Dungannon Enterprise Centre (A company limitcd by guarantee) Directors, report and financial statements for the year ended 31 March 2024 Rcgistratlon No; N1018$57
Dungannon Eiiterprisg Ceiitre Reporl andfinaiicial stotemenlsfor rhe year ended 31 Mareh 2024 Contents Page (s) Direciors and advisers Trusiees. report Report of Il)e independenl auditors 8- 11 Sialemeni of financial aclivilies 12 Balance sheet 13 SialLnienl* ol"clii1llb?¢% in cquily 14 NoiL% 10 Ihc finoncial slaien)eni8 15-23 ASM
Dunguiinon Enterprise Ceiitre Reporl aiidfinancial slatenienlsfor ihe}iear elided 31 Marcli 2024 Page I Directors and advisers Directors Yvonne Miichell Ralph Brow'n Walter Cuddy Andreiv 'froller Roberi Milligan (Resigned 0610912023) Stephen Mohan ClairL MUaY Dominic Molloy D21 vid CanipbLII Michelle Doiinelly Cc10iiiilIL Loii'L Miclicll¥ Slianibley (Appoinlcd 0810512024) Secretary Miclielle Donn¢lly Reglstercd office Dungyannon Busiiics4 Park 2 Coiqli%land Road Dunsvaniioi) Co Tyroiie BT716JT Solicitors F G Paiion Solicitor% 14 Tl)oii)u% SirL'el Dun&Fani)on Co TyroiiL BT70 1 I.IN Bankers D1( liske Bank 45-48 1.libyli Sireei Portadoivn Co Annabih BT62 1 LB Registercd auditors ASM (D) Lid 79 Cunningliams Lane Dungannon BT716BX ASM
Duiiganiion Eiiferprise Ceiitre Reporl aiidfinancial &lalemenlsfor tlieyear elided 31 Marcli 2024 Page 2 Trustees, report The Trustees, who are the Directors for the purposes of company law, present their annual report and financial statement for tlie year ended 31 March 2024. Principal Activities The mission of Dungannon Enterprise Centre is to slrengtheii the economy of the area by encouraging economic developmenl and supportiiig entrepreneurs to create and groiv coinpetitive, profitable aiid wealth gFciicratinby cnterpriscs. It does this by providing rentcd workspace accoiiiniodalion at favorable lemis, office support services, busiiiess trciining aiid nieiitorin&, haiids-on digyital marketingF social Iiiedia ai)d niobile niovi¢ niic king support. Structure, governance, and managcment DuiigJ¢21111011 r.lilcrpriqe CLntr¢ operc2tes as a liniilcd Colilpillly by gYUclf1L lltee (Conip1L ny No. Nl l 8557) ,Ind obtlc iiied regpistration with tlie Cliarity Coiiimission for Nortlierii Irelaiid on 23 Marcli 2019 (Clii& rily No. 107??7). Tlie coiiipany was foundLd based on a Meiiior¢induin of. Association, outliningF its charitable objectives nd powers, and op¢r4ltes in accordance with its Articles of Associ1( lion, The seleclioi) of directors adheres to the provisions staled in tlie cliclrily's Articles of Associ<ltion. Accordiiig, to Iliese provisioiis, dircclors clcctcd to Ilic Bo<1rd for a IhrcL-ycar tcnii musl relire troni Ilicir positioiis at e¢lch Annual Gciiercil Mceting. Howevcr, Iliey rein&2in elig7ible for re.cleclion. Financial Revieiv The results for tlic year are set oul below, wliicli the DirLclors coiisidcr to be S1£ list¢lCtory. Tlie reservcs of Ilie Compic ny are lield for advancemeni of ils clilc rillc ble purpose, other tlian restricted rcs¢rvLs ivliicli (irc licld for 1¢ dLsi&yi]cltLd purposc. Directors ThL Direclors who held office duringl tlie ye<ir aiid up lo the d11 le ot. sigiiiature of Ilie finaiicial slatLiiicnls wLre folloivs., Yvoiiiic Milcl)ell R411pli Broivn WaliLr Cuddy Andrew Troll¢r Robcrl MilligF[211 (Resigyned 0610912023) Stephen Moliai) CIK2ire Murr(ly Doiiiinic Molloy David Canipb¢ll Mi¢hell¢ Donnelly Caoimhe Loive Michelle Sl)aiiibley (Appointed 0810512024) ASM
Duiigannon Enlerprise Centre Report andfiiiancial statementsfor ilieyear elided 31 Mureh 2024 Page 3 Trustees, report (cont'd) Objeets and activities Dungannon Enterprise Cenlre's primary mission is lo advance economic atid communiiy development while pronioting urban and rural regeneration in Dungannon and ils surrounding areas. We tulfill this purpose tlirough a comprehensive range of services, including: Providing business units and nieeting facilities on favorable temis. OtTering funded enterprise support progranis and iniliatives. such as pre-slart progyraiiis, start-up programs. and business development prograiiis for establislied businesses; Delivering practical advice and mentoring to established busiiiesses, enabliiig Iliem to Ilirive. Implemeiiting einployability and enterprise support inili111ives £pLcificc111y l¢iilored for local schools; Proi'iding office &1nd secrctclrial services lo small businesses uiidcr l¢ivof61ble coiidilions; Oft'criiig projLcl Ilnd property iiiancqgTLiiieiil scrviccs, aloiig witli advicc and support to coiiiiiiuiiity aiid volui)iary orgyl< lli72¢ tions ilirouglioul the district. By dcliveriiigi Iliesc services, Dungyciniion Enterprise Centrc actively coiitributes lo th¢ gyroivth and prosperity of. the local coiiiinunity. Achiei'ements And performance Property Througlioul the year, the occupancy ratc within Ilie Business Park has reniained stable, ii ver<2ging 98% with 80 Icni1nts. The Enterprise Centre coiitiiiued to proiiiote its incub£i1ion SPc1ce, DuiigFaiinon Evolve, .IIoiibY Iviili ils support P¢ickc1&ye for iicw busiiicsscs. Tlie iicivly Lslablislicd coIil<iiner P¢irk 111s b¢eii .SUCCCbslul. witli all 19 SILLI conl<llllL'rs fully occupicd, providiiig cxisliii&y ILiiants willi addilioiial storc1gYL SPI1CL. Tlie Enterprise Cciilrc rcniciilis comniilted to iiicrc<1Siii& fooifc111 in the town <1nd contributing lo its prospLrity. Siiice Augyusl ?02? 11)e CeiitrL Ii<qS lec1scd cl dcrclict SP¢lCC cldjacLiil to M&?rkct Squ<irL, oiviicd by Mi id Ulslcr Couiicil. Tliey Iransfoniicd tliis clre<l into 1( 11 cvciii11111c rkcl SP1L ce usiiigy recyclLd stLel sliippiiigl coiitaiiiers, <liining' to eiicouragyL ciilrLpr¢ncurs lo host evcnls tlicil drc2W peoplc to the town. TIIL Spcice L Mc1rket Square Ii<iS lioslcd ic Vciriely of events, including? niL1rkels, public cnlcnainmcnt, pop-up ciiiemas, street food fcstlV<11s, 14alloiveen and Clirislinas festivals, clic1rity cvents, Ic lid scliool entetprise incirkcls. I"lic Dungclnnon F.nterprise Centre licls continued to miillcigpe Ihe coinmcrcial propcrty oiviied by the Augllincicloy DL vclopniLni Association (Tlie McCr¢Ldy M ill), Ivliicli hic s acliicved full OCCUP1( ncy throughout tlie year. Additionally, the Ceiitre oft.ers <in iiiduslrial letting service to local private propcrty oivners and assists coiiimunity groups ii) leasingy their workspace. Business Start-up Support The Centre has continued to reinvest ils surpluses into supporting new entrepreiieurs considering self- clnployineiit by providing additional busiiiess (raining aiid intensive nieiiloriiig. Eis branded business slc?rtup support service, 'Launchpad,' offers busiiiess startup advice and oiie-on-one mentoring free of cliarge to aspiring entrepreneurs. A total of 125 individuals received startup advice, and 42 new entrepreneurs received further confidential business mentoring through the Enterise Ccntre's own branded business slartup support service, Launchpad." ASM
