Charity registration number NIC101416 Company registration number N1022304 (Northern Ireland) MALLUSK ENTERPRISE PARK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MALLUSK ENTERPRISE PARK LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Directors Mr I Patterson (Chairperson) Mr S Pollard Mr M Spence (Vice Chairperson) Ms Z Webber Mrs K McAllister (Appointed 18 February 2025) Secretary Mrs E Garrett Senior rnanagement Mrs E Garrett Chief Executive Officer Charity number (England and Wales) NIC101416 Company number N1022304 Prlnclpal address Mallusk Drive Mallusk Road Newtownabbey CoAnlrim BT36 4GN Reglstered office Mallusk Drive Mallusk Road Newtownabbey CoAntrim BT36 4GN Auditor GMCG LISBURN Century House 40 Crescent Business Park Lisburn BT28 2GN Bankers Danske Bank Donegall Square West Belfast Down BT16JS Sollcltors Donaldson Mcconnell & Co Ltd &10 Graham Gardens Lisburn Co Antrim BT28 1XE
MALLUSK ENTERPRISE PARK LIMITED CONTENTS Page Directors, report Independent auditors report 10-15 Slatement of financial aclivities 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 2024 The directors present their annual report and financial statements for the year ended 31 December 2024. The financ4al statements have been prepared in accordance wilh the accounting policies set out in note 1 to the financial statements and comply with the company's Memorandum and Article5 of Association. the Companies Act 2006 and °Accounting and Reporling 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 activltles 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 Ne0WnabbeY area and ils environs by all or any of the following means.. i. The felief of poverty in such ways as may be thought fil ii. The relief of unemployment in such ways as may be thought fit. including assistance to find employment iii. The advancement of educalion, training 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 to provide training and employment opportunities for unemployed people in cases of financial or other charitable need. through help {il in setting up their own business or (li) to existing businesses v. The creation of training and employment opportunities by Ihe provision of workspace, buildings and l or land for use on favourable tems. The principal objectives of the organisation are to promote community and economic development by means of assisting unemployed and economically inactive people lo 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 bolh new and estIng tenants to enable them to sustain, grow and develop their businesses. The organisalion provides free enterprise advice, educats'on and training courses. and organises events and workshops to promote self_employmenl as a vtable 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, governan and general management skills. There are a vlide 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 Iruslees have given careful consideration of the Charity Commission for Northem Ireland's guidance on public benefft to ensure that Ihe activit8 have helped to achieve the charitvs purposes and provide a benefit to the beneficiaries.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance As a social enterprise Mallusk Enterprise Park records ils 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 recorded the following key outpuls.. Businesses trading from Mallusk Enterprise Park- 71 New Jobs Created - 300 (Jobs created by tenant companies. Mallusk Enterprise Park and as a direct result of mentoring provided through programme interventTrons) Individuals upskilled through workshops- 1.262 Entrepreneurs supported- 624 One to One Expert Mentoring hours delivered- 2.896 Contribulion to Local Economy through procurement and pro n0 activity- £407,505. Northem Ireland Economic & Employment Support Scheme (NIEESS) Funded by the UK Government through the UK Prosperity Fund. NIEESS supports economically inactive individuals aged 16+ in Northem Ireland who have been unemployed for al least four weeks. The programme focuses on overcoming employment barriers through personalised mentoring and upskilling. Key Achievements: 5 participants supported on the programme 59 mentoring hours delivered 86 hours dedicated to matketing, promotion. and administration This initiative had a meaningful impact by empowering individuals with Ihe skills, confiden, and guidance needed to re-enter the workfor. Go Succeed- Engage & Foundatlon Go Succeed is a region-wde business support inlliative led by Northem Ireland's eleven local councils and managed by Enlerprise Northern Ireland IENI). 11 aims to guide individuals beginning their entrepreneurial journey. Mallusk Enterprise Park deliver this iniliative throughout BT36 and BT37. Performance Hlghllghts In 2024: 297 business enquiries handled 200 participants engaged in the programme 873 hours of one-to-one mentoring delivered 6 workshops hosted. attended by 72 indiwduals This support structure ensured that early-stage entrepreneurs have access to expert advice and resources critical for business development.