Ballymena Business Centre Ltd Trustees, Report Name of Chai'ity: Ballymena Business Centre Ltd CCNI Registration Number 101472 Registered Office: cla DT Carson Auditors, Thomas Street. Ballymena Place of Business:62 Fenaghy Road, Galgorm, Ballymena Tlie trustees, wlio are also directors of the charity for the purposes of the Companies Act, submit this tlieir annual return to tlie NI Charity Commission and Companies House for year-end 3 1st December 2022. The financial Stateineiits coiiiply witli the Chai-ities Act tNII 2008, the Companies Act 2006, the Meniorandum and Articles of Association and Accountancy and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accoLtnts in accordanc¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland [FRS 102] [effective l January 20191. Structure, Governance & Management Ballyinena Business Centre Ltd is a company limited by guarantee and also is a reeognised Charity. The Charity is governed by an Executive Board which meet on a monthly basis. Names of Trustees Patrick Joseph McAvoy - Chairperson James Perry MBE DL - Vice Chairper50n Ald Audrey Wales MBE Mary Hamilton Jiin Briggs Williani Carson Paul Livingstone John Stuart All of the above individuals served during the 2022 financial year. The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Publie Benefit Reporting In setting our objectives and planning our activities for the year trustees liave given careful consideration to Ilie Cliarity Commission for Northern Ireland's guidance on public benefil to ensui'e that the activities have helped to acliieve thc Charity's purposes and provide a benefit to the beneficiaries. Fulfilment of Charitable objectives have continued throughout 2022 Trustees to retire Trustees to retire by rotation per Articles of Association para 39 and 40, Mr James Perry MBE DL. Mr Paul Liviiigstone and Mr William Carson and being eligible submit theniselves for re-election. Principal Activstics Ballymena Business Centre is a Noithern Ireland Cliarity with a single remit of 'Promoting Enterprise.. It IS thcir vision to see Ballyinena becoine a thriving and vibrant economic area driven by enterprise and entrepreneurship. Ballymena Business Centre's principal activitie5 iiiclude managed workspace and training rooms. management and delivery of busine55 5UPPOrt initiatives and voluntary contribution to support the economic and regeneration of local communities. Ballymena Business Centre is a Registei'ed Northern Ireland Charity committed to helping individua15 to stt and grow tljeir business, Charity Comniission Nuniber 101472. Registered 2010412015. A5 a registered charity no Corporation Tax is payable on the activities undertaken in the year. Page 2
Ballymena Business Centre Ltd Trustees, Report Operating As A SoeiAI Enterprise, Ballymena Businc55 Centre's purpose includes.. (i) The promotion of an enterprise culture within the Mid and East Antrim District Council footprint with a particular focus in the Ballymena area (li) Create awareness of enterprise opportunities within hd to reach groups including facing redundancy, young persons, women and ethnic minorities (iii) Create awareness of enterprise opportunities within hard to reach communities including - neighbourliood renewal areas and areas at i-isk (iv) Enhaiice knowledge about the opportunities of entrepreneursliip. by piDviding education. training and mentoring to enable residents to start and run a business 01- a social enterprise (v) Develop siistainable infi'astructure and the pliysieal environment within the community tlial will support the infrastructure needs for residents to start and run a business or a social enterprise (vi) Achieve the creation of employinent, training and experience through business stsrt-up opportunities for residents. and in particular within hard to reach groups and hard to reach communities. unemployed, those Ballymena Business Centre's mission is to 6Promote enterprise and entrepreneursliip by delivei'ing initiatives to support economic and community regenerAtion in the greater Ballymena areA of Mid 8nd East Antrim Borough Council, Ballymena Business Centre lias delivered services under tl)e following three pillars of support: Busis)ess Support Initiatives supporting entrepreneurs at the pre-start, start-up and growth stage of their biisiness journey Business Property including light industrial, town centre retail, town centre office accommodation, business hub co-workiiig space, conference and meeting rooins Community Regeneration promoting enterprise and entrepreneurship at a local level through engagement with education, statutory, voluntary. community, banking and private sector. including non-wmmercial Irpresentation on a range of voluntary committees BallymenA Enterprise Themes and Priorities 2022- 2026 Inspire people to be enlei'prising Ensure enterprise is accessible lo all within our community Encoiirage the creation