Ballymena Business Centre Ltd Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrieted funds Totsl funds 2024 TOÉAI funds 2023 Note Income and Endowments from: Charitable activities Inve5th]ent income 460.862 460,862 470,944 76 Total income 460,862 460,862 471.020 Expenditure on: Cliaritable activities (423.920) (423.920) (404,480) Total expenditure (423.920) (423,920) (404.480) Net income 36.942 36.942 66,540 Net movement in funds 36.942 36,942 66.540 ReeonciliAtion of funds Total fund5 brought forward 1210,364 2,210,364 2,143,824 Total fijnds carried fonvard 16 2.247.306 2.247.J06 2,210.364 All of the charity's activities derive from continuing operations during the above tr*VO period5. The funds breakdown for 2023 is Sho1 in note 16. The notes on pages 13 to 22 forni an integral part of these financial statements. Page 10
Ballymen2 Business Centre Ltd (Registration number: N1024613) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets io 2.016.411 2,069,355 Current aets Work in progress Debtors Cash at bank and in hand 36,293 14,658 3?5,789 39,447 11,936 243,487 12 13 376.740 294,870 Creditors: Amounts falling due within one year Net current assets 14 (79,30 (71,040) ?97,433 L?3,830 Total assets less current liabilities 2.313.844 2,293.185 Creditors: Amounts falling due after more than one yegr 15 (66.538) (82,8?1) Iyet assets 2.?47,306 ?,210,364 Funds of the chgrity: Unrestricted income funds Unrestricted 2.?47.306 2.210.364 Total funds 16 2,?47.J06 2,210,364 These financial statements have been prepared in accordance with the special provisions relatino to companies subject to the small companies regime within Part 15 of the CompanA¢s Act 2006. I"he tinancial statements on pages 10 to were approved by the tnjstees. and authorised for issue on I l March 2025 and signed on their behalf by: r J<ltn¥s P¥rry Trustee L (Vicr Ch¢llTP¢PiUli) MFb M¢l¢liRif Clirislir Buylr MBE Company Secretary The notes on pages 13 to 22 forni an integral part of these financial statcmcnts. Pauell
Baltymena Business Centre Ltd Statement of Casb Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flow5 from operating activities Net cash income 36.942 66.540 Adjustments to cash flows from non-cash items Depreciation Knvestment income 61,797 59.875 (76) 98.739 126.339 Working capital adjustments Decreasel(increa5e) in stocks Increase in debtors Increasel(decrease) in creditors 3.154 (2,722) 10.874 (37.767) (1,873) (11.169) 12 14 Net casli flows froni operating activities 110,045 75,530 Cash floivs from investing activities Interest i'e¢eivable and similar income Purcliase of taiigible fixed assets 76 (439,836 io (8,853) Net cash flow5 from investing activitie5 {8,853) (439,760) Cash flows from fiDaneing activities Rcpayment of loans and borrowins5 14 (18.890) (21.735) Net increasel{decrease) in cath and cash equivalents 82,302 {385.965) 629,452 Cash and cash equivalents at l January Cash and cash equivalents at 31 December 243.487 325.789 24J,487 All of the c85h flow5 are derived from Continuing operation5 during the above two periods. The notes on pages.13 to 22 forni an integrnl part of these financial statements. Page 12
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 I Charity status The charity is incorporated in Northern Ireland and limited by guarantee. Northern Ireland and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of th¢ charity in the event of liquidation. The address of its registered office is= clo DT Car50n & Co 51-53 Thomas Street Ballymena Co Antrim BT43 6AZ These financial statements were authorised for issue by the tnlstees on I l March 2025. 