2025-03-31-accounts

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Registered number: NI017745 HMRC Charity number: XR84334 CCNI: NIC102848

Craigavon Industrial Development Organisation (a company limited by guarantee)

Annual Report

for the year ended 31 March 2025

wy” WyliRudd e ll

Craigavon Industrial Development Organisation (a company limited by guarantee)

Contents of the Financial Statements for the year ended 31 March 2025

	Pages
Reference and administrative details ofthe charity	1
Report ofthe Trustees	2-9
Independent auditor’s report	10-12
Consolidated statement offinancial activities	13-14
Consolidated and company balance sheet	15
Statement ofcash flows and consolidated statement ofcash flows	16
Notestothefinancialstatements	17-29

Craigavon Industrial Development Organisation (a company limited by guarantee)

1

Reference and administrative details of the charity

Trustees, directors and members

Mr J E Moore (Chairman) Mr J Blane (Vice Chairman) Mr M Bell Mr J P Hagan LLB Mr A Hatch Mrs A Mawhinney

Mrs E McClurg OBE Dr C Neville Mr G Anderson Mr J Anderson

Senior management

Registered and principal office

Cara Dallat (Chief Executive Officer) Concepta Heagney (Client Support Manager) Kirsty Watson (Project Manager) Siobhan Murray (Finance Manager)

I? CIDO Innovation Centre 73 Charlestown Road Portadown Co Armagh BT63 5PP

Charity number

NI017745 XR84334 NIC102848

Bankers

Solicitors

Ulster Bank Limited 20 High Street Portadown Co Armagh BT62 1YB

Thompson Mitchell 12-14 Mandeville Street Portadown Co Armagh BT62 3NZ

Independent auditors

Wylie Ruddell Chartered Accountants & Statutory Auditors Unit 63 Armagh Business Centre 2 Loughgall Road Armagh BT61 7NH

Craigavon Industrial Development Organisation (a company limited by guarantee)

2

Report of the trustees for the year ended 31 March 2025

The Trustees, who are also the directors of the company for the purpose of the Companies Act 2006, present their report with the financial statements of the group and parent company for the year ended 31 March 2025.

The information with respect to the trustees, senior management and advisers set out on page 1 forms part of this report. The financial statements comply with current 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 charity's Trust Deed, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting 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 to encouraging and assisting business enterprise for the benefit of the local economy. The mission statement of the company is as follows:

‘To encourage innovation, incubate and accelerate local business for the good and growth of the local economy.’

INBIZ (NI) Ltd was dissolved during the year on 2 April 2024.

CIDO (Management) Limited leases 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 (the “area of benefit"), being an area of social and economic deprivation, by all or any of the following means:

• (i) The relief of poverty in such ways as may be thought fit;

• (ii) The relief of unemployment in such ways as may be thought fit, including assistance to find employment; (iii) The advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;

• (iv) The provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help: (i) in setting up their own business, or (ii) to existing businesses;

• (v) To improve employment by the provision of workspace, buildings and/or land for use on favourable terms; (vi) The protection or conservation of the environment.

The public benefits that flow from the purpose of urban and rural regeneration are:

• (i) The creation of employment, training and work experience opportunities for residents living in economically and socially deprived areas and consequently a reduction in poverty, unemployment and hardship, leading to a better quality of life for the beneficiaries and consequent improvements in health and well-being;

• (ii) Enhanced knowledge about setting up and running small businesses resulting in increased levels of selfemployment and better prospects of sustainable development;

• (iii) Increased levels of knowledge and transferable vocational skills among employees / work experience trainees, assisting in the creation of a more educated, skilled and qualified community;

• (iv) A greater sense among the beneficiaries of more fulfilled and purposeful lives, resulting in a safer, more stable and cohesive community;

• (v) Increased potential for innovation and progress, creating a more dynamic and prosperous society;

• (vi) Enhanced awareness and adoption of techniques, processes and practices that reduce fossil fuel consumption, promote energy efficiency and reduce consumption of non-recyclable materials, leading to reduced harm to the environment and healthier and more pleasurable surroundings.

3

Craigavon Industrial Development Organisation ' (a company limited by guarantee)

Report of the trustees for the year ended 31 March 2025 (continued)

These benefits can be evidenced in records kept by various agencies of the number of jobs and work experience opportunities created and the numbers of those who have successfully completed training courses. Evidence can also be found in independent evaluations of the activities of enterprise agencies carried out by funding bodies community surveys of living standards and attitudes and in environmental research findings.

Some private benefit is obtained by the owners of small businesses who rent units on favourable terms, but this is ancillary to the main purpose and is greatly outweighed by the gains in public benefit.

No harm arises from these purposes.

