Workspace (Draperstown) Limited (a company Ilmited by guarantee) Annual Report and consolidated financial statements for the year ended 31 March 2024 Registration number: N1018240 INorthern Irelandl ChaTIty number: XR39653 •AiYIVBIAY* 1311212024 COMPANIES HOUSE A22
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Workspace (Draperstown) Umlted Consolidated financlal statements lor the year ended 31 March 2024 Contents Page {sl Reference and administrative details of the charity Strategic report Trustees, report Independent auditors. report 9-12 Consolidated Statement of Financial Activities 13 Con501idated Statement of Comprehensive Income 13 Statement5 of Financial Position 14 Consolidated Statement of Cash Flows 15-17 Consolidated and Company Statement of Changes in Funds 18 Notes to the financial statements 19-33 ASM
Work5pa¢e (Draperstownl Limited Consolidated financlal statements lor the year ended 31 March 2014 Page I Reference and administrative details of the charity Trustees Registered Auditors Laurence O'Kane (Chairperson) Patrick Mcshane Willie H. McKeown Graham Mawhinney Brian McGuigan Caroline Kellv Anne Donnelly Damien Trolan ASM IM) Ltd Chartered Accountants Dlamond Centre Market Street Magherafelt Chief ExecutNe Bankers Georgina Grieve Bank of Ireland Market Street Magherafelt Company Secretary Solicitors Anne Donnelly Tughans Marlborough House 30 Victoria Street Belfast Doris & Macmahon 63 James Street Cookstown Reglstered Office The Business Centre 5 Tobermore Road Draperstown Company registratlon No: N1018240 Charity Inland Revenue No: XR 39653 Charity Commission for Northern Ireland No: 1055827 ASM
workspa (Drapeowl Limited Consolidated financial statements IOT the year ended 31 March 2024 Page 2 Strategic report The Trustees present their Strategic Report for the year ended 31 March 2024. Prlnclpal policles to achleve objertlves Workspace currently provides 80,OOOsq.ft of lettable space in a variety of office and light industrial units. The sites provide good value, modern space for a range of SME tenants. The high occupation levels indicate the development of these businesses helping them to 8row for the future, Workspace continues to provide strong levels of mentoring and training for individuals and businesses. Thi5 work ha5 helped en8ender training and work experience opportunities for those involved and has ser4ed to improve their employability prospects. The Workspace Community Fund has an on-going commitment to assist a range of smaller, local voluntary and community organisation5. It does this throu8h the provision of small grants which help these organisations to complement Workspace's community development work, Grant making policy Workspace (Draperstownl Limited seeks applications from various parties in the local area. Prop05a15 are reviewed and assessed in detail and these are then assessed by the Board. Achievements & Performance In 2023-24, Workspace continued to provide the nece553ry ran8e of li8ht industrial and office units 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 benef its the activities of an Enterprise A8ency. Our European Social Funded programmes excelled in helping to tackle unemployment through assisting individuals and families at various stages of their working lives, giving support and training as 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 through a mix ofonline/remote services and face to face delivery. We offer a holistic approach to support participants not only in developing their employability ski115 but als0 their confidence, resilience and motivation, which was essential to meet the challenges of 2023/24. The provision of domestic energy saving services has had great succe55 in delivering the Keep Warm Scheme throughout the year. High levels of insulation and other service5 have been installed with our ontinued airn of reducing fuel poverty throughout Northern Ireland. ASM
Workspace IDraperstown) Llmlled Con501idated finantial 5tatemenls lor the year ended 31 March 2024 Page 3 Strategic report Our heat recovery and pollution control subsidiary Therm Tech Limited continues to support long term customers in reducing fuel consumption costs and to help them meet their carbon footprint reduction targets. Throughout 2023124 we designed, manufactured and installed a range of bespoke boiler economisers, pressure vessels for use in pollution control and significant number of coolers for our client in the crematorlum market. For our Subsidiary recruitment agency business the 202314 year saw us continue to work across a wide range 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 2024, who have been trustees for the whole of the year ended on that date. except as noted below, are listed on page l. Re$lgn?Ilon dat• 22 Octobef 2024 Diafmuid O'Kane Oamian Heron 19 April 2024 Appolntmeni dat* 18 October 2024 Oamien Trolan Flnanclal Revlew Workspace (Draperstownl Limited (Charity) Group ol companies generated a surplus of £585,264 {2023: £1,298,029). Income for the group was £9,670,142 for the year ended 31 March 2024, a decrease of 10% on the previous year. Gift aid from subsidiarles In the year ended 31 March 2024 was £827,16312023: £1,445,872), The Group 8oard and Directors of subsidiary companies, deem these financial results are indicative of continued growth and progress and financial strength of the Workspace Group. These results for both the charity and the charitable trading subsidiaries will enable the group to fulfil its primary objectives as listed on page 5. ReseNes Policv The Directors have reviewed the charitv's requirements for reserves in conjunction with their analysis of the main risks for the company. The unrestricted f unds 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 this will require the building up of reserves over the next few vears. However the level and nature of expenditure has been analysed and assessment made as to how reductions can be made if the need arises. This policy is reviewed annually by the Board. ASM
