Company Number: N1017785 Charlty Number: NIC10188S Omagh Enterprlse Company Llmited Annual Report and Audlted Flnanclal Statements For the year ended 31 March 2025 CavanaghKelly Chartered Accountants & Statutory Audltors 36- 38 Northland Row Dungannon BT71 6AP
Oma h Ente rlse an Llml Page General Informatlon Members, Annual Report 3-14 Dlrectors, Annual Report 15- 16 Dlrectors, Responslbllltles Statement 17 Independent Audltor's Report to the Members of Omagh Enterprlse Company Llmlted 18-21 Statement of Financlal Actlvltles (Includlng an Income and expendlture account) 22 Statement of Flnanclal Posltlon 23 Statement of Cash Flows 24 Notes to the Flnanclal Statements 25-36 Page I
ma Llm Dlrectors Mr Marcus Isherwood (Chalrperson) Mrs Geraldlne Keys (Vlce chairperson) Mrs Glenda Mcllwalne (Secretary) Mr Robert Brady Mr Pete Campbell Mr Stephen Donnelly Mr Barry McElduff Mrs Kathleen McGread Mr Errol Thompson Mr Allan Ralney Company Secretary Mrs Glenda Mcllwalne Reglstered offl¢e Gortrush Industrial Estate Great Northern Road Omagh Co Tyrone BT78 SLU Charlty Number NIC101885 Company Number N1017785 Audltors Cavanagh Kelly 36 - 38 Northland ROW Dungannon Co. Tyrone BT71 6AP Bankers AIB 2-4 East Brldge Street EnnSsklllen Co. Fermanagh BT74 7BT Sollcltors Mcconnell and Fyffe The Old Rettory 21 Church Street Omagh Co Tyrone BT78 IDG Page 2
Oma h Enter rlse Com li Limlted Imlted b Guarantee ded Ima ch2 1.0 Introductlon Slnce Its establlshment In 1984, Oma9h Enterprlse Company has been a cornerstone of economlc development and growth In our communlty. Formed as a company Ilmlted by guarantee, It Is governed by a voluntary board of dlrectors representlng the local communlty. Our mission Is to support entrepreneurs and start-up buslnesses In the area. Here's a look back at our Journey., 1986: We opened 40,000 square feet of offlce and Industrlal workspace, accommodatlng 25 buslnesses creatlng 130 Jobs. 1996: An addltlonal 12,000 square feet of Industrlal workspace was developed, provldlng space for 15 more buslnesses and creatlng 50 new Jobs. 2005: We bullt a 14,000 square foot Technology Incubatlon Centre, whlch housed 15 buslnesses employlng 125 people. 2013: The 14,000 square feet Innovatlon Growth Centre was establlshed, supportlng 25 buslnesses and 100 Jobs, 2025: The 26,500 square feet Digl-Hub was completed and wlll accommodate SO buslnesses and create 250 Jobs, Wlth thls expanslon, we wlll support 130 buslnesses and 655 Jobs. In addltion to developSng office and Industrlal workspace to support buslness and create Jobs, we have also provlded buslnes5 advlce, mentorlng, and flnanclal support to thousands of entrepreneur5, Start-up, growth, and soclal economy buslnesses durlng thls perlod. 2.0 Mlsslon, Vlslon & Values Mlsslon The company's mlsslon Is to promote enterprlse and support start-upi growth and soclal economy buslnesses. The mlsslon provldes a platform that underplns all actlvltles and Is allgned wlth key stakeholders such as Levelllng Up Fund, Department for Communltles, Department for the Economy, Department for Infrastructure, Department of Educatlon, Development Trust Nl, Invest NI, Fermanagh and Omagh Councll, South West College, Omagh Chamber of Commerce, Enterprlslng West and Enterprlse Nl, Itls also Ilnked to local and reglonal economlc development pollcles and recognlses the value placed on the contrlbutlon made to the economy by the small buslness sector. The objectlves of the company lald down In Its Artlcles of Assoclatlon are to beneflt the area by worklng wlth Indlvlduals, communltles, and buslnesses to reduce unemployment and create wealth through the development of start-up and exlstlng buslnesses. As a company wlth charltable status, we strlve to reduce poverty through the promotlon of enterprlse. The NI economy needs to be more enterprlslng, entrepreneurfal, and Innovatlve to compete on a global basls. In thls context, the role of the company Is to ensure the local economy reflects these characteristScs as It develops. Thls approach ensures the economy develops In a way that creates greater wealth and Job opportunltles for the people of the area. It also ensures a robust local economy that Is Increaslngly attractlve as a centre for Inward Investment and as a place for people to work and Ilve. Page 3
Oma h Enter Charltabl rise Com Limi Llmited embers. Ann a Vlslon The company's vlslon Is to be a world-class local enterprlse agency for the entrepreneurs and small buslnesses of the area. We strive to be leaders of enterprise and the social economy and add value to clients through the provision of services. In order to achleve the vlslon, we wlll focus efforts and resources on our key strategic prlorities and objectlves. 2.3 Values The mlsslon and vlslon of the company are underplnned by slx core values. The values are carrled across all areas of the organlsatlon and gulde the dellvery and Implementatlon of the strateglc prlorltles and objectlves, The core values of the company are: Integrlty, Professlonallsm, Teamwork, Respect, Creatlvlty and Enthuslasm. Integrlty We commlt to belng honest and falr In our dealings wlth each other and wlth cllents and stakeholders. We wlll be open, transparent, and professlonal In our handllng of all publlc funds, programmes, and projetts. Professlonallsm We commlt to contlnuous professlonal development to upgrade our Indlvldual and collectlve skllls and knowledge. Thls enables us to deliver hlgh quallty servlces and results for our cllents and stakeholders. 2.6 Tearnwork We work as hlghly motlvated Indlvlduals and as a multl-dlsclpllnary team across the organlsatlon. We develop strong relatlonshlps and partner wlth organlsatlons and Stakeholders to achleve our mlsslon of promotlng enterprise and supportlng start-up, growth, and soclal economy buslnesses. Respect We show equal respect to each other and everyone we have contact wlth as part of carrylng out our buslness artlvltle5, We are commltted to our equallty responslbilitles, as hlghllghted by Sectlon 75 of the Nl Att 1998. 2.8 Creativlty We use creatlvlty, Imaglnation, and lateral thlnklng to conslder better and more Innovatlve ways of developlng and dellverlng servlces for the beneflt of cllents and Stakeholders. Enthuslasm We approach our work In a posltlve, enthuslastlc, and reallstlc frame of mind and demonstrate our bellef and commltment In what we do each day. Page 4
Oma hEn harlt b om an Llmlted Limlted b uaran embers, Annual Re 31 Marc 25 3.0 STRATEGIC PRIORITIES AND OBJECTIVES The company continues to revlew Its key strateglc prlorltles through whlch Its vlslon, mlsslon and core objectlves are achleved. Glven the Ilkely economlc cllmate durlng the perlod of the plan the prlorlties are.. Prlorlty I: Flnanclal Sustalnablllty Prlorlty 2: Property Management & Development Prlorlty 3: Programme Dellvery & Development Prlorlty 4: People & Skl Ils Prlorlty 5: Governance & Representatlon The focus of the corporate plan Is to develop In each area of strateglc prlorlty to malntaln flnanclal strength; develop the property assets,. promote enterprlse and dellver programmes to support start-up, growth and soclal enterprlses; and Influence pollcy and resource allocatlon through good governance and representatlon. As a result, we wlll strlve to ensure that by 2030 the organlsatlon Is a flnanclally secure enterprlse agency that contrlbutes to communlty, soclal, enterprlse and economlc development. It wlll also ensure the organlsatlon Is well posltloned the context of Fermanagh and Omagh Dlstrlct Councll's responslblllty for local economlc development. The company has developed a range of objectlves to achleve Its strateglc prlorltles. The objectlves are detalled below under each prlorlty. Prlorlty I: Flnancljl Sustalnablllty Under Flnanclal Sustalnablllty, we wlll ensure the organlsatlon Is managed on a commerclal basls and malntaln Its ethos of belng 'proflt maklng but not proflt taklng,. Thls approach wlll ensure the tong-term vlablllty of the company and relnforce Its ablllty to contrlbute to the communlty, enterprlse and economlc development of the area, As result, the company wlll develop as a soclal and economlc resource to achleve Its core objettlves of reduclng poverty and unemployment. The organlsatlon wlll be managed In an efflclent and effectlve way wlth the necessary systems and processes In place to ensure value for money, good corporate governance, and transparency. We wlll manage our finances, property, programmes, people and partnershlps In a responslble and professlonal way to meet the challenges and opportunltles that Ile ahead, We are aware that many programmes dellvered durlng recent years have benefited from slgnincant EU monles. Flnanclal support from EU programmes In the past helped the company dellver projects on a local and Internatlonal basls. The new fundlng streams from the UK Treasury such as Levelllng Up Fund and the Shared ProsperSty Fund wlll have an Impact on the company and the number of programmes belng dellvered. As a result, a key focus of the company Is the development of long-term sustalnable Income from property. We wlll contlnue to dellver the Go Succeed Start and Go Succeed Grow business 5UPPOrt programmes that contrlbute to the local economy on behalf of Enterpdse NI. Page 5
