Docusign Enveknp&10: B8EE6CF847DB420246050IASCE83BF53 Workspace (Draperstown) Llmlted {a Company limited by guarantee) Annual Report and consolidated financlal statements for the year ended 31 March 2023 Re8lstiatlon nufflbw: N1018240 INortherTh Ireljnd Charlty number: XR39659 11111 *JCIWKPUS* 2211212023 COMPANIES HOUSE JNI #397 Docustgn Envelopè ID:'B8EE6CFB-870842D2-8605i11A5CEB3BF53 Workspace IDYaperstown) Lwnited Consolidated financial stalernents for the year ended 31 March ZOZ3 Contents Pa8e (s) Reference and administralNe details of the charity Strategic report Trustee5' report Independent auditors, report 9-12 Consolidated Statement of Financial Activities 13 Consolidated Statement of Comprehensive Income 13 Statements of Financial P051tion 14 Consolidated Statement of Cash Flows 15-17 Consolidated Statement of Chan8es in Fund5 18 Noies to the financial staternents 19-33 I.ASM Dr>cu*n Envelope ID.. B8EE6CFB.870B42D24605Q1A5CE838F53 Woiksp•ce IDf4perstownl Limited Con501idated financial ststements lor the year ended 31 Mar¢h 2023 Page I Reference and administrative details of the charity Trustees Registered Auditors Laurence O'Kane {Chairperson) Patrick Mcshane Willie H. McKeown Graharn Mawhinney Brian McGui8an Damian Heron Diarmuid O'Kane Caroline Kellv Anne Donnelly ASM IM) Ltd Chartered Accountsnts Diamond Centre Market Streel Ma8herafelt Chief Executive Bankers Georgina Grieve Bank of Ireland Market Street Ma8herafell Compary Secretary Solicitors Diarmuid O'Kane Tughans Marlborough House 30 Victoria Street Belfast Registered Office Doris & Macmahon 63 James Streel Cookstown The Busine55 Centre 5 Tobermore Road Draperstown Company re8istratlon No: N1018240 Charity Inland Revenue No: XR 39653 Charity Commission for Northern Ireland No: 1055827 I.ASM DocuSDJn Enveh)p810.' B8EE6CFB-87D842D2-860MIA5CEB3BF53 WNk5pace IDibperstownl Llmiteil Consolldated flnancial 5taterneThts fN the yeai ended 31 March 2023 PagÈ 2 Strategic report The Trustees present their Strategic Report for the year ended 31 March 2023. Principal policies to achieve objectives Workspace currently provides 80,OQX)sq.ft of lettable space in a variety of office and light industr5al units. The sites provide good value, modern space foi a range of SME tenants. The high occupation levels indicate the development of these businesses helping them to grow for the future. Workspace continues to provide strong levels of mentoring and tralning for individuals and businesses. This work has helped engender training and work experience opportunities for those involved and ha5 served to improve their employability prospects. The Workspace Community Fund has an on-going commitment to assist a range of smallec, local voluntary and community organisations. It does ihis through the provision of small 8rants which help these organisations to complement Workspace's community development work. Grant making policy Workspace {Draperstown) Limited seek5 applications from varlous parties In the local area. Proposals are reviewed and assessed in detail and these are then assessed by the 8oard. Achlevements & Performance In 2022-23, Workspace continued to provlde the necessary range of li8ht industrial and office unit5 to support the development of local business. both new and growing. High occupancy rates have been maintained with a small turnover in tenants experienced. which benefits the activities of an Enterprise Agency. Our European Social Funded pfogrammes excelled In helping to tackle unemployrnent through asststine individuals and familie5 at various stages of their working live5, giving support and train ing a5 required. The Jobpath programme has continued to assist the unemployed in the Republic of Ireland in gaining employment. We have been able to adapt our practices to enable our participants to continue to be supported throu8h a mix of onlinelremote services and face to face delivery. We offer a holistic approach to support participants not only in developing their employability skills but also their confidence, resilience and molivation, which was essential to meet the challenges of 2022/23. The provision of domestic ener8y saving services has had great success in deliverin8 the Keep Warm Scheme throu8hout the year. Hi8h levels of insulation and other services have been installed with our continued aim of reducing fuel poverty throughout Northern Ireland. /.ASM Docusiw Envelope 10: 88EE6CFB.870842D2*6054)1A5CEB38F53 Workspace IDraper5townl Llmlted Consolldated flnancial statements the yeai ended 31 Mar¢h 2023 Pa8e 3 Strategic report Oui heat recovery and pollution control subsidiary Therrn Tech Limited conlinues lo support lon8 term customers in reducing fuel consumption costs and to help them meet their carbon footprint reduction targets. Throughout 2022/23 we designed, manufactured and installed a Tange of bespoke boiler economisers, pressure vessels for use in pollution control and significant number of coolers for our client in the crematorium market. For our subsidiary recruitment agency business the 202213 year saw us conlinue to work across a wide ran8e of Sectors providing both temporary and permanent employment and recruitment solutions to businesses in the public and private sector. The operation of the Recreation Centre in Draperstown