Brownlow Llmited Company Llmlted by Guarantse Trustses. Annual Report (Incorporatlng the Dlrnctorfs Report) (conLlnu•dJ Year endod 31 December 2023 R•fornnce and admlnl•trallv• dotalls Rogl•tsred charlty nam• BrownlDW Umlted Charlty rogl•trntlon numb•r XR38654 Company rngl•tr•tlon numb•r N123271 Prlnclpal offlc• and rn918t•r•d 1 Bluestone Buslness Park offlco Moyraverty West Road Cralgavon BT85 SHU The tru•t•o• Ms Dlan Heaney Mr Franc1$ O'Nelll Mr Peter Klely Mr Brondan Curran Mr Denls Loney M8 Mary Andrena Colho Mrn Cecllla Lee Mr Lou18 Sayern (Dled 12 March 2024) Company ••crot•ry Mr Peter Klety Audltor Henry Muffay & Company Ltd. Chartered Accountants & Statutory Audltor 23 Church Place, Lurgan, Co. Amiagh. N. Ireland BTe8 6EY B•nk•rn SantarKJer Bootle Uve L30 4GB Sollcltor• JPH Law Montrose House, 17119 Church Stree( Portadown. Co. ATmagh. Edwards and c¢panY 28 Hlll street Belfast BT12LA
Brownlow Limitsd Company Llmited by Guarantfre Tru8tse8' Annual Report (Incorporating tho Directof8 Report) (¢ondnu•dJ Year ended 31 December 2023 The trustees, vtho are also the dlrectors for the purposes of company law, present thelr report and the financial statements of the charity for the year endad 31 Dmber 2023. Introductory ¢ommont by th• ChalTprnon Brownlow Llmited's most recent completed financial year, 2023, has been another very challenging, but hopefully produ¢tlve year for our clients as they have Gontinued to thvo and evolve tholr commercial projects. There are, of course the ever present general economlc uncetsintses and day to day headaches associated with our dienfs efforts to grow their businesses. These uncertaSnties and challenges, in turn, impact on Brownlow Lmnited's efforts as a tsjing soclal entsrprise. Followlng a perkxl whlch has Seen the highest infiation rates in many years; there have been interest rate cuts, whlch have eased pressures on businesses {and households) after a year of elevated business loan and borrowlng l overdraft costs. Our clients stll face an uncertain (business) envlronment. Being informed, and staying proactive wlll stlll be Important to navlgatlng potentlal challenges and expk)iting opportunitles for development and growth. 8rownknY Llmited remains an Impthtsnt supporter and encourager of our clienfs commercial efforts as well a8 an 'anchorf organisation committed to the improvement of tha Brownlow area and ha8 conlnued to invest and ast in the conllnulng regeneration of the Brownlow pna. As prevlously pOrted, 8rownlow Llmlted were delighted to record an Important developrnent, regardlng our successful efforts to improve and secure the long-terni tenure of lands, on which it has developed Its workspace. In particular following an extenslve perbd of rkIng with the Department for Communltles to secure ownershlp of the lands, known as 'Bluestone 2,, under the Communty Asset Transfer (CAT) Programme. As of August 2023, all legalths relaiing to the transfer of the 'Bluestone 2, Slte, were completed. CAT Is an Execut6ve policy developed, to provide a framework to facllttate community ¢)wnership of public sector assets. Brownlow Limited have been leaslng and using this land since 1991 to create economlc opportunty in the Brownlow area, via the development of the Bluestone Buslness Park 2. th th8 end of another lease yriod approaching, Brownlow Umited ask tha Department to consKler whether the srta c¢)ukl be transferred to us under the CAT InEdattve. Brovmlow Llmtted has a 8trong track record of promoting arKI assistEng local entrepreneurs through its Bluestone Business Park faclllts'8s and local actives. Thls CAT offers Brownlow Llmlted opportunlties to build on that 8ucce&s. It is appropriate that any review of the work of Brrywnknw Limited shoukl include conslderafjon of the potential, and the luther alue adding, work (of Brownlow Llmitsd)., namely encouraglng and bullding new buslne&8es, (with) increasing private sector investrnenL financial m0ver, jobs, tralning and future development opportunrties in the local econLxny. On behalf of the Board and all members of Brownlow Limited, we would agaln express our gratitude to the fornier Mlnlster, Deirdre Hargey, MLA ar the Departrnent for Communrties for their supporL encouragement and recognlilon, of our contlnulng endeavours to improve the economic and communty well belng of the Brownlow area, through the gift of the {freehokl) transfer of thls parcel of land, upon which Bluestone 2 has been developed and the acknowK8dgement that Brownlow Limited's work yields large economic benefits for both the local and wlder economy.
Brownlow Llmlted Company Limltsd by Guarantee Tru3tees' Annual Report {Incorporatlng the Dlrectorf8 Report) (condnu6d) Year ended 31 December 2023 Brownlow Llmlted has through Its efforts to 'build buslnesses, and economlc actJvlty In the Brownlow area, nurtured, encouraged and grovm many dlverse cllentele and commerclal projects, across all buslness sectors; demonstrating the tremondous value for money and finandal dlvldend to the wlder k)cal economy, that both has and wlll be generated from Brownlow Llmlted's ccntlnulng cooperatlon with the Dopartment for Communltles. On behalf ol the local area, we old, agaln, thank the Department for Its 'can do, athtude and vision. Brownlow Limlted also has an excellent and proven trad( record of working su¢Gessfully with the Department for CommunEties (and Its predecessors, both the Department for Soclal Development and the Department for the Environment) and Brownlow Limited remain commthd to work the Department In the future. A sustslnable and growlng Brownlow Limited Is congruent wlth the overarchSng alms and objectives of the Department for Communltles. We look fopuard to further fruitful collaboration Sn the future. There remalns a contlnulng need for, and as well as value to, cur provlslon of buslness support and mentorfng strategEes. l am pleased to report that, the current occupancy, across all our properties remains excellent and In hlgh demand; whlch conflrms both quallty and attractlveness of our facllltles arKI buslness locatic)n. We remaln committed to fulfilllng Brovmlow Llmlted's core objectives and to Improvlng conditions and opportunltles for the benefit cf the Inhabltants of tho Brownlow area of Cralgavon and Its envlr¢)ns. We also remaln committed to rnalntainlng the highest standards of 'governance' In relatlon to our Pjoclal enterprlse. Wlth thls In mlnd we continued to avail of opportunltles ftjr further speclallst guldance for the Directorsrrru8tses and staff durlng 2023. l am very pleased to report that, as I wrlte thls, In August 2024, the current 0UpanCy, across all our properties remalns excellent and in very hlgh demand. The detail of the ft)Ilowing report wlll provlde infomafjon of the ongclng Job creation perfomiance figures achleved by the commerclal projects operatlng from propety and business units owned or managed by Brownlow Llmited whlch endorses the vision and aspiraOn8 of all the stakeholders who have glven support and encouragement to us throughout the 34 plu8 years since our creation. Working through our staff, we seek to ensure that our workspace remalns attractlve more affordable with flexible arrangements and discountlng, especlally in the early crltical stages when entrepreneurs require support end asslstance; as well as potentlal access to extended perfods ol ¢redlt durfng challenglng trading periods, In order to encourage thelr efforts In settlng up and building busSne&8es. The SME'S operatlng and dev8loplng from our unlts are Important flnanclal contrlbutors to both the BrowTrlow and Council areas as well as supplylng the basis for the creatlon of crucial training and employment opportunlties as well as (commercial) wealth. It needs to be recognl8ed that Brownlow Limlted's infrastructure contrlbutes a critical piece in the Jigsaw of the health and econornlc wellbeing of the Brownlow area of Cralg8von. Equally Important Is the ongotng sympathetlc mentorfng and hard work by Brownlow Llmlted's staff who work to SUPF)Ort and encourage the promoters of new buslness projects and asslstlng with their hopes and buslness plans for the future, Brownlow Llmtted remain committed to promong (local) entrepreneurs. We 111 also conllnue to argue that a thrlvlng dynamic economy can contrlbute positively to asslst In addresslng our socletal challenges and difficulties. Further, we will continue to make the case that creattve entrepreneurial Indlvlduals and groups wlll, wlth the rlght support, work to explore opportunltles.
