Charity Registration No. NIC102034 Company Registration No. N1017565 (Northem Ireland) ENTERPRISE CAUSEWAY LTD (being a company limited by guarantee and not having a share capital) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
ENTERPRISE CAUSEWAY LTD CONTENTS Page Charlty Information Trustees, report Independent audilorf8 report Staternent of financlal acllvities 10-11 Balanc8 sheet 12 Slalement of cash flows 13 Notes to the flnanclal statements 14-28
ENTERPRISE CAUSEWAY LTD LEGAL AND ADMINISTRATIVE INFORMATION Chalrperson Mrs F Lundy Trustees Mr J Armstrong Mr P Ha5$0n Dr K Hutchinson Mr W Kennedy Mrs F Lundy Dr M McKinnoy Mr E Montgomery Mr P M¢Laughlin Ms Clare Sugden (Appoinled 24 March 2023) Secretary Mrs J Taggart Charlty number NIC102034 Company number N1017565 Reglstsred office 17 Sandel Village Knocklynn Road Colgraine BT52 1 Auditor Moore (N.1.) LLP 30-32 Lodge Road Coleralne 8TS2 1 N8 Bank8r8 Ulster Bank Limited 30 The Dlamond Coleraine Co. Londonderry 8TS2 1 DP Danske Bank Donegall Square West Belfast BT1 6JS Sollcltors Macaulay Wray LLP 35 New Row Colerainè Co Londonderry BT52 1AH
ENTERPRISE CAUSEWAY LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their report and tlnancial slalernenls for Ihe year ended 31 March 2023. The financial statements have been prepared in accordanco wlth Ihe accounting policies set out In note 1 to the financial statements and comply with the charity's Memorandum and ArtIGles and Association, the Cornpanies Act 2006 and "Accounting and Reporting by Charllles., Statement of Recommended Practice applicable to charitles preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and RepubliG of Ireland {FRS 1021 (effecllve 1 January 2019)" Objoctlvas and a¢tivities Vlslon statement 'A safe place where you can explore, launch and grow your buslness and that's not changing, We are passionate about provldlng the best support for our clients through collaborating with others. Our vision of success is your suc¢6ss- we succeed when you succeed., Mlsslon ststement To enable individuals and busin8sses lo achiev8 their enterprSse potentlal. strat&glc prlorltles Encouraging Enterprlsing People. Creallng Innovative workspace solutions Bullding Business Capacity. Princlpal actlvltles The principal activity of the company continued to be that of promollng the eslabllshment of small businesges which will give employment In the area. There were no slgnlficanl changes to these actlvlties during tho year.11 is proposed that the relalned surplus of £280,152 Is transferred to reserves. Aim8 and obJe¢tlves Th8 aim of the company is to enable individuals and businesses to achi8ve Ihelr potentlal by providing a gUPPOrt structure where enterprise is inspired and nurtured by 811 or any of the following means.. The provision of financial a5S13tan¢e, technlc81 asslstance or buslness advice and consultancy In order to provide training and employment opportuni118s for th8 8conomirAlly Inactlve In cases of financial or other charitable need through help in setting up their own business or supporting the groW(h and developrnent of 8xisling businesses; The creation of training and self-8mploymenl opportunllles by the provlslon of workspace and the provlslon of bulldlngs or land or both for use on favourablè grounds., The advancement of educatlon, training ar retraining particularly among unemployed and the economically Inactive, youth and women: Th8 reli8f of unemployment In such ways as may be thought fit including assistance In setting up in buslness., and - The rellef of povety In such a way as may be thought flt. How our charlty benaflts the publi¢ Our activities provide beneflt to the publie by. Providing opportunity for entrepreneurship; Providing opportunity for education., Providing opportunity for employment- Providing opportunity for conllnued personal development via our training. seminars and conferences., Co-operating and neorkIng with other public benefit groups., Bringing wealth into the local economy to relieve poverty, both personal and common- and Improving wellbeing and citizenship by dealing with the dlsadvantaged.