Our vision is that major social change in Northern Ireland is greatly assisted through investing in and developing a growing private sector economy. When CIDO was formed many years ago, it was in the face of unprecedented economic and political difficulty, and while politically the challenges are different today for our region, economically the challenges ahead are equally significant.

We do not fund our not for profit activities through donations, rather we seek to generate funds from our commercial operations and deploy those funds for our charitable purposes.

All CIDO’s trustees are voluntary and receive no fees.

Achievements and performance including financial review

The company is limited by guarantee and governed by its Trust Deed and Memorandum and Articles 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. The company has one wholly owned non-charitable subsidiary, CIDO (Management) Limited, collectively referred to hereafter in this report as CIDO.

The report and consolidated financial statements for the year ended 31 March 2025 relate to the total activities of the above legal entities.

Results and performance

The net outgoing resource for the group for the year is £16,938 (2024: net incoming resource £101,624) and total reserves at 31 March 2025 were £3,472,168 (2024: £3,489,106). Restricted reserves total £1,544,747 (2024: £1,558,996). The trustees consider the results of the charitable company for the year and the financial position of the charity at the year end to be satisfactory.

INBIZ (NI) Ltd

Inbiz (NI) Ltd has been dormant throughout the previous 8 financial years and was dissolved at the beginning of our financial year on 2 April 2024.

CIDO (Management) Limited

The charitable company’s wholly-owned trading subsidiary carries out non-charitable trading activities for the charity. It is the practice of the company to transfer all its profits to the charity. During the year the company made gift aid payments of £110,381 (2024: £101,277) to the 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 firms and persons including the provision of business training and business assistance for the long term unemployed and the letting of units at the Enterprise Centres in Craigavon and Lurgan. CIDO has also engaged in the delivery of a number of business development programmes and initiatives in Northern Ireland. Units in Centre I are let by the company’s subsidiary, CIDO (Management) Limited, while units in Centre II, Centre III 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 unemployed and wish to consider the self-employment option, as well as entrepreneurs needing to grow their business.

4

Craigavon Industrial Development Organisation (a company limited by guarantee)

Report of the trustees for the year ended 31 March 2025 (continued)

The business operations carried out by CIDO clients at the Centres are varied and are broken down as follows:

----- Start of picture text -----
Employee Numbers
|sSYsSs202472025 | 2023/2024 | 2022/2023 2024/2025 2023/2024 2022/2023
I| Retail |SOta SSse(:) CO FS
| FoodTOTAL TT80
ey GS7 7
The trustees can report that property activities have performed reasonably well over the last year and have maintained occupancy
levels, with average occupancy at 99% (2024: 97%) in Centres I - III. The i2 CIDO Innovation Centre had an occupancy level
of 72% for 2025 (2024: 99.74%) and the i2 Pods had an occupancy level of 33% (2024: 36.11%).
----- End of picture text -----

Business environment

The local commercial property market remains highly competitive. Attention to detail has been given to both the pricing and the presentation of Centres I, II, III & i2 CIDO Innovation Centre. This has resulted in maintained occupancy levels across all sites and the trustees hope to sustain this positive position, despite the Northern Ireland Protocol generating issues with supply chains and the increasing cost of doing business.

The contracts for the delivery of programmes have recently been retendered and it is expected that CIDO’s involvement will change. The trustees and management team are actively seeking alternative revenue streams including alternative programmes.

Key performance indicators
		Y/E March	Y/E March	Y/E March
		2025 (Actual)	2024 (Actual)	2023 (Actual)
Property occupancy levels:	Centre I	100%	97.92%	100%
	Centre II	100%	96.32%	99%
	Centre II]	98%	97.08%	99%
	Innovation Centre	72%	99.74%	100%
	Pods	33%	36.11%	29%

Unfunded Business Support

During the year CIDO undertook a range of activities funded from its own resources, as follows;

In 2024/2025 CIDO continued to deliver a series of seminars and events to small businesses in the Craigavon and wider area. Business owners are consulted to ensure the seminars delivered are topical and add value. The total attendees to seminars and events in 2024/25 were 153 (2023/2024: 210 attendees, 2022/2023: 128 attendees).

Craigavon Industrial Development Organisation (a company limited by guarantee)

5

Report of the trustees for the year ended 31 March 2025 (continued)

The seminars and events delivered in 2024/25 were as follows:

