Company Registration Number: N1025913 Charity Reglstratlon Number: 102966 Techno Tyrone Limited (Charitable Company Limited by Guarantee) Annual Report and Unaudited Financial Statements For the year ended 31 December 2023 CavanaghKelly Chartered Accountants 36- 38 Northland Row Dungannon BT71 6AP
Techno T ri rone Limited om an Limit d Guarantee CONTENTS For the ear ended 31 Dec Page General Information Directors, Report Independent Examiner's Report statement of Financial Activities Statement of Financial Position 9-10 Notes to the Financial Statements 11-21 CavanaghKelly. Chartered Accountants & Statutory Auditors Page I
Techno Tyrone Limited Charitable Com an Limited b Guarantee GENERAL INFORMATION Board of Dlrectors James 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
Techno Tyrone Limited Charitable Com Limited b Guarantee DIRECTORS, REPORT for the ear ended 31 Decemb 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 2023. 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 charitable company 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 objectives 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 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 levant to businesses, community organisations 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 (Northern 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 2022. Achievements and Performance 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 Financial Performance The financial performance was in Ilne with the Directors, expectations. The charitable company 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 returned net incoming resources for the year of £(1,624) (2022: Net incoming resources £21,045). At 31 December 2023, the total funds of the charitable company amounted to £1,945,736 (2022: £1,947,360) comprising of unrestricted funds of £1,918,941 (2022.. £1,918,761) and restricted funds of £26,795 (2022: £28,599). Principal sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 3
Techno Tyrone Limited Charitable Com an Limited b Guarantee DIRECTORS, REPORT for the ear ended 02 Flnanclal Review (Contlnued) Reserves Policy The charitable company does not maintain a formal 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. Structure, Governance and Management Organisational Structure The charitable company is a company limited 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 election, and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-election. Directors The Directors during the year are the same as the Directors as listed on page 2. Taxation Status The charitable company is recognised as a charity by HM Revenue & CuStos. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part li Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors. Responsibilities 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 resources, 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 consistently; 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, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern 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. CavanaghKelly, Chartered Accountants & Statutory Auditors Page 4
Techno Tyrone Limited 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 Act 2006. This report was approved by the Board of Directors on 7 May 2024 and signed on its behair by: Registered office: The Milestone Centre Termon Business Park Carrickmore Co Tyrone BT79 9AL 417,ia 4nk4 Mr James Maguire Director CavanaghKellyi Chartered Accountants & Statutory Auditors
Techno Tyrone Limited ri Com an Limi INDEPENDENT EXAMINER'S REPORT to the members on the unaudited financial statements of Techno T rone Limited for the ear ended 31 December 2023 We report on the financial statements of the company for the year ended 31 December 2023 which are set out on pages 8 to 21. Respective Responsibilities of Directors and Independent Examiner As the charitable company's Directors, who are the trustees for the purpose of charity law, you 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 law, and is eligible for independent examination, it is our responsibility to: exarnine the accounts under section 65 of the Charities Act (Northern 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 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 was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(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 disclosures in the accounts, and seeking explanations from you as charitable company Directors 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 section 386 of the Companies Act 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 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. CavanaghKelly, Chartered Accountants & Statutory Auditors Page 6
Techno Tyrone Limited Charitable Com an Limited b Guarantee INDEPENDENT EXAMINE sta men Techno T 2023 Continued REPORT to the members on udited flnancial rone Limited for th ear ended 31 December Independent Examiner's Statement We have completed our examination and have no concerns in respect 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. CAVANAG Chartered Accountants & Statutory Auditors 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 7 May 2024 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 7
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Techno Tyrone Limited haritable imited b Guarantee STATEMENT OF FINANCIAL POSITION as at 31 December 2023 Note 2023 2022 Fixed Assets Property, plant and equipment 1 848 026 1 850 883 Current Assets Receivables Cash and cash equivalents 29,863 101 909 131,772 37,634 127,823 Payables: Amounts falling due within in one year io Net current assets 109 812 110 658 Total assets less current liabilities 1,957,838 1,961,541 Payables: amounts falling due after more than one year li (12,102) (14,181) Net Assets 13 1 945 736 1 947 360 REPRESENTED BY: Unrestricted funds Restricted funds Total Funds 14 14 14 1,918,941 1,918,761 1 945 736 1 947 360 The Directors, statements shown on the following page form part of this Statement of Financial Position. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 9
Techno Tyrone Limited AL POSI asa AL be These financial statements 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 2023 the company was entitled to exemption from audit under Section 477 of the Companles Act 2006. The Directors confirm that the members have not required the company to obtaln 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 and fair view of the state of affairs of the charitable company as at the end or 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 Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes on pages 11 to 21 form an integral part of the financial statements. The financial statements were approved and authorised for iSSLte by the Board of Directors on 7 May 2024 and signed on their behalf by.. Gerard Keyes Director Jam s Maguire Director Ch ri istration Number: 102966 CavanaghKelly, Chartered Accountants & Statutory Audltors Page 10