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Go Succeed- Growth Programme Anliinp & Newlownabbey/Mid & Easl Antrim In 2024, Mallusk Enterprise Park proudly delivered the Go Succeed Growth Programme for the Antrim & Newtownabbey and Mid & East Antrim areas, having successfully secured the contract through a competitive tender process in 2023. This programme, designed to fast-track business development and expansion, has been a resounding success and a testament to Mallusk Enterprise Park's leadership in enterprise support. Performance Highlights in 2024: 447 business enquiries managed 302 business owners and entrepreneurs actively engaged 1,964 hours of one-t(kone mentoring delivered,. providing tailored, expert guidance for real business growth 49 high-impact workshops delivered lo a total of 1.190 attendees: a record level of engagement 105 participants successfully applied for grant funding, many of whom have already seen growth and operational benefits as a result The scale. qLFalily, and reach of the Go Succeed Growih Programme in 2024 set a new benchmark for business support in Northem Ireland. PartFcipant feedback for the council areas covered by Mallusk Enterprise Park has been overwhelmingly positive, with many citing tangible improvements in business planning, financial management, and market readiness. Mallusk Enterprise Park's delivery of this programme has not only exceeded expectations but has significantly contributed to regional economic resilience and gr0h. Health & Well-Being Day- February 2024 Commissioned by Anlrim & Newtownabbey Borough CouncÉl, Mallusk EnteTprrse Park hosted a Health & 11- Being Day aimed at improving the menlal and physical wellbeing of community members. Event Highlights: 50 attendees 3 interactive workshops delivered On-site therapeutic treatments provided by professional therapisls This event was well-received and demonstrated Mallusk Enterprise Patk's commitment to holistic support for bolh business and ¢ommunity wellbeing. From supporting unemployed individuals to mentoring enlrepreneurs and championing community health, Mallusk Enterprise Park has delivered a diverse portfolio of high-impact programmes in 2024. The breadth and depth of engagement demonstrate our business development team's ability to deliver meaningful, measurable outcomes across employment. enterprise, and wellbeing initiatives. We look forward to building on this momentum in 2025.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Social Impact Report Social outputs are measured as follows.. Board of Directors and staff voluntary time supporting the local economy with a focus on economic regeneralion Discounted and free usage of conference and meeting rooms {primarily by tenant companies and local business start-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 Dlrectors l 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 Organisalions. 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 organisatlDns on a pro-bono basis. All activities undertaken by Directors and Staff are in line with the Charity's aims and objeclives. Directors time is monitored and Capted via board and sul>group meetings. Based upon an hourly rate of £55 per hour for employees and £80 per hour for CEO and Directors, this equates to a total contribution in kind of £80,665 during 2024 to the economic developmenl of Ihe local area. Employee pro-bono asslstance was provlded to:. Enterprise Northern Ireland Economic Development Department within Antrim and Newtownabbey Borough Council Anlrim and Newtownabbey Labour Market Partnership Antrim and Newtownabbey Local Economic Partnership Young Enterprise Nl (Judging and Volunteer teaching in schools) Women in Business Nl (Judging competitions) One-to-one support provided to entrepreneurs and small business owners who could not be supported through the suite of programmes or those who had exhausled the support available under programmes. Tenant Businesses are supported under the Mallusk Incubation Programme. Free advice and support is available lo all tenants through on-sile business advisers and management. Discounted I Pro bono use of units and meetlng space In certain circumstances discounted renl periods, coupled with incubation support and advice is offered by Mallusk Enterprise Park lo support local economic regeneration. In 2024 Ihere was minimal tenant movement out of the Park, therefore incubation units were limited in availability. The associaled pro-bono value for meeting I Conferen space in 2024 (based upon a £30 average hourly rate) was £25,208.