Registered number: N1017745 HMRC Charity llUber: XR84334 CCNI: NIC102848 Craigavon Industrial Development Organisation (a company limited by guarantee) Annual Report for the year ended 31 March 2024 • Wylie Ruddell
Craigavon Industrial Development Organisation (a ¢ompany limited by guarantee) Contents of the Financial Statsments for the year ended 31 March 2024 Pages Referenc¢ and administrative details of the charity Report of the Trustees Independent auditor's report 10-12 Consolidated statcincnt of fiuancial tivitIa 13-14 Consolidated and company balance sheet 15 Statement of cash flows and consolidated statement of cash flows 16 Notes to the financial statements 17-29
Craigavon Industrial Development Organisation (a eompany limited by guarantee) Reference and administrative details of the eharity rrustees, directors and members Mr J E Moore (Chairman) Mr J Blane (Vice Cbairn)an} Mr M Bell r L Foye (resigned 23 June 2023) fr J P Hagan LLB Mr A Hatch Mrs A Mawhinney Mr K O'connor (resigned 27 May 2023) Mrs E M¢Clurg OBE Dr C Neville Mr G Anderson Mr J Anderson Senior management Registered and principal office Cara Dallat (Chief Executive Officer) Con¢epta Heagney (Client Support Manager) Kirsty Walson (Project Manager) Siobhan Murray (Finance MaDager) F CIDO Innovation Centre 73 Charlestown Road Portadown Co Am)agh BT63 5PP Charity number N1017745 XR84334 NIC102848 Bankers Solicitors Ulster Bank Limited 20 High Street Portadown Co Arn]agh BT62 IYB Thompson Mitchell 12-14 Mandeville Street Portadown Co Armagh BT62 3NZ Independent auditors Wylie Ruddell Chartered Accountants & Statutory Auditors Unit 63 Arniagh Business Centre 2 Loughgall Road Amiagh BT617NH
Craigavon Industrial Development Organisation (a eDmpany limited by guarantee) Report of the trustees for the year ended 31 March 2024 The frustees. who are also the directors of the company for the purpose of the Companies Act 2006, present their r¢port with the tinancial statements of the group and parent company for the y¢ar ended 31 March 2024. Th¢ infonnation with respect to the truskes, senior management and advisers set out on page I fornis part of this report. The fin8Dcial statements cornply with cuent statutory requirements including the Charities Act (Northern Ireland) 2008 and subsequent amendments, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Companies Act 2006, the charrty's Trust Deel Accounting and Reporting by Charities: Slatement of Recommended Practice applicable to charities prepajing their accounts in accordance with the Financial Reportlng Standard 102 (issued in October 2019) applicable in the UK and Republic of Ireland. Our purpose and activities Craigavon Industrial Development Organisation ("CIDO") is committed encouraging and assisting busin¢ss enteryrise for the benefit of the local economy. The mission statement of the company is as follows: 'To encourage innovation, incubate and accelerate local business foT the go(Kl and growth of the local economy., INBIZ (Nl) Ltd was domant throughout the year ended 31 March 2024 and was dissolved on 2 April 2024. CIDO (Management) Linited units within the Entrrprise Centre at Carn Industrial Estate, Portadown which are owned by its parent company. Public benefit statement As well as having a general charitable purpos¢. the specific purposes of CIIK) are the promotion for the public benefit of urban and rural regeneration within the Borough of Crdigavon and its environs (the "area of benefit"), being an area of social and economic deprivation, b), all or any of the following means: (i) (li) (Ill) The relief of poverty in such ways as may be thought fit. The relief of unemployment in such ways as may be thought fiL including assistance to fmd etnployment. The advancement of education, training or retrainin& particularly among unemployed people, and providing unemployed people with work experieDCe' The provision ol L51tanl¢, tCLhniLaJ as513tan bubincbb advic¢ or ¢on5ultancy in ordcr to providc training and employment opportimities for unemployed people in cases of financia] or othercharitable need through help.. (i) in setting up their OWTA bllsin, or (li) to existing businesses: To improve employment by the provision of wotkspace. buildings an(Vor land for use on favourable ternis. The protection or Conservation of the environment. (iv) (v) (vi) Th¢ public benefits that flow from the purpose of urban and nal regeneration are: (i) The creation of employmenL training and work experience opportunities for residents living in economically and socially deprived are&s and cons¢qu¢ntly a reduction in poverty, unernployment and hardship. leading to a better quality of life for the beneficiaries and consequent improvements in health and well-being. Enhanc¢d knowledge about setting up and rLllming small blnesseS resulting in increased levels of self- employment