Ballymena Buskness Centre Ltd Trustees, Report (incorporating the Directors, Report) Name of Charity.. Ballymena Business Centre Ltd CCNI Registration Number l 01472 Registered Office.. CIO DT C2rson. 51-53 Th0rn2s Street, Ballymena Place of Business".62 Fenaghy Road. Galgonn. Ballymena The trustees. who are also directors of Ilie charity for the plliyoses of tlie Coinpanies Act. submit tliis their annual return to the Nl Charity Cominission and Companies House for year-end 3 1st December 2023. The Financial Statejnents comply with the Charities Act [NI] 2008, the Companies Act 2006, the Meinoranduni and Articles of Association and Accountancy and Reporting by Charities.. Stateineiit of Recommended Practice applicable to Charities preparing their accounts in accordance witli the Financial Repoi'ting Slandard applicable in the UK and Republic of Ireland [FRS 102] [effective l Januaiy 20 19]. Structure, Governance & M2nagement Ballymena Business Cents-e Ltd is a company limited by Euarantee and also is a recognised Charity. The Charity is governed by an Executive Board whicli meet on a montlily basis, except for July and August when no meetings are held. Names of Trustees Patrick Joseph McAvoy - Chairperson James Perry MBE DL - Vice Chgliiperson Mrs Audrey Wales MBE Mary Haillilton Jim Briggs William Carson Paul Livingstone John Stuart MBE Alastair Martin (appointed 71912023) All of the above individuals Seed diiring the 2023 financial year. The Trustees are responsible for preparing the Trustees, Annual Report and tlie financial statements in accordance witli applicable law and reEulalions. Public Benefit Reporting In setting our objectives and planning our activities for the year trnstees have given carefiil consideraliory to the Charity Conirnission for Nortliern Ireland'5 guidance on public benefit to ensure that the activities have helped to achieve the Charity's pUOseS arnd provide a benefit to the benefJciarie5. Fuifilment of Charitable objectives have continued throughout 2023 Trustees to retire Ttustees to retire by rotation pei- Articles of Association para 39 and 40, Mr Alastair Martin, Mr J Briggs and Mr J Stuart and being eligible submit tliemselves for re-election. Principal Activities Ballymena Busin¢ss Centre is a Northern Ireland Cliarity with a single remit of 'Promoting Enterprise,. It is their vision to see Ballymena be¢orne a thriving and vibrant economic area driven by enterISe and entrepreneurship. B211ymena Business Centre's principal activities include tnanaged workspace and training rooms, manageinent and delivery of business support initiatives and voluntary coiilribution to support the ecoiiomic and regeneration of local communities. Ballyniena Business Centre is a R¢gistered Nortliem Ireland Charity coinmitted to helping individua15 to start and grow their business, Charity Comrnission Number l 01472, Registered 2010412015. As a registered charity no Corporation Tax is payable on the activittes undertaken in the year. Page 2
Ballymena Business Centre Ltd Trustees, Report (incorporating the Directors, Report) Operating as a Social Enterprise, Ballymena Business Centre's purpose includes.. (i) Tlie proinotion of an enterprise culture within the Mid and East Antrim District Council footprint with a particular focus in the Ballyrnena area (li) Ci'eate awareness of enterprise opportunities within hard to reach groups including facing redundancy. young persons, women and ethnic minorities (iii) Create awareness of enterprise opportunities within hard to reach communities including - neighbourhood renewal areas and areas at risk (iv) Enhance knowledge about the oppoitunities of entrepreneurship, by providing education. training and mentoring to enable residents to start and run a business or a social enterprise (v) Develop sustainable infrastructure and the physical environment within the community that will support the infrastructrjre needs for residents to start and run a business or a social enterprise (vi) Achieve the creation of employment. training and experience through business start-up opportunities for residents, and in particular witliin hard to reach groups and hard to reach communities. unemployed, those Ballyrnena Business Centre's mission is to 'Promote entcrpri5e 2nd entrepreneurship by delivering initiatives to support econotnic and community regeneration in the grcater Ballymena area of Mid and East Antrim Borough Council, Ballymena Business Centre has delivered services under the following three pillais of support.. Business Support Initiatives supporting entrepreneurs at the pre-start. start-up and growth stage of their business journey Business Property incliiding IiEht industrial, town centre retail. town centre office accommodation, business hub co-working space, confei-encc and meeting roonis Commiinity Regeneration proinoting enterprisc and entrepieneurship at a local level through engagement with education. statutoiy, voluntary, comiiiunity. banking and private sector. including non-commercial representation on a range of voluntary cominilt¢es Ballymena Business Centre Vision 2022- 2026 To see Ballymena becoine a thriving and vibrant economic area driven by Innovation, Enterprise and Entrcpreneursp. Ballymena Enterprise Themes and Priorities 2022- 