Company registration number N1025633
NORTH CITY BUSINESS CENTRE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

NORTH CITY BUSINESS CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
D Williamson
D Deazley
P Carlin
l McAvoy
D Morrow
H Coghlan
K Darcy-smith
Secretary
D Deazley
Company number
N1025633
Registered office
2 Duncairn Gardens
Belfast
BT15 2GG
Auditor
Miscampbell & Co
6 Annadale Avenue
Belfast
BT7 3JH

NORTH CITY BUSINESS CENTRE
CONTENTS
Page
Tnjstees, 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
15-24

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with Ihe charity's governing document, the Companies Act 2006 and Accounting
and Reporting by Charities= Statement of Recommended Pra¢tice 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).
ObjectiV85 and a¢tlvitles
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 lil) to existing businesses.,
The ¢reation of training and employment opportunities by the provision of workspace, buildings andlor land for
use on favourable terms.
b. Wlsion, 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 Noth 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:
servi￿ - 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 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
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 poverty in North Belfast through the creation of self-employmenl 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 2025
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 three year strategic plan 2023 - 2026. This plan is reviewed
regularly by the Trustees and focuses on ensuring NCBC achieves the stated objeclives 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 accommodalion
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
Centralised 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.
Achievements and performance
Following the production of a revised Strategic Plan for the period 2023 - 2026 the company continued to deliver
services within the context of its prrmary 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
The current strategic plan covers the three year period 2023 2026 with trustees meeting annually to review
perfomance and amend short term objectives based on the previous 12 months outcomes.
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 an￿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
Ihese 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 efficiency and effectiveness in delivering improved outcomes for customers and Glients. Through this plan we
will continue to contribute to strengthening both the physical and te¢hni¢al 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 strategi¢ 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 performan￿ indicators 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 2025
Strate
Aim 1- Develo
ment of New Wo
icAim2-
iness Support and Develop Enterprise and Entrepreneurship at the Pre-
Start, Start-up and Growth Stages;
Strate
Belfast.,
ic Aim 3 - Growin
On-SitelOff-Sit B
Support, Develop and Grow Businesses in North
Strate
Aim 4 - Encoura
Inward Investment for Em
Business Investment in North Belfast.
ment - Be a Catalyst for the Promotion of
b. Property
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, NCBC achieved a 980kn average occupancy rate in the Business Centre, the same o¢¢upan¢y
rate as in the previous financial year.
The Board recognises the need to urgently identify or develop suitable additional premises to accommodate new
and existing small businesses that wish to locate in the area.
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, included the delivery of
the new Nl Enterprise Support Service, Go Succeed. with NCBC delivering on the Engage and Foundation
elements, throughout 2024 to March 2025.
d. Quality and Other Developments
ISO 9001 Audit
A recertification quality management audit was undertaken by the NQA in March 2025, the results of which were
very positive.
o. Community 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.
During the year NCBC continued to engage with the North Belfast Area Learning Community (NBALCI 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 s¢hools and Belfast Metropolitsn College.
During the reporting period, NCBC played a central role in establishing the North Belfast Community Partnership-a
new strategic Collaboration be￿een a range of third sector and voluntary organisations. This partnership was
formed to co-develop the North Belfast Community Plan, a Comprehensive Strategy focused on addressing key
challenges and opportunitie5 across 11 themati¢ areas.

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
As part of this initiative, NCBC assumed a leadership role, chairing the Economic Prosperity Workstream. In this
capacity, NCBC led the development of a targeted economic plan to support sustainable growth and employment
opportunities within the North Belfast area.
Theme Eight.. Economic Prosperity- Key Outcomes
NCBC'S contribution under Theme Eight has resulted in a structured plan to support improvements in the following
areas..
Investment & Business Start-up Support
Data Source.. Invest Nl, Local Govemment District & North Belfast Baseline Survey
Economic Inactivity Rate (excluding students)
Data Source." Labour Force SuNey, Nl Statistics & ResearGh Agency," Nl Local Government & North Belfast
Baseline Survey
Average Earnings
Data Source.. Annual Survey of Hours & Eamings, Nl Statistics & Research Agency,. Nl Local Govemmenl
District, AssemblyArea & North Belfast Baseline SU￿eY
Priority Focus Areas
In addition to the core outcomes, the Economic Prosperity Workstream has identified several priority areas for
development..
Skills and training for employment
Employers Forum
Tourism (including heritage development)
Creative industries
SME development, entrepreneurship, and so¢ial enterprise support
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 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 £3 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¢cordance with the purpose of the fund, which is to support programme
activity.
¢. Prln¢ipal 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 2025
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 acquisition of
new development sites, 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 cur￿nt value attributed to the investment property is not materially diffe￿nt 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 2025 were £574,174 with designated funds amounting to £2,180,470
reflecting an underlying unrestricted fvnds reserve of £3,001,883.
As noted in the reserves policy above, the Board seeks to maintain contingency reseNes 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 poliGy
The Trustees who served during the year have undertaken an analysis of the work of the ¢harity, 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
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 ¢apacity 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 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 growth in commercial workspace developments will also facilitate both
greater numbers of small business start-UP5 and financially support ongoing training and enterprise adviGe 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 support mechanisms for businesses in North Belfast.
NCBC has been a catalyst for economic renewal in North Belfast and the Board and staff will ¢ontirnie 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 finanGial p051tion with regular income, generates surplus funds and has suffirient cash reserves
to continue operations for the foreseeable future.

