Craigavon Industrial Development Organisation (a company limlted by guarantee) 13 Consolidated Statement of Financial ActRvities (including the eODsolidated income and expenditure account) for the year ended 31 March 2024 Unreslrieled funds Restricted funds Totsl funds 2024 Unrestricted funds Regtricted funds Total funds 2023 Notes Income Income from generated funds Activities for generating funds: Rental and seryice charge income Income from charitable activities- 101,525 IOlJ25 99,953 99,953 Rental and service charge income Programme income Conference room hire and other services 58J.481 581,481 31 J27 13.905 532,327 532,327 56,994 16,855 31J27 56,994 13,905 16,855 Other income: Other sundry income Tolal Ineome 26,916 723,827 26,916 755,1 $4 3,526 652,661 3,526 709,655 31J27 56,994 Expenditure Charitable activities 528203 166 125,161 653J64 166 491,906 132 121,623 613,529 132 Costs of rdising ndS Total expenditure Net incomel (expenditure) and net movement in funds for the yevdr Tax on net resources 528 J69 125,161 653,530 492,038 121,623 613,661 195,458 (93.834) 101,624 160,623 (64,629) 95,994 12 Net incomel(expeDditure) before transfers Transfers between fimds 195,458 (79,586) (93,834) 79,586 101,624 160,623 (50,618) (64,629) 50,618 95,994 18119
Craigavon Industrial Development Organisation (a company limited by guarantee) 15 Consolidated and company Balance Sheet as at 31 March 2U24 Group 2024 Group ?_n23 Con)pany 2024 Company Tr*Otes Fixed assets Tangible assels Investments 14 1421,154 2.514,353 2.421,154 2,514,353 15 2,421,154 2.514.353 2,421.158 2.514,357 Current assets Debtors Casli ai bank ld I]¢id 16 34.978 1,17SOOI 1209.979 33.701 9R,745 986,446 33,462 1,174,970 1,208,432 32,371 952,742 985,113 Creditors: 2mounts f4111ng due wAthln one ear Net current assets 17 141587 I,(K+6,845 3,488,003 3,488,003 113009 872,104 3,386.461 3,386.461 1,067,952 3,489,106 3,489,IlJ6 873,129 3,387,482 3.387,482 Total assets less eurreDt liabilities Net assets The funds of the charily: Unrestricted income funds 18 1.930,110 lJ58,996 3,489,A06 .814,238 1,573.244 3,387,482 1.929,007 1.558,996 3,488,003 1,813217 1,573,244 3,386,461 Restricted income fimds 19 Total funds These fllMncial ststements have been prepared in xcordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies. ancial stal¢m¢nts w¢r¢ approved by th¢ bs)ard ¢yn 24 Octobcr 2024 ard ww¢ Jisned on its behèlf by: Mr J E Moore Chairman and director Blane rman and dlreetor Vice Craigavon Industrial Developmenl Organisatio Registered number: N1017745 HIRc Charity number: XR84334 CC.NI: NIC102848 Th¢ notes on pages 17 to 29 torni part of these financial statcments
Craigavon Industrial Development Organisation (a company limited by guarantee) 16
tatement of Cash Tr'lows and Consolidated Statemellt of Cash Flows for the year ended 31 March 2024 Group 2V24 Group 2023 Company 2024 Company 2023 Reconclllatlon of net movement in funds to Det eash flow from operating aclivilies Net movement in funds 101,624 123,586 95,994 116,114 (179} 101,541 123,586 98,133 116,114 (179) Add back d¢pTcciation charge Less profit on disposal Deduct interest income shown in inve1Thg activities (Increas¢YdecT¢as¢ in dcbtors (Decreaseyincrease in creditors Cash used in operating activities Cash flow8 from investing activities terest received (19,142) (1277) 28,710 233.501 (19,142) (1,090) 28,578 233,473 (10.505) (24,595) 176.829 (11,372) (24,136) 178,560 19,142 19,J42 Proceeds from sale of fLxed assets Purchase of tangible fixed assets Cash used in investlDg a¢tiviti¢8 Cash flows from flnanclng Attlvltles Repayment of borrowing Cash used in financing activities 500 500 (30J87) (11345) (197,368) (196,868) (30J87) (11245) (197,368) (196,868) Increasel(decrease) in cash and cash equlvalents In the ear Cash and cash equivalenls at the beginning of the ear Total 5h and cash equlvalenls at the end of Ihe ear 222 222 28 952 745 972 784 952 742 971050 175 001 952 745 1174970 952 742 Group 2024 Group 2027 Compvdny 2024 Company ?.n?.q Analysis of cash balances Cash at bank and in hand .175,001 952,745 1,174,970 952,742 Tlie iiotes oli pages 17 to 29 foiin p1 of fitwiGial Stat¢Cnts
