NDDO
i u s i s s
North Down Development Organisation Limited
(A company limited by guarantee)
Report and Financial Statements
Year Ended 31 st March 2024
Charity no: NIC 101257
Company no: N1017966

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31 st Marth 2024
Contents
Page No
Report of the directors
Report of the independent audiior
ststement of financial aCtI￿lIeS
Charity balance sheet
Notes forming part of the financial statements
10-13
Detailed Statements of Financial A¢tivitles
14-15

North Down Development Organisation Limited
Report5 and Financial Statements
For the Year Ended 31st March 2024
Legal
Directors {Trustees)
Mr l ThoM￿on (Chairman)
Mr Allstair Cathcart
Mr Stephen Dunlop (resigned 29 August 2023)
Mrs M Snlth
MrG O'Boyle
MrJ Montgomery
Mr Stephen Holywood (appLNnted 29 August 2023)
Chief Executive &
Company Secretary
Mr5 L Vance
Reglstered Office
Ellte￿se House
Balloo Avenue
Bangor
Co Down
BT19 7QT
Independent
Audilor
Bradley AcGounting and Taxation
Chartered Ce￿"fied Accountants
Suits D, Forrnatton Works Maryland
Maryland Induthal Estate
Baltygowan Road
Belfast
BT23 6BL
Bankers
Danske Bank
77 Main Street
Bangor
BT20 W
Solicitors
Mccoubrey Hlnds
61 Main Street
Bangor
BT20 SAP

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2024
NDDO
Report for the Dlrectors, year end 31st March 2024
The trustees, who are also directors of the charity for the purposes of the Companies Act. submit thelr annual report and the financial
statements indepandèntty revlewed for tha year ended 31 March 2024. The trust88s have adopted Ihe provisions of the Charities Statement
of Recommended Practica (Charities SORPI (FRS 101 in preparing financlal statements of the charity In accordance with the Financial
Reportirsg Standard applicable in the UK and Republic of Ireland, the Charftios Act (Northem Ireland) 2008 and The Charities (Accounts and
Reports) Regulab"ons (Northern Ireland) 2015.
Structure, governance and management
North Down Development Organisation Limtled WDDO) was incorporated In 1984 and Is governed by Its memorandum and articles of
association. It is the Local Enterprise Development Agency for the area having ￿en set up as a Gompany fimited by guarantee and achieved
ch8rit8ble status vAth HMRC in 2003. Charstable stalus was achieved on 8th December 2Q14 with the Charity Commission for Northern
Ir8land- first LEA to achiave this. It is also a member of Enterprise Northern Ireland- a partnership of enterpiise centres which provide a Nl
de nets¥ork of support for prospèctive and estaÈ4ished busin8sses who have chosen the entrepreneuri81 opb'on. NDDO focuses on
maintainlng and ensuring quality in all areas and it is of uthiost importance and is reflected in the relevant a¢credttatrons attained by tha
Organisation including the transltion to the new standard ISO 9001.'2015 along with individual staff accreditations and Iraining. The
Organisation reinvests any surpluses back Into the community.. either by promsion of affordable workspace or through a w(de Tange of traini
and development courses.
Objectives, Activilies and Future Plans
The Organisation's main objectives are to develop enterpritse in the local Council area and asslst In th8 creation, and retention, of businesses
in the area and to continue to work in partnerÈhip with oiher economic development organisations. In order to promote, and encourage new
business, the Organisatson provides a range of value added busln8SS SUPPOrt services including, but not restricted to. wovision of managed
workspace and training for future entrepreneurs.
The objectives of the Organisation are the promotion for the public benefit of urban and Tural regeneratlon In the Council area of Ards and
North Down by relièf of povety in such ways as may be seen fit. the relief of unemFdoyment , the advancement of education, training or
relraining. particularly among unemployed peopie and provldg them y￿th work expèrience. the provision of financi31 and technlcal assistance
or business admce or consuliancy in order to provide training and employment opportuniti8s for unemployed people in cases of ff nanaal or
other charitable need through help in setting up their own kyjsiness, assisting existing businesses and th8 creation of training and employment
opportunlfjes by the provision of V￿rk6paCe, bulbjlng andlor land for use on favourable term5.
NDDO 18 invofved In promollng entrepreneutship and transferring business sknlls across 811 sedons of the local community and does a
slgniffi¢ant amount of Work in disadvanlaged areas. The Organisation provide5 a range of training programmes including. but not restricted to,
pre-start, Start￿Up, growth and cross border- many of the programme5 are aimed at youth and promoting entrepreneurship across all
sections of the loral community, particularty in Neighbourhood Renewal areas and encouragement of micro businesses lo be creative,
Innovative and forward thinknng. NDDO are the only local training organisation delivering a comrA8te portfolio of programmes designed lo
support the business needs to, not only stsrtwup busin866es, a150 growth businesses.
page I

