t4DDO
U S 1 Tr4 E 5 5
North Down Development Organisation Limited
(A company limited by guarantee)
Report and Financial Statements
Year Ended 31st March 2023
Charity no: NIC 101257
Company no: N1017966

.North Down Development Organisation Limited
Reports and Finanoal Statements
For th8 Year Ended 31st March 2023
NDDO
Contents
Page No
Report of the directots
Report of the independent examiner
statement of financial activtties
Charity balance sheet
Notes fomiing part of the financial statements
9-12
Delailed Statements of Financial ActiMties
13- 14

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31 st March 2023
NDDO
e s s
Legal
Directors (Trustees)
Mr l Thompson (Chairman)
Mr Alistair CathGart
MT Stephen Dunlop
Mrs M Smith
Mr G O'Boyle
Mr J Montgomery
Chief Executive &
Company Secretary
Mrs L Vance
Reglstered Office
Enterprise House
Balloo Avenue
Bangor
Co Down
BT19 7QT
Independent
Examinor
Hamitton Morris Wawh
Chartgred Cettfied Accountants
34 Dltfferin Avenue
Bangor
Bf20 3AA
Bankers
Danske Bank
77 Main Street
Bangor
BT20 SAP
Soli¢ilors
Mccoubrgy Hinds
61 Main Street
Bangor
BT20 SAP

' North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2023
NDDO
Report for the Directors. year end 31st March 2023
The trustees, who are also directors of the charity for the purposes of the Companies Act, submit thelr annu81 report and the financlal
statements independentty reviewed for the year ended 31 March 2023. The trustees have adopted the provisions of thg Chaiities Ststement
of Recommended Practice (Charities SORP) {FRS 102) in preparing financial statements of the charity in accordance with the Financial
Reporling StarKJard applicable in the UK and Republic of Irelarwl, the Charitles Act (Northern Ireland) 2008 and The Charities (Accounts aNI
Reports) Regulations (Northern Ireland) 2015.
Structure, governance and management
North Down Development Organisation Limited (NDDO) was incorporated in 1984 and is governed by its mèmorandum and 8￿cleS of
association. It IS the Local Enterprise Development Agency for the area having teen set up as a company limited by guarantee and achieved
charitable status with HMRC in 2003. Charitable status was achieved on 8th December 2014 with the Charity Commission for Northem
Ireland- ffirst LEA to achieve this. It is atso a member of Enlerprise Northern Ireland., a partnetship of enteTprise centres which provide a Nl
wide network of support for prospective and estabfished businesses who have chosen the entrepreneurial option. NDDO focuses on
Maintaini￿ and ensuring quality in all areas and it is of utmost importance and is reflected in the relevant accreditatrons attained by the
Organisation including the transition to the new standard ISO 9001=2015 along with individual staff accreditations and training. The
Organisation reinvests any surpluses back into the community- oither by provision of affordable workspace or through a wide range of training
and development courses.
Objectives, Activities and Future Plans
The Organisation's main objectives are to develop enterprise in the local Council area and assist in the creation, and retention, of businesses
in the area and to continue to work in partnership with other economic development organisations. In order to promote. and encourage new
bLBiness, the Organisation provides a range of value added business support seNices including, but not reslricted to, provision of managed
workspace and training for future entrepreneur5.
The objectives of the Organisalion are the promotion for the public ￿nefit of urban and rural regeneration in the Counc41 area of Ards and
North Down by relief of poverty in such ways as may be seen fit. the relief of unemployment . the &Jvancement of education. tr8inirvJ or
retraining, particularty among unemployed people and provide them with work experience, the provision of financial and tschnical assistance
or business advice or consultancy in order to provide training and employment opportunities for unemployed p8ople in cases of financial or
other charitable need through help in setting up their own business, assisting existing businesses and the creation of training and employment
opportunities by the provision of workspace. building andlor land for use on favourable terms.
NDDO is involved in promotlng entrepreneurship and transferring business sknlls across all sections of the local community and does
slgnificant amount of work in disadvantaged areas. The Organisation provides a range of trainiro programmes including. blbt not restricted to,
pre-start, start-up, growth and cross border- many of the programmes are aimed at youth and promoting entrepreneurship acr055 all
sections of the local community, parbcularly in Neighbourhood Renewal areas arKI encouragement of micro businesses to be cieative,
innovative and fO￿ard thinking. NDDO are the onty local training organisation delivering a complete portfolio of programmes designed to
support the business needs to, not onty start-Ltp buslnesses, but also growth businesses.
page I

