REGISTERED COMPANY NUMBER: N1019910 (Northern Ireland) REGISTERED CHARITY NUMBER: 103568 Report of the Trustee5 and Unaudited Financial Statements for the Year Ended 31 March 2024 for SOUTHERN GROUP ENTERPIUSES 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 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Flnancial Statement5 9 to 15
SOUTHERN GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: N1019910) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The tSlee$ have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appltcable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the chaTity are: To enhance education, in particular for young people, by providing training faciltties for the acquisition and development of occupational skills and work experience for periods in each case not nornially 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 defmed in the Charities Act. They have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning its activities. The public putpose of Southern Group Enterprises Limited is to provide an educational programme, based on occupational and essential skills, to those pupils at school who wish to opt out of the fonnal 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 is 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 lo¢al 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 obtaining a vocatÈonal 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 vocationauoccupational programmes is one that Southern Group Enterprises Limited see as a defming time of a young person's life during which time their personalityiexpectations are deterniined and defined for later life. The public purpose therefore is 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 becorne young adults displaying responsibility and self belief within themselves that originates through the acquisition of skills attained within the educational programme.
SOUTHERN GROUP ENTERPRISES LIMITED {REGISTERED NUMBER: N1019910) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable aetivities The charity, in conjunction with schools within the Newry and Mourne education catchment area, provided vocational training during the academic year to those pupils seeking an alternative option to the traditional education route of learning. The educational programmes, provided by the charity within a supported environment, gives students the opportunity to.. develop life long skills for independence enable prOSsion to other educational courses, training and employment help to raise levels of achievement. and develop transferable skills needed in an ever evolving work environment. The academic year Saw over 80 Sdellts from local schools engage in achieving vocational qualifications provided by educational providers such as the City & Guilds and delivered at source by the charity. The success of the charity can be Seen, not only in the tangible evidence of academic qualifications but also, in the transfonnation of the young students belief in their own abRlity to set and achieve personal goals.The charity affords young students, on the basis of their academic success, the opportunity to seek and develop careers in their chosen vocation and provide employers with a workforce capable of meeting the demands of todays economy. Th¢ achievements of the charity's students reflects the delivery of the aims of the charity in each and every subsequent academic year. FINANCIAL REVIEW Financial positio The end of the year saw a result in which there was a demand upon the charity's fmancial resources and the results for the year are set out in detail on pages 6 to 15. The company returned a deficit for the year of £4,389. Principal funding sourees 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 objeetives 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 sutplus funds to invest, these are 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 maintaining low transaction costs. Reserves poliey 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 rnonths of the annual budgeted expenditure. Budgeted expenditure for 2023124 is approximately £265,000 and therefore the target is between £132,500 and £198,750 of general unrestri¢led funds. The reserves are required to meet the worktng capital requirements of the chaTity. The charity recognised the continued need of a fund 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 irnprovemeTht 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 improvernent of the charity's land and buildings of £258,130. Flee reserves at 31 March 2024 amount to £141,245, which fa115 short of the lower target figure of £165,625 for unrestricted funds. In calculating reserves the designated fund (£258,130) and the net book value of fixed assets held (£320,378) 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 arrangements.
