Ballymena Business Centre Ltd Statement of Financial Activities for the Year Ended 31 December 2022 (Including IThcome and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2022 Total 2021 Unrestricted Note Income and Endowments from: Government Grants Cliarilable activities Investment income 1,014,796 432,546 27 440.132 34 440,132 34 Total income 440,166 440, 166 1,447,369 Expenditure on: Charitable activities (411,923) (411,923) (382,790) Total expenditure (411,923) (411,923) 382,790) Net income 28.243 28,243 1,064,579 Net movement in funds 28.243 28,243 1,064,579 Reconciliation of funds Total funds brought forward 2,Il5.580 2.115.580 1,051,001 Total funds carried forward 16 2.143.823 2,143,823 2,115,580 All of the charity's actLVlties derive from continLiing operations during the above two periods. The lld5 breakdown for 2021 is shown iii note 16. The notes on page5 13 10 22 forni an iiitegral part of these financial 5tateiiients. Page 10
Ballymena Business Centre Ltd (Registration number: N1024613} Balance Sheet as at 31 December 2022 2022 2021 Note Fixed assets Tangible assets 10 1.689.395 1,747.272 Current Assets Work in pi'ogress Debtors Cash at bank and in hand 1.680 10,063 629,452 641,195 10,121 7.084 547,560 12 13 564.765 Creditors: Amounts falling due within one year 14 (85,388) (69,137) Net current assets 555.807 495.628 Totsl assets less current liAbilities 2,245,202 2,242.900 (127,320) 2,115.580 Creditors: Amouiits falling due after more than one year 15 (101,379) Net a55ets 2,143,823 Funds of the charity: Unrestricted income funds Unr¢striGted 2.143,82J 2.115,580 Total fund5 l6 2.143,823 2.115.580 The financial stalen)ents on pages l O to 22 were approved by the trustees, and authorised for issue on 14 March 2023 and signed on tlieir behalf by.. N4r James Perry Trustee DL (Vice Chairperson) Mrs Melanie Christie Boyle MBE Company Secretary The notes on pages 13 to 22 form an integral part of these financial statements. Pagell
Ballymena Business Centre Ltd Statement of Cash Flows for the Year Ended 31 December 2022 2022 2021 Note Cash flows from operating activities Net cash income 28,243 1.064,579 Adjustments to cash flows from non-cash items Depreciation Investment inwme 59,774 (34) 87.983 60.216 (27 1.124.768 Working eApit81 adjustments Decreasel(increase) in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors Decrease in pr()visions Net cash flows from operating activities Cash flows from investing activities Interest receivable and sitnilar income Purchase of tangible fixed assets Net cash flows from investing activitie5 8,441 (2,979) 14.726 (9,406) 46,707 (16,231) 999,989) 12 14 108,171 145.849 34 {1.896) 27 (10,078) io (1,862) (10,051) Cash flows from finAncing activities Repayinent of loans and borrowings Net increase in cash and ca51i equivalents 14 (24,417 (34,801) 81,892 100,997 Cash and cash equivalents at l January Cash and cash equivalent5 at 31 December 547,560 446,563 629,452 547,560 All of the cash flows are derived from continuing operation5 during the above two periods. The note5 on page5 13 to 22 form an integral part of these financial statements. Page 12
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2022 I Charity status The charity is incorporated in Northern Ireland and limited by guararLtee. Northern Ireland and conseqliently does not have share capital. Each of the Iru51ees is liable to contribute an amount not exceeding £1 towards Ilie assets of the Charity in the eveiit of liquidation. T]ie address of its registered office is.. clo DT Carson & Co 51-53 Thomas Street Ballymena Co Antrim B T43 6AZ Tliese financial statements were authorised for issue by the trustees on 14 March 2023. 