Company Number: N1026020 Charlty Number: NIC106926 Creggan Enterprises Limhted (A company limited by guarantee) Financial statements for the year ended 31 December 2024 Creggan Enterprises Limited (A company limited by guarantee) Contents Page Charity Infomiation Directors Report 2-14 Independent Auditors Report 15-19 Statement of Financial Activities 20-21 Balance Sheet 22 Statement of Cash Flow 23 Notes to the Financial Statements 24-37 Creggan Enlerprises Limited (A company limited by guarantee) Information Directors Joseph McFeely Anne Molloy James Nash Sean Canavan Garbhan Downey Shauna Nixon Appointed 24 February 2024 Appointed 23 February 2024 Appointed 22 June 2024 Secretary Joseph McFeely Compgny No: N1026020 Charlty No: NIC106926 Registered Office Rath Mor Centre Blighs Lane Derry BT48 OLZ Audltors McGroarty Mccafferty & Company Accountants & Registered Auditors 2 Carlisle Terrace Derry BT48 6JX Bankers AIB 04JI) Meadowbank Strand Road Derry 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 the year ended 31 December 2024 The directors present their report and the financial statements for the year ended 31 December 2024. The directors of Creggan Enterprises Limited for the purposes of company law and who served during the year and up to the date of this report are as follows: Joseph McFeely Anne Molloy James Nash Sean Canavan - Appointed 24th February 2024 Garbhan Downey - Appointed 23 February 2024 Shauna Nixon - Appointed 22 June 2024 Our Aims and Objectives oses and Aims Creggan Enterprises Limited runs the Rath Mor Complex in Deny, which offers a variety of multi-purpose workspace units for rent on very favourable tenns. They provide support packages for new businesses and encourage the development of social partnerships and sustainable businesses) promoting equal opportunities for all. Creggan Enterprises Limited delivers a number of dedicated social programmes catering for a range of Community needs. Creggan Enterprise Limited key focus is the physical, economic and social r¢gen¢ration of deprived communitie5 through the provision of a wide variety of programmes I services which support economic and social inclusion. Creggan Enterprise Limited focus on.. Strntegic Priority l - Physical regeneration: Through the creation of employment, upskilling and training opportunities by the provision of workspace, buildings. and/or land for use on favorable ternis. Strateglc Prlorlty 2 - Eeonomie regeneration: Through the relief of financial hardship and unemployment. Through the provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people; Strategic Priorlty 3 - Social regeneration: through the advancement of education, training or retraining. the provision of trauma support services, counseling and wellbeing programs; the provision of interniediation, peace-building and reconciliation support service and programs. the provision of personal development programs and dedicated support activities for young people. the provision of a neutral community venue, providing access to a range of free educational, wellbeing. cultural, heritage and digital support programs, activities and events for all ages and backgrounds. Specific programmes include: The Lifehack project which works creatively to support at risk young people. The Community Cohesion & Reconciliation Programme which helps rebuild community relations on a cross-community and cross-border outreach basis. Revival Shared Space Project which delivers free community-oriented cultural events and provides a range of cross-community engagement opportunities. Page 2 Creggan Enterprises Limited (A eompany limited by guarantee) Focus Pr()ject which supports disadvantaged and hard-to-reach families (and young women in particular) with essential needs and to build their capacity to engage in community development. The Community Dialogue, Momentum & Community Inclusion Programs which support marginalised constituencies, builds community capacity, promotes social justice, supports transition and works in a mediation capacity to build inclusive peaceful communiti¢s' Creggan Enterprises Limited also host and supports the Hive Studios, (a community digital hub and OCN training centre). the Rath Mor Over 50's 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. Creggan Enterprises Limited Key Activities & Achievements- during 2024 Strategic Priority l & 2 - Physfieal & Economic regeneration: Creggan Enterprises Limited continued to provide opportunities and support for physical and economic development of the Creggan area. Creggan Enterprises Limited focused on increasing employment and engagement with those excluded socially and economically through the provision of Rath Mor as a multi-purpose community facility (offering a range of critical and essential community services l opportunities) and via the promotion of local ownership and social investment and our direct support for social enterprises and indigenous businesses. Rath Mor remains open (seven days per week) to provide critical community infrastructure and essential services, including: Bayview Medical Practice. Oaktree Centre (daycare centre for adults with complex needs). Small World Nursery. Eurospar Supemiarket. Creggan Post Office. Medicare Phamiacy; Foyle Foot & Ankle Clinic. Nl Children's Hospice; and Mcclafferty's funeral directors to name a few. This support included a broad range of operational supports in relation to: business model support (structuring and governAn¢¢ support). the researchldesignldevelopment of specifi¢ products and services. operational support activities: marketingpromoting. infrastructure support and facility enhancement. sourcinFJresourcing; grant aid etc. Over the period we continued to support the resourcing, sustainability, scaling and development of a number of small businesses. charities and social enterprises on the site severely impacted by the ongoing climate of austerity and increased Cost of Living. Creggan Enterprises Limited enable and support some 50+ projects, businesses and charities on the site. Three new projects were given significant start-up I development support during this period. Over 250+ people are employed on the site across all the projectsthusinesses. Some 40+ volunteers were developed and supported throughout the same period (across all the programmeslprojects). Some 15,000 people (customers, clients. residents. patients, tenants, workers, pupils, families) use the facilities on the Rath Mor site on a weekly basis. The benefits accruing from these activities to the wider community - in addition to contributing to the general physical and economic renewal of a deprived area include the generation of new social capital, and the sustainability of employment and localised services (during a time of great uncertainty and need). Creggan Enterprises Limited continued work in this area increases the likelihood of incre&sed targeted servicing (meeting those most in need where they ar¢ at) and attracting increased economic and social investment in the community and a greater uptake in economic opportunities by local residents - leading to an overall increase in cornmunity prosperity and linked benefit5 in relation to the development of generational wealth and equity. Page 3 Creggan Enteryrises Limited (A company limited by guarantee) The centre also provides free space in the mall (and in our conference rooms Upstairs) for other community groups, residents groups, statutory services and housing agencieslassociations to raise funds or awareness about their services, deliver services, promote community campaigns, fundraise or carry out community engagement/surveys (some 40+ throughout the period). Groups enabledlsupported over this period include- NI Housing Executive, Foyle Hospice. POCA, Old Library Trust (HLC), Destined, BBHI, Triax, Nl Hospice. BSMC, Sean Dolan's GAC, Trojans FC, NW Counselling, Friends of Derry City Cemetery, Alliance for Choice, Dery Credit Union, Cancer Research UK, NW Methodist Mission, Guide Dogs UK, Alzh¢imerfs Research UK, Foyle Food Bank, Aware Nl, Nl Anti-Poverty Network. Repair Café Foyle, Derry Trade Union Council, Women's Centre Derry, Success North West, Suresiart, Social Superniarket, St Joseph's Boys, School, St Cecilia's College, Model PS, QUB, NW Foster Care Association, Bryson House, DUG, Foyle Deaf Association, Red Cross, Foyle Search & Rescue, Diabetes UK, Bligh's Lane Nursery School. Feedbackfrom a local biisiness stlpporled by CEL during the period.. "Raih Mor have been absolutely brillianl as a Landlord - Ihey have moved mountains lo get and have helped us secure supports/funding, build partnerships wilh local community groiips and other businesses and helped us access/reach new ciistomers. [Housingprovider] Feedbackfroni a local charitylsociol enterprise supporled by CEL during the period.. "Creggan Enterprises have provided us wilh a greal weekly space at Rath Mor lo alloiv us lo supporl our parlicipanls. Noiking is ever loo much - Ihere's always someone there to lend a hand or help