Charity registration numbèr NIC101822 Company registration number N1021680 {Northern Ireland) ARDS BUSINESS CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ARDS BUSINESS CENTRE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees L M Mcclelland D J Blevings P G Ingham CJStutt N Gardiner Mr C Adair S Fargher M Lestas K McKenna K A Spence (Appointed 22 August 2023} (Appointed 22 August 2023) (Appointed 2 Febwary 2024) (Appointed 22 August 2023) Secretary N K Lockhart Charity number NIC101822 Company number N1021680 Registered office Ards Business Hub Sketrick House Jubilee Road Newtownards BT23 4YH Auditor Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Bankers First Trust Bank 31-35 High Street Belfast BT12AL
ARDS BUSINESS CENTRE LIMITED CONTENTS Page Trustees report Independent auditor's report Statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statements
ARDS BUSINESS CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Igoveming document], the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ObjectiV8s and activities Public benefit 1. The relief of poverty 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 opportunilies by the provision of workspace, buildings an¢Yor land for use on favourable terms. To meet these 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 stsrt their own business. 4. Offering ad hoc advice and support to existing businesses.
ARDS BUSINESS CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Significant activities and achievements against objectives The business performance has remained stsble during the last 12 months and in order to mitigate against the energy crisis, has investigated in the purchase of solar panels in both Strangford Park and Skelri¢k House sites. Occupancy levels at our three properties have averaged 960A occupancy during the financial year. Pre-start and Slart Up programmes have been delivered for Ards & North Down Borough Council, Enterprise Nl and Department for the Economy as well as a self-funded Workshop series to address the gap in government support provided. A Memorandum of Understanding is in place with North Down Development Organisation Limited forjoint 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¢eeded for the year. 2. Key external partner relationships continue to be developed. 3. We continue to support new employment through the delivery of Nl Explore Enterprise Support Servi, Go For It programme which ended in September 2023, and Nl Enterprise Support Service. 4. We continue to support enterprise development through the delivery of bespoke programmes developed in-house. 5. We continue to provide office and workspace accommodation to address the property provision needs of SMES. 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 from page 6 onwards. The Hub retumed net outgoing resources for the year of £14,349 {2023: £108,099). At 31 March 2023, the total funds of the charity amounted to £1,394,422 comprising restricted funds of £235,934 and unrestricted funds of £1,158,488. Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Plans for futu periods Strategic priorities for 2023 to 2026 were agreed by Directors and implemented in April 2023. It is anticipated that the core objectives of the new plan will remain in line with our current objectives, which include.. Facilitste and sustain job creation throughout the Ards and North Down Borough, looking at possibly of expanding boundary limits into BT18 to BT20 postcode area. Provide technical assistance, business advice and mentoring. Provide affordable high quality property facilities to assist SME'S locate andlor grow in the Ards and North Down Borough., Continue to focus on alleviating poverty in theArds Borough., Prepare options and obtain planning permission for development of site on Jubilee Road to address the gap in business accommodation locally and provincewide.
