal statements: glve a true and falr vlew of the state of the charltable company's affalrs as at 31 March 2024 and of Its totsl incoming resources, including Its income and expenditure, for the year then ended. have been properly prepared In accordance wlth United Klngdom Generally Accepted Accountlng Practice; and have been prepared in accordance with the requirements of the Charlties Act (Northern Ireland) 2008. Basls for oplnlon We conducted our audlt In accordance with Internatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitles under those standards are further descrlbed in the Auditor's responsSbS1ities for the audit of the financial statements sectlon of our report. We are independent of the charltable company in accordance wlth ethical requlrements that are relevant to our audit of the flnancial statements In the UK Including the FRC'S Ethical Standard, and we have fulfilled our other ethlcai responslbilities in accordance wlth these requlrements. We believe that the audit evldence we have obtalned Is sufflcient and approprlate to provide a basls for our Oplnlon. Concluslons relatlng to golng concern We have nothing to report In respect of the followlng matters In relation to whlch ISAS (UK) require us to report to you where: the members, use of the going concern basis of accounting in the preparation of the flnancial statements is not appropriate. or the members have not dlsclosed in the flnancial statements any identifled material uncertalnties that may cast significant doubt about the Charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financlal statements are authorised for issue. Page 18
rlse C an Limi Ll ed Guar Chari end ited A dltor, ear them h En rlse C Ll ontln Other information The Members are responslble for the other informatlon. The other information comprises the information included in the Members, Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwlse explicitly stated In our report, we do not express any form of assurance conclusion thereon. In connectlon with our audlt of the financlal statements, our responsibility Is to read the other Information and, In doing so, conslder whether the other infomiation is materially Inconsistent with the financial statements, or our knowledge obtalned in the audit, or otherwise appears to be materially misstated. If we identify such material inconslstencies or apparent materlal mlsstatements, we are requlred to determine whether there is materlal misstatement in the financlal statements or a material mlsstatement of the other information. If, based on the work we have performed, we conclude that there Is a material mlsstatement of thls other Information, we are requlred to report that fact. We have nothing to report In this regard. Matters on whlch we are requlred to report by exceptlon In the Ilght of our knowledge and understandlng of the Charltable company and Its envlronment obtalned in the course of the audlt, we have not Identlfled materlal mlsstatements In the Members, Report. We have nothing to report in respect of the followlng matters In relatlon to which the Charltles Act (Northern Ireland) 2008 requires us to report to you If, In our oplnlon: the information given In the members, report is inconsistent in any material respect with the financlal statements. or adequate accountlng records have not been kept, or returns adequate for our audit have not been received from branches not vlsited by us; or the financial statements are not in agreement with the accounting records and returns. or we have not recelved all the Informatlon and explanatlons we require for our audlt. or Responslbllltles of Members As explained more fully in the Dlrectors, Responsibilitie5 Statement, the directors (who are also the trustees of the charitable company for the purpose of charlty law), are responslble for the preparatlon of the flnanclal statements and for belng satlsfied that they glve a true and falr view, and for such intemal control as the Dlrectors determine Is necessary to enable the preparatlon of flnanclal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparing the financlal statements, the Directors are responsible for assessing the charltable company's ability to continue as a golng concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountlng unless the Directors either intends to liquidate the Charitable company or to cease operations, or has no realistic alternative but to do so. Page 19