continues with consistent user numbers and improved offerings of fitness and well-being activities. Trustees The trustees of the Charity at 31 March 2023, who have been trustees for the whole of the year ended on that date, except as noted below, are listed on page l. Appolntment date 9 January 2023 Anne Donnelly Financial Review Workspace (Draperstown) Llmited (Charity) Group of companles generated a surplus of £1,298.029 (2022., £1,043,SIOI, Income for the group was £10,797,208 for the.year ended 31 March 2023, an increase of 14% on the previous year. Gift aid from subsidiaries in the year ended 31 March 2023 was £1,455,87212022: £1.124,9651. The Group Board and Directors of subsldi3ry companies. deem these financial results are indicatlve of continued growth and progress and financial stren8ih of the Workspace Group. These results lor both the charity and the charitable tradin8 subsidiaries will enable the gioup to fulfil its prirnary objectives as listed on page 5. Reserves Policv The Directors have reviewed the charity's iequirements fof reserves in conjunctlon with their analysis of the main risks for the company. The unrestrtcted funds not invested in fixed assets need to be sufficient to cover 6 months of annual running costs. At the moment the charity has approximately 4 months reserves and the Directors recognise that Ihis will require the building up of reserves over the next few years. However the level and nature of expenditure has been afialysed and assessment made as to how reductions can be rnade If the need arises. This policy is reviewed annually by the 8oard. Plans for the fvture The Group continues to assess the provision of it5 health and sport related activities to improve the well-being of the local comrnunity. During the 2022 year we commenced the construction of the new 'Community Hub, with the opening taking place in June 2022. This new facility provides much needed community space for local groups. including S.T.E.P.S mental health, to have a permanent presence on the Hub slte and for a range of communal space and meeting facilities for use by many other community 8roups and users. I.ASM DoeuSp3A Envelope10: B8EE6CFB.87o842D2￿605l11AScEB3BFs3 WoTkspace IDiapÈrstowThl Lknited Consolidated linancial SLltements lor ihe year ended 31 March 2023 Page4 Strategic report In December 2022 we also launched Sperrin Foodbank to support those in need in the community. Both ventures have proved very successful and a much needed addition to the local communilv, Key performance indicators The Group Trustees are of the opinion that analysis using key performance indicators is noi necessary for an understanding of the development, performance or position of ihe Group. Approval The Strategic Report was approved by the Trustees on 12 December 2023 and si8ned on theif behalf by: 68c71￿￿¢24￿D,.. Laurence O'Kane Chairman 12 December 2023 I.ASM Docusign Envelope ID.. B8EE6CF8-870B42D2-B6DM1A5CEB3BF53 Worksp•ce IDfaperstownl Llmlted Con501idated financial statement5 lor the year ended 31 March 2023 Page 5 Trustees, report The trustees. who are also directors of the charity for the purposes of the Companies Act, submit their annual report and the audited financial statements for the yea¥ ended 31 March 2023. The trustees have adopted the provision5 of the Statement of Recommended Practice {SORP) "Accounting and RepDfting by Charities" in pieparing the annual report and financial statement5 Of the charity. Structure. governance and management Workspace (Oraperstown) Limited (The charitable company) is a company limited by guarantee with charitable status. The company is governed by a Memorandum and Articles of Association which outline5 Its objects. A Board of Oirectors, who are also Trustees. are responsible for the overall governance of the charity. Directors are elected for three years at which point they resign and offer themselves for re-election. The Board of Directors contain a range of 5ki115 and experience from both business and public sector to provide the necessary guidance and control of the Charity. Appointments to the Board are made on the basis of complementing the existing skills and experience and ensuring that the requirements of Workspace and all the subsidiary businesses are met. The Board of Dlrectors control the activitie5 Of the company and they meet every two months to review operation, strate8y and performance. Annual budgets are agreed by the Board of Directors and measured against result5 throughout the year, Variations are reviewed and all activities are regularly monitored. Rlsk Management The Oirectois, In conjunction with the mana8ement team. have reviewed the risks to which the charity is exposed and have established systems and procedures to mitigate those risks. Major risks are identified and ranked in terms of their potential impact and likelihood. Major risks, for this purpose, are those that may have a si8nificant effect on the charity. Governance & Management Reputation Finance Operations External Factor5 Legal & Regulation cornpliance Risks are reviewed on an annual basis to ensure that adequate systems are procedures are in place. Wheie appropriate, risks are covered by insurance. In assessing risk, our Directors reco8nize that some areas of our work require the acteptance and