North Dt)wn Development Organisation Lim ited
Report5 and Financial Statements
For the Year Ended 31st March 2024
NDDO
Report of the Dlrectors for the year end 31 st March 2024
Objeclives, Activities and Future Plans Iconlinuedl
During the year ending 31 March 2024, the Organ15alion achieved the follovAng:_
GO FOR IT- NIBSUP
52 business plans were completed April 23- December 23
Go Succeed Start
18 business plans and action rI8ns completed- January 2024- March 2024
Go succeed Grow
10 clierrts 1-2-1 mentoring supported
NI EESS
11 clients (5 overtargBt) Teceiving 1-2-1 mentoring support up to 20 houts and WOTkshoFts. 4 dients
compieting CCEA Understanding Business Enterprise. 1 full time jobll ersTolled on Go Succeed
Programme
ENI Loan Fund
7 loan applications were com￿eted and subnMtt8d.
ENI Plus SeNi¢e
NDDO as a member of Enterprise Nl (ENI) and in conjunction wth them, taunched a new initialive; the ENI
Pus- a poweffjjl business platlorm providing essential seNices, resources, advice. learning, benefits and
substantial cost savings for businesses and business owners. NDDO has assisted promotion of the
plalfomi for tsnanls and local business owners located in Ards and North Down Borough Council area.
Job Fairs
NDDO continued to be present at a nu￿bar of job falrs wthin the Borough- the opportunity to
promote the newtraining programme
Female Peer Support
Network
15 women - weew networking workshops- 8 se$sic*ns
The Organisation has an overall workspace area of109.846 sq ft offering a provlslon of both workshop fadliti05 and a range of offices.
Average DGcupancy during the year Yrds 90Vo and the Trustees continue to befieve Ihat this is a strategic part of the OTganisation's fulure. It is
the Trustees, intention to continu8 to improve and develop this very impDrtant area of the OrganlsatiDn's operations and a progrdmme of
refurbishment and reinvestment ￿11 conlinue. The board are 5111 intending to extend the Innotec Slte, but due to major increase5 In
buildinglmaterial CDSts and otheT factors including INI timefrarnes to build, this has not wogressed but T8mains high on Ihe prfority lisLTaiks with
the bank have cntinued and they are supportive when the timoframe pernwts.
Occupancy levèls have decreased to 90%- cost of living continued to havg an impact on businesses e5pecialty vith the increase In home
mortgage r8tes- one business rfid purch8se their own premises. A list of perfomiance indlcators are included within the IS09001'.2015
Accreditstion and these are revlewed on an annual basis. Prinapal risks to the Organisation are occupancy levels and the Gontinued dedine in
training income- Gurrenttraining on the Go For It Programme is ars extension due to finlsh in Septembèr.
Appointment of Trustees
Following the recent merging of Coundls the apwintment ofTrustees reflects Tepresent8tion from Ihe new Ards and North Down Borough
Council. Trustees. who are also directoTr of the charitable company for the purpose of company law. give theirtime and experlise on a
voluntary basis and ￿aY an active role in the affalrs of the Qrganis8tion. Tha Trustees meet on a tl-monthty b8sls where all major de(¥￿onS in
relation lo the Organisalion are addressed.
page 2

North Down Development Organisation Limited
Reports and Flnancial Statements
Forthe Year Ended 31sl March 2024
NDDO
Report of the Dlrectors for the year end 318t March 2024
Trustee Inductton & Tralnlng
Prospective Trustees are usu811y recommended by exsting Board members. and are invlted to meetwf(h tho Chipf Executive and Chaimian
whert they are given an insight into the running ol the Organisation, their obligations, whal thelr role would be wrthin the Board and the aims
and objectives ofth? Organlsation. They are then In￿1•d tts attend a Board meeting in an obsemr capacty, before deciding iftheywsh to
loin the Boartl.
Health and S#fetylEqual opportunitles
NDDO adh¢ie tg rts Health & Safety and Equal Opportunity Polkles, which are an integral part of ts ISO 9001.-2015
FlnanGial revlew
The financial results ar8 58t out on pages 7 to 12 and statEment of 1gs$Fves in note 10 to these accounts.
A6 previousty mentioned , NDDO succeeded an average occupancy of 90% thrnughout th? year. Salaries and other costs hxve also been
controlled a$ far as possible combating increasiny inflaliDnary PTe65ures.
Is the poll¢y of the charity that unrestriclèd reseNes that have not been designatsd for a P3￿cUlar purpose should be maintained al a level
to ensur8 that in the event of a srgnAlcant drop in ineome, it wiw be able to continue the chaiitys currènt activitl8s and debt repayments , whilo
consideration is given to additional way$ to ra15e Incom&
stat￿nènt of dlsclosure of infomiatlon to Independent a¢countant.
We, the direGtors Df the Gompany whr¢ held offiGe al the date ofapproval oftheso Financlal Ststements, as 58t out above, eath ¢onfirm so lar
as we are awar8, that
ther¢15 no relevant accounting infornlation of which th8 companls examiner are unaware,. and
we havè tak¢n all th? 6tsp$ that we ought to have tsken as directors In OTdgr to make oursefves aware of any relevant accounting
infomialion and to establish that tha companl5 examineT are aware of that infomiation.
Plans for future perlods and Major Rlsks
The major risk affeding the companywould be a decline in thè dèmand for premises owned bythe company in the local market place. The
Trustees however, are sth"sfied wf(h the company's financial progress during the year. Occupancy rates have decie#sed slightly duTing the
year but demand forworkshops remain strong and the decrease Teflects the drop in Dffic¥ accomodation. A number of existing tenants now
wish to develop their business to a second level and need larger space which is encouraging going fomard. The company is funded thiot)gh
cash genèrated by its rental activf(es which in tum subsidise the training and seNice5 departments of the organisation. Tha ￿rnPany has
longer term financing in th* form of a fixed108n that 15 secured until 2026- when paympnt is completed then thare wal be no outstanding
borrowings.
The board have disrussod the future extension of tha Innotec sit$. The development of the organisations property base would assist in the
creation and retention of busines5e5 in th8 local area and ongoing development of training programme6 and delwary of sam8 in partnership
with other local economic development grganisations.
page 3

