COMPANY REGISTrATION NUMBER: N123271 CHARITY REGISTRATION NUMBER: XR38654 Brownlow Limited Company Limited by Guarantee Financial Statements 31 December 2022 HENRY MURRAY & COMPANY LTD. Chartered Accountants & Statutory Auditor 23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY Brownlow Limited Company Limlted by Guarantse Flnanclal Statements Year ended 31 December 2022 Page Trustees, annual report (incorporating the director's report) Independent auditorfs report to the members 22 Statement of financial activities (including income and expenditure account) 27 ststement of financial position 28 Statement of cash flows 29 Notes to the financial statements 30 The following pages do not form part of the financial statsments Detailed statement of financial activities Notes to the detailed statement of financial activities 41 Brownlow Limited Company Limited by Guarantee Trustses, Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2022 Reforenco and admlnl8tratlve d•talls Regl8tered charfty namè 8rownlow Limited Charfty reglstratlon number XR38654 Company reglstratlon number N123271 PrlnGlpal offlce and reglstered 1 Bluestone BusSness Park offlc• Moyravety West Road Craigavon 8T65 SHU Tho tru8t868 Ms Dian Heaney Mr Francis O'Nelll Mr Peter Kiely Mr Brendan Curran Mr Denis Loney Ms Andrena Colhoun Mrs Cecilia Lee Mr LouSs Sayers Company secretary Mr Peter Klely Audltor Henry Murray & Company Ltd. Chartered Accountants & Statutory Audltor 23 Church Place, Lurgan, Co. Am)agh. N. Ireland BT66 6EY Bankers Santander Bootle Liverpool L30 4GB Sollcltor8 JPH Law Montrose House, 17119 Church Street, Portadown. Co. Amiagh. Edwards and Company 28 Hill Street Belfast BT12LA Brownlow Limited Company Limlted by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2022 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2022. Introdudory comment by the Chalrper¥on Given the contlnuing impact of Covid 19 and ongoing 'cost of energyllmng, crlsls, 2022. has been another very challenging year for our clients as they have continued to strive and evolve their commercial projects. These 'macro' concems, have contributed signfficantly to the ever presenl general economic uncertainties and day to day headaches associated with our dienvs efforts to grow their businesses. These 'uncertainties', in tum, impact on Brownlow Limited's efforts as a trading social enterprise. Brownlow Limited is an 'anchof organtsation commltted to the improvement of the Brownlow are and has continued to invest and assist In the continuing regeneration of the Brownlow area. However, as I scrlpt this, during the month of August 2023 I wlsh to hlghllght an important development of whlch Brownlow Llmlted Is partlcularty proud. As Indicated in previous Trustees Reports: 8rownlow Limited has been working to Improve and secure the long-term tenure of lands, on which it has developed its workspace. In partScular we have been working wtth the Department for Communities to secure ownership of the lands, known as 'Bluestone 2, under the Communlty Asset Transfer (CAT) Programme. CAT Is an Executive pollcy developed, to provide a framework to facllltste community ownership of public sector assets. Brovmlow Llmited have been leasing and using this land since 1991 to create economic opportunty in the Brownlow area, via the development of the Bluestone Business Park 2. Wrth the end of another lease period approaching, Brownlow Limited asked the Department to consider whether the slte could be transferred to us under the CAT initiative. Brownlow Limited has a strong track record of promoting and assisting local entrepreneurs through Its Bluestone Business Park facilities and local activilies. This CAT offers Brownlow Llmited opportunitle8 to build on that sU￿e$s. In March 2022 a press release isS￿d by the Department for Communities announced that the Bluestone 2 site, owned by the Departmenc was to be transferred lo Brownlow Llmlted. I would now proudly confirm, as of August 2023, that all legalities relating to this transfer, have been compleled. On behalf of the Board and all members of Brownlow Llmited. we Ilke to express our gratltude to the fonner Mlnister, Deird￿ Hargey, MLA and the Departrnent for Communitses for thelr support, Brownlow Limited Company Limited by Guarantee Trustses. Annual Report (Incorporatlng the Dlrector's Report) (contlnued) Year ended 31 December 2022 encouragement and recognition, of our continuing endeavours to improve the economic and community well-being of the Brovmlow area, through the gift of the (freehold) transfer of this parcel of land, upon which Bluestone 2 has been developed and the acknowledgement that Brownlow Limited's work ylelds large economlc benefits for both the local and wider economy. Brownlow Limited has through Its efft)rts to 'bulld buslnesses, and economlc actlvlty In the Brownlow area, nurtured, encouraged and grown many dlverse clientele and commercial projects, across all business sectors; demonstrating the tremendous value for money and financial d5vidend to the wider local economy, that both has and will bo generated from Brownlow Limited's contlnuing cooperation with the Department for Communities. On behalf of the local area, we would thank the Department for its 'can do, attitude and vi810n. It Is approprlate that the Department for Communitles should conslder and factor In the further potential, and think strategically of the 'value addlng, work of Brownlow Limited; namely encouraging and bulldlng new buslnesses, (with) Increaslng prlvate sector investsnent. financlal tumover, Jobs, tralning and future development opportunSties In the local economy. Brownlow Llmlted al80 has an excellent and proven track record of vnrking successfully with the Department for CommunI￿eS (and its predecessors, both the Department for Soclal Development and the Department for the Environment) and Brownlow Llmited remaln committed to work wlth the Department in the future. A sustainable and growing Brownlow Limited is congruent with the overarching alms and objectives of the Department for Communities. We look forward to further fruitful collaboratlon in the future. There remains a continuing need for, and a8 well as value to, our provlslon of business support and mentoring 8trategSes. l am pleased to report that, the current occupancy, across all our propertles r8malns excellent and In hlgh demand; which confimis both quality and attractiveness of our faclllties and busSness locatS0n. We remaln commltted to fulfilling Brownlow Limlted's core obJeGtives and to improvlng conditions and opportunities for the benefit of the Inhabitants of the Brownlow area of Cralgavon and its environs. We also remaln comrnitted to maintaining the hlghest standards of 'govemance' In relatlon to our soclal enterprlse. With this in mind we continued to avall of opportunitles for further speclalist guldance for the Dlrectorsrrrustees and staff during 2022. The detall of the following report wlll provide Information of the ongolng lob creatlon perfomance figures achleved by the commercial projects operating frorn property and business units owned or managed by Brownlow Limited which endorses the vision and aspirations of all the stakeholders who have given support and encouragement to us throughout the 34 plus years since our creation. Working through our staff, we seek to ensure that our workspace remains attractive more affordable with flexible arrangements and discounting, especially In the early c￿tIcal stages when entrepreneurs require support and assistance; as well as potentlal access to extended periods of credit during challenging trading periods, in order to encourage their efforts in setting up and bulldlng buslnesses, The SME'S operatlng and developing from our units are important financial contributors to both the Brownlow and Councll are88 as well as supplying the basis for the creation of crucial training, employment opportunities and (commercial) wealth. It needs to b8 recognised that Brownlow Limited's Infrastructure contributes a critlcal piece in the jigsaw of the health and economic wellbeing of the Brownlow area of Craigavon. Equally Important Is the ongoing sympathetic mentoring and hard work by Brownlow Limited's staff who work to support and encourage the promoters of new business projects and assisting ￿1th thelr hopes and business plans for the future. Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (¢onllnued) Year ended 31 December 2022 Brovmlow Limited remain committed to promoting (local) entrepreneurs. We will also continue to argue that a thriving dynamic economy can contribute positively to assist in addressing our societal challenges and difficulties. Further, VR will continue to make the case that creative entrepreneurial individuals and groups will, with the right support, work to explore opportunities. Brovmlow Limited recognises that entrepreneurship and risk run hand in hand. To achieve our core aims, Brovmlow Limited believe that support for encouraging entrepreneurs and risk investment must continue. Calculated rtsk taking maybe appropriale in particular cirCumstan￿s. Continuing support strategies, such as those employed by Brownlow Limited, remain imperative. The nurturing of a vibrant entrepreneurial community is a key aspeGt of our local economic competitiveness as well as being central to our corporate ethos and mission. In closing, I vrfould, on behalf of Brownlow Limlted, congratulate the entrepreneurs. operating from our workspace, and wish them well on their commercial endeavours and plans for the future. I thank our members for their contribution in making our Nvork possible. I would also take this opportunity to personally thank both of our staff for all their hard work, professionalism. dedication. and the support they have given me and the Board of Directors. I continue to value their fiexibility and commitment to Brownlow Limited over 25 plus years. As Chairperson I would also like to thank all board members for thelr support and encouragement over the last year. In summary we believe our work continues to offer and provide incentives and opportunities for