North Down Development Organisation Limited
Reports and Financial Statements
Forthe Year Ended 31st March 2023
NDDO
Report of the Directors for the year end 31st March 2023
Oblèctlves, Activities and Future Plans (continued)
During the year ending 31 March 2023, the Organisation achieved the followng:_
GO FOR IT-NIBSUP
80 businèss plans were completed April- March along with 3 direct referrals being idenlifi8d and
forwarded to INI.
EEP4
Year 5 Courses 9 and 10 had 17 parbclparrts submitting portfofios and achieving Accreditalion Certifficates
in Enterprise. 6 of the 17 moved on to the Go Foi It Pfogramme, a further 4 secured full time employment
and 5 entsred into self - employment.
GO FOR IT workshops
A series of 5 worksho[6 were held throughout the year and all achieved the ststutory atterKlanGe of 12.
NDDO V￿rkShopS
Four WOTkshops were held inde￿ndentlY by NDDO and were well attended.
ENI Loan Fund
7 loan applications were completed arKI Sub￿￿tted.
ENI Plus SeTvice
NDDO as a member of Enterprise Nl {ENI) and in conjunction wth them, launched a new inibative- the ENI
Pus- a powerful business platrorm providing essential services, resources, advice, learning. benefits and
substantial cost savings for businesses and business owners. NDDO has assisted promotion ofthe
platform for tenants and local business owners located in Ards and North Down Borough Council area.
Job Fairs
NDDO attended a number of virtual job faits to promote the option of self employment narne￿ Ards and
North Down Jot6 Fair and North Down Local Market Partnership
Start Her Up Programme
NDDO in conjundion Mth the ENI nelwork delivered a prcwJramme for women 1840 interested in
enteTprise- 2 parlipants were awarded £1,000 start up award
The Organisation has an overall workspace area of109,846 sq ft offering a provision of both workshop facilities and a range of offices.
Average occupancy during the year was 91 % and the Trustees continue to believe that this Is a strategic part of the Organisation's future. It is
the Trustees. intention to continue to improve and develop this very important area of the Organisation's operations and a programme of
refurbishment and reinvestment wll continue. The board are still intending to extend the Innotsc site. but due to major increases in
buildin￿rnaterIal costs and other factots including INI timeframes to build, this ha5 not progressed but remains high on the priority Ilst.Talks with
the bank have cntinued and they are supportive when the timeframe pemiits.
Occupancy levels have decreased to 91% - cost of living espeaally utility increases and the increase in buslness rates folfowng Reva123 have
been major factors in businesses nottsking on their own premises and this has also been reflected in the training nUrnbe￿ coming through. A
list of perfomance indicators ar6 inciuded wlhin the IS09001-.2015 Accreditation and these are reviewed on an annual basis. Principal iisks to
the Orgallisation are occupancy levels and the continued decline in tr8ining income- current training on tho Go For It Programme is an
extension due to finish In SeFlember.
Appointment of TrnstsÈs
Following the recent merging of Counols the appointment of TfU5tees rellects representation from the new Ard8 and North Down Borough
Counul. Trustees. who are also directors of the charitable company for the purpose of company18w. glve Iheir time and experbse on a
voluntary basis and play an activg ro19 Iri the affai￿ of the Organisation. The Trustees meet on a kn-monthty basls where all major decislons In
rel8tion to the Organisation are addressed.
page 2

