Om Llmi arit nual for end d31 2024 Zntroductlon Since its establishment in 1984, Omagh Enterprlse Company has been a cornerstone of economlc development and growth in our community. Fomied as a company limited by guarantee, it is governed by a voluntary board of directots representing the local community. Our misslon 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 industrial workspace, accommodating 25 businesses creating 130 jobs. 1996= An additional 12.000 square feet of industrial workspace wa5 developed, providing space for 15 more businesses and creating 50 new jobs. 2005: We built a 14,000 square foot Technology Incubation Centre, which housed 15 businesses employing 125 people. 2013: The 14,000 square feet Innovation Growth Centre was established, supportlng 25 businesses and 100 jobs. 2024: Development began on a 26,500 square feet Digi-Hub, set to open in the spring of 2025, which will accommodate 50 businesses and create 250 jobs. With this expansion, we will support 130 businesses and 655 Jobs. In addition to developing office and industrial workspace to support business and create jobs, we have a150 provided business advice, mentoring. and financial support to thousands of entrepreneurs, start-up, growth, and gxial economy businesses durlng this period. Mission Vlsion & Values Mission The company's mlssion is to promote enterprise and support start-up, growth and social economy businesses. The mission provides a platfom that underpins all activities and Is aligned with key stakeholders such as Levelling Up Fund, Department for Communlties, Department for the Economy, Invest NI, Fermanagh and Omagh Council, South West College, Omagh Chamber of Commerce, Enterprising West and Enterprise NI. It is also linked to local and regional economlc development policies and recognises the value placed on the contribution made to the economy by the small business sector. The objecttves of the company laid down in its Articles of Associatlon are to benefit the area by working with indivlduals, communities, and businesses to reduce unemployment and create wealth through the development of start-up and existing businesses. As a company with charitable Status. we strive to reduce poverty through the promotion of enterprlse. The NI economy needs to be more enterprising, entrepreneurial, and innovative to compete on a global basis. In this context, the role of the company is to ensure the local economy reflects these chararteristics a5 it develops. Thi5 approach ensures the economy develops in a way that create5 greater wealth and job opportunities for the people of the area. It also ensures a robust local economy that is increasingly attractive as a centre for inward investment and as a place for people to work and live. Page 3
nter bl ris Liml ri an for th ear ed Ma 02 co tl ed Vision The company's vision is to be a world-dass local enterprlse agency for the entrepreneurs and small buslnesses of the area. We strlve to be leaders of enterprise and the social economy and add value to clients through the provision of services. In order to achieve the vision, we will focus efforts and resources on our key strategic prioritSes and objectives. Values The mission and vision of the company are underpinned by six core values. The values are carried across all areas of the organisation and guide the delivery and implementation of the strategic priorities and objective5. The core values of the company are" Integrity, Professionalism, Teamwork, Respect, Creativity and Enthusiasm. 2.4 Integrity We commit to being honest and fair in our dealings with each other and with clients and stakeholders. We will be open, transparent, and professional in our handling of all public funds, programmes, and projects. Professlonalism We commit to continuous professional developrnent to upgrade our individual and collective skills and knowledge. This enables us to deliver high quality services and results for our dients and stakeholder5. Teamwork We work as highly motivated individuals and as a multi-disciplinary team across the organisation. We develop strong relationships and partner with organisatlons and stakeholders to achieve our rni5sion of promoting enterprise and supporting start-up, growth, and social economy businesses. 2.7 Respect We show equal respect to each other and everyone we have contact with as part of carrying out our business actlvities. We are committed to our equality responsibilitie5, as highlighted by Section 75 of the Nl Act 1998. 2.8 Creativity We use creativity. imagination, and lateral thinking to consider better and more innovative ways of developing and delivering services for the benefit of clients and stakeholders. Enthusiasm We approach our work in a positive. enthusiastic, and realistic frame of mind and demonstrate our belief and commitment in what we do each day. 3.0 STRATEGIC PRIORMES AND OBJEcfIvES The company continues to review its key strategic priorities through which its Vision, misslon and core objectives are achieved. Given the likely economlc dimate during the period of the plan the priorities are: Priority I: Finanaal Sustatnability Priority 2.. Property Management & Development Priority 3: Programme Delivery & Development Priority 4: People & Skills Priority 5: Governance & Representation Page 4