Workspace (Draperstownl Limited Con501idated financlal ststements for the year ended 31 Mar¢h 2024 Page 4 Strategic report Plans for the future The Group continues to assess the provision of its health and sport related activities to improve the well- being. of the local community. 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 8roups. includin8 S.T.E.P.S mental health. to have a permanent presence on the Hub site and for a range of communal space and meeting facilities for use by many other community groups and users. 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 community. Key performance indicators The Group Trustees are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the Group. Approval The Strategic Report was approved by the Trustees on 10 December 2024 and signed on their behalf by: Laurence O'Kane Chairman 10 December 2024 ASM
Workspa¢t (Droperstownl Llm5ted Con301idated financlal statements for the year ended 31 March 2024 Page 5 Trustees, report The trustees, who are a150 director5 of the charity for the purposes of the Companies Act. submit their annual report and the audited financial statements for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice ISORP)"Accounting and Reporting by Charities. in preparing the annual report and flnancial statements of the charity. Structure• governance and management Workspace (Draperstown) Limited (The charitable company) is a company limited by guarantee with charitable status. The company is governed by a Memorandum and Articles of A550ciation which outlines its objects. A Board of Directors, who are also Trustees, are responsible for the overall governance of the charity. Directors are elected for three year5 at which point they re518n and offer themselves for re-election. The Board of Directors contain a range of skills 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 Directors control the activities of the company and they meet every two months to review operation, strategy and performance. Annual budgets are agreed by the Board of Directors and measured against results throughout the year. Variations are reviewed and all activities are regularly monitored. Risk Management The Directors, in conjunction with the management 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 risk5, for thi5 purp05e, are those that may have a significant effect on the charity. Governance & Mana8ement Reputation Finance Operations External Factors Legal & Regulation compliance Risks are reviewed on an annual basis to ensure that adequate systems are procedures are in place. Where appropriate, risks are covered by insurance. In assessing risk, our Directors 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 areas of higher risk on an ongoing basis through the implementation of our Strategic and Operational plans. ASM
Workspace IDraperstownl Limlted Consolidated financial statements lor the year ended 31 March 2024 Page 6 Trustees, report Objectives and artivities/Public Benefit The Charity's objectives are specif ically restricted to the following which is in compliance with the charity 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. 121 The promotion of enterprise and sustainable means of achieving economic development and regeneration. {31 The relief of unemployment. 141 The advancement of community development and in particular the promotion ofthe community and voluntary sector for the benef it of the public by providing grants, facilities and amenities to community and voluntary groups. 151 The provlsion of facilities in the interests of social welfare for recreation and other leisure time occupations with the object of improving the conditions of life for members of the public. Human Resources Applications 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 training, career development and promotion or a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. Consultation with employees or their representatives bas continued at all levels, with the aim of ensuring that view5 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 company. Taxatlon 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 trading accounts earned 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 the financial statements. ASM
Workspace IDrapeTStown) Limited Cansolldated finaniial staternents for the year ended 31 March 2024 Pa8t 7 Trustees, report Evènts after the reportlng date There were no material events after the year end that require disclosure in the financial statements. Statement of Trustees, Responsibllitles The Trustees (who are also directors of Workspace (Draperstown) Limited for the purposes of companv lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the State of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent,. state whether applicable UK. Accounting Standards have been followed, subject to any material departures disclosed and explained in the f inancial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting 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 safe8uardin8 the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of f raud and other irregularities. Accountlng 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 accounting personnel and the maintenance of computerised accountin8 Systems. The Charity's accounting records are maintained at The Business Centre, S Tobermore Road, Draperstown, BT45 7AG. ASM
Workspace IDraperstownl Ilmited Consolldated financial statements for the year ended 31 March 2024 Page 8 Trustees, report Statement as to disclosure of information to auditors In so far a5 the directors are aware there is no relevant audit information of which the Charity's auditor5 are unaware. and the Trustees have taken all steps that they ou8ht to have taken to make themselves of aware of any relevant audit information and to establish that the auditors are aware of that information, Auditors The auditors ASM {Ml Ltd have indicated their willingness 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.. Laurence O'Kane Chairman 10 December 2024 ASM