Workshops / Events	Workshops / Events							Attendees
June2024 Attune: IntegratingPhysio&Psychology forWorkplace		Workplace			Wellness
June 2024 Goals& Business: Understanding the SMART framework
February 2025 Health& SafetyHR	HRCompliance Seminar
May 2024 CoderDojo Craigavon— Coding workshops foryoung people							15	per session
June 2024
August 2024
September2024
October 2024
November2024
February 2025
March 2025
Externally funded business support
During the year the achievements ofour Programme activities, delivered in				conjunction with external funders,			were	as follows:
Go forItProgramme (GFI **	** po	Training sessions delivered Mentoring delivered (hours			2025results	2024results	2023 results	NATO
)J	Pp	Po Po	Training sessions delivered Mentoring delivered (hours FoundWork ReferredtoGFF					NAL
ENILoanFund po	Newbusinesses drawndown loan Mentoring delivered (hours				tof ———iYi sstsi@d‘SY Po
Pathways—Go For It grants	Grants of £1,500 issued		to		N/A			19
	individuals completing the	Go For
	ItProgramme
**	**p po	Training sessions delivered Mentoring delivered (hours			Po NAT NAAT
po	Peerto Peer Series~Engage
po	Peerto Peer Series—Growth
Northern IrelandExplore Enterprise		New business created				16	1
Support Scheme
po pO	Mentoringsession	227 NAL Foundwork NA

Environment

CIDO takes seriously its responsibilities in relation to the environment. The trustees continue to pursue eco-friendly initiatives as they take the company forward. The i2 CIDO Innovation Centre is heated by air to water heat pumps and recycling of paper has been instigated. In February 2014 80 solar panels were installed at the i2 CIDO Innovation Centre, which generated 3.839kWh (2024: 2.123kWh) during the year ended 31 March 2025. This equates to an annual saving of £4,156 (2024: £Nil due to fault and a period of inactivity during the year due to repair of solar panels).

Craigavon Industrial Development Organisation r (a company limited by guarantee)

6

Report of the trustees for the year ended 31 March 2025 (continued)

Principal risks and uncertainties

Our performance is affected by general economic conditions and Government policies in relation to the funding 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 as CIDO is not clear. CIDO and its trustees are constantly reviewing the group’s strategic position and options in relation to the future sustainability of our group.

CIDO produce critical financial management reports on a regular basis, which highlight the key areas that need to be monitored to minimise risk.

These reports include:

• e Property credit control — minimising bad debt; and

• e Programme — monitoring programme drawdown and claims affecting cash flow and bank charges. e Plans for development

The group has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the company and are satisfied that systems are in place to mitigate any exposure to the major risks.

Plans for future periods

Through enhanced brand awareness and marketing activity, CIDO will improve the promotion of its services, demonstrating why it is the best organisation for small and micro businesses to access help, support, and business premises in the Craigavon area. We will continually enhance our full suite of services and improve our infrastructure to help grow existing businesses and attract new ones to our sites.

The trustees are committed to driving the company forward by applying the surplus received on property activities against the charitable objectives embodied within the economic development programmes delivered by the company.

In relation to business development programmes, demand for the Go Succeed (national business start service) has exceeded all expectations since its inception in October 2023. This service is in place until March 2026, providing one to one mentoring support, access to workshops, peer to peer networking and grant finance to new entrepreneurs and established businesses in Northern Ireland. It is anticipated that this contract will be extended beyond March 2026 should targets be met.

CIDO’s business support services will be focused and co-ordinated with other offerings in the region to provide an unparalleled suite of provision to new and existing businesses including; business information, advice, networking, signposting, mentoring, and group training.

The current CIDO Strategy highlights the top three major threats to the business:

• e Lack of demand for office space as more business owners opt to work from home e Economic decline/recession e Lack of grant funding for infrastructure projects

Therefore, it is vitally important that CIDO continually aims to mitigate as many of these risks as possible in order to sustain the organisation and continue to provide an excellent service. It is also important that CIDO continues to re-invest any surplus in both programme delivery, maintenance of each site and development of additional workspace to meet demand. Business advice and support delivered outside of funded programmes has continued to increase dramatically during the past 12 months and this activity has been recorded against CIDO’s charitable status.

CIDO is still awaiting planning permission for five new light-industrial units totalling 6,000 sq. ft. adjacent to the existing Innovation Centre. These plans were submitted to the planning department two years ago, and should they be approved, building will commence as soon as partial funding for the Project can be identified to make it financially viable for CIDO.

In addition, the six office pods which were developed in 2023 are now fully let.

Craigavon Industrial Development Organisation . (a company limited by guarantee)

7

Report of the trustees for the year ended 31 March 2025 (continued)

Planning permission was granted for 10 storage containers to be located in the overflow car park between Centres | & 2. When completed this facility can be utilised by existing CIDO tenants for the storage of excess equipment, stock and materials so that the sites can remain safe, clean, tidy and free of hazards. However works will not begin on the storage containers until there is sufficient demand.

CIDO will continue to fully maintain each site, adhere to all health and safety legislation, improve customer service and develop plans to promote the services more effectively.

Structure, Governance and Management

Trustees

As set out in the Articles of Association the number of voluntary trustees shall not exceed 20. The trustees may appoint any person as an addition to the existing trustees, but the number at any time shall not exceed 20. A retiring trustee shall be eligible for re-appointment.

