Charity registration number NIC102419
Company registration number N1026217 (Northern Ireland)
INSPIRE BUSINESS CENTRE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

INSPIRE BUSINESS CENTRE LTD
LEGALAND ADMINISTRATIVE INFORMATION
Trustees
Mr D Drysdale
Ms S Davidson
Mr N Mills
Mr D Wright
MrA Weir
MrA Wilson
Ms J Barkley
Miss B Creed
Mrs A Osborne
Mrs T Hughes
Mr J D Laverty
(Appointed 17 April 2023}
(Appointed 17 April 2023)
(Appointed 18 September
2023)
Charlty number
NIC102419
Company number
N1026217
Principal address
Inspire Business Park
Carrowreagh Road
Dundonald
Belfast
BT16 1QT
Registered offlce
Inspire Business Park
Carrowreagh Road
Dundonald
Belfast
BT16 1QT
Auditor
GMCG LISBURN
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
Bankers
Al8
11-15 Donegall Square North
Belfast
BT15GB

INSPIRE BUSINESS CENTRE LTD
CONTENTS
Page
Trustees, report
Independent auditoff s report
9-14
Statement of financial activities
15
statement of financial position
16
Statement of cash flows
17
Notes to the financial statements
18-27

INSPIRE BUSINESS CENTRE LTD
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 charitable company'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
1021" (effective 1 January 2019).
Objectives and activities
Inspire Business Centre Ltd was founded in January 1992 to be the Local Enterprise Agency for the Castlereagh
Borough Council area. It IS 8 private company limited by guarantee. The company changed its name from
Castlereagh Enterprises Ltd on the 27th of June 2013 to Inspire Business Centre Ltd.
The cornpany is a profit making but not for profit taking Local Enterprise Agency based in Dundonald, Northem
Ireland. Inspire Business Centre Ltd ( Inspire") operates as a business park offering warehouse, workshop and
offsce accommodation and related services to tenants, onsite.
Inspire Business Centre currently comprises 100,000 square feet of workspace with 77 companies onsite.
The Board of Directors comprises people from the business, professional, local government and voluntary sectors
who serve in a voluntary Capacity, and who meet regularly to review and guide the company's activities and
progress. Inspire aims to promote the creation of new small businesses within the area which it serves, stimulating
economic development within the Borough. It will also assist the survival and growth of existing small businesses
through the sourcing and provision of advice, counselling, and informed networking.
The company is also a member of Enterprise Northern Ireland (ENI) which is the association of enterprise agencies
in Northern Ireland. ENI aims to improve the provision of support to start-up and established micro businesses in
Northern Ireland by providing a cohesive and collective approach and by collaborating closely with other partner
organisations and government agencies.
Through its membership of Enterprise Nl, Inspire Business Centre is able to source a portfolio of business
development programmes to support SME5 and the community and voluntary sector.
Inspire Business Centre Lld has a vision focused on "connecting communities to the business sectorf, with a specific
mission to 'provide the highest quality and affordable premises to businesses and to support, inspire and connect
young people to bespoke and sustainable employment opportunities.
Inspire Busine55 Centre Ltd is also a member of Social Enterprise Nl, and Development Trusts Nl.
The company is governed by its memorandum and articles. The Board of Directors meets regularly to oversee the
company's management and operations. The Board employs a Chief Executive, who is responsible for the day-to-
day operations and leadership. In addition, there are three sub committees which report to the main Board..
Property
Finance
Business Development (formerly Enterprise Economic Development)
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the
charitable company should undertake.