management of risk, if our key objectives are to be achieved. The directors are involved in managing the areas of higher risk on an ongoing basis through the implementation of our Strategic and Operational plan5. /,ASM Ckncusign Envelope ID.. 88EE6cFB-87DB42D2-B60￿1A5CE83BFS3 Woikspace IDfaper5townl limlied Consolldated linanclal statements for the year ended 31 MaKh 2023 Page 6 Trustees, report Objectives and activilieslpublic Benefit The Charity's objectives are specifically restflcted to the following which is in compliance with the charity commission guidelines:. (11 The creation of training and employment opportunities by the provision of workspace, buildings, and/or land for use on favourable means and flnancial and other support. (21 The promotion of enterprise and sustainable means of achieving economic development and regeneration. 13) The relief of unemployment. {4) The advancement of community development and In particular the promotion of the community and voluntary sector for the benefit of the public by providing grants, facilitie5 and amenities to comrnunity and voluntary groups, 15> The provision of facilitie5 In the interests of social welfafe for recreation and other leisure tlme occupations wlth the object of irnprovinE the conditions of Ilfe for member5 Qf the public, Human Resources Applicattons for employment for disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the company that the trainin8. career development and promotion or a disabled person should, a5 far as possible, be identical to that of a person who does not suffer from a disability. Consultation wlth employees or their representatives bas continued at all levels, with the aim of ensurin8 that views arc taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the comp3nv. Taxation status The charity is a registered charlty, and as such is entitled to certain tax exemptions on income and profits from investments, and surplus on any trading accounts eained on in furtherance of the charity's primary objectives, of these profits and surplus are applied solely for charitable purposes. Changes in fixed assets The movements in fixed assets during the year are set out in notes 12, 13, and 14 to ihe financial statements. I,ASM 'D(thSwJn Enveknpe ID.. B8EE6CF&870B4202-86D&01A5CE838F53 Workspace IDraperstownl Limlted Con501•daied 1Snancial staiemefits f¢x the year ended 31 March 2023 Pa8e 7 Trustees, report Events after the reporting date There were no material events after the year end that require disclosure in the financial statements. Statement of Trustees, Responsibilities The Trustees (who are also directors of Workspace Ioraperslown) Limited for the purposes of company law) are responsible for preparin8 the Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to piepare financial staternenls for each financial year which give a true and fair view ol the state of affairs of the chariiable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable Broup for that period. In preparing these financial Statements, the trustees are required to: select 5Uitable accounting policies and then apply them con5lStently; observe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent. state whether applicable UK. Accounlin8 Standards have been followed. subject to any material departure5 disclosed and explained in the financial statements; and prepare the financial statements on the going concern basi5 unless it is inappropriate to presurne that the charitable company will continue in business. The Trustees are responsible for keeping proper accountin8 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 ihe assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Accounting records The measures taken by the Trustees to secure compliance with the requirements of Section 386 to Section 389 of the Companies Act 2006, with regard to keeping of accounting records, are the employment of appropriately qualified accouniing personnel and the maintenance of computerised accounting systems. The Charity's accounting records are maintained at The Business Centre, 5 Tobermore Road, Dfaperstown, 8T4S 7AG. /.ASM Do¢uSign Envolope ID.. 88EE6CF8-87D842D2-B6D￿1AsCEB3BF5J Work$p•ce IDraper5¢ownl Ilmited Con501idated Ilnanclal statements for the year ended 31 March 2023 Page 8 Trustees, report Statement as to disclosure ol information to auditor5 In 50 far a5 the directors are aware there is no relevant audit information of which the Charity's audiiors are unaware, and the Trustees have taken all steps that they ought to have taken to make themselves of aware of any relevant audit information and to establish that the auditors are aware of thai information. Auditors The auditors ASM IMI Ltd have indlcated their willineness to continue in office and a resolution concerning their reappointment will be produced at the Annual General Meeting. Approval This report was approved by the Board and si8ned on its behalf by: #BCYIAFKIEC21ts0... Laurence O'Kane Chairman 12 December 2023 I.ASM Do¢uSign Envelope10: 86EE6CFB.87D842D2-B6O￿lASCEb3BFs3 Wofkspace {Draperstownl Llmlted Con501idated flnanciJl statements for th• y•ar ended 31 March 2023 Page 9 Independent auditors, report to the Members of Workspace (Draperstown) Limlted Opinion We have audited the con501idated financial statements of Workspace (Diaperslownl Limited Ithe 'Parent Company.) and its subsidtaries Ithe 'Group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities and Slaternent of Comprehensive Income, the Group and Company's Statement of Financial Position, the Consolidated Staternent of Cash Flows, the Consolldated Statement of Chan8es in Funds and the related notes. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting StandaTd5, including Financial Reporting Standard 102 The Finonciol Reporting Stondord applicoble in the UK and Republic OJ Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnion the consolidated financial staternents- give a true and fair view of the state of the Group's and Parent Cornpany's affairs as at 31 March 2023 and of ihe Group's incomin8 resources and application of resources including lis income and empendlture and cash flows for the year then ended; have been properly prepared in accordance wlth Generally Accepted Accounting Practice in the United Kingdom and FRS102: and have been prepared in accordance with the requirements of the Companles Act 2006. Basis for oplnlon We conducted our audlt In accordance wlth International Standards on Audiliw IUKI IISAS IUK}l and appllcable law. Our resp.onslbllities under those siandards are further described In thè Auditorfs re5ponslbllltles for ihe audit of the financial statements section of our report. We are independent of the Group and Parent Compaty in accordance with the ethical requirements that are relevant ro our audit of the financial statements in the UK, induding the FRC'S Ethical Standard and we have fulfilled our other ethlcal responsibilities in accordance with Ihese requirernents. We believe that the audit evidence we have obtained is suffioeni and appropriate to piovide a basls for our opinion. Conclusions relatin8 to 8oin8 concern We have nothin8 to report In respect of the followlng matters In relation to which the ISAS IUKI requlre us to report to you where.. the Trustees, use of the going concern basis of accountyng in the preparation ol the financial Statements is not appropriate: the Trustees. have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's ats'lity to coniinue to adopl the 8oin8 concern basis of accountin8 lor a period of at least twelve months from the date when the financial statements are aulhorised for issue. /.ASM Docusign Envelope ID.. 88EE6CF8..870B42D246D￿lAsCEB?BF53 Workspaee IDraperstownl Llrnlted Consol•dated financial stsiemenis for the year ended 31 Malch 2023 Page 10 Independent auditors, report to the members of Workspace {Draperstown) Limited Other information The Trustees are responsible for the other information. The other informaiion comprises the information included in the Annual Report, other than the financial statements and our auditorfs report thereon. Oui opinion on the finanoal statements does not cover the other information and, except io the extent otherwise explicitly Stated in our report, we do not express any form of assurance conclusion ihereon. In connection with our audit of the finanoal statements, our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audlt or otherwise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement ol the other Information. If, based on the work we have performed, we contlude that there 15 a material mlsstatement of thls oiher i nformation, we are required to reporl tha¢ fact. We have nothing to report in this regard. OplniDns on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Strategic Report and the Truste￿, Report for Ihe financial year for which the financial staternents are prepared Is conslstent with the financial statements: and the Strategic Report and the Trustees, Report have been prepared In accordance wlth applicable le8al requirements. Matter5 on which we are required to report by exception In the light of the knowledge and understanding of the Group and the Parent Company and its envlronmertt obtained in the course of the audit, we have not identified material misstatements included wiihin ihe Strate81 Report or the Trustees. Report. WÈ have nothin8 to report in respect of the following rnatter5 in relation to which the Companies Act 2006 requlre us to report to you If, In oui opinion; adequate accounting records have not been kept by the Parent Company, or return5 adequate for our audit have noi been received from branches not visited by u5.. or the Parent Company f inancial statements are not in agreement with the accounlinB records and returns; or certain disclosuf es of directors, remunerètion specified by law are not rnade; or we have not received all the information and explanations we require for our audit. I.ASM ' D￿U519Th Envelope ID. B8EE6CF&87DB42D2-860$01ASCEB3BF53 Workspace IDraperstownl Limited Consolidated linancial statements for the year ended 31 March 2023 Pa8e 11 Independent auditors, report to the members of Workspace (Draperstown) Limited Responsibilitle5 Of Tiustee5 As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Tiustees determine is necessary to enable ihe preparation of financial statements that are ffee from materlal mSsstatement. whether due to fraud or error. In preparing the financial statements, the Tfustees are responsible for assessing the Gioup's and the Parent Company's ability to