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2023
NDDO
Report of the Dlrectors for the year end 31st March 2023
Trusteè Induction & Training
Prospactive Trustees are usualty recommended by existing Board members, and are Inviied to rneet wf(h the Chief Executive and Chaimian
when they are gwen an insight into the running of the Organisation, their obligations, what th&ir role would be within the Board and the aims
and objectwes of the Organisation. They are then invited to att•nd a Board meeting in on obsétver capacity, before deciding ff they wish to
Joln the Board.
Health and SafetyEqual opportunities
NDDO adhere to ts Heath & Safety and Equal Opportunty Policies, which are an integral part of ts ISO 9001'.2015
Flnancial review
The financial resuts are set out on pages 7 10 12 and statement of reseNes in note 10 to these accounts.
A5 previously mentioned. NDDO succeeded an average occupancy of 91% throughout the year. Salaries and other costs have also bèan
controlled as far as possible combating incrèasing iNfjationary pressures.
It Is the policy of the ¢haTity that unrestricted reserves that have not been designated for a particular purpose should be maintained at a level
to ensure that in the event of a significant drop in income, itwill ba ablè to conts.nua the chariV$ ¢urient actw(ties and debl repayments , while
consideration is given lo addf(ional ways to raise income.
Statsmènt of dl$¢losure of Inlorm*lon to Independent a¢¢ountanL
We. the directors ofthe company who held office at the date of approval of these Financial Statsments, as set out abo￿, $a¢h ¢onfimi so far
as we are aware, that.
there Is no relevant accountlng infomation ofwhich the cornpanys examiner are unaware.. and
we have taken all the steps that we oughtto have taken as directors in order to make Ourse￿•$ 8waro of any relevant accounting
information and to establish Ihal the company's examiner are aware of that infomiation.
Plans for future perltxl$ and M4Jor Risks
Th8 major risk affècting th& company would be a de¢linè in thè dèmand for prèmisas ownod by the Company in the local market place. The
Trsjstees however. are satisfied WTth the COTnpanVs financial progress during the year. Occupancy rates have decreased slightly during tho
year and demand is steadily improving wrth an increase in enquiries from both inside and outside the organisation. A number of èxisting
tenants now wish to develop their businès5 to a second level and need18rger space Ythich 15 encouraging going forward. The company is
f¢Jnded through cash generated by rts rental aetNites which in turn subsidise the training and services departmènts of the organi5ation. The
company has longerterm financing in the form of a ffixed loan that IS 5e¢ured until 2028-when payment is completed then there will be no
outstanding borrowing5.
The board have diseusso¢J the future oxt•nsion of the Innotec s(Ée. The development of the organisations property base would assist in the
¢reation and retention of businesses in the local area and ongoing development of training programmes and delivery of samt in partnership
th other local economic development organisation5.
page 3

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2023
NDDO
Report of the Directors for the year end 31st March 2023
Publie benefft statement
The trustees ￿nfirrn that they have complied wth their duty as pre8cribed by 8eth.on 4 Of the Charitses Act (Northem Ireland) 2008 to
have due regard to the Charity Comrnission for Northern Ireland putlic benefit guidance.
The creation of emF4oyment. training and work experience for residents living in economically and SOLialty deprived areas and
cons*quénly a iéduetion in povarty, unemployment and hardship, leading to a better quality of lifè foc the benefici8riè9 and
consequent irnprovements in hèalth and wall being. Enhancèd knowledgè about sath.ng up and running $m811 bu$inee$e8 and soaal
enterprises iesulting in increased levels of self-ernF4oyment and better prospeds of sustsinable development, increased levels of
kn￿edge and transferable vocational skills among employeeslwork experience trainees. assisting in the creation of a more
educated, sknlled and qualified community. A great sense arnong the beneficiaries of more fulfilled and purposeful lives, result in
safer, morè stable and cohesive community. These benefrts can be evidenced in records kept by various agenaes of thè number of
jobs and work experiencè opportunth.es erèatèd and numbèrs of those who havè suceassfully completèd training coursés. Evidènca
¢8n also be found in independent evaluations of the ath"vthés of Ènterprisè agéncies (xrried OLJt by fvnding bodies and in community
suNeys of living standards and attitudes. Some private benefjt is obtsined by the owner3 of small businesses who rent units on
favourable terms. but this is anallary to the main purpose and is greatly Ou￿¥e1ghed by the gairts in public benefit No harm arises
frorn these pUr￿Se¥.
Provision of training COUTses which wll enaNe people to avail of Ihe self-employmenl oplion-these cour6es are free of charge and
some include the com ￿e￿o￿ of a Business Plan. The purpose of the training and mentoring is to encourage someone to start their
own business and provides them with enough information and guidance to bring their idea into fruition and equips them with the tools
to run their own busine￿. Thi5 in lum boosts self-confiden¢8 and self-belief and also can relieve poverty as some of the training is
olrected specifically to those in TSN or, areas of deprivation. which can be found wthin the local Borough.
Young people are also targeted as not everyone is suited lo university or employrnent and pre-start training. again delivered at no c03t
to the partiapant. but sometimes also having an accreditation attached. is vital to allow a young person to pursue self*mployment.
Getting women back into work is also an important part of the Organisation's remit but no one is excluded and the Organisation is
¢onstanlly lookn.ng to improve and extend its range of programmes In order to provide a comprehensive programma of ttaining at no
¢h8rge.
Provision of WOFkspaee on sirnple terrns. provision of 8ervice8 and ongoino ¥upport and monitoring is an irnPDrtanl part of the
Oigani5ation's remit- iental from the workspace provision allows the Organisation to provide other es6ential seFvices at a minimum
¢ost orfree of charge.
Any small s￿r￿useS achieved are reinvested in the Organisation ef(her by extension or improvement of extsting property, upgrade of
existing service8 and continued support for businesses in the earfy stsges.
The Trustèès, who arè drawn from thè local community, are passionate, thatlraining and mentoring, is a very important aspect of the
Organisation's YWOTk and. while iental income is requiTed in order to finance the training, it is a fundamental part of the Organisation.
Going Concern
The organisationb business activlties. together wlh fa¢tors likoly to affèct its futurè ¢J8v•lopment parformanctr and position art sd out
above. The Trustees consider that appropriate level of occupanry are likely to be sustsined through the going concern foresight
period, on the basis of level of current tenancy agreements. As a consequence. the Trustees believe thatthe eornpany is well ￿aCed
to rnanga its bugness risks successfully, despite the current economic outtook.
Having considered the risks and the current environmenL the Trustees have a rèasonablè èxpedation that the Organi$ation ha$
adequate fesources to continue in operational existence for the fore8eeatAe future. Accordingly. they continue to adopt the going
¢oncern basis in preparing the annual report and accounts.
Independent Exarniner
A resolution proposing that Hamilton Morris Waugh be re4ppointed as an independerrt examiner ofthe charty wll be putto the
Annual General Me￿ng.
page 4

