Charity Registration No. NIC101481
Company Registration No. N1029665 (Northern Ireland)
ACORN THE BUSINESS CENTRE LIMITED
(being a company limited by guarantee and not having a share capital)
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

ACORN THE BUSINESS CENTRE LIMITED
CONTENTS
Page
Charity information
Trustees, report
Independent examiner's report
Statement of financial activities
Balance sheet
Notes to the financial statements
9-17

ACORN THE BUSINESS CENTRE LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Mr John Armstrong
Mr Pat Hasson
Dr Karise Hutchinson
Mr William Kennedy
Mrs Fran￿S Lundy
Dr Mark McKinney
Mr Patrick McLaughlin
Mr Edward Montgomery
Ms Claire Sugden
Appointed 27 June 2023
Chairperson
Mrs Frances Lundy
Secretary
Mrs Jayne Taggart
Company number
N1029665
Charity number
NIC101481
Registered office
17 Sandel Village
Knocklynn Road
Coleraine
Co Londonderry
BT52 1VVW
Independent Examiners
Ruth Walls
Chartered Certified Accountants
31 Lisnamuck Road
Coleraine
Co Londonderry
BT514HN
Bankers
Danske Bank
6 High Street
Ballymoney
Co Antrim
BT53 6AG

ACORN THE BUSINESS CENTRE LIMITED
TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report and financial statements for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set OLrt in note 1 to the
accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act
2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland (FRS 102), (as amended for accounting periods commencing from 1
January 2016).
Objectives and activities
The principal activity of the company is the promotion of urban regeneration for the public benefit in
Ballymoney. Acorn Business Centre fulfils this role through Enterprise Causeway Limited. The
workspace and conference facilities are let to Enterprise Causeway Ltd who continue to promote
urban and economic regeneration for the town of Ballymoney.
The objects of the company are the promotion for the public benefit of urban regeneration in
Ballymoney and its townlands to mitigate social and economic deprivation by all or any of the
following means:
1. Promote sustainable means of creating employment and training opportunities in Ballymoney
and its environs (the "area of benefiv) by providing premises and facilities on favourable
terms to encourage the development of new and the expansion of existing businesses.
2. Promote community development by providing support, facilities and amenities to charitable.
community and voluntary groups and organisations.
3. Relieve unemployment and poverty.
Achievements and perfonnance
During this financial year Acorn The Business Centre Limited achieved full occupancy, hosting 37
small businesses that actively contributed to the local economy by generating employment
opportunities. Within this period, Acorn also welcomed one new engineering start up business to the
park.
In partnership with Enterprise Causeway Ltd, through the delivery of The Northern Ireland Business
start Programme and the Exploring Enterprise Programme. Acorn successfully met tts goals of
fostering entrepreneurship, facilitating employment, providing training, and promoting education.
These initiatives ultimately are focused on bolstering the local economy by creating wealth and new
job opportunities.
Financial Review
The results for the year are set out on page 6. The company returned net incoming expenditure for
the year of £2,316 (2022 - net income £3,654). At 31 March 2023 the total funds of the charity
amounted to £487,086 (2022 - £489,402) comprising unrestricted income funds deficit of £10,908
(2022 - £238,585) and unrestricted designated funds of £697.994 (2022 - £727,987).

ACORN THE BUSINESS CENTRE LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Reserves policy and going concern
The directors recommend that the net expenditure of £2,316 (2022- income £3,654) be transferred
to the total income fund brought forward. The relevant fund now has a balance of £487,086 (2022 -
£489,402).
The directors consider that with the continued support of its bankers. the reserves retained by the
company are sufficient for its ongoing needs.
Plans for the future
Acorn The Business Centre Limited is fully committed to having a fit for purpose workspace offering
for the local business community and will continue to maintain and upgrade the accommodation to
ensure the facility meets the needs of the local business community. The refurbishment programme
involving the repla￿ment of all roller doors is now complete.
Taxation
The company is a charity (Charity No NIC101481) and is recognised as such by HM Revenue and
Customs for taxation purposes. As a result, there is no liability to taxation on any of its income.
Structure, governance and management
Acorn The Business Centre Limited continues to operate as a not-for-profit charitable organisation
with company limited by guarantee status. The company was incorporated on 21 June 1995. The
company was established under a Memorandum of Association which established the objectives and
powers of the company and is governed by its Articles of Association. The liability of its members is
limited in that every member of the company undertakes to contribute an amount not ex￿edIng £1 in
the event of the company being wound up.
The organisation is govemed by a Board of TrUSt￿s, comprising of g in total and normally meet on a
bi-monthly basis. The Trustees manage the business of Acorn and may exercise all the powers of
the company.
The trustees, who are also the directors for the purpose of company law, and who served during the
year are detailed in the legal and administrative information on page 1 of these accounts.
Appointing of trustees
At every General Meeting of Acom. one third of the Directors shall retire from office, representing
those who have been in longest office Sin￿ their last election. A retiring Director shall be eligible for
re-election. The Directors have the power at any time and from time to time to appoint any person to
be a director.
Related parties and CO•operation with other organisations
None of our trustees receive remuneration or other benefit from their work with the charity. Any
connection between a trustee or senior manager of the charity with any related parties must be
disclosed to the full board of trustees in the same way as any other contractual relationship with a
related party. In the current year any such related party transactions are reported in note 16 to the
accounts.