Oma hEn Charltable Limlted Llmited b Guarantee ded 31 h20 3.1.1 Prlorlty I: Flnanclal Sustainablllty - Objectlves Objectlve Actlon$ Requlred Monltor Income on a monthly basls Maxlmlse property Income to replace reduced Income from programme dellvery Maxlmlse Faclll Hlre and Servlces Income Monltor overheads and reduce costs where posslble Update and revlew monthly flnanclal projectlons Malntaln roflt on an annual basls Monltor payments from debtors and to credltors Ensure effectlve creolt control measures Monltor bank balance on a regular basls U date and revlew monthl cash flow Monltor strlct credlt control measures Recelve deposlts from all tenants In keeplng wlth good ractlce Bulld a cash reserve Monltor Interest rates for future Investments In flxed-term de )oslt account Focus on promotlon of the center to recrult tenants Revlew use of unlts and Implement changes / refurblshment toald addltlonal revenue Contlnue to Implement effectlve corporate governance procedures to ensure effectlve and efflclent processes are In place Ensure an effectlve Rlsk Assessment strategy Is In place Revlew and develop best practlce procedures where ro rlate Manage turnover level Increase protltablllty Increase cash flow ro ertlons Reduce bad debts and provlslon for bad debts Increase flnanclal reserves and develop Investment strate Manage asset base Implement corporate governance procedures Prlorlty 2: Property ManJgement & Development Under Property Management and Development, our focus Is to recrult tenants and promote the property as an Ideal locatlon for buslnesses. We wlll launch the Dlgl-Hub In Autumn 2025 and wlll work wlth key stakeholders to promote its offerlng and to recrult 50 buslnesses creatlng 250 Jobs. We wlll use soclal medla, Al and SEO to contlnue to promote the property's unlque selllng polnts Includlng access to super-fast broadband, hlgh-quallty offlce space, free car parklng, wl-tl, and vlrtual offlce servlces. We wlll contlnue to revlew our product offerlng and promotlon to ensure we become a world leader In enterprlse workspace. The current property portfollo comprlses over 100,000 square feet of managed workspace. It Includes a purpose-bullt state of the art Technology Incubatlon and Resource Centre completed In 2005 and an Innovatlon Growth Centre completed In 2013. Durlng the year we completed the development of the 26,500 square feet Enterpdse & Innovatlon Dlgl-Hub to regenerate a partlcularly derellct part of the town centre. The unlts range from 180 to 1,000 square feet and are sultable for offlce, manufatturlng or hlgh-tech bu51nesses and avallable to tenants on an 'easy-In, easy-out, lease optlon In Ilne wlth our core mlssion. The company has a number of conference, meetlng and tralnlng rooms avallable for hlre and these are used by the general public. As a charltable organlsatlon, we also offer Page 6
Oma h Enter rlse Co haritable Com an Llmlt Llmited b Guarantee Memb facilltles to a number of soclal, community and voluntary organlsatlons such as Young Enterprlse, Buslness In the Communlty and Omagh Chamber of Commerce. We wlll contlnue to revlew actlons from our sustalnablllty audlt of the company wlth a vlew to adoptlng an envlronment31 implementation plan for the slte during the year ahead. We will contlnue to revlew other potential development opportunlties such as the St, Lucla slte, Councll's Place Shaplng Plan, Department for Economy's Place & Sub-Reglonal Economy Plan and the town centre school sStes that wlll become vacant on completlon of the Strule Shared Educatlonal Campus. We wlll work closely wllh our colleagues In Fermanagh Enterprlse Centre to promote enterprlse In the Fermanagh and Omagh Dlstrlrt Councll area. We wlll also explore exlsllng property assets to see where further on-slte Improvements can be carried out. 3.2.1 Prlorlty 2: Property Management & Development - Objectlves Objectlve Actlons Requlred Recrult tenant companles for full occupancy Revlew exlstlng prlces per square meter Review exlstlng use of unlts and refurblsh where necessary Promotlon of the property as a superior buslness locatlon In Northern Ireland through website, soclal medla, press and emalls Explore further property development opportunlties Tncrease the number and roflle of obs on-slte Revlew all servlce/receptlon costs and charges Revlew faclllty hl re prlces Increased promotlon and general awareness of the tralnlng and meetlng rooms Increased promotlon of vlrtual office servlces Create database ofprevlous and potential new cllents for promotlonal purposes Increase 'aftercare' wlth prevlous users of facllltles Promotlon of meetlng rooms through webslte, soclal medla, press and emalls Conslder future develo ment of conference facllltles Secure fundlng to develop the 5,000/10,000 Jobs proposal In Omagh town center Conslder further bulldlng on slte at rear Conslder purchase of town centre property Cons1der presence on Strule Shared Educatlonal Campus or Gateway bulldlng Conslder development on St Lucia site Explore the promotion ofdeveloplng Gortrush as a Digital Business Park glven the presence ofthe Project Kelvln Infrastrutture and DErt'5 Dlgltal Park strategy Explore Cross border Shared Island property development opportunities Explore Reglonal property development opportunitie5 wlth enterprlse partners under the Mid South West Growth Deal MaxlmSse potentlal of exlstlng rental property and explore further property development opportunltles MaxSmlse potentlal of conference, meetlng rooms and general servlces Explore off-slte development opportunltles Page 7
hEn Charitable C rise Com an Limi arantee 'Ann 025 Explore vacantschool sltes In town centerfollowlng relocation to Strule Shared Educatlon Campus. Contlnually revlew efflclencles In relatlon to runnln costs Monltor monthly overheads Review annual maintenance and seNice contracts and cosis Prlorlty 3: Programme Dellvery and Development Under Programme Dellvery and Development, we wlll promote enterprlse and support new start-up, growth and soclal economy buslnesses In the area. During the year ahead we wlll dellver the Go Succeed programmes to support pre-start, start-up, growlh and soclal economy busSnesses In the area, We wlll contlnue to tender for any sultable programme opportunltles that arlse. The company has a proven track record of programme dellvery and has delivered a varlety of tallored programmes to support the start-up and growth of small buslnesses. 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 provlde SLSPPOrt to the soclal economy sector through mentorlng support, We wlll contlnue to support the growth of female entrepreneurs to help create employment through the Women In 6uslness Explore It. We wlll keep a watchlng brlef on UK fundSng opportunltles such as Levelllng Up Fund, Shared Prosperlty Fund and Communlty Ownership Fund. 3.3.1 Prlorlty 3: Programme Dellvery and Development - Objectlves Objectlve Actlons Requlred Annual 5ponsorshlp of Young Enterprlse Award5 Annual sponsorshlp of Omagh Chamber of Commerce Small 8uslness Awards Promotlon of enterprlse and entrepreneurshlp throughout the Fermanagh and Omagh dlstrlct Provlslon of support to start-up buslnesses Dellvery of Nl Go Succeed Start Programme In the Omagh area Delivery of the Women In Buslness Explore It Programme Provlslon of support to soclal enterprlses and entrepreneurs Development of programmes to support small buslnes5es Dellvery of Go Succeed Grow Programme In the Omagh area Mon5tor press for tender opportunltles contlnuous rev1ew of company's capabllltles for management and dellvery Ensure quality systems and processes for management and dellvery of programmes are malntalned Work with Enterprising West and Enterprlse Nl totender forsmall business support projects and programmes Work with S W College and other partners to tender for small buslness support projects and programmes Page 8
