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2025-12-31-accounts

Charity registration number NIC101416 (Northern Ireland) Company registration number NI022304 (Northern Ireland)

MALLUSK ENTERPRISE PARK LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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 management Mrs E Garrett Chief Executive Officer Country of incorporation United Kingdom NI022304 (Northern Ireland) Charity registration Northern Ireland NIC101416 Principal address Mallusk Drive Mallusk Road Newtownabbey Co Antrim BT36 4GN Registered office Mallusk Drive Mallusk Road Newtownabbey Co Antrim BT36 4GN Auditor GMcG LISBURN Century House 40 Crescent Business Park Lisburn BT28 2GN Bankers Danske Bank Donegall Square West Belfast BT1 6JS Solicitors Donaldson McConnell & Co Ltd 8-10 Graham Gardens Lisburn Co Antrim BT28 1XE

MALLUSK ENTERPRISE PARK LIMITED

CONTENTS

Page
Directors' report 1 - 8
Independent auditor's report 9 - 14
Statement of financial activities 15
Statement of financial position 16
Statement of cash flows 17
Notes to the financial statements 18 - 27

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their annual report and financial statements for the year ended 31 December 2025.

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

Objectives and activities

The objectives of Mallusk Enterprise Park are to promote, for the public benefit, urban and rural regeneration within Newtownabbey, Antrim and Newtownabbey Borough and surrounding areas experiencing social or economic disadvantage, through a range of charitable activities designed to support economic participation, enterprise development and community sustainability.

These activities include:

The principal objective of the organisation is to promote sustainable community and economic development by supporting individuals who are unemployed, under-employed or economically inactive to become self-employed, develop new enterprises or access employment opportunities. The organisation also works with businesses and social enterprises that contribute positively to the local economy and create employment within the Borough and wider region.

Mallusk Enterprise Park delivers a wide range of enterprise support services including affordable workspace, business incubation, mentoring, training, networking and advisory support to both new and existing businesses. These services are designed to help enterprises start, sustain, grow and become financially resilient, while also encouraging innovation, entrepreneurship and long-term job creation.

The organisation provides free or subsidised enterprise advice, educational programmes, workshops, mentoring and community-based events to promote entrepreneurship, self-employment and skills development as viable pathways to economic participation and financial independence. This includes targeted support for women, young people, rural communities, social enterprises and individuals facing barriers to employment or business development.

In addition, management guidance, governance support and organisational development expertise are provided to community and voluntary sector organisations to strengthen leadership, sustainability and operational effectiveness across the third sector.

In setting its objectives and planning activities throughout the year, the trustees have given careful consideration to the guidance issued by the Charity Commission for Northern Ireland regarding public benefit. The trustees are satisfied that the charity’s activities continue to advance its charitable purposes and deliver meaningful and measurable benefit to individuals, businesses and communities across the Borough and surrounding areas.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Achievements and performance

As a social enterprise, Mallusk Enterprise Park is committed to measuring and evidencing the difference we make to local people, businesses and the wider economy.

The Board of Directors has paid due regard to guidance issued by the Charity Commission in determining the activities undertaken by the organisation and ensuring that surpluses are reinvested for community benefit.

Key Outputs Delivered in the Last Financial Year

*Based on conservative assumptions of £35k economic value per job and £80k average annual turnover per business.

Go Succeed – Engage & Foundation

Go Succeed is a collaborative, region-wide enterprise support programme delivered across all eleven local council areas in Northern Ireland and overseen by Enterprise Northern Ireland (ENI). The initiative is designed to support individuals at the early stages of starting a business. Mallusk Enterprise Park is jointly responsible for delivery within the Antrim & Newtownabbey area.

2025 Key Outcomes

Through this programme, aspiring entrepreneurs were provided with access to tailored guidance, mentoring and practical resources to help develop and progress their business ideas.

Go Succeed – Growth Programme

Antrim & Newtownabbey Mid & East Antrim

Following a successful competitive tender process in 2023, Mallusk Enterprise Park continued to deliver the Go Succeed Growth Programme throughout 2025 across the Antrim & Newtownabbey and Mid & East Antrim council areas.

The programme focuses on accelerating business growth by providing established businesses and entrepreneurs with targeted support, mentoring and development opportunities. During 2025, the programme achieved significant levels of engagement and impact across both council areas.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

2025 Key Outcomes

Feedback from programme participants across both council areas has been extremely positive, with businesses reporting improvements in areas such as strategic planning, financial management and readiness for growth opportunities.

The successful delivery of the programme further highlights Mallusk Enterprise Park’s strong reputation and continued commitment to supporting business development, entrepreneurship and regional economic growth.