and better prospects of sustainable development. Increased levels of knowledge and ITansferable vocational skills among employees I work exrIenCe train¢es, assisting in the creation of a more educatel skilled and qualified community. A greater sense among the beneficiaties of more fulfilled and puOSeI lives. resulting in a safer. more stable and cohesive cmunity- JnGrcascd sK)tcntial for innovation and progres4 crcating a more dytwnic and prosperous society. Enhanced awareness and adoption of techniques, processes and practice5 that reduce fossil fuel consumption, promote energy efficiency and reduce consumption of non-r¢cyclabl¢ materials. leading to reduced harni to the environment and healthier and more pleasurable SUJToundings. (li) (iii) (iv) (v) (vi)
C Taigavon Industrial Development Organisation (a QJMpany limited by guarAlltee) R¢port of the trustees for the year ended 31 March 2024 (continued) Th¢Se benefits can be evidenced in records kept by various agencies of the number of jobs and work experience opportunities cre9ted and the numbers of those who have successfully completed training course5. Evidence can also b¢ found in independent ev&luations of the activities of enterprise agencies CaLed out by fia]ng bodies community surveys of living standards and attithdes and in environmental research fmdings. SorDe private benefit is obtained by th¢ owners of small businesses who rent units on favourable ternis, but this is ancillary to the niain purpose and is greatly outweighed by the gains in public benefiL No haml arises from these purposes. Our vision is that major social change in Northern Ireland is great]y assisted through investing in and developing a growing private sector economy. When CIDO was fornied many years ago. it was in the face of unprecedented economic and political difficulty. and while politically the challenges are different today for our regio economically the thallcngcs ahead are equally signifjcant. We do not fimd our not for profit activities through donations, rather we seek to generate funds from our commercial operations and deploy those funds for our charttable PUTposes. AII CIDO'S trustees are i'oluntary and receive no fees. Acbievements and perfonnance including financial review The company is limited by guarantee and governed by its Trust Deed and Memorandum and Articles of Association. It is recognised &5 a charity by HM Revenue & Customs. The company was gTanted charitable status with effect from 28 April 2005. The company success11Y completed registration with Charity Commission Northern Ireland on 19 November 2015. The conipany has two wholl), owned non-charitable subsidiari¢4 INBIZ (NI) IAd and CIDO (Managernent) Limited, collectively referred to hereafter in this report as CIDO. The report and consolidated fmancial staternents for the year ended 31 March 2024 relate to the total activities of the above legal ¢ntities. Results and performan¢e The net incoming r¢SoU¢ for the group for the year is £101,624 (2023: £95,994} and totsl reserves at 31 March 2024 were £3,489,106 (2023: £3,387,482). Restricted reserves total £1.558.996 (2023.. £1.573244). The trustees consider the results of the charitable company for the year and the fmancial position of the charity at the year end to be satisfactory. INBIZ (ND Ltd Th¢ ChItable company's wholty-owned trading subsidiary caTries out non<haritsbl¢ trading activities for the Charity. tnbiz (NI) Ltd has not carried out any non-charitable trading activities since 2017 and has been dorniant throughout the previous 7 financial years. Inbiz (ND Ltd was dissolved on 2 April 2024. CIDO (Management) Limited The charitable company's wholly-owned trading subsidiary caTri¢s out non-charitable trading activities for the charity. It is th¢ practice of the company to transfer all its profits to the tharity. During the year the Company made gift aid payments of £101.277 (2023: £101,960) to th¢ charity. The main activities of the company and group are unchanged from last year. and are principally the promotion of industrial development in the Craigavon area through the provision of advice and assistance to firnis and persons including the provision of business training and business assistance for the long temi unemployed and the letting of units at the Enterprise Centres in Craigavon and Lurgan. CIDO has also ¢ngag¢d in th¢ delivery of a numb¢r of busincss d¢v¢lopm¢nt progrdmmes and initiativ¢s in Northern Ireland. Units in Centre I are let by the company's subsidiary, CIDO (Management) Limited. while units in Centre Il, Centre 111 and the i2 CIDO Innovation Centre are let directly by the company. CIDO provides, on a client basis. free advice and consulting and assistance to those who are unemploved and wish lo consider the self-employment option, as well as ¢ntr¢pren¢urs nccding to grow their business.
