COMPANY REGISTRATION NUMBER: N123271 CHARITY REGISTRATION NUMBER: XR38654 Brownlow Limited Company Limited by Guarantee Financial Statements 31 December 2024 HENRY MURRAY & COMPANY LTD. Chartered Accountants & Statutory Auditor 23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY Brownlow Limited Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees. annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 19 24 Statement of financial position 25 Statement of cash flows 26 Notes to the financial statements 27 The following pages do not form part of the financial statements Detailed statement of financial activities 36 Notes to the detailed statement of financial activities 37 Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (Continued) Year ended 31 December 2024 Achievements and perforniance (¢on(inuedJ Reference and administrative details Registered charity name Brownlow Limited Charity reglstration number XR38654 Company registration number N123271 Principal office and registered 1 Bluestone Business Park office Moyraverty West Road Craigavon BT65 SHU The trustees Ms Dian Heaney MBE 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 20241 Company secretary Mr Peter Kiely Auditor Henry Murray & Company Ltd. Chartered Accountants & Statutory Auditor 23 Church Pla￿, Lurgan, Co. Armagh. N. Ireland BT66 6EY Bankers Santander Bootle Liverpool L30 4GB Solicitors JPH Law Montrose House, 17119 Church Street. Portadown. Co. Armagh. Edwards and Company 28 Hill Street Belfast BT12LA Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 December 2024 Achievements and perfomiance (continued) 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 De￿mber 2024. Introduetory comment by the Chairperson Brownlow Limited's most recent completed financial year, 2024, has been another challenging, but hopefully productive year for our clients as they have continued to develop their commercial projects. There have been, of course, at a macro level international economic uncertainties and developments as well as operational obstacles associated with our client's efforts to grow their businesses. These uncertainties and challenges, obviously impact on Brownlow Limited as a trading social enterpnse. Our clients continue to face an uncertain {business) environment. Being informed, and staying proactive will remain important to assist in overcoming challenges and exploiting opportunities for future development and growth. Brownlow Limited remains an important supporter and encourager of our client's commercial efforts as well as an 'anchor' organisation committed to the improvement of the Brownlow area and has continued to invest and assist in the continuing regenerats'on of Brownlow. Brownlow Limited has a strong track record of promoting and assisting local entrepreneurs through its business menloring, enterprise support initiatives as well as the workspace located in our Bluestone Business Parks. Our lands and facilities provide us with development opportunities to continue to build on our 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 opportunities in the local economy. Brownlow Limited has through its efft)rts to 'build businesses. and increase economic activity in the Brownlow area, nurtured, encouraged and grown many diverse commercial projects, across all business sectors,. demonstrating the tremendous value for money and financial dividend to the wider local economy, that both has and will be generated from Brownlow Limited's continuing partnership with local and regional government departments. Brownlow Limited also has an excellent and proven track record of working successftjlly with all govemment Departments - both local and regional; and remains committed to work with them in the future. There rernains a continuing need for, and as well as value to, our provision of business support and mentoring strategies. l arn pleased to report that, occupancy, during 2024, across all our properties remained excellent and in high demand- which confirms both the quality and attractiveness of our facilities and business location. Brownlow Limited remains committed to tts core objectives and to improving conditions and opportunities for the benefit of the inhabitants of the Brownlow area of Craigavon and its environs. Additionally, we remain committed to maintaining the highest standards of 'governance' in relation to our social enterprise. We continued to avail of specialist guidance for the DirectOrs￿rUStees and staff, as appropriate, during 2024. Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2024 Achievements and performance (continued) The detail of the following report will provide infonnation of the ongoing job creation perfomiance figures achieved by the commercial projects operating from property and business units owned or managed by Brownlow Limited which endorses the vision and aspirations of all the stakeholders who have given support and encouragement to us throughout the 35 plus years since our creation. Working through our staff. we seek to ensure that our workspace remains attractive with flexible arrangements and discounting, especially in the early critical stages when enlrepreneurs require support and assistance.. as well as the potential for access to extended periods of credit during challenging trading periods, in order 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 (commerciall wealth. It needs to be recognised that Brownlow Limited's infrastructure contributes a critical piece in the jigsaw of the health and economic wellbeing of the Brownlow area of Craigavon. Equally important is the ongoing sympathetic mentoring and hard work by Brownlow Limiled's staff who work to support and encourage the promoters of new commercial projects and assisting with their hopes and business development plans for the future. Brownlow Limited remain committed to promoting (local) entrepreneurs. We will also continue to argue that a thriving dynamic economy can contribute positively to assist in addressing our societal challenges 2nd difficulties. Further, we will continue to make the case that creative entrepreneurial individuals and groups will, with the right support. work to explore opportunities. 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 risk investment must continue. Calculated risk taking maybe appropriate in particular circumstances. Conlinuing 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. 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 flexibility and commitment to the Brownlow Limited project. 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 Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (eontlnued) Year ended 31 December 2024 Achievements and performance (continued) Structure, governance and management Governing Document The company is limited by guarantee and governed by its Trust Deed and Memorandum and Articles of Association. It is recognised as a charity by HM Revenue & Customs and the Charity Commission for Northern 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 seNing first. All members are circulated, prior to the AGM. informing them of vacancies and the responsibilities of a member and inviting them to make nominations on the appropriate fomi. The directors operated under the chaimanship of Ms D Heaney MBE during 2024. Induction and TrainTng of Directors All directors both new and existing are encouraged to undergo training and keep under review opportunities for further Iraining and development every year. All new directors receive an Induction Pack. Further guidance. as appropriate, was received from Edwards & Co. Solicitors during 2024. Organisation The board continued to maintain contact regularly and meet, during 2024, covering the operations of the company and matters of corporate strategy. The company pursuant to the corporate strategy receives reports on current operations at each board meeting. Mr A Ballentine, appointed Chief Executive by the directors manages the day-to-day operations of the charity. The directors maintain regular contact with the Chief Executive (both formally and informally) bel￿een Board meetings. An AGM, took place during June 2024. 