Company Registration No. NI038769 (Northern Ireland)
ENTERPRISE NORTHERN IRELAND LTD
(a company limited by guarantee and not having a share capital)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ENTERPRISE NORTHERN IRELAND LTD
CONTENTS
Page
Company Information
1
Strategic report
2
Directors' report
3 - 4
Chairman & Chief Executive's report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 21
ENTERPRISE NORTHERN IRELAND LTD
COMPANY INFORMATION
- 1 -
Directors
Mr Conor Patterson
Mr Charles Kennedy
Ms Elizabeth Taggart
Ms Maureen O'Reilly
Mr Enda Daly
Mr Martin Devlin
Ms Nichola Lockhart
Mr Seamus O'Prey
Ms Martina Crawford
Mr Jonathan McAlpin
Ms Jennifer McWilliams
Mr Nicholas O'Shiel
Mr Ciaran Cunningham
Mrs Melanie Christie-Boyle
Secretary
Mr Charles Kennedy
Company number
NI038769
Registered office
Aghanloo Industrial Estate
Aghanloo Road
Limavady
BT49 0HE
Auditor
Moore (N.I.) LLP
30-32 Lodge Road
Coleraine
BT52 1NB
Bankers
Ulster Bank Limited
20 William Street
Cookstown
Co. Tyrone
BT80 8NB
Solicitors
Johns Elliot
40 Linenhall Street
Belfast
BT2 8BA
ENTERPRISE NORTHERN IRELAND LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present the strategic report for the year ended 31 March 2024.

Business review

Both the level of business and the year end financial position were considered satisfactory given the Company's objects.

Principal risks and uncertainties

The key business risk and uncertainty affecting the Company is the uncertainty around future funding for local economic development support, primarily from April 2026 onwards when the UK Shared Prosperity Fund which replaced EU funding is going to end.

 

The Company's management endeavour to mitigate these risks by implementing regular strategic and operational reviews.

 

Financial risk management

The Company's operations expose it to a variety of financial risk that include credit, liquidity and foreign exchange risk. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company.

 

Credit risk

Due to the nature of the Company there is no exposure to credit risk.

 

Liquidity risk

Due to the nature of the Company there is no exposure to liquidity risk.

 

Foreign exchange risk

Due to the nature of the Company there is no exposure to foreign exchange risk.

Key performance indicators

The Company's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the Company.

Future outlook

During this financial period the Company has worked to implement and deliver on the contractual obligations secured during the previous year.

 

The outlook for the Company is stable until March 2025 and is likely to be stable until March 2026 as we have already renewed the NI Small Business Loan Fund from May 2025 for a further 10 years. We have also secured an extension to the Start Up Loans contract until March 2026 and we are actively engaging with funders to agree an extension to the Explore Enterprise and Go Succeed contracts which are funded through the UK Shared Prosperity Fund.

 

The directors are satisfied that the organisations operational and financial position will be stable until March 2026 and the expectation is that the Company will, in the worst case, operate at break-even for the two years to March 2026 and preserve current reserves.The Company continues to invest in its operational and technological capabilities and is planning for uncertain funding environment from April 2026 onwards.

On behalf of the board

Mr Jonathan McAlpin
Director
20 December 2024
ENTERPRISE NORTHERN IRELAND LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is to contribute to the development and implementation of entrepreneurship and economic development support structures and programmes throughout Northern Ireland.