Workspace (Draperstownl Llmittd Consolldated finan¢lal statemeols for the year ended 31 March 2024 Pa8e 9 Independent auditors, report to the members of Workspace (Draperstown) Limited Opinlon We have audited the consolidated financial statements of Workspace (Draperstownl Limited Ithe 'Parent Companrfl and its subsidiaries Ithe 'Group'l for the year ended 31 March 2024 which comprise the Consolidated Statement of f inancial Activities and Statement of Comprehensive Income, the Group and Company's Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Funds and the related notes. The financi31 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Finonciol Reporting Standard opplicable in the UK and Republic of IrelL7nd (United Kingdom Generally Accepted Accountin8 Practice). In our opinion the consolidated financial statements: give a true and fair view of the state of the Group's and Parent Company's affairs as at 31 March 2024 and of the Group's incomin8 resources and application of resources in¢ludin8 Its income ènd expenditure and cash flows for the year then ended.. have been properly prepared in accordance with Generally Accepted Accountin8 Practice in the United Kln8dom and FRS102,' and have been prepared in accordance with the requirements of the Cornpanies Act 2006. Basis for oplnion We conducted our audit in accordance with International Standard5 on Auditin8 IUKI IISAS IUKII and appli¢èble law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of ihe Group and Parent Company in accordance with the ethical requlrements that are relevant to our audit of the flnancial 5tatement5 in the UK, includlng the FRC'S Ethical Standard and we have fulfilled our other ethical cesponsibilities in accordance with these requirements. We believe that the audit evidence we h3ve obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to 8oln8 concern We have nothin8 to report in respect of the followin8 matters In relation to which the ISAS IUKI require us to report to you where: the Trustees, use of the 80in8 concern basis of accountlng in the preparation of the financial statements is not appropriate; or the Tru5tees' have not disc105ed in the financial statements any identified material uncertaintie5 that may cast $18nificant doubt about the Group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authori5ed for issue. ASM
Workspace (Drèperstownl Limited Consolidated financial statements lor the year ended 31 March 2024 Page 10 Independent auditors, report to the members of Workspace (Draperstown) Limited Other information The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expres5 any forrn of assurance conclusion thereon. In connection with our audit of the financial statement5, our responsibility is to read the other Information and. in doing so, consider whether the other informatlon is materially inconsistent with the financlal statements or our knowledge obtained in the audit or otherwise appe3rs to be materially rnisstated. If we identify such material inconsistencies or apparent material mlsstatements. we ère required to determine whether there is a material mi55tatement in the financial stalement5 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion5 on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informètion 8iven in the Strategic Report and the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial staternents,. and the Strategic Report and the Trustees, Report have been prepared in accordance with applicable le8al requirements. Matters 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 environment obtained in the course of the audit, we have not identified material misstalements included within the Strategic Report or the Trustees, Report. We have nothing to report in respert of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion.. adequate accountin8 records have not been kept by the Parent Company. or returns adequate for our audit have not been received from branches not Vi51ted by us,. or the Parent Company financial statement5 are not in agreement with the accounting records and returns.. or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. ASM
Workspace (Oraperstownl Limlted Consolidated financSal statements lor the year ended 31 March 2024 Page 11 Independent auditors, report to the members of Workspace (Draperstown) Limited Responsibilities of Trustees As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for beinE satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material mi5Statement. whether due to fraud or error. In preparing the flnancial statements, the Trustees are responsible for assessln8 the Group's and the Parent CompanVs ability to continue as a going concern. disclosing, as applicable. matters related to goin8 concern and ¥Jsin8 the going concern basis of accounting unless the members either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the flnancial statement5 as a whole are free from material misstatement, 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 that an audit conducted in accordance with ISAS (United Kin8doml will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a88re8ate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the FRC'S website t.'www.frc.org.uklauditorsresponsibilities. This descrlption forms part of our auditor's report. Irregularities, 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, includin8 fraud. The extent to which our procedures are capable of detectin8 irregularities, Including fraud, is detailed below. Based on our understanding of the Group and the environment in whlch it operates, we have identified the laws and regulations such as ihe Companie5 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 3ri5e from: revenue recognition,. management overrlde of controls,. Posting unusual journals,. and unusual estimation amounts. As part of our audlt procedures we discussed these rlsks with management, and performed audit procedures to identify the occurrence of such risks. There are inherent limitations in any audit procedures undertaken, and in particular the risk of not detecting a rnaterial mi55tatement due to fraud 15 higher than the risk of not deterting a material misstatement due to error. ASM