of Dew biisincss and social enterprise Support growth witliin ¢xi5ting businesses and business tenants Provide a nurturing environment for businesse5 to slart and businesses to grow in our town centre, rural coinmunity and neighbourhood renewal areas Promote our enterprise hub inodel in the project management of new employment space and the regeneration of existing cmploynients space B211ymena Business Centre has delivered the following Metivities to help chieve the charit#ble puj'pose: Enabling Enterprise including EnterISe Outreach, Start Up Seed Funding, Enterprise Workshops and Retail Test Trading- Supported by The Gallaher Trust World of Enterprise promoting enterprise opportunities to young people within Northem Regional College Supported by Mid and East Antrim Borough Council World of Work Partner with tlie Nortliern Regional College promoting entrepreneurship to young people within the furtlier education 5ector- Supported by EU Erasmus Programme Northei'n Ireland Business Start Up Programme to help individuals prepare tlieir start up business plan - Supported by Mid and East Anlrim BoroLigh Council 41 Innovation to help businesses be innovative contributing towards sustainability, growth and einployment Supported by The Gallaher Trust anageiiient of Midtown Makers to siipport and showcase the creative sector Business Ceiitrc Supported by Ballymena Page 3
Ballymena Business Centre Ltd Trustees, Report Management of Galgorni Business Centre to support start up and giDwing businesse5 Ballyiiiena Biisiness Centre Management of Ballykeel Business Centre to support start up and growing businesses in our Neighbourhood Renewal Area - Support¢d by Ballykeel Business Developmcnt Manageinent of Ballee and Harryville Business Centre to support start up and growing businesses in our Neiglibourliood Renewal Area - Supported by Ballee and Harryvi1Se Community Enterprises Contributing time on a voluntary basis with Ballymena NRA Economic and Employability. MEA Manufacturing Taskforce, Michelin DevelopmenL Ballymena Tourism Group, Innovation Partnership and MEA Coinmunity Partnership Supported by BAllyinen2 Business Centre beneficixries during 2022 include the following groups and areAS: Youiig people Women returners Etlinic minorities Adults with disabilities Individua15 facing redundancy Individuals wlio are unemployed Individuals who reside in urban, rural and disadvantaged areas Ballymena Business Centre can demonstrate through the following social outputs how beneficiaries have benefited in 2022: 500 individuals and businesscs supported to start and grow a business contributing towards economic independence, employment opportiinities and a vibrant economic community 300 jobs supported through nianaged workspace £20,000 voluntary tiine conti'ibutioii and £2,250 bu5iiiess and coinmunity Sponsorship FinanciAI Review Review of Ballymena Biisines5 Centre's financial p051tion as at year end December 2022. The r¢sults for the year are contained within the Annual Reporting and Financial Statements Document. The Cliarity income for year totalled £440,166, expenditure for year totalled £411,923. Total fixed asset5 amount to £1,689.395 with total net assets ainounting to £2,143,823. The unrestricted funds are considered to be essential lo provide sufficient fund5 to cover any unforeseeD costs which may arise and fulfil the legal obligations of the charity in tlie eveiit tliat current leve15 of income are not Inaintained. The Charity'5 policy is to maintain a level of free reserves sufFicient to Cover su¢l) costs. Th¢ free reserves of the charity at 315t Deceniber 2022 are represented by current asset5 and amount to £641,195, which currently represents over 12 months expenditure and L2 months loan repayments. It is tlie aim of the Trustee5 to retain reserves to the valLie of at least 12 months expenditure as detailed within the R¢5erves Policy. The calculation of th¢ required level of reserves is an integral part of Ballyinena Business Centre Liinited's planning, budget and forecast cycle. It takes into account: risks associated with each stream of income and expenditure being different from that budgeted, changes in staffing levels. planned activity levels, development opportunities arising in the near future. Page 4
