2023-12-31-accounts

COMPANY REGISTRATION NUMBER: N123271 CHARITY REGISTRATION NUMBER: XR38654 Brownlow Limited Company Limited by Guarantee Financial Statements 31 December 2023 HENRY MURRAY & COMPANY LTD. Chartered Accountants & Statutory Auditor 23 Church Pla￿, Lurgan, Co. Annagh. N. Ireland BT66 6EY

Brownlow Limited Company Limited by Guarantee Financial Statsments Year ended 31 December 2023 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members 21 Statement of financial activities (including income and expenditure account) 26 Statement of financial position 27 Statement of cash flows 28 Notes to the financial ststements 29 The following pages do not fonn part of the financial statements Detailed statement of financial activities 39 Notes to the detailed ststement of financial activities 40

Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) fcondnued) Year ended 31 December 2023 Reference and admlnlstrdtlve detalls Reglstered charlty name Brownlow Limited Charity registratlon number XR38654 Company registration number N123271 Principal office and reglstered 1 Bluestone Business Park offlce Moyravety West Road Craigavon BT65 SHU The trustees Ms Dian Heaney Mr Francis O'Neill Mr Peter Kiely Mr Brendan Curran Mr Denis Loney Ms Mary Andrena Colhoun Mrs Cecilia Lee Mr Louis Sayers (Died 12 March 2024) Company secretary Mr Peter Kiely Audltor Henry Murray & Company Ltd. Chartered A¢¢ountanta & Statutory Audrtor 23 Church Place, Lurgan. Co. Armagh. N. Ireland BT66 6EY Bankers Santander Bootle Liverpool L30 4GB Solicitors JPH Law Montrose House, 17119 Church Stree( Portadovm. Co. Amiagh. Edwards and Company 28 Hill Street Belfast BT12LA

Brownlow Limited Company Limited by Guarantse Trustses, Annual Report (Incorporating the Director's Report) (contlnue Year ended 31 December 2023 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 2023. Introductory comment by the Chairporson Brownlow Limited's most recent completed financial year, 2023. has been another very challenging, but hopefully productive year for our clients as they have continued to strive and evolve their commercial projects. There are. of course the ever present general economic uncertainties and day to day headaches associated with our clienys efforts to grow their businesses. These uncertainties and challenges, in tum, impact on Brownlow Limited's efforts as a trading social enterprise. Following a period which has seen the highest inflation rates in many years; there have been interest rate cuts, which have eased pre&sures on businesses (and households) after a year of elevated business loan and borrowing l overdraft costs. Our clients still face an uncertain (business) environment. Being informed, and staying proactive will still be important to navigating potential challenges and exploiting opportunities for development and growih. Brownlow Limited remains an important supporter and encourager of our clienfs commercial efforts as well as an 'anchorf organisakn'on committed to the improvement of the Brownlow area and has continued to invest and assist in the continuing regeneration of the Brownlow area. As previously reported, Brownlow Limited were delighted to record an important development, regarding our successful efft)rts to improve and secure the long-tem tenu￿ of lands, on which it has developed its workspace. In particular following an extensive period of working with the Department for Communities to secure ownership of the lands. known as '8luestone 2,, under the Communty Asset Transfer (CAT) Programme. As of August 2023, all legalities relating to the trdnsfer of the '81uestone 2, site, were completed. CAT is an Executive policy developed. to provide a framework to facilitate community ownership of public sector assets. Brownlow Limited have been leasing and using this land Sin￿ 1991 to create economic opportunity in the Brovmlow area, via the development of the Bluestone Business Park 2. With the end of another lease period approaching, Brownlow Limtted asked the Department to consider whether the site 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 activities. This CAT offers Brownlow Limited opportunities to build on that success. It is appropriate that any review of the work of Brownlow Limited should include consideration of the potential, and the further 'value adding, work (of Brownlow Limited); namely encouraging and building new businesses, (with) increasing private sector investment financial tumover, jobs, training and future development opportuntties in the local economy. On behalf of the Board and all members of Brownlow Limited, we would again express our gratitude to the former Minister, Deirdre Hargey, MLA and the Department for Communities for their support encouragement and recognition. of our continuing endeavours to improve the economic and community well being 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 looal and wider economy.

Brownlow Limited Company Limitsd by Guarantee Trustees, Annual Report (Incorporating the Directo￿3 Report) (¢ontinued) Year ended 31 December 2023 Brownlow Limited has through its efforts to 'build businesses, and economic activty in the Brownlow area, nurtured, encouragea an¢J grown many (Jiverse clientele and commercial projects, across all business sectors; demonstrating the tremendous value for money and financial dividend to the wider local economy, that t)oth has and will be generated from Brownlow Limited's continuing c¢x*peration with the Department ft)r CommUn￿es. On beha￿ of the local area, we VK)uld, again, thank the Department for its 'can do, attitude and vision. Brownlow Limited also has an excellent and proven track record of working successfully with the Depathient for Communities (and its predecessors, both the Deparbnent for Social Development and the Department for the Environment) and BrO￿loW Limited remain committed to work with the Department in the futu￿. A sustainable and growing Brownlow Limited is congruent with the overarching aims and objectives of the Department for Communities. We look foDNard to further fruitful collaboration in the future. The￿ remains a continuing need for, and as well as value to, our provision of business support and mentoring strategies. l am pleased to report that, the current occupancy, across all our properties remains excellent and in high demand. which confinns both quality and attractivene&s of our facilities and business location. We remain commrtted to fulfilling Brownlow Limrted's core objectives and to improving conditions and opportunities for the benefft of the inhabitants of the Brownlow area of Craigavon and its environs. We also remain committed to maintaining the highest standards of 'govemance' in relation to our social enterprise. With this in mind we continued to avail of opporiunities for further specialist guidance for the Directorsrrrustees and staff during 2023. l am very pleased to report that, as I write this, in August 2024. the current occupancy, across all our properties remains excellent and in very high demand. The detail of the following report will provide infonnation of the ongoing job creation perfonnance figures achieved by the commercial projects operating from propety 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 critical stages when entrepreneurs require support and assistan￿. as well as potential a¢￿sS to extended periods of credit during challenging trading periods, In or(ler to encourage their efforts In setting up and building businesses. The SME'S operating and developing from our units are important financial contributors to both the Brownlow and Council areas as well as supplying the basis for the creation of crucial training and employment opportunities as well as (commercial) wealth. It needs to be recognised that Brownlow Limited's Infrastructu￿ contributes a crib'cal piece in the jigsaw of the health and economic wellbeing of the Brownlow area of Craigavon. Equally important is the ongoing sympathetic mentortng and hard work by Brownlow Limited's staff who work to support and encourage the promoters of new business projects and assisting with their hopes and business plans for the future. Brownlow Limited remain committed to promoting (local) entrepreneurs. We viill also continue to argue that a thriving dynamic ecorK)my can contribute positively to assist in add￿sSing our societal challenges and difficuth'es. Further. we will continue to make the case that creattve entrepreneurial individuals and groups will. with the right support. work to explore opportunities.

Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (￿ltInued} Year ended 31 December 2023 Brownlow Limited recognises that entrepreneurship and risk run hand in hand. To achieve our core aims, Brownlow Limited believe that support for encouraging entrepreneurs and nsk investment must continue. Calculated risk taking maybe appropriate in particular Clrcumstsn￿s. Continuing support strategies, such as those employed by Brownlow Limited, remain imperative. The nurturing of a vibrant. entrepreneurial community is a key aspect of our local economic competitiveness as well as being central to our corporate ethos and mission. It is with great sadness and regret that I would report that our esteemed friend, colleague and fellow Director, Mr Francis (Francie) O'Neill passed away in March 2024. At the time of his death, Francie was Vice Chairperson. Both BrON￿lOW Limited and I, personally, will miss him terribly for his support and critical comment Francie was a long-standing Director and Trustee of Brownlow Limited as well an important member of a small team, who supplied expertise, support and commitment throughout his time with Brownlow Limited. I, as Chairperson. fellow Directors and staff are very grateful for the contribution he made to Brownlow Limited and the wider Brownlow Community. In closing, I would, on behalf of Brownlow 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 to personally thank 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 commiknent to the Brownlow Limited projecL As Chairperson I would also like to thank all board members for their 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 Limitsd by Guarantee Trustses, Annual Report {Incorporating the Directo￿5 Report) (condnu8d) Year ended 31 December 2023 Structurei governance and management Governlng Document The company is limited by guarantee and govemed by its Trust Deed and Memorandum and Articles of Association. It is recognised as a charity by HM Revenue & Customs and the Charrty Commission for Northem Ireland. Appointment of Directors As set out in the Articles of Association the number of directors shall not exceed 8. A retiring director shall be eligible for reappointment. Up to three of the elected members retire each year, with those longest serving first. All members are circulated. prior to the AGM. informing them of vacancies and the responsibilities of a member and Inviting them to make nominab'ons on the appropriate form. The directors operated under the chaimianship of Ms D Heaney MBE during 2023. Induction and Training of Directors Al dlrectors both new and exIs￿ng are encouraged to undergo training and keep under review opportunities for further training and development every year. All new directors re￿1ve an Induction Pack. Further guidance, regarding govemance, as appropriate, was received from Edwards & Co. Solicitors during 2023. Organlsatlon The board continued to maintain contact regularly and meec during 2023, 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 Executs've by the directors manages the day to day operats.ons of the charity. The directors maintain regular contact with the Chief Executive (both fO￿nallY and infornially) between Board meetings. An AGM, took place during May 2023. Objectives Brownlow Limited is dedicated to the maintenance and improvement of the economic, physical and social conditions in Brownlow as well committed to encouraging and assisting business enterprise, thereby increasing economic acb'vity. for the benefft of the inhabitants of the Brownlow area of raigavon ana its environs.

Brownlow Limited Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) (eonllnued) Year ended 31 December 2023 obj￿tIveS l¢onllnued) Our Purposes & Publlc Benefrt Statement and Activities 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 and 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(. ii. the relief of unemployment in such ways as may be thought fft. including assistance to find ernployment; iii. the advancement of education. training or retraining, particularly among unemployed people, and providing unemployed people wtth worf( experience; iv. the provision of financial assistance. technical assistance or business advice or consultancy in order to provide training and employment opportunrties for unemployed people in cases of finanGial or other charitable need through help: (a) in setting up their business, or (b) to existing businesses; v. the creation of training and employment opportunities by the provision of workspace, buildings andlor land for use on favourable terms. vi. the proteth'on or conservation of the environment. The benefrts that llow from the first part of the purposes of Brownlow Limtted include promoting economic regeneration and communty development in the Brownlow area and its environs by contributing to physical. social and economic improvements. The benefits idents'fied for purpose (i) include work being carried on in the defined area of benefit to combat I reduce economic and social deprivats'on with a view to improving the conditions of the Brownlow area and its environs for ts inhabitants. The benefits identified for purpose (li} 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 benefits identified for purpose (iii) include the provision of training resources in a business setting, research facilities and resources for local residents who wish to invests'gate, explore and pursue the self-employment option. The beneffts identified for purpose (iv) include the encouragement and tjevelopment of entrepreneurship by the provision of free advice. infomiation and signposting to other sources of help. The benefits identified for purpose {v) include facilitating the development and access, by local people to 'fit for purpose, modem infrastructure in a community owned asse( specifically property ownedlmanaged by Brownlow Limited. The benefits idenkn'fied for purpose (w) include improving local landscapes previously neglected and spoiled by derelict housing and development. All of these benefits can be evidenced through government reports. Brownlow Limited (including

Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 December 2023 Objectlves (¢ontlnued) Trustees) reports and surveys detailing occupancy levels, land regenerated and workspace 'created', numbers of businesses in property owned andlor rnanaged by Brownlow Limited together with employment opportunities generated within them. The public benefit is also evidenced by members of the public including potential and exisb.ng tenants accessing free or at subsidised cost advice, assistance and support. 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 benefit is incidental and necessary to the Company in delivering its purposes. For example, employees receive a wage and also staff may enhan￿ their employment prospects because of the experience they gain. Also, some private benefft is obtsined by the owners of businesses who rent units on favourable terms. Board Membersrrrustees are reimbursed for any incidental and necessary expenses they incur when carrying out their roles in the Company. Trustees may gain skills and experience which are transferable to other settings. These benefits are incidental and necessary and greatly outwewJhed by the gains in public benefrt provided to our beneficiaries. We do not fund our activikn'es through donations or receive 'gifts rather we continue to generate funds from our commercial operakn'ons and channel those funds for our charitable purposes. All of the directors are voluntary and receive no fees. Strateglc report The following sections for achlevements and perforniance and financlal review form the strategic report of the charity.

Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dirnctorfs Report) (contlnued) Year ended 31 December 2023 Achlevements and perfomiance Revl•w of Actlvftles and Future Developments The company was granted charitable status for tax purposes by the HMRC with effect from 1 August 2007. The company successfully completed ￿gIStratIon viith the Charity Commission Northern Ireland on 22 August 2014. In setting our objectives and planning our act5vits.es for the year the trustees have given consideration to the Charity Commission for Northem Ireland's guidance on public benefrt to ensure that the activities have helped the chaiity's purposes and provide a benefit to the beneficiaries. The main activitj'es of the company remain unchanged from last year, and are principally." Enterprise development including mentoring and small business inrtiatives Workspace provision and property management Community development Infra3truGture improvement As in previous years Brownlow Limited has engaged in the delivery of a number of business development programmes and initiatives.

Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnu•dJ Year ended 31 December 2023 Achlevements and perfomiance (continued) Enterprise Development Programmes, Inftlat5ves & Property Brownlow Limited has during 2023 continued to endeavour to encourage and allow local residents. employees and owner managers to efficiently access up to date infomation and guidance on any aspect of starbng up or developing a business. Brownlow Limited with a view to furthering ts purposes and aims has been providing pradical 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 guidance and hands on support to entrepreneurs operating in our units - seeking to enhance their business perfomance - again at no fee. Employees, with the responsibility to undertake the activities detailed above, are professionally qualified and extremely experienced. Brownlow Limited has a range of excellent facilities including training room. IT suite and inteNiew rooms. which we continue to maintain and update. These facilities allow Brownlow Limited to: - Continue to work in partnership {when possible or appropriate) with organisations such as SRC and the Brownlow Community Improve the research resources and faciltties available to existing clients I tenants (and their employees) wishing to undertake business and enterprise development ￿searCh. Increase research facilities for local residents who wish to investigate. explore and pursue the self*mployment option. BrO￿loW Limited's office(s)ltraining faolities and IT suite contributes to: Enhanced research and training facilibes for tenants i owner managers who wish to provide on-site development and training for employees., Facilitate presentations and development training for the benefft of local businesses and residentslcommunity groups For 2023 Brownlow Limited would report that the pattern of user groups and frequency for our Training RoomlBoard RoomllT Suiteloffice facilities are as follows: Business tenants (irregular usage pattem) mosly 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. induding: - Brownlow Brush Art Group (half day weekly at particular parts of the year) Please note that the above facilities were supplied free or on a (hlghty) subsldlsed basls. In summary thls part of our work has and wlll continue to Improve tralnlng resources In a business setting¥ aiding business relatod research and enterprise support servlces within th• Brownlow area of Cralgavon. Brownlow Limited worked and maintained linkages, as appropriate, with Annagh City, Banbridge and Craigavon Borough Council and in partnership the other enterprise agencies (Armagh Business

Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 December 2023 Achievements and perforniance {conUnuedJ Centre, Banbridge District Enterprises, Cido and Mayfair Busin&8s Centre) which are located within the Borough. These efforts provided opportunities for local residents, (potential) entrepreneurs and businesses throughout the borough, across all sectors and at all stages of the business start-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 specffic business support initiatives. The business operations Garried on by tenants at the Business Parks and property managed by Brovmlow Limited are varied and include manufacturing. retail. web based. pharmaceutical, and Servi￿ sectors. There were at the end of the financial year (December 2023) 31 businesses (including Brownlow Limited) 124 - both full time and part-time- persons employed by and as a result of our tenanvs commercial activities, operating from Bluestone I, 11 and Moyraverty Centre units, which are all controlled and managed by Brownlow Limited. Numbers employed direcljy 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 tenantslclients acts'vities and projects. At the end of the year (3111212023) within Bluestone I, approximately 32Yo 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 activity generated by, and potential, with businesses operating in this area. The trustees I directors are pleased to ￿port that our totsl propety base has again performed well over the last year with high average occupancy within Bluestone l. Bluestone 11, our facilities in Legahory and the Moyravety Centre. At the end of the year (Dec 2023) Bluestone Business Park I, Phase I, was 949/0 occupied., Phase11 of Bluestone Business Park I was 890A occupied and overall occupancy in Phase111 was 100 /0. All the units in Bluestone 11 (where Brownlow Limited's larger unts are located) as well as the units managed by Brownlow Limited located in the Moyraverty Centre were also 100% occupied at the end of the year. Not including our facility located in Legahory. the total workspace occupied, at the end of the year (3111212023) totalled 54,600 sq ft of workspace. This continues to represent 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) circumstsnces and expansion plans. However there have been additional new businesses established and developed in our units. providing opportunities for local people to Itve and work in the Brownlow area. We have actively assisted all of these clients to develop and implement grothrth and expansion plans. as well as others to navigate Ghallenging trading and eGonofflic conditions Brownlow Limited in furthering its purposes and aims has been providing business premises at more affordablelhighly discounted rates in the stsrt-up phase arKI further fiexible arrangements taking account of their circumstances and financial resources: Durlng 2023, Brownlow Llmlted Invested In new and expanding businesses in the business parks. by discounting infrastructure to the value of approximately £1611.88. 10

Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) {¢ontlnu8dJ Year ended 31 December 2023 Achlevements and performance (conllnu•dJ This figure does not Include the fact that Brownlow Llmlted does not levy our tenants any lease administration fees. Nor does It Include any bad debt wrltten off or Interest - which was not charged on late payments for debts owed. Thts contribution to the buslnesses represents a 8lgnifleant Sum. Brownlow Limited's regeneration work continues through the ongoing care and professional management, in particular of Bluestone Business Park l and 11. The visual presentation and management of our business parks not only benefit the business, which operate from our business parks but also benefit local residents and other stakeholders including developers, local and central government etc. Employers, employees and visitors to the Bluestone Business Parks now see a development of significant proportions, as well as being able to benefit from modem and visually pleasing facilities that are available to the locally evolving and expanding business community. As in previous reports the Trustees are keen to stress that projects such as the Bluestone Business Park can be only be properly evaluated over the long-tem - in fact over the total lrfe of the buildings: which delivers a dividend, in tenns of new businesses and empk)yment opportunities nurtured and encouraged (in the workspace created and provided) every year over the uni¥s total service life. The commercial projects which have been stimulated and supported continue to deliver a return to the economy even after a business leaves 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 there is significant value adding and retums to the local and wider eGonotny potential. beGau3e of our project. Over the last year, the importance of Brownlow 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 2023, adds to Brownlow Limited's established track record of successfully delivering a range of small business programmes, encouraging entrepreneurship, assisting business stsrt-up rates, maintsining l improving business activity levels and encouraging community and small business interaction. During 2023, Brownlow Limited continued to invest in, and raise the specification, of our units. We have also continued to care for and maintsin, and upgrade as appropriate, the substantial assets - built and environmentsl - under our management. Taking account of the number and range of business units (wrth differing spectfications) and age of (the) units, under our management, Brownlow Limited's repairs, maintenance and reinstatement budget ha8 and will nece38arily increase. We have kept under review opportunities to explore and obtain grant support when possible and appropriate. We continue to 'professionalise' the supply of our services by raising standards to contribute to the efficiency and safety of our community 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 Amiagh Business Centre. Banbridge District Enterprises, Craigavon Industrial Development Organisation and Mayfair Business Centre) as well as Armagh City, Banbridge & Craigavon Borough Council officers regarding efforts to evolve a more vibrant local economy and making contributions to possible enterprise developments and programmes in the future. 11

Brownlow Limited Company Limited by Guarantee Trustses, Annual Report (Incorporating the Directorfs Report) (conllnued) Year ended 31 December 2023 Achievements and performance (contlnuedj Brownlow Limited'5 used capaaty to facilitate short term 5tudenVemployrnent work plaGements when appropriate. The DirectOrs￿rUstees, during 2023, engaged with professional legal experts. to continue to maintain the highest standards of govemance. receiving advice and further training for directors and staff as appropriate. Overview Brownlow Limited is a SUC￿$sful local communty and economic development company; which has been working over a considerable number of years to generate and Improve buslness actlvty levels In the Brownlow area of Craigavon. Brownlow Limited conb'nues to fulfil its key objectives Our work of supportlng the local development of an enterprise culture - via among other things Infonnation. advicélrnéntoring. signposting. nètworking. access to quality infrastructurn and credit (at no charye) the results of which can be seen wlthln our Business Parks demonstrates the potential and sUc￿S of local people taking an active role in the development of their local economy. Brownlow Llmlted conttnued to help establish new businesses and enhance the capablllty of exlstlng 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 to remain high principally through our efforts to encourage and facilitate business gro%￿h and expansion plans. The overall pattem, during 2023, remains one of low client tumover and the consolidation and continuing grovrth of the business operations of some of our clients. Some clients have grolvn substants'ally, following their initial establishment and development frorn within the Bluestone Business Parf(. Brownlow Limited's infrastructure and support services and facilities were of critical benefit to nurturing and encouraging the creation of significant employment and training opportuniti'es as well as wealth creation locally. Our work has had the beneficial impact of increasing employment and development opportunities in the Brownlow area. Brownlow Limited has, during 2023, helped local people l owner-managers achieve their commercial ambltlons and acted as a catalyst to trigger private Investment and encourage buslnesses to scale up their capabilities and aspirations. A survey was undertaken based on the previous twelve months (from Dec8mber 2023) tradlng period. which indicated tha( desplte the challenglng clrcumstance8. the combined financial turnover of all businesses In the Bluestone Buslness Parks was circa £19 million. This represents a very impresslve economic Indicator of the total value of goods and services generated and supplied, as well as wealth created, of the efforts and work of both all the cllents a8 well as Brownlow Limited in this part of the Borough. It is. therefore, appropriate to commend all our clients, for their contlnulng entrepreneurlal efforts as they manage their commerclal operations. 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 initiattves. resources and endeavours have supported local job creation, aC￿sS to 'fit for purpose, infrastructure and credit as well as community interaction and engagement. We continue to SU￿sSfUllY bring increased economic activity to an area historiGally acknowledged to 12

