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2022-12-31-accounts

Charity registration number NIC101416

Company registration number NI022304 (Northern Ireland)

MALLUSK ENTERPRISE PARK LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

MALLUSK ENTERPRISE PARK LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Directors Mr I Patterson (Chairperson) Mr S Pollard Mr M Spence (Vice Chairperson) Ms Z Webber (Appointed 30 May 2022) Secretary Mrs E Garrett Charity number NIC101416 Company number NI022304 Registered office Mallusk Drive Mallusk Road Newtownabbey Co Antrim BT36 4GN Auditor GMcG LISBURN Century House 40 Crescent Business Park Lisburn BT28 2GN Bankers Danske Bank Donegall Square West Belfast BT1 6JS Solicitors Donaldson McConnell & Co Ltd 8-10 Graham Gardens Lisburn Co Antrim BT28 1XE McIldowies Solicitors 65-67 Chichester Street Belfast BT1 4JD

MALLUSK ENTERPRISE PARK LIMITED

CONTENTS

Page
Directors' report 1 - 9
Independent auditor's report 10 - 15
Statement of financial activities 16
Statement of financial position 17
Statement of cash flows 18
Notes to the financial statements 19 - 27

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the company's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019).

Objectives and activities

The objectives of Mallusk Enterprise Park are the promotion for Public Benefit of Urban and Rural regeneration, in or around the vicinity of areas of social and economic deprivation, in the Newtownabbey area and its environs by all or any of the following means:

The principal objectives of the organisation are to promote community and economic development by means of assisting unemployed and economically inactive people to become self-employed, and to offer workspace accommodation to businesses that will create employment opportunities for those who are not currently employed. Business incubation and mentoring support is offered to both new and existing tenants to enable them to sustain, grow and develop their businesses.

The organisation provides free enterprise advice, education and training courses, and organises events and workshops to promote self-employment as a viable alternative to long term unemployment. We provide management advice and expertise to local community groups in the third sector, to assist them in areas such as sustainability, governance and general management skills. There are a wide range of support services that are offered to anyone seeking business or management advice.

In setting our objectives and planning our activities for the year, the trustees have given careful consideration of the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charity's purposes and provide a benefit to the beneficiaries.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

As a social enterprise Mallusk Enterprise Park records its social impact and tracks how it helps local individuals and businesses. The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.

In the last financial year we have achieved the following:

Free enterprise advice, education and training courses provided during the year:

Pre Start Support

Business start-up Coaching programme

Tailored ‘entrepreneurship’ programme aimed at increasing business creation and self-employment. Provided pre and post support to complement the existing “Go For It” support. This coaching programme specifically targeted individuals who were economically inactive or unemployed. This programme was funded by Antrim and Newtownabbey Borough Council.

Programme outputs:

Start Her Up Programme

An Enterprise Northern Ireland Female entrepreneurship programme for women aged 18-40. This programme specifically targeted BAME, women living with a disability and those living with neurodiversity. Mallusk Enterprise Park were allocated 2 clients based upon their geographical location.

Programme outputs:

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Start Up Support

Northern Ireland Business Start Up Programme (NIBSUP)

The Go For It Programme is the first stop for entrepreneurs in Northern Ireland. Managed by Enterprise Northern Ireland, Mallusk Enterprise Park are the delivery agents for individuals living within BT29, BT36 and BT37. We provide free step-by-step advice and mentoring to guide founders towards the launch and success of their businesses.

Programme outputs:

Women in Business / Yes You Can “Explore It” Programme

Mallusk Enterprise Park are delivery partners for Women in Business NI. The Yes You Can programme is a hybrid 4 month programme for cohorts of 15 women who are in the idea stage or early trading stages of business. With on going support, participants are guided on how to put what they learn into practice through Business Start training, Digital Marketing training, Peer Advisory Groups and 1:1 Buddy Support.

Programme outputs:

Social Enterprise Programme

Funded by Antrim and Newtownabbey Borough Council; the programme offered one to one mentoring from a specialist, access to group workshops, networking opportunities with other social enterprise businesses and access to a bursary.

Programme outputs:

This programme is due to complete in 2023; outputs to be detailed in 2023 Directors report.