Techno Tyrone Limited Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 December 2023 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 relation to the charitable company's financial statements. 2.1 Statement of Compliance The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective I lanuary 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. 2.2 Basis of Preparation The financial statements are prepared on a going concern 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 SORP. 2.4 Income and Endowments (i) Charitable Activities Income from charitable activities includes income received under contract or where entitlement 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. CavanaghKelly, Chartered Accountants & Statutory Auditors Page 11
Techno Tyrone Limited ri Li d b Guarantee NOTES TO THE FINANCIAL STATEMENTS For ar end 023 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 are supplied. 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 Actlvities This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives. Charitable artivities 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 for which it is responsible at the year end: Unrestricted funds Funds which are expendable at the discretion of the Directors 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. Reserves Reserves are needed to bridge the timing gap between spending and receiving of income and to cover unplanned temporary shortfalls in income should they arise. Holding adequate reserves safeguards the provision of our services in the event of unexpected significant financial pressures. The trustees consider that the ideal level of reserves would be three months expenditure plus total liabilities at year end. Property, Plant and Equipment and Depreciation Property, 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 12.50/0 Straight Line 2.9 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. CavanaghKelly, Chartered Accountants & Statutory Auditors Page 12
Techno Tyrone Limited Charitable Com Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the r ended 31 December 2023 Continued ACCOUNTING POLICIES (Continued) 2.10 Trade and Other Payables Trade and other payables are initially recognised at fair value and thereafter stated at cost. 2.11 Taxation As a charity, the charitable company is not liable to Corporation Tax 2.12. Critlcal accountlng estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised were the revision affects only that period, or in the period of the revision and future periods were the revision affects both current and future periods. Criticaljudgen7ents in applying the entity s accounting policies There are no critical judgements in applying the company's accounting policies. Critical accounting estimates and assumptions There are no accounting estimates in applying the company's accounting policies. 2.13 Financial Instruments (i) Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. CavanaghKellyA Chartered Accountants & Statutory Auditors Page 13
Techno Tyrone Limited Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 December 2023 Continued ACCOUNTING POLICIES (Continued) 2.13 Financial Instruments (Cont'd) { i) Financial assets (Cont'd ) Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (li) Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it Is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non- current Ilabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. (iii) Offsetting Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 14
Techno Tyrone Limited Charitable Com Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 December 2023 Continued 2. ACCOUNTING POLICIES (Continued) 2.14 Pension and other post retirement obligations The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for the service, the excess is recognised as a prepayment. CavanaghKelly. Chartered Accountants & Statutory Auditors Page 15
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Techno Tyrone Limited itable NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 December 2023 Continued NET INCOME/(EXPENDITURE) FOR THE YEAR Net income/ (expenditure) is stated after charging / (crediting): 2023 2022 Depreciation of fixtures, fittings and equipment 8,524 6,926 INDEPENDENT EXAMINER'S REMUNERATION The independent examiner's remuneration amounts to an independent examination fee of £3,254 (2022.. £3,782). 7. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company during the year was I (2022.. 1). The total staff costs and employees, benefits was as follows: 2023 2022 Wages and salaries Social Security Costs Pension 13,463 617 220 14,300 13,345 617 211 No employee of the charitable company received total employee benefits of more than £60,000. 7.1 DIRECTORS, REMUNERATION The Directors received nor waived any remuneration or any other benefits during the year and no reimbursements of expenses incurred. CavanaghKelly, Chartered Accountants & Statutory Auditors Page 18
Techno Tyrone Limited Charitable Com an Limited b Guarante TE For the EFI NCI L STATEMENTS ear ended 31 December 2023 Continued 8. PROPERTY, PLANT AND EQUIPMENT Investment Plant & Properties Machinery Fixtures, Fittings & Equipment Total Cost At 31 December 2022 1,819,313 45,363 226,295 5,667 231,962 2,090,971 5,667 2,096,638 Additions At 31 December 2023 1,819,313 45,363 Depreciation At 31 December 2022 Charge for year At 31 December 2023 36,248 203,840 240,088 210 425 248 612 Net Book Values At 31 December 2023 1 819 313 1 848 026 At 31 December 2022 1 819 313 1,850,883 9. RECEIVABLES 2023 2022 Trade receivables io. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loans and overdrafts Trade payables Taxation and social security Accruals and deferred income 4,000 12,857 2,084 4,000 5,742 1,877 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 19
Techno Tyrone Limited Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENT mbe 2023 ntinued ii. PAYABLES: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loans and overdrafts 12,102 12. LOANS An analysis of the maturity of loans is given below: 2023 2022 Amounts falling due within one year or on demand: Bank loans 4,000 4,000 Amounts falling due between one and two years: Bank loans 4,000 4,000 Amounts falling due between two and five years: Bank loans 8,102 10,181 Amounts falling due after more than five years: Bank loans A Bounce Back Loan of £12,102 {2022: £18,181) is guaranteed by the UK Government under the Bounce Back Loan Scheme. The loan is repayable over 5 years with a rate of interest of 2.50/0. 13. ANALYSIS OF NET ASSETS Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2022 Property, Plant and Equipment Current Assets Current Liabilities Non-cu rrent Liabilities 1,821,231 131,772 (21,960) 26,795 1,848,026 131,772 (21,960) 1,850,883 127,823 (17,165) 1,918,941 26,795 1,945,736 1,947,360 CavanaghKellyi Chartered Accountants & Statutory Auditors Page 20
Techno Tyrone Limited aritable Com an Limited b arantee NOTES TO THE INANCIAL STATEMEN he ear ended 31 December 2023 Continued 14. ANALYSIS OF FUNDS Opening Balance Income Expenditure Closing Balance Groundwork NI Grant DAERA Grant FODC Capital Grant Co-operation Ireland Grant ESB Grant 2,545 1,137 20,316 843 3,758 (396) (186) (312) (136) (774) 2,149 951 20,004 707 2,984 Restricted Funds 28,599 (1,804) 26,795 Unrestricted Funds 1,918,761 93,909 (93,729) 1,918,941 Closing balance 1 947 360 1 945 736 15. CONTINGENT LIABILITIES A contingent liabil ity exists to repay gra nts received shou Id certain cond itions not be fulfilled by the charitable company. CavanaghKellyi Chartered Accountants & Statutory Auditors Page 21