Charity registration number NIC102266
Company registration number N1025633 (Northern Ireland)
NORTH CITY BUSINESS CENTRE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

NORTH CITY BUSINESS CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
D Williamson
D Deazley
P Carlin
B Robinson
l M¢Avoy
D Morrow
H Coghlan
(Appointed 19 December
2022)
Secretary
D Deazley
Charity number
NIC102266
Company number
N1025633
Register8d offjce
2 Duncairn Gardens
Belfast
BT15 2GG
Auditor
Miscampbell & Co
6 Annadale Avenue
Belfast
BT7 3JH

NORTH CITY BUSINESS CENTRE
CONTENTS
Page
Trustees, report
Independent auditor's report
9-11
Statement of financial activities
12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15-25

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report and financial statements for the year ended 31 March 2023.
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 governing document, the Companies Act 2006 and "Accounting
and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)" (effective 1 January 2019).
Objectives and activities
a. Objects
The objects of the company shall be the promotion for the public benefit of urban regeneration in North Belfast (the
"area of benefit"), being an area of social and economic deprivation, by all or any of the following means..
The relief of poverty in such ways as may be thought fit.,
The relief of unemployment in such ways as may be thought fit, including assistance to find employment.,
The advancement of education, training or retraining, particularly among unemployed people. and providing
unemployed people with work experience-
The provision of financial assistance, technical assistance or business advice or consultancy in order to
provide training and employment opportunities for unemployed people in cases of financial or other
charitable need through help; (i) in setting up their own business, or (ii) to existing businesses.,
The creation of training and employment opportunities by the provision of workspace, buildings andlor land
for use on favourable terms.
b. Vision, mission, values, aims, objectives and strategies
North City Business Centre's vision is to play a key role in developing a North Belfast-
Which is vibrant and thriving with a sustainable mix of businesses.,
Where there are good employment opportunities, little unemployment, well skilled residents and a ￿nfIdent
attitude for the future..
With an attractive physical environment where people want to live and work.,
Where there is respect for other traditions and is free of sectarian interfaces.
The mission for North City Business Centre is to play the key if not the lead role in meeting North Belfast's needs by
working individually and in partnership with olhers to address enterprise creation and development. skills for
employment and as a catalyst for economic regeneration.
NCBC'S values are..
Service - Our services will be accessible and confidential to all who require them.,
Diversity - We embrace and celebrate diversity and encourage others to do so..
Respect - We treat people with respect and dignity and demonstrate our commitment to the highest
professional standard5-,
Teamwork We foster teamwork, fun, enthusiasm and a passion for enterprise development. We
collaborate innovatively for the benefit of our North Belfast clients and stakeholders;
Courage We take appropriate risks, embrace creativity and innovation, strive for excellence and aim to
achieve more.
Leadership - We support and empower staff, clients, customers and stakeholders to be entrepreneurial, to
take the initiative and make decisions that are beneficial for the ¢ommunity and the economic development
of North Belfast.
The aim of NCBC is the relief of poverty in North Belfast through the creation of self-employment opportunities and
to support small business to grow and create employment.