Dungaiinoii Enlerprise Ceiitre Reporl andfinaiicial sfatenieiitsfor tlieyear ended 31 Marcli 2024 Page 4 Trustees, report (cont'd) Business StArt-up Support (cont'd) As part of its commitment to supporting new entrepreiieurs considering self-employment, the Eiilerprise Centre continued to reiiivest its surpluses by offering additional business training and intensive mentoring. Tlie Centre's mission includes providing business startup advice and one-on-one mentoring free of charge to aspiring enlrepreneurs. Dungannoii Enierprise Centre delivers projecls in tlie Mid Ulster area. Wilh ongoing delivery of njeiiloring for the Northern Ireland Entrepreneurial Support Service 'Go Succeed Growth and Scaling, for established and growiiig businesses, DEC are supporting growing businesses across Ilie regyion. Businesses were also supportcd through a range of nelworkinbv sucli as the Business Boost Breakfast, Job Fair, I'hc Social Mcdic1 Bootcaiiip , Rise aIid Shine cveiit series aiid Ilie Ecic fe Lunch (2nd Lcam. Tliese eveiits havc Iielped support over 150 businesses. DEC <11tended the engineering Ir¢ide shoiv in Hillhe<id, a premier event for the engineering iiidiiqlry. Tliis partiCiPL11ioii WclS 11iincd Lil Iiclworkiiigi willi soiiie of I"yroiie's 111rgycsl Iiiaiiufacturiiigi businesses arid crcalii)g gireater exposure for our services. Iii our oiig?oing coiniiiilmLnt to support educalionc i nd providL rLal-Ivorld Lxpcrieiice lo sludciits, IVL lioslcd Ilirec work plclcciiILiiI sludents froiii IocLiI scliools 1L lid collcgyLs. DEC successfully dclivcrcd 1¢ SLriLs ot. sLliool oulre<lclI progFr<2iiiiiies dcsigFiILd to ciili¥lllCC sludciit skills c2iid C¢?rLLr rLi1diiicss. "fiiLSC pro&FraiiiiiiLS includid Iiilervicw Skills dlc ys, (Is ivell c?s eiigFclgYiligi coiiipelitiolis like DragFons Den <iiid Tlie Appreiilice, bciieliting 300 pupils over Ilie year. Drc ivas Ilic dll ivery clgpciit rcspoiisiblc for Ilic dcsi&TI) 1£ lid dLliv¢ry of Mid UlstL'r EiilL'rprisc WL'Lk ?023 011 bLlic11f of Mid Ulstcr DislriLI Couiicil. A sLries of 10 iii persoi) ¢111d oiiliiie evLiils ivcr dLliv¢rLd iii Noveiiibcr 2023 to support bu8iiicssLs <icross Mid Ulsl¢r ivitli ovcr 400 busiiicss bencfitingy from the week of eveiils, Iii DLceinber 2023, we liosled the Jiiigle Bil11 Run, a feslivc fundraisingy event held in the Mcirket Sqii<irL of Duiigi(11111011 towii ceiilrc. This cvciil t"CciliirLd l 0,000 b<111s rolliiigy doivii tIIL %qU<irL, orrcriiig, P&iriicipanls Ili¥ iliaiicc to win Lxciting pri/.¥s wliilc supportiiig SVP Duiig7(Iiinon, TAIS and Projccl -¢iiiibia. The Space has successfully hosted a variety of evei)Is Comedy Bcltile, B¥lrket Market, Tlie Mid Suiiiiner M¢1rkel, Flca Mcqrkcl, Cliristliias Markct and outdoor cin¢iiic25, aiined al supporting local ciilrcpreiielifs cind sinc111 busiiics.scs. Tli¢se eveiil.% h<1ve providcd 16 plic I fonii for sliowcasing products aiid scrviccs, fostcring? coniiiiuiiity ciig7agTCIllClIt, aiid proiiioliiig? local ccoiioiiiic &Troivth. ASM
Dungunnou Enterprise Ceiilre Report undfiiiancial slalenient5for Ilie Jiear elided 31 Marcli 2024 Page 5 Trustees, report (cont'd) Business Start-up Support (cont'd) Dungannon Enterprise Cenlre was project lead on three European Erasmus+ projects along wilh ils European partners and completed all projects in 2023. SFITNE - a progrc1nime lo develop a toolkit for educalors 16 nd curriculum coiitent to support and develop leadership skills for fcinales iii tlie third sector across Europe. Partners froiii UK, Irelc111d. Sweden, Iiiqly. Ecafe - a progiric miiie lo develop cU1cUluM and workshop content for organisalions lo use to support and teach adulis startiiig businesses across Europe. Partners are froni UK, Ireland, Fiii1l¢ nd, Gemany. Turkey. CSI EU - 1 progFr¢iiiiIne to develop a loolkit and curriculum of coiicepis and niciliodologies usLd iii tlie cultural sector to drive social innov¢1 lioii and digiital Iransfomiatioii across Europe. Partiicrs are Ironi UK, Irelaiid, 14uiig7ary, Greece and Iialy. DEC contiiiucs lo en&7agye in besl practice leaniin&y across Europc and has beiiefited froiii traiiiingF via Erc1sinus + Surviving DigTilal aiid N1Llurc projects in Si Deiiis, Ailieiis aiid Bolos7iia. Tlicsc opportunities <ire a crucial coiiipoiieiil of our ongyoingi efforts lo enliance internatioiial cooperation and knowledsTc excliangy¢ wiiliin EuropL. Tlie teain has contiiiucd lo eiil111nce 'Evolvc DuiigJ¥lniion, a coll<ibor¢ltive support progyniiiiiie dcsi&Fiied io assist individuals iii overcoiiiiiig cI11L Il¢n&yLS aSSOCiclted wilh 11< uncliing? a startup busincss, Tliis initialive provides workspc?cL aiid gyuid<111ce crucial for succcss, supportiiig young businesses IlirougTlI pivotal stc1gYCS Ot girowtli. 'I'lirougYlioul IIIC yL<1r, five incub<ltLcs rLccivcd support tliroug?li tl)is iiicubatioii pro&ir<llll, aiid two iiicub1c ILCS gyr¢idu¢ilLd t"roiii IliLir iiiilic11 spacL lo111rgiLr accoIiiiiiod¢ltiOllb, Conlniunity and Social Rc5ponsiblllty Tlic corc niission of Duiigianiioii Eiil¢rprise Cciitr¢ r¥ni<1illS focuscd on fostcring c¢oiioiiiic dL'vLlopiii¢iil by proiiioliiig 11 nd supportingi sclf-eniployiiicnl initiativLs. Over Ilie Pilst yLar. th COIIIPcllly lias 1c Ctively invcstcd fuiids and starr tiine iii collic borc11iiigy iviili Ioc1L l orgF(111i/alioiis Ili<lt sl)?