ARDS BUSINESS CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurep governance and management Ards Business Centre Limited, trading as Ards Business Hub, 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 ten membersldirectors. The Board can co-opt new membersldirectors as and when required. Ards Business Centre's Chair is elected from the members on a 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 ofthe Memorandum and Articles of Asso¢iation, the ¢ommittee and decision-making process, the business plan and recent financial performance of the charity. They are free to discuss any issue with other dire¢tors 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 Plan and monitors progress on a monthly basis. Ards Business Hub is a member of Enterprise Northem Ireland, an umbrella organisation for all local enterprise agencies wilhin Northern Ireland. Ards Business Hub acts as a sutFcontractor for Enterprise Northern Ireland programmes and pays an annual membership fee. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. L M Mcclelland D J Blevings P G Ingham CJStutt N Gardiner Mr C Adair S Fargher M Lestas K McKenna K A Spence (Appointed 22 August 2023) (Appointed 22 August 2023) (Appointed 2 February 2024) {Appointed 22 August 2023)
ARDS BUSINESS CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustees responsibilities The trustees, who are also the directors of Ards Business Centre Limited for the purpose 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 Accepted 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 affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable aGcounting policies and then apply them consistently., observe the methods and principles 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 financial statements- and prepare the financial statements on the going concem 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 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. Auditor Miscampbell & Co Chartered Arxountsnts & Registered Auditors have been re-appointed as auditor for the ensuing year in a¢¢ordance with section 485 of the Companies Act 2006. Small Company Provisions This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. The trustees report was approved by the Board of Trustees. L M Mcclelland Chalr D J Blevings Vlce Chair 26 June 2024
ARDS BUSINESS CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARDS BUSINESS CENTRE LIMITED Opinion We have audited the financial statements of Ards Business Centre Limited (the 'charity') for the year ended 31 Mar¢h 2024 which comprise the statement of financial activities, the balance sheet, the statement ofcash flows and notes to the financial statements, including significant a¢¢ounting 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 2024 and of its incoming resources and applicalion of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi., 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 Auditoffs responsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 twstees 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going ¢oncem are described in the relevant sections of this report. other information The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information ¢ontained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance ¢onclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise 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 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees report-, or sufficient accounting records have not been kept-, or the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit.
ARDS BUSINESS CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARDS BUSINESS CENTRE LIMITED Responsibilities of trustees As explained more fully in Ihe statement of trustees responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity'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. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect theunder. 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 auditor's 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 Gan 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management. 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 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 Company is complying with those frameworks by making enquiries of management to understand how the Company maintains and communirAtes its policie5 and procedures in these areas,. assessed the vulnerability of the Company's financial statements 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 understsnding our audit procedures were designed to identify norcompli8n¢e with such laws and regulations. We assessed the susceptibility of the company's financial statements to material misstatement, induding obtaining an understanding of how fraud might occur, by., Identification of related parties., Making enquiries of management regarding where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.. Considering the intemal controls in place within the company to mitigate the risk of fraud and non- compliance with laws and regulations- To address the risk of fraud, override of controls and non-compliance with laws and regulations, we performed analytical procedures to identify any unusual or unexpected related party relationships, tested journal entries to identity unusual transactions, investigated any significant or unusual transactions and assessed whether judgements and assumptions made in determining the a¢Gounting estimates were suggestive of potential bias. A further description of our responsibilities is available on the Financial Reporting Council's website at: https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
ARDS BUSINESS CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARDS BUSINESS CENTRE LIMITED Use of our report This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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 company and the company's members as 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 26 June 2024 Chartered Accountants statutory Auditor 6 Annadale Avenue Belfast BT7 3JH Miscampbell & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the CompaniesAct 2006.