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2023
Report of the Dlrectors forthe year ended 31 March 2023
Trustees Responsibllities Slalement
The tfustees are responsible for preparing ihe Trustees Annual Report and the financial statements in accordance with applicable law
and United Kingdom Accounting standards {Uniled Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Northem Ireland requires the trnstees lo prepare financial statements for each financial year which give
a true and fair view of the state of affairs of the charity and of the incoming resources and applicalion of resources of the charity forthat
period. In preparing these financial statements, the trustees are required to..
select Suttable accounting policies and then apply Ihem consistently.,
observe the methods and principles in the Charities SORP 2019 {FRS102);
make judgements and estimates that are reasonable and prudent-
prepare the financial statements on the going concern basis unless it is inappmpriate to presume
that the charity will continue in operation.
The tnjstees are responsible for keeping proper accounting records that disclose with reasonablé accuracy at anytime the financial
position of the chaiity and enable them to ensure that the financial statements compFy with the Charities Act {North6m Ireland) 2008 and
the Chartiies (Accounts and Reports) Regulations {Northem Ireland) 2015. The Iruslees are also responsible for safeguarding the assets
of the charity and hence for taking reasonable sleps forthe prevention and d6tection of fraud and other irregularities.
In so far as Ihe trustees are aware..
there is no relevant audit intomialion of which the chaiitable companws examiner is unaware., and
the Iruslees have taken all steps that they ought to have taken to make themselves aware of any relevant infomiation and to
establish that the audtior is awar& of that information
Thls report was approved by the Board on the Zltr.4& A.iJt ZtsLS
Chairman
Ivan Thompson
page 5