One third of the elected members retire each year, with those longest serving retiring first. All members are circulated prior to the AGM advising them of the members retiring, informing them of the responsibilities of a member and inviting them to make nominations on the appropriate form.

The trustees are not remunerated.

Organisation

The board met six times this year covering the operations of the charity and group and matters of corporate strategy.

----- Start of picture text -----
|||||| |---|---|---|---|---| |Board|member|Board| |meetings| |attended| |Mr|J|E|Moore|(Chairman| |Mr|J|Blane|(Vice|Chairman| |Dr|C|Neville| |Mr M|Bell| |Mr|J|P|Hagan|LLB| |Mr A|Hatch| |Mrs|A|Mawhinne| |Mrs|E|McClurg|OBE| |Mr|J|Anderson| |Mr G|Anderson|

----- End of picture text -----

Human resources

During the past 12 months, CIDO has invested heavily in staff training which 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 wellbeing sessions are available which have already improved morale within the team and reduced absences relating to stress and sickness.

Craigavon Industrial Development Organisation (a company limited by guarantee)

8

Report of the trustees for the year ended 31 March 2025 (continued)

Pay and Remuneration of Key Management Personnel

Principles and policies relating to the remuneration of the charity’s key management personnel are reviewed and agreed by the Board. The Board take into account the external market and set salary levels in the context of the entity’s charitable status and affordability.

Financial instruments and risk management

The charitable company does not make use of financial instruments. The group’s operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. Given the size of the group, the trustees have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the trustees are implemented by the company’s finance department.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before rental agreements are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

Liquidity risk

The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions.

Interest rate risk

It has been the policy of the group to arrange long term debt under a combination of fixed and variable rate interest facilities. The trustees will revisit the appropriateness of this policy should the group’s operations change in size or nature.

Reserves policy

The group’s policy is to retain a level of free reserves, which matches the needs of the company and group both at the current time and in the foreseeable future. Free reserves are those unrestricted reserves not invested in fixed assets, which are available for general use. The rental income of the group is arranged mainly under short term leases across a broad number of tenants, and has been relatively stable in recent years. Consequently, this income stream is considered to be reasonably predictable. Given this aspect of the group’s activities, it is the policy that the group maintains reserves at least equal to twelve months of expenditure after allowing for this income. Annual budgeted rental and service charges income equates to £770,000 and annual budgeted expenditure equates to £720,000. At present free reserves also amount to £1,134,966 (Note 21). Within these free reserves is a Development Fund of £750,000 identified by the Board as a requirement over the next three years in order for the company to meet its charitable objectives and contribute towards the fulfilment of its public benefit obligations. The trustees will continue to monitor compliance with this policy on a regular basis and will review the appropriateness of the policy annually.

Political donations

The charitable company did not make any political donations during either period.

Statement of disclosure of information to auditors

Each of the persons who is a trustee at the date of this report confirms that:

• e as far as each of them is aware, there is no information relevant to the audit of the Charitable Company’s consolidated financial statements for the year ended 31 March 2025 of which the company’s auditors are unaware; and

• e the trustee has taken all steps that he/she ought to have taken in his/her duty as a trustee in order to make him/herself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

Craigavon Industrial Development Organisation (a company limited by guarantee)

9

Report of the trustees for the year ended 31 March 2025 (continued)

Independent Auditors

The auditors, Wylie Ruddell, have indicated their willingness to continue in office, and a resolution concerning their reappointment will be proposed at the Annual General Meeting.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have prepared the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

• e select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP;

• e make judgements and estimates that are reasonable and prudent;

• e state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the group and parent company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with current 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 charity’s Trust Deed, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (issued in October 2019) applicable in the UK and Republic of Ireland. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small companies’ exemption

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

Mr J E Moore Chairman and director

Date: 23 October 2025

Craigavon Industrial Development Organisation (a company limited by guarantee)

10

Independent auditor’s report to the members of Craigavon Industrial Development Organisation

Opinion

We have audited the financial statements of Craigavon Industrial Development Organisation (the ‘charitable company) for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charitable company balance sheet, the consolidated statement of cashflows, the charitable company statement of cashflows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and charitable company’s affairs as at 31 March 2025 and of the group’s incoming resources and application of resources, including its result and cash flows for the year then ended;

• • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis of audit opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information in the report of the trustees but does not include the financial statements and our report of the auditors thereon.

Our opinion on the financial statements does not cover the other information, and except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Craigavon Industrial Development Organisation (a company limited by guarantee)

11

Independent auditor’s report to the members of Craigavon Industrial Development Organisation (continued)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the report of the trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the report of the trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the report of the trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• • we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption from the requirement to prepare a Strategic report or in preparing the report of the trustees.