INSPIRE BUSINESS CENTRE LTD
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Public benefrt and signifjcant activities
Inspire Business Centre Ltd provides to its markets, beneficiaries and customers, enterprise development
services such as the creation of training and employment opportuntties by the provision of business incubation
workspace, buildings and or land for use on favorable terms to facilitate seamless transition from economic
inactivity into either self-employment or employment opportunities.
Particular emphasis is placed upon the identification, signposting, and implementation of support mechanisms
to facilitste opportunities for transition into self-employment. The relief of unemployment and or economic
inactivity, which includes assistance and support to find employment opportunities, the advancement of
education, training, and or, retraining paiticularly among unemployed people in the Castlereagh area, and
providing unemployed people with work experience.
Specifically, Inspire Business Centre Limited, through its membership of Enterprise Nl, delivers the Exploring
Enterprise program. This program is aimed at economically inactive individuals who have not been seeking
employment within the past 4 weeks andlor are unable to start work within the next 2 weeks. Exploring
Enterprtse offers mentoring and training at a pace tailored to the needs of the individuals and offers access to
working towards a level 2 qualification.
Inspire Business Centre Ltd has perfomied effectively and efficiently achieving its strategic objectives since its
incorporation, led by a Board of Directors and executive team.
Social Impact
Inspire Business Centre Limited is active in the provision of financial assistance and business, tschnical assistance,
and consultancy in order to provide training and employment opportunities for unemployed people in cases of
financial or other charitable need through help in setting up their own business or to existing businesses.
Among the companies aims is to bring together in conference and collaboration representatives of corporate and
voluntsry organisations, govemment departments, statutory authorities and individuals, in order to facilitate the
effective and efficient dissemination of the companies, objectives for the good and benefit of urban regeneration as
the public benefit within the Company's sphere of influence.
Social outputs are measured as follows=
The Board of Directors and Staff voluntary time supporting the local economy with a focus on
economic regeneration.
Discounted and free use of conference room. training room and meeting space for local community
groups, and charities such as St John Ambulance, Dundonald Towns-women's Guild, Dundonald High
School, DTNI and tenants of Inspire Business Park.
Discounted officellndustriaill)usiness units re business incubation for local entrepreneurs
Staff time on non-income generation support for local business start-up and wider economic
regeneration.

INSPIRE BUSINESS CENTRE LTD
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achlevements and performance
l am delighted to report continued solid performance by Inspire Business Centre Limited, in a challenging
economic environment during the 2023124 fiscal year, with additional operational and physical improvements
being completed, as well as a remarkably high average occupancy rate being achieved. This is largely
because of proactive and well-focused Asset Managemenl allied to clear a direction of travel for the business.
Inspire Business Centre has remained active in its, core functions and in particular..
We Continue to offer affordable high speed broadband facilities for all our tenants, which includes 'New
Start, businesses, the continued availability of our Voice Over Internet Protocol (VOIPI, supported by our
high speed, fibre infrastructure enabling a sustainable, affordable. and innovative telecoms system.
The provision of our Solar renewable energy capital investment project continues to generate a profitable
revenue stream and we have expanded our PV panel capacity, as well as conducting feasibility studies
regarding the installation of a battery back-up system.
We continue to work with Enterprise Nl and Lisbum Castlereagh City Council to service the needs of
small and start-up businesses. In particular, we have successfully provided mentoring services, to a
number of clients, under the Exploring Enterprise program. We have further developed our links with
Social Enterprise Nl, Development Trust Nl, and various community groups, including Ballybeen
Improvement Group, with a view to making a tangible contribution to the local community.
Continued our effective and efficient protocols to ensure a stab5e fiscal management of the organisation.
Maintained our stated objective to mainlain an 85 - 95Q/o occupancy range, in relation to our property
portfolio. By year end our overall occupancy rate was at or around 97 %.
Implemented a range of 'substantial' projects which have resulted in significant operational improvements
and cost savings. These include.
Completion of works aimed at improving traffic management within Inspire Business Park, including
the installation of new speed bumps.
Additional upgrading and improvement of floodlight system to energy efficient LED units.
Adaptation of fire alarmlmonitoring system to allow more efficient safety protocols.
Additional CCTV cameras installed.
Comprehensive redecorationlrepainting of Admin building and Colvin House
Collaboration wilh Young Enterprise Nl and Dundonald High School.
Comprehensive upgradelrenewal of emergency lighting systems in Admin building and Colvin
House
Significant tarmac repairs
Emergency FirstAid Training Course for Tenants.
Full Fixed Wire testing carried out for Admin Building and Colvin House.
Replacementlimprovement of main foul drains setving Block G.
Fire Safety Audit and implementation of recommendations.