2 Accounting policies Summary of signifjcant accounting policies and key accounting estimates Tlie principal accounting policies applied in the preparation of these financial statements are set out below. These policie5 have been consistently applied to all the years presented, unless otherwise stated. Statement of complianee The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appl&cablc in the UK and R¢public of Ireland (FRS 102) (effective l January ?019) - (Clwities SORP (FRS 102)). the Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 10?). They also comply with the Companies Act ?006 and Charities Act (Northem Ireland) 2008 Ballymena Business Centre Ltd meets the definition of a public benefit entity under FRS 102. BASIS of prepAration As5cts and liabilitlC5 arc initially rccogni5ed at historical c05t or trdn5actsoll valu¢ unless othcrwi5c ststed in the relevant accounting policy notes. The presentation currency of these financial statements is sterling. All amounts in the financial statenients liave been rounded to the nearest £1. Going concern The financial statements hav¢ thus been prepared on a going concern basis as the trustees consider there are no material uncertainties about the charity's ability to conunue as a goino concern nor any signiticant areas ot. uncertainty that affect the carrying value of assets held by the charity. The trustees have assessed a period of12 months from the date of approving the financial statements both in relation to the level of funds held and the expected level of income and expenditure with regard to the appropriateness of the going concern assumption in preparing the financial 5ratements takTng into consideration all relevant fac¢oT5.Tlie trustees note that and believe thai the company will continue as a going concern and be able to realise Its assets and discharge its liabilities in the normal course ot" busine55. Page 13
Baltymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Income and endowments Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant fijnding is subject to 5pecifiG performance condition5. Grant inconie included in thi5 category piovides fimdinu to support pro.uramme activities and is recognised where there is entitlemenl certainty of receipt and the amount can be Meured with sufficient reliability. Expenditure All expenditure is recogni5ed once there is a legal or constructive obligation to that expenditure. it is probable settlement 15 required and the amount can be measured reliably. All costs are allocated to the applicable expeiiditure headin(r that aggr¢gate similar costs to that category. Where costs cannot be directly attributed to particular lieadings diey have been allocated on a basis consistent with the use of re50uI'ce5, Ivitll ceijtral staff costs allocated on the basis of time spenl and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Cliarikable activilies Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities a]id services for its beneficiarie5. It includes both costs that can be allocated directly to su¢li activities and those costs of an indirect nature necessary to support them. Government grants Government grants received under the Coronavirus Job Retention Scheme are recognised on the performance model with entitlement to the grdnt only passing to the company over the period of time that the relevant employee is on furlou2h 50 the income from the is reColsed on a straiJit line basis over the furlough period of relevant employee. The Coronavirus Stnall Bu5ines5 Grnnt is reco]sed under the perforniance model. A5 the grant does not impose specified future perfomiaiice-related conditions on the company it is re¢ognised in income when tlie grant proceeds are received or receivable. 'I'axation The charity is cOldered tt) pass the tests set out in Paragraph I Schedule 6 of thc Finance 2010 and therefore it rneets the definition of a charitable company for UK corporation tax purposes. A¢¢ordingly. the charity is potentially exenipt from taxation in respect of income or capital gain5 received witliin categories overed by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1991 to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual ftxcd assets arc initially rccorded at rosL less any subsequent accumulal¢d depreciation and subsequent accumulated impairment losses. Page 14