North Down Development Organisalion Limited
Reports and Financial Statements
For the Year Ended 31st March 2024
Report of the Directors for the year end 31st March 2024
Public benefft statement
The trustees confirm that they have complied wilh their duty as prescribed ty section 4 Ofthe Charities Act (Northem Ir81?ndl 2008 to
have dug reg8rd to the Charty Commission for Northem Ireland public benefit guidance.
The creation ol emrloymen( training and WO￿ experfence for residents living In 8¢onornically and Gocially dayvod areas and
consequen1ty a reduction in poveity, unemFloyment and hardsthip, leading trj a better quality ollifè for the b8neficiaries and
consBqueni improvements in health and well being. Enhaneed kntt¥%4edgo about setting up and runnlng Small businesses and sodal
enterprise8 rp8uIIAng in increased levels of self-emr4oyment and better prospEcts of sustainat4e development, increa8ed levels of
kn￿edge arjd trarbBferable vocational $knllE among ernp10yees￿rk èxp?ri¢ncp tr8inee8. a68iGting in th? crealjon of a more
educated, s￿illed and qualified eommunty. A great sen6e among the beneficiaries of more fulfilled and purp06eful live6, result in a
safer. more 6ts￿e and coheslvp ¢ommunity. These benefits can be evldenced in recor(Is kBPt by various agenues of thè numbBf Df
joIA and work experience opportunities created and numbers olthose who have succtssfully CDrnpleted training courses. Evidence
can also be found In independent evaluations of the athiJes of enteTprise agentaes carried out by funding bo(fies and community
Surveys of living Btandards and atbtudes. Some private benefit is obtained by owners of 6mall lyJsinesseÈ who rent units on
favourat4e teTms. bLrt this is anc411aiy lo the mwn pvrpose and is greauy ou&4eighed by the gains in public benefiL ND harm arises
from the8e purposes.
Provision Lrftr8lnlng cour8e6 which wll 8nat49 peoF4e tD avail of the self-employment option-these coursB8 arp Iree of chafge and
some indude the com ￿etion of a Businegs Plan. The purpose of the training and mentoring 18 to encourage ¥orneone to stsrt thwr
own business and wovides them wth enough infomiation and guidancè to bring their idea into fruition and equips them wth thè too
to run their own business. This in tum booslB seif-confidence and self-belief and also can rolieve poverty as some of the traning ia
¢thTected specific￿lY to thos? in TSN or. a￿aS of deprivation, which can be found wthin th¢ lo￿1 BoTough.
Young peO￿e ar• also targeted a8 not everyone is suittd to univer61ty or employment and prwlarttraining, again ddivèred at no cost
to the p3itirApant, but Sometimes also having an accredrtation attached, is vrtal to allow a young pe￿on to pursu8 881f-Bmrloyment
Getting women back into work is also an impDrtant part of the Organisation's rernit but no one is exduded and thg Organisation is
onslandy looking to improve and extend its range of programmes in orderto provide a compTehensThiè programme of training at no
charge.
Provision 0lworkspa¢è on slmrAe term8, provision of SOTvlce5 and ongolng support and monitoring IB an important part Df the
Organisation's remrt- rentsl from the workspace provision allow6 the Organisation to wovide other essential sarviceg * a rninirnum
cost orfrè$ of charge.
Any 8rnall 8ufF4uses achieved are reinv981ed in the Organi6ation either by exten8ion or Improv8rn¥nt of ?xislng property, upgradè of
sting services and continuBd $upport fcr bUsin￿e6 in the earty stagB£.
The TruBte86. who are drawn from th8 lo¢al comrnunty. are passionalè, that Iralnlng and mentoring, 18 a very important a6peet of the
OTgani8alron's work and. while réntal Inwrne18 required in order to financ? the training. it is a fundam8ntsl part of the Organisation.
Golng Con¢em
The organisation'6 busin•sG a¢tivitie$, togetherY4ith faetOTS likely to aff¥rt its fvture develDpm8nt performance and posfflion am $•t o
above. The Trustees consid¥rthat appropriate level of occup3ncy are likelyto be sustained through the going concem foresight
period. on thé basis of level of current lenaney agreèments. As a con8equence, the Tru$te8B believe that the company 16 wdl ￿aCed
t¢• mangÉ its buslness rI6k8 successfully, de$yte the current economic oudook.
Having considered the risk8 and thg Current environmen( the Trustsgs have a reasonabAe expectattvn that the Organisalion has
adequate resources to continue In opeiational e￿stenCe for the for¢8epaNe future. A¢coTdingly, they ¢onlinue to adopt the going
eoncem in prBparlng the 8nnu81 report and accounts.
Independent Auditor
A resolution PfDPOSing that Bradley Accounlng and Taxation be re-apwjinted as an Indgpendent auditor of thè charfty wll be put to the
Annual General Meeting.
page 4