Throughout 2025, Mallusk Enterprise Park delivered a broad range of impactful programmes and initiatives. The level of participation and outcomes achieved reflect the organisation’s continued ability to provide effective support across the Borough.

Social Impact Report

Social outputs are measured as follows:

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Directors’ / Trustees’ Voluntary Contribution and Employee Pro-Bono Work

As a social enterprise, the Board of Mallusk Enterprise Park comprises experienced and highly skilled individuals operating across a range of private and public sector organisations.

Staff employed within the organisation primarily work on income-generating projects; however, a proportion of their time is provided on a pro-bono basis to support local individuals, businesses and third sector organisations.

All activities undertaken by Directors and staff are aligned with the Charity’s aims, objectives and public benefit requirements. Directors’ time is monitored and recorded through Board and sub-group meetings.

Based upon an hourly rate of £55 per hour for employees and £80 per hour for the CEO and Directors, this equates to a total contribution in kind of £91,550 during 2025 towards the economic development of the local area.

Employee pro-bono assistance was provided to:

Discounted / Pro-Bono Use of Commercial Units and Meeting Spaces

In certain circumstances, discounted rental periods coupled with incubation support and advice are offered by Mallusk Enterprise Park to support local economic regeneration. During 2025, there was minimal tenant movement within the Park and, as a result, incubation units were limited in availability.

Mallusk Enterprise Hub features state-of-the-art audio-visual equipment across 3,000 square feet of commercial space, offering co-working desks, private meeting rooms and a training/conference space for up to 40 people.

Facilities include advanced hybrid meeting technology enabling events and meetings to be delivered effectively both in-person and remotely.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

The Hub provides businesses, entrepreneurs, social enterprises, charities and public sector organisations with professional and flexible workspace solutions for training, mentoring, interviews, consultancy meetings and collaborative working.

The continued evolution of hybrid working has increased demand for flexible, professional workspace solutions and the organisation continues to experience strong demand for these facilities from tenants, entrepreneurs and remote workers.

The 2025 Mallusk Christmas Market

The Mallusk Christmas Market provided an opportunity for tenants, programme participants and local entrepreneurs to showcase and trade their products and services during the peak festive trading season.

The event also supported wider corporate social responsibility objectives through fundraising and community support initiatives benefiting local families and charitable organisations.

The market brought together entrepreneurs, creatives, local businesses and consumers for trading, networking and community engagement.

Mallusk Christmas Market Outputs

Financial review

At 31 December 2025 the balance of unrestricted reserves was £2,269,825 (2024 - £2,146,606), of which £1,159,642 (2024 - £1,189,971) has been designated by the Board at the year end.

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

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

The directors have a risk management strategy which comprises:

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Future Plans

The charity remains committed to extending its reach and increasing the support provided to individuals, SMEs and social enterprises throughout 2026 and beyond.

The Enterprise Park continues to operate at full capacity, with 100% occupancy maintained and a waiting list of 90 businesses recorded as at 31 December 2025.

The organisation remains committed to meeting the needs of the local community through the provision of affordable workspace, accessible business advice and practical enterprise support services.

To address increasing demand and further enhance community impact, opportunities for the acquisition and development of additional commercial sites within the Borough will continue to be explored. Expanding capacity will enable the charity to support more start-up and growing businesses, encourage entrepreneurship and contribute to local economic regeneration in line with its charitable objectives.

Public benefit ring-fenced budgets allocated in 2025 will continue to support free and subsidised educational training, mentoring and enterprise support initiatives for unemployed individuals and those considering selfemployment.

Particular focus will remain on supporting women establishing part-time businesses from home, early-stage entrepreneurs and individuals living in rural or less accessible areas who may otherwise face barriers to participation.

During 2026, the organisation also plans to deliver the inaugural Antrim and Newtownabbey Business Awards, celebrating and recognising achievement, innovation and resilience within the local business and social enterprise community.

The awards will promote entrepreneurship, inspire business growth, encourage community engagement and showcase positive role models across the Borough. The initiative aligns closely with the charity’s mission to advance economic development, enterprise and social inclusion while also supporting the organisation in fulfilling its public benefit responsibilities and obligations under Charity Commission guidance.

Business consultancy and advisory services will continue to be delivered to local community groups, education providers, voluntary organisations and social enterprises, supporting capacity building, sustainability and longterm community benefit.

