2023-03-31-accounts

Charlty Regi5tra¢ion No, NICIOI 3391XT28064 Company RegiStral•on No. N160S128 {Northein Ireland) THE NORTHERN IRELAND SCIENCE PARK TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CLIMPANIES HOUSE BELFVAST 12 DEC 2023 p.rcFPTION DESK *JC17KYYI• 12112r2023 COMPANIES HOUSE JNI

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THE NORTHERN IRELAND SCIENCE PARK TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tiustees Ms E Graham Mr A McFerran Mrsorr Mr P Maguire Secretary Mf John Carew Chjrity numb•r NIc101339￿28o64 Company number N1605128 R¢9lJtered office The Innovotion Centre Queen's Road Queen's Island 8elfast Co. Antrirn Northern Ireland 8T3 9DT Independent examiner FPM Accountants timited 1 3 Arthur Street Belfast Co. Antrirn Northem Ireland BTI 4GA Bankers Ulster 83nk 11-16 Donegal Square East Bell¥st Co. Anlrim BTI SUB Solicitors Cleaver Fulton Rankin 50 Bedford Street 8elfast 8T2 7FW Co. Antrim

THE NORTHERN IRELAND SCIENCE PARK TRUST CONTENTS Page Trustees, report Independent examine¢s reF4Yt Statement of financial activittes Balance sheet Note5 to the financial statements 8-12

THE NORTHERN IRELAND SCIENCE PARK TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR fHE YEAR ENDED 31 MARCH 2023 The trvslees (whc* are also the dirfftois) preRnt their report and financlal statements for the year ended 31 March 2023. The financial staternÈnls hJve been prepared in Ktordance with the accountln9 poiicles set out In nole I to the financial statement5 and comply with the charity's govern￿￿ do¢urnenL the CornpJnies Act 20C6 and "Accounling and Reportln9 by Charitles., Stalernent of Recommended Practice èpplicable to charities p￿parIng their 3ccounts In accordance with the Financial Reporting Stsndard applicatAe in the UK and Aewblic of IrelAnd (FRS 102) (effective l JaNary 20191.. Objectives and acti¥itles The objectrrfés for which the compJny is estsblished are to promote for the public ￿nefIt.. the advancement ol education and vocalional trairting of the publK in Northern 1relaNd and. in pathcular. to promote JDd advance ¥ducatim in •ntrepreneurship ond related voc•tion•l skill5,' the advanceffent of education in Kience and technology in the United Kirythrn by Cor￿UC11n9 commissionin91 promotin9 and a551Sting With xientilic ar￿ technological reseèrch and publishlng and disseminating the u5elul results of suth reseaf£ts' the promotion of volunteerirKJ to xhievo any charitoble pwpose and, in lurthernnce of that ¢)bjecL to promote. iftform ond raise •wareness of Volunteering In connertlon wilh related sectors in Northern Ireland.. any other charitable purpose for the benefit of the public in Northein Irel¥￿. The trustees have paid due regard to guldarfe issued by the Charity Commission in deciding whal actI￿tIeS the charlty should undertake. Reserve$ Pollcy The companrfs policy is to retain ¥ level of Ireè reseNes which rnalches the needs cf the organisation both at the cvrfent time and In rhe foreseeable future. Free reserves are those unfesiricted reserves not designated for a partlculor use nor invested in fixed assets which ère available for general use. The Oirectofs will strlve to secure reserves in Iht future sufficient to rneet future committed expenditure and funnifKJ costs. T8xaiion The Twst is registered •s a ch4riiable wmpany fot tax3t•on purposes, is exempt Irom COfpor¥tion t8x on it$ acliwties, is able to recover mc)5t t•4 deducted ot soU￿e fiom its investment irKome Jnd is not liknle for corporation tax on its other income or on capital gains. Recovery will therèfore be madé of tax credits and tax d•ducted Irom income recebved under deed of covenant or gift aid. The Tfust receives no sirnilar exemption in respect of Value Added Tax. Small Companl¢s Exemptlon In preparing the DirectOiS' feport, the Oirectors have raken ihe small companies, exemption under Section 414 <8) of the Companies Act 2006 Isiraiegic Report and Directors, Report) Regulations 2073 not to prep¥e a 5trotegic report foT piesentaiion with these financial slaternents.