2 Aceounting policies Summary of significant Aeeounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are s¢t out below. These policies have been consistently applied to all the years presented. unless othenvise stated. Statement of complianee The financial statements have been prepared in accordance with Accounting and Reporting by Cliarities.. Statement of Recommended Practicc applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I02). Tliey also coniply with the Companies Act 2006 and Charities Act (Northern Ireland) 2008 Basis of preparation BaIlymena Business Centre Ltd me¢ts the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy notes. The presentation currency of these financial stat¢ments is sterling. All amounts in the financial statements have been rounded to the neai'e5t £1. Going concern The finanGial statement5 have thus been prepared on a going concern basis as the trustees consider there are no material Lincertainities about tlie charity's ability to continue as a going concern nor any significant areas of uncertainity that affect tlie carrying value of a55ets lield by the charity. The trustees have assessed a period of 12 months from the date of approving tlie financial Statements both in relation to tlie level of funds held and the expected level of incotne and expenditur¢ with regard to the appropriateness of the going concern assumption in preparing the financial statements taking into consideration all relevant factors including Covid-19, pandemic.The trustees note that and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the nornial wurse of business. Page 13
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2022 Income and endowments Income from charitable activities includes income i'ecogni5¢d as eai'ned (as the related goods or services are provided) under contract or where entitlement to grant funding is subjecl to specific performance conditions. Grant income included in this category provides funding to support programme activities and is recognised where there is entiÉleTnent. certainty of receipt and the amount can be measured with sufficient reliability. Granls receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked lo the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the incoine is i-ecognised as a liability and included on the balance sheel as deferred income to be released. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is piDbable settlemenl is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. with central stsff costs allocated on the basis of time spent. and depreciation charges allocated oli the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Cjiarilable aclivilie Charitable expenditure compri5e5 those costs incurred by the charity in the delivery of it5 activities and services for its beneficiarie5. It includes both costs that can be allocated directly to such activities and those costs of an iiidirect nature necessary to support tliem. Govcrnment grants Governmeiit grants received under tlie Coronavirus Job Retention Sclieme are recognised on Ilie perforinance model with entitlement to the grant only passing lo the coimpany over the period of tiine that the relevant employee is oli furlough so tlie income fi'oin the grant is recognised on a straight line basis over the furlough period of relevant einployee. The Coronavirus Small Business Grant is recognised under the perfoniiaiice model. As the grdnt does not impose specified future perfoniiance-related conditions on the company it is r¢coEnised in income when the grant proceeds al-e received or receivable. T2xAtion The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation tax pui'poses. Accordingly, the charity 15 potentially exempt froni taxation in respect of income or capital gain5 received witliiii categories covered by Cliapter 3 Part I l of Ilie Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to tlie extcnt tliat 511ch income or gains are applied exclusively to Charitable purp05¢5. Tangible fixed assets Individual fixed assets are initially recorded at Cost, less any Subsequent accumulated depreciation and Subsequent accLimulated impairinent losses. Page l4