NORTH CITY BUSINESS CENTRE
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
NCBC key objectives are to:
Develop new workspace and attract business to locate in North Belfast.
Support Business.,
Grow onsiteloffsite businesses.,
Encourage inward investment to North Belfast for employment.
The strategies adopted by NCBC are incorporated in a new three year strategic plan 2020 - 2023. This plan is
reviewed regularly by the Trustees and focuses on ensuring NCBC achieves the stated objectives and meets the
public benefit requirements.
c. Principal activity and business review
The Charity is the Local Enterprise Agency for North Belfast, with approximately 45,000 sq. ft. of accommodation
available for new and established SMES and not-for-profit organisations in North Belfast. Any business or
organisation located in the Business Centre benefits from easy inleasy out licence agreements and a range of
¢entralised business support services and guidance. In addition to propety management the Charity provides
enterprise awareness programmes. business start-up training, business advice and guidance and employment
support for anyone from North Belfast considering setting up a business, developing their business or exploring self-
employment as an employment option.
With sound financial and services management, the Charity ensures that the Business Centre is maintained to a
high standard. In spite of difficult market conditions in the last few years and in particular the impact of COVID-19
and the cost of living crisis, NCBC'S propety rental income and occupancy rates have continued to perform well
under the circumstances. The pandemic however has continued to have a significant impact on income received
from the hire of COnfe￿nCe, training and meeting room facilities in 2022123. Principal funding for the Charity is
derived from rental income from the business units and additional income is received through procurement of
seNice delivery contracts, mainly in partnership with Belfast City Council, Enterprise Nl, Belfast Local Enterprise
Agencies and the Department for Communities {DfC).
Achievements and performance
Following the production of a revised Strategic Plan for the period 202012023 the company continued to deliver
services within the context of its primary operations, as set out in the Plan, namely, property management and
development and programme delivery for pre-start up and start-up businesses.
a. Stratsgic Plan 2020-2023
The Trustees met in June 2022 to review the performance ofthe Strategic Plan
The needs of NCBC'S businesses, clients and the wider North Belfast business community will continue to be
central to our business and will influence the development and delivery of our services during this period. Although
we recognise there will be many challenges ahead, we are confident that we have the skills and ¢apacity to meet
these challenges.
The Trustees reiterated the company's commitment to providing positive change by working closely with a range of
private, publi¢ and voluntary and community organisations and add value through partnership working. We will
develop our organisational capacity to underpin delivery and will measure our outputs and outcomes to demonstrate
our efficiency and effectiveness in delivering improved outcomes for Customers and clients. Through this plan we
will continue to contribute to strengthening both the physi¢al and technical infrastructure for the business community
in North Belfast as well as contributing to community cohesion and renewal in the area as a result of our
regeneration activities.
To achieve our vision NCBC reviewed its high level strategic aims supported by key strategic objectives. These set
our direction and provide focus for our work throughout the period of the Plan. An annual operational plan describes
the activities that will be undertaken to achieve these objectives and the key performance indicators which will be
used to measure success against our objectives. These revised strategi¢ aims are as follows..

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Strategi¢ Aim 1 Development of New Workspace and Attract Business to Locate in North Belfast
Develop and Deliver Phase 4 Capital Build Workspace and Potential Adam Street Development Site and be
a Magnet for Businesses Locating to North Belfast.,
Strategic Aim 2 - Supporting Business - Support and Develop Enterprise and Entrepreneurship at the Pre-
Start. Start-up and Growth Stages.,
Strategic Aim 3 - Growing On-SitelOff-Site Businesses - Support, Develop and Grow Businesses in North
Belfast.,
Strategic Aim 4 - Encouraging Inward Investment for Employment - Be a Catalyst for the Promotion of
Business Investment in North Belfast.
b. Property
NCBC renewed its efforts to develop 32,000 square feet of new business space on its existing site following the
granting of planning permission five years ago. This 'Phase 4, development will facilitate both greater numbers of
small business start-ups, social enterprises and support ongoing training and enterprise advice work which will
increase business enterprise capacity in North Belfast, provide economic development and physical regeneration
for communily benefit and enhance the future sustainability of the organisation. Towards the end of 2022 NCBC
submitted a renewal of its planning application to Belfast City Council to take this project forward.
Durrng the past year NCBC achieved a 980kn average oGGupanGy rate which increased from a 950A occupancy rate
in the previous financial year.
In 2022 following a site property survey undertaken by Aviva, NCBC'S insurers, a risk improvement report was
produced and the recommendations contsined in the report were implemented by the company.
. Programmes
NCBC continued to maintain and expand its enterprise programme delivery during the past financial year. This was
achieved by maintaining a range of partnerships and continuing to build a team of associate business advisers to
increase the range of programme delivery activity offered by the Charity. These activities, most of which have been
delivered virtually since the pandemic, included the delivery of the Northern Ireland 'Go For It, business stsrt-up
programme. facilitating access to Start-up Loans. and the delivery ofthe Belfast City Council Kick Start Programme.
NCBC also continued to manage and deliver the Belfast City Council Pathway to Enterprise Programme (PEP) and
the final third iteration of the programme was concluded at the end of February 2023. NCBC was first commissioned
by Belfast City Council in association with the Department for Communities to deliver the PEPS which were focused
on supporting the economically inactivellong term unemployed who may face particular barriers in becoming self-
employedlstarting a business and were unable to access mainstream enterprise support programmes without
additional support.
During the 2022123 financial year over 25 clients were supported by this programme which also provided access to
incentives for participating businesses.to assist them with the start of their enterprise journey.
As a member of the Local Enterprise Agencies ne￿Ork NCBC continued to deliver the Northem Ireland 'Go For It,
business start-up programme which delivers the programme on a Nl wide basis with Enterprise Nl as the lead
contractor for this service.
NCBC was also one of the Local Enterprise Agencies in Belfast which delivered the Belfast City Council Kick Start
Programme, which provides intensive mentoring support to businesses which have Gompleted the 'Go For It,
Programme or who have been trading no less than six months and up to Iwo years. This service aimed to increase
the survival rates of new start businesses in the City and also provided access to incentives for participating
businesses. The programme concluded at the end of 2022.