Responsibilities of trustees

As explained more fully in the Statement of trustees responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and industry, we identified that the principal risks of non-compliance with laws and regulations related to failure to comply with the regulations of grant and funding providers and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks are related to posting journal entries to manipulate the financial statements, inappropriate revenue recognition and management bias in determining accounting estimates.

Craigavon Industrial Development Organisation (a company limited by guarantee)

12

Independent auditor’s report to the members of Craigavon Industrial Development Organisation (continued)

Audit procedures performed by the engagement team included:

• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations (including data protections legislation) and fraud;

• Identification and testing of significant journal entries; and

• Evaluation and, where appropriate, challenging assumptions and judgements made by management in determining significant accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.fre.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

. ; |

David Ruddell (Senior Statutory Auditor) for and on behalf of Wylie Ruddell Statutory Auditor Chartered Accountants Armagh Business Centre 2 Loughgall Road Armagh BT61 7NH

Date: 23 October 2025

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15

Craigavon Industrial Development Organisation (a company limited by guarantee)

Consolidated and company Balance Sheet as at 31 March 2025

		Group	Group	Company		Company
		2025	2024	2025		2024
	Notes	£	£	£		£
Fixed assets
Tangible assets	14	2,314,070	2,421,154	2,314,070
Investments	15	-	-	2		4
		2,314,070	2,421,154	2,314,072		2,421,158
Current assets
Debtors	16	47,060	34,978	45,877		33,462
Cash atbank and in hand		1,413,972	1,175,001	1,413,441		1,174,970
		1,461,032	1,209,979	1,459,318		1,208,432
Creditors: amounts falling due within one
year	17	(302,934)	(142,027)	(302,934)		(141,587)
Net current assets		1,158,098	1,067,952	1,156,384		1,066,845
Total assets less current liabilities		3,472,168	3,489,106	3,470,456		3,488,003
Net assets		3,472,168	3,489,106	3,470,456		3,488,003
The funds ofthe charity:
Unrestricted income funds	18	1,927,421	1,930,110	1,925,709		1,929,007
Restricted income funds	19	1,544,747	1,558,996	1,544,747		1,558,996
Totalfunds		3,472,168	3,489,106	3,470,456		3,488,003

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

¢ financial statements were approved by the board on 23 October 2025 and were signed on its behalf by:

----- Start of picture text -----
Mr J E Moore
Chairman and director
| ; {
Mr/J Blane
Vice Chairman and director
----- End of picture text -----

Craigavon Industrial Development Organisation Registered number: NI017745 HMRC Charity number: XR84334 CCNI: NIC102848

The notes on pages 17 to 29 form part of these financial statements

Craigavon Industrial Development Organisation (a company limited by guarantee)

16

Statement of Cash Flows and Consolidated Statement of Cash Flows for the year ended 31 March 2025

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Group|Company|Company| |2025|2024|2025|2024| |£|£|£|£| |Reconciliation|of|net|movement|in|funds|to|net| |cash|flow|from|operating|activities| |Net movement|in|funds|(16,938)|101,624|(17,547)|101,541| |Add back|depreciation|charge|120,849|123,586|120,849|123,586| |Add|loss|on|disposal|2,391|-|2,393|-| |Deduct|interest|income|shown|in|investing| |activities|(35,195)|(19,142)|(35,195)|(19,142)| |(Increase)/decrease|in|debtors|(12,082)|(1,277)|(12,415)|(1,090)| |(Decrease)/increase|in|creditors|160,907|28,710|161,347|28,578| |Cash|used|in|operating|activities|219,932|233,501|219,432|233,473| |Cash|flows|from|investing|activities| |Interest|received|35,195|19,142|35,195|19,142| |Proceeds|from|sale|of fixed|assets|-|-|-|-| |Purchase|of tangible|fixed|assets|(16,156)|(30,387)|(16,156)|(30,387)| |Cash|used|in|investing|activities|19,039|(11,245)|19,039|(11,245)| |Cash|flows|from|financing|activities| |Repayment|of borrowing|-|-|-|-| |Cash|used|in|financing|activities|-|-|-|-| |Increase/(decrease)|in|cash|and|cash|equivalents| |in|the|year|238,971|222,256|238,471|222,228| |Cash|and|cash|equivalents|at the|beginning|of the| |year|1,175,001|952,745|1,174,970|952,742| |Total|cash|and|cash|equivalents|at|the|end|of the| |year|1,413,972|1,175,001|1,413,441|1,174,970| |Group|Group|Company|Company| |2025|2024|2025|2024| |£|£|£|£| |Analysis|of cash|balances| |Cash|at bank|and|in|hand|1,413,972|1,175,001|1,413,441|1,174,970|

----- End of picture text -----

The notes on pages 17 to 29 form part of these financial statements

17

Craigavon Industrial Development Organisation : (a company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025

1 Statutory information

Craigavon Industrial Development Organisation (CIDO) is a charitable company, limited by guarantee, registered in Northern Ireland. The company’s registered number, charity number and registered office address can be found on page 1.

