Registered number: N1021680
Charity number: NIC101822
ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee
CONTENTS
Page
Reference and administrative details of the Company, its Trustees and advisers
Trustees, report
Independent auditors. report on the financial statements
Statement of financial activities
7-10
Balance sheet
12-13
Statement of cash flows
14
Notes to the financial statements
15-28
The following pages do not form part of the statutory financial statements=
Charity Detailed income and expenditure account and summaries

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2023
Trustees
Ms L Mcclelland, Chair
Mr D Blevings, Vice Chair
Mr G Ingham
Mr C Stutt
Mr C Adair
Ms N Gardiner
Company registered
number
N1021680
Charity registered
number
NIC101822
Registered office
Sketrick House
Jubilee Road
Newtownards
Co Down
BT23 4YH
Company secretary
Nichola Lockhart
Independent auditors
Miscampbell & Co
Chartered Accountants & Statutory Auditors
6 Annadale Avenue
Belfast
Antrim
BT7 3JH
Bankers
First Trust Bank
High Street
Belfast
Page 1

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the audited financial ststements of the Ards Business
Centre Limited for the 1 April 2022 to 31 March 2023. The Annual report seNes the purposes of both a
Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and
financial ststements of the charitable company comply with the current statutory requirements, the requirements
of the charitable company's governing document and the provisions of the Statement of Recommended Practice
(SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS102) {effective 1 January 2019).
structure, governance and management
Ards Business Centre Limited is a Company limited by Guarantee and is a registered Charity with Charities
Commission Nl. It is a not for profit organisation.
Ards Business Centre Limited is currently governed by a Board of six membersldirectors. The Board can co-opt
new membersldirectors as and when required. Ards Business Centre's Chair is elected from the members on
three year basis and is ratified at the Annual General Meeting. All Ards Business Centre staff are responsible to
the Board through the Chief Executive.
New directors are briefed on their legal obligations under charity and company law, the content of the
Memorandum and Articles of Association, the committee and decision making process, the business plan and
recent financial performance of the charity. They are free to discuss any issue with other directors or key
employees. Directors are encouraged to attend any appropriate external training events where these will
facilitate the undertaking of their role.
The Board ensures the good governance of the organisation by setting its strategic objectives and policy
direction through a Corporate Strategy and monitors progress on a monthly basis.
Ards Business Centre is a member of Enterprise Northern Ireland, an umbrella organisation for all local
enterprise agencies within Northern Ireland. Ards Business Centre acts as a sub-contractor for Enterprise
Northern Ireland programmes and pays an annual membership fee.
The
trustees
who
served the
charity during the
period
are
listed
on
page
Page 2

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Objectives and activities
. Objectives
The objectives of the Hub are the promotion for the public benefit of urban and rural regeneration in the Ards
area by all or any of the following means:
1. the relief of povety in such ways as may be thought fit.
2. the relief of unemployment in such ways as may be thought fit, including assistance to find employment.,
3. the advancement of education, training or retraining, particularly among unemployed people, and providing
unemployed people with work experience.,
4. the provision of financial assistance, technical assistance, business advice or consultancy in order to provide
training and employment opportunities for unemployed people in cases of financial or charitable need through
help in setting up their own business or to existing businesses.,
5. the creation of training and employment opportunities by the provision of workspace, buildings andlor land for
use on favourable terms.
b. Main activities undertaken to further the Company's purposes for the public benefit
To meet the above Objectives. the Hub carries out the following activities..
1. the provision of workspace accommodation to small businesses at favourable terms including rent and letting
arrangements.
2. delivering programmes and providing advice for the support of the main areas of enterprise, enterprise
awareness, business start, existing businesses and community businesses.,
3. offering ad hoc advice and support to individuals seeking to start their own business-
4. offering ad hoc advice and support to existing businesses.Enter text here - user input
Strategic report
a. Strategic report
The following sections for achievements and performance and financial review form the strategic report of the
charity.
Page 3

