Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes Income and endowments from: Grants Receivable Charilable activities Other trading activities Interest Receivable Other Grants Receivable 59,879 5,200 59,879 764,073 3,551 1,422 21,803 1,457 21,803 714,162 2,875 758,873 3,551 1,422 712,705 2,875 800 800 Total income 763,846 65,879 829,725 715,580 23,260 738,840 Expenditure on: Charilable activilies 758,764 161,514 920,278 587,012 166,177 753,189 Total expenditure 758,764 161,514 920,278 587,012 166,177 753,189 Net incomel{expenditure) 5,082 {95,635) {90,553) 128,568 (142,917) {14,349) Transfers beeen funds 6,670 16,670) Net rnovement in funds 5,082 (95,635) {90,553) 135,238 (149,587) {14,349) Reconciliation of funds: Fund balances at 1 April 2024 1.165,158 229,264 1.394,422 1.029,920 378,851 1,408,771 Fund balances at 31 March 2025 1.170,240 133,629 1.303,869 1,165,158 229,264 1.394,422 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 13 1.648,322 1.796,276 Current assets Stocks Debtors Cash at bank and in hand 14 15 1,051 38.109 115,696 1,054 15.603 108,060 154,856 124,717 Creditors: amounts falling due within one year 17 (263.965) 1206,5841 Net current liabilities (109,109) {81,867) Total assets less current liabilities 1,539,213 1,714,409 Creditors: amounts falling due after more than one year 18 (235,344) {319,987) Net assets excluding pension liability 1,303,869 1,394,422 Net assets 1.303,869 1,394,422 The funds of the charity Restricted income funds Unrestricted funds 133,629 1,170,240 229,264 1,165,158 1.303,869 1,394,422
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The directors acknowledge their responsibilities for cornptying wtth the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. These financial statements have been prepared in accordan Vth the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on L M Mcclelland Chair D J Blevings Wice Chair Company registration number N1021680 (Northem Ireland) 10-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Cash generaled from operations 24 137,715 171,800 Investing activities Purchase of langible fixed assets Proceeds from disposal of tangible fixed assets Investment income received (47,8111 (86.6011 953 1.422 1.439 Net cash used in investing activities (45,436) {85,162) Financing activities Repayment of bank loans (84,643) (159,2951 Net cash used in financing activities {84,643) {159,295) Net increaselldecrease) in cash and ¢ash equivalents 7,636 {72,657) Cash and cash equivalents at beginning of year 108,060 180,717 Cash and cash equivalents at end of year 115,696 108,060 11
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity infonnation Ards Business Centre Limited is a private company limited by guarantee incorporaled in Northern Ireland. The registered office is Ards Business Hub, Sketrick House, Jubilee Road, Newiownards, BT23 4YH. 1.1 Accounting convention The financial slatemenls have been prepad in accordance with the charity's goveming document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Ihe Charilies SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is Ihe funclional currency of Ihe charity. Monetary amounts in these financial statements are rounded lo 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 finanal statements, the trustees have a reasonable expectalion Ihal the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial slatements. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specffic conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds a sel out in the noles lo the financial stalemenls. Endowment fijnds are subject to spectfic 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 perfomance condilions have been mel, the amounts can be measured reliably. and tt is probable that income will be reived. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless perfomiance conditions requi deferral of the amounl. Income tax recoverable in relation to donations received under Gift or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribulion, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent assel. 12-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefil lo a third paty, 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 costs of each activty are made up of the total of direct costs and shared cosls, including support cosls involved in undertaking each activity. Direct cosls attribulable to a single activity are allocated directty to that activity. Shared costs which contribute to more than one activty and support costs which are not attribulable to a single activty are apportioned belween those activities on a basis consistenl with the use of resources. Cenlral slaff costs are allocated on the basis of time spent, and depreciation charges are allocated on the porbon of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are iniiialty measured at cost and subsequenty measured at cost or valuation, net of depreualion and any impaimient 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 4% straight line 20°/0 Straight line 200/0 Straight line 20% straight line The gain or loss arising on the disposal of an asset is delemined 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 Impaimient of fixed assets At each reporting end date, the charity revIeV the carying amounts of its tangible assets to detemiine whether there is any indication Ihal those assets have suffered an impaimenl loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss (rf 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 malerials and. where applicable. direct labour costs and those overheads Ihal 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 estirnated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks. other shorl-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 13-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of tls financial instruments. Financial instruments are recognised in the charity's balan sheet when the charity becomes party io 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 regnised amounts and there is an inlention to settle on a net basis or lo realise the assel and settle the liability simullaneously. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, are initially measured at transaction price including Iransaction costs and are subsequentty carried al 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 fijture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, induding creditors and bank loans are Initial recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al 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 subsequentty 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 dassified as current liabilities if payment is due within one year or less. If not. Ihey are presented as non-Cunt liabilities. Trade credttors are recognised initially al transaction price and subsequentty measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entrfement is recognised in the period in which the employee's ServIS are received. Temiinalion benefits are recognised immedialely as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temiination benefits. Critical accounting estimates and judgements In the application of the charity's accounting poliues. the trustees are required to make judgements. estimates and assumptions about the carying amount of assets and liabiltties that are nol readily apparent from other sources. The estimates and assoualed assumptions are based on historical experience and other tsctors that are considered to be relevant. Actual result5 may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fvture periods where the revision affects both current and future periods. 