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.
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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
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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.
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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
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