The

presentation currency of the financial statements is Pound Sterling (£). The level of rounding is £1.

2 Accounting policies

The principal accounting policies which have been applied consistently throughout the year are set out below.

Basis of preparation of the financial statements

The consolidated financial 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 amendments, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006, the charity’s Trust Deed, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019).

CIDO meets the definition of a public benefit entity under FRS102.

Basis of consolidation

These financial statements of Craigavon Industrial Development Organisation (CIDO) consolidate the results of CIDO and its wholly owned subsidiary CIDO (Management) Limited. Intra group transactions and balances are eliminated on consolidation. A separate Statement of Financial Activities and Income and Expenditure account for CIDO is not presented, as CIDO has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006. In accordance with the provisions of s398 of the Companies Act 2006 the company has 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 projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. The cost of tangible fixed assets is their purchase 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 expected useful economic lives of the assets concerned. The principal annual rates used are as follows:

% Long leasehold and freehold buildings - 2 straight line basis Plant, equipment, fixtures & vehicles - 10-20 _ straight line basis

The depreciation charge commences when the asset is first brought into use. The cost of freehold land is not depreciated. Interest costs directly attributable to the construction of tangible fixed assets are capitalised gross of tax relief during the period of construction and written off as part of the total cost of the asset over its expected useful economic life.

Investments

Fixed asset investments are stated at their purchase cost less any provision for impairment. Investment income is included in the statement of financial activities on an accruals basis.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently valued at their settlement value.

Craigavon Industrial Development Organisation (a company limited by guarantee)

18

Notes to the financial statements for the year ended 31 March 2025

Debtors

Short term debtors are measured at transaction price, less impairment.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a maturity of less than three months from the date of deposit.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be 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 “finance lease”. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful economic life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the Statement of Financial Activities and the capital element which reduces the outstanding obligation for future instalments. Rentals under operating leases are charged to the Statement of Financial Activities as incurred.

Deferred taxation

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 tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. A net deferred tax asset 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 taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on an undiscounted basis.

Income

Income is recognised when the charity has legal entitlement to the funds, any performance conditions attached to the items are met, it is probable that the income will be received and the amount can be measured reliably.

Grants

Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Rental and service charge income

Income from rentals and service charges are credited to the Statement of Financial Activities during the relevant period of the lease.

Other income

Voluntary income, programme income, office services and other income are included in full in the Statement of Financial Activities when receipt is probable and the amount can be measured reliably.

Fund accounting

The company has various types of funds for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows:

Craigavon Industrial Development Organisation : (a company limited by guarantee)

19

Notes to the financial statements for the year ended 31 March 2025

Restricted funds

Funds received which are earmarked by the donor for specific purposes. The board may, at their discretion, repurpose unrestricted funds to restricted funds. Such purposes are within the overall aims of the charity.

Unrestricted funds

Funds which are expendable at the discretion of the trustees, in furtherance of the objects of the charity. In addition to expenditure on projects and other activities, such funds may be held in order to finance capital investment and working capital.

Irrecoverable VAT

Any irrecoverable VAT is charged to the Statement of Financial Activities or capitalised as part of the cost of the related asset where appropriate.

Expenditure

All expenditure, including support costs, is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.

Cost of raising funds

The cost of raising funds includes all costs associated with generating income from all sources other than from undertaking charitable activities.

Charitable activities

Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

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 functions such as general management, payroll administration, budgeting and accounting, information technology, human resources and financing. These have been allocated to charitable activities, costs of generating funds and governance costs on a basis consistent with the use of these resources.

Pension costs

The company operates a defined contribution pension scheme for the benefit of those of its permanent staff wishing to participate. The assets of the scheme are administered by an insurance company in personal pension plans and are held independently from those of the company. The cost of funding the defined contribution scheme is charged to the Statement of Financial Activities as incurred.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Craigavon Industrial Development Organisation

:

20

(a company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2025

Useful economic lives of tangible assets

The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the assets, and above for the useful economic lives for each class of asset.