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
d. Quality Developments
ISO 9001 Audit
A recertification quality management audit was undertaken by the NQA in March 2023, the results of which were
very positive.
e. Community Partnerships and Networks
NCBC continues to proactively engage with the North Belfast community and is an active supporter of the Antrim
Road Business Association. The Charity also hosts North Belfast Hour on Twitter which provides a forum for
business and Gommunity ne￿orkIng on a weekly basis in the area. The Charity has extended its activities across a
range of social media plafforms and also engaged extensively and positively with local community and political
stakeholders as well as with Belfast City Council and Government Departments and continues to strengthen its
strategic focus through membership of enterprise and third sector umbrella organisations.
At the end of 20221early 2023, NCBC commenced engagement with the North Belfast Area Learning Community
(NBALC) to explore how the company might contribute to entrepreneurship edu¢ation in local schools and in a
community education context in North Belfast. NBALC is made up of 11 post primary schools, and also includes
Belfast Metropolitan College. Whilst the community recognises the autonomy and ethos of the individual schools,
the member schools and BMC work in partnership to implement a curriculum that will better meet the needs of
pupils. Being a member of NBALC allows pupils to access a wider ¢hoice of academic, applied and vocational
courses.
Financial review
Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the
going concern basis in preparing the financial statements. Further details regarding the adoption of the going
concern Can be found in the accounting policies.
b. Reserves Policy
The Board of Trustees has in place a policy on cash reserves and aims to build these to £2 million to provide for
working capital requirements, to ￿nd unforeseen events such as emergency repairs to buildings and to build a fund
to support potential future capital proje¢ts in the area in line with strategic growth plans. Under the memorandum
and articles of association any monies requiring investing can be invested at the discretion of the Trustees.
The Trustees also seek to ensure that the overall general reserves fund is maintained every year by at least
generating a break-even position on our income and expenditure during that year, while maintaining capacity to
deliver relevant local enterprise training and advice services. Transfers from the designated fund to the general
reserve is approved by the Trustees in accordance with the purpose of the fund, which is to support programme
activity
c. Principal funding sources
The principal funding source for NCBC is rental income. Expenditure in the year has been applied directly to
supporting the key activities of NCBC, including maintaining a high standard of services and support programmes.