Workspace IDraper5townl Llmlted Consolldaled financial statements lor the year ended 31 March 2024 Page 12 Use of our report Thls 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 might state to the Company's members those matters 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 assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report. or for the opinions we have formed. Mlchael McAlllsler {Senlor Statutory Audltorl For and on behall of: ASM IM) Ltd Chartered Accountants and Statutory Audltors The Dlamond Centie Market Street Magherafelt 10 December 2024 ASM
Workspace (Draptrstownl Llmited Consolldated financlal statements for Ihe year ended 31 March 2024 Page 13 Consolidated Statement of Financial Artivities and Consolidated Statement of Comprehensive Income Notes Unrestricted Restrirted funds funds Total 2024 Total 2023 Incomlng resources Activities to further the Charit5 objects Voluntary income Investment income Othef non-operating incorne Total incoming resources 8,556,431 827,163 286,548 8,556,431 827,163 286,548 9,058,453 1,455,872 282,883 9.670,142 9,670,142 10,797,208 Resources expended Costs of 8eneratln8 funds Investment management costs Char5table expenditure Managernent and administration Governance cost5 Other outgoing resources expended Net resouKe5 expended 497,956 497,956 486, 107 8.550,570 25,000 8,550.S70 25,000 8,976,187 25,000 9,073,526 9,073,526 9,487,294 Net resources for the year b•fore Interest payable Interest payable Net resources for the year before taxatlon Taxation Net resources for the year Other comprehensive incomelllossesl for the year Total comprehenslve income for the year 596,616 111,467 585,149 1115) 585,264 596,616 111,4671 585,149 1115) 585,264 1,309,914 112.0341 1,297,880 149 io 585,264 585,264 1,298,029 Reconclllailon of movement in lunds At l Apiil 2023 Net resouices for the year Transfers between funds At 31 Maf¢h 2024 7,111,425 585,264 2,370,676 9,482.101 585.264 8,184,072 1,298,029 7,696,689 2,370,676 10,067,365 9,482,101 All amount5 above relate to the continuing operations of the Companv. The note5 on pages 19 to 33 form part of these financial statements ASM
Workspace (Draperstownl Llmlted Con501idJted fio)ancial statements lor the year ended 31 March 2024 Page 14 Statement of Financial Position Notes Group 2024 Company 2024 2023 2023 Flxed assets Intangible assets Property, plant and equipment Investments 12 13 14 9,885 2,617,524 5,250,731 7,878,140 15,032 2.662,940 3,698,449 6,376,421 2,501,578 6,025,313 8,526,891 2,552,239 4,473.031 7,025,270 Current assets Inventories Receivables Cash at bank and in hand 15 16 372,941 1,760,438 1,601,491 3,734,870 373,746 1,631,233 2.792,544 4.797,523 2,116,270 2,208,929 295,885 715,567 2.412,155 2,924.496 Creditors: amounts falllng due wlthln one year 17 1,469,627 1,612,419 986,743 643,626 Net current assets1(liabilitiesl 2,265,243 3.185,104 1,443,412 2,280,878 Total assets less current Ilabllltles 10,143,383 9,561,525 9,970,303 9,306,140 Creditors: amounts falling due after one year Accrual of deferred income 18 76,133 79,424 76,133 79,424 19 Deferred tax provision 20 11151 76,018 79,424 76,133 79,424 Net assels 10,067,365 9,482,101 9,894,170 9,226,716 Funds employed Unrestricted lunds General funds Designated funds 5,888.759 1,807.930 7,696.689 2,370.676 10.067,365 5,303,495 1,807,930 7,111,425 2,370,676 9,482,101 5,648,120 4,980,666 1,875,374 1,875,374 7,523,494 6,856,040 2,370,676 2,370,676 9,894,170 9,226,716 Restrlcted Income fvnds Total funds employed The consolidated financial statements on pages 13 to 33 were approved and authorised for issue by the Board of Directors on 10 December 2024 and were signed on its behalf bv.. Laurence O'Kane Chairman Registration Number: N1018240 Charity Number: XR39653 The notes on pa8es 19 to 33 form part of these f inancial statement5 ASM
Worbpace IDraperstowTrl Limlted Consolldated financial 5taternents for the year ended 31 March 2024 Pa¥e 15 Consolidated Statement of Cash Flows 2024 2023 Net cash inflow from operating activities 568,103 980,080 Taxatlon Capital expenditure Purchase of property, plant and equipment Disposal proceeds of property, plant and equipment Purchase of investments Net cash Inflowllouffiowl for capital expendlture 170,5721 1222,8281 123 130,8381 1253,543 11,552,2821 11,622,8541 FIDJnclng Hire purchase repayments Other loan repayments Related party repayments Related party odvances Net cash oytllow for financing 12,3331 1133.6831 {133,445) 13,7071 4,240 1131,7761 {137,1521 Increasel(decreasel In cash In the year 11,191,903) 594,761 The notes on pa8es 19 to 33 form part of these financial statement5 ASM
Workspace (Draperstown) Limlted Consolidated financial statements for the year ended 31 March 2024 Page 16 Consolidated Statement of Cash Flows Reconciliation of operatlng proflt to net cash inflow from operating actlvitles 2024 2023 Net incoming I loutgoin81 resources Depreciation of property, plant and equipment Amortisation of intangible assets (Profitllloss on disposal of plant. property and equipment Amortisation of deferred income Ilncreasel/decrease in inventories {Increaselldecrease in trade receivables Ilncreasel/decrease in other debtor5 and prepayment5 Increaselldecreasel in trède Creditors Increaselldecreasel in value added taxation Increase/ldecrea5el in other taxation and social security Increaselldecreasel in other creditors Increase/ldecreasel in accruals and deferred income Net cash Inflow/loufflowl frorn operating actlvlile5 585.149 115,988 5,147 1,297.880 113,472 5,148 1,620 805 (325.476) 199,978 178.214) 1100,457) (4841 82,401 83,266 568.103 1121,8311 {314,0731 {136,082) 51,861 19,477 7,584 183,805 1128,781) 980,080 Analysls of changes In net Cash 2024 2023 Opening balance Net cash flow Closin8 balance 2,791,241 11,191.9031 1.599.338 2,196,480 594,761 2,791,241 2024 2023 Change in year Analysls of cash balances Cash at bank and in hand Bank overdraft 1,601,491 12.153) 1,599.338 2,792,544 11,3031 2,791,241 11,191,053) 1850) 11,191,903) The notes on pages 19 to 33 form part of these financial statements ASM