people to start up and grow their businesses locally. l am sure that I speak on behalf of all the Board members when I say we are pleased and proud of our collective achievements and our continuing progress despite the many challenges. Brownlow Limited Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) (¢ondnuedJ Year ended 31 December 2022 STRUCTUR4 GOVERNANCE AND MANAGEMENT Governlng Document The company is limited by guarantee and governed by its Trust Deed and Memorandum and Articles of Association. It is recognised as a charity by HM Revenue & Customs and the Charity Commission for Northem Ireland. Appolntment of Directors As set out in the Articles of Association the number of directors shall not exceed 8. A retiring dlrector shall be eligible for reappointrnenL Up to three of the elected members ￿tire each year, with those longest seNing first. All members are circulated, prior to the AGM, informing them of vacancies and the responsibilities of a member and inviting them to make nominations on the appropriate form. The directors operated under the chaimianship of Ms D Heaney MBE during 2022. Inductlon and Tralnlng of Dlrectorn All directors both new and existing are encouraged to undergo training and keep under review opportunities for further training and development every year. All new directors receive an Induction Pack. Further guidance. regarding governance. was received from Ed￿VardS & Co. Solicitors during 2022. Organlsatlon The board ¢ontinued to maintain ￿ntact regularly and meec subject to and in compliance with Covid -19 guidelines and Workpl￿ restrictions. during 2022. covertng the operations of the company and matters of corporate strategy. The company pursuant to the corporate strategy receives reports on current operations at each board meeting. Mr A Ballentine, appointed Chief Executive by the directors manages the day to day operations of the charity. The directors maintain regular contact Viith the Chief Executive (both fonnally and informalty) between Board rneetings. An AGM. took place during April 2022. OBJECTIVES BrO￿￿loW Limited ts dedicated to the maintenance and improvement of the economic. physical and social condttions in Brownlow as well committed to encouraging and assists'ng business enterprise. thereby increasing economic activty, for the benefft of the inhabitants of the Brownlow area of Craigavon and its environs. Brownlow Limited Company Limitsd by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) {conthiued) Year ended 31 December 2022 ObJectlve8 {¢ondn¢Md) Our Purposes & Publlc Bonefrt Statement and Actlvities The purpose Is stated under clause 3 of the Memorandum of Association of Brownlow Limited. The objects of the Company shall be the promotion for the public benefit of urt)an and rural regeneration in the Brownlow area and its environs, being an area of social and economic deprivation, by all or any of the following means: the relief of poverty in such ways as may be thought fit 11. the relief of unemployment in such ways as may be thought fft, Including assistance to find employment; lil. the advancement of education, trainlng or retralning, partlcularly among unemployed people, and providing unemployed people with work experience; Iv. the provlslon of financlal assistance, technlcal assistance or busine&8 advice or consuttancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charilable need through help: (a) in setting up their own business, or (b) to exlsting businesses; v. the creation of tralnlng and employment opportunities by the provision of workspace, buildings andlor land for use on favourable terms; vl. the proteGtion or conservation of the envlronmenL The benerts that flow frorn the first part of the purposes of Brownlow Limited include promoting economic regeneration and communty development In the Brownlow area and its envlrons by contributing to physical, social and economic improvements. The benefits Identlfied for purpose (i) indude work being carried on in the defined area of benefit to combat I reduce economic and social deprivatK)n with a view to improving the conditions of the Brownlow area and its environs for its inhabitants. The beneffts identified for purpose (IS) Include the encouragement of a culture of entrepreneurship in the Brownlow area and its environs, by provlding local role models of people setting up and operating their own buslnesses. The benefits identified for purpose (111) Include the provision of trdining resources in a buslness setting, research facilities and resources for local residents who wish to investigate, explore and pursue the self-employment optlon. The benefits Idenffied for purpose (N) include the encouragement and development of entrepreneurship by the provlslon of free advice, infomation and signposting to other sources of help. The benefits identified for purpose (v) Include facllRating the development and access, by local people to for purpose, modem Infrastructu￿ in a community owned asset, specifThiSly property ownedlmanaged by Brownlow Limited. The benefts identified for purpose (vi) include improving local landscapes previously neglected and spolled by derelict housing and developmenL All of these benefits can be evidenced through govemment refv￿. Brownlow Llmtted (Indudlng Brownlow Limited Company Limlted by Guarantse Trustses. Annual Report (Incorporating the Dlrectorfs Report) (contlnu8dJ Year ended 31 December 2022 ObJectlve8 (contlnued) Trustees) reports and surveys detailing occupancy levets, land regenerated and workspace 'Greated', numbers of businesses in property owned andlor Managed by Brownlow Limited together with employment opportunities generated within them. The publlc benefit Is also evidenced by members of the public Includlng potentlal and existing tenants accessing free or at subsidised cost advice, assistance and support. There is no harm flowing from any of the purposes of Brownlow Limited. The intended beneficiaries are the inhabitants of the Brownlow area of Craigavon and Its environs. All prlvate benefit Ss Incldentsl and necessary to Ihe Company in dellverlng Its purposes. For example, employees recelve a wage and also staff may enhance thelr employment prospects because of the experience they gain. Also, some private beneflt Is obtslned by the owners of businesses who rent unlts on favourable terms. Board Membersrrrustees are relmbursed for any Incidental and necessary expenses they Incur when carrying out thelr roles In the Company. Trustees may gain skills and experience whlGh are transferable to other settlngs. These benefits are Sncldental and necessary and greatly outwelghed by the gains in public benefit provided to our beneficiaries. We do not fund our actlvltles through donatlons or recelve 'glfts'; rather we contlnue to generate funds from our commercial operations and channel those funds for our tharitable purposes. All of the dlrectorn aro voluntary and recèlve no fees. STRATEGIC REPORT The followlng sectlons for aehlev•ments and porfomiance and flnanclal revlew fomi the strateglc report of the charlty, Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the DirectO￿S Report) (conllnued) Year ended 31 December 2022 ACHIEVEMENTS AND PERFORMANCE INCLUDING FINANCIAL REVIEW Revlow of Actlvltle8 and Future Developmonts The company was granted charitable status for tax purpos88 by the HMRC with effect from 1 August 2007. The company successfully completed regi8tratlon with the Charfty Commission Northern Ireland on 22 August 2014. In settlng our objectives and planning our activities for the year the trustees have glven consideration to the Charity Commission for Northem Ireland's guidance on public benefit to ensure that the activities have helped the charity's purposes and provide a benefit to the beneficiaries. The maln activitles of the company are unchanged from last year, and are prlnclpally: . Enterprlse development includlng mentorfng and small busSness Inltiatives Workspace provision and propety management Communlty development Infrastructure improvement As In prevlou8 years Brownlow Llmlted has engaged In the dellvery of a number of buslness development programmes and Inltlatlves. Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (¢ontlnued) Year ended 31 December 2022 A¢hlevem•nts and Performan￿ (¢ondnufjoJ Ent•rprlse Developmont Programmes, Inftlatlves & Property Brownlow Llmited has during 2022 continued to endeavour to encourage and allow local residents, employees and owner managers to efficiently access up to date informatlon and guklance on any aspect of starting up or developing a business. Brownlow Llmlted with a vlew to furthering Its purposes and alms has been providing practical advice, ongolng mentorlng and support to potential and existing entrepreneurs - at no fee - in the 8rovmlow area of Craigavon. We have also offered and provlded guidance and hands on support lo entrepreneurs operatlng In our units - seeklng to enhance thelr business perfomiance - agaln at no fee, Employees, wlth the responsibility to undertake the actlvltles detalled atx)ve, are prof8sslonally quallfled and extremely experlenced. Brownlow Llmited has a range ol excellent facllities IncludSng traSnlng room, IT sulte and InteNSew rooms, which we continue to malntaln and update. These facilitles allow Brownlow Limlted to: Conunue to work In partnershlp (when possible or appropriate) with organlsations such as SRC and the Brownlow Community Improve the research resources and facllltles avallable to exlstlng cllents I tenants (and thelr employees) wishing to undertake business and enterprlse development research; Increase research facilities for local resldents who wish to investlgate, explore and pursue the self-employment optlon. Brownlow Limited's office(s)ltralnlng facllities and IT sulte contrSbutes to: Enhanced reSea￿h and training facilities for tenants l owner managers who wlsh to provlde on-site development and tralning for employees: Facilitate presentatlons and development tralnlng for the beneflt of local buslnesses and residentslcommunlty groups For 2022 Brownlow Llmlted would report that the pattern of user groups