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 activity. for the benefit of the inhabitants of the Brownlow area of Craigavon and its environs. Our Purposes & Public Benefit 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 benefit 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 fiL the relief of unemployment in such ways as may be thought fit, including assistance to find employment; the advancemenl of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience., the provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2024 Achievements and performance {¢onlinued) financial or other charitable need through help: (a) in setting up their own business. or (b) to existing businesses- the creation of training and employment opportunities by the provision of workspace, buildings andlor land for use on f2vourable terms. vi. the protection or conservation of the environment The benefits that fFow from the first part of the purposes of Brownlow Limited include promoling economic regeneration and community development in the Brownlow area and its environs by contributing to physical, social and economic improvements. The benefits identified for purpose(i) include work being carrsed on in the defined area of benefit to combat I reduce economic and social deprivation with a view to improving the conditions of the Brownlow area and its environs ft)r its 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 investigate, explore and pursue the self-employment option. The benefits identified for purpose (iv) include the encouragement and development of entrepreneurship by the provision of free advice, information and signposting to other sources of help. The benefits identified for purpose (v) include facilitating the developrnent and access, by local people to 'fit for purpose. modern infrastructure in a community owned asset, speGifically property ownedlmanaged by Brownlow Limited. The benefits identified for purpose (vi) 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 Trustees) reports and surveys detailing occupancy levels, land regenerated and workspace 'created', numbers of businesses in property owned andlor managed by Brownlow Limited together with employment opportunities generated within them. The public benefit is also evidenced by members of the public including potential and existing tenants accessing free or at subsidised cost advice, assistance and support. There is no harm flowing from any of the purposes of Brownlow Limited. The intended beneficiaries are the inhabitants of the Brownlow area of Craigavon and its environs. All private benefit Is Incidental and necessary to the Company in (Jelivering its purposes. For example, employees receive a wage and also staff may enhance their employment prospects because of the experience they gain. Also, some private benefit is obtained by the owners of businesses who rent units on favourable terms. Board memberS￿rUsteeS are reimbursed for any incidental and necessary expenses they incur when Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) fconllnued) Year ended 31 December 2024 Achievements and perfomiance (continued) 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 outweighed by the gains in public benefit provided to our beneficiaries. WÈ do not fund our activities through donations or receive 'gifts rather we continue to generate funds from our commercial operations and channel those funds for our charitable purposes. All of the directors are voluntary and receive no fees. Strategic report The following sections for achievements and performance and financial review fo￿ the strategic report of the charity. Achlevements and performance Review of Activities 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 registration wth the Charity Commission Northern Ireland on 22 August 2014. In setting our objectives and planning our activities for the year the trustees have given consideration to the Charity Commission for Northem Ireland's guidance on public benefit to ensure that the activities have helped the charity's purposes and provide a benefit to the beneficiaries. The main activities of the company remain unchanged from last year, and are principally: Enterprise development including mentoring and small business initiative5 Workspace provision and property management Community development Infrastructure improvement in previous years Biovffllow Lifftited has engaged in the delivery of a number of business development programmes and initiatives. Enterprise Development Prograrnmes. Inltlatlves & Property Brownlow Limited has during 2024 continued to endeavour to encourage and allow local residents, employees and owner managers to efficiently access up to date information and guidance on any aspect of starting up or developing a business. Brownlow Limited with a view to furthering its purposes and aims has been providing practical advice, ongoing mentoring and support to potential and existing entrepreneurs - at no fee in the Brownlow area of Craigavon. We have also offered and provided guidance and hands on support to entrepreneurs operating in our units - seeking to enhance their business performan￿ - 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 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (contlnued) Year ended 31 December 2024 Achievements and perforniance (conlinvedj rooms, which we continue to maintain and update. These facilities allow Brownlow Limited to= Continue to work in partnership (when possible or appropnatel with organisations such as SRC and the Brownlow Community Improve the research resources and facilities available to existing clients I tenants (and their employ@es) wishing to undertake business and enterprise development research; Increase research facilities for local residents who wish to investigate, explore and pursue the self*mployment option. Brownlow Limited's office(s)Itraining facilities and IT suite helps to-. Enhanced research and training facilities for tenants l owner managers who wish to provide on-site development and training for employees: Facilitate presentations and development training for the benefit of local businesses and residentslcommunity groups For 2024 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 pattern) mostly single users or small groups. Brownlow Limited Trustees and members (for meetings); assorted usage pattem. Also there have been assorted groupings of users who have accessed the facilities on a regular andlor ad hoc basis during the year, including.. Brownlow Brush Art Group (half day weekly at particular parts of the year) Brownlow Neighbourhood Renewal Group as and when required Please note that the above facllltles were supplled free or on a (highly} 5ub5idised ba515. In summary this part of our work has and will continue to improve training resources in a business