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 be￿een 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 the￿under.
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 nor￿compli8n¢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 othe￿ise 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 dIr￿t ¢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 be￿een 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 Ma￿h 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-