Craigavon Industrial Development Organisation (a company limited by guarantee) 17 otes to the financial statements for the year eDded 31 March 2024 Statutory information Craigavon Industrial DeY¢lopment Organisation (CIDO) is a charitable company, limited by guarantee. registered in Northern Ir¢land. The company's r¢gistered number, charitv number and regis*red office address can be found on page l. Th¢ presentation cu)T¢n¢y of the fu)an¢ial statements is Pound Sterling (£). The level of rounding is £l. Aeeounting policies The principal accounting p)licies which have been applied consistently throughout the year are set out below. Basis of preprdration of the finanelal statements The consolidated fmancial statements have been prepared on the going concern basis under the historical cost convention and in accordance with Charities Act (Northern Ireland) 2008 and subsequent arnendments. The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006, the charity's Trust Deed, Arxounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rcpublic of Ircknid (FRS 102) (issucd lll OctobcA 2019). CIDO meets the defmition of a public benefit entity under FRSIO2. Bg9ig of ¢on$olldgtlon Thc3c fman¢ial atat¢mcnts of Crai8avon Indu3trial Dcvclopm¢nt Organijation {CllJ)) con501idate the results of CIDO and its wholly owned subsidiaries Clt)O (Management) Lirniled and INBIZ INI) Ltd. Intra 0UP transactions and balances are eliminated on consolidatN)n. A separate Statement of Financial Activities and Income and Expenditure account for CIDO is not presented, as CIDO has taken advantage of the exanptions afforded by Section 408 of the Companies Act 2006. In accordance with ihe provisions of s398 of the Companies Act 2006 the cornpany elected to prepare the group accounts as the 'annual accounts, for filing purposes with Companies House. Going concern After reviewing the charity's forecasts and projKtions. the tTUSt¢es have a reasonable expectation that the charity has adequate Tesour¢cs to continu¢ in opcrational cxistence for the foreseeable future. The Charity therefore continucs to odopt the going concern basis in preparing its financial statements. Tanglble fixed assets Tangible fixed assets are stated at ¢ost l¢ss accumulated depreciation. The cost of tangible fjxed assets is their purch&se cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values over the ¢xp¢cted useful ¢conomic lives of the assets con¢ern¢d. Th¢ prlncipal annual rates used aT¢ a5 follows: Long leasehold and freeId buildings Planl, equipment, ftureS & vehicles straight line basis 10 - 20 straight line basis The depreciation charg¢ comtnences whcn the a55et is fjrst brought inlo use. The cost of frcchold land is not depreciated. Interest costs directly attributable to the wn5truction of tsngible fixed assets are capitalised gro&s of tax relief during the period of onstruction and written off as part of the total cost of the asset over its expected use1 economic life. Inveslments rix¢d ass¢t inv¢sttnents are stated at their purchasc cost less any provision for impairnienL Investment income is included in the statement of fin8ncial activities on an basig. Financial instrnmeDts The charity only has financial assets and liabilities of a kind that qualify as b&sic financial instnm)ents. These are initially recolIsed ai Eransactlon value and subsequenTly valued at their seulemeni value.
