Dungannon Enterprise Centre (A conipanv limited by guarantcc) Directors, report and financial statements for the year ended 31 March 2024 ReEl%trlltlon No: N1018S57
Diiiigapinon Eiiterprise Centre Report andfinancial slalenienlsfor ilie year ended 31 Marcli 2024 Contents Page (s) Directors and advisers Trustees. report Report of the independent auditors 8- 11 Sialcmeni of financial aclivilies 12 Balgnce Sheet 13 SialLnienls of chai)gc.s in equily 14 Notc,4 lo Ilie finai)eial glaiemenis 15-23 ASM
Diiiigannon Eiiterprise Centre Reptprt undfiiiancial stu¢enientsfor tlieyear ended 3] Mareli 2024 Page I Directors and advisers Directors Yvonne Mitchell Ralph Brown Waller Cuddy Andreiv Troller Robert Milligan (Resigned 06109120?3) Steplien Mol)an Cl42ire Murray Domini¥ Molloy Di2vid CaiiipbLII Miclielle Donnelly C47011)11)¥ Loiv Mi¢li¥llL Sl)amblLy (Appointed 0810512024) Secretary Mi¢l)Lll¢ Donnelly Registered office Dui)giannoii Busiiies.s Park 2 Coi?li.slciiid Road Dung?ai)iion C'o .1 yroiiL 13T716J'r Solicitors F G Pollon Solicilor 14 Thonia% Sireel Dui)g?uiinon Co I'yronc LI'I'70 IHN Bankers DanskL Ilank 45-48 14ibl) Strcei Port41down Co Annagh BT62 1 LB Rcgistcred auditors ASM (D) Ltd 79 Cui)iiinglian)s Lane Dungannon BT7I 6BX ASM
Diiiiganiion Enterprise Cenlre Report andfiiiaiieial Jlalenientsfor ilie}ear ended 31 Mureli 2024 Page 2 Trustees, report The Trustees, Ivho are the Directors for the purposes of company law, present their annual report and financial slatenieni for the year ended 31 March ?0?4. Principal activities The Inission of Dungannon Enterise Cenire is to strengthen the economy of the area by encouraging econoniic dcvelopnient and supporting enirepreneurs to create and groiv competitive, protitable and Ivealtli gienerating eiit¢rprises. li does Iliis by providiiig rented ivorkspace acconimodation ai favorable lemis, office support services, business training and mentoring, hands-on digital marketing social media and Iiiobile movie niaking support. Structur09 governance, and manngement Duiig'ciniioii Enlcrprise C¢nlrc opcrL11es as a liiiiiicd coinp1c ny by gTU¢ifciiilec (Company No. Nl18557) ,iiid obiic ilILd rcgFislr<11ioii witli tlie Charity CoiiiIiiissioii for NortliLni Irelaiid 011 23 Marcli 2019 {Cliqc riiy No. 1072?7). I'IIC Colilpilliy was fouiidcd bL1scd oii a MLiiioriinduiii of Associalioii. ouiliiiiiis its clic1ri11c bl objcctives and powers, and oper1( les in c1ccordance with ils Articles ot"Associalion. Tlie seleclioii of directors adlieres to the provisions slated in the cliarity's Articles of Associatioii. Accordiiigy to tliese provisions, directors elccted to tlie Board for a tljree-year terni niusl retire froiii tlieir posilions al eacli Aniiual Geiieral Meeting. However, Ilicy remaiii eligyible for re.election. i inancial Rcvieiv Thc resulits for the ye<if (irc sel out beloiv, Ivhicli Ilic Dircclors considcr lo be Scilisfclctory. Tlie rcserves of Ilic Comp<llly are lield t.or ¢idvrfiiiccni¢iil ol" ils cliarilablc purpose, other tli¢in rcslrictcd rcsLrv¢s wl)icli circ licld for ¢7 dcsi&¥iiL11cd purpose. Directors 'I'lie Dircclors who held offic¢ duriiig the ye¢ir and up io Ilie date of si&yiialure of Ilie finaiicial staleinLiils were as fol lows.. Yvonnc M ilLli¢ll Ilalpli Broivn W<11iLr Cuddy AndrLlV 'froiier Robert Milligkan (Re4igned 0610912023) Slepl)ei) Mohan Claire Murray Don)inic Molloy David Canipbcll Michelle Donnelly Caoimhc Loive Michelle Shambley (Appoinied 0810512024) ASM
Dungannon Enterprise Centre Reporl andfinancial slalenientsfor ¢lieyear ended 31 Marcli 2024 Page 3 Trustees, report (cont'd) Objects and activities Dungannon Enterprise Cenlre's primary mission is to advance economic aiid community development while proiiiotlllgF urban and rural regeneration in Dungannon and ils suOund117g areas. We fulfill this purpose Ihrougih a comprehensive range of services, including: Providing business units and meelin&F facilities on favorable tern]s: Offering funded enterprise support progFrains 1¢ nd initiatives, sucli as pre-slart programs, start-up programs, and business development progFraJns for eslablislied busiiiesses. Delivering practical advice aiid mentoring to established busiiicsscs, enabling, thcni to tlirive,. Impleinenlingy eniployability and eiiletprise support inililc lives specific<il ly tciilored for Ioci21 scl)ools; Providingy ot.lice and secrel¢irial sLrviccs lo sniall busincsscs uiider favor1c ble conditioi)s,' ort"cring project aiid property maiic2gyenienl scn'ices, aloiig ivith advice ,111d support lo coinlnunity and voluiilary orgclliizalions Ihrougihoul Ilie district. By d¢liveriiig' Iliesc serviccs, Duiigiaiinoi) Enterprise Ceiitre actii'ely conlribules to thc gyrowth and prospLrily ol. Ilic local coiiiiiiuiiity. Achievements and pcrforniancc Property Throu&yhoul Ilie year, tlie OCCUP1< ncy rate wiiliin tlie Busiiiess Park hcls reiii¢iined stablei Ic vcfic &?iiig 98 /0 witlI 80 leii<lllts. Tlie Enterprise Ceiitre coiitiiiued to proinote ils incubl¢ lion SP<?ce, Duiigv<innon Fvolvc, ,iliiiigT willi its support P£ickclgyL for IILW busiiiLsses. Tl)c IiLwly esl¢iblislied contc1iTier Pcirk Iicls bLcii successful, willi all 19 steel conlaiiiers lully occupied. providiiigF exisliiig len<lnls willi 11ddilioii<il slora&YL spaLc. Tlic Eiitcrprise CLiilrc rLiii<iins coii)niiltcd lo incrLclSlI)g t"ooll<ill in Ilie lown <iiid coiilributiiig lo ils prospcrily. SiiicL Augjusl ?0?? Ili¢ CL'iilrL Iiils ILc)SLd L1 d¢rL'licl SP1¢ CC ¢idj¢icciiI lo M¢irkel Sciii<lfL owiILd by M id Ulslcr Coiiiicil. I'IIL'Y IrL1nsloniiL'd Iliis 1( fL1L iiIIo ¢lli CVLlit/niiirkcl SP¥lC¢ LISillgT fL'LycILd stLcl sliippiiigF conlc2incrs, Ic Iiiiiii&' lo ¥iicour1c L'lltrLprLIiLurs to liosl Cvcllls Iliic I dr<1W PLopIL to Ili town. 'Tlic Spi1ce L(b M<irkcl Squ¢irL lias liostcd a variety of eveiils, includiiigi inarkels, public enlertainiiieiit, pop-up ciiieiiias, strcet food festivals, l-lalloween and Cliristin<iS festivals, cli1¢ rily events, and school ei)lerprise markets. The Dungannon Enletprise Cei)Ire lias continued to iiiaTlcigye the cominercial propcrty owned by Ihc Augplinacloy Developmcnl A5sociatioii (Tlic McCrcLdy Mill), wliicli licls c?cliicved full OCCUP1( Ilcy Iliroug?lioul Ilie year. Additioiially, the Ceiilre orrers an industrial letting servicc to local private property om'ncrs and assists coininunily gyroups in leiisingy their workspacc. Business Start-up Support Tlie Centre lias continucd lo reinvest its surpluses iiito supportingi Iiew eiilreprencurs considcringy self- eniploynient by providing additional business traiiiing aiid inlensiiie mentorin&. Its braiided business stclrtup support service, 'Lauiiclipad,' offLrs business startup advice and oiie-on-one Iiieiiloring free of cliarge lo aspiring entreprcneurs. A lolal of 125 individuals received startup advice, and 42 new entrepreneurs received further confidential business menloring through the Enlerprise Centre's own branded business startup support servkce, Launchpad." ASM