continue as a going concern. disclosing, as applicable, matters related to goin8 concern and usinB the going concern basis of accounting unless the members either intend to liquidate the Group or the Parent Company or to cease operation5, or have no realistic alternative but to do so. Auditorf5 responslbllltie5 for the audit of the financlal statements Our objectives are to obtain reasonable aSSUfance about whether the financial statements as a whole are free from material misstaiement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assurance, but Is not a guarantee ihat an audit canducted I n aceardance with ISAS (United Kin8dom} will always delect a materlal misstatement when it exists. Misstalemenls can arise from fraud cr error and are considered material if. individually Of in the ageregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our Te5ponsibililies for the audit of the financial statement5 15 located on the FRC'S websiie at'www.Irc.or8.uk/auditorsresponsibilities. Thls description forms part of our auditor's report. Irre8ul3rities. including fraud. are instances of non-compliance with laws and regulations. We design procedures In line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our piocedures are capable ol dete￿Ing irre8ularities. includin8 Iraud, is detailed below. Based on our understanding of the Group and the environmeni in which it operates. we have identified ihe laws and regulations such as the Companies Act 2006 which have a direct Impact on the financial statements, and considered the effect non-compliance with those laws and regulations might have on the financial statements. We considered the opportunities and incentives that may exist within the Company for fraud and identified that the principal risks for fraud arise from., revenue recognition,- management override of controls; posting unusual journals,. and unusual estimation amounts. As part ol our audit procedures we discussed these risks with management. and performed audit procedures to identify the occurrence of such risks. There are inherent limitations in any audit procedures undertaken, ènd in particular the risk of not detectin8 a material rnisstatement due to fraud is higher than the risk of not detecting a material misstatement due to error. I.ASM Docusign Envelope ID: 88EE6CFB.87D84202-B60YJIA5CEB38F53 Workspace lDiaperstt￿fi} L•mited Consolidated flnan¢ial statements for the year ended 31 M4rrh 2023 Page 12 Use of our report This report is made solely to the Company's members. as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mi8ht state io the Cornpèny's members those rnatters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibility to anyone other than the Company and the Cornpany's member5 as a body, for our audil work, for this report, or forthe opinion5 we have formed. /VJ rf(ty Mlchael McAlllster (Senlor Statutory Auditor) For and on behalf of., ASM IM) Ltd Chartered Accountants and Statutory Audltors The Dlamond Centre Markd street Ma8heralelt 12 Oecember 2023 /.ASM ' Do¢uSlgn En¥elopè ID.. B8EE6CFB-87D842D2-860XI1A5CEB38F53" Workspace IOr8peisiown) Lknlt¢d Consolidated linancial ststements lor the year ended 31 March 2023 Pa8è 13 Consolidated Statement of Financial Artivities and Consolidated Statement of Comprehensive Income Notes Unrestricted Restrlcled funds fund5 Total 2023 Total 2022 Incominz resources Activities to f urther the Charity's objects Voluntary income Investrnent income Other non.operatin8 income Total Incomini resources 9.058,453 1.455,872 282,883 9,058,453 1,455,872 282,883 7,8SO,635 1,124,965 274,258 10,797,208 10,797,208 9.249,858 Resources expended Costs of 8eneratin8 funds Investment mana8ement costs Charltable expendlture Management and admlnlstration Governance costs Other outgoing resources expended Net resoyf¢es expended 486,107 486,107 459.344 8,976,187 25,000 8,976,187 25,000 7.710.783 25,000 9,487,294 9,487,294 ,195,127 Net resources for the year before Interert payable Interest payable Net resources for the year before taxatlon Taxation Net resources for the year Other comprehensive income/llossesl for the year Total comprehenslve Income for the year 1,309,914 112,0341 1,297,880 149 1,309,914 112,034) 1,297,880 149 1.054,731 111,4291 1.043,302 208 io 1,298,029 1,298,029 1.043,510 ReconcSllatlon of movement In funds At l April 2022 Net Tesources for the year Transfers between funds At 31 March 2023 5,813,396 2,370,676 1,298,029 8,184,072 7,140.562 1,298,029 1,043,510 7,111,425 2,370,676 9,482,101 8,184.072 All amounts above relate to the continuinE operations of the Company. The notes on pa8es 19 to 33 form part of these financial statements /.ASM Doc￿sigTh En¥elw ID.. B6EE6cFB'870842D2wO￿1ASCE83BFS3 Workswe {Draperslown) Ilmlted Consolidated financlal ststements lor the yeaf endod 31 Mar¢h 2023 Page 14 Statement of Financial Position Notes Gfoup 2023 Company 2023 2022 2022 Fixed assets Intan8ible assets Property. plant and equipment Investments 12 13 14 15,032 20.180 2,662.940 2,555.327 3,698,449 3,667,611 6.376.411 6,243,118 2.552,239 4,473,031 7,025,270 2.463,053 4,442,193 6,905,246 Current assets Inventories Receivables Cash at bank and in hand 15 16 373,746 2SI.915 1,631.233 1,185.322 2,208,929 2,792,544 2,196.926 715,567 4.797.523 3,634,163 2,924,496 1,338,402 