INSPIRE BUSINESS CENTRE LTD
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Sustained Circa 450 jobs.
Made a significant contribution to the preservation of existing jobs following the Covid-19 lockdown.
Enabled and supported an estimated circa £40m of economic input to the local economy.
Enabled approx. eleven new business start-ups.
Continued to support Social Enterprise initiatives including the Garden Maintenance Programme in
partnership with NIHE.
Supported a number of local and regional community initiatives, including Dundonald High School,
Helping Hands Autism Support, Ballybeen Women's Group, Dundonald Foodbank, Young Enterprise Nl,
and DevelopmentTrust Nl.
Provided Support and Facilities, on a prc￿bono basis, to Shopmobility Nl, St John Ambulance Nl, and
Dundonald High School.
Provided Financial support to local community groups running 'fun days. and other community-based
events.
Provided sponsorship to several local sports organisations. and Dundonald High School.
Continued to assist in the sourcing and delivery of, the Northem Ireland Business Start Up Programmes
on behalf of Invest Nl and Enterprise Nl.
Sponsored a series of enterprise orientated projects within our charitable environs, including seminars for
small businesses and other Local Enterprise Agencies.
Established a number of cohesive and developmental key stakeholder relationships in line with our
Charitsble public benefit statement.
Explored a number of potential opportunities to expand our propety portfolio.
Inspire Business Centre has delivered another robust and largely successful strategy during the fiscal year
2023-2024, and several significant operational improvements have been made which have successfully
reduced overheads and created efficiencies.
The Chief Executive has continued to build and develop excellent working relationships with the Board and
External stakeholders. This has resulted in continued demonstrable improvement in the management of the
property assets, as well as the development of relationships with community groups and other local
stakeholders.

INSPIRE BUSINESS CENTRE LTD
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Financial review
At 31 March 2024 the balance of unrestricted reseNes was £4,922,406 (2023 - £4,847,107), of which £79,559
(2023- £76,163} has been designated by the Board at the year end.
Restricted funds are restricted for the purpose specified in letters of offer provided by the funding bodies. At 31
March 2024 the balance of restrided funds was £Nil (2023 £Nil)
The trustees consider the overall funds available to Ihe charity as adequate to meet their working capital
requirements.
Plans for future periods
Our mission 15 'to serve the community as a sustainable Centre of excellence for entrepreneurship, enterprise
and employment., The Inspire mission gives clarity to our core purpose as a social enterprise and charity that
aims to serve the community through business development and job creation, leading to greater prosperity for
In terms of where we see the company in three to five years, time, we have set our sights on ambitious growth.
We see a company emerging that is bigger, better, and more successful than it is today. This will primarily be
measured in terms of businesses started and expanded and the jobs created.
Our long-term vision for success is that we will=
Be a sustainable economi¢ development company, operating at a high level and a recognised key player
in the drive for business growth and job creation in Northern Ireland
Be re¢ognised locally as the "go to" place for enterprise support.
Have achieved increased demand for business support services including information, advice, training,
and facilities.
Have expanded our property portfolio on the existing site and through expansion into additional sites.
Generate more businesses, employ more people, contributing more to the local economy.
Own at least one functioning and sustainable social enterprise.
Be socially engaged and recognised in the community as providing public benefit Ihrough urban
regeneration, supporting young people, and enabling social enterprise.
Work collaboratively to achieve Inspire's goals.
Employ a high performing team, delivering quality assured seNices.
Be governed by an active and energised board of directors.

INSPIRE BUSINESS CENTRE LTD
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management
Inspire Business Centre's goveming documents are a unique combination of our Memorandum and Articles of
Association, Charity Commission verified public benefft statements and governance protocols and procedures
which are underpinned by the organisation's mission, vision and values. The table below provides a more detailed
explanation of the attitude and behaviour that our customers and stakeholders can expect from us, as a board and
as employees.
Values
hich means that...
Integrity
We wll always act in a trustworthy and responsible manner
We will be reliable and fair in the way we carry out our business
We wtll place a high value on the importance of confidentiality
We will always treat people with dignity, respect and consideration.
Passion
We will approach our work with passion and energy
We will be forward thinking and continuously seeking new opportunities to
help develop and grow
Openness
We will be open and accountable to stakeholders
We will be open to risk in a transparent, responsible and managed way
We will be open to collaborative working with others, both nationally and
internationally.
Socially
Responsible
We will take sustainability into account in how we use our resources
We will actively seek opportunities to create wider public benefit.
The trustees, who are also the directors for the purpose of company law, and who seNed during theyear and up to
the date of signature of the financial statements were..
Mr D Drysdale
Ms S Davidson
Mr N Mills
Mr D Wright
MrA Weir
MrA Wilson
Ms J Barkley
Miss B Creed
Mrs A Osbome
Mrs T Hughes
Mr J D Lavety
(Appointed 17 April 2023)
(Appointed 17 April 2023)
(Appointed 18 September 2023)
Inspire Business Centre's trustee appointment and resignation are informed by and detailed within our active
govemance protocols and procedures manual which are fully compliant wtth our Memorandum and Articles of
Association.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the
company and guarantee to contribute £1 in the event of a winding up.