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Strategic report (continued)
(continued)
b. Achievements and performance
The business performance has remained stable during the last 12 months and has not been impacted by the
ongoing Covid-19 pandemic or energy crisis. Occupancy levels at our three properties have averaged 96 %
occupancy during the financial year. Pre Start and Stsrt Up programmes have been delivered for Ards & North
Down Borough Council, Enterprise Nl and Department for the Economy, as well as a self-funded Pre Start
project to address the gap in government support provided.
A Memorandum of Understanding is in place with North Down Development Organisation for joint delivery of
Council funded programmes in our Borough Council area however none were identified in the current year.
The following outcomes were achieved throughout the year in response to our objectives..
1. financial targets were ex￿eded for the year.,
2. key external partner relationships continue to be developed.
3. we continue to support new employment through the delivery of Go For It programme.
4. we delivered our allocated budget of Exploring Enterprise 4 programme for the Ards District.,
5. we continue to support enterprise development through the delivery of bespoke programmes developed in-
house.,
we continue to provide office and workspace accommodation to address the propety provision needs of
SMES.
a. Going concern
After making appropriate enquiries. the Trustees have a reasonable expectation that the Company has adequate
resources to Continue in operational existence for the foreseeable future. For this reason, they continue to adopt
the going concern basis in preparing the financial statements. Further details regarding the adoption of the going
concern basis can be found in the accounting policies.
b. Reserves policy
The unrestricted funds are considered to be essential to provide sufficient funds to cover any unforeseen costs
which may arise and fulfill the legal obligations of the charity in the event that current levels of income are not
maintained in the future.
The restricted fund represent the unamortised portion of capital grants provided to help fund the Hub's land and
buildings asset base.
Page 4

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
TRUSTEES, REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
c. Financial review
We have carried out a review of the financial performance and position of the charity.
The results for the year are set out in detail on pages 11 onwards. The Hub returned net outgoing resources for
the year of £108,099 {2022: £86,724).
At 31 March 2023, the total funds of the charity amounted to £1,408,771 comprising restricted funds of £378,851
and unrestricted funds of £1,029,920.
d. Plans for future periods
The business current three-year strategy ended on March 2022 with the next three-year strategic priorities
agreed for implementation in April 2023.
It is anticipated that the core objectives of the new plan will remain in line with our current objectives, which
include-
1. faciliate and sustain job creation throughout the Ards and North Down Borough-,
2. provide technical assistance, business advice and mentoring.,
3. provide affordable high quality property facilities to assist SME'S locate andlor grow in the Ards Borough.,
4. continue to focus on alleviating proverty in the Ards Borough-,
5. prepare options and obtain planning permission for development of site on Jubilee Road to address the gap in
business accommodation locally and provincewide.
Structure, governance and management
a. Constitution
Ards Business Centre Limited is registered as a charitable company limited by guarantee and was set up by
Trust deed.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the
terms of the Trust deed.
Page 5

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
TRUSTEES, REPORT {CONTINUED>
FOR THE YEAR ENDED 31 MARCH 2023
Statement of Trustees. responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for
preparing the Trustees, report including the Strategic report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice)-
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the
Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of
the state of affairs of the Company and of its incoming resources and application of resources, including its
income and expenditure, for that period. In preparing these financial statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently-
observe the methods and principles of the Charities SORP (FRS 102).,
make judgements and accounting estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Company's transactions and disclose with reasonable accuracy at any time the financial position of the
Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that=
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are
unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of
any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Miscampbell & Co, have indicated their willingness to continue in office. The designated Trustees
will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 21 June 2023 and signed on their behalf by:
Ms L Mcclelland
Chairperson
Mr D Blevings
Vice Chairperson
Page 6

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ARDS BUSINESS CENTRE LIMITED
Opinion
We have audited the financial statements of Ards Business Centre Limited (the 'charitable company,) for the year
ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of
cash flows and the related notes, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its
incoming resources and application of resources, including its income and expenditure for the year then
ended.,
have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting
Practice- and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial ststements in the United Kingdom,
including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a going concern for a period of at least ￿e1ve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Page 7