North Down Development Organisation Limited
Reports and Financial Ststements
For the Year Ended 31 st March 2024
NL)L>O
O V 5 1 N g S S
Report of the Directors for the year end 31st March 2024
TNstees Responslbllltles Statement
The trustees are responslble for preparing the TNslees Annual Report and the financial staternents in accordance with applicable taw
and Unlled KSngdom Accounllng Stand8rds {United Klngdom General￿ Accepted Accounting Praclice).
The law applicable to charities In Northem Ireland requires the tfustees to prepare financial statements lor each financial year which glve
a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity forthat
period. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then appty them consistent￿,
observe the methods and principles in Ihe CharFties SORP 2019 {FRS102);
make judgements and estlmates that are reasonable and prudent.,
prepare the financial statements on the going ¢on¢em basls unless it is inappropriate to presume
that the charitywiN continue in operatlon.
The trustees are responsible for keeping proper accounllng records that dlsclose with reasonable accuracy at any time the financial
posrtion of the Charty and enable them to ensure Ihatthe financial statements compty with the Charities Act (Norlhem Ireland) 2008 and
the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. The tTUStees are also ￿spOnSible for safeguarding the assets
of the charity and hence for taking reasonable steps forthe prevenlion and detection of fraud and other irregularities.
In so far as the trustees are aware..
there is no relevant audft Infomiation of which the charitable company's examiner is unaware,. and
the trustees have taken atl steps that they ought to have taken to make themselves aware of any relevant infomiation and to
establish that the auditor is aware of that infomation
This report was approved bythe Board on the
0"&4
Chaimian
Ivan Thompson
page 5

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2024
Independent Auditorfs Report to the membe￿ of North Down Development Organisation Limited
We have audited the financial statements of North Down Development Oranisation Limfted (the 'charitable companrf) for Ihe year ended 31
March 2024 which o)mprise the Ststement of Financial Activities.Charity Balance Sheet and notes to the financial statements, including
sunificant aco)unling policies. The financial reporting frarnework that has been applied in their preparation is applicable Lgw and United
Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Finan￿al Repo￿ng Standa￿ applicab￿ in Ihe UK and
Republic of I￿land {Uniled lfjngdom Generally Accepted Accounting Practice) and comprising Charthes SORP.
In ouropinion the financial stslements..
give a true and fair view of the slate of ihe charitable company's affairs as at 31 March 2024, and of its incoming resources and
application of reSoU￿s, induding its ineA)me and expenditure, for the year then ended",
have been property prepared in accordan￿ wth United Kingdom Generally Accepted Accounting Practi￿. and
have been prepared in ac£ordance WU) the requirements ofthe Companres Act 2006.
Basis for opinion
We conducted our audit in accordan￿ with International Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our ￿pOnsibIlitieS under
those standards are further desuibed in the auditor reswnsibilities for the audit of the financial statements section of our report. We are
independent of the charitable company in a¢(xJrdan￿ with kne ethical requiremenls that are relevant to our aud￿ 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 evidenc8 We have obtained is suffi￿nt and appropriate to provide a basis for our opinion.
Conclusions relating to going concem
In aud￿ng the financial statements, we have concluded that the trustees, use ofthe going concem basis ofaccounting in the preparation of the
financial slatements is appropriate.
Based on the work we have perfomied, we have not identified any material uncertainties relating to events or condrtions that, indwidually or
collectively. may ￿st significant doubt on the charitable companvs ability lo continue as a going con￿rn fora period ofat least knlve months
from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees wth respect to going cOn￿M are described in the relevant sections of this report
Other infomation
The other infomiabon comprises the infomiation included in the trustees. annual report2
otherthan the financial statements and ourauditorfs
report thereon. The ttustees are responsible forthe other information. Our opinion on the finanoal statements does not cover the other
infomation and, except lo the extent olherwse expliciuy stated in our report, we do not express any fonTt of assuran￿ conclusion thereon. Our
responsibility is to read the other informakn'on and, in doing so. (rjnsider whether the other information is materially inrA)nsislenl w7th the financial
statement5 or our knowledge obtained in the course of the audit or othetwise appear5 to be malertalty misstated. If we identfy such malerial
inconsistencies or apparent material misstatements, we are required to detemiine whelherthis gives iise to a material misstatement in the
financial statements themselves. If. based on the work we have performed, we conclude that there is a malaial misstatement ofthis other
infoThnation, we are required to report thal fact.
We have nothing lo report in this regard.
Opinions on olher matter5 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, ￿lch indudes the Istrdtegic report and thel directors, report prepared forthe purposes
of company law, for the financial yearfor which the financial statements ate prepared is consistent with the financial statements. and
the directors, report induded within the Irustees, report have been prepared in accordance wth applicable legal requirements.
Matters on which we are required to report by ex¢option
In the light of the knowledge and undeF5tanding of the charitable company and its environment obtained In the course of the audit. we have not
identifEd material misstatements in the directors, report included within Ihe ITUSt*s' repo
We have nothing to report in respect ofthe following matters in r81ation to thich the Companies Act 2006 requires us to rewrt to you rf, in our
opinion..
adequate accounting re(K)rds have not been kept, or retums adequate for our audit have not been recewed from branches not visited
by us,. or
the financial statements are not in agreement wih the accoLJnting records and relum5" or
certain disclosures of tnjslees, remuneration specified by law are not made., or
we have not received all the infomialion and explanations we require for our audit [; or
Responsibilities of trustees
As explained more fvlly in the trustees. responsibil￿eS statement set out on pages 1-5 the trustees {who are a150 the directors of Ihe charitable
company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied thatthey give
a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financtal statements that
are free from material misstatement. whetherdue to fraud or emr.
In preparing the financial statements, the trustees are responsible ft)rassessing the charitable companls ability to continue as a going
concem, disclosing, as applicable, matters related to going ￿n￿M and using the going concem basis of accounting unless the trustees either
intend to liquidate the charitable c£)mpany or to cease operations, or have no realistic altemalive but to do so.
page 6