ARDS BUSINESS CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from: Charitable activities Other trading activities 712,705 2,875 23,260 735,965 2,875 634,943 55 28,773 663,716 55 Total income 715,580 23,260 738,840 634,998 28,773 663,771 Expenditure on: Charitable activities 587,012 166,177 753,189 594,594 177,276 771,870 Total expenditure 587,012 166,177 753,189 594,594 177,276 771,870 Net incomel(expenditure) 128,568 (142.917) (14.349) 40,404 (148,503) (108,099) Transfers between funds 6,670 {6,670) (9,483) 9,483 Net movement in funds 135,238 (149,587) {14,349) 30,921 (139,020) (108,099) Reconciliation of funds: Fund balances at 1 April 2023 1,029,920 378,851 1,408,771 998,999 517,871 1.516,870 Fund balances at 31 March 2024 1,165,158 229,264 1,394,422 1,029,920 378,851 1.408,771 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
ARDS BUSINESS CENTRE LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 10 1,796,276 1,895,896 Current assets stocks Debtors Cash at bank and in hand 11 12 1,054 15,603 108,060 1,074 18,533 180,717 124,717 200,324 Creditors: amounts falling due within one year 14 (206,584) (208,167) Net current liabilities (81,867) (7,843) Total assets less current liabilities 1,714,409 1,888,053 Creditors: amounts falling due after more than one year 15 (319,987) (479,282) Net assets excluding pension liability 1,394,422 1,408.771 Net assets 1,394,422 1.408,771 The funds of the charity Restri¢ted income funds Unrestricted funds 17 229.264 1,165,158 378,851 1,029,920 1,394,422 1,408.771 The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These finan¢ial statements have been prepared in accordance with the provisions applicable to companies subject to the small Companies regime. The financial statements were approved by the trustees on 26 June 2024 L M M¢Clelland Chair D J Blevings Vice Chair Company registration number N1021680 (Northern Ireland)
ARDS BUSINESS CENTRE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 21 171,800 58,015 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets (86,601 } {35,307) 1,439 Net cash used In investing activities (85,162) {35,307) Financing activities Repayment of bank loans (159,295) (79,751) Net cash used in financing activities (159,295) {79,751) Net decrease in cash and cash equivalents (72,657) (57,043) Cash and cash equivalents at beginning of year 180,717 237,760 Cash and cash equivalents at end of year 108.060 180,717 10-
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Ards Business Centre Limited is a private company limited by guarantee incorporated in Northem Ireland. The registered office is Ards Business Hub, Sketrick House, Jubilee Road, Newtownards, BT23 4YH. 1.1 Accounting convention The financial statements have been prepared in accordance wilh the charity's Igoverning documentl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. {"FRS 102.) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 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 existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are re¢ognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otheise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. 11
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer e¢onomi¢ benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The ¢osts of each activity are made up of the total of dIrt ¢osts and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared Costs whi¢h contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases- Freehold land and buildings Plant and equipment Fixtures and fittings Computers 40A straight line 200A straight line 200/0 Straight line 20 % slraight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impainnont of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine 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). 1.8 Stocks Stocks are stated at the lower of cost and estimated selling price less Costs to complete and sell. Cost comprises direct materials and, where applicable, dire¢t labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 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. 12-
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other 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 Basi¢ 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 payments 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 initially at transaction price and subsequently measured at amortised cost using the effective interest melhod. Derecognition of flnanclal liabilities Financial liabilities are derecognised when the charty's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charity's a¢¢ounting 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 sour¢es. The estirnates 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 re¢ognised 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. 13-