oul. ' [Local charity] Feedbackfrom a slalulory sei'vice supporled by CEL diiring the period,. "CEL provide access lofi'ee community engagement and consuliation space ai Rath Mov, which we hove iised on a niiniber of occasions in recenl years. Rath Mor is an ideal location for us lo engage wilh ihe conimunity." [Housingprovider] Strategic Priority 3 - Soclal regeneration: Throughout 2024 Creggan Enterprises Limited continued to fulfil its anti-poverty (relief of financial hardship) remit via our local sustainable food bank pipeline and Rath Mor voucher scheme (accessing additional fundingjdonations to provide Cost of living supports). Our individual programmes also provided a range of services and (in-person, online and referral) supports for the community at this time, including: foodlfuel poverty supports. Feedbackfrom a local residenl supporled by CEL during ihe period.. J approached Creggan Enterprises when l ivas strugglingfinancially ai ihe slarl of 2024. J om a lone parent iviih three children, one with additional needs. Rath Mor helped signposl me lo addi¢ional community and slaliilory supporls, andpyovided o number of one-off direcl st4pporls to help gel me through ihis period offinancial crisis, including an ener￿ voucher, Eurospar Vouchers and a slow cooker. They were so discrete and helpful - I really appreciated iheir supporl 0¢ ihis time. [Local residen1] Creggan Enterprises Limited Focus project: also worked towards relieving financial hardship and contributing to community wellbeing over the period. Working with 20+ families Focus addressed many family-oriented needs and crisis over the period (and focused particularly on supporting parents during the COL crisis). Focus addressed key issues such ￿ developing womens participation, community development, challenging relationships. womens, health, domestic abuse, fuel, food and period poverty. Focus reached out and worked with a number of partners (and complementary service5) over the period, including: East Eme Empowered Women, Ealu Women's Group, Spark Ireland, National Women's Council of Ireland, ICCL, CAJ. NEIC, Migrant Centre Nl, Unison. DTUC, NIHRC, ICRC. Alliance for Choice, Rathcoole Crew Women's Group, EmpowerHer, Newpin Family Support, Family Support Hub, Anti-Povety Network, Bryson Group, The Women's Centre (Derry), Nexus Nl, Women's Advocacy Project. Page 4 Creggan Enterprises Limited (A company limited by guarantee) Key activities and successes over tbe period included: The sustained and intense engagement of a group of some 30+ women (and families) over the period. The wider engagement and support of 500+ wolnen and families over the period. The delivery of 50+ workshops. day-trips and events. The delivery of I participation in accredited andlor structured training on.. ACES (112rrrr), Substance Misuse, Healthy Lifestyles, Women's/HumaTt Right5 and Resilience Training. Continued involvernent in the Trlothing About Us Without Us, Women's Health Strategy in association with CFNI. The delivery of a series of high profile public events, including: anti-poverty events, period-poverty scheme, free school meals campaign, violence against women and girls campaign. Hosting of an annual Hustings Event (focusing on Women's issues). The continued development of a number of project volunteers (supporting two to secure employment in the C sector)" The development of a very successful Free Unifonn recyclingjreuse scheme (sUPPOrting 300+ families over the period). Also developed a Winter Coat & Free Stationery (return to school) Schemes (supporttng 200+ families). Feedbackfroni Focus pi'ojecl parlicipanls / ossocialed slakeholders over the period.. "Focus has helped biiild my capacity and confidence, helping me manage my menlal health and overconie ihe fallouifrom some very difficulifamily circumslances. ' (Local residenl) "Having attended Focus foi. a niimber of years os a parlicipan¢ and then an active volunleei. Focus have subsequenily supporled nie to secure full lime work as a Projeci Coordinalorfor a local charity. ' (Formei. FociiJ volunleer) "The uniforni recycling/reuse scheme, peyiodpoverty scheme, healthy & affordable ealing initialives and ihe many other acfivities delivered by Focus hove helped hundreds of women and families in commiinity/city il is a fanlaslic resoiirce on our doorslep and Amie is jusl so motivaling and inspiralional. ' (Parlicipani / beneficiary) In regard to our aim to provide eounselling I wellbeing support: CEL continue to support the work of North West Counselling (NWC), who avail of one day per week free facilitation at Rath Mor, and support for the work of Bayview Medical Pra¢ti¢e and the Condition Management Programme (who both offer Counselling services). We also provide a serviced space free of charge to the WHSCT Mobile Breast Clinic at the rear of the Centre for 3 months per year to provide this critical service to local patients. Feedback from NWC.."NWC are indebted io Creggan Enterprises who graciously conlinue lo provide a free accessible space for Norih We31 Counselling io deliver our weekly commiinity outreach clinic at Raih Moi.. This Raih Mor based service supported in excess of200 clienls in 2024. ' fNWC Counsellor) In regard to our peace-building, mediation and reconciliation remit over the period - our 'Community Dialogue Programme, Momentum and Cornmunity Inclusion Programme, (funded by JRCT. DFA and IFI) worked on very specific community issues to de-escalate tensions and mediate solutions. carry out interventions during seasonal events. promote dialogue and transition. and re-image communities affected by socio-economic disadvantage and the legacy of the conflict. These programme5 sought to support the advancement of peace, community relations. conflict resolution and reconciliation within the community we serve and go some way to relieving the suffering, poverty and distress arising through conflict whilst also seeking to develop and inspire civic values and encourage voluntary and community activity. Working with young people and other community stakeholders throughout the period - to develop harni reduction interventions that focused on protecting 'Person, Place & Property, and stimulating community pride. The programmes also supported 'transition' as a means of effective post-conflict community transforniation. This benefit of this work i5 evidenced by individual participant progress and on a wider basis by a reduction in community unresttharni. Page 5 Creggan Enterprises Limited (A company limited by guarantee) Creggan Enterprises Limited worked with key statutory and community Stakeholders in the delivery of this work. as well as NGO'S and humanitarian organisations (such as ICRC). CReggan Enterprises Limited is dedicated Community Cohesion & Reconciliation Programme focused on repairing and building new relationships with cornmunities on a cross-cotnTnunity and cross-border b&sis developing a number of diverse userEroups and undertaking a wide range of cngagement work, including: cross-communityl good relations I reconciliation / heritage / cultural / legacy workshops, site visits, immigrationlemigration programming, creative writing work and multi-cultural engagement. Key actlvitles and 5ucce5ses over the perlod fincluded: Some 250+ people availed of services and interventions in respect of this work over the period (CIPICDP). Some IO0+ people attained accredited training I qualifications through these programmes (CIPIMoinentum). Some 250+ people availed of employment/transition supports (CIP/Momentum). A number of importanvstrategic contacts were developed, and peacebuilding meetings carried out during the period (CDPIMomentum). number of new cross-community and cross-border linkages and participant groups have been developed (CCRP). 