The organisation continues to maintain active membership of a range of professional and representative bodies including Enterprise Northern Ireland, NICVA, Social Enterprise NI, CO3, NI Chamber of Commerce, Destination CQ, Institute of Directors and Reformnet.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management

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

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

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

The board of directors administer the company at a strategic level. The board meet quarterly at present and the chief executive officer manages the day to day running of the company. The organisation relies on directors acting in a voluntary capacity in overseeing the strategic direction and governance of Mallusk Enterprise Park. In terms of time and value of these volunteer directors - each of the 4 directors would dedicate up to 36 hours in meetings plus an additional 10 in preparation and review of reports and up to 10 hours on other matters relating to the organisation. The total input in time therefore would equate to approximately 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 following: Code of Conduct, reserves policy, risk register, governance manual, HR policies, board and staff appraisals, quarterly action plans, quarterly management accounts and balanced scorecard with performance measures.

The organisation continues to maintain active membership of a range of professional and representative bodies including Enterprise Northern Ireland, NICVA, Social Enterprise NI, CO3, NI Chamber of Commerce, Destination CQ, Institute of Directors and Reformnet.

MALLUSK ENTERPRISE PARK LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of directors' responsibilities

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

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

Disclosure of information to auditor

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

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

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

Mr I Patterson (Chairperson)

Director

Dated: 26 May 2026

MALLUSK ENTERPRISE PARK LIMITED

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

Opinion

We have audited the financial statements of Mallusk Enterprise Park Limited (the ‘company’) for the year ended 31 December 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

MALLUSK ENTERPRISE PARK LIMITED

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

MALLUSK ENTERPRISE PARK LIMITED

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

MALLUSK ENTERPRISE PARK LIMITED

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

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

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

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

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

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

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

MALLUSK ENTERPRISE PARK LIMITED

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

Audit response to risks identified

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

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

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

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

MALLUSK ENTERPRISE PARK LIMITED

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

Use of our report

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

Mr Stephen Houston FCA (Senior Statutory Auditor)

For and on behalf of GMcG LISBURN, Statutory Auditor Chartered Accountants Century House 40 Crescent Business Park Lisburn BT28 2GN 26 May 2026

MALLUSK ENTERPRISE PARK LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income and endowments from:
Charitable activities 3 775,443 687,602
Other trading activities 4 42,327 79,376
Investments 5 14,348 18,038
Other income 6 3,374 3,387
Total income 835,492 788,403
Expenditure on:
Raising funds 7 5,214 51,212
Charitable activities 8 707,059 683,347
Total expenditure 712,273 734,559
Net income and movement in funds 123,219 53,844
Reconciliation of funds:
Fund balances at 1 January 2025 2,146,606 2,092,762
Fund balances at 31 December 2025 2,269,825 2,146,606

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MALLUSK ENTERPRISE PARK LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

Notes
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Net assets
Income funds
Unrestricted funds
18		 2025
£
£
1,478,663
68,555
897,069
965,624
(174,462)
791,162
2,269,825
2,269,825
2,269,825
2,269,825		 2024
£
£
1,510,304
93,913
730,546
824,459
(188,157)
636,302
2,146,606
2,146,606
2,146,606
2,146,606		 2024
£
£
1,510,304
93,913
730,546
824,459
(188,157)
636,302
2,146,606
2,146,606
2,146,606
2,146,606
2,146,606
2,146,606
2,146,606
2,146,606

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

The financial statements were approved by the directors on 26 May 2026 and signed on their behalf by;

Mr I Patterson (Chairperson) Director

Company registration number NI022304 (Northern Ireland)

MALLUSK ENTERPRISE PARK LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(46,013)
14,348		 £
198,188
(31,665)
-
166,523
730,546
897,069		 2024
£
(37,864)
18,038		 £
128,355
(19,826)
-
108,529
622,017
730,546

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

MALLUSK ENTERPRISE PARK LIMITED

1 Accounting policies

Charity information

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

1.1 Accounting convention

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

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

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

1.2 Going concern

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

1.3 Charitable funds

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

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

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

1.4 Incoming resources

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

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

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

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

1.5 Resources expended

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

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies (Continued)

1.6 Tangible fixed assets

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

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

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

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

Long leasehold land is not depreciated.