ACORN THE BUSINESS CENTRE LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Statement of trustees, responsibilities
The trustees (who are also directors for the purposes of company law) are responsible for preparing
the Trustees. Report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give
a true and fair view of the state of the affairs of the charty and of the incoming reSoUr￿S and
application of resources, including the income and expenditure, of the charitable company for that
period.
In preparing the accounts, the trustees are required to:
Select suitable accounting policies and then apply them consistently-
Observe the methods and principals in the Charities SORP.
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK accounting standards have been followed, subject to any
material departures disclosed and explained in the accounts" and
Prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and to enable them to ensure that the
financial statements comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Statement as to disclosure to our independent examiners
Each of the trustees has confirmed that there is no information of which they are aware which is
relevant to the independent examination, but of which the independent examiner is unaware. They
have further confirmed that they have taken appropriate steps to identify such relevant information
and to establish that the independent examiner is aware of such information.
The trustees, report was approved by the Board of Trustees.
Frances Lundy
Trustee
18 December 2023

ACORN THE BUSINESS CENTRE LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE MEMBERS OF ACORN THE BUSINESS CENTRE LIMITED
FOR THE YEAR ENDED 31 MARCH 2023
report on the accounts of the charity for the year ended 31 March 2023 which are set out on pages
7t018.
Respective responsibilities of trustees and examiner
As the charity trustees (and also the directors of the company for the purposes of company law) you
are responsible for the preparation of the accounts in accordance with the requirements of the
Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company
law, and is eligible for independent examination, it is my responsibility to-
examine the accounts under section 65 of the Charities Act.,
follow the procedures laid down in the general Directions given by the Charity Commission for
Northern Ireland under section 65 (9)(b) of the Charities Act. and
state whether particular matters have come to my attention.
Basls of Independent examinerfs report
I have examined your charity accounts as required under section 65 of the Charities Act and my
examination was carried OLrt in accordan￿ with the general Directions given by the Charity
Commission for Northern Ireland under section 65 (9)(b) of the Charities Act. The examination
included a review of the accounting records kept by the charty and a comparison of the accounts
presented with those records. It also included consideration of any unusual items or disclosures in
the accounts and seeking explanations from you as charity trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to
believe..
that accounting records were not kept in accordance with section 386 of the Companies Act
that the accounts do not accord with those accounting records"
that the accounts do not comply with the accounting requirements of section 396 of the
Companies Act 2006 arsd with the methods and principles of the Charities Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland., and
that there is further infomiation needed for a proper understanding of the accounts to be
reached.
Independent examlner's ststement
I have completed my examination and have no cOn￿mS in respect of the matters listed above, and
in connection with following the Directions of the Charity Commission for Northern Ireland, I have
found no matters that require drawing to your attention.
IJLLLLS
Ruth Walls
Association of Chartered Certified Accountants
31 Lisnamuck Road
Coleraine
Co Londonderry
BT514HN
18 De￿mber 2023

ro 1> r•4
zs w (
oco

ACORN THE BUSINESS CENTRE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
2023
2022
Notes
Fixed assets
Tangible assets
779,109
809.266
Current assets
Debtors
Cash at bank and in hand
3.900
1,764
3,900
2.761
5.664
6.661
Creditors: amounts falling due within
one year
(53.043)
(43,854)
Net current liabilities
(47.379)
(37,193)
Total assets less current liabilities
731,730
772,073
Creditors: amounts falling due after
more than one year
10
(244,644)
(282,671)
Net assets
487.086
489,402
Income funds
Unrestricted funds - designated
Unrestricted funds- general
Revaluation fund
697,994
196,604
(407.512)
727,987
177,244
(415,829)
487,086
489,402