and frequency for our Training RoomlBoard RoomllT Suiteloffice facllltles continued to be negatively impacted by the pandemic. However, there were the following user groups (with variable frequency): Buslness tenants (irreguLgr usage pattem) mostly single users or small groups. Brownlow Llmlted TNStees and members {ft)r meetings); assorted usage pattern. Also, there have been assorted grouplngs of users tho have accessed the facilities on a regular andlor ad hoc basis durlng the year, Including: Brownlow Brush Art Group (half day weekly at particular parts of the year) Please note that th• above facllltles w•r• supplled freo or on a (highly) sub81d18ed ba818. In Summary th18 part of our work has and wlll contlnue to Improve tralnlng resources in a buslne88 settlng. aldlng business•relatsd research and enterprlse support servlces wlthln the Brownlow area of Cralgavon. Brownlow Limited worked with Annagh Clty, Banbridge and Craigavon Borough Council and in Brownlow Limited Company Limited by Guarantee Trustee8' Annual Report (Incorporating the Dlrectorfs Report) {¢onJnuedJ Year ended 31 December 2022 Achievements and perforniance (condnuedj partnership the other enterprise agencies (Armagh Business Centre, Banbridge District Enterprises, CIDO and Mayfair Business Centre) which are located within the Borough and who came together to deliver another successful Enterprise Week (November 2022). The 'Entsrprise Week, provided opportunities for local residents, (potential) entrepreneurs and businesses throughout the borough, across all sectors and at all stages of the business stsrt-up and development, to avail of information, advice and guidance to assist the creation and development of businesses. Brownlow Limited engaged in a number of specific busin8SS SUPPOrt initiatives. The business operations carried on by tenants at the Business Parks and propety managed by Brownlow Limited are varied and include manufacturing. retail, web based, phamiaceutical, and service sectors. There were at the end of the financial year (December 2022) 38 businesses (including Brownlow Limited) with 152 - both full time and part-time- persons employed by and as a result of our tenant's commercial activities, operaling from Bluestone I, 11 and Moyraverty Centre units, which are all controlled and managed by Brownlow Limited. The total of 38 includes 1 new business. which, pla￿d in the wider context of economic developments and Un￿rtaintY is to be welcomed. Numbers employed directly and indirectly by our clients in pursuit of their commercial operations represent a significant total number, in the context of the Brownlow area. There were also unwaged I voluntary personnel involved in some of our tenantsldients, activities and projects. At the end of the year (3111212022) within Bluestone l. approximately 29% of workspace was occupied by businesses engaged in food manufacturing andlor food wholesaling. Brownlow Limited remains of the opinion that there is significant value adding and wealth creating activity generated by, and potential, with businesses operating in this area. The trustees I directors are pleased to report that our total property base has again performed well over the last year wtth high average occupancy within Bluestone I, Bluestone 11, our facilities in Legahory and the Moyravety Centre. At the end of the year (Dec 2022) Bluestone Business Park I, Phase I, was 1 Oooh occupied., Phase11 of Bluestone Business Park I was 100% occupied and overall occupancy in Phase111 was 100%. All the units in Bluestone 11 (where Brownlow Limited's larger unlts are located) as VRII as the units managed by Brownlow Limited located in the Moyravety Centre were also 100% occupied at the end of the year. Not including our facility located in Legatrnry, the total workspace occupied, at the end of the year (3111212022) totalled 55,600 sq. ft of workspace. This continues to represent a very positwe position and trend over re￿nt years. Over last year there has been some cllent tumover, with some buslnesses relocating into larger premises viithin the business parks, while others were affected by the wlder economic climate, changing (personal) circumstances and expansion plans. However there have been addltional new buslnesses established and developed in our unlts; providing opportunities for local people to Ilve and work In th6 Brownlow area. We have actively assisted all of these dients to develop and implement growth and expansion plans. as we51 as others to navigate challenging trading and economic conditions Brownlow Limited in furthering its purposes and aims has been providing business premises at more affordablelhighly discounted rates in the start-up phase and further flexible arrangements tsking account of their circumstances and financial resources; 10 Brownlow Limited Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) (conunuedj Year ended 31 December 2022 Achievements and performance {contlnued) Durtng 2022, Brownlow Limlted Invested In new and expandlng buslne5ses In th• buslne8S parks, by dis¢ounting infrastructure to the value of approximatety £l,ISO. This does not include the fact that Brownlow Limlted does not levy our tenants any service charges nor lease adminlstration fees. This contributlon to the businesses represents a significant sum, whlch can amount to tens of thousands of pound8, annualty. Nor does th18 figure Include any bad debt wrltten off or intsrest - whlch Is not charyed on late payments lor debt owed. Brownlow Limited's regeneration work continues through the ongolng care and professional management, in particular of Bluestone Business Park l and 11. The visual presentatlon and management of our business parks not only benefft the business, which operate from our buslness parks but also benefit bcal residents and other stakeholders including developers, local and central govemment etc. Employers, employees and visitors to the Bluestone Business Parks now see a development of significant proportions. as ￿11 as being able to benefit from modem and vlsually pleasing facilities that are available to the locally evofving and expanding business community. As in prevlous reports the Trustees are keen to stress that projects suth as the Bluestone Business Park can be only be propety evaluated over the long-te￿ - in fact over the total life of the buildings", which delNers a dividend, in tenns of new businesses and employment opportunities nurtured and encouraged (in the workspace created and provided) every year over the unifs total service life. The commercial projects which have been Stimulated and supported continue to deliver a retum to the economy even after a business ￿aVeS our business park. We count amongst our greatest successes those businesses, which we have supported, outgrow our enterprise units, and have to relocate elsewhere. The point being the￿ is significant value adding and returns to the local and wider economy potential. because of ourproiect. Over the last year, the importance of Brownlow Limiteds infrastrudure and facilities available to the business communty based in Bluestone Business Park continues to be recognised and welcomed - as evidenced by the high levels of demand and occupancy by entrepreneurs and businesses. The enterprise support services that we have been engaged in, during 2022, adds to Brownlow Limited's established track record of successfully delivering a range of small business rxogrammes, encouraging entrepreneurship, assisting business start-up rates, mainlaining l improving business activity levels and encouraging communty and small business interaction. During 2022. Brownlow Limited continued to invesl in, and raise the speafication, of our units. We have also continued to care for and maintsin, and upgrade as appropriate, the substantial assets - built and environmental - under our managemenL Taking account of the number and range of business units (with differing speafications} and age of (the) units, under our managemen( Brownlow Limited's repairs. maintenance and reinstatement budget has and will necessarily InC￿aSe. We h￿e kept under review opportunities to explore and obtain grant support when possible and appropriate. A successful application, for £1,800 was made to the Armagh Cty, Banbridge and Craigavon Borough Council (with the support of funding fr￿n the Department) to purchase an Automated Extemal Defibrillator (AED) Support Grant. During 2022 this grant was drawn down and fully spent in accordance with the Letter of Offer requirements to purchase a Public A￿sS Defibrillator {AED) andlor CPR training support It is acknowledged that this will help Brownlow Limited, via the local provision of this critical 'life saving. device. play a vital role in helping save lives in the Brownlow Area. We continue to 'professionalise' the supply of our services by raising stsndards to contribuie to the 11 Brownlow Llmited Company Llmltsd by Guarantse Trustses. Annual Report (Incorporating the Directorfs Report) (¢ontlnued) Year ended 31 December 2022 Achl•v•ments and porformance (contlnuedj efficiency and safety of our communlty owned and managed business. As in previous years Directors and staff of Brownlow Limited have attendedlpartlclpated In a number of meetings with representatives of the NIHE, Invest N.1., The local enterprise agencies located within the Borough (in particular Amagh Business Centre, Banbridge District Enterprfses, Cralgavon Industrial Development Organlsatlon and Mayfair Business Centre) as well as Armagh City, Banbridge & Craigavon Borough CounGII officers regarding efforts to evolve a more vibrant local economy and making contributions to posslble enterprise developments and programmes in the future. Brownlow Limited's capacity to facilitate short term studenvemployment work placements was necessarily curtailed due to Covld-19 and related workplace re8trlcUon8. The DSrectorsrrrustees, during 2022, engaged wlth professlonal legal experts, to contlnue to maintain the highest standards of governance, recelvlng advlce and further training for dlrectors and staff as 8pproprlat8. 