Results and dividends

The results for the year are set out on page 12.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Conor Patterson
Mr Charles Kennedy
Ms Elizabeth Taggart
Ms Maureen O'Reilly
Mr Enda Daly
Mr Martin Devlin
Ms Nichola Lockhart
Mr Seamus O'Prey
Ms Martina Crawford
Mr Jonathan McAlpin
Ms Jennifer McWilliams
Mr Nicholas O'Shiel
Mr Ciaran Cunningham
Mrs Melanie Christie-Boyle
Auditor

Moore (N.I.) LLP were appointed as auditor to the company, and is deemed to be reappointed under section 487(2) of the Companies Act 2006

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements 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 have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ENTERPRISE NORTHERN IRELAND LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr Jonathan McAlpin
Director
20 December 2024
ENTERPRISE NORTHERN IRELAND LTD
CHAIR & CHIEF EXECUTIVES REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Role of Enterprise Northern Ireland Ltd
Enterprise Northern Ireland Ltd (“ENI”) was formed in March 2000 as the umbrella organisation for the network of Local Enterprise Agencies (“LEA's”) throughout Northern Ireland. The purpose of ENI is to support, co-ordinate and quality-assure member LEA's to ensure that they provide an integrated service to start-up and existing businesses.  ENI key activities include Policy & Positioning, Communication, Quality, Business Development, Programme Management and Management and Delivery of Access to Finance.
Enterprise Northern Ireland Structure
ENI currently has 27 member LEAs and a Board of 14 Non-Executive Directors made up of one representative from an LEA in each of the eleven council areas across Northern Ireland plus a Chairman and 2 independent directors.  ENI employs a Core Team of six, consisting of a Chief Executive, Chief Finance and Operations Officer, Communications and Development Manager, Events Coordinator and Marketing Coordinator.
Enterprise Northern Ireland Members - Local Enterprise Agencies
Local Enterprise Agencies are independent, non-profit making organisations, led by over 330 voluntary directors, employing almost 200 staff and providing over 2 million square feet of managed workspace which is occupied by approximately 1,500 businesses employing around 5,000 staff across Northern Ireland.
Services provided by the Enterprise Agencies include:
- Local enterprise awareness initiatives to encourage entrepreneurship promoted through the Go for It Brand;
- First point of contact for small business initiatives at local level;
- Professional advisors accredited to national standards with business experience;
- Access to low cost loans and grant aid;
- Encouragement and practical support for small businesses to acquire new information technologies and various programmes to support business growth and development;
- Provision of industrial and office units.
Operational Activity
ENI has secured programme contracts or developed initiatives designed to support entrepreneurs and to increase the level of business start-ups and enhance services to existing micro-businesses in Northern Ireland as follows:
Enterprise Northern Ireland Core Team
ENI has a core budget which covers overheads in relation to the core staff team such as staff salaries, accommodation, communication, insurance, finance & audit, general office supplies and Chairman's fees.
Core Joint Purchasing
From time to time ENI facilitates joint purchasing of items such as Cobra Business Information Software, Advertising and IT Managed Services for LEAs.
ENTERPRISE NORTHERN IRELAND LTD
CHAIR & CHIEF EXECUTIVES REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Northern Ireland Small Business Loan Fund
ENI has continued to deliver the Northern Ireland Small Business Loan Fund since it started in January 2013.  The fund which is managed by Ulster Community Finance Ltd on behalf of Invest NI is part of the wider Invest NI Access to Finance strategy and offers loans to start-up and existing businesses.
In August 2024, we were informed that our bid, in partnership with Ulster Community Finance Ltd had been successful and this secured funding for a further 5 years of lending from May 2025 when the current contracts lending mandate comes to an end.
To date the various funds have lent almost £17.5m to over 650 businesses.
Start Up Loans
ENI has been an official Northern Ireland delivery partner of the UK wide Start Up Loans Scheme since October 2013.  The scheme, which is funded by the UK government through the British Business Bank, provides personal loans for business purposes plus mentoring support to start-up businesses across the UK.
To date we have brokered loans in excess of £14.3m to over 1,650 start-up businesses in Northern Ireland and our contract to deliver the scheme in Northern Ireland has been extended until March 2026
Explore Self Employment and Enterprise Skills Together (Explore Enterprise)
In late March 2023, we were advised that our application in partnership with the The King's Trust in Northern Ireland to the UK Shared Prosperity Fund had been successful and we were awarded £1.89m in grant funding to develop and deliver a successor to our Exploring Enterprise Programme and to continue to support those people who are economically inactive to explore the possibility of self-employment.
To date we have supported in excess of 700 individuals to support them on their entrepreneurial and employability journey.
The current funding agreement runs from April 2023 until March 2025 and we expect there to be an extension of this funding for a further year until March 2026.
Northern Ireland Enterprise Support Service (Go Succeed)
In September 2023, we were informed that our tender to Belfast City Council, who on behalf of the 11 local councils are the contracting body for the Northern Ireland Enterprise Support Service, had been successful.
The service which is funded by the UK Shared Prosperity Fund is marketed under the “Go Succeed” brand has four elements - Engage, Foundation, Growth and Scaling and the Engage and Foundation elements which are aimed at pre-start, start-up and recently established businesses is worth £3.26m.
To date we have engaged with over 5,000 pre-start, start-up and recently established businesses via one to one support and workshops and peer support networks to provide them with the support and guidance to develop their business.
The current funding runs until at least March 2025 and we expect there to be an extension of this funding for a further year until March 2026.
Jonathan McAlpin
Michael McQuillan
Chairman
Chief Executive
ENTERPRISE NORTHERN IRELAND LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTERPRISE NORTHERN IRELAND LTD
- 7 -
Opinion