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Mallusk Enterprise Hub Proactively responding to the needs of local businesses and entrepreneurs we have invested in new workspace provision within the business park. Mallusk Enterprise Hub featuring top of the range audio-visual equipment spans 3,000 square feet of commercial space, offering co-working desks, huddle rooms for private meetings and a training I conference Spa for up to 40. The provision includes a meeting 'OWL' and Donview- both pleS of equipment allow event organisers to turn face to face events into hybrid events lo provide a 360 degree view that accommodates delegates tuning in from home, locally and across the world. The Hub offers those working in the Newtownabbey area and beyond a productive and professional workspace for training courses, entetprise programme workshops, new product exhibrtions 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 suiled for privacy, focus and confidentiality. Working pattems and practices have evolved and the team al Mallusk Enterprise Park are delighted lo be able to offer high end solutions to meet the woikspace and evenl requirements of solopreneurs, small. medium and large sized businesses. social enterprises. charities and the public seclor. Working from home can and does woik bEJt it can also bring challenges and distractions. We have found that demand for these facilities primarily comes from existing tenants. Other users of the serviced offices have included individuals employed by larger organisations who ordinarily work from home and early-slage start-ups seeking incubation space. B Social Deli During 2024 Mallusk Enterprise Park operated B Social Deli as a social enterprise which offered training and employment opportunities to local people. This included the provision of paid casual work shifts to individuals who would like lo earn extra income but who had caring and other responsibilities which make it difficult to commit to set working hours. B Social Deli opening hours were 8am to 3pm. Monday to Friday and the casu81 bank of workers were not required to work evenin9s, weekends or on bank holidays. This 'make your own hours earn and learn opportunlty" was open lo anyone willing to upskill as a fully trained Barista. The cafe, which commits to a local supply chain. where possible, also hosled lasting events to help local food producersand entrepreneurs showcase and sell their products. Mallusk Enterprise Park is much more than a business park, and this new social enterprise was more Ihan just a coffee shop. It was the hope that these eam and learn opportunities help not just local people but will also provide a future flow of trained hospilalily workers to an industry faang a skills shortage. The hundreds of workers on site at Mallusk Enlerprise Park have warmly embraced the new catering offering on site and it is encouraging to see the nelworking that happens daily in this new shared space. The team have already provided high quality catering for a number of business events hosted in the Mallusk Enterprise Hub conferencE and meeting room. When someone ate or drank at B Social Deli Ihey were buying social and supporting Mallusk Enterprise Park's goal to (ieliver social good to. and for, our local community.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The 2024 Mallusk Christmas Market (Held across Mallusk Entetprlse Park, Business Advice Centre and The Business Advice Centre) The Mallusk Christmas Mathet was an opportunity for Mallusk Enterprise Park tenants, programme participants (current & past) lo 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 corporate Cial responsibility aspirations to build a bankja mountain of Christmas food ilems and gifts for local people in need this Chrislmas. The market brought together entrepreneurs. marketers, photographers, videographers, influencers & consumers together at Christmas for Iradinglsales. networking and 'evergreen' conlent creation. Mallusk Chrlstmas Market Outputs.. Showcase and Sell Opportunity for 17 local entrepreneurs Free Santa's Grolto experience for 100 local children which sold oul in under 4 hours £1,702.34 FLFnds Raised for Nl Children's Hospice Mountain of gifts collected for Cash for Kids Nl Toys Appeal to support local children at Christmas Mountain of festive food and drink collected to support The Newtownabbey Food Bank appeal for loc families in need Local BusinesseslBrands Involved in Supporting Festive Community Event (sponsoring Raffle Prizes, Golden Goodie Bag, providing advertising space and foodldrinklselection boxes) DJ on the night (Audio Level) 7 Golden TIGkets 100 free goody bags Grand Raffle and Runner Up Raffle New wine or water stall Volunteers 'on the night. 