Diiiigannoii Enlerprise Ceiitre Report aiidfinancial statL'mentsfor 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 entrepreneurs considering Self-emplonCnt, tlie Enterprise Centre continued to reinvest its surpluses by offering addilional business training and intensive iiientoring. The Centre's niission iiicludes providing business startup advice and one-on-oiie Inentoring t.ree of charge to aspiring eiitrepreneurs. Dungannon Enterprise Centre delivers projects in the Mid Ulster area. With ongoing delivery of iiienloring for the Nortlieni Ircland Entrepreneurial Support Service 'Go Succeed Growth and Scaling. for established and growing businesses, DEC are supporting growing? businesses across the re&yion. Busiiiesses were also supported through a ran&ye of networking such as the Business Boost Brcakfast, Job Fc1ir, Thc Social Media BootC¢111IP , Ris¢ ciiid Shine evciil series and the Eciife Luncli 11nd Le1( rn. These eveiits liavL hclpcd support over 150 busiiiesses. t)FC c11tcndcd tlic ciiginccring tr&?de sliow in Hillhcc1d. a premicr event for Ilie engineLrin&i industry. 'I'liis Pc1rtiClP1¢ lion iVi1S 1( IiiIL'd £2t iictworkiii&7 willi soiiic ol I'yroiic's 111f&yLsI 1111( Iiulcicluriiigv bLISiIILSSCS t)nd crLcl1iiig gFf¢1¥ ter exposure I'or oiir services. Iii our oiigyoingy coiiiiiiiliiiLiil to support educqc tioll clnd providc rcal-lvorld experiencL to studLnls, we lioslLd IlirLL ivork p11( c¥in¢iit sludciils froiii Ioc1L1 scliools aiid collcgLs. DEC succcssfully dLlivcrcd 1¢ serics ol" scliool oulrL'cqLli progirciiiiiiies desi&Fncd to eiil)ancc sludLiiI ski Ils ciiid Lc1fcLr rci1diiiess. TIILSL Tlie Apprciitice, beiiefitingy 300 pupils over Ilie year. DF.C Ivii s Ilic dLlivery ¢1gT¢lIt respoiisiblL for tlie dLsigin ¥?Iid dLlivcry of Mid Ulstcr r.i)Icri)ri%c WL¢k 2023 011 bLlicill' ol. Mid UlslLr Dislrict Couiicil. A SLfiLS of 10 ill person ciiid oiiliiic cvLiils iVL'rL' dclivLrLd iii NovLnibLr 20?3 10 support busiiiLsscs clcross Mid Ulster ,]1]] over 400 busiiiLSS beiiel itingi froiii Ili¢ iVLLk of eveiits. In DLceinbLr 2023, we liostcd tlie Jiiiglle B1(11 Ruii, a fcstive fundrciisin&7 cvciit held in tlie Mic rkcl Square of Dung?c11111011 town ccntre. I'liis cvuiit fcic turcd l 0,000 blills rolliii&v doii'n Ilie SqU1c rc, oficriiig P1( rlicipanls tIiL cliaiicc to wiri ¢xciling prizes wliil¥ supportingl SVP DuiigF<liiiion, TAIS and Projcct Tlie Space hils SUCCCSSt'ully Iiosled a variety of eveiits - Comedy Bc1111e, B<irkei Miirkct, ThL Mid Suiiiiiicr M11 rkel, flea M?& rkct, Cliristlllcls mark.et aiid outdoor cincJ111c s, aiiiied al supporling local eiilrcpreiicurs c1nd Siii¢111 biisiiicsscs. These evcnls hivc providcd a platfonn For sliowcasiiig products aiid scrviccs, t"osleringy coniinuiiily cnb?ag7ciiicnt, aiid proiiiolin&y local ecoiioniic gFroivtli, ASM
Duiigaiinoii Enlerprise Centre Ri'port andfiiiaiieial stalemeitlsfor the year elided 31 Mareli 2024 Page 5 Trustees, report (cont'd) Business Start-up Support (cont'd) Dungannon Enterprise Centre was project lead on three European Erasinus+ projects along with its European partners and completed all projects in 2023. SFITNE a progr42mme to develop a toolkit for ¢ducators and curriculum content to support and develop le<1dersliip skills for females in Ilie third sector across Europe. Partiicrs from UK, Ireli1nd, Siveden, Ilc21y. EC1( fe - 11 progyr1c mnie lo develop curriculum and workshop content for organisalions lo use to support aiid Icacli adulis starting businesses across Europe. Partners are froiii UK, Irel4lnd, Finlaiid, Gemiaiiy, Turkey. CSI EU - ,1 progvr1c mnie to develop a toolkit and curriculuni of coiicepts aiid meiliodologies LisLd in Ilie culiurc11 scclor lo drive social innovLl1ion clnd dig7ital transfonnaiioii across Europe. Paniicrb arc froiii UK, IrLlc?nd, l-luiigyc1ry, Gr¢ece and Italy. DEC coiilii)uLs to cn&Fclbie in best practice leaniiiig across Europe aiid lias bei)cfiled froIn Iri1llliii&Y via Erasnius + Surviving, Digyit¢il and Nature projects in Sl Denis, Ailicns aiid Bologina. Thesc opportuiiilies <1fc (1 crucial coniponcnt of our ongyoin&7 efforts lo enli4lliCC intenialional cooperalion and kiiowlcdgTe exchc111&ie wiiliin Europe. TIIL team has conliiiued to eidi¢1ncc 'Evolve DungJ¢iiiIion, a colli1borative support progiraiiiiiic d¢sigYiicd lo assist individuals iii ovcrcoiiiiiigF cI)<111eiig7cs c1ssocialcd willi 11( uncliingy a sti1rtup busiiiess. Tliis iiiilialivc providLs workspc1CC and guidaiice crucial for succcss, supportiTlg young, businesses tlirougTli pivol<l1 slagFCS of gFroivili. Tlirougylioul tIIL yC¢ir, fivc iiicub<?ILes rcccived support Ilirougili tliis iiicubcilioii proglraiii. aiid two iiicubaleLS giradualed Iroiii Ilieir iiiili¥11 SPc?CL' to11¢ rgyer accoiiiiiiodalioiis. Comniunity and Social Rcsponslbility The core mission of DungFaiinon Enlctyrise CeiilrL reiiiains focused on fostering econoinic developincnl by proiiiotingy aiid supporting sel r-employiiieiit iiiilialiv¢s. Over Ilie past ye1( r, Ilie OIIIPi?iiy lias actively invested tunds <1nd staff time iii collaboratiiigy willi Ioci11 or&pillli7Ac11ions Ihic I sliare tliis visioii, A nol<2bl¥ Piirtiicrsliip iiivc)Ivcd workin&i Closely