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 2024

NORTH CITY BUSINESS CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
D Williamson
D Deazley
P Carlin
B Robinson
l M¢Avoy
D Morrow
H Coghlan
K Darcy-smith
(Appointed 16 October 2023)
Secretary
D Deazley
Charity number
NIC102266
Company number
N1025633
Registered office
2 Duncaim 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
ststement 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 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 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
. 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
charitsble need through help,. (i) in setting up their own business. or (li) to existing businesses.,
The creation of training and employment opportunities by the provision of workspace, buildings an￿Or land
for use on favourable terms.
b. Vlsion, 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 confident
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 others to address enterprise creation and development, skills for
employment and as a catalyst for economic regeneration.
NCBC'S values are:
Service - Our servi¢es will be aGcessible and ¢onfidential 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 standards..
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. embra￿ 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 community and the economic development
of North Belfast.
The aim of NCBC is the relief of povety 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 2024
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 2023 - 2026. 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 organisalions in North Belfast. Any business or
organisation located in the Business Centre benefits from easy inleasy out licence agreements and a range of
centralised 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 selt-
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 the difficult operating environment over the past few years, NCBC'S property rental income
and occupancy rates have continued to perform well under the circumstances. The impact of the COVID-19
pandemic however has continued to have a significant impact on income received from the hire of conference,
training and meeting room facilities in 2023124. Principal funding for the Charity is derived from rental income from
the business units and additional income is received through pro¢urement of service delivery contracts. mainly in
partnership with Belfast City Council, Enterprise Nl, Belfast Local Enterprise Agencies and the Department for
Communities {DfC).
Achievements and perforniance
Following the production of a revised Strategi¢ Plan for the period 2023 - 2026 the company continued to deliver
services within the context of its primary operations, as set out in the Plan, namely, propety rnanagement and
development and programme delivery for pre-start up and start-up businesses.
a. Strategic Plan 2023-2026
Trustees met in June 2023 to review the performance of the last strategic Plan, 2020- 2023 and to prepare a new
Strategic Plan for the three year period 2023 - 2026.
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 ¢apa¢ity to meet
these challenges.
The Trustees reiterated the company's Commitment to providing positive change by working closely with a range of
private, public 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 outwmes 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 physical 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 fo¢us 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 indirAtors which will be
used to measure success against our objectives. These revised strategic aims are as follows..

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
strategic Aim 1- Development of New Workspace and Attract Businesses to Locate in 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 Businesse5 - 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 reviewed its 'Phase 4, capital development plan and given the impact of the COVltk19 pandemic and the
cost of living crisis which had led to a substantial increase in construction costs, resolved to develop and expand
commerciallbusiness workspace in the existing Business Centre through a revised smaller scale Phase 4 capital
development project to assist the growth of new and existing businesses. This new 'Phase 4.2. development will
also facilitate both greater numbers of small business start-ups, social enterprises and support ongoing Iraining and
enterprise advice work which will increase business enterprise capacity in North Belfast. Phase 4.2 will also provide
economic development opportunities and physical regeneration for Community benefit and enhance the future
sustsinability of the Charity.
NCBC also resolved to Continue to explore and develop commercial sites for demand-led light industrial and
business workspace where there is market failure, exploring multi-use solutions particularly in interface areas in
North Belfast.
During the past year in spite of the difficult operating environment, NCBC achieved a 98% average occupancy rate
in the Business Centre, the same occupancy rate as in the previous financial year.
Towards the end of 2023 NCBC commissioned Johnston Houston, building and construction consultants to
undertake a Planned Preventative Maintenance survey of the Business Centre. This report has set out a
programme of priorities for site maintenance and repairs activity to be undertaken by the company inlo the future.
c. 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
continued to be delivered virtually since the pandemic. included the delivery of the Northern Ireland 'Go For It,
business start-up programme which concluded at the end of September 2023 and the new Nl Enterprise Support
Service, Go Succeed, Engage and Foundation elements, which NCBC commenced delivery in December 2023.
NCBC also continued to facilitate access to Start-up Loans for new businesses and delivered a time limited project
be￿een May 2023 and September 2023. fvnded by Belfast City Council, to support clients who had previously
participated in the Pathway to Enterprise Programme {PEP) which NCBC had delivered between 2020 and 2023.