INSPIRE BUSINESS CENTRE LTD
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Structure
Inspire Business Centre's organisation structure is based on a Board of Directors, comprising eleven business and
professional people seNing in a voluntary capacity, and who meet regularly to review and guide the company's
activities and progress. Inspire also employs a Chief Executive, a Finance & Administration Manager, and a
Business Support &Administration Officer.
Director's time is monitored and captured via Board and subgroup meetings., these are detailed as follows:
224 hours of Directors time (Board meetings, sub-group meetings and attendance at local economic
development events).
309 hours of Staff Time Ipro-bono work to support local economic regeneration).
Based upon an hourly rate of £55. this equates to a total contribution of £29,590 to the economic developmenl
of the local area.
Staff Pro-bono assistance was provided to..
Enterprise Northern Ireland - membership and sub-group membership
Judging for Young Enterprise Nl
Judging for EastsideAwards
One to one support provided to a number of entrepreneurs and small business owners.
CEO providing support to Shopmobility Nl.
Support provided to tenant businesses.
CEO providing support to DTNI as Chair of this organization
CEO providing support to St John Ambulance Nl as Lead Trustee (Property)
In certain circumstances discounted rent periods, as well as incubation supporuadvice is provided by Inspire
Business Centre Ltd to support local economic regeneration. In addition, free and discounted use of our
conference roomlmeeting roomltraining room has been made available to a number of community groups and
charities. The associated pro-bono value of these con¢essions and other charity donations in 2023124 was
£8,500.
Financial remuneratlon
Inspire Business Centre's financial remuneration policy is informed by and detailed within our active governance
protocols and procedures manual which are fully compliant with our Memorandum and Articles ofAssociation.
Rlsk Management
5nspire Business Centre's trustee risk management is informed by and detailed within our active governance
protocols and procedures manual which are fully compliant with our Memorandum and Articles ofAssociation.

INSPIRE BUSINESS CENTRE LTD
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 Inspire Business Centre Ltd for the purpose of company law, are
responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and
Untted Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair
view of the state of affairs of the charitable company 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 consistenJy-
observe the methods and principles in the Charities SORP 2019 (FRS 102).,
make judgements and estimates that are reasonable and prudent.
stste 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
charitable company 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 charitable company 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 charitable
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
At the AGM on 16th August 2023, GMCG were appointed Auditors.
In accordance with the company's articles, a resolution proposing that GMCG be re-appointed as auditors of the
charity will be put to the Annual General Meeting on 12th August 2024.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the
audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to
identify such relevant information and to establish that the auditor is aware of such infomiation.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small
companies exceptions.
The trustees, report was approved by the Board of Trustees.
Mr D Drysdale
Trustee

INSPIRE BUSINESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD
Oplnion
We have audited the financial statements of Inspire Business Centre Ltd (the 'charitable company,) for the year
ended 31 March 2024 which Comprise the statement of financial activities, the statement of financial position, the
statement of cash flows and notes to the financial statements, including significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 The Financial Reporting 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 reSoUr￿S and application of resources, including its income and expenditure, for the year then
ended",
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practits.,
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinlon
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 Auditorfs responsibilities for the audit ol
the financial statements section of our report. We are independent of the charitable company 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 ftjlfilled our other ethical responsibilities in accordance with these requirements. Vve believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to golng concern
In auditing the financial statements, we have concluded that the trustees, use of the going con¢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 relating to events or
conditions that, individually or ¢ollectively, may cast significant doubt on the charitable company s ability to continue
as a going concern for a period of al least Melve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the trustees with respect to 90ing concern are described in Ihe
relevant sections of this report.

INSPIRE BUSINESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD
Other infomiation
The other infomiation comprises the infomiation included in the annual report other than the finarcial statements
and our auditor's report thereon. The trustees are responsible for the other infomation contained within the annual
report. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, 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 misststements, 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 infomiation,
we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit=
the information given in the trustees, report for the financial year for which the financial statements are
prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the
financial statements., and
the directors, report included within the trustees, report has been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements in the directors, report included wtthin the
trustees, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you rf, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or
the financial statements are not in agreement with the accounting records and retums. or
certain disclosures of trustees, remuneration specified by law are not made- or
we have not received all the information and explanations we require for our audit- or
the trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the
requirement to prepare a strategic report.
10-

INSPIRE BUSINESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT {CONTINUED)
TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD
Responsibillties of trustees
As explained more fully in the statement of trustees, responsibilities. the trustees, who are also the directors of the
charitable company 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 detemine 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 charitable
company'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 responslbilities for the audlt of the financial statements
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
11