Brownlow Limitsd Company Llmltod by Guarantse Tru8ts98' Annual Report (Incorporating the DIrecto8 Report) {eonOnu•d) Yoar onded 31 December 2023 Brownlow Limited recognises that entrepreneurshlp and risk run hand In hand. To achleve our core alms, Brownlow Limlted believe that support for encouraging entr8preneurs and risk Investment must continue. Calculated risk taking maybe appropriate in particular circumstsncos. Contlnuing support strategles, such as th08e employed by Brownlow Limited. remain imperative. The nurturing of vibrant. entrepreneurlal cornmunlty is a key aspeat of our local economio COmtIven*S as well as being central to our cO)rte ethos and mission. It is great Sadness and regret that I would report that our 8St8emed frlend, colleague and fellow Dlrector, Mr Francis (Francie) O'Nelll passad away in March 2024. At the time of his death, Francie was Vice Chairperson. Both Brownlow Llmited and I, personally, wlll miss hlm terrlbly for hls support and critical commenL Francie was a long-8tsndlng Director and Trustee of Brownbw Limited as well an Important member of a small team, who supplied expertise, 8UPPOrt and commitment throughout his time Imth Brownlow Limited. I, as Chalrperson, fellow Direths arKI staff are very grateful for the contTibutlon he made to Brownlow Llmtted and the wlder Brownlow communlty. In doslng, I would, on bthalf of Brownlow Limited. congratulate the entrepreneurs, operating from our workspace, and wish them well on their cornmerdal endeavours and plans for the future. l thank our members for thelr contrlbutfjon In making our work possible. I would also take this opportunty to personally thank our stsff for all thelr hard work, professionalism. dedication, and the support they have given me and the Board of Directors. l Gonllnue to value their fiexibllty and commltment to the Brownlow Llmlted FJe¢l As Chairperson I would also Ilke to thank all board members for their support and encouragement over the East year. In summary we believe our work continues to offer and provide incenlives and opportunities for people to start up and grow their buslnesses locally. l am sure that I speak on beha of all the Board members when I say we ar8 pleased and proud of our collectlve achlevements and our contlnulng progress despite the many challenges.
Brownlow Llmlted Company Llmlted by Guarantee Trustses. Annual Report (Incorporallng the Dlrectorfs Report) (¢onthiu Year ended 31 DeGember 2023 Structurni govomanc• and management Gov•mlng Do¢um•nt The cornpany is Ilmlted by guarantee and govemed by Its Trust Deed and Memorandum and Articles of Associatlon. It 53 recognised as a charity by HM Revenue & Customs and the Charity Commisslon for Northem Ireland. Appolntm•nt of Dlroctorn As set out In the Artlcles of Assoaati¢x the number of dlrectors shall not exceed 8. A retiring dSrector shall be elSglble for reappolntrnent Up t¢ three ol the elected member8 retsre *1 year. wlth those longest serving first All members are circulated, prior to the AGM, Informkng them of vacancies and the responslbllib85 of a member and inviting them to make nomlnations on the appropriate fomi. The dlrectors operaled under the thalmianshlp of Ms D Heaney MBE durlng 2023. Inductlon and Tralnlng of Dlreclov• Al dlrectors both new and exlstlng we encouraged to undergo tralnlry and keep under revlew opportunities for further trainlng arKI development every year. All new dlrectors receive an Induction Pack. Further guldance, regardlrvJ govemance, as approprlate, was received from Edwards & Co. Solicitors durlng 2023. Organl8atlon The board contlnued to malntain contact regulaty and mee( during 2023, coverlng the operations of the company and matters of rpOrate strategy. The company pursuant to the corporate strategy reiVeS reports on current operations at each board meeting. Mr A Ballentlne, appolnted Chief Executlve by the dlrectors rnanages the day to day operations of the charEty. The directors maintain regular contact wth the Chlef EXeCuve (both fornialty and infomially) between Board meetings. An AGM, took place durfng May 2023. ObJoctlve8 Brown1 Limited is dedicated to the malntenance and Improvement of the economlc, physical and social conditsons in Brownlow as well committed to encouraging and assisting buslne&8 enterprise, thereby increasing economlc actsvity, for the benefit of the Inhabltants of the Brownk)w area of Cralgavon and Its environs.
Brownlow Limited Company Limlted by Guarantse Trustses, Annual Report (Incorporating the Directo*8 Report) (¢ondnu•d) Year endod 31 Decembor 2023 ObJoctlv•8 (eontlnu•d) Our Purpose8 & Publlc Bonofft Statement and Actlvltlo8 The purpose Is stated under clause 3 of the Memorandum of Assoclatlon of Brownlow Limited. The objects of the Company shall be the promotbn for the publlc benefft Df urban and rural regoneratk)n In the Brownlow area and ts envlrons, belng an area of social and economlc deprfvatlon, by all or any of the followlng means: l. the rellef of poverty In such ways as may be thought fit,, ii. the rellaf of unemployment in such ways as may be thought fi( including assistance to find omployment., 111. the advancement of educatlon, tralnlng or retrainlng, partlcularly among unemployed people, and provldlng unemployed people with work experience; Iv. tho provision of finandal asslstance, technlcal assistance or buslness advlce or consultancy In order to provide training and employment opportunltles for unemployed people in cases of flnanclal or other charitable need through help: (a) In settlng up thelr own buslness, or (b) to existing buslnesses; th6 creatlon of tralnlng and amployment opportunitles by the provision of workspace, bulldlngs andlor land for use on favourable terms; vl. the protsction or conservation of the environment. The benefits that flow from the first part of the purposes of Brownlow LlmEted Include promotlng economlc regeneratlon and comrnunlty development in the Brownlow area and Its envlron8 by contribuljng to physical, soclal and economic improvements. The benefits identlFled for purpose {1) include work being Carried on In the defined area of benefit to combat I reduce economic and social deprlvatSon with a view to Improving the conditions of the Brownlow area and its environs for Its Snhabltants. The benefits identffied for purpose (11) include the encouragement of a cuKure of entrepreneurshlp In the Brownlow area and its envlrons, by providing local role models of people settlng up and operating thelr own businesses. The benefits Identlfied for purpose (lil) Include the provi81on of trainlng resources In a busln88s setting, research facilltles and resources for local residents who wish to Investigate, explore and pursue the self•employment optlon. The beneffts Identlfled for purpose (Iv) Include the encouragement and development of entreproneurship by the provislon of free advice, infomiation and slgnpostlng to other sources of help. The benefft8 Identffied for purpose (v) Include facllltating the devebpment and access, by IoeAI people to 'fit for purpose, modem Snfrastwcture In a communFty owned ass6( speclfically property ownedlmanaged by Brownlow Limited. The beneffts Identitled for purpose (vl) Include Improving bcal landscapes prevlously neglected and spolled by derellct housing and developmenL All of these benefits can be evldenced through govemment report8, Brownlow Llmlted (Including
Brownlow Llmlted Company Limltsd by Guarantee Tru8tse8' Annual Report (Incorporatlng the Dlrector's Report) (¢ondnuod) Year ended 31 December 2023 ObJoctfve8 (contlnuedj Trustees) reports and surveys detalling ¢xcupancy levels, land regenerated and workspace 'created', numbers of buslnesses In propety owned andlor managed by Brownlow Llmlted together wlth employment opportunitles generated within them. The public benefit18 al80 evldenced by members of the public Includlng potentlal and existlng tenants accessing free or at subsidised c03t advSce, asslstance and supporL There Is no ha flowlng from any of the purposes of 8rownl¢)w Llmited. The Intended beneflclarfes are the Inhabitants of the Brownlow area of Craigavon and Its envlrons. All prlvate benefit is Incidental and necessary to the Company In dellverfng ts purposes. For example, employees rgcglve a wage and also stsff may enhance thelr empk)yment prospects because of the experlence they galn. Also, some prlvate benefit Is obtained by the owners of businesses who rent unlts on favourable teM8. Board Membersffrustees are relmbur8ed for any Incldental and nece88ary expenses they Incur when carrying out their roles In the Company. Trustees may galn skllls and experfenGe whlch are transferable to other 8ettlngs. These benefts are inc5dental and necessary and greatly oulfftighed by the galns In publlc benefft provided to our benefidarfes. We do not fund our activtlies through donatlons or recelve 'gifts'; rather we continue to generate funds from our commercial operatbns and channel those funds for our charltable purposes. All of the dlroctors arn voluntary and ro¢olve no fe0•. Stratsglc report The following sections for achlovements and pgrfomiance and flnanclal revlgw form the strateglc report of the ¢harity.