We have audited the financial statements of Enterprise Northern Ireland Ltd (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ENTERPRISE NORTHERN IRELAND LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTERPRISE NORTHERN IRELAND LTD (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

ENTERPRISE NORTHERN IRELAND LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTERPRISE NORTHERN IRELAND LTD (CONTINUED)
- 9 -

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Dr R I Peters Gallagher OBE FCA
Senior Statutory Auditor
For and on behalf of Moore (N.I.) LLP
20 December 2024
Chartered Accountants
Statutory Auditor
30-32 Lodge Road
Coleraine
BT52 1NB
ENTERPRISE NORTHERN IRELAND LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Income
3
1,958,391
2,060,644
Cost of sales
(1,018,750)
(1,365,246)
Gross surplus
939,641
695,398
Administrative expenses
(978,203)
(717,413)
Other operating income
14,061
19,500
Operating deficit
4
(24,501)
(2,515)
Interest receivable and similar income
7
4,753
-
0
Deficit before taxation
(19,748)
(2,515)
Tax on deficit
8
(903)
-
0
Deficit for the financial year
(20,651)
(2,515)

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 21 form part of these financial statements and should be read in conjunction therewith.

ENTERPRISE NORTHERN IRELAND LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
22,109
24,588
Current assets
Debtors
10
626,899
272,004
Cash at bank and in hand
147,836
238,516
774,735
510,520
Creditors: amounts falling due within one year
11
(510,252)
(227,865)
Net current assets
264,483
282,655
Net assets
286,592
307,243
Reserves
Other reserves
3,079,291
3,079,291
Income and expenditure account
(2,792,699)
(2,772,048)
Members' funds
286,592
307,243

The notes on pages 14 to 21 form part of these financial statements and should be read in conjunction therewith.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Mr Jonathan McAlpin
Director
Company registration number NI038769 (Northern Ireland)
ENTERPRISE NORTHERN IRELAND LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Other reserves
Income and expenditure
Total
£
£
£
Balance at 1 April 2022
3,079,291
(2,769,533)
309,758
Year ended 31 March 2023:
Deficit and total comprehensive income
-
(2,515)
(2,515)
Balance at 31 March 2023
3,079,291
(2,772,048)
307,243
Year ended 31 March 2024:
Deficit and total comprehensive income
-
(20,651)
(20,651)
Balance at 31 March 2024
3,079,291
(2,792,699)
286,592

The notes on pages 14 to 21 form part of these financial statements and should be read in conjunction therewith.