12 Brownlow Limited Company Llmited by Guarantee Trustses, Annual Report (Incorporating the Director's Report) (￿¥￿1￿8d) Year ended 31 December 2022 Achlevoments and perfornmnce (conunuadj Ovorvlew Brownlow Limited is a successful local cornmunty and economic development Gompany; which has been working over a considerable number of years to generate and improve business activity levels in the Brownlow area of Craigavon. Brownlow Limited continues to fuSfi1 its key objectives Our work of Supporting the l¢)¢al develoFxnent ol an enterprfse culture - vla among other thlng8 Infomiatlon, advlcelmentorfng. slgnpostlng, networklng. acce88 to quallty Infrastructure and credit {at no charge) the results of whlch can bo seen wlthln our Buslness Parks demon8trate8 the potsntlal and 8ucces8 of local poopl• tsklng an actlve role In tho development of tholr local oconomy. Brownlow Limited continued to help establish new businesses and enhance the capabilty of existing businesses by offering a range of enterprise and business support activities for the benefrt of enterprlse development within the Brownlow area. General ¢xcupancy levels have continued to remaln hvJh prlnclpally through our efforts to encourage and facilitate business growth and expansion plans. The overall pattem, during 2022, remalns one of low client tumover and the consolidatlon and ¢ontlnuing growth of the businèss operattons of some of our clients. Some clients have grown substsntlally, following thelr Inltlal establishment and development from wlthln the Bluestone Business Park. Brownlow Limited's infrastructure and support services and facilities were of critical benefit to nurturlng and encouraglng the creatson of significant ernployment and training opportuniti'es as well as wealth creati¢)n locally. Our work has had the beneficial impact of Increaslng employment and development opportunltles In the Brownlow area. Brownlow Limited has, during 2022, helped local people l owner-managers achieve thelr commercial ambltions and acted as a catalyst to trigger private investment and encourage businesses to scale up their capabiltties and aspirations. A survoy wa8 undertaken based on the prevlous twolve months (from December 2022) tradlng period, whlch Indlcated thaL de8pfte the ¢hallenglng ¢[￿uMStanceS, the comblned flnanclal tUrnOVor of all busln888e8 In the Bluestone Buslne88 Parks was c5rca £22 mllllon. Thi8 represents a very Impres8lvo Konomlc Indlcator ol the total value of goods and Services generated and supplled, as well as weafth created, of the efforts and work of both all the cllents as well a6 Brownlow Llm5ted In part of th• Borough. It Is, therefore, very approprfate to commend all our cllents, for the5r contlnulng •ntrepren•urial •ffort8 as they manag• thelr commer¢lal op•rntlons. It is important to draw attention to the challenging local and global economic conditions that our clients are endeavouring to operate within. More generally our initsatives, resources and endeavours have supported local job creation. access to fit for purpose, infrastructure and exedit as well as communlty interaction and engagement. We contlnue to successfully bring increased economic activty to an area historlcally acknowledged to have significant relative levels of deprivation and disadvantage. Although V￿ are reviewing 2022, there is merit in recognising achievements and progress made as we produce this report in August 2023. We have cOn￿nUed on with a number of specik maintenance and property upgrades, to improve the 13 Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (eondnuodj Year ended 31 December 2022 Achl•vements and porformance (coneinuedj specification of our units. However certain initiatSves and projects have been delayed as a result of macro-economic issues and the pandemic context Brovmlow Llmited have necessarily, during 2022, had to undertake sympathetic business mentoring and support Sn order to maintain small businesses actlvlty levels in the Brownlow area. Brownlow Limited employees have continued to Ilalse wlth our cllents to asslst them to identify, assess and benefit from a wlde range of govemment support and asslstance that may be appropriate for them to access. Brovmlow Limited have also been working with the NIHE and the Department for Communltles to secure our long-tenn tenure of lands at Bluestone 1 and Bluestone 2. Occupancy levels across all the exSsting property managed by Brownlow Lirnlted remaln8 high, despite the very challenglng economlc condltSons withln whlch commerclal entitles are operatlng. We have encouraged a culture of entrepreneurshSp (providing local role models), increasing business start-ups, helplng to Improve small buslness activty levels and facilltstlng communlty and buslness Interactlon amongst and between a wide range of groupings Ilvlng and worklng locally. We believe our work COn￿nueS to offer incentives and provlde opportuniti8s for people to start up and grow their buslne88es In Brownlow. We continue to be cautlous and prudent golng forward and to be sensltlve to the economlc fluctuatlons and uncertalntles whlch may impact on (the endeavours ofj both our cllents and ourselves in these challenglng tlmes., whllst also recognising there maybe opportunities to be exploSted. The physical and aesthetSc Smprovements brought about by the Investment and development, as well as careful maintenance of Bluestone Business Park will continue to improve opportunities for new businesses not only to be establlshed in the Brownlow area but also provide the necessary Infrastructure to support buslness '8tsrt up, and growth In th8 m8dlum and long term. The viabllity and sustainabillty ot Brovmlow Llmltsd, as a communty and economlc regeneration organlsatlon, continues to be secured through the rentsl income ￿e1ved. Our social enterprise is self-supportlng and requlres no assistsnce from exlemal l)odios In respect of operating (Sncludlng salary) costs. We continue to prudently plan for the medium- and long-term sustainability of 8rownlow Limited, to (Jeal wlth necessary expendlture, Includlng reinstatement (of critical infrastructure) a8 appropriate. Communlty pride in the Brownlow area as well as confidence in the future has and continues to be enhanced by all of the above. This 8eNes to encourage investment and development in the business park and th8 Brownlow area. 14 Brownlow Limited Company Llmited by Guarantee Trustse8' Annual Report (Incorporating the Director'8 Reportl (widnuedj Year ended 31 December 2022 A¢hlev•ments and perforniance (¢ondnuodJ Communlty Llnkago8 We continue to build our relationship viith local resident groups, vtho use our facllStles. Brownlow Limited have also continued to evolve and manage its ongolng relationships with local educational estsblishments, NIHE, local enterprise agencies across the Borough, relevant Govemment Departments, the local Armagh City, Banbridge & Craigavon Borough Councll and elected representstives across the complete political spectrum. Brownlow Llmlted's success18, over the past 32 years, Is In no small part due to the co￿peratIOn of, and partnershlps wlth, statutory bodies, funding bodles, polStlcal representatives, the private sector and the Brownlow community. Addltlonally, our posltlon and success would not have been achleved wlthout the dodlcatlon and hard work of the Board and staff. 15 Brownlow Llmited Company Llmlted by Guarantee Trusts08' Annual Report (Incorporating the Dlrectorfs R•port) (contlnued) Year ended 31 December 2022 Achlevem•nts and perfomiance (conllnued) SUMMARY In summary this report has detailed and explained the main activities undertaken by our charity to further its charitable purposes for the publlc benefit and the maln achievements and the resultlng benefits - of the charity during the year. In particular. Re aneratlon In th Brownlow are andltse ron8 We have acted as a local catalyst to facilltate and encourage, particularly In the land and property owned andlor managed by Brownlow Llmlted, Increased publlc, communlty and prfvate Investment, reduced the amount of derelictlon and Improved- Ihe landscape by the provlslon of modern workspace, access to 'fit for purpose, small buslness infrastructure, access to (financial) credlt to potential and existlng entrepreneurs, local job creation through the occupatlon of our enterprise units, Increased local employment opportunitles. Also, benefits have Included the development of a more vibrant prlvate sector In the Brownlow area and its envlrons by Brownlow Llmlted's work of Increaslng the numbers of locally owned and operated businesses. Local people l owner managers have been asslsted to achieve thelr commerclal ambitlons, triggerlng prlvate investment and encouraging them, as appropriate, to scale up thelr business capabilitles. Further the encouragement of a culture of entrepreneurshlp (providing local role models), improvlng small buslness actlvlty levels as well as tho creation of small business interactlon andlor Contact opportunltles In the Brownlow area. There are also slgnificant and obvlous physical (aesthetlG) improvements, brought about by the investment in the property owned I managed by Brownlow Llmited. The investment in our business parks not only Improves opportunities for new buslnesses to be established in the area but also provides the necessary Infrastructure to support 'stsrt up, and 'growth' stsges In small buslness development over the long term. Investment and employment have been brought to an area, recognlsed to have significant relative levels of deprivation and dlsadvantage. Further there has been the encouragement and support of community linkages, Interactlon and engagement. Also Improved contact I relationships between local community representatives and local educational establishments, relevant Govemment Departments, local Coundls, and elected repres8ntatives across the politlcal spectrum. Ovmer manager and community prlde In the Brownlow area, specifically in property ownedland or managed by Brownlow Llmited as well as confldence in the future, as evldenced by the occupation of units has been - and will be - enhanced by our work f Pove In additiC*n to actlng as a