Brownlow Llmltsd Company Umlted by Guarantso Tru8tse8' Annual Report (Incorporating the Dlrectorfs Report) {conthu•dJ Yoar ended 31 Doc•mbor 2023 Achl•v•m•nts and perfornMnc• Rovlow of Actlvltle• and Futurn D•volopm•nts The company wa8 granted charltable status for tax purposes by the HMRC with effect frun l Augusl 2007. The company succ888fully completed regbstratlon wlth the Charlty ComrnEsslon Northem Ireland on 22 August 2014. In 88ttlng our objecfjves and plannlng our ath5ties for the year the truste88 have gtV8n conslderatlon to the Charfty Commwlon for Northem Ireland's guldance on publlc benefrt to ensure that the actlvltles have helped Ihe charW8 purp0888 and provide a benefit to the b8nefidarl88. Tho maln act5vlt188 of the company remaln unchanged trom last year, and are prfnclpally: Entsrprf8e development Indudlng mentorlng and small bu81no88 Inltlakn8 Workspace prov181on and property management Communlty dev8lDpment Infra8tructure Smprovemont A8 In prevlous year8 Brtrwnlow Umlted has engaged In the d•llvery of a number of bu81ne88 development programme8 and hlllatlves.
Brownlow Llmlted Company Llmltsd by Guarantse Tru8tee8' Annual Report (Incorporatlng the Dlrectorf8 Report) (conHnu•d) Year ondod 31 Docember 2023 Achlev•m•nts and porformanu (¢oftllnu•dJ Enterpr1•• Dov•lopm•nt Prngrammu. Inlllatlves & Property BrownEow Llmlted ha8 during 2023 continued to endeavour to encourage and allow local residents, employees and owner managers to efficiently access up to dat• Infomiakn and guidance on any aspect of stsrting up or developlng a business. Brovmlow Limited wlth a vlew to fijrthering ts purposes and alms has been provldln9 pracocal advSce, ongolng mentorfng and 8UP[rt to potentlal and exlsting entreprgneur8 - at no fee - In the Brownlow area of Cralgavon. We have also offered and prDvhJed guldance and hands on supwt to •ntr•pr8neurs oporntlng In our unlts - Seeklng to gnhance thelr buslne88 performance - agaln * no fee. Employees, wth the responslbllSty to undertake the acJvlUes detslled above, are profe881onally qualified and extremely experienced. Brownlow Llmlted ha8 8 range of excellent faclllties includlng tralnlng room, IT suite arKI Intervlew rooms, whlch we ctInue to malntaln and update. Th888 facllttl88 allow Brownlow Llmlt8d to: - connUe to work In partner8hlp (when pcwlble or approprlato) wlth organl8atlons 8uch as SRC and tho Brownlow Communlty Improve the research re8ource8 and facllttles avallable to 8xl8tlng cllents I tenants (and thelr employee8) vA8hlng lo undertak8 bu81ness and enterprf8e development research; Increase research faclllues lor local rn8klents vtho wlsh to Investlgate, explore and pursue the 88fi4mployrnent opuon. Brownlow Llmlt8d'8 office(sytralnlng faclllJes and IT 8ull• ¢ontrlbut•8 to: - Enhanced research and tralnlng fad11t1 for tenants l owner man898r8 who wlsh to provlde on-8lt8 development and tralnlng for employees; Facllltate presentatlons and development tralnlw for the benefft of local buslne8ses and resldentslcommunlty groups For 2023 Brownlow Llmlted would report that the pattem of u8er groups and frequency for our Tralnlng RoomlBoard RooffkllT sulte10 faclllts8 are as follows: - Bu8lne88 tenants (lryular usage pattern) mosty slngte U8ern or Small groups. - Brownlow LIMIt TTUStees and members (for me8llng8); a8SOrted usage pattem. - Also there have been a¥8Orted grouplngs of u8er8 who have accessed the facllllles on a regular andlor ad hoc basis durlng the year, Including: - Brownlow Brush Art Group (half day weokty at parttcular parts of year) Pleau nots that th• abov• fa¢llftlM w•r• 8upplled frn• or on a {hlghty) •ub81dO8od bas18. In •ummary th1• part of our work ha8 and wlll contlnu? to Improv• tralnlng rn•ourc08 In bu8lnes8 •ettlngi aldlng b1nl r•latsd moarch and •nt•rprl80 SUPPOrt servlco• wlthln th• Brownlow area of Cralgavon. Brownlow Llmlted worked arrfl maintalned Ilnkages, as approprlate, wlth Amiagh Clty, Banbridge and Cralgavon Borough Council and In partnership the other enterprise agencl¢s (Amiagh Buslness
Brownlow Limitsd Company Llmlted by Guarantea Trustse8' Annual Report (Incorporating tho Dlrectorfs Report) (contthu•d) Year ended 31 December 2023 A¢hlov¢monts and yrfomvdnco le Centre, Banbridge District EnriseS, Cido and Mayfalr Buslness Centre) which are located wlthin the Borough. These efforts provlded opportunlttes for local resents, (potentlal) entrepreneurs and buslnesses throughout the borough, across all sectors and at all stsges of the buslness start-up and developmenc to avail of infomation, advice and guidance to assist the creation and development of buslnesses. Brownlow Llmlted engaged In a number of speclfic busine&8 SUPPOrt inEtlIves. The busin&8s operatK>ns carrled on by tenants at the Business Parks and property managed by Brownlow Llmlted are varied and indude manufacturing, retail, web based, phamwutical, and servlce sectors. There were at the ond of the finandal year (December 2023) 31 buslne88es (Including Brownlow Llmlted) 124 - both full tlme and part-time- Persons empk>yed by and as result of our tenanfs commercial acbvitses, operatlng from Bluestone 1,11 and Moyravety Centre units, whlch are all controlled and managed by Brownlow Lirnited. Numbers employed - direcdy and Indlrectly by our cllents In pursult of their cornmerclal operations represent a slgnlficant total number, in the context of the Brownlow erea. There We also unwaged I voluntary personnel Involved in some of our tenantslcllents activltles and projects. At the end of the year (31112r2023) within Bluestone I, approximately 32% of workspace was occupled by businesses engaged In food manufa¢uflng andlor food wholesaling. Brownlow Linited remains of the opinion that there is significant value adding and wealth creatlng activity generated by, and potential, with bu61n0s operating in this area. The trustees I dlrectors are pleased to reM that our total sxopety base has agaln perf0ml well over the last year Mth high average 0pancY within Bluestone I, Bluestone 11. our facSllties in Legahory and the Moyravety Centre. . At the end of the year (Dec 2023} Bluestone Buslness Park I, Phase I, was 94% occupied; Phase11 of Bluestone Business Park I was 89% occupied and overall occupancy in Phase111 was 100%. AEI the unlts in Bluestone 11 (where Bn)wnlow Limited's larger unlts are located) as well as the unlts managed by Brownlow Limlted located in the Moyravety Centre were also 100% 0uP[ed at the end of the year. Not Includlng our fadllty located In Legahory, the total work8pace 0PIed, at the end of the year (31112r2023) totslled 