( fL this visioii. A noiiiblc P1( rtiierbliip ii)volvLd workiiig7 closely ivitli sLcoiidc1ry scliools iii Ilic Soutli Tyronc arc<1 to raise aivarLIicss qc bout ciitrLprLiicursliip aiid advoc1( IL for SLIt'_Liiiployniciit 11S a Vi1( blc lid fulfilliiigF carccr paili. ThrougFh tlicse el"lorts, tlic Enlctyrisc Ccntrc is actively nurturingy Illl ciilrcpreiieuricil spirit witliiii tlie coinmuiiily. Tlirougilioul thc ycar, DuiigFaiinoii Enlcrprisc CLnlr¢ slciycd dcdici11Ld to ils niission of proinoting7 scl r- einploynici)11c nd raisiiigy 1( Ivarcncss clbout eiitrepreiieur511ip. Tlie org¢inizc11ion reiiivLstcd ils surpluscs aiid slaff rLsourccs into various inili<ilives to support Iliese goals. Key coiiiponeiils of thcsc cttorts includLd nolablc prograiiis such as the LaunchPad ProgTrramme. Exploriiig Enterprise Prograniiiie, Evolve Dungannon, and Purple Dot Media. These initiatii'es included iraining programmes and mentoring opportunities focused on self- employnienl. equippiiig aspiringy entrcpreneurs with essential tools for success. The cumuli11ive impact was significant with entrepreneurs actively participating and benefiting froIn these programInes throughout the year. Dungannon Enterprise Centre's unwavering dedication has been instrumental in encouraging and empowering individuals to pursue self-employment and entrepreneurship. ASM
Duiigaiinoll Enterprise Centre Reporl andfinaiicial stalemeiilsfor ilie year ended 31 March 2024 Page O Trustees, report {cont'd) Statement of direetors, responsibilities The directors are responsible for preparing the Trustees, report and the financial statemenls in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors hi1ve elecled io prepare thc financial stateiiicnts in accordance iviili Uiiited Kin&Fdoin Generally Accepted Accounting Practice (United KiiigFdom Accounting Standards) and applicable law. Undcr coii)Pclliy lic Iv Ilic dircctors iiiusl not approve Ihe fiiicliicial st¢11ciiicnts uiilcss Ihcy (lre Sic tisficd tliat IliLy glivc a true 2( lid l¢iir vicw ol" tlie slcltc of al'fairs of the coinpaiiy aiid ol" tlie surplus or dcficil of the compc1Tiy for tli<lt pcriod. In prepiirii)g7 iliese 11111c iicial slatenienls, Ilic directors clre requirLd to: select suitable accounting policies and Ilien apply thein coiisislently; mak¢ judgiiiiciits aiid ic CCOUlltiii&i esliiiialLs ilial arL rLasonable and prud¥nt,' aiid prLp<1r¢ tlic fiii2c IICicil st1( leiiieiils 011 IliL gpoingy coiicern basis unless il is inappropri<ltc to prLsume that tlie coiiipany will continue iii business. The dirLclors c1re respoiisible for kecpingv adequclte accountiiig rccords that arc sufticieiit to show aiid cxplil111 IIIL conipaiiy's tr¢lllSciclions ¢ind disclose with rcasoiiablc accurclcy 1¥ l any iiiiiL Ilie fiiiilllcicil po%ilioii of IliL Colllpcllly 1( lid eiii1ble tlILiii lo cnsurc 11i2c I tlIL f1111c IIClc11 stc11¢niciits coiiiply iviili IIIL Coiiipcl11iC% Act 2006. TIIL'Y <ifL' (1150 rL'sponsible t.or Scifebyu¢irdiiigy IIIL <lSSL'ls ol. IIIL COIIIP¢llly 1111d licIic lor l<lkiiiby rL<lsoll¢ible stei)s lor ilic prLv¢i)Iioii <liid deiLclioJi ol. fnud <111d oilicr irrLg?uliirities. Statenicnt of disclosure of inforniation to Auditors So t.ar as Ilie direclors are aware, there is no relevant audit infomiation of wliich the conip¢lny's ,iudilors 11fL ull&2Wl¢ re 1¢ nd we li1lVC t<lkLn al I tl)e stcps Iliclt we ougylit lo have tcikcIi 11S directors in order to nicike ourselvLs awc1re of <1ny relevanl audit int'orniation and to cstclblish Ilial the compaiiy's auditors rL (iware of that infoniiiltion. Auditors ASM (D) Ltd has expressed tlicir ivillingFiiess to continuc as auditors for the ncxt fin¥2llcicil yLar. Small COmPRnies' regime exemptions Tlie directors. report l11cS beeii preparcd takiiig advantag¢ of the exeiiipiioiis availablc to sniall coiiipanies under tlie Coiiipanies Acl 2006. By the order of the boArd Ivalter Cuddv Company Director 4 September 2024 ASM
Dungaiinoit Enterprise Centre Report andfiiianeial slatenienisfor Ilieyear elided 31 March 2024 Page 7 Independent auditors, report to the members of Dungannon Enterprise Centre Opinion We have c1udited the financial statements of Duiigannon Enterprise Centre for the year ended 31 March 2024 ivhich comprise the Statement of financial activilies, the Balance sheet, the Statement of changes in equity and the related notes including a summary of significant accounting policies. The financial reporting frainework ihal has been applied in tlieir prepclralion is applicable law and Uiiitcd Kiiigdoni Accounting Standards including Fiiiaiicial R¢portingF Stciiidard 102 'Tlie Fiiiancial Reportin& Standard pplicable in the United Kingdoin and Republic of. Irelaiid" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a Irue and f1& ir vieiv of the stc1te of the compclliy's affairs as al 31 Mc2rcli 2024 and of ils surplus for ille year tlien elided: liave bLen properly prepc1red in accordance with United Kingdoln Geiierally Accepted Accouiitiiig Praclicc,. liclvc bccii prep&?red in clccord1c nce willi the requircmenls of thc Compilnies Act 2006; hi2VC bLcii prcparLd iii accordaiicc willi tlic rcquirLIiiciits of Ilie Cliaritcs Act (Northcni Ireland) 2008. BAsi5 of opinion We conducted our ¢iudit iii accordance with Iiilemic lional Stand¢1rds oli Audiliiig (UK) (ISAS (UK)) .Iiid <1ppIic4iblc Ic1W. Our responsibililics uiider Iliose slciiidiirds <irL furtlicr dcscribcd iii Ilic Auditors, rLsponsibilitics for Ilic audit of IliL fiiii111clcl1 $1(1 temcntS SL'Ctioii of our report. Wc 2¥ rl iiidcpLiidLiil of the comp1< liy iii accord¢lllCC iviih Ilie ethic<11 requircIiieiits Ihal c1rc relcvclnt to our L1udil of Ilie tinancic21 sl<11eiiieiits in tlie UK, includiii& the FRC'S Etliical Stlc Iidc1rd 1cTid wc liavc fullillLd our cthiLal respoiisibilitcs ill c1ccordaiice ivitli tliese requireliieiits. We belicvL tliat Ilie audit evidence IVL liave obiaiiiLd ib sufliciciil 1111d 12pproprialc lo proi'idL a basis lor our opiIiioii. Conclusions relating to golng conecrn In audiling tlie fiiiancic21 stillenients. we havc concluded that.. Ilie dircctors, usc of thc going concern basis of accounliiigi in the prcparalioii of Ihe finilncial sl<ltciiiciils Is <1pproprialL and based oli the work ive have perfomied, we have not identified any material uiicertainties relatiiig lo eveiits or conditions that, individually or collectively, niay cast sigiiificanl doubt 011 tlie compaiiy's ability to contiiiue as a going concern for a period of at least twelve months from tlie date wlien the financial slatemenls are auihorised for issue. ASM