620,161 1,958,563 Creditors: amounts falling due within one year 17 1,612.419 1,508.360 643,626 747,691 Net current assetsllllabllltles) 3,18S,104 2,125,803 2,280,878 1.210.872 Total assets leH current Ilabllltles 9.561,525 8,368.921 9,306,140 8.116.118 Credltors: amounts fallin8 due after oneyeaf Accrual of deferred income Deferred tax provislon 18 79.424 184,700 79,424 184,700 19 20 149 79,424 184,849 79,424 184.700 Net assets 9,482,101 8,184,072 9.226,716 7,931,418 Funds employed Unrestricted luhds Generol lunds Deslgnaied funds 5,303,495 4.005.466 4,980,666 1,807,930 1,807.930 1,875,374 7,111,42S 5,813,396 6,856,040 2,370,676 2,370.676 2,370,676 9,482,101 8,184.072 9.226,716 3.685,368 1,87S,374 5,560,742 2,370,676 7,931,418 Resiricted income funds Total lunds employed The consolidated financial statements on pages 13 to 33 were approved and authorised for issue by the Board of OiTectors on 12 Decernber 2023 and were si8ned on it5 behalf by: CLD, 88C71AFgOEC2450... Laurence O'Kane Chairman Re8iStrJilon Number: NIOI8240 Chaflty Number: XR39653 The notes on pages 19 10 33 form part of these financial Slatements /.ASM Docusign En¥elope10: B8EE6CFB47cIB42D2460￿1A5CE83BFs3:' WoTkspace (Drawrstownl Llmtted Consolidated financial statemen15 for the year ended 31 March 2023 Page 15 Consolidated Statement of Cash Flows 2023 2022 Net cash inflow from operatlng actlvliles 980.080 1,196,141 Taxatlon Capiial expendliure Purchase of property, plant and equiprnent Oisp05al proceed5 of property, plant and equipment Purchase of investments Net ￿5￿ inflowlloutflowl for capital expendlture (222,828) 123 130,8381 (253,5431 111,6261 (402.2481 (413,6741 Flnancln8 Hlre purchase repayments Other loan repayments Related parly repayments Relaied party advances Nel cash outflow for f inancin8 12,333) (133.6831 13,5001 1133,2971 {4.2361 4,240 (131,776) (141,0331 Incieasel(de¢reasel kn cash In the year 594.761 641,434 The notes on pa8es 19 to 33 form part of these financial statements I.ASM Do¢u&gn Env*ip& ID: 88EE6CFB470842D2-B6DSOIA5CE838F53 w¢>￿￿a¢0 (Draperstown) Limited Con591idated fin?ncial ststements for the yeai ended 31 fvlarch 2023 Pa8e 16 Consolidated Statement of Cash Flows Reconcillatlon of operating profit to net cash inflow from operatin£ actlvities 2023 2022 Net Incomin81 lout8oin8) resources Depreciation of property, plant and equlpmenl Amortisation of intan8ible assets (Profitllloss on disposal of plant. property and eqttripment Amoitisation of deferred Income Ilncreaselldecrease in inventorles Ilncreaselldecrease in tf ade receivables IlncreèselldecTease in other debtors and prepayments Increaselldecrease) in trade crediiors Increaselldecrease} in value added taxation Increaselldecreasel in other taxation and soclal security Incre3se/ldecreasel In other creditor5 Increaselldecreasel In accruals and deferred Income Net cash Inllow/{outflow) from operatln8 a¢tlvltie5 l.Z97.880 113.472 5.148 1.620 1,043.302 112.840 5.147 908 1121,831) 1314,0731 1136,OB21 51,861 19,477 7.584 183,805 1128,7811 980,080 175.239) {127.878) 132,721 121,488 13,3iWI 12.3591 1130.9451 119.456 1.196.141 Anatysls of changes in net cash 2023 2022 Openin8 balance Nei cash Ilow Closin8 balance 2,196,480 594,761 2,791,241 1,555,046 641.434 2.196,480 2023 2022 Chan8e In year Analysis ol cash balan¢e$ Cash at bank and in hand 8ank overdraft Z,792,$44 11,3031 2,791.241 2,196,926 14461 2,196,480 595.618 1857) 594,761 The note5 on pages 19 to 33 form part of these financial statements /.ASM DrthSwJn Enveknpe ID: 88EE6CF8.87D84202-86D$01ASCE838FS3 .' Wofkspace IDrapeistown) Lpnited Consolldaied flnancial statements fijr the year ended 31 March 2023 Page 17 Consolidated Statement of Cash Flows Other Related loans undertakh8S Hire puichase creditors Loan stock Tthal At l April 2022 other loan advance5 Other loan repayments Hire purthase repayments Related undertakin8 advances Al 31 March ZQZ3 330,067 14.2581 2,333 78,383 406.525 1133,6831 (133.6831 12,3331 4,240 274.749. 12,3331 4.240 118) 196,384 78.383 The notes on pages 19 to 33 form part of these financial staternenis I.ASM D￿USign Envelope ID.. 88EE6CF847DB42D2460>01ASCEB3BF53 WorkspaIA5CE838F53 Workspace IOraperslown} L•mlted Consolidated Ilnancial statements for the year ended 31 Mar¢h 2023 Pale 25 Notes to the financial statements 7. Employees The average number of persons (including executive directors) employed by the Group during the period was: 2023 Number 2022 Number 8y aclivity Mana8emertt and administration 154 134 2023 2022 Staff costs Ifor the above personsl Wages and salaries Social security Costs Other pension costs 3,254,084 310,028 128,631 3,692,743 3,368,641 221,572 109,931 3.700.144 8. Comprehensive Income 2023 2022 Comprehenslve Incomels Stated after credltlnB: Investment income 195,311 Z74,158 And after chafging: Amortisation of intan8ible assets Depreciation charge for the year: Property, plant and equiprnenl Loss on di5POsal of property, plant and equipment Operating lease Charge Auditors. rernuneration 5.148 5.147 113,472 (1,6201 io,ooo 26,500 112,840 19081 10,000 26,5(10 9. Taxation (a) Analysis of the charge for the year 2023 2022 Corporalion lax UK corporation tax OD the profitllloss) for the year Adjustments in respect of prior year5 Total corporation lax Defetred tax Origination and reversal of timing differences Adjustment5 in respecl of prior years Total deferred tax 149 208 149 208 Total tax charge 149 208 I.ASM Dfxusign Envelope ID.. 88EE6CFB.87DB42O2_86D￿lA5CE838FS3 Workspace IDraperstown) Limited Con501idated Iln4ncial ststements for the year ended 31 Matth 2023 Page 26 Notes to the financial statements Ib) Fartors alfectinB the tax charBe lorthe year The tax assessed for the year is lower than the standard rate of corporation tax in the United Kingdom {19%). The diff erènce is explained as follows.. 