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Structure, governance and management
a. Constitution
The company is constituted under a Memorandum and Articles of Association dated 12 June 1991. The company
registration number is N1025633, and is registered with the Charity Commission Nl, number NIC102266.
NCBC is the Local Enterprise Agency for North Belfast and our area of operation ¢overs the North Belfast
Westminster parliamentary constituency. We provide commercial workspace and office accommodation for new and
established Small and Medium-sized Enterprises {SMEs) and social enterpriseslnot-for-profit organisations in North
Belfast and business start-up advi￿ and guidance to people thinking about starting a business. We undertake
outreach in community areas throughout North Belfast to a diverse range of community organisations 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 communily level through a social enterprise.
b. Directors and Trustees
The Directors of the Gharitable 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.
It is with regret that the report notes the passing of Ben Robinson during the year. The Board would wish to
acknowledge the important role Ben played on the Board for nearly seven years and the valuable contribution he
made particularly to strategic matters, staff engagement and marketing.
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
P Carlin
B Robinson
l McAvoy
D Morrow
H Coghlan
K Dar¢y-Smith
(Resigned 5 September 2024)

NORTH CITY BUSINESS CENTRE
TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.. slrategic planning, governan￿, property management, economic development.,
ommunity 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 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. Additional Trustees will be appointed during 2025126 to fill skills gaps and
fvrther 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 to attend charitable membership awarenèss events, governance
training and seminars. New Trustees are provided wilh 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 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 govemance of all
activities and operations and delegate authority to the Chief Exe¢utive 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 obJectlves 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 2025
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 accordance wrth 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, Ihe 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 ¢oncem basis unless it is inappropriate to presume that the charity
will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the charity and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
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 Trustees, r
was appro
y the Board of Trustees.
D Williamson
Trustee
29 August 2025

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
2025 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 A¢¢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 2025 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 ofthe Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Audilofs 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 sufficienl 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 signifi¢ant doubt on the charity's ability lo 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.
(Xher information
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 so, consider
whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in
the course of the audit, or otherwise appears to be materially misstated. If we identify such matertal inconsistencies
or apparent material misstatements, we are required to determine whether this gives rise to a materral 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 vthich wo are requir8d 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 {Northern Ireland) 2015 requires 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 re￿iVed 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 responsibiltties for the audit of the financial statements
We have been appointed as auditor under section 65{2) of the Charities Act (Northem Ireland) 2008 and report in
accordance 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 auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements 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 which our procedures are capable of detecting irregularities, including fraud is detsiled 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 20061 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 misststement, including how
fraud might occur by considering the rtsk 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.
10-

NORTH CITY BUSINESS CENTRE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF NORTH CITY BUSINESS CENTRE
Based on our understanding of the company and industry, we apply professional scepticism throughout the audit
and have considered the extent to which non-compliance of relevant legislation and the sus¢epiibility to
misstatement might have a material effect on the financial statements. We have evaluated managemenfs
opportunities for fraudulent manipulalion of the financial statements and have determined that the principal risks
We￿ related to the posting of inappropriate journal entries in order to modify performance and management bias
and assumptions in significant accounting estimates. Audit procedures performed by the engagement team
included-
Identification of related parties.,
Making enquiries of management regarding where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud.,
Considering the intemal controls in place within the company to mitigate the risk of fraud and non-
compliance with laws and regulations;
Review of applicable minutes.,
Identifying and testing journal entries and any other unusual postings.
To address the risk of fraud, override of controls and non-compliance with laws and regulations, we performed
analytical procedures to identify any unusual or unexpected related party relationships, tested 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
w.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities Accounts
and Reports Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the
charity's trustees 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 charity and
the charity's trustees 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, Statutory Auditor
Chartered A¢¢ountants
6 Annadale Avenue
Belfast
BT7 3JH
29 August 2025
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 FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
Unrestricted
funds
2025
Unrestricted
funds
2024
Notes
Income from:
Charitable activities
Investments
628,514
150,289
593,578
139,188
Total income
778,803
732,766
Expenditure on:
Charitable activities
566,763
516,302
Total expenditure
566,763
516,302
Net gainsl(losses) on investments
10
(20,761)
206,611
Net income and movement in funds
191,279
423,075
Reconciliation of funds:
Fund balances at 1 April 2024
4,991,074
4,567,999
Fund balances at 31 March 2025
5,182.353
4.991.074
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure
dertve from continuing activities.
12-