Duiiganiioii Enlerprise Cenlre Reporl andfinancial Sialenient5for tlieyear ciided 31 Marcli 2024 Page 8 Independent auditors, report to the members of Dungannon Enterprise Centre (cont'd) Other information The other infomalion comprises tlie infomiation included in ihe Trustees. report and financial slatemenls, other than Ihe financial statements and our auditors, report thereon. Tl)e directors are responsible for tlie other infomiition. Our opinion on the finclncial slatemenls does not cover the otlier iiifonnalion and, except to the extent oilienvise expliciily stated in our report, Ive do not express any fomi ot. assurance coiiclusion iliereoii. lii coniiectioii willi our ic udit of the fiiiancial stalemenls, our responsibility is to r&1d Ihe other iiifomiatioii and, in doing so, consider wlieiher the otlier infomalion is materially inconsistent ivith the financial statemeiils or our knowledge obtained in the audit or otlierwise appears to be materially misstc21ed. Ir we identify such m1¢ lerial inconsisteiicies or ,1PPi1renl m<lteril¥l misslc11eiiienls, we are reqLiirLd lo detemiine whetlier tlierc is a lil<lterial iiiisst<11eiiicnt iii tlie fiiiaiicicil stc11einenls or a mic tLri411 niisstaleiiieIil of the oilicr infomic1tion, If, bic sed 011 Ilic work ive 11¢1VC perfoniicd, we concludc Ili<il IIILrL is a inic tcrial misslclleiiiciil of Iliis oilicr iiifornicllioii wc are required lo report thi11 l<lCt. We have noiliiiigy lo report in this regFard. Oplnion on other matters prcscribed by the Companles Act 2006 In our opiIiion, based on Ihe work undcrt1¥ kcii in tlie course of our iiudil, Ilie infornialion g7iven in Ilie Truslccs, rLPOrt for the tinancial year for wliich the fini211Ci1< I stlL tenients arc preplc red i.q consistenl willi tlie I111¢1ncial slcileiiients and has bccn prepared li) accord¢ince willi Ihe applic¥1ble le&y1(1 rLquirLiiieiits. lli tlie li&ilil of the knowlLdgyL aiid uiiderst<1ndiiigy of Ihc comp<llly l& nd its enviroiiiii¢nt obic1ined iii the coursc of tlic ciudil wc liave iiot idLiilificd ii iiy iiiatericil iiiisst<11ciiiciits in Ilie Trustees. reporl. Matters on which wc are rcqulred to report by exception We have notliiiigi to report in respecl of the following matters wl)ere the Companies Act ?006 requires us lo report to you if, in our opinioii., c dcquiile ciccouiilin&i records liavc iiol been kept,. or relunis adequic le for our audit h<ive not beeii rcccivcd froiii br<111clies iiol visited by us; or Ilic l illqll)Ci¢il sl411cincnls circ not in agTrccniciil iviih Ilie ciccounling rccords clnd returns,. or c¢rt¥1ili disclosurcs ol. dircctors, reiiiuiiLntioii spccilicd by l&2W (irc iiot Illcidc. or wc l)avL' not rcceived (111 tlie intoniiatioi) aiid explaiialioiis ive require for our audit. Responsibilities of directors As explaincd more fully in the Directors, re5ponsibililies slatement set out on pagFe 6, the directors are respoiisible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such intemal control as the directors delennine is necessary to enable the preparalion of financial statements that are free froin niaterial inisstatcment, whether due to fraud or error. ASM
Dungaiinon Enterprise Centre Repori andfiiiaiicial Jtateiiientsfor rlieyear elided 31 Marcli 2024 Puge 9 Independent auditors, report to the members of Dungannon Enterprise Centre (cont'd) Responsibilities of directors (cont'd) In preparing the financial slatements, the directors are responsible for assessing the company's ability to coniinue as a going concern, disclosing, as applicable, matters related lo going concern and using the gioing concern bi¢ sis of ¢iccounling? unless tlie directors either intend lo liquidate the company or to CLc1se operiltions, or have no realistic alteriialive bul lo do so. Auditors, responsibilities for the audit of the financial statenients Our objectives arc to obtain reasonable assuraiice about wheiher the fiii<1llci<l1 statements as a whole are free froin material missl¥11eiiiciil, wlicilicr due lo fr¢lud or crror* cliid Io ISSLIC an auditors, report tliilt iiicludLs our opinioii. Rcasoii<2blc ¢1ssuraiicc is (1 higli Icv¢l of assuraiicc, but is not a guaraiilcL tli¥lt ali ?u(lit coiiductcd in accord1( nce iviili ISAS (UK) will <llw¢iyS dLlecl ¢7 inatcrial Inisst<llcinLnl wlieii it exibls. Mi%slaleiiiLiits cali arisc t"roiii fr1( ud or crror Iiiid 2¢ re coiisidercd in1L Icrial i r, iiidividu<llly or iii Ilic aggyrL&ilL te, thcy could rc<isonably bc cxpLctLd 10 intluencc thc ecoiioIiiic decisioiis of usLrs taken on the bc1SiS of tliese fiiiaiicial siaienieiits. Irreg?ularitiLs, iiicludingy fraudi lire instances of iion.coiiiplic?nce willi laws aiid regFulc11ions. We desigFTI proccdures in line witli our responsibilitics, ouiliiied qc bove, to delect IllL2lerial Inissli1lciiicnls in rcspcct of irregul¢irities, includiiig fraud. Tlic cxlcnl 10 wliich our procedur¢s are capablc of delectiiig irregularities, including fraud is detailed below,. We gyained rfin underslc1ndingi of Ilie l¢g¢l1 aiid regTulatory franieivork appl iC¢2ble to Ilie comp1¢ ny ?L nd Ilic iiiduslry iii ivliicli Iliey OPLralc c211d coiisidcred Ilie risk ol. c1cls by tlie COlllPL11ly Ilic21 iverc coiilrclry to ,Ippliciblc l<2W cliid rLibyu11¥ lioiis, iiicludiiigv frciud. We coiisidered Ilie opportuiiilies 1¥ lid iiicciilivcs tliic I Inay exist ivitliin tlic coiiipany for t.raud ¢iiid idciili lied Ilie gFreic test polciilial for Ir<1ud in the followiiig .IrL'Il5.' 