54,600 sq ft of workspace. This contlnues to represent a very posluve position and trend over recent years. Over tha Sast year there has been some dient tumover, wlth some busknesses relocatlng Into larger premlses wlthln the business parks, whlkn others were affeCj by the wider economic dimate, changlng (personal) circumstances and expanslon plans. However there have been additFonal businesses estsbllshed and developed In ¢)ur unlts. providlng oppOnles lor local people to Ilve and In the BrownhTh area. We have activety assistsd all of these dients to develop and Implement grvwth and wanslon plans; as well as others to navigale challenglng trading and econom condttions Brownlow Llmited In furtherlng ts purposes and alm8 has been wovtdlng buslne86 prwnlses at more affordablelhighly dlscounted raies in the startp phase and further fi8xibl8 arrarvJements taking account of thelr clrcumstances and financEal resources; Durfng 2023. Brownlow LIMIt Investsd In new and pandIng bu•lne88•8 In the bu8lno88 parks, by dl8countlng Infra8tructurn to th• valu• ol approxlmat•ly £1611A8. 10
Brownlow Llmlted Company Llmlted by Guarantee Tru8tse8' Annual Report (Incorporatlng the Dlrectorf8 Report) {widnuodJ Year ended 31 December 2023 Achlovements and p•rfomiance (contlnu•d) Th18 flgure dogs not Include the fact that Brownlow Llmltsd doo8 not l•vy our t•nants any lea8• admlnl8tratlon fom. Nor doe• It In¢ludo any bad debt wrlitsn off or Intsrn•t . whlch wa• not charyod on lat• payments for d•bt• owod. Th1• contrlbutlon to th• bu•lnoMo• rnprn8ents a 8lgnfficant sum. Brownlow Llmlted's regeneratlon work contlnues through the ongolng care and professional management, In partScular of Blue8tone Bu81ne88 Park l and 11. Th8 v18ual presentatlon and management of our buslne88 park8 not only benefit the bu81ne$8, whSch operate from our buslness park8 but a180 benefit local resldent8 and other 8takeholders Includlng develop8r8, local and central govemrnent etc. Ernployer8, employees and vlsltors to the Bluestone Bu81nes8 Park8 now 8ee a development of slgnlflcant proportlons, as well as belng able to benefft from modern and vlsually pleaslng facllltl88 that are avallabl8 to the locally evolvlng and expandlng bu8ln888 communSty. As In prevlous rnports the Trustees are keen to stress that projects such a8 the Bluestone Buslnes8 Park can be only be properly evaluated over the long-temi - In fact over tho total Ilfe of tha bulldlngs; whlch d8llver8 a dlvldend, In tem18 of new bu81n98885 and empbyrnent opportunltles nurtured and encouraged (In the workspac8 created and provlded) every year over tho unlV8 total Serilce Ilfe. The commerclal projects whSch have been stlmulated and supported contlnue to dellver a roturn to the economy even after a bu81ne88 leaves our bu8ln888 park, We count among8t our greate8t 8ucce8888 those bu81ne88e8, whlch have supported, outgr¢>w our enterprlse unlt8, and have to relocate elsewhere. The polnt belng there 18 slgnlficant value addlng and rntums to lh8 local and wlder economy potentlal, because of our prolecL Over the la8t year, the Importance of Brownlow Llmlted'8 Infra8tructure and facllltles avallable to the buslne88 communlty based In BIue8tone Buslne88 Park contlnue8 to be recognl8ed and welcomed - as ovldenced by the hlgh levels of demand and occupancy by entrepreneur8 and bu8lne88e8. The enterpr180 8UPPOrt 88rvlc88 that we have en engaged In, durlng 2023, add8 to Brownlow Llmlted's 88tabll8hed track record of 8ucce88fulty dellverfng a range of small bu8lne88 programmos, encouraglng entr8preneur8hlp, as813tlng bu81ne88 Stsrt-up rate8, malntalnlng I Improvlng bu8ln888 actlvlty levels and encourag5ng communlty and Small bu81ne88 Interactlon. Durlng 2023, Brownlow Llmlted contlnued to Invest In, and ra58e the 8peclfScatlon, of our untts. We h8v8 al80 contlnued to care for and malntsln, and upgrado as approprSate, the 8ub8tantlal assets - bullt and envSronrnental - under our manag8menL Taklng account of the number and range of buslne38 unlts (wlth dSfferfng sp8clficatlon8) and age of (the) unlts, under our management, Brownlow Llmited's repalr8, malntenance and reln8tatement budget has and wlll nec888arfly Increa8e. W• have kept under review opportunltie8 to •xplore and obtaln grant 8UPPOrt when po8slble and approprFats. We contlnue to 'profe8slonall88' the 8upply of our 8ervlce8 by ralslng standards to contrfbute to the efficlency and safety of our communlty owned and managed buslness. As In prevlous years Dlrectors and staff of BroNvnlow Llmlted have attendedlpartlclpatsd In a number of m••tlngs wlth repr88entatSves of the NIHE, Invest N.1., The local enterprl8e agencle8 located wlthln the Borough (In particular Amiagh Buslness Centre, Banbrldge Dlstrlct Enterprlses, Cralgavon Industrlal Development Organlsatlon and Mayfalr Bu81n8s8 Centre) ag V11 as Armagh Clty, Banbrfdge & Cralgavon Borough Councll offlGer8 regardin9 efforts to evolve a more vibrant local economy and maklng contrlbutSons to posslble enterpr18e developrnents and programme8 In the future, 11
Brownlow Limited Company Llmited by Guarantse Tru8ts88' Annual Report (Incorporatlng the Dlrectorf8 Report) (¢onttnu•o) Yaar ended 31 December 2023 Achlovements and p•rfomianco feontlnu Brownlow LlmSted's used capadty to facllltate short tem 8tudenVemploym8nt work placements when approprlate. The DlrectorwTru8tee8, durlng 2023, engaged wlth prof8881onal18gal export8, to contlnue to malntsln the highest 8tandard8 of govern8nc8, recefvlng advlce and further tralnlng for dlr8Ctor8 and staff a8 approprlate. Ov•rvlow 8rownlow Llmlted 18 a successful local communtty and economlc development company,. whlch ha3 been worklng over a con8lderabl8 number of years to generate and Improve bu8lness actlvlty lov•ls In the Brownlow area of Cralgavon. Brownlow Llmlted contlnues to fulfll Its key objectlves Our work of •upportlng the local d•v•lopm•nt of an •nt•rprl80 culture - vla among other thlng• Informatlon, advleolm•ntorlng• 81gnptIng1 notworklngi acc••8 to quallty Infra8tructur• and crndlt lat no charge) tho ro•ults of whlch can bo 8•en wlthln our Bu8ln8•8 Parks d•mon•trat•• thg pot•ntl•l and •ucc•88 ol local poopl• taklng an actlv• rol• In th• dw•lopment of th•lr local •conomy. Brown1¢ Llmlted contjnued to help e8tab118h new bu81nesses and enhance the capablllty of exl8tlng busln88888 by off8rlng a range of 8nt8rpri88 and bu81n888 8UPPCrt actfvtt108 for tho benefft of enterprlse development wlthln the BrownEow area. General occupancy leve18 hava contlnued to remaln hlgh prlnclpally through our efforts to encourage and facllltate