13 Local Press Coverage achieved pre-event in Antrim Guardian DigitallSoGial Media Audience growth and engagement Increa* in awareness of Go Succeed menloring support programme with traders and resultant new applicants Pre Market photoshoot with some trader5. Staff and Nl Children's Hospice Development of content bank for individual traders. Mallusk Enterprise Park, B Social Deli which included Jim Corr photos, amateur photos and user generated content by traders, visitors. On site visit by Deputy Mayor ofAntrim and Newtownabbey Borough Council Cheque handover wth Nl Children's Hospi Following the event Mallusk Enterprise Park was awarded the prestigious Mayors Award for Christmas SpirÉt and attended Anlrim Castle Gardens lo receive award from The Mayor ofAntrim and Newtownabbey.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revlew At 31 December 2024 the balance of unreslricled reserves was £2.146.606 12023 - £2,092,762), of which £1,189,971 {2023- £720.300) ha5 been designated by the Board at the year end. The directors are pleased to report that the charity conlributed £407.505 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. 11 is the pdicy of the company that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six month's expenditure. The directors consider that resewes 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 lenants with additional income arising from the delivery of enterprise support via a range of programmes managed by the charity. All expenditure during the year was directly atlribulable to achieving the business objectives as outlined above. The directors have a risk management strategy which comprises: - a quarterfy review of the risks the company may fa., - the establishment of systems and procedures to manage those risks identified in the plan- and the implementation of prOdureS 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 enterprises in 2025. The Enterprise Park is 1000kn occupied, with a waiting list of 92 businesses recorded at the year end. It 15 committed to servicing the needs of ils local community in the provision of affordable workspace and free business advice and support. The acquisition of additional cornmercial sites within the Borough continue to be explored as the Enterprise Park is currently at full capacity. with a waiting list maintained. Public Benefit ring-fenced budgets allocated in 2024 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 trainingl mentoring for those contemplating starting up a small business and those in more rural or inaccessible areas. Business consultancy and advisory setvices will continue to be provided by both directors and staff to local community groups, education boards and the voluntary sector. The Oiganisation is a member of the following professional bodies.. Enterprise Northern Ireland. NICVA, Social Enterprise Nl, C03. Nl Chamber of Commerce. DTNI, IOD and Refominet.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEIABER 2024 structure, governance and management Mallusk Enterprise Park Limited is a company limited by guarantee govemed by its Memorandum and Articles of Association under Companies Act 2016. The directors who seNed during the year and up to the dale of signature of the financial stalements were.. Mr I Patterson (Chairperson) Mr S Pollard Mr M Spence (Vice Chairperson) Ms Z Webber Mrs K McAllister (Appointed 18 February 2025) As set out in the Articles ofAssociation, one third of the board retire at each AGM. Each year the directors cary out an appraisal of Iheir own and the board's performance and a skills audit helps to identify if there are any skills gaps wtthin 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 allend an interview. An interview panel consisting of the chair. vic&chair and the CEO (as an observer and acting as Company Secretary) conducl the interview and a scoring process ensures that all applicant5 are treated equally and the highest scoring applicant is recommended by the InteieW panel to be Go- opted 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 slrategic 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 direclion and governance of Mallusk Enterprise Park. In terms of time and value of these volunteer directors - each of the 4 directors would dedicate up 10 36 hours in meetings plus an additional 10 in preparation and review of retK)rts and up lo 10 hours on other matters relating to the organisalion. The total input in lime therefore would equate to approximately 224 hours of time input by the directors and valued at consultancy rates of £80 per hour this contribution is valued at almost £17.920 during 2024. The organisation has in place the followng.. Code of Conduct, reserves policy, risk register, govemance manual, HR policies, board and staff appraisals, quarterly action plans. quarterly managemenl accounts and balanced scorecard with performance measures. The Organisalion is a member of the followng professional bodies.. Enterprise Northern Ireland, NICVA, Social Enterprise Nl, C03, Nl Chamber of Commerce, DTNI, IOD and Reformnet. CEO, Emma Garrett, is also a board member of Enterprise Northem Ireland.