14-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from grants receivable Restricted funds 2025 Restricted funds 2024 Grants 59,879 21,803 Grants Enterprise Nl EEPIStart Up Loan Business Start up support programmes 10,562 49,317 4,438 17,365 59,879 21,803 Charitable aclivities Charitable Charitable Income Income 2025 2024 Licence Fee Income Service Charges Seminar Room Hire Administration Services Other Activities Accomodation Address Services 497,069 210,600 40,803 4,102 5,200 6,299 485,026 198,204 21,743 1,032 1,457 6,700 764,073 714,162 Analysis by fund Unrestricted funds Restricted funds 758,873 5,200 712,705 1,457 764,073 714,162 15-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other trading activities Unrestricted Unrestricted funds funds 2025 2024 The Handcrafted Gallery Other Income 18 2.857 3,551 3,551 2,875 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 1,422 Other Grants Receivable Restricted funds 2025 Restricted funds 2024 LMP Grant 800 16-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities Restricted Unrestricted 2025 2025 Total 2025 Restricted Unrestricted 2024 2024 Totsl 2024 Direct costs Depreciation and impairmenl Provision of Workspace Accomodalion Support Costs 1.723 193,089 194,812 110,869 73,913 184,782 645,749 79,717 645,749 79,717 510,562 57,845 510,562 57,845 1,723 918,555 920,278 110,869 642,320 753,189 Analysis by fund Unrestricted funds Restricted funds 758,764 159,791 758,764 161,514 587,012 55,308 587,012 166,177 1,723 110,869 1.723 918,555 920,278 110,869 642,320 753,189 Net movement in funds 2025 2024 The net movement in funds is ststed after chargingl{crediting)= Fees payable for the audit of the charity's financial statements Deprecialion of owned langible fixed assets 194.812 184,782 10 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Employees The average monthly number of employees during the yearwas.. 2025 Number 2024 Number 11 The number of employees whose annual remuneration was more than £60,000 is as follows= 2025 Number 2024 Number 17-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Taxation The charity is exempt from tsxation on ils aclivities because all its income is applied for charitable purposes. 13 Tangible fixed assets FehOld land and buildings Plant and Fixtures and equipmenl frttings Compute Totsl Cost At 1 April 2024 Additions Disposals 5,823,372 146,C65 35,302 (2,937) 103,868 9,073 (4,034) 20,243 6,093,548 3,436 47,811 16,971) At 31 March 2025 5,823,372 178,430 108,907 23,679 6,134,388 Depreciation and irnpainnent At 1 April 2024 Deprecialion charged in the year Eliminated in respect of disposals 4,149,514 159,063 58,688 23,441 (2,937) 73,369 9,813 {3,081) 15,701 2,495 4,297,272 194,812 16,018) At 31 March 2025 4,308,577 79,192 80,101 18,196 4,486,066 Carrying amount At 31 March 2025 1,514,795 99,238 28,806 5,483 1,648,322 At 31 March 2024 1,673,858 87,377 30,499 4,542 1,796,276 14 Stocks 2025 2024 Finished goods and goods for resale 1.051 1,054 15 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Prepayments and accrued income 33.023 5,086 7,982 7,621 38,109 15,603 18-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Loans and overdrafts 2025 2024 Bank loans 334,404 419,047 Payable within one year Payable after one year 99,060 235,344 99,060 319,987 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 relaling to the land to the south of Jubilee road, Newtownards, and containing one decimal nought three nine (1.039) heclares. There is also a registered charge with the International Fund for Ireland but this has been satisfied. 17 Creditors: amounts falling due within one year 2025 2024 Notes Bank loans Other tsxation and social security Trade creditors (Xher creditors Accruals and deferred income 16 99.060 20,776 79.137 48,628 16.364 99,060 20,216 27,758 37,473 22,077 263.965 206,584 18 Creditors: amounts falling due after more than one year 2025 2024 Notes Bank loans 16 235.344 319,987 19 Retirement benefit schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independentty administered fund. The charge to profit or loss in respect of defined contribution schemes was £10.15712024= £8,124). 19-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specrfic conditions by donors as to how they may be used. At 1 April 2024 Incoming resources Resources expended Transfers At 31 March 2025 I reslricted funds 229,264 65,879 (161,514) 133,629 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 I restricted funds 378,851 23.260 (166,177) (6.6701 229,264 21 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balanS of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricled funds by the Iruslees for specific purposes. Al 1 April 2024 Incoming resources Resources expended Transfers At 31 March 2025 General funds 1,165,158 763,846 (758,764) 1,170,240 Previous year- At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 AJI unrestricted funds 1.029,920 715.580 (587,012) 6.670 1.165,158 22 Analysis of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Tangible assets Current assetsllliabilities) Long temi liabilities 1,514,693 (109,109) (235,344) 133,629 1,648,322 (109,109) {235,344) 1,170,240 133,629 1,303,869 -20-
Draft Financial Statements at 12 June 2025 at 16:35:28 ARDS BUSINESS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysis of net assets between funds (Continued) Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assels Current assetsllliabilities} Long temi liabilities 1,567,012 {81,8671 (319,987) 229,264 1,796,276 {81,867) {319,987) 1,165,158 229,264 1,394,422 23 Related party transactions There were no disclosable related party transactions during 2024. 24 Cash generated from operations 2025 2024 Deficil for the year {90,5531 {14,349) Adjustments for: Investment income recognised in statement of finanal activities Depreciation and impaimient of tangible fixed assets (1.4221 194,812 184,782 Movements in working capital: Decrease in stocks Ilncrease}Idecrease in debtors Increasel{decreasel in crediiors 20 2,930 (1.583) {22:5061 57.381 Cash generated from operations 137.715 171,800 25 Analysis of changes in net Idebt)Ifunds Al 1 April 2024 Cash flowsAt 31 March 2025 Cash at bank and in hand 108,060 7,636 115,696 Loans falling due within one year Loans falling due after more than one year {99,0601 (319,987) {99,0601 {235,344) 84,643 (310,987) 92,279 {218,708) 21