ivitli sccoiidary scliools in tlie Souili "I'yronc cifccl to r£1iSC IllV1c rciiess ic boul enlrcprciiLursliip aiid ¢idvoc611e for sel I'_oiiiployiiiciil <2S <2 Vl41blc I1i(I fullillingy C&lrccr Pcltli. Tlirougpli IliLs¢ cl'torts. Ilic Eiilctyri5c CciilrL' is <iclivLly iiurturiiigF ali enlrepreneuric21 spirit iviiliin Ihc coniinunity, Tlirougpliout Ilie yec1r, Duii&Taniioii Enterprise Ceiilre sli1yed dedicated lo its missioii of proiiiolingy sLIf- eiiiployiilciit (ind r¥iisillgi c1IVl1 reiiess about cntrcprLncurship. Tlic orgpi( IIiLcqtioii rciiivcslLd ils surpluses ,111d stlc rr resources iiilo various initlcqlivcs lo support Iliese groals. Kcy coiiipoiiciils of Ihcsc efforts iiicluded Iiolable progrcillls such as tlie LauncliPad Progrc2inine, Exploriiig Eiilerprise Progralnme, Evolve Dungannon, and Purple Dol Media. These initiatives included trilining programmes and mentoring opportunities focused on self- eiiiploynieiil, equipping aspiring entrepreiieurs ivith essential tools for success. The cuinulalive iinpact was significant wilh enlrepreneurs actively participating and beiiefiting from these progrraiiiInes throughout the year. Dungannon Enterprise Centre's unwavering dedication has been instrumental in encouraging and empowering individuals to pursue self-employment and entrepreneurship. ASM
Dungannon Enterpri.fe Centre Report andfinancial slatemenisfor ilieyear elided 31 March 2024 Page 6 Trustees, report (cont'd) Statement of directors, responsibilitie5 The directors are responsible for preparing the Truslees, report and the financial statements in accordance ivith applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the direclors h1( ve elected lo prepar¢ tlie fiiicincial stalemcnts in accordilnce witli United Kiijgdoin G¢nerally Accepted Accouiitiiig Practice (United Kingydoni Accounting S11¢ ndards) and applicable law. Uiider coinpL1ny law tlie directors Inust iiot ?( pprovc ihe finaijcial stc1tcnicnls unless they are satisticd 11i£11 tliey gyivL cq IruL ¢1nd fcqir vieiv of Ilie stclte ol" c1rr<1irs of Ilic COlllP¥llly <iiid ol. IliL surplus or dLlicil of IIIC COIiiP<2liy for I11<1t pcriod. In prcpl¥ rin&y Ilicse fiiii1ncial stc1tciiieiils, Ilic directors cirL rLquirLd 10: select suilcible ciccounting policies and tlien apply Iheni consisteiiily, lll<ikL jud&yi]ILiils aiid accouiilingF e5tinicltcs Ilial lire rcc15011clblL cind prudLiil' aiid prL'P1L rc Ilic fiiialici111 slclteiiieiits oil Ili¢ gFoii)gT concern bc1SiS uiiless il is inapproprii¢ le to prcsuiiie tlial tlie conipaiiy will coiitinue iii business. Thc dircctors arc respoiisible for kecping adcquate (iccouiilingi records Ilial are sufficicnt lo show aiid explcllll the COliiPL111y'S traiisilclions aiid disclosc iviili rcl< soiiablL Ic ccufclcy (lt aiiy lime Ilie fiiiL1llci<l1 P()5ilion of Ilic COlllP6llly and LllciblL' IlILin lo Lii4LirL IIIL11 Ilic liii&qllCi&il sl¢ltLiiiciils coinply willi IIiL Coiiipi111iL'S Act 2006. "I'IILY cifL 111so rLspoiisiblL' lor Sc1fcgTU¢lrdiii&y Il)¢ L155Lls of IliL COlllP&llly c111d Iiciic lor liikiiigT f¢<qSOIILiblL Stcps lor IliL prcvciilion <iiid dclcclioii or rri2ud 1£ nd oihcr irrL&yularilies. Statenient of disclosure of information to Auditors So t'ar i< S the directors are aw1< re, tliere is no relev¢iiil audit infonii<ltion of wliicli tlie company's ,iudilors arc UliciW<1fL clnd wc havc l¢ikeii (111 tlic stcps Ilicil WL oug?lil lo liavc 11( kcii cls dircclors iii order to iiiake ourselves aware of any relevant audit int.oniialioii 1( nd to ¢slablisli tliic t Ihc coinpaiiy's auditors (lre aware of th<lt int"ornialion. Auditory ASM (D) Lid has cxprcssed tlieir will iiigtrness to continuc as ciudilors for Ilie iiexl fiiicincial yeclr. Small companics, regime cxcniptions Tlic dircclors report hics beeii prepclfLd takiiig advantagc of ilie exemptions available to small coiiipanies uiider the Coinpanies Act 2006. By the order of the board Ivalter Cuddv Company Director 4 Sept¢niber 2024 ASM
Duiigaiinon Enterprise Cenlre Report andfinaiieial statemenlsfor ilieyear elided 31 Marcli 2024 Page 7 Independent auditors, report to the members of Dungannon Enterprise Centre Opinion We have audited the financial statements of Dungannon Enterprise Cenire for the year ended 31 March 2024 which coniprise the Stateiiient of financial activities, tlie Balance sheet, Ihe Statement of changes in equity and the related notes including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingidom Accouiiliiig Standards including Fii)anci¢11 Reporting Sland1( rd l O? 'I'lie Fincincial Reporting Standard applicable in Ilie United Kingdom and Republic ot. Ireland" (Uniled Kingdoni Geiicrally Accepted Accounting Practice). In our opiiiion the financial statements: give a true aiid fair view of tlie stale of tlie conipany's affairs as at 31 Mic rch 20?4 and of ils surplus for tlie year tlien ei)ded' liave bcen properly prcpared in accordance witli Uiiited Kin&ydom Generally Accepted Accouiiliii Practice; lic2V¥ bccn prcparcd in accord<ince ivith Ihc rcquircincnls of the Conip1c nies Act 2006,. liclvc bLLlI prLpared iii accordc111CL willi IIIL rL'quirLiiieIits of the CliarilLs Act (Northern Ireland) 2008. Basis of opinion We conducled our iiudil in accordancc willi Intern<1tion¢il Staiidards 011 Auditing, (UK} (ISAS (UK)) ,Iiid <ippI iC<ible1<1W. Our respoiisibililies uiider tlio.%L slcliidi1rds arc furtlicr dLscribLd in Ilie Auditors, respoi)sibililies for Ihe audit of ilie finc2llCiLiI s11¢ temeiits sectioii of our report. We are iiidepeiideiit of tlic company in accordance with Ilic eiliiccil requircIiicnls ilial 1¥ r¢ relevant lo our audit of tlic finaiici¢11 sl¢ltciiicnls in tlie UK, including Ilie fRC's Ethiclcl Sl¥liid<1rd 111id w¢ liave fultilled our eiliicc11 rLspoiisibililes iii ¥lccord¢111CL willi tIIcbL r¢quireinciits. WL. bLlici'L tliat tlie audil evidence we have obiaiiicd is sufiicieiil aiid appropri1L 1¢ to providc a basis for our opiiiion, Conclusions rclAting to going conccrn In ciuditiiigi the fin<lncial sli11cIiicnls, wc h¢ive coiicludcd that., Ihc directors, usc of Ilic going concem basis of accounting in the preparic lion of the finaiicial slclleiiients is appropriate; aiid bil scd on the work we Iiave perfoniied, we have iiol identitied any material uncertainties relating to events or conditions that, individually or collectively, niay cast si&ynificant doubt on tlic company's ability to continue as a gioing conccrn for a period of at least Iwelve months from thc date when the financial statements are auihorised for issue. ASM