MALLUSK ENTERPRISE PARK LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of directors. responsSbllltles The directors are responsible for preparing the directors, report and the financial statements in accordance with applicable law and United Kingdom Accounts'ng Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the directors to prepare financial statements for each financial year which glve a true and fair view of the state of affairs of Ihe company and of the incoming resources and application of roUrces, including the income and expenditure, of the charilable company for that year. In preparing these financial stalements, the directors are required to= select suitable accounting policles and then apply them consistently- observe the methods and principles in the Charities SORP 2019 (FRS1021,' make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed 2nd explained in the finanaal statements- and prepare the financial stalements on the going concern basis unless tt is inappropriate to presutYE Ihal the company will continue in operation. The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of Ihe 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. Disclosure of informatlon to auditor Each of the directors has confirmed Ihal there is no information of which they are aware which is relevant to the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish Ihat the auditor is aware of such infoimalion. This report has been prepared in accordance with the provisions applicable to companies entitled lo the small companies, exemptions. The directors, report was approved by the Board of Directors. Mr I Patterson (Chairperson) Director Dated.. .LL
MALLUSK ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED Oplnlon We have audited the finanaal statements of Mallusk Enterprise Park Limited (the 'company'l for the year ended 31 December 2024 which comprise the slatement of financial activities, the statement of financial position, the statement of cash flows and the notes lo Ihe financial statements. including a summary of significar)l accounling policies. The financial reporting framework thal has been applied in Iheir preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic or118nd (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of Ihe state of the charilable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including ils income and expenditure. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Acceptsd Accounting Practi. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Audrfofs sponsIbl1111eS for the audit ol the financial stalemenls section of our report. We are independent of the company in accordance with Ihe 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 wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concem In audiling the financial statements, we have concluded that the directors, use of the going concem 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 lo evenls or conditions that, individually or collecb'vely. may casl significant doubt on the ¢omp8ny's ability to contir¢ue as a going concern for a period of at least twelve months fr(xn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors wilh respect to going concem are described in the rèlevant sections of this report. 10-
MALLUSK ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED other information The olher information comprises the infomiats'on included in the annual report other than the fInarla1 statements and our auditors report thereon. The directors are responsible for the other information contained wthin the annual report. Our opinion on the financial statements does nol cover the other information and, except to the extent otherwise explicilty slated 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 incollsistenl wth the financial statements or our knowledge obtained in the course of the audit, or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misstatement in the financial statements Ihemselves. If, based on Ihe work we have perfomed. we condude that there is a material misst81ement of this other information. we are required lo reporl 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= the information given in the directors, report, prepared for the purposes of company law, for the financial year for which the financial slatements are prepared is consistent with the financial statements., and Ihe directors, report has been prepared in accordance with applicable legal requirements. 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 Ihe course of the audit. we have nol identified malerial misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which Ihe Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches nol visited by us.. or the financial statements a not in agreement with the accounling records and retums- or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations require for our audit-, or the directors were not enlilled to prepare the financial statements in accordance wth the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement lo prepare a strategic report. 11
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 statemenl of directors, responsibilttses, 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 thal are free from material misstalement, 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 conrn. disclosing, as applicable, matters related lo going concem and using Ihe going concem basis of accounting unless the directors either inlend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audlt of the flnanclal statements Our objeclives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran 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 misstalemenl 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, induding fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. 12-