Ctaigavon Industrial Development Organisation (a MpanY limited by guarantee) Report of the trustees for the year ended 31 March 2024 (continued) The business operations carried out by CItM) clients at the Centres aTe varied and are broken down as follows: Sector No. of BusiDes5es 2023r2024 2022r2023 io io 55 ee Numbers 2022r2023 18 350 19 21 202112022 202312024 19 202112022 13 342 34 22 Manufacturin S¢rvir¢ IT Retail Wholesale Food TOTAL 16 25 12 134 130 543 108 524 90 87 The twtees can report that propety artivities have perforn?ed reasonably well over last yegr 8nd have maintained occupancy levels, with average occupancy at 970/0 (2023.. 99.050/0) in Centres I - lll. The i2 CIDO InnovatlOD Centre had an occupancy level of 99.740/0 for 2024 (2023: 1000/.) and the 12 Pods had an occupancy level of 36.110/0 (2023: 29.170/0 ov¢r 4 months). Business environment The lo1 commercial property mthet remains higbly competitive. Attention to detail has been given to both the pricing and the presentation of Centres l. II, 111 & 12 CIDO Innovation Centre. This has Tesulted in maintained occupancy levels across all sites and the trustees hope to svstain this positive positi4 despite the Norihern Ireland Protocol generating issues with supply chains and th¢ increasing cost of doing business. The contracts for th¢ delivery of programmes have recenlly be¢n TCt¢ndcr¢d and it is expec*d that CIDO'S involvement will change. The trustees and management team are actiyety seeking altanatI revenue s1reams including alternative progr8mm¢s. Key performaDee iDdfieators YIE March 2024 (Actua YIE March 2023 (Actual) YIE March 2022 (Actual) Propety occupancy levels: Centre I Centre II Centre III Innovation Centre Pods 97.92 /• 96.32•/• 97.080/• loo% /0 9/0 990/ IOOO/o 2/0 lo/0 NIA 36.11 /• Unfunded Business Support During the year CIDO undertook a range of activities funded from its own resources. as follows: In 202312024 CIDO ¢ontinu¢d to d¢liv¢r a s¢ri¢s of 5wninar5 and cvcrAts to small businesses in the Craigavon and wider ar¢& Busincss owncrs aTC consulted to en5urc the seminars dclivcrcd ar¢ topical and add value. The total attendees to seminars and events in 2023124 were 210 (202212023: 128 attendees, 202112022: 62 attendees).
Craigavon Industrial Development Organisation (a eompany limited by guarantee) Report of the trustees for the year ended 31 Marcb 2024 (continued) The seminars and events delivered in 2023124 were as follows: MoDth October 2023 Worksho s l Events Sales and Strategy Attendee5 29 November 2023 Selling online M&qter¢lass 42 January 2024 Inspirational Workshop with Belinda O'Neill Bookkeeping Clinics 25 January 2024 March 2024 Digital Marketing for Business 40 August 2023 September 2023 October 2023 November 2023 December 2023 ebnwy 2U24 March 2024 CoderDojo Craigavon- Coding workshops for young people 10-15p¢r month Externally funded busiiess support During the year the achievements of our Progranllne activilies, delivered in conjunction with external funders, were as follows: Pro ramme Go for It Pro Aetlvl lout uts New businesses created Trainin sessions delivered Mentorin delivered ours 2024 results 57 2023 results 124 2022 results 142 GF 342 868 902 lorin Ent rise New businesses created Trainin sessions delivered Mentorin delivered ours Found Work Referd to GFI NIA NIA NIA NIA NIA 12 318 12 318 ENI Loan Fund New businesses thawn down loan Mentorin deliv¢red outs Grants of £1,500 issued to individuals cornpleting the Go For It Pro 45 19 25 14 Pathways- Go For It grants Go Succeed Mentorln 238 NIA NIA Northern Ireland Explore Enterprise ort Scheme NIA NIA Mentorin session Found work 140 NIA NIA NIA NIA Environment CIDO takes seriously its responsil)ilities in relation to the environmenL The trustees continue to pursue eco-friendly initiatives as they take the company forward. The 12 CIDO Innovation Centre is heated by air to water heat pumps and recycling of paper has been instigated. In Febnlary 2014 80 solar panels were installed at the 12 CIDO ]nnovation Centre, which generated 2.123kWh (2023: 4.233kWh) during the year ended 31 March 2024. Due to fault and a period of inactivity during the year due to repair of solar panels, there has been no saving in thc cutrent year (2023: Saving £4,429).