local catalyst to facllltats and encourage I publlc and private investment Sn enterprise and small buslness development In the Brownlow area and its envlrons; we have encouraged wealth creation, generated through the tradlng activities and financial tumover of tenants,, and salaries locally earned through the employment opportunities created are able to be spent locally. Benefits also Included the creation and Increase of employment opportunitles locally than othep4vise would be the case. Benefits have also Included the local facilty and provision of business (and financial) planning support through counselling and advlce at no fee. Contributions to community development and economic regeneration of the Brownlow area and its environs have been made by Brovmlow Limited's work through the benefit of increasing the numbers of locally ovmed and operated businesses. Local people have been able to benefit from the option of both living and securlng employment in the area. Benefits have also included the local provision of 'fit for purpose, workspace unlts to Individuals at favourable rates and flexible arrangements, especially in the start-up phase, taking particular account of thelr circumstances and financial resources. Benefits have also included the discounting or rellef of rental debt, relatlng to business accommodation in the Bluestone Business Park. Relief of unem lo men Local potential and existing entrepreneurs, including the unemployed, have benefited from assistsnce to explore the self*mployment option. Also, from the availability of initial and ongoing mentoring. 16 Brownlow Limited Company Lirnited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) I￿1￿￿u6dj Year ended 31 December 2022 Achlavoments and perfomiance (contlnuedj signpostlng and support, helplng to Improve small buslness actlvlty levels through asSiS￿n9 new buslness start-ups. buslness development and facilitatlng communlty and business interaction and contact opportunitles amongst and between a wide range of Indlvlduals and groupings working in property ownedlmanaged by Brownlow Limited. There has been the encouragement of a culture of entrepreneurship, in the Brownlow area and Its environs, by providing local role models of people setting up and operating their own businesses. Our work has generated incentives and employment opportunltles for people to start up, grow or operate their businesses In the Brownlow area and its envlrons. Also, from thls there has been the addltlonal benefit of the creatlon of further employment opportunities in these enterprlses. ceme ofe ucatlon tralnln or rot Inln We have assisted the development of Indlvldual capabllltles, competencles, skills and understanding in the areas of business, management and enterprSse while accesslng free advlce, mentoring and support We have provlded training resources in a business settlng, research facilities and resources In our offlcesllT Sulte for local resldents who wlsh to Investlgate, explore and pursue the self-employment option. We have Improved the local availability of research resources and facllltles available to cllentsltenants (and their employees) wlshlng to undertake business and enterprise development research,. There are Improved employment prospects and opportunities for people (to avall of job vacancies) who have successfully avalled of menloringldevelopment dellvered, In the IT Sulteloffices of Brownlow Limited; Employment opportunSties have been created for people, who having successfully completed 8nterprise and entrepreneurial development and research, decide to pursue the self•employment optlon; Work experience placement opportunitles for unemployed people have been created both directly by Brovmlow Llmlted or facilltated by our cllents Tho rovlslon of flnanclal a88lstanco hnlcal a nc U8ln advlc or nsultanc In order to rovlde tralnln and em lo ment o ortunltle r unem lo ed le In ca888 of flnanclal or other charltable neéd throu hhel In settln thelr own bu81ne88 or to oxlstln busln•s$as Brownlow Limited has worked to encourage and develop entrepreneurship by the provision of free advice, Infonnatlon and slgnpostlng to other sources of help, empathetic (buslness) mentoring, guidance and support as well as access to (financlal) credlt facllltles through the infrastructure and buslness accornmodation provided to potentlal and existing entrepreneurs as they seek to establish, operate or develop their businesses locally. There has been the provislon of a range of facilities and services, including IT, research and trainlng resources, 'meetln9' and Intervlew rooms at no or subsldlsed cost. Entrepreneurs benefit from the financlal assistance though the provlsion and access to 'credif and dlscountlng of premlses, e8peclally In the early perlod to new andlor exlstlng buslnesses in the 8rownlow area as they seek to evolve thelr enterprSses. Self-employment and employment and tralnlng opportunitles are created through the small businesses formed and operated locally. Brownlow Llmited's l.T sulte In Its offices and partnership y￿rk with third level educational establishmentslour cllents - utillslng these facilities - facllltates the successfu delivery of innovative businessltechnlcal tralnlng at no cost to (includlng the unemployed) partlclpants, Through the provision of our resources and facilities, has offered (unemployed) partlclpants, (of training programrnes) the opportunity to leam practical and technical business skills, recognise entrepreneurial talent, increase the number of self*mployment and employment opportunities. Also allowing participants, the necessary infrastructure and resources to gain qUalIfi￿tIOns, receive guidance and support from industry mentors Th• creation of tralnln and em lo ment o ortunltleB b th Islo orks ace bulldln s andlor land for use on favourable tenns. Brownlow Limited's initiatives, resources and endeavours facilitate the development and access, by local people to 'fit for purpose, modern Infrastructure in a community owned asset, specifically property ownedlmanaged by Brownlow Limited. Our work has benefited the potential entrepreneur. by offering Incentives and encouragement for people to start up andlor grow their businesses in the Brownlow area and its environs thereby creating employment opportunities. as well as assisting the potential creation of further employment opportunities in these enterprrses. Brownlow Limited's work has facilitated the local provision of and 17 Brownlow Limited Company Limited by Guarantse Tru8tee8' Annual Report (Incorporatlng tho Directorf8 Report) (contlnued) Year ended 31 December 2022 Flnanclal r•vlow (eonunued) access to credit facilities through the Infrastructure and buslness accommodatlon provlded to potentlal and exlsting entrepreneurs as they seek to establish, operate or develop their businesses locally. Brownlow Llmlted's work has facilitated access to local 'fit for purpose. buslness premises especially in the stsrt-up phase, taking account of Individual clrcumstances and financial reSoUr￿s. The rotectlon or Conservatlon of the envlronment Brownlow Limited has promoted sustainable means of achSeving economlc growth and regeneration by the development of Infrastructure, in property owned and managed by Brovmlow Llmited, whlch wlll be available to new and small buslnesses operating In the Brownlow area and its environs in the short medium and long term, Also, the Brownlow area has benefited from the Improvements and maintenance of local landscapes, previously neglected and spolled by derelict housing and development. The long-term sustalnabillty and viablllty of the Brownlow Llmlted {proJect) has been secured by th8 rental income recelved and careful management of Its communlty owned and managed resources. FINANCIAL REVIEW FINANCIAL PERFORMANCE The company made a surplus of £97,770 (2021 £101,111 > before deducting depreciation of £3,231 (2021 £3,846). Th58 surplus indudes grant Income of £1,948 frorn Amagh Clty, Banbrldge and Cralgavon Borough Council. (2021 £3,171 from The Department of Communities), The resulting retalned surplus for the year totalled £94,539 (2021 £97,265). The company had net assets of £4,323,985 (2021 £4,229,446) as at 31st December 2022, PROPERTY MANAGEMENT" Property Occupancy Level8 ' August 2023 (Actual) 3111212022 3111212021 Bluestone Buslness Park l (Phase 1) 100% 100% Bluestone Business Park 1 (Phase 2) 89% 100% 100% Bluestone Business Park 1 {Phase 3) 1000A 100% 100% Bluestone Buslness Park11 1000 100% 100% Moyravety Centre Unlts 1000 100% 100% . Based on occupied square feet as a percentage of total available square feet. Does not Indude our facility at Legahory, which was fully occupied throughout the year. 18 Brownlow Limited Company Limited by Guarantee Truste•s' Annual Report (Incorporatlng the Directo￿$ Report) (Mnthiuod) Year ended 31 December 2022 Flnanclal rnvl8w (contlnu8d) The directors are pleased to report that our propety base has performed well over the last year. These figures and performance are the result of our endeavours to encourage small business development locally. ENVIRONMENT Brownlow Limited takes serious its responslbllities in relatlon to the environmenL The directors in any future development of Bluestone Buslness Park w511 always be keen to revlew the posslblllty of Incorporatlng Eco frlendly InltiatNes. HUMAN RESOURCES Brownlow Llmlted has put In ptace, following a revlaw, a comprehensive range of Company policies and procedures for all staff, We recognlse that our employees are the company's major asset and encourage them as y￿11 as the Dlrectors to Invest tlme in availing of any relevant tralnlng or development opportunltles approprlate to thelr posltk>ns. RISKS Our performance is affected by general economic condltlons and Government policies In relatlon to the funding of local economic programrnes. Brownl¢)w Limlted and Its Dlrectors l Trustees are satlsfled that systems and procedures are In place to mltigate our exposure to the major risks to ensure the future 8UStalnablllty of our company. Flnanclal Rl8k Management The companvs operations expose It to a variety of financial risks that include the effects of changes in credlt rlsk, liquidity risk and Interest rate rlsk. The company has in place a risk management element that seeks to limit the adverse effects on the financial perfomance of the company by monitoring levels of debt financ8 and the related finance costs. The policies set by the board of directors are Implemented by the cornpany's ChEef Executlve. Credlt Rl8k The company has pollcles that require approprlate cred5t checks on potentlal cllents before accounts are opened. The amount of exposure to the Individual clients Is regularly revlewed by the board. Llquldlty Rlsk The company contlnues to vKirk towards ensuring Ihat It has sufflclent avallable funds for operatlon and to contribute to the exploration of possible extensions. Interest Rate Cash Flow Rlsk During 2022 the company dld not wulre any ￿lon tem Interest-bearlng Ilabllltles. Brownlow Llmlted produces critical financial management reports, whlch hrghlight the key areas that need to be monitored to minimise risk. These reports are presented at the board meetlngs. The company has assessed the major risks to which the charity Is exposed, in particular those related to the operations and finances of the company, and is satisfied that systems are in place to mitigate any exposure to the major risks. 