MALLUSK ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED Extent to whlch the audSt was consldered capable of detectlng Irregularltles. Includlng fraud We identify and assess the risks of material misstatement of the financial statements, whether due lo fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufticienl and appropriate lo 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 regulats'ons, we considered the following.. The nature of the industry and sector. control environmenl and business performance, including the charitable company's remuneration policies for staff, bonus levels and perfomance largels, if any.. Results of our enquiries of management about their own identification and assessmenl of the risks of irregularities: Any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to.. Identifying, evalualing and complying with laws and regulations and whether they were aware of any instance of non-compliance., Detecting and responding to the risks of fraud and whether they have and knowledge of any actual, suspected or alleged fraud.. and The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements 8nd potential indicators of fraud. 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 man8gemenl override. We also oblained an understanding of Ihe 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 delermination material amounts and disclosures in the financial statements. The key laws and regulatsons 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 Complian th which may be fundamental to the charitable company's ability lo operate or to avoid material penalty. 13-
MALLUSK ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MALLUSK ENTERPRISE PARK LIMITED Audit response to risks identifled Our procedures lo respond to the risks identified included the following.. Reviewng the financial statement disdosures and testing to supporting documentation to as5es5 compliance with provisions of relevant laws and regulations described a5 having a direct effecl on the financial staternents.. Enquiring of management conceming actual and potential Ittigation and claims: Performing analytical procedures to identify any unusual or unexpected relalionships that may indicate risks of material misstatement due to fraud- Reading minutes of meetings of those charged with govemance and reviewng correspondence with lax authorities., and In addressing the risk of fraud through management override of conlrols. testing the appropriateness ol journal entries and other adjustments.. assessing whether the judgements made in making accounting estimates are indicative of a potentsal bias., and evaluating the business rationale of any significant transactions that are unusual or outside the nomal course of business. We also communicated relevant idenb.fied laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-complian with laws and regulations throughout the audit. Owing to the inherent limilations of an audit, there is an unavoidable risk that we may not have detected some material misslatemenls in the financial statements, even though we have properly planned and perfomed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-deleclion of irregularities, as they may involve collusion, forgery. inlenlional omissions, misrepresentations. or the override of internal controls. We are not responsible for preventing non-complian and cannot be expected to detect non- compliance with all laws and regulations. A further descriplion of our responsibililies is available on the Financial Reporting Council's website at= https'.11 www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditorfs report. 14-
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 Ihe Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charitaLle company's members those matters we are required to state to them in an auditor's report and for no other purpose. To Ihe fullest extent permitted by law. we do not accept or assume responsibilily to anyone other than the charitable company and the charilable 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, Statutory Auditor Chartered Accountants Century House 40 Crescent Business Park Lisburn BT28 2GN Date.. 15-
MALLUSK ENTERPRISE PARK LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Unrestrlcted funds 2023 Notes Income and endowments from: Charitable activities Other trading activities Investments Other income 687,602 79,376 18,038 3.387 593,486 14,929 221 1,155 Total income 788,403 609.791 Expenditure on: Raising funds Charitable activities 51,212 683,347 15,024 564,413 Total expenditure 734.559 579,437 Net Income and movement In funds 53.844 30,354 Reconclllatlon of funds: Fund balances at 1 January 2024 2.092.762 2.062,408 Fund balances at 31 December 2024 2,146.606 2.092,762 The stalemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 16-
MALLUSK ENTERPRISE PARK LIMITED STATEMENT OF FINANCIAL POSITION ASAT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets 14 1,510.304 1,546,329 Current assets Debtors Cash al bank and in hand 15 93.913 730,546 42.020 622.017 824,459 664.037 Credltors: arnounts falling due wSthin one year 16 1188,1571 (117.6041 Net current assets 636,302 546,433 Total assets less current Ilabllltles 2,146,606 2,092,762 Net assets 2,146.606 2.092,762 Incomè funds Ur)restricted funds 18 2.146.606 2,092,762 2.146,6L 2,092.762 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial slate s were approved by the directors on ..... and signed on their behalf by., Mr I Patterson (Chairperson) Dlrector Company registration number N1022304 {Northem Ireland) 17-