250+ people have engaged in cross-community reconciliation work (CCRP). Feedbackfrom CJP/CCRP parlicipanls & Community Siakeholders over the period.. "CEL delivered a numbey ofpractical iraining sessions in Community Medialion lo our nlembers. This training Ivill help equip us lo manage some serious intra-community issues which we are seeing arise in oui. oivn ¢omniunily. ' (Stakeholder) "We were advised io go lo speak io CEL io help with a potential community dispule and they helped mediale a workable resolEilion. ' (Siokeholder( "CEL helped me secure an SJA & First Aid accreditation - which J needed to secure re￿lIar employment. ' (CNR Pai'ticipant) "We love coming io Roih Mor - everyone is so welcoming. Its like a hoinefrom home. ' (PULParticipant) "CCRP have pul on so many inleresting acfivilies and eventsfor us, I've learned so much as parl of ihis groiip, il's a greal opporlunity to n7eet and iolk io oiher parlicipanls from all over the city and beyond. Everyone gels on really Ivell and the slaff at Rath Moi. are so conscientious. ' (Volunleer) In regard to our Youth Developmentlsupport remit: The funding from IFI for our dedicated youth programme Lifehack completed at the end of December 2024. We also secured funding under PEACEPLUS to create a new Lifehack Journeys Programme, which will run for 4 years and engage young people on a cross-community basis working with partners across the region. This new programme began in May 2024. During 2024 both programmes worked intensively to support the development and wellbeing of different cohorts of young people. many of whom are marginalised and vulnerable. Lifehack (IFI) wound down in the winter of 2024 and exited any relevant participanls onto the new Lifehack Journeys programme. These programmes provided a number of individual supports, social opportunities and a range of accredited training and good relations opportunities. Lifehack (IFI) also delivered a range of educational programming in an effort to advance positive inter and intra-community relations. U Itimately CreEgan Enterprises Limited support for young people seeks to bring about a meaningful and positive intervention in the lives of young people with a variety of differing and complex needs and within a cross-community good relations framework. These projects report their work on a regular basis to their respective funders and the benefit of this work is clearly evidenced by the reduction in anti-social activity in and around the area. and the number of young people in the area who have built positive relationships within their community, found work and made positive life choice5. This in turn benefits not only those individuals being supported, but their wider family units and the communities in which they reside. Lifehack also delivered a range of Summer diversionary activitiesltrips, for young people across the city and a range of reimaging and one-off fundays and charity fundraising events. Page 6 Creggan Enterprises Limited (A company Ilmited by guarantee) Key Lifeh8ck {IFI) activitfies I successes over Ihe period included: 33 young people completed personal and social development workshops including mental health workshops. 14 young people completed a range of specialist creative industry, retail and hospitality short courses Itraining 32 young people completed a range of good relations programming. including engaging in cross community events and site visits. 15 lifehack participant5 successfully organised and participated in a Good Relations Week event in Rath Mor community garden with Peaball arts. 26 young people engaged in charitable work or fundraising with local charities. 50+ young people engaged in wider community bonfire safety awareness workshops. 18 young people delivered a Community-Based Skills Project - the Stand By Me Event in conjunction with St Columb's Hall. 13 Young people completed an OCN in Personal & Social Development. 6 Young people completed an OCN in Good Relations. l O Young people completed an OCN in Vocational Skills. 12 young people attended local job fairs throughout the year. 26 young people attend team building events throughout the year. 16 young people were successful in securing employment in 2024. 12 young people moved onto other training schemes in 2024. 4 young people progressed onto further education provision in 2024. l O young people accessed driving supports (Theory Test, Lessons or Test) 6 young people moved from being registered homeless to having stable accommodation. 83 % of young people recorded increased ¢onfid¢nce. 83Q/o developed new or existing skill5. 830/0 indicated a more positive attitude to others. Key Lifehack Journeys (PEACEPLUS) activities I successes over the perlod Included: 53 young people engaged in the programme with 35 completing Cohort/Year l and the remaining moving over into the following cohort. - 25 young people completed OCN Level l Diversity and Good Relations. A range of Good Relations workshops, site visits and educational opportunities were provided to all participants, including: Historical Cemetery tour, Cross community celebratory events, Cross Community Good relations residential Belfast, Peace walls visit, Murals Tour. Belfast City Hall, International Womens Day event, Tower Museum Visit, Derry Walls and Inner city tour. #Dayon charity awareness and fundraising for Foyle Search & Rescue (raising over £1 K). Attendance at the Journeys Camp cluster event at Castlewellan. Participants took part in 4 week Integration project in conjunction with Derry City and Strabane District Council to explore the journeys and integration of refugees and asylum seeks to local community. Participants also engaged fully in a series of multi-cultural workshops and cooking demos to explore identity and diversity within their own communities. Participants have all had the opportunity to take part in a wide range of enrichment activities and workshops. These included: Healthy Relationships workshops, Self Esteem workshops, My Voice My Experience Workshops. Gambling addiction awareness, Heathy Eating. Cooking on a budget sessions, Creative/Art workshops. All participants had opportunity to participate in a range of employability workshops and training as well as one to one support. These included the following: CV Building l-l and workshops, Job Search l-l and workshops, Driving Theory Workshops, Work taster sessions at local hair and beauty salon, Nails and Eyelashes course. Page 7 Creggan Enterprises Limited (A Company limited by guarantee) Feedbackfrom Lifehack parliciponls over the period.."Lifehack has recenily supporled me with my CV and has helped me moveforward into parl lime eniploynienr. They have helped me with so much, and conlinue to help iviih all the oiher s¢uffgoing on in my life. ' (Lifehack Participanl) "My experience wilh Lifehack has been amazing, wilh socialising and making friends, going on group aclivilies and cross community adventures. The slaff are like a secondfamily to me and ¢hey have done so muchfor me there, especially supporting me with my menlal healih. Lifehack is a greal team ond a greal service for young people, I'm proud to be one of them 111 (LifehackJourneys Parlicipanl) "Lifehack has been a very helpfvl experience. Ive made friends, which is ihe most importanl thing io me. l ani gelling ihe supporl J need and l oni happy because J am making iimefor myself ' (Lifehack Journeys Parlicipanl) In relation to the provision of a neutral community venue, providing access to a range of free cultural, heritage and digital activities and events for all ages and backgrounds - CEL delivered its Rath Mor Shared Space Programme, funded by TEO (under the Central Good Relations Fund l T:BUC), which delivered a comprehensive programme (over 30+ free activitieslevents) of culturalleducational, good relations and cross-community programming throughout ihe period in question. These events included a range of activities for a diverse mix of participants from specific user groups, including Section 75 (equality groups) the elderly. childrenlyoung people (and local school groups), cross-community (CNFUPUL representatives), representatives of BME communities, adulis with additional needs as well as the general public. Some targeted activities were developed and delivered in conjunction with different user groups to meet individual needs (as well as events designed for the general public) with a range of activities and one-off events including: good relations workshops, multi-cultural events (supporting local talent - musicldance/perfornian¢¢ etc), fundays, craft workshops, days celebrating and exploring local heritage, advancement of the arts and respect for human rights. Key outcomes of this Shared space progrAmme Included: Increased use of shared 5pace- in particular from the PUL Community Repair of intra & inter-community relationships, opportunities to voice community concems, Teducing t¢n5ions & combat the perception of the Creggan area in light of ongoing events and negative media attention Increased confidence of shared space, sense of ownership by participants Increased confidence in those frequenting- especially from PUL community Increased confidence by all to use other services at Rath Mor Key activities and successes over the period included: The delivery of 3 highly successful large scale fun days (Summer, Halloween, Christmas) attracting 2000+ people to the centre. The delivery of 8 inclusive good relations I cross-community workshops [focusing on multi-cultural diversity, the circular economy, volunteering opportunities, women's rights, young people with additional needs and the needs of older people). The delivery of a highly successful high profile citywide school poetry competition (delivering 16 workshops to 570+ young people across 25 schools in all key-stages). Over 1200 entries were submitted and over 170 winning entries published in an annual compendium. Over the period some 3300+ people engaged in these free activities. CEL garnered feedback and direct responses from approx. 