ENTERPRISE CAUSEWAY LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢hlevements and perforniance Charitable activities delivered and achieved by Enterprise Causeway Ltd for this perlod include: 137 indlviduals supported to start up new businesses 4 Exploring Enterprise training courses delivered targeting the economically inactive population 1,400 young people supported in enterprise aclivitles through Causeway Business Education Partnership 269 female enlrepreneurs supported vla International Woman's Day celebrations 101 microbusinesses engaged In Funding for Growth masterclasses 121 f8male entrepreneurs attended th8 new Coffee & Connect neIorkIng instiative 27 delegates attending the North Coast Digital Collective, an initiative to engage and support buslnesse$ working In the digital creative geclor 103 businesses provided with low Cost, easy-ln, easy-oul workspace accommodation 90* designer makers supported through our social enterprlse project, 'The Designerl&' 2,500 engaged in CommunityArts Outreach Programme Awarded Best Social Enlerprlse of Year and Leader af the Year al Social Ent8rprise Northern Ireland awards Flnancial revlew The key funding Sources for thls reportlng perlod that enabled the dellvery of the organisation's strategic prioritie¥ In¢lud8'. Enterprise Nl R8nt81 income from the organisation's propety base The Arts Council Causeway Coast & Glens Council - SEUPB .DFE -DFC The Honourable The Irish Society The results for the year are set out on pages 10 and 11, The company return8d net income for the year of £280,15212022 - £130,606). At 31 March 2023 the total funds of the charity amounted to £2.025,S22 {2022 £1,745,370} comprising unrestricted income funds of £912,62812022 - £880,103), unreslrlcted designated funds of £419,389 (2022- £449,903) and regliicted funds of £693,50512022- £415,364). Reserves pollcy The Trustees recommend that the net incom8 of £280,152 (2022 - £130,606) be added to the total Income fund brought forward, The relevant fund now has a balance of £2,025,522 {2022 - £1,745,370}. The Trustees consider that the yaar-end cash balance of £208,458 wlll ba m¢r8 than sufficient to meet the ongoing operating costs and capilal requirements of the company. Plan$ for the future The future plans of thè company are as follows.. To continue to provide help In the way of advice, training and mentorfng to start-up businesses and exlsllng buslnesses., To continue to make premises available for businesses ta operate from; To continu8 lo promote enterprise to the education sector creating awareness of self-employment as a potentEal career option., To Continue to benefit from being part of a larger collective called Enterprise Nl; - To continue 5UPPOrting female entrepreneurship across Causeway Coasl & Glen5 region., - To continue 5UPPOrting the Dlgital Creative sector across Causeway Coast & Glens; To provide a route lo market for local designer makers through The Designerie. - To launch the Bushmills Courthouse in Q2 2024- To contlnue delivery on a Communily Arts Education Programme for the benefit of Causeway Coa51 and Glens region. To launch joint venture with Ralhmullln Development Trust to support social innovatian
ENTERPRISE CAUSEWAY LTD TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Taxatlon The company is a charity (Charity No NIC102034) and is recognised as such by HM Revenue and Customs for taxation purposes, As a result there is no liability lo taxation on any of ils income. Structurei governance and management Enterprise Causeway Ltd continues to operate as a nol-for-profil charitable organisalion with Company Llmited by Guarantee slalus. The organisalion is govemed by a Board of Trustees, comprising of 10 in total, The Board adminlsters the charity and normally meels bi-monthly. The Chief Executive, Jayne Taggart. is appointed by the Trustees to manage the day-to.day operation5 of Ihg charity. To facililale effective operalions, the Chlef Executive has d8legaled authority, wilhin terms of delegatlon approved by the Trustees, for operational matters including finance, ernploymenl and performance related aclivily. Pay and remuneration for key management personnel are reviewed annually in June and remuneration Is based on scope of responsibllilies and market value. Comparisons sought wllhln the wider LEA network, SENI {Soclal Enterprlse for Nl} and C03 - a membership organisation for Chief Officers of the 3rd Sector. Naw dir&ctOfS ara briefed on their legal obligations under charlly and company law, Ihe content of the Memorandum and Articles of ASSO81[0n, the commtttee and decislon maklng process, the strategic prlorllles and recent financial parfomiance ol th8 charity. They are free to discuss any Issue wlth other current dlreclors or key employees. Directors are encouraged to attend any appropriate external tralnlng events where these wlll facllltale the undertaking of thelr role. This provid8s an und8rstandlng of what Charity Trust8eship entails and the responsibilities and duties that go wllh that posilion.11 is planned lo lacllilale Ir8lning on Good Governance, The Charilies Act 2008 and the rèsponsibilities of DlreClorsrUStees In relatlon to Ihls leglslatlon In 2023. The registeied office of the company Is 17 Sandel Vlllage, Knocklynn Road, Coleralne, Northern Ireland, 8T52 1. The company reglslralion number Is N1017585. The Truslees, who are also the dlreclors for the purpose ofcompany law, and who served during the year and up lo the date of signature of the financlal statements were: Mr J Armstrong Mr P Hasson Dr K Hutchinson Mr W Kennedy Mrs F Lundy Dr M McKinney Mr E Montgomery Mr P McLaughlln Ms Clara Sugden {Appo5nled 24 March 20231 Appolntlng of trustees At every General Meeting of Enterprise Causeway Ltd, one thlrd of the Trustees shall retlre from offic8, representlng those who have been in longest offlce slnce thelr last electlon. A retiring Twslee shall b& eligible for re.election, The Trustees have the power at any time and from tim&tO¥time to appoinl any person to be a Iruslee. Related partles and Cowoperatlon with other organisatlong None of our trustees receive remuneration or other benefit from their work with the charity. Any connection beeen a trustee or senior manager of the charity with any related parties must b8 disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year any such related party transactions are reported In note 24 to the accounts.