Oma h Enter rlse Com rit ble Com an Li an b Guarantee ua 3.4 Priorlty 4: People & Skills Under People, we will value the ind5vldual contrlbutlon of each staff and board member and provide leadership In a challenglng and rewarding envlronment that reallses the potentlal of each person. We wlll work as a motlvated team showing mutual respect and trust in each other. We wlll communlcate posltlvely and effectively whlle challenglng ourselve5 and dellverlng servlces to cllents In a professlonal manner. We wlll ensure all staff have a clear understandlng of the company's mlsslon, vlslon and values and thelr role wlthln the organlsatlon. It wlll ensure each person has the understanding and skSlls needed for the Job and a sound knowledge of the company, strateglc prioritles and objectives. The company has the equlvalent of 10 full-tlme staff. In addltlon. the company engages external contractors as needed given programme demands and deadlines. The company operates flexlble worklng tlme arrangements that can be avalled of by staff, depending on the needs of the buslness. The management of the company Is focu5sed on dellverlng Its actlvllles In a professlonal and profltable way, We wlll contlnue to monltor the stafflng levels requlred to dellver servlces. We wlll, at all tlmes, ensure an approprlate level of staff comblned wlth approprlate level of rellance on external contractor5. The company Is commltted to the ongolng development of Its board and staff. Staff performance appralsals and salary revlews are carrled out on an annual basls. The process ensures the retentlon of a flexlble and skllled team and Identlfles areas for addltlonal tralnlng and professlonal development. It also ensures all staff members have the knowledge and 5ki11s necessary to meet the needs of cllents. The company has a board membershlp process In place to facllltate the recrultment and appolntment of new board members and ensure the correci mlx of skllls and experlence amongst all board members. A register of board members detalllng relevant expertlse and experlence Is malntalned and reviewed on an annual basls. Page 9
Oma h Enter rise Com an Limlted Charitable Com imbted b Guaran ee Re for ren 3.4.1 Priorlty 4: People and Skills - Objectlves Objectlve Actlons Requlred Ensure correct mlx of skllls and capabllitles amongst staff Carry out annual staff performance appralsa15 Review existing Job descrlptlons and tralnlng requlrements Support staff to carry out Contlnuous Professlonal Development as necessary Contlnuous revlew of programme dellvery performance wlth a view to Identlfying gaps In sklll requlrements Monltor staff tralnin and develo ment needs Monitor board membershlp to ensure correct mlx of skllls and experlence exlsts MaSntaln a reglster of board members and thelr relevant skllls and expertlse Recrult new board members wlth approprlate skllls and ex )erlence as needed Monltor exlstlng core staff and external contractors as needed Ensure an approprlate level of stafflng, comblned wlth approprlate levels of rellance on external contractors Contlnuous management revlew of programme dellvery requlrements to ensure all staff are worklng to full ca paclty Addltlonal staffl n em lo ed on contratt basls Communicatlon of Corporate Plan to all employees, Board members and stakeholders Communlcation of staff roles and responslbllltles In the context of the Corporate Plan Malntaln and encourage flow of Informatlon throu hout the or a nlsatlon Ensure correct mlx of skllls and capabllltles amongst Board Member Ensure an approprlate level of stafflng, comblned wlth approprlate levels of reliance on external contractors Effectlve communlcatlon of all company attlvlty Prlorlty 5: Governance and Representatlon Under Governance and Representation, we wlll work In partnershlp wlth all key stakeholders and contribute to policy Issues, partlcularly In relatlon to communlty, enterprlse and economlc development. We wlll focus our efforts where they are most effective and be actlvely Involved In the development and Implementatlon of small buslness strategles and programmes. In taklng forward our plan, we wlll work in close partnershlp wlth key stakeholders such as Fermanagh and Omagh Dlstricl Councll, Department for Communltles, Levelling Up Fund, South West College, Enterprlslng West, Invest Nl, Enterprise Nl, Department of the Economy, Omagh Chamber of Commerce, Young Enterprlse and Buslness In the Communlty. We wlll also work closely wlth indlvlduals and groups In the prlvate, publlc and communlty and voluntary sectors. We wlll work wlth other bodies to Inform key polldes and strategles that affect the economlc well-belng of the area, Page 10
Oma Chari rlse Com n Llmited Llmlted b Gua ort for In We wlll contlnue to develop our dlgltal and soclal medla strategy to promote the company and ralse awareness of the servlces on offer. We wlll use platforms such as Twitter, LSnkedIn, Instagram and Facebook to promote the organlsatlon. We wlll embrace Artiflclal Intelllgence In all Its forms to help manage all aspects of the buslness and Inform staff of Its use to further develop the buslness. 3.5.1 Prlority 5: Governance and Representatlon - Objectlves Ob'ectlve Ensuregood corporate governance procedures are In place Actlons Re ulred Complete an annual external audlt of accounts and processes and procedures Hold regular Audlt & Rlsk Management Commlttee meetlngs to revlew finances and procedures Regular revlew or the company's Rlsk Reglster Dellver programmes wlthln pollcles and procedures Compllance wlth all statutory reportlng rocedures ChSef Executlve to develop approprlate strateglc alllances and partnershlps Chlef Executlve to represent OEC at Board level where potentSal for future development of artnershl s exlst Loca I Fermanagh and Omagh Dlstrlct Councll Fermanagh and Omagh Dlstrlct Councll Communlty Plan Omagh Place Shaplng Strategy Omagh Chamber of Commerce Buslness In the Communlty Young Enterprise st Lucla Consultatlon Strule Shared Educatlonal Communlty Stakeholder Group ODC 2025., Towards a Clty Vlslon OSD Town Centre Masterplan Omagh Place Shaplng Plan Reglonal Enterprislng West Mld South West Growth Deal South West College Invest Nl Cross-border Intertrade Ireland Local Enterprlse Offlces Institutes of Technology ICBAN Letterkenny Institute of Technology SEUPB Northern Xreland Enterprise Nl artment for Communltles programme Create, malntaln and strengthen exlstlng and new relatlon5hlps wlth relevant stakeholders Malntaln and develop exlstlng and new representatlon and relatlonshl ps at a local, regional, cross-border and European level Campus Page 11
