REGISTERED COMPANY NUMBER: N1019910 (Northern Ireland) REGISTERED CHARITY NUMBER: 103568 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023 for SOUTHERN GROUP ENTERPRISES LIMITED M.B.McGrady & Co Chartered Accountants Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS
SOUTHERN GROUP ENTERPRISES LIMITED Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 14
SOUTHERN GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: N1019910) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the fanCIal statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the charity are: To enhance education, in particular for young people, by provlding training facilities for the acquisition and development of occupational skills and work experience for periods in each case not nomially exceeding two years. The main objectives for the year continue to be focused on the provision of community based training. Public benefit The trustees are confident that the charitable aims of Southern Group Enterprises Limited satisfy the principles of public benefit as deftned in the Charities Act. They have referred to the guidance contained in the Charity Commission's general 8uidanc¢ on public benefit when reviewing the aims and objectives and in planning its future activities. The public purpose of Southern Group Enterprises Limited 15 to provide an educational programme, based on occupational and essential sktlls, to those pupils at school who wish to opt out of the fornial academic route. The target group are those pupils who at the age of fourteen to sixteen are seeking an alternative educational system that challenges them to develop and demonstrate their individual capabilities and creative skills. The provision of the vocationavoccupational programmes provided by Southern Group Enterprises Limited i5 an extension to the secondary level of the mainstream educational system. The benefit of this is two fold in that it enhances and supports the career departments within the local schools by providing the opportunity for work related training for pupils during school time and secondly the beneficiaries, the pupils, gain through maximising their potential through obtaRning a vocational Career and the feeling of self esteem and respect from this achievement, attaining relevant academic and vocational qualifications but also developing life skills both at a personal and social level. The age at which pupils enter the vocationavoccupational programmes is one that Southern Group Enterprises Limited see as a deftntng time of a young person's life during which time their personalitylexpeclations are detern]ined and defmed for later life. The public purpose therefore ts the starting point under which education can provide a stable environment and base for each young person going forward. As for the community the benefit derived is that upon entering society at large the pupils have become young adults displaying responsibility and self belief within thentselves that originates through the acquisition of skills attained within the educational programme. ACHIEVEMENT AND PERFORMANCE Charitable activities The end of the year saw a result in which there was a dernand upon the charity's fmancial resources and the results for the year are set out in detail on pages 5 to 14. The company returned a surplus for the year of £40,015. FINANCIAL REVIEW Principal funding sources The main source of funding is derived from the provision of training under the STEPS and VEP programmes. The charity provides these services directly to the local schools, ultimately the funding is provided by the Southern Education & Library Board. Investment policy and objectives Under the Memorandum and Article of Association, the charity has the power to invest in any way the trustees wish. However in fonnulating an investment policy, the charity has recognised that whilst it may have surplus funds to invest, these ale likely to be called upon in the short tenn. The policy is to maintain high levels of capital security by minimising interest rate risk, maximising returns and liquidity and maintainlng low transaction costs.
SOUTHERN GROUP ENTERPRISES LIMITED {REGISTERED NUMBER: N1019910) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL REVIEW Reserves policy The Management Committee have examined the charity's requirements for reserves in light of the main risks to the organisation. A policy has been established whereby unrestricted funds not committed or invested in tangible assets held by the charity should be between 6 and 9 months of the armual budgeted expenditure. Budgeted expenditsJr¢ for 2022123 is approximately £255,000 and therefore the target is between £127,500 and £191,250 of general unrestricted funds. The reserves are required to meet the working capital requirements of the charity. The charity recognised the continued need of a lld to both refurbish and make improvements to their land and buildings. As such a designated fund of £550,000 was set aside for the redevelopment and improvement of the charity's property. To date an amount of £291,870 of this fund has been used leaving designated funds for the redevelopment and improvement of the charity's land and buildings of £258,130. Free reserves at 31 March 2023 amount to £145,835, which falls short of the lower target figure of £159,375 for unrestricted funds. In calculating reserves the designated fund (£258,130) and the net book value of fixed assets held (£320,177) have been excluded. Although the strategy is to continue to build reserves, the Management Committee is aware that it is unlikely that the target can be reached for a number of years. The charity plans to continue the objectives and activities outlined above, subject to satisfactory funding arrangement5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The company was incorporated on 22 October 1986 as a charitable company limited by guarantee. and also received charitable status from HM Revenue & Customs. The company was registered