SOUTHERN GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: N1019910) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 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 Comrnission 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 ompany being wound up members are required to contribute an amount not exceeding £1. Recruitment and appointment of new trustees The directors of the company are also charity tnteeS 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 member5 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, tnjstees 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 foi election. Induction and training of neiv trustees New trustees ate briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial perforniance of the charity. They also meet other trustees and are encouraged to attend appropriate 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 ITeland) Registered Charity number 103568 Registered office Unit 22 Rampart Way Greenbank Ind Estate Warrenpoint Road Newry Co. Dow BT34 2QU Trustees C P Bagnall Mobile Engineer Ms M D M Coulter Solicitor R G Coulter MBE Building Contractor K McGivern Chartered Accountant C O'Hare Administrative Officer Company Secretary Mrs B Rocks
SOUTHERN GROUP ENTERPRISES LIMITED (Rfi GISTERED NUMBER: N1019910) Report of the Trustees FOR THE YEI AR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRA TIVE DETAILS Independent Examiner Mr Conaill McGI'ady FCA M.B.McGrady & Co Charlei'ed Accountants Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS Solicitors MDM Coulter 125 Harbour Road Kilke¢l Co.Down BT34 4AT This i-eporl has been prepared in accordance witli the special provisions of Part 15 of the Companies Act 2006 relatin8 to small companies. Approved by order of the board of trustees on 25 June 2024 and signed on its behalf by: Mi"5 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 2024, which are Set out on pages six to fifteen. Respective responsibilities of charity trustees and examiner As the charity's trustees (and also the directors for 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 unaer 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 procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act state whether particular matters have come to my attention. Basis of the independent examiner's report I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the ChaTity Cornmission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role 15 to state whether any material matters 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 account5 do not accord with those accounting records 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 That there is further infomlation needed for a proper understanding of the accounts to be reached. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can conf that l am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in Ireland which is one of the listed bodies. I have completed my examination and have no Concerns in respect of the matters (l) to {4) listed above and, 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 McGr FCA The Institute of Chartered Accountants in Ireland M.B.McGrady & Co Chartered Accountants Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS 25 June 2024
SOUTHERN GROUP ENTERPRISES LIMITED Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024 3113124 Unrestricted funds 3113123 Total funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Charitable activities 214,130 179,595 Investment income Other income 10,530 33,153 4,146 19,903 Total 257,813 203,644 EXPEIYDITURE ON Charitable activities Charilable activities 262,202 163,629 NET INCOME/(EXPENDITURE) (4,389) 40,015 RECONCILIATION OF FUNDS Total funds brought forward 724,142 684,127 TOTAL FUNDS CARRIED FORWARD 719,753 724,142 The notes forni part of these fmancial statements
SOUTHERN GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: N1019910) Balance Sheet 31 MARCH 2024 3113124 Total funds 3113123 Total funds Notes FIXED ASSETS Tangible assets Investments 320,378 120 320,177 120 io 320,498 320,297 CURRENT ASSETS Debtors Cash at bank and in hand 35,599 372,163 29,728 381,266 407,762 410,994 CREDITORS Amounts falling due within one year 12 (8,507) (7,149) NET CURRENT ASSETS 399,255 403,845 TOTAL ASSETS LESS CURRENT LIABILITIES 719,753 724,142 NET ASSETS 719,753 724,142 FUNDS Unrestricted ThdS.. General fund Revaluation Reserve 13 630,030 89,723 634,419 89,723 719,753 724,142 TOTAL FUNDS 719,753 724,142 The charitable company is entitled to exernption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its fmancial statements for the year ended 31 March 2024 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 financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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. (b) The notes form part of these fmancial 5tatenients continued...