3 Programme income

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Enterprise|Northern|Ireland|71,488|31,327| |Other|income| |2025|2024| |£|£| |Bank|interest|receivable|35,195|19,142| |Solar|Panel|Payments|4,152|2,535| |Consultancy|income|6,224|1,222| |Tenants|miscellaneous|56,419|4,017| |Total|other|incoming|resources|101,990|26,916|

----- End of picture text -----

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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 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |10|Employee|information| |2025|2024| |Group|and|company|£|£| |Staff|costs:| |Wages|and|salaries|294,849|256,930| |Social|security|costs|24,587|20,278| |Employer’s|contribution|to|defined|contribution|pension|scheme|12,249|9,915| |Employee|benefits|7,198|4,161| |338,883|291,284| |Number|Number| |The|average|monthly|number|of|persons|employed|by|the|company|and|group| |(including|trustees)|during|the|year|by|activity|was:| |Administration|9|8|

----- End of picture text -----

One employee received remuneration between £60,000 and £70,000 (excluding employer pension costs) in the year (2024: 1 employee).

The total amount of employee remuneration to key management personnel was £195,274 (2024: £182,710).

11 ~=‘Trustees’ emoluments

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Aggregate|emoluments|-|-| |Company|pension|contributions|to|money|purchase|schemes|=|=| |Ex-gratia payment|on|retirement|-|-|

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No trustees have incurred expenses on behalf of the charity and retirement benefits are not accruing to any trustee in either year.

There were no gifts to trustees during the year (2024: £Nil).

Craigavon Industrial Development Organisation (a company limited by guarantee)

25

Notes to the financial statements for the year ended 31 March 2025

12 Tax on net resources
	2025	2024
	£	£
Current tax:
UK corporation tax for the year at25% (2024: 25%)	-	-
Total current tax	-	-
Deferred tax
Accelerated capital allowances and othertiming differences	=	=
Effect ofchanges in tax rate	-	-
Total deferred tax	=	=
Taxonnetincome	-	-

The tax assessed for the year is different to the main rate of corporation tax in the UK for companies of 25% (2024: 25%). The differences are explained below:

	2025	2024
	£	£
Net (expenditure)/income	(16,938)	101,624
Net (expenditure)/income multipliedby the applicable companies rate in theUK of25%
(2024: 25%)	(4,235)	25,406
Effects of:
Net non taxable income/(expenses)	4,235	(25,406)
Currenttaxchargefortheyear	=	-

The company is registered as a charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity’s primary objectives, if these profits and surpluses are applied solely for charitable 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 (2024: £305,500) available for offset against future taxable profits. A deferred tax asset has not been recognised in respect of these losses as their future recovery is uncertain. It will be recognised when, on the basis of all available evidence, it can be regarded as more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing difference can be deducted.

13. Net income for the year

Of the net income for the financial year a surplus of £92,833 (2024: £101,541) is dealt with in the financial statements of the parent charitable company.

Craigavon Industrial Development Organisation (a company limited by guarantee)

26

Notes to the financial statements for the year ended 31 March 2025

14 Tangible assets
	Long	Long		Long
	leasehold	leasehold	Freehold	leasehold	Plant,
	land and	land and	land and	land and	equipment,
Groupand company	buildings Centre I	buildings Centre II	buildings Centre III	buildings i2 Centre	fixtures& vehicles	Total
	£	£	£	£	£	£
Cost
At 1 April 2024	622,646	927,664	905,403	2,043,784	392,358	4,891,855
Additions	-	1,700	760	-	13,696	16,156
Disposals	(4,201)	(3,040)	(4,311)	-	(17,472)	(29,024)
At 31 March 2025	618,445	926,324	901,852	2,043,784	388,582	4,878,987
Accumulated depreciation
At 1 April 2024	454,263	582,113	481,796	607,643	344,886	2,470,701
Charge for the year	22,782	18,726	19,744	48,364	11,233	120,849
Eliminated on disposal	(2,950)	(2,812)	(4,316)	-	(16,555)	(26,633)
At 31 March 2025	474,095	598,027	497,224	656,007	339,564	2,564,917
Net book amount
At 31 March 2025	144,350	328,297	404,628	1,387,777	49,018	2,314,070
At31March2024	168,383	345,551	423,607	1,436,141	47,472	2,421,154

The cost of long leasehold land and buildings at 31 March 2025 includes long leasehold land amounting to £35,996 (2024: £35,996) and £71,450 (2024: £71,450) for Centre I and Centre II, respectively and £321,415 (2024: £321,415) for i2 Centre. The cost of freehold land and buildings at 31 March 2025 includes freehold land amounting to £138,750 (2024: £138,750) for Centre III.

The net book value of plant, equipment, fixtures and motor vehicles includes £Nil (2024: £Nil) in respect of assets held under hire purchase agreements.

15 Investments

				Company
				2025	2024
				ca	£
Investment	inCIDO	CIDO	(Management) Limited at cost	2	2
Investment	in	INBIZ	(NI) Ltd at cost	-	2
				2	4

CIDO (Management) Limited is a 100% owned subsidiary incorporated in Northern Ireland with a registered office address as per CIDO, registration number NI020441 and accounting period ending on 31 March. At 31 March 2025 CIDO (Management) Limited had net assets of £1,714 (2024: £1,104). For the year ended 31 March 2025 CIDO (Management) Limited generated turnover of £111,163 (2024: £101,526) and incurred expenditure of £172 (2024: £167) resulting in a net profit after tax of £110,991 (2024: £101,359).