Ballymen2 Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Depreciation and amortisation Depreciation is pi-ovided on tar]gible fIxed assets so as to write off thc cost or valuation, less any estimated residual value. over their expected usefvl econoniic life &% follows.. Asset elass Depreeiation method and rate 250/0 Straight line for the period held during the year 20/0 straight line for the period held during the year FiXreS and fittings Land and building5 Work in progress Work in progress relates to work done at the year end but not invoiced. CAsh and cash equivalents Cash and ¢a5h equivalents comprise cash on hand and call deposits, and other short-temi highly liquid investments tliat are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are oblioations to pay for goods OT services that have been acquired in the ordinary course of business from supplicrs. Accounts payable arc classified as curreni 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 months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date. th¢y aTe pJ'¢srlid as non-curreni Ilabiliiies. Borrowings Intei'est.bearing borrowinsE are initially recorded at fair value, net of trnnsa¢tion costs. Intcicst-b¢aiiii¥ borrowings are subsequently carried at amort15ed c05L wÉth the difference between the proceeds, net of transaction costs, and Ilie amowit due on redemption being recognised as a charge to the Ststement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar chargeq_ Borrowtngs are classified as current liabilities unles5 the charity has an unconditional Tight to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the tru5tees' discretion in furtherance of the objectives of the charity. Page 15
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 3 Income from charitAble Activlties Unrestricted Funds General Totgl funds 2024 Total funds 2023 Ballykecl Workspace Ballee & Harryville Workspace The Gallaher Trust 41 Tnnovation Progrdmme Room Hire Gal(rorni Workspace Gallahcr Trust Enablins Entcrprisc Programmc Go For It / Gosuceed Town Centre Workspace Sale5 Multiply Project Explore Enterprise Ei"aslllU5 Pi"08raiiiiii¢ 16,800 5,245 26.209 43,135 240.673 33.605 38,154 45.871 3.759 5,166 2,245 16,800 5,245 26.209 43.135 240,673 16,800 5.418 54.925 42,060 238.681 41,960 29.664 40,398 i8,154 45,871 3,759 5,166 2,245 1,038 460,862 460.862 470,944 Managed Business Support Total fullds 2024 Total funds 2023 Workspace Oivned Workspace-Galgorni and Town Centre Managed Work5pace-Ballykeel and Ba51ee&Harryville Enablin8 Enterprise Pro8ratnme Explore Enterprise Erasmus Programme Go Succeed Sale5 Multiply Project 286,544 286.544 279,079 22,045 22,045 33,605 5,166 2,245 38,154 3,759 43.135 26,209 22,218 41,960 1,038 33.605 5,166 2,245 38,154 3.759 43.135 26.209 29,664 oom HLre 42,060 54,925 41 Innovation Programme 152.27) 308.589 460,862 470.944 4 Investment income Unrestrieted Funds General Total funds Total for 2024 Total for 2023 76 76 Page 16
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 5 Expenditure on eharitable activities Unrestricted Fund5 General Totsl funds 2024 Total fund5 2023 Note Go for It Programme/ Go Succttd Town Centre Workspace The Gallaher Trust En&bling Enterprise Programm¢ Multiply Project Tlie Gallaher Trust 41 Innovation Programme Exp¢n5es - Erasmus Wa8es and salaries Staff NIC {Eniployers) Staff pension5 (Defined contribution) Rates Water rates Light, heat and power liisurance Repairs and maintenance Galgorm Workspace Telephone and int¢m Printing. posting and stationery Professional membership fee5 Sundry expenses Motor and tr&vel expenses Marketing and sponsorship Audit fecs Auditors, remuneration - non audit work Legal and professional fees Bad debts written off Bank charges Photocopicr Lcasing Paytncnts Staff training Loan interest Depreciation of tangible fixed assets Other interest payable 33.173 34,302 19.500 1.800 19,500 1,800 20.916 4.046 4.046 7.148 1,176 129,607 6.650 2,617 956 159.406 8.284 4.676 363 952 159.406 8,?84 4,676 363 952 2,595 254 11,159 9,991 44.338 2.531 1.141 3.164 4.083 7,692 3,548 4,850 780 9,938 293 970 1.143 (533) 15,496 9.552 20.209 2.987 1.230 (533) 15.496 9,552 20,209 2.987 3,807 2,272 7.119 2,403 4,900 800 2,272 7.119 2.403 4.900 800 15,950 (254) 970 1.098 350 8.313 61,797 819 15,950 (?54) 970 1.098 150 8,313 61.797 819 9,665 59,875 423.920 42J.920 404.480 Paoe 17