Om h Enter rise Com ritabl Com Llmlte tee nden udit ortto 31M embe 2024 of inu Enter om Auditor's responslbllltles for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financlal statements a5 a whole are free from material mlsstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted In accordance with ISAS (UK) will always detect a materlal mlsstatement when it exists. Misstatements can arise from fraud or error and are considered materlal if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to whlch our procedures are capable of detecting irregularities, Including fraud is detailed below: Irregularities, Including fraud, are instances of non-compliance wlth laws and regulatlons. The objectives of our audit in respect of fraud are to assess the rlsk of material mlsstatement due to fraud, deslgn and implement appropriate responses to those assessed rlsks and to respond approprlately to Instances of fraud or suspected fraud Identlfled durlng the course of our audit. However, the prlmary responsiblllty for the preventlon and detectlon of fraud rests wlth management and those charged wlth governance of the charltable company. In identlfying and assessing rlsks of material mlsstatement In respect of Irregularltles, including fraud and non-compliance wlth laws and regulatlons, our procedures Included the followlng: We obtained understanding of the legal and regulatory requirements appllcable to the charitable company's financlal statements and considered the most signlficant are the Charities Act (Northern Ireland) 2008, Financial Reporting Standards (FRS102) and Charity SORP. We have assessed the risk of materlal mlsstatement of the flnancial statements, including risk of material misstatement due to fraud and how It might occur by holding discusslons with management and those charged with governance. We enquired of management and those charged with governance as to any known instances of non-compllance or suspected non-compllance with laws and regulatlons. Understandlng the Internal controls establlshed to mltlgate risks related to fraud or non-compllance with laws and regulatlon5' and Dlscussions amongst the audlt engagement team regardlng how fraud mlght occur In the flnancial statements and any potential Indlcators of fraud. As part of thls dlscussion, we Identifled the followlng potential areas where fraud may occur: tlmlng of revenue recognitlon and management overrlde. The audit response to rlsks identlfled included: Revlewing the flnancial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations Performing analytlcal procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; Page 20
Oma h Enter hari able Llml an Limi aran dltor. ear ort mb ma h Ent rise rch2 tin In addressing the risk of fraud through management override of controls, testlng the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. In addressing the risk of fraud through management override of contro15, testing the appropriateness of Journal entries and other adjustments, assessing whether the Judgements made In makin'g accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of buslness. A further descrlption of our responsibilitles for the audit of the financlal statements Is located on the Fina ncial Reportlng Council's website at This description form5 part of our auditor's report. Use of our Report This report is made solely to the charltable company's members, as a bodyi In accordance with section 65 of the Charitles Act (Northern Ireland) 2008. Our audit work has been undertaken so that we mlght state to the charltable company's members those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to nyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr. Ryan Falls FCA (Senlor Statutory Auditor) For and on behalf of CAVANAGHKELLY Chartered Accountants and Statutory Audltors 36 - 38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 2 July 2024 Page 21
Lnmmo) ts)No Q) ¢y) TS wjm qj Zl t I mfn ZZIUZVZ UCtD£>O
rise an Iml Ll Ch Note 2024 2023 Fixed Assets Intangible Fixed Assets Tangible Fixed Assets Investments 2,306 4,174,223 250 4 176 779 io 11 3,560,266 250 3 560 516 Current Assets Debtors Bank and Cash 12 98,234 237 386 335 620 89,461 346,891 436 352 Credltors: Amounts falllng due wlthln one year 13 259 697 237 675 Net Current Assets 198 677 Total Assets Less Current Llabllltles 4,252.702 3,759,193 Net Assets 4 252 702 3 759 193 REPRESENTED BY: Unrestrlcted funds Restrlcted funds Total Funds 16 16 16 2,237.687 2 015 015 4 252 702 2,099,614 1 659 579 3 759 193 The notes on pages 25 to 36 fonn an Integral part of the flnancSal statements. The flnanclal statements were approved and authorlsed for Issue by the Members on 2 July 2024 and slgned on their behalf by: Mr Marcus Isherwood (Chairperson) Trustee MrsG Trustee ce Chairperson) Ioi Page 23