INBIZ (NI) Ltd was a 100% owned subsidiary incorporated in Northern Ireland with a registered office address per CIDO, registration number NI034187 and accounting period ending on 31 March. INBIZ was dissolved at the beginning of this financial year on 2 April 2024. At 31 March 2024 INBIZ (NI) Ltd had net assets of £2, did not trade during the year and thus generated neither a profit nora loss.

Craigavon Industrial Development Organisation (a company limited by guarantee)

27

Notes to the financial statements for the year ended 31 March 2025

16 Debtors

		Group			Company
		2025	2024	2025	2024
		£	£	£	£
Trade	debtors	2,750	14,227	1,567	12,711
Prepayments and accrued income		30,077	20,751	30,077	20,751
Other	debtors	14,233	-	14,233	-
		47,060	34,978	45,877	33,462
17	Creditors: amounts falling duewithin oneyear
		Group			Company
		2025	2024	2025	2024
		£	£	£	£
Trade	creditors	241,564	31,683	241,564	31,683
Othertax	tax and social security	1,037	26,459	1,037	26,459
Accruals and deferred income		60,333	83,885	60,333	83,445
		302,934	142,027	302,934	141,587

17 Creditors: amounts falling due within one year

Bank security in the form of a fixed legal charge over the company’s and group’s property at Carn Industrial Estate, Portadown, an all monies debenture over the property, assets and revenues of the group anda cross guarantee from a subsidiary company are held.

18 Unrestricted funds

				Transfers
	Balance			from	Other	Balance
	1 April			restricted	fund	31 March
Group	2024	Income	Expenditure	fund	transfers	2025
	£	£	£	£	£	£
General funds	1,930,110	815,232	(750,763)	14,249	(81,407)	1,927,421
				Transfers
	Balance			from	Other	Balance
	1 April			restricted	fund	31 March
Company	2024	Income	Expenditure	fund	transfers	2025
	£	£	£	£	£	£
Generalfunds	1,929,007	814,450	(750,590)	14,249	(81,407)	1,925,709

Within unrestricted funds is a Development Fund of £750,000 which is identified by the Board to specifically meet the charity’s objectives over the next three years. Progress against the Development 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 2025

19 ‘Restricted funds

	Balance			Transfers	Other	Balance
	1 April			to general	fund	31 March
Group and company	2024	Income	Expenditure	fund	transfers	2025
	£	£	£	£	£	£
Capital fund	1,558,996	-	-	(14,249)	-	1,544,747
Programme funds	-	71,488	(152,895)	-	81,407	-
	1,558,996	71,488	(152,895)	(14,249)	81,407	1,544,747

The capital fund consists of funds received for the purchase of fixed assets which are transferred to unrestricted funds when expended and then released to general funds over the related assets useful life.

Programme funds include contributions from Enterprise Northern Ireland for the Go Succeed Programme, Northern Ireland Explore Enterprise Support Scheme and ENI Loan Fund.

20 Contingent liabilities

There is a contingent liability to repay certain government grants received under the terms of letters of offer from Invest N.I. and the Department of Communities. In the opinion of the trustees the terms of the letters of offer have been complied with and no loss is expected.

21 Analysis of net assets between funds

	Unrestricted	Restricted	Total
Group	funds	funds	funds
	£	£	£
Fund balances at31 March 2025 are represented by:
Tangible fixed assets	792,455	1,521,615	2,314,070
Net current assets	1,134,966	23,132	1,158,098
Total net assets	1,927,421	1,544,747	3,472,168
	Unrestricted	Restricted	Total
Company	funds	funds	funds
	£	£	£
Fund balances at31 March 2025 are represented by:
Tangible fixed assets	792,455	1,521,615	2,314,070
Net current assets	1,133,254	23,132	1,156,386
Totalnetassets	1,925,709	1,544,747	3,470,456

Craigavon Industrial Development Organisation

.

29

(a company limited by guarantee)

Notes of the financial statements for the year ended 31 March 2025

22 Related party disclosures and ultimate controlling party

There is no ultimate controlling party.

The charitable company has taken advantage 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 consolidation.

Details on the subsidiaries included within the consolidation are disclosed at Note 15.

23 ~—_ Liability of members

Craigavon Industrial Development Organisation is a company limited by guarantee. The liability of the members is limited to an amount not exceeding £1.

24 Auditor’s liability limitation agreement

On 1 April 2025 the trustees, on behalf of the company, entered into a limited liability agreement with their auditors. The auditors liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with company legislation.