Growth Support

Optimal

Managed by Mallusk Enterprise Park, in partnership with LEDCOM and Antrim Enterprise Agency; Antrim and Newtownabbey Borough Council’s Business support and Growth programme. Part funded by Invest Northern Ireland and the European Regional Development fund under the Investment for Growth and Jobs Northern Ireland (2014 – 2020) Programme. The programme was specifically aimed at SME’s with 50 or fewer full-time employees and provided bespoke mentoring, workshops and networking opportunities.

Programme outputs:

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Start Up Loans

Enterprise NI is the Business Support Partner delivering Start Up Loans in Northern Ireland. A Start Up Loan is a personal loan for business purposes for a term of 1 to 5 years at a fixed rate of 6% per annum.

During 2022 Mallusk Enterprise Park supported 2 clients to access ENI start-up loans, drawing down a total of £12,000 which enabled these clients to finance their business start-ups.

Financial Resilience Programme

Funded by The National Lottery Community Fund; The CO3 Financial Resilience Mentoring Programme enables Chief Executives in the Third Sector to develop financial strategies to escalate their impact to the community.

During 2022 Mallusk Enterprise Park provided 22 hours of one-to-one mentoring to three Third Sector Chief Executives.

Other activities during the year include the following:

Mallusk Enterprise Park records its outputs in terms of both quantitative and qualitative impact.

Social Impact Report

Social outputs are measured as follows:

Directors / Trustees voluntary contribution and staff pro-bono work

As a social enterprise, Mallusk Enterprise Park Board comprises experienced and highly skilled individuals, operating themselves within a range of private and public sector Organisations. Staff employed within the Organisation primarily work on income generating projects however a proportion of their time is offered to local individuals, businesses and third sector organistaions on a pro-bono basis. All activities undertaken by Directors and Staff are in line with the Charity’s aims and objectives. Directors time is monitored and captured via board and sub-group meetings. These are detailed below:

Based upon an hourly rate of £55 per hour, this equates to a total contribution in kind of £68,970 to the economic development of the local area.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Staff pro-bono assistance was provided to:-

Discounted / Pro bono use of units and meeting space

In certain circumstances discounted rent periods, coupled with incubation support and advice is offered by Mallusk Enterprise Park to support local economic regeneration. In 2022 there was minimal tenant movement out of the Park, therefore incubation units were limited in availability. The associated pro-bono value for units and meeting space in 2022 was £1,607.

Mallusk Enterprise Hub

Mallusk Enterprise Hub opened in October 2022, representing an investment of over £200,000.

This new facility comprises five individual huddle rooms and offices, a collaborative-working area, breakout space and conference facilities which accommodate up to 40 delegates. The facility has been utilised by the Mallusk Enterprise Park to deliver workshops, hold meetings with clients and run events such as The Mallusk Christmas market.

These new training facilities will be used to deliver free self-employment workshops to up to 40 individuals at a time. The meeting rooms will be used by our team of employed and associate business advisers to provide free one-to-one mentoring and coaching to local individuals and social enterprises at pre-start, start up and growth stages of business. We also plan to offer the space to members of the general public, our tenants and social enterprises at below market rate. Private sector facilities are expensive to use and often prohibitive to micro and small businesses (stifling innovation) especially at the early stages of business. The rates charged will enable the charity to make a contribution to the overheads which are incurred whilst operating the facility.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The 2022 Mallusk Christmas Market (held within the Enterprise Hub)

The Mallusk Christmas Market was an opportunity for Mallusk Enterprise Park tenants, programme participants (current & past) to showcase and trade their products and services and be supported by Mallusk Enterprise Park in the run up to the peak Christmas season. This was an opportunity also to support the corporate social responsibility aspirations to build a bank/a mountain of Christmas food items and gifts for local people in need this Christmas.

The market was created and facilitated by Mallusk Enterprise Park as part of the celebration of 30 years in business, 'Mallusk Christmas Market’ brought together entrepreneurs, marketers, photographers, videographers, influencers & consumers together at Christmas for trading/sales, networking and ‘evergreen’ content creation.