Oma rise Com Limi Limit d Gu ee Me er 'Ann for the ear en ed Imar 24 The focus of the corporate plan is to develop in each area of strategic prtorlty to malntain financial strength; develop the property assets. promote enterprise and deliver programmes to support start-upi growth and social enterprises; and Influen pollcy and resource allocation through good govemance and representation. As a result, we will strive to ensure that by 2030 the organisation is a financially secure enterprise agency that contributes to community, social, enterprise and economic development. It will also ensure trie organisation is well positioned in the context of Fermanagh and Omagh District Council's responsibility for local economic development. The company has developed a range of objectives to achieve its strategic prlorities. The objectives are detailed below under each priority. Priority I: Flnancial SustainabilFty Under Financial Sustainabillty, we will ensure the organisation is managed on a commercial basis and maintain its ethos of being 'profit making but not profit taking,. This approach will ensure the tong-term viability of the company and reinforce Its ability to contribute to the community, enterprise and economic development of the area. As a result, the company will develop as a social and economic resource to achieve its core objectives of reduang poverty and unemployment. The organisation will be managed in an efficient and effective way with the necessary systems and processes In place to ensure value for money. good corporate governance and transparency. We will manage our finan, property, programmes, people and partnerships in a responsible and professional way to meet the challenges and opportunities that lie ahead. We are aware that many programmes delivered during recent years have beneflted from significant EU monles. Financial support from EU programmes in the past helped the company deliver projects on a local and international basis. The new funding streams from the UK Treasury such as Levelling Up Fund and the Shared Prosperity Fund will have an impact on the company and the number of programmes being delivered. As a result, a key focus of the company is the development of long-term sustainable income from property. To this end, the company is developing an Enterprise & Innovation Digi-Hub on the former Health Centre site 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 NI. Page S
ecom Li ited ara te be 'An for the ar ed31 arch 24 co nu 3.1.1 Priority I: Flnanclal Sustalnabillty - Objectlves Objectlve Actlons Requlred Monitor income on a monthly basis Maximise property income to replace reduced income from prograrnrne delivery Maximi5e Facili Hire income Monitor overheads and reduce costs where possible Update and review monthly financial projections Maintain rofit on an annual basis Monitor payments from debtors and to creditors Ensure effective credit control measures Monitor bank balance on a regular basls ate and review monthl cash flow Monitor 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 fixed-term osit account Focus on promotion of the center to recruit tenants Review use of units and implement changes / refurbishment to aid additional revenue Continue to implement effective corporate governance procedures to ensure effertive and efficient processes a re in place Ensure an effective Risk Assessment Strategy is in place Review and develop best practice procedures where ro nate Manage tumover level Increase profitability Increase cash flow Reduce bad debts and provision for bad debts ro Increase financial reserves and develop investment strate Manage asset base Implement corporate goveTnance procedures Priority 2: Property Management & Development Under Property Management and Development, our focus is to recruit tenants and promote the centre as a location for businesses. We will continue to work with Levelling Up Fund, Department for Communities and other stakeholders to develop the former Health Centre site as an Enterprise & Innovation Digi-Hub to provide workspace for 50 businesse5 creating 250 jobs. We wlll use social media to continue to promote the centre with its unique selling points induding access to super-fast broadband, hlgh-quality office space, free car parklng, wi-fi, an on-site restaurant and virtual office services. We will continue to review our produrt offering and promotion to ensure we become a world leader in enterprise workspace. The current property portfolio comprises 78.000 square feet of managed workspace. It includes a purpose-built stste of the art Technology Incubation and Resource Centre completed in 2005 and an Innovation Growth Centre completed in 2013. The units range from 180 to 1,000 square feet and are suitable for office, manufacturing or high-tech businesses and available to tenants on an 'easy-in, easy-out, lease option In line with our core mission. 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