Craigavon Industrial Development Organisation (a company limlted by guarantee) 18 Notes to the financial statements for the year ended 31 March 2U24 Debtors Short terni debtors are measured at transaction pri, le&8 impainnent. Cash at bank and in harnd Cash at bank and in hand includes cash and short t¢rn) highty liquid investm¢nts with a maturity of1¢ss than three months from the date of deposit. Creditors Creditors are re¢ognised where the charity has a present obligation resulting from a event that will probably r¢$ult in the transf¢T of fUndTr tu a third party and th¢ amount duc tu th¢ obligalioii can b¢ measured or estimated reliably. Leased assets Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a "flnance lease" The asset is recorded in the balance she¢t as a tangible fed asset and is depreciated over its ¢stimotod usefiAI economi¢ lif¢ or th¢ terni of the leoge, whichever is shorter. Futur¢ iostaiments under Buch 16aso$, n¢t of fance charges, are included within creditors. Rentals payable are apportioned betsyeen the fmance elemenl which is charged to the Statement of Financial Activities and the capital element which reduces the outstsnding obligation for future instslments. Rentals under operating leases are charged to the &atement of Financial Activities &8 incurred. Deferred taxaiion Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more in the future or a right to pay less tax in the fvture have occurred at the balance sheet date. A net deferred t&x &sset is recognised as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable tsxable profils from which the future reversal of the underlying timing differences can be deducted. Deferred tsx is measured at the average tax rates are expected to apply in the peri(Mts in which the timing differences are expected to reverse based on tsx rates and laws that have been enacted or substantively enacted by the balance sheet date. D¢ferr¢d tax is measured on an undiscouni¢d basis Income Income is recognised when the charity has legal entitlement to the funds, any perfonnance conditions attached to the items are mei, it is probable that the income will be rerxived and the amount can be me&8ured reliably. Grnnts Income from Government and other granty whether '¢apitsl' grants or 'revenue' grdtits is recognised wh¢n th¢ charity has cntitlcmcnt to thc fund8, ttny pcrfnrniftncc conditiDn8 attllchcd to thc gr[ts have becn mel it is probabl¢ that th¢ income will be r¢c¢ived and the amount can be m¢asur¢d reliably and is defetred. Renlal and servlce eharge Income Income from rentsls and service cbarges are credited to the Ststement of Financial Activities during th¢ relevant period ofthe lease. Other income Voluntary incomq pro8ramme income. otTice services and other income are iluded in full in the Statement of Financial A¢tiviti¢s when elpt is probabl¢ and the amount ¢an be measured reliably. Fund accounting The company has various types of funds for which it is resWnsi1e and which require separate disclosure. Definitions of the various types of fund5 are as follows:
Craigavon Industrial Development Organisation (a company limited by guarantee) 19 Notes to the financial statements for the year ended 31 March 2V24 Restricted funds Funds received which are earn]arked by the donor for specific purposes. The board may? at their discretiOT4 repurpose unrestricted funds to restricted funds. Such pUryS are within the Ovall aims of the charity. Unr£stricted funds Funds which ate expendable at the discretion of the Iee5, in fitrance of the objects of the charity. In addition to expenditure on projects and other activities, such funds May be held in der to finance capital inv¢slment ond working capital. Irrecoverable VAT Any TeCOVerable VAT is charged io the Statement of Financia] Activities or capitalised part of th¢ ¢ost of the related asset whcr¢ appropriate. Expenditure All expenditure, includin8 3UPPOrt cost4 IJ CoUnt¢d for on an accnmls basis thd ho3 bccn clossifiod undw h¢odin8s that agwsoto all costs related to the catgory. Where costs cannot be direc(ly attributed to particular headings they have been allocated to activities on a basis consist¢nt with use of the resources. Staff costs and ov¢rhead expenses ar¢ allocated to activities on the basis of staff time spent on