. North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31 st March 2023
V S ¢ N l S S
Report of the Independent Examiner
Independent Examinerfs Report to the North Down Developmerrt Organi$ation Limited
I report on the accounts of the company for the year ended 31st March 2023 which are set out on pages 7 to 12.
Respective responsibilities of trustses and examiner
As the charity twstees (and also the directors of the company for the purposes of company law) you S￿ responsible for Ihe preparation of
the accounts in accordance with the requi￿rnents of the Companies Act 2006. HavTng satisfied myself thal the charity is not subject lo audit
under company law, and is eligible for independent examination, il is my responsibility to..
examine the accounts under section 65 of the Charities Act (Northem Ireland) 2008.
follow the procedures laid down in the general Directions gfven by the Charity Commission for Northem Ireland under sectlon
65(9)(b) of the Charities Act- and
slate whether particular matters have come to my attention.
Basis of independent examinetrs report
I have examined your charity accounts as required under section 65 of the Charities Aci and my examlnation was cafried out in accordance
with the general Directions given by the Charity Commission for Northem Ireland under section 65(9)(b) of the Charities Acl. The
examination included a review of the accounting records kept by the charity and a comparison of Ihe accounts presented wilh those
recorrls. It also includes consideration of any unusual Ilen￿ or disclosu￿$ in the accounts, and seeking explanations from you as charity
trustees conceming any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe..
1. That accounting records were not kept in accordance wlth sectlon 386 of the Companies Act 2006
2. That the accounts do not accotrl wilh those accounting records
3. That the accounts do not compty wrth the accounting requirements of section 396 ofthe Companies Act 2006 and with the melhod5 and
principles of the ChaiTties 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
4. That there is fvrther infomiation needed for a proper understsnding of the accounts to be re8¢hed.
Independent examineffs statement
Since your charilys gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qu8ltfied
to undertake the examination because l am a registered member of the Association of Chartered Certified Accountants which is one of the
listed bodles
I have completed my e￿mination and have no concems in respect of the matters (1) to (4) listed above and, in conneclion with followillg
the Directions of the Charity Commtssion for Northem Ireland. I have found no mattets that require drawing to your attention.
Adam McDowell FCCA
Independent Examiner
Chartered Certified Accountants
For and on behalf of Hamilton Morris Waugh
34 DuffeJin AvenLre
Bangor
BT20 3AA
IJE )JLS
page 6

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2023
Statement of Financial Acllvtiies
Unrestricted
Funds
Restricted
Funds
Notes
Total
2023
Tot81
2022
Incoming Resources
Incoming resources from generated fvnds-
Investment Income
519
519
471
Incornrng resources from charitable actTvilies.'
Ten8nt Income
SeNices
371,169
64,316
371.169
64,316
27,687
374, 721
31,291
26,681
Training Programme
Government Support
Total incoming resources
27,687
436.004
27,687
463,691
433, 164
Resources expended
Charitable activities
Establishment
Management & Administration
Governance costs
Total resources expènded
63,418
139,707
181.484
7,690
328.881
69,374
110,386
189,776
9.410
378,946
139,707
181,484
7,690
392.299
63,418
Net incoming resources
107,123
35.731
71,392
54,218
Net movement in funds
Transfer funds
Fund balances brought fO￿ard 01 April 2022
1.974,370
222,138
1.752,232
1,698,014
Fund balances carried forward at 31st March 2023
2.081,493
257,869
1,823.624
1,752,232
All of the above results are derived from ¢ontinuing activities. All gains and10sses recognised in the year are included atwe.
There were no recognised gains and losses for 2023 other than those Included in the pro)It and loss account.
page 7

North Down Development Organisation Limited
Réports and Financial Statements
For the Year Ended 31st March 2023
Charity Balance Sheet as al 31st Mar¢h 2023
Company Registration Number N1017966
Note..
2023
2022
Fixed assets
Tangible assets
2,729.2S2
2,820,809
Debtors
Cash at bank and in hand
23,425
526 858
5SO,283
22,0(
495,854
51T.863
Creditots: amounts falling due withln one year
103,126
105, 767
Net current assets
Total assets less Current liabilities
447,157
3,176,409
412,og6
3,232,905
Creditors: amounts falling due after More than one
year
Net a5sels
136,080
3,040,329
192,578
3.040.327
Funds:
Deferred capital grants
1216,705
1.284095
Unrestricted funds
General fvnds
10
1,823,624
1.752.232
Designated funds
Total funds
3 040 329
3,040,327
Forthe year ending 31 March 2023 the company was enliued to exemption from audit under section 477 ofthe Companies Act 2006
relating to small companies.
Directors Responsibilities:
The members have not required the company to obtsin an audtt of its accounts for the year in question in accordance with section 476.,
The directors acknovAedge thelr responsibililles for comptylng the requirements ofthe Act YAth respect to accounting records and
the preparation of accounts.
The financial statements on pages 7 to 12 were approved and authorised to13sue by the Directots on the 24th August 2021 and signed on
their behall by=
Chairman
Ivan Thompson
page 8