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
d. Investments
NCBC has an investment property which Could be developed as an enterprise site in the future. This property
produces a return which is much greater than the return that would have been received from bank deposits. The
investment is deemed low risk and has a secure tenant with quarterly rental payments payable in advance. As well
as generating regular and secure income, it is localed Close to the main site in North Belfast, therefore providing
NCBC with a strategic site for any future developments.
In line with the strategi¢ focus of the company to support potential ftjture capitsl projects inclLKJing the Phase 4
development, the Trustees have invested funds in a Brewin Dolphin income and capital growth fund. This
investment performance is monitored and reviewed by the Trustees on a regular basis.
The Trustees believe the Current value attributed to the investment property is not materially different from the last
valuation, and find no need to seek an updated valuation. The need for revaluation is kept under regular review.
e. Financial
The Net Current Assets at 31st March 2023 were £310,274 with designated funds amounting to £1,922,263
reflecting an underlying unrestricted funds reserve of £2,645,736.
As noted in the reserves policy above. the Board seeks to maintain ¢ontingency reserves to cover unforeseen
expenditure and to support the development of new capital projects. The Board also considers that there should be
sufficient cash to meet at least 6 months foreseen operating costs.
The Board regularly reviews the amount of reserves Ihat are required to ensure that they are adequate to fulfil the
Company's ¢ontinuing obligations.
f. Risk policy
The Trustees who served during the year have undertaken an analysis of the work of the charity, identified the major
risks to which the charity is exposed and are satisfied that all appropriate policies, practices and procedures are in
place to mitigate those rrsks.
Plans for futu￿ periods
2022123 witnessed the review and development of NCBC'S current strategic plan as the company navigates a way
fO￿ard following the significant changes in our operating environment and the impact of the COVID 19 pandemic
and the ¢ost of living crisis.
NCBC has continued to develop its capacity over the past few years to enhance the delivery of business start-up
programmes with a particular focus on the delivery of the Pathway to Enterprise Programmes (PEPS) in the Belfast
City Council area. It is anticipated that this level of activity will continue and the Charity will develop and undertake
new programmes both independently and with central and local Government during the next financial year.
In February 2023 following the issue of a Pre-Qualification Questionnaire, NCBC was appointed by Belfast City
Council to its Dynamic Purchasing System {DPS) for Enterprise and Business Growth (EBG) for the following sub-
categories, Slart a Business Activity, Underrepresented Groups and Place Based Interventions.
In the coming years NCBC'S proposed 'Phase 4, development will also facilitate both greater number5 of small
business start-ups and financially support ongoing training and enterprise advice and development work as well as
enhanGing community capacity and regeneration in the area.
The Trustees consider that the development of additional enterprise space can be transformational within an
economic development context for North Belfast and can help NCBC maximise community benefit and ensure the
provision of relevant advice and support mechanisms for businesses in North Belfast.

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
NCBC has been a catalyst for economic renewal in North Belfast and the Board and staff will continue to work with
various stakeholders and influencers in the statutory, public and voluntarylcommunity sectors to identify
opportunities to make a positive contribution to continuing economic renewal and regeneration in North Belfast.
NCBC is in a strong financial posltion with regular income, generates surplus funds and has suffiaent cash reserves
to continue operations for the foreseeable future.
Structurep governance and management
a. Constitution
The company is constituted under a Memorandum and Articles ofAssociation dated 12th June 1991. The company
registration number is N1025633, and is registered with the Charity Commission Nl, number NIC102266.
North City Business Centre (NCBC} is the Local Enterprise Agency for North Belfast. The area covers the North
Belfast parliamentary constituency which means that our support is provided in North Belfast and some parts of the
Antrim and Newtownabbey Borough council area. We provide business start-up advice and guidance for people
thinking about starting a business. We undertake outreach in ¢ommunity areas throughout North Belfast to a diverse
range of community organisations such as Neighbourhood Renewal Partnerships, local community groups of all
kinds to encourage individuals to Consider self-employment as an employment option and to encourage people to
onsider any type of economic activity at an individual or Community level through a social enterprise.
b. Directors and Trustees
The Directors of the charitable company (the Charity) are its Trustees for the purpose of charity law and throughout
this report are collectively referred to as the Trustees. The members of the Board during the year are listed on Page
1 together with the Chief Executive Officer and the names and addresses of organisations or persons providing
banking or professional advice to the charity. In accordance with the Articles of Association one third of Trustees are
required to retire each year. If the number is not a multiplier of 3, then the number nearest one-third shall retire.
No Trustee had at any time during the year a material interest in any contract that was significant in relation to the
Charity's business. Trustees are given the opportunity to declare a conftict of interest at each Board meeting should
this situation arise. During the year, no conflicts were declared by the Trustees.
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 ststements were..
D Williamson
D Deazley
O Magill
P Carlin
B Robinson
l McAvoy
D Morrow
R Manning
H Coghlan
(Resigned 16 September 2022)
(Resigned 15 May 2023)
(Appointed 19 December 2022)