2023 20212 Net resources on ordinary activities before taxation 1,297,880 1.043,302 Profitlllossl on ordinary activities multiplied by the standard rète of corporatSon tax in the UK o119%12021: 19%) 246,597 198,218 Effects ol: Expenses not deductible for tax purposes Origination and reversal of timln8 diflerÈntes Increa5e/ldecreasel in1055es Non-taxable income Deferred tax 10,05Z 16,180 5,800 1262,449) 149 2,152 1216,5601 208 208 149 10. Proflt/(loss) for the flnanclal year As permitted by Article 408{3) of the Companies Act 2006 the holding Company's Income Statement account has not been included in these financial statements. The net movement of funds for the year dealt with in the financial statements of the parent company was a surplus of £1.295,298 (2022: 1,051,181). 11. Intangible assets Group Research and development Patents Goodwill ailsin8 on consolidation Tolal Cosl At l April 20212 Addition5 Ai 31 March 2023 50,000 1,500 334.549 386.049 50,000 1,500 334,549 386,049 Depreciation Ai l April 2022 Charge for the year At 31 March 2023 30,141 s,000 35,141 1.179 148 1.327 334,549 365,869 5,148 370,837 334.549 Net book value At 31 March Z023 14,859 173 15,032 At 31 March 2022 19,859 321 20.180 Goodwill arising on consolidation consists solely of goodwill arising on the acquisition of 100% of the share capital and associated costs in Therm Tech Limited. A.ASM ' DfKu&gn Env6W ID: B8EE6CFB-87D842D2-8605i11A5CEB38F53 Workspace Ioragerstown) Llmlted Consolidaled linanelal ststements lor the year ended 31 March 202J Page 27 Notes to the financial statements 12. Property* plant and equipment Group PTemi5e5 Leasehold and propertles ¥daptailons Fixture5 and flttings Motor vehicles T￿al Cost At l April 2022 Additions Disposals At 31 March 2023 2.056,019 139,5rA) 1,120,166 1.234.506 I6￿65 200.917 4.611.608 67.263 222.828 127.5001 127,SC4Jl 240,680 5.002,264 2,195,519 1,120,166 1,250,571 Deprectsilo At l April 2022 Charge for the year DIsP05a15 At 31 March 2023 418,298 40.287 398.443 22,389 1.059.462 34.362 180,078 16.434 (25.7571 170.755 2,056,281 113.472 {25,7571 2.143,996 458,585 420,832 1,093,824 Net book value At 31 March 2023 1.736,934 699,334 156.747 69,925 662,940 At 31 March 2022 1,637,721 721,723 133,495 20/39 2,555,327 The net book value of property, plant and equipment includes an arnount of £Nil 12021: £9,853) in iespect of assets held under hire purchase contracts. Companv Premises Leasehold and properties adaptatlons Flxtures and rirtln8S Motor vehlcles Tolal Cosl At l April 2022 Additions Disposals Reclassify At 31 March 2023 2,008,847 139.500 1,120.166 455,648 7.635 3,584.661 168,135 21.000 2, 148,347 1,120,166 463,283 21,000 3,752,796 Depreclatlon Ai l April 2022 Charge for the year D￿PoSal5 At 31 March 2023 371,126 40.287 398,443 22389 352,039 13.823 1.121,608 78,949 2.450 411,413 420,832 365,862 2,450 1,200,557 Net book value At 31 March 2023 1,736,934 699,334 97,421 18,550 2,552,239 At 31 March 2022 1,637,721 96B58 112.393 2.463.053 /.ASM Docyjslgn Envelope ID.. 88EE6CFU70B42D2-86D501A5CE83BF53 Wo￿$93¢@ (Drèperstown) Ilmlted CoTrsdidated financial ststernents f(Y the year ended 31 Mareh 2023 Pa8e 28 Notes to the financial statements The net book value of property, plant and equipment includes an amount of £Nil (2022: £Nil} in respect of assets held under hire purchase contracts. 14. Fixed asset5 investments Group Investment properties Co51 At l Aprll 2022 Additions Disposals At 31 March 2023 3.667,611 30838 3.698,449 Depreclailon At l April 2022 Chaige for the year A131 March 2023 Net book val Al 31 March 2023 3,698,449 At 31 March 2022 3.667.611 Companv InvestmÈnt propertlÈs Interests In Total group undertak¥i8s Cost At l April 2022 Additions Disposals At 31 March 2023 3,667,611 30.838 774,582 4,442.193 30328 3,698,449 774,582 4,473,021 Depreciation At l April 2022 Charge for ihe year At 31 March 2023 Net book value At 31 March 2023 3,698,449 774,582 4,473,031 At 31 March 2022 3,667,611 774,582 4,442.193 Investments do not include any investments listed on a recognised Stock exchange. The fair value of the investment property at 31 March 2023 was deteimined by the Trustees. In assessing the fair value of the property. the Trustees took into consideration local Property price5 and rental value5 in the area. /.ASM ' Do¢uStrJn En￿lOpe 10: BBEE6cFB47D842D2￿DSolASCE83BFsJ Workspace IDrapefstownl Lknlted Consolidated financial statements for the year ended 31 M￿h 2023 Page 29 Notes to the financial statements 14. Investments properties Inveslment property was valued by the Trustee5 based on an 8.5% yield on the current rental income of £282,883 per annurn. This valuation has shown that the current market value of the property is consistent with the historical cost carrying value