Dungannon Enterprise Centre (A companv limited by guarantee) Filleted abridged financial statements for the year ended 31 March 2022 (Abrldged In accordance wltli tlie provlslons or Ilie Conipmiiies Act 2006) Reglstratlon No: N1018587
DiiiiRaiinon Eiiterprise Centre- N1O18557 Report andfiiianeiol slolipiiieiilsfor Ilieyear ended 31 Ivareli 2023 Contents Page (s) Directors and advisers Abridged balance sheet Notes 10 Ihe abridged financial slaiemenis ASM
Duiigaiinon Entgrprise Ceil¢re- ,10]8557 Report aiidfiiiaiieial.staleiiieiifsfor ilie Jyear ended 31 Murch 2023 Page J Directors and advRsers Directors Yvonne MitLhell Ralph Brown Waller Cuddy Andreiv Troller Robert Milligan ClairL Murray Dominic Molloy- Chairperson SicpliLii Moliai) Caili¢rin¥ M¢l.lugh Caili¢'rinL Marlin Moya Siring7er David C 1111)pbcll Micl)LIIL Doni)¥lly Caoiii)he l.owe (Re.sigyned 6 April 2022) (Re%ibJned 6 April 2022) (AppoiiiiL'd 6 April 902?) {AppoiiilLd 6 April 20?21 (Appoii)ILd 6 April 2022} Secretary Miclicll¢ Donnelly Registered office Dun&iunnon13usine.4.% Park 2 Coalisland Road Dungiannon Co '1 yroiic 13'1'716J'l' Solicitors F G Pallon Solicilors 14 Tl)on)aN SirLel Dun&Faniion Co Tyroi)e BT70 IHN Bankers 45-48 High SirLet Ponadoivn Co Annagh BT62 1 LB Registered auditors ASM (D) Lid 79 Cunninghanis Lane Dungannon B"r716BX ASM
Diiiiganiion Enterprise Centre- N1018557 Reporl andfiiiancial 5tateiiientsfor ilie }ear ended 31 Marcli 2023 Page 2 Abridged balance sheet Notes 2023 2022 Fixed Assets Tangible assets 2,011,697 2,141,661 Current assets Debtor.5 Casl) at bank and in liand 82,624 395,008 113,535 249,677 477,692 (199,749) 363?12 (16(),465) Credilorsl mounts falling duc within one year et current Assets 277,943 194,747 TotAI Assets less curreiit IIAbllltles 2,289,040 2,338,408 Crcditors+ 42iiiounl% fallinbi due afier more Il)an one year (305,714) (333,950) Provlsloiis for IIAbillties Accruals and deferred income (1,066,796) (1.098.172) INet R55ets 917,130 906,?86 Tlie fiinds of the eliArlty Tolill unrLslriLIL'd lui)d% Toiul rL%lricl¢d lunds I'otnl eliarili, funds 917,130 906,286 917,130 906,286 These tinaiici¢21 slllteniciiis havc been prLparcd in accordaiice with IliL provisions of the siiiall COIIIPElnies re&yinie witliiii Part 15 of tlic Coiiipanies Acl 2006. These finaiicial slcileinenls for Dungyaiinon EnteriSe Ccnlre (NIOI 8557) wcre approved by Ilie board of directors ?( lid auiliorised lor issue on 6 SepiLiiibLr 2023 aiid si&iiicd oli its bL11161 I. by,. Dominic Molloy Director and Tru$tec David Campbell Director And Trustee The notes on pages 3 to 8 fonn part of Ih¢s¢ financial statements. ASM
Diinganiion Enferprise Centre- NJ018557 Ri'porf andfiiiaiicial s¢d(eiiientsfor iliL' J'L'ar eiidL'd 31 Marcli 2023 Page 3 Notes to the abridged financial statements l. Principal accounting policies Srafeiiieiit of copiipliaiice The company's financial stalemenis have beeIi prepared in compliance iviih FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. including tlic provisions of Seclion l a, as it applies to the financial statements of ilie coinpany lor tlie year ended 31 Marcli 2023. Geiieral iiiforiiiafioii aiid ba.si.1 ofpreparalioii Dung<iniioii Enterprise Centr¢ is a coinpaiiy incorporated in Northem Ireland under the United Kiiigvdom Coiiipc1nies Acl. Tlic address ot" Ilie regFiSterLd orrice is gyiven on Pc?ge I, The principqc I activity of tlie coinpany is the promotioii of business cnlerprise in Ihe Duilgiaiiiion area througih the provision of business support. Tlie finciiicial sl¥1tcnienls are prcpared iii slerlingv whicli is thL functional currency of tlie compKlny. 