Ballymen2 Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Businus Support Administrative ETpenses Total funds 2024 Total funds 2023 Enabling Enterprise Progr4rnmc Go for IUGO Succecd 41 Innovation Programme Multiply Proje ErÉlblTIUb Pru¥r<t]tn¥ Town Centre Workspace GalRorm Workspace Employment Costs Establishment Costs General Administrarive Expense5 Finance Charges Depreciation Charge5 19.500 33.173 4,046 1,800 19.500 33.173 4,046 1.800 20,916 23.098 7,148 ,176 34,302 44.338 138,874 24,392 40,696 9,665 59.875 32,435 19.969 172.366 26,070 43.631 9,133 61.797 32,435 19.969 172,366 26.070 43,631 9,133 61.797 58.519 365,401 423,920 404.480 6 Net incomillgloutgoing resources 2024 2023 Audit fees Other non-audit services Depreciation of fixed assets 4,900 800 61,797 4,850 780 59,875 7 Tru5tee5 remuneration and expenses No trustees. nor any persons connected with then4 have received any remuneration from the charsty during rhe year. Page 18
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 8 Staff costs The rnonthly average number of persons (including senior management / leadership team) employed by t])e charity during the year expressed as full time equivalents was as follow5= 2024 No 2023 Adniinistration Busines5 Support Tlie number of employees M*hose emoluments fell within tile following bands Wd%." 2024 £60.001- £70,000 Th¢ total cniploycc bciirfiis vfth¥ kcy managemeni personnel of the charity were £1.049 (?023 - £787). The chief executive officer. as the highest paid member of staff. received benefits totalling £1,049 (2023 £787). 9 TaxAtiD The charity is a registered charity and 15 therefore exempt from laxation. 10 Tangible fixed ets Lalld and buildings Furniture and equipment Total Cost At l January 20?4 Additions 3 ?89.146 148.486 8,853 3.437,63? At 31 December ?0?4 3 ?89.146 157,339 3.446,485 Depreeiation At l January 2024 Charge for the year .2?6,186 55.614 14? 091 6,183 1,368,277 61.797 At 31 December 2024 1.281.800 148.274 1,430,074 Net book value At 31 December 2024 2.007.346 9,065 2.016.411 Ai J l December 2023 ?.062.960 6.JY5 2.069.355 Page 19
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 11 Work in progress 2024 2023 Work in progress 36.293 39,447 12 Debtors 2024 2023 Trade debtors Prepayments 9,467 5,191 3,009 8,927 14,658 13 Cgsh and Cash equivalents 2024 2023 Cash on hand Cash at bank 2,496 32J.293 2,637 240,850 325.789 243.487 14 Creditors: amounts falling due within one year 2024 2023 Baiik loans Trade ¢reditors Other taxation and Social security VAT liability Other creditors Accruals 19,894 9.590 3,280 9,653 10,950 25,940 22,501 3.359 10,977 10,350 17.463 79.307 71.040 15 Creditors: amounts falling due after on¢ y¢4r 2024 2023 Dank loans 66,538 89,821 As security the bank hold a legal charge dated )0 September l992 over 62 Fenaghy Roa(L Galgorni Industrial Estate, Ballymena and a legal mortgage dated 17 April 2014 over 51-53 Church StreeL Ballymena. County Antrim. BT43 6AZ. Page 20
Ballymena Business Centre Ltd Not to the Financial Statements for the Year Ended 31 December 2024 16 Funds Balance at 31 December 2024 BalAnee at I January 2024 Incoming resourees Resources expended Unrestricted General 2?10,364 460.862 (423.9?0) ? 247.306 Balance at 31 December 2023 Balance at I January 2023 Incoming resourees Resource5 eIpended Unrestricted General 2.143.824 471.020 (404,480) ? 210.364 17 Analysis of net assets between funds Unrestricted Funds General Total funds at 31 D¢cember 2024 Tangible fixed assets Current assets Current liabilities Creditors over l year 2.016.411 J76,740 (79.307) (66.5J8) 2.247,306 ?.016,411 376,740 (79,307) (66.538) Total net assets 2,247,306 Unrestricted Funds General Total funds at 31 December 2023 Tangible fixed assets Curyent a55ets Current liabilities Creditors over l year Total net assets 2,069,355 294.870 (71.040) {82.821) 2.069.355 294,870 (71,040) (82,8?1) ?.?.10 364 2,210.364 18 Re12t¢d party transactions There were no related paty transactions in the year. Page 21
Ballymena Business Centre Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 19 Cvntrulling entity Tlie charity is controlled by the trustees who are also directors of the Company. Page 22