Dungannoii Enlerprise Centre Reporl andfinancial statenienlsfor tlieyear ended 31 Mureli 2024 Page 8 Independent auditors, report to the members of Dungannon Enterprise Centre (cont'd) Other information Tlie other inforniatioii comprises ihe int"onnation included in the Trustees, report and financial slalemenls, otlier Ilian the financial st1¥ temenls and our auditors, report thereon. The directors are responsible for the other infonnc11ion. Our opinion on the financiic I staleinents does not cover tlie other infonnalion and, except to the exlenl othenvise explicitly staled iii our report, Ive do iiot cxpress any t'omi of a.8suraiice conclusioii thereon. In coniiectioii witli our audit of Ilie finailcial sllc tciiienls, our respoiisibilily is to read Ilie oilier infomi<ltion and, in doiiig so, coiisider ivlieilier the oihcr iiifomiation is m¥2terially inconsistent willi the fin1( ncial slcltemenls or our knowledge obtained iii Ilie audit or oilierwise appears to be m1L lerially niisslated. If we identify such mrf?terial inconsist¢ncies or appL1f¥nt Inc11cri111 niisstc11Liiiciils, we arL rLquircd to detennine ivhcilier Iliere is a iiialerial Iiiisslatemcill iii Ilie fiiiq& lICicil stalcments or a 111<2lcrial niissllc tLni¥iil of Ilie oilicr infon111c lion. I r, b<lsLd 011 Ilic work we lic2VC pL'rloriiiL'(I, iiie conLludc tlic11 iliL're is (1 llirfllcril¥ I iiiisslillLinciit of this oilier iiifoniic1tioii we arc requircd lo rcport Ilic2t fi1CI. We li¢ive notliingv to report in tliis regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on Ilie work uiidertaken in tlic course of our audit, tlie iiifonnation given iii Ilie Trustees, report for the fin1£ ncial yec1r for whicli Il)c fiii¢2llcicl1 sl<11ciiieiils are prcplL rLd is coiisiqtent willi the financial staleinents and has been prep¢1red in <ryccord<1ncc willi tlic (lpplicable IcgF&il requirLiiicnls. Iii Ilie liglit of Ilie knowlLdg?e and uiidcrsl<?IidiTlgF of comp<llly ¢ind ils enviroiinient obtaiiied in Ilie course of Ilie audil we liave iiot ideiitificd any m¢il¢ri111 iiiissl¥1teiiiLnls iii the Trustees. report. Matters on which we Are requlrcd to report by e¥ception We li<lve iioiliiiig to report in re5PeCt of the following? mcilters where the Coiiipanies Act 2006 rcquircs us to report lo you if. in our opiiiioii.. adL'qu¥ilC accouiitingT fcLords liavc iiot bLcn kcpi. or relunis adcquatc for our audil have not bccn rcccivL'(I froiii br<iii¢liLs iiol visitLd by us; or Ilic tllllc llciic I slcilLniciils clrL iiol iii ¢1&?rcciiiciit ivitl) the <1ccounting rLcords cind returns; or cert¢llll disclosurLs ol. dircctors. rLii)ui)cr4ltioii spcci l iLd by141W 41rc iiol inqc dc,. or we Iic1VL nol rLccivcd (ill tlie iiifomicltion ¥lnd cxplaiicqtions we require for our audil. Responsibilities of directors As explained inore fully in the Directors, responsibilities stalenieiit set out on page 6, the directors are responsible for Ihe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the directors deterniine is necessary to enable the preparation or rinancial slatemenls that are free from material misstatement, whether due to fraud or error. ASM
DiingannoA Eiiterprise Ceiitre Report andfinaiiciol sttttemenlsfor tlie}ear ended 31 Marcli 2024 Page 9 Independent auditors, report to the members of Dungannon Enterprise Centre (cont'd) Responsibilities of directors (cont'd) In preparing the financial stat¢menls. Ilie directors are responsible for assessing the company's ability to continue as a goiiig concern, disclosing, as applicable, matters related to going coiicern and using Ilie going concem b<2SiS of 1£ ccounting unless the directors cither intend to liquidate thc company or lo cease operc11ions, or liave no realislic alternalive bul lo do so. Auditors, responsibilities for the Audit of the financial statcments Our objecliv¢s are to obt1( in recisoll¢1ble 11 ssurance about ivliether the finaiicial slatenienls as a wliole ,Ire frLe froiii ni<11eric?I missli2leiiiciit, wlieilicr duL lo frciud or error, cliid to issue ¢211 auditors, report Iliclt iiicludLs our opiiiion. Rcic soiiablL <1ssufi111CC is Ic liig,Ii ICVLI of. assurcqiice, but is not (1 gyuclraiitcc Iliclt L1n ,iudil coiiduclLd in 1( ccordilncL willi ISAS (UK) Ivill alwc1yS dL'tCLI a nic1lLrial iiiissl<ilcniciit ivlicn it Lxists. Mi%slc2tLiiiLiitS C1( 11 clfisL froiii fraud or error c1nd <1rc considcrcd nicllcrial i t., individucil ly or in IIIL ¥1g'gTrLgv47te, IIILY could rec1SQl11¢ bly be expcctLd to inllueiice tlie ecoiiomic decisions ol" usLrs takeii on tlie basis of tliese fiiic1llci£l1 sl<ltL'incnls. Irr¢gyulclriti¢s, includiiig fraud* 1( re instaiiccs of iion-compliilnce ivitli laws and rcgyulations. We desigii] procedurcs iii liiie willi our rcspoiisibililies, outliiied above. lo dLlecl nicilerial iiiissl¢ilLinciits in rcspLYl of irregvul<2ri1ies, including fraud. The extent lo wl)icli our procedures are capablc of delccliiig irregularities, including fraud is detailed below,. We g¢1incd (ill UTidcrst¢1nding of Ilie leg<l1 c1nd reg7ul¢ilory frainework ic ppliccible lo Ilie COlllP4illy Ilnd the iiiduslry iii wliicli Ilicy opL'rcltL' ?