150/0 of all Revival participants - which clearly illustrated the benefit of this programme in promoting the Rath Mor Centre as a shared space (which in turn benefits not only user groups but the businesses located here) with a high degree of consensus that this work was improving the level of socio-economic and cultural inclusion within the community (from both an intra- and inter-community perspective), Page 8 Creggan Enterprises Limited (A company Ilmlted by guarantee) Feedbackfrom Revival Shared Space parlicipants over rhe period.. -Suinmer Fiinday - "We had a ball - ourfirst time here, but we will definilely come again, it's greai ihat eiierything is fl'ee and ihankftslly il stayed dryfor a change, so il was good io see so many young ones running around and playing inslead ofsitting on iheirphone." (Local residenl) Chrislmas Funday - "We come every year. il is the besifree Christmas funday in ihe lown. We bring ihe whole fainily, and a nuinber of ourfriends come along too from the club. Everyone 13 really welconiing and Ive neai'ly always ivin someihing good. Rath Mor also lel us set up o cra]1 table ¢0 raise moneyfor chority. ' (Local residenl) Halloiveen Punipkln Patch - "Ive came in from Claudyfar this, this is our second yeai., ils brillianl, Ihe wains love it. li was great Io see all ihe children all dressed up. li drizzled a bit bul 1¢ didn'¢ really spoil ihefun, eveiyone had umbrellas and wellies jusl in case. We wenl closer lo the end ofihe day, when ihe crowd had died down a bil - I think we got one ofthe laslpumpkins IFI (Local residenl) Japanese Cultural Workshop - "This workshop was reallyfun and informative, Ihe youngfacililalors Ivere so polile, fi'iendly andfunny. l ihink ils imporlant to learn aboul and develop an appreciationfor oihei. comniuni¢ies and culiures." (Creggan resident) - Foyle Repair & Share Workshop - "Very inleresting and very usefyl, some ofthe services available ai ihe Repaii. cafe are really good, J'm going to join ihe library of things, and I have afew old lapiops and appliances ai hon7e Ivhich J'ni going ¢0 donale lo see if ihey can be reconditioned. J would love lo lake parl in some of iheirfurnilui'e pcycling classes as well. ' (Workgkop parlicipanl) Oldei. Peoples Celebration Evenl . "li was ihe 20th anniversary/birihday oflhe Rath Mor 50+ Club - and il iva.s a really nice even¢, it was lovely io be acknowledged and celebraled by everyone a¢ Raih Mor, We had presentalions to cliib niembeys, some lovelyfood and a bil of music and craic. We also had an unexpecled guesl - Mayor Senoi-Bar who said some lovely words. (Event Parlicipan¢) Foyle Schools Poetry Competilion.. Commen¢sfrom participating schools/ieachers "Oiir winning pupil writing about ihe Factory girls made us so proud, she lold ils how special ihey were. Slie spent a lol ofiin7e wilh one ofihem to get the exacl words righil A great projecifor inspiringyoungpvople. "All children in P3/4/5/7 iookparl in ihe programme, we used il a writingfocusfor January and ditsplayed all ihe poenis in assembly hall. A very enjoyable experiencefor all and topped by having 3 winp7ersl*l "We are delighted to lake part in ihe Poetry compelition which promoles creative writing and benefils ihe ivhole school community." "Children really enjoyed (his year's theme, it allowed them to celebrote positive models and highlighi issues close ¢0 their hearls. Delighted io see so many recognisedfor iheiy creativity. ' "A ihoroughly enjoyable experience for our sluden¢s to take parl, it is such an important part of liferaliire and io share ihe creative process is imperafive. Thankyoufor ihe opportunity-we love the books each year." "The outreach was excellent - 1¢ engaged the pupils, very well organised. Pupils are delighied io have laken pai'l. "S¢iiden¢s enjoyed exploring the theme, lovely io have one recognised, facililo¢ors very welcoming and niade a greai deal ofoui. prize-winner. Thank Youl 11 "A great compelilion for our girls, we enjoy preparing ihe poetry ond delighted io see our piipils achieve success and ge¢ piiblished. ' "Veryproud of our pupils laknngplace, il was a greaf experience to be part of Thank Yotil 11 "Very exciting, pupils really enjoyed ihe programme and it was lovely thaf one of ours received a prize. "Bi'illiant oppoi"lunityfor childrenfrom all over the city, of all backgrounds, to see theniselve5 as auihors, a gi'eal boosl lo self-esleem and confidence. Page 9 Creggan Enterprises Limited (A company limited by guarantee) Other specific charitable endeavors over the period included hosting and supporting the work of our Rath Mor 50+ Older People's Club. and upgrading the unit dedicated to the Creggan Mens, Older People's Club in the Microenterprise Centre. Creggan Enterprises Limited also host and support the work of Hive Studios, which delivers a range of accredited community-based training and creative opportunities for people of all ages. Creggan Enterprises Limited support the Rath Mor 50+ Club (some 80 or so participants) by providing a warni, safe, free space every week for their activities. Creggan Enterprises Limited also frequently offer them additional support5 such as training and social opportunities. This ultimately alleviates the level of isolation these older people face and creates opportunitie5 for community integration and inter-generational opportunitie5 Wlth Creggan Enterprises Limited youth programmes. Feedbackfrom Raih Mov 50+ Club.. "The 50+ Club has been a vilal lifelinefor older members (and many local residents) since ilsformalion 20 years ago. For many of the members - Ihis is iheir only weekly opporlunity lo socialize and gel oul of ihe house. li provides access lo Lifelong Learning opporlunilie5 as well a5 jllst providing a safe comforlable space lo calch lip. ' (Club Member) Focus of Work The main focus of Creggan Enterprises Limited, Rath Mor Centre, located at Bligh's Lane, Creggan is to provide a shared space to promote economic. social, educational, cultural, artistic, good-relations, peacebuilding and other activities across the social divide to improve the Conditions of life for the residents of Creggan, surroundiiig environs and the North-west. Financlal Review Total income for the year was £803,601, of which £363,931 was generated from grant funding of programmes and activities, £383.445 from rental income and £56,225 from other income including contributions to overheads, Total expenditure by the charity was £842,647, of which £830.822 was inCu￿ed undertaking activities that further our charitable aims for the benefit of our beneficiaries. and £1 1,825 was in respect of governance costs. During the period, the Trustees approved the valuation of the freehold property at Rathmor Complex, Bligh'5 Lane, Derry. This was carried out on l Oth October 2024, and the property was valued at £4,780,000. Thi5 resulted in a revaluation gain of £1,514,570 and this is recognised within other gains and losses in the SOFA. The balance on total funds at the year-end was £4,965,300, of which £467,960 were unrestricted, £4,366,238 were designated, which includes revaluation reserve of £1,514.570. and £131.102 were restricted. Princi al Fundin Sources The key funders of Creggan Enterprises Limited (over the period) includes.. the International Fund for Ireland. PEACEPLUS (SEUPB). Joseph Rowntree Charitable Trust; The Executive Office (CGRF T..BUC)' Dept of Foreign Affairs (ROI) Reconciliation & Strategic Partner Fund; Community Foundation (Nl). Apex & Radius Housing Association5 and rental income generated from the Rath Mor Centre units. Reserve5 Polic Tlie Trustee5 have examined the charity's requirements for reserves in light of the rnain risks to the organisation and established a formal policy which 15 intended to provide improved financial stability and to aid the development of its principal activities. Page 10 Creggan Enterprises Limited (A company limited by guarantee) The reserves policy stipulates that free reserves (unrestricted fiJnd5 not committed or invested in tangible fixed assets) should be maintained at an amount equivalent to a minimum of12 weeks and a maximum of 24 weeks of core staff costs and fixed overheads. Charitable activities would be significantly scaled back in this scenario until sufficient funding was obtained to revert to norn)al levels of programme activities. B&sed on current staff costs and fixed overheads, the target level of reserves is £145.000. The Trustees review the reserves policy annually. At the reporting date, the charity held unrestricted reserves of £490.548, which includes £241.235 invested in langible fixed assets and therefore not available towards the reserves policy target level. Therefore the free reserves of the charity at the year end is £249,313. The strategy is to continue to build free reserves through planned operating surpluses. In the short-tem] the board has also considered the extent to which existing activities and expenditure could be curtailed, Should circumstances arise. Structure, Governance and Management overnin Document The company was formed 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 objecls of the charitable organisation. Recruitment and A ointment of the Board of 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. The existing board of trustees has been convened to take account of the professional skills and experience necessary for overseeing and developing the Charity. The Trustees monitor the composition of the Board in order to identify any knowledge andlor skills gaps within its membership. Creggan Enterprises Limited will undertake Trustee Recruitment Drives as necessary to achieve balance and with a view to proactive succession planning. 