Oma h Enter rise C arl ble Com aran ee Department of the Economy Department for Infrastructure Department of Educatlon Invest NI Colleges Nl Catalyst Inc Communlty Flnance Ireland NORIBIC Unlted Klngdom Levelllng Up Fund Shared Prosperlty Fund Community Ownershlp Fund UK Science Park Assoclatlon Enterprlse NI Develop and promote a strong brand for all company property, conference and programme actlvltles Facebook Twitter Llnkedln Instagram Emall database Newsletter Vldeos Google Analytlcs Artiflclal Intelllgence In all Its forms Search En Ine O tlmlsatlon 4.0 CORPORATE GOVERNANCE Corporate Governance The company Is commltted to the prlnclples of Corporate Governance and through the development of a number of Internal processes captures all Internal and external procedures. The detalllng of the company's actlvltles In thls way ensures It follows best practlce guldellne5 and demonstrates openness, transparency and accountablllty In all Its buslness actlvltles. The creatlon of an Internal Audit & Rlsk Management Commlttee has enabled the company to address corporate governance Issues and a rlsk reglster Is In place. These actlons ensure the company has effectlve corporate governance procedures In place and manages key areas of rlsk durlng the perlod of the plan. Embraclng Corporate Governance ensures the organlsatlon adheres to the hlghest standards of Integrlty In carrying out Its busSness and managing Its finances. The company Is fully aware of its responslbilities and the need for both internal and external audlt and accountabllity, partlcularly In relatlon to the management of public money. Rlsk Management Internal controls are In place throughout the company's processes and procedures to provlde dear accountability. The areas add ressed Include financlal susta Inabll Ity, 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 basis, Page L2
Oma h Enter Chari able C ris Limi Limi ntee 'Ann 025 The company malntalns high standards In the management of risk and the processes In place are revlewed annually to ensure thelr relevance. Key risks are Identifled and managed to achleve a balance between rlsk and reward. Flnanclal Management The company carrles out a complete flnanclal audlt of all actlvltles on an annual basls In accordance wlth Companles Act 2006 and Flnanclal Reportlng Standard 102 appllcable In the UK and Republlc of Ireland Issued by the Flnanclal Reportlng Councll. The process Is carrled out by external auditors {Cav3nagh Kelly) and presentecl to the AudSt & Rlsk Management Commlttee whlch presents It to the 8oard for approval at the Annual General Meetlng, The flnanclal year runs from 1st Aprll to the 31st March at whlch polnt audlted accounts are prepared and presented to the Audlt and Rlsk Management Commlttee and then to the Board. The audlted accounts comply wlth the Statement of Recommended Practlce for Charltable organlsatlons and meet the requlrements of the Nl Charlty Conimlsslon. The Audlt & Rlsk Management Commlttee meet on a quarterly basls to revlew management accounts, flnanclal projectlons, the rlsk reglster, authorlse elertronlc bank payments and conslder other relevant buslness. Management Accounts are completed and presented to the Board for conslderatlon at each Board meetlng. IndSvldual programmes are audlted on a regular basls by the respectlve funder organlsatlons. Clalms for programme delivery are Involced monthly or quarterly to the funder on a work-completed basss as per Indlvldual funder letters of offer. The Audlt & Rlsk Management committee Is chaired by the Vice-chalr of the company. The company Is a150 reglstered to comply wlth HMRC Antl-money Launderlng Regulatlons and the Natlonal Crlme Agency. Equallty The company Is commltted to Its equallty responslbllltles and to provlde falr and unprejudlced treatment for everyone, as hlghllghted by Sectlon 75 of the NI Act 1998. As part of the company's best practlce procedures and membershlp of Enterprlse NI, equallty Informatlon for all partlclpants on malnstream programmes Is colletted and monltored vla a central database. The company Is a reglstered employer wlth the Equallty Monltorlng Commlsslon and submlts relevant employment monitorlng 5tatlstlcs on an annual basls. 5.0 QUALITY Quallty The company villl malntaln Its quallty control systems and procedures and monltor other quallty marks wlth a view to Implementatlon where they are of partlcular benefit. In addltlon, a5 a member of Enterprlse Nl, quality Is monltored In relation to Indlvldual programme dellvery and progress against targets. The attentlon to quallty Is captured through the Membershlp Agreement held with Enterprlse NI. The quality of services provlded by the company is further measured by the oblllty to meet outputs and targets detalled in indivldual letters of offer and servlce level agreements with relevant funders. Page 13
Oma hEn AL ntee 6.0 PUBLIC BENEFIT STATEMENT Publlc Beneflt Statement In settlng our objettlves and plannlng our actlvlties for the year the trustees have glven careful con51deratlon to the Charlty Commlsslon for Northern Ireland's guldance on publlc benefit to ensure that the actlvltles have helped to achleve the charlty's purposes and provlde a beneflt to the beneficlarles, Approved by the Board of Dlrectors on 2410612025 and slgned on Its behalf by: Mr Marcus Isherwood (Chalrperson) Trustee Mrs Geraldlne Keys (Vlce chalrperson) Trustee Page 14
Oma hEn Charitabl rise Com an Limi Llmlted uaran ECT In The dlrectors present thelr Dlrectors, Annual Report, comblnlng the Dlrectors, Report and Trustees, Report, and the audlted flnanclal statements for the financial year ended 31 March 2025. The flnanclal statements are prepared In accordance with the Cornpanles Act 2006,the Charltles (Northern Ireland) Act 2008, FRS 102 "The FSnancSal Reportlng Standard appllcable In the UK and Republlc of Ireland" and Accountlng and Reportlng by Charltles: statement of Recommended Pracilce appllcable to charltles preparlng thelr flnanclal statements In accordance wlth the FSnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102). The Dlrectors, Report contalns the Informatlon requlred to be provlded In the Dlrectors, Annual Report under the Statement of Recommended Practlce (SORP) guldellnes. The dlrectors of the company are also charlty trustees for the purpose of charlty law and under the company's constitullon are known as members of the board of trustee5. In this report the dlrectors of Omagh Enterprlse Company Llmlted present a summary of Its purpose, governance, actlvitles. achlevements and flnances for the financlal year 31 March 2025, The company Is a reglstered charity and hence the report and results are presented In a form whlch complles wlth the requlrements of the Companle5 Act 2006 and, although not obllged to comply wlth the Statement of Recommended Practlce (Charltles SORP effectlve January 2015), the organlsatlon has Implemented Its recommendatlons where relevant In these flnanclal statements. Flnanclal Results At the end of the financlal year the company has assets of £9,105,716 (2024 £4,512,399) and Ilabilltles of £753,044 (2024 £259,697). The net assets of the company have Increased by £4,099,970. The free reserves of the charitable company, as deflned by the charlty SORP, Is consldered to be £510,712 (2024 - E42,923). Dlre¢tors The directors who served throughout the flnanclal year, except as noted, were as follows., Mr Marcus Ishenvood (Chalrperson) Mrs Geraldlne Keys (Vlce chalrperson) Mrs Glencla Mcllwalne (Secretary) Mr Matthew Bell Mr Robert Brady Mr Pete Campbell Mr Stephen Donnelly Mr 8arry McElduff Mrs Kathleen McGread Mr Errol Thomp50n In accordance with the Artlcles of Assoclatlon, the dlreciors retire by rotatlon and, belng eligible, offer themselves for re-election. The secretary who served durfng the financial year was: Mrs Glenda McIlwalne Page 15
ma hEnt rita rise C Guarantee DI CTOR th finan NN AL REPORT ear end in ar 2025 Compllance wlth Sector-wlde Legislatlon and Standards The company engages pro-actlvely wlth leglslatlon, standards and codes whlch are developed for the sector. Omagh Enterprlse Company Llmlted subscrlbes to and Is compliant wlth the followlng.. The Companles Act 2006 The Charltles (Northern Ireland) Art 2008 The Charltles SORP (FRS 102) Auditors The auditors, CavanaghKelly, (Chartered Accountants) have Indlcated thelr willlngness to contlnue In office In accordance wlth the provlslons of SectSon 485 of the Companles Act 2006. Approved by the Board of Dlrectors on 24/0612025 and slgned on Its behalf by: Mr Marcus T5herwood (Chalrperson) Trustee Mrs Geraldlne Keys (Vlce chalrperson) Trustee Page 16