ARDS BUSINESS CENTRE LIMITED
{A company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ARDS BUSINESS CENTRE LIMITED
(CONTINUED)
Other information
The other inforrnation comprises the information included in the Annual report other than the financial statements
and our Auditors, report thereon. The Trustees are responsible for the other information contained within the
Annual report. Our opinion on the financial statements does not cover the other information and. except to the
extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
othe￿iSe appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a material misststement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material
misststement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of the audit..
the information given in the Trustees, Report including the Strategic Report for the financial year for which
the financial statements are prepared is consistent with the financial statements.
the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understsnding of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements in the Trustees, Report including the Strategic
Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires
us to report to you if, in our opinion-.
adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns- or
certain disclosures of Trustees, remuneration specified by law are not made. or
we have not received all the information and explanations we require for our audit., or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, Report.
Page 8

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ARDS BUSINESS CENTRE LIMITED
(CONTINUED
Responsibilities of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the
charitable company for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements. the Trustees are responsible for assessing the charitable company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do so.
Auditors. responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below..
obtained an understanding of the legal and regulatory frameworks that are applicable to the Charitable
Company and determined that the most significant are those that relate to the reporting framework (FRS 102
and the Companies Act 2006) and the relevant tax compliance regulation in the United Kingdom.,
understood how the Charitable Company is complying with those frameworks by making enquiries of
management to understand how the Charitable Company maintains and communicates its policies and
procedures in these areas.
assessed the vulnerability of the Charitable Companls financial ststements to material misstatement, including
how fraud might occur by considering the risk of management override and by assuming revenue recognition to
be a fraud risk" and
based on this understanding our audit procedures were designed to identify non-compliance with such laws and
regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.or
.uklauditorsres
onsibilities. This description forms part of our
Auditors, report.
Page 9

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ARDS BUSINESS CENTRE LIMITED
(CONTINUED)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable
company's members those matters we are required to state to them in an Auditors, report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we
have formed.
Patrick Mis
ampbell (Senior statutory auditor)
for and on behalf of
Miscampbell & Co
Chartered Accountants & Statutory Auditors
6 Annadale Avenue
Belfast
Antrim
BT7 3JH
21 June 2023
Miscampbell & Co are eligible to act as auditors in temis of section 1212 of the Companies Act 2006.
Page 10

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2023
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Total
funds
2022
Note
Income from:
Charitable activities
Other trading activities
28,773
634,943
55
663,716
55
622.713
141
Total income
28,773
634,998
663,771
622,854
Expenditure on:
Charitable activities
177,276
594,594
771,870
709.578
Total expenditure
177,276
594,594
771,870
709.578
Net (expenditure)lincome
Transfers be￿een funds
(148,503)
9,483
40.404
19,483)
{108,099)
(86, 724)
18
Net movement in funds
(139,020)
30,921
(108.099)
(86, 724)
Reconciliation of funds:
Total funds brought forward
Net movement in funds
517,871
{139,020)
998,999
30,921
1,516,870
1108,099)
1, 603, 594
(86, 724)
Total funds carried forward
378,851
1,029,920
1,408,771
1,516,870
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 28 fomi part of these financial statements.
Page11

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee
REGISTERED NUMBER: N1021680
BALANCE SHEET
AS AT 31 MARCH 2023
2023
2022
Note
Fixed assets
Tangible assets
12
1,895,896
2,045,541
1,895,896
2,045, 547
Current assets
Stocks
Debtors
Cash at bank and in hand
13
1,074
18,533
180,717
1, 109
18,086
237, 760
14
200.324
256.955
Creditors.. amounts falling due within one
year
15
(208,167)
(226, 593)
Net current liabilities l assets
{7,843)
30,362
Total assets less current liabilities
1,888.063
2,075, 903
Creditors- amounts falling due after more
than one year
16
(479.282)
(559, 033)
Net assets excluding pension asset
1,408,771
1,516,870
Total net assets
1,408,771
1,516,870
Charity funds
Restricted funds
Unrestricted funds
18
18
378,851
1,029,920
517,871
998,999
Total funds
1,408,771
1.516,870
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 21 June 2023 and signed
on their behalf by:
Page 12

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: N1021680
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
Ms L Mcclelland
Chairperson
Mr D Blevings
Vice Chairperson
The notes on pages 15 to 28 form part of these financial statements.
Page13