North Down Development Organisation Limited
Reports and Financial Stat8ments
For the Year Ended 31 st March 2023
NDDO
B U 5 1 W l S >
Notes forniing part of the financial staternents
Accounting policies
Basis of preparation
The financial slatements have been prepared under the historical cost convention. The financial statements have been prepared In
accordance with the Charibes Stalement of Recommended Practice (Charities SORP) (FRS 102), The Charities (Accounts and
Reports) Regulations (Northern Ireland) 2015 and the Charities Act (Northern-lreland) 2008.
(a)
(b)
Company stalus
The charity is a company limited by guarantee. The members of the Gompany are the trustees named on the "Leg81" page. In the
event of the charity beirvJ wound up, Ihe lialxlty in respect of the guarantee is limited to £1 per MeM￿r of the charity.
(c)
Fund accounting
General funds are unrestricted fvnds which are available for use at the disGretion of the tru51ees in fvrtheran¢e of the general
objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted fijnds that have been set aside ty the trustees for particular purposes. The aim and use of
each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in
accordance ￿￿th specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of
raising and administering such fvnds are charged against the speclfic fund. The aim and u5¢ of ea¢h restricted fund is set out in the
notes to the financial statements.
Investment income and gains are allocat￿1 to the appropriate fund.
(d)
Incoming resources
All incoming resource5 are included in the SOFA when the charlty is legally entitled to the incom8 and the amount can be quantified
with reasonable accuracy. excludes VAT and other discounts.
Rental income 1$ generated through the lease of premises owned by the organisation. Income is recognised even￿ over the Pe￿0d of
the lease term.
Training income is for the seNices provided to entrepreneufs Within the organisation's area of operation and 15 recognised when the
service has been completed in accoTdance with the programme provider's rfirections.
Capital grants received in respect of the acquisition or construction of fixed assets are credited to deferred capital grants In the
balance sheet and are released lo the income and expenditure account over the useful economic life of the asset for which the grant
was awarded.
(e)
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the
category. Where costs cannot be directty attributed lo parbcular headings they have boen allocated to activities on a basis consistent
with use of the resources.
Training services and costs are re¢ognised when incurred and are not deferred until the relevant programme has been completed.
If)
Tangible fixed assets and depreciation
The company hokls property prim8rlty 8S 8 public benefit entity for the benefit of foslering busines58s. Property has been classified
as tangible fixed assets and not as investment property on accordance with FRS102.
Where there has been significant refurbishment costs incurred, these are treated as capital improvements, and deprgaated in
accordance with the policy fates used below.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight Ilne basis over their exFeCted
useful economic lives as follows..
Long leasehold land
Buildings & Offices
Hi-tech units
Fixtures & Fittings
Motor Vehicles
2% - 3.33% straight line
20k straight line
10% - 20% straight line
250h str8ight nn8
Property disposals, where the director5 feel that proceeds are Immaterial to the overall value of the land and buihjings, are crwjited
gross to the fixed assets without tsking the net proceeds through the profit and loss account.
page 9

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31 st March 2023
NDDO
U 5 1 Fl E 5 5
Notes fomiing part of the financial S£￿#ments
1 Accounting policies {continued)
(fj
Tangible fixed assets and dèpreciatlon
Depreciation is not charged on assets In the COUTSe of construction and a fvll charge for the year Is made for assets brought into use
during the year. No charge for depreciation is made in the year in which an asset is disposed of.
Where bulldings and equlpment are acquired with the aid of speciffic grants. the assets are capitalised arKI depreuated in
accordance with the policy set out above. with the related grant credited to a deferred capital grant account and released to the
income and expendlture ac¢ounl over the expected useful econonlc life of the related asset.
A review for impairment of a fixed asset is carried out if events or changes in circum$tances indiGate that the carrying amount of the
fixed asset may not be recoverable.
(g)
Pènsion costs
The company operates a defined contribLrtlon $¢heme for the benefit of its employees. The costs of contribulions a￿ written off
against profits in the year they are payable.
(h)
Cash and cash equivalents
Cash is represented by cash in hand and deposits wth financial institutions repayable without penalty on notice of not more than 24
hours.
Financial instrumenls
The Company only enlers into basic financial instruments transactions that resutt in the recognition of )Inancial assets and liabilities
like trade and other accounts receivable and payable. loan5 from banks and other Ihird parties,
Debt instruments (other than those wholly repayable or re￿1vable within one year), including loans and other accounts receivable
and payable, are initially measured at present value of the future cash flows 8nd subsequentty at amortised cost using the effective
interest method. Debt instfuments that are payable or receivable within one year, tytlcally trade payables or receNables, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to tr* paid OT
ceived.
2 Tolal resources expended
Other direct costs include-.
2023
2022
Independent's Examiners Fees
Depreciatlon- on owned assets
Capital Grants releas&J
Loan Interest
1,800
127,293
71.388
5,609
134,863
71,388
3 Directov remuneration
The DireGtors neither received nor waived any emoluments during the year (2022.. £Nil).
4 Stsff Costs
2023
148,281
7,690
9.643
2022
f41, 793
6,097
9,339
Wage5 and salaries
Social security costs
Defined Pension costs
The average number of employee$, GalGulated on a fuli-time equivalent basis. analysed by function was:
2023
2022
Management and adminlstratlon
Training
There wa5 one employee received a salary of belween £70,000 and £75.000 for the year.
page 10