rlse Com an Limite Cash fl ws from o er Net movement in fund5 Adjustments for: Depreciation Interest recelvable and similar income tin actlvltles 493,509 292,134 20,924 20,944 508,808 312,010 Movements in worklng capltal.. Movement in debtors Movement In credltors Cash generated from operations (8,773) (42,154) 243 134 (285,288) 13,249 Cash flows from investlng activities Interest received Payments to acquire intangible assets Payments to acquire tanglble assets Net cash generated from Investment activities 5,625 (2,700) 634 487 (631,562 1,068 163 466 162 398 Net (decrease)/increase In cash and cash equlvalents Cash and cash equivalents at l April 2023 Cash and cash equivalents at 31 March 2024 (109,505) (135,676) 346 891 482 567 237,386 346 891 Page 24
h Enter rita rise Corn imlted OTES T For the THE FINAN STATEMEN ear 31 Marc I. GENERAL INFORMATION Omagh Enterprlse Company Limited Is a charitable company limited by guarantee Incorporated In Northern Ireland. In the event of the charitable company belng wound up, the Ilabllity in respect of the guarantee is limited to £1 per member of the charitsble company. The address of the registered office is as shown on page 2. The charitable company constitutes a publlc benefit entity as deflned by FRS 102. The financial statements are stated in £ sterllng which is the functional currency of the charitable company. 2. ACCOUNTING POLICIES The following accounting policies have been applied consistently In dealing wlth items whlch are consldered material In relation to the charltable company's flnancial ststements. 2.1 statement of Compllance The financlal statements have been prepared in accordance with Accountlng and Reportlng by Charltes: Statement of Recommended Practlce (SORP) appllcable to charlties preparing thelr financial statements in accordance wlth the Financial Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) effectlve I January 2019 (Second Editlon), the Flnancial Reporting Standard applicable in the Unlted Kingdom and Republic of Ireland (FRS 102), the Charities (Northern Ireland) Act 2008 and the Companles Act 2006. 2.2 Basls of Preparatlon The flnancial statements are prepared on a golng concern basis under the historical cost conventlon unless Otherwlse stated in the relevant accounting policy. Hlstorical cost is generally based on the fair value of the consideration glven in exchange for assets. 2.3 Income and Endowments (i) Charltable Actlvities Income from charitable activltles includes Income recelved under contract or where entitlement to grant funding is subject to specific performance condltlons. It is recognised as earned as the related services or goods are provided. Grant Income Is recognised in the Statement of Financlal Activities when recelvable. Grant income included In this category provides fundlng to support projects and is recognised where there Is entitlement, certainty of recelpt and the amount can be measured with sufficlent reliabillty. Page 25
ma Enter blec ris Com Limi imlted OTE For THE FIN ear IAL 31 Mar EMENT 24 tlnued 2. ACCOUNTING POLICIES (Contlnued) 2.4 Income and Endowments (Continued) (11) Donatlons and Legacles Donations and Legacy income include incomlng resources from gifts, donations and grants and is recognised In full in the Statement of Financlal Actlvities when receivable. Activltles for generating funds are commercial activities whlch are recognlsed as earned when the related goods and servlces are provided. 2.5 Expendlture Expendlture is recognised when a liability is Incurred. Contractual arrangements and performance related grants are recognlsed as goods and servlces are supplled. Where costs cannot be directly attrlbuted to a particular headingi they have been allocated to activities on a basis consistent wlth use of resources. Staff costs and overhead expenses are allocated to actlvities on the basls of staff time spent on those activltles. (i) Charltable Actlvltle$ Thls comprlses all the resources applled by the charltable company In undertaklng ts work to meet its charitable objectives. Charitable activities wlll Include the costs of governance arrangements which relate to the general runnlng of the charitable company. (il) Ralsing Funds This comprlses all the resources applled by the charitable company for all fundraising activitles, events and non-charitable tradlng activities. {111) Support Costs Support costs Include the central offlce functlons such as general management, payroll admlnlstration, budgetlng and accountlng, Information technology, human resources and financlng. 2.6 Fund Accountlng The charitable company has two types of fvnds for whlch It is responsible at the year end: Unrestrlrted Funds Funds whlch are expendable at the dlscretlon of the Directors in furtherance of the objertives of the charltable company. In addltlon, funds may be held in order to flnance capital Investment and worklng capital. Restrlcted Funds Monles received for speclfic purposes. Such purposes are withln the overall alm5 of the charltable company. Page 26