with the Charities Con]mission in Northern Ireland on 16 December 2015. The 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 the event of the company being wound up member5 are required to contribute an amount not exceeding £1. Recruitment and appointment of new trustees The directors of the company are also charity trustees for the purposed of charity law and under the company's Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. Due to the nature of the charity's work the trustees seek to ensure that these needs are appropriately reflected through the diversity of the trustee body. To enhance the potential pool, trustees are requested to provide a list of their skills (and update it each year) and in the event of particular skills being lost due to retirement, individuals are approached to offer themselves for election. Induction and training of new trustee5 New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, th¢ committee and decision making processes, the business plan and recent fmancial performance of the charity. They also meet other trustees and are encouraged to attend appropi'iate external training events where these will facilitate the undertaking of their role. All trustees are already familiar with practical work of the charity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1O19910 (Northern Ireland) Registered Charity number 103568
SOUTHERN GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: N1019910) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023 Registered office Unit 22 Rampart Way Greenbank Ind Estate Warrenpoint Road Newry Co. Down BT34 2QU Trustees C P Baall Mobile Engineer Ms M D M Coulter Solicitor R G Coult¢r MBE Building Contractor P G Duffji Retired Accountant (resied 251712022) K McGivern Chartered Accountant C O'Hare Administrative otficer Company Secretary Mrs B Rocks Independent Examiner Mr Conaill McGrady FCA M.B.McGrady & Co Chartered Accountants Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS Solicitors MDM Coulter 125 Harbour Road Kilkeel Co.Down BT34 4AT This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 26 June 2023 and signed on its behalf by: Mrs B Rocks - Secretary
Independent Examiner's Report to the Trustees of Southern Group Enterprises Limited (Registered number: N1019910) I report on the accounts of the company for the year ended 31 March 2023, which are set out on pages five to fourteen. Respective responsibilities of charity trustees and examiner As the charity's trustees (and also the directors foi. the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under Section 65 of the Charities Act follow the pi'ocedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Chariti¢s Act state whether particular matters have come lo my attention. Basis of the independent examiner's report have examined youi. charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the genei'al Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Cl)arities Act. The examination included a review of the accounting records kept by the charity and a comparisoii of the accounts presented with those recoi'ds. It a150 included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity Irustees concerning any such mattel's. My role is to state whether any material matteiB have come to my attention giving me cause to believe.. That accounting records were not kept in accordance with Section 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That th¢ accounts do not comply with the accounting r¢quir¢ments of Section 396 of the Companies Act 2006 and witl) the inethods and principles of the Charities Statement of Recommended Practice applicable to charities prepai-ing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland That tliere is further information needed for a proper understanding of the accounts to be reached. Independent examiiier's statement I have completed my examination and have no concerns in respect of the matters (l) to (4) listed above and. in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Mr Conaill Mc M.B.McGrady & Chartered Accountants Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS 26 June 2023
SOUTHERN GROUP ENTERPRISES LIMITED Statement of Financial Activitie5 (Ineorporaling an Ineome and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2023 3113123 Unrestrieted funds 3113122 Total funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Charitable activities 179,595 189,217 Investment income Other income 4,146 19,903 357 22,690 Total 203,644 212,264 XPEIYDITURE ON Charitable activities Charitable activities 163,629 263,025 NET INCOMEI(EXPENDITURE) 40,015 (50,761) RECONCILIATION OF FUNDS Total funds brought forward 684,127 734,888 TOTAL FUNDS CARRIED FORWARD 724,142 684.127 The notes form part of these fmancial statements
SOUTHERN GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: N1019910) Balanee Sheet 31 MARCH 2023 3113123 Total funds 3113122 Total funds Notes FIXED ASSETS Tangible assets Investments 320,177 120 384,781 120 io 320,297 384,901 CURRENT ASSETS Debtors Cash at bank and in hand 29,728 381,265 23,462 287,351 410,993 310,813 CREDITORS Amounts falling due within one year 12 (7,148) (11,587) NET CURRENT ASSETS 403,845 299,226 TOTAL ASSETS LESS CURRENT LIABILITIES 724,142 684,127 NET ASSETS 724,142 684,127 FUTr4DS Unrestricted funds: General fund Revaluation Reserve 13 634,419 89,723 594.404 89,723 724,142 684,127 TOTAL FUNDS 724,142 684,127 The Charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The members have not required the company to obtain an audit of its fmancial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fmancial statements which give a true and fair view of the state of affairs of the charitable company as at ihe end of each fmancial year and of its surplus or deficit for each fmancial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to fmancial statements, so far as applicable to the charitable company. (b) The notes fonn part of these fmancial statements continued...