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
d. Quality Developments
ISO 9001 Audit
A recertification quality management audit was undertaken by the NQA in March 2024, the results of which were
very positive.
New Licence Agreement
In partnership with our professional advisers, a new and modernised licence agreement for businesses moving into
the Business Centre was developed during the course of the year.
e. Community Partnershlps and Networks
NCBC ¢ontinues to host North Belfast Hour on Twitter which provides a forum for business and community
networking on a weekly basis in the area. The Charity has extended its activities across a range of social media
platforms and also engaged extensively and positively with local Gommunity 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. A new company website was also developed and
launched in 2023124.
During the year NCBC continued to engage with the North Belfast Area Learning Community {NBALC) to explore
how the company might Gontribute to entrepreneurship education in local schools and in a ¢ommunity education
context in North Belfast. NBALC is made up of 11 post primary schools and Belfast Metropolitan College.
Financial review
a. Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the
going concern basis in preparing the financial ststements. Further details regarding the adoption of the going
concern can be found in the accounting policies.
b. Reserves Pollcy
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 fund unforeseen events such as emergency repairs to buildings and to build a fund
to support potential future capital projects 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 a¢cordan¢e 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 2024
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 located close to the main site in North Belfast, therefore providing
NCBC with a strategic site for any future developments.
In line with the strategic focus of the company to support potential future capital projects including the Phase 4.2
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.
Financial
The Net Current Assets at 31st March 2024 were £574,174 with designated funds amounting to £2,156,599
reflecting an underlying unrestricted funds reSe￿e of £2,834,475.
As noted in the reserves policy above, the Board seeks to maintain contingency resenies 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 that are required to ensure that they are adequate to fulfil the
company's continuing 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 risks.
Plans for future periods
2023124 saw the development and implementation of NCBC'S new three year strategic plan after the COVID - 19
pandemic and the cost of living crisis, with a reinvigorated focus on the development of new commercial workspace
and enterprise development and support initiatives, all within a context of promoting both economic and physical
regeneration in North Belfast and ensuring the sustainability of the Charity.
NCBC has continued to develop its capacity over a number of years to enhance the delivery of business start-up
programmes. It is anticipated that this level of activity will Gontinue, partiGularly in its role as a member of the Local
Enterprise Agencies network as the Charity continues to deliver the Northern Ireland Enterprise Support Service, Go
Succeed, with Enterprise Nl as the lead contractor for this service.
In the coming years NCBC'S proposed 'Phase 4.2. and other commercial workspace developments will also
facilitate both greater numbers of small business stsrt-ups and financially support ongoing training and enterprise
advice and development work as well as enhancing community capacity and regeneration in the area.
The Trustees consider that the development of additional enterprise space Gan 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.
NCBC has been a catalyst for economic renewal in North Belfast and the Board and staff will continue to work wilh
various stakeholders and influenGer5 in the statutory, public and voluntarylcommunity sectors to identify
opportunities to make a positive contribution to continuing economic renewal and regeneration in North Belfast.

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
NCBC is in a strong financial position with regular income, generates surplus funds and has 5uffiaent cash reserves
to Continue operations for the foreseeable future.
structu￿. 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 ¢overs the North
Belfast parliamentary constituency which means that our support is provided in North Belfast and some parts of the
Antrim and Newtownabbey Borough ¢oun¢il area. We provide business start-up advice and guidance for people
thinking about starting a business. We undertake outreach in community 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
Consider any type of eGonomi¢ 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 conflict of interest at ea¢h 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 statements were-
D Williamson
D Deazley
P Carlin
B Robinson
l McAvoy
D Morrow
R Manning
H Coghlan
K Darcy-smith
(Resigned 15 May 2023)
(Appointed 16 October 2023)