bu8ine88 growlh and expan8lon plans. Tha overall pattern, durlng 2023, remalns one of low cll8nt tumovor and th8 consolSdatlon and contlnulng growlh of the bu8lnes8 Dp8ratlon8 of 80me of our cllents. somè cllènts havè grown 8ubstantlally, followlng theSr Inltlal 88tsbll8hment and development from thln the Bluestone Buslness Park. Brownlow Llmlled's Infr88tructure and 8UPPOrt 8eNlce8 and facllltles were of crftlcal benefft to nurturlng and encouraglng the creatlon of 81gnlflcant employment and tralnlng opportunltl88 a8 well as wealth creatlon locally. Our work has had th• beneflclal Impact of In¢r•aslng employment and developm•nt opportunltle8 In the 8rownlow area. Brownlow Llmlted has, durlng 2023, helped local people l owner-managers a'chleve thelr commerclal ambltlons and acted as a catalyst to trlgger prfvate Inv88tment and encourage bu81no8888 to scale up thelr capabllitle8 and aspirations. A Survey wa8 undertak•n based on th• provIou8 twelve month8 (from D•combor 2023) tradlng p•rlod, whlch Indlcatsd tha( d•8plt• tho chall•nglng clr¢um•tancM, th• comblned Ilnanclal turnover of all bu81ne8808 In tha Bluostone Buslnus Park8 wa8 clrca £19 mllllon. Th18 rnpre8ent8 a very Impre88fv0 economlc Indlcator of th• total valuo of good• and 8•rvlc•8 gonaratsd and 8uppll•d, a8 w•ll a8 wealth creatod, of tho •ffort8 and work of both all tho cllents as well a8 Brownlow Llmlted In th18 part of the Borough. It h, therèfore, approprfate to commend all our cllent8, for tholr contlnulng •ntraprnneurfal •ffort8 a8 thoy manago tholr commerclal op•ratlon8. It is Important to draw attentlon to th• challenglng local and global economlc condltlons that our cllents are endeavouring to operate withln. More genarally our Initlatlves, resource8 and endeavours hav• supported local Job crnatlon, acce&8 to 'fft for purpose, Snfrastructure and credlt as well as communlty Interdctlon and engagement. We contlnug lo successfully brfng In¢re88ed economlc actlvlty to an area historlcally 8¢knowledgad to 12
Brownlow Llmlted Company Llmited by Guarant00 Tru8ts08' Annual Report (Incorporatlng the Dlroctorf8 Report) (¢onthiu•d) Year •ndod 31 December 2023 Achl•vem•nts and porfomianc• (condn¢ffjd) have slgnificant relatlv• levels of deprlvatlon and dlsadvantage. Although we are revlewlng 2023, ther8 Is merft In recognising achievements and progress made as we produce thls report In August 2024. We have contlnu8d on a range of maintenance and property upgrades and plan8, to Improve the spedficatlon, type and number of our unlts and facllltles. Arising from consultatlon work wlth archltects (over an extended tlme perfod) and Intemal ¢on8ideratson of a range of options and po881blllties for further phases of developrnent wlthln the Bluestone Bu61ng68 Park81 & 2; It has been detennlned to progre88 plans for a Pha88 4, c4)mprf80d o18pecknll8t Incubator unll8 wlthln BIu88tono Busln088 Path l. Brownlow Llmlted have, durlng 2023, a8 In prevlous yearn, had to undertake 8ympathetlc bu81n888 mentorlng and 8UPPOrt In order to malntaln small bu8ine8888 acllvlty leve18 In the Brownl¢)w area. Brownlow Llmlted 8mployee8 have contlnued to Ilalse wlth our cllents tc asslst them to Identlfy, asse88 and beneflt trom a wlde range of government 8UPPOrt and a88lstance that may b8 approprlate for them to ac¢•ss. Brownlow Llmlted have also been )rkIng wlth the Department for Comrnunltle8 - and endeavoured to work wlth NIHE - to 88cure our bng-terni tenur6 of lands at Bluestone 1, Legahory and Bluestone 2. Occupancy levels across all the exlstlng property managed by Brownlow Llmlted remaln8 htrgh, de8pIto the very challenglng e¢¢Jnomic condltlons thIn whlch commerclal enthles are operaung. We have encouraged a culture of entrepreneuryJhlp (providing local role models), Incre88lng busln888 8tsrt-UP8, helplng to Improve small buslness actlvSty levels and facllltatlng communlty and bu81ness Int•ractlon amongst and b•tween a wldo range of groupSng8 Ilvlng and working locally. We belleve our work contlnu88 to offer thc•ntlv88 and provldo oPWnIes for peoplo to start up and grow thelr busln•$8e8 In Brownlow. We contlnue to be cautk)us and prudent golng forward and to be 8ensltlve to th8 economlc fluctU8don8 and uncertalntles whl¢h may Impact on (the end8avours oo both our cllents and our86lv88 In th889 challenglng tlmes; whllst also recognlslng there maybe oppothnlties to be explolted. The physlcal and aesthetrc Improvements brought about by the investment and dèveloprnent, as well as carelul malntenance of Bluestone Buslness Park - wlll contlnue to Improve opportunftEe8 for new bu8lne8888 not onty to be established In the Brownlow area but also provlde the necessary Infra8tructure to support IssnesS '8tart up, and growth In the medlum and long terni. The vlablllty and 8UStalnablllty of Browntow LSmlted, as a communlty arid eCormIG regeneratlon organl8atlon, conllnues to be 88cured through the rental Income recelved. Our 80clal enterprlse Is Self-supportlng and requlres no a8818tan(x from exlemal bodles In respxt of operatlng (In¢ludlng salary) costs. We contlnue to prudently plan for th8 modium and long term 8UStainabllty of Bro%10 Limlted. to deal wlth nece888ry expendIre, Includln9 r•ln8tatement (of ltical Infrastructure) a8 approprlate. Communlty prlde In the Brownthv area as well as confidence In the future has and corrtlnue8 to be enhanced by all of the above. Th18 rVeS to encourage Investment and development In the business park and the Brownlow area. 13
Brownlow Limited Company Llmltsd by Guarantso Trustses, Annual Report (Incorporatlng tho Dlroctorfs Report) (conllnu•dJ Year ended 31 Decamber 2023 Aehlevoment8 and porft>rnianc• {¢ondnu•d) Communlty Llnkag08 We continue to build our relatjonshlp wlth local resldent group8, who u88 our tseJlltle8. Brownlow Llmltsd have also conlnued to evolve and manage Its ongolng relaOnshIpS wtth local educatbnal establl8hments, NIHE, loeAI anterprlse ag8ncle8 acr088 the Borough, relevant Govemment Departments, the local Amagh Clty, Banbrldge & Cralgavon Borough Councll and eleoted repre8entatlve8 acros8 the complete political 8PeCtrum. Brownlow Llmlt8d'8 8uccess Is, ovar the past 34 years,18 In no small part due to the co-operatlon of, and partnershlps wlth, statutory bodles, fundlng bodle8, polltical representatlves, the prlvate 8ector and tha Brownlow community, Addltlonally, our posltlon and succe88 would not have been achloved wlthout the dedlcatlon and hard work of the Board and staff, 14