MALLUSK ENTERPRISE PARK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating actlvltles Cash generated from operations 21 128.355 114.696 Investing actlvltles Purchase of tangible fixed assets Investment income received {37,864) 18,038 (36,183) 221 Net cash used in investing activities {19,826) (35,962) Net cash generated from financing activities Net increase in cash and cash equivalents 108.529 78,734 Cash and cash equivalenls at beginning of year 622,017 543,283 Cash and cash equlvalents at end of year 730,546 622.017 18-
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charlty Information Mallusk Enterprise Park Limited is a private company limited by guarantee incorporated in Northem Ireland. The registered office is Mallusk Drive, Mallusk Road, Newtownabbey, Co Antrim, BT36 4GN. 1.1 Accountlng conventlon The financial slatements have been prepared in accordance wrf(h the company's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" 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 expeclation Ihal 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. Designaled 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 or granlors as lo 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 Incomlng resources Income is recognised when the company is legally entilled 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, adminislralive services income and consultancy. Income is deferred when it does nol meet the criteria for recognition as incoming resource5 in the Statement of Financial Activities, as entitlement to the incoming resource does not exist al 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 up)n notification of the interest paid or payable by the bank. 1.5 Resources expended All expenditure is accounled for on an accruals basis and has been classified under headings that aggregate all the costs relating to the category. 19-
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies Icontlnuedl 1.6 Tangible flxed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to wrrte off the cost or valuation of assets less their residual values over Iheir useful lives on the following bases.. Leasehold lar)d and buildings Fixtures and fittings 20A _ 5fjA straight line 10 _ 200/0 Straight line The gain or loss arising on the disposal of an assel is detenIned as the difference between Ihe 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 equlvalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lemi 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 Seciion 11 'Basic Financial Instruments, and Section 12 'Olher 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 conlraclual 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 indude debtors and cash and bank balances, are initially measured a transaction price including Iransaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a finanung 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 wthin one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at Iransaclion pnce unless the arrangement constitutes a financing transaction. where the debl instrument is measured at the present value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable wrthin one year are nol amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade Creditors are obligations to pay for good5 or serwices thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if paymenl is due within one year or less. It not, Ihey are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial Ilabilities Financial liabilits'es are derecognised when the company's contractual obligations expire or are discharged or cancelled. -20-
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policles {Contlnued 1.9 Employee benefits The cost of any unused holiday enliuement is recognised in the period in which the employee's services are received. Termination benefils are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide lerminalion benefils. 1.10 Retlrement beneflts Payments to defined contribution retirement benefit Schemes are charged as an expense as they fall due. 1.11 Leases Rent8ls payable under operating leases, induding any lease incentive5 received. are charged as an expense on a straight line basis over the term of the relevant lease. Critical accounting esllmates and judgements In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are nol readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in Ihe period in which the estimate is revised where the revision affects only that period. or in the per(od of the revision and future periods where the revision affects both currenl 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 Ihese assets lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic ulilisal1 and physical cor¢dition 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 accounth'ng policies. Restricted and unrestricted funds Judgement are made in relation to allocation of income and expendIre to re5tTiCted and unrestrided funds. The Iruslees consider it appropriate lo allocate these funds based on donalions received. 21