ACORN THE BUSINESS CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The company is entitled to the exemption from the audit requirement contained in section 477
of the Companies Act 2006, for the year ended 31 March 2023. No member of the company
has deposited a notice, pursuant to section 476, requiring an audit of these financial
statements.
The trustees responsibilities for ensuring that the charity keeps accounting records which
comply with section 386 of the Act and for preparing financial statements which give a true
and fair view of the state of affairs of the company as at the end of the financial year and of
its incoming resources and application of reSoUr￿s, including its income and expenditure, for
the financial year in accordan￿ with the requirements of sections 394 and 395 and which
otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so
far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable
to companies subject to the small companies regime.
The accounts were approved by the Board on 18 December 2023 and signed on tts behalf
by:
Frances Lundy
Trustee
Company Registration No N1029665

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies
Charity information
Acorn the Business Centre is a private company limited by guarantee incorporated in
Northern Ireland. The registered office is 17 Sandel Village, Knocklynn Road.
Coleraine, BT52 1VIW.
Accounting convention
The accounts have been prepared in accordance with the charity's Memorandum and
Artides of Association, the Companies Act 2006 and 'Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102), (as amended for accounting periods commencing
from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
Under FRS 102 the company is exempt from the requirement to prepare a cashflow
statement on the grounds that it qualifies as a small company.
The accounts are prepared in sterling, which is the functional currency of the charity.
Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
Going concern
At the time of approving the financial statements, the trustees have a reasonable
expectation that the charity has adequate resources to continue in operational
existen￿ for the foreseeable future. To date, there has been no adverse impact from
the COVID-19 global pandemic on the charity and as a result, the trustees continue to
adopt the going concern basis of accounting in preparing the financial statements.
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance
of the objectives of the charity unless the fvnds have been designated for other
purposes.
Designated funds are unrestricted funds set aside at the discretion of the trustees for
specific purposes. The designated funds for fixed assets are that part of unrestricted
funds that represents fixed assets held.

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when the
charity is entitled to the income and the amount can be quantified with reasonable
accuracy and there is sufficient certainty that receipt of the income is considered
probable. The following specific policies are applied to particular categories of
income.
Investment income is included when re￿1Vable.
Income from charitable activities includes income recognised as earned (as the
related goods or seplices are provided) under contract or where entitlement to grant
funding is subject to specific performance conditions. Grant income included in this
category provides funding to support programme activities and is recognised where
the entitlement, certainty of re￿Ipt and amount can be measured with sufficient
reliability.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Funding
provided through contractual agreements and performance related grants are
recognised as goods and services are supplied. Other grant payments are recognised
when a constructive obligation arises that results in the payment being unavoidable.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at
cost or valuation. net of depreciation and any impairment losses.
Depreciation is provided at rates calculated to write off the cost less estimated residual
value of each asset over its expected useful life, as follows..
Freehold buildings
Office equipment
Fixtures, fittings & equipment
2 % straight line
20 % reducing balance
20 % reducing balance
The gain or loss arising on the disposal of an asset in determined as the difference
between the sale proceeds and the carrying value of the asset, and is recognised in
net incomel{expenditure) for the period.
Impairment of fixed assets
At each reporting end date, the charity reviews the carying amounts of its tangible
assets to detemiine whether there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useftjl lives and intangible assets not yet available for
use are tested for impairment annually and whenever there is an indication that the
asset may be impaired.
-io-

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies (continued)
Capital grants
Capital grants are included as incoming resources when re￿1vable and categorised
within designated funds. Depreciation is subsequently charged against the fund each
year equivalent to the rates on the relevant assets in question.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks,
other short term liquid investments with original maturities of three months or less and
bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial
Instruments. and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of
its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity
becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset. with the net amounts presented in the
financial statements, when there is a legally enforceable right to set off the recognised
amounts and there is an intention to settle on a net basis or to realise the asset and
settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially
measured at transaction price including transaction costs and are subsequently
carried at amortised cost using the effective interest method unless the arrangement
constitutes a financing transaction, where the transaction is measured at the present
value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at
transaction price unless the arrangement constitutes a financing transaction, where
the debt instrument is measured at the present value of the future receipts discounted
at a market rate of interest. Financial liabilities classified as payable within one year
are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in
the ordinary course of operations from suppliers. Amounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised inttiaSly at transaction price
and subsequently measured at amortised cost using the effective interest method.
li-

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire
or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies. the Trustees are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that
are not readily apparent from other sources. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised where the
revision affects only that period, or in the period of the revision and future periods where the
revision affects both current and future periods.
3 Income from charitable activities
2023
2022
Rent receivable
39,000
39,000
39,000
39,000
Analysis by fund
Unrestricted funds - general
39,000
For the year ended 31 March 2022
Unrestricted funds- general
39,000
12-