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2022 Depreciation and amortisation Depreciation 15 provided on tangible fixed assets so as to write off the cost or valuation. less any estiniated residual value, over their expected usefvl economiG life as follows-. Asset class Depreciation method and rate 250/0 Straight line for the period held during the year 20/0 Straiglit line for the pei'iod held during the year Fixtures and fittings Land and buildings Work in progress Work in progress relates to work done at the year end but not invoiced. Cash and eAsh equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other 5hort-temi highly liquid investsnents that are readily convertible to a knowrk amount of cash and are subject to an insignificant risk of change in value. Trade creditors Ti'ade creditoi's are obligations to pay for Eoods or services that have been acquired in the ordinary course OF biisiness from supplier5. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period. to defer settlement of the creditor for at least twelve month5 after the reporting date. If there is an unconditional right to defer settlement for at least rwelve months after Ihe reporting dale, they are presented as non-currcnt liabilities. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction cost5. Interest-bearing borrowings are subsequently carried at amortised cost. with the difference between the prnceeds, net of transaction ¢05ts, and the amount due on redemption being recognised a5 a charge to the Statement of Finaiicial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of th¢ effective inter¢st method and is included in interest payable and Similar charges. Borrowings are classified a5 current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unreslricled income funds are general funds that are available for use at tlie trustee5' discretion in furtherance of tlie objectives ol tlie cliarity. Page 15
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2022 3 Income from charitablc aetivities Unrestricted Total 2022 Total 2021 GenerAI Ballykeel Workspace Covid 19 Business Programme Co-innovate Programme Mailbox Address Service Ballee & Hairyville Workspace 41 Innovation Prograinme Eioom Hire Galgom] Workspace Enabling Enterprise Programme Go For It Programme Tom Centre Workspace Coiisultancy Erasmus Pi"ogramme Woi'ld of Enterprise Programme 25.891 25,891 28,012 10,925 3,183 2.859 5,417 (13) (13) 5.417 43,338 50,260 232,434 16.475 24,726 28,645 216 5,417 43.338 50.260 232,434 16,475 24,726 28.645 216 53,559 234.764 44.751 25,192 19,688 2,636 9,043 3,700 9.043 3.700 1,560 440,132 440,lJ2 432,546 Managed Total Total Business Support Workspace 2022 2021 Owned Workspace-Galgorn) and Town Centre Managed Workspace-Ballykeel and Ballee&Harryvill¢ Eiiabling Enterprise Programine Go foi. It Programme Covid 19 Business Programme World of Enterprise Programme Co-innovate Progrnnnie Erasmus Programme Mailbox Addre55 Service and Sundry Income Consultancy Room Hire 41 Innovation Prograiiinie 261,078 261.078 254.453 31,309 31.309 16,475 24.726 33,430 44,751 25,191 10,925 1.560 3,183 l6,475 24.726 3,700 (14) 9,044 3,700 (14) 9.044 2.859 2,635 53,559 216 216 50.260 43,338 50.260 43,338 97,485 342,647 440,132 432.546 Page 16
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2022 4 Investment income Unrestricted funds GenerAI TotAI funds Interest receivable and similar income; Interest receivable on bank deposits 34 34 Totsl for 2022 34 34 TotAI for 2021 27 27 5 Expenditure on charitable ¥ctivities Unrestricted Total 2022 Total 2021 General Note Consultancy Go for It Programme Town Centre Workspace World of Enterprise Programme Enabling Enterprise Programme Co-lnnovate Programme 41 Innovation Programme Wages and salaries Staff NIC {EIMployers) Slaff pensions (Defined contribution) Rates Water rates Light, heat and power Insufdnce Repairs and Inaintenance Galgorm Workspace Telephone and internet Printing. posting and stationery Professional membership fees Sundry expenses Motor and travel expenses Marketing and sponsorship The audit of the charity's annual accounts 2,683 18.814 35,031 60 10,418 2,062 403 l49.636 9.662 2.778 21,748 50.654 I,420 26.514 21,748 50.654 1,420 26,514 9.213 128,792 7,483 2,389 (91) 1,584 3,260 12.115 5.176 38,477 3,386 1,143 3.743 3.741 5,965 3.964 9.213 128.792 7.483 2,389 (91) 1,584 3,260 l2,115 5,176 38,477 3.386 1,143 3,743 3,741 5.965 3.964 1,498 885 10,597 6.363 27.908 2,278 553 2,889 3,601 5,854 1,274 4,650 7,423 325 239 4,650 7.423 325 239 4.350 5.582 5,019 211 Legal and professional fees Bad debts written off Bank charge5 Page 17
