Brownlow Limited Company Limited by Guarantee Trustses, Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2022 Reference and admlnlstrat5ve detal Reglstered charfty name Brownlow Limited Charlty reglstration number XR38654 Company registratoon number N123271 Princ5pal office and regtstsrod 1 Bluestone Business Park office Moyraverty West Road Craigavon BT65 SHU Tho trustees Ms Dian Heaney Mr Francis O'Neill Mr Peter Kiely Mr Brendan Curran Mr Denis Loney Ms Andrena Colhoun Mrs Cecilia Lee Mr Louis Sayers Company secretary Mr Peter Kiely Audltor Henry Murray & Company Ltd. Chartered Accountants & Statutory Auditor 23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY Bankers Santander Booue Liverpool L30 4GB Sollcltors JPH Montrose House. 17119 Church Stree( Portadown. Co. Am)agh. Edwards and Company 28 Hill Street Belfast BT12LA
Brownlow Limited Company Limltsd by Guarantse Trustses, Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2022 The trustees, who a 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. Introductory comment by th• ChalrpeT8on Given the ntinu1j impact of COVKI 19 and ongoing 'cost of energylliving, crisis, 2022. has been another very challenging year for our clients as they have continued to strive and evolve their commercial projects. These 'macro' concerns. have contributed signfficantly to the ever present general economic uncertainties and day to day headaches assock3ted with our clienfs efforts to grow their businesses. These 'uncertainties', in tum, impact on Brownlow Limited's efforts as a trading social enterprise. Brownlow Limited Is an 'anchorf organisation cornmitted to the improvement of the Brownlow are and has continued to invest and assist in the continuing regeneratK)n of the Brownlow area. However, as I script this, during the month of August 2023 I wish to highlight an important deveknpment of which Brownlow Limited is particularly proud. As indicated in previous Trustees Reports; Brownlow Limited has been working to improve and secure the long-temi tenure of lands, on which it has dvieloped its workspace. In particular V have been working viith the Department for Communiti'es to secure ownership of the Eands, known as 'Bluestone 2, under the Communty Asset Transfer (CAT) Programme. CAT is an Executrve policy developed, to provide a framework to facilitate comrnunty ownership of public sector assets. Brovmlow Limited have been leasing and using this land since 1991 to create economic opportunty in the Brownbw 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 site could be transferred to us under the CAT initiative. Brownbw Limited has a strong track record of promoting and assisting local entrepreneurs through tts Bluestone Business Park facilities and local actsvities. This CAT offers Brownlow Limited opportunities to build on that success. In March 2022 a press release issued by the Departsnent for Communities announced that the Bluestone 2 site, owned by tt)e Departmen( was to be transferred to Brownlow Limited. I VK*uld now proudly confim, as of August 2023, that all legalitses relating to this transfer, have been completed. On behaff of the Board and all members of Brownlow Limited, we would like to express our gratitude to the former Minister, Deirdre Hargey, MLA and the Department for Communities for their support,
Brownlow Limited Company Limited by Guarantee Trustses. Annual Report (Incorporating the Directorfs Report) (conllnu8dJ Year ended 31 December 2022 encouragement and recognrtion, of our continuing endeavours to improve the economic and community welkbeing of the Brownlow 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 yields large economic benefits for both the local arKI wider economy. Brownlow Limited has through ts efforts to 'build businesses, and economic acttvty in the Brownlow area, nurtured. encouraged and grovm many diverse clientele and commercial projects, across all business sectors: demonstrating the tremendous value for money and financial dividend to the wider local economy, that both has and will be generated from Brownlow Limited's continuing cooperation with the Department for Communities. On behalf of the local area, we woukl thank the Department for its 'can do, attitude and vision. It is appropriate that the Depathient for Communities should consider and factor in the further potents'al, and think strategically of the 'value adding. work of Brownlow Limited; namely encouraging and building new businesses, (ryth) increasing private sector investrnen( financial tumover, jobs, Iraining and future development opportunities in the locat economy. Brownlow Limited also has an excellent and proven trad( recoTd of YrkIng successfully with the Department ft)r Communities (and its predeSSOrs. both the Departrnent for Social Development and the Depathient for the Environment) and Brownlow Limited remain committed to work with the Department in the future. A sustainable and growing Brownlow Limited is congruent with the overarching aims and objectives of the Department for Communrties. We look forward to further fruitful collaboration in the futu. There remains a continuing need for, and as well as value to, our provision of business support and mentoring strategies. l am pleased to report thac the current occupancy. across all our properties remains excellent and in high demand; which confimis both quality and attractiveness of our facilities ar business location. We remain committed to futfilling Brownlow Limited's core objectives and to improving conditions and opportunities for the benefft of the inhabitants of the Brownlow area of Craigavon and ts environs. We also remain committed to malntaining the highest standards of 'govemance' in relation to our social enterprise. With this in mind we continued to avail of opportunitses for further specialist guKJance for the Directorsrrrustees and staff durirvJ 2022. The detail of the following report will provide information of the ongoing job creation perromiance figures achieved by the commercial projects operating from property and business unts owned or managed by Brownlow Limited which endorses the viston and aspirations of all the stakeholders who have given support and encouragement to us throughixrt 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 earfy critical stages when entrepreneurs require support and assistance. as well as potential access to extended periods of credit during challenging trading periods. in order to encourage their efft)rts in setting up and building businesses. The SME'S operating and developing from our units a important financial contributors to both the Brownlow and Council areas as well as supplying the basis for the atIon of crucial training, employment opponI1jeS arKI (commercial) wealth. It needs to be recognised that Brownlow Limited's infrastructure contributes a critical piece in the jigsaw of the health and economic wellbeing of the Brownlow area of Craigavon. Equalty 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 ryth their hopes and business plans for the future.