Workspace IDraperstownl Limlted Consolldated fiTran¢ial statements foT the year ered 31 March 2024 Page 17 Consolidated Statement of Cash Flows Other Related loans undertakings Hire purchase creditors Loan stock Total At l April 2023 Other loan advances Other loan repayments Hire purchase repayments Related undertaking repayments Related undertaking advances Al 31 March 2024 196,384 1141 78,383 274,749 1133,4451 1133.44S) 13,7071 13,707} 62,939 13,721) 78,383 137,597 The notes on pa8e$ 19 to 33 form part of these financial statements ASM
Workspace (Draperstownl Limited Consolidated flnancial statements for the yeaf ended 31 March 2024 Pège 18 Consolidated Statement of Changes in Funds General funds Designated funds Restricted lunds Total At l April 2022 Net resources lor the year At 31 March 2023 Net resources for the year At 31 March 2024 4,005,466 1,298,029 5,303,495 585,264 5.888.759 1,807,930 2,370,676 8,184,072 1,298,029 9,482,101 585,264 10,067,365 1,807,930 2,370,676 1.807.930 2.370,676 Company Statement of Changes in Funds General funds Deslgnated lunds Restrlrted lunds Total At l Aprll 2022 Net resources for the year At 31 March 2023 Net resources for the year At 31 March 2024 3,685,368 1,295,298 4,980,666 667,454 5,648,120 1.875,374 2,370.676 7,931.418 1,295,298 9,226,716 667,454 9,894,170 1,875,374 2,370.676 1,875,374 2,370,676 The notes on pages 19 to 33 form part of these financial statements ASM
Workspace IDrapeTStownl LIMited Consolidated financial statements for the year ended 31 March 2024 Page 19 Notes to the financial statements l. Principal accounting policies Workspace IDraperstown} Limited is a company limited by guarantee registered in Northern Ireland. The financial statements have been prepared on a going concern basis, in accordance with the Companies Act 2006 under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice {SORPI FRS102, Accounting and Reporting by Charities" published in 2005 and applicable accounting Standards. The Statement of Financial Activities ISOFAI and the Statement of Financial Position consolidate the financlal statements of the charity and its subsldiary undertakin85. The charity has availed itself of Paragraph 411) of Schedule l of the Large and Medium-sized Companies and Groups {Accounts and Reports). Regulations 2008 and adapted the Companies Act formats to reflect the Special nature of the charity's activities. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006 and paragraph 397 of the SORP. Bosls of occountlng The consolidated financial statements of the Group were approved for issue by the Board of Directors on 3 March 2024. The financial statements have been prepared in accordance with applicable accounting standards. The financial statements are prepared in sterling which is the f unctional currency of the Group. Company 5tatUS The Charity is a company limited by guarantee. The members of the Company are the trustees named on page l. In the event of the Charity bein8 wound up. the liability in respect of the guarantee is l imited to £1 per member of the Charity, Fund occountlng General funds are unrestricted funds which are availabSe for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been desi8nated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds arc charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the f inancial statements. Endowment funds represent those assets which must be held permanently by the charity principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capit31 gains or losses arising on the investments form part of the fund. Investment m3na8ement char8es and legal advice relating to the fund arc char8ed against the fund. ASM
Workspa¢e IDraperstown) Limited Consolidated financlal statements for the year ended 31 March 2024 Page 20 Notes to the financial statements Incoming resources All incoming resources are included in the Statement of Financial Activities when the Charity is legallv entitled to the income and the amount can be quantified with reasonable accuracy. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular beadings they have been allocated to activities on a basis consistent with use of the resources. Going concern The Group 8enerated a surplus during the year ended 31 March 2024 and, at that date the Group's assets exceeded its liabilities. After making enquiries, the directors have a re3son3ble expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the f inancial statements. Ba515 of con501idation The consolidated flnancial statements include the Company and its subsidiary undertakin85. Intra-8roup sales and profits are eliminated fully on consolidation. Turnover Turnover represents amounts receivable for goods and Services net of value added taxation and trade discounts. Investment Income Income frorn deposits is included, together with the related tax credit, in the Income Statement on an accruals basis. Investments Fixed assets investments are stated at cost less provision for permanent diminution in value. Intangible assets Intangible assets relate to development expenditure which the directors are satisfied relates to technical, commercial and financially viable projects. Intangible assets are reviewed for impairment at the end of the first full financial year following acquisition and in other years if events or changes in circumstances indicate that the carrying value may not be recoverable. ASM
