052¢ Company Registration Number: N1025913 Charlty Re9iStration Number: 102966 Techno Tyrone Limited (Charitable Company Limited by Guarantee) Annual Report and Unaudited Financial Statements For the year ended 31 December 2018 CavanaghKelly Chartered Accountants & Statutory Auditors 36 - 38 Northland Row Dungannon BT71 6AP
Techno T rone Limi an Limi NTENTS Page General Infom)ation Director5, Report Independent Examiner's Report Statement of Financial Activities statement of Financial Position 9- 10 Notes to the Financial Statements CavanaghKellyi Chartered Accountants & Ststutory Auditors Page I
Techno T ron Limi le Com an Limited b Guaran GENERAL INFORMATION Board of Directors Jame5 Maguire Gerard Keyes Shauna Rooney Company Secretary James Maguire Registered Office The Milestone Centre Termon 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 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 2
rone Limited om an Limited b Guarant Charita DIRECTORS. REPORT f ear ended 31 December 2018 The Directors, who are the trustees for the purpose of charity law. have pleasure iri presenting their report and the unavdited financial siatements of the charitable company for the year ended 31 December 2018. The financial statements have been prepared in accordance with the Statement of Recommended Prattice"Accounting and Reporting by Charities" (FRS 102) and the Companies Act 2006. Reference and Administration Details The reference and administration details of the charitable company are as shown on page 2. Objectives and Activities Objectives The principal artivity 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. Artivities The charitable company's attivities include the management and operation of Termon Business Park and the Milestone Centre. the provision of high calibre workspace for small and medium enterprises and the delivery of training and support services relevant to businesses, community organisatlons and individuals. Public Benefit Statement The Directors of Techno Tyrone Limited confirm that they have complied with their duty under section 4{6) of the Charities Act (Northem Ireland) 2008 to have regard to the Charity Comrnission 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 2018. Achievements and Perforniance The Directors have established the charitable company as a progressive rural enterprise that supports business development, job creation, skills enhancement and inward investment to the area, all of which it is committed to continue. Financial Review Financlal Performance The financial perfomiance was in line with the Directors, expertations. The charitable compar)y remains in a sound financial position at the year-end. The results for the year are set out in detail on pages 8 to 17. The charltable company retumed net incoming resources for the year of £13,342 (2017 - £5.167). At 31 December 2018, the total funds of the charitable company amounted to £1.440,544 (2017 £1,427,202) comprising restritted fund5 of £1.379,824 and unrestrirted funds of £60,720. Principal sources of funding and how this has supwrted the key objectives of the charitable company are disclosed in the notes to the financial statements. CavanaghKelly. Chartered Accountants & Statutory Auditors Page 3
Techn Chari rone Li ble Com ited Limit uarantee RECTOR EPORT for the ear ended 31 December 201 Financial Review (Continued) Reserves Policy The charitable company does not maintain a formal reserves policy however the Board of Direttors 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. structure, Governance and Management Organisational Strurture The charitable company is a company Ilmlted by guarantee, not having a share capital. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In accordance with the Articles of Association, the members to retire by rotation shall be those who have been longest in ofFice since their last elertion, and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-elertion. Dlrectors The Directors during the year are the same as the Dirertors as listed on page 2. Taxation 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 Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors, Responsibilities The Dirertors 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 resources. including the income and expenditure, of the charitable company for that year. In preparing these finaricial statements the Direttors are required to- select suitable accounting policies and apply them consistently: observe the method5 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, subject to any materlal 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 wlth reasonable accuracy at any tirne 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
ron it Chari ntee DIRECT RT for the ed 31 Decem in 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 Directors on 12 September 2019 and signed on its behalf by.. Registered office: The Milestone Centre Termon Business Park Carrickmore Co Tyrone BT79 9AL Mr James Maguire Director Com ri istratio istration Nu mber". N102 913 Re CavanaghKellyi Chartered Accountants & Statutory Audltors Page 5