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
Cash flows from operating activities
Net cash used in operating activities
58,015
105,646
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
188
(15,333)
(35,307)
Net cash used In investing activities
(35,307)
(15,145)
Cash flows from financing activities
Repayments of borrowing
(79,751
(90, 808)
Net cash used in financing activities
179,751
(90,808)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
157.043)
{307)
238,067
237,760
Cash and cash equivalents at the end of the year
180,717
237, 760
The notes on pages 15 to 28 form part of these financial ststements
Page 14

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern
Irealnd and a registered charity in Northern Ireland. The address of the registered office is Sketrick
House, Jubilee Road, Newtownards, Co Down, BT23 4YH.
Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102)
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) (effective 1 January 2019), the Financial Reporting Stsndard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Ards Business Centre Limited meets the definition of a public benefit entity under FRS 102. Assets
and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in
the relevant accounting policy.
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properteis measured at fair value
through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2 Going concern
There are no material uncertainties about the charity's ability to continue.
2.3 Incoming resources
All income is included in the statement of financial activities when the charity is entitled to the income,
any performance related conditions attached have been met or are fully within the control of the
charity, the income is considered probable and the amount can be quantified with reasonable
accuracy. The following specific policies are applied to particular categories of income-
Donations and legacy income is recevied by way of donations, legacies, grants and gifts and is
included in full in the Statement of Financial Activities when receivable. Where legacies have been
notified to the charity but the criteria for income recognition have not been met, the legacy is treated
as a contigent asset and disclosed if material. Grants, where entitlement is not conditional on the
delivery of a specific performance bu the charity, are ￿¢gOniSed when the charity becomes
uncondtionally entitled to the grant.
Investment income is included when re￿1Vable.
Income from charitable trading activity is accounted for when earned.
Income from grants, where related to performance and specific deliverables, are accounted for as
the charity earns the right to consideration by its performance.
Page15

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies (continued)
2.4 Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates..
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities
and services for its beneficiaries. It includes both cost that can be allocated directly to such activities
and those costs of an indirect nature necessary to support them.
Other expenditure includes all expenditure that is neither related to raising funds for the charity not
part of its expenditure on charitable activities.
All costs are allocated bet￿een the expenditure categories of the SOFA on a basis designed to
reflect the use of the resource. Costs relating to a particular activity are allocated directly, other aer
apportioned on an appropriate basis, as set out in the notes to the accounts.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost, and subsequently stated at cost less any
accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts
are recorded at the fair value at the date of revaluation less any subsequent accumulated
depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other
recognised gains and losses, unless it reverses a charge for impairment that has previously been
recognised as expenditure within the statement of financial activities. A decrease in the carrying
amount of an asset as a result if revaluations is recognised in other recognised gains and losses,
except to which it offsets any previous revaluation gain, in which case the loss is shown within other
recognised gains and losses on the ststement of financial activities.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated useful lives,
Depreciation is provided on the following basis..
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
40/0 Straight line
20U/o Straight line
20D/o Straight line
2.6 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed
and variable overheads.
Page 16

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies (continued
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or
the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently
measured at amortised cost using the effective interest method.
2.11 Defined contribution plans
Contributions to a defined contribution plans are recognised as an expense in the period in which the
related service is provided. Prepaid contributions are recognised as an asset to the extent that the
prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting
date in which the employees render the related services, the liaibilty is measured as a expense in the
period in which it arises.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Company and which have not been designated for other
purposes.
Restricted funds are funds which are to be used in accordan￿ with specific restrictions imposed by
donors or which have been raised by the Company for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes to the financial statements.
Page17