Brownlow Limited Company Limited by Guarantee Trustses. Annual Report (Incorporating the Directorfs Report) l¢ondnuedJ Year ended 31 December 2022 Brownlow Limited remain committed to promoting (local) entrePneU[5. We will also continue to argue that a thriving dynamic economy can contribute positively to assist in addressing our societal challenges and difficulties. Further, we will continue to make the case that creative entrepreneurial individuals and groups will, with the right suppor( work to explore opportunities. Brownbw Limited recognises Ihat entrepreneurship and risk run hand in hand. To achieve our core aims. Brownlow Limited believe that support for encouraging entrepreneurs and risk investment must continue. Calculate(I risk taking maybe appropriate in partlar circumstances. Continuing support strategies. such as those employed by Brownlow Limited, remain imperalive. The nurturing of a vibrant entrepreneurial communty is a key aspect of our local economic competitiveness as well as being central to our corporate ethos and mission. In closing, I would. on behalf of Brovmlow Limited. 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 work possible. I would also take this opportunity lo personally thank both of our staff for all their hard work, professionalism, dedication, and the support they have gNen me and the Board of Directors. I contiiue to value their flexibilty and commitment to Brownlow Limited over 25 plus years. As Chairperson I would also like to thank all board members for their support and encouragement over the tast year. In summary we believe our work continues to offer and provide incentives and opportunities for people to start up and grow their businesses kxally. l am sure that I speak on behalf of all the Board members when I say we are pleased and proLKI of our collective achievements and our continuing progress despite the many challenges.
Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conthued) Year ended 31 December 2022 STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng Document The company is limited by guarantee and govemed by its Trust Deed and Memorandum and Articles of Association. It is recognised as a chaiity by HM Revenue & Customs and the Charity Commission for Northern Ireland. Appolntment of Directors As set out in the Articles of Assoclaiion the number of directors shall not exceed 8. A retiring director shall be eligible ft)r reappointrnenL Up to three of the elected members retire year, with those longest serving first. All members are circulated, prior to the AGM, informing them of vacancies and the responsibilrties of a member and inviting them to make nominations on the appropriate fomi. The directors operated under the chaimianship of Ms D Heaney MBE during 2022. Inductlon and Training of Director8 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 recetve an Induction Pack. Further guidance. regarding govemance, was teceived from Edwards & Co. Solicitors during 2022. Organlsatlon The board continued to maintain contact regularly and mee( subject to and in compliance with Covid -19 guidelines and Workpl restrictions. during 2022, covering 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 contsct with the Chief Executive (both fornially and infomially) between Board meetings. An AGM, took place during April 2022. OBJECTIVES Brownk)w Limited is dedicated to the maintenance and improvement of the economic. physical and social conditsons in Brownlow as well commrtted to encouraging and assisting business enterprise, thereby increasing economic activity, for the benefft of the inhabttants of the Brownlow area of Craigavon and its environs.
Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (Mntlnuod) Year ended 31 December 2022 Objectfves (contlnue Our Puwes & Publlc Benefft 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 benefft of urban and rural regeneration in the Brownlow area arKI its environs, being an area of social and economic deprivation, by all or any of the following means: the relief of povety in such ways as may be thought fi¢ the relief of unemployrnent in such ways as may be thought fi( including assistance to find employment ill. the advancemenl of education, training or retraining, paitularly among unemployed people, and providing unemployed people with wod( experience: iv. the provision of financial assistance, tethnical assistance or business advice or consultancy in order to provide training and employment opportuniti'es for unemployed people in cases of financial or other charitable need through help: (a) in setting up their own business, or (b) to existing businesses; v. the creation of training and empk)yment opportunitses by the provision of workspace, buildings andlor land for use on favourable ternis: vl. the protection or conseNation of the environmenL The benefits that flow from the first part of the purposes of Brownlow Limited include promoting economic regeneration and community development in the Brownlow area and its environs by contributing to physical, social and economic improvements. The benefits identified for purpose (i) include work being carried on in the defined area of benefit to combat I reduce economic and PJocial deprivation with a view to improving the conditions of the Brownlow area and its environs for its inhabitants. The benefits identffied for purwse {ii) include 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. The beneffts identffied for purpose (ill) InclLKle the provision of trdining resources in a business setting, research facilities and resources for local residents who wish to investigate, explore and pursue the self-employment option. The benefits identffied for purpose (iv) indude the encouragement and development of entrepreneurship by the provision of free advice, inforrnation and signposting to other sources of help. The benefits idontifi@d for purpose (v) include facilitating the development and access, by local people to 'fft for purpose, Modem infrastructure in a communty owned asset, specifically property ownedlmanaged by Brownlow Limited. The beneffts identified for purpose (vi) include irnproving local landscapes weviousty neglected and spoiled by derelict housing and developmenL All of these benefits can be evidenced through govemment reports, Brownlow Limited (including
Brownlow Limited Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) (condnu Year ended 31 December 2022 Objectlves (Mntlnue TNstees) reports and surveys detailing oCPancY levels. land regenerated and workspace 'created', numbers of businesses in property owned andlor managed by Brownlow Limited together with employment opportunities generated within them. The public benefft is also evidenced by members of the public including potential and existing tenants accessing free or at subsidised cost advi, assistsnce and suppo There is no ham 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 private benefft is incidentsl and necessary to the Company in delivering ts purposes. For example, employees receive a wage and also staff may enhan their employment prospects because of the experience they gain. Also, some prile benefft is obtsined by the owners of businesses rent unts on favourable terms. Board Membersnrustees are reimbursed for any IncKlental and necessary expenses they Incur when carrying out their roles in the Company. Trustees may gain skills and experien which are transferabSe to other settings. These beneffts are incidental and necessary and greatly outrweighe(I by the gains in public benefit provided to our beneficiaries. We do not fund our activities through donations or receive 'gifts': rather VR continue to generate funds from our commercial operations and channel th¢)se funds for our charitable purposes. All of the directors are voluntary and recelve no fees. STRATEGIC REPORT The following sections for achlevements and perfomiance and financlal revlew form the strategic report ot the charity.