SOUTHERN GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: N1019910) Balance Sheet- eontinued 31 MARCH 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small ¢oinpanies regime. The financial stateinents were approved and authorised for issue by the Board of Trustees and authorised for issue on 25 June 2024 and were signed on its behalf by: us ee The notes form part of these financial statements
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Finaneial Statements FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the finaneial sta¢ements The fmancial statements of the charitable company, which is a public benefit entity 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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Fknancial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial staternents 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 financial perforniance 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 fvnds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expendityre as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that 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 ThTite off each asset over its estimated use1 life. Freehold property Plant and machinery Fixtures and fittings Computer equipment 2.50/0 on cost 250/0 on cost 12.50/0 on cost 250/0 on cost Taxation The charity is exempt fr.om coryjoration tax Dn its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted thnds can only be used for particular restricted pUoseS Wkthin the objects of the charity. Restrictions arise when specified by the donor or when Thds are raised for particular restricted purposes. Designated funds are unrestricted funds earnlarked by the tThstees for particular purpose's. Further explanation of the natyre and pury)ose of each fund is included in the notes to the fmancial statements. Pension costs and other post-retirement 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 - continued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 3113124 Unrestricted funds 3113123 Total funds Deposit account interest 10,530 4,146 OTHER INCOME 3113124 Unrestricted funds 3113123 Total funds Other income Canteen income 32,291 862 19,903 33,153 19,903 NET INCOME/(EXPENDITURE) Net Resources are stated after chargingl(crediting)'. 2024 2023 Depreciation - owned assets Independent examination fees 18,476 2,443 19,436 2,700 TRUSTEES, REMUNERA TION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 Mch 2023. io continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS The average monthly number of employees during the year was as follows: 3113124 3113123 Administrative staff No employees received ernoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Charitable activities Charitable activities 179,595 Investment income Other income 4,146 19,903 Total 203,644 EXPENDITURE ON Charitable activities Charitable activities 163,629 NET INCOME 40,015 RECONCILIATION OF FUNDS Total fimds brought fOard 684,127 TOTAL FUNDS CARRIED FORWARD 724,142 GOING CONCERN The fmancial statements have been prepared on the assumption that the company is able to carry on tts business as a going concern which the directors consider appropriate whilst having regard to the trading results of the financial 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 its commitments for twelve months from the date of signing these fmancial statements. On this basis the directors consider it appropriate to prepare the financial statements on a going concem basis. However should the company not be able to meet its commitments long terni 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 financial 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. continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Financial Statements- Continued FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Fixtures and rittings Freehold property Plant and machinery Computer equipment Totals COST At l April 2023 Additions 558,740 53,234 289,331 11,999 51,572 6,678 952,877 18,677 At 31 March 2024 558,740 53,234 301,330 58,250 971,554 DEPRECIATION At l April 2023 Charge for year 239,903 13,968 53,234 289,153 1,676 50,410 2,832 632,700 18,476 At 31 March 2024 253,871 53,234 290,829 53,242 651,176 NET BOOK VALUE At 31 March 2024 304,869 10,501 5,008 320,378 At 31 March 2023 318,837 178 1,162 320,177 io. FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE At l April 2023 and 31 March 2024 120 NET BOOK VALUE At 31 March 2024 120 At 31 March 2023 120 There were no investment assets outside the UK. ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Trade debtors Prepaytnents and accrued income 34,229 1,370 28,392 1,336 35,599 29,728 12 continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113n3 Accruals and deferred income 8,507 7,149 13. MOVEMENT IN FUNDS Net mov¢n)ent in funds At 3113124 At 114n3 Unrestricted funds General nd Revaluation Reserve 634,419 89,723 (4,389) 630,030 89,723 724,142 (4,389) 719,753 TOTAL FUNDS 724,142 (4,389) 719,753 Net movement in fimds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 257,813 (262,202) (4a89) TOTAL FUIYDS 257,813 (262,202) (4,389) Comparatives for movement in funds Net movement in funds At 3113123 At 114122 Unrestrieted funds General fund 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 13 continued...
SOUTHERN GROUP ENTERPRISES LIMITED Notes to the Financial Statements- Continued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Ineoming resources Resources expended Movement in funds Unrestricted funds General lld 203,644 (163,629) 40,015 TOTAL FUNDS 203,644 (163,629) 40,015 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 3113124 At 114n2 Unrestricted funds General fund Revaluation Reserve 594,404 89,723 35,626 630,030 89,723 684,127 35,626 719,753 TOTAL FUNDS 684,127 35,626 719,753 A current year 12 months and prior year 12 months combined net movement in funds, included in the above ale as follows.. Incoming resources Resources expended Movement in funds Unrestrieted funds Generdl fund 461,457 (425,831) 35,626 TOTAL FUNDS 461,457 (425,831) 35,626 14 continued...
SOUTHERN GROUP ENTERPIUSES LIMITED Notes to the Financigl Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 14. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2024. 15. COMPANY LIMITED BY GUARAINTEE The Company is limited by guarantee and therefore has no share capital. 15