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 Ne￿0WnabbeY 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 e￿stIng 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 activit￿8 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 gr0￿h.
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 Capt￿ed 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 ple￿S 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 prO￿dureS 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 Inte￿ieW 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 r￿oUrces,
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 or1￿18nd (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 fInar￿la1 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 con￿rn. 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 dete￿nIned 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 expendI￿re 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 De￿mber 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 a￿de 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-