11)iSlll¢1ll¥i&yLiiiciII of P&1yiiieiils. posliiigT of UllUSU¢il jouniic Is IogyLIIILr iviili coinplcx tr¢insactioiis, revenue recogyiiilion and subjeclivily of V<2luc2tioiis used lor laiid aiid buildinLys. We d¢sig?ned audit procedures to rcspond lo these risks, recog71)ising th2< I the risk of not delccting a Inl¥ Icri<11 misslatcineiit due to fraud is hi&Fhcr Iliaii Ilie risk of iiol dctcctiiigy one resuliiiigF from error. as rraud iilciy involve deliberale concealiiieiit by, for exic mple, for&iery or iiileiilional niisrepreseiilcltioiis, or tlirougFli collusion. Our audit proccdurcs iiicluded.. Liiquircs of inc1JiagFcnienl about Iheir owii idLiitil icatloll 1( lid Iisscssinent of risks of irrcgFii11& ritiLs, %pcci fic tLsls ot dcliqil ovcr PciylliLiIIs, s?( Inplc Icsliiigy of jounicils poslLd duriiigi IIIC yCc2r, vLrifyiii&' Ilic uiidL'rlyiiisi assuiiipiioiis 4ldopiLd for Ilie propcrty valucilions, specific lesls of det£1il ovcr rci'ciiiic rccogpiijlion aiid a revieiv ot" 11reilS of judgicnieiil for iiidicalors of maiiagenient bicls to c1ddr¢ss the risks. Bcc?c use of the iiihercnt limit¢1tioiis of an ?( udit, Iliere is cl risk thic l ive ivill not delect all irrcgularilics, iiicludiiig Iliose leic diiig Io ic nialeri1c I IiiisslatLniLiil in tl)c fiiilc ncial st411cinciils or Iioii-coiiipli1c lice iviili rcgulalion. This risk increases tlie more Ihal coinpliancc witli a laiv or reg?ul<ltion is reinoi'ed t"roiii tlic evcnls and transactions reflected in the financial stalcments, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regardiii&y irregularities occurring due lo fraud rather Ihan error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentalion. ASM
Dunganiioii Enlerprise Centre Report andfinancial statementsfor theyear ended 31 Mareli 2024 Page lo Independent auditors, report to the members of Dungannon Enterprise Centre (cont'd) AudRtors' responsibilities for the audit of the financial statements (cont'd) A further description of our responsibilities for audit of the financial statements is located on the Financial Reporting Council's website at: Ivii'iv. l-rL.tll' uk.liii£ljl{)1'sf¥s Llll.%iLiililiL%. This description foms part of our Audilors, report. This report is made solely lo Ilie compaiiy's menibers, as a body, ITI accordance wilh Chapter 3 of Part 16 of the Compaiiies Act 2006. Our audit work has been undertaken so that we miglil stale to the compciny's nieiiibers Iliose inatlers we are required to sti11c lo theni in an auditors. report aiid for iio oilILr pu]pose. To the fullLsl exleiii permitlcd by law, Ive do not llccepi or 1¢ ssunie responsibility Io aiiyoiie other Il)an the conipilny I2nd tlic conipaiiy's iiienibers as a body, for our 14 udil ivork, for tliis report, or for Ilie opiiiions ivc liavL foniied. AIIstAlr Cooke FCA (Senlor StAtulory Aiidltor) for and on belinlf of ASI¥I (D) l.td Cliiirlored Accouiilan15 niid Stiitutory Aiidltors DungRnnon 4 Scptcnibcr 2024 ASM
Duiigannoii Eiilerprise Cenlre Reporl ondfinancial stalemeiil3for tlieyear elided 31 Marcli 2024 Page 11 Statement of financial activities Notes 2024 2023 Inconie from: Charitable aclivilies Total inconiing resources 649,531 649,431 686,39? 686,392 Expendlture on: Cliarilable aclivilics Total cxpeiiditure 675,425 675,425 675,548 675,548 T&xaiion Siirplusl(dcflclt) of inconic after cxpendlture Tr#n5ftrsI)etecn fiinds INCI nioveniciit In funds (25,894) 10,844 (24,894) 10.844 ReconclllAtlon of funds; Toial fund4 brou&plil for%Yard al l April Totlll funds cnrrled forwnrd lit 31 lArC17 917,130 891,236 906,?86 917.130 All amoun(4 abovc rLlolc lo conlinuingT operation% of Ilie cliarily. Thc slal¢iiiLnl of financial aclivilies W<iS approvd by die Trustees on 4 Scpieinber 2024. SiRnature: Trustee- Mlchelle Donnell The notes on pages 14 10 22 fonn part of these financial 51aternents. ASM
Dungannon Eiilerprise Ceiilre Reporl andfinaneial slaleiiieiilJfor the J'ear elided 31 Marcli 2024 Page 12 Balance sheet Notes 2024 2023 Fi¥ed assets Tangible assets 1,962,547 2,011,697 Curr¢nt assets Debtors Ca41] al bank and in hond 10 70,246 320,944 82.624 395,068 397,190 (154,964) 477,692 (199,749) Crcdltors: amount.s falling, due witliin one year 'et current Assets 241,226 277,943 Totnl a55¢t5 less current linbilitics 2,203,773 2,?89,640 Creditors: aiiiounlN fallii)g due afier niore tlian onL year 12 (277,117) (305,714) Provlslons for Ilablllllos AccnJAl% and deferred incoTne 14 (1,03S,420) (1,066.796) Net llssets 891,236 917,130 The funds of the cliorlty Total unreslriclcd fui)d4 Tol411 rLsiriclL'd lund Total charltv funds 891,236 917.130 891,236 917,130 Tlicse fin<111Cicl1 slcltciiiLnts hcive bcL'n prcp<lrcd in accordancc iviili Ilic provisions of tlie sn11cll conip£inies regyjiiie witliin Part 15 of thL Coiiip¢2nies Act 2006, These finaiicial statements for Duiigiaiinon Enterprise Ceiilre (NIOI 8557) wcrc approved by Illc board of dircclors aiid autliorisLd lor issue on 4 Scplcinber 2024 aiid sigincd on its bcliall. by., Ivalter Cudd Director and Trustce Ilqiclielle Dojinelli, Director and Trusteè The notes on pages 14 10 22 fonn part of these fmancial statements. ASM
Dungannon Enterprise Cenfre Repori andfinanciul slalemeiilsfor ihe }ear ended 31 Marcli 2024 Page 13 Statement of changes in equity Reserves Total equity As at l April 2022 906,286 906,286 Surplus for ilie year Oihcr ¢oiiiprLli¢n4ive in¢ome Total coniprchen4ive inconie 10,844 10,844 10,844 10,844 Al 31 Marcli 2023 917,130 917.130 A% at l April 2023 917.130 917,130 Surplu*l(deficil) for Il)e year Oihcr coniprLhcn%ive inconie Total comprehensive inconie (25,894) {25,894) {25,8941 At 31 March 2024 891,236 891,230 The notcs on pages 14 to 22 fonn part of these fmancial statements. ASM