those activili¢s. Cost of ratslng thnds The cost of raising funds includes all costs aSslated with generating income fiTh all sour¢es other than from undertaking Charitable aetivities Chwitabl¢ octivities expenditure comprises thosc ¢03ts incurrcd by thc ¢harity in the delivery of its a¢tiviti¢$ and s¢rvi¢¢s for its beneficiaries. It includ¢s IK)th costs thal ¢an be allocated directly t) such adivities and those costs of an indirect nature necessary to support them. CovernAnce c&qt Governance Costs include expenditure on administration of the charity and compliance with constitutional and statutory requirements, and an appropriate apportionment of indirect costs. Support Costs Support costs include the central office fundions such &8 general rnanagemenL payroll administration. budgeting and accounting, inforniation technology, human resources and financing. These have been allocated tocharitable activities, costs of g¢n¢rdling fun(k and gov¢rnanc¢ costs on a basi5 con5iSt¢nt with th¥ u¥¢ Ordi¥ resources. Pension eosts Thc company opcrntc3 a d¢fin¢d wntribution pension gchemc for the b¢n¢fit of thos of its pernianent wishin8 to participate. The &ssets of the scheme are administered by an insurance company in personal pension plans and ar¢ h¢ld independently from those of the company. The c05t of funding the dered contr11tion scheme is chE¢d ¢0 the Statement of Financial Activities as incurred. Critical aceountlDg judgements gnd key souroes ofestimation uncertAinty Estimates and judgements are required when applying accounting policies. These aT continually evaluated and are based on historical ¢xp¢ri¢n¢¢ and oth¢r fa¢tors. including ¢xpcdations of futur¢ ¢v¢nts th& are believed to be r¢asonable Under the circumstances. The company makes estimas and assumptions concerning the future, which can involve a high degree of jud8ement or complexity. The resulting accounting estimt*tes will. by defmition. se.Idorn e.qllAI the. related actu&l re8ll.ts. The estimates and assumptions that have a significant risk of lls1ng a material adjustment to the carying amounts of as%ets and liabilitics within th¢ n¢xt finanGial ycar arc addrcsscd bclow:
Craigavon Industrial Development Organisation (a company limited by guarantee) 20 Notes to the financial statements for the year ended 31 March 2U24 Useful economie lives of tangibk assets The annual depreciation charges for wigible &ssets is sensitive iu iti dic estimated us¢ful economi¢ lives and Tldual values of the assets. The usefijl economic lives and residual values are re-asSSed annually. They are amended when necessary to Teflect current estimates, based on technological advancemenl tUre itivestments, economic utilisation and the physical condition of th¢ assets. S¢c note 14 for the carying amount of the &ssets. and aiy)ve for the use1 economic lives for each class of ass¢t. Programme income 2024 2023 Enierprise Nonhern Ireland 31J27 56,994 Other iDcome 2024 2023 Bank interest receivable 19,142 2,535 Solar Panel Payments InsurÉmce cloim 3,096 430 Consultancy incom¢ Ten5ll)tq mi8cellaneou.q 1,222 4.017 Total other incoming resourees 26,916 3,526
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Craigavon Industrial Development Organisation (a company limited by guarantee) 24 Notes to the financial statements for the year ended 31 March 2024 10 Employee information 2024 2023 Group and company Staff Costs: Wages and salaries Social security costs Employer's contributi(m to defined o)ntribution pension scheme Employee benefits 256,930 20278 9,9J5 4161 291,284 253.262 20,603 9,104 4,519 287.488 Number Number The average monthly number of persons employed by the eompany and group (including trustees) dllring the year by activity was: A(Iministration One employee received remuneration betweeD £60.000 and £70,IXIO (excluding employer pension costs) in the year (2023.. 1 employee). The total amount of employee remuneralion to key management personnel was £18?.710 (2023: £142.332). 11 Trustees, emoluments 2024 2023 ¥mulum¢nis Company pension contributions to money puh schemes Ex-gratia payment on retirement No trustees have inCUd expenses on behalf of the charity and retirement benefits are not a¢¢rning to any trustee in either There were no 8ifts to trnstses durin8 the year (2023: £Nil).