North Down Development OrganisatiDn Llmited
Reports and Financial Statements
For the Year Ended 31st March 2024
NDDO
Auditor respon51bilities forthe audit of the financial sLthments
Our objectives are to obtain reasonable assurance abDUt whether the financial statements as a whole are free from material rnisstalement,
whether due lo fraud or error, and to issue an audilofs report thal indudes our opinion. Reasonable assuran￿ is a high level of assuran￿, but
is not a guarantee that an audit conducted in aC(￿rdan￿ with ISAS IUKI will a￿ayS detect a material misstatement when it exists.
Misstatements can arise from fraud or emr and are conSide￿d material rf, individually or in the aggregate. they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
tlrregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line with our
responsibilities, ouuined above. to detect material misstatements in respect of itTegularities, including fraud.r The extent to which our
procedures are capable of detecting irregularities, includtiig fraud is detsiled below..
BecAuse of the inherent limitations of an audit, there is a risk that we not detect all i￿egUlar1ties, including those leading lo a malerial
misstalemenl in the financial statements or non-compliance with regulat￿n. This risk increases the more that compliance wth a law or
regulation is removed from the events and transactions refflected in the financial slatements, as we wll be less likely lo become aware of
instan￿S of non-complian￿. The risk is also greater regarding Ir￿ular￿eS accuning due to fraud rather than error. as fraud involves
intentional COn￿alment forgery, u)Ilusion, omission or misrepresentab'on.I
As part of an audit in acLX)rdance ISAS (UKI, we exerase professional judgment and maintain professional s￿P￿.C1Srn throughout the
audit. We also:
Identify and assess the risks of material misstatemenl of the financial stalements. whether due to fraud or error, design and perfom
audit procedures responsive to those risks. and obtain audit evKlence that is sufficient and appropiiate to provide a basis for our
opinion. The risk of not detecting a material misslalement resulting from fraud is higherthan for one resulting from error, as fraud may
invO￿e collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control.
Obtain an understanding of internal control relevant to the audtt in order to design audit procedures that are appropriate in the
circumstances, bul not forlhe purwse of expressing an opinion on the effectiveness of the charitable company's internal control.
Evaluate the appropriateness of accounting pdicies used and the reasonableness ofaccounting estimates and related disclosures
made by the trustees.
Conclude on the app￿priateness of the tnjstees, use of the going cOn￿M basis of accounting and. based on the audtt evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable
company's ability to continue as a going concem. Ifwe conclude that a malenal uncertainty exists, we are required tr) draw attention
in our auditorfs report lo the related disclosures in the financial stalements or, if such disclosures are inadequate. to modrfy our
opinion. Our conclusions are based on the audit eviden￿ obtained up to the dale of our auditorfs reporL However, future events or
condthons may cause the charitable companyto ￿ase to continue as a going concem.
Evaluate the overall presentation, structure and wnlent of the financial statements, including the disclosures, and whetherthe
financial statements represent the undertying transactrons and events In a manner that achieves fair presentation lie. grves a Inje and
fair vtewl.
We C£Jmmuni¢ate with those charged with g0Veman￿ regarding, among other matters, the ptanned scope and timing of the audit and
sonfficant audit findings, induding any signfficanl defiaencies in intemal control that we identy during our audit.
Use of ourreport
This report15 made solely to the charitable company's members. as a body. in a(￿Ordan￿ with Chapter 3 of Part 16 oflhe Companies Act
2006. Our audit WOFk has been undertaken so that we might state to the charitable company's members Ihose matter5 we are required to state
to Ihem in an audiloffs report and for no other purpose. To Ihe fijllest extent pemiitted by law, we do not accept or assume restK)nsibility lo
anyone other than the chantable company and the chantable company's rneMbe￿ as a body. for our audil worf(, for this reporL or for the
opinions we have fr)M￿d.
MrRonan Bradley(Senior StatutoryAuditorJ
Forandon b8half of BfftYleyAccounting and Taxation, Statutory
Auditor
Suite D, Fomiation Works Ma￿and
Maryland Industrial Estate
Ballygowan Road
Belfast
BT23 6BL
11.11.LX
page 7