THE NORTHERN IRELAND SCIENCE PARK TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Plans for fvture perlods The Board of Directors will contlnue to plan for the delivery of consistent hlgh-quality standards in relatlon to achievin9 the objectives as detailed above. The company will dernonstrate that it 15 usin9 its resources to deliver charitable activity and therefore public benefit in the best possible way in these uncertain econom lirnes. NISP TNst is actNely seeking future funding opportunilies which includes the endowment prospectu5 project. Resources will be manD9ed in a cost-elfeclive manner. Expenditure will be strictly monitored and controlled whilst at all times aiming lo achieve mbximum value for money. Management structures will be kept under review ènd monitored to ensure that good governance prevails and exposure ol the company to risk is rnlnlmtsed, Struclure. govern•n¢• and man•gem•ni The Northèrn Ireland Sciènce Park Tiust is • company limited by guarantee and does not have Sha￿ capital. It is govemed by its Memorandum and Artlcles of Association, 11 Ss recogni5ed Js a charity by HM Revènue & Customs ènd The Northern Ireland Science Park Trust is regi51ered with the Charity Commission for Northern Ireland, with charitable number NIC101339. All Trustees are appointed in accordance with article 19 01 the Articles of AssocialiDn'. A Trustèe must be i naturol person a9ed 16 years or older. No one may be appointed a Trustee if he oi she wotsld be disqualified from acting under the provisions of Arilcle 22. The number of Trustees shall be not less thèn three but (unless otheThvise determined by ordinary resolution) shall be subjèct to a maximum 0110. A Trustee may not appoint an alterrnate Truslee or anyone to act on his or her behalf at meetings of the Trustees. A Trustee must be è Company Member of the Charity. No exleinal bo(ty has the right to appoint a Trustee and no form•1 Iraining is provided to TNstee& The twstees, who are 8150 the direclors for the purpose of company law, and who seNed during the year and p to the date of signature of the linancial statements were: Ms E Graham Mr A McFerran Mrsorr Mr P Maguiye None of the trustees has any beneficial interest in the company, All of the trustee5 are ffleMbe￿ of the company and guarantee to contribute £1 in Ihe event ol a winding up.

THE NORTHERN IRELAND SCIENCE PARK TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Or9anluilon AN Trustees a￿ director5 and meet as required. They discuss ihe board strategy, iisk management and areas of future activty. The day to day runniTrJ of the company is handled by managernent from the Norihem Irela￿1 Science Park Foundation Group. Risk M•nagement The Dire<t<)rs have been made awaR ol the major risks to whith the company will be exposed. The key rtsk to the Tfust will be failuie to secure svflicient fundin9 to facilitate the achievement of ihe Trust olieclives as slated in the Articles of associatiorK This is mitigated with a ieview of the fund raising strategy in order to optimize future returns on fvndraising expenditure. Publ•¢ B•n•fli The Diiertors believe thot the chaAtable company provides a public benelit by providin9 an opportunity for the advancernent of educ)Ilon in science and technology In the United Kln9dom. The company is fully awaTr ol the guidelines from the Charity Commission for Nortliem Ireland. The Directars believe ihai li is operating ¢niir¢ky within those 9uidelines and it looks foThvJrd vAth (￿lidenCe lo t￿ development of Ihe coMyn￿$ lutvre wwk in Northem Irel￿0. Relaled Party YransJctioNs The chairperson of Nonhem Ireland Science Pad( {Holdlngsl Limlted Is a Trustee of the Northern Ireland Science Park Trust, Durin9 the year, the chairperson h•5 not recepied any remuneratlon, pension provision or expenses from the Northem Ireland Science Paik Tfust, nor has undertaken any fflateiial transactions with the Northem Irel￿d Science Park Trust. Polilic•l donations The charitable compary made no politi¢al contributions dudng the financial year {2022: £Nil}.

THE NORTHERN IRELAND SCIENCE PARK TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Statement of twstee5' responsibilities The trustees, who are also the directors of The Northern Ireland Science Park Trust for the purpose of company low. are responslble fof preparing Ihe Tnjstees, Report and the finanoal st8temen¢s in accord8nce vlih applicable law and Unired Klngdom Accounting Standards (United Kingdom Genenlty Accepled Accountin9 Practice). Company Lèw requiies the Iruslees to prepare financial statemènts for each financial year whlch give J true and fair view of the stale ol affairs ol the chaiity and of the incoming resources and application of rsourc¢s, including the income and expenditvr< of the charitable campaw for that year. In preparing these lin)nci¥l statement% the trustees are required t¢y. seltct suitable a¢eOunting policies and then apply thom conslsienily,. obsep4e the methods and prlnciples in the Charities SORP,. make judgement5 Jnd èstlmatls that are reawnable and prudeni and prepare the flnancial'statements on a going concem basis unless it is inappropriate to presume that the charity will continue In operation. The trusteès a￿ fesponsible for keeping adtquate accounting recortls ihal disclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slatemerts comply with the Companies Acl 2006, They are also responsible lor safeguarding the assets ol the charity ard hence foi taking reasonable st•ps for th• preventlon and detection of Iraud Ind other Irre9ul•rities. y order of the 8oard Mr P Maguire TNsteè S December 2023

