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