ENTERPRISE NORTHERN IRELAND LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
17
(88,893)
(1,049)
Investing activities
Purchase of tangible fixed assets
(6,540)
(8,952)
Interest received
4,753
-
0
Net cash used in investing activities
(1,787)
(8,952)
Net decrease in cash and cash equivalents
(90,680)
(10,001)
Cash and cash equivalents at beginning of year
238,516
248,517
Cash and cash equivalents at end of year
147,836
238,516

The notes on pages 14 to 21 form part of these financial statements and should be read in conjunction therewith.

ENTERPRISE NORTHERN IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Enterprise Northern Ireland Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Aghanloo Industrial Estate, Aghanloo Road, Limavady, BT49 0HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2
Going concern

In their assessment of going concern, directors acknowledge their reliance of secured grant funding on the continued operation of the company and note that funding has recently been secured for projects through to March 2024, and they continue to make all measure and efforts available in their attempts at securing funding beyond this. At the time of approving the financial statements they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ENTERPRISE NORTHERN IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The company is not carrying on a business for the purposes of making a profit. Consequently, corporation tax is only provided on taxable interest from bank deposits received and receivable.

ENTERPRISE NORTHERN IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.13

Loans and provisions for bad debts

Specific provisions are made as a result of a detailed appraisal of risk assets. In addition, general provisions are carried to cover risks which, although not specifically identified, are present in any portfolio of loan advances. The total provisions for bad debts are deducted in arriving at the balance sheet figure of loans. Provisions made during the year, less existing provisions no longer required and bad debts recovered previously written off, are charged against surplus. Interest is not taken to the Income and Expenditure Account where recovery is considered doubtful.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in Northern Ireland.

ENTERPRISE NORTHERN IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
4
Operating deficit
2024
2023
Operating deficit for the year is stated after charging/(crediting):
£
£
Government grants
612,408
386,005
Fees payable to the company's auditor for the audit of the company's financial statements
6,500
6,500
Depreciation of owned tangible fixed assets
9,019
8,717
Operating lease charges
14,006
13,809
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration
29
27

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
566,452
509,928
Social security costs
51,935
47,734
Pension costs
37,821
33,293
656,208
590,955
6
Directors' remuneration
2024
2023
£
£
Chair's fees
15,000
15,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,753
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through surplus or deficit
4,753
-
0
ENTERPRISE NORTHERN IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
8
Taxation

The company is not carrying on a business for the purposes of making a profit. Consequently, corporation tax is only provided on taxable interest from bank deposits received and receivable.

 

2024
2023
£
£
UK corporation tax on bank interest for the current period
903
-
0
9
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2023
99,979
Additions
6,540
At 31 March 2024
106,519
Depreciation and impairment
At 1 April 2023
75,391
Depreciation charged in the year
9,019
At 31 March 2024
84,410
Carrying amount
At 31 March 2024
22,109
At 31 March 2023
24,588
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,749
59,775
Amounts due from related undertakings
56,242
5,946
Other debtors
503,048
200,628
Prepayments and accrued income
57,860
5,655
626,899
272,004

Loan fund debtors are stated after provision of impairment of £2,391,927 (2023 - £2,391,927).

ENTERPRISE NORTHERN IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,415
2,072
Corporation tax
903
-
0
Other taxation and social security
16,130
38,095
Amounts due to related undertakings
150
3,004
Accrued project expenses
475,865
183,291
Other creditors
1,789
1,403
510,252
227,865
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,821
33,293

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Members' liability

The Company is limited by a guarantee from each member of the Executive Committee and does not have an issued share capital.

 

Every director being a member of the Executive Committee undertakes to contribute to the assets of the Company, in the event of the same being wound up while he is a member, or within one year after he ceases to be a member, for payment of debts and liabilities of the Company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required not exceeding £1.00.

14
Financial commitments, guarantees and contingent liabilities

Government grants:

The Company has an obligation to repay certain grants and capital funding received from government and other funding bodies in whole or in part if the Company fails to comply with a number of conditions. In the opinion of the directors, the terms of the letters of offer have been complied with and no loss is expected.

