Dungannon Enterprise Centre (A conipany limited by guarantee) Filleted abridged financial statements for the year ended 31 March 2024 (Abrldgcd In ficcordnnco ivlih the provlsloiis of tlie Conipiinics Act 2006) Reg15trfitlon Iyo: NIO18S57
Diingannoii Eiiferprise Centre - N1018557 Reporl andfiiiartcial Sii7teiiivnl3for the year ended 31 Marcli 2024 Contents Page (s) Direciortr4 and advisers Abridged balanc¢ sheei Note4 to IhL abridged financial slatemenl.s ASM
Diingaiinon Enierprise Ceiitre- N1018557 Reporf andfiiiaiicial stateiiienfsfor tlieyear glided 31 Marcli 2024 Page I Directors and advisers Directors Yvonne Mitchell Ralph Broivn Waller Cuddy Andrew Troller Robert MilligFan (Resigned 0610912023) Siephen Mol)an Claire Murray Doniinic Nlolloy David Can)pbell Micl)¢lle Donnelly Caoiiiil)e Lowe Miclielle Sl)ambl¢y (Appointed 0810S12024) Secretary Michelle Donnelly Registered office Dung716 111i01113u%iiicNs Park 2 C0411islaiid Roiid DuiigYani)on Co Tyroiie BT716JT Solicitors F G Palloi) Solicilo 14 TIIoiiiii% Sireel Co 'fyronL BT70 IHN Bankers Dan%kc Bank 45-48 I4i&ph Street Portadoivn Co Arniabih BT62 1 LB Registered auditors ASM (D) Lid 79 Cunning,hams Lane Dungannon BT716BX ASM
Duiigaiinoii Enferpri5e Centre- N1018557 Report aiidfiiiaiiciul slalenieiEisfor tlie Jyeor elided 31 March 2024 Page 2 Abridged balance sheet L%otes 2024 2023 Flxed assets Tangible asseis 1,962,547 2,011,697 Current assets Debiors Cash al bank and in hand 76,246 320,944 82,624 395,068 397,190 (15S,964) 477.69? (199,749) Credltors: amount4 falling due within onc year Net currenl nsscts 241,226 277,943 Total Asyels less eurrent IIAbllilies 2,203,773 2,289,640 Credltors: aniounl% falling duc aficr morL Il)an one year (277,117) (305,714) Provlslons for IIAbllitles A¢crual.4 aiid deferrcd inconie (1,035,420) (1,066.796) Nct 1155et$ 891,236 917.130 The funds of tho chnrltv Tolal unrLslricl¢d fuiids Toial rc4lricied funds 'rotAI chArity fund5 891,236 917,130 891,236 917,130 'riiese ic bridgvcd fiiiaiicial stcltcinenls liave been prepared in accordance with the provisions ol. Ilie snirfl11 coinpanies regvini¢ wiiliin Part 15 of tlie Coiiipanies Act 2006. Tlie Siatemcnt or rinanci<11 activities and the Direclors. report liic ve iiol bcen dclivcrcd to Il)e Re&Yislriir of Coiiipcl11ieS in aLcordc1nce witli Ilie special provisions 1( pplicilble to coinp<l11iCS subjcct lo IIiL Siiici11 coinpanies rcgrinie. All of tlie Incinbers consented to Ilie preparation of the abridgyed balaiice slieet for tlie current year ending 31 March 2024 in accordance with Section 442 (2A) ofthe Companies Act 2006. Approved by the board of directors and signed on its behalf by.. Walter Cuddy Director and Trustee lichelle Donn¢lly Director and Truste The notes on pages 3 to 8 fonn part of these financial statements. ASM