Oma Enter rise Com an Charitable Com Limi Guaran STATEM for DIRECTOR IB LITIE 25 clal 31 The dlrector5 are responslble for preparlng the flnanclal statements In accordance wlth appllcable law and United Klngdom Accountlng Standards (United Klngdom Generally Accepted Accountlng Practlce). Company law requires the dlrettors to prepare flnanclal statements for each flnanclal year whlch glve a true and falr vlew of the state of affalrs of the charltable company and of the IncomSng resources and appllcatlon of resources, Includlng the Income and expendlture, of the charltable company for that year. In preparlng these financial statements, the dlrectors are requlred to,. select sultable accountl ng pollcles and apply them conslstently; observe the methods and prlnclples In the Charltles SORP (FRS 102). make Judgements and estimates that are reasonable and prudent,. state whether applicable UK Accountlng Standards have been followed, subject to any materlal departure5 d15closed and explalned In the financlal statements; and prepare the flnancial statements on the golng concern basls unless It Is Inapproprlate to presume that the charltable company wlll contlnue In operatlon. The dlrectors are responslble for keeplng adequate accountSng records whlch dlsclose wlth reasonable accuracy at any tlme the financlal posltlon of the charltable company and to enable them to ensure that the financlal statements comply wlth the Companles Act 2006. They are also responslble for safeguardlng the assets of the charltable company and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. statement of Dlsclosure of Informatlon to Audltor In so far as the dlrectors, who held office at the date of approval of these flnanclal statements, are aware: There Is no relevant audlt Informatlon of whSch the company's audltor Is unaware. and The dlrectors have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Informatlon and to establlsh that the audltor Is aware of that Informatlon. Approved by the Board of Dlrectors on 2410612025 and slgned on Its behalf by: Mr Marcus Isherwood (Chalrperson) Trustee Page 17
ma hEn se Com an ble Com an Limite Llmit Inde Li end Oma ar end Oplnlon We have audlted the flnanclal statements of Omagh Enterprlse Company Llmlted ('the charltable company,) for the year ended 3 1 March 2025 which comprlse the Statement of Flnanclal Activitles, the Statement of Flnanclal Posltion, the Statement of Cash Flows and the related notes to the flnanclal statements, Includlng a summary of slgnificant accounting pollcies. The flnanclal reporting framework that has been applled In thelr preparatlon Is appllcab1e law and Unlted Klngdom Accountlng Standards, Includlng FRS 102 "The Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland" (Unlted Klngdom Generally Accepted Accountlng Practlce). Thls report Is made solely to the charltable company's dlrectors, as a body, In accordance wlth Sectlon 65 of the Charltles Act (Northern Ireland) 2008. Our audlt work has been undertaken so that we mlght state to the charltable company's dlrectors those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslblllty to anyone other than the charStable company and the charltable company's dlrectors as a body. for our audlt work, for thls report, or for the oplnlons we have formed. In our Oplnlon the flnanclal statements: glve a true and falr vlew of the state of the charltable company's affalrs a5 at 31 March 2025 and of Its total Incomlng resources, Sncludlng Its Income and expendlture, for the year then ended; have been properly preparecl In accordance wlth Unlted Klngdom Generally Accepted ACCOUntng Practlce; and have been prepared In accordance wlth the requlrements of the Charltles Act (Northern Ireland) 2008. Basls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responslbllltles under those standards are further descrlbed In the Audltor's responslbl Iltles for the aud St of the flnanclal statements 5ectlon of our report. We are Independent of the charStable company In accordance wlth ethlcal requlrements that are relevant to ovr audlt of the flnanclal statements In the UK, includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethlcal responslbllltles In accordance with these reqLslrements. We belleve that the audlt evldence we have obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon. Concluslons relatlng to golng concern We have nothlng to report In respett of the followlng matters In relatlon to whlch ISAS (UK) requlre us to report to you where: the members, use of the golng concern basls of accountlng In the preparatlon of the flnanclal statements Is not appropriate; or the members have not dlsclosed In the flnanclal statements any Identlfled material uncertalntles that may cast slgnificant doubt about the Charltable company's ablllty to contlnve to adopt the golng concern basts of accountlng for a period of at least twelve months from the date when the financlal statements are author15ed for Issue. Page 18
Oma h Enter rise Com an Llmite Chari able Com an Llmlted b rantee ers rise C an ml 31M other Informatlon The Members are responsible for the other Informatlon. The other Informatlon comprlses the Informatlon Included In the Members, Report, other than the financlal statements and our Auditor's Report thereon. Our opinlon on the financlal statements does not cover the other Informatlon and, except to the extent otherwSse explScltly stated In our report, we do not express any form of assurance concluslon thereon. In connectlon wlth our audlt of the flnanclal statements, our responslblllty Is to read the other Informatlon and, In dolng so, conslder whether the other Informatlon Is materlally Inconslstent wlth the financlal statements, or our knowledge obtalned In the audlt, or otherwlse appears to be materlally mlsstated, If we Identlfy such materlal Snconslstencles or apparent materlal mlsstatements, we are requlred to determlne whether there 15 a materlal mlsstatement In the financlal statements or a materlal mlsstaternent of the other Informatlon. If, based on the work we have performed, we conclude that there Is a materlal mlsstatement of thls other Informatlon, we are requlred to report that fact. We have nothlng to report In thSs regard, Matters on whlch we are requlred to report by exceptlon In the Ilght of our knowledge and understanding of the Charltable cornpany and Its envlronment obtaSned In the course of the audlt, we have not Identlfled materlal mlsstatements In the Members, Report. We have nothlng to report In respert of the followlng matters In relatlon to whlch the Charfjtles Act (Northern Ireland) 2008 requlres us to report to you If, In our oplnlon: the Inforniatlon glven In the members, report Is Inconslstent In any materlal respect wlth the flnanclal statements; or adequate accountlng records have not been kept, or returns adequate for our audlt have not been recelved from branches not vlslted by us. or the flnanclal statements are not In agreement wSth the accountlng records and returns. or we have not receSved all the Informatlon and explanatlons we requlre for our audit. or Responslbllltles of Member5 As explalned more fully in the Dlrectors, Responslbilltles Statement, the dlrectors (who are also the trustees of the charltable company for the purpose of charlty law), are responslble for the preparatlon of the financSal statements and for belng satlsfled that they give a true and falr vlew, and for such Internal control as the Directors determlne Is necessary to enable the preparatlon of flnancial statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the flnanclal statements, the Dlrectors are responslble for assesslng the charltable company's ablllty to contlnue as a going concern, dlsclosing, as applicable, matters related to golng concern and usSng the golng concern basls of accountlng unless the Directors elther Intends to Ilquldate the Charltable company or to cease operations, or has no reallstlc alternative but to do so. Page 19
