REGISTERED COMPANY NUMBER: N1019910 (Northern Ireland) REGISTERED CHARITY NUMBER: 103568 Report of the Trusteos 2nd UDaudited Financial Statements ror the Year Ended 31 March 2025 for Southern Group Enterprises Limited M.B.McGrady & Co Chartered A¢¢ountants Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS
Southern Group Enterprises Limited Contents of the Finaneial Statements for the Year Ended 31 March 2025 Pag¢ Report ol the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial StatemeDts 9 to 15
Southern Group Enterprises Limited (Registered number: N1019910) Report of the Trustees for the Year Ended 31 March 2025 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 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applÉcable 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 20 19). OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the charity are: To enhance educatton, in particular for youThg people, by providing training facilities 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 thal 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 Comniission's general guidance on public benefit when reviewing the aims and objectives and in planning its future activities. The public purpose 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 formal 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 Entetprises 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 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 obtaining a vocational career and the feeling of self esteem and respect from this achievemenL 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 defining time of a young person's life during which time their personalitylexpectations are determined 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 goÈng 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 themselves that originates through the acquisition of skills attained within the educational progrdmme.
Southern Group Enterprise5 Limited (Registered number: N1019910) Report of the Trustees for the Year Ended 31 March 2025 ACHIEVEMENT AIYD PERFORMANCE Charitable activities The charity, in conjunction with schools within the Newry and Mourne education catchment area, provided vocational training during the academic year to those pupi15 seeking an alternative option to the traditional education route of leaming. The educational programmes, provided by the charity within a supported environment, gives students the opportunity to: develop life long skills for independence enable progression 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 an increase of over 180/0 in the number of students attending the charity'5 educational programmes.The engagement of the charity with local schools led to over 90 attendees participating in vocational qualifications this academic year offered by educational providers such as the City & Guilds. 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 sthdents belief in their own ability to set and acbieve 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 today's economy. The achievements of the charitys students reflects the delivery of the aims of the charity in each and every subsequent academic year. FINANCKAL REVIEW Financial position The end of the year saw a result in which theie was a demand upon the charitys flljancial resources and the results for the year are set out in detail on pages 6 to 15. The company returned a profit for the year of £1 0.1 I l. Principal funding Sources The main source of funding is derived from the provision of training under the STEPS and VEP programmes. 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 formulating an investment policy, the charity has recognised that whilst it may have surplus fimds to inves¢ these are likely to be called upon in the short temi. The policy is to maintain high levels of capital security by inimising interest rate risk, maximising returns and liquidity and maintaining low transaction costs. Reserves policy The Management Committee have examined the charitys requirements for reserves in light of the main risks to the organisation. A policy has been established whereby unrestricted fimds not con]mitted or invested in tangible assets held by the charity should be between 6 and 9 months of the annual budgeted expenditure. Budgeted expenditure for 2024125 is approximately £285,000 and therefore the target is between £142,500 and £213,750 of general unrestiicted nds. The reserves are required to meet the working capital requirements of the charity. The charity recognised th¢ continued need of a nd to both refi]rbish and make improvements to their land and buildings. As such a designated fund of £550,000 was set &side for the redevelopment and improvement of the charitys property. To date an amount of £291,870 of this fimd has been used leaving designated funds for the redevelopment and improvement of the charity's land and buildings of £258,130. However given the destNctive impact of Storm Éowyn in January 2025 the trustees have sufficient fvnds to meet unexpected costs that may arise in the repairs to the property. Free reserves at 31 March 2025 amount to £163,091. which falls short of the lower target figure of £178,125 for unrestricted funds. In calculating reserves the designated fund (£258.130) and the net book value of fixed assets held (£308,643) have been excluded. Although the strategy is to continue to build reserve4 the Management Comrnittee is aware that it is unlikely that the target can be reached for a number of yea[5. 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 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The company was incorporated on 22 October 1986 &8 a chaTitable company limited by guarantee, and also received charitable status from HM Revenue & Customs. The COTnpany was registered with the Charities Commission 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 members 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 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, tnteeS are requested to provide a list of their skills (and update it each yeai) and in the event of particular skills being lost due to retiremenL individuals are approached to offeT themselves for election. Induction and training of new truslees New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Associatio the committee and decision making processes, the business plan and recent financial perforn]ance 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 ADMIIYISTRATIVE DETAILS Registered Company number NIO19910 (Northern Ireland) RegRStered Charity number 103568 Registered office Unit 22 Rampart Way Greenbank Ind Estate Warrenpoint Road Newry Co. DOWTA 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 Administrdtftve Officer Company Secretary Mrs B Rocks