Oma hEn er ris Com Lim ted uar it nte ers. al orth ear nde Ma 24 on nue date on site of March 2025. During the year we will work with stakeholders to brlng the project to fruition and regenerate what is a particularly derelict part of the town centre. The company has a number of conference, meeting and trainlng roorns avallable for hire and these are used by the general public. As a charitable organisation, we also offer facilities to a number of social, community and voluntary organisations such as Young Enterprise. Business in the Community and Omagh Chamber of Commerce. We will continue to review action5 from our sustainability audit of the company with a view to adopting an environmental implementation plan for the 5jte during the year ahead. We will continue to review other potential development opportunities such as the St. Lucia site, Council's Place Shaping Plan, Department for Economy's Place & Sub-Regional Economy Plan and the town centre school sites that will become vacant on completion of the Strule Shared Educational Campus. We will work closely with our colleagues in Fermanagh Enterprise Centre to promote enterprise in the Fermanagh and Omagh District Council area. We will also explore exlsting property assets to see where further on-site improvements can be carried out. 3.2.1 Priorlty 2: Property P4anagement & Development - Objertive5 Objective Artions Required Recruit tenant companies for full occupancy Review existing prices per square meter Review existing use of units and refurbish where necessary Work with stakeholders to develop the Enterprise & Innovation Digi-Hub Promotion of the site as a superior business location in Northern Ireland thrrAJgh website, social media, press and emails Explore further property development opportunlties Increase the number and rofile of 'obs on-site Review all servicelreception costs and charges Review facility hire prices Increased promotion and general awareness of the training and meeting rooms Increased promotion of virtual office services Create database of previous and potential new dients for promotional purposes Increase 'aftercare' with previous users of facilities Promotion of meeting roorns through website, social media, press and emails Consider future develo ment of conference facllities Maximise potential of existing rental property and explore further property development opportunities Maximise potentlal of conference, meeting rooms and general services Page 7
Oma h Enter rlse C an im ran rs, Ann ort for ren ed rch 202 nu Secure funding to develop the S,000/IO,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 Business Park given the presence of the Project Kelvin infrastructure and DEfI'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 sites in town center followlng relocation to Strule Shared Education Cam us. Monitor monthly overheads Review annual Maintenan and service contracts and costs Explore off-site development opportunities Continualty revlew efficiencies in relation to runnin costs Priorlty 3: Programme Delivery and Development Under Programme Delivery and Development, we will promote enterprise and support new start-up, growth and Kial economy businesses in the area. During the year ahead we will deliver the Go Succeed programme5 to support pre-start, start-upi growth and social economy businesses in the area. We will continue to tender for any suitable programme opportunities that arise. The company has a proven trad( record of programme delivery and has dellvered a variety of tailored programmes to support the start-up and growth of small businesses. We will continue to deliver support to start-up and growth businesses under the Go Succeed Start and Go Succeed Grow progTammes on behalf of Enterprise NI. We wlll promote enterprise and self-employment through the delivery of the Explore Enterprise Programme with a focus on clients Not in Employment, Education or Training located in disadvantaged areas to reduce unemployment. We will provide support to the social economy sertor through mentoring support. We will continue to support the growth of female entrepreneur5 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 as Levelling Up Fund, Shared Prosperity Fund and Community ownership Fund. 3.3.1 Priority 3: Programme Delivery and Development - Objectlves Objective Actions Required Deliver the Explore Enterprise Programme in the Omagh area Annual sponsorship of Young Enterprise Awards Annual sponsorshlp of Omagh Chamber of Commerce Small Business Awards Promotion of enterprise and entrepreneurship throughout the Fermanagh and Oma h d istrict Page 8
Om h Enter rfse om Memb s'An or ren ed Mar tln ed Delivery of Nl Go Succeed Start Programme in the Omagh area Delivery of the Fennanagh &Omagh District Council Female Entrepreneur Programme Delive of the Women in Business Ex lore It Pro ramme Delivery of Go Succeed Grow Programme in the Omagh area Provision of support to start-up businesses Provision of support to social enterprises and entrepreneurs Monitor press for tender opportunities Continuous review of company's capabilities for management and delivery Ensure qualtty systems and processes for management and delivery of programmes are maintained Work with Enterprising West and Enterprise Nl totender forsmall business 5UPPOrt projects and programmes Work with S W College and other partners totender for small business support projects and programmes Development of programmes to support small businesses Priority 4: People & Skills Under People, we will value the individual contribution of each staff and board member and provide leadership in a challenging and rewarding envtronment that realises the potential of each person. We will work as a motivated team showing mutual respect and trust in each other. We will communicate positively and effectively while challenging ourselves and delivering services to clients in a professional manner. We will ensure all staff have a dear understanding of the company's mission, vision and values and their role within the organisation. It will ensure each person has the understanding and skills needed for the job and a sound knowledge of the company's strategic priorities and objertives. The company has the equivalent of 10 full-time staff. In addition. the company engages external