Company Number: N1026020 Charity Number: NIC106926 Creggan Ei nterprises Limited (A company limited by guArantee) FinAn¢ial statements for the year ended 31 December 2022
Creggan Enterprises Limited (A company limited by guarantee) Contents Page Inforniation Directors Report Independent Auditors Report Statement of Financial Activities 10 Balance Sheet 11 Cashflow Statem¢nt 12 Notes to the accounts 13-22
Creggan Enterprises Limited (A company limited by guarantee) Information Directors Garvan O'Doherty John Bradley Joseph McFeely Pauline Mcclenaghan Anne Molloy Brendan McKeever Resigned 2 December 2022 Secretary Joseph McFeely Company No: N1026020 Charity No: NI 106926 Auditors McGroaty Mccafferty & Company Accountants & Registered Auditors 2 Carlisle Terrace Deny BT48 6JX Registered Offlce Rath Mor Centre Blighs Lane Derry BT48 OLZ Bankers AIB (ND Meadowbank Strand Road Dery BT48 7TN Solicitors Brendan Kearney & Company 4 Clarendon Street Derry BT48 7ES Page I
Creggan Enterprises Limited (A company limited by guarantee) Report to the Directors for tbe year ended 31 December 2022 The directors present their report and the financial statements for the year ended 31 December 2022. The directors of Creggan Enterprises Limited for th¢ purposes of company law and who served during the year and up to the date of this report are as follows: Garvan O'Dohety John Bradley Joseph McFeely Paulin¢ Mcclenaghan - Resigned 2 December 2022 Anne Molloy Brendan McKeever Our Aims and Objectlves oses and Aim Creggan Enterprises Limited runs the Rath Mor Complex in Derry, whicli offers a variety of multi-purpose workspace units for rent on very favourable tern]s. They provide support packages for new businesses and encourage the development of social partnerships and sustainable busiiiesses, promoting equal opportunities for all. The Rath Mor centre also provides valuable subsidised business support to social enterprises and indigenous businesses, including: business, marketing & funding advice; shared resources; customisedlequipped office space. Creggan Enterprises Limited delivers a number of dedicated social programmes catering for a range of community needs. Their key focus Is tlie physical, economic, and social regeneration of deprived communities through: the relief of fin£claI hardsliip and unemployment. the advancement of education, training or retraining, the provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people. th¢ creation of training and employment opportunities by tlie provision of workspace, buildings andlor land for use on favourabl¢ t¢nns' the provision of a wide vaTi¢ty of proEramm¢s / s¢rvic¢s whTGh support economic and social inclusion. the provision of trauma support services, counselling and wellbeing programmes; the provision of interniediation, pea¢e-building and reconciliation support services and programmes. the provision of personal development programmes and dedicated support activities for young people; the provision of wellbeing, educational, heritage and ¢ultural support programmes and activities for older people and the general public; the provision of a neutral community venue* providing access to a range of free cultural, heritage and digital a¢tiviti¢s and events for all ages and backgrounds. Specific programmes include: The Lifehack project which works creatively to support at risk young people. Unheard Voices / Going Beyond the Silence - which works to support women suffering conflict-related trauma. Community Dialogue and Social Justice Programmes - wliich supports marginalized constituencies, builds community capacity and works in a mediation capacity to build inclusive peaceful communities. Revival Shared Space Project which delivers free community-oriented cultural cvents and provides a range of cross-community engagement opportunitics; Focus Project which supports women and families to become more engaged in their community. Rath Mor Biodiversity Project - which works with local schools, the elderly and those witli complex needs to promote environmental aivareness aiid health living. Page 2