Southern Group Enterprises Limited Oiegistered number: N1019910) Report of Ihe Trustees for the Year Ended 31 MAreh 2025 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Mr Conaill McGrady FCA M.B,McGI?dy & Co Chartered Accountants Rathmore House 52 St Patricks Avenue DownpatrÉck Co. Down BT30 6DS Solicitors MDM Coulter 125 Harbour Road Kilkeel Co.Down BT34 4AT Tliis report has been prepared in accordance with the special pmvisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 23 June 2025 and signed on its behalf by: Mrs B Rocks - S¢or¢tary
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 2025, which are set out on pages six to fifteen. Respective responsibilities of eharity trustees and exgminer As the charity's trustees (and also the directors for the purposes of company law) you are responsil)le 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 Chartties Act follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of th¢ 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 Charity Commission 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 iterns or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material tnatters have come to my attention giving me cause to believe: That a¢¢owittn8 records were not kept in a¢¢ordanee with Section 386 of the Companies Act 2006 That the accounts 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 Recommcnded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Thai there is further infonnation lleedcd for a pr()PCT Und¢[sdi uf th¥ Lu b¢ r¢a¥li¢d. Independent examiner's statement Sinc¢ your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can conf that I am qualified to undertake the examination because l am a rnember 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, 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 McGra The Institute of Ch ered Accountants in Ireland M.B.McGrady & Co Chartered Accountants Rathrnore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS 23 June 2025
Southern Group Enterprises Limited Statemenl of Finaneial Activities Oncorporaling an Income and Expenditure Accounl) for the Year Ended 31 March 2025 3113r25 Unrestricted funds 3113124 Tot81 funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Charitable activities 254,430 214,130 Investment income Other income 13,159 28,551 10,530 33,E53 Total 296,140 257,813 EXPENDITURE ON Charitable aetivities Charitable activities 286,029 262,202 NET INCOME/(EXPENDITURE) io,iii (4,389) RECONCILIATION OF FUNDS Total fvnds brought forward 719,753 724,142 TOTAL FUNDS CARRIED FORWARD 729,864 719,753 The notes forni part of these financial statements
Southern Group Enterprises Limited (Regtstered number: N1019910) Balance Sheet 31 March 2025 3113llS Total funds 3113124 Total funds Notes FIXED ASSETS Tangible assets Investments 308,643 120 320,378 120 308,763 320,498 CURRENT ASSETS Debtors Cash at bank and in hand io 45,813 384,045 35,599 372,163 429,858 407,762 CREDITORS Amounts falling due within one year (8,757) (8,507) NET CURRENT ASSETS 421,101 399,255 TOTAL ASSETS LESS CURRENT LIABILITIES 729,864 719,753 NET ASSETS 729,864 719,753 FUNDS Unrestricted funds: General fund Revaluation Reserve 12 640,141 89,723 630,030 89,723 729,864 719,753 TOTAL FUNDS 729,864 719,753 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its fanCial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilitie5 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 fmancial 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 forn] part of these financial statements
Southern Group Enlerprisu Limited (Registered number: N1019910) Balance Sheet- tontinued 31 March 2025 These financial stat¢ments have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements w¢re approved and authorised for issue by the Board of Trust¢es and authorised for issue on 23 June 2025 and were signed on its behalf by.. C O'Hare - Trusle¢ The notes fonn part of thes¢ financial statements
Southern Group Enterprises Lilnited Notes to the Financial Statement5 for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial 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 ITeland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, 8nd the Companies Act 2006. The financial 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 w&fj l April 2016. The reported financial position and financial performance for the previous peiiod 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 ale recognised as expenditure 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 headÈngs 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 consisteTht with the use of resources. Tangible fixed assets Depreciation is provided at the followtng annual rates in order to write 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 from corporation tsx on its charitable activitles. Fund aecounting 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 PUTposes within the objects of the charity. Restrictions arise when specified by the donor or when fimds are raised for particular restricted purposes. Designated funds are unrestricted fimds eam]arked by the trustees for particular purpose's. Further explanation of the nature and purpose of each fimd is included in the notes to the financial 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 Ftngnci21 Statements - eontinued for the Year Ended 31 March 2025 INVESTMENT INCOME 3113125 Unrestricted funds 3113124 Total funds Dep051t account interest 13,159 10,530 OTHER INCOME 3113125 Unrestricted funds 3J13124 Total funds Other income Canteen income 27270 1,281 32,291 862 28,551 33,153 NET INCOMEI(EXPENDITURE) Net Resources are stated after chargingl(crediting): 3113r25 3113124 Depreciation - owned assets Independent examination fees 17,869 2,600 18,476 2,443 TRUSTEES, REMUNERATION A14D BENEFITS There were no tntees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 10 continued...