Brownlow Limited Company Limited by Guarantse Trustees, Annual Report (Incorporating the Directorfs Report) {contknued) Year ended 31 December 2022 ACHIEVEMENTS AND PERFORMANCE INCLUDING FINANCIAL REVIEW Revlew of Actlvllles and Future Developments The company was granted charttable ststus for tax puws by the HMRC with effect from 1 August 2007. The company successfulty cornpted registralion wilh the Charity Commission Northem Ireland on 22 August 2014. In setting our objectives and planning our actsvibes for the year the trustees have given consideration to the Charity Commission for Northem Irelan(fs guidance on public benefit to ensure that the activities have helped the charitys purposes and provide a benefit to the benelaries. The main activities of the company are unchanged from last year, and are prlncipally: _ Enterprise development including mentoring and small business initiatives Wothspace provision and property management Communty development Infrastructure improvement As in previous years Brownlow Lirnited has engaged in the delNery of a number of business development programmes and initsatives.
Brownlow Limited Company Limitsd by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢onUnued) Year ended 31 December 2022 Achievements and perf0Mnce (cononu Enterprr6e Development Programmes. Inltlatives & Property Brownlow Limited has during 2022 continued to endeavour to encourage and allow local residents, employees and owner managers to efficiently access up to date infornwtion and guidance on any aspect of starting up or developing a business. Brownlow Limited with a view to furthering its purposes and aims has been providing practical advice, ongoing mentoring and support to potential and existing entrepreneurs - at no fee - in the Brownlow area of Craigavon. We have also offered and provided gUIdarb and hands on support to entrepreneurs operating in our units - seeking to enhance their business performan - again at no fee. Employees, with the responsibilty to undertake the activities detsiled above, are professionally qualified and extremely experienced. Brownlow Limited has a range of excellent facilities induding training room. IT suite and inteDiiew rooms, which we conlinue to maintain and update. These facilities allow BrOWl0W Limtted to: Continue to work in pafthership (when possible or appropriate) with organisations such as SRC and the Brownlow Communty Improve the research resources and facilities available to existing clients I tenants (and their employees) wishing to undertake business and enterprise development research. Increase research facilities for local residents who wish to investigate, explore and pursue the self-employment optKIn. Brownlow Limited's office(s)ltraining facilities and IT suite contributes to: Enhanced research and training facilities for tenants l owner managers wish to provide on-site development and training for employees. Facilitate pSentationS and development training for the benefft of local businesses and residentslcommunity groups For 2022 Brownlow Limited Vuld report that the pattem of user groups and frequency for our Training RoomlBoard RoomllT Suiteloffice facilities continued to be negatively impacted by the pandernic. However. there were the folbwing user groups (with variable frequency): Business tenants (irregular usage pattem) mostly single users or small groups. Brownlow Limited Trustees and members {for meetings); assorted usage pattem. Also, there have been assorted groupings of users who have accessed the facilities on a regular andlor ad hoc basis during the year. including: - Brownlow Brush Art Group (half day weekly at particular parts of the year) Please note that the above facilltles w•rn suppllad free or on a Ihighty) sub8idlsed basis. In summary th18 part of our work has and wlll contlnue to Improve tralnlng resources In a buslne88 settlng. aldlng busineswelated research and enterprise support servlces withln the Brownlow area of Craigavon. Brownlow Limited worked with Amiagh City. Banbridge and Craigavon Borough Council arKI in
Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conthu8d) Year ended 31 December 2022 Achievements and perfomiance (c¢wthu8dJ pathership the other enterprise agencies (Armagh Business Centre, Banbridge Distrlct 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 'Enterprise Week, prowded opportunities for local residents. (potential) entrepneUr$ and businesses throughout the borough. across all sectors and at all stages of the business start-up and developmen( to avail of information, advice and guidance to assist the creation and development of businesses. Brownlow Limited engaged in a number of speafic business support initsatives. The business operations carried on by tenants at the Business Parks and property managed by Brownlow Limited are varied and include manufacturing. retail. web based, pharmaceutical, 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, operating from Bluestone 1,11 and Moyraverty Centre units, which are all controlled and managed by Brownlow Limited. The totsl of 38 includes 1 new business; which, placed in the wider context of economic developments and uncertainty is to be welcomed. Numbers employed directly and indirectly by our clients in pursuit of their commercial operations present a signtficant total number, in the context of the Brownlow area. The 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 signfficant value adding and wealth creating actsvty generated by, and potential, with businesses operating in this area. The trustees I dlrectors are pleased to report that our total property base has agaln performed well over the last year with high average occupancy within Bluestone l. Bluestone 11. our facilitss in Legahory and the Moyravety Centre. At the end of the year (Dec 2022) Bluestone Business Park I, Phase I, was 100% occupied. Phase11 of Bluestone Business Park I was 100% occupied and overall C•ccupancy in Phase111 was 100%. All the units in Bluestone 11 (where Brownlow Limited's larger unils are located) as well as the units managed by Brownbw Limited located in the Moyraverty Centre were atso 100% occupied at the end of the year. Not including our facilty located in LegafrKJry, the totsl workspace owjpied, at the erKI of the year (3111212022) totalled 55,600 sq. ft of workspace. This continues lo tepresent a very positive position and trend over recent years. Over the last year there has been some client tumover, with some businesses relocating into larger premises within the business parks, while others were affected by the wider economic climate, changing (personal) circumstances and expansion plans. However there have been additional new businesses established and developed in our units; providing opportunities for local people to live and work in the Brownlow area. We have activety assisted all of these clients to develop and implement grAth and expansion plans: as well as others to navlgate challenging trading and economic conditions Brownlow Limited in furtherbng ts purposes and aims has been provNling business premises at more affordablelhighly discounted rates in the start-up phase and further flexible arrangements taking account of their circumstances and financial resources. 10
Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conllnuedj Year ended 31 December 2022 Achlovements and perfomiance fwillnued) Durlng 2022. Brownlow LimStod Invosted In new and expandlng buslnesses In the buslness parks, by discountlng Infrastrncture to the value of apprnximatsly £1.150. This does not include th• lad that Brownlow Lim5ted does not Jevy our tenants any service charges nor lease admlnlstration fees. Thls contributlon to the buslnesses represents significant Sum, which can amount to tens of thousands of pounds. annually. Nor does thls flgure Include any bad debt wrltten off or interest - whlch Is not charged on late payments for debt owed. Brownlow Limited's regeneration work conlinues through the ongoing Care and professional managemen( in particular of Bluestone Business Park l and 11. The visual presentstion and management of our business parks not onty benefft the busin&ss, which operate from our business parks but also benefit local residents and other stakeholders induding developers, local and ntral government etc. Employers, employees and visitors to the Bluestone Business Parks now see a development of signfficant proportions. as well as being able to benefft from modem and vlsually pleasing facilities that are available to the locally evolving and expanding business community. As in previous rep(xls the Trustees are keen to stress that projects such as the Bluestone Business Park can be only be properly evaluated over the long-temi - in fact over the totsl Ilfe of the buildings; which delivers a dividend, in terms of new businesses and empk)yment opportunities nurtured and encouraged (in the workspace created arKI provided) every year over the univs total service life. The commercial projects which have been stimulated and supported continue to deliver a retum to the economy even after a business leaves our business path. We count amongst our greatest successes those businesses, which V have supported, outgrow our enterprise unts, and have to relocate elsewhere. The point being there is significant value adding and Trtums to the local and 7Mder economy potential. because of ourpmiect. Over the last year. the importance of Brrywnlow Limited's infrastructure and facilities available to the business community 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 Brovmlow Limited's established track record of successfully delivering a range of small business programmes, encouraging entrepreneurship, assisting business start-up rates, maintaining l improving business actNty levels and encouraging community and small business interaction. During 2022. Brownlow Limited continued to invest in. and raise the SpeCiation, of our units. We have also continued to care for and maintain, and upgrade as appropriate, the substantial assets - built and environmental - under our management Taking account of the number and range of business units (with drffering specifications) and age of (the) units, under our management, Brownlow Limited's repairs, maintenance and reinstatement budget has and will necessarily increase. We have kept under review opportunities to explore and obtain grant support when possible and appropriate. A successful application, for £1,800 was made to the Amiagh Cty. Banbridge and Craigavon Borough Council (with the support of funding the Department) to purchase an Automated Extemal Defibrillator (AED) Support Grant. During 2022 this grant was drawn dovm and fully spent in accordance with the Letter of Offer requirements to purchase a Public Access Defibrillator (AED) andlor CPR training suppotL It is acknowledged that this will help Brownlow Limited, via the local provision of this crtscal 'life saving. device. play a vitsl role in helping save INes in the Brownlow Area. We continue to 'professionalise' the supply of our services by raising stsndards to contribute to the 11
Brownlow Limited Company Limited by Guarantse Trustees, Annual Report (Incorporating the Directorfs Report) (witInu) Year ended 31 December 2022 Achievements and perforn)ance Iconthuodj efficiency and safety of our communty owned and managed business. As in previous years Directors and staff of Brownlow Limited have attendedlparticipated in a number of meetings with representatives of the NIHE, Invest N.1., The local enterprise agencies located within the Borough (in particular Armagh Business Centre. Banbridge District Enterprises, Craigavon Industrial Development Organisation and Mayfair Business Centre) as well as Amiagh City, Banbridge & Craigavon Borough Council offerS regarding efft)rts to eV0e a more vibrant local economy and making contributions to possible enterprise devek)pments and programmes in the fvture. Brownlow Limited's capacty to facilitate short ten stUdentlemplonent work placements was necessarity curtailed due to Covid-19 and related workplxe restrictions. The Directorsifrustees, during 2022, engaged with professional legal experts, to continue to maintain the highest stsndards of govemance, receiving advice and further training for directors and staff as appropriate. 12
Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢ondnued) Year ended 31 December 2022 Achievements and perforniance (condnued) Overvlew Brownlow Llmited Is a successful local communty and economic development company: which has been working over a considerable number of years to generate and improve business activity levels in the Brownlow area of Cratgavon. Brownlow Limited conlinues to fulfil its key objectives Our work of supportlng the local development of an entsrprlse culture - vla among other things Infomiatlon, advicelmentorlng. slgnposting, networklng. access to quallty Infrastructure and credit (at no charyel the results of whlch can be seen wlthln our Buslness Parks demonstrates the potential and success of local people taklng an actlve role In the development of their local economy. Brownlow Limited continued to help establish new businesses antl enhance the capability of existing businesses by offering a range of enterprise and business support activities for the benefit of enterprise development within the Brownlow area. General occupancy levels have continued lo remain high principally through our efforts to encourage and facilitate business growth and expansion plans. The overall pattem, during 2022, remains one of low client tumover and the consolidation and continuing growth of the business operations of some of our dients. Some clients have grown substantially, following their initial establishment and development from within the Bluestone Business Parl Brownlow Limited's infrastructure and support services and facilities were of critical benefft to nurturing and encouraging the creation of sÉgnifrAnt employment and training opportunities as V11 as wealth creation locally. Our work has had the beneftial impact of increasing employment and developrnent opportunities in the Brownlow area. Brownlow Limited has. during 2022, helped local people l owner-managers achieve their commercial ambitions and acted as a catslyst to trigger private investment and encourage businesses to scale up their capabiliknes and aspirations. A survey was undertaken based on the prnvlous twelve months (from December 2022) trading period. whlch Indicated that, despite the challenglng clrcumstances. the comblned flnanclal tumover of all businesses in the Bluestone Buslness Parks was clrca £22 m5111on. This represents a very Impressive economlc indlcator of the total value ol goods and services generatod and supplled, as well as wealth created. of the efftirt8 and work of both all the Gllents as well as Brownlow Limited In thls part ol the Borough. It Is. therefore, very approprfats to commend all our clients. for their conllnulng entrepreneurial efforts a8 th•y manage thelr commerclal operatlons. It is important to draw attention to the challenging local and global economic conditions that our dients are endeavouring to operate within. More generally our initiatives. resources and endeavours have supported local Job creation, access to t for purpose. infrastructure and credit as well as communty interaction and engagement. We continue to successfully bring increased economic activity to an area historicalty acknowledged to have significant relative leveEs of deprivation and disadvantsge. A]though we are reviewing 2022, there is merit in recognising achievements and progress made as we produce this report in August 2023. We have continued on with a number of specift Maintenan and property upgrades, to improve the 13
Brownlow Limited Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) {¢ondnue Year ended 31 Decernber 2022 Achlevements and performance Iwthued) specification of our units. However certain initiatives and projects have been delayed as a result of macro4conomic issues and the pandemic context Brovmlow Limited have necessarily. during 2022, hatl to undertake sympathetic business mentoring and support in order to maintain small businesses actFvty levels in the Brownlow area. Brownlow Limited employees have continued to IHise with our clients to assist them to identify, assess and benefit from a wide range of govemment support and assistan that may be appropriate for them to Brownlow Limited have also been working with the NIHE and the Department for CommunitRs to secure our long-temi tenure of lands at Bluestone 1 and Bluestone 2. Occupancy levets across all the existing property managed by Brownlow Limited remains high, despite the very challenging economic conditions wilhln which commercial entitie5 are operating. We have encouraged a culture of entrepreneurship (providing ICal role models), increasing business start-ups, helping to improve small business activity levels and facilitating community and business interaction amongst and between a wide range of groupings INing and working lOlly. We believe our work conts.nues to offer incentives arKI Provide opptunItieS for people to start up and grow their businesses in Brownbw. We continue to be cautious and prudent going forward and to be sensitive to the economic fluctuations and uncertainties which may impact on (the endeavours ofj both our clients and ourselves in these challenging times; whitst also recognising there maybe opportunities to be exploited. The physical and aesthetic improvements brought about by the investrnent and development, as well a8 careful maintenance of Bluestone Business Park - will Gontinue to improve opportunttie3 for new businesses not only to be established in the Brownlow area but also provide the necessary infrastructure to support tSinesS 'start up, and growth in the medium arKI long term. The viability and sustsinability of Brownlow Limited, as a communty and economic regeneration organisatson, continues to be secured through the rental income received. Our social enterprise is self-supporting and requires no assistance from external bodies in respect of operating (including salary) costs. We conlinue to pNdently plan for the medium- arKI long-term sustsinability of Brovmlow Limited, to deal with necessary expenditure, including reinslatement (of critical infrastructure) as apprOlate. Communty pride in the Brownlow area as well as Confiden in the future has and Gontinues to be enhanced by all of Ihe above. This serves to encourage investment and development in the business park and the Brownlow area. 14
Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conthued) Year ended 31 December 2022 Achievements and perfornmnce {conthiueo) Communlty Llnkages We continue to buitd our relationship with IcKal resident groups, who use our facilities. Brownl¢yw Limited have also continued to evolve and manage ts ongoing relationships with local educational establishments. NIHE, local enterprise agencies across the Borough, relevant Govemment Departrnents, the local Armagh Cty, Banbridge & Craigavon Borough Council and elected representatives across the complete political spectrum. BrowmkyN Limited's success is, over the past 32 years, is in no small part due to the cwjperation of, and partnerships with, statutory bodies, furKling bodies, politlcal representstives. the private sector and the Brownlow community. Additionally, our poslts.on and success would not havo been achleved wlthout the dedlcatlon and hard work of the Board and staff. 15
Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the DirectOS Report) (¢onllnued) Year ended 31 December 2022 Achievements and performance (condnued) SUMMARY In summary this rewt has detailed and explained the main activities undertaken by our charity to further ts charitable purposes for the public benefft and the main achievements - and the resutting benefts - of the charity during the year. In particular. eneratlon In the Brownlow area and its environ8 We have acted as a local catslyst to facilitate and encourage, particularly in the land and property owned andlor managed by BrnIOW Limited, increased public, communty and private investment, reduced the amount of dereliction and improved- the landscape by the provision of modem workspace, access to 'fft for purpose, small business InfrastruUre, access to (financial) credit to potential and existing entrepreneurs, local job creation through the occupation of our enterprise units, increased local employment opportunities. Also, benefits have included the development of a more vibrant private sector in the Brownlow area and its environs by Brownlow Limited's Vrk of increasing the numbers of localty owned and operated businesses. Local people l owner managers have been asslsted to achieve Iheir commercial ambitions. triggering private investrnent arKI encouraging them, as appropriate, to scale up their Ixjsirbess capabilities. Further the encouragement of a uJSture of entrepreneurship {providing local role molels). improving small business activity levels as well as the creation of small business interaction andlor contact opportunities in the Brownbw area. There are also significant and obvious physical (aesthetic) improvements, brought about by the investment in the property owned l Managed by Brownlow Limited. The investsnent in our business parks not only improves opporiunities for new businesses to be established in the area but also provides the necessary infrastructure to support 'start up, and 'growth' stsges in small business development over the long tenn. Investment and employment have bn brought to an area, recognised to have significant relative levels of deprivation and disadvantage. Further thefe has been the encouragement and support of cornmunty linkages, interaction and engagement. Also improved contact I relationships between local community representatives and local educational establishments. relevant Govemment Departrnents, local Councils. and elected representatives across the political spectrum. Owner manager and community prtde in the Brownlow area, specifllY in property ovmedland or managed by Brownlow Limited as well as conftlence in the future, as evidenced by the occupation of units has been - and will be - enhanced by our work Rellef of Pov In addition to acting as a local catslyst to facilitate and encourage I public and private investment in enterprise and small business development in the Brownlow area and its envlrons; we have encouraged wealth creation, generaled through the trading activities and financial tumover of tenants,. and salaries locally eamed through the employment opportunities created are able to be spent locally. Benefits also induded the creation arKI increase of employment opportunities localty than othepwise would be the case. Benefits have also induded the local facility and provtsion of business (and financial) planning SUPPOrt through counselling and advice at no fee. Contributions to community development and economic regeneration of the Brownlow area and its environs have been made by Brownlow Limited's work through the benefft of increasing the numbers of locally owned and operated businesses. Local people have been able to benefft from the option of both living and securing employment in the area. Benefits have also included the local provision of 'fft for purpose, workspace units to individuals at favourable rates and flexible arrangements, especlally in the start-up phase, taking particular account of thelr CircumstareS and financial resources. Benefits have also included the discounling or relief of rental debt. rekting to business accommodation in the Bluestone Business Park. Rellef of unom lo ment Local potential and existing entrepreneur5, including the unemployed. have benefited from assistance to explore the self-employment option. Aso, from the availability of initial and ongoing mentoring, 16
Brownlow Limited Company Limitsd by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) fconthued) Year ended 31 December 2022 Achievements and perforniance (conflnued) signposting and support, helping to improve small business actsvity levels through assisting new business start-ups, business development and frdcilitsting community and business interaction and contact opportunities amongst and belween a wide range of individuals 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 incentNes and employment opportunities for people to siart up. grow or operate their businesses in the Brownlow area and its environs. Also, from this there has been the additional benefft of the creation of further employment opportunities in these enterprises. The advancement of education trainln or rntrainin We have assisted the development of individual capabilÉties, competencies, skills and understanding in the areas of business, management and enterprise while accessing free advice, mentoring and support We have provided training resources in a business setting, research facilities and resources in our OffS11T Suite for local residents who wish to investigate, explore and pursue the selfmployment option. We have irnproved the hxal availability of research resources and facilities available to clientsltenants (and their employees) wishing to undertake business and enterprise development research., There