setting, aiding business related research and enterprise support services within the Brownlow area of Craigavon. Brownlow Limited worked and malntalned linkages, as appropriate. with ArTnagh Cily. Banbtidge and Craigavon Borough Council and in partnership with the other enterprise agencies (Armagh Business Centre, Banbridge District Enterprises, CIDO and Mayfair Business 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 developmenl, to avail of information, advi￿ and guidance to assist the creation and development of businesses. Brownlow Limited engaged in a number of specific business support initiatives. The business operations carried on by tenants at the Business Pafks and property managed by Brownlow Limited are varied and include manufacturing, retail, web based, pharmaceutical, and service sectors. There were at the end of the financial year (December 2024) 26 businesses with 125 full time and part-time- persons employed by and as a result of our tenant's commercial activities, operating from Bluestone l. 11 and Moyraverty Centre units, which are all controlled and managed by Brownlow Limited. Numbers employed directly and indirectly by our clients in pursuit of their commercial operations represent a significant total number, in the context of the Brownlow area. There were also unwaged I voluntary personnel involved in some of our tenantslclients activities and projects. At the end of the year {3111212024) within Bluestone I, approximately 28 % of workspace was Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2024 Achievements and perforniance (continued) occupied by businesses engaged in food manufacturing andlor food wholesaling. Brownlow Limited remains of the opinion that there is significant value adding and weallh creating activity generated by, and potential, with businesses operating in this area. The trustees I directors are pleased to report that our total property base has again performed well over the last year with high average occupancy within Bluestone 1, 81ueslone 11, our facililies in Legahory and the Moyraverty Centre At the end of the year (Dec 2024) Bluestone Business Park I, Phase I, was 100tskn occupied,. Phase11 of Bluestone Business Park I was 100 % occupied and overall occupancy in Phase111 was 750/0. All the units in Bluestone 11 (where Rrownlnw l imitpd's larger units are located) 2s well as thè units managed by Brownlow Limited located in the Moyraverty Centre were also 1000/0 orxupied at the end of the year. Not including our facility located in Legahory, the total workspace occupied, at the end of the year (31112120241 totalled 48.500 sq ft of workspace This continues to represent a very positive position ancl trend over recent years. Over the last year there has been some client turnover. with businesses relocating into larger premises within the business parks as part of their expansion plans, while others were affected by the wider economic climate and changing circumstances. However there have been additional new businesses established and developed in our units; providing opportunities for local people to live and work in the Brownlow area. We have actively assisted all of these clients to develop and implement growth and expansion plans; as well as others to navigate challenging trading and economic conditions Brownlow Limited in furthering its purposes and aims has been providing business premises at more affordablelhighly discounted rates in the start-up phase and further flexible arrangements taking account of their circumstances and financial resources. During 2024. Brownlow Limited invested in new and expanding businesses in the business parks, by discounting infrastructure to the value of approximately £8.399.15. This figure does not include the fact that Brownlow Limited does not levy our tenants any lease admlnistration fees. Nor does it include any bad debt written off or interest - which was not charged on late payments for debt owed. This contribution to the businesses represents a significant 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 businesses, which operate from our business parks but also benefit local residents and other stakeholders including housing developers, local and central government etc. Employers, employees and visitors to the Bluestone Business Parks now business parks of significant proportions. as well as being able to benefit from modern and visually pleasing facilities that are available to the locally evolving and expanding business and the expanding community in the Brownlow area. 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-term in fact over the total life of the building5- which delivers a dividend, in terms of new businesses and employment opportunities nurtured and encouraged (in the workspace created and provided) every year over the unit's total service life. The commercial projects which have been stimulated and supported continue to deliver a return to the Brownlow Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 Achievements and perfomiance (¢ontinuedJ economy even after a business leaves our business park. We count amongst our greatest successes those businesses, which we have previously supported. then outgrow our enterprise units, and have to relocate elsewhere. The point being that there is significant value adding benefit to the local and wider economy, because 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 2024, adds to Brownlow Limited's established track record of successfully delivering a range of small business programmes, encouraging entrepreneurship, assisting business start-up rates, maintaining 1 improving business activity levels and encouraging community and small business interaction. During 2024, Brownlow Limited continued to invest in. and raise the specification, of our units. We have also continued to care for and maintain. and upgrdde as appropriate. the substantial assets- built and environmental - under our management. Taking account of the number and range of business units (with drffering specifications) and age of {the> units. under our management, Brownlow Limited's repairs. maintenance costs and reinstatement budget has increased. 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 Centrel 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. Brownlow Limited has supported Armagh City Banbridge & Craigavon Borough Council by providing a 1,000 sq ft unit free of charge, for an extended period of time during 2024, to assist the delivery of a Poverty & Social Inclusion, Community Development Programme. This particular programme facilitated the effective distribution of much needed support to the most deserving residents across the Borough. Brownlow Limited's used capacity to facilitate short tenn studenvemployment work placements when appropriate. The DirectOrs￿rUstees, during 2024, engaged with professional legal experts, to continue to maintain the highest standards of governance. receiving advice and further training for directors and staff as appropriate. Overview Brownlow Limited is a successful local communty and economic development company. which has been working over a considerable number of years to generate and improve business activity levels in the Brownlow area of Craigavon. Brownlow Limited continues to fulfill its key objectives Our work of supporting the local development of an enterprise culture - via among other things Brownlow Limited Company Limited by Guarantse Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 