noT Limi Charstabl Com Limi INDEPENDENT EXAMINER. REP statements of Techno T rone L. RT o the members o l Decem audi 18 fin ncial We report on the flnanclal statements of the company for the year ended 31 December 2018 which are set out on pages 8 to 17. Respective Responsibilitie5 of Directors and Independent Examiner As the charitable company's Direttors, who are the trustees for the purpose of charity law, yo are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charitable company is not subject to audit under company la%y, and is eligible for independent examination, it is our responsibility to= examine the accounts under seckn.on 65 of the Charities Act {Northem Ireland) 2008. follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008; and state whether particular matters have come to our attention. Basis of Independent Examlnerfs Report We have examined your charitable company's financial statements as required under section 65 of the Charities Act (Northem Ireland) 2008 arbd our examination was carried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under section 65(91(b) of the Charities Act (Northern Ireland) 2008. The examination 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 Directors conceming 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 ir) accordance with section 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 quIrements of section 396 of the Companies Act 2006 and with the methods and principles of the 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; or That there is further information needed for a proper understanding of the accounts to be reached. CavanaghKellyF Chartered Accountants & Ststutory Auditors Page 6
chn Charitabl e Limited om Limi Guarantee IN EPENDENT EXAMINER, statement Continued EPORT to the member naudit financial Limited for the ear ended 31 December 2018 Independent Examinerfs Ststement We have completed our examination and have no concerns in respect of the matters listed above and, in connertion with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawir)g to your attention. CAVANA KELLY Chartered Accoun ts & Statutory Auditors 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 12 September 2019 CavanaghKelly. Chaitered Accountants & Statutory Auditors Page 7
imited an Limlted Ch ritable Com Guarant STATEMENT OF FINAN IAL AcfivITIES Incl din n income ex nditure account For th ended 31 Decem r 2018 Unrestricted Restrirted Funds FurKIs Total Funds Total Funds 2018 2018 2018 2017 INCOME AND ENDOWMENTS Income from Charitable Activities (Note 3) TOTAL INCOME AND ENDOWMENTS 71,727 26,349 98,076 68,377 71,727 26.349 98,076 68,377 RESOURCES EXPENDED Charitable Activities (Note 4) TOTAL RESOURCES EXPENDED (75,050} (75,050) (9,684) (84.734) (9,684) (84.734) (63,210) (63,210) Net incoming/ (outgoing) resources for the year (3,323) 16.665 13,342 5,167 Transfers between funds (22.529) 22,529 Total funds brought forward 86,572 1.340.630 1,427,202 1,422,035 Total funds carried forward 1 379 824 1 440 544 1 427 202 The above Statement of Financial Activities includes all information 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 gain5 and losses recognised during the year. The notes on pages 11 to 17 form an integral part of the financial statements. CavanaghKelly, Chartered Accountsnts & Statutory Auditors Page 8
haritabl Com Limited b Guarant STATEMEN FINANCIA SITION December 201 Note 2018 2017 Fixed Assets Property, plant and equipment 1 810 318 1 813 658 Current Assets Receivables Cash and cash equivalents 29.420 32,529 67.308 66,357 Payables: Amounts falling due within in one year io Net current assets Total assets less current liabillties 1,857,502 1,863,490 Payables: Amounts falling due after one year li {416,958) (436,288) Net Assets 1 427 202 REPRESENTED BY: Unrestricted funds Restricted funds Total Funds 13 13 13 60.720 1 379 824 86,572 1 340 630 1 427 202 The Direttors. statements shown on the following page form part of this Statement of Financial Position. CavanaghKelly# Chartered Accountants & Statutory Auditor5 Page 9
echn e Limited Charitabl Com an Limi b Guarantee STATE FINAN IALP s at 31 December 2018 Con These flnancial ststements have been prepared in accordance with the provisions applicable to small companies, regime within Part 15 of the Companies Act 2006. For the financial year ended 31 December 2018 the company was entitled to exernption from audit under section 477 of the Companies Att 2006. The Directors confimi 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 Sectlgn 386- and for preparing financial statements which give a true and 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 Companies Art 2006 lating 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 12 September 2019 and signed on their behalf by: Gerard Keyes Director Shauna Rooney Director James Maguire Director ion Num . N1025913 r: 10296 CavanaghKelly. Chartered Accountants & Statutory Audltors Page 10
Techn Chari rone abl Com mi ited uarantee NOTES TO THE FINAN Fot ren L STATEM mber 2 GENERAL INFORMATION Techno Tyrone Limited 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 guarantee is limited to £1 per member of the charitable 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 relatior) to the charitable company's finanaal statements. 2.1 Statement of Compliance The financial 5tatement5 have been prepared in accordance with Accounting and Reporting by Charites.. Statement of Recommended Practice (SORP) applicable to charities preparing their fir)ancial 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 thmugh 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 Practice as it applies from l January 2015. 2.2 Basis of Preparation The financial statements are prepared on a going cor)cern basis under the historical cost convention unless otherwise stated in the relevant accounting policy. Historfcal cost is generally based on the fair value of the constderation 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 finanaal 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 artivities includes income received under contract or where entitlemenl to grant funding is subject to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income included in this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability- CavanaghKellyi Chartered Accountants & Ststutory Auditors Page 11