Craigavon Industrial Development Organisation (a compally IiD]ited by guarantee) 25 Notes to the financial statements for the year ended 31 March 2024 12 Tax oll net resources 2024 2n23 Current tax: UK corporation tax for the year at 250/0 (2023: IIP/.) Totsl current tsx Deferred tax Accelerated capital allowances and other timing differences Effect of changes in t&x rate Tot91 deferred t9X Tax on net income The tax assessed for the vear is different to the main rth of corporation tax in the UK for cornpanies of 250/0 (2023.. 19tr/0). The dlfferences are explalned below.. 2024 2023 Net Income 101,624 25,406 95,994 18,239 Net income multiplied by the applicable companies rate in the UK of 250/0 (2023: I/tr) Eftects of: Net non taxable expenses Current tax charge for the year (25,406) (18,239) The company is r¢gi$tered as a charity, and as such is entitl¢d to ¢¢rtain tax e.¥¢mptions on income and profits from inv¢51m¢nts, and surpluses on any trading activities Caled on in furtherance of the charit)'s primary objectives, if these profits and surpluses are applied solely for charitabk purposes. The charity is registered for VAT and accordingly. all its expenditure is recorded net of any VAT incurred. The company has tax losses of £305,500 (2023: £305,500) available for offsd against future taxable profits. A deferred tax asset iivl brxii If¥VWllbrd iti rr2+yr¥l vf Ivbbf2+ ai ilirir fulutr Ir¥vv¢try A) wibrilaiii. It will bc A"c81]iSed wli¢n, oil th¢ basis of all available evidence, it can be regarded &s more lthely than not there will be suitable taxable profits from which the futhre reversal of the underlying timing difference can be deducte 13 Net income for the year Of the net income for the fmancial year a swplus of £101,541 (2023: £98.133) is dealt with in the fmancial statements of the parent charitable company.
Craigavon Industrial Development Organisation (a eompany limited by guarantee) 26 Notes to the financial statements for the year ended 31 March 2024 14 Tangible assets Long leasehold land 2nd buildings Centre I Long leasehold land and buildings Centre 11 IA>ng leasehold land and buildings 12 Centre Free1Id land and buildings Centre 111 Plant, equipment. rJxture5 & vehicles Group and eompany Totgl Cost At l April 2023 Additions 615271 7.375 927.664 904,827 16.801 (IA ??$) 905.403 2,046,162 3,798 (6.176) 2,043,784 389.945 2.413 4.883.869 30,387 (22.401) 4,891,855 Disposals At 31 March 2024 622,646 927,664 392J58 Aceumulated depreciation At l April 2023 Charge for the year Eliminated on disposal At 31 Mgrch 2024 431,751 22,512 563,431 18,682 479,$93 18,428 (16225) 481,796 561,684 52,135 (6,176) 6V7,64J 333,057 11,829 2,369,516 123,586 (22,401) 2,470,701 454,263 $82,113 344,886 Net book amount At 31 March 2024 168J83 34S551 364,233 423.607 1,436,141 47,472 2,421,154 At 31 March 2023 183,520 425,234 1,484,478 56,888 2,514,353 The cost of long leasehold land and buildings at 31 Nlarch 2024 iludeS long leasehold land amounting to £35,996 (2023: £35,996) and £71,450 (2023: £71,450) for Centre I ond Centre Il. resF*Ctivety and £321,415 (2023: £321,415) for 12 Centre. The cost of freehold land and buildings at 31 Marth 2024 in¢ludes freehold land amounting to £138,750 (2023: £138:750) for Centre Ill. The net book value of plant. equipment frureS and motor vehicles includes £Nil (2023: £Nil) in respect of assets held under hire purchase agreemenL 15 Investments Company 21124 Investh]ent in CIDO (Management) Limited at cist Investment in fNBIZ (Nl) Ltd at cost CIDO (Management) Limited and INBIZ (Nl) Ltd are 10(P/o owned subsidiaries incorpornted in Northern Ireland with a registered office addrcss a5 p¢r ClI)O, registration nurnb. N1020441 andN1034187 respectively and accounting periods cnding on 31 March. At 31 March 2024 CIDO (MaDagem¢nt) Limited had net &gsets of £1.104 (2023: £1,022) and Inbiz (Nl) Ltd of £2 (2023: £2). For the year ended 31 March 2024 CIDO (Management) Limited %enerdted turnover of £101,526 (2023: £99,953) and incuzred expenditure of £167 (2023: £133) resulling in a net profit aftcr tax of £101.359 (2023: £99.820). INBIZ (NI) Lid did not trade during either year and generated neither a profit Thor a loss.