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
c. Method of appointment or election of trustees
NCBC has an open recruitment policy for new Trustees and places 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 ¢ategories.- slrategic planning, governance. property management, economic 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 Charily can continue to focus on its core work as a local
enterprise and business support agency. One new Trustee was appointed during this financial year and it is
anticipated that additional Trustees will be appointed during 2024125 to fill skills gaps and further 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 are familiar with the
practical work of the Charity and are encouraged to attend charitable membership awareness events, governance
training and seminars. New Trustees are provided with a stru¢tured 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 Trustees are able to access
appropriate management information as required. The 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 network 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 Gommitted 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 2024
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 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, in¢luding
the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to..
select suitable accounting 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 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 Trus
rep
rtwasa
roved by the Board of Trustees.
D Williamson
Trustee
16 September 2024

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 'charity') for the year ended 31 March
2024 which comprise the statement of financial activities, the balance 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 Ac¢ounting 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 application of resources, for the year then ended-,
have been properly prepared in a¢¢ordance with United Kingdom Generally A¢¢epted Accounting PractI￿-
and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act
(Northern Ireland) 2011.
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 Trustees, use of the going ¢on¢em 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 ￿lating 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 ￿e1ve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Other information
The other information comprises the infomiation included in the annual report other than the fina￿la[ statements
and our auditols report thereon. The Trustees are responsible for the other information contained within the annual
report. Our opinion on the finan¢ial 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 so, 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 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 a￿ 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 re¢ords- 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 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
A¢t 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 auditols report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in a¢¢ordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. 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 whi¢h 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 tsx 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.
We assessed the susceptibility of the company's financial statements to material misstatement, induding obtaining
an understanding of how fraud might o¢¢ur, 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 internal 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 perfomied
analytical procedures to identify any unusual or unexpected related party relationships, tested joumal entries to
identity unusual transactions, investigated any significant or unusual transactions and assessed whether
judgements and assumptions made in determining the accounting 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.ukJauditorsresponsibilities. This description forms part of our auditorfs report.
10-

NORTH CITY BUSINESS CENTRE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF NORTH CITY BUSINESS CENTRE
Use of our report
This report is made solely to the company's members, as a body, in accordance with the Companies Act 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.
Jonathan R Bethel (Senior Statutory Auditor)
for and on behalf of Miscampbell & Co
16 September 2024
Chartered Accountsnts
Statutory Auditor
6 AnnadaleAvenue
Belfast
BT7 3JH
Miscampbell & Co is eligible for appointment as auditor of the charity by virtue of tts eligibility for appointment as
auditor of a Company under section 1212 of the Companies Act 2006.
11

NORTH CITY BUSINESS CENTRE
STATEMENT OF FINANCIALACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Unr8Stricted
funds
2024
Unrestricted
funds
2023
Notes
Income and endowments from:
Donations and legacies
Charitable activities
Investments
Other income
5,421
651,102
119,495
5,800
593,578
139,188
Total income
732,766
781,818
Expenditure on:
Charitable activities
516,302
610,057
Total expenditure
516,302
610,057
Net gainsl(losses) on investments
12
206,611
(145,234)
Net income and movement in funds
423,075
26,527
Reconciliation of funds:
Fund balances at 1 April 2023
4,567.999
4,541,472
Fund balances at 31 March 2024
4,991,074
4,567,999
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure
derive from Gontinuing activities.
12-

NORTH CITY BUSINESS CENTRE
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Notes
Fixed assets
Tangible assets
Investment propety
Investments
13
14
15
1,377,281
922,066
2,117,553
1.452,443
922,066
1,883,216
4,416,900
4,257,725
Current assets
Debtors
Cash at bank and in hand
17
52,691
620,903
29,325
370,684
673,594
400,009
Creditors: amounts falling due within
one year
18
(99,420)
(89,735)
Net current assets
574,174
310,274
Total assets less current liabilities
4,991,074
4,567,999
Net assets excluding pension liability
4,991,074
4,567,999
The funds of the charity
Unrestricted funds
4,991,074
4,567,999
4,991,074
4,567,999
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act
2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities
A¢t2011.
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 fin
statements
re approved by the Trustees on 16 September 2024
Illiamson
Trustee
Company registration number N1025633 (Northern Ireland)
13-