Charitsble Com an Limited b Gu ntee OTES T THE FINAN ended 31 D L STATEMENT Continued ACCOUNTING POLICIES (Continued) 2.5 Resources Expended Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and services a supplled. Where costs cannot be directly 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 activities. (i) Charitable Activities This comprises all the re50urce5 applied by the charitable company in unijertaking its work to meet its charitable objectives. 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 type5 of funds for 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 received for specific purposes. Such purposes are within the overall aims of the charitable company. 2.7 Property, Plant and Equipment arKI Depreciation Property. plant and equipment are initially recorded at cost. Depreciation is provided at rates calculated to write off the cost less sidUal value of each asset over its expected useful life, as follows.. Plant & Machinery Fixtures, Fittings & Equipment 200h Straight ne 12.50/0 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
ne Lim om an Charitabl nt TES TO THE FINAN F rthe ear nded 31 IAL STATEME 201 ontin 2.10 Taxatton As a charity, the charitable company is not liable to Corporation Tax. 3. INCOME AND ENDOWMENTS Unrestricted Restricted Funds Funds 2018 2018 Total Funds 2018 Total Funds 2017 Charitable Activities Rental incorne Grant income: Fermanagh and Omagh Local Artion Group (LAG) Ltd Rural Development Programme Fermanagh and Omagh District Council Other incorne Total Income and Endowments 71.727 71.727 66,591 20,038 20,038 5.309 1,002 5,309 1,002 Income from Charitable Artivities in the year ended 31 December 2017 of £68,377 was made up of entirely unrestricted funds. CavanaghKellyi Chartered Accountants & Statutory Audltors Page 13
Tech Ch rone Li ritable Com Gu NOTES T For the THE FINANCIAL STATEMEN ded 31 December 2018 RESOURCES EXPENDED Unrestrl¢ted Restricted Funds Funds 2018 2018 Total Funds 2018 Total Funds 2017 Charitable Actbvities Wages and salaries Rates Insuran Leasing Light and heat Repairs and maintenance Printing, postage and stationery Advertising Telephone Computer costs Travelling and entertainment Consultancy Accountancv Bank charges Bad debts Charitable donations Subscriptions Depreciation of fixtures, fittings and equipment Loan interest Total Resources Expended 20.040 7,166 6,112 577 12,060 20,483 1,012 693 1,126 516 I,ioo 20.040 7,166 6,112 577 12,060 20.983 1,012 693 1,126 516 I,ioo 19,104 3,511 6,151 848 8,143 6,775 694 500 1,452 2,108 3,259 2,443 259 1,663 175 304 2.010 13 1.663 175 304 2,010 13 3,340 io 3,340 3,340 Expenditure on Charitable Activities in the year ended 31 December 2017 of £63.210 was made up of £5, 113 of restrirted expenditure and £58,097 of unrestricted expenditure. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 14
echno T Chari rone Li Com tee NOTES T For the THE FINAN IA 31D EMENT mber 2 5, NET INCOmE/(EXpENDuRE) FOR THE YEAR Net incomel (expenditure) 15 Stated after charging / (crediting)- 2018 2017 Depreciation of fixtures, fittings and equipment Accountant's remuneration 3,340 3,340 INDEPENDENT EXAMINER'S REMUNERATION The independent examiner's remuneration amounts to an independent examination fee of £1,663 (2017 - £2,443). 7. STAFF COSTS AND EMPLOYEE BENEFrrs 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: 2018 2017 Wages and salaries (including social security) 20,040 No employee of the charitable company received total employee benefits of more than £60,000. 7.1 DIRECTORS. REMUNERATION The Oirectors received nor waived any remuneration or any other benefits during the year and no reimbursements of expenses incurred. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 15
rone Limit an ri Limi Guarantee NOTE THE FINANCIAL STATEMENTS Continued 8. PROPERTY, PLANT AND EQUIPMENT Investment Plant & Propertles Machinery Fixtures* Fittings & Equipment Total Cost At 31 December 2017 Additions At 31 December 2018 1.790,280 60,506 202,256 2,053,042 1,790,280 60,506 202,256 2.053,042 Depreciation At 31 December 2017 Charge for year At 31 December 2018 60,506 178,878 239,384 182 218 242 724 Net Book Values At 31 December 2018 1 790 280 1 810 318 At 31 December 2017 1 790 280 1 813 658 9. RECEIVABLES 2018 2017 Trade receivables Taxation and social security 29,420 28,832 io. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2018 2017 Trade payables Taxation and social security Bank loans Accruals and deferred income 2.782 1,725 12,000 856 226 12,000 CavanaghKellyi Chartered Accountants & Ststutory Auditors Page 16
ron Ch ritable imit om Limited b NOTES T THE FINANCIAL STATEMENTS ear end 31 Decemb r 2018 Contin ii. PAYABLES: AMOUNTS FALUNG DUE AFTER ONE YEAR 2018 2017 Bank loans 416 958 416 958 436 288 436 288 This loan is secured by a legal charge over the charitable company's investment properties. ank Loans 2018 2017 Repayable vlithin one year or less. or on demand (Note 10) Repayable between one and two years Repayable between two and five years Repayable in five years or more 12.000 12,000 36,000 368 958 428 958 12,000 12,000 36,000 388 288 448 288 12. ANALYSIS OF NET ASSETS Restrlcted Funds 2018 Total Funds 2018 Total Funds 2017 Funds 2018 Property, Plant and Equipment Current Assets Current Liabilities Non-current Liabilities 1,810,318 1.810.318 67,308 (13,536) (20,124) 416 958 416,958 1 379 824 1 440 544 1,813,658 66,357 (16,525> 436 288 1 427 202 67,308 (6.588) 13. ANALYSIS OF FUNDS Unrestricted Restrlcted Funds Funds 2018 2018 Total Funds 2018 Total Funds 2017 Opening balance Net incoming/(outgoing) resources Transfer between funds Closing balance 86,572 (3,323) 1,340.630 1,427,202 16,665 13.342 1,422,035 5,167 60 720 1 379 824 1 440 544 1 427 202 CavanaghKelly, Chartered Accountants & Statutory Auditors Page 17