Southern Group Enterprises Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2025 STAFF COSTS The average monthly numb¢r of employees during the year was as follows: 3113125 3113124 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 214,130 Investment income Other income 10,530 33,153 Total 257,813 EXPENDITURE ON Charitable activities Charitable activities 262,202 NET INCOME/(EXPENDITURE) (4,389) RECONCILIATION OF FUNDS Total fvnds brought forward 724,142 TOTAL FUNDS CARRIED FORWARD 719,753 continued...
Southern Group Enterprises Limited Notes to the Financial Statements - continued for the Year Ended 31 Mareh 2025 TANGIBLE FIXED ASSETS Fixtures and rittings Freehold property Plant and machinery Computer equipment Totals COST At l April 2024 Additions 558,740 53234 3,120 301J30 2,169 58,250 845 971,554 6,134 At 31 Mah 2025 558,740 56J54 303,499 59,095 977,688 DEPRECIATION At l April 2024 Charge for year 253,871 13,969 53234 455 290,829 1,635 53,242 1,810 651,176 17,869 At 31 March 2025 267.840 53,689 292,464 55,052 669,045 NET BOOK VALUE At 31 March 2025 290,900 2,665 IA,035 4,043 308,643 At 31 March 2024 304,869 10.501 5,008 320,378 FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE At l April 2024 and I l March 2025 120 NET BOOK VALUE At 31 March 2025 120 At 31 March 2024 120 There were no investment assets outside the UK. io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113125 3113124 Trade debtors Prepayments and accnled income 29,621 16,192 34,229 1,370 45,813 35,599 12 continued...
Southern Group Enterprises Limited Note5 to the Financial Statements - continued for the Year Ended 31 March 2025 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31r3125 3113124 Accruals and deferred income ,757 8,507 12. MOVEMENT IN FUNDS Net movement in funds At 3113125 At 114r24 Unrestricted funds General fund Revaluation Reserve 630,030 89,723 io,iii 640,141 89,723 719,753 io,iii 729,864 TOTAL FUNDS 719,753 io,iii 729,864 Net movement in funds, included in the above ale as follows: Incoming resources Resources expended Movement In funds Unrestrieted funds General fund 296,140 (286,029) io,iii TOTAL FUNDS 296,140 (286,029) io,iii Comparatives for movement in funds Net movement in funds At 3113124 At 114123 Unrestricted funds General fund Revaluation Reserve 634.419 89,723 (4,389) 630,030 89,723 724.142 (4,389) 719,753 TOTAL FUNDS 724,142 (4,389) 719,751 13 continued...
Southern Group Enterprises Limited Notes to the Financial Statements - Continued for the Year Ended 31 March 2025 12. MOVEMENT IN FUNDS - continued CornpaTative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 257.813 (262,202) (4,389) TOTAL FUNDS 257,813 (262,202) (4,389) A current year E2 months and prior year 12 rnonths combined position is as follows: Net movement in funds At 3113125 At 114r23 Unrestricted funds General fund Revaluation Reserve 634,419 89,723 5.722 640,141 89,723 724,142 5.722 729,864 TOTAL FUNDS 724,142 5,722 729,864 A current year 12 months and prior year 12 months combined net movenient in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrieted furtds General fund 553,953 (548,231) 5,722 TOTAL FUNDS 553,953 (548,231) 5,722 14 continued...
Southern Group Enterprises Limited Notes to the Fin2nei21 Statements- continued for the Year Ended 31 March 2025 13. OTHER FINANCIAL COMMITMENTS The storn) of January 2025 caused darnage to the charitys property in that part of the roof was torn off by the exceptional strong winds that accompanied the severe weather conditions. Whilst the cost of the damage has yet to be fvlly assessed the charity for insurance purposes the charity has itself a designated fund to ensure the cost of the repairs will be met. 14. RELATED PARTY DISCU)SURES There were no related paty transactions for the year ended 31 March 2025. 15. COMPANY LIMITED BY GUARANTEE The Company is limited by guardntee and therefore has no share capital. 15