Diingaiinoii Enterprise Cenlre- N1018557 Report andfinancial stalenieiilsfor ilieyear elided 31 Mqrcli 2024 Page 3 Notes to the abridged fInancial statements l. Principal accounting policies Siateiiieiit of coiiipliaiice The coiiipany's financial statements have been prepared in compliance with FRS 102 'The Financial Rcporting Staiidard applicablc in tlie UK and Rcpublic of Ircland. including the provisioiis of Section la, as il applies to the financial statements ofthe company for the year ended 31 March 2024. Geiieral iiiforiiiailoii aiid ba.wis ofpreparalioii Dungannon Enterprise Centre is a coinp<lny incoryorated in Northern Ireland uiider Ilie United KingFdoin Coiiipcllli¢S Act. Tlic addrcss of Ilie regyislcrcd office is gyiv¢n 011 pa&iL l . Tlic priiicipal clclivily of IliL conipilny is Ilic proinolion of busiliess eliterISe in the Dungyii nnon area througyli the provision of business support. Tlie financi1< I slc2tenienls 11re prcpc?rcd iii slerling? whicli is Ilie functional currency of tlie coinpiiny. Tl)e Iiiicll)Cl<l1 slcilLinciits arc rounded to tlIL ncc1rLst £ I Tlic financi¢il slateiiieiils 1i<1V¢ beeii prcpared in accordi111CL with Ilie Fiii<1JlCi¢il Reportiiig St<lJidi1rd 1ppIicciblL iii tlie UK aiid Republic ot" Irel<ind (fRS 102), Ilie AccouJitingF ¢ll)d RLPOrtiiigTr by Cliciritics.. sic11ciiiciil of Rccoiiiiiiciidcd Pr&icliLe <ippIic1c blc lo clic?rilics prLPL1riiig' tl)cir l inciiiLial sl<2tciiieiits iii ,Iccord1L IlCL Witli tlIL F'"Ill¢iiicial IILPOrtiiigi Stlc Iid<1rd applic1L blc iii tlIL UK c111d Ilcpubl ic ol" IrLl¢liid (I,'IlS 102) (L'IILclivc l Jc111U¢1ry ?015 (Clic2ritiLb SOIIP (I", RS I O?))i ciiid Ili¢ Clic2riliLs Act (NortliL'rii IrL11L lid) 2008 ¢iS aiiiciidLd by the Cli¢1rilics (fiiiclllcicil st1£ teiiiciils 1£ iiil Reports) Re&yulcl1ioiis (Northem IrL11L lid) 2015. Duiigciiiiion F.nlerprisc Cciilre iiieels Ilie delinition of <1 public cntily under FRS I O? Assets Iiiid licil)ililiLb 1¢ rL iiiilic2lly recogliiiscd ¢11 liisloriccil cosl or Iraiisc1Ction Vi11uc uiilLsb oilicThvise s11( tLd in thL relevaiil clccounling policy. liicoiiiiiig rii.%oiirce. Al l incoming resoiirces are includcd on tlie Silc leiiient of Fiiiancial Activities wlien the chi¢ rity is legally Liilitl¢d to Ilic iiicoiiiL. wlicrc tlierL is r¢,ISOlilc blc cLrtaiiily tli&11 tliL rLsourcL will bc r¢ciivccl c111d ivliLr Ihe iiionctl£ ry V<11ue Cc1n be quanti ficd ivith rci1SOll¢iblc accLif¢lCy. Cliaritable activilie.% Inconie is included in ilie statement of financial activities oli an accruals basis aiid net of V AT where applicable. Incoiiie is inaiiily dcrived froin rental of units in the business park and the delivery of business and enterprise progyraiiimes. Inconiing resources are deferred ivhere income is received in respect of future periods, Voliiiitary iiicoiiie Gifts, bequests and donations income is recognised when receivable. Donations - income by way of donations is included in full in the Siatement of financial actLVlties in the year in which they are receivabEe. ASM
Diingannon Enterprise Ceiilre- N1018557 Report andfinaiieial stalenientsfor ilie Jyeor ended 31 Marcli 2024 Page 4 Notes to the abridged financial statements (cont'd) l. Principal Accounting policies (cont'd) liicoiiiefroiii ollier Iradiiig activities Tumover is the amount derived from the provision of goods and services within the charity's ordinary activili¢s after Ilie deductioii of value added lax. Turnover, which excludcs value added tax. represents the value of goods and services supplied. Goveriiiiieiit graiils Granls that relate to specific capital expenditure are treated as deferred incoine which is tlien credited to tliL slateiiiLiil of fiiiaiicial