Creggan Enterprises Limited also host and supports the Hive Studios, (a community digital hub and OCN training centre), the Rath Mor Over 50,5 club and Creggan Older Mens, club at Rath Mor providing a wide range of educational, social, diversionary, inter-generational and capacity building opportunities for the community. The Focus of our Work The main focus of the Rath Mor centre. located at Bligh's Lane, Creggan, is to provide a shared space to promote economic, social, ¢duoational, cultural. artistio, good relations, p¢acebuilding and other activities across the social divide to improve the conditions of life for the resid¢nts of the Creggan, surrounding environs and the North-west. FlnAnclal Revlew Princi al Fun in The key funders of Creggan Enterprises Limited include Derry City and Strabane District Council, the International Fund for Ireland, Joseph Rowntree Charitable Trust, The Executive Office, Department of Foreign Affairs (ROI), St Stephens Green and rental income generated from the Rath Mor Centre units. Structure, Governance and Management Governin Doc The company was fornied on 23 October 1991, The company was granted charitable status on 16 January 2019. The charitable company was established under Memorandum & Articles of Association which outlined the area of benefit and the objects of the charitable organisation. Recruitment and A ointment of th¢ f Directors The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Board. Under the requirements of the Memorandum and Articles of Association, one third of the members of the Board must stand for re-election at the Annual General Meeting. Members Induction and Trainin The board members are already familiar with the work of Creggan Enterprises Limited and board members are encouraged to participate in relevant activities. The Board members underwent dedicated Governance Training (delivered by NICVA) in 2019 to reflect the additional requirements of the organisation as a registered Charity. Obli ations of t The main obligation of the Board are to develop and oversee the implementation of policy and to ensure that structures and management complies with legal T¢quirements and good governance practice. anisational Structure Thc organisation structure consists of 5 directors and 13 employees, whtch include a general manager and administation staff. Page 3
Risk Mana ement The directors have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems are in place to mitigate tlie exposure to the major risks. Respollslbllities of the Board of Dlr¢¢tor8 In addition to the responsibilities outlined above the Board will prepare financial statements for each financial year which give a fair and true vi¢w of th¢ state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure for the financial year. In preparing those financial statements, the Board should follow best practice and: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS102). make judgements and estimates that are reasonable and prudent; and prepare financial statements on the going concern basis unless it is not appropriate to assume tliat tlie company WTII continue on that basis. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. - the Board. who are directors for the purpose of company law and members for the purpose of charity law, who served during the year and up to the date of this report are set out on page l. The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables tliem to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors Each of the persons who is a director at the date of approval of this report confinns that: So far as we are aware, there is no relevant audit information of which the company's auditors are unaware. and they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit inforniation and to establish that the charity's auditors are aware of that information. The auditor is deemed to have been re-appointed in accordance witli section 487 of the Companies Act 2006. Sm211 company provlslons This report is prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small Companies. Th sig CI I statements were approved and authorised for issue by th¢ Board of Directors on 31 July 2023 and ehalf by. Dire ctor Ly JDHfrJ E)QADLtJ Page 4
Creggan Enterprises Limited (A company limited by guarantee) Independent auditor's report to the directors of Creggan Enterprises Limited Opinion We have audited the financial statements of Creggan Enterprises Limited for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, C&shflow Statement and tlie related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 Tlie Financial Reporting Standard applicable in the UK and Republic of Ireland" Tliis report is made solely to the charitable company's directors, as a body> in accordance witli Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to tlie charitable company's directors those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's directors as a body9 for our audit work, for this report, or for the opinions we have fomjed. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2022, and of its incoming resources and expenditure of resources, including its income and expenditure, for the yeHr then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and hav¢ been pr¢pared in accordance with the requirements of the Cornpanies Act 2006. Basls for oplnlon We ¢ondu¢ted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in a¢¢ordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our otlier ethical responsibilities in accordance with these requirements. We believe that tlie audit evidence we have obtained is sufyicient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the directors, use of the going Concern basis of accounting in th¢ preparation of the financial statem¢nts is appropriate. Based on the work we Iiave perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. Pagc 5
Creggan Enterprises Limited (A company limited by guarantee) Qther information The dir¢¢tors ar¢ responsible for the other inforn]ation. The other inforn]ation compris¢s the inforniation included in the directors, annual report, other than the financial statements and our auditorfs report th¢reon. Our opinion on the financial statements does not cover other inforn]ation and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infonnation aiid, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwis¢ appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are qUired to deterniine whether there is a material misstatement in the financial statements or a material misstatement of the other information, If, based on the work we have perfomjed, we conclude that there is a material misstatem¢nt of this other infonnation, we are required to report that fact. We have nothing to report in thi5 regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of the audit: the information given in the directors, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, annual report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires u5 to report to you if, in our opinion: adequate accounting records have not been kept; the financial statements 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 inforniation and explanations we require for our audit. the directors were not entitled to prepare the financial statements in accordance ivith the small companies regime and take advantage of the small companies ekemption from the requirement to prepare a strategic report. Page 6
Creggan Enterprises Limited (A company limited by guarantee) Responsibilities of the directors As explained mort fully in the Directors, Responsibilities Statement set out on page 4. the directors (who are also the directors of the charitable company for the purposes of company law) are responsibl¢ for tlie preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors detennine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realisti¢ altemative but to do so, Audltor's responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements 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 (UK) 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 aggregate, they could reasonably bc expected to influence the economic decisions of users taken on tlie b&sis of these financial statements. Explanation as to what extent the audit ivas consldercd capable of detecting irregularitles, Includlng fraud; 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, including fraud. However, the primary responsibility for tlie prevention and detection of fraud lies with management and the board of directors of the charitable company. IdeDtlfylng and assesslng potentlal rlsks related to irregulArities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industy. sector and the specific control environment which it operates in. the charities own assessment of the risks that irregularities may occur, either as a $ll1t of fraud or error; representations and results from our enquiries with management and the board of directors regarding their own identification and assessment ofthe risks of irregularities. cnquiries of management relating to accounting estimates meL8urements, recognition criteria and justification of such amounts. any matters we have identified having obtained and revieived the charities policies and procedures relating to. * identifying and assessing if laws and regulalions are compliant and whether they are aware of any instances of non-compliance. * detection and response to the risk of fraud and wliether Ihey are aM'are of any actual, suspected or alleged fraud instances. Page 7