Diingaiiiioii Eiiterprise Centre Report aiidfinancial slalenienfsfor ilie year elided 31 Mar¢li 2024 Page 14 Notes to the financial statements l. Principal accounting policie5 Stotenieiit of copiipliaiice The comprf2ny's financial statemeiits have been prepared in compliance with FRS 102 'The Financial R¢porting Siq¥ ndard applicable in the UK and Republic of Irc11c iid, iIicludiiis Ihc provisions of S¢ction la, as it applies to the financial statements of Ilie company for tlie year ended 3 l Mic rch 2024. Geiieral iiiforiiiotioii aiid basis ofpreparalioii Dungc1nnon F.nterprise Centre is a compaiiy incoorated in Nortliern Ireland under the United Kingidoin Companics Act. TIIL Ic ddress of tlie rcgistcrcd ot'fice is gFivLii on pag?e l. The priiicipc11 activity of the coinpany is the promotion of business enterprise in the DungTc1niion area ilirough the provision of business support. Tlie fiiiaiicial statenienls are prepared in slerliiigi wliicli is the functional curreiicy of ilie COlllPi2ny. Tlic tinaiicial slatcnicnts are roundcd lo tlic nc¢1resl £ l . I"lie l in<liicial slatciiienls liave been prcp1£ red in (iccordaiice witli Ilie Fiii1111cial Reportiiig, SiaIidard ,IppIiLciblc iii the UK aiid Republic of Irc11c nd (fRS l O?), Ilie Accouiitingy ciiid Reportingy by clii1rilics: Sic2lLIIILnt of IlLcoiiiii)¢iidcd Pr<lclice c1ppIic<iblc lo cliclrilics prLp1c rin&F IIILir I Ill<?IICi<il bl¢il¢iiiLiils in accord16 Iicc willi IIIL l. i11lc IICicl1 Rcportiiib Sic?Iid1c rd <1ppIiciil)Ic iii Ilic UK ¢qiid RLPLiblic ol" IrLl<?Iid (FRS 102) (crrcctive l Januc2ry 2015 (CliciriliLS SORP (FRS 102)), and tlie Cli<1rities Act (Nortlieni IrLl¢111d) 2008 as anieiided by the Cliarities (Fiiiancial slalcmLnls aiid Rcporis) RcgFulations (Nonliem Irel¢ind) 2015. Dungannon EilleriSe Ceiilre nieets tlie definition of a public enlily under E.-RS 102. Assets arid li1¢ bililiLs arL iiiili<111y recognised al Iiistoriccil cost or tr1( IIS¢icIioii VciluL unlLss oiliernvise sli1ted in Ilic rclcvanl accounting policy. liieniiiiiig re.5oiirce,% All incoiiiingp resources are included on Ilie Stalciiicnt of Finaiicial Activities when tlie cliclrily is legially Liiliilcd to Ihe incoiii¢, wli¢rc Ilicrc is rcc?SOllc2blc ccrt2< iiily that tlic rcsource will bc rLLLivcd and wliere Ilic monelary value cai) be quantified willi reasonc1blc accur¢lCy. Cliarilable acfivilie.s Ii)coiiie is included in the statement of financial activities on an accruals basis and net of V AT wliere applicable. Incoine is mainly derived from rental of units in Ilie business park and the delivery or business and enterprise prograinmes. Incoming resources are deferred where income is receivcd in respect of future periods. Voliiiilary iiicoiiie Gifts, bequests and donations income is recognised when receivable. Donations - income by way of donations is included in full in the Statement of financial activities in the year in which they are receivable. ASM
Dungannon Enterprise Ceiitre Reporl andfiiiaiicial statemenljfor tlieyear elided 31 Mureli 2024 Page 15 Notes to the financial statements (cont'd) l. Printipal accounting policies (cont'd) liicoiiiefrojii oilier Iradiiig activilies Turnover is the aniounl derived from the provision of goods and services witliin ihe charily's ordinary .ICtivities after the deduction of V<ilLte <1dded tax. Tumover, which excludes value added tax. repr¢sents Ilie value of goods and services supplied. Goveriiiiieiitgraiils Grants ili1l1 rel<lte to speci fic capi11< I cxpcndilure c2re tre<2ted as deferred income ivliich is then credited to Ilie s11L Icnicnt of Iiiiclllcic11 clctivitics ovLr Ihc relclted 1[ SSLt's usclul life. Revenue gyrc?IIIs 4lrc crcditLd to tlie StalLiiicnt of fiiiaiicial aclivilies iii Ilic saIiie yL'ar as tlic rclatcd expeiidilure is iiicurrL'd. RL?vc'iiiie recogiiifioii Rcvciiue is rLcoginised lo Ilie exlciit tliat tlic coinp<iny obtilins Ilie rigyhi lo considerc11ion in cxchi¢ nge tor ils pcrloniiancc. Rev¢nuc is IllL&isurLd 111 IIiL Icqif VL11uc ot. IliL coiisidLrcl1ioii rLLcived, cxcludiiig, discouiils, rLbi11¢s, V AT 1( lid other Sc2lcs l<ixe% or duly. "I'lie folloiviiigy crilcric1 niusl also bc inci bLfore rL vciiue is reco&inised', S1£ le of scrviccs Revenu¢ froin thc salc of services is recogviiised when the sigFniticant risks and rewards of owIiersliip of the sern'iLCS liave passed lo Ilic cuslonier, usually on dclivcry of projccls (11 a&7reed slagvLS' Ilie aiiiouiit of reveiiue C<lll bc nieasurcd rLli<ibly,' ,111d il is probablc that tlie cconoiiiic beiictils associciled witli the transaction wil I tlow lo tlie ciitity. Rental iiicome Revenuc froin Ilie rciilic l of busiiiess units is rcco&yiiised as invoiced to tlIL custonier undcr tlie tenns of Ilic rLiital iig7rcciiicnl. USU<illy 011 1( iiioiiilily b?& sis. Sccurily dLposils obilcincd ¢71 Ihc oiiscl ol" nL'Iv leii?< IICIC'S lir¢ l)cld on the b¢qlancc slicLt until sucli linic Iliat iiotice lo vacalc is rcccived ry< lid the 1¢11<111t cLabLs occupancy. Ta.ralioii Prior to April 2019, tlie chargFe for t<1Xcl1ioii IVi2S bc1scd 011 the profil for Ihe year as ic djustcd for dis<illowablc items and for tiniingy differcnccs to tlic cxleiit tliat Ilicy wcrc unlikely to rLsult iii ali qctual tl1 x lic2bility in tlie foresee<2blc lulurc. Since regisleringi as a cliarity on 23 Marcli 2019, Ihc coIiipany's activilics no longper fall ivithiii Ilic cliargc of l¢lX. Timin& differences arose froiii the recognition for tax purposes of certain iteins of income and expense5 in a dift"ereiit accounliiig period froiii Ihal in ivliich they were recognised in thL finaiicial slatcinenls. The Ic?x effect of limiiig differeiices, as rcduccd by the tax bencflt of any accumulated losses, was treated as a dcferrcd tax liability. Resoiirces expeiided All expenditure is accounted for on an accruals basis and has been classified under headings that aggrcgatc all costs rclatcd to tlie Category. Whcrc costs cannot be directly atlributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. ASM