2026 Inspire people to be enterprising Ensure enterprise is accessible to all within our cornmunity Encourage the creation of new business and social enterprise Support growth witliin existing businesses and business tenants Provide a nurturing environment for businesses 10 start and businesses to grow in our town centre. ra1 comTnunity and neighbourhood renewal areas Promote our enteTpris¢ hub model in the project management of new employment space and the re8eneTation of existing einployment spaces Ballymena Business Centrc has delivered the following activitie5 to help achieve the charitable purpose: Explore Enterprise helping thosc who are economically inactive pursue employment or self ernployment Service Level Agreement Enterprise Nl Enabling Enterprise iiicluding Eiiterprise Roadshow, Start Up Seed Funding 2nd Retail Test Trading - Service Level Agreement The Gallalier Trust Go Succeed - to help individiials prepare to start and grow 2 business - Servi¢¢ Level Agreement Enterprise Nl 41 Innovation to help businesses be innovative contributing towards sustainability, growth and eniployrnent Seivice Level AgreeineDt The Gallalier Trust Management of Midtown Makers to support and showcase the creative sector Business Centre Supported by Ballymena Page 3
Ballymena Business Centre Ltd Trustees, Report (incorporating the Directors, Report) Management of Galgorm Business Centre to support start up and glowing businesses Ballyinena Business Centre Management of Ballykeel Business Centre to support start up and growing businesses in our Neighbourhood Renewal Area - Supported by Ballykeel Business Development Management of Ballee and Harryville Business Centre to support slaL't up and glowing businegses in our Neighbourhood Renewal Area - Supported by Ballee and Hairyville Community Enterprises Purchase of Land located at the Woodside Road with the aiin of suppoi'ting the manufacturing sector, retention I new job creation and workin8 towards net zero objectives. Contributing time on a voluntary basls Wlth Ballyinena NRA Economic and Einployability, MEA Manufacturing Taskforce. Miclielin Development, MEA Innovation Partnership, MEA Economic and Employability. Director of Enterprise Nl and Coiyorate Member Ballyinena ROtY Club. Supported by Ballymena Business Centre beneficiaries during 2023 include the following groups 2nd areas: Young people . Women returners Ethnic minorities Adults with disabilities Individuals facing redulldancy tndividuals who are unemployed Individuals wllo reside in urban, nal and disadvantaged areas Balljimena Business Centre can demonstrate through the following social outputs hoiv beneficiaries have benefited in 2023: 500 individuals and businesses siipported to start and grow a business contributing towards econotnic independence. employinent opportunities and a vibrant econoinic cominunity 300 jobs supported through inanaged workspace £20.000 voluntary time contribution and £2.850 business and coininunity sponsorsliip Financial Review Review of Ballymena Business Centre's financi21 positioii as at year end December 2023. The results for th¢ year are contained within tlie Annual Reporting and Financial Statements Docuinent. The Cliarity income for year totalled £471,020, expendittjre for year totalled £404,480. Total fixed assets ainount to £2.069,355 with total net asset5 nOuntIng to £2,210.364 The unrestricted funds are considered to be essential to provide sufficient funds to cover any unforesegn costs which May arise and fulfil the legal obligations of Ilie charity in the event that Current levels of income are not maintained. The Charity's policy is to rnaintain a level of free reserves sufficient to cover such costs. The frec reserves of the cliarity at 31 st December 2023 are represented by CUTrent assets and amount to £294,870. which currently represents over 70 percent of annual expenditure. Tlie depletion in free reserves from the previous year is as a result of land purclia5ed out of fl-ee resetves duriiig the year. It is the aim of tlie TStee$ to retain reserve5 to the value of at least 12 months expenditure as detailed within the Reserves Policy. The calculation of the required level of reserves is ali integral parl of Ballyniena Business Centt-e Limited's planning, budget and forecast cycle. It takes iiito account- risks associated with each streaTn of income aiid expenditure being diffei-ent from tliat budgeted, changes in staffing levels, planned activity levels, development oppOrnitIeS arising in tlie near futui-e. Page 4