NORTH CITY BUSINESS CENTRE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Notss
Cash flows from operating activities
Cash generated from operations
23
145.799
86,824
Investing activities
Purchase oftangible fixed assets
Proceeds from disposal of tangible fixed
assels
Purchase of investments
Investment income received
{7,043)
(18,043)
2,974
(116.613)
119,495
(27,725)
139,188
Net cash generated froml(used in)
Investing activities
104,420
(12,187)
Net cash used in financing activities
Net increase in cash and cash equivalents
250,219
74,637
Cash and cash equivalents at beginning of year
370,684
296,047
Cash and cash equivalents at end of year
620,903
370,684
14-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
Charity Information
North City Business Centre is a private company limited by guarantee incorporated in Northern 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 "A¢counting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in a¢¢ordan¢e 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 unless otherwise stated in
the relevant accounting policy. 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 ¢ontinue 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 recognised 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 GiftAid 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 legacy is treated as a
contingent asset.
15-

NORTH CITY BUSINESS CENTRE
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 ¢onstructive obligation to transfer economic 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 MeasU￿d 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 between 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
20h straight line
10 % straight 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 property
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 transaction 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 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tsngible assets to determine
whether there is any indication that those assets have suffered an impairment Ios5. 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 three 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 2024
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 pri￿ unless
the arrangement constitutes a financing Iransa¢tion, 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 ¢reditors 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 creditor5 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 ¢harity's ¢ontractual 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 Retirement benefits
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 2024
Critical accounting estimates and judgements
In Ihe application of the charity'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 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 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 future periods where the revision affects both Current and future
periods.
Income from donations and legacies
Unrestricted Unrestricted
funds
funds
2024
2023
Government grants
5,421
Income from charitable activitios
Unrestricted Unrestricted
funds
funds
2024
2023
Income from charitable activities
Centre income
Programme income
555.500
38.078
526,028
125,074
593,578
651.102
Income from investments
Unrestricted Unrestricted
funds
funds
2024
2023
Rental income
Income from listed investments
Interest receivable
86,500
37,263
15,425
86,500
31,920
1,075
139,188
119,495
18-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Other income
Unrestricted Unrestricted
funds
funds
2024
2023
Other income
5.800
Charitable actlvities
Centre cost Programme
cost
2024
Total
2024
Centre cost Programme
cost
2023
Total
2023
2024
2023
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 costs
Loss on disposal
Programme expenditure
Computer costs
Adam Street expense
Phase 4 cost
230,491
230,491
205,785
205,785
82,204
82,204
83,511
1,055
6.474
11,140
27,899
11,696
83,511
1,055
6,474
11,140
27,899
11,696
6,351
12,156
18,573
10,126
6,351
12,156
18,573
10,126
48.111
48,111
53,639
53,639
747
2,095
8,794
222
3,809
499
747
2,095
8,794
222
3,809
499
7,757
50
6,644
524
2,458
13,197
217
2.108
500
524
2,458
13,197
217
2,108
500
7,018
500
5,366
7,757
7,018
50
6,644
500
5,366
17,055
17,055
13,727
2,974
13,727
2,974
83.633
7.944
25.607
28,282
28,282
3,982
83,633
3,982
7,944
25,607
433
433
452,342
36,039
488,381
476,321
90,651
566,972
Share of governance
costs {see note 8)
27,921
27,921
43.085
43.085
480,263
36,039
516,302
519,406
90,651
610,057
19-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Support Costs allocated to activities
Governance
cost
2024
Total
2023
Governance
27,921
43,085
2024
2023
Governance costs comprise:
Audit fees
Legal and professional
Investment management fee
3,750
14,633
9,538
3,700
24,078
15,307
27,921
43,085
Net movement in funds
2024
2023
The net movement in ftjnds is stated after chargingl(crediting).'
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
3,750
82,204
3,700
83,511
10 Trustees
None of the Trustees {or any persons connected with them) re¢eived any remuneration or benefits frcqn the
charity during the year.
11 Employees
The average monthly number of employees during the year was-
2024
Number
2023
Number
Employment costs
2024
2023
Wages and salaries
Social security costs
other pension Gosts
210,426
16,493
3,572
186,469
14,545
4,771
230,491
205,785
20-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Employees
(Continued)
The number of employees whose annual remuneration was more than £60,000
is as follows..
2024
Number
2023
Number
£60,001 to £70,000
12 Gains and losses on investments
Unrestricted Unrestricted
funds
funds
2024
2023
Gainsl(losses) arisin9 on-
Revaluation of investment5
206,611
(145,234)
13 Tangible fixed assets
Freehold land Improvement Fixtures and
and buildings
to premises
rittings
Total
Cost
At l April 2023
Additions
2,646,943
438,512
7.043
131,129 3,216.584
7.043
At 31 March 2024
2,646,943
445,555
131,129 3,223,627
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
1,287,279
52,939
353,840
25,337
123,023 1,764,142
3,928
82.204
At 31 March 2024
1,340.218
379,177
126,951
1,846,346
Carrying amount
At 31 March 2024
1,306,725
66,378
4,178 1,377.281
At 31 March 2023
1,359.665
84,672
8,106 1,452,443
14 Investment property
2024
Fair value
At 1 April 2023 and 31 March 2024
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 2024
15 Fixed asset investments
Listed
investments
Cost or valuation
At 1 April 2023
Additions
Valuation changes
1,883,216
27,725
206,612
At 31 March 2024
2,117,553
Carrying amount
At 31 March 2024
2,117,553
At 31 March 2023
1,883,216
The book cost of investments at 31st March 2024 was £1,831,297
UK investments £814,554
Overseas investments £1,016,743
The market value of investments at 31st March 2024 was £2,117,553
UK investments £848,768
Overseas investments £1,268,785
16 Financial instruments
2024
2023
Carrying amount of financial assets
nstruments measured at fair value through profit or loss
620.903
370,684
Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
17 Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
21,063
31,628
15,589
13,736
52,691
29,325