Mallusk Christmas Market Outputs:

Financial review

At 31 December 2022 the balance of unrestricted reserves was £2,062,408 (2021 - £2,004,387), of which £750,629 (2021 - £780,958) has been designated by the Board at the year end.

Restricted funds are restricted for the purpose specified in letters of offer provided by the funding bodies. At 31 December 2022 the balance of restricted funds was £Nil (2021 - £Nil) .

It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The principal funding arose from rental income and services to tenants with additional income arising from the delivery of enterprise support via a range of programmes managed by the Organisation. All expenditure during the year was directly attributable to achieving the business objectives as outlined above.

The directors have a risk management strategy which comprises:

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Future plans

The charity is focused reaching out to, and supporting even more individuals, SME’s and social enterprises in 2023. The Enterprise Park is 100% occupied, with a waiting list of 54 businesses. It is committed to servicing the needs of its local community in the provision of affordable workspace and free business advice and support.

The Organisation plans to establish a new social enterprise café on-site to provide training and employment opportunities for local people. This café will provide a much needed break-out area for tenants on-site, whilst creating new jobs and training opportunities.

The acquisition of additional commercial sites within the Borough are currently being explored as the Enterprise Park is currently at full capacity, with a waiting list maintained.

Public Benefit ring-fenced budgets allocated in 2022 will continue to provide more free or subsidised educational training for unemployed people to become self-employed; such as women setting up a part-time business from home and training/ mentoring for those contemplating starting up a small business and those in more rural or inaccessible areas.

Business consultancy and advisory services will continue to be provided by both directors and staff to local community groups, education boards and the voluntary sector.

Structure, governance and management

Mallusk Enterprise Park Limited is a company limited by guarantee governed by its Memorandum and Articles of Association under Companies Act 2016.

The directors who served during the year and up to the date of signature of the financial statements were: The directors who served during the year and up to the date of signature of the financial statements were:
Mr I Patterson (Chairperson)
Mrs L McGarry (Resigned 3 May 2022)
Mr S Pollard
Mr M Spence (Vice Chairperson)
Mr D B Sales (Resigned 5 January 2022)
Ms Z Webber (Appointed 30 May 2022)

As set out in the Articles of Association, one third of the board retire at each AGM. Each year the directors carry out an appraisal of their own and the board's performance and a skills audit helps to identify if there are any skills gaps within the board that would hamper the achievement of objectives. If a gap is identified then a description of the skill required is drawn up and the post advertised in the local media. Applications are reviewed and applicants are invited to attend an interview. An interview panel consisting of the chair, vice-chair and the CEO (as an observer and acting as Company Secretary) conduct the interview and a scoring process ensures that all applicants are treated equally and the highest scoring applicant is recommended by the interview panel to be coopted on to the board and then formally elected at the next Annual General Meeting. All directors once appointed are given a detailed brief of the operations of the organisation and provided with all relevant documentation. Training in company law and the responsibilities of directors is offered to all directors.

None of the directors has any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up.

The board of directors administer the company at a strategic level. The board meet quarterly at present and the chief executive officer manages the day to day running of the company. The organisation relies on directors acting in a voluntary capacity in overseeing the strategic direction and governance of Mallusk Enterprise Park. In terms of time and value of these volunteer directors - each of the 7 directors would dedicate up to 36 hours in meetings plus an additional 10 in preparation and review of reports and up to 10 hours on other matters relating to the organisation. The total input in time therefore would equate to approximately 392 hours of time input by the directors and valued at consultancy rates of £50 per hour this contribution is valued at almost £19,600 over the year.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The organisation has in place the following: Code of Conduct, reserves policy, risk register, governance manual, HR policies, board and staff appraisals, quarterly action plans, quarterly management accounts and balanced scorecard with performance measures.

The Organisation is a member of the following professional bodies: Enterprise Northern Ireland, NICVA, Social Enterprise NI, CO3, NI Chamber of Commerce and DTNI.

CEO, Emma Garrett, is also a board member of Enterprise Northern Ireland.

Statement of directors' responsibilities

The directors for the charitable activities of Mallusk Enterprise Park Limited, are responsible for preparing the directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditor

Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemptions.