ENTERPRISE CAUSEWAY LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 statement of Trustees. responslbllities The Trustees, who are also the directors of Enterprlse Causeway Ltd for the purpose of company law, are responslble for preparlng the Trustees, Report and the financlal statements in accordance wilh appllcable law and Unlled Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requlres the Trustees to prepare financial statements for each financial year which glve a true and fair view of the stale of affairs of the ¢harily and of the Incoming resources and application of resources. Includlng the Income and expenditure, of the charitable company for that year. In preparlng these financial statements. the Trustees are required to: select suitable accounllng pollcies and then apply them consislently; observ& the methods and prlnclples In the Charities SORP; make ludgemenls and esllmates that are reasonable and pnjdent; state whether appllcable UK Accounllng Slandaids have been followed, subject to any material departures dlsclosed and explained In the financial statemenl8', and prepare th8 financlal slalements on the golng concern basls unless It Is Inapproprlate to presume that the charlty wlll continue in operallon. The Trustees are responslble for keeplng adequate accountlng records that dlsclose wlth reasonable accuracy at any lime the financlal position of the charity and enable them to ensure that the flnancial slalements comply wlth the Companles Act 2006. They are also responsible for safeguarding the assets of the charlty and hence for laklng reasonable steps for the preventlon and detection of fraud and Other irregularities. Audltor In accordance wllh the company's artlcles, a resolution proposlng that Moore {N.I.I LLP be reappolnted as audltor of th8 company will be put at a General Meeting. D16closure of Informatlon to audltor Each of the Trustees has confimed that there Is no infomiation of whlch they are aware whlch Is relevant to tha audit, bul of whlch the 8udllor Is unaware. They have fvrther ujnfirmed that they have taken approprlale Steps to identify such relevant Information and lo establish that the audltorls aware of such informallon. The Trustees, report was approved by the Board of Trustees. Mrs F Lundy Trustee Dated: 18 December 2023 VLLL-S
ENTERPRISE CAUSEWAY LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENTERPRISE CAUSEWAY LTD Oplnlon We have audll@d the financial statements of Enterprise Causeway Ltd (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities. the balance sheet, the slalement of cash llows and the notes to the financial statements, includlng a summary of significant accounting pollcies. The financial reporting framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standards. Including Financial Reporting Standard 102 The Flnancial Reporting Standard applicable in th8 UK and Republic of Ireland (Unlted Klngdom Generally Accopted Accounllng Practice). In our opinlon, the financial statements.. givo a true and fair view of the slate of the charltable company's affalrs as al 31 March 2023 and of Its Incoming resources and application of resources, Including ils income and expendlture, for the year then ended., have been properly prePad In accordance with United Klngdom Generally Accepted Accounting PraclirA', and have been prepared in 8ccordance wrth the requirements of the Companies Act 2006. Bag19 for opinion We conducted our audit in accordance wllh International Standards on Audlling (UK) (ISAS (UK)) and appllcable law. Our re$ponslbllllles under thos8 standards are further des¢rlb8d in the Auditorfs responslbllitles for the audit of the financlal statements seclion of our report. We are Indep&ndent of the charity In accordance with the ethical requlrements that are relevant to our audit of the financial statements In the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other elhlcal responsibilities In accordance with these requiremenls. We believe that the audit evldence we have oblaSned Is sufficient and appropriate lo provid& a basis for our opinlon. Conclusions relatlng to golng ¢oncern In auditlng the financial stat8menls, we hav8 concluded that the Trustees, use of th8 going concern basis of accounting in the preparallon of the financial statements Is appropriate. Based on the work we have p&rformed, w8 have not idenllfled any m8lerlal uncertalnli8s relating to events or conditions that, Indlvldually or collectively. may casl slgnlficant doubt on the Charity's ability to contlnue as a g0Sng concem for a p8ri0d of at least tsvelve months from when the financial slatem8nts ar8 aulhorised for Issue. Our responsibilities and thè responsibllitles of the Trustaes with respect to going concern are d83cribed In the relevant sections of this report. Other Infomiation The other informatlon comprlses the Informallon included In the annual report, other than the financlal statements and our auditor's report Ihereon. The Trustees are responsible for the other information contained within Ihe annual port. Our opinion on the financial statements does not cover the other information and, except to the extent otherwlse explicitly slated In our report, we do not eXp$S any form of assurance concluslon thereon. Our responsibllity Is to read the other information and, In dolng so, consider whether the other infofmation is materially Inconsistent with the financial statements or our knowledge obtaingd in the audit or otherwise appears to be materially misslaled. If we idenlify such material inconsistencies or apparent material mlsstalements, we ara required to determine whether the is a material misstatement in the financial statem&nts or a material mis51alemenl of the other Information. If. based on Ihe work we have performed, we ¢on¢lude that Ih8ra is material misstatement of Ihis other infomiation, we are requlred to report that fact. We have nothing to report in Ihls regard.
ENTERPRISE CAUSEWAY LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ENTERPRISE CAUSEWAY LTD Oplnions on other matters prescrlbed by the Companies Act 2006 In our oplnion, based on the work undertaken in the course of our audit.. the information given in the Trustee5' report, which includes the dlrectors. report prepared for the purposes of company law, for the financial year for which the financlal statements are prepared is consistent with th8 financial statements., and the directors, report included withln Ihe Trustees. report has been prepared in accordance wllh applicable legal requirements. Matters on which we are requlrad to report by exceptlon In the Ilght of the knowledge and understanding of th@ charity and Its environment obtained in Ihe course of the audlt, we have not identifiéd materlal mlsslatements in the dlreclors, report included wllhin the Trustees, report. We have nothing lo report in r8spect of the followlng matt8rs in relallon to which the Companies Act 2006 requires us to report lo you If, in our opinion: adequate accounting records hav8 not been kept. or returns adequate for our audll have not been received from branches not visited by us; or the financial statèments are not in agreement with the accounting records and returns., or certain disclosurès of truslee5' remuneration specified by law are not made; or we have not received all the information and explanations we requlre for cur audit., or th8 Tiustees were not entitled to prepare the finan¢lal statements in accordance with the small companies regime and take advantage of the Small companles, exemptions in preparlng the Trustees, report and from Ihe requlrement to prepare a strategic report. Responslbllltles of Trustees As explalned more fully in the statement of Trustees, responsibilities, the Trustees, who are also the dlrectors of the charlty for the purpose of company law, are responsible for the preparallon of the financial slalemenls and for being 8alisf18d that they give a true and fair view, and for such internal control as the Trusl88s determlne Is necessary to enable the preparation of financial statements Ihal are free from matarial misstatement, whether due to fraud or error. In preparing the financlal statements, the Trusle8s are responsible for assesslng the charity's ability to continue as a going concern, disclosing, as applicable, matters related to golng concern and uslng the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or Io c8ase OP8ration$, or have no reallsll¢ alternatlve but to do so. Auditorf8 respon8lbllltle$ for the audlt of the flnanclal statem•nt8 Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material mlsstalemenl, whether due to fraud or error, and to issue an auditorfs report that Includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted In a¢¢ordance with ISA5 (UK) will always detect a mat8rial misstatement when il exists. Misstatements can ari59 from fraud or error and 8re considered malerial if, Individually or in the aggregate, they could reasonably be expected to Influence the 8conomlc declslons of users taken on Ihe basls of these financial statements, Irregularities, inGluding fraud, are instances of non-compliance with laws and regulations. W8 design procedures in Ilne wlth our respon5ibililies. outlined above, to detect material misstatements in respect of irr8gularilies, Includlng fraud. The extent to which our procedures are capable of delecling irregularltles, Including fraud is detailed below.