( lid coiisiclcrc(I Ilic risk ot. <icls by IliL COIIIPL11)y Iliclt wcrL Loiilr¢1ry to ,Ipplilc ble li?W iiiid rcgiLi111 lions, iiicluding, Irilud, We coiisidcred the opportuiiilies arid iiic¢iitivcs Ilic1t mciy ¥xisI wiiliiii Ilie COlllP11 Iiy for Ir1¢ ud i¥ lid idciililicd the gFrcalesl POtciiti¢il for Ir<1ud iii tlic fol lowiii&' ,Irc<l4: IIIiSlll<111<igyei]Icnl of P&lylllCllts. posliiigj ol" unusu1¥ l joum¢11s loLiciliLr willi coinplLX trclllSL1cIioiis, r¥veiiue rccogFllition <111d subjLclivily ol" Vlc Iu1( Iioiits us¢d lor laiid and buildiiigys. We designed ciudit procedures lo respond to Iliese risks, recogiiisiiig tli<1t the risk of not dclectingy a nialLri<il ii)isslatcmcnt due to fraud is liig7lier t111( 11 tlic risk ot" not d¢tectingy on¢ resultiiig froin crror, as Iraud Inay involve delibcrc11e COiiCCcilnienl by, for ex<1111plc, forgyery or inlenlionic I niisreprLscii11c tioiis, or tlirougpli collusion. Our c1udil procLdurLS includcd.. eiiquirLs of mc111c1gicnionl clbout IliLir oivii identificatloll 11 nd assc%sniciit of risks of irregiulcirilies, speci lic tcsts of dLti1il over P2( ynicnls, S&liiiple IL'sliiigT of jouni<lls p05tcd duriiig IliL y¢,Ir, vlri lyiiig, tlIL undcrlyiiigp absuiiipIIoiis cldopiLd for Ilic propLrty V1¢ Iuiitioiis, sp¥cific lesls ol" detail ovLr revciiuc rL'cog¥TiiIIoii <111d (1 fcviLW of ar¢ilS Ot judgieiiieiil lor iiidicc11ors of inc2ll<1&7LI]ient bias lo address the risks. Becausc of Ihc inlicrent limitcilions of an 16 udil, thcrc is cl risk Ihclt ivc ivill not dctccl 6111 irregul<irilics, iiicluding? thosL Icadinb7 to a mi11crial Inisstaleliieiit iii ihc fin1L Iicial stiilLiiienls or non-coIiipl ic111ce iviih regyulalioii. This risk increascs tlic more Ili¢lt compl iaiice witli a law or regu11c tioii is removed froni the events aiid Iraiisaclions reflcclcd in tlie financial stalements, as we will be less likely to becomc aware of instances of non-conipliance. The risk is also gyreater regardiiig irregularities occurring duc to fraud ratlier tlian error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. ASM
DuAgaiiAon Enterprise Ceiitre Report aiidfinaiicial.¥talemeiilsfor tlieyear ended 31 Marcli 2024 Page 10 Independent auditors, report to the members of Dungannon Enterprise Centre (cont'd) Auditors, responsibilitics for thc audit of the financial statemellts (cont'd) A further description of our responsibililies for audit of the financial statements is located on the Fiiiancial Reporting Counci I's ivebsite at., iiiii'ii,. I I'i.i)I' F UL ¢iiidil()rs1'¥S i)i)sil)i lilies. This description forn]s part of our Auditors, repon. This reporl is made solely to the company's nienibers. as a body. in accordance with Chapter 3 of Part 16 of tlie Coiiipanies Act 2006. Our audit work lias been underlaken so Ihat we migFlit $11¥ t¢ lo th coiiipany's menibers those inalters we are rcquired io slate to theni in an auditors, report c1nd for no ollicr puOSe. To tlie fullest cxtciit pennitled by l<lW, we do nol 1( CCCPI or assuiiie responsibility to .111yone otlier Ih<in tIIc COlllP<lliy alid Ilie coinpany's Inembers as a body, for our audit work, for tliis rL'port, or lor Ilic opinions ive liave foniied. Ali5talr Cooke FCA (Senlor Stululory Audltor) for lliid on bclinlf of ASINI (D) Ltd Cliartered Accouiitniils llnd Stlltulory Audltors Dui)gAiinon 4 Septcmbcr 2024 ASM
Duiiguniion Eiiterpri5e Ceiilre Reporl aiidfinancial statemeiilsfor tlieyeur elided 31 Marcli 2024 Page 11 Statement of financial aetivities Notes 2024 2023 Income from: Chariiable activities Total Incon)Ing resources 049,531 649,531 686,392 686,392 Expendlture on: Chariiable activities Totnl oxpenditure 675,425 675,425 675,548 675,548 Taxation Siirplu$l(deflclt) of Income after cxpendlture 'rllnsfcr& boli%'ccii fiinds Ncl niovcnicnt In funds (25,894) 10,844 (2q,894) 10,844 Reconcllinllon of funds: Total fuiids broughi foNord al l April TotAI fuiid5 cllrrlod forivllrd at 31 INlnrcli 917,130 891,236 906,286 917,130 All nmounl4 abovL fLlale lo conlinuinby opcraiion4 of Il)e cliariiy. Tlic slalciiicnl of financial aclivilics was approved by the Trustees on 4 ScpiLinber 2024. Signature: Trustee- Mi iehelle Donnell The notes on pages 14 to 22 forn] part of these fanCIal slatemenls. ASM
Diiiigannon Eiilerpri5e Ceiilre Rvport aiidfinaiicial slatementsfor tlieyear ended 31 March 2024 Page 12 Balance sheet Notes 2024 2023 Fixed assets Tanbyible as%eis 1,962,547 2,011,697 Currenl ll55ets Debtors Cash at bank and in hand io 76,246 320,944 82,624 395,068 397,190 (155.904) 477,692 (199,749) Creditors; amounl.s falling due iviihin one year Net current nssets 241,226 277,943 Totnl ll55et% less eurreiit Ilabilitics 2,203,773 2,289,640 Credltors: ai)iouni% lallinbp duc after more than one year 12 (277,117) (305,714) Provlsloiis for IIAbllltles Accrual% and defLrred inconie 14 (1,03S,420) (1,066,796) Nct 11ssets 891,236 917,130 Tlie fiinds of tlie charlly 'r01411 uiirL'.%lri¢lL'd fundx Total r¢.4lricled tund Totlll clinrlty funds 891,236 917,130 891,236 917,130 Tlicse fiiii111Cicil slatciiienls li<ive been prep<ircd in ciccord£111ce with the provisions of Ilie sinall OIIIPcinics regiinie witliiii Part 15 ot Ili¢ Coinpanies Act 2006. These fiiiaiicial sl¢ltements for Dunglannon EnteriSe Centre (NIOI 8557) werc approved by the boic rd of. directors aiid liuihoriscd for issuc on 4 Scpteiiibcr 2024 aiid sigiiicd on its behal I. by.. Il'aller Cuddv Director ai)d Trustee liehclle Donnoll Director and I'rustee The notes on pages 14 10 22 forn] part of these fÈnancial slalemenls. ASM
Diiiiganiion Eiilerprise Ceiitre Rgporl andfinancial.ftatenientsfor iliL' Jear ended 31 Marcli 2024 Page 13 Statement of changes in equity Reserves Total equily As at l April 2022 906,286 906,286 Surplus for the year Other coniprel)en.4ive inconie Toial ¢oinprehcn¥*iVC income 10,844 10,844 10,844 10,844 Ai 31 Mar¥h 2023 917,130 917,130 A% al l April 2023 917.130 917,130 Surplu51(dcticil) for the year Oil)er comprchen.sivc income Toiol ioniprchcn4ivc income {25,894) (25,894) (25,8941 At 31 IIIArcli 2024 891,236 891,236 The notes on pages 14 10 22 forni part of these fmancial slateni¢nls. ASM
