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 SeCto￿WIde 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

ij Inm
T) Lnm
qIVf4
Iii
•Jv
Uo(o QLL M(0

i Q)Lno
i N Lri
0￿ I
otr)
Ln
MN
i ai
111
o)M
*fflffl
oNqi
MIQM
ULL UULL(n(s

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￿ receiv￿1 ￿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