THE NORTHERN IRELAND SCIENCE PARK TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NORTHERN IRELAND SCIENCE PARK TRUST We report lo the trustees on our examination of the financial ststements of Northern Ireland Science Park fwst (the charityl lof the year ended 31 March 2023. Responsibilities and bJ515 of report As Ihe twstee5 of the charity land also its directors lor the purposes of company law) you a￿ responsible for the preparation of the financial statements In accordance with the requirements of the Companies Act 2￿6 (the 2￿6 Act). Ha¥in9 Sati5tied myself that the h'nancial statements af the tharity are twl required to be audited under Part 16 ol thè 2006 Act and arg eligible for independent examinatioTh l ieport in fe5pect of my exominalion of the charity's financial statements carried out under section 65 of the Charities Act (Northern Ireland) 2008 (Ihe 2008 Act). In cairylng out my examinalion I have followed all the appll¢able Directions 9iven by ihe Ch4rity Commiision under section 6519)(bl pf the 2008 Act. Independent examlner's Stalement We have completed Dur examlnation. We conlirm that no matters have come to our attentlort In connectlon with the examinètion giving me cause to believe that in any material respect.. accountin9 records were not kept in resPKt of the chjrity as reguSred by gKtion 386 0( the 2006 Ac¢ or the financial 5tatem¢nt5 do not accord with ihose r¢cords.' or the linancial statements do not comply with Ihe accountin9 re9uirements of section 396 of the 2006 Act other than any oquirement that the accounts give a true and lair view which is not a matter considered as part ol an independent examinalion: or the financial statements have not been prepared in accordance with the methods and principles of the Slatemenl of Recommended Practice for accounting and reporting by charilies ipplicable to charitles preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland {FRS 1021. We have no concems and have come across no other matters in connectiDn with the examlnation lo wNch attention should be drawn in this report in older to enable a propel understanding of the financial statements to be reached. FPM Accountants Lirnlted Chartered Accountants Statiilory Auditor# 1 3 Arthur Street 8elfast CCK Antrim BTI 4GA Northern Ireland Dated,, 5 December 2023

THE NORTHERN IRELAND SCIENCE PARK TRUST STATEMENT OF FINANCIAL A￿1VITIEs INCLUDING INCOME AND EXPENOITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrieied Unresiricted funds fijnds 2023 2022 Notes enditure on- Charitsble activittes 9S,000 Govemance Costs 3.091 1,381 Toi•l resoyr¢es expended 98,091 1,381 Net •xpendlture lor the yearl Net movement in funds 198.091) (1.381> Fund balance$ at l April 2022 ICfi315 107,696 Fund balance5 at 31 March 2023 &224 106,31 S The statement of financlal activities in¢lude5 Ill gJlns arO1055¢s recognised In the year. All income and expenditure derive Irom continulng activliies. The starement ol linbncial aclivllies also complies with the requirements for an incorne and expenditure account un(kr the Companies Act 2006. Thg noleg ￿ pag•s 8 10 12 torm part c4 Ihès• lknancial slal8fflenl$.

THE NORTHERN IRELAND SCIENCE PARK TRUST BALANCE SHEET ASAf31 MARCH2023 2023 2022 Notes Current assets Cash at bank and in hand 9.729 106,315 Creditorj: •mount$ falling due w•ih5n one y•ar (1,5051 Net current assets 8,224 106,315 lfteame funds Unrestricted fvnds 8,224 106,315 8,224 106,315 The company is entitled to the exernplion from the audit reguirement contalned In 5ecti¢Jn 477 of the Companies Art 2006, for the year ended 31 March 2023. The directors xknowledge their responsibilities for •nsuring that the chirlty keeps accounting rttords whlch compty with seciion 386 of the Act and lor prep8ring financial statements which 9ive a trve and fair view of the stste of affaits ol the Company as at the end of the financial year and of its incoming resources and application of resource& including ils income Ind expenditure, for the financi•l ye•r in 4ccofdance with the requirements of sections 394 and 39S and which othe￿ise comply with the Tequlrements of ihe Companies Act 2006 re1411ng to financial slalements. so far as applicable to the roinpany. The members have not required the Company to obiain an audit of its financial statemenls lor the >ear in question In accordance with sectlon 476. These finanaal statements have been p￿Pared in accordance with the provisions applicable to companies subject to the small companies regime. The linancijl statement$ wère approved by the Trustee5 on S December 2023 Ms E Gr8hèm Truste8 Cornpany re9i5tralion number N1605128