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. After being formally appointed, all new trustees undertake an induction process. This includes an orientation briefing of their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, organizational structure and the decision-making processes of the charity, the annual budget. tlie strategic plan and the most current financial infonnation contained within the Annual Report and Accounts. Forniing part of their induction, new trustees meet with the individual members of the Senior Management Team and other key employees within the charity to learn more about each business area and their roles and responsibilities. Trustees are encouraged to attend appropriate external training events where these will facilitate and further support the undertaking of the role. The Board members underwent dedicated governance training (delivered by NICVA) in 2019 to reflect the additional requirements of the organization as a registered charity. Obli ations of the Board 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 requirements and good governanc¢ practice. Page 11 Creggan Enterprises Limited (A company limited by guarantee) anisational Structure The Board of Trustees has overall legal responsibility for the charity. The day-to-day operations and decision-making continue to be delegated to a Senior Managetncnt Team, led by General Manager Kevin Hippsley, who report directly to the Board. There are robust reporting structures in place throughout the organisation. The Senior Management Team is made up as follows.. Kevin Hippsley- General Manager Conal McFeeley - Development Executive Barbara Sweeney- Admin l Finance Manager Remuneration olic The process of setting pay and remuneration of key management personnel is undertaken by the Board of Trustees as a whole. Risk Mana ement The directors regularly assess 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 the exposure to the major risks. A risk register is established and updated annually. Individual programmes carry out regular risk reviews (assessments). The physical compliance and facilitieslsite management is covered by strict policies and procedures. Internal controls are minimized by the implementation of procedures for authorization of all transactions and projects. Procedures are in place to ensure compliance with all health and safety requirments for staff, volunteers, center-users and visitors. Policies are reviewed periodically to ensure they meet current organizational needs and associated legislation5. Related arties and co-o eration with other or anisations None of the trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charity with a ¢ontra¢ted supplier must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related paty. How Creggan Enterprises Limtled has mhtlgated any harm flowing from Its purposes Creggan Enterprises Limited operate under strict governance oversight, process and procedure. Our programmes adhere to clear and comprehensive internal policies I guidance and external parameters detemiined by funder5, management agents and government departments. Employees and the Board are supported and encouraged to take whalever training is necessary to prepare them for their role and support their day-to-day activities (e.g. Governance Training or Safeguarding Training etc). Regular reporting is provided to each and every funder and each programme undergoes initial and ongoing risk analysis to deterniine what if any risks are posed by the programme (in regard to harni to users, participants, workers, the community. the funder or the organisation). In this way any potential harn] is identified and specific measures established to mitigate risk from the outset and as circumstances change or new activities are planned. Creggan Enterprises Limited also take care to survey the needs of the community - before any new programme I service is planned; and we also endeavour to capture and take on board as much feedback as well in order to ¢valuat¢ the effectiveness of our charitable work. This allows Creggan Enterprises Limited to monitor any potential areas of harni - and mitigate where possible. How Creggan EDlerprises Limited has ensured that any private benefit has been incidental to the public benefit All our activities are directed towards solely providing a public benefit - any private benefit generated is purely incidental. Page 12 Creggan Enterprises Limited (A company limited by guarantee) Trustees or employees of the Charity are ineligible and prohibited from accessing any of the services I supports which our programmes offer. Any private benefits accrued are purely in relation to the roles and responsibilities of workers. For example our Lifehack project workers may attend a residential or International study trip (thus benefitting from the charitable work) in their essential supervisory capacity only. Additionally employees may benefit, for example. from training {which they attend in a supervisory role alongside participants or via direct training where it is deemed essential for their role, i.e. safeguarding training) and any benefit is purely incidental. Each programme works within strict guidelines, with strict controls on personal expense5, and with all expenditure scrutinised at multiple levels to ensure appropriateness, fair value and necessity. Statement of compliance in regard to the Commission's guidanee In setting our objectives and planning our activities for the year the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charity's purposes and provide a benefit to the beneficiaries. Plans for the future Looking forward into 2025126 - Creggan Enterprises Limited continue to face significant challenges in regard to a rising fixed cost base, changing community dynamics and footfall, tenancy performance, an increasingly competitive and shrinking funding landscape and ongoing succession planning issue5. The community served by the organisation continues to suffer from the impact of statutory service cuts and austerity measures, and lasting inequalities brought on by underinvestment and structural barriers to economic inclusion. The resulting knock-on impact on small busine55es and projects means that Creggan Enterprises Limited will continue to be proactive in terms of developing new and innovative measures and projects to ensure sustainability and resilience over the mid-to-long t¢rni. Responsibilltles of the Board of Dlrectors The trustees. who are also the directors of Creggan Enterprises Limited for the purposes of company law, are responsible for preparing the Director's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law required the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affair5 of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial slatements, the directors are required to: 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. state whether applicable UK Accounting Standards have been followed, subject to any tnaterial departures disclosed and explained in the financial statements. prepare financial statements on the going concern basis unless it 15 inappropriate to assume that the charity will continue in operation. Pgge 13 Creggan Enterprises Limited (A company limited by guarantee) 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 them 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 So far as we are aware, there is no relevant audit infomiation 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 infonnation. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. Small eompany provisions This report is prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating io small companies. The financial statements were approved and authorise signed on its behalf by. or by the Board of Directors on 13 August 2025 and ector Dlr Page 14 Creggan Enterprises Limited (A company 1Smited by guarantee) Independent auditor's report to the direetors of Creggan Enterprises Limited Opinion We have audited the financial statements of Creggan Enterprises Limited for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. 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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" This report is made solely to the charitable company's directors, 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 charitable company's directors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pem]itted by law, we do not accept or &ssume responsibility to anyone other than the charitable company and the charitable company's dire¢tors as a body) for our audit work, for this report, or for the opinions we have fornied. 