Brownlow Limited Company Limitsd by Guarantee Trustses, Annual Report (Incorporating the Directorfs Report) (contlnuedj Year ended 31 December 2023 Achi•v.ements and perforniance (contlnued) have signfficant relats've levels of deprivation and disadvantage. Although we are reVIe￿￿n9 2023, there is merit in recognising achievements and progress made as we produce this report in August 2024. We have continued on with a range of maintenance and property upgrades and plans, to improve the specification, type and number of our units and faalities. Arising from consultation work with architects (over an extended time period) and intemal consideration of a range of options and possibilities for further phases of development wthin the Bluestone Business Parks l & 2. it has been detemiined to progress plans for a Phase 4. comprised of specialist incubator units within Bluestone Business Park l. Brownlow Limited have, during 2023, as in previous years. had to undertake sympathetic business mentoring and support in order to maintain small businesses activity levels in the Brownlow area. BrO￿loW Limited employees have continued to liaise with our clients to assist them to identify, assess and benefit from a wide range of govemment support and assistance that may be appropriate for them to a¢￿SS. Brownlow Limited have also been working wth the Department for Communities - and endeavoured to work viith NIHE- to secure our long-tenn tsnure of tands at Bluestone 1, Legahory and Bluestone 2. Occupancy levels across all the existing property managed by Brownlow Limited remains high. despFte the very challenging economic conditions within which commercial entities are operating. We have encouraged a culture of entrepreneurship (providing local role models), increasing business start-ups, helping to improve small business activty levels and facilitating community and business interaction amongst and behveen a wide range of groupings living and working locally. We believe our work continues to offer incentives and provide opportunrties for people to start up and grow their businesses in Brownlow. We continue to be cautious and prudent going for¥vard 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., whilst also recognising there maybe opportunities to be exploited. The physical and aesthetic improvements 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 established in the Brownlow area but also provide the necessary infrastructure to support business 'start up, and growth in the medium and long term. The viability and sustainability of Brownlow Limited, as a communty and economic regeneration organisation, continues to be secured through the rental income re￿ived. Our social enterprise is self_supporting and requires no assistance from extemal bodies in respect of operating (including salary) costs. We continue to prudently plan for the medium and long tem sustainability of Brovrfnlow Limited, to deal with necessary expenditure, including ￿Instatement (of critical infrastructure) as appropriate. Community pride in the Brovmlow area as well as confidence in the future has and continues to be enhanced by all of the above. This serrfes to encourage investment and development in the business park and the Brownlow area. 13

Brownlow Limited Company Limitsd by Guarantee Trustses, Annual Report (Incorporating the Director's Report) (conUnu8d) Year ended 31 December 2023 Achievements and perfomiance (¢ontinu8dJ Community Llnkages We continue to build our relationship vAth local resident groups. who use our faciltties. Brownlow Limited have also continued to evolve and manage rts ongoing relationships with local educational establishments, NIHE, local enterprise agencies across the Borough, relevant Government Departments. the local Amagh City. Banbridge & Craigavon Borough Council and elected representatives across the complete political spectrum. Brownlow Limited'5 5ucce5s is, over the past 34 years, is in no small part due to the co-operation of, and partnerships with. statutory bodies, funding bodies, political representatives, the private sector and the Brownlow communty. Additionally. our position and success would not have been achieved without the dedication and hard work of the Board and staff. 14

Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {contlnu•d) Year ended 31 December 2023 Achlevements and perfomiance {contlnuedJ Summary In summary this report has detailed and explained the main activities undertaken by our charity to further its charttable purposes for the publFC benefft and the main achievements - and the resulting benefits - of the charity during the year. In particular.. Regeneratlon In the Brownlow area and Its environs We have acted as a local catalyst to facilitate and encourage, part￿ularlY in the land and property owned andlor managed by Brownlow Limited. increased public, community and private investmen( reduced the amount of dereliction and improved- the landscape by the provision of modem workspace, access to 'fit for purpose, small business infrastructure, access to (financial) credit to potential and existing entrepreneurs, local job Greation 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 Brovmlow area and its environs by Brownlow Limited's work of increasing the numbers of locally owned and operated businesses. Local peopEe l owner managers have been assisted to achieve their commercial ambitions. triggering private investment and encouraging them, as appropriate, to scale up their business capabilities. Further the encouragement of a culture of entrepreneurship (providing local role models), improwng small business activity levels as well as the creation of small business interaction andlor contact opportunities in the Brownlow area. There are also significant and obvious physical (aesthetic) improvements, brought about by the investment in the property owned I managed by Brownlow Limited. The investment in our business parks not only improves opportunities for new businesses to be established in the area but also provides the ne￿$sary infrastructure to support 'start up, and 'growth' stages in small business development over the long term. Investment and employment have been brought to an area, recognised to have significant relative levels of deprivation and disadvantage. Further there has been the encouragement and support of community linkages, interaction and engagement. Also improved contact I relationships be￿een local community representatives and local educational establishments, relevant Government Departments, local Councils, and elected representatives across the political spectrum. Owner manager and community pride in the Brownlow area, specifically in propety ownedland or managed by Brownlow Limited as well as confidence in the future, as evidenced by the occupation of units has been - and viill be - enhanced by our work Relief of Poverty 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 environs" we have encouraged wealth creation. generated 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 included the creation and increase of employment opportunities locally than otherwise would be the case. Benefits have also included the local facilty and provision 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'3 work through the benefit of in¢reaains the numbern 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. Benefts have also included the local provision of 'fit for purpose, workspa units to individuals at favourable rates and flexible arrangements, especially in the start-up phase, taking particular account of their circUmstan￿S and financial resources. Benefits have also included the discounting or relief of rentsl debt, relating to business accommodation in the Bluestone Business Park. Relief of unemployment Local potential and existing entrepreneurs. including the unemployed, have benefited from assistan to explore the self-employment option. Also, from the availabilty of initial and ongoing mentoring, 15