contractors as needed given programme demands and deadlines. The company operates flexible working time arrangements that can be availed of by staff, depending on the needs of the business. The management of the company is focussed on delSverlng its activities in a professional and profitable way. We will continue to monitor the staffing levels quired to deliver services. We will, at all times, ensure an appropriate level of staff combined with appropriate level of reliance on external contrattors. The company is committed to the ongoing development of its board and staff. Staff performance appraisals and salary reviews are carried out on an annual basis. The process ensures the retention of a flexible and skilled team and identifies areas for additional training and professional development. It a150 ensures all staff members have the knowledge and skills necessary to meet the need5 of dients. The company ha5 a board tnembership prOS in Pla to facilitate the recruitment and appointment of new board members and ensure the correct mix of skllls and experience amongst all board members. A gIster of board members detailing relevant expertise and experience Is maintained and reviewed on an annual basis. Page 9
Oma hEn Limi Li Gu 'Ann rth ear nd 31 rch2 con nue 3.4.1 Prfority 4: People and Skllls - Objectlves Objective Ensure correct mix of skills and capabilities amongst staff Actions Required Cary out annual staff performance appraisals Revtew existing job descriptions and training requirements Support staff to cary out Continuous Profe55ional Development as necessary Continuous review of prograrnme delivery performance with a view to identifying gaps in skill requirements Monitor staff trainin and develo ment needs Monitor board membership to ensure correct mix of skills and experience exists Maintain a register of board members and their relevant skills and expertise Recruit new board members with appropriate skills and ex erience as needed Monitor existing core staff and external contractors a5 needed Ensure an appropriate level of staffing, combined vlith appropriate leve15 of reliance on extemal contractors Continuous management review of programme delivery requirements to ensure all staff are working to full capacity Additional staffin em ed on contract basls Communication of Corporate Plan to all employees. Board members and stakeholders Communication of staff roles and responsibilities inthe context of the Corporate Plan Maintsin and encourage flow of information throu hout the or anisation Ensure correct mlx of skills and apabilities amongst Board Membe Ensure an appropriate level of staffing, combined with appropriate levels of reliance on external contractors Effective communication of all company activity Prlority 5: Governance and Representation Under Governance and Representation. we will work in partnership with all key stakeholders and contribute to policy issues, particvlarly in relation to communlty enterprise and economic development. We will focus our efforts where they are most effective and be actively involved in the development and implementatlon of small business strategies and programmes. In taking forward our plan, we will work in c105e partnership with key stakeholders such as Fermanagh and Omagh District Council, Department for Communities, Levelling Up Fund, South West College, Enterprising West, Invest NI, Enterprise NI, Department of the Economyi Omagh Chomber of Coffltnerce, Young Enterprse and Business in the Community. We will also work dosely with indivi(Juals and groups in the private, public and community and voluntary sectors. We wlll work with other bodies to inforn key policies and strategies that affett the economic well-being of the area. We wlll continue to develop our digltal and social media strategy to promote the company and ralse awareness of the servlces on offer. We will use platforms such as Twitter, Linkedln, Instagram and Facebook to promote the organisation. We will Page 10
Oma h Enter rlse Co an Limit ite em end 024 ontln Priority 5: Governance and Representation (contlnued) embrace Artificlal Intelligence In all its forms to help manage all aspects of the business and infomi staff of its use to further develop the business. 3.5.1 Prfority S: Governance and Representatlon - Objectives Objective Ensure good corporate govemance procedures are in place Actions Re uired Complete an annual external audit of accounts and pro55eS and procedures Hold regular Audit & Risk Management Committee meetings to review finances and procedures Regular review of the company's Rlsk Register Deliver programmes pollcies and procedures Compliance with all statutory reporting rocedures Chief Executive to develop appropriate strategic alliances and partnerships Chief Executive to represent OEC at Board level where potential for future development of artnershi s exist Local Fermanagh and Omagh District Councll Fermanagh and Omagh District Councll Community Plan Omagh Place Shaping Strategy Omagh Chamber of Commerce Business in the Community Young Enterprise St Lucia Consultation Strule Shared Educational Community Stakeholder Group ODC 2025: Towards a City Vision OSD Town Centre Masterplan Omagh Place Shaping Plan Reglonal Enterprising West Mid South West Growth Deal South West College Invest NI Cross-border Intertrade Ireland Local Enterprise Offices In5titute5 of Technology ICBAN Letterkenny Institute of Technology SEUPB Northern Ireland Enterprise NI Department for Communities Department of the Economy Invest Nl within programme Create, maintaÈn and strengthen existing and new relationships with relevant stakeholders Malntain and develop existing and new representatlon and relationships at a local, regional, cross-border and European level Campus Page 11