31 December 2024 Achievements and perfomiance (eontlnued) informatlon, advicelmentoring, signposting, networking, access to quality infrastructure and credit (at no charge) the results of which can be seen within our Business Parks demonstrates the potential and success of local people taking an active role in the development of their local economy. Brownlow Limiled continued to help establish new businesses and enhance the capability of existing businesses by offering a range of enterprise and business support activities for the benefit of enterprise development within the Brownlow area. General occupancy levels have continued to remain high, principally, through our efforts to encourage and facilitate business growth and expansion plans. The overall pattem, during 2024, remains one of low client tumover and the consolidation and continuing growth of the business operations of some of our clients. Some clients have grown substantially. following their initial establishment and development from within the Bluestone Business Park. Brownlow Limited's infrastructure and support services and facilities were of critical benefit to nurturing and encouraging the creation of significant employment and training opportunities 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 2024. helped local people l owner-managers achieve their commercial ambitions and acted as a catalyst to trigger private investment and encourage businesses to scale up their capabilities and aspirations. A survey was undertaken based on the previous twelve months (from December 2024) trading period, which indicated that, despite the challenging circumstances, the combined financial turnover of all businesses in the Bluestone Business Parks was circa £14 million. Thls represents a very impressive 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 clients as w911 as Brownlow Limited in this p3rt of the Borough. It is, therefore, appropriate to commend all our clients, for their contlnulng entrepreneurial efforts as they manage their commercial 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 initiatives. resources and endeavours have supported local job creation, access to 'fit for purpose, infrastructure and credit as well as community interaction and engagement. We continue to successfully bring increased economic activity to an area historically acknowledged to have significant relative levels of deprivation and disadvantage. Although we are reviewing 2024. there is merit in recognising achievements and progress made as we produce this report in September 2025. 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 facilities. Arising from consultation work with our retained architects (over an extended time period) and various associated specialists, and following intemal consideration of a range of options and possibilities for further phases of development within the Bluestone Business Parks. a planning application, was submitted to Armagh City Banbridge & Craigavon Borough Council (Planning Department) during the Autumn of 2024, to progress plans for a Phase 4. comprised of specialist incubator units within 10 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontinued) Year ended 31 December 2024 Achievements and performance (continuedj Bluestone Business Park l. Important work has continued to be undertaken to take fO￿ard this essential and exciting project. Brownlow Limited have, during 2024. as in previous years, had to undertake sympathetic business mentoring and support in order to maintain small businesses activity levels in the Brownlow area. Brownlow 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 access. Occupancy levels across all the existing property managed by Brownlow Limited remains high, despite 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 activity levels and facilitating community and business interaction amongst and bel￿een a wide range of groupings living and working locally. We believe our work conlinues to offer incentives and provide opportunities for people to start up and grow their businesses in Brownlow. We continue to be cautious and prudent going fotward and to be sensitive to the economic ftuctuations 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 survivabilrty of Brownlow Limited. as a community and economic regeneration organisation, continues to be secured through the rental income received. 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 both the medium and long term sustainability of Brownlow Limited, to deal with necessary expenditure. including reinstatement (of critical infrastructure) as appropriate. Community pride in the Brownlow area as well as confidence in the future has and continues to be enhanced by all of the above. This serves to encourage investment and development in the business park and the Brownlow area. Community Linkages We continue to build our relationship wth local resident groups, who use our facilities. Brownlow Limited have also continued to evolve and manage its ongoing relationships with local educational establishments, NIHE, local enterprise agencies across the Borough, relevant Government Departments, the tocal Amiagh City, Banbridge & Craigavon Borough Council and elected representatives across the complete political spectrum. Brownlow Limited's success is, over the past 35 years. is in no small part due to the cooperation of, and partnerships with, statutory bodies, funding bodies, political representatives, the private sector and the Brownlow Community. Additionally, our position and success would not have been achieved without the dedication and hard work of the Board and staff. Summary In summary this report has detsiled and explained the main activities undertaken by our charity to further its charitable purposes for the public benefit and the main achievements - and the resulting 11 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (continued) Year ended 31 December 2024 Achievements and performance (continued) benefits- of the charity during the year. In particular: Regeneration in the Brownlow area and its environs We have acted as a local catalyst to facilitate and encourage. particulady in the land and property owned andlor managed by Brownlow Limited, increased public. community and private investment. reduced the amount of dereliction and improved- the landscape by the provision of modern workspace, access to 'fit for purpose, small business infrastructure, access to (financial) credit to potential and existing entrepreneurs, local job creation through the occupation of our enterprise units. increased local employment opportunities. Also, benefits have included the development of a more vibrant private sector in the Brownlow area and its anvirons by Brownlow Limited's work of increasing the numbers of locally owned and operated businesses. Local people 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), improving small business activity levels as well as the creation of small busine33 interaction andlor contact opportunitics 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 necessary infrastructure to support 'start up, and 'growth' stsges 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 educab.onal establishments, relevant Government Departments. local Councils. and elected representatives across the political spectrum. Owner manager and commurTity pride in the Brownlow area, speCif￿allY in property ownedland or managed by Brownlow Limited as well as confidence in the