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
c. Method of appointment or election of trustees
NCBC has an open recruitment policy for new Trustees and pla¢es an open advertisement, followed by an interview
and selection process. Due to the nature of the business, Trustees are appointed on the basis of their expertise
divided into eleven main categories.. strategi¢ planning, governance, property management, economi¢ development.
community knowledge, financial expertise, human resource capability, legal, marketing, digital technology and
fundraising expertise. The Board is reviewed annually to ensure that the appropriate mix of skills is mainlained and
to identify if any further skills are required to ensure that the Charity can continue to focus on its core work as a local
enterprise and business support agency. Sadly, one of our long standing Trustees, Mr Oliver Magill, died during the
year and one new Trustee, Ms Hannah Coghlan, was appointed during this financial year. 11 is anticipated that
additional Trustees will be appointed during 2023124 to fill skills gaps and diversify the Board's membership.
d. Policies and Procedures adopted for the Induction and training of Trustees
The Trustees have approved a formal policy for the induction and training of Trustees. Trustees a re familiar with the
practical work of the Charity and are encouraged lo attend charitable membership awareness events, governance
training and seminars. New Trustees are provided with a structured induction programme within one month of their
appointment. Ongoing training and development is provided to Trustees as the need arises.
Organisational structure and decision making
NCBC is a registered charity and a company limited by guarantee and was established in June 1991. It is governed
by a memorandum and articles of association and is structured to ensure that our Trustees are able to access
appropriate management information as required. Our structure also ensures clear management responsibility and
accountability. Trustees set the strategic direction of the charity and take responsibility for governance of all
activities and operations and delegate authority to the Chief Executive Officer who is responsible for the executive
leadership of the company.
f. Related Parties
The Charity is a member of Enterprise Nl, the Local Enterprise Agency ne￿Ork for Nl, and collaborates with other
Local Enterprise Agencies, in particular within the Belfast City Council area, to stimulate and support enterprise
within the city of Belfast and across Nl. NCBC continues to work Closely with Belfast City Council to explore and
address micro and small business development needs and is committed to contributing to the Belfast Agenda, the
City's Community Plan.
g. Risk management objectives and policies
The Trustees have reviewed the major risks that NCBC is exposed to and have a risk management strategy, which
¢omprises-
A risk management policy
An annual review of risks to the Charity included in the risk register
Systems and procedures to mitigate risks identified
Implementation of procedures to ensure minimum impact on the Charity should any of the risks materialise

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Statement of Trustees, responsibilities
The Trustees, who are also the directors of North City Business Centre for the purpose of company law, are
responsible for preparing the Trustees, Report and the financial statements in a¢¢ordan¢e with applicable law and
United Kingdom A¢¢ounting Stsndards (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 charrty 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 a¢¢ounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent., and
prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charity
will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the charity and enable them to ensure that the financial statemen ts 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
In accordance with the company's articles, a resolution proposing that Miscampbell & Co be reappointed as auditor
of the company will be put at a General Meeting.
The Trustee
report was
proved by the Board of Trustees.
D William
Trustee
on
25 September 2023

