Company Registration Number: N1025913 Charity Registration Number: 102966 Techno Tyrone Limited {Charitable Company Limited by Guarantee) Annual Report and Unaudlted Financial Ststements For the year ended 31 December 2017 CavanaghKelly Chartered Accountants & Statutory Auditors 36 - 38 Northland Row Dungannon BT71 6AP
T chnoT Charitable Com an Limited b Gua NTENTS he ea l December 2017 Page General Enformation Directors. Report Independent Examiner's Report statement of Financial Activities Statement of Financial Posltion 9-10 Notes to the Financial Statements 11- 17 CavanaghKelly. Chartere¢i Accountants & Statutory Auditors Page I
Techno T rone Limited Limit b Guarantee GENERAL INFORMATI Board of Directors Mr James Maguire Mr Gerard Keyes Ms Shauna Rooney Mr John Hadden (Resigned 2 October 2017) Mr Arthur McGarrity (Resigned 2 October 2017) Company Secretary Mr James Maguire Registered Office The Milestone Centre Temon Business Park Carrickmore Co Tyrone BT79 9AL Company Registration Number N1025913 Charity Registration Number 102966 Independent Examiners Cavanagh Kelly 36-38 Northland Row Dungannon Co Tyrone BT71 6AP Bankers First Trust Bank 8 High Street Omagh Co Tyrone BT78 IBH Solicitors Rafferty & Donaghy Limited 2 Donaghmore Road Dungannon Co Tyrone BT70 IEZ CavanaghKelly. Chartered Accountants & Statutory Audltors Page 2
Techno T rone Limited Charitable Com an Limited b Guarantee r ended 31 December 2 17 The Directors, who are the trustees for the purpose of charity law. have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year ended 31 December 2017. The financial statements have been prepared in accordance with the Statement of Recommended Practice"Accounting and Reporting by Charities" (FRS 102) and the Companies Act 2006. Reference and Administration Details The reference and administration details of the charitsble cornpany are as shown on page 2. Objectives and Activities Objectives The principal activity of the charitable company is that of a community based social economy enterprise, whose obj'ectives are the economic, social and human resource development of the Carrickmore and wider Mid-Tyrone catchments. Activities The charitable company's activities include the management and operation of Tem)on Business Park and the Milestone Centre, the provision of high calibre workspace for small and medium enterprises and the delivery of training and support servi5 relevant to businesses, community organisations and individuals. Public Benefit Statement The Directors of Techno Tyrone rnited confimi that they have complied with their duty under section 4lb) of the Charlties Art (Northem Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 December 2017. Achievements and Performance The Directors have established the charitable company as a progressive rural enterprise that supports business development, job creation, skills enhanment and inward investTnent to the area, all of which it is committed to continue. Financial Review Financial Performance The financial perfortriance was in line with the Directors. expectations. The charitable company remains in a sound ffinancial position at the year-end. The sUlts for the year are set out in detail on pages 8 to 17. The charitable company returned net incoming resources for the year of £5,167 (2016 - £9,720). At 31 December 2017, the total funds of the charitable company amounted to £1,427,202 {2016 £1,422,035) comprising restricted funds of £1.340,630 and unrestricted fLsnds of £86,572. Principal sources of ftjnding and how this has supported the key objectives of the charitable company are disc105ed in the notes to the financial statements. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 3
echno T rone Limited Limi uarantee DIRECTORS. REPORT for the ear ended 31 Decem Financial Review (Continued) Reserves Policy The charitable company does not maintain a fornial reserves policy however the Board of Directors continue to monitor the level of reserves held by the charitable company and are satisfied that these are adequate to meet any unforeseen expenditure incurred. structurei Governan and Management Oryanisational Structure The charitable company is a company limited by guarantee. not having a Sha capltal. The chantable company was established under a Memorandum of Ass¢xiation which established the objerts and powers of the charitable company and is governed under its Articles of Association. In accordance with the Articles of Association, the rnembers to retire by rotation shall be those who have been longest in office since their last election. and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-election. Directors The Direttors during the year are the same as the Dirertors as listed on page 2. Taxatlon Status The charitable company is recognised as a charity by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Art 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors. Responslbilities The Directors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of sOurCes, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are required to: select suitable accounting policies and apply them conslStently- observe the methods and principles in the Charities SORP (FRS 102). make Judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed. subjett to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Directors are responsible for keeping adequate accounting records that 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 the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 4