ma Char h Enter rls le Com Com Lim Limlted OTE For the HE FINANCIAL TATEMENTS ear d31M rch 2024 ontln ed 2. ACCOUNTING POLICIES (Continued) 2.7 Reserves Reserves are needed to bridge the timing gap between spending and receiving of income and to cover unplanned temporary shortfalls in Income should they arise. Holdlng adequate resenies safeguards the provision of our services in the event of unexpected slgnificant financlal pressure5. The trustees conslder that the ideal level of reserves would be three months expenditure plus total liabllitles at year end. 2.8 Property, Plant and Equipment and Depreclation Property, plant and equipment are initially recorded at cost. Cost includes the original purchase price, costs directly attributable to bringing the asset to its worklng condltlon for Its intended use, dlsmantllng and restoration costs and borrowlng costs capitalised. An Increase In the carrylng amount of an asset as a result of a revaluatlon, is recognised In other recognlsed galns and losses, unless It reverses a charge for Impalrment that has prevlously been recognlsed as expendlture wlthln the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, Is recognlsed In other recognlsed gains and losses, except to which it offsets any prevlous revaluation gain, in which case the loss Is shown within other recognlsed gains and losses to the statement of financlal activities. Depreciatlon is provided at rates calculated to write off the cost less resldual value of each asset over Its expected useful Ilfe, as follows: Fixtures and fittings 20 % Reduclng balance Computer Equlpment 250/0 Reducing balance Freehold Property 4 % Stralght Ilne Plant and Machinery 200/0 Reducing balance 2.9 Intanglble flxed assets other than goodwlll Intangible assets acquired separately from a business are recognlsed at cost and are subsequently measured at cost less accumulated amortisation and accumulated impalrment105ses. Intanglble assets acqulred on buslness combinatlons are recognlsed separately from goodwill at the acquisltlon date where It is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliablyi the Intangible asset arises from contractual or other legal rights. and the intanglble asset Is separately from the entity. Amortisation is recognised so as to write off the cost or valuatlon of assets less their residual values over their useful lives on the following basis: Software 25% Straight Line Page 27
ma Char rlse le Com om Lim Ll ted ar TE 2. ACCOUNTING POLICIES (Continued) 2.10 Taxation As a charltyp the charitable company Is not Ilable to Corporation Tax. 2.11 Cash and Cash Equlvalents Cash and cash equlvalents Include cash In hand, deposlts held at call wlth banks, other short term highly liquid Investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities 2.12 Crltlcal accountlng estlmates and Judgements In the application of the Charitable company's accounting policles, the Trustees are requlred to make judgements, estlmates and assumptlons about the carrylng value of assets and liabilltles that are not readlly apparent from other sources. The estimates and associated assumptlons are based on hlstorlcal experience and other factors that are consldered to be relevant. Actual results may dlffer from these estimates. The estimates and underlylng assumptions are revlewed on an ongolng basls. Revlsions to accountlng estimates are recognised in the period In which the estlmate is revlsed were the revlslon affects only that period, or in the perlod of the revision and future perlods were the revlslon affects both current and future perlods. Crltlcal judgements In applylng the entlty's accountlng policles There are no critical Judgements in applylng the company's accounting policies. Crltlcal accountlng estlmates and assumptlons There are no accounting estlmates in applying the company's accountlng policies. 2.12 Flnanclal Instruments (l) Financial assets Basic financial assets, includlng trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financlng transactlon, where the transaction is measured at the present value of the future receipts dlscounted at a market rate of Interest. Such assets are subsequently carried at amortised cost using the effectlve interest method. At the end of each reportlng perlod financlal assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the Impairment loss is the dlfference between the carrylng amount and the present value of the estlmated cash flows discounted at the asset's original effective interest rate. The impalrment loss is recognlsed in profit or loss. If there Is decrease In the impalrment loss arising from an event occurring after the Impairment was recognlsed, the Impairment is reversed. The reversal Is such that the current carrying amount does not exceed what the carrying amount would have been had the irnpairment not previously been recognised. The impairment reversal Is recognlsed in profit or loss. Page 28