Brownlow Limited Company Limited by Guarantee Trustses. Annual Report (Incorporating the Directorfs Report) (¢ontlnu8dJ Year ended 31 December 2023 Achievements and perforniance (¢ontinuodJ signposting and support. helping to improve small business activity levels through assisting new business start-ups, business development and facilitating community and business interaction and contact opportunities amongst and between 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 operab'ng their own businesses. Our work has generated incentives and employment opportunities for people to start up, grow or operate their businesses in the Brownlow area and its environs. Also, from this there has been the additional benefit of the creation of further employment opportunities in these enterprises. The advancement of educatlon, trnlnlng or retrainlng We have assisted the development of individual capabilities, 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 officesllT Suite for local residents who wish to investigate, explore and pursue the self*mployment option. We have improved the local availabilty of research resources and facilities available to clientsltenants (and their employees) V¥ishing to undertake business and enterprise development research; There are improved employment prospects and opportunities for people (to avail of job vacancies) who have suc￿SsfUllY availed of mentoringldeveSopment delivered, in the IT Suiteloffices of Brownlow Limited; Employment opportunities have been C￿ated for people, who having SUC￿ssfUllY completed enterprise and entrepreneurial development and research, decide to pursue the selfomployment option: Work experien￿ pla￿ment opportunities for unemployed people have been created both directly by Brownlow Limited or facilitated by our clients The provi8lon of financlal asslstance, technical asslstance or business advlce or consultancy in order to provide training and employment opportunities for unemployed people In cases of financial or other charitabl8 n•ad through help: (i) in setting up thelr own buslness, or (li) to exlstlng buslnesses Brownlow Limited has worked to encourage and develop entrepreneurship by the provision of free advice, infomation and signposting to other SoUr￿S of help, empathetic (business) mentoring, guidance and support, as well as access to (financial) credit facilities through the infrastructure and business accommodation provided to potential and existing entrep￿neUr5 as they seek to establish, operate or develop their businesses locally. There has been the provision of a range of facilities and services, including IT. research and training resources, 'meeting' and interview rooms at no or subsidised cost. Entrep￿neUrS benefit from the financial assistance though the provision and access to 'crediV and discounting of premises, especially in the earty period to new andlor existing businesses in the Brownlow area as they seek to evolve their enterprises. Self- employment and employment and training opportunities are 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 establishmentslour dients utilising these facilities facilitstes the successful delivery of innovative businessltechnical training at no cost to (including the unemployed) participants. Through the provision of our resources and facilities, has offered (unemployed) participants, (of training programmes) the opportunty to leam practical and technical business skills, recognise entrepreneurial talent, increase the number of self-employment and employment opportunities. Also allowing participants, the n￿sSary Infrastructu￿ and resources to gain qualifications, receive Yuidali￿ awid suppvit froin iridu>tsy Iiienlo15 The creation of training and employment opportunities by tho provlslon of workspace, bulldlngs andlor land for use on favourable temis. Brownlow Limited's initiatives, resources and endeavours facilitste the development and access, by local people to ￿ for purpose, modem infrastructure in a community ovmed asset, specifically propety 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 enterprises. Brownlow Limited's work has facilitated the local provision of and 16

Brownlow Limited Company Limited by Guarantse Trustees, Annual Report (Incorporating the Directorfs Report) (condnuedj Year ended 31 December 2023 Achievements and perforniance (contlnued) access to 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. Brownlow Limited's work has facilitated aC￿sS to local 'fit for purpose, business premises especially in the stsrt up phase, taking account of individual circumstances and financial reSoUr￿s. The protection or conservation of the environment Brownlow Limited has promoted sustsinable means of achieving economic growth and regeneration by the development of infrastructure. in property ovmed and managed by Brownlow Limited, which will be available to new and small businesses operating in the Brownlow area and its environs in the short. medium and long terni. Also, the Brownlow area has benefited from the improvements and maintenance of local landscapes. p￿vIOuslY neglected and sp)iled by derelict housing and development. The long-tenn sustainabilty and viability of the Brovmlow Limited (project) has been secured by the rental income re￿iVed and careful management of its community owned and managed resources. Flnanclal revlew Flnanclal Perforniance The company made a surplus of £104,212 {2022 £97,770) before deduth'ng depreciation of £3,167 (2022 £3,231). The resulting retsined surplus for the year totalled £101,045 (2022 £94.539). The company had net assets of £4,425,030 (2022 £4.323.985) as st 31st December 2023. Property Management August 2024 (Actual) 3111212023 3111212022 Property Occupancy Levels" Bluestone Business Park l (Phase 1) 100% 1000 Bluestone Business Park 1 (Phase 2) 89% 89% 1000/0 Bluestone Busine&s Park 1 (Phase 3) 73% 100% 1000 Bluestone Business Park11 100% 1 OOQ/o 1000 Moyravety Centre Units 100% 1000/ 1000 Based on occupied square feet as a percentage of total available square feeL Does not include our facility at Legahory, which was fully occupied througnout the year. The directors are pleased to report that our property base has performed well over the last year. These figures and perfomiance a￿ the ￿sUIt of our endeavours to encourage sma51 business development locally. 17

Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnu Year ended 31 December 2023 Flnanclal revlow (condnued) Envlronment Brownlow Limited tskes serious ts responsibilities in relation to the environment. The directors in any future development of Bluestone Business Park will always be keen to review the possibility of incorporating Eco friendly initiatives. Human Resources Brownlow Limtted has put in pla￿, following a review. a comprehensive range of Company policies and prO￿dureS for all staff. We recognise that our employees are the company's major asset and encourage them as well as the Directors to invest time in availing of any relevant training or development opportunities appropriate to their positions. Risks Our perfomance is affected by general economic condttions and Govemment policies in relation to the funding of local economic programmes. Brownlow Limited and its Directors l Trustees a￿ sats"sfied that systems and procedures are in place to mitigate our exposure to the major risks to ensure the future sustainability of our company. Financlal Rlsk Management The company's operations expose it 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 perf0rnan￿ of the company by monitoring levels of debt finance and the related finance costs. The policies set by the board of directors are implemented by the cornpanls Chief Executive. Credlt Rlsk The company has FX)licies that ￿quire appropriate credit checks on potents'al clients befo￿ accounts are opened. The amount of exposure to the individual clients is regularly reviewed by the board. Llquldlty Rlsk The company continues to work towards ensuring that it has sufficient available funds for operation and to contribute to the exploration of possible extensions. Interest Rate Cash Flow Risk During 2023 the company did not acquire any long-term interest bearing liabilities. Brownlow Limited produces critical financial management reports. which highlight the key areas that need to be monitored to minimise risk. These reports are presented at the board meeb"ngs. The company has assessed the major risks to which the charty 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. 18

Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) (conUnu8d) Year ended 31 December 2023 Flnanclal revlew (¢ondnuod) Reserves Pollcy Brownlow Limited's policy is to create and retain dedicated reserves in keeping wtth prudent 'best practice, planning. This is and will need to be of sufficient size to meet the running costs for an agreed period and facilitating m•dium and long-t•mi planning including provision for roin$tat•mont and the company's responsibilities. Plans for future periods The Trustees remaln committed to driving the Company foThvard. We will continue work to maintain our relationships wth educational estsblishments, government departments, Amiagh City. Banbridge & Craigavon Borough Council, political representstives 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 work V￿th the Council and the other four enterprises agencies in the Borough. to contribute to the delivery of a enterprise support initiatives as appropriate. We will also be taking forward our plans to improve our long-temi tenure of parcels of land upon which Workspa￿ and facAlities have been developed by Brownlow Limited. We will continue with internal discussions and detailed considerations and intend to explore andlor carry foDNard the possibilits.es for further phases of development within the Bluestone Business Parks I Ongoing reinvestment will continue to be required. to maintain the condition of the enterprise units and update their specification. to cater for the requirements of potential (current and future) entrepreneurs. In particular Brownlow Limited ￿111 be exploring possible opportunities to invest in and update the specification of our business units within Bluestone Business Park l and 11. Updating andl improving the facilities in our Business Park's is n￿ssary to ensure high levels of demand and occupancy are maintsined. and that quality Workspa￿ 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 will continue to be a local basis for additional investment by businesses and employment and training OPF)Ortunities More generally we will ￿ working to maintain the utilisation and occupancy levels of our high44uality rrt for purpose workspace - from where people - from all backgrounds regardless of age, gender, race or polltleal oplnion ean establish. op•rnte from and develop commorclal enterprises whlch will generate important local wealth for the Brownlow communlty. We wlll continue to offer opportunities. business Snforniatlon, signposting, mentoring and support for potential and existing owner managers and businesses to avail of quality workspace and infrastructure in the Brownlow area of Craigavon; providing 5mportant benefits to the buslness communlty In the Short, medlum and long temi. Wo remaln ambltlous for the future and regard our current position as (still) a %York in progress.. 19

Brownlow Limited Company Limited by Guarantee Trustse8' Annual Report (Incorporating the Directorfs Report) (conunued) Year ended 31 December 2023 Trustees, responsibillties statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial staternents in accordance with applicable law and United Kingdom Accounting Standards (United lfjngdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepa￿ financial statements for each year which give true and fair view of the state of affairs of the charitable company and the incoming resources and application of reSoUr￿s, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Chartties SORP. make judgments and accounting estimates that are reasonable and prudenL' state whether applicable UK Accountr'ng Stsndards 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 wll continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial sLtsments comply with the Companies Act 2006. They a￿ also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detectton of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confinns that: so far as they are aware, there is no relevant audit inft)miation 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 or any relevant audrt inforniation and to establish that the chaiitys auditor is aware of that information. The auditor is deemed to have been reappointed in accordance with section 487 of the Companies Act 2006. This 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 stratsgic report were approved on 26 September 2024 and signed on behalf of the board of trustees by: Ms Dian Heaney Trustee Mr Peter Kiely Charity Secretary 20

Brownlow Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Brownlow Limited Year ended 31 December 2023 Oplnion We have audited the financial statements of Brownlow Limited (the 'charity') for the year ended 31 December2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial posits'on, ststement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, 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 finanGial statements: gNe a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of reSoUr￿s. including its income and expenditure, ft)r the year then ended; have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Practice; have been prepare(l in accordance wtth the requirements of the Companie5 Act 2006 and the Charities Act (Northern Ireland) 2008. Basls for oplnlon We conducted our audit in accordance wth Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards a￿ further described in the auditols responsibilities for the audit of the financial statements secb.on of our report. We are independent of the charity in accordance wtth the ethical requirements that are relevant to our audit of the financial stateinents in Ihe UK, including Ihe FRC's Elhicdl Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going conc•rn In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work y￿ have perfonned. we have not Kjentified any material uncertainties relating to events or conditions that, individually or collectively, may cast signtficant doubt on the charity's ability to continue as a going Con￿rn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 21

Brownlow Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Brownlow Limited fcontlnued) Year ended 31 December 2023 Other Infomiatlon The other infomiation comprises the infomiation included in the annual report. 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, except to the extent otherwise explicitly stated in our report we do not express any fomi of assuran￿ conclusion 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 infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwtse appears to be materially mlsstated. If we Identlfy such material inconsistencies or apparent material rnisstatements, we are reqUI￿d to detennine whether there is a material misstatement in the financial ststements or material misstatement of the other infomiab'on. If. based on the work we have performed, we conclude that there is a material misstatement of this other infonnats"on, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audiL the infonnation given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knovledge and understanding of the charity and its environment obtsined in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relats'on 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 not been kept. or returns adequate for our audit have not been re￿iVed from branches not visited by us. or the financial 3tatements are not in agreement with the accounting records and retums", or certain disclosures of trustees, remuneration specified by law are not made., or we have not re￿iVed all the information and explanations we require for our audit. 22-

Brownlow Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Brownlow Limited (contlnu•d) Year ended 31 December 2023 Responsibilitles of trustees As explained more fully in the trustees, responsibilities 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 give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatemen( whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abilty to continue as a going concern, disclosing. as applicable, matters related to going COn￿M and using the going con￿rn basis of accounts'ng unless the trustees either intend to liquidate the charty or to cease operations, or have no realistic altemative but to do so. Auditorfs responslbllltles for the audft of the financlal statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will a￿yS detect a material misstatement when it exists. Misstatements can arise from fraud or e￿or and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We idents.fied areas of laws and regulations that could reasonably be expecte(I to have a material effect on the financial ststernents and discussed the policies and procedures regarding compliance. Specific areas considered were as follows: Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or eThor. Evaluating and understanding the internal control system. Perfomiing analytical procedures as expected or unexpected variances in account balan￿S or classes of transactions appear. Testing documentation supporting account balances or dasses of transactions. Owing to the inherent limitats'ons 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 standards. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we wil be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities oCcu￿1ng due to fraud rather than error, as fraud invotves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our audttorfs report. 23

Brownlow Limited Company Limited by Guarantse Independent Auditorfs Report to the Members of Brownlow Limited (condnu Year ended 31 December 2023 As part of an audit in accordance ¥wth ISAS {UK), we exercise professÉonal judgment and maintain professional scepticism throughout the audrt. We also: Identtfy and assess the risks of material misstatement of the financial ststements, whether due to fraud or error, design and perfom audtt 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 misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions, misrepresentations, or the override of intemal control. Obtain an understsnding of intemal control ￿￿vant to the audit in order to design audit procedures that are appropriate in the circumstsnces, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the approprFateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and. based on the audit evidence obtsined. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material uncertainty exists, y￿ are required to draw attention in our auditof s report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modtfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audlto¢s reporL However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements. induding the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Brownlow Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Brownlow Limited fconunued) Year ended 31 December 2023 We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and signfficant audrt findings, including any significant deficiencies in internal control that we identify during our audiL Use of our report This report is made solely to the charitys members, as a body, in accordance with 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 state to them in an auditorfs report and for no other purpose. To the fullest extent permttted by law, we do not ac￿pt or assume responsibility to anyone other than the charity and the charty's members as a body, for our audit work, for this report. or for the opinions we have fO￿￿ed. James Casey {Senior Ststutory Auditor) For and on behalf of Henry Murray & Cornpany Ltd. Chartered Accountants & Statutory Auditor 23 Church Place, Lurgan. Co. Amagh. N. Ireland BT66 6EY 26 September 2024