haritable Com Limit DIRECTORS. REPORT for the ear ended 3 1 Decem 17 Continued Small Companies Exemption The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Art 2006. This report was approved by the Board of Dirertors on 10 July 2018 and signed on its behalf by: Re9iStered office: The Milestone Centre Termon 8usiness Park Carrickmore Co Tyrone BT79 9AL r James Mag Director an istration Num n Number: r:NI 25913 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 5
ri Ltmited b INDEPENDENT EXAMINER. REPORT to the membe statements of Techno T ne Limited for the ear ed 31 December 2017 financial We report on the financial statements of the company for the year ended 31 December 2017 which are set out on pages 8 to 17. Respective Responsibilitles of Dlrectors and Independent Examiner As the charitable company's Directors, who are the trustee5 for the purpose of chanty law, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisf5ed ourselves that the charitable company is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to: examine the accounts under section 65 of the Charities Art (Northern Ireland) 2008; follow the procedures laid down in the general Direttions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Chartties Act (Northern Ireland) 2008- and state whether particular fflatters have come to our attention. Basis of Independent Examiner's Report We have examined your charitable company's financial statements as required under section 65 of the Charities Act (Northern Ireland) 2008 and our examination wa5 carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 651911b) of the Charities Art (Northern Ireland) 2008. The exaffiination included a review of the accounting records kept by the charitable company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disc105ures in the accounts, and seeking explanations from you as charitable company Dirertors concerning any such matters. Our role is to State whether any material matters have come to our attention giving us cause to believe.. That accounting records were not kept in accordance with sertion 386 of the Companies Art 2006. or That the accounts do not accord with those accounting records; or That the accounts do not comply with the accounting requirements of section 396 of the Companies Art 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Finonfjal Reporting Standard applicable in the UK and Republic of Ireland. or That there is further infomiation needed for a proper understanding of the accounts to be reached. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 6
Techno T rone Limited Charitable Com an Limited b Guarantee INDEPEND AMINER'S REP f T chno T RT t on the unaudite rinancial mber 2017 for th Continue Independent Examiner's Statement We h3ve completed our examination and have no concern5 in respert of the matters listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. anag Chartere Accountants & Statutory Auditors 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 10 July 2018 CavanaghKelly• Chartered Accountants & Ststutory Auditors Page 7
Limited ntee STATEMENT OF FINANCIAL AcfIvITIES Includin an income & ex nditure account Fo 31 December 2017 Unrestrirted Restricted Funds Funds Total Funds Total Funds 2017 2017 2017 2016 INCOME AND ENDOWMENTS Income from Charitable Activities (Note 4) TOTAL INCOME AND ENDOWMENTS 68,377 68,377 67,257 68,377 68,377 67,257 RESOURCES EXPENDED Charitable Artivitie5 (Note 5) TOTAL RESOURCES EXPENDED (58.097) (58,097) (5,113) (63,210) (5,113) {63.210) (57,537) (57,537) Net incoming/ (outgoing) resources for the year 10,280 {5.113) 5,167 9,720 Transfers between funds Total funds brought forward 76,292 1.345.743 1,422,035 1,412.315 Total funds carried forward 1 340 630 1 427 202 1 422 035 The above Statement of Financial Activities includes all inforniation as required to be disclosed by the Companies Act 2006. All of the activities of the charitable company are classed as continuing. The Statement of Financial Activities indudes all gains and losses recognised during the year. The notes on pages 11 to 17 form an integral part of the financial statements. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 8