Workspace IDraperstowThl Llmlted Consolldated financial statements lor the year ended 31 March 2024 Pa8e 21 Notes to the financial statements Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired net of amortisation and any provision for impairment. Goodwill arising on the acquisition of subsidiaries and other purchased goodwill is eliminated by amortisation through the profit and loss account on a straight line basis over its Useful economic life. The prlncipal rates used for this purpose are as follows: Goodwill arising on tonsolidation Purchased goodwill io io The carrying values of goodwlll are reviewed annually for impalrment in periods if events or changes in circumstances indicate the carryin8 value may not be recoverable. Revoluation of investment properties The Company carries its investment property at fair value, with changes in fair value being recognised in the income statement. Property* plont and equipment Property, plant and equipment are stated at their purchase cost, net of depreciation and any provision for impairment. Depreciation is calculated so as to write off the costs of Property. plant and equipment, less their estimated residual values, on a straight line basi5 over the expected vsef ul economic live5 Of the a55ets concerned. The principal annual rates used for this purpose are as follows: Freehold land Freehold buildings Lpa5ehold buildings Project and office equiprnent Motor vehicles Computer equipment 2.0 Straight line over the life of the lease 12.5 Reducing balance 20.0 Reducin8 balance 20.0 Strai8ht line The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. ASM
Workspace (Draperstownl Limited Consolldated flnanclal statement5 lor the year ended 31 March 2024 Page 22 Notes to the f inancial statements Foreign currencies Transactions denominated in foreign currency are translated into sterling at the rate of exchange rulin8 at the date of the transaction. Assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are translated into sterling at the exchange rates ruling at that date. All exchange differences are taken to the Income Statement. Hlre purchase assets Assets acquired under hire purchase contracts are capitalised based on the purchase price of the assets. Depreciation is provided on the same basis as for owned assets. The interest element of the hire purchase payment is charged to the Income Statement account over the period of the contract. The capital value of hire purchase assets are included in the Statement of Financial Position as a liability, reduced by the capital element of the hire purchase payments. Leases Where assets have been acquired under finance leases, the obllgations to the lessor are shown as part of borrowings and the rights in the corresponding assets are treated in the same way as owned fixed asset5. Leases are regarded as finance leases where their term5 transfer to the lessee Substantially all the benefits and burdens of ownership other than the right to legal title. Rentals payable under operatin8 leases are charged to the Income Statement account on a straight line basis over the lease term. Inventorles and work In progress Inventories and work in progress are stated at the lower of c05t and net reali5able value. Cost includes materials, direct labour and direct costs. Net realisable value is based on estimated sellin8 price less further costs expected to be incurred to completion or disposal. Provision is made for obsolete or slow moving or defective items where appropriate. Taxation The charity is a re8iStered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surplus on any trading accounts earned on in furtherance of the charity's primary objectives, of these profits and surplus are applied solely for charitable purposes. Deferred taxotion Deferred taxation is Stated on a f ull liability basis on all timing differences that have originated but not reversed by the statement of financial position date. ASM
Workspace (Draperstownl Limited Consolidated finanoal statements for the year ended 31 March 2024 Page 23 Notes to the financial statements Financial Instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference share5 are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value reco8nised in profit or loss. All other such investments are Subsequently measured at cost less impairment. Other f inancial instruments, includin8 derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, wlth any changes recognised in profit or loss, with the exception of hedgin8 instruments in a designated hedging relationship. Financial assets that are measured at cost or amort15ed cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an Impairment 1055 IS recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually Slgnificant. these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basi5 of slmilar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Exemptionsfor qualifying entities under FRS 102 On the basis that 100% of the Company's voting rights are controlled within the group of companies of which it is a member, the Company has taken advantage of the exemption not to disclose transactions with entities that are part of the group or investees of the 8roup qualifyin8 as related parties. 2. Voluntary income Unrestrlcted funds Restricted funds Total 20Z4 Total 2023 Network Personnel Ltd Homeseal (Energy Savingsl Limited MYM Recruitment Ltd Therm Tech Limited Workspace IEnterprisesl Limited 161,252 278,175 24,818 362,918 161.252 278,175 24.818 362,918 816,135 201,485 32,904 405,348 827.163 827,163 1,455,872 ASM
Workspace (Draperstownl Limited Consolldated financial statements for the year ended 31 March 2024 Page 24 Notes to the financial statements 3. Investment income 2024 2023 Rents receivable 286,548 195,311 4. Other non-operating income 20Z4 2023 Sundry Income 5. Analysis of resources expended Staff costs Other direct and •llotsted costs Total 2024 Tot31 2023 Generatin8 funds Costs of investment income Costs of charitable activities 497,956 5,031,313 5,529.269 25,000 497.956 8,550.570 9,048,526 25.OQO 486,107 8,976.187 9,462,294 25,CW)O 3,519,257 3,519,257 Governance Other resources expended 3,519,257 9,073,526 9,487,294 6. Interest payable and similar charges 2024 2023 On bank loans and overdrafts: Repayable within five years and not by instalmentS Hire purchase interest Other interest 11.467 11,591 443 11,467 12,034 ASM