ENTERPRISE CAUSEWAY LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ENTERPRISE CAUSEWAY LTD Explanation as to what extent the audit was considered capable of detectlng Irregularlties, includlng fraud The objectives of our audit in respect of fraud, are., lo identify and assess the risks of material misstatement of the financial slalements due to fraud- lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalement due to fraud, through designing and implementing appropriate responses to those assessed risks- and lo respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibillty for the prevention and detection of fraud rests with both management and those charged with governance ofthg company. Our approach was as follows.. We oblalned an undBrstanding of the legal and regulatory requirements applicabl8 to the company and considered that the most signiflcant are the Companies Act 2006, Charities Act (Northern Ireland) 2008, th8 Charity SORP. and UK financial reporting Standards as issued by the Financial Reporting Council. We obtained an understanding of how the company compli8S Wlth these requlrements by discussions with management and those charged wllh governance. We assessed the rlsk of materlal misslalement of the financial statements, including the risk of material misstatement due to fraud and how It might occur, by holdlng discussions with management and those charged with governance. We Inquired of management and those charged wllh governance as to any known Inslances of non- compllance or suspected non-compliance wilhlgws and regulations. Based on this understanding, we designed specific appropriate audit pracedures to Identify instances of non-compliance with laws and regulations. Thls included making enquiries of management and those charged wllh gcvernance and obtalnlng additional corroborative evldence as required. As part of an audit in accordance wlth ISAS (UK) we exerGise professional judgement and malntain professional scepticlsm throughout the audll. We also: Identify and assess the risks of material misstatement of the flnanclal slatement8, whether due to fraud or error, deslgn and perform audit procedures responslve to those risks, and oblain audit evldence that 55 sufflclent and approprlale to provlde a basls for our opinion. The risk of not detecting a material misstalement resulting from fraud is hlgher than for one resulting from arror, 89 fraud may Involve collusion, forgery, intentional omissiong, misrepresentations, or the override of internal control. Oblaln an understandlng of Internal control relevant to the audll In order to deslgn audil proc8dures that are appropriate In the ¢lrcumstan¢es, but not for the purposes of expressing an opinion on the effecliveness of the company's internal control. Evaluate the appropriateness of accounting policias used and the reasonabl8ness of accounling eslimales and related dlsclosures made by thè Trusleeg. Conclud8 on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whelher a material uncertainly exists related to events or conditions that may cast Significant doubt on the charity's ability to continue as a going ¢onGgrn. If we conclude that a malerlal uncertainty exists, we are required to draw attention in our auditor's report lo the related dlsclosures In the financial statements or, if such disclosures are inadaquat8, to modify our opinion. Our conclusions are based on the audit 8videnc8 obtained up to the dale of our auditor's report. However, future events or ¢ondilion5 may Cause the charity to Cease to continue as a going Concern. Evaluate the overall presentallon, structure and contenl of the financlal statements, Including the disclosures. and whether Ihe financial statements represent Iho underlylng transactlon5 and events in manner that achieves fair presentation. A further descriptlon of our responsibilities Is avallable on the Financial Reportlng Councll's website al., httPS',11 .frc.org.ukJauditorsresponsibililies. Thi5 de5crlption forms part of our auditorfs report. We communlcale with Ihose Charged with gDvemance regarding, among other matters, the planned scope and timing of the audit and significant audit findingg, including any significant deficiencies in internal control thal we identify during our audit.