acliiijlies over the rel¢lled c?sscI's usLlul life. Rcvciiue &iranls are credilcd to Ilie Siateiiieiil of £inaiicial aclivilics iii ilic saiiic year as Ilic related expenditurc is iiicurrcd. ReveiiiiLi recogiiilioii RcvLiiuc is rccogiiiisLd to IIIL cxlciit 11ilc I IIIL COIIIPcliiy obilc ins tlic rigylil lo coiisidL'r1c lioii iii cxcli&iiig?L' for its pcrfoni)ciiice. RcvenuL is IiiC¢lsurcd cit IIIL f<1ir valuL of (lie coiisid¢rc11ioii rcccivcd, cxcludii)g discouiils, rLbcltcs, V AT aiid oiliLf SL2lcs Iiixes or duly. I"IIL t'ollowiiigl Lrilcrii< iiiusl L11so bc ii)Lt bLlor reveiiue is rccogiiiiscd: Sale of scrviccs Revenue froiii Ilie sale of servicLS is recogynised wliei) tlie sigFiiificaiil risks and rewcirds of owiicrsliip of Ilic sL'rvicLS1i41VC P¢15sLcI lo IIiL custoiiiL'f, USU<illy oil dclivcry ol" projLcls 411 agyrLLd slc)bFCS; tIIL' i)IllOUlIt of revciiuc Ccl1I bc iiiL'<?sufLd rcl i2( bly; ic lid il is probLlblc 1111( I Ilic ccoiioliiic bei)Llils 41SSOCiI11Ld willi tlie Irii IIScQCtioii ivill Ilow lo IliL' Liilily. Rentcll iiiconie Reveiiue froiii tlIL rental ot" business uiiils is reco&iiiised as invoiced lo the cusloincr under tl)e teniis of tlie rental 1( gyr¢ciiiciit, Usucilly 011 1¢ nioiiilily bic sis. Security deposits obi¢iiiicd al IIIL. onset of new Iciiiincics arL licld on Ihe b¢?1IL nc¢ sheet until such time tlic11 nolice Io V<1C¢lte is received arid IliL tenaiit CLases OCCUPc111Cy. TtLYalioii Prior lo April 2019, tlie cliargJe for ti1xatioii was bascd oli tlie profil for Ilic ycar as adjuslcd for disL111oivcoblL' ilLiiis aiid lor liiiiiiig di I'ferLllCCS to IIIL cxlciil Ili<lt tlicy werL' unlikcly io rcsuli iii (qll Ic CtUc11 l<lX 11¢1bility iii IIIL forLsccablc luture. SiiicL rLgyislcring as a cliarity on 23 Maroli 2019, Ilic coiiipaiiy's 1Ctivilies iio loiigyer fall wiiliin tlie charg?c of lax. Tiiniiig di ffcreiices arose from tlie recognition for tax purposes of certain ileiiis of iiicoine and expenses in a differeiit accounting period froni Ihal in whicli they were rccogiiised in Ilie fin1( ncial slalemenls. The lax eft.ect ofiiiiiing dift"erences, as reduced by the lax benefit of any accuniulaled losses, was treated as a deferred lax liability. Re.%oiirces e.Ipeiided All expeiiditure is accounted for on an accruals basis and has been classified under headiiigs that aggregalc all costs related to thc category. Wliere costs caniitTri be directly atlribulcd to particul<ir headings they have been allocated to activities on a basis consistent with use of the rLsources. ASM
Diingannoii Enlerprise Centre- N1018557 Reporl aiidfiiiancial slalemenlsfor ilieyear ended 31 March 2024 Page 5 Notes to the abridged financial statements (cont'd) l. Principal accounting policies (cont'd) Clioriloble aclivities These costs include direct expenditure relating to economic development and expenditure in administration of the Charity. Jrrecoverable VA T Any irrecoverable VAT is chargyed to the statement of financial activities, or capilalised as part ot. the cost of tlic related asset, wliere appropriale. VoliiiileeY.s aiid doiialed service. No value of donated services and tiine is accounted for in the financial slatcnienis. PL?ii,%ioii .