D14ngaiinoii Enterprise Ceiilre Report andfinancial Jtatemeiitsfor ihe}ear elided 31 March 2024 Page 14 Notes to the financial statements l. Principal accounting policies Staleiiieiit of coiiipliaiice The company's financial statenients have been prepared in compliance with FRS I02 'The Financial Reporting Siaiidard applicable in the UK and Republic of Ireland, iiicluding the provisions of Section la. as it applies to tlie financial slatenients of the coinpany for the year ended 31 March 2024. Geiieral iiiforiiiatioii aiid ba.lis ofpreparalioii Dungyaniion EnteriSe Centre is a conipany incoOr(lIed in Northern Ireland uiider the Uniled King¥don) Coiiipiinies Act, Tlie clddress of the regyistered orrice is giivLIi Oll P41gc l. Tlie priiicip<l1 activity ol" tlie conipciny is Ihe proinotioii ot. busiiiess cntcrprise iii thL Dungy<111non area tliroubFli Ilic provision of busiiiess support. Tlie fiiiaiicial slaleinents are prepared in stcrling wliicli is the functiOllcl1 currency of the conipc2ny. Tlie tinaiiciL11 slatcnienls arc rouIided lo tlie nccircsl £ I Tlic finc1llcici1 slaleiiients h¥iVC bLLn prcp<irLd in 11ccord<lllCe With Ilic Fii)c111Cic11 Reportiiig Si¢2iidcird < Pl)Iicciblc ii) tIIL UK 1L nd RLpiiblic of Irclc2iid (FRS I O?), tlic AccouiitiTlgT aiid Rcporling7 by Cli¢irilics'. SiatLIIILiII of Ileconiiii¢iidL'd Prc1clice &2ppIicc1blL to cliarilics prcpLiriiig IliLir fiii¢lllCi1¢ I sti11LiiILiIIs iii 1ccor(Ic111ce willi Ilie fin<lllCi<il Rcportiiigy St1L iidclrd it ppIicc2blL in tlic UK 11nd Repiiblic of Ircli111d (I:'IlS 102) (Lficctive l J1( llu¢lry 2015 (Cl)c1rilics SORP (fRS 102)), and th¢ Cli¥1rilies Act (Nortlicni IrLl<liid) 2008 as amended by Ihe Cliclrities (Finaiicial sl<ltcnients and RLports) Regyulatioiis (Norilicni Ircland) 2015. DungTi2iinon Eiilcrprisc Centre Iiieets tlic defiiiilion of a public eiitily under FRS 102. Assels and liabilities are iiiilially recog?nised at Iiistoricc?I cost or Irc1nsactioii i'.Ilue uiilLss otlienvise sl<ltcd iii Ilic rclevaiil accounting, policy. liicniiiiiig r¢•,i(Jiirce.s All incoiniiigy resourccs are includcd oli the Slic teiiiciit of Fiiiancial Activities when the charity is ILgTally ciitiilLd to IliL incoiiic. wlicrc Il)crc is reason<iblc ccrt6iinly Ilic2t tlic rcsourcc will bc rLceivcd and where Ilic tiionct¢1ry Villuc cali be quilntilied willi reasonable (lccuracy. Cliarilable aclivilie.4 Income is included in Ilie statement of financial activities on Ic n accruals basis and nel of VAT wliere applicable. Incoiiie is mainly derived from rental of units in the business park aiid tlie delivery or business and enterprise programmes. Inconiing resources are deferred wliere income is received in respect of future periods. Voliiiitary iiicoiiie Gifts, bequests and donations incoIne is recognised when receivable. Donations - income by way of donations is included in full in the Statenienl of financial activities in the year in which they are receivable. ASM
Duiiganiion Eiiterprise Centre Report ondfinancial 51afementsfor tlieyear ended 31 Moreh 2024 Page 15 Notes to the financial statements (cont'd) l. Principal accounting policies (cont'd) Jiicoiiiefroin oilier Iradiiig activilies Turnover is the aiiiount derived from the provision of goods and services within ihe charity's ordinary clivities after Ilie deduction of Vc11ue added tax. Turnover, which ¢xclud¢s valuc added lax, represents Ihe value of goods and services supplied. Goveriiiiieiil graiil& Grc1nls tlial relate to specific capital expenditure are Irealed as deferred incoiiie ivliich is tlien credited to Ilie slc?ILiiient of fiiiaiicial activities ov¢r Ilie rcl¢11cd 1( ssel's useful life. Rci'ciiuc gyr<llltS 11re credilLd to tlic Siat¥iii¢iil of fiiiaiicial activities iii thc saiiic yL'<1r as tlic rclat¢d cxpenditurL is incurred. Revciiiiie rLicogiiilioii Rcvciiue is rccogiiiscd lo Ilic exlcnl Ihclt the COlllPi111y obic1illS Ilic riglit to COTisidcr1¢ lion in cxch&inL?c ror ils PLrlomiL111CL. RevLiiu¢ is IllC<lsufL'd at Ilic lair Vc11uL of tlic coiisidcr<11ioii received, cxcludiiig discounts, rLbi1lcs, V AT ciiid otlier Sc?Ics IclXCS or duly. Tlic lollowiiigy critcriic 11)usI ¢ilso be iiict bLlorL revenuc is rccoginised: Si11e of services Revcnue froiii thc salc of serviccs is rccogynised wlieii the signi ficant risks 1£ lid rcw<1rds of owiicrsliip of IhL sLrvic¥s licive Pcisscd to Ilic cusloiiier, USU¢illy on dLlivLry of projects 1£ l agirced slaglcs: IIIL iiiiount of revciiuc cali be iiieasurcd rcli1¢ bly; and it is probcible Ili¢11 tlic ccoiioinic bei)efils associ111cd with tlie Irc1nsaction will floiv lo tlic entity. Rcntlc l incoinc Reveiiuc from the reiital of business uiiils is recogFnised as iiivoiced to Ilie customer under Ilic Icrnis of tlic rental clgyreeiiieiil, USU¢111y on a nioiitlily basis, Security dcposils obtaiiicd at tlie onset of i)cw tCJliinci¢s c2re held on tlie biilance sheel until sucli time that notice to vacate is received and the tenant ceas¢s occupaiicy, Ta.ralioii Prior lo April 2019, Ilic chcifgFC for tclxalioii was bic sed 011 tlie profit for tlie yec1r as Iidjusled for dis<111oivablc iieiiis aiid for tiining dificrcnccs to Ilie exleiil Iliat tl)ey were unlikely to rLsuli ili ¢111 actUi11 lax liability in Ilie t"oresceiible t'ulure. Siiice rLgFlStcring? as a cliarily 011 23 March 2019, thc compiilly's Ic Ctivitics no longer fall iviiliin the c111( rge of. tax. Timing dift"erences arose froiii the recogiiilioii for tax purposes of ceriain itcms of incoiiie and expenses in a diff¢renl accounting period from that in wliich they were recognised in the fiiiancial stalemenls. The lax effect of liiiiiiig differences, as reduced by the lax benefit of any accumulated losses, was treated as a deterred tax liabilily. Resoilrces e.rpeiided All expcndilure is accounted for on an accruals basis and has been classified under headings ihat aggregate all costs related to the category. Where costs cannot be directly attributcd lo parttcular headings they have been allocated to activities on a basis consistent ivith use of the resources. ASM
