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 t￿Stees. 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 inCu￿ed 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