'IIL IiiiclllCi<il stlc ieiiiei)Is 1( rL roun(ILd lo the nc&irL%t £ I Tlie finaiicial statements liave beeli prLpared iii dccordance with tlie fiiii£ lIC11L l Reportiiig Siandcird ,IppIic&iblc iii tlic UK 1( lid Rcpublic of IrL'lcliid (fRS l O?), Ilic Accouiiliii&' aiid Ilcponiiig? by Cliaritics., SlI11Liiieiil of RccoiiiincndLd Prclclice applic1( blL Io LliciriliLS pfcpi1ring' Ilicir IliiL111Cilc I slc1teiiiLiits in accordiliice witli Ilie14 i1l¢lllCi¢il RLponiiig SILliidilrd ¢ippIic1c ble iii tlIL UK <111d Rcpublic of Irc11c lid (fRS 102) (cft"cctive l Jic Ilulc ry 2015 (CliclritiLs SORP (FRS 10?)), aiid tlie C111( rilies Act (Nortlicrn IrLlaiid) 2008 as aiiieiided by tlie Cliic rilies (Fiii<lllci1c I sl<2tciiicnls aiid Rcports) Regyulalioiis (Nortliem IrLland) 2015. Duiigilniion F.nierprise CciilrL iiiects Ilie defiiiilioii of a public entity uiidcr riis 102. Assets <1nd lic1bililiLs 1( rL ii)itl&illy rcLc)gri]js¢(1111 IiistOriLc11 ¢osl or IrclllS&icIioii V<lluL uiIILss oiliLnvise s11( led iii Ilie relLv¢inl acLouiiliiib' policy. liicoiiiiiig rLp.soiirce,I .411 iiicoiniiig7 resources are included on the Sicltemenl ol. fiiiancial Activities when the charity is legy{111y Lnliilcd to Ihc iiicoiiic, wlicre there is reilSOllc1blc certainly that Ilie rc.%ource will be recLivcd 1nd where Ilie iiioiietilry Vlc luc cali be quaiilified ivith re(Isonablc ciccuracy. Cliarilable acfivifiLJ.% Incoine is included in the st1( Icmcnl of fiiiilllciiil aclivities on an Ic ccruals basis alid iiet of VAT wlicre ,1pplicable. Incoiiie is iiiainly dcrivcd t"roiii reiilal of units in Ihc busincss park aiid the delivcry of business and enterprise programnies. Incoming resources are deferred where income is received in respect of future periods. Voliiiitaryi iiicoiiie Gifts, bequests and donations income is recognised wlien recekvable. Donations - income by way of donations is included in full in the Statement of financial activities in the year in ivhich they are receivable. ASM
Diingunnoii Enlerpri5e Cenlre- N1018557 Report aiidfiiiaiieial.Ytatenientsfor Ilieyear ended 31 Marcli 2023 Page 4 Notes to the abridged financial statements (cont'd) l. Principal accounting policies (cont'd) liicoiiiefroiii oilier Iradipig activities Turnover is the amount derived from the provision of goods and services wiihin the charity's ordinary activities after the deduction of value added lax. Turnover, wluch excludcs V¥11ue added lax, represents the Vcllue ofgoods and services suppliLd. Govcriiiiieiii graiits Grants that relate to speci fic capital expeiiditure are treated as deferred incoiiie which is then credited lo the slatciiienl of finaiicial activities ovcr the related c1sscI's uscful lit.e. Rcvenue grc111tS q< re credited to Ilie Statement or riiiaiicial aclivilies in Ilie sain¢ y¢ar as tlie related expenditure is