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Critical accounting estimates and areas of judgement
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported. Management continually review these estimates and
judgements.
Critical accounting estimates and assumptions:
1 the approtionment of overheads such as depreciation has been allocated to restricted activities on the
basis of the percentage of floorspace and time used to perform activities funded by restricted income
sources.
2 - management carry out annual reviews of the estimated useful economic lives of the asset base.
Income from charitable activities
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Total
funds
2022
Licen￿ Fee Income
Enterprise Nl EEPlStart Up Loan
Go For It
Other Activities
Service Charges
Seminar Room Hire
Administration Services
Accomodation Address Services
Other Income
462,768
462,768
4,415
22,852
1,506
147,901
14,854
1,360
8,060
448, 826
4,563
32.516
490
115,421
13.577
599
5.267
1,454
4,415
22,852
1,506
147,901
14,854
1,360
8,060
28,773
634,943
663,716
622,713
Total 2022
37,569
585, 144
622.713
Income from other trading activities
Page 18

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Income from other trading activities (continued)
Income from non charitable trading activities
Unrestricted
funds
2023
Totsl
funds
2023
Total
funds
2022
The Handcrafted Gallery
55
55
141
Totsl 2022
147
141
Analysis of expenditure on charitable activities
Summary by fund type
Restricted Unrestricted
funds
funds
2023
2023
Total
2023
Total
2022
Provision of Workspace Accomodation
Support Costs
177,276
535,021
59,573
712,297
59,573
677,091
32,487
177,276
594,594
771,870
709,578
Total 2022
200, 627
508,951
709,578
Page 19

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Analysis of expenditure by activities
Support
costs
2023
Total
funds
2023
Total
funds
2022
Provision of workspa￿ Accomodation
Support Costs
712,297
59,573
712,297
59,573
677,091
32,487
771,870
771,870
709,578
Total 2022
709, 578
709, 578
Auditors. remuneration
2023
2022
Fees payable to the Company's auditor for the audit of the Company's
annual accounts
3.300
3, 000
Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows..
2023
2022
Wages and salaries
Employer contributions to pension plans
other employee benefits
197,690
8,388
8,296
179.056
9,899
15,933
214,374
204, 888
Page 20

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
10. Staff numbers
The average number of persons employed by the Company during the year was as follows..
2023
No.
2022
No.
Management
Administration & Professional
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
2023
No.
2022
No.
In the band £60,001- £70,000
11.
Trustees. remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022- £NIL).
Page 21

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12. Tangible fixed assets
Freehold
property
Plant and Fixtures and
machinery
fittings
Office
equipment
Total
Cost or valuation
At 1 April 2022
Additions
5,823,372
93,563
7,079
68,865
10,513
6,985.800
35,307
17.715
At 31 March 2023
5,823,372
17,715
100,642
79,378
6,021,107
Depreciation
At 1 April 2022
Charge for the year
3,831,388
159,063
68,325
13,946
40,546
10,762
3,940,259
184,952
1,181
At 31 March 2023
3,990,451
1,181
82,271
51.308
4,125,211
Net book value
At 31 March 2023
1.832,921
16,534
18,371
28.070
1,895,896
At 31 March 2022
1.991,984
25, 238
28,319
2,045, 541
13. Stocks
2023
2022
Finished goods and goods for resale
1,074
1,109
14. Debtors
2023
2022
Due within one year
Trade debtors
Prepayments and accrued income
14,796
3,737
11,285
6,801
18,533
18,086
Page 22

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
15. Creditors: Amounts falling due within one year
2023
2022
Bank loans
Trade creditors
Other taxation and social security
other creditors
Accruals and deferred income
99,060
9,724
22,554
37,869
38,960
99,060
23.197
21,055
33,712
49,575
208.167
226, 593
16. Creditors: Amounts falling due after more than one year
2023
2022
Bank loans
479,282
559, 033
First Trust Bank holds an all monies mortgagelcharge deed for Ards Business Centre, Jubilee road,
Newtownards, Co Down, and an all monies Debenture on Folio no. DN 43409 Co Down on the freehold
land shown on the registry map relating to the land to the south of Jubilee road, Newtownards, and
containing one decimal nought three nine (1.039) hectares. There is also a registered charge with the
International Fund for Ireland but this has been satisfied.
17.
Financial instruments
2023
2022
Flnancial assets
Financial assets measured at fair value through income and expenditure
180,717
237, 760
Financial assets measured at fair value through income and expenditure comprise cash at bank and in
hand.
Page 23

