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