MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The directors present their annual report and financial statements for the year ended 31 December 2023. 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 Artides 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 1021" (effective 1 January 2019). Objectives and activities The objectives of Mallusk Enterprise Park are the promotion for Public Benefft of Urban and Rural regeneration, in or around the vicinity of areas of soual and economic deprivation, in the Newtownabbey area and ils environs by all or any of the following means= i. The reliefof poverty in such ways as may be thought fft ii. The relief of unemployment in such ways as may be thought fft. including assistan to find employmenl iii. The advancement of education. Iraining or retraining. particularly amongst unemployed people, and providing unemployed people with work experience iv. The provision of financial assistance. technical assistance or business advice I consultancy in order lo provide training and employment opportunities for unemployed people in cases of financial or other charitable need, through help lil in setting up Iheir own business or {ii) lo existing businesses The creation oftraining and employment opportunities by the provision 0fw0tkspa, buildings and l or land for use on favourable tes. The principal objectives of the organisation are to promote community and economic development by means of assisling unemployed and economically inactive people lo become self*mployed, and to offer workspace accommodation to businesses that will create employment opportunities for those who are not currentty 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 organisalion provides free enterprise advi, education and training courses, and organises events and workshops to promote self-employment as a viable altemative to long temi unemployment. We provide managemenl advice and expertise to local community groups in the third sector. to assist them in areas such as sustainability, governan 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 objeclives and planning our activities for Ihe year, the trustees have given careful consider81ion of the Charity Commission for Northem Ireland's guidance on public benefit to ensure that the activitEs have helped to achieve the charitys purposes and provide a benefit to the beneficiaries.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfonnance As a social enterprise Mallusk Enlerprise Park CordS its social impact and tracks how il helps local individuals and businesses. The directors have paid due regard to guidan issued by the Charity Commission in deciding what activities the company should undertake. In the last financial year we have recorded the followng.. Businesses On Site- 67, employing 562 people New Jobs Created - 285 { Jobs created by tenant companies, Mallusk Enterprise Park and as a direct result of mentoring provided Ihrough programme intervenlions) Individuals upskilled through workshops- 369 Entrepreneurs supported - 847. via 15 various funded programme intep4entions One to One Expert Mentoring hours delivered- 2953.25 Contribution to Local Economy through procurement and pro bono activty- £365,710 Pre4tart support Pre-coachin Pro ramme Jan-se t 2023 Funded by Antrim and Newtownabbey Council. this programme provided tailored mentoring support {2 hours per participant) lo aspiring entrepreneurs and earfy stage business owners. 61 Enquiries 37 Participants on the programme 74 Mentoring hours compleled hin Pr mm Funded by Antrim and Newtownabbey Council, this programme provided tsilored menloring support (5 hours per participant) lo entrepreneurs and business owners lo help them overcome challenges and accelerate growth. 37 Enquiries 19 Participants on the programme 95 Mentoring hours completed Funded by the UK Government through the UK Prosperity Fund. NIEESS provides employment support for economically inactive individuals aged 16+ in Northem Ireland. This programme is designed to assist individuals who have been unemployed for al least four weeks, who are faryng barriers to employmenl due to lack of skills or personal circumstances. 4 Participants on the programme 52.5 Mentoring hours completed 84.5 Hours of marketinglpromotionladmin on program
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Go Succeed is the new business support programme being led by Northem Ireland's eleven local councils. It provides lailored advice and guidance for business owners to help shorten the journey to business growth. MEP successfully tendered and won the conlracl for the Go SUed Growth Programme for the Anlrim & Newtownabbey and Mid & East Antrim areas. This programme onty ComMend in the final quarter of 2023. Engage and Foundation 40 Enquiries 9 Participants on the programme 9hrs Completing Diagnostics 10.75 Menloring hours completed Growth 69 enquiries 30 Participants on the programme 30hrs Completing Diagnostics 3 Workshops delivered- 61 attendees The Go For It programme provided pre and start-up businesses with confidential and imparbal advice on a one- to-one basis on all aspects of starting up a business. Go For11 was part funded by Invest Northem Ireland and the European Regional Development Fund under the Investment for Growth & Jobs in Northem Ireland 12014-20201 Programme. The support through this programme included mentoring support and the development of a business plan which could be used to access funding such as grants and loans. 87 Enquiries 97 Participants on the programme 48.5hrs Completing IAM 414 Mentoring hours completed 69 Business Plans. Loan Fund The Nl Small Business Loan Fund is part of Invest Nl's Access to Finance Strategy, managed and delivered in Northern Ireland through the partnership of Enterprise Nl and Ulster Community Finance Ltd. Loans range up to £1 Ook for existing businesses and up to £15k for start-ups. Funding can be provided for a range of purposes induding Working Capital, Asset Purchases, Growth Finance, Start-up Costs, and Match Funding. As part of the support where clients successfulty apply for a busines5 loan they have access to mentoring support from a business adviser from the local enterprise agency.