Creggan Enterprises Limited (A company limited by guarantee) * the internal controls designed to mitigate risks or fraud or non-compliance with laws and regulations, and to minimise risk of management overrides of such controls, all matters discussed among th¢ audit ¢ngagement team regarding how and wh¢re fraud could occur and the potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud. The audit included assessing the procedures and evaluating the measurement of estimations. In Common with all audits under ISAS (UK), we are alqo required to perform specific procedures to respond to the risk of management override. We also required an understanding of the legal and regulatory frameworks applicable to the charity and considered that the most significant are the UK Companies Act 2006, SORP 2019 (FRS 102) and Charities Act (Northern Ireland) 2008. Audit response5 to risks identified Our procedures to respond to risks identified included the following: reviewing the financial statement disclosures, testing the relevant documentation to &8sess compliance with the significant laws and regulations - those described as l)aving a direct effect on the financial statements; enquiring with management and obtaining third party confirn]ation from the charitable company's solicitors regarding any actual or potential litigation and claims" performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. reading minutes of board and management meetings, examine forec&sting material in line with actual perforniance, identifying any potential fraud indicators or instances. reviewing Companies Hous¢ and Chority Commission Northern Ireland correspondence, identify any late submissions or omissions of mandatory inforniation; review correspondence with HMRC, identifying non compliance of specific infonnation to be disclosed. in addressing the risk of fraud through management override of controls, testing the appropriateness of data entries and adjustments; assessing whether the judgements made in making a¢¢ounting estimates are indicative of a potential bias; and evaluating the rational¢ of any significant transactions that are unusual or outsid¢ the normal course of the charities objectives. We also Communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatenient of the financial statements, whether due to fraud or error, design and perfonn audit procedures responsive to those risks, and obtain audit evidencc that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material Inisstatement resulting from fraud is higher than for one resulting from error, &s fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Page 8
Creggan Enterprises Limited (A company limited by guarantee) Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpos¢ of expressing an opinion on tlie effectiveness of the charitable company's Internal control. Evaluat¢ the appropriatcn¢ss of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a matsrial uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor's report. However, future events or Conditions may cause the charitable company to cease to Gontinue as a going concern. -Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Pat "ck MCCA ory Audltor for and on behalf of McGroarty Mccafferty & Company Statutory Audltor 2 Carlisle Terrace Derry BT48 6JX xor Date: 31 July 2023 Page 9
Creggan Enterprises Limited (A company limited by guarantee) Statement of Financial Activities for tho year ended 31 December 2022 Unrestricted Funds Restricted Funds 2022 2021 Income and Expendlture Notes Incomlng Resourcos Income from resources and generating funds: Incoine resources from charitable activities Investment Income 401,195 59 353,969 755,164 59 758,046 75 Total Incoming Resources 401,254 353,969 755,223 758,121 Resources Expended Management & administration Governance costs 394,024 10,950 330,394 724,418 10,950 710.597 10,020 Total Resources Expended 404,974 330,394 735,368 720,617 Net Tncon)ing l (Outgoing) R¢$our¢es 17. (3,720) 23,575 19,855 37,504 Balances brought forward l January 2022 1,297,011 98,226 1,395,237 1,357,733 Balances carried forward 31 December 2022 1,293,291 121,801 1,4E5,092 1,395,237 The above amounts relate to continuing operations of the company. The company has no recognised guins and losses other than tliose included in the results above and therefore no separate statement of total recognised gains and losses has been presented. There is no differ¢nce b¢tw¢¢n the net incoming iesources for the year stated above and their historical cost equivalents. Page 10