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 2024, and of its incoming resources and expenditure of resources, including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We Conducted 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 accordance with the ethical requiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidenc¢ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to gofing coneerD In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, 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. Page 15 Creggan Enterprises Limited (A company limfited by guarantee) Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other informatlon The directors are responsible for the other infomiation. The other infonnation comprises the infomiation included in the directors, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover other information and, ¢xc¢pt to th¢ extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion th¢reon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the financial statements or a material misstatement of the otlier inforniation. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinion OD Other matters prescrlbed by the Companies Aet 2006 In our opinion based on the work undertaken in the course of the audit: the infomiation giv¢n 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 Ivhich we are required to report by exception In the light of our knowledge and understanding of the charilable 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 us to report to you if. in our opinion: adequate accounting records have not been kept. the financial statements are not in agreement wilh the accounting records and returns; or ertain 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. the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the Small companies exemption from the requirement to prepare a strategic report. Pgge 16 Creggan Enterprises Limited (A company limited by guarantee) Responsibilities of the directors As explained more fully in the Directors, Responsibilities Statement, the directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the 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 determine 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 &ssessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees eith¢r intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of Ihe finAnclAI 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 auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran¢¢, but is not a guarantee that an audit conducted in a¢¢ordan¢e 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 be expected to influence the economic decisions of users taken on the basis of these financial statements. ExplanatlOD as to whAt extent the audlt was considered capable of detecting irregul&ritles, 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. Howcvcr, the primary ￿SpOnsIbl11ty for the prevention and detection of fraud lies with management and the board of directors of the charitable company. Identifylng and assessing potential 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 industry, sector and the specific control environment which it operates in. the charities own assessment of the risk5 that irregularities may occur, either as a result of fraud or error. representations and results from our enquiries with management and the board of directors regarding their own identification and assessment of the risks of irregularities. enquiries of management relating to accounting estimates measurements, recognition criteria and justification of such amounts. any matters we have identified having obtained and reviewed the charities policies and procedures relating to. * identifying and assessing if laws and regulations are compliant and whether they are aware of any instances of non-compliance. * detection and response to the risk of fraud and whether they are aware of any actual, suspected or alleged fraud instances. Page 17 Creggan Enlerprises Limited (A company Ilmfited by guarnntee) * 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 the audit engagement team regarding how and where 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 ar¢ also required to perfonn specific procedures to respond to the risk of management override. Based on our understanding of the charitable company the most significant legal and regulatory frameworks that have a direct impact on the financial statements are those relating to the applicable reporting framework, (FRS 102, The Charities Act (Northern Ireland) 2008, The Charities (Accounts and Report) Regulations (Northem Ireland) 2015. the Charity SORP and the Companies Act 2006) non-compliance may have a material effect on the financial statements. Compliance with these laws and regulation5 was assessed as part of our procedures. Audlt respon$e5 to risks Identlfled Our procedures to respond to risks identified included the following: reviewing the financial statement disclosures. testing the relevant documentation to assess compliance with the significant laws and regulations - those described as having a direct effect on the financial statements: enquiring with Inanagement and obtaining third party confimiation from the charitable company's solicitors regarding any actual or potential litigation and claims; perfomiing 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 fOr¢c￿ting material in line wilh actual perforniance, identifying any potential fraud indicators or instan¢es' reviewing Companies House and Charity Commission Northern Ireland correspondence, identify any late submissions or omissions of mandatory infonnation. 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 accounting ¢stimates are indicative of a potential bias. and evaluating the rationale of any significant transactions that are unusual or outside the nonnal 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 mainlain professional scepticism throughout the audit. We also: Identify and &ssess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfom] audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control. Page 18 Creggan Enterprises Limited (A company limited by guarantee) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the charitable company's intcmal control. Evaluate the appropriateness 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 material uncertainty exists, we a￿ required to draw attention in our auditor's report to the related disclosures in the financial statetnents or, if such disclosures are inadequate, to rnodify 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 continue a5 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 achieve5 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. Patrhck Mccafferty Senlor Statutory Audltor for and on behalf or McGroarty Mccafferty & Company Statutory Auditor 2 Carlisle Terrace Derry BT48 6JX Date: 13 August 2025 Page 19 Creggan Enterprises Limited (A company limited by guarantee) Statement of Financial Activities for the year ended 31 December 2024 Unrestricted Funds Restricted Designated Funds Funds 2024 2023 Currenifinanclalyear IDcoming Resources Jncomefrom i'esources and genera¢ingfunds.' Income resources from charitable activities Investment income 439,640 30 363,931 803,571 30 795.495 45 TotAI Incoming Resources 439,670 363,931 803,601 795,540 Resources Expended Management & administration Governance costs 360,608 11,825 361,018 109.196 830,822 1,825 839,703 10,950 Total Resources Expended 372,433 361,018 109,196 842,647 850,653 Net Incoming l (Oulgoing) Resources 67,237 2,913 (109,196) (39.046) (55,113) Revaluation of fjxed assets ,514.570 1.514.570 67,237 2,913 1,405 J74 1,475,524 (55,113) Balances brought forward l January 2024 400,723 128.189 2.960,864 3,489,776 3.544,889 Balances carried forward 31 December 202415. 467,960 131,102 4,366,238 4,965,300 3,489,776 The Statement of Financial Activities includes all gain5 and losses recognised in the year. All income and expenditure derive from continuing activitÉes. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. Page 20 Creggan Enterprises Limited (A company limited by guarantee) Statement of Financial Activities for the year ended 31 December 2024 Unrestricted Funds Restricted Funds Designaled Funds 2023 Prloryearfinancial Notes Incoming Resources Income from resources and generating funds: Income resources from charitable activitie5 Investment incorne 405,300 45 390.195 795,495 45 Total Incoming Resources 405,345 390,195 795,540 Resources Expended Management & administration Governance costs 318,040 10,950 383.807 137,856 839,703 10,950 Total Resources Expended 328,990 383,807 137,856 850,653 Nel Incoming l (Outgoing) Resources 76,355 6,388 (137,856) (55,113) Balances brought forward l January 2023 324,368 121,801 3,098,720 3,544,889 Balances carried forward 31 December 2023 400,723 128,189 2,960,864 3,489,776 The Statement of Financial Activities includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. Page 21 Creggan Enterprises Limited (A company limited by guarantee) Balance Sheet as at 31 December 2024 2024 2023 Notes Fixed assets Tangible assets 4,761,853 3,358,370 Current assets Debtors Investment5 Cash at bank and in hand 39.158 250 624,635 77,894 250 500.724 10. 