Ballymena Business Centre Ltd Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total funds 2023 Tot81 funds 2022 Note Income and Endowments from: Charitable activities tnvestment income 470.944 76 470,944 76 440,132 34 Total income 471,020 471,020 440,166 Expenditure on: Charitable activities (404.480) (404.480) (411,923) Total expenditure (404,480) (404.480) (411,923) Net income 66,540 66,540 28,243 Net movement in funds 66,540 66,540 28,243 Reconciliation of funds Total funds bi'ought forward 2.143,824 2,143,824 2,115,580 Total lld5 carried foiivard l6 2,210,364 2,210.364 2,143,823 All of the chai'ity's activities derive from continuing operations during the above two periods. Tlie funds breakdown for 2022 is shown in note 16. Tlie notes on pages 13 to 22 form an integral part of tliese financial statements. Page 10
Ballymena Business Centre Ltd (Registration number: N1024613) BaIance Sheet as at 31 December 2023 2023 2022 Note Fixed asset5 Tan8Lble assets 10 2,069,355 1,689,395 Current 25set5 Work in pi'ogress Debtors Cash at bank and in hand 39.447 11.936 243.487 1.680 10,063 629.452 l2 13 294,870 641,195 Creditors: Amounts falling due within one ycar 14 {7 1,040) (85,388) Net current assets 223.830 555,807 Total assets less ¢urrent Ai2bilities 2,293,185 2,245,202 Creditors: Amounts falling due after more than one year 15 (82,821) 2.210,364 (101.379) Net asscts 2,143,823 Funds of the charity: Unrestrictcd income funds Unrestricted 2.210,364 2,143,823 Total funds 16 2.210,364 2.143,823 These financial 5tateinent5 have been prepared in accordpLnce with the special provisions relatillg to companies subjcGt to tlie sinall coinpanies regiine within Part 15 of th¢ Coinpanies Act 2006. The financial slatenients on pages 10 to 22 were appioved by the tStees. and authorised for issue on 12 March 2024 and signed on tlieir behalf by-. r James Per Trustee BE DL (Vice ChaiTperson) Mrs Melanie Christie Boyle MBE Company Secretary The notes on pagcs 13 to 22 foLlll an integral part of tli¢se fiiiancial statem¢nls. Pagell
Ballymena Busines5 Centre Ltd Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Note Cash flows from operating activities Net cash income 66,540 28,243, Adjustment5 to Cash tlows from non-cash items Depreciation Investment income 59,875 (76) 59,774 (34) 126.339 87,983 Working capital adjusttnents (Increase)/decrease in sto¢ks Increase in debtors (Decrease)lincrease in creditors Net cash flows froin operating activities Cash flows from investing activities Interest receivable and similar incoine Purchase of tangible fixed a55ets Net cash flows from investing activities (37,767) (1,873) (11,169) 8,441 (2,979) 14,726 12 14 75.530 108,171 76 (439.836) 34 (1,896) 10 (439,760) (1,862) Cash flows from finaneing activities Repayrnent of loans and borrowings N¢t (decr¢ase)lincreas¢ in cash and cash equivalents Cash and cash equivalent5 at l January Cash and cash equivalents at 31 December 14 (21,735) (24,417) (385,965) 629,452 81,892 547,560 243,487 629,452 All of the cash flow5 are derived from continuing operalions during the above two periods. The notes on pages 13 to 22 form an integral part of tliese financial stateinent5. Page 12
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2023 I Charity status Tlie chai-ity is incorporated in Northern Ireland and limited by guarantee, Northern Ireland 8nd consequently does not have share capital. Each of the trustees is liable to contribute an amount not eKceeding £1 towards the assets of the charity in tlie event of liquidation. The address of its regiscered office is: clo DT Carson & Co 51-53 Thoillas Sireet Ballymena Co Antrim BT43 6AZ These financial statements were autiiorised for issue by the trustees on 12 March 2024. 