North Do￿Tr Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2024
NDDO
SLTtement of Financial Activities
Unrestricted
Funds
Restricted
Funds
Total
2024
Total
2023
Notes
Incoming Resources
InGonlng resources from generated funds:
Investment income
479
479
519
Extmordinary Income
Insuranc8 income for flo¢)d damage
55,562
SS,562
Incoming resources from charitable activities..
Tenant Income
364,964
54,221
364.964
54.221
24,540
371,169
64,316
27,687
Servlces
Trdning Programme
Government Support
Total incoming resources
24,540
475,226
24.540
499,766
463,691
Resources expended
Chaiitable activtknes
Establishment
Management & AdrTNnistration
Extraordinary exFendlture for flo￿1 damage
Govemance costs
Total resources expended
63.959
63,418
139,707
181.484
130.853
193,709
55,562
8,301
388,425
130,853
193.709
55,562
8.301
452,384
7,690
392,299
63,959
Net incoming resources
86.801
39,419
47,382
71,392
Net movement in lunds
Transfer funds
Fund balanGes ￿Ought forward 01 Awil 2023
2,081,493
257,869
1,823,624
1, 752,232
Fund balances ￿nIed fovNard at 31st Mar¢h 2024
2.168,294
297,288
1,871,006
1.823,624
All of the above results are derived from continuing adlvlties. All gains and losses recognised In the year are included above.
There were no recognised gains and losses for 2024 othèr than those Included in the profit 8nd10ss acGounL
page 8

North Down Development Organisation Limited
Reports 2nd Finanaal Statements
For the Year Ended 31st March 2024
Charity Balance Shaet a$ at 31sl Mar¢h 2024
Company Registratlon Number N1017966
Note..
2024
2023
Fixed a55ets
Tangible assets
2,619,226
2.729,252
Debtors
Cash at bank and in hand
99,060
513,642
612,702
23,425
526,858
550,2a3
Credltors: anwnts f811ing du• wilhin one year
139.863
103. 126
Net current assets
Total assets less current Ilabllltles
472,839
3,092,065
447,157
3,176,409
Creditors: amounts falling due after more thon one
75,741
3.016 324
136.080
3.040.329
Net assets
Funds:
Defvrred capital grants
1,145,318
1,216,705
Unrestricted funds
General ftEnds
10
1.871,006
1, 823,624
Designated fvnds
Total funds
3 016324
3,040,329
Forthe year enthng 31 March 2024 the company was entilled to exemption fram audit under se¢tion 477 of the Companies ArA 2006 retslng
to smam ¢ompanies.
Directors Responslbilllies:
The members have not required the company to obtain an audit of its a¢¢ounts for the year in que81iDn in accordance seclion 476,.
The dlrector8 aCknO￿ledge thelr responsibilities for complwng with the requirements of th• Actwith re5perAto accounttng records and
the prep.aratlon of accounts.
The financial 8t8temEnts on palles 7 to 12 were approved and authorised to issue by Ihe DiTectOTS and sluned on thelr behalf by:
Chalrman
Ivan Thvmpson
11-IL.LX
page 9