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31 sl March 2023
Notes fonning part of the financial slatements
S Tangible fixed assets
Long
Leasehold
Land
Fixtures
Fithngs &
Equipment
Buildings &
Adaptations
Hi-tech Units
Motor
Vehicles
Total
Cost
At 1 April 2022
Addilions
Disposals
At 31 March 2023
164,353
5,168,613
10,605
329,431
155,012
32,470
34,605
32,470
34,605
5,849,879
45,210
32,470
5,862,619
164,353
5,179,218
329,431
155,012
Depreciation
At 1 April 2022
Charge for year
Disposals
At 31 March 2023
2,707,549
178,898
119,627
22,996
3,029.070
114,813
6,588
5,892
127.293
22,996
3,133.367
22,996
2,822,362
185,486
125,519
Net book value
At 31 Mar¢h 2023
164.353
2,356,856
143,945
29.493
34,605
2,729,252
At 31 March 2022
164,353
2.461,064
150,533
35.385
9,474
2,820,809
Valuation
The buildings were last valued independenlly during January 2018 by Mr. Mark mc￿nSty MRICS & Mr Stephen Deyermond MRICS of
TDK Commercial Propety Consultants. In their opinion. the fair valuation of the properties was £3,100,000 . The Irustees form an opinion
that as the economy is improving and the industrial property market recovering, the current historic net book values carried in these
accounts are not inappropriate,. and they do not ￿nsIder that a revaluation is justified given the improving markeL
Leasehold Land
F￿rChase of land Wds acquire from IDB on a 999 year lease. There is no ground rent payable.
There are restrictive oovenants place on the use of the land for enterprise use only.
Capital Commitments
Capital expendibjre contracted for. but not provided in the financial statements, was £ Nil {2022= £Nill.
6 Debtors
2023
2022
1.067
20,942
22.009
Trade debtors
Prepayments and other accrued income
97
23,328
7 Creditovs: amounts falllng due within one year
2023
2,320
14,852
20.073
9,383
2022
Trade Creditors
Taxation and social security costs
Other Cfeditors
Amals and deferred income
Obligations under finance leases
Loans and overdrafts
1,870
16,634
20.524
10.241
56.498
103.126
56.498
105,767
page 11

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2023
NDDO
Notes fomiing part of the financial statements
8 Creditors: amounts falling due after more Ihan one year
2023
136,080
2022
192,578
Bank Loans
The amountsfall due as follows:
In the second to fifth year inclusive
More than five years
136,080
192,578
Total borrowngs are secured by a legal mortgage on the eompany's premlses, a fixed charge over book debts, and a floating charge on the
other assets of the company. The company comLxned its fixed and floating interest rate loans into a single a￿oUnt at ? rate of1.5% on the
present lending margin currenty at .75%. The loan is due to be repaid in 2026.
9 Deferred capltal grnnts
2023
2022
Land & build.
At 31 March 2023
1,288.095
1,359,483
Released to income and ex
At 31 March 2023
enditure
71.388
1,216,707
71,388
1.288.095
The caytal grants to assist building these units had conditions attached, pre and p05t competition. These Y￿￿e fulfill￿ within
the time fimits variating from ￿ years afterthe grant was awarded. The grants are not repayable theTeafter and the
organisation is free to dispose of them wllhout returning any the proceeds.
10 Statement of funds
At 1 April
2022
At 31 March
2023
Income
Expenditure Trnnsfers
General reserve
1,974,370
436,004
328.881
2,081A93
Total unrestricted funds
1974 370
328 881
2 081493
Restricted funds:
Training
222,138
27,687
63,418
251,869
Total restrictsd funds
222 138
257 869
Total funds
1752 232
392 299
1823 624
11 Flnancial Instruments
2023
2022
Financial assets
Financial assets measured at falr value through profit or loss
526,858
495,854
Financial liaLMlitie5
Financial liatqlities measured at amottised Gost
239,205
298,345
Financial assets measured at amortlsed Gost Gomprise Cash In hand and bank.
Flnancial Liabilities measured at amorbsed cost comprise bank and asset loans, trade creditors, and sundry creditors.
page 12