The directors' report was approved by the Board of Directors.

Mr I Patterson (Chairperson)

Director

Dated: 23 May 2023

MALLUSK ENTERPRISE PARK LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED

Opinion

We have audited the financial statements of Mallusk Enterprise Park Limited (the ‘company’) for the year ended 31 December 2022 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

MALLUSK ENTERPRISE PARK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

MALLUSK ENTERPRISE PARK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

MALLUSK ENTERPRISE PARK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2016, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company's ability to operate or to avoid a material penalty.

MALLUSK ENTERPRISE PARK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MALLUSK ENTERPRISE PARK LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Stephen Houston FCA (Senior Statutory Auditor) for and on behalf of GMcG LISBURN

23 May 2023

Chartered Accountants Statutory Auditor

Century House 40 Crescent Business Park Lisburn BT28 2GN

MALLUSK ENTERPRISE PARK LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

**Unrestricted ** Unrestricted
funds funds
2022 2021
Notes £ £
Income and endowments from:
Charitable activities 3 566,448 528,823
Other activities 4 10,381 7,095
Investments 5 25 335
Other income 6 30,561 7,500
Total income 607,415 543,753
Expenditure on:
Charitable activities 7 549,394 445,850
Net income for the year/
Net movement in funds 58,021 97,903
Fund balances at 1 January 2022 2,004,387 1,906,484
Fund balances at 31 December 2022 2,062,408 2,004,387

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

MALLUSK ENTERPRISE PARK LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
15
Net assets
Income funds
Unrestricted funds-general
Designated funds
17
General unrestricted funds		 2022
£
£
1,579,409
67,045
543,283
610,328
(127,329)
482,999
2,062,408
-
2,062,408
750,629
1,311,779
2,062,408
2,062,408		 2021
£
£
1,606,231
62,906
529,298
592,204
(134,511)
457,693
2,063,924
(59,537)
2,004,387
780,958
1,223,429
2,004,387
2,004,387

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the directors and authorised for issue on 23 May 2023 and signed on its behalf by:

Mr I Patterson (Chairperson) Director

Company Registration No. NI022304

MALLUSK ENTERPRISE PARK LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
(37,939)
25
(69,215)		 £
121,114
(37,914)
(69,215)
13,985
529,298
543,283		 2021
£
(1,265)
335
(9,568)		 £
140,346
(930)
(9,568)
129,848
399,450
529,298

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Mallusk Enterprise Park Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is, Mallusk Drive, Mallusk Road, Newtownabbey, Co Antrim, BT36 4GN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the company's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.

Designated funds are those which the company or the Board have applied for a particular purpose. The aims and uses of such funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Incoming resources from charitable activities comprises licence fee income, programme income, administrative services income and consultancy.

Income is deferred when it does not meet the criteria for recognition as incoming resources in the Statement of Financial Activities, as entitlement to the incoming resource does not exist at the balance sheet date.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

1.5 Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all the costs relating to the category.

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies (Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings 2% - 5% straight line Fixtures and fittings 10 - 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Long leasehold land is not depreciated.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies (Continued)

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

Fixed Assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these assets lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in assets lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.

Restricted and unrestricted funds

Judgement are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The trustees consider it appropriate to allocate these funds based on donations received.

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Charitable activities

2022
2021
£
£
Workspace provision
340,406
338,756
Service charge
45,073
45,158
Facility services
1,756
1,668
Programme & workshop income
177,788
141,765
B4B revenue aid
1,425
1,476
566,448
528,823
4
Other activities
Unrestricted Unrestricted
funds
funds
general
general
2022
2021
£
£
Facilities
6,438
2,571
Solar panels
3,943
4,524
Other activities
10,381
7,095
5
Investments
Unrestricted Unrestricted
funds
funds
general
general
2022
2021
£
£
Interest receivable
25
335
6
Other income
Unrestricted Unrestricted
funds
funds
general
general
2022
2021
£
£
Insurance / Legal claims
30,561
7,500		 2022
£
340,406
45,073
1,756
177,788
1,425
566,448		 2021
£
338,756
45,158
1,668
141,765
1,476
528,823