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
18. Statement of funds
Statement of funds - current year
Balance at
31 March
2023
Balance at 1
April 2022
Transfers
inlout
Income Expenditure
Unrestricted funds
General Funds - all funds
998,999
634,998
(594,594)
(9,483)
1.029.920
Restricted funds
Restricted Funds - all funds
517.871
28,773
(177,276)
9,483
378,851
Total of funds
1,516,870
663,771
{771,870)
1,408.771
Page 24

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
18. Statement of funds {continued)
Statement of funds - prior year
Balance at
31 March
2022
Balance at
l Apnl 2021
Transfers
in/out
Income Expenditure
Unrestricted funds
General Funds - all funds
934. 889
585, 285
(508.951)
(12, 224)
998,999
Restricted funds
Restricted Funds- all funds
668, 705
37,569
(200, 627)
12,224
517.871
Total of funds
1, 603, 594
622, 854
(709,578)
1,516,870
19. Summary of funds
Summary of funds - current year
Balance at
31 March
2023
Balance at 1
April 2022
Transfers
inlout
Income Expenditure
General funds
Restricted funds
998,999
517,871
634,998
28,773
(594,594)
(177,276
(9,483) 1,029,920
9,483
378,851
1,516,870
663,771
{771,870)
1,408,771
Summary of funds - prior year
Balance at
31 March
2022
Balance al
1 April 2021
Transfers
in/oul
Income Expenditure
General funds
Restricted funds
934, 889
668, 705
585, 285
37,569
(508,951)
(200,627)
(12,224)
12,224
998, 999
517,871
1, 603, 594
622, 854
(709, 578)
1.516,870
Page 25

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
20. Analysis of net assets between funds
Analysis of net assets between funds - current year
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
378,851
1,517,045
1,895,896
200,324
200,324
(208,167) (208,167)
(479,282) (479,282)
Total
378,851
1,029,920
1,408,771
Analysis of net assets between funds - prior year
Restricted Unrestricted
funds
funds
2022
2022
Total
funds
2022
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
517,871
1,527,670
256, 955
(226, 593)
(559, 033)
2, 045,541
256,955
(226,593)
(559, 033)
Total
517,871
998, 999
1,516.870
Page 26

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
21.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
2022
Net expenditure for the year {as per Statement of Financial Activities)
(108,099
(86, 724)
Adjustments for:
Depreciation charges
Decrease in stocks
Increase in debtors
184,952
35
(447)
118,426)
185, 602
138
(4, 878)
11,508
Increasel(decrease) in creditors
Net cash provided by operating activities
58,015
105,646
22. Analysis of cash and cash equivalents
2023
2022
Cash in hand
180,717
237, 760
Total cash and cash equivalents
180,717
237, 760
23. Analysis of changes in net debt
At 1 April
2022 Cash flows
At 31 March
2023
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
237,760
{99,060)
(559,033)
157.043)
180,717
199,0601
(479,282)
79,751
(420,333)
22,708
(397,625)
24.
Pension commitments
The amount recognised in income & expenditure as an expense in relation to defined contribution plans
was £8,388 {2022'. £9,899).
Page 27

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
25. Members, liability
Each member of the charitable company undertakes to contribute to the assets of the company in the
event of it being wound up while helshe is a member, or within one year after helshe ceases to be a
member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before
helshe ceases to be a member.
Page 28

ARDS BUSINESS CENTRE LIMITED
(A company limited by guarantee)
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
2023
2023
2022
2022
Income
.Unallocated amounts
663,716
622, 713
663,716
622, 713
Gains on investments
Gross income in the reporting period
663,716
622,713
Less:
Unallocated amounts
771,870
709, 578
Total expenditure
Net expenditure before taxation for the reporting
period
Tax payable
771,870
709.578
(108,154)
(86,865)
Net expenditure for the reporting period
(108,154)
(86,865)
Deficit for the reporting period
(Deficit)ISurplus brought forward at 1 April 2022
1108,154)
{86,8651
(86, 865)
Deficit carried forward at 31 March 2023
(195,019)
(86. 865)
The notes on pages 15 to 28 form part of these financial statements.
Page 29