2 Accounting policies su[narY of sigThificant accounting policie5 and key accounting estimates The piincipal accounting policies applied in the preparation of these financial statements are set out below. These policies hav¢ bcen consistently applied to all the years presented, unless otherwise stated. Statement of compliance Tlie financial statements have been prepared in accordance with Accounting and Reporting by Charities: Sialcrnent of R¢coinmended Prdclice applicable to charities preparing their accounts in accordanc¢ with the Financial Reporting Standai'd applicable in the UK and Republtc of Ireland (FRS 102) (effective l January 2019) - (Cliarities SORP (FRS 102)). the Financi81 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Thcy also comply with the Companies Act 2006 and Charities Act (Northem Ireland} 2008 Ballyrnena Business Centre Lid nieets tlie defLnition of a public benefit entity under FRS 102. Basis of preparation Assets and liabilities are initially recognised at historical cost or transa¢tion value unless othenvise stated tn the relevant a¢counting policy notes. The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to th¢ nearest £1. Going concern The financial statenients l)ave tIIus been prepared on a going concem basis as the truste¢s consider there are no rnalerial uncercainities about tlie charity's ability to continue as a going concem nor any significant ai-eas of uncertainity that affect the carying value of assets held by the charity. The trustees have assessed a period of12 months from tlie date of appi'oving the financial statement5 botli in relation to the level of funds held and the expeclcd level of iiicome and expenditure with regard to the appi-opriateness of the going concern assuniplion in prepai-ing tlie finaiicial statements taking into consideration all relevant factors.The trustees note that and believe thal tlie compaiiy will continiie as a goiiig conceim and be able to realise its assets and discharge its liabilities in the nomial course of busines5. Page 13
Ballymena Business Centre Ltd Notes to the Financial Statements for the Ycar Ended 31 December 2023 Income and endowments Incorne from charitable activities includes incolne recognised as e8med (as the related goods or services are provided) under contract or where entitlement to grant ftinding is subject to specific performance conditions. Grant income included in this category provides ndIng to support progr2mme activities and is recognise where there is entitlement. certainty of receipt and the amount can be measured with sufficient reliability. Expenditure All expendimre is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is requiied and the amount can be measured reliably. All costs are allocated Lo the applicable expenditure heading thal aggregate similar costs to that category. Wliere costs cannot be directly attributed to particular headings they have been allo¢8ted on a basi5 ¢OllSLStent with the use of resources, WLth centLal staff costs allocated on the basis of tiine spent. and depLeciation charges allocated on the portion of the asset's use. Other support costs are allocated based on tlie spread of sta£f costs. Charilable activities Charitable expenditUTe comprises those costs inCued by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activitie5 and those costs of an indirect nature necessary to support tliem. Government grants Governinent grants received under the Coronavirus Job Retention Scheine are recognised on tbe perforniallce model with entitlement to the giant only passing to the conipany over the period of tiiT)e that tlie rclevanl employee is on TIoUgh so tbe income from the grant is recognised on a straighL line basis over tlie furlough period of relevant employee. Tli¢ Coronaviiws Small Business Grant is recognised under the peifonnance model. As the giant does not impose specified future perfonnance-ielaled conditions on the COLnpany it is recognised in incoine when the 8rant proceeds are received or receivable. Taxation Tlie charity LS considei'ed to pass the tests set out in Paragi'aph I Schedule 6 of the Fin2nce Act 2010 and tiierefore it meets the definition of a clvArilable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within calegories coveled by Chapter 3 Part I l of th¢ Coiyoration Tax Act 201 O or Section 256 of tlie Taxation of Cliargeable Gains Act 1992. to the extcnt tliat such incoinc or gains are applied exclusivcly to chai-itable purposes. Tangible fixed asset5 Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequ¢nt acciimulated impairment105ses. Page 14
Bsllymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2023 Depreeiation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value. over tlieir expected useful econornic life as follows: Asset class Depreciation method and rate 250/0 Straight line for the period held during the year 20/0 StraiElil line for the period held during the year Fixtures and fittings Land and buildings Work in progress Work in progress ielates to work done at ihe year end but not invoiced. Cash 2nd eash equivalents Cash and cash equivalents comprise cash on hand and call d¢posits, and other short-temi highly liquid investments that are readily convertible to a known ainount of cash and are subj¢ct to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services tliat have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if th¢ charity does not have an unconditional right, at tbe end of the reporttng period, to defer settlement of the creditor for at least twelve Inonths after the reporting date. If there is an unconditional riglit to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Borrowings Intei-est-bearing borrowings are initially recorded at fair value, net of transaction Costs. Interest-bearing borrowings are subsequently Carried at OrtiSed cost. with the difference between the proceeds, uet of -ansaction costs. and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of th¢ relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in inter¢st payable and similar charges. Borrowings al-e cla55ified as current liabilities unless the charity has an iinconditional right to defer settlement of the liability for at least twelve inonths after the reporting date. Fund structure Unrestricted income funds are general funds that ar¢ available for use at tlie trustee5' discretion in furtherance of the objectives of Ilie charity. Page 15
Ballymena Busincss Centre Ltd Notes to the Financial Statements for the Year Ended 31 Deccmber 2023 3 Income from eharitable activities Unrestricted Funds General Total fund5 2023 Total funds 2022 Ballykeel Workspace Co-innovate Prograrnine Ballee & Hanyville Workspace The Gallalier Trust 41 Itmovation Programlne Room Hire Galgom] Workspace Gallaher Trust Enabling Enterprise ProgramiDe Go For It l Gosuceed Town C¢ntre Workspace Consultancy Explore Enterprise Erasmus Programine World of Enterprise Prograinme 16,800 16,800 25,891 (13) 5,417 43,338 50,260 232,434 16,449 24,752 28.645 216 5,418 54,925 42,060 238,681 41,960 29,664 40,398 5.418 54.925 42.060 23 8,681 41.960 29,664 40,398 1,038 1,038 9,043 3,700 470,944 470.944 440,132 Managed Total funds 2023 Tntal fund.8 2022 Business Support Workspace Owned Workspace-Galgoirn and Town Centre Managed Work5pace-Ballykeel and Ballee&Harryville Enabling Enterprise Programine Go for It Programme Explore Enterprise World of Enterprise Programme Co-innovate Prograinme Erasmus Progratnme Go Succeed Consultancy Room Hii'e 41 Innovation Programine 279,079 279.079 261,078 22,218 22,218 41,960 31,309 16,475 24,726 41.960 1,038 1,038 3.700 (14) 9,044 29.664 29.664 216 42.060 42.060 54,925 50.260 43.338 54,925 127,587 343,357 470.944 440.132 Page 16
B211ymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2023 4 Investment Income Unrcstrieted Funds General Total funds Interest receivable and similar inconie. Interest receivable on bank deposits 76 76 Total for 2023 76 76 Total for 2022 34 34 5 Expenditure on charitable activities Unrestricted Funds Gencral Total funds 2023 Total funds 2022 Note Go for It Programmel Go Succeed Town Centre Workspace World of Enterprise Prograiiiine Tlie Gallaher Trust Enabling Enterprise Prog17rnme Tlie Gallaher Trust 41 Innovation Programme Expenses - Erasinus Wages and salaries Staff NIC (Employer5) Staff pcnsions (Defined contribution) Rates Water rates Light, heat and power Insurance Repairs and maintenance Galgorm Woi'lcspace Telephone and internet Printing. postin8 and slationery Professional membership fees Sundry expenses Motor and travel expenses Marketing aiid spoiisorship Aiidit fees Auditors, remuneration - non audit work Legal aiid professional fees Bad debts written off 23.098 34.302 23.098 34,302 21.748 50.654 1,420 20,916 20.916 26,514 7.148 1,176 129.607 6,650 2,617 956 2,595 254 11,159 9.991 44.338 2.531 1,141 3,164 4.083 7.692 3.548 4,850 780 9.938 293 7,148 1.176 129,607 6,650 2.617 956 2.595 254 11,159 9.991 44,338 2,531 1.141 3,164 4,083 7,692 3,548 4.850 780 7,836 1.377 128.792 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 4.650 750 6,673 325 9.938 293 Page 17