19 Brownlow Limited Company Limited by Guarantse Tru8tees' Annual Report (Incorporatlng the Director's Report) (conOnuodJ Year ended 31 December 2022 Flnanclal revlew (condnued) RESERVES POLICY Brownlow Limited's policy is to create and retsin dedicated reserves In keeping with pnjdent 'best practice, planning. This is and will need to be of sufficient size to meet the running costs for an agreed period and facilitating medium- and long-term planning including provision for reinststement and the company's responsibilities. PLANS FOR FUTURE PERIODS The Trustees remain committed to driving the Company forward. We will continue work to maintaln our relationships wth educational establishments, govemment departments, Armagh City, Banbridge & Craigavon Borough Council, political representatives and all the other enterprise agencies in the Borough to raise our profile and nurture and increase business activity levels across the Brownlow and Council area. We also hope to vK)rk with the Council and the other four enterprises agencies In the Borough, to contribute to the delivery of an enterprise support initiatNes as appropriate. We will also be taking forward our plans to improve our long-tem tenure of parcels of land upon whtch workspace and facilities have been developed by Brownlow Limited. We have initiated Internal disajssions and intend to give further detailed consideration to the possibilities for further phases of development within the Bluestone Business Parks l & 2. Ongoing reinvestment wlll contlnue to be required, to malntaln the condltlon of the enterprtse unlts and update their specification. to cater for the requirements of potential ent￿preneUrs. In particular Brownlow Limited will be exploring possible opportunities to invest in and update the specffication of our business unts within Bluestone Business Park l and11. Updating andl improvlng the facilities in our Business Park's is necessary to ensure hKJh levels of demand and occupancy are maintained; and that quality workspace is available to assist local peoplelentrepreneurs to develop their commercial projects. which in turn, contributes to the financial well-being of the Brownlow area and its environs. We will continue to be a local basis for addltlonal Investment by businesses and employment and training opportunities More generally we wlll bo worklng to maintain the utlllsation and occupancy levels of our hlgh44uallty fft for purpose workspace - from where p?ople - from all backgrounds regardless of ageg gender, race or political oplnlon can establish, operate from and develop commerclal entsrprfses whlch wlll generate Important local wealth for the Brownlow communlty. We wlll contlnue to offer opportunllle8, buslness informatlon, signposting. mentorlng and support for potentlal and oxist5ng owner managers and businesse8 to avall of quallty workspace and Infrastructure In the Brownlow area of Craigavon9 providing important benefits to the buslness communlty In the short, medlum and long terni. WO ramaln ambltlous for the future and regard our current posltion as (stlll) a ￿Ork In progress.. 20 Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 December 2022 TRUSTEES. RESPONSIBILMES STATEMENT The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting StarKlards (United lfjngd(xn Generally Accepted Accounling Practice). Company law requires the charity trustees to prepare financial statements for eath year which glve a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and eXper￿lture, for that period. In preparing these financial statements, the trustees are required to: select sultsble accounting policies and then appty them consistenty: observe the methods and principles in the applicable Charthes SORP; make judgments and accounting eslimates that are reasonable and prudenL state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial ststements; prepare the financial statemerrts on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitys transacti(￿5 and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms thaL' so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit inforn*lion and to establish that the charitys auditor is ayrare of that information. The auditor is deemed to have been reappointed in accordance with sectÈon 487 of Ihe Companies Act 2006. This report has been prepared in acc¢xdance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The Irustees, annual report and the strateglc report were apwoved on 26 September 2023 and signed on behalf of the board of trustees by: Ms Dian H Trustee Mr Peter Kiely Charity Secretary 21 Brownlow Limited Company Limited by Guarantee Independent Audltorfs Report to the Members of Brownlow Llmitsd Year ended 31 December 2022 Oplnlon We have audited the financial statsments of Brownlow Limited (the 'charity') for the year ended 31 December2022 vthich comprise the ststement of financial activities (Including income and expenditure account), statement of financial position, ststement of cash floMF and the related notes, including a summary of significant accounting policies. The financial reportlng framevK)rk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including FRS 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: glve a true and fair view of the state of the charivs affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practs'ce; have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008, Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan￿ with the ethical requirements that are relevant to our audit of the financlal 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. Concluslons relatlng to golng concern In auditing the financial statements, we have conduded that the trustees, 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. Indlvldually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least fvrfelve months from when the financial ststements a￿ authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described In the relevant sections of this report. 22 Brownlow Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Brownlow Limited (condnued) Year ended 31 December 2022 Other Inforniatlon The other infomiation compris&8 the inforniation induded in the annual repor( other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, ex￿pt to the extent otherwise explicitly stated in our reporL we do not express any fom of assurance condusion thereon. In connection with our audit of the financial statements, our responsibilty is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knOw￿dge obtained in the audit or other*vise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststements, Y￿ are required to detemine whether there is a malerial misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomlation, we are requited to report that facL We have nothing to report in this regard. Opinions on other matters prescrfbed by the Companles Act 2006 In ¢)ur opinion. based on the work undertaken in the course of the audit the infomiation given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial slatements. arKI the trustees. report has been prepared in accordan￿ with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knO￿edge and understanding of the chartty and its environment obtained in the course of the audi( we have not identified rnaterial misstatements in the trustees, report We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 and the Charities Act (Northern Ireland) 2008 requires us to report to you if. in our opinion: adequate accounting records have ￿t been kep( or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the acc￿UntIng records arKI retums; or certain disclosures of trustees. remuneralion speafied by law are not made; or we have not receNed all the infomiation and explanations we require for our audit. 