Workspace (Draperstownl limited Consolldated fiDan¢ial statements for ihe year ended 31 March 2014 Page Z5 Notes to the financial statements 7. Employees The average number of persons (including executive directors) employed by the Group during the period was: 2024 Number 2023 Number By artlvltv Management and administration 154 2024 2023 Staff costs (for the above persons) Wa8es and salaries Soclal security costs Other pension costs 3,122,600 293,231 103.425 3,519,257 3,254,084 310,028 128,631 3,692,743 8. Comprehenslve Income 2024 2023 Comprehènsive Income is stated after ¢redltln8: Investment income 286,548 195,311 And after charging: Amortisation of intan8Trble assets Oepreciation char8e for the year-. Property, plant and equipment Loss on disposal of property, plant and equiprnent Oper3rin8 lease charge Auditors, remuneration 5,147 5,148 115,988 113,472 11,6201 10,000 26,500 10,000 32,000 9. Taxation lal Analysis of the charge for the year 2024 2023 Corporatlon tax UK corporation tax on the profit/llossl for the year Adjustments in respect of prior years Total corporation tax Deferred tax Origination and reversal of timing differences Adjustments in respert of prior year5 Total deferred tax 11,432) 1,317 11151 12,6261 2,477 11491 Total tax charge 11151 11491 ASM
Workspace (DraPerQwl Limited Consolldated financial statements for the year ended 31 March 2024 Poge 26 Notes to the financial statements Ib) Factor5 afferting the tax charge for the year The tax assessed for the year is lower than the standard fate of corporation tax in the United Kin8dorn125%1. The difference is explained as follows.. 2024 2023 Net resources on ordinary activities before taxation 585,149 1,297.880 Profitlllossl on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25%12023'. 19%) 146,287 246,597 Effects of: Amortisation of non qualifying assets Intan8ible fixed a55ets Property, plant & equipment Expense5 not deductible for tax purposes Excess Ideficitl of capital allowances for the period compared to amortisation of fixed assets Increase in/ Idecreasel in general provision & other timlng dlfferences Deferred tax at future rate5 25 21,470 217 14,429 179 3,537 1171,536) 11.4321 11.432) 1,317 (1151 14,377) 1256,8281 12,6261 12,626} 2,477 11491 Adjustment in respect of prior periods 10. Profit/(loss) for the financial year As permltted by Artlcle 408131 of the Companies Act 2006 the holding Company'5 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 £667,45412023.' £1.295,2981. 11. Intangible assets Group Research and development Pateftts Goodwlll arlsln8 on cons01idatlon Total Cost At l April 20212 Additions At 31 March 2024 50,000 1.500 334,549 386,049 50,1)00 1,500 334,549 386,049 Depreciation At l April 2023 Charge for the year At 31 Maich 2024 35,141 5,147 40,288 1,327 334,549 370,837 5,147 375,984 1,327 334,549 Net book value At 31 March 2024 9,712 173 9.885 Al 31 March 2023 14,859 173 15,032 ASM
workspa (Draperstown) Limited Consolidated financial statements for the year ended 31 March 2024 Page 27 Notes to the financial statements Goodwill arising on consolidation consists solely of goodwill arising on the acqui51tion of 100% of the share capital and a550Ciated cost5 in Therm Tech Limited. 12. Property, plant and equipment Group Premises Leasehold and propertles adaptatlons Fixtures and f1tt5nB5 Molor vehicles Total Cost At l April 2023 Additions Disposals At 31 March 2024 2.176,751 17,996 1,120,166 12,477 1,250,571 20.499 240,680 19,600 199,6491 160,631 4,788.168 70.572 199,6491 4,759,091 2.194,747 1,132,643 1,271,070 DepreclatSon At l April 2023 Char8e for the year Oisposals At 31 March 2024 439,817 15,332 420,832 65,760 1,093,824 14.647 170,755 20.249 199,6491 91,355 2,125,228 115.988 199,6491 2,141,567 455,149 486,592 1,108,471 Nei book value At 31 March 2024 1,739,598 646,051 162,599 69,276 2,617,524 At 31 March 2023 1,736.934 699,334 IS6.747 69,925 2,662,940 The net book value of property. plant and equipment includes an amount of £NII12023'. £Nill in respect of assets held under hire purchase contracts. Companv Premlses Leasehold and properties adaptatlons Flxtures and fittings Motor vehicles Total Cost At l April 2023 Additions Disposals Reclasslfy At 31 March 2024 2.148,347 1,120,166 12,477 463,283 20.499 21,000 3,752,796 32,976 2,148,347 1.132,643 483,782 21.000 3,785,772 Depreciation At l April 2023 Charge for the year Disposals At 31 March 2024 411,413 420,832 65,760 365,862 13,668 2,450 1,200.557 83,637 411,413 486,592 379,530 2,450 1,284,194 Net book value At 31 March 2024 1,736,934 646,051 104.252 18,550 2,501,578 At 31 March 2023 1,736,934 699,334 97,421 18,550 2,552,239 ASM
Workspace (Draperstownl Limlted Con501idated financial statements fol the year ended 31 M•r¢h 2024 Page 28 Notes to the financial statements The net book value of property, plant and equipment include5 an amount of £Nil12023- £Nill in respect of assets held under hire purchase contracts. 14. Fixed assets investments Group Investment properties Investment loans Total Cost At l April 2023 Additions Di5pos3Is At 31 March 2024 3.698,449 52,282 3,698,449 1,552,282 1,500,000 3,750,731 1,500,000 5.250,731 Depr¢¢iJtion At l April 2023 Charge for the year At 31 Mar¢h 2024 Net book value At 31 March 2024 3,750,731 1,500,000 5,250,731 At 31 March 2023 3.698,449 774,582 4,473,031 Company Investment properties Interests In group undertakin8S Investment loans Total Cost At l April 2023 Additions Disposals At 31 March 2024 3.698,449 52,282 774,582 4,473,031 1,552,282 1,500,000 3,750.731 774,S82 1,500.000 6.025,313 Deprecialio At l April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 3,750,731 774.582 1,500,000 6,025.313 At 31 March 2023 3,698,449 774,582 774,582 4.473,031 Investments do not include any investments listed on a recognised stock exchange. The fair value of the investment property at 31 March 2024 was determined by the Trustees. In assessing the fair value of the property, the Trustees took into consideration local property prices and rental values in the area. ASM