Oma h Enter rise Com an Charitable Com an Lim Limited uditor's Re ear ended 3 rlse C 25 Inued Auditor's responslblllties for the audlt of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material m155tatement, whether due to fraud or error, and to Issue an Auditor's Report that Includes our opinion. Reasonable assurance Is a hlgh level of assurance but 15 not a guarantee that an audlt conducted In accordance with ISAS (UK) wlll always detect a material mlsstatement when It exlsts. Mlsstatements can arlse from fraud or error and are consldered materlal If, IndSvldually or In aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basls of these financlal statements, The extent to whlch our procedures are capable of detectlng Irregularltles, Includlng fraud Is detalled below.. Irregularltles, Includlng fraud, are Instances of non-compllance wlth laws and regulatlons. The objectlves of our audit In respect of fraud are to assess the risk of materlal mlsstatement due to fraud, deslgn and Implement approprlale responses to those assessed rlsks and to respond approprlately to Instances of fraud or suspetted fraud Idenlifled durlng the course of our audlt. However, the prlmary responslblllty for the preventlon and detectlon of fraud rests wlth management and those charged wlth governance of the charltable company, In Identlfylng and assesslng rlsks of materlal mlsstatement In respect of Irregularftles, Includlng fraud and non-compllance wlth laws and regulatlons, our procedures Included the followlng: We obtalned understanding of the legal and regulatory requlrements applScable to the charitable company's flnanclal statements and consldered the most slgnlflcant are the Charlties Act (Northern Ireland) 2008, Flnancial Reportlng Standards (FRS102) and Charlty SORP; We have assessed the rlsk of materlal mlsstatement of the flnanclal statements, Includlng risk of materlal mlsstatement due to fraud and how It mlght occur by holdlng dlscusslons wlth management and those charged wlth governance,. We enqulred of management and those charged wlth governance as to any known Instances of non-compllance or suspected non-compllance wlth laws and regulatlons; Understandlng the Internal controls establlshed to mltigate rlsks related to fraud or non-compllance wlth laws and regulatlons. and Dlscussions amongst the audlt engagement team regardlng how fraud mlght occur In the flnanclal statements and any polentlal Indlcators of fraud. As part of thls discusslon, we Identified the followlng potentlal areas where fraud may occur: tlmlng of revenue recognltlon and management overrlde, The audlt response to rlsks Identlfied Included., Revlewlng the flnanclal statements disclosure5 and testlng to supporting documentatlon to assess compliance wlth the relevant laws and regulatlons above; Performing analytlcal procedures to Identlfy any unusual or unexperted relationshlps that may In(Jlcate rlsk of materlal mlsstatement due to fraud; Page 20
h Enter arl abl rlse Com an om an Llml tee h En li In addresslng the rlsk of fraud through management overrlde of controls, testlng the approprlateness of Journal entrSes and other adjustments, assesslng whether the Judgements made In maklng accountlng estlmates are reasonable and evaluatlng the buslness ratlonale of any slgnlflcant transactions that are unusual or outslde the normal course of buslness. A further descrfptlon of our responslblllties for the audlt of the flnanclal statements Is located on the Flnanclal Reportlng Councll's webslte at Www.froCg.u_k£9L101torr&sp.Orn5l_tr)lLlt1£5. Thls descrlptlon forms part of our audltor's report. Use of our Report Thls report Is made solely to the charltable company's members, as a body, In accordance wlth sectlon 65 of the Charltles Act (Northern Ireland) 2008. Our audlt 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 permltted by law, we do not accept or assume responslblllty to anyone other than the charltable company and the charltable company's members as a body, for our audlt work, for th15 report, or for the Oplnlons we have formed. Mr. Ryan "ThcA (Sen alls For and on behalf of CAVANAGHKELLY Chartered Accountants and Statutory Audltors 36 - 38 Northland Row Dungannon Co, Tyrone BT71 6AP Statutory Audltor) Date: 2410612025 Page 21
Ln LnN eJfJt i ovr,(o
TATEME FIN Note 2025 2024 Flxed Assets Intanglble Flxed Assets Tanglble Flxed Assets Investments 3,776 8,329,440 250 8 333 466 2,306 4,174,223 250 4 176 779 io li Current Assets Debtors Bank and Cash 12 156,934 615 316 772,250 98,234 237 386 335 620 Credltors: Amounts falllng due wlthln one year 13 (753 044J_. Q259,697)_ Net Current Assets Total Assets Less Current Llabllltles 8,352,672 4,252,702 Net Assets Is 8 352 672 4 252 702 REPRESENTED BY: Unrestrlcted funds Restrlcted funds Total Funds 16 16 16 2,331,179 6,021,493 8 352 672 2,237,687 2,015,015 4 252 702 The notes on pages 25 to 36 forrn an Integral part of the flnanclal statements. The flnanclal statements were approved and authorlsed for Issue by the Members on 241061202S and slgned on thelr behalf by: r Marcus Isherwood (Chalrperson) Trustee Mrs Geraldlne Keys (Vlce Chalrperson) Trustee Page 23
ma ited Gu Ll ran STATEMENT Mar sfr Net movement In funds Adjustments for: Amortlsation Depreclatlon Interest recelvable and slmllar Income 4,099,970 493,509 1,230 20,761 20,924 4,117,117 508,808 Movements In worklng capltal: Movement In debtors Movement In credltors Cash generated from operatlons (58,700) 493 346 434,646 (8,773) Cash flows from Investlng actlvltles Interest received Payments to acqulre Intanglble assets Payments to acqulre tangSble assets Net cash generated from Investment actlvltles 4,844 5,625 (2,700) (2,700) (4,175,977). (634,487) (4,173,833) (631,562) Net (decrease)/lncrease In cash and cash equlvalents Cash and cash equlvalents at l Aprll 2024 Cash and cash equlvalents at 31 March 2025 377,930 237,386 615 316 (109,505) 346 891 237,386 Page 24
Li It TEST For TH ear FIN STA ed 31 March 2 EM I, GENERAL INFORMATION Omagh Enterprise Company Limited Is a charitable company Ilmlted by guarantee Incorporated In Northern Ireland, In the event of the charitable company belng wound up, the liabillty In respect of the guarantee Is Ilmited to £1 per member of the charltable company. The address of the reglstered offlce Is as shown on page 2. The charltable company constltutes a publlc beneflt entity as deflned by FRS 102. The flnanclal statements are stated In É sterling whlch Is the functlonal currency of the charltable company, 2. ACCOUNTING POLICIES The followlng accountlng pollcles have been applled conslstently In deallng wlth Items which are consldered materlal In relation to the charltable company's flnanclal statements. 2.1 statement of Compllance The flnanclaS statements have been prepared In accordance wlth Accountlng and Reportlng by Charltes.. Statement of Recommended Practlce (SORP) appllcable to charltles preparlng thelr flnanclal statements In accordance with the Flnancial Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) effectlve I January 2019 (Second Edltlon), the Flnancial Reportlng Standard applScable In the Unlted Klngdom and Republlc of Ireland (FRS 102), the Charltles (Northern Ireland) Act 2008 and the Companles Act 2006. 2.2 Basls of Preparatlon The flnanclal statements are prepared on a golng concem basls under the hlstorlcal cost conventlon unless Otherwlse stated in the relevant accountSng pollcy. Hlstorlcal cost Is generally based on the falr value of the conslderatlon glven In exchange for assets, 2.3 Income and Endowments (l) Charltable ActSvltle5 Income from charltable actlvltles Includes Income received under contract or where entitlement to grant fundlng Is subject to specific performance condltlons. It Is recogni5ed as earned as the related servlces or goods are provided. Grant Income Is recognlsed Sn the Statement of Flnanclal Actlvltles when recelvable. Grant Income included In thls category provldes fundlng to support projects and Is recognlsed where there Is entltlement, certalnty of recelpt and the amount can be measured wlth sU1Clent re5iablllty. Page 25