ENTERPRISE CAUSEWAY LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ENTERPRISE CAUSEWAY LTD Use of our report This report is made solely lo the charlty's members, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charity's members those matters we are required to slate to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbility to anyone other than the charlty and the charitys members as a body, for our audit work, for thls report. or for Ihe oplnlons we have formed. Dr R I Peters Gallagher OBE FCA {Senlor Statutory Audltor) for and on behalf of Moore (N.I.I LLP 18 December 2023 Chartered Accountsnts ststutoryAudltor 30-32 Lodge Road Coleralne BT52 1 NB
ENTERPRISE CAUSEWAY LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Unrestricted Restrictsd funds funds funds general designated 2023 2023 Total Unrestricted Unrestricted Restricted funds funds funds genernl deslgnated 2022 2022 Total 2023 2023 2022 2022 Notes Income and endowments from: Charitable activities other trading activities Investmenls Other income 634.721 221.498 563 39.495 418.131 1.052.852 221A98 563 39A95 676.484 214,627 25 9.791 232,626 909.110 214,627 25 9.791 Total income 896.277 418.131 1.314408 900,927 232.626 1.133.553 Ex endlture on: Charitable activities 867.954 30.515 135.787 1.034,256 904,325 30,515 68,107 1,002.947 Net incoming resources before trdnsfers 28.323 {30,515) 282.344 280.152 {3.398) (30,515) 164,519 130,606 10-
ENTERPRISE CAUSEWAY LTD STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Net incoming resources before trdnsfers 28.323 (30.515) 282.344 280,152 (3.398) (30.515) 164.519 130.606 Gross transfers between funds 4.203 (4.203) (245) 245 Net income for the yearl Net movement in funds 32.526 130.515) 278.141 280.152 (3.643) (30,515) 164.764 130,606 Fund balan5 at 1 April 2022 880.102 449,904 415,364 1,745,370 883.746 480,418 250,600 1,614.764 Fund balances at 31 March 2023 912.628 419.389 693.505 2.025.522 880.103 449,903 415.364 1,745,370 The statement Df financial actrvities includes all gains and losses recognised in Ihe year. All income and expenditure dertve from continuing activibes. The statement of financial activities also complies with the requirements for an income and expendilure account under Ihe Companies Act 2006. 11
ENTERPRISE CAUSEWAY LTD BALANCE SHEET AS AT31 MARCH 2023 2023 2022 Notes Flxed assets Tanglble assels 12 2,232,099 1,940,311 Current assets Stocks Debtors Cash al bank and In hand 13 14 43,840 200,036 208,456 39,020 137,385 231,792 452,331 408,197 Credltors: amounts lalllng due wlthln one year 17 (318,418) (198,134) Nel current assets 133,913 210,063 Total assets less current Ilabllltles 2,366,012 2,150,374 Credltors: amount8 falllng due after more than one year 18 1340,490) 1405,004) Net assets 2,025,522 1.745,370 Income fund8 Restricted funds Unrestricted funds - designated Unreslricted funds - general 20 693,506 419,389 912,628 415,384 449,903 880,103 2,026,622 1,745,370 The flnanclal statements were approved by the Trustees on 18 December 2023 Mrs F Lundy Trustee Cornpany Reglstratlon No. N1017665 12
ENTERPRISE CAUSEWAY LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operating aGtlvltle$ Cash gen8rated from operations 25 435,348 143.559 Investing activities Purchase of tangibl& flxed assets Investment income received (397,092) 663 (249.906) 25 Net ca8h used In Invo8tlng actlvltle8 1396,5291 (249,881) Flnan¢lng actlvltles Proceeds from new bank loans Repaym8nl of bank loans Payment of obligations under finance leases 110,000 (94,271) (46,203) 149,9121 118,2121 Net ¢ash usad In flnancing actlvltie8 (68,124) (30,474) Net deGrease In cash and cash equlvalents (29,3051 (138,796) Cash and cash equlvalenty al beginning of year 231,792 368,588 Cash and cash equlvalent8 at end of year 202,487 231.792 R•lating to: Cash al bank and in hand Bank overdrafts Included In credllors payabla wlthln one year 208,456 231.792 (5,9691 13
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Charity informatlon Enterprise Causeway Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 17 Sandel Villagè. Knocklynn Road. Coleraine, BT52 1WW. 1.1 Accountlng convention The finanGial statements have begn prepared in accordance wilh the charlty's Memorandum and Articles of Association, the Companles Act 2006 and "Accounting and Reporting by Charllies.. Statement of Recommended PraGIic8 applicable lo charllles preparing iheir a¢¢ounts in accordance with tho Financial Reporting Standard applicable In the UK and Republlc of Ireland (FRS 102) {effeclive 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The fSnan¢lal stat8m8nts are prepared in sterllng, which 1$ the functional currency of th8 charity. Mon8tary amounts in these fin8nclaS statements are rounded to the nearest £. The prlnclpal accounting policies adoptad are set out b810w. 1.2 Golng concem At the lime of approving the financial statements, th8 Trustees have a reasonab18 expectation that the charlty has adequate resources to contlnue In operational existence for th8 foreseeable fulura. Thus the Trustees conllnuè to adopt the going concern basis of accounllng in preparing the financlal slat8menls. 1.3 Charltable funds Unrestrict8d funds are available for use al the dlscretion cf th8 Trustees In furtherance of thelr charitable obj8clives. Deslgnated funds are unrestricted fund8 set aside at the discretion of the directors for specific purposes. Th8 designated funds for fixed assets are that part of unreslrlcted funds that r8pr8s8nts fixed assets held. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the reslricled funds are set out in the notes to the flnanclal slatemenls. 