Craigavon Industrial Development Organisation (a company limited by guarantee) Report of the trustees for the year ended 31 March 2023 The Trustees. who ate also the directors of th¢ company for the purpose of the Companics Act 2006, present their Tep)rt with the fmancial $tatements of th¢ group and parent Cornp￿y for the year etmled 31 March 2023. The Info￿ation with respect to the tn￿tee4 senior management and advisers sel wt on page I fornvts part of this report. Thc finan¢iai stat¢m¢nts comply with current statutory r¢quiremenS including the Charitie5 Act (Northem Ireland) 2008 and subsequent amendments, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006, the charity'5 Trust Dee(L Accounting and Reporting by Charities.. Statement of Recommended Practice applicflblc to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (issued in October 2019) applicable in the UK and Republlc of ITeland. Our purpose and activities Craigavon Industrial Development Organisation {"CIDO") 15 committed to encouraging and assisting business enterprise for the benefit of the local economy. The mission statement of the company is &8 follows: 'To encourage innovation. in¢ubat¢ and a¢c¢lerate lo¢al business for the good and growth of the lo￿1 ¢conomy.' tNBtZ (Nl) Ltd is cu￿tty domiant. CIDO (Management) Limited I¢￿S units within the Enterprise Centre at Carn Industrial Estate, Portadown which are owned by its parent company. Public benefit statement As well as having a general charitable purpose, the specific purposes of CIDO are the promotion for the public benefit of urban and rural regeneration within the Borough of Craigavon and its environs (thc "area of benefit"), being an area of social and economic deprivation, by all or any of ihe following means: (i) (li) The relief of povety in such ways as may be thought fit. The relief of unemployment in such ways as may be thought fiL including assistanu to find employment. The advanc¢meDt of education, training or retrainin& parti¢ularly among unemployed people, and providin8 unemploycd people with work cxpcrience: The provision of financial assistance, iechnial assistanrx or busin￿$ advice or consultancy in Order io Provide trainirlg and employment opportunitie5 for unemployed peopk in cases of f￿ancIal or othercharitable need through h¢lp'. (i) in setting up their own business. or {ii) w existing businesse5; To impTQV¢ employment by the provision of workspacc, buildings andlor land for use on favourable terns: The protection or conservation of the environment. (iv) (v) (vi) The public benefits that flow from the purpose of urban and rural regenerntion are: (i) The creation of employmenl training and wotk experience opporttmities for residents living in economically and socially deprived areas and consequently a reduction in poverty. unernployment and hardship. leading to a better quality of life for the beneficiaries and consequent improvements in health and well-bein8' Enhanced knowledge about setting up and running small buSine￿e8 resulting in increased levels of self- employment and better prospects of sustainable development: Increased levels of knowledge and transferablc vocational skills among employees I work experience trainees, assisting in the creation of a more educated, skilled and qualified comrnunity" A greatsr sense among the beneficiaries of morc fulfilled and purposefijl live5, Tesulting in a safer. more stable and cohesive community" Increased potential for innovation and progres4 creating a mor¢ dynamic and prosperous 50riety' Enhanced awareness and adoption of techniqu￿. processe5 and practices that r¢du¢e fossil fuel ¢onsumption, promote energy efficiency and reducc Consumption of non-recyclablc mar¢rials. leading to reduced ha￿ to the environment and healthier aJ)d more plusurable surroundings. (li) (iv) (v) (vi) Craigavon Industrial Development Organisation (a Company limited by guarantee) Report of the trustees for the year ended 31 March 2023 (continued) These benefits can be evidenced in records kept by various agencies of the number of jobs and work cxpericnce opportunities ¢reated and the nurnber5 of those who havc succc55fully completed training courses. Evidence Cr￿ a150 be found in independent evaluations of the activities of enterprise agencie5 c4rried out by funding bodies community survcys of living 5tsndards and attitudes and in environmental research findings. Some private benefit is obtain¢d by the owners of $mall busin<8ses who rent units on favourable tctms. but this is ancillary to the main purpose and is 8reatly outweigbed by the gains in public benef No hann ariscs from these purposes. Our vision is that major social change in Northem Ireland is greatly assisted through investing in and developing a growing private se¢tor cconomy. When CIDO was forn)ed many years ago, it was in the face of unprecedented economic and political difficulty. and while pK)litically the challenges are different today for our region, economically the challenge5 ahead are equally significant. We do not fund our not for profit activities through donations, rathcr we scek io senernte fimds from our commercial operation5 and deploy thos¢ funds for our charitable puw. AII CIDO'S trustees are voluntary and receive no fees. Aehievenxents and perforniance including f￿anCial revlew The company 15 limited by guarant¢¢ and 8overned by its Trust Deed and Memorandum and Article5 of Association. It is recognised as a charity by HM Revenue & Customs. The company was granted charitable status with effect from 28 April 2005. The company successfully completed registration with Charity Commission Northern Ireland on 19 November 2015. Th¢ company has two wholly owned non-charitable subsidiarie4 fNBIZ (NI) Ltd and CIDO (Management) Limited. collectively refrrred to hereafter in this report &8 CIDO. The report and consolidated fmancial statements for the year ended 31 March 2023 rel&tc to the tothl activities of the above legal ¢ntitie$. Ruults and perfomanc¢ The net incoming resource for the group for the year is £95.994 (2022: £137,823) and total reserves at 31 Mar¢h 2023 were £3.387.482 (2022: £3.291.488). R¢stri¢ted res¢rv¢s totsl £1,573,24412002.. £1,587.255). The trustees consider the results of the charitable company for the year and the fmancial position of th¢ Charity at the year end to be satisfactory. INBIZ (Nf) Ltd The charitable company's wholly-owned trading subsidiary carries oul non-charitable trading activities for the charity. Inbiz (Nl) Ltd has not carried out any non