Ballykeel Business Development Ltd Trustees, Report Name of Charity: Ballykeel Business Development Ltd CCNI Rtgistration Number: 101471 Registered Office: B8llykeel Business Development Ltd, BAllykeel Business Centi'e, 18 Crebilly Road, Ballymena, B T42 IDN The trustees, who are also directors of the charity for the purposes of the Companies Act, submit this their annual return to the Nl Charity Commission for year-end 3 1st March 2024. The Financial Statements comply with the Charities Act tNI] 2008, the Companies Act 2006, the Memorandum and Articles of Association and Accountancy and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing tlieir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland [FRS 102]. Structure, Governance & Management Ballykeel Business Development Ltd is a company limited by guarantee and also is a recognised Charity. The Charity is governed by an Executive Board which meet on a bi monthly basis throughout the year. Trustees %nd officers The trustees and officers serving during the year and since the year end were as follows.. Trustees.. Mr J K r Currie Mr P Brown Mrs P McNeill Mrs J Knox Mr D M Davidson Reverend M McNeely (resigned 8 Decernber 2023) Secretary.. Mr5 Melanie Chrislie Boyle The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in ae¢ordance with applicable law and regulations. Public Benefit Reporting In setting our objectives and planning our activities for the year trustee5 have given Careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to en5ur¢ that the activitie5 have helped to achieve the Charity'5 purposes and provide a benefit to the beneficiaries. Ballykeel Busin055 Development Ltd purpose incllldts. (i) The relief of poverty and unemployment in the Ballykeel Ward. (li) Create awareness of enterprise opportuiiities within hard to reach group5 including unemployed, those facing redundancy* young persons, women and ethnic minorities. (iii) Support the advancement of education, training, retraining and work experience opportuniti45. (iv) Support community development through the provision of training faGilities on favourable terms. Page 2
Ballykeel Business Development Ltd Trustees, Report (v) Manage sustainable infrastructure and the physical environment within the community that will support the needs for residents to start and run a business or a social enterpri (vi) Achieve the creation of employment, training and experience through enterprise opportunitias for residents in partnership with local stakeholders. Ballykeel Business Development Ltd mission is to 'Promote enterprise and entrepreneurship by d¢livering initialives to support economic and community regeneration in the neighbourhood renewal area of Ballymena South of Mid and East Antrim Borough Council,. Ballykeel Business Development Ltd has delivered services under the following three pillars of support: Business Support Initiatives supporting entrepreneurs at the pre-starL start-up and growth stage of their business journey in partnership with local stakeholders. Business Property including light industrial, conference and meeting rooms. Community Regeneration promoting enterprise and entrepreneurship at a local level through engagement with education, statutory, voluntary. community, banking and private sector, including non-commercial representation on a range of voluntary committees. Ballykecl Business Development Ltd has delivcred the following activities to hclp achieve the charitabl¢ purpose: Northern Ireland Start Up Programme to help those prepar¢ their start up business plan. (Delivered by Ballymena Business Centre) Supporting new and existing businesses through the management of employment space. Provision of 25 workspace units, l 00 jobs supported. (Managed through Service Level Agreoment with Ballymena Business Centre) Voluntary contribution on the Neighbourhood Renewal Partnership. Billykeel Business D¢velopm¢nt Ltd bentficiaries during year ended 31 March 2024 included the following groups and areAs". Individuals who reside in urban disadvantaged arffa of Ballymena South including young peopl women returner5. ethnic minorities, those with disabilities. those facing redundan and those who are uiieniployed. Ballykeel Business Development Ltd beneficiaries have benefited from initiatives that have ken delivered during year ended 31 March 2024. This can be demonstrated through the following outcomes.. Employment space management supporting approx. l 00 jobs No harm and only limited incidental private benefit arises from Ballykeel Business Development's activities. Financial Review Review of Ballykeel Business Development Ltd financial position a5 at year ended 31 March 2024. The Charity income for year totalled £74,178. expenditure for year totalled £99,583. 'rotal fixed assets amount to £881,379 with total net assets amounting to £935.012. Unrestricted fvnds are considered to be essential to provide sufficient funds to cover any unftireseen costs which may arise and fijlfil the legal obligations of the charity. The Charity's policy is to mainlain a level of free reserve5 sufficient to cover such costs. Rcserves Policy Page 3
Ballykeel Business Development Ltd Trustees, Rcport The calculation of the required level of reserves is an integral part of Ballykeel Bu5ine5s Development Ltd plannin& budget and forecast cycle. It takes into account.. risks of income and expenditure being different from that budgeted planned activity levels development opportunities arising in the near tUre The Trustees of Ballykeel Business Development Ltd have reviewed the Charity's need for reserves and, have decided there should be sufficient free reserves to provide cover for 6 months in relation to budgeted annual ¢xp¢nditure: the collapse or breakdown of information technology and communications systems, essential machinery or utilitia5 structural repairs to light industrial and administration space Ballykeel Business Development Ltd aims to have net current assets equivalent to 12 months expenditure within the next 5 years. This level of free reserves is considered to be reasonable in view of the fact that Ballykeel Business Development maintain5 approx. 20,000 sq ft of light industrial and office accommodation. Winding-up or Dissolution of the Company If upon winding-up or dissolution of the Company there remains. after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distribLltcd among ihc membcrs of the Company. but shall be given or transferred to some other charitable institution or institutions having objects similar to the objects of the Company, and which shall prohibit the distribution of its or their income and property, such charitable institution or institutions to be determined by the mcmbers of the Company at or before the time of dissolution, and in so far as effected cannot be given to such provision, then to some other charitable object. Risk Management The Trustees will undertake a review of the major risks to which the company is exposed and a Risk Management Policy will be agreed to identify, monitor and control those risk5. An independent audit of the Company's Financial Statement has been carried out. Future Strategy Ballykee5 Business Development Ltd plans to continue to stimulate and support economic and enterprise development in the neighbourho(Kl renewal area of Ballymena South and also make a significant contribution toward5 Mid and East Antrim Borough Council Community Plan and Econoinic Developinent Strategy. StAtement of Trustets, Responsibilities The trustees (who are also the director5 of Ballykeel Busine55 Development Ltd for the purposes of company law) are responsible for preparing the tru5te¢s' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law r4uires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and lair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditur4 of the charitable company for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and apply them consistently. observe the methods and principle5 in the Charities SORP. Page 4
Ballykeel Business Development Ltd Trustees, Report make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare tlie fiiiancial slalemenls on the going concern basis unless it is inappropriate to presume that the charitable compaiiy will coiitinue in business. The trustecs are responsible for keeping proper accounting records that Can disclose with reasonable ac¢uracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible ft)r safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial inforrnation included on the charitable cornpany's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on 14 June 2024 and signed on its behalf by.. Mr D M Davidson Trustee Page 5