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2024
Notes forming part of the financial 5tstements
Accounting pollcies
Basls of preparation
The ffnanaal statements have been prepared under the historical cost convention. The financial statem?nts have been prep8Ted in
accordance wryth the Charities Statement of Recommended Practice (Charities SORPI (FRS 1 D2). The Chariknes (Accounts and
Reports) Regulations (Northern Ireland) 2Q15 and the Charities Act {Northemwlreland) 2008.
(a)
(b)
Company status
The charity is a company linlted by guarantee. The members of the compary are the trustees named on the"Leg81' pag9. In the
event of the charfty being wound up, the lialility in respect of Ihe guarantee Is linmted to £1 per member of the tharity.
(c)
Fund accountlng
General funds are unrestricted frjnds bthich are available for use at the discretion of the trustees In furtherance of the general
otyeGtives of the charity and which have not been designated for other purposes.
Designated fijnds compiise unrestricted fltnds that have been set aside by the trustees for parliGular purposeB. The aim and use of
each designated fund is set out in the notes to the financial statements. Restricted funds are funds which ara to be used In
accordance V4fjth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Th8 Cost of
raising and administering such funds are charged against the specific fvnd. The alm and use of 8ach reStri￿ad fund is set out In the
note6 to the financlal statements.
Investment income and gains are alloGated to the appropriate fund.
Incoming resources
All incoming resources are in¢luded in the SOFA when the charity is legalty gntitled to the income and the amount can be quantified
with reasonable accuracy, excludes VAT and other di5wunts.
Rontal income is generated through the lease of premlses owned by the organisation. Income Is recognised eventy over the perlod of
thelgase temi.
Training income Is for the servlces provided to entrepreneurs y￿thIn the organisation's area of Operation and Is reGognised when the
service has been compl&ted in accordance with the programme provider'5 directions.
ca￿ts1 grants TeGelved In respert of the arquisition or constTUCtion of fixed assets are credited to defeTTed c8Vtal grants In the
balance sheet and are released to the incomè and expenditure acGount over the useful econon¥c ￿'fe of the asset for which the grant
was awardad.
(d)
(e)
Resources expended
AH expenditure is a¢￿U￿ted for on an accruals basis and has been classified under headings that aggregate all costs related to the
Gategory. Where costs cannot be directtrf attributed to paitiGular headings they have been allocated to aGlivities on a ba&s consistent
th use of the resourGes.
Training Se￿iCe8 and Gosts are rgGogn15ed when incurred and are not deferred until the relevant programme has been completed.
Tanglble fixed assets and depreciation
The company holds property primarily as a public benofit entity for the benefit of fostering businesses. Property has been classified
as tangible fixed assets and not as investment propety on aGcordance with FRS102.
Whore there has bgen signlficant refurbishment Gosts incurred. these are trèated 8S CèF4tal improvemgnts, and dèpreciated in
accordancè the poliGy rates used below.
Depreciatlon is prO￿ded on all tangible fixed assets at rates calculatèd to wrfte off the cost on a straight line basls over their expected
use￿1 economic lives as follows:
Long loasehold land
Buildings & Offices
Hi-tech units
Fixtures & Flttlngs
Motor Vehicles
2% - 3.33% stralght line
2% straight line
10% - 20% straight Ilne
25% stralght line
Property disposals, where the director5 feel that woceeds are immaterial to the overall value of the land and Lwildings, are Gredited
gross to the ffxed assets without t8￿ng the net proceeds through the profit and Ioss account.
page 10

North Domn Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2024
NDDO
k Il S l M E S S
Notes fomiing part of the financial stalemenls
1 Accounting policies {continued)
(fj
Tangible fixed assets and depreciation
Depreciation is not charged on assets in the course of construction and a frjll charge for the year is made for assets brought into use
during the year. No charge for deprec4ation is made in the year In which an asset Is disposed of.
Where buildings and equipmpnt are acquired ￿1th the aid of specific grarts, the assets are capltall$ed and depredated In
accordance ￿th the policy set out above, the related grant credited to a deferred capital grant account and Teleased to the
income and expendFture aGcount over the expected useful economic life of ihe related asset.
A review for impairment of a fixed asset Is carried out if events or changes in clr¢um5tanGes indicate that the carrying amount of the
fixed asset may not be reGoveratrAe.
(o)
Pension costs
The company operates a defined contributlon scheme forthe benefit of its employees. The Gosts of contributions are vrritten off
against profits in tho year they are payable.
(h)
Cash and cash equlvalenls
Cash is rewesented by cash in hand and deposits with financial institutions repayable without penalty on nolice of not more than 24
hours.
Financial instwments
The Company only enters into basic finanual instruments transactions that Tesuft in the recognition of financial assets and liaiiltties
like trade and other accounts receivable and payable, loans from banks and other third partie5.
Debt instruments (other than those wholly repayable or receivable withln one year), including loans and other accounts receivable
and payable. are initially measured at present value of tho future cash flows and subsequently at amortlS8d cost using the effective
interest method. Debt inslrum8nts that are payable or r8ceivab]e wthin one year. typically trade payables or receivables, are
measured, initially and sut6equenty, at Ihe undiscounted amount of the cash OT other consideration, expocted to b8 paid or
received.
2 Total resources expended
other direct costs include..
2024
2023
Indep?ndonVs Exarrtiners Fees
Depreciation- on owned assets
Cakital Grants raleased
Loan Interest
1,800
120,497
71.388
4,354
127,293
71,388
5,609
3 Dlrertor, remuneration
The DirfrctOTS nellher reGeived nor waived any emoluments during the year (2023: £NiD.
4 Staff Costs
2024
156,320
8,30S
9,891
2023
148,281
7,690
9,643
Wages and salaries
Social sècurity costs
Defined Pension costs
The average number of employees, calculated on a fUl￿tIMe equivalent basis, analysed by function was:
2024
2023
Management and admlnistralion
Training
There was one 8mploy88 received a salary of between £75.000 and £80,000 for the year.
page 11