NORTH CITY BUSINESS CENTRE
BALANCE SHEET
AS AT 31 MARCH 2025
2025
2024
Notes
Fixed assets
Tangible assets
Investment property
Investments
11
12
13
1,317,356
922,066
2,398,492
1,377.281
922,066
2,117,553
4.637,914
4,416,900
Current assets
Debtors
Cash at bank and in hand
14
41,894
611,390
52,691
620,903
653,284
673,594
Creditors: amounts falling due within
one year
15
{108,845)
(99,420)
Net current assets
544,439
574,174
Total assets less current liabilities
5,182,353
4,991,074
The funds of the Charity
Unrestricted funds
17
5,182,353
4,991,074
5,182.353
4,991,074
The company is entitled to the exemption from the audit requirement ¢ontained in section 477 of the Companies Act
2006, for the year ended 31 March 2025, although an audit has been carried out under Charities Act (Northern
Ireland) 2008.
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 financi
statements
re approved by the Truslees on 29 August 2025
D Williamson
Trustee
Company registration number N1025633 (Northern Ireland)
13-

NORTH CITY BUSINESS CENTRE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Notss
Cash flov￿ from operating activities
Cash generated from operations
20
160,501
145,799
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Investment income received
{18,603)
{301,700)
150,289
(7,043)
(27,725}
139,188
Net cash (used in)Igen8rat8d from investing
activities
(170,014)
104,420
Net cash generated from financing activities
Net {decrease)lin¢￿a$e in cash and cash
equivalents
{9,513)
250,219
Cash and cash equivalents at beginning of year
620,903
370,684
Cash and cash equivalents at end of year
611,390
620,903
14-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their a¢¢ounts in aGcordan¢e with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102)" (effective 1 January 20191. The charity is a Publi¢ 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 continue in operational existence for the foreseeable future. Thus the Trustees
Continue to adopt the going concern basis of accounting in preparing Ihe financial ststements.
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 fvnds 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 in¢ome will be re￿ived.
Cash donations a￿ 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 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 legacy is treated as a
contingent asset.
15-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Accounting policies
(Continued>
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation Can be measured reliably.
Expenditure is classified by activity. The costs of each 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 Gosts which contribute to more than one adivity 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
20/0 Straight line
1 Ooh straight line
25 % straight line
The gain or loss arising on the disposal of an asset is determined as the difference be￿een 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 attributsble 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 transaGtion price ex¢luding transaction costs, and are
subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net
in¢omel(expenditurel 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 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 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 2025
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 Garried at amortised Cost using the effective
interest method unless the arrangement ¢onstitutes 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 present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest 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 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 2025
Critical accounting 8stimat8s and judgements
In the 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 estirnate 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 charitable activities
Unrestricted
funds
2025
Unrestricted
funds
2024
Income from charitable activities
Centre income
Programme income
591.165
37,349
555.500
38.078
628,514
593,578
Income from investments
Unrestricted Unrestricted
funds
funds
2025
2024
Rental income
Income from listed investments
Interest receivable
86,500
50,807
12,982
86,500
37,263
15,425
150,289
139,188
18-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Charitable activities
Centre cost Programme
cost
2025
Total
2025
Centre cost Programme
cost
2024
Total
2024
2025
2024
Staff costs
Depreciation and
impairment
Staff training
Rates and water rates
Insurance
Heat and light
Cleaning
Repairs and
maintenance
Printing. postage and
stationery
Advertising
Telephone
Motor and travel
Catering
Bank charges
Subscriptions
Donations
Professional fees
Jolly Rodger
management costs
Programme expenditure
Computer costs
Phase 4 cost
241,279
241,279
230,491
230,491
78,528
25
8.009
15.984
28,388
11,710
78,528
25
8,009
15.984
28,388
11,710
82,204
82,204
6,351
12,156
18,573
10,126
6,351
12,156
18.573
10,126
46,572
46,572
48,111
48,111
421
3,692
10,890
374
5,919
552
421
3,692
10,890
374
5.919
552
7,182
747
2,095
8,794
222
3,809
499
747
2,095
8,794
222
3,809
499
7,757
50
6,644
7,182
7,757
50
6,644
8,132
8,132
20,806
20,806
31,861
17,055
17,055
28,282
3,982
433
31,861
28,282
3,982
433
481,281
39,043
520,324
452,342
36,039
488,381
Share of governance
Costs (see note 6)
46.439
46.439
27,921
27.921
527,720
39,043
566,763
480,263
36,039
516,302
Support costs allocated to activities
Governance
cost
2025
Total
2024
Governance
46,439
27,921
19-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Support costs allocated to activities
{Continued)
2025
2024
Governance costs comprise:
Audit fees
Legal and professional
Investment management fee
3,750
36,514
6,175
3,750
14,633
9,538
46,439
27,921
Net movement in funds
2025
2024
The net movement in funds is stated after chargingl{crediting)'.
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
3,750
78,528
3,750
82,204
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the
charity during the year.
Employees
The average monthly number of employees during the year was-
2025
Number
2024
Number
Employment costs
2025
2024
Wages and salaries
Social security costs
Other pension costs
219,834
17,384
4,061
210,426
16,493
3,572
241,279
230,491
The number of employees whose annual rernuneration was more than £60,000
is as follows:
2025
Number
2024
Number
£60,001 to £70,000
-20-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10 Gains and losses on investments
Un￿StriCted Unrestricted
funds
funds
2025
2024
Gainsl(losses) arising on..
Revaluation of investments
(20,761)
206,611
11 Tangible fixed assets
Freehold land Improvement Fixtures and
and buildings
to premises
fittings
Totsl
Cost
At 1 April 2024
Additions
2,646,943
1,469
445,555
17,134
131,129 3,223,627
18,603
At 31 March 2025
2,648,412
462,689
131,129 3,242,230
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
1,340,217
52,968
379,178
23,797
126,951
1,763
1,846,346
78.528
At 31 March 2025
1,393,185
402,975
128,714 1,924,874
Carrying amount
At 31 March 2025
1,255,227
59,714
2,415 1,317,356
At 31 March 2024
1,306,725
66,378
4,178 1,377,281
12 Investment property
2025
Fair value
At 1 April 2024 and 31 March 2025
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 2025
13 Fixed asset investments
Listed
investments
Cost or valuatlon
At 1 April 2024
Additions
Valuation changes
2,117,553
301.700
(20,761)
At 31 March 2025
2,398,492
Carrying amount
At 31 March 2025
2,398.492
At 31 March 2024
2,117,553
The book cost of investments at 31st March 2025 was £2,312,493
UK investments £858,685
Overseas investments £1,453.808
The market value of investments at 31st March 2025 was £2,398,492
UK investments £857,892
Overseas investments £1,540,600
14 Debtors
2025
2024
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
26,344
15,550
21,063
31,628
41,894
52,691
15 Creditors: amounts falling due within one year
2025
2024
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
24,124
17,594
51,002
16,125
24,245
9,970
49,051
16,154
108,845
99,420
-22-