future, as evidenced by the occupation of units has been - and will be - enhanced by our work Relief of Poverty In addition to acting as a local catalyst 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 turnover of tenants., and salaries locally earned through the employment opportunib'es created are able to be spent locally. Benefits a150 included the creation and inciease of employment opporiunities locally than otherwise would be the case. Benefils have also included the local facility 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's work through the benefit of increasing the numbers of locally owned and operated businesses. Local people have been able to benefit from the option of both living and securing employment in the area. Benefits have also included the local provision of 'fit for purpose, workspace units to individuals at favourable rates and flexible arrangements, especially in the start-up phase. taking particular account of their circumstances and financial resources. Benefits have also included the discounting or relief of rental debt. relating to business accommodation in the Bluestone Business Park. Relief of unemployment LoG21 potential and existing entrepreneurs, including the unemployed, have benefited from assistance to explore the self-employment option. Also, from the availability of initial and ongoing mentoring, signposting and support. helping to improve small business activlty 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 Llmited. There has been the encouragement of a culture of 12 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 December 2024 Achievements and performance (continued) entrepreneurship, in Ihe Brownlow area and its environs. by providing local role models of people setting up and operating their own businesses. Our work has generated incentives and employment 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. Tho advancÈment of education, training or retraining 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 5UPPOrt 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-employment option. We havc improved the local availability of research resourc8s and facilities available to clientsltenants (and their employees) wishing to undertake business and enterprise development research; There are improved employment prospects and opportunities for people (to avail of Job vacancies) who have successfully availed of mentoringldevelopment delivered, in the IT Suiteloffices of Brownlow Limited, Employment opportunities have been created for people, who having SUCGes5fully completed enterprise and entrepreneurial development and rcsearch, decide to pursue the self-employment option; Work experience placement opportunities for unemployed people have been created both directly by Brownlow Limited or facilitated by our clients The provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in eases of financial or other charitable need through help: (i) in setting up their own business, or lil) to existing businesses Brownlow Limited has worked to encourage and develop entrepreneurship by the provision of free advice, information and signposting to other sources of help, empathetic (business) mentoring, guidance and support, as well as access to (financial) credit facilities through the infrastructure and business acGommodation provided to potential and existing entrepreneurs 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. Entrepreneurs benef5t from the financial assistance though the provision and 2ccess to 'credif and discounting of premises. especially in the early period to new andlor existing businesses in the Brownlow area as they 5eeK lo evolve their enteipribes. 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 clients - utilising these facilities facilitates the successful delivery ol 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 opportunity to learn practical and technical business skills, recognise entrepreneurial talent, increase the number of self£mployment and employment opportunities. Also allowing participants. the necessary infrastructure and resources to gain qualifications. receive guidance and support from industry mentors The creation of training and employment opportunities by the provlslon of workspace, buildings andlor land for use on favourable temis. Brownlow Limited's initiatives, resources and endeavours facilitate the development and access, by local people to 'fit for purpose. modern infrastructure in a community owned asset, speclflcally property ownedlmanaged by Brownlow Limited. Our work has benefited the potential entrepreneur, by offering incentives and encouragement for people to start up andlor grow their businesses in the Brownlow area and its environs thereby creating employment opportunities; as well as assisting the potential creation of further employment opportunities in these enterprises. Brownlow Lirnited's work has facilitated the local provision of and access to credit facilities through the infrastructure and business accommodation provided to potential and existing entrepreneurs as they seek to esiablish, operate or develop their businesses locally. Brownlow Limited's work has facilitated access to local 'fit for purpose, business premises especially in the start-up phase, taking account of individual circumstances and financial resources. 13 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {contlnued) Year ended 31 December 2024 Achievements and performance (continuedj The protection or conservation of the environment Brownlow Limited has promoted sustainable means of achieving economic growth and regeneration by the development of infrastructure, in property owned 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 term Algo, the Brownlow area has benefited from the improvements and maintenance of local landscapes. previously neglected and spoiled by derelict housing and development. The long-term sustainability and viability of the Brownlow Limited (project) has been secured by the rental income received and careful management of its community owned and managed resources. Financial review Financial Performance The company made a surplus of £102,187 {2023 £104,212) before deducting depreciation of £2,592 (2023 £3,167), and before adding an unrealised gain on the valuation of investment propety of £1.454,000. The resulting retained surplus for the year totalled £1,553595 {2023 £101,045)- The company had net assets of £5,978.625 (2023 £4,425,030) as at 31st December 2024. Property Management August 2025 (Actual) 3111212024 3111212023 Property Occupancy Levels. Bluestone Business Park l (Phase 1) 100% 100° 94° Bluestone Business Park 1 {Phase 2) 100Yo 1000 89010 Bluestone Business Park 1 {Phase 3) 75% 750h 1000 Bluestone Business Park11 100% 1000 100¥0 Moyravety Centre Units 1000 1000 Based on units occupied as a percentage of total units available. "Does not include our facility at Legahory. which was fully occupied throughout the year. The directors are pleased to report that our property base has performed well over the last year. These figures and perf0mlan￿ are the result of our endeavours to encourage small business development locally. 14 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2024 Financial review (contlnuedj Environment Brownlow Limited takes serious its 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 Limited has put in place. following a review, a comprehensive Tange of Company policies and procedures for all slaff. 