DungaiiKoA Enterprise Ceiilre Reporl andfiiiaiicial Jtatemenlsfor theyear elided 31 Marcji 2024 Page 16 Notes to the financial statements (cont'd) l. Principal accounting policies (cont'd) Cliorilable aclivities These costs include direct expenditure relatiIig to econoinic developiiient and expenditure in administration of the Charity. Irrecoverable VA T Any irrecoverable V AT is clic1rged to the slalenieiit of financial aclivilies, or capitalised as part of the cost of the related asset, Ivliere appropriate. Voliiiifeer5 aiid doiiated services No Vi11ue of donated services aiid tin)e is accounied t'or in thc financi¢il slatemenls. Pepi.%loii .%clic•iiic> arraiigeiiieiil Tl)e coinpaiiy opcrates a defiiied contributioii scliciiic. The asscts of the sclieiiic are hLld Scpcintcly froin Ihosc ol. Ilic coinp1c ny in ?¥ n indepeiideiiily adiiiiiiislercd fuild, and conlribulions are ch?( rgved to Sl<11eiiient or rinc11icial activities in tlie period lo whicli IIIL'Y rL'l2c te. Foreigii ciirreiicies Tri1lls<1clioiis d¢iiomiiialed iii foreign curreiicy arc Iraiislated iiito stcrlingy at Ilie ralc of cxchic nbyL rulingy 1¢ I tlic dale of tlie trans¢iclioii. Monetary assets <1nd liabil ilies deiiomin1c lcd in foreign curreiicics ,It IliL b<?1111iCL slieLi d<ile arc tr<iiis11& tLd iiilo sterliiigp IL I tlie exc111c ng7L rates ruliiigv al tlial dL1le. All excliciiigpe di I't"ereiiccs arL lakeii to tlie Siatciiiciil ol. l ili¥lncial activilics. Sliort li•riii eiiiployLie bipii¢'fil.I Sliort tcnn oiiiploy¢e benefits are rcco&?iiised 1¢ s an cxpense iii Ille pcriod iii wliicli Iliey are iiicurrcd. liitaiigiblefi.red a.i.iet3 - ,%ofnvare developiiieiit Softivcire cosls are written off as incurrcd, exccpt for purcliclS¢S from iliird P<lrlics iii respcct of m¥2jor syslciiis. lil sucli cases, the costs are ivrilteii off over a Jn<1xiniuiii of Iliree years froin Ilic dc11e of inipleiiientlc lion. ASM
Diiiiganiion Enterprise Ceiilre Report aiidfiiiancial slatenient5for tlie J'ear elided 31 March 2024 Page 17 Notes to the financial statements (cont'd) l. Principal accounting policies (cont'd) Taiigiblefi.Yed assets Fixed assets are stated at their purcliase cost, logether with any incidenlal costs of acquisition, less accumulated deprecialion. Depreciation is calculated so as to write off tlie costs of tangible fixed assets, less their csliniated rcsidu<l1 Vc?lues, over tlie expected usetul econoInic lives of the cissels coiiccmed. Tlie principal aniiu<il rates used lor Ihis purpose ar¢: Frceliold propcrty Motor vcliiclcs Plaiil arid equipinent 2 strciigrhi line 25 rLducing, bcllclnce 15-33 straigylit liiic liiipairiiiLiiif of iioii-fiiioiicial a.i.%els TIIC COiiiP&1ny asscsses ¢11 e1( cli reporling dale wliLilILr an (lssel 1llc1y bc illlpilired. Ir 11 ny sucli iiicIicl< lioii L'xisls Ilie Coiiiplc iiy csli11ii& Ics tlic rccovcr<1ble clinounl of. Ilie ¢lssel, I r it is not possibl¢ lo L'sliIiic11L' tlIL rLcov¢r¢1blL <iiiiouiiI ot" tliL iiidividu¢il 1( sscl. tIIL COlllPc111y csliinqc Ics. tlic rL'COIILf<iblL ,iiiiouiit of Ilie C<islI b¥ciicrrfilin&i uiiil to ivliicli tlie ¢1ss¢I bcloiigs. Tlie recovcr2c blc ainouiit of 1111 <1sscI or C¢islI gLiicrcltiiiby uiiit is Ilic liigyliLr of ils fL1ir value less costs to SLII arid its V¥11ue in use. It. tlic rLcoverL1ble 1¢ iiiounl is Icss tli<lll ils C<ifryiiigF amouiit, tlic CL1ryill&y ¢?iiiount of tlie assel is inipairLd cind il is reduced io ils recoverablc ainounl Ihroug?li an impciiniieiit in ilic Slaleineiil ol. fiiiiliicial activities. An illlpciirliient loss rccogriiiscd for all assets is rcvcrscd in a subscquent period it. 11nd only it the rcclSOliS for tIIc illlP1¢ iniiLiil loss have Ccic sed lo apply. Fiiiaiicial iii.slriiiiieiil.s ri111c IICl£l1 iiistrumcnls are cltlssitied aiid <1ccountcd for, accordiiig to the subslclnce of the conlr<1clual .qrriliigiLiiicnl, 11S ciilicr fiiiic IICic11 assets, Iiii1c11Ci1c I liabilities or equity iiistruiiiLiils mc<lsured rflt aiiiortised cosl. Aii cquily iiistrumcnl Is <2ny contract tliat evidciices a residual iiiteresl in the asscls of tlie coiiipany aftcr dcducliiigi all of its li11bilitics. Fiiiid accoiiiitiiig All fuiids rcccived are uiirestricted in use and are expendablc at the discretion ofihe Trustces in furtherance of the objectives of the charity. The charity accounts for funds as folloivs.. Restricted funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which mcets these criteria is identified to the fund, together with a fair allocation of overheads and support costs. ASM
Dungannon En¢erprise Centre Report andfinancial slalemeiitsfor theyear ended 31 Marcli 2024 Page 18 Notes to the financial statements (cont'd) l. Principal accounting policies (cont'd) General fuiids General funds are donalions and other incoming resources received or generated which are expendable at the discretion of the Chic rity in rtherance of its objectives. 2. Critical accounting judgements and key sources of estimation uneertAinty In the application of tlie company's accounting policies, which are described in note I, the directors c re rcquired to make judgeinents, estimales and assuniptioi)s about the canying 1( mounts of assets and liabil ilies tliat <ire not readi ly appareni froin otlier sources. 'fhe csliiiicltes and associated clssumptioiis 1re b<lsed 011 liistoric<11 experience and oilier factors Iliat are considcrcd to be relevanl. Aclual results 1111¢ y dirrcr froiii tIIcsL LStiInales. "rile estiniaies ic nd underlyingy assumptions are reviewed on an ongoiii&? b2( sis. Revisions to c2ccountin csliiii¢ltes cirL reLob71iised in Ilie pcriod iii ivliicli tlIL csliii1clte is reviscd if Ilic revision c1fiects only Iliclt period, or iii the period of the revision and luture periods if the revision affects botli current ¢iiid future pcriods. Crilicaljiidgeiiieiil,i iii applyiiig ilie coiiipaiiy'.i accoiiiiliiig policie.1 Duriiig tlic curreiil Iiiid preceding linaiiciiil ye¢irs IhL' directors believe tlILy li<lve nol niadL ¢iliy critic1¢1 judgyciiiciils iii Ilic procLSS ol. cipplyiiig Ilic COlllPillly'S clccouiiliiig, policies Ilial liave a sigriii I ICc111t el'lcct KL'JI .soiircLI,i of Lp,IliiiiatlOll 1411certaiiity' Duringy Ilic currciil aiid prcccdiiigi fiii¢lllC11L l yeiirs tlic dircclors belicvc IlicrL 1( rc not Ic iiy kcy sourccs of csliiii<2tioii uiiccrtlc iiily 1111L I licive a si&7iiilicc1nt risk ol. Cc2USiiigF a nialerial adjuslnient to Ilie carryiii 11nouiils of <1ss¢ls aiid li¢1bilili¢s witliiii tli¢ iiLxl tiiiaiicial yLar. 3. Going concern Thc coiiipaiiy made a deticit of. £25.894 duriiigi Ilic year elided 31 Mc1rch 2024, and al that d1( te, tlie coinpany's assets exceeded its liabilities by £891,236. Tlic directors, after makiiig enquiries, have a reason¢ible expeclalion Ihal the compaiiy has 2( dequalc rcsources lo continue iii operc11ioiial existence for thc toreseeii blc future. Accordiiigly thcy contiiiuc lo Idopt the going concem basis in the preparation of the finaiicial statenients. ASM
