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
#14

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￿ (Drape￿ow￿l 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 Charit￿5 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 er￿ed 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 (DraPer￿Qw￿l 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 Compan￿5 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