Dungannon Enterprise Centre Report andfinancial slalemeiitsfor the Jiear ended 31 March 2024 Page 16 Notes to the financial statements (cont'd) l. Principal Accounting policies (cont'd) Cliariloble octivities These costs include direct expenditure relating to economic development and expenditure in adniinislration of the Charity. Irrecoverable VA T Any irrecoverable VAT is cliarged to the slaleinenl of financial activities, or capil¢ilised as part of tlie cost of the relaled asset, wliere appropriate. Voliiiileer.i aiid doiialed &ervlee.s No value of donated services and tiine is accounted for in the financial stcilcmcnts. Peii.%ioii sclieiiie arraiigeiiieiil.% Tlie company operates a defiiied coiilribulioii sclieii)e. I'he assets of the sclicnic arc hcld sepc1fi1tely f'roin Iliose of Ilic coinpic ny iii clli iiidcpeiideiitly ¢idniiiiistcrLd fuiid, aiid coiitributions are chargyLd lo Sialeincnt ol. fiiiancial activities in Ilie period to wliich thcy relate. Foreigii ciirreiieies Transaclioiis denomiiialed in foreigvn currency arc Iraiisl<ilcd iiito sterling at Ilie r1( te of cxch4liige rulingy al tliL dale of tlic Iraiisclclioii. Moiict¢lry <isscls aiid li<ibil ilies dciioiiiiliil led iii foreigFii currciicitis .11 tlIL I)c11<lllLL sIILel dal¥ (ire Irc2iislcllLd iiilo sterliiigi <11 tlie ¢xcliilngie rates ruling al that date. All Lxcliclll&T¢ dil't"ereiices arL lakeii to tlIL SlatciiiLI)l ot. linaiicial acliviliLs. Sliorf teriii eiiiployeL bLiiefil.s Short terni employee bencfits <ire recoginised as an expense in Ili¢ period in wliich they are iiicurred, liitaiigiblefi.yed a.i.iels -.softFvare developiiieiil Softw¢ire costs <lre writleii off as incurred, cxccpt for purclic1ses Irom tliird parties in respect of niajor systenis, Iii sucli cases, Ihe cosls arc wriltcii off over ii maxiinum of Ilirce years froiii the dc2tc or implenientation. ASM
Duiiganiion Enterprise Ceiitre Report andfindiicial slalementsfor ilieyear ended 31 March 2024 Page 17 Notes to the financial statements (cont'd) l. Principal accounting policies (cont'd) TaiigiblefLYed assel.w Fixed assets are slated at tlieir purchase cost, together ivith any incidental costs of acquisition, less accumulated depreciation. Depreciation is calculated so as to write off the costs of langible fixed assets. less their estimated residual values, over the expected useful econoniic lives of the assets concemed. The principal annual rates used for this purpose are: Frcehold property Motor veliicles Pl&lllt aiid cquipment 2 slr<1igFlil lille 25 reducin&y bcl1rf2nce 15-33 strcligilil IiiiL liiipairiiieiit of iioii-fiiiaiicial as.iel3 Tlie COlllPc2lly IL ssesses clt Cclcli rcportiiig d1L Ic wlieilicr 1211 Ic sscl niay bc imp¢1ired. If Llny sucli iiidiccl1ion exists tlic COlllP<llly Lsliiii<1tcs Ilie recoverable aiiiouiil ot" Ilie 1( ssel, It. il is not possiblL to eslinic2te Ilie recovcr¥ible c11110UlIt of Ilie individucil clssel, tlie conipi< iiy csliiiicltes, the recoverablc .1niount of the C1( sli grciicr1L liiigF unit to wliicli Ilie assci beloiigis. Tlie rccovcr<ible cllllOUlIt of an asset or Cl1 sli generalingy uiiil is tlie higFlier of its fair V<llue less cosls to sell and ils V¢21ue in usc. It" the recover<iblc ¢liiiount is le.ss Ih&l1l Its ClL rryiiibi <iiiiount, tl)¥ Cic rryingy <iiiioiiiII of tlic 1( ssel is inip&iircd <111d il is reduccd lo ils recover<1blL aiiiouiil ilirou&yli an inip<iini)eiit in tl)e StcllLiiiciil ot" fiiiaiicial aclivilies. An imp<iinncnt loss recogFiiised for (111 assLls is reversed in a subsequciit period if and oiily it. Ilic rLasoiis t'or Ilie iinpilirnieiil loss liave cerfised to apply. Fiiiaiicial iii.slriiiiieiil,s Finaiicial iiislruinents are Classificd aiid accounted for, accordin&y to tlie subslance of the ¢ontraclu<il arraiigeinent, as eitlier finaiicial asseis, financial liabilities or equity instruiiienls nieasured at ,Iniortiscd cost. An equity iiislrunienl is ¢iny coiitracl tlial evideiices a residual iiilcresl in tlie assLts of Ilie conipL1ny after deduclingF all of its liabilities. Fiiiid accoiiiiliiig All funds rcccived are unreslrictcd iii usc and are expendable al the discretion of the Truslccs in furtherance of tlie objectives of the charity. Tlie charity accounts for fuiids as follows., Restricted funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fuiid, togeilier with a fair allocation of overheads and support costs. ASM
Dungaiinon Eiilerprise Cenlre Report aiidfinancial statenienlsfor tlieyear ended 31 Marcli 2024 Page 18 Notes to the financial statements (cont'd) l. Principal accounting policies (cont'd) General funds General funds are donations and other inconiing resources received or generated which are expendable at the discretion of the Charity in furtherance of its objectives. 2. Critical Véceounting judgements and key sources of estimation uncertainty In the application of the company's accounting policies, which are described iii note I, Ihe directors are required to make judglemeiits, estim1( les and assuinpiions about the caryingF amounts of assets and liabilities Ili<lt <ire not rec1(li ly apparent from oilier sources. The esliiiiatLS ¢ind 1( ssociated 1( ssumpiions & rc bascd on histOriCcl1 expericiice and other factors tliat are considLred lo be relevant. Actual results may dillir froiii tlicse cstiiiialLs. Tli¢ estimc11es and underlyiiigy assumpiioiis aro reviewed on lin ong70ing7 basis. Revisions lo accouniing esliniates arc r¢cog7iiised in tlic p¥riod in wliicli Ilic esliiiiate is reviscd if Ilic revision aft'ects oiily tlicll period, or in the period of the revision and fulure periods if Ilie revision affects both current and futurc p¥riods. Crilicaljiidgeiiieiil.i iii appljiiiig ilie coiiipaiiy'.s aecoiiiiliiigpolicie.5 Duriiigp tlic currLiil ¢1nd pred11]gI fincillci<l1 ye<lfs Ilie dirLL'lors bLlicvc Iliey li1& vc iiol Inadc aiiy criticlc I j ud&iLlllCllts iii Ilic procLss of 41pplyiiig? tIIL COlllP4llly'S accountii)g policiL's 111<11 have a sig?iiificanl cfii'Lt 011 IIIL. &iiiiouiils rLco&yiiibLd iii Ilic tiiialicial slalL'iiiL'iils. Kejy .ioiirce,i of e.%liiiiatinii iiiieerlaiiity Duringl tliL currciil Ic nd preceding fiiicliicial ye¢irs the dircctors believe Iliere <ire Iiot any kcy sources of esliiiicl1ioii uiiccrtiiinty Ili¢il liave 1¢ Sig?nilicaiit risk of C1( using a iiiatericil adjusliiienl to tlie carryin aniouiils of asscls and liabilitics witliiii IIIL iicxi fiiiancial ycar. 3. Going concern Tlie COliiP1c Iiy made deficil of £25,894 duriiigy Ilie year eiidcd 31 Miircli 2024, clnd ic I Ihal date, Ilie coinpaiiy's asscts excccded ils liabililics by £891,236. The directors. after niciking enquiries, have <7 reasonable expectation Ihal thc company has ¢idequale resources to continuc in opcr¢ilionci1 exisleiice for Ihc forcsccablc future. Accordiii&yly Iliey contiiiuc to adopi Ilie going concern basis in the preparalion of the financial slateineiils. ASM