are improved employment prospects and opportunities for people (to avail of job vacancies) who have successfully availed of mentoringldevelopment delivered, in the IT Suiteloffices of Brownlow Limited; Employment opportunities have been created for people, who having successfully completed enterprise and entrepreneurial development and research, decide to pursue the selfmployment option: Work experience placement opportunities for unemployed people have been created both directly by Brownltrw Limrted or facilitated by our dients The rovision of financial asslstsnce tschnlcal assistance or busine88 advlce or consultanc in order to rovide trainin and em lo ment o ortunities for unem lo ed eo le In cases of rinanclal or other charltable need throu hhel In settln thelr own buslness or to exlstln buslnesses Brownlow Limited has worked to encourage and develop entrepreneurship by the provision of free advi, infomiation and swnposting to other sources of help. empathetic (business) mentoring, guidan and support as ¥1[ as access to (financial) credit facilities through the infrastructure and business accommodation provided to potential and existing entrepreneurs as they seek to establish, operate or develop their businesses locally. The has been the provision of a range of facilitses and services, including IT, research and training resources, 'meeting' and intep4iew rooms at no or subsidised cost Entrepreneurs benefit from the financial assistsnce though the provision and access to 'cdi¥ and discounting of premises, eSpIlY in the early period - to new andlor existing businesses in the Brownlow aa as they seek to evolve their enterprises. Self-employment and employment and training OPPOrtunibe8 created through the small businesses formed and operated locally. Brownlow Limited's l.T suite in its offices and partnership work with third level educational establishmenOur clients - utilising these facilities - facilitates the successful delivery of innovative businessrtechnical training at no cost to (including the unemployed) participants. Through the provision of our resources and facilities, has offered (unemployed) participants, (of training programrnes) the opportunty to leam practtcal and technical business skills, recognise entrepreneurial talent, increase the number of self-employment and employment opportunities. Also alloviing participants, the neSSary infrastnthre and resources to gain qualiftations, receNe guidance and support from industy mentors The creation of trainln and em lo ment o rtunttles the rnvlslon of works ace bulldln s andlor land for use on favourable ternis. Brovmlow Limited's initiatives, resources and endeavours facilitate the development and access, by Icral people to Yrt for purpose, modern infrastructure in a community owned asset, specifically property ownedlmanaged by Brownlow Limited. Our work has benefited the potential entrepreneur, by offering irwtives and encouragement for people to start up andlor grow their busine&ses in the Brownlow area and its environs thereby creating employment opportunities- as well as assisting the potential creation of further employment opportunities in these enteryyrses. Brownlow Limited's work has faciltsted the local proVisn of and 17
Brownlow Limited Company Limited by Guarantse Trustees. Annual Report (Incorporating tho Directorfs Report) (conthuedj Year ended 31 December 2022 Financlal review (conrfnuedj access to credit facililies through ts infrastructure and business accommodation provided to potential and existing entrepreneurs as they seek to estsblish. operate or devekjp their businesses locally. Brownlow Limited's wort has facilitated access to local 'fft for purpose, business premises especially in the start-up phase, tsking account of individual circumstances and financial resources. The rotectlon or conservatlon of the envlronment Brownlow Limited has promoted sustainable means of achieving economic gr&th and regeneration by the development of infrastructure, in propety owned and managed by Brownlow Limited, which will be available to new and small businesses operating in the Brownbw area and ts environs in the short, medium and long tenn. Also, the Brownlow area has beneffted from the improvements and maintenance of local landscapes. previously neglected and spoiled by derelict housing and development. The long-tem) sustainability and viability of the Brownlow Limited {project) has been secured by the rental income received and careful management of its communty 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). Ths surplus includes grant income of £1,948 from Amagh Cty, Banbridge and Craigavon Borough Council. (2021 £3,171 from The Deparlment of Communities). The resulting retained SUTplus for the year totalled £94,539 (2021 £97.265). The company had net assets of £4,323,985 (2021 £4,229,446) as at 31 st t)ecember 2022. PROPERTY MANAGEMENT- Property Occupancy Levels . August 2023 (Actual) 3111212022 3111212021 Bluestone Business Park l (Phase 1) 100% 100% Bluestone Business Park 1 {Phase 2) 89% 100% 100% Bluestone Business Park 1 {Phase 3) 100% 100% 100% Bluestone Business Park11 100% 100% 100% Moyravety Centre Units 11)0% 100% 100% . Based on occupied square feet as a percentage of total available square feeL - Does not indude our facility at Legahory, which was fully pIed throughout the year. 18
Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢ondnued) Year ended 31 December 2022 Financial review (¢ontlnuedJ The directors are pleased to report that our property base has perfonned well over the last year. These figures and perfotmance are the result of our endeavours to encourage small business development locally. ENVIRONMENT Brownlow Limited takes serious ts responsibilities in relation to the environmenL The directors in any future development of Bluestone Business Park will always be keen to review the posslblllty of incorporating Eco friendly initiabves. HUMAN RESOURCES Brownlow Limited has put in place, following a review. a comprehensive range of Cunpany policies and procedures for all siaff. We recognise that our employees are the companWs major asset and en¢ourage them as well as the Dir8Ctors to invest lime in availing of any relevant training or development opportunities appropriate to their posittons. RISKS Our perfornian is affected by general