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Charltable Charitable Income Incom8 2024 2023 Licence Fee Income Service Charges Seminar Room Hire Administration Services Enterprise Nl EEPIStart Up Loan Go For It Other Activities Accomodation Address Services 485.026 198,204 21,743 1,032 4,438 17,365 1,457 6,700 462,768 147,901 14,854 1,360 4.415 22.852 1,506 8,060 735,965 663,716 Analysis by fund Unrestricted funds Restricted funds 712,705 23,260 634,943 28,773 735,965 663,716 Other trading activities Unrestricted Unrestrlcted funds funds 2024 2023 The Handcrafted Gallery Other Income 18 2,857 55 2,875 55 14-
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Restricted Unrestricted 2024 2024 Totslunrestricted 2024 2023 Depreciation and impairment Provision of Workspace Ac¢omodation Support Costs 166.177 18,605 510,562 57,845 184,782 510,562 57,845 184,952 527,345 59,573 166,177 587,012 753,189 771,870 166,177 587,012 753,189 771,870 Analysis by fund Unrestricted funds Restricted funds 587,012 587,012 166,177 594,594 177,276 166,177 166,177 587,012 753,189 771,870 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(¢rediting): Depreciation of owned tangible fixed assets 184.782 184,952 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number 15-
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Taxation The charity is exempt from taxation on ils a¢tivities because all its income is applied for charitable purposes. 10 Tangible fixed assets Freghold land and buildings Plant and Fixtures and oquipment fittings Computers Total Cost At 1 April 2023 Additions Disposals Transfers 5,823,372 17,715 67,149 (7,394) 68,595 100,642 18,567 (5,458) (9,883) 79,378 6,021,107 885 86,601 {1,308) {14,160) (58.712) At 31 March 2024 5,823,372 146,065 103,868 20.243 6,093,548 Depreciation and impairment At 1 April 2023 Depre¢iation charged in the year Eliminated in respect of disposals Transfers 3,990,451 159,063 1.181 13,296 {6,451) 50,662 82,271 9,494 (5,228) (13,168) 51,308 4,125,211 2,929 184,782 (1,042) (12,721) (37,494) At 31 March 2024 4,149,514 58,688 73,369 15,701 4,297,272 Carrying amount At 31 March 2024 1,673,858 87,377 30,499 4,542 1,796,276 At 31 March 2023 1,832,921 16,534 18.371 28,070 1.895,896 11 Stocks 2024 2023 Finished goods and goods for resale 1,054 1,074 12 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 7,982 7,621 14,796 3,737 15,603 18,533 16-
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Loans and overdrafts 2024 2023 Bank loans 419,047 578,342 Payable within one year Payable after one year 99,060 319,987 99,060 479,282 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 nine11.039) hectares. There is also a registered charge with the International Fund for Ireland but this has been satisfied. 14 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans other taxation and social security Trade creditors Other creditors Accruals and deferred income 13 99,060 20,216 27,758 37,473 22,077 99,060 22,554 9.724 37.869 38,960 206,584 208,167 15 Creditors: amounts falling due after more than one year 2024 2023 Notss Bank loans 13 319,987 479,282 16 Retirement benefit schemes Defined contribution schemes The charity operates a defined contrtbution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £8,124 (2023.. £8,388). 17-
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April 2023 Incoming resources Resources 8xpended Transfers At 31 March 2024 All restricted funds 378,851 23,260 {166,177) (6,670) 229,264 Previous year: At 1 Aprfl 2022 Incoming resources Resources expended TransfeTS At 31 March 2023 All restricted funds 517,871 28,773 (177,276} 9,483 378,851 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specifi¢ conditions by donors and grantors as to how they may be used. These include designated fvnds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 All unrestricted funds 1,029,920 715,580 (587,012) 6,670 1,165,158 Previous year: At 1 April 2022 Incoming resour¢e$ Resources expended Transfers At 31 March 2023 General funds 998.999 634,998 {594,594} (9.483) 1,029,920 19 Analysis of net assets b8tW88n funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current as5etsl(liabilities) Long term liabilities 1,567,012 (81,867) (319,987) 229,264 1,796,276 (81,867) (319,987) 1,165,158 229,264 1,394,422 18-
ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysis of net assets between funds (Continued) Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Current assetsl(liabilities) Long term liabilities 1,517,045 (7,843) (479,282) 378,851 1,895,896 (7,843) (479,282) 1,029,920 378,851 1,408,771 20 Related party transactions There were no disclosable related paty transactions during 2024. 21 Cash generated from operations 2024 2023 Deficit for the year {14.349} (108,099) Adjustments for-. Depreciation and impairment of tangible fixed assets 184,782 184,952 Movements in working capital.. Decrease in stocks Decreasel(increase) in debtors (Decrease)lincrease in creditors (Decrease) in deferred income 20 2,930 (1,583) 35 (447) 6,985 (25,411) Cash genorated from operations 171,800 58.015 22 Analysis of changes in net (debt)Ifunds At 1 April 2023 Cash flowsAt 31 Mah 2024 Cash at bank and in hand 180,717 (72,657) 108,060 Loans falling due within one year Loans falling due after more than one year {99,060) {479,282) (99,060) {319,987) 159,295 (397,625) 86,638 {310,987) 19-