incurrcd. Reveiiiie rceogiiitioii Revenue is rccogvnised to tlie extenl Ilicll Ilie COlilPL1ny obiaiIis Ilic rigl)I lo consider<11ion in excliq¢ IigiL for its pcrfon111c lice. RevLnuL is Iiicclsiircd c?1 Ilie t<iir ir<iluc of tlic Coiisldcr7I10n rccLivcd, cxcliidiiig discouiils, rL'bl¢ Ics, V A'l. c2iid oilicr sales iaxls or duly. I"IIL lollowiiigy critL'ria iiiusl also bL Illli bLlorL' r¢v¢iiu¢ is rccogFiiiscd'. Sale of scrniiccs Revenue froin tlie sale of sLrvices is recogTnised wlicii Ihc sigFlli ficant risks ciiid reiv<irds of owiiLrsliip ol. Ilic scrviccs liavc Pi158Ld lo Ilie cusloiiicr. Usucqlly on (ILlivery of projLcls c2t agyreed slagyes. Ill 111i0unl of rcveiiuc C<ili bc IllL1L surLd rel i1& bly.. <1nd il is probi1ble tliat Ihc ccoiioiiiic beiiefils <issocial¢d Iviili ilie Iraiisaction wil I tlow lo Ilie eiitity. RLnl<21 incoiiiL Revcnue froni the rental of businLSS units is rccogyniscd iL s invoiced to the cusloincr uiider ilic teniis of SLYurity deposils ob11( illLd <11 tlie oiiscl of iiciv lenaiicics 1irL IILld on the b4ilaiice slieel until sucli tiinc tlic11 nolice to vacclte is rcccived and Ilie teii¥int CC<lSeS OCCUPc1ncy. T(LYalioii Prior lo April 2019. Ilie ch<1rgFe for tlc xation was based on the profit t'or the year as adjusted for disalloivable il¢iiis and for tiiningy dirrcrcnccs to tlie exleiil that Ihcy wcre uiilikely io rLsult ill (111 aclu<il tclx licibility iii Ilie foresLeablL future. Since regislcringi as a cliarity on 23 Marcli 2019, Ilie coiiipaiiy's Ilclivitics no loiigver 1.all iviiliiii Ihc cliargie of lax. Timing differences arose froni (he recognition for tax puOseS of cert1( in items of income aiid expeiises iii a diffcrenl accounting period from tliat in which Iliey ivere rccog?nised in Ilie financicil slatenienls. The lax effect of tiniiiigy differences, as reduced by the tax benefit of any accumulatcd losses, was trcaled as a deferrcd lax liability. Resoiirces expeiided All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cantiot be directly attributed to particular headings they have been allocaled to activities on a basis consistent with use of the resources. ASM
Duiigaiiiion Eiiterprise Centre- N1018557 Repor¢ aiidfinaiicial sluleiiienrsfor ihe year ended 31 Marcli 2023 Page 5 Notes to the abridged financial statements (cont'd) l. Principal accounting policies (cont'd) Cliaritable aetivilies These costs include direct expenditure relaling to economic development and expenditure in adniinistralion of the Charity. lYYecoverable VA T Any irrecoverablc VAT is chargied lo Ilie slateiiicnl of fiii<lllCi16 l activities, or Ccipilalised as part of the cost of the reliiled asset, iyhere ic ppropriate. Voliiiiteer.% oiid doiialed.serviees No valuc of doiiatcd scrvicL's ¢iiid time is accouiiled for in tli¢ finaiiciic I slatcinLnls. Peii.iioii .sclieiiiLi arraiigeiiieiil.s I'lic coiiipany operates a defiiied contribution schciiie. Tlic assets of Ilie sclieiiie are lield sepc1rately I'roin Iliosc of tlie Colllpciny in <111 iiidepeiideiiily <idii)iiiislercd fuiid, and conlribulioiis clrc cli&qrgL'd lo St<11einenl or riiiaiicial activities iii Ilie pLriod to wliicli Ilicy rL111 te. Fnrelgii ciirreiicie.