rise Com ited uaran ee TE or CIAL 2. ACCOUNTING POLICIES (Contlnued) 2.4 Income and Endowments (Contlnued) (11) Donatlons and Legacles Donatlons and Legacy Income Include Incomlng resources from glfts, donatlons and grants and Is recognlsed In full In the Statement of Flnanclal Actlvltles when recelvable. Actlvltles for generatlng funds are commerclal actlvltles whlch are recognlsed as earned when the related goods and servlces are provlded. Expendlture Expendlture Is recognlsed when a Ilablllty Is Incurred. Contractual arrangements and performance related grants are recognlsed as goods and servlces are 5upplled. Where costs cannot be dlrectly attrlbuted to a partlcular headlng, they have been allocated to attlvltles on a basls conslstent wlth use of resources, Staff costs and overhead expenses are allocated to actlvitles on the basls of staff tlme spent on those attlvltles. (l) Charltable Actlvltles Thls comprlses all the resources applled by the charltable company In undertaklng Its work to meet Its charltable objectlves, Charltable actlvltles wlll Include the costs of governance arrangements which relate to the general runnlng of the charltable company. {11) Ral$lng Fund5 Thls comprlses all the resources applled by the charltable company for all fundralsing actlvltles, events and non-charitable tradlng actlvlties, (111) Support Costs Support costs Include the central office functlons such as general management, payroll admlnlstration, budgetlng and accountSng, Informatlon technology, human resources and flnanclng. 2.6 Fund Accountlng The charltable company has two types of funds for whlch It Is responslble at the year end.. Unrestrlcted Funds Funds whlch are expendable at the dlscretlon of the Dlrectors in furtherance of the objettlves of the charltable company. In addltlon, funds may be held In order to finance capital Investment and worklng capltal. Restrlcted Funds Monles received for speciflc purposes. Such purposes are wlthln the overall alms of the charltable company. Page 26
ter ble rise Com an ite b Guara NOTE FINAN TE h202 tin or 2. ACCOUNTING POLICIES (Contlnued) 2.7 Reserves Reserves are needed to bridge the timlng gap between spending and recelvlng of income and to cover unplanned temporary shortfa115 In Income should they arlse. Holdlng adequate reserves safeguards the provlsion of our servSces In the event of unexpected signSflcant financlal pressures. The trustees conslder that the Ideal level of reserves would be three months expendlture plus total Ilabllltles at year end, 2.8 Property, Plant and Equlpment and Depreclatlon Property, plant and equlpment are Inltlally recorded at cost. Cost Includes the original purchase prlce, costs directly attrlbutable to brlnglng the asset to Its worklng condltlon for Its Intended use, dlsmantllng and restoratlon costs and borrowlng costs capltallsed. An Increase In the carrylng amount of an asset as a result of a revaluatlon, Is recognlsed In other recognlsed galns and losses, unless It reverses a charge for Impalrment that has prevlously been recognlsed as expendlture wlthin the statement of flnanclal activltle5, A decrease In the carrylng amount of an asset as a result of revaluatlon, Ss recognlsed In other recognlsed galns and losses, except to whlch It offsets any prevlous revaluatlon galn, In whlch case the Ioss 15 shown wlthln other recognlsed galns and losses to the statement of financlal artlvlties. Depreclatlon Is provlded at rates calculated to wrlte off the cost less resldual value of each asset over Its expected useful life, as follows: Fixtures and flttlngs 200/0 Reduclng balance Computer Equlpment 250/0 Reduclng balance Freehold Property 40/0 Straight Ilne Plant and Machlnery 200/0 Reduclng balance 2.9 Intanglble flxed assets other than goodwlll Intang5ble assets acqulred separately from a buslness are recognlsed at cost and are subsequently measured at cost less accumulated amortlsatlon and accumulated Impalrment losses. Intangible assets acqulred on buslness comblnatlons are recognlsed separately from goodwlll at the acqulsltlon date where It Is probable that the expected future economlc beneflts that are attrlbutable to the assel wlll flow to the entity and the fa5r value of the asset can be measured reliablyi the Intanglble a55et arlses from contrattual or other legal rlghts; and the Intanglble asset Is separately from the entity. Amortisatlon Is recognlsed so as to write off the cost or valuatlon of assets less thelr resldual values over thelr useful Ilves on the followlng basls: Software 250/0 Straight Llne Page 27
Oma h Enter ritable rise om an Limite Limited b TO THE FINA 31M L STATEMENT on ued 2. ACCOUNTING POLICIES (Continued) 2.10 Taxatlon As a charltyi the charltable 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 hlghly Ilquld Investments with orlglnal maturlties of three months or less and bank overdrafts. Bank overdrafts are shown wlthln borrowlngs In current Ilabllltles 2.12 Crltlcal ac¢ountlng estlmates and Judgements In the appllcatlon of the Charltable company's accountlng pollcles, the Trustees are requlred to make Judgements, estlmates and a55umptlons about the carrylng value of assets and Ilabllltles that are not readlly apparent from other sources. The estlmates and assoclated assumptlons are based on hlstorlcal experlence and other factors that are consldered to be relevant. Actual results may dlffer from these estlmates, The estlmates and underlylng assumptlons are revlewed on an ongolng basls, Revlsions to accountlng e5tlmates are recognlsed In the perlod In whlch the estlrnate Is revlsed were the revlsSon affects only that perlod, or In the perlo(J of the revlslon and future perlods were the revlslon affects both current and future perlods. Crltlcal Judgements In applylng the entity's accountlng pollcles There are no crltlcal Judgements In applying the company's accountlng pollcles. Crltlcal accountlng estlmates and assumptlons There are no accountlng estimates In applylng the company's accountlng pollcles. 2.12 Flnanclal Instruments (l ) Flnanclal assets Baslc flnancial assets, Includlng trade and other recelvables, cash and bank balances and amounts owed by related partles and are Inltially recognlsed at transattlon prlce, unless the arrangement constitutes a financlng tran5actlon, where the transactlon Is measured at the present value of the future recelpts discounted at a market rate of Interest. Such assets are subsequently carrled at amortlsed cost uslng the effectlve Interest method. At the end of each reportlng perlod flnanclal assets measured at amortlsed cost are assessed for objectlve evldence of Impalrment. If an asset Is Impalred the Impalrment loss is the difference between the carrying amount and the present value of the estlmated cash flows dlscounted at the asset's original effectlve interest rate. The impalrment loss 55 recognlsed In proflt or1055. If there Is decrease In the Impalrment loss arislng from an event occurrlng after the Impairment was recognised, the Impalrment 5s reversed. The reversal Ss such that the current carrying amount does not exceed what the carrylng amount would have been had the Impairment not prevlously been recognised. The Impairment reversal Is recognlsed in proflt or loss. Page 28