Ballymena Business Centre Ltd Trustees, Report (incorporating the Directors, Report) Reserves Policy The Trustees of Ballymena Business Centre have reviewed the Charity's need for reserves and, have decided there should be sufflcient free reserves to provide cover For at least 12 months in relation to budgeted anuual expenditure.. to safeguard service commitinEnt in the event of delays in receipt of grants or short notice reductions in grant aid. to meet unexpected costs aiising from staff cover for illness, maternity and parental leave, the collapse or breakdown of information technology and communications systems, essential machinery or utilities, structural repairs to liglit industrial, 01CC and retail properly, to meet redundancy and any associated legal costs. to fulfil Tepayment of bar& loans and intei'est B211ymena Business Centre aims to retain reserves to the equivalent of at least 12 inontlis expenditure. This level of free reserves is considered to be reasonable in view of the fact that Ballymena Business Centre lias 6 long service employees and man2ges approximately 4 grant dependant projects per annum and owns 58.000 sq ft of light industs-ial. office and retail property. In addition to the annual review of Flee Reserves tlie tnjstees will also review the option of an Inveslinent Reserve to take advantage of new deveLopLnent opportunities including enterprise and employinent space that may arise in the future. Ballymena Business Centre CUiTently holds £294,870 in free reserves. Tlie Trustees are actively exploring opportunities to acquire land or property to support businesses to start and grow and wliilst a separate Investment Reserve has not been created, a proportion of die free reserves relates to this objective Di5501ution of Company Winding-up or Dissoliition of tlie Coinpany If upon winding-up or dissolution of the Company there remains, after the satisfaction of all its debts and liabilities, any property wliatsoever, the same shall not be paid to or distributed among the menibers of the Company. but shall be given or transferred to some other charitable institution or institutions having objects similar to tbe objects of the Company. and which shall prohibit the distribution of ils or their income and property, such charitable institution or institutions to be deterLnined by the members of the Company al or befoTe tlie linie of dissolution. and in so far as effected cannot be given to such pi'ovision, then to soine other chai'itable objecl. Risk Management The Board conducts a review of the major risks to which the company is exposed. External risks to funding are being addressed throuEh the developinent and delivery of the strategic plan and tbese are kept under review on an ongoing basis. The Board of Directors holds a risk register for the company and this is reviewed annually. An independent audit'of tlie Company's Financial Statements has been carried out. Future Strategy As a Northei'n Ireland Charity and Social Enterprise the Cornpany plans to continue to stimulate and support economic and enterprise development in the Mid and East Antrim Borough Couiioil area and also make a significant contribution towards Mid and East Antrim Borough Council Coinmunity Plan and Economic Development Strategy. Statctncnt of tru5tecs' responsibilities The tiijstees (wlio are also Ilie directors of Ballytnena Busine55 Centre Ltd for tlie purposes of company law) are responsible for prepai-iiig the trustees, repoit and the financial statements ID accordance with applicable law and United Kingdoin Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 Tlie Financial Reporting Standai-d applicable in the UK and Republic of Ireland Page 5
BaIlymena Bu&Trness Centre Ltd Trustees, Report (incorporating the Directors, Report) Company law requires the tslee$ to prepare financial statements for each financial year. Under conipany 12W the trustees tnust not approve the financial staternents unless they are satisfied tliat ibey give a true 2nd fair view ol the state of affairs of the charitable company and of tlie incoining resoui-ees and application of resources, including its income and expenditLire, of the charitable company for that period. In preparing these financial statenients, the trLlStees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent: state whetlier applicable accounting standards. comprising FRS 102 have been followed, subject to any rnaterial departures disclosed and explained in the financial statements. and prepare the financial statements on tlie going concein basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that cali disclose with reasonable accuracy at any tiTne the financial position of the charitable company and enxble theill to ensiire tliat the financial statements cornply with the Companies Act 2006. They are also responsible for safegiiarding the assets of the cliaritabl¢ company and hence for taking reasonable steps for the prevention and detection of fraud and other IegUlaties. Tlie trustees are responsible for the maintenxnce and integrity of the corporate and financial illformation included on the charitable company's web51te. Legislation goveming tlic preparntion and dissemination of financial statements may differ from legislation in other jurisdictions. Diselosure of information to auditor Each trustee ha5 takcn steps that they ouglit to have taken as a trnslee in order to inake themselves aware of any relevant audit infomiation and to establish that tlie charity's auditor is aware of tliat inforination. The trnstees confirm that there is no relevant information that they know of and of wliich they know the auditor is unaware. Small cotnpanies provision stxtement This report has been prepai'ed in accordance with the sinall companies regiine under the Companies Act 2006. The annual report was approved by the tThstees of tlie charity on 12 March 2024 alld signed on its behaifby.. Mr James Perry M .' Trn5tee DL (Vice Chairperson) Mrs Melanie Christie Boyle MBE Company Secretary Page 6