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 nlnB in MEP delivered on its 4th & 5th Wornen in Business, Yes You Can programrne in partnership with WIB throughout 2023. The Yes You Can programme is a hybrid 5 month programme for cohorts of 15 women who are in the idea stage or early trading stages of business. Wth ongoing support. parlicipants are guided on how to put what they learn into practice through Business Start training. Digital Markets'ng training. Peer Advisory Groups and 1..1 Buddy Support. 35 Enquiries 15 Participants on the programme 115 Mentoring I buddy hours completed Workshops delIVed- number of attendees 75 2 peer nelworking sessions The first quarter of 2023 saw Ihe conclusion of the Oplimal Programme. The Oplimal Programme supported small and medium sized businesses and social enterprises with fewer than 50 full time employees. The programme was designed to offer support through bespoke mentoring, workshops and neorkIng in a rarrje of areas for example marketing, finance. digital. sales. export and social enterprise etc. In the lasl quarler of the programme we achieved= 31 Enquiries 31 Participants on he programme 1697.59hrs Mentoring hours completed 1 Workshop delivered - 29 number of attendees The programme completed in March and overall 181 participants participated on the programme with 3912.59 hours of mentoring support delivered on the full programme. Social Enterprise Programme This programme offered a range of support to incubate and stimulale social economy projecls in Ihe Borough, from pre-start workshops to one to one mentoring, collaboration and nehvorking and a bursary of up to £1,000 towards set up costs. th the aim to boost the local economy and create social benefrts through sustainable and ethical business models. The outputs of this programme were as follows 39 Enquiries 17 Participants on the programme 407 Mentoring hours completed 5 Workshops delivered- 58 number of attendees 9 participants successfully applied for the bursary support. Mallusk Enterprise Park records its outputs in terms of both quantitstive and qualitative irnpact.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Social Impact Report Social outputs are measured as follows= Board of Directors and stsff voluntsry time supporting the local economy with a focus on economic regeneration Discounted and free usage of conference and meeting rooms (primarity by tenant companies and local business slart-ups) Discounted office l industrial units business incubation for local entrepreneurs staff lime on non-income generation activities to support local business start-up and wider economic regeneration Directors l Trustees voluntary contribution and staff pro-l>ono 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 Organisalion primarily work on income generaling projects however a proportion of their time is offered lo local individuals, businesses and third sector organisations on a pr(kbono 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 meelings. Based upon an houdy rate of £55 per hour for employees and £70 per hour for CEO and Directors, this equates to a total conlribution in kind of £17.950 to the economic development of Ihe local area. Staff pro-bono assistance VAS provided to:. Economic Development Department within Antrim and Newtownabbey Economic Development Antrim and Newtownabbey Labour Market Partnership Enterprise Northem Ireland Board membership Judging for Young Enterprise Nl Judging forwomen in Business Nl One to one support provided to multiple entrepreneurs and small business owners who could not be supported through the suite of programmes or those who had exhausted the support available under programmes. Tenant Businesses are supported under the Mallusk Incubation Programme. Ad-hoc advice and support is available to all tenants through on-site business advisers and management. Discounted I Pro bono use of units and meeting space In certain circumstances discounted rent periods. coupled wtlh incubation support and advi is offered by Mallusk Enterprise Park to support local economic regeneration. In 2023 there was minimal tenant movement out of the Park. therefore incubation units were limited in availabilty. The associaled pro-bono value for meeting I conference space in 2023 (based upon a £30 average hourly rale) was £16,065. Mallusk Enterprise Hub Proactivety responding to the needs of local businesses and entrepreneurs we have invested in new workspace provision within the business park. Opened in October 2022., the hub which spans 3.000 square feet of commercial spa. offers co-working desks, huddle rooms for privale meetings and a training, Conferen and meeting space for up to 40 delegates with top of the range audio visual equipmenl. The provision includes a meeting 'OWL' which allows event organisers to tum fa to face events into hybrid events to provide a 360 degree view that accommodates delegates tuning in from home, localty and across the world.