664,043 578,868 Current liabilities Trade Creditors Bank loans and overdrafts Other creditors A¢¢ruals and deferred income 18,814 61,339 32,678 170.797 12,457 59,785 33,389 128,626 11. 283,628 234,257 Net current assets 380.415 344,611 Total assets less current liabilitles 5,142,268 3,702,981 Long-temi liabilities 13. (176,968) (213,205) Iyet assets 4,965.300 3,489,776 Reserves Unrestricted fund Restricted fund Revaluation reserve Designated fund 467,960 131,102 ,514,570 2,851,668 400,723 128,189 16. 16. 2,960,864 17. 4,965,300 3,489,776 The financial statements are prepared in accordance with the special provisions Act 2006 and the Charities SORP 2019 (FRS 102). f Part 15 of the Companies The financial statements were approved and authorised for issue by the on its behalf by. August 2025 and signed Director Date: 13tb August 2025 Director Date: 13t 02 Company Number: N1026020 Page 22 Creggan Enterprises Limited (A company lfimited by guarantee) Statement of Cash Flows as at 31 December 2024 2024 2023 Cash flow from operating activities Note Net resources for the year Depreciation 18. (16.488) 111,206 (31,026) 116,270 Changes in.. Trade and other debtors Trade and other creditors 38,736 13,135 8,318 29,786 Net cash flow from operatlng activities 146,589 123,348 Cash flow from investing activities Capital expenditure Interest re¢eiv¢d (120) 30 (1,257) 45 Net cash flow from Investlng activities 146,499 122,136 Cash flow from financlng aetlvfitles Proceeds from bo￿oWIng Interest paid {36,239) (22,588) (34,639) (24,132) Net cash flow from financing activities 160.150 63,365 Reconciliation of net CA5h flow to movement In net funds Net increase in cash and cash equivalents Cash and cash equivalents at l January 2024 160,150 228,739 63,365 165,374 Cash and cash equivalents at 31 December 2024 19. 388,889 228,739 Page 23 Creggan Enterprises Limited (A company limited by guarantee) Notes to tbe accounts for the year ended 31 December 2024 General information The charity is a private company limited company by guarantee, incorporated in Northern Ireland. The registered oifice is Rath Mor Centre. Blighs Lane, Creggan, Derry, BT48 OLZ. It is registered as a charity with the Charity Commission Northern Ireland with effect from 16 January 2019. 1.1. Accounting conventlon The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instrument5 at fair value. The principal accounting policies adopted are set out below: The charity constitutes a public benefit entity as defined by FRSI 02. The financial statemenls 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 Oqorthern Ireland) 2008, FRS 102 'Financial Reporting Standard applicable in the UK and Republic of Ireland,, the Charities SOIIP 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounting in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRSI 02) (effective January 2019) and the Companies Act 2006. The financial statements are presented in sterling which is the functional currency of the charity. 1.2. Going concern The financial statements have been prepared on a going ¢on¢ern basis as the directors believe that no material uncertainties exist. The directors have conSide￿d the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are suificient with the level of r¢5erves for the charity to be able to continue as a going concern. 1.3. 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 fund. Page 24 CreggAn Enterprises Limited (A company Ilmfited by guarantee) Notes to the accounts for the year ended 31 December 2024 1.4. Incomffing resources All incoming resources is recognised when the charity is legally entitled to it after any conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. The following specific policies are applied to particular categories of income: Voluntary income is received by way of grants, donations and gift5 and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific perforniance by th¢ 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 has not been included. Gifts donated for resale are included as incoming resources within activities for generating funds when Ihey are sold. 1.5. Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Charitable expenditur¢ 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. 1.6. Tangible fixed assets and depreciation 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 Plant and machinery Fixtures, fittings & equipment 2Yo Straight Line 20% Straight Line 250/0 Reducing Balance 1.7. Cash at bank Cash at bank and cash equivalent5 are stated at Cost at the financial year end. 1.8. Investments Current asset 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 payable within one year are recorded at transaction price. Any losses arising from impairnient are recognised in expenditure. 1.10. Penslon costs The pension costs charged in the financial Statements represent the contributions payable by the charity during the year. Page 25 Creggan Enterprises Limited (A company lfimlted by guarantee) Notes to the accounts for the year ended 31 December 2024 1.11. Loans and borrowings Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairnient. 1.12. Cash and cash equivalents Cash and cash equivalents include cash in hand, bank overdrafts and bank loans. Bank overdrafts and loans are shown within current and long temi liabilities. 1.13. Taxation The company is a charity and is recognised as such by HM Revenue & Customs. As a result, there is no liability to taxation on any of its income. 1.14. Critieal aeeounting estimates and judgements In application of the charity's accounting policies, the directors are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are b&sed on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect on that period, or in the period of the revision and future periods where the revision affects both current and future period5. I.IS. Designated Funds Designated funds include income received for the construction of the premises at Rath Mor Centre. Designated funds are depreciated in line with the cost of land and buildings at 2% straight line annually. Page 26 Creggan Enteryrises Limited (A company limited by guarantee) Notes to the accounts for the year eDded 31 December 2024 Income 2024 2023 Restricted Income Peace Plus International Fund for Ireland PYDP International Fund for Ireland - PIPI CIP JRCT: Community Dialogu¢ Programme JRCT: Focus Funding Dept of Foreign Affairs and Trade - CCRP Porticus Leadership & Action Grant/ CFNI The Executive Office - Revival Project CFNI- CIM Funding CFNI Community Awareness Fund Live Here Love Here Dept of Foreign Affairs and Trade - CIP Dept of Foreign Affairs and Trade - Momentum Fund DCSDC - CC Venue Fund St Stephens Green DCSDC - Good Relations APEX Social Change Initative Fund Radius Funding 90,891 72,358 12,414 8,156 65,199 49.649 103,344 98,908 7,687 42,997 32,266 706 24.362 4.229 3,216 1,657 21.366 56 1,084 12,387 23,538 45,278 5,250 11,255 1,690 500 1,000 165 3,475 6.285 2.755 363,931 390.195 Unrestricted Income Rental Income Other Income Contributions to Overheads Contribution to Insurance Bank Interest 383,445 33.867 13.086 9,242 30 380,024 3,356 13.982 7.938 45 439,670 405,345 Total Income 803,601 795,540 (i) Restricted Funds Funds received which are earn]arked by the Funder for specific purposes. Such purposes are within the overall aims of the organisation. (li) Unrestricted FuDds 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 finance capital investment and working capital. Page 27 Creggan Enteryrises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2024 Resources Expended Unrestricted Funds Restricted Designated Funds Funds TotAI 2024 Total 2023 Management & AdministratlOD Wages & salaries Pension costs Staff training JRCT - Focus expenses JRCT- CDP expenses JRCT - GBTS expenses IFI - PYDP Lifehack expenses IFI PIP expenses 30th Anniversary expenses TEO Shared Space expenses Live Here Love Here expenses Social Change Initiative expenses NW Columbian Initiative expenses St Stephens Green expenses Community Foundation Nl expenses Dept of Foreign Affairs expenses Peace Plus expenses Radius 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 Professional fees Bank & interest charges General & subscription expenses Bad debts Consultancy fee5 Currency variation Depreciation 133,953 24,404 895 226.903 13.294 360,856 37,698 895 22,225 695 335,580 34,387 22,225 695 8.074 2,526 14 32,167 36,090 846 13,575 1,541 5.960 22,349 9,062 22,349 9,062 11,941 11,941 490 490 420 56 31.445 17,163 3,475 1,500 420 56 31,445 17,163 3,475 13,790 3,197 32,651 27,589 17,716 27.602 5,838 691 1,269 4,931 25 2,067 ,573 23,477 9,354 23,445 4,000 .631 11,206 11.881 5.803 40,362 2,755 14.574 9.865 27,911 24,654 16,907 35.630 1.824 702 1,081 5.959 500 2,093 2,199 25.011 6,501 16.452 12,290 3,197 32,651 27,589 17,716 27,602 5.838 691 1,269 4,931 25 2.067 .573 23,477 9,354 23.445 4,000 ,631 2,010 109,196 116,270 360,608 361.Ol8 109,196 830.822 839,703 Page 28 Creggan Enterprises Limited (A company limlted by guarnntee) Notes to the accounts for the year ended 31 December 2024 3. 