Ballymena Business Centre Ltd Trustees, Report Reserves Policy The Trustees of Ballymena Busine55 Centre have reviewed th¢ Charity's need for reserves and, have decided there should be sufficient free reserves to provide cover for at least 12 months in relation to budgeted annual expenditure.. to safeguard service commitment in the event of delays in receipt of grants or short notice reductions in grant aid, to meet unexpected costs arising from staff cover for illness. maternity and parental leave, tlie collapse or breakdown of inforination technology and coinmunications systems, essential machincry or iitilities. structural repairs to light industrial, office and retail property. lo meet redundancy and any associated legal costs. to fLilfil repayment of bank loans and interest Ballymena Business Centre aims to retain reserves to the equivalent of at least 12 montlis expenditure. This level of free reseives is considered to be reasonable in view of the fact that Ballymena BLisiness Centre has 6 long service employees and manages approximately 4 grant dependant projects per annum and owns 58.000 sq ft of liglit industrial. Olce and retail property. In addition to the annual review of Free Reserves the trustees will also review the option of an Investment Reserve to take advantage of new development opportunities including enterprise and employment space that may arise in the future. Ballyrnena Busincss Centre QUentlY holds £641,195 in free reseives. The Trustee5 are actively exploring oppoituiiities to acquire land or property to support businesses to start and grow and whilst a separate Investment R¢serve has not been Greated. a proportion of tlie free reserve5 relates lo this obje¢tive Dissolution of Company Winding-up or Dissolution of the Company If upon winding-up or dissolution of tlie Company there reinains, after the satisf2Ction of all its debt5 2nd liabilitie5, any property wliatsoever, the Same shall not be paid to or distributed among the members of the Company, but shall be given or transferred to some other charitable in5titLltion or institutions having objects similar to the objects of the Company, and which shall prohibit the distribution of its or their income and propcrty, such charitable institution or institutions to be determined by the members of the Company at or before the tim¢ of dissolution, and in so far as effected cannot be given to such provision. then lo some other charitable object. Risk Man<1gement The Board conducts a revi¢w of the rnajor risks to whtch the company is exposed. External risks to funding are being addressed through the developmenl and delivcry of the strategic plan and these are kept under review on an ongoing basis. The Board of Director5 holds a risk register for the Company and this is reviewed annually. An independent audit of the Company's Financial Statements has been carried out. Future Strategy As a Northern Ireland Charity and Social Enterprise the Company plans to continue to Stimulate and support economic and enterprise development in the Mid and East Antrim Borough Council area and a150 make a significant contribution towards Mid and East Antrim Borougli Council Community Plan and Econoniic Development Strategy. StAtement of tru5tces' responsibilities The trustees (who are also the directors of Ballymena Business Cenlre Ltd for the purposes of company law) are responsible for preparing the trustees, report and the financial stateinent5 in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Gencrally Accepted Accounting Practice). inGliiding FRS 102 "The Financial R¢porting Standard applicable in tli¢ UK and Republic of Ireland" Page 5
Ballymena Business Centre Ltd Trusteesl Report Company law requires the ti-ustees lo prepare financial statements for each financial year. Under company law the tnistees must not approve tlie finaneial statenients Linless they are satisfied that they give a true and fair view of the state of affairs of the cliarilable company and of the incomitlg resources and application of resources. including its incoine and expenditure, of the charitable company for that period. In preparing these financial stateinents, the trustees are required to: select 5uitsble accounting policies aiid apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable 2nd 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 the financial statements on the going concern basis unless it is inappropriate to presume that the chai'itable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any tinie 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 for safeguarding the assets of the charitable compaiiy and hence for taking reasonable steps for tlie preventioTh and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrkty of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements May differ from legislation in other jurisdictions. Disclosure of information to auditoi. Each trustee has taken Steps that tliey ought lo have taken as a trustee in order to inake tliemselves aware of any I'elevant audit infoi'mation and to establish that llie cliarity's auditor is aware of that information. The trustees confirni that there is no relevant information that they know of and of which they know tlie auditor is unaware. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Conipanies Act 2006. The annual report was approved by the trustees of the charity on 14 March 2023 and signed on its behalf by.. A//a/66 .'N4r James Perry /trustee E DL (Vice Chairperson) Mrs Melanie Christie Boyle MBE Company Secretary Page 6