% Transactions dcnoiiiinatcd in forcign curreiicy are translated iiilo sterliiig at tlie rate of cxcliaiigc ruliiigj <lt thc datL of Ili¢ Irclllslc Ctioii. Monelc1ry cissets <iiid liabilities dei)0111111lc led iii loreigpn currciicics al tlic bi11ancL sheet di¢ te are Innsl¢iled into stei'liiigy al the excliaiigc rates ruling? £11 th1( I d1( te. All exchangye di tlerences are tclkeii lo Ilie StaleIiienl of lin1L ncial activities. Sliorl ¢eriii eiiiployee bciiiefil.I Short tcnii ciiiployec bci)efils clre recogvnised <iS ali expense iii Ihe period iii ivliicli Ihcy arc incurrcd, liilaiigiblefi.recl a.i.%els -,iofiware deipelopiiieiit Software costs are written off as incurred, except for purchic ses from third parties in respect of major syslcni.s. Iii such cases, tlie costs are ivrillen ol'f ovLr a niaxiiiiuiii of tlircc y¢ars froiii tlie dale of implementation. ASM
Duiiganiion Enlerprise Centre- N1018557 Report ciiidfiiianeial slalelliLinlsfor iliL' Jyear ended 31 Marcli 2023 Page 6 Notes to the abridged finanelal statements (cont'd) Principal accounting policies (cont'd) TAiigiblefLYed assets Fixed assets are stated al their purchase cost, together ivith any incidental costs of acquisilion, less accumulated dq)recialion. Depreciation is Crfilculaled so to ivrite off the costs of Iclngible fixed assets, less their estimated rcsiducll Vi11ues, over Ilie expected usetul ecoiiomic lives of tlic assets concenied. The priiicipal aiiiiual rc11Ls used for this purpose ?( re.. reehold property Motor veliiLILs Plaiit and equipiiieiit 2 stri1ight line 25 rLduciiig? bal<iiice 15-33 slr£1ight liiic liiipairiiieiit of iinii-fiiiaiicial a.%,iel,% Tlie coinpaiiy assesses at eacli reporting date ivhetlier an ¢2sscI Ill¢iy be illlP<1ired. Lr any sucli iiidic<ltioii exi.8t8 tlie COlilP<2lly Lsliiiic11L'S Ilie rccoverc2blc aniounl of the ¢issel. If it is not possible lo esliiii¢1tc IhL rccovcr&iblc 1¢ 11iouiII ol. IIIL iiidividu11 c15SCt, tliL COlllPL111y csli11ii& Ics. tlIL rLcovcr<iblL 11110uI)l ot" Ilie Cc1slI gi¢iicr1L liiiby Ulllt lo ivliicli Ilie assLI bLloiigs. Thc rccovLr1c blL c IIIOUTIt of 1( 11 &15SLI or C1( sli g7eiieri11iiig unil is Ilie IiibYIILr of its fair Viiluc less costs lo .sLII c?Iid its Vcllue iii use. It Ilic recovcrciblc ¢iniouiil is Icss 111<111 its CLifryiiigTr IL iiiounl, Ilic carryiiigy aiiiouiii of ili¢ ass¢1 is impic irLd iind il is reduced to its recovcr<iblc ciiiiouiit Ilirougili i& n iliiP16 iniienl in Ilie St1( tL'inciit of linclllcicil activilies. Ali impaimient loss recognised for all assets is reversed iii a subscquLnl period it. and only if the r¢clSOllS lor Ilic impc1iniiLiit loss li<lve cLascd to Ic pply, Fiiiaiicial ipi.llriiiiieiil.I Fin1( nci&11 iiistrumenls (ire c11L ssl fied Ic lid ciCCOLinted for, ciccording lo tl)e SLibsl<iiice ot" tlie contractucil arrciiigyLiiiciII, as Liilicr fiii¢iiicial iissLls, fiiiaticial li<1bililiLS or equity iiiblruiiiciits IllC¢isurLd 1¢1 aiiiortiscd cost. AII ¢quily inslrunienl is Iiny coiilrc1cI Iliat cvidencc5 2< rL%iduil1 iiilLrLst iii Ilie clsscls ot. tlic coinp<iliy after dLducliiigT Ic11 of ils liii bilitiLs. Fiiiicl acc(Jiiiitiiig All funds rcccived are unrcstricted in use and are expeiidable at the discrclion of the Trustees in furtherance of the objeclives ofthe charity. Tlie ch<irity accounts for funds as follows: Restricted funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure ivhich meets these criteria is ideiilified to the fund, togciher witli a fair allocation of overheads and support costs. ASM