Brownlow Llmlted Company Llmlted by Guarantse Trustse8' Annual Report (Incorporatlng the Dlrectorfs Report) Iconttnuodj Year ended 31 DKember 2023 Achlov•m•nts and p•rformanu {MnUftuodJ summary In summary thls report has detsId and explained the maln acllvilles undertaken by our charity to further fts charitable purposes for the public benefft and the makn achlevements - and the resultlng benefits - of the charity durbng the year. In partlcular. Regenoratlon In the Brovffllow area and Its envlron• We have acted as a local catalyst to facilitats and encourage, particularfy In the land and property owned andlor managed by 8rownlow Llmlted, increased publlc. communlty and private Investsnent, reduced the amount of dereliction and improved- the landscape by the provlslon of modem workspace, acGe88 to Tr f¢r purpose, small buslness Infrastrudure, access to (financlal) credit to potentlal and existing entrepreneurs, local job creation through the occupation of our enterprise units, increased local employment opportunities. Also, benefits have Irduded the development of a rnore vlbrant private sector in the Brownlow area and ts environs by Browntow Llmited's work of Increasing the numbers of locally ovmed and operated buslnesses. Local people l owner managers have been asslsted to achleve thelr commerdal ambibons, trlggering private Investment and encouraging them, as approprfate, to scale up tslr buslness capabllltles. Further the encouragement of a culture of entrepreneurship (providing local rote models), improving small buslness actsvlty levels as Yrall as the creation of small business Interaction andlor contact opportunrtles In the Brownlow area. There are also slgnfftant and obvlous physlcal (aestheuc) Improvements, brought about by the Investrnent In the propety owned I managed by Brownlow Limited. The Investrnent in our business parks not only Improves opportun1t8 for new businesses to be establlshed In the area but 8180 provldes the necessary infrastructure to support 'Start up, arKI 'growth' stages wi small buslness development over the long temi. Investment and employment have been brought to an area, recognlsed to have slgnificant relativelgvels of deprlvation and di8advantsge. Further there has been the encouragement and support of communty Elnkages, interacti¢)n and engagemenL Also improved contact I relatlonshlps between local community representatives and Iwal educational estsbllshments, relevant Govemment Departments, local Counclls, and elected representatives across the polmical spoctrum. Owner manager and community pride In the Brownlow area, speafically In propety ownedland or managed by BrDwnlow Ltmlted as well as confidence In the futsjre, a5 evldenced by the occupthn of unlts has been - and wlll be - enhanced by our work Rell•f of Poverty In addon to actlng as a local catalyst to fadlttate arKI encourage I publlc and prlvate Investrnent In enterprbe and small buslness development in the Brownlow area and Its envlrons; we have encouraged wealth creation, generated through the tradlng activttles and flnanclal tumover of tenants; and salaries localty eamed through the employment opportunltle5 created are able to be spent locally. Benefits also included the crealion and Increase of employment opportunitl8s locally than othepwise would be the case. Beneffts h8ve also Induded the local facilty and pn)vislon of bu81ness (and financial) planning support through ¢ounselling and advlce at no fee. Contributions to c¢)mrnunty development and economic regeneralion of the Brownlow area and tts environs have been made by Brownlow Llmiterfs work through the benefft of Increaslng the numbers of locally owned and operated buslne8ses. Local people have been able to benefft from the option of both Ilving arvj securlng employment in the area. Benefits have also Included the local provislon of for purpose, workspace units to indwkluals at favourable rates and fiexlble arrangements, espectally In the start-up phase, tsklng partKular account of thelr drM$nCeS and financlal resources. Beneffts have also included the dlscounting or rellef of rental debL rglating to business 8MModa00n In the Bluestone Busin&8s Park. Rellef of unemployment Local potential and existing entrepeur5, Including the unemplo>*d, have neffted from asslstsneAg to explore the self-employment option. Also. from the availablllty of Initlal and ongolng mentorlng, 15
Brownlow Llmlted Company Limltsd by Guarantae Tru8ts08' Annual Report (Incorporatlng tho Dlrectorf8 Report) (conUnu•d) Year ended 31 December 2023 Achlev•ments and porfomance (contlnu•d) 8lgnpo$ting and suppor( helping to Improve 8mall busln888 actSvlty levels through a8slstlng new buslness 8tsrt-ups, buslne88 development and fa¢llltatlng communlty and bu81ne&8 Interactlon and Contact opportunities amongst and between a wlde range of Indivldual8 and grouplng8 worklng In propety ownedlmanagad by Brownlow Llmlted. There has been the 8ncourag8ment of a culture of entrepreneur8hSp, In the Brownlow area and Its envlrons, by provldlng local role models of people Setting up and operatlng thelr own bu8lne88es. Our work has generated Incentlve8 and omployment opportunitle8 for people to 8tart up, grow or operate thelr buslnesse8 In the Brownlow area and Its envlrons. Al80, from thls there has been the additlonal beneflt of the creatjon of further employment opportunltle8 in these enterprS8e8. Th• advanc•mont of U¢•tIon, tralnlng or r•tralnlng We have a88Ssted th8 development of Indlvldual ¢apabllltl88, competendes, 8k1118 and under8tandlng In the are88 of buslne88, management and enterprf8• wh150 acce881ng free advlce, mentorlng and 8UPPOrt We have provSded trainlng r880urc88 In 8 bu81n888 88ttlng, research facllStl88 and r880urce8 In our offi¢esllT Sutte for local reBSdents who w18h to Investlgate, explore and pur8ue tha 801f4mploymont optlon. We have Improved the local avallability of research r•8ources and facSlltl88 avaSlable to cllentsltenants (and thelr employees) wl8hlng to undertake l)u81ne88 and anterprfse development research; There are Improved 8mployment prospects and opportunltle8 for people (to avail of job vacancie8) who have 8ucce88fully avalled of mentorlngldevelopment dellvered, In tho IT Sulteloffices of Brownlow Llrnlted., Employment opportunltle8 hav8 been created for people, who havlng successfully compl8t•d ent•rprlse and entrepreneurlal development and research, declde to pursue the 8elf-8mployment optlon; Work 8xp6rlenc& placement opportunltle8 for unemployèd people have been created both dlrectly by Brownlow Llmltod or facllltated by our cllonts Th• provl•lon of flnan¢lal •8•l•tsnc•, t•¢hnlcal a••l•tanc• or bu•lneg8 advle• or eon•ultan¢y In order to provldo