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Since its launch the hub has offered those working in the Newtownabbey area and beyond a productive and professional workspace for training courses, enterprise programme workshops, new product exhibitions and showcases. Both new and established entrepreneurs and local organisations have been able to hold one to one mentoring sessions, job interviews, consultancy and HR meetings in spaces ideally suited for privacy, focus and confidenliality. Working patterns and practices have evolved and Ihe team at Mallusk Enterprise Park are delighted to be able lo offer high end solutions lo meel the workspace and event requiremenls of solopreneurs, small, medium and large sized businesses, social enterprises, charities and the public sector. Working from home can and does work but it can also bring challenges and dislractions. We have found that demand for these facilities primarity comes from existing tenants. Other users of the serviced offices have included individuals employed by larger organisations who ordinarily work from home and eady-stage start-ups seeking incubation space. The 2023 Mallusk Christmas Market lheld within the Enterprise Hub The Mallusk Christmas Market was an opportunity for Mallusk Enterprise Park tenants, programme participanls (current & pasti to showcase and trade their products and services and be supported by Mallusk Enterprise Park in Ihe run up to the peak Christmas season. This was an opportunity also to support the corporale )CIal responsibility aspirations to build a bankla mountain of Christmas food items and gifls for local people in need this Christmas. The market brought together entrepreneurs. marketers. photographers, videographers. influencers & consumers togelher at Christmas for tradinglsales, nelworking and 'evergreen' content creation. Mallusk Christmas Market Out uts.. Showcase and Sell Opportunity for 26 local entrepreneurs Free Santa's Grotto experience for 100 local children £1,077.57 Funds Raised for Nl Children's Hospice Mountain of gifts collected for Cash for Kids Nl appeal to support local children at Christmas Mountain of festive food and drink collected to support Newtownabbey Food Bank Christmas Hamper appeal for local families in need Local BusinesseslBrands Involved in Supporting Festive Community Event {Sponsoring Raffle Prizes, Golden Goodie Bag, Providing Advertising Space and FoodlDrinklSelection Boxes) Volunteers 'on the night, 13 Local Press Coverage achieved pre-event and post event., in print and online Digitallsocial Media Audience growth and engagernent Increase in awareness of OPTIMAL business growth support mentoring support programme with traders and resultant new applicants Upskilling of Traders via delivery of online webinar and digital marketing toolkit pre*vent Development of content bank for individual Iraders, Mallusk Enterprise Park, B Social Deli which included 201 professional photos, video, amateur photos and user generated content by traders, visilors and inclusive contenl i.e. sign language by local Irader and mentee Ed's Wood Tuming On site visit by Deputy Mayor ofAntrim and Newtownabbey Borough Council
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 B Social Deli In Quarter 3 of 2023 Mallusk Enterprise Park transfomied two ground floor Offi units into B Social Deli. The new B Social Deli operates as a social enterprise and offers training and employment opportunities to local people. This includes the provision of paid casual work shifts to individuals who would like to earn extra income but who have caring and olher responsibilities which make it difficult to commit to sel working hours. B Social Deli opening hours are from 8am to 3pm, Monday to Friday and the casual bank of workers are not required to work evenings, weekends or on bank holidays. This make your own hours earn and leam opportunity is open to anyone willing to upskill as a ful trained Barista. The cafe, which commits to a local supply chain, where possible, also hosts tasling events to help local food producers and entrepreneurs showcase and sell their products. Mallusk Enterprise Park is more than just a business park and this brand new social enlerprise is more than just a coffee shop. We hope that these earn and learn opportunities help not just local people but will also provide a fulure flow of trained hospitality workers lo an industry that is facing a skills shorlage. The hundreds of workers on site at Mallusk Enterprise Park have Warrn embraced the new catering offering on site and il is encouraging to see the neo(ing that happens daily in this new shared spa. The team have already provided high quality catering for a number of business evenls hosted in the Mallusk Enterprise Hub conference and meeling room and we look forward to welcoming even more customers and catering bookings throughout 2024. When someone chooses lo eal or drink al B Social Deli they a buying social and supporting our goal to deliver social good to. and for, our local comrnunty. Both Mallusk Enterprise Park and B Social Deli are serving the practical. day by day, needs of local entrepreneurs, small businesses and social enterprises across the Antrim and Newtownabbey Borough and beyond. The Newtownabbey community of residents and workers are at the heart of everything we do and the B Social Deli offers a welcome environment for many different types of customers, a leaming and development space and an opportunity for local people to add to their household incomes during this cost of living crisis. We hear firsthand about the many difficulties some people have in trying to hold down a job and we hope that our casual worker bank will offer a way for them to make their own hours so that they can take up paid part time work. There are many beneffts of employment. beyond that of a pay check and we look forward lo helpng individuals grow in confidence, build their Cvs and improve their mental health and wellbeing by ganing the sense of purpose, belonging and achievement that comes with working. Financial review At 31 December 2023 the balan of unrestrided reserves was £2.092,762 (2022 £2,062,408), of which £720.30012022 - £750.629) has been designated by the Board at the year end. Restricted fvnds are restricted for the purpose speafied in letters of offer provided by the funding bodies. At 31 December 2023 Ihe balance of restricled fvnds was £Nil (2022- £Nill The directors are pleased to report that the charity contributed £365.710 to the local economy by the provision of pro bono activities undertaken by the board and staff of the charity as well as the procurement of services from business in the local area. 