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
arxordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)" (effective 1 January 2019).
ObJe¢tlves 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 (li) 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 Ihriving 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 Norlh Belfasl'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 services will be accessible and confidential to all who require them-
Diver51ty- We embrace and celebrate diversity and en¢ourage 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, 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
lake 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 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 2024
NCBC key objectives are to..
Develop new workspace and attract business to locate in North Belfast;
Support Business.,
Grow onsiteloffsite businesses-
Encourage irsward 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 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 property 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 the difficult operating environment over the past few years, NCBC'S property rental income
and o¢¢upancy 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 ftjnding for the Charity is derived from rental income from
the business units and additional income is received through procurement 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 Strategic 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, property management 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 capacity 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 outcomes to demonstrate
our effiGien¢y and effectiveness in delivering improved outcomes for customers and clients. Through this plan we
will ¢ontinue 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 obje¢tives. 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 slrategic 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 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 reviewed its 'Phase 4. capital development plan and given the impact of the COVItY19 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 training 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
sustainability 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 980k 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 into 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 a¢¢ess to Start-up Loans for new businesses and delivered a time limited project
be￿een May 2023 and September 2023, funded 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. Communlty Partnerships and Networks
NCBC continues to host North Belfast Hour on Twitter which provides a forum for business and community
ne￿OrkIng 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 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. 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 contribute to entrepreneurship education in local schools and in a community education
Context in North Belfast. NBALC is made up of 11 post primary schools and Belfast Metropolitan College.
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 adoplion 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 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. Transfer5 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 serviGes 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 propety which Gould 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 se¢ure 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 propety 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 2024 were £574,174 with designated funds amounting to £2,156,599
reflecting an underlying unrestricted funds reserve of £2,834,475.
As noted in the reserves poli¢y above, the Board seeks to maintain contingency 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 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 e¢onomiG 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 continue, particularly in its role as a member of the Local
Enterprise Agencies ne￿ork as the Charity continues to deliver the Northem Ireland Enterprise Support Service, Go
Su¢¢eed, 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 aso
facilitate both greater numbers of small business start-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 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 suppori mechanisms for businesses in North Belfast.
NCBC has been a catalyst for economic renewal in North Belfast and Ihe 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.

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 sufficient cash reserves
to continue operations for the foreseeable future.
structurei governance and management
a. Constitutlon
The company is constituted under a Memorandum and Articles of Association 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 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 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 conflict 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 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 categories.. strategic planning, governance, property management, economic development,.
community knowledge, finan¢ial 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 maintained 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. 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 structured indu¢tion programme within one month of their
appointment. Ongoing training and development is provided to Trustees as the need arises.
e. Organisational structure and decision making
NCBC is a registered charity and a company limited by guarantee and was established in June 1991.11 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 ¢lear management responsibility and
accountability. Trustees set the strategic direction of the charity and take responsibility for govemance 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 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
comprises:
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 stalements in a¢¢ordance wilh applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and
fair view of the state of affairs of the charity and of the incoming resources and application of resources, including
the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to-
select suitable accounting policies and then apply them consistently.,
obseNe the methods and prin¢iples 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 ststements 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 Truste
port was
oved by the Board of Trustees.
D Williamson
Trustse
16 September 2024