Diiiigaiinoii Enterprise Ceiitre Repori andfinancial stalcjttienlsfor tlieyear elided 31 Marcli 2024 Page 19 Notes to the financial statements (cont'd) 4. Income from charitable activities Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total runds 2023 Renis and related in¢om¢ Purple Dol Media Progyr<lmn)e n)£lnabyemenl 446,013 26.760 176.758 649,531 446,013 26.760 176,758 649,$31 432,766 4?,921 210,705 6S6,392 5. Charitable activities cxpenditure Unrestricled funds 2024 Reslrlctcd fuii(Is 2024 Total riinds 2024 Total 90?3 Progr41mmc cipcn4c8 Provi%ioi) lor biqd or doubtful debis Salarie% and wagLs PLii.sion 4111¥1)i¢ coniribulion RAIL4 &11)d iYalLr ralu Heal aiid lib¥hi Insurance Rcpi2irs, miiiiilLnance and cleaning, Motor ond Irai'LllinL' Cal¢'riiibF 11 lid proi)iOlional Si&ilionLry i1nd advLrii%inb' I'LILpI)onL and poslagye M4irkilinb' Coi)lirLncL fe¢% and .subs¢riplions Leg?al and proles5ional Audi( fLL GenLral ¢xpen.sc. Donation. Slafl. Irainin&F and developinenl Bank cliarg?¢s Compulcr c.xpenses Deprcciaiion Ainortisalioii of deferrcd gran15 (Profillllo%% on di%potr*al Inlere.%l payable 85,879 5,384 327,516 11.201 10.982 22,044 13,449 61,455 9,680 3,8J3 2,318 10,227 5,486 1,284 3,957 3,650 4,962 300 1,750 704 12,129 5S.727 126,014 24,158 316,346 10.934 8,359 35,()08 10,375 31,702 8,957 3,181 1,043 10,4CI7 5,038 825 9,434 3.C)50 2,552 5,384 327,$10 11,201 10,982 22,044 13,449 9.080 3,833 2,318 10,227 1,284 4,962 300 1,750 704 12,129 90,103 (31,376) 2,366 140 11,491 83,412 (31,376) (7,776) 8,644 675,544 31,376 (31,376} 18,508 675.425 675,425 Indemnity insurance for the Trustees was purcliased by the Chariiy during the year. 6. Directors, remuneration No director received remuneration in the current or preceding period. ASM
Duiigannon Enterprise Centre
Reporl aAdfinaAcial siulemenlsfor ilieyear ended 31 Marcli 2024
Page 20
Notes to the financial statements (cont'd)
7. Employee information
The averaLFe number of persons (including executive directors) employed by the company during the
year was:
2024
Number
2023
Number
By Aetivit!.:
Prog?rainiiiL dclivcry
Adn)inislraiive
12
12
No eniployees tall into cnioluiiienls band oi'cr £60,000. The Trustees received no reniuneratioii, no
benefits in kind and no rcimburseiiieiit of expeiisos during the year.
8. Taxfttion
2024
2023
Unlted Klngdom corporAtlon tnx At nll°/. {2023'. nilO/o)
Current
Deferred lax
AccelLraicd capital allowance.4
TIIC COlllP¢11iy is a rLgTrislcrcd cliiirity rfiiid <15 sucli is L'iilitlcd lo L¢rtclill 11lX CXL'lllPtioi)S 011 IIICOIIIL 1( l)d
profits IroIii iiivcsliiiLlItS. <iiid siirpliises oli (iny triidiiigy 1lctiviliLS C
Duiigannon Enterprise Centre Report dndfinancial slalemen15for ihe year ended 31 Marcli 2024 Page 21 Notes to the financial statements (cont'd) 10. Debtors 2024 2023 Amounts falling due ilithin one year Trade dLbior. Otlicr dLbio PrepayniLnl% and sundry debtors 68,714 2,322 61,063 15,95? 5,609 8?,624 76,246 I l. Creditors: amounts fAlling duc within on¢ >'ear 2024 2023 Bank Ioiin and overdrafts 'rradL credilor Ollier iaxaiion and .iocial Security Oili¢r ¢rL'diior Accrual% and deferred income 39,227 41,922 29.081 ?6,412 25,379 76,955 199,749 24,713 24,426 38,040 Iq4,964 Tlie b¢111k ovcrdrci tl clnd loan are secured by a fixed aiid flocltiiigi cliL1rgye over ilie Clii1rily's prciiiiscs at 2 C0411islq¥ l)d Rd, DuiiLb(?Iiiioii. Bl¥ ilk loaii lot4111iiig £291,629 (2023.. £311.16?) is bcingF fcp<iid by Inonilily instaliiicnts 01. £2,320. A bounce back loaii of £23,328 (2023.. £32,393) is guarc2nt¢cd by the UK Govenimeiil undcr tlie Bouiice B1( ck Lo4in Sclieme. Tlie loan is repc1yable over 6 y¢1( rs willi a r<11e of interest ot" 2.5 %. 12. Credltors.. aniounts fAlling due after more than one year 2024 2023 Bank loans 277,117 277,117 305,714 305,714 The above bcilance includes amounts falling due aftcr five years of £134,412 (2023: £162,252). ASM
Diingaiinoii Enterpri3e Ceiitre Report undfinancial slalenientsfor ilieyear ended 31 Mareli 2024 Page 22 Notes to the financial statements (cont'd) 13. Accruals and deferred income 2023 Government grants Ai l April 20?3 Amorti5alion in Ilie year At 31 IWIArch 2024 1.066,796 (31,376) 1,035,420 14. ShAre capital Thc compclny is liinited by a gyuaraniee froni eacli member of the borfird of directors and does not have issucd sli&irL capi11¢1. Ei1clI dirccior uiidertcikes to contribute to Ilic assets of thc coiiipany, in tlie ev¢iil of tlic S<lnie beiii wouiid up ivliilc tIILy (ire a meinber. or wiihiii one yccif ciftcr Ihcy ce<1SC 10 bc ¢7 Iiicmber, for P1( ylllcllt of dL'bis 1L lid licibi litics ot" tliL COliiP<iny coiilrlL cled bLforc tliey CCclSC lo bc a iiiciiiber. <ind of tlie costs, clic1fg¥Ls cliid cxpeiisLS ol. Iviiidiiigi UP* <lnd for tIIL1 cdjusliiient of Ilic rigylits ol. tlic contributors 2( Illollg tlicinbclvcs sucli ¥21110uiiI as iii¢i y be rcquir¢d not exceedii)g7 £10.00. 15. Pension commitmcnts TIIC COlllP&lTIy Ill<ikcs coiitributions lo a dcfiiied coiitribulioii sclicnie. Ilic ass¢ls of tlic sclieiiic bciii IILld .SCPc1filtLly Iroiii IIIC <15SL'ls of tlic COlllPl& ny. TIIL PLI)sioiI cost cli<irgyc rL'prLsLiils coiilribulioii l)&ly61blL lo Ili¥ s¢liLIIIL' cliid 111110uiIIL'd lo £11,201 (?023: £10.939). No coiilribulioi)s (2023: £Nil) IvL'rL' P<lyL1blL' to Ilic scliciiie ¢lt tlic yciir ciid. 16. Contingcnt liabilities 'riiere is cl coiiliiig7eiit liabi lity lo rep<iy cerlain govcmiiicnt gyraiils reccived uiider Ilie ILnns of Icttcrs of ol"Icr froiii if tli¢ coinpii iiy f<lils lo coiiiply with cLrt<llll coiidilioiis. Iii tlIL opiiiion of the directors, the tLniis of Ili¥ ILIILrb of ofiir will bc coiiipliLd ivitli aiid 110 rLPi)yiiILiII is expcct¢d. ASM