Craigavon Industrial Development Organisation (a company limited by guarantee) Report of the trustees for the year ended 31 Mareh 2024 (continued) Principal risks and uncertalnties Our perfonnancc is affected by general ¢conomic conditions and Government policies in relation to th¢ fimding of local economic programmes. The current review of economic policy and its delivery in relation to the future role for Local Economic Development Agencies such &s CJDO is not clear. CIDO and its trustees are constantly reviewing the group's sirat¢glc posiuon and Opiions in relation to the future sustainability of our group. CIDO produc¢ critical fmancial management reports on a regular basi8 which highlight the key areas that need to be monitored to minimise risk. Thcs¢ reports include: Properry credit control- mlnlmlsing bad debL and Programme- monitoring programme drawdown and claims affecting Cash flow and bank tharges. Plans for development The group has assessed the major risks to which the charity is expose(L in particular those related to th¢ operations and fmances of the company and are satisfied that systems are in place to mitigatc any exposure to the major risks. Plalls for future periods Through enhanced brand awareness and marketing activty. CIDO will improve the promotion of its services, demonstrating why it is the best organisation for small and micm businesses to access help. suppJ]t and business premises in the Craigavon area. We will continually enhance our full suite of services and improve our infr&structuTe to help grow existing busincsscs and attract new ones to our sit¢s. The trustees are committed to driving the company forward by applyiDg the SUTplus received on prom activities against the charitable objectives embodied within the economic development programmes delivered by the c(Hnpany. In relation to business development programme4 &mand for the new Go Succeed {national business start service) has exceeded all expectations since its inception in October 2023. This service is in place until March 2025. providing one to one mentoring support, access to workshops, peer to peer networking and grant finance to new entrepreneurs and estsblished businesses in Northern Ireland. It is anticii)ated that this conlract will be extended Iyond March 2025 should targets be met. CIDO'S business SUPPOrt services will be focused and Cordinated with other offerings in the region lo provide an unpardlleled suit¢ of provision to new and existing businesses including" bSinesS inforniation. advice, networking. signpostin& mentoring. and group training. The current CIDO Strategy highlights the lop three major threats lo the bSiness. Lack of demand foT office space &s more business owners opt to work from home Economic declinelrecession Lack of grant funding for infrastructure PTojects Therefore, it is vitally itnportant that CIDO conlinually aims to mitigate as many of these risks as possible in order to sustain the organisation and continu¢ to provide an excell1 service. It is also imw)rtant thal CIDO continues to re-invest any surplus in both programme delivery, maintenance of each 51te and development of additional workspace to meet demand. Business advice and support delivered outside of funded programmes has increased drantiCallY during the past 12 rnonths and this activity has been recorded against CIDO'S charitable Strt$. CIDO is still awaiting planning p¢rn)ission for five new light-industrial units totalling 6,0(K) sq. ft. adjaccnt to th¢ ¢xisting Innovation Centre. Thes¢ plans were submitted to the planning department last year, and should they be approve building will commence as soon as partial for the Project can be identified lo mak¢ li financially vAable for CIDO. In additio the six office pods which were developed in 2023 are now fully leL
Craigavon Industrial Development Organisation (a eompany limited by guarantee) Report of the trustees for the year ended 31 March 2024 (contiDued) Planning pern]ission was granted for l O storage ctainerS to be located in the overtlow car park between Centres l & 2. When cotnplctcd this facility can be utilised by CStIng CIDO tetwits for th¢ 5toiag¢ of excess equipm¢nL stock and niaterials so that the sites can remain safe, clean, tidy and free of hazants. However w0S will not begin on the storage contairlers until there is sufficient demand. CIDO will continue to fully maintain each site, a(Ibere to all hea]th and safety legislatio improve customer service and develop plan5 to prornote the services more effectively. Structure, Governance and Management Trustees A3 Set out in the Articles of ASslation th¢ Dumb¢r of voluntary trustees shall not exceed 20. The te¢S may appoint any person &s an addilion to the existing trustee4 but the number at any time shall not exceed 20. A retiring trustee shall be eligible for Te-appointment. ()ne third nf the ple£ted members retire each y&qr. with those longest serving retiring first All memters are circulated prior to th¢ AGM advising them of the mernbers retiri infortning them of the responsibilities of a member and inviting them to make nominations on the appropriate forni. The trustees are not remunerdted. OrgaDisation The board met five times this year ¢ovwing the operdtions of the charity and group and matters of corporate strategy. Board member Board meetings attended 315 415 515 515 013 215 415 415 315 0/3 315 215 Mr J E Moore Mr J Blane Dr C Neville Mr M Bell MrLFo ed 23 June 2023 MrJPH an LLB Mr A Hatch Mrs A Mawhtnne Mrs E Mcclur OBE Mr K O'connor Mr T Anderson Chairnlan ice Chairn)an ed27Ma 2023 Human resourees During the past 12 months, CIDO bas invested beavity in staff training wbich will increase the team's knowledge. confidence. and adaptability within the organisation. Also. following the Covid 19 pandemic, staff wellbeing and mental health has become a focus within CIDO, therefore monthly Viellbeing sessions are available which have already improved morale within the team and reduced absences relating to stress a1 sickness. CIDO this year has successfully retainal its Investors in People accreditation and will continue throughout the next 12 months to Work towards retention of this accreditation.