hEn ri Limit Com aran bers. nnual rthe end arch 2 24 con 3.5.1 Priority 5: Governance and Representation - Objectives (continued) Colleges NI Catalyst Inc Community Flnance Ireland NORIBIC United Kingdom Levelling Up Fund Shared Prosperity Fund Community Ownership Fund UK Science Park Association Enter rise NI Facebook Twitter LinkedIn Instagram Email database Newsletter Ideos Google Analytlcs Artificial Intelli ence in all its forms Develop and promote a strong brand for all company property. conference and programme activities CORPORATE GOVERNANCE Corporate Governance The company is committed to the prfnciples 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 practice guidelines and demonstrates openness. transparenry and accountability In all its business activities. The creation of an Internal Audit & Risk Management Committee has enabled the company to address corporate governan issues and a risk register is in pla. These actions ensure the company has effective corporate governance procedures in place and manages key areas of risk during the period of the plan. Embracing Corporate Governance ensures the organisation adheres to the highest standards of integrity In carrying out its business and managing Its finances. The company is fully aware of Its responsibilitles and the need for both Internal and external audit and accountability. particularly in relation to the management of public money. Risk Management Internal controls are in place throughout the company's processes and procedures to provide dear accountability. The area5 addressed include financial sustainability, property management and development. programme delivery and development, people and corporate governance, and any risks that may occur. The company carries out a full external audit on an annual basls. The company maintains hlgh standards in the management of risk and the processes In place are reviewed annually to ensure their relevance. Key rlsks are identified and managed to achieve a balance between risk and reward. Page 12
ma h Enter rise an Limit tee IA ers. A or the ed31M ch 202 ontinue Financlal 14anagement The company carrles out a complete financial audit of all actlvltles on an annual basis in accordance wlth Companies Act 2006 and Flnancial Reporting Standard 102 applicable in the UK and Republic of Ireland issued by the Financlal Reporting Council. The process is carried 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 frorn 1st April to the 31st March at which point audited accounts are prepared and presented to the Audit and Risk Management Committee and then to the Board. The audited accounts comply with the Statement of Recommended Practice for Charitable organisations and tneet the requirements of the NI Charity Cornrnission. The Audit & Risk Management Committee meet on a quarterly basis to review management accounts, financial projections, the risk register, authorise electronic bank payments and consider other relevant business. Management Accounts are completed and presented to the Board for consideration at each Board tneeting. Indtvidual programmes are audited on a regular basis by the respective funder organisations. Claims for programme delivery are invoiced monthly or quarterly to the funder on a work-completed basis as per individual funder letters of offer. The Audlt & Risk Management committee is chaired by the Wictrchair of the company. The company Is also registered to comply with HMRC Anti-money Laundering Regulations and the National Crime Agency. Equality The company is comrnitted to its equallty respons7bilities and to provide falr and unprejudiced treatment for everyone, as highlighted by Section 75 of the NI Act 1998. As part of the company's best practice procedures and membershlp of Enterprise NI, equality infonnation for all participants on mainstream programmes is collected and monitored via a central database. The company is a registered employer with the Equality Monitoring Commission and submits relevant etnployment monitoring statistics on an annual basis. 5.0 QUALrrY Quality The company will malntain its quality control systems and procedures and monitor other quality marks wlth a view to implementation where they a of particular benefit. In additlon, as a member of Enterprise Nl. quality is monitored in relation to individual programme delivery and progress against targets. The attention to quality is captured through the Membership Agreement held with Enterprise NI. The quality of services provided by the company is further measured by the ability to meet outputs and targets detailed in individual letter5 of offer and service level agreements wiith relevant funders. PUBLIC BENEFrr srATEMENT Public Benefit statement In setting our objectlves and planning our activities for the year the trustees have given careful consideration to the Charity Commission for Northem Ireland's guidance on public benefit to ensure that the activities have helped to ach5eve the charity's purposes and provide a benefit to the beneficiaries. Page 13
h Enter ari rise Com Limi mi be 'Ann IRe end 024 tlnu Approved by the Board of Directors on 2 july 2024 and signed on its behalf by: Mr Marcus Isherwood (Chairperson) Tnjstee Mrs Geraldine Keys Trustee ice chairperson) Page 14