NORTH CITY BUSINESS CENTRE
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF NORTH CITY BUSINESS CENTRE
Opinion
We have audited the financial statements of North City Business Centre (the '¢harity') for the year ended 31 March
2023 which comprise the statement of financial activities, the balan￿ sheet, the statement of cash flows and notes
to the financial statements, including significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting standa￿ applicable in the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its
incoming resources and application of resources, 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 (UKI) and applicable
law. Qur responsibilities under those standards are further described in the Auditors 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 Trustees, use of the going concem 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
Goncern 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 concern are described in the
relevant sections of this report.
Other inft>rmation
The other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual
report. Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon. Our responsibility is to read the other information and, in doing $0, consider
whether the other information 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
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on vthich wo 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.

NORTH CITY BUSINESS CENTRE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF NORTH CITY BUSINESS CENTRE
Responsibilities of Trustees
As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the
charity for the purpose ot 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, dis¢losing, as applicable, matters related to going concern and using the going
concem 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 ststements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in a¢¢ordance with the
Act and relevant regulations made or having effect thereunder.
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 auditorfs report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
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 communicates its policies 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 understanding our audit procedures were designed to identify non-compliance with such laws
and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https-11
www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditorfs report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with the Companies A¢t 2006. 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 a body, for our audit
work, for this report, or for the opinions we have formed.
10-

NORTH CITY BUSINESS CENTRE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF NORTH CITY BUSINESS CENTRE
Jonathan R Bethel (Senior Statutory Audltor}
for and on behalf of Miscampbell & Co
25 September 2023
Chartered Accountsnts
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 ¢ompany under section 1212 of the Companies Act 2006.
11

NORTH CITY BUSINESS CENTRE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
Unrestricted Unrestricted
funds
funds
2023
2022
Notes
me and endowments from:
Donations and legacies
Charitable activities
Investments
Other income
5,421
651,102
119,495
5,800
7,600
662,594
112,154
Totsl income
781,818
782,348
enditure on:
Charitable activities
610,057
533,194
Net gainsl(losses) on investments
11
{145,234}
53,025
Net movement in funds
26,527
302,179
Fund balances at 1 April 2022
4,541,472
4,239,293
Fund balances at 31 MarGh 2023
4,567,999
4,541,472
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the CompaniesAct 2006.
12-

NORTH CITY BUSINESS CENTRE
BALANCE SHEET
AS AT 31 MARCH 2023
2023
2022
Notes
Fixed assets
Tangible assets
Investment propety
Investments
12
13
14
1,452,443
922,066
1,883,216
1,520,885
922,066
1,911,837
4,257,725
4,354,788
Current assets
Deblors
Cash at bank and in hand
16
29,325
370,684
54,599
296,047
400,009
350,646
Creditors: amounts falling due within
one year
17
(89,735)
{163,962)
Net current assets
310.274
186,684
Total assets less current liabilities
4,567,999
4,541.472
Income funds
restricted funds
Designated funds
General unrestricted funds
18
1,922,263
2.645,736
1,950.884
2,590,588
4,567,999
4,541,472
4,567,999
4,541,472
The company is entitled to the exemption from the audit requirement contsined in section 477 of the Companies Act
2006, for the year ended 31 March 2023, although an audit has been carried out under section 144 of the Charities
Act2011.
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.
The members have not required the company to obtain an audit of its financial statements under the requirements
of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject
to the small companies regime.
The financial sta
nts were
proved by the Trustees on 25 September 2023
D Williamson
Trustee
Company registratlon number N1025633
13-