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2023 Unrestricted Funds General Total funds 2023 Total fund5 2022 Note Bank chaiges Photocopier Leasing Payments Stafl training Loan interest Depreciation of tangible fixed assets 970 1,143 970 1,143 239 980 170 7.686 59,774 9,665 59.875 9,665 59.875 404,480 404.480 411,923 Business Support Administrative Expenses Total funds 2023 Totxl funds 2022 Enabling Enterprise Programme Go for ItlGo Succeed World of Enterprise Prograinme 41 Innovation Prograinme Erasinus Prograiilllle Town Centre Woikspace GalgoLm Woikspace Employment Costs Establislllnent Costs General Adininistrarive Expenses Finance Cliarges Depreciation Cliarges 20,916 23.098 20,916 23,098 26,513 21,748 1,420 9.213 7.148 1,176 7.148 1.176 34.302 44,338 138,874 24,392 40,696 9.665 59,875 34,302 44,338 138,874 24.392 40,696 9,665 59,875 50.655 38,476 138,834 22,044 35,560 7,685 59,775 52,338 352,142 404,480 411.923 6 Net incomingloutgoing resources 2023 2022 Audit fees Other non-2udit Services Depreciation of fixed assets 4,850 780 59.875 4.650 750 59,774 7 Trustees remuneration and expenses No truste¢s. nor any pei'sons connected witli them, have received any remunei'ation from tlie charity during the year. Page 18
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2023 8 Staff costs Tlie monthly average number of persons (including senlor managenient / leadersliip team) employed by. the charity during the year expressed as full time equivalents was as follows: 2023 2022 Administration Business Support No einployee receivcd einolumenls of more tlian £60,000 during tlie year. 9 Taxation The charity is a registered charity and is therefore exeinpt from taxation. 10 Tangible fixed assets Land 8nd buildings i urniture and equipment Total C05t At l January 2023 Additions 2,853.213 435.933 144.583 3,903 2.997,796 439,836 At 31 December 2023 3,289,146 148,486 3,437.632 Depreciation At l January 2023 Charge for the year 1,170,572 55.614 137,830 4.261 1,308.402 59.875 At 31 December 2023 1,226, l 86 142.091 1,368,277 Net book value At 31 December 2023 2,062.960 6,395 2,069.355 At 31 Deceniber 2022 1,682.641 6.753 1.689,394 11 Work in progress 2023 2022 Work in progress 39.447 1.680 Page 19
Ballymella Bustness Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2023 12 Debtors 2023 2022 Trade debtors Prepayments 3,009 8,927 4.268 5,795 11.936 10,063 13 Cash and cash equivalents 2023 2022 Cash oil hand Cash at bank 2,637 240.850 238 629,214 243,487 629.452 14 Creditors: amounts falling dut within one year 2023 2022 Bank loans Trade creditors Other taxation and social security VAT liability Other creditors Accruals 22.501 6,390 3,359 10.977 10,350 17,463 25,678 9,154 2,469 10,885 9,750 27.452 71.040 85.388 15 Creditors: amounts falling due after one year 2023 2022 Bank loans 82,821 101,379 As security tlie bank liold a legal cliarge dated 30 September 1992 over 62 Fenaghy Road, Galgorni Industrial Estate, Ballymena and a legal mortgage dated 17 April ?014 ovei- 51-53 Church Sti'eel, Ballymena, County Antrim, BT43 6AZ. Page 20
Ballymena Business Centre Ltd Notes to the FinanciaI Statements for the Year Ended 31 December 2023 16 Funds Balance at 31 December 2023 Balance at i January 2023 Incoming resources Resources expended Unrestricted General 2.143,824 471.020 (404,480) 2,210.364 Balance At 31 December 2022 Balance at I January 2022 Incomillg resources Resources expended UDrestricted General 2,115,580 440,166 (411.923) 2.143,823 17 Analysis of net assets betivceJ] funds Unrestricted Funds General Total funds at 31 December 2023 Tangible fixed assets Current assets Current liabilities Creditors over l year 2,069,355 294,870 (71,040) (82.821) 2.069,355 294.870 (71,040) (82,821) 2,210,364 Total net assets 2.210.364 Unrestricted Funds General Total funds at 31 December 2022 Tangible fixed assets Current assets Cun'ent liabilities Creditors over l year 1,689.395 641,195 (85,388) (101.379) 1,689.395 641,195 {85,3 88) (101,379) Total net assels 2,143,823 2.143,823 18 Related party transaction5 There were iio related party transactions in tli¢ year. Page21
Ballymena Buslness Centre Ltd Notes to the Financial StatemeThts for the Year Ended 31 December 2023 19 Controlling entity Tlie cliaTity is controlled by the trustees who are a150 directors olthe coinpany. Page 22