1.4 Incomlng resources All incoming resource8 8re Included in the statement of financial actlvitles when the Gharity is entllled to the income and the amount can be quanlified with reasonable accuracy and there is sufficient certainty Ihat ceipt of the Income Is considered probable. The followlng specific policies are applied to partlcular calegorles of Income, Investment Income Is Included when receivable. Incorne from charitable a¢livilie5 includes Income recognised as earned (as the related goods or services are provided) und9r GonlraGt or where entitlement to grant funding is subject to specific performance condlllons. Grant income included in ihis category provides funding to support programme activitle5 and 15 recogni5ed where the entitlement. certainly of receipl and amount can be measured with sutTicienl rellablllly. 1.5 Resources expended Expenditure 15 recognlsed on an accruals basis as a liabllity Is incurred. Fundlng provlded through contractual agreement5 and performance related grants are recognised as goods and services are supplied. Other grant payments are recognised when a constructive obllgalion arises Ihat results in the payment being unavoidable. 14-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcies IContlnued} 1.6 Tanglble fixed assets Tangible fixed assets are initially measured al cost and subsequently measured al c051 or valuation. net of depreciallon and any Impalrment losses, Depreclatlon Is recognised so as to wrlte off Ihe cost or valuallon of ass&ls le5S their residual values ovgr their useful Ilves on the following bases: Land and building5 Fixturas and fittings Motor vehicles 20/0 Straight lin& 50A . 200A straight line 250h straight line The gain or loss arising on the disposal of an asset is delermined as the dlfference beeen th8 sale pro$d$ and the carrylng value of the asset, and Is recognlsed In the statement of financial aclivilies. 1.7 Impalrmant of flxed assets At each reporting end dale, the charlty revlews the carrylng amounts of Ils tangible assets to determlne whether there 15 any indication that thos8 assets hav8 suffered an impaim18nt1055. If any such Indlcallon exists, the recoverable amounl of the asset is estimated in order to d8termine the extent of the Impalrmenl loss {if any). 1.8 Stocks Stocks are slated al th8 lower of cost and estimated selling price less costs to complete and sell, Cost comprises direct materials 8nd, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to Ihelr present location and condition. Net realisable value is the estlmaled selllng price less all estimated costs of completion and costs to be incurred in marketing, selling and dislributlon. 1.9 Cash and cash equlvalents Cash and cash equivalents includ8 cash in hand, deposits held 81 Call with banks, other short-term Ilquld investments wllh origlnal maturities of three monlhs or18ss, and bank overdrafts, Bank overdrafts ar8 shown within borrowings in current liabilllles, 1.10 Financial instruments The charlty has elected to apply the provlslons of Sectlon 11 'Basic Financial Instruments, and Section 12 'Other Financlal Instruments Issues, of FRS 102 to all of Ils financlal Instruments. Financial inslrumenls are recogniséd in Ihe charity's balance sheet when Ihe charity becomes paty to the contractual provisions of the instrument. Financial assets and Ilabilltles are offset. with the net amounts presented in lh& financial statements, when there is a legally enforceable right to set off the recognised amounts and there Is an intenllon 10 Settle on a net basis or to realisè th8 asset and settle the Ilabilily simultaneously. Basic financial assets Basic financial assets, which Include debtors and cash and bank balances, are initially measured al transaction price including transaclion costs and are subsequently carried at amortised cost using the effective interest method unlèss Ihe arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rate of interesl. Financial assets classified as reGeivable within one year are not amortised.
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollGies {Contlnuedl Baslc flnancial liabilitles Basic financial liabilllles, Including creditors and bank loans are initially recognlsed at transactlon price unless the arrangement constitutes a financing transaction, where the debt Instrument 15 measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitles classified a5 payable within one year are not amortised. Debt Instruments are subsequently carrled at amortised cost, using the effective interest rate method. Trade creditors are obllgallons to pay for goods or servlGes that have been acqulred in the ordlnary course of operations from suppllers. Amounts payable are Classified a5 current liabllitles If payment Is due within one year or less. If not, they are presented as non-Gurrenl liabililles. Trade Creditors are recognised inillally at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilablllties Financial liabllities are derecognised wh8n the charlty's contractual obligations explre or are dlscharg8d or cancelled. 1.11 Employaa benefits The cost of any unusad hollday enllllemenl Is recognised in the period In which the employee's services are received. Termlnatlon beneflts are reccgnis8d immadiately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or lo provid8 t8rminalion benefits. 