%cliciiie arraiigeiiieiit.I The coiiipany operates a defiiied contribulioii scheine. Tlie assets ot. Ilic sclieiiic arc hcld SCPiiratLIy rroin Iliose ot" Ilie coIiipany in an indepeiideiiily <1dininistered fund, and coiitribulions are c111( rg?cd lo St1( ILniciil or rinancicil activities in Ilie pcriod to which they relate, Fareigii eiirreiicie.% Traiisaclions dciioiiiinc?ted in forcigyn currency <1re Ir1( nslaled iiilo stcrlingF at tlic rate of exchaiigpe rulii)g ,It tlic dalc of IliL Irc111saclioii. Molictciry assLtS 1¢ lid li<2bilitics dcnoi)iinatcd iii forLigii curr¢iici¢s al tli b1¢ Iqincc slicct dcilL ¢2r¢ tr<iiislic tcd iiilo sterling? al tlic cxcli¢lllb7C ratcs ruliiig al thal dic tc. All cxcliaiigiL dil'lereiices arc t<1keii to the Stalement ol. tiiiaiicicil aclivilies. Sliort ti•riii eiiiplojiee beiiL'fil.% Sliort tenn Lii)ployee benLfits are recog7nised as an expensc iii Ilie pcriod in ivliich Ili¢y ar¥ incurrcd. Jiifaiigiblefi.red a.s.ILIl.s - soft>vare developiiieiil Sotlwc2re cosls are written off as incurred, except for purclic1SLS froin third parties iii respect of major sysleiiis. lil sucli cases, the costs lire ivrilten off over 11 mi1xiniuni of. Ilircc years froni the dic te of iiiiplement1c lion. ASM
DiiiigannoA Enlerprise Centre- NIOJ8557 RL'port andfiiiancial staliittic'nlsfor iligyeur ended 31 Marcli 2024 Page 6 Notes to the abridged financial statements (cont'd) l. Principal accounting policies (cont'd) Taiigiblefi.red assets Fixed assets are staled at their purchase cost, together with any incidental costs of acquisition, less accumulated dcprecialion, Deprecialion is Ccllculaled so <1S to write off the costs of tangible fixed ¥issels. less Iheir estim<lted residu¢il Vic lues, over tlie expected useful econoinic lives of tlic c1bs¢ls coiicerned. Tlie princip£21 <lllllU1L I ratcs used lor Ihis purpose are: rreeliold propcrty Molor vcliicles Plc1111 (ind cquipment 2 slraibFhi liiie 25 reducingi laiice 15-33 slrl& iglit line liiipairiiieiit of iioii-fiiiaiicial a.%.iels The COliiP<llly 1lSSCSSCS at cacli reportiiig d1( te ivlieilier an asset iiiay be iiiipaired. If cllly sucli indication exists tli¢ COlllP<iny esliiiiales tlie recoverable ¢iiiiouiiI of Ihc <isscI. Ir il is not pos%ible to esliiiiate Ilie r¢cc)vLrc1blc 111110uiII ol" Ilic iiidividuc11 clsscl, IIIC COlilP¢1ny eslinic2tes, Ilic recoverc1blc ¢iiiiounl ol. tlie C&isli YL'iIL'f¢iliiigT uiiil lo ivliicli IIIL iisscl bclongys. Tlie rLLOVLfLiblL Ic IllOUlIt ot. (lll c1bSLI or C1L sli bVLI)Lf<11iiigy ui)il is Ilic liigvli¥r of ils fi< ir valuc ILss costs lo SLII aiid ils V¥llue in usc. Ir Ilic rLcov¢f<1blc <111i0uiII is Icss tli¢lll its CilfryiJi&i 11niounl, Ilie carryiiigi aniounl of Ilie asset is illlP<iircd Ic lid il is reduced to its recovcri1ble ,IiiiouiII Ihrougyli an iinp<iiniient in the Siatenienl of finaiicial aclivities. Ali illlPcliniiLiil loss recog71Iised for all ¢issels is rcversed iii Il subsequent period if and only if the reasons for tIIL illlP<2iniiciil loss li¢lVC Cec1sed to <lppIy, Fiiiaiicial iii.1triiiiieiil.I Fii)aiicial ii)slrumcnts are c11( ssl lied Ilnd accouiiled for, 1¢ ccording to the subslc211ce of the contractual arri111&yLiiicnli £lS ciili¥r fiiiciiicial Ilssels, lincqllClc11 li<lbi litics or cquily iiislruiiiLI)Is IllLcisurLd al ¢llllOrtisLd cost. Ali