Om hEn Charita se Com an Lirni arant NOTE TO THE ear en NANCIAL TE NTS in 2. ACCOUNTING POLICIES (Continued) Financlal assets are derecognised when (a) the contractual rlghts to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownershlp of the asset are transferred to another party or (c) desplte having retained some signlflcant risks and rewards of ownershipi control of the asset has been transferred to another party who has the practical ability to unllaterally sell the asset to an unrelated third party wlthout imposlng additlonal restrictions. 2.12 Flnanclal Instruments (contlnued) (li) Financlal Ilabilitie5 Basic financial Ilabilitles, including trade and other payables, bank loans and overdrafts and amounts owed to related partles are initially recognised at transaction prlce, unless the arrangement constitutes a flnanclng transactlon, where the debt Instrument is measured at the present value of the future receipts discounted at market rate of Interest. Debt instruments are subsequently carried at amortised cost, uslng the effectlve Interest rate method. Fees pald on the establishment of loan facllitles are recognised as transactlon costs of the loan to the extent that it Is probable that some or all of the facility wlll be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there Is no eVIden that it Is probable that some or all of the facllity will be drawn down, the fee is capltalised as a pre-payment for liquidity servlces and amortlsed over the perlod of the facillty to whlch It relates. Trade payables are obllgatlons to pay for goods or sen4lces that have been acqulred In the ordlnary course of business from suppllers. Accounts payable are classlfled as current Ilabllltles Sf payment Is due wlthln one year or less. If not, they are presented as non-current liabilltles. Trade payables are recognised Inltially at transactlon price and subsequently measured at amortised cost using the effective interest method. Flnanclal Ilabilltles are derecognised when the Ilablllty Is extlngulshed, that is when the contractual obllgation is discharged, cancelled or expires. (ill) Offsetting Flnanclal assets and Ilabllities are offset, and 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 Ilability simultaneously. Page 29
h Enter rl om an Llmlted TO THE FIN IAL TEMEN 24 on in ed For 2. ACCOUNTING POLICIES (Continued) 2.13 Penslon and other post retlrement obllgations The charitable company operates a defined contrlbutlon pension scheme which is a pension plan under which fixed contributions are pald Into a pension fund and the charltable company has no legal or constructive obligation to pay further contributlons even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee servlce In the current or prior perlods. Contrlbutlons to defined contributlon plans are recognlsed In the Statement of Financlal Activities when they are due. If contrlbution payments exceed the contrlbutlon due for the Service, the excess Is recognlsed as a prepayment. 2.14 Employee Benefits The cost of any unused holiday entitlement Is recognised in the perlod In which the employee's servlces are received. Termlnatlon beneflts are recognlsed Immedlately as an expense when the Company Is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Page 30
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Oma Ch er rlse Com ble Com an Limlt Ll te ri antee NOTES T TH FINAN IAL De ATEM C ntinu 5. Net income/(expendlture) for the year Net income/(expenditure) is stated after charging/(credltlng): 2024 2023 Depreciation on tangible fixed assets Profit/loss on foreign currencies Auditor's remuneration 20,924 2.546 6,825 20,944 (3,079) 6,500 6. Investment Income 2024 2023 Bank interest 7. Staff costs and employee beneflts The total staff costs and employee beneflts for the reportlng period are analysed as follows: 2024 2023 Wages and salaries Penslon cost 346,714 353,406 360 490 415 172 One employee received employee benefits of between £80,000 and £90,000 during the year (2023: (me nPloY receiv1 nPlOYee bendts of btheen £70,000 and £80,000). The average number of persons employed by the charltable company during the year was 13 (2023: 13). Member's Remuneratlon The Members recelved nor walved any remuneratlon or any other beneflts durlng the year and no relmbursements of expenses incurred. 9. Intanglble Flxed Assets Development costs Total C05t At l April 2023 Additions At 31 March 2024 21,657 21,657 24,357 24,357 Provlslon At l April 2023 Charge for the year At 31 March 2024 21,657 394 22,051 21,657 394 22,051 Carrying amount At 31 March 2024 At 31 March 2023 2.306 2,306 Page 33