Diingaiinon Enterprise Ceiitre Reporl andfinancial slatemeiilsfor theyear ended 31 March 2024 Page 19 Notes to the financial statements (cont'd) 4. Income from cbaritAble Activities Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Renlq and relaicd income Purple Dol Medi&l Pro&TraniniL i)ianagenieni 446,013 26.760 176.758 649.531 446,013 26.760 176,758 649,431 432,766 42,921 210.705 68(),392 5. ChAritAble Activities expenditurc Unrestrlctod fuiids 2024 Re5trlcled fiiI)ds 2024 Totfil fiind 2024 Toial ruiid4 ?0?3 Programnic expensc Provi4ion for bad or doubtful debi Sal6iries oi)d wng?L'. l)Ln4ion 4cl)L'nic contributions R411¢'.% and ivnlLr rates FILal and Ii&TlIl In%urance Repair%, ni<lllllLnance and cleaning Moior und Irai'Llling' Caicrin&p iiiid proiiiolional Sialion¢ry und advLrti%ii) Telcplione and poslagye M14 rkeling Coiil¢'r¥l)¢¢ fccs and %ub%¢ripiions LegFal and profL%%ional Audit fLe. G¢i)L'r&11 Lxpcnsc Doi)471ion% Siiirr Iri211Iil)&i and dcvelopmcni Bank ¢l)aru?es Coi)Ipui¢r cxpenses Depreciation Aniortisalion of deferred grants (Prolil)110.4* on disposal Inlere%l pa)'abl¢ 85,879 5,384 327,516 11.201 10,982 2?,044 13,449 61.455 9,()80 3,833 2,318 10,227 5,486 1,284 3,957 3,650 4,962 300 1,750 704 12,129 58,727 126,014 24,158 316,346 10,934 8.359 35,608 10,375 31,702 8,957 3,181 1.043 10,467 5,038 825 9,434 3,650 2,552 327,516 11,201 10,982 22,044 13,449 9,080 3,833 2,318 10,227 5,486 1,284 3,957 4,962 300 1,750 704 12,129 90,103 (31,376) 2,366 140 1,491 83,412 {31,376) (7,776) 8,()44 675,544 31,376 (31,376) 18,508 675,425 075,425 Indemnity insurance for the Trustees was purchascd by the Charity during tlie year. 6. Directors, remuneration No director received remuneration in the current or preceding period. ASM
DtsAgannon Eiilerprise Ceiitre Reporl andfinaneial statenienlsfor tlieyear ended 31 Marcli 2024 Page 20 Notes to the financial statements (cont'd) 7. Employee information The averagFe number of persons (including execulive directors) employed by the company during the year was.. 2024 2023 Number Number By llcli%'il)': Progiraiiimc delivery Adniinisif%iliv 12 12 No eniployees fall into emolumeiils baiid oi'cr £60,000. The Trustees received no remuneralion, no bcnefits in kind and no reimburseiiienl of expeiises during the year. 8. Taxation 2024 2023 United Klngdom corporlltlon tax At nllO/o (2023.. nilO/D Current Deferred tA AcceleralLd capital allowance. "I'IIL COlllP1¢ ny is a rLg7islcred clicirity ¢iiid Ils sucli is Li)litlcd lo ccrlc1ill tclx excInpiioiis oli iiicoiiie 1( n(1 prolits froiii iiivcsliiiLlItS. Iiiid surplusLS 011 cllly Irclcliiigy &?Ctivilics Cc1rricd oli li) furtliLf<1llLL Ot. (lie Lliarily's priiiiary objcctivcs, i t ililsc profits c2iid surplusLs arc applied solcly lor charilablc purposcs. 9. 'fangiblc fixed 8sSCts Freeliold propcrtv Pliint llnd equlpn)enl IlIotor veliiclcs Totul Cost Ai l April 2023 Additions At 31 Lllarch 2024 3,642,559 301,786 25,003 326,789 13,250 15,950 29,200 3,957,595 40,953 3,998,548 3,642,559 Depreciation At l April 2023 Charge for die year At 31 Nlarch 2024 1,659,258 72,851 1,732,109 273,809 13,492 287,301 12,831 3,760 16,591 1,945,898 90,103 2,036,001 'et book value At 31 Lmarch 2024 Ai 31 March 2023 1,910,450 1,983,301 39,488 27,977 12,609 419 1,962,547 2,011,697 ASM
Diingannon Enterprise Centre Report andfinancial slalemeiil.f for ilie year ended 31 March 2024 Page 21 Notes to the financial statements {cont'd) 10. Debtors 2024 2023 Amounts fAllinE due ivlthln one year Tr42de debiors OihLr dLbior Prepayiiienls and sundry dcbiors 68,714 2,322 61.063 15,952 5.609 82,624 76,246 I l. Creditors: aniounts falling due within onc year 2024 2023 Bank Ioiin (ind overdrafi TradL crL'dilor Oilier laxalion and ,social 4ccurity OllILr crcdilor% Acrrual% and deferred in¢on)e 39,227 41,9?? 29,081 26.412 25,379 76,955 199,749 24,713 24,426 38,040 1SS,964 Tlic b<ink ovcrdr<1111¥ lid loan are sccurLd by a fixed ciiid flocltiiigy clic2rgL over ilie CI11L rily's prLiiiises at 2 Cocl1isl¢ind Rd. DuiigyL111110n. B11 nk 101¥ n lol<l11in& £291,629 (2023: £311,16?) is bciiig? rcp¢1id by monilily inslalments 01. £2.320. A bounce back loan of £23,328 (2023: £32,393) is gyuaranteed by the UK Government undcr Ihe Bouiice B¢1ck Loaii Sclienie. TIIL Ioii n is repcly¢iblc over 6 yccirs willi a ric te of inlerest of 2,5 % . 12. Creditors: Amounts falling duc after n)ore than onc vcar 2024 2023 Bank loan. 277,117 277,Il7 305,714 305,714 The above balance iiicludes aniouiits falliiig duc after five years of £134,412 (2023: £162,252). ASM
Dungaiinoii Enterprise Centre Report andfinancial slutemeiilsfor ilieyear ended 31 Marcli 2024 Page 22 Notes to the financial statements (cont'd) 13. Accruals and deferred income 2023 Government grants Ai l April 2023 Amortisaiion in the year At 31 MArch 2024 1,066,796 (31,376) 1,035,420 14. Share capital The COlilPc1ny is liniited by a giuarantee froni each niember of ille board of directors and does not have issued sliarL capilal. E1( cli director undcnakcs lo coiilribulc to ilie assels of the company, in the event ol" the Sic nie being wouiid up whilc Ilicy arc a nieiiibcr, or witliiii oiic yccif ftcr thcy CC<lse to bc a iiieiiiber, for P£iyiiiciII ol. dLbis aiid liabilities of tli¢ coiiipaiiy coiilr<icled bcforc Iliey CC<lSL to be ic nieinbcr, ciiid ol" Ilic costs, clic1fgTe4 and expciisLs of wiiidiiigi up, Iiiid lor Ilic <1djustiiiLnl of IhL rigylils of tlie coiilribulors <1111011 IlieiiisLlv¥s sucli c11110lllIt 11S llic1y be required Iiol exLeediiigT L I 0.00. 15. Pension commitments The coiiipaiiy ni¢ikcs coiilribulioiis lo a dLliiicd coiitribulioii sclienie, th¥ ¥1ssels of the schLIIIL beiiig lield sL'Pc?flL Icly froiii IIiL 1¢ SSLIS of IliL COIIIPcllly. Tlic pLnsion cost cliiirgyc rcprcsciils coiilribLIIioiis plY&1b1¢ to IliL scliciiic ¢ll)d <llllOUlItLd lo £11,201 (2023: £10,939). No coiilribulioiis (2023.. £Nil) wcrL' Pcly¢iblL' lo Ilic scliLIiic &11 IIIL. yLc1r ciid. 16. Conting¢nt liAbilities 'rhere is Colllingeiil li¢1bilily to rep1& y CCrti1ill gyoveninieiil giraiits reccivcd Liiidcr Ilie Icniis of Icllcrs of oficr froiil it" Ilic COlilP¢111y fails lo coinply iviili cLrtc1 iii coiiditioiis. ITI Ilie opiiiioii ol" Ilie directors, Ili Icniis of tli¢ Icllcrs of ofiir will bc coIiipliLd willi and Iio rcpayiiiciit is cxpccled. ASM