DDcuSign Envelopo ID.. 88EE6CF8-87DB42D2-B6DM1A5CEB3BF53 Workspace IDraperstownl Llmlied Consolldated linancial statements for the yea¥ ended 31 March 2023 Page 5 Trustees, report The trustees, who are also directors of the charity for the purposes of the Companles Act, submit their annual report and the audited financi31 statement5 for the year ended 31 March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice {SORP> Accounting and Reporting by Charities" in preparing the annual report and financial 5taternents of the charity. Strurture• governance and rnanagernent Workspace (Dfaperstownl 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 outlines its objects. A Board of Directors, who are also Trustees, are responsible for the overall governance of the charity. Director5 are elected for three years at which point they resign and offer themselves for re-election. The Board of Directors contain a range of Skills and eyperience 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 rnet. The Boaid of Directors control the activities of the company and they meet every two month5 to review operation, strategy and performance. Annual budgets are agreed by the Board of Director5 and measured against result5 throughout the year. Variations are reviewed and all attlvities are regularly monitored. Rlsk Managernent The Directors, in conjunction with the management team, have reviewed the risks to which the tharity Is exposed and have established systems and procedures to mitigate those risks. Major risks are identified and ranked in term5 of their potential impact and likelihood. Major risks, for this purpose. are those that may have a significant effect on the charity. Governance & Management Reputation Flnance Operations External Factors Legal & Regulation compliance Risks are reviewed on an annual basis to ensvre that adequate systems are procedures are in place. Wheie appropriate, risks are covered by insurance. In asse55ing risk, our Director5 recognize that Some areas of our work require the acceptance and management of risk, If our key objectives are to be achieved. The directors are involved in managing the area5 of higher risk ort an ongoing basis through the implementation of our Strategic and Operational plans. I,ASM
Docusign Envelo ID.. 88EE6cFB-87DB42D2-B6DlAscE83BF53 Workspare IOraper5townl limlted Con5011dated linanclal statements for the year ended 31 March 2023 Page 6 Trustees, report Objectives and activitles/Public Benefit The Charity's objectives are specifically restricted to the following which 15 in compliance with the chariiy commission guidelines:_ 111 The creation of training and employment opportunities by the provision of workspace, buildings, and/or land for use on favourable means and financial 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 commun ity and voluntary Sector for the benefit of the public by providing grants, facilities and amenities to community and voluntary groups, 151 The provision of facilities in the interests of social welfare for recreation and other leisure time occupations Wlth the object of improving the conditions of life for members of the public. Human Resource5 Application5 for ernployment for disabled person5 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 Iheif employment with the company continues and the appropTiate training is arranged. It is the policy of the company that the training, career development and promotion or a disabled person should, as far 35 possible, be identical to that of a person who does not suffei from a disability. Consultatlon with employees or their representative5 bas continued at all levels, Wlth the aim of ensuring 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 companv. Taxation status The charity IS a registered charity. and as such Is entitled to certain tax exemptions on income and profits from investments. and surplus on any tradins accounts earned on in furtherance of the charity'5 primary objectives, of these profits and surplus are applied solely for charitable purpose5. Changes in fixed a55ets The movements in fixed assets during the year are set out in notes 12, 13, and 14 10 the financial statements. I,ASM
D¢sIgn En¥elopg ID: B8EE6CFB-87DB42D2-B60X)1ASCE838F53 Woth5pa¢e {Draperstownl Lknlted Consolidated flnancial stalements for the yeaT ended 31 March 2023 Page 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 Tfustees (who are also directors of Workspace IDraperstown) Limited for the purposes of company law) are responsible for preparing the Trustee5' RepoTt and the financial statements in accordan with applicable law and United Kirlgdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). Cornpany law requires the Trustees to plepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charitable company and the group and of the incominE resources and application of resources, including the income and expenditure, of the charitable Eroup for that period. In preparing these financial Statements, the trustees are required to: select suitable accounting policies and then apply them conslstently: observe the methods and principles in the Charities SORP; make judgments and estimates that are re350nable and prudent; stste whether applicable UK. Accountin8 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 basis unless it is inappropriate to presurne that the chaiitable company will continue in business. The Trustees are responsible for keeping propeT accounting records that disc105e with reasonable accuracy at-any time the financial position of the charitable company and enable them to ensure that the financial 5tatEments comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable step5 foK the prevention and detection of fraud and other irregularities. Accountlng record5 The measures laken by the Trustees to secure compliance with the requiTements of Section 386 to Section 389 of the Companies Act 2006, with re8aTd to keeping of accounting records. are the employment of appropriately qualified accounting personnel and the maintenance of computerised accounting system5. The Charity's accounting record5 are maintained at The Business Centre, 5 Tobermore Road, Draperstown, BT45 7AG. /.ASM
Do¢uSign EnvBIopg ID.. B8EE6CFB.87DB42D2-B6DM1A5CEB3BF53 Workspace (Draperstownl Llmited ConsolSdated Ilnan¢lal statements for the year ended 31 March 2023 Page 8 Trustees, report Statement as to disclosure of Information to audltor5 In so far as the directors are aware there is no relevant audit information of which the Charity's auditors 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 ihat the auditors are aware of that information. Audltors The auditors ASM (M) Ltd have indlcated their willlngness 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 signed on its behalf by: LD'U BBC11•SqOEC24X>.- Laurence O'Kane Chairman 12 December 2023 /.ASM