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