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 appropriatp to their positions. Risks Our performance is affected by general economic conditions and Govemment policies in relation to the funding of local economic programmes. Brownlow Limited and its Directors l Trustees are satisfied that systems and procedures are in place to mitigate our exposure to the major risks to ensure the future sustainability of our company. Financial Risk 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 performance 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 company's Chief Executive. Credit Risk The company has policies that require appropriate credit check5 on potential clients before accounts are openp.d ThÈ amount of exposure to the individual clients is regularly reviewed by the board. Liquidity Risk 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 2024 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 meetings. The company has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the company, and is satisfied that systems are in place to mitigate any exposure to the major risks. Reserves Pollcy Brownlow Limited's policy is to create and retain dedicated reserves in keeping with 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 medium and long-term planning including provision for reinstatement and the company's responsibilities. Plans for future periods The Trustees remain committed to driving the Company forward. 15 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 December 2024 Financial review feonlinued) We will continue work to maintain our relationships with educational establishments. govemment departments, Armagh 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 with the Council and thÈ 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-tem tenure of parcels of land upon which workspace and facilities have been developed by Brownlow Limited. We will continue to take forward our planned further phase of development within the Bluestone Business Parks l. 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 will 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 necessary to ensure high levels of demand and occupancy are maintained,. and that quality workspace is available to assist local peoplelentrepreneurs to develop their commercial projects, which in tum, contributes to the financial well-being of the Brownlow area and its environs. We will continue to be a local basis for additional investment by businesses and employment and training opportunities More generally we will be working to maintain the utilisation and occupancy levels of our high-quality fit for purpose workspace - from where people - from all backgrounds regardless of age, gender, race or political opinion can establish, operate from and develop commercial enterprises which will generate important local wealth for the Brownlow community. We will continue to offer opportunities, business Information. 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 important benefits to the business community in the short, medium and long terni. We remaln ambltious for the future and regard our current position as (still) a 'work in progress.. 16 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) f¢ontlnu8dJ Year ended 31 December 2024 Trustees. responsibilities Statement The trustees. who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, 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 Charities SORP- make judgments and accounting estimates that are reasonable and prudenL state whether applicable U K Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the 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 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aware, there is no relevant audrt information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit informats-on and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been reappointed in accordan￿ 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 smal5 companies. 17 Brownlow Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 December 2024 The trustees, annual report and the strategic report were approved on 29 September 2025 and signed on behalf of the board of trustees by: n Heaney MB Trustee Mr Peter Kiely Charity Secretary 18 Brownlow Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Brownlow Limited Year ended 31 December 2024 Opinion We have audited the financial staternents of Brownlow Limited (the 'charity') for the year ended 31 December2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement 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 Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rolating to golng eoncem In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve Months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 19 Brownlow Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Brownlow Limited fcontlnuedj Year ended 31 December 2024 Other information The other infomiation comprises the information included in the annual report, other than the financial statements and our auditor's 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 form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If. based on the work we have performed, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regaid. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit the information 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 knowledge and understsnding of the charity and its environment obtained 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 relation to which the Companies Act 2006 and the Charities Act (Northern Ireland) 2008 requires us to report to you if, in our opinion.. adequate accounting records have not been kepc or returns adequate for our audit have not been received from branches not visited by us- or the financial statements a￿ not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. 20 Brownlow Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Brownlow Limited (conllnued) Year ended 31 December 2024 Responsibilities 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non4ompliance with laws and regulations. We design procedures in line with 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 identified areas of laws and regulats.ons that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance. Specific areas considered were as follows.. Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error. Evaluating and understanding the intemal control system. Perfomiing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear. Testing documentation supporting account balan￿S or classes of transactions. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected all irregularities including those leading to material misstatements in the financial ststements 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 will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentakn'on. A further description of our responsibilities is available on the Financial Reporting Council's website at w.frG.