tralnlng and employment opportunltlm for unemployed p•opl• In ca80• of flnanclal or oth•r charftabl• no•d through holp: Ill In ••ttlng up th•lr own bu•lne•8, or (11) to •xl•tlng busln•uM Brownlow Llmlted ha8 worked to encourage and develop entreprenaur8hlp by the provlslon of free advlce, Informatlon and 85gnpostlng to other 80urce8 of help, empathetlc (bu8lne8s) mentorlng, guldance and support a8 VMII 88 accoss to (flnanclal) credlt facllltl88 through the Intrastructure and bu8lne86 accommodatlon provSded to potentlal and exlstlng entrepren8ur8 a8 they seek to establlsh, operate or develop thelr bu8lneB888 locally. There has been the provlslon of rang8 of facllltles and 88rilc88, Indudlng IT, r88earch and tralning re80urc88, 'meetlng' and Intervlew room8 at no or 8ub81d18ed co8L Entrepreneur8 benefit from the flnanclal a8858tance though the provlslon and acce88 to 'cr8diV and d18countlng of prem18e8, e8peclally In the early perlod to new andlor exlstlng busln88888 In the Brownlow area as they 8eek to evolva thelr anterprf8e8. S81f- omployment and employment and tralnlng opportunltles are created through the small buslne8888 fomwd and operated locally. Brownlow Llmlted'81.T 8ulte In Its offices and pather8hlp work wlth thlrd level educatlonal 88tsb118hm8ntslour cllents utlllslng the88 facllltSe8 facllltates the Successful dellvery of Innovatlve busSne881technlcal tralnlng at no cost to (Including the unemployèd) partlclpants. Through the provlslon of our resource8 and facllltl88, h88 offered (unemployed) partlclpants, (of training programmes) tha opportunity to learn practical and technlcal bu8lnes8 8kSlls, recognise entrepreneurial talent, Increase th6 number of selfmployment and employment opportunltles. Also allowlng particlpants, the nece88ary Infrastructure and resources to galn qualificatlons, receiv• guldanc• and 8UPPOrt from Indu8try mentors Th• crnatlon of tralnlng and •mploymont opportunltlo8 by th• prov181on of work8pac•, bulldlng8 andlor land for u80 on favourable torni•. Brownlow Llrnlted's initSatSve8, re80urce8 and endeavours facllitat• the development and access, by local people to 'fft for purpose, modern infrastructure In a communlty owned a&8et, speclfically propety ownedlmanaged by Brownlow Limited. Our VKrk has benefited the potentlal entrepreneur, by offerfng incentlves and encouragement for people to start up andlor grow their buslnes8es In the Brownlow area and Its envlrons thereby creatlng employment opportunltl88; as well as assistlng the pDtsntlal creallon of further employment opportunltle8 In these •nt8rprl$es. Brovmlow Llmltad's vffjrk ha8 facllitated the local provlslon of and 16
Brownlow Llmlted Company Llmlted by Guarantee Truste08' Annual Report (Incorporatlng tho Dlrector's R•port) (eonllnu• Year ended 31 December 2023 Aehlevgmgnts and porfom)anco f¢onUnuod) access to credlt facllltles through the Infrastructure and buslne88 accommodatlon provlded to potsnllal and exl8ting entrepreneur8 as they seek to establlsh, operate or develop thelr buslnews |+xally. Brownlow LlmEted'8 work has facllStated access to bcal 'flt for purp08e' business premlses e8peclally In the start up pha88, taklng account of IndSvldual clrcumstances and flnanclal re8ource8. The protectlon or conservatlon of the envlronmont Brownlow Limited has promoted sustainable me8n8 of achlevlng economlc growth and regeneratlon by the development of Infra8tructure, In propety owned and managed by Brownlow Llmlted, whlch wlll be avallable to new and small bu8inesses operatlng In the Brownlow area and Its envlrons In the short, medlum and long term. A180, tho Brownlow area has beneflted from the Improvements and malntenance cf local land8capes, prevlously neglected and SPDlled by d8rellct houslng 8nd developmont. The lonTrtemi 8U3talnablllty and vlablllty of the Brownlow Llmlted (project) ha8 been Secured by the rentsl Income recelved and careful management of Its communlty owned and managed r8sourc88. Flnanclal r•vl Flnanclal P•rfomianc• The company made a surplus of £104,212 (2022 £97,770) before deducfjng depreelatlon of £3,167 (2022 £3,231). The re8ultlng rotalned 8urplu8 for the year totalled £101,045 (2022 £94,539), The company had net a88et8 of £4,425,030 {2022 £4,323,985) a8 at 318t DeC•Mr 2023. Prop•rty Manag•m•nt Augu•t 2024 (Actual) 3111W2023 3111212022 Proporty Occupancy L•v•l•' Blue8ton8 Bu8lne88 Park l (Pha80 1) 100% 100% BIu08tone Buslness Park 1 (Pha88 2) 89% 89% 100% BIu•8ton• Buslne85 Park 1 (Pha8• 3) 73% 100% 100% Blue8tone Bu8lnes8 Park11 100% 100% 100% Moyrav?ty Centre Unlts Ba88d on occupled Square feet as a percentage of total avallable square feet. Doe8 not Snclude our faclllty at Legahory, whlch vM8 fully occupled throughout the year, 100% 100% 100% The dlMctor8 aro plea80d to report that our property base has porfonned well over th• last year. These figure8 and performance are the re8uft of our endeav¢)urs to encourage 8m815 buslness development locally. 17
Brownlow Llmlted Company Llmited by Guarantse Tru8ts08' Annual Report (Incorporatlng tho Dlrnctofs Report) {¢onOnu•dJ Year endod 31 Decombor 2023 FlnaneEal revl•w fcondnu•dJ Envlronrnont Brownbw Llmit8d tskes serlous Its responslblllties In relation to the environment The dlrectors In any future developmant of Blue8t¢ne Business Park will alway8 be keen to review the posslblllty of Incorporatlng Eco frfendly In18188. Human Rosoure Brownlow Llmited has put In place, followlng a revlew, a comprehen8lv8 raNJ8 of Company pollcEg8 and pro¢edure8 for all 8tsff. We recognl88 that our employe•s are the cornpanls rn8Jor a888t 8fKI encoura9e them as wèll as tho Dlrector8 to Invest time In avalllng of any relevant tralnlng or development opportunldes approprfate to thelr p081tlon8. Rl•k• Our perfonnance18 affected by general economic condition8 and Govemmant polide8 In relatlon to the fundlng of Ioc81 economlc wogramme8. Brownlow Llmlted and Its Dlrector8 1 Tru8tee8 are 8atl8fied that Sy8t•ms and procedures are In plac8 to mltlgate our exposure to the major rhks to 8n8ure the fure sustalnablllty of our company. Flnanclal Rhk Manag•m•nt The companV8 operatlon8 •xpo80 tt to a varfety of f5nandal rl8k8 that Include th• effects of changes In credlt rS8k, Ilquldlty rlsk and Interest rale rf8k. The company ha8 In place a r18k managamant element that seeks tc Ilmlt the adverne effect8 on tho flnanclal performance of the company by monltorfng leve18 of d•bt flnance and the related financ8 ¢08ts. The pollcle8 Set by the board of dlrector8 are Implemented by the companys Chlef ExecUte. Cr•dlt Rl•k The cornpany ha8 pollckn3 that requlre approprfate credlt checks potsntlal dlents before accounts are opened. The amount of expo8ure to the IndIdual cllents Is regularfy revlewed by the board. Llquldlty Rhk The cornpany continue8 kn work twrds ensurlng that It has 8ufftrJent avallablo fund8 for operation and to contrlbute to the exploration of possble exlenBlon8. Int•r••t Rats Cuh Flow Rl•k Durlng 2023 the cornpany did Mt acqulre any long-term Inbr•8t bearfng Ilabllltle8. Brownlow Llmlted produc88 crlocal financlal management report8, hlghlFght the key ar8a8 that need to be monitored to mlnlml8e risk. These reports are presentod at the board meetings. The company has a88e88ed the major rlsks to whkh fv charty13 exposed, In particular those related to th• operation8 and finances of the company, and 18 satisfied that 8y6tems are In place to mitigate any •xp08ure to th• major risk8. 18