North Down Developmentorganisation Limited
Reports and Financial Ststements
Forthe Year Ended 31st March 2023
NDDO
Detailed Statement of Flnancial Actlvltlès
Unrestrtct•d
Rfrstrl¢ted
Total
rotsl
Funds
Funds
2023
2Q2Z
Incoming Resour￿$
Incomin
resources
Interest received
om
enerated funds..
519
519
471
Incomin
reSOur￿S from
Tenant Ineome
New building workshops
New building offices
Hi-Tech units
Origlnal building
Innotec Drive IBusiness Vlllagel
aritable activit'es..
75,506
31,053
32,843
143,066
88,701
371,169
75,506
31,053
32.843
143,066
88,701
371,169
74,978
34.013
33.535
141,770
90,425
374 721
Services Actlvities
Telephone
Fax
Photocopiès
Elettricity
Re￿ptIonISt
Water Rates
Postage
Room Hire
403
91
13.772
12,107
3,390
42,848
12,742
5,810
624
1,885
64,316
42,848
12,742
5,810
624
1,885
64,316
433.
Training
ENI Co-lnnovate
Exploring Enterprise
Inspire Youth
Start Her Up
Workshops
Go For It
ENlStsrt Up Loan Mentoring
li
2,948
5,283
5.283
36
258
22,110
36
258
22,110
23,744
27,687
27,687
Government $upport
Covid-19 JRS
Total incomlng resources
436.004
27,687
463,691
433,164
page 13

North Down Development Organisation Limited
Reports and Financial Stalements
For the year ended 31st March 2023
Detailed Slalèment of Financial Activities
Unrnstrlcted
Restricted
Total
Funds
Funds
2023
Resources expended
'table activitie
Wages & salaries
NIC employerfs
Pension
41.033
2,445
1,424
15,465
3,051
41,033
2,445
1,424
15.465
3,051
47,146
2,396
1,359
15,910
2,563
Trainlng
Misc
Costs
63,418
63,418
69.374
Establishment
Rates
3.790
73,358
33.419
18.726
10,414
3,790
73.358
33,419
18,726
10,414
6,696
45,472
32,732
15.455
10,031
Power & Light & Heat
Cleaning
Insurances
Repairs & maintenance
Vacant prerr¥$es rates
139,707
139,707
110,386
Mana
ement & Ad Inistration
Wages & salaries
NIC eMF￿OYer'S
Pension costs
AdvertÈsiThJ
Telephone. fax & Intemet
Postage and stationery
Car and tr8vel
Finance costs
Depreciation
pn on disposal asset
Deferred grarrts released
Bad debt provision
Miscellaneou$
107,248
5.245
8.219
1.075
5,929
3,146
1.083
5,609
127,293
14,528
71,388
84
107,248
5,245
8,219
1,075
94,647
3,701
7,980
75
5.8L
3,328
1,209
6,863
134,863
3,146
1,083
5,609
127,293
14,526
71,388
84
2.467
181,484
71,388
1.7Y2
2,467
181.484
189,776
ernance
Examinets Fees
Book keeping
Professional
1,8(K)
4,140
1,750
7.690
1,800
4,140
1,750
7,690
1,800
5,292
2,318
9,410
Total resources expended
328,881
63,418
392,299
378,946
Total incoming resources
436,004
27,687
463,691
433,1PA
Net incoming resourGe$
107,123
35,731
71,392
218
page 14