Brownlow Limited Company Limited by Guarantse Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Restricted funds Total funds Totsl fvnds 2022 Unrestricted fvnds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 1,948 330,025 157 2.779 369.267 4.961 572 369,267 4,961 572 Total income 374,800 374,800 334,909 Expenditure Expenditure on charitable activities 9.10 273.755 273.755 240.370 Total expenditure 273,755 273,755 240,370 Net Incom• 101.045 101,045 94.539 Transfers between funds 43,001 (43,001) Net movement in funds 144,046 (43.001) 101,045 94.539 Reconclliatlon of funds Total funds brought forward Total funds carrled forward 2,770,942 2,914,988 1,553,043 1,510,042 4,323,985 4,425.030 4,229,446 4,323,985 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 29 to 37 forni part of these financlal statements. 26

Brownlow Limited Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Fixed assets Tangible fixed assets 17 3,512,086 3.514.904 Current assets Debtors Cash at bank and in hand 18 62.728 913,455 976.183 44,495 836.645 881.140 Creditors: amounts falllng due wlthln one year Net current assets 19 53,180 62,440 818,700 4,333,604 923,003 4,435,089 Total assets less current liabillties Credltors: amounts falllng due after more than one year 20 10,059 4,425,030 9.619 Net assets 4,323,985 Funds of the charfty Restricted funds Unrestricted funds 1,510,042 2.914.988 1.553,043 2,770,942 Total charity funds 21 4,425,030 4.323,985 These financial statements were approved by the board of trustees and authorised for issue on 26 September 2024, and are signed on behalf of the board by: Ms Dian Heaney Trustee The notss on pages 29 to 37 fom part of these financial statemènts. 27

Brownlow Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows from operating actlvllles Net incorne 101,045 94,539 Adjustments for Depreciation of tsngible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued (income)lexpenses 3,168 (4,961 89 (13,162) 3,230 (157) 139 13,568 Changes in.. Trade and other debtors Trade and other creditors 120,181) 6,290 72,288 28,068 1,226 140,613 Cash generated from operations Interest paid Interest received 189) 4,961 77,160 (139) 157 Net cash from operating activrties 140,631 Cash flows from 5nvestlng acllvltles Purchase of tangible assets Net cash used in investing activiknes (350) 12.750) (350) (2.750) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equlval•nts at end of year 76,810 836,645 913,455 137,881 698,764 836,645 The notss on pages 29 to 37 forni part of these financial ststements. 28

Brownlow Limited Company Limited by Guarantee Notes to the Financial Statsments Year ended 31 December 2023 General Infomiatlon The charity is a private company limited by guarantee, registered in Northem Ireland and a registered charty in Northem Ireland. The address of the registered office is 1 81uestone Business Park, Moyraverty West Road. Crdigavon. BT65 SHU. Statement of compliance These financial ststements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to chariknes preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basls of preparatlon The financial statements have been prepared in accordance wtth the accounting policies set out in notes to the accounts and comply with the chartvs goveming document. The Charities Act (Northem Ireland) 2008 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities p￿partn9 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019 and the Companies Act 2006. Going concern Given the strong liquidity posrtion of the charity, the directors are satisfied that there are no material uncertainties about the charity's ability to a)ntinue as a going concern for the foreseeable future. Judgements and key sources of estimation uncertainty The p￿paratIOn of the financial ststements requires management to make judgements, estimates and assumpkn'ons that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounling The company has various funds for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows: Unrestricted funds are available for use at the discretion of the trustees to further any of the charitys purposes. In addition to expenditure on projects and other activities, such funds may be held in order to finance caprtal investrnent and working capital. Restricted funds are subjected to restrictsons on their expenditure declared by the donor or through the te￿5 of an appeal, and fall into one of two sub<lasses: restricted income funds or endowment funds. 29

Brownlow Limited Company Limited by Guarantee Notes to the Financial Statements (¢Qndnu￿j Year ended 31 December 2023 Accountlng policies (condnu Incoming resources All income is induded in the statement of financial activtties when entitlement has passed to the charity. it is probable that th@ @conomic bÈn@fits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gitt receipt is probable and its amount can be measured reliably. income from contracts for the supply of servI￿S is recognised wrth the delivery of the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resourc•s 0x￿nded Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on charitable activities includes all costs incurred by a charity in undertaking acttvities that fvrther its charitsble aims for the benefit of tts beneficiaries, including those support costs and costs relating to the governan￿ of the charity apportioned to charitable activities. other expenditure includes all expenditu￿ that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. Investment property Investment properties are measured at fair value at each reporting date wtth changes in fair value recognised in 'net gainsl{losses) on investrnents. in the SOFA. Tangible assets Tangible fixed assets a￿ stated at cost or valuation less accurnulated depreciation. The cost of tangible fixed assets is their purchase costs. together with any incidental costs of acquisition. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asse( less ts residual value, over the useful ewnomiG life of that a55et a5 follows: Fixtures and Fittings offi￿ Equipment 20% reducing balance 200A reducing balan Impalrnient of fixed assets A review for indicators of impaimient is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist whe￿ the carying value eX￿edS the recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal at each reporb'ng date. 30

Brownlow Limited Company Limited by Guarantee Notes to the Flnancial Statements (contlnued) Year ended 31 December 2023 Accountlng pollcles {¢ontinuod) Impalrnient of fixed assets (conllnued) For the purposes of impai￿ent testing, when it is not possible to estimate the recoverable amount of an individual asset. an Èstimate i.g madp of thÈ rÈcov@r2bl@ amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For Impalrment testlng of goodwlll. the goodwlll acquired in a buslness comblnatlon 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 liabiltties of the charity are assigned to those units. Flnanclal Instruments A financial asset or a financial Siabilty is recognised only when the entty becomes a party to the contractual provisions of the instrument 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 instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or receNed and not discounted. Penslon costs The company operates a defined contribution pension scheme for the benefit of its pemanent staff. The assets of the scheme are administered by an insurance company in personal pension plans and are held independently from those of the company. The cost of funding the defined contribution scheme is charged to the Statement of Financial Activities. Llmited by guarantee Brownlow Limited is a company limited by guarantee. The liability of its members is limited to an amount not exceeding £1. Donations and legacles Restricted Total Funds Funds 2023 Restricted Total Funds Funds 2022 Grants Grants Received 1,948 1.948 31

Brownlow Limited Company Limitsd by Guarantee Notes to the Financial Statements {conrfnued) Year ended 31 December 2023 Charitable activities Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Rental Income 369.267 369,267 330,025 330,025 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 4,961 4,961 157 157 other income Unrestricted Total Funds un￿StriCted Total Funds Funds 2023 Funds 2022 Sundry Income 572 572 2.779 2,779 Expendlture on charltable actlvtt1￿ by fund typ• Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Rentsl Income Support costs 203.439 70.316 203,439 70,316 273,755 203,250 37,120 203,250 37,120 273.755 240,370 240,370 10. Expendituro on charitable activities by actlvty type Activities undertaken directly Support Totsl funds costs 2023 Total fund 2022 Rental Income Governan￿ costs 203,439 203,439 70,316 203.250 37,120 240,370 70,316 203,439 70.316 273.755 32