Craigavon Industrial Development Organisation (a company limited by guarantee) 27 Notes to the financial statements for the year ended 31 March 2U24 16 Debtors Grnup Company 2024 2023 2024 2023 Trade debtors 14227 20,751 34,978 11.684 22,017 33,701 12,711 20,751 33,462 10.358 22,013 32,371 Prepayments and accTu¢d income 17 Creditors: amounts falling due within one year Group Cumpxny 2024 2023 21124 2023 Trnde. r.Te.ditnrs 31,683 26,459 25,179 25.364 62.774 111.317 31,683 26,459 83,445 25.179 25.364 62,466 i i i,nn9 Other tsx and social security Accruals and (kferred iicome 142,027 Bank security in the forni of f4 red legal charge over the Company's and group's property at Carn Industrial Estate, Portadown, an all mLmiC2 dcbcnturc over the proputy. asscts and revenues of thc group and a cross guarantee from a subsidiary company are Tr.eld. 18 Unrestrieted fllnds TraD&f¢rs from reslrlcted fund Balance l Aprll 2023 Other fund transfers Balance 31 March 2024 Group Ineome Expenditure General funds 1,814238 723,827 {528J69) 14348 (93,834) 1,930,110 Transfers from restricted fund Balgnee l April 2023 Other rund ¢raTrsfers Balance 31 March 2024 Company Income Expendlture General funds 1,813217 723a79 (528303) 14348 (93,834) 1,929,007 Wlthin unr¢sl¢a fiinds Is a Developmeni Fund of £75Q.Q(M) whlch Is Idenrlfled by the Board io speciflcally mcct thc charity's objectives over the next three years. Progress against the Dev¢lopment plan is monitored and reviewed at each Board meeting.
Craigavon Industrial Development Organisation (a company limited by guarantee) 28 Notes to the financial statements for the year ended 31 March 2024 19 Restricted funds Balanee l Aprll 2023 Transfers to general fund Other fund transfers Balance 31 March 2023 Group and company Income Expenditure Capital fimd Programme fun(ts 1373,244 (14248) 1.558,996 31 J27 31J27 (125,161) (125,161) 93.834 93,834 l J73244 (14248) IA58,996 The capital fund consists of fid5 received for the puhase of fixed assets which ar¢ transferred to unrestricted funds when expended and then released io general llmds over the relaied asse useful lifc. Programme funds include contributions from EnteIse Northern Ireland for the Go Su¢¢eed Programme, Exploring Enterprise, ENI Loan Fund, and Enterprise Pathways. 20 Contingent liabilities There is a contingent liat,ility to repay certain government grants received und¢r the tern)s of letters of offer from Invest N.l. and the tkpartment of Communities. In the opinion of the trustees the terms of the letters of offer hai'e been complied with and tto 103S is cXpcct4. 21 Anatysis of ner assets between funds Unrestricted funds Restrlcted funds Total funds Group Fund balances at 31 Nthrch 2024 are represented by: Tangible fjxed assets Net current assets 870,701 1,059,409 1,930,110 1,550,451 2,421.152 1,067,954 3,489,106 Total net assets 1.558,996 Uorestricted fullds Restricted fulds Total funds Company Fund balances at 31 March 2024 are represented by: TAn8ihle fixeAI Aisetg Net current assets 870.701 1.058,306 1,929,007 1.550.451 8,545 lJ5&996 2,421,152 1,066,851 3,488,003 Total net assets
Craigavon Industrial Development Organisation (a Company limited by guarantee) 29 Notes of the financial statements for the year ended 31 March 2U24 22 Related party disclosures and ultimate Controlling party There is no ultimate controlling paty. The cbaritable company bas taken advarltsge of the exemption, provisioned of FRS 102 and has not disclosed in its consolidated accounts any transactions or balances between group entities which have been eliminated on consolidalion. Detsils on the subsidiaries in¢lud¢d within th¢ ¢onsolidation are disclosed atNot¢ IS. 23 LRYdbility of members Craisavon ]ndustrial D¢velopmont Cksanitton 18 a ¢(MnpaDy limit•d by Buax4nt¢e. The liabilty of the monber5 is bmited to an amount not exceeding £1. 24 Auditor's jiability limitstion agreement On l May 2024 the trustees, on bebajf of Ibe company> entered into a limited liability, agreement with their auditors. The auditors liability is limited to an amount whicb is considered fair and reasonable. Ths has been disclosed in line with ompany leglslarlon.