Brownlow Llmlted Company Llmltod by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) (wndnu•d) Year ended 31 DerAmber 2023 Flnanclal rovlew (conllnu•¢ R•sorv•s Pollcy Brownlow Llmlted's policy Is to create and retain dedicated resen4es In keeplng wlth prudent 'best practlce, plannlng. Th58 13 and wlll need to be of sufflclent 8kz8 to meet the runnlng costs for an agreed period and facllltating medlum and long-term plannlng Includlng provlslon for reinstatement and the compan518 re8pon81bllltles. Plan• lor futur• p•rlod• The Tru8t•88 remaln commltted to drlving th8 Cornpany fornvard. We wlll contlnue work to malntaln our relatlonshlps wlth educatlcnal establl8hmgnts, govemment departments, Armagh Clty, Banbrfdge & Cralgavon Borough Counc51, polltkal repre8entatlve8 and all the other enterprf8e agencle3 In the Borough to ra180 our profil8 and nurturo and Increase bu8lnes8 actlvlty levels across the Brownlow 8nd Councll 8rea. We also hope to work wlth the Councll and the other four enterpr18es agencles In the Borough, to contrlbutè to the de]ery of a enterpr58e 8UPPOrt Inltlatlves as approprlate. We viill al80 be taklng forward our plans to Improve our long-temi tenure of Par13 of land upon whlch work8pace and farJlltJ88 have been developed by Brownlow Llmltad. We wlll contlnue wlth Internal dl8w8slons and detalled con8lderatlon8 and Intend to explore andlor cary forward the pos8Sbllltl•8 for further phases of development wlthln the BIu88ton• Bu81ne88 Park81 Ongolng relnvestment wlll cont5nue to be Trqulred, to malntaln the condltlon of the enterpr18e unlts and update thelr 8peclficatlon, to cater ft)r the requlrements of potentlal (current and future) entrepreneurs. In partlcular Brownlow LSmlted wlll b• explorlng posslble opportunltles to Invest In and update th8 8p8cSfitlon of our buslne88 unlts wlthln Bluestone Bu8lne88 Park l and 11. Updatlng andl Improvlng the facllltles In our Bu8lnes8 Park's Is necessary to ensure hlgh leve18 of demand and occupancy are malntalned; and that quallty work8pac• Ss avallable to a$sSst local peoplelentrepreneurs to develop Ihelr commorclal project8, whlch In turn, contrlbute8 to the flnanclal well-belng of the Brownlow ar8a and Its envlrons. We wlll contlnue to be a local ba818 for addltlonal Investment by buslneJ808 and employment and tralnlng opportunltle8 Moro gon•rally we wlll b• worklng to malntsln tho ut11184tlon and occupancy of our hlghquallty fft for purpo80 work•pac• . from whero p•opl• - from all background• rngardlug of age. gonder. rnco or polltlcal oplnlon can 08tabll•h, operate from and d•v•lop Gommorclal •ntorprf8w4 whlch wlll g•nerato Important local woalth for the Brownlow communlty. We wlll contlnue to offer opportunllle•, busln088 Infomiatlon. 81gnpo8tlng. mentorlng and Support for potentlal and exl•tlng own•r manag•rn and bu•lnM808 to avall of quallty workspace and Infra8tru¢ture In tho Brownlow area of Cralgavoni provldlng Important b8n•llts to tho bu8lne88 communlty In th• 8horL modlum and long tsmi. Wo romaln ambltlous for tho futur• and rogard our curr•nt P08ft1on •• q8tlll) a Ork In progro8•'. 19
Brownlow Llmitod Company Llmltod by Guarant•0 Trustse8' Annual Roport (Incorporatlng tho Dlrnctorf8 R•port) (conUnu•d) Yoar onded 31 Docembor 2023 Tru•to0•' r¢•pon•lbllttle8 •taloment The tru8tees, who are also directors for the purpose8 of company law, are responslble lor praparfng the tru8tses' report and the finandal Statements In accordance wlth appllcable law and Unlted Klngdom Accoundng Starrtlards (Unlt8d Klngdom Generally Awtsd Accounting Pradce). Company law require8 the charlty trustees to prepare finandal statements for each year whlch give true and falr vtew of the state of affairs of the charltable company and the Incomlng resourc88 and appllcatlon of resources, Induding the income and expenditure, for that perbC*d. In preparing th888 financlal 81atam8nts, tho tru8teo3 are r8qulr8d to: 8oloct 8ullable accountlng poll3 and thén apply them con85stlly. ob88rve th8 méthods and pdndp188 In the appllcablo Charttkn SORP; make Judgments and aCcntIng 8811mate8 that are r•a8onable and prudent 8tste whether appllcable UK Accountlng Standard8 ha boen followed, subject to any materfal departures d18cIo8ed and •xplaln•d In the financlal statsmonts., prepare the flnandal 8tatem•nts on tho golng COr•M ba818 unlou It18 Inapproprfate to pre8ume that the charlty wlll conlnue In bu81ne88. The tru8te88 are re8ponslble for keepfng adequate accountlng records that arn 8ufflcl8nt to 8how and explaln the charlty8 tran8athn8 and di8close wlth reasonable accuracy at any tlme the Ilnanclal P081tlon of ¢harlty and enable th•m to ensure that the financlal 8tat•m•nts compty wlth th8 Companles Act 2006. They are a180 rospon8ibla for 8afeguardlng the a888ts of the ¢hartty and hencé for taklng rea8anabl8 8teps for the preventlon and detectlon ol fraud and othgr Irregularttles. AudEtor Each of the person8 who18 8 tru8tee at the date of approval of th18 report conllm18 that 80 far as they are aware, ther8 18 no relevant audlt Infomiatton of whlch the charfty'8 audltor18 unaware., and they hav• taken all 8tep3 that they ought to have taken as a trustee to make themselves aware of any relevant audtt InfomOn and to e8tabli8h that th• charws audltor 18 awarn of that Infomialon. The auditor18 de•med to have boen reappolnted Sn accordance wlth Seckn 487 of th8 Compan188 Act 2008. Thls report has been prepared In accordance wlth the Speclal provlslons of Part 15 of the CompanSes Act 2006 relatlng to 8mall companles. The trustees, annual report and the 8trat•glc r•port werg approved on 28 September 2024 and slgned on behalf of the board of trustees by: Ms Dlan Heaney Trust Mr Peter Kioly Charlty Secretary 20