economic condilions and Govemment policies in relation to the funding of local economic programmes. Brownlow Limtted and its Directors l Trustees are sats'sfied that systems and prlUreS are in place to mitigate our exposure to the major risks to ensure the future sustainability of our company. Flnanclal Rlsk Management The companls operations expose tt to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company has in place a risk management element that seeks to limit the adverse effects on the financial perfomwjce of the company by monitoring levels of debt finance and the related finance costs. The polw set by the board of directors are implemented by the companYs Chief Executive. Credit Rlsk The company has policies that qui appropriate credit checks on potential clients before accounts are opened. The amount of exposure to the indmdual clients is regularly reviewed by the board. Llquldlty Rlsk The cornpany Continues to work towards ensuring that It has sufflclent ayallable fund5 ftjr operatlon and to contribute to the exploration of possible extensions. Interest Rate Cash Flow Rlsk During 2022 the company did not acquire any [On -term interest4earing liabilities. Brownlow Limited produces critical financial managernent reports, which highlight the key areas that need to be monitored to minimise risk. These reFS are presented at the board meetings. The company has assessed the major risks to which the charity is exId. 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 rnajor risks. 19
Brownlow Limited Company Limited by Guarantee Trustses. Annual Report (Incorporatlng the Directorfs Report) (conllnuad) Year ended 31 December 2022 Financial review {condnu6dJ RESERVES POLICY Brovmlow Limited's policy is to create and retsin dedicated reserves in keeping with prudent 'best practice, planning. This ts and will need to be of sufficient size to meet the running costs for an agreed period and facilitating medium- and long-temi planning including provision for reinstatement and the company's responsibilittes. PLANS FOR FUTURE PERIODS The Trustees remain committed to driving the Company forward. We will continue work to mainlain our r*tionships wth educational establishments. govemment departments, Amagh Cty. Banbridge & Craigavon Borough Council, politrcal representatives and all the other enterprise agencies in the Borough to raise our profile and nurture and increase business activty levels across the Brownlow and Council area. We also hope to with the Council and the other four enterprises agencies in the Borough, to contrlbute to the delivery of an enterprise support inrtiatives as appropriate. We will also be laking foNRrd our plans to improve our long-temi tenure of parcels of land upon which workspace and facilitss have been developed by Brownlow Limited. We have initiated internal disojssions and intend to give further detailed consideration to the possibilities for further phases of development wtthin the Bluestone Business Parks l & 2. Ongoing reinvestrnent will continue to be required, to maintain the condition of the er)terprise units and update their specificats'on, to cater for the requirements of potential entrepreneurs. In particular Brownlow Limited will be exploring possible opportunities to invest in and update the speGification of our business units within Bluestone 8usiness Park l and11. updats.ng andl improving the facilities in our Business Park's is necessary to ensure high levels of demand and occupancy are maintained; and that quality workspace is available to assist local peoplelentrepreneurs to develop their commercial projects. which in tum, contributes to the financial well-being of the Brownlow area and its environs. We viill continue to be a local basis for additional investment by businesses and employment and training opportunities More generally we will be worklng to maintaln the utlllsation and occupancy levels of our hlghquallty fft for purpose workspace - from where people - from all backgrounds regardless of agei gender, race or political oplnlon Can establish. operate from and develop commerclal enterprfses whlch w511 generats Important local wealth for the Brownlow communlty. We wlll contlnuo to offer opportunltles. buslness information. signposting. mentorlng and support for potentlal and exlstlng owner managors and businesses to ava51 of quallty workspace and infrastructure In the Brtywnlow area of Cra5gavon; provldong Important beneflts to the buslness communlty in the shor( medlum and long terni. We remaln ambltlous for the luture and regard our currnnt position as (stlll) a knrk In progress,. 20-
Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conthued) Year ended 31 December 2022 TRUSTEES. RESPONSIBILMES STATEMEKr The trustees. who are also directors for the purposes of ctxnpany law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting StaThdards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources. induding the income and expendiiure. for that period. In preparing these financol ststements. the trustees are required to: select suitable accounting policies and then apply them consistenuy: observe the methods and principles in the applicable Charthes SORP: make judgments and accounting estimates that are reasonable and prudent state whether applicable UK Accounkng Standards have been followed. subject to any material departures disclosed and explained in the financial statements; prepare the financial statements 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 to show and explain the charitvs transactions and disclose with reasonable accuracy at any time the financial position of the charity and erble them to ensure that the financial ststsments compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable stsps 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 confimis that so far as they are aware, there is no relevant audit information of which the charitys 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 information and to establish that the charitls auditor is aware of that infonnation. The auditor is deemed to have been reappointed in accordance wilh section 487 of the Companies Act 2006. Thls report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The trustees, 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 ey Mr Peter Kiely Chartty Secretary 21