THE NORTHERN IRELAND SCIENCE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A<countlng policies Charity information The Northern Ireland SciencE Park Trust 15 a private company limited by guaiantee incorporated in Northern Irel•nd. The re9lSteod office Is The Innovatlon Centre, Qveefis Road, Queens Islènd, 8elfart 8T3 9DT, 1.1 Accounting conventlon rhe financial statemen15 have been prepared in accordance with ihe Charitles Act 2011. the Cornpanies Act 2006 and Accountin9 and Reporting by Charities.. Sialement of Re¢ommended Pfactice applicable to charities preparing their accounts in accoidance with the Financial Reporting Standard 4pplicable in the UK and Republic ol Ireland <FRS 102) (effective l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charlty has taken advantage of IhÈ provisions in the SORP lor charities applying FRS 102 Update 8ulletin I not to prepare a Slalement of Cash Flows. A55e15 and liabilities afe initially recognised at historical eost or transactlon value unlL•SS othe￿ise staled st•ted in the relevant accounting policy notes. The financial statement5 are prepared in sterling which 15 the furKtional currency ol the charity. Monetsry amounts in these financial ststements are rounded to the nearest £. The linancibl statement5 have been prepared urKler the historicol cost convention, The principal ccountlng policies adopted Jre set out below. 1.2 Going concern At the time of approvin9 Ihe flnancial slatemenli the TIu5tees have a reasonable expectation t￿1 the charity has adequate rlsources to cantinuo in operational existence for the foreseeable future. There are nD expènditure plans for the Trust going lornvard lor the year. Thus ihe chArity continue to adopt the going concern basis ol accounting in pieparing the financial slatemenl& 1.3 Charitable lunds Unrestricted funds I￿ available for use at the discretion of the charity in fvrtherante of their charitable objectives. Restricted Funds are subject lo specilic condition5 by donor5 a5 to h¢)w they may be used. The purposes and uses of the re51ricted funds are set out in the notes to the finan<ial statements. ndowrnent funds are subject to specific conditions by donors that the capital must be rnaintained ty the charity. 1.4 Income Income 15 recognised when the choTsty is legally entided to it aftei any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

THE NORTHERN IRELAND SCIENCE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting poficies (Continued) Voluntary Income Voluntary income is recewed by way of donations, sponsorshipi 9ifis and relaled gift aid and is included in full In the Sratemeni ol Financial Attrvities when receivable. Other incom• Other income Is Included in lull in the Staiernent ol Finèncial Activlties when received. 1.5 Empenditure All eXpe￿IllUTe Is accounted for on an accru&15 basFs and has been classified under headings thJl ggre9ate all costs related to that caregory. Where costs cannot be directly atlfil)u¢ed 10 partKul headlrys tlw have been allocated to actlvitles on a ba515 consistenl with use ol the Tesourc•s. All costs re allocated to activities on the basis ol stsff time spent on those Northern Ireland Science Pork Tntst ctivilEs. The Iwo main categories are: Cost olrJising funds Theso include all direct expenditure and ov•thead costs Incurred In Ihe organisation and m￿a98Ment of ielaled activitie& Govemance ¢osts GovemJnce costs incI￿￿e expenditure on administration of the charity and cornpliance ¥*ith Constituti￿31 and statutory ￿quirements. 1.6 Cash and Cash equlvalents Cash and cash equivalents include cash in hand deposits held al call with bènks, other short-lerm liquid Investments with orlginal maturities of three monihs or less, and bank ov¢rdraft% 8ank overdralts are shown wiihin borfowing5 in Current liaLxlities. B•slc fin•nclal assets Trade and other debtors are ￿cogniSed inilialty at transaction price less attributable tran5arti￿ costs. Trade and oiher Cfeditots are ￿cogniSed initialty al transaclion price plus altributable transaction costs. Svbsequent to initial recognition they are measured at amortised cost using the effective interest method. less any imp3irment k)sses in the case of trade debtors. If the arrangemenl constitutes a financing transaction. for example if payment is dafefred beyo1￿ nofrnal busine55 terms then it is measured èt thè present vhlue ol futuie payments discounted at a market rate ol insliument for a similar debt instrument