hEnt haritabl C Limite Liml STOT MENT 10. Tanglble Flxed Assets Freehold Plant & Flxture & Computer Property Machinery Fittings Equipment Total Cost At l April 2023 Additions At 31 March 2024 5,332,198 626 752 5,958,950 141,896 278,131 345,162 6,097,387 634 487 345,162 6,731,874 141,896 285,866 Depreclation At l April 2023 Charge for the year At 31 March 2024 1,817,717 141,717 33 141,750 252,469 325,218 2,537,121 1,825,312 257,938 332,651 2,557,651 Carrylng amount At 31 March 2024 At 31 March 2023 4,133,638 3,514,481 146 179 27,928 25,662 12,511 4 174,223 19,944 3,560,266 Land and buildings were revalued on 19 June 1995 and the asset value was increased by £240,288 at thls date. 11. Investments other Investments Total Cost At 31 March 2024 250 250 Net Book Value At 31 March 2024 250 250 At 31 March 2023 250 250 12. Debtors 2024 2023 Trade Debtors VAT Prepayments and accrued income 36,963 55,575 5,696 98,234 68,021 21,440 89,461 Page 34
Oma En rlse C ble Com an Liml Limited OTE srA 13. Creditors: amounts falllng due wlthin one yèar 2024 2023 Trade creditors Accruals and deferred income Other creditors Taxation and social security costs 187,772 11,146 46,541 14,238 259,697 51,225 22,759 142,393 21,298 237,675 14. Reserves Revaluatlon Reserve Funds Total At l Aprll 2023 Surplus for the financlal year At 31 March 2024 240,288 3,518,905 493 509 4 012 414 3,759,193 493 509 4 252 702 240 288 15. Analysis of net assets Unrestrlcted Funds Restrlcted Total Funds Funds Total Funds 2024 2024 2024 2023 Intanglble Fixed Assets Tanglble Flxed Assets Investments Current Assets Cu rrent Llablllties 2,306 2,192,208 250 302,620 259 697 2,237 687 2,306 4,174,223 250 335,620 259 697 4,252,702 1,982,015 3,560,266 250 436,352 237 675 3,759,193 33,000 2,015,015 Page 35
ma rlse C an an Ll ri arante TEST TH INAN nded TAT Con 16. Analysis of funds Openlng Balance Income Expendlture Transfe r Funds Closing Balance Revaluation Reserve (Note 15) Capital Grants Levelllng Up Fund Restrlcted funds 240,288 240,288 1,386,291 33,000 1,659,579 Unrestrlcted funds 2,099.614 355,436 1,741,727 33,000 2,015,015 2,237,687 355,436 871,793 (733,720) Total Funds 3,759 193 1,227,229 733,720 4,252,702 Transfers have taken Pla from restrlcted funds to unrestrlcted funds whlch relate to restrlcted expendlture Included wlthln unrestricted funds In the prior year. Capltal Grants Thls was grant fundlng recelved for the development of rental unlts. Levelllng Up Fund This Is funding received for the development of a website for the charity. Page 36
h Enter hari able ecom an Limi Limited uar rl abl ited nte al ta Page 37
rise Com Llm hari lec aran Supplementary Informatlon relatlng to the financlal statements Operatlng Statement For the flnancial year ended 31 March 2024 2024 2023 Property Income Facility Use Income Business Development Income Income 513,313 94,992 257 863 866,168 473,245 87,213 341 588 902,046 Cost of generatlng funds Wages and salarles Staff penslon scheme costs Programme costs Travelling and entertalnment Llght, heat, and power Rates and water Insurance 219,940 10,063 63,146 23,821 59,438 6,006 210,064 33,116 18,299 26,418 47,809 7,520 407,840 366,720 Gross surplus 458,328 535,326 Expenses Wages and salarles staff defined contrlbutlon penslon costs Rates Insurance Light and heat Health & safety Repalrs and malntenance Prlnting, postage and statlonery Advertislng Telephone Computer bureau costs Legal and professlonal Consultancy fees Accountancy Auditor's remuneratlon Bank charges Bad debt5 (Surplus)/deflcit on exchange Canteen staff tralnlng General expenses Subscrlptlons Depreciatlon 126.774 3.713 150 2.750 8,647 1,544 49,247 39,363 3,248 9,745 18,186 143,342 28,650 150 2,750 8,647 38,753 36,486 2,374 10,295 6,003 335 8,075 460 6,500 777 1,645 (3,079) 12,426 2,776 1,651 3,615 2,162 525 6,825 1,115 2,546 20,787 2,840 979 3,810 325,880 333,575 Miscellaneous Income Bank interest 5,625 1,068 Net surplus/{deflclt) 138,073 202,819 Page 38
h Enter Chari ble rise C om an ml Supplementary Informatlon relatlng to the financial statements Restricted Income For the flnancial year ended 31 March 2024 2024 2023 Capital Grant Levelling Up Fund - Website Income 355,436 56,315 355,436 89,315 Net surplus 355,436 Page 39