Diingaiinon Eiilerprise Centre- N1018557 Reporl aiidfiiiancial.f¢utc'nient.gfor ihe year viided 31 Marcli 2023 Page 7 Notes to the abridged financial statements (cont'd) l. Principal accounting policies (cont'd) General funds General funds are donations and otlier iiicojiiing resources rLceived or generated ivhich are expendable at the discretion of the Charity in furtherance of its objectivcs. 2. Emplo>'ee information fdnd Dircctors, remuneration 'riie averagie number of persons (including executive directors) employed by Ilie company durin&F tlie year was: 2023 Number 20?? Number By actlvlty: Pro&Traii)i)l¥ d¢livLry Adiniiii%iraiiv 10 12 14 No ¢iiiplo)'ees t'all iiilo emolunienls bc1nd over £60,000, "fhc Trustees received no reiiiui)eration. no bcncfils in kind aiid iio reiinbursciiient ot" expeiiscs duringy the ycar. DirL*ctor.5 ' reiiiiiiieralioii No director received r¢inuiier<11ion in the curreiit or precediiib pLriod 3. Tangible fixed Assets Frechold pruperty Motor vcliicles plnt llnd cqiiipnieiil Total C05t Al l April 2022 Addilion Di%po%al At 31 Illarcli 2023 3,701.641 123,284 (182,366) 3,042,559 13,250 289,398 12,388 4,004,289 135,679 (182,3661 3,957,595 301,786 Dtprecilltion Ai l April 2022 Cl)argyc lor tliL year Dibpo.sals At 31 INlarch 2023 1,587.672 71,728 1142) 1,649,258 12,691 140 262,265 11,544 1,862.6?8 83,412 {142) 1,945,898 12,831 273,809 Net book value At 31 INlllrcli 2023 Ai 31 March 2022 1,983,301 2,113.969 419 559 27,977 27.133 2,011,697 2,141,661 ASM
Diingunnoii Enterprise Ceiitre- N1018557 RL'port andfiiiaiicial 5fatenient5for Élle Jiear ended 31 Marcli 2023 Page 8 Notes to the abridged financial statements (cont'd) 4. Creditors Tl)e bank overdraft and loan are secured by a fixed and floating charge over the Charity's preinises at 2 Coalisland Rd, Dungannon. Bank loaii lotalling £311,162 (2022.. £329,688) is being repaid by monthly inslalnients of £2,320. A bouiice back loan of £3?,393 (2022: £42,102) is guaraiitced by Ilie UK Governni¢nl uiidcr the Bounce Back Loaii Schenie. The loan is repayable over 6 years witli a rate of iiilerest of2.5 %. 5. ShAre capital Tlie conipclny is limited by a guarantee froiii each member of tlie board ot"dirLclors aiid does not have issued sl)lcrL capital. F•¢lch dirccior undertclkes lo conlributc to Ilie assets ot the COlilPL1ny. in Ihc cvciit of tlie same being Ivound up ivliilL tlILy arc a IiiciiibLr. or wiiliiii one yciif 1¥ flLr Iliey c&isc lo be ¢7 iiieinber, for P<iymci)t of dLbts Ic nd liclbi litics of the coiiipaiiy coiilriicled bcforL' tliey CL<1se lo be a mciiiber. aiid of IliL costs, cliargyes and cxpcnses of windiiigi Upi c1nd for the adjustinent ot" I11e rig7lits of the contributors aiiiong Ilicniselves sucli aiiiount as may bc required not exceeding £ l 0.00. 6. Summary of audit optlon I'hc auditors. rcport for Ilic year datcd 31 March ?023 W¥lS ullqu1c liliLd. Tlie sciiior statutory ¢luditor was Alistair Cooke. tor ciiid on bLliaif of ASM (D) Ltd. ASM