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 lo between three and six month's expendilure. The direclors 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 lo ways in which addilional ftjnds may be raised. This level of reserves has been maintained throughout the year. The principal funding arose from rentsl income and services to tenants with addltional income aring from the delivery of enterprise support via a range of programmes managed by the Organisation. All expenditure during the year was directly atlributable to achieving the business objectives as outlined above.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The directors have a risk management strategy vthich comprises: - a quarterfy review of the risks the company may face: - the establishment of systems and ProdureS to manage those risks identrfied in the plan,. and - the implementation of procedures designed to minimise any potential impact on the company should those risks materialise. Future plans The charity is focused reaching out to, and supporting even more individuals, SME'S and social enlerprises in 2024. The Enterprise Park is 1 OO0/D occupied, wth a waiting list of 60 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 acquisition of additional commercial sites within the Borough continue to be explored as the Enterprise Park is currenlly al full capacity, with a waf(ing list maintained. Public Benefit ring-fenced budgets allocated in 2023 will continue to provide more free or subsidised educational training for unemployed people to become seW*mployed- such as women setting up a part-time business from home and trainingl mentoring for those contemplab.ng 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 communty groups. education boards and the voluntary sector. The Organisalion is a member of the following professional bodies.. Enterprise Northem Ireland, FSB, NICVA, Social Enterprise Nl, C03. Nl Chamber of Commerce. DTNI and IOD. Structure. governance and management Mallusk Enterprise Park Limited is a company limtted by guarantee govemed by its Memorandum and Articles of Association under Companies Act 2016. The direclors who seNed during the year and up to the dale of signalure of the financial slatemenls were.. Mr I Patterson (Chairperson) Mr S Pollard Mr M Spence (Vice Chairperson) Ms Z Webber As sel out in the Articles of Association, one third of the board retire at each AGM. Each year the directors carry out an appraisal of Iheir own and Ihe board's perfomiance and a skills audil helps lo idenlify 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 Ihe posl advertised in the local media. Applicalions are reviewed and applicants are invited to attend an interview. An interview panel consisting of the chair. vice-chair and the CEO las an obsetver and acling 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 lo be c( opted on to the board and then fOnalty elected at the next Annual General Meeting. All directors once appointed are given a detailed brief of the operalions of the organisalion and provided with all relevanl 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.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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 organisalion relies on directors acting in a voluntary capacity in overseeing the strategic direction and governan of Mallusk Enterprise Park. In terms of time and value of these volunteer directors - each of the 4 directors would dedicate up to 36 hours in meetings plus an addilional 10 in preparation and review of reports and up lo 10 hours on other matters relating to the organisation. The total input in time therefore would equate to approximatety 224 hours of tine input by the direclors and valued al consultancy rales of £70 per hour this conlribulion is valued at almosl £15,680 over the year. The organisation has in pla the following.. Code of Conduct. resepies policy. risk register, g0Veman manual, HR policies, board and staff appraisals, quarterty adion plans, quarterly management accounts and balanced scorecard wilh perfomiance measures. The Organisation is a member oflhe following professional bodies.. Enterprise Northem Ireland, FSB, NICVA. Social Enterprise Nl, C03, Nl Chamber of Commerce. DTNI and IOD. CEO, Emma Garrett, is also a board member of Enterprise Northem Ireland. Statement of directors. responsibilities The directors are responsible for preparing the directors. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Untted Kingdom Generally Accepled 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 expendilure, of the charttable company for that year. In preparing Ihese financial statements, the directors are required to= select suitable accounting policies and then appty them consistenty., observe the methods and principles in the Chartties SORP 2019 {FRS102)'. make judgements and estimates that are reasonable and prudent- stale whelher applicable UK Accounting Slandards have been followed. subject lo any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going conrn basis unless it is inappropriate to presurrE that the company will continue in operation. The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time Ihe financial posilion of Ihe company and enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Disclosure of infonnation to auditor Each of the directors has confirmed that there is no information of which Ihey are aware which is relevanl lo the audit, but of which the auditor is unaware. They have further confiTmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such informalion. This report has been prepared in accordan with the provisions applicable to companies entitled to the small companies, exemplions. The direclors, report was approved by the Board of Directors. Mr I Patterson (Chairperson) Director Dated.. 30 May 2024 10-