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Charitable activities

Community and economic development
Staff costs
Programme and event cost
Rates and water charges
Insurance
Light and heat
Repairs and maintenance
Cleaning
Printing, postage and stationery
Marketing expenses
Catering costs
Telephone
Motor, travel and subsistence
Legal and professional fees
Membership fees
Accountancy services
Audit fees
Bank charges
Bank interest
Other operating leases charges
Bad and doubtful debts
Charitable donations
Sundry expenses
Depreciation		 2022
£
213,405
96,829
4,763
13,638
11,182
53,314
11,603
6,432
4,530
914
4,290
11,797
26,220
4,734
5,648
3,300
787
729
2,432
-
861
7,224
64,762
549,394		 2021
£
208,344
54,089
4,921
12,742
6,383
34,398
13,750
4,447
2,920
91
4,709
5,638
11,817
4,134
1,338
3,250
726
1,566
3,848
13
454
3,059
63,213
445,850

8 Description of charitable activities

Community and economic development

All charitable activities focus on the promotion of community and economic development.

9 Directors

None of the directors (or any persons connected with them) received any remuneration or benefits from the company during the year.

10 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Administration 7 8

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10 Employees (Continued)

Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£70,000 - £80,000		 2022
£
180,978
14,080
18,347
213,405
2022
Number
1		 2021
£
179,782
11,731
16,831
208,344
2021
Number
1

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021		 Leasehold
land and
buildings
Fixtures and
fittings
£
£
2,581,660
56,054
9,566
28,373
2,591,226
84,427
987,857
43,625
58,672
6,090
1,046,529
49,715
1,544,697
34,712
1,593,802
12,429		 Total
£
2,637,714
37,939
2,675,653
1,031,482
64,762
1,096,244
1,579,409
1,606,231

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12
Tangible fixed assets (Continued)
The carrying value of land included in land and buildings comprises:
Long leasehold
13
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Notes
Bank loans
16
Other taxation and social security
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income
15
Creditors: amounts falling due after more than one year
Notes
Bank loans
16		 2021
£
190,000
2022
£
190,000
2022
£
29,599
26,179
11,267
67,045
2022
£
-
23,057
51,993
29,436
1,331
21,512
127,329
2022
£
-
2021
£
12,043
39,376
11,487
62,906
2021
£
9,678
24,855
42,379
6,151
323
51,125
134,511
2021
£
59,537

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Loans and overdrafts

Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2022
£
-
-
-
-		 2021
£
69,215
9,678
59,537
19,215
The bank loans are secured by fixed charges over the assets of the charity.

17 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 January 2021
£
Designated government grants reserve
811,287
811,287		 Transfers
Balance at
1 January 2022
£
£
(30,329)
780,958
(30,329)
780,958		 Transfers
Balance at
31 December
2022
£
£
(30,329)
750,629
(30,329)
750,629		 Transfers
Balance at
31 December
2022
£
£
(30,329)
750,629
(30,329)
750,629
750,629

18 Contingent Liabilities

Government grants

There exists a contingent liability to repay all or part of the grant assistance received in the event that the conditions of offer are not complied with.

19 Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022
£
8,322
13,060
21,382		 2021
£
10,698
21,382
32,080

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

19 Operating lease commitments (Continued)

20 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021 2021
£ £
Aggregate compensation 99,711 103,084
The charity considers its key management personnel to comprise of the chief executive officer and senior
business advisor.
21 Cash generated from operations 2022 2021
£ £
Surplus for the year 58,021 97,903
Adjustments for:
Investment income recognised in statement of financial activities (25) (335)
Depreciation and impairment of tangible fixed assets 64,762 63,213
Movements in working capital:
(Increase) in debtors (4,140) (13,615)
Increase/(decrease) in creditors 2,496 (6,820)
Cash generated from operations 121,114 140,346
22 Analysis of changes in net funds
At 1 January Cash flows At 31 December
2022 2022
£ £ £
Cash at bank and in hand 529,298 13,985 543,283
Loans falling due within one year (9,678) 9,678 -
Loans falling due after more than one year (59,537) 59,537 -
460,083 83,200 543,283