NORTH CITY BUSINESS CENTRE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
Notes
Cash flows from operating activities
Cash generated from operations
21
86,824
206,464
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Purchase of investments
Investment income received
(18,043)
(14,279)
2,974
{116,613)
119,495
(291,637)
112,154
Net cash used in investing activities
(12,187)
(193,762)
Net cash used in financing activities
Net increase in cash and cash equivalents
74,637
12.702
Cash and cash equivalents at beginning of year
296,047
283,345
Cash and cash equivalents at end of year
370,684
296.047
14-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies
Charity information
North City Business Centre is a private company limited by guarantee incorporated in Northem Ireland. The
registered office is 2 Duncairn Gardens, Belfast, BT15 2GG.
1.1 Accounting convention
The financial statements have been prepared in accordance with 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 ¢harity 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 ¢ost Convention unless othemise stated in
the relevant accounting policy. The principal a¢¢ounting 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 ¢ontinue in operational existen￿ for the foreseeable future. Thus the Trustees
continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitsble 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 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 re¢ognised 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 lax 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 otherwise 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 legaGy 15 treated as a
contingent asset.
15-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or Constructive obligation to transfer economic benefil 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 costs of each activity are made up of the total of dIr￿t costs 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 which 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
Improvement to premises
Fixtures and fittings
20A straight line
1 OOA slraighl line
25 % straight 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 Investment prop8rty
Investment property, which is property held to earn rentals andlor for capital appreciation, is initially
recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently
it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in
profit or loss.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding Iransaction costs, and are
subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net
incomel(expenditure) for the year. Transaction costs are expensed as incurred.
1.9 Impaim)ent 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).
1.10 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 Ihree months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
16-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies
{Continued)
1.11 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
Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the p￿sent
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 Greditors are recognised initially at
transaction price and subsequently 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.
1.12 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.
1.13 R8tirem8nt beneflts
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
17-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Critical accounting estimates and Judgements
In the application of the ¢harity's accounting policies, the Trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experien￿ and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assLrmptions are reviewed on an ongoing basis. Revisions to accounling
estimates are recognised in the period in which the estimate is revised where the revision affe¢ts only that
period, or in the period of the revision and future periods where the revision affects both current and fvture
periods.
Donations and legacies
Unrestricted Unrestricted
funds
funds
2023
2022
Government grants
5,421
7,600
Charitable activities
Unrestricted Unrestricted
funds
funds
2023
2022
Centre income
Programme income
526,028
125,074
515,397
147,197
651,102
662,594
Investments
Unrestricted Unrestricted
funds
funds
2023
2022
Rental income
Income from listed investments
Interest receivable
86,500
31,920
1,075
86,500
25,616
38
119,495
112,154
18-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Other income
Unr8Stricted
funds
Total
2023
2022
Other income
5,800
Charitable activities
Centre Programme
income
income
2023
Total
2023
Centre Programme
income
income
2022
Total
2022
2023
2022
staff costs
Depreciation and
impairment
Staff training
Rates and water rates
Insurance
Heat and light
Cleaning
Repairs and
maintenance
Printing, postage and
stationary
Advertising
Telephone
Motor and travel
Catering
Bank charges
Subscriptions
Donations
Professional fees
Jolly Rodger
management ¢osts
Loss on disposal
Programme expenditure
Computer costs
Adam street expense
205,785
205,785
193,143
193,143
83,511
1,055
6,474
11.140
27,899
11,696
83,511
1,055
6,474
11.140
27.899
11,696
82,510
82,510
3,803
11,283
3,267
7,603
3,803
11,283
3,267
7,603
53,639
53,639
49,724
49,724
524
2,458
13.197
217
2,108
500
524
2,458
13,197
217
2,108
500
7,018
500
5,366
769
1,566
12,028
769
1,566
12,028
1,451
540
1,451
540
2,228
7,018
2,228
500
5,366
5,356
5,356
13,727
2,974
13,727
2,974
83,633
7,944
25,607
23,219
23,219
83,633
116,179
116,179
5,080
7.944
25.607
5,080
476,321
90,651
566,972
401,342
118,407
519,749
Share of governance
costs (see note 8)
43,085
43,085
13,445
13.445
519,406
90,651
610,057
414,787
118,407
533,194
19-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Support costs
Support Governance
Costs
costs
2023
2022
Audit fees
Legal and professional
Investment management fee
Insurance
3,700
24,078
15,307
3,700
24,078
15,307
2,650
4,410
5,348
1,037
43,085
43,085
13,445
Analysed between
Charitable activities
43,085
43,085
13,445
Governance costs includes payments to the auditors of £3,700 (2022- £2,650) for audit fees.
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits frcm the
charity during the year.
10 Employees
The average monthly number of employees during the yearwas:
2023
Number
2022
Number
Employment costs
2023
2022
Wages and salaries
Social security costs
Other pension costs
186,469
14,545
4,771
173,464
14,154
5,525
205,785
193,143
The number of employees whose annual remuneration was more than £60,000
is as follows..
2023
Number
2022
Number
£60,001 to £70,000
-20-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Net gainsl(losses) on investments
Unrestricted Unrestrict8d
funds
funds
2023
2022
Revaluation of investments
(145,234)
53,025
12 Tangible fixed assets
Freehold land Improvement Fixtures and
and buildings
to premises
rittings
Total
Cost
At 1 April 2022
Additions
Disposals
2,649,978
427,520
10,992
124,078
7.051
3,201,576
18,043
(3,035)
(3,035)
At 31 March 2023
2,646,943
438,512
131,129
3,216,584
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
1,234,400
52,939
(61)
327,364
26,476
118,927
4,096
1,680,691
83,511
{61)
At 31 March 2023
1,287,278
353,840
123,023
1,764,141
Carrying amount
At 31 March 2023
1,359,665
84,672
8,106
1,452,443
At 31 March 2022
1,415,578
100,156
5,151
1,520,885
13 Investment property
2023
Fair value
At 1 April 2022 and 31 March 2023
922,066
The valuations were made by the Trustees, on an open market value for existing use basis.
21