SOUTHERN GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: N1019910) Balance Sheet- eontinued 31 MARCH 2023 These fmancial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fmancial stateinents were approved and authorised for issue by the Board of Trustees and authorised for issue on 26 June 2023 ati were signed on ils beh f by: The notes form part of these fanCial statements
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entlty under FRS 102, 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 Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The date of transition to FRS 102 was l April 2016. The reported fmancial position and fmancial perfonnance for the previous period are not affected by the transition to FRS 102. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable ihat a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Plant and machinery Fixtures and fittings Computer equipment 2.50/0 on ¢ost 250/0 on cost 12.50/0 on cost 250/0 on cost Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objecls of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular purpose's. Further explanation of the nature and purpose of each fund is included in the notes to the fmancial statements. Pension eosts and other post-retirem¢nt benefits The Charitable company operates a defmed contribution pension scheme. Contributions payable to the charitable company's pension scheme are Charged to the Statement of Financial Activities in the period to which they relate. continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Financial Statements- eontinued FOR THE YEAR ENDED 31 MARCH 2023 INVESTMENT INCOME 3113123 Unrestricted funds 3113122 Total fund5 Deposit account interest 4,146 357 OTHER INCOME 3113123 Unrestrieted funds 3113122 Total funds Other income Canteen income 19,903 22,591 99 19,903 22,690 NET INCOME/(EXPENDITURE) Net Resources are stated after charginW{crediling): 2022 2021 Depreciation - owned assels Independent examination fee5 Auditor's remuneration 19,436 2,700 21,931 2,880 TRUSTEES, REMUNERATION AND BENEFITS There were no truslees, remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 Mai'ch 2022. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Finaneial Statements- continued FOR THE YEAR ENDED 31 MARCH 2023 STAFF COSTS The average monthly number of employees during the year was as follows: 3113123 3113122 Administrative staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Charitable activities Charitable activities 189,217 Investment income Other income 357 22,690 Total 212,264 EXPENDITURE ON Charitable activities Charitable activities 263,025 NET INCOME/(EXPENDITURE) (50,761) RECONCILIATION OF FUNDS Total funds brought fonvard 734,888 TOTAL FUNDS CARIUED FORWARD 684,127 GOING CONCERN The fmancial statements have been prepared on the assumption that the company is able to carry on its business as a going concern which the directors consider appropriate whilst having regard to the trading results of the fmancial year. Although the company's core activity has increased in line with expectations all costs have been minimalised and due to its reserves it is able to meet ils commitments for tyvelve months from the date of signing these financial statements. On this basis the directors consider it appropriate to prepare the fmancial statements on a going concern basis. However should the company not be able to meet its commitments long term the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to adjust the value of its assets to their realiable amount and to provide for any further liabilities which may arise. The fmancial statements do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate. io continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023 TANGIBLE FIXED ASSETS Fixtures and rittings Freehold property Plant and machinery Computer equiptnent Totals COST At l April 2022 Disposals 669,966 (111,226) 53,234 289,331 51,572 1,064,103 (111,226) At 31 March 2023 558,740 53,234 289,331 51,572 952,877 DEPRECIATION At l April 2022 Charge for year Eliminated on disposal 289,001 16,960 (66,058) 53,234 288,966 187 48,121 2,289 679,322 19,436 (66,058) At 31 March 2023 239,903 53,234 289,153 50,410 632,700 NET BOOK VALUE At 31 March 2023 318,837 178 1,162 320,177 At 31 March 2022 380,965 365 3,451 384,781 io. FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE At l April 2022 and 31 March 2023 120 NET BOOK VALUE At 31 March 2023 120 At 31 March 2022 120 There were no investment assets outside the UK. ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113123 3113122 Trade debtors Prepayments and accrued income 28,392 1,336 23,462 29,728 23,462 continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Finaneial Statements - eontiy)u¢d FOR THE YEAR ENDED 31 MARCH 2023 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113123 3113122 Trade creditors Accruals and deferred income 2,812 8,775 7,148 7,148 11,587 13. MOVEMENT IN FUNDS Net movement in funds At 3113n3 At 114122 Unrestrieted funds General thnd Revaluation Reserve 594,404 89,723 40,015 634,419 89,723 684,127 40,015 724,142 TOTAL FUNDS 684,127 40,015 724,142 Net movement in funds, included in the above are as follows: Incoming resource5 Resources expended Movement in funds Unrestricted funds General fund 203,644 (163,629) 40,015 TOTAL FUNDS 203,644 (163,629) 40,015 Comparatives for movement in funds Net movement in funds At 3113122 At 114lll Unrestricted funds General fund Revaluation Reserve 645,165 89,723 (50,761) 594,404 89,723 734,888 (50,761) 684,127 TOTAL FUNDS 734,888 (50,761) 684,127 12 continued...
SOUTHERN CROUP ENTERPRISES LIMITED Notes to the Financial Statement5- continued FOR THE YEAR ENDED 31 MARCH 2023 13. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incoming resource5 Resources expended Movement in funds Unrestrieted lunds General fund 212,264 (263,025) (50,761) TOTAL FUNDS 212,264 (263,025) (50,761) A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 3113123 At 114121 Unrestricted funds General fund Revaluation Reserve 645,165 89,723 (10,746) 634,419 89,723 734,888 (10,746) 724,142 TOTAL FUNDS 734,888 (10,746} 724,142 A current year 12 months and prior year 12 months combined net movement in nds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General Thd 415,908 (426,654) (10,746) TOTAL FUNDS 415,908 (426,654) (10.746) 13 continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to th¢ Financial Statements- continued FOR THE YEAR ENDED 31 MARCH 2023 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2023. 15. COMPANY LIMITED B Y GUARANTEE The Company is limited by guarantee and therefore ha5 no share capilal. 14