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18 Creditors: amounts falling due within one year
2024
2023
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
24,245
9,970
49,051
16,154
24,326
1,287
46,030
18,092
99,420
89,735
19 Retirement benefit schemes
2024
2023
Defined contribution schemes
Charge to profit or loss in respect of defined ¢ontribution schemes
3,572
4,771
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 independently administered fund.
20 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of charitable income, donations and
grants whi¢h are not subje¢t 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 unrestricted funds by the trustees for specific
purposes.
Included within general funds income is a grant of £40,081 from the Department for Communities in support of
the management of the Jolly Roger Complex.
At 1 April
2023
Incoming
resources
Resources
expended
Transfers
Gains and At 31 March
losses
2024
ARC fund
Phase 4
development
fund
General funds
12,632
12,632
1,909,631
2.645,736
37,263
695,503
(9,538)
(506,764)
206,611
2,143,967
2,834,475
4,567,999
732,766
(516,302)
206,611
4,991,074
-23-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20 Unrestricted funds
(Continued
Previous year:
At 1 April
2022
Incoming
resources
Resources
expended
Transfers
Gains and At 31 March
losses
2023
ARC fund
Phase 4
development
fund
General funds
12,632
12,632
1,938,252
2,590,588
31,920
749,898
(15,307)
(594,750)
100,000
(100,000)
(145,234)
1,909,631
2,645,736
4,541,472
781,818
(610,057)
(145,234)
4,567,999
21 Analysis of net assets between funds
Unrestricted
funds
2024
At 31 March 2024:
Tangible assets
Investment properties
Investments
Current assetsl(liabilities)
1,377,281
922,066
2,117,553
574,174
4,991,074
Unrestricted
funds
2023
At 31 March 2023:
Tangible assets
Investment properties
Investments
Current assetsl(liabilities)
1,452,443
922,066
1,883,216
310,274
4,567,999
22 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
-24-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23 Cash generated from operations
2024
2023
Surplus for the year
423,075
26,527
Adjustments for..
Investment income recognised in ststement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of langible fixed assets
(139,188)
(206,611)
82,204
{119,4951
145,234
83,511
Movements in working capital..
{Increase)Idecrease in debtors
Increasel(decrease) in creditors
(23,366)
9,685
25,274
{74,227)
Cash generated from operations
145,799
86,824
-25-