Ballymena Business Centre Ltd Notes to Ihe Financial Statements for the Year Ended 31 December 2022 Unrestricted Total 2022 Total 2021 General Note Pliotocopier Leasing Payments Staff training Loan interest Depreciation of tangible fixed assets 980 170 980 170 7,686 59.774 980 3,901 6,845 60,216 7.686 59,774 411,923 411,923 382.790 Business Support Administrative Expense5 2022 2021 Enabling Enterprise Programme Go for It Programine World of Enterprise Programme Co-lnnovate Programme 41 Innovation Programmc Coiisultancy Town Centre Workspace Galgonn Workspace Employment Costs Establisliment Costs General Administrarive Expenses Finance Charges Depreciatioii Cliarges 26,513 21.748 I,420 26.513 21,748 1,420 10,418 18,814 60 2,062 402 9.213 9,213 2.683 35,031 27,908 165,976 19,783 32.591 6,846 60.216 50,655 38.476 138,834 22.044 35.560 7.685 59,775 353,029 50,655 38,476 138.834 22,044 35,560 7,685 59,775 58,894 411,923 382,790 6 Net incomingloutgoing resources 2022 2021 Audit fees Otlier non-audit services Depreciation of fixed assets Relee of deferred capital grant provision 4,650 750 59.774 4,350 890 60,216 (999,989) 7 Trustees remuneration and expenses No trustee5. nor any persons connected witli them, liave received any remuneration from the charity dLiring the year. Page 18
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2022 8 Staff costs The inonthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full tiine equivalents was as follows: 2022 2021 Administration Business Support No employee received enioluments of more than £60,000 during tlie year. 9 Taxation The charity is a registered charity and is therefore exempt froin taxation. 10 TAngiblc fixed assets Land and buildings Furniture and equipment Total Cost At l January 2022 Additions 2,853,213 142,687 1.896 2,995,900 1,896 At 31 December 2022 2.853.213 144.583 2,997.796 Depreciation At l January 2022 Charge for the year 1,114,957 55,614 133,670 4.160 l.248,627 59,774 At 31 December 2022 1,170,571 137,830 1,308,401 Net book vAlue At 3 l December 2022 1.682,642 6,753 1.689,395 At 31 December 2021 1,738,256 9,017 1.747,273 I I Worli in progress 2022 2021 Work in progress 1,680 10,121 Page 19
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2022 12 Debtors 2022 2021 Ti-ade debtoi Prepayments 4.268 5.795 1.090 5,994 10.063 7,084 13 Cash and cash equivAlents 2022 2021 Cash on hand Casl) at bank 238 629,214 ?38 547,322 629,452 547,560 14 Creditors: 2mounts f211ing due within one year 2022 2021 Bank loan5 Trade creditors Otlier taxation and social security VAT liability Other creditors Accruals 25.678 9,154 2,469 10,885 9,750 27,452 85,388 24.154 6,107 3.434 8,673 8,850 17.919 69,137 15 Creditors: amounts fAlling due #fter one year 2022 2021 Bank loans 101,379 127.320 As security the bank liold a legal charge dated 30 Septeinber 1992 over 62 Fenaghy Road, Galgonii Industrial Estate, Ballyiiiena and a legal niortgage dated 17 April 2014 over 51-53 Cliurch Street. Ballymenl County Antrim. B T43 6AZ. Page 20
Ballymena Business Centre Ltd Notes to the f4 inancial Statements for the Year Ended 31 December 2022 16 Funds Bglance at 3 1 December 2022 Balance at I January 202Z Incoming resources Resources expended Unrestricted General 2.115,580 440,166 (411.923) 2,143,823 BAlance At 31 December 2021 BalAnce at I J#nuAry 2021 Incoming resources Resoiirces expended Unrestricted General 1.051.001 1,447,369 (382.790) 2,115.580 17 AnAlysis of net Assets between funds Unrestricted funds General Totxl funds at 31 December 2022 Tangible fixed assets Current assets Cui'rent liabilities Creditors over l year 1.689,395 641,195 (85,388) (101,379) 1,689.395 641.195 (85,388) (101,379) Total nel assets 2.143.823 2,143,823 Unrestricted funds General Total funds at 31 December 2021 Tangible fixed assets Current assets Current liabilitie5 Creditors over l year 1.747.272 564,765 (69,137) (127.320) I,747.272 564.765 (69,l37) (127,320) 2.115.580 Total nel assets 2,115.580 18 Related party transaction5 There were no related party ti'ansactions in the year. Page 21
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2022 19 Controlling entity The cliarity is controlled by the tniste¢5 who are also directors of the company. Page 22