of the assets. Interests in group undertaklngs Interests in group undertakin8s are analysed as follow5.. Name of undertaking Country of incorporation or registration Oescription of shares held Proportlon ol nomlnal value of issued shares held Group Company Therm Tech Limited Workspace IEnterpri5esl Llmited Homeseal (Energy Savings) Lirnited MYM Recruitment Ltd Network Personnel Ltd Business Resvlts Limited En8land & Wales Northern Ireland Northern Ireland Northern Ireland Northern Ireland Northern Ireland Ordinary £15hares Ordinary E I Shares Ordinary £15hares Ordinary £1 Shares Ordinary £1 Shares Ordinary £1 Share5 loo loo loo loo loo loo loo loo loo loo loo loo 15. Invenlorles Group 2023 . Company 2023 Group 2022 Company 2022 Raw materials and consumables Finished 8oods and work in progress 373,746 251,915 373,746 251.915 Inventory IS Stated after a provision for irnpalTment of £7.863 {2022:ENil). 16. Receivables Group 2023 Company 2023 Grotjp 2022 Company 2022 Amounts lalling due wlthln one year Trade receivables other debtors Owed by group undertakings Owed by related undertakings Value added taxes Prepaymenis and accrued income 1,221,763 324,483 492,670 2.565 1,685,132 14 12,667 15.881 83.526 2.208,929 1.185,322 244,119 i.joo 1,062,847 4,254 5,759 20.323 1.338.402 189,8a8 14 4,258 84,973 1,631,233 Trade receNables are sl3ted after a provision for impairment of £24,47812022:E22.338). I.ASM DocuSi9n Envelopfr ID.. BeEE6CFB-87DB42D2-B6D￿1AsCEB3BF53 w0￿5p3¢e (Draperstownl Limited Consolidated financial 51aternents for the year ended 31 March 202> Pa8e 30 Notes to the financial statements 17. Creditors: amounts falling due wlthin one year GfOiIP 2023 Company 2023 Group 2022 Companv 2022 Bank overdrafts oiher loans Owed to 8roup undertakin85 Hire purchase creditor5 Trade creditors Payroll taxes Value added taxes Accruals and deferred income Other creditors 1.303 196.384 446 223,749 196,384 34,323 223,749 158,825 2,333 450,291 64.485 80,980 264.873 421,203 1,508,360 501151 72.069 100,457 136,092 603,961 1,612,419 25,841 1,548 45,431 J,4S4 63,038 3Z2,492 643,6Z6 76,892 241.340 747,691 18. Creditors: amounts falling due after one year Group 1023 Company Z023 Group 2022 Company 2022 Other loans Loan stock 106,318 78,382 184,700 106,318 78.382 184,700 79,4Z4 79,424 79,424 79,424 I.ASM . Docusign Envelop8 10: B8EE6CFB-87D842DZ460$01A5CEB38F53 WoTk5pace IDfaperslowDI Llml¢ed Consolldated Itnancial stalements for the year ended 31 March 20Z3 Page31 Notes to the financial statements Bank and other loans are repayable as follows: Group 2013 Companv 2023 Group 2022 Company 2022 In one yeai or less. or on demand Between one and twoyears 196,384 196,384 225,927 104,140 330,067 225,927 104,140 330,067 196,384 196,384 Bank security The Group has a bank term loan and other facililies of £196,384 {2022.. £330,067) which are repayable by monthly instalments at which interest is chafged of between O.S and 3% over base rate and rnana8ed Bank of England base rate respectively. The Company's bank debt facilities are secured by fixed and floatin8 char8es over the Company's property and othei assets and by group company guarantees which are collateralised by fixed and floatin8 char8es over the assets of the relevant group companies. Asset finance securitv Hire purchase creditors are secured on the associated assets. 19. Accruals and deferred income Group Capital grants Cost5 At l April 2022 Grants received durin8 the year At 31 March 2023 22,114 22,114 Amortisation At l April 2022 Amortisation for the year At 31 March 2023 22.114 22,114 Net book value At 31 March 2023 At 31 March 2022 I.ASM Do(JJSign Envek>pe ID: B8EE6CF&87DB42D2.860￿IA5cEB3BFS3 Workspace (Draperstown) limlted Consolidated financlal statements the year ended 31 Mar(h 2023 Page 32 Notes to the financial statements 20. Provisions for liabilities Deferred taxation Deferred taxation provided in the financial statements is analysed as follows: 2013 2022 Gross fixed asset timin8 dIfferen￿S Gross revaluation surpluses Other timing difference Totsl revenue losses Net tlmln8 dlfferences 18,318 759 13,6111 {123, 1501 {107,684) 156,719 563 11.3391 1320,2961 1164.3531 Timing differences not provided 107,684 164.502 Deferred tax provS$lon 149 21. Contingent Ilabilities Group and Companv Grants Under the terrns of certain grant agreements, a l lability rnay arise lo repay in whole or in part capital or revenue 8rants received if certain conditions in the 8rant a8reernents are not complied with. In the opinion of the directois the terms of all the letters of offer have been complied with and a liabil ity is not expected to arise. Bank Guarantees Cross guarantees have been provided In respect of the bank and other borrowings of group undertakin8s. In the opinion of the directors there are no indications that the Company will suffer anv loss. Other con¢in8ent liabllitles The Group and Company had no other contingent liabilities at 31 March 2023 or at 31 March 2022. 22. Capital commitments The Group and Company had no capital commitments at 31 March 2023 or at 31 March 2022, I.ASM Do¢u&gn En¥elop8 10.. B8EE6CFU7DB4202460MIA5CE838FS3' WorkspJ¢e IDr¥pe¢siowThl Llmlted Consolldated linancial stsiements lof the ¥ear ended 31 Mar¢h 2023 Pa80 33 23. FSnancial commltments Commitments under non