Creggan Enterprises IJimited (A company limited by guarantee) Balance sheet as At 31 December 2022 2022 2021 Notes Flxed assets Tangible assets Current assets Debtors Investments Cash at bank and in hand 3,473,383 3,590,077 86,212 250 471,997 93,450 250 474,653 10. 558,459 568,353 Current liabilities Trade creditors Bank loans and overdrafts Other creditors Accruals and deferred income 12,167 87,470 30,375 135,853 2,431 59,546 67,815 155,530 11. 265,865 285,322 Net current assets 292,594 283,031 Total assets less current Ilabllltfies 3.765,977 3,873,108 Long-tenn liabilities 13. (2,350,885) (2,477,871) Net Assets 1,415,092 1,395,237 Reserve$ Unrestricted Restricted 16. 1,293,291 121,801 1.297,011 98,226 1,415,092 1,395,237 The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 an 'the Charities SORP 2019 (FRS 102). The fancI its behalf by" stat were approved and authorised for issue by the Board on 31 July 2023 and signed on Director Director Date: 31st Ju 23 jo*-P14 MLFEEL Y Date: 31st July 2023 Company Number: N1026020 Page 11
Creggan Enterprises Limited (A company limited by guarantee) Statement of Cash flows as at 31 December 2022 2022 2021 Note Net incoming l (outgoing) resources for the year Depreciation and impainnent {Increase)I decrease in debtors (Decrease) / increase in creditors 19,855 116,694 7,238 (146,443) 37,504 117,203 (11,935) (95,172) Iyet ¢ash inflowl (outflow) from operatlng actlvltles (2,656) 47,600 Capital expenditure (2,715) Increasel (de¢rease) in cash in the year (2,656) 44,885 Re¢oncili#tlon of net cash flow to movement In net funds Increasel (decrease) in cash In the year Net funds at l January 2022 (2,656) 474,653 44,885 429,768 Net funds at 31 December 2022 18. 471,997 474,653 Page 12
Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2022 General information The charity is a private limited company by guarantee, gIstered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered ofTice is Rath Mor CentK, Blighs Lane, Creggan, Derry, B T48 OLZ. 1.1. Accountlng conventlon The SI1r1¢ant accounting policies applied in the preparation of these financial statements are set out below, These policies have been consistently applied to all years presented unless otherwise stated. The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act (Northern Ireland) 2008 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019 (SORP 2019) and the Companies Act 2006. The financial statements are prepydred on a going concern basia under the historical cost convention, modified to included certain items at fair value. Th¢ financial statements are presented in sterling which is the functional currency of the charity. 1.2. Incomlng resources All inooming resour¢¢s ar¢ included in th¢ statement of financial activities when the charity is entitled to the income and the amount can be quantified with re&%onable accuraGy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of grants, donations and gifts and is included in full in the stat¢ment of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific perfonnance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers ha8 not been included. Gifts donated for resale are included as incoming r¢50urces within activities for generating funds when they are sold. 1.3. Resources expended Expenditure is reCOlsed on an accrual basis as a liabiliiy is incurred. Expenditure includes any VA T which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure Comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Page 13
Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 3] December 2022 1.4. Fund accounting Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes. 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 purposes. The cost of raising and administering such funds are charged against the specific fuiid. 1.5, Tanglble fixed assets and depreclAtIoD Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows: Land and buildings Fixtures, fittings & equipment 2 % Straight Line 250/0 Reducing Balance 1.6. Cash at bank Cash at bank and cash equivalents are stated at cost at the financial year end. 1.7. Capltal grants Capital grants are received in respect of purchase of fixed assets a portion of which is released to the statement of fInancial activities in the y¢ar of receipt. 1.8. Investments Current Set investments are at the lower of cost and net realisable value. 1.9. Debtors & creditors Debtors and creditors with no stated interest rate and receivable or payabl¢ within one year are recorded at transaction price. Any losse5 arising from impairment a recognised in expenditure. 1.10. Penslon costs The pension costs charged in the financial statements represent tlie contributioiis payable by the charity during the year. 1.11. Going concern The financial statements have been prepared on a going Concern basis as the directors believe that no material uncertainties exist. The directors have considered the level of funds held and the expected level of income and expendiiure for 12 months from authorising these financial statements. The budgeted income and expenditure are suificient with the level of reserves for the charity to be able to continue as a going concern. Pa(ve 14
Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 Decembcr 2022 Income 2022 2021 Restrlcted Income DCSDC: Maritime Project Income DCSDC - Grass Roots Funding International Fund for Ireland - PYDP International Fund for Ireland - PIPI CIP JRCT: Community Dialogue Programme JRCT: Going Beyond the Silence Dept of Foreign Affairs - CCRP DFC - Jobstart funding Porticus Leadership & Action grantl CFNI The Executive Office - Revival Project DCSDC - Cult Festival Funding Live Here Love Here Dept of Foreign Affairs - Momentum Fund Ultach Fund/ CFNI DCSDC - CC Venue Fund St Stephens Green DCSDC - Lo¢kdown Liv¢ Funding Co-operation Ireland PIP Divisionary Fund IFI CFNI - Social Justice Fund 2,344 2,000 70,806 119,464 25,534 41,312 17,011 5.919 2,245 21,902 77,288 120,398 2,052 47,049 30,980 1,070 1,800 21,727 17,027 2,000 6,000 20,349 18,675 1,000 1,995 i 0,000 6.522 2,400 353,969 342,900 Unrestricted Income Rental Income Other Income Contributions to Overheads Contribution to Insurance Bank Interest 372,934 11,861 9,196 7,204 59 376,663 26,000 5,016 7,467 75 401,254 415,221 Totsl Incom¢ 755,223 758,121 (i) RÈstritted Funds Funds received which are earmarked by the Funder for sp¢cifi¢ purposes. Such purposes are within the overall aims of the organisation. (ii) Unrestricted Funds Funds which are expendable at the discretion of the company in furtherance of the aims of the charity. In addition funds may be held in order to fiiiance capital investment and working capital. Page 15
Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2022 Resources Expended Unrestricted Funds Restricted Funds Total 2022 Total 2021 Management & Admlnlstratlon Wages & Salaries Pension Costs Staff training JRCT - CDP expenses JRCT - GBTS expenses IFI - PYDP Lifehack expenses JFJ - PIP expenses 30th Anniversary expenses TEO Shared space project expenses Live Here Love Here expenses DFC - Job Start expenses DCSDC - Grass Root expenses DCSDC - Loekdown Liv¢ expenses DSCDC - Festival expenses DSCDC - Maritime expenses NW Columbian Initiative expenses St Stephens Green expenses Community Foundation NI expenses CFNI Ultach expenses DFA- Momentum expenses DFA - CCR expens¢s IFI - CIP Divisionary expenses IFI - PYDP Divisionary expenses Other Programme expenses Rates & water rates Insurance Light and heat Cleaning and consumables Repairs & maintenance Printing, postage & stationery Advertising & Donations Computer costs Telephone & internet Unifornis Travel & subsistence Bank & interest charges General & subscription expenses Bad debts Depreciation Amortisation of capital grant 128,019 18,896 202,869 9,727 1,079 2,198 10,679 18,384 20,663 5,000 13,314 1,800 4,393 2,000 330,888 28,623 1,079 2,198 10,679 18,384 20,663 26,825 13,314 1,800 4,393 2,000 318.191 27,300 820 2,052 9,932 23,740 20,251 10,090 13,963 1,847 21,825 1,000 5,606 2,345 2.762 4,781 2,000 18,619 4,613 2.762 4,781 2,000 18,619 4,613 3,554 7,022 26,728 9,125 6,242 7,082 2,842 27,441 22,841 15,206 33,489 1,759 5,184 1,881 4,392 885 4,371 15,572 4.195 14,609 117,203 (58,172) 4,964 4,964 6,638 26,548 35,170 14,031 46,396 2,188 745 1,161 4,539 58 3,122 17,894 1,851 6.970 116,694 (58,172) 6,638 26,548 35,170 14,031 46,396 2,188 745 1,161 4,539 58 2,573 17,894 1,851 6,970 116,694 (58,172) 549 394.024 330,394 724,418 710,597 Page 16
Creggan Enteryrises Limited (A company limited by guarantee) Notes to the accounts ror the year ellded 31 December 2022 Governanee Costs Unrestricted Fullds Restricted Funds Total 2022 Total 2021 Auditors Remuneration Accountancy fees 3,500 7,450 3,500 7,450 3,500 6,520 10,950 10,950 10,020 Net (outgolng)l incoming resources for the yeAr 2022 2021 Net (outgoing)/ incoming resources is stated after charging: Depreciation and other amounts written off tangiblc fixed assets Accountancy fees Auditors, remuneration 116,694 7,450 3,500 117,203 6,520 3,500 Taxation As a charity, Cre88an Enterprises Limited is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its chargeable objects. Page 17