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4 Costs directly attributable to charitable activities
2023
2022
Depreciation
Bank interest and charges
Miscellaneous expenses
30,157
10,296
13
30,030
4,351
115
40.466
34,496
Share of governance costs (see note 5)
850
850
41,316
35,346
Analysls by fund
Unrestricted funds- general
Unrestricted funds - designated
11,323
29.993
41,316
For the year ended 31 March 2022
Unrestricted funds- general
Unrestricted funds- designated
5,520
29,826
35,346
Governance costs
2023
2022
Legal and professional fees
850
850
850
850
13-

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration, benefits
or expenses from the charity during the year.
7 Tangible fixed assets
Land and Fixtures and
buildings
fittings
Office
equipment
Total
Cost
At 1 April 2022
1,540,696
21,901
51,320
1,613,917
At 31 March 2023
1,540,696
21,901
51,320
1,613,917
Depreciation
At 1 April 2022
Charge for the year
732,247
29,993
21.572
66
50,832
98
804,651
30,157
At 31 March 2023
762,240
21,638
50,930
834,808
Net book value
At 31 March 2023
778,456
263
390
779,109
At 31 March 2022
808.449
329
488
809,266
Phase l and Phase11 of the company premises at 2 Riada Avenue, Ballymoney, were revalued
by Richard McLaughlin MRICS of McAfee Commercial (who is external to the charity) on a
market value basis at £1,460,000 on 12 June 2013. These revaluations have been incorporated
into the financial statements.
An interim valuation was completed by Richard McLaughlin MRICS of NRE (who is external to
the charity) on a market value basis at £1,451,000 on 26 April 2023. No change was made to
the financial statements as the valued amount did not differ materially from the carrying amount.
The deficit on revaluation is contained within unrestricted funds and at 31 March 2023 amounted
to £407,512 (2022- £415,829).
14-

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Tangible fixed assets (continued)
Total
Comparable historical cost for the land and buildings included at valuation:
Cost
At 1 April 2022
2,041,944
At 31 March 2023
2,041,944
Depreciation
At 1 April 2022
Charge for the year
817,895
38,358
At 31 March 2023
856,253
Net book value
At 31 March 2023
1,185,691
At 31 March 2022
1,224,049
If the building had been carried at cost. the depreciation charge for the year would have been
increased by £8,365.
Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
3,900
3,900
Creditors: amounts falling due within one year
2023
2022
Bank loans
Trade creditors
Taxation and social securty
Other creditors
45,115
850
1,950
5,128
38,489
850
1,950
2,565
53,043
43,854
15-

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10 Creditors: amounts falling due after more than one year
2023
2022
Bank loans
244.643 282,671
11 Loans and overdrafts
2023
2022
Bank loans
289,759 321,160
Payable within one year
Payable after one year
45,115
38,489
244,644 282,671
Amounts included above which fall due after five years:
Payable by instalments
63.907 128,715
12 Designated funds
The income funds of the charity include the following designated funds which have been set
aside out of unrestricted funds by the trustees for specific purposes"
Balance at
1 Apr 2022
Incoming Resources
Balance at
resources
expended 31 Mar 2023
Fixed asset fund
727,987
(29,993)
697,994
The fixed assets fund consists of funds designated for the purchase of fixed assets and is
released over the related assets useful lives.
16-

ACORN THE BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13 Analysis of net assets between funds
Unrestricted Unrestricted Revaluation
funds
funds
fund
general
designated
Total
Fund balances at 31 March
2023 are represented by:
Tangible assets
Current assetsl(liabilities}
Long term liabilities
488,627
(47.379)
(244,644)
697,994
(407,512)
779,109
{47,379}
(244,644)
196.604
697,994
(407,512)
487,086
14 Financial commitments, guarantees and contingent liabilities
Certain grants received and receivable may become repayable to the funder if the Charity is no
longer able to meet the conditions under which they were awarded. Due to the nature of these
contingencies. it is not possible to quantify the potential effect or give an indication of timing as
to the liabilities that may arise.
The Company has also provided the following security to tts bankers:
Legal mortgage over commercial premises and land at Garryduff Road, Ballymoney.
Fixed charge over book debts of the company.
Floating charge over assets and undertakings of the company.
15 Related party transactions
Included within rent receivable is an amount totalling £39,000 (2022 - £39,000) received from
Enterprise Causeway Limited, a company under common control. The balance due in respect
of this at 31 March 2023 and included within trade debtors was £3,900 (2022 - £3,900).
17-