23- Brownlow Limited Company Llmlted by Guarantee Independent Auditor's Report to the Members of Brownlow Limited (conunued) Year ended 31 December 2022 Respon$lbllltles of trustees As expLqined more fully In the trustees, responslblllties statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they glve a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charity's ability to continue as a going concern, dlsclosing, as applicable. matters related to going concern and using the going concem basis of accountlng unless the trustees elther Intend to liquidate the charity or to cease OP8ratlons, or have no reallstlc alternatlve but to do so. Audltorfs re8pon8lbllltle8 for tho audlt of the flnanclal 8tatement8 Our objectlves are to obtsln reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, whether due to fraud or error, and to Issue an audltor's report that Includes our opinion. Reasonable assurance is a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) will alway8 detect a materfal mlsstatement when St exists. Mlsstaternents can arise from fraud or error and are considered materlal If, Indlvldually or in the aggregate, they could reasonably be expected to influence the economic declsSons of users tsken on the basis of these financial statements. Irregularitles, including fraud, are instances of non-compliance with laws and regulatlons, We design procedures In line with our responsibilities, outlined above, to detect materSal mlsstatements In respect of Irregularltles, Including fraud. The extent to which our procedures are capable of detecting Irregularlties, InGludlng fraud Is detalled below., We 5dentified areas of lay￿ and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance. Specific areas considered were as follows: Enqulring wlth management and others to galn an understanding of the Organ￿ation Itself including operations, financial reportlng and known fraud or error. Evaluating and understanding the internal control system. Performing analytical procedures as expected or unexpected varfances In account balances or classes of transactions appear. Testing documentation supporting account balances or classes of transactlons. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all irregularities including those leading to material misstatements in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing stsndards. This rlsk increases the more that compliance with a law or regulation is removed from the events and transactlons reflected In the financial statements, as we will be less likely to become aware of instances of non-compllance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A fijrther description of our responsibilities is available on the Financlal Reporting Council's website at W*YW.frc.org.uklauditorsresponsibilities. This description foms part of our auditorfs report. Brownlow Limited Company Limited by Guarantse Independent Audltorfs Report to the Members of Brownlow Limlted (contlnuedj Year ended 31 December 2022 As part of an audit in accordan￿ with ISAS (UK), we eXe￿iSe professlonal judgment and malntain professlonal sceptlclsm throughout Ihe audit. We also.. Identify and assess the risks of material mlsstatement of the financial ststements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misststement resulting from fraud is higher than for one resulting from error, as fraud may Involve collusion, forgery, intentional omissions, mlsrepresentations, or the override of internal control. Obtaln an understsndlng of Internal control relevant to the audlt In order to deslgn audit procedures that are appropriate in the circumstances, but not for the purpose of expresslng an oplnlon on the effectlveness of the Intemal control. Evaluate the approprlateness of accountlng pollcles used and the reasonableness of acGountlng estlmates and related d5sclosures made by the trustees. Conclude on the approprlateness of the trustees, use of the golng concem bas18 of accounung and, based on the audit evidence obtained, whether a materfal uncertalnty exists related to events or condStlons that may cast significant doubt on the charSty's abllity to continue as a going concern. If we conclude that a material uncertainty exists, we are requlred to draw attention in our audltorfs report to the relatsd dlsclosures In the financial statements or, if such dlsclosures are Inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtsined up to the date of our audltorfs report. However, future events or condltlons may cause the charlty to cease to continue as a golng concern. Evaluate the overall presentatlon, struGture and content of the financial statements, IncludSng the disclosures, and whether the flnanclal statements represent the underlylng transactlons and events in a manner that achieves falr presentation. 26 Brownlow Limited Company Limited by Guaranteo Independent Auditorfs Report to the Members of Brownlow Limited (condnuedj Year ended 31 December 2022 We communlcate with those charged with g0Veman￿ 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, Uso of our report Thls report 58 made solely to the charitys members, as a body, In accordance wlth section 65 of the Charities Act (Northem Ireland} 2008. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to stste to them in an auditotrs report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibillty to anyone other than the charity and the charity's members as a body, for our audit v￿rk, for this repor( or for tha opinlons we have fomied. James Casey (Senlor Statutory Audltor) For and on behalf of Henry Murray & Company Ltd. Chartered Accountants & statutory Auditor 23 Church Place, Lurgan, Co. Annagh. N. Ireland BT66 6EY 26 September 2023 26 Brownlow Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2022 2022 Unrestricted Restricted furKIs furKls Total funds Total funds 2021 Income and endowments Donations and legacies Charitsble activits'es Investment income Other income 1,948 330,025 157 2,779 332,961 330.025 157 2,779 334.909 291,642 739 6.308 Total Incomo 1,948 298.689 Expendlture Expenditure on charitable activities Total expendlture 9.10 240.370 240,370 240,370 201,424 240,370 201,424 Net Income 92,591 1,948 94.539 97.265 Transfers betsveen funds 43,056 (43,056) Net movement In funds 135,647 (41,108) 94,539 97,265 Reconcillatlon of funds Total funds brought for*vard Total funds carrled forward 2.635,295 2.770.942 1,594,151 4,229M46 4,132.181 1,553,043 4,323.985 4.229,446 The statement of financial activities includes all gains and bsses recognised in the year. All income and expenditure derive from continuing activities. The notes on pageB 30 to 38 ft•rni part of these fimicial statements. Brownlow Limited Company Limited by Guarantee Statement of Financial Position 31 December 2022 2022 2021 Fixed assets Tangible fixed assets 17 3,514,904 3,515,384 Current assets Debtors Cash at bank and in hand 18 44N95 836,645 881.140 70,615 698,764 769,379 Credltors: amounts falllng due within one year Net current assets 19 62h40 45,698 818,700 4,333.604 723.681 Total assets less current Ilablllti•s 4,239,065 Creditors: amounts falllng due after morn than one year 9,619 23,985 9,619 4,229,446 Net assets Funds of the charlty Restricted funds Unrestricted funds 1,653,043 2,770,942 1.594,151 2,635,295 4,229.446 Total charity funds 21 4,323.985 These financial statements were approved by the board of trustees and authorised for issue on 26 September 2023, and are signed on behalf of the board by: Ms Dian Trustee aney The note8 on pages 30 to 38 fonn part of these financlal 8tatements. 28 Brownlow Llmited Company Llmited by Guarantsa ststement of Cash Flows Year ended 31 December 2022 2022 2021 Cash flows from operatlng actfvltles Net income 94,539 97,265 Adjustments for Depreciation of tsnglble fixed assets Other interest receivable and similar income Interest payable and slmilar charges Accrued expenses 3,230 {167) 139 13,568 3,846 (739) 50 7,381 Changes in.. Trade and other debtors Trade and other creditors 28,068 1,226 140,613 11,421 (7,313) 111.911 Cash generated from operations Interest pald Interest received 1139 157 (50) 739 Net cash from operatlng activitles 140,631 112,600 Cash flow8 from Inve8tlng actlvltl Purchase of tanglble assets Net cash used In Investlng activitles 12,760) 12,760) (1,622) (1,622) Net Increase In cash and cash equlvalent8 Cash and cash equlvalents at beglnnlng of year Cash and cash equlvalent8 at end of year 137,881 698,764 836,646 110,978 587,786 698,764 The notss on page8 30 to 38 fomi part of these flnan¢lal $tatoments. 29 Brownlow Limited Company Limited by Guarantee Notss to the Financial Statements Year ended 31 December 2022 Gon•rnl Infomiatlon The charity Is a public benefft enlkty and a private company Ilmited by guarantee, registered in Northern Ireland and a registered tharity in Northem Ireland. The address of the registered office Is 1 Bluestone Business Park. Moyraverty West Road. Craigavon, BT65 SHU. Ststsment of compliance These financial ststements have been prepared in compliance with FRS 102, The Financlal ReF)Orting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcl Ba818 of preparatlon The financlal statements have been prepared in accordance with the accountlng policies set out In notes to the accounts and comply with the charitys governing document, The Charitles Act (Northern Ireland) 2008 and Accounting and Repo￿.ng by Charities: Statement of Recommended Practlce appllcable to charities preparing their accounts in accordance with the FSnanclal Reportlng Standard applicable in the UK and Republic of IreLqnd published in October 2019 and the Companies Act 2006. Golng concem Glven the strong Ilquidity position of the charity. the directors are satisfied that there are no material uncertainties about the charills ability to continue as a going cOnc￿M for the foreseeable future. Judgements and key 8011rces of estlmatlon uncertalnty The preparation of the financial statements requires management to make Judgements, estimates and assumptions that affect the amounts reported. These estlmates and judgements are continually reviewed and are based on experience and other factors. including expectatlons of future events that are belleved to be reasonable under the circumstances. Fund accountlng The company has various funds for which it is responsible and which require separate dlsclosure. Definrtions of the varK>US types of fvnds are as follows: Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. In additton to expenditure on projects and other activities. such funds may be held in order to finance capltal Investment and working capilal. Restricted funds are subj'ected to restricttons on their expendlture declared by the donor or through the temis of an appeal, and fall into one of two subrflasses: restricted income funds or endowment funds. 30 Brownlow Limited Company Limited by Guarantee Notes to the Financial Statements (eontlnu6dJ Yoar ended 31 December 2022 Accountlng pollcles (contlnued) In￿rnIng rosources All income is included in Ihe statement of financial activities when entitlement has passed to the charity, it is probable that the economic beneffts associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular C*gories of income: _ income from donations or grants is recognised *then there is evidence of entitlement to the gitl receipt is probable and its amount can be measured reliably. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is dassffied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed rf unspen( in whith case it may be regarded as Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure indudes any VAT which cannot be fully recovered, and is dassified under headings of the statement of financial activities to which it relates: _ expenditure on tharitable actNities indudes all costs incurred by a charity in undertaking activities that further its charttable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governan￿ of the charity apportioned to charttable activities. other expenditure indudes all expenditure that is neither related to raising funds for the charity nor part of its expendrture on charitable activities. Investment property Investment properties are measured at fair value at each reporting date with changes in fair value recognised in 'net gainsl{losses) on investments, in the SOF Tanglble assets Tangible fixed assets are stated at cost or valuation less accumulated depreciation. The wst of tangible fixed assets is their purchase (J)sts, together with any incidentsl costs of acquisition. Depreclatlon Depreaation is calculated so as to write off the cost or valuation of an asset. less ts residual value, over the useful econornic life of that a&set as follows.. Fixtures and Fittings Office Equipment 20% reducing balance 20% reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being estimated where such indicators exisL Where the carrying value exceeds the recoverable amoun( the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal at each reporting date. 31 Brownlow Limited Company Llmited by Guarantse Notss to the Financial Statsments (¢onthued) Year ended 31 December 2022 Accounting policies (conrfnued) Impalrnient of fixed assets {conthuedJ For the purposes of impalmlent testing, when tt is not possible to estlmate the recoverable amount of an individual asse( an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identsfiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inllows from other assets or groups of assets. For impaimient testing of goodwill, the goodwill wuired in a business comtllnation is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefrt from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those unts. Financlal Instruments A financial asset or a financial liabilty is recognised onty when the entity becomes a party to the contractual provisions of instrumenL Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction. where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrumenL Current assets and current liabilities are subsequenty measured at the cash or other consideration expected to be paid or received and not discounted. Pension costs The company operates a defined contributj'on pension scheme for the benefft of its permanent staff. The assets of the scheme are administered by an insurance company in personal pension plans and are held independently from of the company. The cost of funding the defined contribution scheme is charged to the Statement of Financial Activiti'es. Llmtted by guarantee Brtywnlow Limited is a company limited by guarantee. The liability of ts members is limited to an amount not exceeding £1. Donations and legacles Restricted Total Funds Funds 2022 Restricted Total Funds Funds 2021 Grdnts Grants Received 1,948 32 Brownlow Limited Company Limitsd by Guarantee Notes to the Flnanclal Statements (contlnued) Year ended 31 December 2022 Charltable actlvltles Unrestricted Total Fund8 Unrestrfcted Total Funds Funds 2022 Funds 2021 Rental Income 330,025 330,025 291,642 291,642 Investment Income Unrestrlcted Total Funds Unrestrfcted Total Funds Funds 2022 Funds 2021 Bank interest receivable 157 157 739 739 Other Income Unrestrlcted Total Funds Unrestrlcled Total Funds Funds 2022 Funds 2021 Sundry Income 2,779 2,779 6,308 6,308 Expondlturo on charltabh actlvltle8 by fund typo Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Rental Incoma Support costs 203,250 37,120 240,370 203,260 37.120 240.370 142,209 59,215 201,424 142,209 59,215 201,424 10. Expendlture on charltable actlvftle8 by actlvlty typ• Actlvlties undertaken directly Support Total funds costs 2022 Total fund 2021 Rental Income Govemance costs 203,250 203,250 37,120 240,370 142,209 59,215 37,120 203,250 37,120 201,424 33 Brownlow Limited Company Limited by Guarantee Notes to the Financial Ststements (¢onth¥ued) Year ended 31 December 2022 11. Analys58 of support costs Analysis of support costs Total 2022 Total 2021 Stsff costs General office Govemance costs 21,147 3,360 9.647 34,154 21,147 3,360 9,647 34,154 49,285 1,444 8,485 59,214 12. Taxatlon The company is registered as a charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The company is registered for VAT and accordingly, all its expenditure is recorded net of any VAT incurred. Due to the companies exempt ststus a deferred tsx liabilty has not been recognised in respect of revaluation gains on Investment properties. 13. Net income Net income Is stated after charglngl(credltlng): 2022 2021 Depreciation of tangible fixed assets 3,230 3,846 14. Audltors remuneratlon 2022 2021 Fees payable for the audit of the financial statsments 4,500 4,500 15. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2022 2021 Wages and sataries Social security costs Employer contributions to pension plans 121.191 14.916 30,290 166,397 121.963 13,649 8,538 144,150 Brownlow Limited Company Limited by Guarantee Notes to the Flnancial Statements (contlnuod) Year ended 31 December 2022 15. Staff costs (¢onthiued) The average head count of ernployees during the year was 2 {2021.' 2). The average number of full-time equivalent employees during the year is analysed as follows: 2022 No. 2021 No. Number of staff - Adminislration The number of employees whose remuneration for the year fell wlthin the following bands, were: 2022 2021 No. No. £80,000 to £89,999 Key Management P•rnonnol Key management personnel include all persons that have authorlty and responsibllity for planning, dlrecting and controlling the activities of the charity. The total cost of compensation paid for key management personnel for serrflces provided to the charlty was £96,673 (2021: £91,574) 16. Trustse remuneratlon and expenses No remuneration or other benefits from employment wlth the charity or a related entlty were received by the trustees. One or more trustee8 have clalmed expenses or had thelr expenses met by the charlty. The total amount of expenses daimed by the trustees was £1,397 (2021 £434) In respect of travel costs. 17. Tanglble flxed a880ts Investment Flxtures and Propertles fittings Equipment Total Cost At 1 January 2022 Additlons 3,500,000 153,043 2,750 17,037 3,670,080 2,750 3,672,830 At 31 D•comb•r 2022 3,500,000 155,793 17,037 Deprnclatlon At 1 January 2022 Charge for the year At 31 December 2022 140,031 2,698 142,729 14,665 532 154,696 3,230 157,926 15.197 Carrylng amount At 31 D•c•mber 2022 3,500,000 3,500,000 13,084 13,012 1,840 3,S14,904 3,515,384 At 31 Dec8mb8r 2021 2.372 35 Brownlow Limited Company Limited by Guarantse Notes to the Flnancial Statements (contlnue Year ended 31 December 2022 17. Tangible fixed assets (conllnu¢d) Tanglblo fixed asuts held at valuatlon (a) Investment Property was revalued in September 2021at £3.5 milllon; (b) An Independent Valuer, Holmes and Doran Chartered Surleyors, carried out the valuation (c) The basis of the valuation is "Current Market Value for Existing Use" (d) It is the trustee's opinion that the valuations carried represent falr value. 18. Debtors 2022 2021 Trade debtors Prepayments and accrued income 42,647 1,948 44,495 70,615 70,615 19. Credttorn: amounts falllng due wlthln one year 2022 2021 Trade credltors Accruals and deferred income Sodal security and other taxes 1,520 32,104 28,816 62,440 1,509 16,588 27,601 45.698 20. Crodltor8: amounts falllng due after more than one year 2022 2021 Other creditors 9.619 9,619 Brownlow Limited Company Limited by Guarantee Notes to the Flnancial Statements (contlnuedj Year ended 31 December 2022 21. Analysls of charltable lunds Unrestrlcted funds At 1 January 20 22 At 31 Decembe r 2022 Income Expendlture Transfers Profit and Loss Account Membership Subscriptions 2,634,906 332,961 (240,370) 43,056 2,770,553 389 389 2,635.295 332,961 (240,370) 43,056 2,770,942 At 1 January 20 21 At 31 December 2021 Income Expenditure Transfers Proflt and Loss Account Membershlp Subscriptions 2,494,517 298,689 (201,424) 43,124 2,834,908 389 389 2,494,906 298,689 (201,424) 43,124 2,635,295 Restrfcted funds At 1 January 20 22 At 310ecemb6 r 2022 Income Expendlture Transfers Capital Funds 1,594,151 1,948 {43,056) 1,553,043 At 1 January 20 21 At 31 December 2021 Income Expendlture Transfers Capital Funds 1,637,275 (43,124) 1,594,151 37 Brownlow Llmited Company Limltsd by Guarantee Notes to the Flnancial Statements {vJnthiuod) Year ended 31 December 2022 22. Analysis of net assets between funds Unrestricted Restricted Total Funds Funds Funds 2022 Tangible fixed assets Current assets Creditors le&s than 1 year Creditors greater than 1 year Net assets 1.918.805 881.140 (41.440) (9.619) 2,748,886 1,596,099 3.514,904 881,140 (41.440) 19.6191 4,344,985 1,596.099 Unrestith Restricted Totsl Funds Funds Funds 2021 Tangible fixed assets Current a&8ets Creditors less than 1 year Creditors greater than 1 year Net assets 1.921,233 769,379 40,317 9,619 2,740,548 1,594,151 3,515,384 769,379 40.317 9,619 4,334,699 1,594,151 23. Analysls of changes In net debt At 1 Jan 2022 Cash flows 31 Dec 2022 Cash at bank and in hand 698,764 137,881 836,645 24. Contlngencles A contingent liability exists to repay grants receNed should ￿rtain conditions not be fuffilled by the charitable ￿rnpany. In the opinion of the trustees the temis of the letters of offer have been, or will be complied with and no liabilty is expected to arise.