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 21 Brownlow Limited Company Limitsd by Guarantee Independent Auditor's Report to the Members of Brownlow Limited (continuedj Year ended 31 December 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and rnaintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfom audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material 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 understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivene3s of the internal control. Evaluate the appropriatenes5 of accounkn'ng 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 concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubt on the chartty's ability to continue as a going oncern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentats'on, structure and content of the financial statements, including the dlsclosures, and whether the finanGial sialements represent the underlying transaGtions and events in a manner that achieves fair p￿sentatiOn. 22 Brownlow Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Brownlow Limited (contlnued) Year ended 31 December 2024 We communicate with those charged wth governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 (Northern 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for thi5 report, or for the opinions we have fomied. James Casey {Senior Statutory Auditor) For and on behalf of Henry Murray & Company Ltd. Chartered Accountants & Slatutory Auditor 23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY 29 September 2025 23 Brownlow Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Incorne and endowments Charitable activities Investment Income Other income 349,964 17.606 1,243 349,964 17,606 1,243 368,813 369,267 4,961 572 Total income 368.813 374,800 Expenditure Expenditure on charitable activities Total expenditure 269,218 269,218 273,755 269,218 269.218 273,755 Net gains on investments 12 1.454.000 1.454.000 Net income 1.553,595 1.553.595 101,045 Transfers be￿een funds 43.347 (43.347) Net movement in funds 1,596,942 (43.347) 1,553.595 101,045 Reconciliation of funds Total funds brought forward Total funds carried forward 2,914.988 1,510,042 4,425,030 4,323,985 4,511.930 1.466.695 5,978,625 4,425,030 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 27 to 34 forni part of these financial statements. 24- Brownlow Limited Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Flxed assets Tangible fixed assets 17 4.974,090 3,512.086 Current assets Debtors Cash at bank and in hand 18 44,949 1.015.083 62,728 913.455 1,060,032 976.183 Creditors: amounts falling due within one year Net current assets 19 48,120 53,180 1.011,912 023,003 Total assets less current liabilitles 5,986,002 4,435,089 Creditor5: amounts falling due after more than one year 20 7,377 10,059 4.425,030 Net assets 5.978,625 Funds of the charity Restricted funds Unrestricted funds 1,466.695 4,511,930 1,510.042 2,914,988 Total charity funds 21 5,978.625 4,425.030 These finanGial statements were approved by the board of trustees and authorised for issue on 29 September 2025, and are signed on behalf of the board by: MSDI n Heaney MBE Trustee The notes on pages 27 to 34 fom) part of these financial statements. 25 Brownlow Limited Cornpany Limited by Guarantee Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating activities Net income 1,553,595 101.045 Adjustments for.. Depreciation of tangible fixed assets Net gains on investments Other interest receivable and similar income Interest payable and similar charges Accrued income 2.591 (1.454,0001 (17,606) 945 (3,937) 3,168 {4,961) 89 (13,162) Changes in.. Trade and other debtors Trade and other creditors 17,779 (3.805) 95.562 {20,181) 6,290 Cash generated from operations 72,288 Interest paid Interest received (945} 17.606 (89) 4,961 Net cash from operating activities 112,223 77,160 Cash flows from investing activitles Purchase of tangible assets 110,595) {350) Nel cash used in investing activities (10,595) (350) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 101,628 913,455 1.015,083 76,810 836,645 913,455 The notes on pages 27 to 34 forni part of these financial statements. 26 Brownlow Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General infomiation The charity is a private company limited by guarantee. registered in Northem Ireland and a registered charity in Northem Ireland. The address of the registered office is 1 Bluestone Business Park, Moyraverty West Road, Craigavon, BT65 SHU. Statement of compliance These financial statements 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 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FR8 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, The Charities Act (Northern Ireland) 2008 and Accounting and Reporting by Charities" Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepublFC of Ireland published in October 2019 and the Companies Act 2006. Going concern Given the strong liquidity position of the charity. the directors are satisfied Ihat there are no material uncertainties about the charity's ability to continue as a going concern for the foreseeable future. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expeclations of future events that are believed to be reasonable under the Circumstan￿5. Fund accounting 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 discrets-on of the trustees to further any of the charity's purposes.ln addition to expenditure on projects and other activities, such funds may be held in order to finance capital investment and working capital. Restricted funds are subjected to restrictions on their expenditure declared by the donor or througn the terms of an appeal. and fall into one of two sub-classes: restricted income funds or endowment funds. 27 Brownlow Limited Company Limited by Guarantee Notes to the Financial Ststements (continuedl Year ended 31 December 2024 Accounting policies (continued) Incoming resources All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policie5 are applied to particular categories of income" income from donations or grants is recognised when there is evidence of entillement to the gift, receipt is probable and its amount can be measured reliably. income from contracts for the supply of services is recognised with the delivery of the contracled service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restrictcd. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activitie5 to which it relates.. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. Investment property Investment properties a￿ measured at fair value at each ￿porting date with changes in fair value recognised in 'n@t g2insl(losses) on investments, in the SOFA. Tangible assets Tangible fixed assets are stated at cost or valuation less accumulated depreciation. The cost of tangible fixed assets is their purchase costs. together with any incidental costs of acquisition. Depreciation Deprecialion is calculated so as to V￿lte off the cost or valuation of an asset. less its residual value. over the useful economic life of that asset as follows". Fixtures and Fittings offi￿ Equipment 200/0 reducing balan 200/0 reducing balance Impairnient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Z8 Brownlow Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 December 2024 Accounting policies (¢ontinugdJ Impaimient of fixed assets (continued) For the purposes of impaimient testing, when it is not possible to estimate the recoverable amount of an individLral asset, an estimate is made of the recoverable amount of the cash-generating unil 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 impairrnent testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instruments A financial asset or a financial liability is recognised only when the Èntity 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 received and not discounted. Penslon costs The company operates a defined contribution pension scheme for the benefit of its permanent staff. The assets of the scheme are adrninistered by an Insuran￿ 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. Limited by guarantee Brownlow Limited is a company limited by guarantee. The liability of its members is limited to an amount not exceeding £1. Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rental Income 349.964 349,964 369,267 369,267 29 Brownlow Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 December 2024 Investment income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 17,606 17,606 4,961 4,961 Other Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sundry Income 1.243 1,243 572 572 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rental Income Support costs 206,128 63,090 206,128 63,090 203,439 70,316 203,439 70,316 273,755 269,218 269,218 273,755 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Rental Income Governance costs 206,128 206,128 63,090 203,439 70,316 63.090 206,128 63,090 269,218 273,755 10. Analysis of support costs Analysis of support costs Total 2024 Total 2023 Staff costs General office Governance costs 47.322 473 15,295 47.322 473 15,295 63,090 58,909 481 10,925 63.090 70,315 30 Brownlow Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 December 2024 11. Taxation 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 carned on in furtherance of the charity's primary objectives. if these profits and surpluses are applied solely for charitable purposes. The company is registered for VAT and accordingly. all its expenditure is recorded net of any VAT incurred. Due to the companies exempt status a deferred tax liability has not been recognised in respect of revaluation gains on investment properties. 12. Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses) on investment property 1.454,000 1.454.000 13. Net income Net income is stated after chargingl(crediting)- 2024 2023 Depreciation of tangible fixed assets 2.591 3,168 14. Audltors remuneration 2024 2023 Fées payable for the audit of the financial statements 4.500 4.500 15. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security Costs Employer contributions to pension plans 150,375 18,058 11,454 145,113 17,254 31,922 179,887 194,289 The average head count of employees during the year was 2 (2023.. 2). The average number of full-time equivalent employees dunng the year is analysed as follows-. 2024 2023 No. No. Number of staff - Administration 31 Brownlow Limited Company Limited by Guarantee Notes to the Financial Statements (contlnu Year ended 31 December 2024 15. Staff costs (contlnued) The number of employees whose remuneration for the year fell within the following bands, were". 2024 2023 No. No. £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 £116,305 (2023: £111.154) 16. Trustee remuneration and expenses No remuneration or other benefits 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 £431 (2023 £653) in respect of travel COSIS. 17. Tangible fixed assets Investment Fixtures and Properties fittings Equipment Total Cost Al l January 2024 Additions Revaluations 3,500.000 10,595 1.454,000 156,143 17,037 3,673,180 10,595 1.454.000 At 31 December 2024 4.964,595 156.143 17,037 5,137,775 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 145.412 2.146 15,682 445 161,094 2,591 147.558 16,127 163,685 Carrying amount At 31 December 2024 4.964.595 8.585 910 4.974,090 At 31 De￿mber 2023 3,500,000 10.731 1,355 3,512,086 Tanglble fixed assets held at valuation (a) Investment Propety was revalued during the year at £4.954 million., {b) An Independent Valuer, Holmes and Doran Chartered Surveyors, carried out the valuation (c) The basis of the valuation is "CuThent Market Value for Existing Use" (d) It is the trustees opinion that the valuations carried represent fair value. 32 Brownlow Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 December 2024 18. Debtors 2024 2023 Trade debtors 44,949 62,728 19. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes 8.986 13,057 26,077 6,029 16,994 30,157 48.120 53,180 20. Creditors: amounts falllng due after more than one year 2024 2023 Other creditors 7,377 10,059 21. Analysis of charitable funds Unrestricted funds At Gains and 31 Dec 202 losses At 1 Jan 2024 Income Expenditure Transfers Profit and Loss AcGount Membership Subscriptions 2.914.599 368.813 (269.218) 43,347 1,454,000 4,511.541 389 389 2.914,988 368.813 (269,218) 43,347 1,454,000 4,511,930 At Gains and 31 Dec 202 losses At 1 Jan 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 2,014.988 33 Brownlow Limited Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 December 2024 21. Analysis of charitable funds (conflnued) Restricted funds At Gains and 31 Dec 202 losses At 1 Jan 2024 Income Expenditure Transfers Capital Funds 1,510,042 (43.3d7) 1.466.695 At Gains and 31 Dec 202 losses At 1 Jan 2023 Income Expenditure Transfers Capital Funds 1.553,043 (43,001) 1,510.042 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 3,507.395 1,060,032 (48.120) 17,377) 4,511,930 1,466,695 4,974.090 1,060.032 (48.120) (7.377) 5,978,625 1,466,695 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 2,002.044 976,183 (53.180) (10,059) 2.914,988 1.510,042 3.512,086 976,183 (53,1801 (10,0591 4,425,030 1,510,042 23. Analysis of changes in net debt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and in hand 913,455 101.628 1,015,083 24. Contingencies 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 terms of the letters of offer have been, or will be complied with and no liability is expected to arise. Brownlow Limited Company Limited by Guarantee Management Infonnation Year ended 31 December 2024 The following pages do not fomi part of the financial statements. 35 Brownlow Limited Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Income and endowments Charitable activities Rental Income 349,964 369,267 Investment income Bank interest receivable 17,606 4,961 Other income Sundry Income 1,243 572 Total income 368,813 374,800 Expenditure Expenditure on charitable activities Wages and salaries Employer's NIC Pension costs Rates and water Light and heat Repairs and maintenance 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 150,375 18,058 11,454 1.148 7,634 23,275 16,679 S70 2,276 14,382 2,522 3,736 2,592 945 200 11,365 2,007 145,113 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 2,079 269.218 273,755 Totsl expenditure 269,218 273,755 Net gains on investments Gainsl(losses) on investment property 1,454,000 Net income 1.553,595 101,045 36 Brownlow Limited Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Expenditure on charitable activities Rental Income Activities undertaken directly Wages and Salaries Employer's NIC Employee Pensions Rates & Water Light & heat Repairs & Maintenance Insurance Cleaning Travel Costs Legal and Professional Fees Telephone other Office Costs Depreciation Bank Fees and Interest Payable Membership and Subscriptions Bad Debts Computer Maintenance 110,824 13,298 8.443 1,148 7,634 23,275 15.948 570 1,844 250 2.270 3,515 2,592 945 200 11,365 2,007 101,047 12,064 22.270 833 6.425 29,441 14,989 634 1,681 650 1,850 3,047 3,1G7 89 226 2,947 2,079 206,128 203,439 Governance costs Employee Salaries Employerfs NIC Employees Pensions Insurance Travel Costs Accountancy Support Fees Audit Fep. Legal and Professional fees Costs of trustees, meetings Telephone Other Office Costs 39,551 4.760 3,011 731 432 4,000 5.000 3,864 1,268 252 221 44,066 5,190 9,652 676 653 3,500 4,500 731 865 206 277 63,090 70,316 Expenditure on charitable activities 269.218 273,755 37