Techno T it ST ITION as at 31 December 2017 Note 2017 2016 Fixed Assets Property, plant and equipment 1 813 658 1 790 280 Current Assets Receivables Cash and cash equivalents io 32,529 22,597 66,357 81,110 Payables: Amounts falling due within in one year li Net current assets Total assets les5 current liabilities 1,863.490 1,853,318 Payables: Amounts falling due after one year 12 (436.288) (431,283) Net Assets 1.427 202 1 422 035 REPRESENTED BY: Unrestricted funds Restricted funds Total Funds 14 14 14 86,572 1 340 630 1 427 202 76,292 1 345 743 1 422 035 The Directors, statements shown on the following page form part of this Statement of Financial Position. CavanaghKellyi Chartered Accountants & Ststutory Auditor5 Page g
Charitable Com an Liml STATEMENT OF FINAN IAL POSITION as at 31 December 2017 nu These financial statements have been prepared in accordance with the provisions applicable to small companie5, regime within Part 15 of the Companies Att 2006. For the financial year ended 31 December 2017 the company was entitled to exemption from audit under sertion 477 of the Companies Art 2006. The Directors confirm that the members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with Section 386- and for preparing financial statements which give a true ond fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming or outgoing resources for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companles Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes on pages 11 to 17 form an integral part of the financial statements. The financial statements were approved and authorised for issue by the Board of Directors on 10 July 2018 and signed on their behalf by: Gerard Keyes Director Shauna Rooney Director James Ma9uire Director Com an istrati r. N1025913 ion Number: 10296 CavanaghKelly* Chartered Accountants & Statutory Auditors Page 10
ri Limi NOTES TO THE FINAN IAL TAT For ear nded 31 December 2017 GENERAL INFORMATION Techno Tyrone knmited is a charitable company limited by guarantee incorporated in Northern Ireland. In the event of the charitable company being wound up, the liability in respect of the gijarantee is limited to £1 per member of the charitsble company. The address of the registered office is as shown on page 2. The charitable company constitutes a public benefit entity as defined by FRS 102. ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company's finanaal statements. 2.1 statement of Compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charites.. Statement of Recommended Prartice {SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin I published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Companies Act 2006 and UK Generally ACpted Prartice as it applies from l January 2015. 2.2 Basis of Preparation The financial statements are prepared on a going concem basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company's financial statements. 2.3 Cash Flow Statement The charitable company has applied Update Bulletin l as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section IA. 2.4 Income and Endowments (i) Charitable Activities Income from charitable activities includes income received under contrart or where entitlement to grant funding is subject to specific performance conditions. It is recognised as eamed as the related services or goods are provided. Grant income included in this category provides funding to support proj'ects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 11
ri Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 December 2017 Continued ACCOUNTING POLICIES (Continued) 2.5 Resources Expended Expen¢Jiture is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and SeICe5 are Supplied. Where costs cannot be dirertly attributed to a particular heading they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those artivities. (i) Charitable Activities This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable obJ"ectives. Charitable activities will include the costs of governance arrangements which relate to the general running of the charitable company. 2.6 Fund Accounting The charitable company has two types of funds ft)r which it is responsible at the year end.. Unrestricted funds - Funds which are expendable at the discretion of the Director5 in furtherance of the objectives of the charitable company. In addition, funds may be held in order to finance capital investment and working capital. Restricted funds Income reiVed for specific purposes. Such purposes are within the overall aims of the charitable company. 2.7 Property. Plant and Equipment and Depreciation Propertyi plant and equipment are initially recorded at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life. as follows-. Plant & Machinery Fixtures, Fittings & Equipment 200/0 Straight Line 12.50kn Straight Line 2.8 Trade and Other Receivables Trade and other receivables are initially recorded at fair value and thereafter stated at Cost less impairment losses for bad and doubtful debts. 2.9 Trade and Other Payables Trade and other payables are initially recognised at fair value and thereafter stated at cost. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 12