equity instruincnl Is i& ny conlr<1cI i1i&1t evidciices a rcsidual iiitcresl in the Ic sscls ol"Ilie COlllP<1ny atler deduciin&? l of ils liclbililies. Fiiiid aceoiiiifiiig All funds rcccived are unrestricted iii use and are expendic ble at the discrelion of tlie Trustees in furtliercince of Ilie objectives of the charity. The ch2¢ rity accounts for fuiids as follows: Rcslricted funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which nieets these criteria is identified to the fund, together with a fair allocation of overheads and support costs. ASM
Diiiigaiinon Enterprise Centre- N1018557 Report andfinancial slalL*iiieiilsfor theyear ended 31 Mareli 2024 Page 7 Notes to the abridged financial statements (cont'd) l. Principal accounting policies (cont'd) General funds General funds are donations and other incoming resources received or generated which are expendable at the discretion of the Charity in furtherance of its objectives. 2. F.mployee inforn)ation And Directors, remuneration The avcrclgie number of persons (includingF executive directors) eiiiployed by the company duriiig the ye<1r was., 2024 Number 2023 Number By Actii'ity; Prosprai)ii)i¢ dLIiv¢ry Adniinistralive 12 12 No eiiiployees f1(11 into emolunicnls b£ind over £60,000. Tlie Trustees received no reinuneration, no bcn¥fils iii kiiid ai)d no reiiiiburseiiiciil of expeiises duringy tlie year, Direclor.%' reiiiiiiieratioii No direclor received reinuiieri11ioii in Ilie current or precediiig period 3. Tangible fixed assets Total Cost Ai l April 2023 Addition At 3 I IlIurch 2024 3,957.595 40.953 3,998,548 DepreclAtlon Ai l April ?023 Cliarge for the year At 31 lI7rCh 2024 1,945,898 90,103 2,036,001 ,Yet book valuo At 31 Nlthrch 2024 Ai 31 MarLI) 2023 1,962,447 2,011,697 ASM
Diiiigaiinon Eiiterprise Ceiitre- N1018557 Report andfinaiicial statemenlsfor tlieyear ended 31 illarch 2024 Page 8 Notes to the abridged financial statements (eont'd) 4. Creditors The bank overdraft and loan are secured by a fixed and floating charge over the Charity's preniises at 2 Coalisland Rd, Dungannon. Bank loan lotalling £291,629 (2023: £311,l6?) is being repaid by Inonthly inslalinenls of £2,320. A bounce back Iocln of £?3.328 (?023: £32.393) is g7U¢lranteed by the UK Government und¢r Ilie Bounce Back Loan Sclienie. Tlic loaTi is fcpciyablc ovcr 6 yc?c rs willi ¢1 ratc of iii(crLsl of 2,5 /0. 5. Share capitAI The company is li1i1ited by a guarc1ntee from ec2ch member of Ilie board of directors cind does not have issued slic1re capital. -,Ich dircclor undertc1kcs lo coi)Iribute lo tlie 1< sqets of the compiny, in the event of thc .8611nc beinb Ivouiid up wlii IL. IIILY iifc <1 InLiiibcr, or iviiliiii onL yL&if 1¢ IILr IIILY LLclSL to bL Li iiiciiibcr. lor Pic yiiILiII or debis 1( Tid li<1bilities of Ilic coiiipaiiy coiilrc1cled belore Ilicy ccase lo be a iiiciiibcr. and ot" tlic cosls, cliarb7es aiid expenses of windiiigy up, and for Ilie adjuslinciit ol. tlie rigilils of the contributors <iiiion theinselvcs such aiiiount as niay bc rcquired nol cxceedin&y £1 0.00. 6. Sumniary of Rudlt option The auditors, report for the year dated 4 Septeiiiber 2024 was uiiqualificd. The senior slatutory auditor Wc1S Alislair Cooke, for and on bcli¢llf of ASM (D) Lid. ASM