THE NORTHERN IRELAND SCIENCE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Aceatsnting policies (Continued) Impalfnwnf of Ilnanclal •uets A f￿an(la1 Jsset not carried at falr value rhrough profil or Ioss 15 assessed at each reporting date to deteimine whether theie is objective evidence that it is impaired. A linanctal asset is irnpaired if objective eYidpwKe iThJicales that a 1055 event has occurred after the initial recognition of the asset. and thal the loss event had a negative effect on the eslimated future cash flows of that asset that can be e51imated reliably. An imp•lnnent loss In resp•ct of ¥ flnancial •sset measured ai amortised cost is c•kul•ted 45 ihe difference between its carrying amount and the present value ol the estimaled luture cash flow5 discounted at the asset's original effective interest rate. For h'nancial instruments Measured at cl￿1 less impairment 4n impgirment is calculaled as the dIffere￿e b¢￿Een its carrying amounl and the besl estimate of the amount that the Compary wcwld feceive for Ihe assel if it were to be sold at the reportlty date. Interest on the impalred asset continues to be reco9nised through the unwlndlng of the discount. Impairment losses a￿ recognised in profit or loss. When a Subsequenl event causes the amount ol irnpairrnent loss to decrease, the decrease in impairment b5S 15 rgveised through profit or105& 1.7 Fund Accounting The choritable cornpany has vaikou5 types of lunds for which it Is responsible and which require separate disclosu￿. Definilions ol the vorious types of lunds are a5 follows.. Reslri¢ted lunds Funds received which are earmarked by the donor for specifi¢ purposes. Such purposes are within the overall alms of The Northem Ireland Sclence Park Trust. Unréstrlded funds Unrestrided funds are funds whieh are available for use at the discretion of the Dlrectors in furtherance of the general obj'ectives of the Northein Ireland Science Park Trust and which have not been de51gnated for other puiposes. Desigrtaied lunds are amaunls set aside from unrestriclod funds whKh have been 'earmèrked' for partlcular projects. The company is limited by guaranlee and doe5 not have share capital. Charftsble actlvlties 2023 2022 Pro9ramnme Costs 95.(QO Trustees None of Trustees (or any persons connecied with them) feceived any remunoratioTr or benefits from the charity during the year. 10

THE NORTHERN IRELAND SCIENCE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 37 MARCH 2023 Employees The average monthly number of employees during the year was: 2023 Number 2022 Number Total The charitable compiiny has no employees 12022.. none). Administrative support 15 prowded io the Northern Ireland Science Park Trust by Northern Ireland Science Park Foundation employees, who are remunerated by the Northern Ireland Science Park Foundation, None of the Director5 received rèmuneration or expenses Irom the Northefn Ireland Science Park Tnjst durlng the year in respect of their setvices lo the charilable compaTry {2022: £nill. GDvern8nce Costs 2023 2022 SeNice Charge Cost 3.091 1,381 Creditors: amounts falllng due wiihin on• y•¥r 2023 2022 Trade crèdito Accrvals and defeired income 725 1,505 Analysis of net a55els between funds Unre5tricled Unrestricted lund$ lunds 2023 2022 Fund balances at 31 March 2023 are represented by.. c￿r￿n1 assel5111iabilities) &224 106,315 8,224 106.315 11

THE NORTHERN IRELAND SCIENCE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Flnandal commltmenls guavantees afid contingent Ilablllti•s There were no conlingent liabilitiés at 31 March 2023 (2022- £NiD. Related piity tramaclions There We￿ di5closable r¢lated party transaction5 duriry the ye4r12022 . rK•ne). 10 Shère capital The comyty is limited by guarantee and ds)es not have a share ¢apit41. 11 Uliifflato ¢onlrolling p•rty Theie is no ultimate controlling Paty. 12 Llabillty of member5 The Northern Ireland Science Park Trusi is g company lirniled by guBraniee ¥nd does not hwe a sha capitsl. The liability ol each member is limited to an armunt not exceedln9 £1, 12-