ma hEnt rise Chari able Com an Li Guar ee ES TO THE FINANCIAL arch 2025 2. ACCOUNTING POLICIES {Contlnued) Flnanclal assets are derecognlsed when (a) the contractual rlghts to the cash flows from the asset expire or are settled, or (b) substantlally all the risks and rewards of the ownershlp of the asset are transferred to another party or (c) despite having retalned some slgnlflcant rlsks and rewards of ownershlp, control of the asset has been transferred to another party who has the prartlcal abSllty to unllaterally sell the asset to an unrelated thlrd party wlthout Smposl ng addltlonal restrlctlons. 2.12 Flnanclal Instruments (contlnued) (11) Flnancial Ilabllltles 8aslc flnanclal Ilabllltles, Includlng trade and other payables, bank loans and overdraft5 and amounts owed to related partles are Inltlally recognlsed at transactlon prlce, unless the arrangement constitutes a flnanclng transactlon, where the debt Instrument Is measured at the present value of the future recelpts dlscounted at market rate of Interest. Debt Instruments are subsequently carrled at amortlsed cost, uslng the effectlve Interest rate method, Fees pald on the establlshment of loan facllltles are recognlsed as transactlon costs of the loan to the extent that It Is probable that some or all of the facillty wlll be drawn down. In thls case, the fee Is deferred until the draw-down occurs. To the extent there Is no evldence that It Is probable that some or all of the faclllty will be drawn down, the fee Is capltallsed as a pre-payment for Iiquldlty servlces and amortlsed over the perlod of the faclllty to whlch It relates. Trade payables are obllgatlons to pay for goods or servlces that have been acqulred In the ordlnary course of buslness from suppllers. Accounts payable are classlfled as current Ilabllltles If payment Is due wlthln one year or les5. If not, they are presented as non-current Ilabllltles. Trade payables are recognlsed Inltlally at transattlon prlce and subsequently measured at amortlsed cost uslng the effectlve Interest method, Flnanclal Ilabilltles are derecognlsed when the IlabllSty Is extlngulshed, that Is when the contractual obllgatlon Is dlscharged, cancelled or expires. (111) Offsettlng Flnanclal assets and Ilabllitles are offset, and the net amounts presented In the flnanclal statements when there Is a legally enforceable rlght to set off the recognlsed amounts and there Is an Intentlon to settle on a net basls or to reallse the asset and settle the IlabS1ity sl multaneously. Page 29
h Enter Charltabl ited Al Ll ES TO THE FIN TA h20 ENT 2. ACCOUNTING POLICIES (Contlnued) 2.13 Penslon and other post retlrement obllgatlons The charltable company operates a defined contrlbution penslon scheme whlch Is penslon plan under whlch fixed contrlbutlons are pald Into a penslon fund and the charltable company has no legal or construttlve obllgatlon to pay further contrlbutlons even If the fund does not hold sufficSent assets to pay all employees the benefits relatlng to employee servlce In the current or prlor perlods. Contrlbutlons to deflned contrlbutlon plans are recognlsed In the Statement of Flnanclal Actlvltles when they are due. If contrlbutlon payments exceed the contrlbutlon due for the servlce, the excess Is recognised as a prepayment. 2.14 Employee Beneflts The cost of any unused hollday entitlement Is recognlsed In the perlod In whlch the employee's services are recelved. Termlnatlon benefits are recognlsed Immedlately as an expense when the Company Is demonstrably commltted to termlnate the employment of an employee or to provlde termlnatlon beneflts. Page 30
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ma Enter rlse Com abl Com Ited ri Ited b an ee EN 5. Net Income/(expendlture) for the year Net Income/(expenditure) Is stated after charglng/(credltlng): 2025 2024 1,230 20.761 394 20,530 2,546 6,825 Depreclatlon on tanglble flxed assets Profit/loss on foreSgn currencles Audltor's remuneratlon 6,825 6. Investment Income 2025 2024 Bank Interest 4,844 5,625 7. Staff costs and employee beneflts The total staff costs and employee benefit5 for the reportlng perlod are analysed as follows: 2025 2024 Wages and salarles Penslon cost 376,749 333,059 405,976 360 490 One employee recelved employee benefits of between £90,000 and £IOO,000 during the year (2024., (Mie employee r1v einployee tnefits of betw&n £80,000 and £90,000). The average number of persons employed by the charltable company durlng the year was 13 (2024.. 13). Member's Remuneratlon The Members recelved nor walved any remuneratlon or any other benefits durlng the year and no relmbursements of expenses Incurred, 9. Zntanglble Flxed Assets Development costs Total Cost At l Aprll 2024 Addltlons At 31 March 2025 24,357 24,357 27,057 27,057 Prov151on At l April 2023 Charge for the year At 31 March 2024 22,051 1,230 23,281 22,051 1,230 Carrylng amount At 31 March 2025 At 31 March 2024 3,776 3,776 2,306 Page 33
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Om rise Com om an Li an ited ee 11. Investments other Investments Total Cost At 31 March 2025 250 250 Net Book Value At 31 March 2025 250 250 At 31 March 2024 250 250 12. Debtors 2025 2024 Trade Debtors VAT Prepayments and accrued Income 21,895 114,269 20,770 156,934 36,963 55,575 5,696 13. Credltors: amounts falling due wlthln one year 2025 2024 Trade credltors Accruals and deferred Income Other credltors Taxatlon and soclal securlty costs 94,613 595,511 47,277 15,643 753 044 187,772 11,146 46,541 14,238 259,697 14. Reserves Revaluatlon Reserve Funds Total At l Aprll 2024 Surplus for the flnanclal year At 31 March 2025 240,288 4,012,414 4 099 970 8 112 384 4,252,702 4 099 970 8,352,672 240,288 Page 35
Oma hEn Charltabl r rlse Corn an Liml an Llmlted b nte OTE TOT IAL tlnu 15. Analysls of net assets Unrestrlcted Funds Restricted Total Funds Funds Total Funds 2025 2025 2025 2024 Intanglble Flxed Assets Tanglble Flxed Assets Investments Current Assets Current Llabllltles 3,776 6,509,223 3,776 8,329,440 250 139,358 772,250 (630,864). (753,044J. 6,021,493 8.352,672 2,306 4,174,223 250 335,620 1259 697J. 4,252,702 1,820,217 250 632,892 1122,1801 2,331,179 16. Analysls of funds Openlng Balance Income Expendlture Transfer Funds Closlng Balance Revaluatlon Reserve (Nate 15) Capltal Grants Levelllng Up Fund Restrlcted funds 240,288 240,288 1,741,727 33,000 2,015,015 4,014,067 2,237,687 909,478 4,014,067 5,755,794 25,411 (2,759) 6,021,493 2,759 2.331,179 4,830 (4,830) (818,745) Unrestrlcted funds Total Funds 4,252 702 4,923,545 823,575) 8,352,672 Transfers have taken place from reslrlcted funds to unrestrlcted funds whlch relate to restricted expendltLJre Included wlthln u nrestrlcted funds In the prlor year. Capltal Grants Thls was grant fundlng recelved for the development of rental unlts. Levelllng Up Fund Thls Is fundlng recelved for the development of a webslte for the charlty. 17. Contlngent LSabllltle$ Grant fundlng was secured from the Department for Levelllng Up Houslng and Communltle5 and the Department for Communltles for the regeneratlon of the former Omagh Health Centre into an Enterprise and Innovation Digi-Hub. Under the terms of the grant The Secretary of State holds the rights to any asset created under the funded actlvities until 31 March 2032. The Trustees do not consider that a prov15ion Is required at the year end. Page 36
Oma hEn er ri ted Gua Lim Oma orm IR Page 37
Oma h Enter rise Com an Limited Charitable Com Limlted b Guarantee Supplementary Informatlon relating to the flnancial statements Operating Statement For the financial year ended 31 March 2025 2025 2024 Property Income Faclllty Use Income Business Development Income Income 531,103 118,474 255 057 904,634 513,313 94,992 257 863 866,168 Cost of generatlng funds Wages and salarles Staff penslon scheme costs Programme costs Travelllng and entertalnment Llght, heat, and power Rates and water Insurance 214,785 17,410 85,658 20,225 66,079 7,984 213,240 16,763 63,146 23,821 59,438 6,006 424,922 407,840 Gross surplus 479,712 458,328 Expenses Wages and salarles Staff deflned contrlbutlon penslon costs Rates Insurance Llght and heat Health & safety Repalrs and malntenance Prlntlngi Postage and stationery Advertlslng Telephone Computer bureau costs Legal and professlonal Consultancy fees Accountancy Audltor's remuneratlon Bank charges Bad debts (Surplus)/deflclt on exchange Canteen Staff trainlng General expenses Sub5criptlons Depreclatlon 161,964 11,817 229 12,470 11,631 119,818 10,668 150 2,750 8,647 1,544 49,247 39,363 3,248 9,745 18,186 68,513 47,336 279 8,854 11,605 3,915 2,726 6,825 1,274 1,314 2,162 525 6,825 1,115 2,546 20,787 2,840 979 3,810 14,547 200 2,747 4,816 393,823 325,880 Mlscellaneous Income Bank Interest 4,844 5,625 Net surplus/(deflcit) 90,733 138,073 Page 38
Oma hEn ri Charltab ecom om an Llml Liml b Guarantee Supplementary Informatlon relatlng to the flnanclal statements Restrlcted Income For the financial year ended 31 March 2025 2025 2024 Capltal Grant Income 4 014 067 4,014,067 355 436 355,436 Expenses Computer bureau costs Arnortlsatlon 3,600 4,830 Net surplus 4,009,237 355,436 Page 39