NORTH CITY BUSINESS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16 Retirement benefit schemes
2025
2024
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes
4,061
3,572
The charity operates a defined contribulion pension scheme for all qualifying employees. The assets of the
scheme are held separately from those of the Charity in an independently administered fund.
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of ¢haritablÈ income, donations and
grants which are not subject to specific conditions by donors and grantors as to how they may be used. These
include designated funds which have been set aside out of unrestricted funds by the trustees for specific
purposes.
Included within general funds income is a grant of £42,085 from the Department for Communities in support of
the management of the Jolly Roger Complex.
At 1 Aprll
2024
Incoming
resources
Resources
expended
Gains and At 31 March
losses
2025
ARC fund
Phase 4 development fund
General funds
12,632
2,143,967
2,834,475
12,632
2,167,838
3,001,883
50,807
727,996
16,175}
{560,588)
(20,761)
4,991,074
778,803
(566,763)
{20,761)
5,182,353
Previous year:
At 1 April
2023
Incoming
resources
Resources
expended
Gains and At 31 March
losses
2024
ARC fund
Phase 4 development fund
General funds
12.632
1,909.631
2,645,736
12,632
2,143,967
2,834,475
37,263
695,503
(9,538)
{506,764)
206,611
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 2025
18 Analysis of net assets between funds
Unrestricted
funds
2025
At 31 March 2025:
Tangible assets
Investment properties
Investments
Current assetsl(liabilities)
1,317,356
922,066
2,398,492
544,439
5,182,353
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
19 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
20 Cash generated from operations
2025
2024
Surplus for the year
191,279
423,075
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
(150,289)
20,761
78,528
(139,188)
(206,611)
82,204
Movements in working capital:
Decreasel{increase) in debtors
Increase in creditors
10,797
9,425
(23,366)
9.685
Cash generated from operations
160,501
145.799
-24-