North Down Development Organisation Limited
Reports and Financial Statements
For the Year Ended 31st March 2024
NDDO
Notes formlng part of the finaneial statements
5 Tanglblo fixed assets
Long
Leasehold
Land
Fixiures
Fittings &
Equlpment
Buildings &
Adaptations
H￿tech Unts
Motor
Vehlcles
Total
At 1 April 2023
Addrtions
Disposals
At 31 March 2024
164,353
5,179.218
329,431
155,012
10.472
34.605
5.662,619
10,472
164,353
5,179,218
329.431
165,484
34,605
5,873,091
Depreclatlon
At 1 April 2023
2,822,363
185,486
125,519
3,133,368
Charge for year
Disposa
At 31 March 2024
99,103
6,588
6.154
8,652
120.497
2,921,466
192,074
131,673
8,652
3,253.865
Net book value
At 31 March 2024
164,353
2,257.752
137,357
33,811
25,953
2,619,226
At 31 Mwch 2023
164.353
2.356. 855
t43,945
29,493
34.605
2. 729.251
Valuation
The building$ were last valued independentty during January 2018 by Mr. ma￿ McKin8try MRICS & Mr Stephen Deyermond MRICS of TDK
Commercial Property Consuttants. In their opinlon, the fair valuation of the properties was £3,100,000. The trustees fvmi an oynion that as
the economy is improving and the Industrial Ffoperty market Tecovering, the current historic net book values Ca￿led in these account6 are
not inappropriate., and they do not consider that a revaluation is justified given the imwoving market.
Leasehold Land
Purchase of land was acquire from IDB on a 999 year lease. There is no ground rent payat4e.
There are restn'ctive covenants place on the use of the land for enterprise use only.
Capltsl Commitments
Capltal expenditure contracted for. but not promded In the financial statements, vras £ Nil 12023.. £Nil}.
6 Debtorts
2024
1,721
62, 122
35,217
99.060
2023
Trade debtors
97
other debtors
Prepayments and other a¢crued in¢ome
23,328
23,425
Credltors: amounts falllng due wlthln one year
2024
2023
2.320
14.852
20.073
9,3&7
Trade credRor8
Taxation and social se¢urity ¢06ts
Other creditors
Ac¢rua￿ and deferred income
Obiigations under finance leases
Loans and overdrarts
39,054
4.885
29.255
7,590
59,079
139,Be3
56,498
103,126
page 12

North Down Development Organisation Limited
Reports and Finanoal Statemenls
Forthe Yegr Ended 31st March 2024
Notes fomiing part of the financial sL*ements
Creditors: amounts falllng due after more than one year
2024
75,741
2023
136.080
Bank Loans
The amou
ts fall due as follovoE:
In the second to fifth year inclusiv8
More than five years
75.741
136,080
Total borrowlngs are secured by a legal mortgage on the company's pre￿seS, a fixed charge over book debts, and a Iloating charge on the
Othgr assets of the company. The company combined its fixed and ffloaling interest rate loans Into a singlo acGount at a rate of 1.5Qh on the
present lendlng margin CUTrenty at.75%. The loan is due to be repaid in 2026.
9 Defevred capital grants
2024
2023
Land & bulldin
At 31 March 2024
1.216,707
1,288,095
elea
At 31 March 2024
71.388
1.145.319
71.388
1216 707
The Ca￿al grants to assist building thes8 units had con(fitions attached, pre and post competsbon. These were fvffilled within
the time fimits variating from M years after the grant was awarded. The grants are not rèpayable thereafter and the
organisation is free to dispose of them ￿￿thoUt raluming any the woce8ds.
10 Statement of funds
At 1 April
2023
At 31 March
2024
Income
Expenditure Transfevs
General rese¢ve
2,081,493
475.226
388,425
2,168.294
Tolal unrestrlcted funds
2 081493
475 226
388 425
2168 294
Restricted funds:
Training
257,869
24,540
63.959
297,288
Tolal re51rfctsd lunds
257 869
297 288
Total fvnds
1823 624
499 766
1 871006
11 Financial InstNments
2024
2023
Finandal assets
Finaniial assets measured at I￿r value through profit or loss
513.642
526,858
Finanaal Ilakmlitles
Finan(ial liaknlities measured at amortrsed Gost
209,047
239 205
Financial assets measured at amorfjsed cost comprise Gash in hand and bank.
Finan(ial Liabililies measured at arnortised cost comwise bank and asset loans. trade ffedftors, and sundry Credito￿.
page 13