Creggan Ei nterprises Limited (A company limited by guarantee) Notes to the accounts for th¢ y¢ar ¢nded 31 Deceniber 2022 Staff costs The aggregate payroll costs incurred during the year were: 2022 2021 Wages and salaries Pension costs 330,888 28,623 318,191 27,300 359,511 345,491 The number of employees who earned more than £60,000 during the year was as follows: 2022 Number 2021 Number £60.001 to £70.000 Number of employees The average monthly numbers of persons employed by the company during the year, including the dircctors, amount¢d to: 2022 Number 2021 Number Administrative staff 13 12 Page 18
Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2022 Tangible assets Land and buildings Plant & Flxtures, fittings freehold macblnory & equlpmeDt Total C05t At l January 2022 At 31 December 2022 5,686,491 173,116 455,039 6,314,646 5,686 491 173,116 455,039 6,314,646 Depreelatlon At l January 2022 Charge for the year At 31 December 2022 2,108,313 113,728 173,116 443,140 2,724,569 2,966 116,694 2,222.041 173,116 446,106 2,841,263 Net book vAlues At 31 December 2022 3,464,450 8,933 3,473,383 At 31 December 2021 3,578,178 11,899 3,590,077 Debtors 2022 2021 Trade debtors Other debtors Prepayments 60,698 23,302 2,212 44,010 47,311 2,129 86,212 93,450 10. Current asset investments 2022 2021 NICE Shares 250 250 Page 19
Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for tho year ended 31 December 2022 11. Creditors: amounts falling duc within ono year 2022 2021 Trade creditors Business credit card Bank loans and overdraft TeS and social security creditor Other creditors Deferred income (Note l2) Accruals 12,167 1,935 85,535 18,020 12,355 120,056 15,797 2,431 737 58,809 20,460 47,355 139,792 15,738 265,865 285,322 12. Deferred Income 2022 2021 Balance at l January 2022 Additions during the year Amounts released to income (139,792) (119,511) (334,233) (363,181) 353,969 342,900 Balance at 31 December 2022 (120,056) (139,792) Income is deferred as income w&s received before the end of the financial year 31 December 2022 and relates to post year end expenditure. 13. Long-term Ilabllltles 2022 2021 Bank loans Government Grants ( Note 14) 221,089 2,129,796 289,903 2,187,968 2,350,885 2,477,871 14. CapltAI Grants 2022 2021 At l January 2022 Less: Capital Grants Amortised At 31 December 2022 2,187,968 (58.172) 2,246,140 (58,172) 2,129,796 2,187,968 Page 20
Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 J)ecember 2022 IS. Securlty Creggan Enterprises Limited is subject to the following charges; Legal charge over 20,000 sq ft units at Blighs Lane, Derry. -Third legal charge over property at Blighs Lane, kiiown as Rath Mor Centre Enterprises Limited. - Legal mortgage over l 0,000 sq ft unit at Blighs l.ane, Derry - clo Creggan Enterprises Limited. lo Creggan 16. Analysis of net assets between funds Unrestrlcted Restricted Funds Assets Total funds Fund balances at 31 December 2022 as represented by: Tangible red assets Current assets Current liabilities and deferred income Liabilities > l year 3,473,383 3,473,383 367,264 191,195 558,459 (196,471) (69,394) (265,865) (2,350,885) (2,350,885) 1,415,092 1,293,291 121,801 17. Movements In Funds At At l January Incoming Outgolng 31 December 2022 resources resources 2022 R¢stri¢ted funds: Total restricted funds Unrestricted funds: Total unrestricted funds 98,226 353,969 330,394 121,801 1,297,011 401,254 404,974 1,293,291 Total funds 1,395,237 755,223 735,368 1,415,092 Purposes of Restricted Funds Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report, 18, Analysis of changes In net cashflow Opening balance Cash flows Closing balance Cash at bank and in hand 474,653 (2,656) 471,997 Paue 21
Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 Decembei" 2022 19. Related Party Transaetions There were no related party transactions in the period under review. Key Management Personnel Creggan Enterprises Limited has one member coiisidered to be key management personiiel. The key management personnel compensation is as follows; 2022 2021 Remuneration Pension benefit 69,812 6,000 68,912 6,000 75,812 74,912 20. Limited by Guarantee The company is limited by guarantee and does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in tlie event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. 21. Controlllng party The ultimate Control of the company rests with the board of directors. 22. Post BaI2nee Sheet events No SIlfiCant events have taken place since the year end that would result in adjustments to 2022 financial infomjation or inclusion of a note thereto. Page 22