Registered number: N1017745 HMRC Charity llU￿ber: 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 ￿tivitI￿a 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 cu￿ent 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 L￿51￿tanl¢, 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 n￿al 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 b￿lnesseS 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 ex￿rIenCe train¢es, assisting in the creation of a more educatel skilled and qualified community. A greater sense among the beneficiaties of more fulfilled and pu￿OSe￿I 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 Ca￿Led out by fi￿a]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 success￿11Y 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¢ Ch￿Itable company's wholty-owned trading subsidiary caTries out non