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Workspace provision Setwice charge Facility services Programme & workshop income B4B revenue aid 381,198 48.746 2.201 254,101 1.356 363.295 45,724 2,368 180,552 1,547 687.602 593.486 Income from other tradlng actlvlties Unrestricted Unrestricted funds funds 2024 2023 Facilities Solar Panels Deli Income 13,447 4.702 61.227 6,987 4.660 3,282 other activities 79.376 14.929 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 18,038 221 Other Income Unrestrlcted Unrestricted funds funds 2024 2023 other miscellaneous income 3,387 1.155
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on raising funds Unrestricted Unrestricted funds funds 2024 2023 Trading costs Deli Costs 51,212 15,024 Charitable activities 2024 2023 Cornrnunity 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 serwces Audit fees Bank charges Other operating leases charges Bad and doubtful debts Charitable donations Sundry expenses Depreciation 318,673 126.646 3,686 16.157 17.306 31,650 18.206 5,320 12.295 403 3,219 12,121 4,107 7.253 9,833 4,000 853 1,320 2.572 30 13,808 73.889 226,667 86.123 11,291) 14,382 17,447 54,238 15.973 8,507 15,820 1.082 4,897 12,658 10,572 5,277 5,741 3,650 801 1,320 150 11,136 69.263 683,347 564.413 Descrlptlon of charltable actlvltles All charitable activities focus on the promotion of communty and economic development. -23-
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting)- Fees payable for the audit of the charity's financial stalements Depreciation of owned langiNe fixed assets 4.000 73,889 3.650 69,263 11 Directors None of the directors (or any persons connected with them) received any remuneration or benefits fn)m the company during the year. 12 Employees The average monthly number of employees during the year was". 2024 Number 2023 Number Administration Deli staff Total 17 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 279.428 15,185 24,060 191.996 12.777 21.894 318,673 226,667 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £70,000- £80.000 Remuneration of key management personnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensation 102,477 101.642 The charity considers its key management personnel to comprise of the chief executwe officer and senior business advisor. -24-
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Taxatlon The charity is exempt from taxation on its actimties because all its income is applied for charitable purposes. 14 Tangible fixed assets Leasehold Flxtures and land and fittings bullding$ Total Cost At 1 January 2024 Additions 2,591,226 30.958 120,611 6.906 2,711,837 37,864 At 31 Dember 2024 2.622.184 127.517 2,749,701 Depreclatlon and impaimient Al 1 January 2024 Depreciation charged in the yoar 1.105.459 59,574 60.049 1,165,508 14.315 73,889 At 31 December 2024 1.165,033 74,364 1,239,397 Carrying amount At 31 December 2024 1.457,151 53,153 1,510,304 At 31 December 2023 1.485,767 60,562 1,546,329 The carrying value of land induded in land and buildings comprises.. 2024 2023 Long leasehold 190.000 190,000 15 Debtors 2024 2023 Amounts falllng due withtn one year: Trade debtors Olher debtors Prepayments and accrued income 763 81,608 11,542 6,879 24.389 10.752 93,913 42,020 -25-
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Creditors: amounts falling due within one year 2024 2023 other taxalion and social security Payments received on account Trade creditors other creditors Accruals and deferred income 31,677 70,537 22.121 2.060 61,762 16,261 63,714 12,715 1,069 23,845 188,157 117,604 17 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 24,060 21,894 The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of Ihe company in an independently administered fund. 18 Unrostricted funds The unrestricted funds of the charity comprise Ihe unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been sel ade out of unrestn'cled funds by the Iruslees for specific purposes. At 1 January 2024 Incomlng resources Resources expended Transfers At31 December 2024 Designated govemment grants reserve Property fund General funds 720,300 (30,329) 500,000 1469.671) 689.971 500,000 956.635 1,372,462 788,403 (734.5591 2.092,762 788.403 (734.5591 2,146.606 Prevlous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 Designated govemment grants reserve General funds 750,629 1,311,779 (30,329) 30,329 720,300 1,372.462 609,791 (579,4371 2,(2,408 609,791 (579,4371 2.092,762 -26-
MALLUSK ENTERPRISE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Unrestrlcted funds {Continuedl The Board agreed to designate £500.000 at the year end for future property or new property expenditure. 19 Contingent Liabilities Government grants There exists a contingent liability lo repay all or part of the grant assistan received in the event that the conditions of offer are not complied wlh. 20 Operating lease commitments Lesseg At the reporting end date the company had outstanding commrtments for future minimum lease payments under non-cancellable operating leases. which fall due as follows= 2024 2023 thin one year Between and five years 6.544 1,980 9.642 8.038 8,524 17,680 21 Cash generated from operations 2024 2023 Surplus for the year 53,844 30,354 Adjustments for: Inveslment income recognised in statement of financial activities Depreciation and impairmenl of tangible fixed assets (18.038) 73,889 (221) 69,263 Movements in working capital: (Increa5e)Idecrease in debtors Increaselldecrease) in creditors {51,893) 70.553 25,025 {9.725) Cash generated from operations 128.355 114.696 22 Analysls of changes In net funds The company had no debt during the year. -27-