1.7 Cash and cash equivalents

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

1.8 Financial instruments

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

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

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

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies (Continued)

1.9 Employee benefits

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

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

1.10 Retirement benefits

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

1.11 Leases

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

2 Critical accounting estimates and judgements

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

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

Key sources of estimation uncertainty

Fixed Assets

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

Restricted and unrestricted funds

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

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Workspace provision 409,292 381,198
Service charge 57,789 48,746
Facility services 2,163 2,201
Programme & workshop income 305,285 254,101
B4B revenue aid 914 1,356
775,443 687,602

4 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Facilities 31,862 13,447
Solar Panels 4,292 4,702
Deli Income 6,173 61,227
Other activities 42,327 79,376
5 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 14,348 18,038
6 Other income
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other miscellaneous income 3,374 3,387

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

7 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Trading costs
Deli Costs 5,214 51,212
8 Charitable activities
2025 2024
£ £
Community and economic development
Staff costs 322,853 318,673
Programme and event cost 142,309 126,646
Rates and water charges 4,053 3,686
Insurance 19,167 16,157
Light and heat 15,509 17,306
Repairs and maintenance 33,941 31,650
Cleaning 22,423 18,206
Printing, postage and stationery 4,400 5,320
Marketing expenses 5,745 12,295
Catering costs 1,786 403
Telephone 2,842 3,219
Motor, travel and subsistence 18,937 12,121
Legal and professional fees 3,072 4,107
Membership fees 6,176 7,253
Accountancy services 4,139 9,833
Audit fees 4,200 4,000
Bank charges 729 853
Other operating leases charges 1,336 1,320
Bad and doubtful debts - 2,572
Charitable donations 280 30
Sundry expenses 15,508 13,808
Depreciation 77,654 73,889
707,059 683,347

9 Description of charitable activities

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

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 4,200 4,000
Depreciation of owned tangible fixed assets 77,654 73,889

11 Directors

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

12 Employees

The average monthly number of employees during the year was:

Administration
Deli staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£70,000 - £80,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 2025
Number
10
-
10
2025
£
269,082
20,215
33,556
322,853
2025
Number
1
2025
£
115,135		 2024
Number
8
9
17
2024
£
279,428
15,185
24,060
318,673
2024
Number
1
2024
£
102,477

The charity considers its key management personnel to comprise of the chief executive officer and senior business advisor.

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Cost
At 1 January 2025
Additions
At 31 December 2025
Depreciation and impairment
At 1 January 2025
Depreciation charged in the year
At 31 December 2025
Carrying amount
At 31 December 2025
At 31 December 2024
The carrying value of land included in land and buildings comprises:
Long leasehold
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments		 Leasehold
land and
buildings
£
2,622,184
37,103
2,659,287
1,165,033
62,328
1,227,361
1,431,926
1,457,151		 Fixtures and
fittings
£
127,517
8,910
136,427
74,364
15,326
89,690
46,737
53,153
2025
£
190,000
2025
£
26,925
23,683
17,947
68,555		 Total
£
2,749,701
46,013
2,795,714
1,239,397
77,654
1,317,051
1,478,663
1,510,304
2024
£
190,000
2024
£
763
81,608
11,542
93,913

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Creditors: amounts falling due within one year

Other taxation and social security
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income
17
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
38,758
73,165
15,913
723
45,903
174,462
2025
£
33,556		 2024
£
31,677
70,537
22,121
2,060
61,762
188,157
2024
£
24,060

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
Designated government grants
reserve
Property fund
General funds		 1 January
2025
Incoming
resources
Resources
expended
£
£
£
689,971
-
-
500,000
-
-
956,635
835,492
(712,273)
2,146,606
835,492
(712,273)		 Transfers
At 31
December
2025
£
£
(30,329)
659,642
-
500,000
30,329
1,110,183
-
2,269,825		 Transfers
At 31
December
2025
£
£
(30,329)
659,642
-
500,000
30,329
1,110,183
-
2,269,825
2,269,825

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

18 Unrestricted funds (Continued)

Previous year:
At
Designated government grants
reserve
Property fund
General funds		 1 January
2024
Incoming
resources
Resources
expended
£
£
£
720,300
-
-
-
-
-
1,372,462
788,403
(734,559)
2,092,762
788,403
(734,559)		 Transfers
At 31
December
2024
£
£
(30,329)
689,971
500,000
500,000
(469,671)
956,635
-
2,146,606		 Transfers
At 31
December
2024
£
£
(30,329)
689,971
500,000
500,000
(469,671)
956,635
-
2,146,606
2,146,606

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

20 Operating lease commitments

Lessee

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

Within one year
Between two and five years		 2025
£
16,654
37,717
54,371		 2024
£
6,544
1,980
8,524

MALLUSK ENTERPRISE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

21
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash generated from operations		 2025
£
123,219
(14,348)
77,654
25,358
(13,695)
198,188		 2024
£
53,844
(18,038)
73,889
(51,893)
70,553
128,355

22 Analysis of changes in net funds

The company had no debt during the year.