Brownlow Limited Company Limited by Guarantee Notes to the Financial Statements (conffnu Year ended 31 December 2023 11. Analysls of support ¢￿ts Analysis of support costs Total 2023 Totsl 2022 Staff costs General office Governance costs 58,909 481 10.925 58.909 481 10,925 70.315 24,113 3,360 9,647 37,120 70,315 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 furtheran￿ of the charity's primary objectrves, rf these proffts 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 stalus a deferred tax liabilty has not been recognised in respect of revaluation gains on investment properties. 13. Net Income Net income is stated after chargingl(crediting): 2023 2022 Depreciation of tangible fixed assets 3.168 3,230 14. Auditors remuneratlon 2023 2022 Fees payable for the audit of the financial ststements 4,500 4,500 15. Staff costs The totsl staff costs and employee beneffts for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans 145,113 17,254 32,012 121,191 14,916 30,290 194,379 166,397 33

Brownlow Limited Company Limitsd by Guarantse Notes to the Flnancial Statements (conunued) Year ended 31 December 2023 15. Staff costs (conllnuedj The average head count of employees during the year was 2 (2022: 2). The average number of full-time equivalent employees during the year is anaEysed as follows: 2023 No. 2022 No. Number of stsff - Administration The number of employees whose remuneration for the year fell within the following bands, were: 2023 2022 No. No. £80,000 to £89,999 £100,000 to £109,999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total cost of compensation paid for key management personnel for services provided to the charity was £111,154 {2022'. £96,673) 16. Trustee remuneration and expenses No remuneration or other beneffts from employment with the charity or a related entity were received by the trustees. One or more trustees have claimed expenses or had their expenses met by the charity. The total amount of expenses claimed by the trustees was £653 (2022 £1,397) in respect of travel costs. 17. Tanglble fix￿ assets Investment Fixtures and Pro￿rtIeS ffttings Equipment Total Cost At 1 January 2023 Addttions 3.500,000 155,793 350 17,037 3.672.830 350 At 31 December 2023 3,500.000 156.143 17.037 3,673,180 Depreclatlon At 1 January 2023 Charge for the year At 31 December 2023 142,729 2.683 15,197 485 157,926 3,168 145.412 15,682 161,094 Carrying amount At 31 December 2023 3,500.000 10,731 13,064 1,355 3,512,086 3,514,904 At 31 December 2022 3.500.000 1,840

Brownlow Limited Company Limitsd by Guarantse Notes to the Financlal Statements (conttnuodj Year ended 31 December 2023 17. Tanglble fixed assets (contlnued) Tangible fixed assets held at valuation (a) Investment Property was revalued in September 2021 at £3.5 million., (b) An Independent Valuer, Holmes and Doran Chartered Surveyors, carried out the valuation (c) The basis of the valuation is "Current Market Value for Existing Use" (d) It is the trustees opinion that the valuations carried represent fair value. 18. Debtor5 2023 2022 Trade debtors Prepayments and accrued income 62,728 42,547 1,948 62,728 44,495 19. Creditors: amounts falllng due within one year 2023 2022 Trade credttors Accruals and deferred income Social security and other taxes 6,029 16,994 30,157 53,180 1,520 32,104 28,816 62,440 20. Creditors: amounts falllng due after more than one year 2023 2022 Other creditors 10,059 9,619

Brownlow Limited Company Limited by Guarantse Not88 to the Financial Ststsments Iconrfnuedj Year ended 31 December 2023 21. Analysis of charitable funds Unrestricted funds At 1 January 20 23 At 31 Decembe r 2023 Income Expenditure Transfers Profit and Loss Account Membership Subscriptions 2,770.553 374.800 (273,755) 43,001 2,914,599 389 389 2,770.942 374.800 (273,755) 43,001 2,914,988 At 1 January 20 At 31 December 2022 Income Expenditure 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 Restricted funds At 1 January 20 23 At 31 Decembe r 2023 Income Expenditure Transfers Capital Funds 1,553,043 {43,001} 1,510,042 At 1 January 20 At 31 December 2022 Income Expenditure Transfers Capital Funds 1,594,151 1,948 (43,056) 1,553,043 36

Brownlow Limited Company Limited by Guarantee Notss to the Financial Ststsments (contlnuedj Year ended 31 December 2023 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Not aGsots 2,002,044 976,183 {53,180) (10,059) 2.914,988 1,510,042 3,512,086 976,183 (53.180) (10,059 4,425,030 1,610.042 Unrestiicted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,961,861 881,140 (62,440) (9.619) 2,770,942 1,553,043 3.514,904 881,140 (62,440) (9,619) 4,323,985 1,553,043 23. Analysis of changes In net debt At At 1 Jan 2023 Cash flows 31 Dec 2023 Cash at bank and in hand 836,645 76,810 913,455 24. Contlngencl85 A contingent liability exists to repay grants received should certain conditions not be fulfilled by the charitable company. In the opinion of the trustees the tems of the letters of offer have been, or will be complied with and no liability is expected to arise. 37

Brownlow Limited Company Limited by Guarantee Management Infomiation Year ended 31 December 2023 The following pages do not fomi part of the financial statements.

Brownlow Limited Company Limited by Guarantee Detailed Ststement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowments Donation8 and legacies Grants Received 1,948 Charitable activities Rental Income 369,267 330,025 Investment Income Bank interest receivable 4,961 157 Other income Sundry Income 572 2,779 Totsl Income 374,800 334.909 Expendlture Expenditure on charltable activltles Wages and salaries Employerfs NIC Pension costs Rates and water Light and heat Repairs and maintenan Insurance Other establishment Other motorltravel costs Legal and professional fees Telephone Other office costs Depreciation Other interest payable and similar charges Membership and Subscriptions Bad Debts Computer Maintenance 145,113 17,254 31,922 833 6,425 29.441 15,665 634 2.334 10,246 2.056 3.324 3.167 89 226 2,947 2,079 273,755 121,191 14,916 30,290 689 7,722 26,165 13,074 1,076 3,024 10.460 2,512 3.119 3,231 139 298 2,464 240.370 Total expenditure 273,755 240,370 Net Income 101,045 94.539 39

Brownlow Limited Company Limited by Guarantee Notes to the Detsiled Ststement of Financial Activities Year ended 31 December 2023 2023 2022 Expenditure on charitable athttles Rental Income Activftles undertaken dlrectly Wages and Salartes Employerfs NIC Employee Pensions Rates & Water Light & heat Repairs & Maintenance Insurance Cleaning Travel Costs Legal and Profe&sional Fees Telephone Other Office Costs Depreciation Bank Fees and Interest Payable Membership and Subscriptions Bad Debts Computer Maintenance 101,047 12,064 22,270 833 6,425 29,441 14,989 634 1,681 650 1,850 3,047 3.167 89 226 2,947 2,079 203,439 103,595 12,693 25,995 689 7,722 26,165 12,445 1,076 1,627 2,261 2,850 3,231 139 298 2,464 203,250 Governance costs Employee Salaries Employerfs NIC Employees Pensions Insurance Travel Costs Accountancy Support Fees Audit Fees Legal and Professional fees Costs of trustees, meetings Telephone Other offi￿ Costs 44,066 5,190 9,652 676 653 3,500 4.500 731 865 206 277 17,596 2,223 4,295 629 1.397 3,500 4,500 1,647 813 251 269 70,316 37,120 Expendlture on charltable actlvttles 273.755 240,370