Limi Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL For the ear end ATEMENTS 17 2.10 Taxatlon As a charity, the charitable company is not liable to Corporation Tax. PERIOD OF FINANCIAL STATEMENTS The financial statements are for the 12 months period ended 31 December 2018. The cornparative figures are for 12 months period ended 31 December 2017. 4. INCOME AND ENDOWMENTS Unrestricted Restricted Funds Funds 2017 2017 Total Funds 2017 Total Funds 2016 Charitable Activities Rental incorne Other income Total Income and Endowments 66.591 66,591 67,257 Income from Charitable Activities in the year ended 31 December 2016 of £67,257 was made up of entirely unrestricted funds. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 13
T chnoT ne Limited Charitable Com Limit NOTES TO THE F nded 31 Decem ENT r 2017 ntinued RESOURCES EXPENDED Unrestricted Restricted Funds Funds 2017 2017 Total Funds 2017 Total Funds 2016 Charitable Activities Wages and salaries Rates Insurance Leasing Light and heat Repairs and maintenance Printing, postage arid stationery Advertising Telephone Computer costs Travelling and entertainment Consultancy Accountancy Bank charges Bad debts Charitable donations Subscriptions Depreciation of fixtures, fittings and equipment Loan Interest Total Resources Expended 19.104 3,511 6,151 19,104 3.511 6,151 848 8, 143 6,775 694 20,405 (1.396) 3,570 762 14,040 11,022 367 150 1,398 890 1,590 62 1,625 181 (2,557) 45 8.143 6,775 694 1.452 1.452 2,108 3,259 2.443 259 2,108 3,259 2,443 259 io 3.340 io 3,340 83 Expenditure on Charitable Activities in the year ended 31 December 2016 of £57,537 was made up of £5,291 of restricted expenditure and £52,246 of unrestrirted expenditure. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 14
chno T ron Limit in or the ear end mber 2017 NET INCOME/(EXPENDITURE) FOR THE YEAR Net income/ (expenditure) is stated after charying / (crediting)- 2017 2016 Depreciation of fixtures, fittings and equipment Accountant's remuneration 3,340 83 7. INDEPENDENT EXAMINER'S REmuNERAoN The independent examiner's remuneration amounts to an independent examination fee of £2,443 (2016- £1,625). STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company during the year was two. The total staff costs and employees, benefits was as follows.. 2017 2016 Wages and salaries {including social security) No employee of the charitable company received total employee benefits of more than £60,000. 8.1 DIRECTORS. REMUNERATION The Directors received nor waived any remuneration or any other benefits during the year and no reimbursements of expenses incurred. CavanaghKellyi Charteréd Accountants & Statutory Auditors Page 15
Charitable Com an Limited b Guarantee ar ended 31 Decem 17 9. PROPERTY, PLANT AND EQUIPMENT Investment Plant & Properties Machinery Flxtures, Fittings & Equbpment Total Cost At 31 December 2016 1,790.280 60.506 175,538 26,718 202,256 2,026,324 26,718 2,053,042 Additions At 31 December 2017 1.790,280 60,506 Depreciation At 31 December 2016 Charge for year At 31 December 2017 60.506 175.538 236,044 178 878 239 384 Net Book Values At 31 December 2017 1.790,280 1,813.658 At 31 December 2016 1 790 280 1 790 280 io. RECEIVABLES 2017 2016 Trade receivables Taxation and social security 28,832 21,851 746 ii. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2017 2016 Trade payables Taxation and social security Bank loans Accruals and deferred income 856 226 12,000 1,797 940 12,000 16,525 CavanaghKelly¥ Chartered Accountants & Statutory Aud&tors Paoe 16
ri Limi b Guarantee THE FINANCIAL STATEMENTS ar ended 31 Continued For he 12. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR 2017 2016 Bank loans 436 288 436 288 431 283 431 283 This loan is secured by a legal charge over the charitable company's investment properties. Bank Loans 2017 2016 Repayable within one year or less. or on demand (Note 10) Repayable between one and two years Repayable between two arkd five years Repayable in five years or more 12,000 12,000 12,000 412 288 12.000 12,000 12,000 407 283 13. ANALYSIS OF NET ASSETS Unrestricted Funds 2017 Restricted Funds 2017 Total Funds 2017 Total Funds 2016 Property, Plant and Equipment Current Assets Current Liabilities Non-current Liabilities 23.378 66,357 (3.163> 1,790,280 1.813.658 66,357 113,362) (16,525) 436 288 436,288 1 340 630 1 427 202 1,790,280 81,110 [18,072) 431 283 1 422 035 14. ANALYSIS OF FUNDS Unrestricted Restrirted Funds Funds 2017 2017 Total Funds 2017 Total Funds 2016 Opening balance Net incoming/(outgoing) resources Trarssfer between funds Closing balance 76,292 10.280 1.345.743 1,422,035 (5,113) 5,167 1,412,315 9,720 86 572 1 340 630 1 427 202 1 422 035 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 17