1.12 Retirement beneflts Payments to d8fin8d contribution retiremanl benefit schemes are charged as an expense as they fall due. 1.13 Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the rlsks and rewards of ownershlp to the lessees. All other leases are classified as operating leasas. Assets held under finance leases are recognised as assets al the Iow8r of the assets fair value at the date of incèption and the pre88nl valu8 of th8 minimum lease payments. The related liabillly Is Included in th8 balance sheet as a finance lease obligation. Lease payments are treated as conslstlng of capital and interest elements. The interest is Charged to net Incomel(expenditure) for Ihe year. Crltlcal aGGountlng estlmates and Judgements In the appllcallon of the charlty's accounllng pollcles, the Trustees are requlred to make judgements, estimates and a5sumpiion5 about the carrying amount of assets and Ilablllties that are not readily apparent from other sources. The estlmates and assoclaled assumptions are based on hislorlcal experiencé and other factors that are considered to be relevant. Actual results may dlffer from these esllmates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods wherè the revision affects both current and future perlods. 16-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable actlvltles 2023 2022 Tralnlng courses Rents Services Room hira income Mlscellaneou5 income Grant income 64,317 S09,350 18,147 9,658 507 450,873 140,824 484.475 15.108 7.163 80 261,480 1,052,852 909,110 Analygi$ by fund Unreslrlcled funds - g8ner81 Unreslricl8d funds - designated Restricted funds 634,721 418,131 1,052,852 For the year ended 31 March 2022 Unrestricted funds - general Restricted fvnds 676,484 232.626 909,110 Other tradlng actlvltle8 Unra$trlct8d UnrestriGted funds funds general general 2022 2023 Shop sales Shop commissi¢n 179,436 42,062 188.001 48,626 Other tradlng acllvltles 221,498 214,627 17-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Investments Unrestricted Unrestricted funds funds general general 2023 2022 Bank interest S63 25 Other Incoma Unrestrfcted Unrestricted funds fvnds general general 2023 2022 Solar ROC income Solar export incoma 30,325 9,170 2,162 7,629 39,495 9,791 18-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable activitles 2023 2G22 Staff costs Depreciation and Impalrment Purchases Staff training Openlng Stock Closlng stock Tralnlng costs Repairs and maintenance Advertising and promotlons Motor and travel expenses Sub8Cflpllons Miscellaneous expenses Bank charg8S Interest on finance lease Loan interest paid Computer expenses 57,185 105,304 96,835 5.850 39,020 {43,840) 77,894 75,892 8,869 18,177 7,743 9,814 6,496 1,111 20,58S 20,110 34.517 101.128 99,336 72 33.668 (39.020) 136.722 80,940 16,056 15,063 6,172 5.906 6.237 2,293 13.223 17.752 607,04S 530.065 Share of support cosls (see note 81 Shar8 of governance costs (see note 8) 510,447 16,764 4S5,977 18,905 1,034,2S8 1,002,947 Analysis by fund Unrestricted funds - general Unreslricied funds - designated Restri¢t8d funds 867,954 30,515 135,787 904,325 30,515 68.107 1,034,256 1.002,947 19-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support Governance costs costs 2023 2022 Basls of allocation staff costs Rent and rates Light and heat Cleaning statlonery, printing and postage Telephone Insuranc8 Legal and professional S8rvirAs hired 34S.778 69,081 33,177 9.492 6.S65 21,049 21,717 3,050 538 345.778 69,081 33,177 9,492 6,565 21,049 21,717 3,050 538 298,949 Support 67,068 Support 32,255 Support 9,305 Support 7,744 Support 15,514 Support 19,646 Support 3,450 Support 2,046 Support Audit fees Legal and professlonal 5,000 11,764 5,000 11,764 4.000 Governance 12,905 Governance 510,447 16,764 527,211 472,882 Analysed beeen Charitable activities 510,447 18,764 527,211 472,882 Governance costs Includes payments to the auditors of £5,000 (2022- £4,000) for audit fees. Trustses None of the Trustees (or any persons connected with them) received any remuneration or benefits from Ihe charity during the year and nailhar w8r8 Ihey reimbursed expenses durlng the year. -20-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Employees Number of employees The average monthly number of employees during the year was: 2023 Number 2022 Number Offica and management 12 12 Employment costs 2023 2022 Wages and salarfes Social security costs Other pension costs 362,604 32,787 17,572 278,820 31,273 23,373 402,963 333.486 The number ofemployees whose annual remunerallon was £80,000 or more wore: 2023 Number 2022 Number Over £100,000 11 Taxatlon The charlty Is exempt from tax on incorne and gains falling within saction SOS of the Taxes Act 1988 or seollon 252 of the Taxatlon of Chargeable Gains Act 1992 to the extent that th850 are applled to Its charitable objects. 21
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Tangible fixed assets Land and F5xtures and Motor vghlcles bulldings f]ttlng5 Total Cost At 1 Aprll 2022 Additions 2,487.080 341.766 687,584 55,326 34,950 3,209,614 397,092 At 31 March 2023 2,828,846 742,910 34,960 3,606,706 Depreciation and impairment At 1 April 2022 Depracialion charged in the year 855,200 66,693 396,627 39,873 17,476 8,738 1,269,303 105,304 At 31 March 2023 911,893 436,500 26,214 1,374,607 Carrylng amount At 31 March 2023 1,916,963 306,410 8,736 2,232,099 At 31 March 2022 1,631,880 290,967 17,474 1,940,311 The net carrylng value of the tangible fixed assets includes the following In respect of assets held under finance 18as8 or hlre purchase contracts. The depreclallon charge In r8specl of such assets amounted to £8,738 (2022- £20,421) for the year. 2023 2022 Fixtures and fittings Motor vehlcles 163,562 17,474 8,738 8,736 181,036 13 Stocks 2023 2022 Finished goods and goods for resale 43,840 39,020 14 D8btors 2023 2022 Amounts falljng due withln one year. Trade debtors Other debtors Prepayments and accrued income 14,470 180,159 5,406 11,090 121,124 5,171 200,035 137,385 -22-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Loans and overdrafts 2023 2022 Bank overdrafts Bank loans 5.969 411,771 461,683 417,740 461,683 Payable withln one year Payable after one year 82,OS1 335,689 66.718 394.965 Amounts included above whlch fall due after five years.. Payable by Inslalments 137,232 