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14 Fixed asset investments
Listed
investments
Cost or valuation
At 1 April 2022
Addition5
Valuation changes
1,911,837
116,613
(145,234)
At 31 March 2023
1,883,216
Carrying amount
At 31 March 2023
1,883,216
At 31 March 2022
1,911,837
The book cost of investments at 31st March 2023 was £1,810,759
UK investments £891,268
Overseas investments £919,491
The market value of investments at 31st March 2023 was £1,883,216
UK investments £893,051
Overseas investments £990,165
15 Financial instruments
2023
2022
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
370,684
296,047
Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
16 Debtors
2023
2022
Amounts falllng due within on8 year:
Trade debtors
Prepayments and accrued income
15,589
13,736
16,216
38,383
29,325
54,599
-22-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
17 Creditors: amounts falling due within one year
2023
2022
Other taxation and social securty
Payments received on account
Trade creditors
other creditors
Accruals and deferred income
24,326
21,973
15.303
26,949
78,071
21,666
1,287
46,030
18,092
89,735
163,962
Ulster Bank Limited have registered a fixed and floating charge on 0811111993 against North City Business
Centre.
23-

c ¢*)r

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19 Analysis of net assets between funds
Unrestricted Unrestricted
funds
funds
2023
2022
Fund balances at 31 March 2023 are represented by:
Tangible assets
Investment properties
Investments
Current assetsl(liabilities)
1,452,443
922,066
1,883,216
310,274
1.520,885
922,066
1,911,837
186,684
4,567,999
4,541,472
20 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
21 Cash generat8d from operations
2023
2022
Surplus for the year
26,527
302,179
Adjustments for-
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
(119,495)
145.234
83,511
(112,154)
(53,025)
82,510
Movements in working capital:
Decrease in debtors
(Decrease) in ¢reditors
25,274
(74,227)
96.227
{109,273)
Cash generated from operations
86,824
206,464
-25-