 

15
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
15,434
15,347
ENTERPRISE NORTHERN IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
16
Related party transactions

Enterprise Northern Ireland Ltd ("ENI") engages member agencies to manage/deliver enterprise development and other programmes and in some cases charges member agencies for services provided by ENI. The value of services provided by and for member agencies during the year and the outstanding amounts owed by/(to) each agency at the start and end of the financial year are analysed as follows:

Local Enterprise Agency
2023
Services Charged to LEA's
Services Provided by LEA's
Payments / (Receipts)
2024
£
£
£
£
£
Antrim Enterprise Agency Ltd
-
3,000
(215)
(2,006)
779
Ards Business Centre Ltd
-
4,186
(20,844)
17,497
839
Armagh Business Centre Ltd
-
4,186
(25,229)
22,371
1,328
Ballymena Business Centre Ltd
-
4,186
(27,140)
26,618
3,664
Banbridge District Enterprises Ltd
(2,142)
3,000
(22,002)
23,677
2,534
Carrickfergus Enterprise Agency Ltd
-
3,000
(4,121)
1,932
810
Inspire Business Centre Ltd
-
3,000
-
(3,000)
-
Causeway Enterprise Agency Ltd
-
4,186
(35,842)
33,144
1,488
Cookstown Enterprise Centre Ltd
-
4,186
(19,314)
15,797
668
Craigavon Industrial Development Organisation Ltd
-
4,186
(24,258)
22,028
1,956
Down Business Centre Ltd
-
4,186
(26,615)
24,353
1,923
Dungannon Enterprise Centre Ltd
-
-
(2,678)
2,678
-
East Belfast Enterprise Ltd
-
4,186
(44,570)
42,487
2,103
Fermanagh Enterprise Ltd
-
3,000
(29,826)
29,164
2,338
Local Economic Development Company (LEDCOM) Ltd
600
4,186
(32,105)
29,784
2,465
Lisburn Enterprise Organisation Ltd
-
4,186
(25,188)
25,902
4,900
Mallusk Enterprise Park Ltd
-
4,186
(21,625)
19,874
2,434
Newry & Mourne Enterprise Agency Ltd
-
3,000
(29,060)
27,257
1,197
North City Business Centre Ltd
600
3,586
(21,166)
20,047
3,066
North Down Development Organisation Ltd
(240)
3,000
(20,662)
20,922
3,020
Enterprise North West Ltd
-
3,000
(37,954)
39,915
4,962
Omagh Enterprise Company Ltd
(464)
3,000
(31,033)
34,214
5,716
Ormeau Enterprises Ltd
-
3,000
(23,782)
22,809
2,027
West Belfast Enterprise Board Ltd (Ortus)
4,746
4,186
(13,017)
4,511
425
Roe Valley Enterprises Ltd
(158)
4,186
(34,263)
31,091
856
Strabane Enterprise Agency Ltd
-
3,000
(14,112)
12,430
1,318
West Belfast Development Trust Ltd (Work West)
-
3,000
-
(1,682)
1,318
Workspace (Enterprises) Ltd
-
3,000
(19,347)
18,308
1,960
2,942
96,998
(605,969)
562,121
56,092
ENTERPRISE NORTHERN IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Related party transactions
(Continued)
- 21 -
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
145,840
146,332
17
Cash absorbed by operations
2024
2023
£
£
Deficit for the year after tax
(20,651)
(2,515)
Adjustments for:
Taxation charged
903
-
0
Investment income
(4,753)
-
0
Depreciation and impairment of tangible fixed assets
9,019
8,717
Movements in working capital:
Increase in debtors
(354,895)
(478)
Increase/(decrease) in creditors
281,484
(6,773)
Cash absorbed by operations
(88,893)
(1,049)
18
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
238,516
(90,680)
147,836
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