166,588 The company's bank facilities ar8 secur8d by a fixed charg& over the leasehold property being the premises situated at and known as Killeague Housé, 17 Sandel Village, Knocklynn Road, Coleraine., leasehold 1st Legal Charge ov8r Causeway Enterprise Agency. Loughanhlll Industrlal Eslale, Coleraine, Co Londonderry 8T52 2NR,' and an all monies d8b8nlure conferrlng on the Bank, fixed and floatlng security over the property ass81s undertaklng rights and revenues (both pres8nt and fulur8J of the Borrower. There are also securities over debanlur8 charging land.. a first and only legal rnortgage over the property sltuated at Loughanhill Industrial Eslale. Coleraine and al Killeague House, 17 Sandel Vlllage, Knocklynn Road, Coleraine; and asslgnment over the Rental Income in respect of Moyle Enterprlse Agency. Kllleague House and Loughanhill Induslrlal Eslale. Th& Company has 3 current bank loans, the terms of which are as follows: 1. repayable monthly, schedulad repayment date Jan 2034, with a rate of interest of the Danske Bank Ba$e Rate plus a variable interest margln of 2.750 2. repayable monthly. sch8du18d repayment date Jan 2024. with a rate of interest of the Danske Bank Base Rate plus a variable interest margin of 2.750/0 3. repayabl& monthly, scheduled repayment dat8 July 2027, with a rale of interest of the Danske Bank Reference Rale (UK) plus a variable Interest margin of 2,475% 16 Flnance lease commltments Future rninimuffl lease payfflents due underfinance leases.. 2023 2022 Within ona year Within two and five years 6,094 5,586 19,287 11,680 11,680 11,641) 30.967 {2.716) Le55- future finance charge5 10,039 28,251 Finance lease payments represent rentals payable by the company to acquire a BMW. The average hire purchase term Is 4 years. -23-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Creditors.. amounts falling due withln one year 2023 2022 Notes Bank loans and overdrafts Obligations under finance leases other laxation and soci81 security Trade creditors Accruals 8nd deferred income 15 16 82,051 5,238 9,402 154,449 67,278 66,718 18,212 773 57,519 54,912 318,418 198.134 18 Credltors: amounts falllng due after more than one year 2023 2022 Notes Bank loans Obllgatlons under finance leases 15 16 335,689 4,801 394,965 10,039 340,490 40S,004 19 Retlrement beneflt sch8m&$ Deflnod Contrlbutlon schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of th8 scheme are held separately from those of the charity in an independently administerad fund. Tha charga lo statement of financlal actlvllles In regpect of defined contribution sch8mes was £17,572 (2022 - £23,373). 20 Re$trl¢ted fund The r8strict8d fund relates to the PEACE IV Enterprise Causeway Shared Space Creatlve Hub Prolecl. 21 Analysls of net assets bele0n funds Unrestricted Unrestricted Restrlcted funds designated fund8 funds 2023 Total Total 2023 2023 2023 2022 Fund balances at 31 March 2023 are represented by.. Tangible asset5 Current assets Long larm liabilities 1,119,20S 133,913 {340,4901 419,389 693,506 2,232,099 1,940,311 133,913 210,063 (340,490) {405.004) 912,628 419.389 693,505 2,025,522 1,745,370 -24-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 22 Flnanclal commitments, guarantees and contingent liabilities Certain grants received and re1vable may become repayable lo the funder if the Charity Is no longer able lo meet the conditions under which they were awarded. Due to the nature of these contingencies. it is not posslble to quantify the potential effect or give an indiGation of timing as to the liabilities Ihat may arise. 23 Capltal commltments At 31 March 2023 the charlty had capital commitments totalling £3,558,569, relallng to The Courthouse Bushrnills. 24 Related party transaotlons Remuneratlon of key managemont parsonn61 The key man8gemenl personnel ofthe company comprise the Truste8s and senior management team. 2023 2022 Aggregate compensallon 104,267 116,595 Transactlons wlth related partle8 During the year the charity entered Into the following transactions with related partles: Included within rents recelved Is an amount of £20,099 <2022 - £19,49n and wlthln servlces16 an amount of £1,225 (2022 - £725) paid by ATG, of which Mr Mark McKinn8y, director, Is the ownerldlreclor. for use of unlt. The balanca due in respect ofthls at 31 March 2023 was £NIL {2022- £NIL). Included within legal and professional f8es is an amount totalllng £4812022 - £96) paid to Rlada Resourcing which is owned by Mrs Frances Lundy, director. The balance du8 In respect of thls at 31 March 2023 was £NIL (2022 _ £NIL). Included within rent and rates is an amount totalling £39,000 (2022 - £39.0001 paid to Acorn The Business Centre, a company under common control, The balance in respect of this at 31 March 2023 and included In Ir8de creditors was £3,900 (2022- £3,900). 25-
ENTERPRISE CAUSEWAY LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 26 Cash generated frorn operations 2023 2022 Surplus for the year 280,152 130.606 Adlustmenls for: Investment income recognised in statement of financlal activilles Oepreciation and impairment of tangible fixed assets {5631 105,304 (25) 101.128 Movements In working capllal.. Ilncrease) In stocks {Increase} in debtors Increasel{decr6ase) In creditors {4,820) (62.6501 117,925 (5.352) (36,790) {46.008) Cash generatsd from operations 435,348 143,S59 26 Analysls of Ghang&$ In net Idebtllfunds At 1 Aprll 2022 Cash flow8At 31 March 2023 Cash al bank and in hand Bank overdrafts 231,792 (23,336) (5,969) 208,456 15,9891 231,792 (29,3051 202,487 Loans falling du8 wllhln one year Loans falling due after more than one year Obllgations und&r finance leases (66,718) {394,965) 128,251) (9,364) 59,276 18,212 176,0821 {335,6891 (10,0391 (258,142) 38,819 1219,3231 -26-