1 Resour¢es Expended Unrestricted Funds Restricted Funds Designated Funds Total 2023 Management & Administratlon Wages & salaries Pension costs JRCT - Focus expenses JRCT- CDP expenses JRCT- GBTS expenses IFI - PYDP Lifehack expenses IFI - PIP expenses 30th Anniversary expenses TEO Shared Space expenses Live Here Love Here expenses Social Change Initiative expenses NW Columbian Initiative expenses St Stephens Green expenses Community Foundation Nl expenses Dept Foreign Affairs expenses Other Programme expenses Radius 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 Professional fees Bank & interest charges General & subscription expenses Bad debts Depreciation 128,273 21.682 207,307 12,705 8,074 2,526 14 32,167 36,090 335.580 34.387 8.074 2,526 14 32.167 36.090 846 13,575 1,541 5,960 846 13,575 ,541 5,960 11,881 5,803 40,362 3,038 2,755 11,881 5,803 40,362 14,574 2,755 9,865 27,911 24,654 16.907 35,630 1,824 702 1.081 5,959 500 2,093 2,199 25,01 6,501 16,452 116,270 11,536 9,865 27,911 24,654 16,907 35,630 1.824 702 1,081 5,959 500 2,093 2,199 879 6,501 16,452 2,546 24,132 113,724 318,040 383,807 137,856 839,703 Page 29 Creggan Enterprises Limited (A company limited by guarantee) Notes to Ihe accounts for the year ended 31 December 2024 Governance Costs Unrestricted Fund5 Restricted Funds Total 2024 Total 2023 Auditors remuneration Accountancy fees 4,500 7,325 4,500 7,325 3,750 7,200 11,825 11.825 10,950 Net (outgoing)l incoming resources for the year 2024 2023 Net (outgoing)/ incoming resources is stated after charging: Depreciation and other amounts written off tangible fixed assets Accountancy fees Auditors, remuneration 111,206 7,325 4,500 16,270 7,200 3,750 Page 30 Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2024 Stgff costs The aggregate payroll costs incurred during the year were: 2024 2023 Wages and salarie5 Pension costs 360,856 37.698 335,580 34,387 398.554 369,967 No employee received emoluments of more than £60,000 (2023: nil) Number of employees The average monthly numbers of persons employed by the company during the year, including the directors, amounted to: 2024 Number 2023 Number Administrative staff 12 13 Page 31 Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2024 Tangible Assets Land And buildings Plant & Fixtures, fittings freehold machinery & equipment Total Cost At l January 2024 Additions Revaluation 5,686,491 173,116 456.295 6,315,902 120 120 1,514,570 1,514,570 At 31 December 2024 7,201,061 173.116 456.415 7,830,592 Depreclation At l January 2024 Charge for the year 2,335,765 109,196 173,116 448,652 2,957,533 2,010 11.206 At 31 December 2024 2,444,961 173,116 450,662 3,068,739 Net book values At 31 December 2024 4,756,100 5,753 4,761,853 At 31 December 2023 3.350.726 7,644 3,358,370 An external valuation was carried out on the company's freehold property at Rathmor Complex, Bligh's Lane, Derry on 10th October 2024. The valuation was carried out by Daniel Henry MRCIS, the valuer is qualified in accordance with the January 2020 edition of the RICS Valuation Global Standards which incorporate the Snternational Valuation Stsndards. The property was valued in its current state at £4,780,000. Freehold property is depreciation at 20/0 Straight line annually. Net book value on the revaluation of property - £4,756,100 (2023 - £3,350,726). Page 32 Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2024 Tangible assets held at valuation In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the hi5tori¢al cost model are as follows: Land and buildings freehold Tolal At 31 December 2024 Agg￿ gate cost Aggregate depreciation 5,686,491 5,686,491 (2,444,961) (2,444,961) Net Book Value 31 December 2024 3,241,530 3,241,530 At 31 December 2023 Aggregate cost Aggregate depreciation 5,686,491 5,686,491 (2,335,765) (2,335,765) Net Book Value 31 December 2023 3,350,726 3,350,726 Debtors 2024 2023 Trade debtors Other debtors Prepayments 26,475 11,100 1.583 51,658 23,801 2,435 39,158 77,894 10. Current asset investments 2024 2023 NICE Shares 250 250 Page 33 Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2024 li. Creditors: amounts falling due within one year 2024 2023 Trade creditors Business credit card Bank loans and overdraft Taxes and social security creditor Other creditors Deferred income (Note 12) Accruals 18.814 2.561 58,778 19,823 12,855 159,225 11,572 12,457 1,007 58,778 21.034 12,355 113,386 15,240 283,628 234,257 12. Deferred Income 2024 2023 Balance at l January 2024 Additions during the year Amounts released to income 113,386 120,056 409,770 383,525 (363,931) (390,195) Balance at 31 December 2024 159,225 113,386 13. Long-term liabilities 2024 2023 Bank loans 176,968 213.205 14. Security Creggan Enterprises Limited is subject to the following charges. Legal charge over 20,000 sq ft units at Blighs Lane, Deny. -Third legal charge over property at Blighs Lane, known as Rath Mor Centre Enterprises Limited. Legal mortgage over l 0.000 sq ft unit at Blighs Lane, Derry - clo Creggan Enterprises Limited. clo Creggan Page 34 CreggAn Enterprises Limfited (A company limited by guarantee) Notes to the gccounts for the year ended 31 December 2024 15. Movements in Funds At At l January Incoming Outgolng Revaluation 31 December 2024 resources resources of property 2024 Restricted funds: Joseph Rowntree Charitable Trust International Fund for Ireland - PYDP International Fund for Ireland - CIP Department of Foreign Affairs The Executive Office Peace Plus Restricted funds 14 1,592 355 66 73,355 72,358 12,414 85,574 21,366 90,891 7.973 (65,895) (73,100) (21,788) (80,860) (21,040) (92,396) (5.939) 7.474 850 (9,019) 4,780 326 (1.505) 128,196 126,162 Total restricted funds Unrestricted funds: Total unrestricted funds 128,189 363,931 (361,018) 131.102 400,723 439,670 (372,433) 467,960 Designated funds 2,960,864 (109,196) 1,514,570 4,366,238 Total funds 3,489,776 803,601 (842,647) 1,514,570 4,965,300 Purposes of Restricted Funds Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report. 16. Revaluation reserve The revaluation reserve represents the cumulate effect of the valuations of tangible fixed assets where a policy of revaluation been adopted. There was a valuation carried out on the property on the l Oth October 2024. The valuation was carried out by Daniel Henry MRCIS, the valuer is qualified in accordance with the January 2020 edition of the RICS Valuation - Global Standards which incorporate the International Valuation Standards. The property was valued in its current state at £4.780,000. An amount of £1,514,570 was added to designated revaluation reserve. Designated reserve fund total at 31 March 2025 - £4.343,650, this amount includes the property revaluation reserve of £1,514,570 (2024 - £2,960,864 - no revaluation r¢serv¢). Page 35 Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2024 17. Analysis of net assets belween funds Unrestricted Restricted Designated Funds Funds Funds Total funds Fund balances at 31 December 2024 as represented by: Tangible fixed assets Current assets Current liabilities and deferred income Liabilities > l year 241,235 418,339 245,704 (169,026) (114,602) (22,588) 4,520.618 4.761,853 664.043 (283.628) (154,380) (176,968) 467,960 131,102 4,366,238 4,965.300 17. 1 Analysls of net assets between funds Unrestricted Restricted Designated Funds Funds Funds Total funds Fund balances at 31 December 2023 as represented by., Tangible fixed assets Cu￿ent assets Current liabilities Liabilities > l year 184,301 337,291 241.577 (120,869) (113.388) 3,174,069 3,358,370 578,868 (234,257) (213,205) (213,205) 400,723 128,189 2.960,864 3,489,776 18. Reconclllatlon of net incomel (expenditure) to net cash flow from operating activities 2024 2023 Net incomel (expenditure) for year (39,046) (55,113) Interest receivable Interest paid (30) 22,588 (45) 24,132 Net resources for year (16.488) (31,026) Page 36 Creggan Enterprises Limited (A company limited by guarantee) Notes to the accounts for the year ended 31 December 2024 19. Analysis of changes in net cashflow Cash flows 2023 2024 IA)ng & short terni loans (271.985) (271,985) 36,239 (235,746) (235,746) 36,239 624.636 388,889 Cash & cash equivalent Total net funds 500.724 228,739 123.912 160,150 20. Related Party Transactions There were no related party transactions in the period under review. 21. Limited by Gugrantee 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 the 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 mernber. 22. Controlling party The ultimate control of the company rests With the board of directors. 23. Post Balance Sheet events No significant events have taken place since the year end that would result in adjustmenls to 2024 financial inforniation or inclusion of a note thereto. Page 37