Workspace IDraperstownl Limited Consolidated financial statements foi the year ended 31 March 2024 Page 29 Notes to the financial statements 14. Investment5 properties Investment property was valued by the Trustees based on an 8.5% yield on the current rental income of £282.883 per annum. 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 undertakings Interests in group undertakings are analysed as follows.. Name of undertaklni Country of Incorporatlon or re8lStration Descrlptlon ol shares held Proportion of norninal value of Issued shares held Group Companv Therm Tech Llmlted Workspace (Enterprisesl Limlted Homeseal (Energy Savingsl Limlted MYM Recruitment Ltd Network Personnel Ltd Business Results Limited England & Wale5 Northern Ireland Northern Ireland Northern Ireland Northern Ireland Northern Ireland Ordinary £1 Shares Ordinary El Shares Ordinary £1 Shares Ordinary £1 Shares Ordinary £1 Share5 Ordinary £1 Shares loo loo loo loo loo loo loo loo loo loo loo loo 15. Inventorles Group 2024 Companv 2024 Group 2023 Company 2023 Raw materials and consumables Finished goods and work in pro8ress 372,941 373,746 372,941 373,746 Inventory is stated after a provision for impairment of £14,18812023'.£7,8631. 16. Receivables Group 2024 Company 2024 Group 2023 Companv 2023 Amount5 falling due withln one year Trade receivables Other debtors Owed by group undertakings Owed by related undertakin8S Value added taxes Prepayment5 and accrued income 1,547,239 142,946 533,762 1,221,763 10,906 324,483 1,546,854 3,721 5,268 15,759 84,973 2,116.270 1.631,233 492.670 2.565 1.685,132 14 12.667 15,881 1,338.402 3,721 14 66,532 1,760,438 Trade receivables are Stated after a provision for impairment of £22,33812023..£24,4781. ASM
Workspace IDTaperstown) Limited Consolldated financial statements for the year ended 31 March 2024 Pa8e 30 Notes to the financial statements 17. Creditors: amounts falling due within one year Group 2024 Company 2024 Group 2023 Company 2023 Bank overdrafts Other loans Owed to group undertakin8S Hire purchase creditors Trade creditors Payroll taxes Value added taxes Accruals and deferred income Other creditors 2,153 62,939 1,303 196,384 62,939 399,087 196.384 34,323 423,938 71,585 17,590 502,152 72,069 100,457 136,092 603,962 1,612,419 25,841 1,548 Zlg.358 689,654 1,469,6Z7 115,774 373,353 968,743 63,038 322.492 643,626 18. Creditors.. amounts falling due after one year Group 2024 Company 2024 Group 2023 Company 2023 Other loans Loan stock 76,133 76,133 76,133 76,133 79,424 79,424 79,424 79,424 ASM
Worksp3¢e (Draperstownl Llmlted Consolidated financlal statemenis foi the year ended 31 Mar¢h 2024 Page 31 Notes to the financial statements Bank and other loans are repayable as follows: Group 2024 Company 2024 Group 2023 Companv 2023 In one year or le55, or on demand Between one and two years 62,939 62,939 196,384 196,384 6Z,939 62,939 196,384 196,384 Bank securlty The Group has a bank term loan and other facilities of £62.93912023: £196,384) which are repayable by monthly instalments at which interest is charged of between 0.5 and 3% over base rate and managed 8ank of England base rate respectively. The Compan5 bank debt facilities are secured by fixed and floating charges over the Company's property and other asset5 and by group company guarantees which are collateralised by fixed and floating charges over the assets of the relevant group companies. Asset flnance securlty Hire purchase creditors are secured on the associated assets. 19. Accruals and deferred income Group Capital grants Cost At l April 2023 Grants received during the year At 31 March 2024 22,114 22,114 Amortlsation At l April 2023 Amortisation for the year At 31 March 2024 22,114 22,114 Net book value At 31 March 2024 At 31 March 2023 ASM
Work5pa¢e (Draperstownl Limited Consolidated financial statements foi the year ended 31 March 2024 Page 31 Notes to the financial statements 20. Provisions for liabilities Group Deferred taxation Deferred taxation provided in the financial statements is analysed as follows: 2024 2023 Gross fixed asset tlmin8 dlfferences Gross revaluation surpluses Other tirning difference Total revenue10sse5 Net timing differences 9.377 18,318 759 13,6111 1123,1501 1107,6841 11,478) (137,5061 1129,6071 Tirnin8 differences not provided 129,493 107,684 Delerred tax provlslon 1115) 21. Contingent liabilities Group and Company Grants Under the terms of certain grant agreements, a liability may arise to repay in whole or in part capital or revenue 8rants received if certain conditlons in the grant a8reements are not complied with. In the opinion of the directors the terms of all the letters of offer have been complied with and a liability is not expected to arise. Bank Guaianlees The Company has provided guarantees in respect of the bank and other borrowings of its group undertakings. In the opinion of the directors there are no indications that the Company will suffer anv loss. Other contingent liabilities The Group and Company had no other contingent liabilities at 31 March 2024 or at 31 March 2023. 22. Capital commitments The Group and Company had no capital commitments at 31 March 2024 or at 31 March 2023. ASM
Workspace Ioraperstownl Lknlted Consolidated flnancial statements fw the year ended 31 March 2024 Page 33 23. Flnanclal commitments Commitments under non-cancellable operating leases 2024 2023 Land and buildings Expiring: In les5 than one year 8etween one and two years Between two and five years Over five years 87,504 87,504 247.928 63,019 63,600 422,936 126,619 2024 2023 Other assets Expiring.. In les5 than one year Between one and two years 2,422 2,422 24. Related party transactions Group undertaklngs The Group and the Company has taken advantage of the exemption under FRS 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are part of the 8roup. 25. Trustees, remuneration The Trustees did not receive or waive any right to, emoluments in the year ended 31 March 2024 or the year ended 31 March 2023, The Trustees did not receive any reimbursement of out of pocket expenses in the year ended 31 March 2024 or the year ended 31 March 2023. 26. Ultimate controlling party There is no ultimate controlling party. ASM