INSPIRE BUSINESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is
sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and
non-compliances with laws and regulations, we considered the following:
The nature of the industry and sector, control environment and business performance, including the
charitable company's remuneration policies for directors, bonus levels and performance targets, if any.
Results of our enquiries of management about their own identification and assessment of the risks of
irregularities-
Any matters we identified having obtained and reviewed the charitable company's documentation of their
policies and procedures relating to..
Identifying, evaluating and complying with laws and regulations and whether they were aware of
any instance of non-compliance.
Detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud. and
The intemal controls established to mitigate risks of fraud or non-compliance with laws and
regulations.,
The matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable
company for fraud and identified the greatest potential for fraud in income recognition. In common wth all audits
under ISAS (UK), we are also required to perfomi specific procedures to respond to the risk of management
override.
We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial ststements. The key laws and regulations we considered in this context
included the CompaniesAct 2006, and local tsx legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material
penalty.
12-

INSPIRE BUSINESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT {CONTINUED)
TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD
Audlt response to rlsks identlfied
Our procedures to respond to the risks identified included the following..
Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial statements;
Enquiring of management concerning actual and potential litigation and claims-
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud-,
Reading minutes of meetings of those charged with governance and reviewing correspondence with tax
authorities., and
In addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments-, assessing whether the judgements made in making accounting
estimates are indicative of a potential bias,. and evaluating the business rationale of any signific￿t
transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the
audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financia1 statements, even though we have properly planned and performed our audit
in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of
irregularities, as they may involve collusion. forgery, intentional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-
compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. httPS:11
w￿.frC.org.UkIaudlt0rsresponsib￿litles. This description forms part of our auditor's report.
13-

INSPIRE BUSINESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charital￿e company's
members those matters we are required to state to them in an auditorfs 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 charitable
company and the charitable company's members as a body, for our audit work, for this report, or forthe opinions we
have fomied.
Mr Stephen Houston FCA (Senior Statutory Auditor)
for and on behalf of GMCG LISBURN
Chartered Accountants
Statutory Auditor
Century House
40 CreS￿nt Business Park
Lisbum
BT28 2GN
14-

INSPIRE BUSINESS CENTRE LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted
funds
2024
Unrestricted
funds
2023
Notes
Income and endowments from:
Charitable activities
Investments
other income
560,622
10,122
28,667
609,064
354
37,521
Total incorne
599,411
646,939
Expenditure on:
Charitable activities
Other expenditure
524,112
511,194
9,745
10
Total expendlture
524,112
520,939
Net income
75,299
126,000
other recognised gains and losses:
Revaluation of tangible fixed assets
575.000
Net movement in funds
75,299
701,000
Reconciliation of funds:
Fund balances at 1 April 2023
4,847,107
4,146,107
Fund balances at 31 March 2024
4,922,406
4,847,107
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.
15

INSPIRE BUSINESS CENTRE LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
2024
2023
Notes
Fixed assets
Tangible assets
12
4,505,604
4,607,033
Current assets
Debtors
Cash at bank and in hand
13
20,522
509,221
18,692
325,315
529,743
Creditors: amounts falling due within
one year
344,007
14
(112,941)
(103,933)
Net current assets
416,802
240,074
Total assets less current liabilities
4,922,406
4,847,107
Income funds
stricted
Designated funds
General unrestricted funds
Revaluation reserve
16
79,559
2,922,554
1,920,293
76,163
2,810,624
1,960,320
4,922,406
4,847,107
4,922,406
4,847,107
These financial statements have been prepared in accordance with the provisions applicable to companies subject
to the small companies regime.
The financial statements were approved by the Trustees and authorised for issue on I14-..l#Z¥and signed on
its belafs by:
MrDD
Trustee
dale
MrA Wilson
Trustee
Company registration number N1026217
16-

INSPIRE BUSINESS CENTRE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Notes
Cash flows from operating activities
Cash generated from operations
19
221,794
305,067
Investing activities
Purchase of tangible fixed assets
Investment income received
(48,0101
10,122
{28,393)
354
Net cash used in investing a¢tlvltles
(37.888)
(28,039)
Financing activities
Repayment of bank loans
(61 ,6731
Net cash used in financlng activities
{61 ,673)
Net increase in Cash and cash equivalents
183,906
215,355
Cash and cash equivalents at beginning of year
325,315
109,960
Cash and cash equlvalents at end of year
509,221
325,315
17-

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
Charity information
Inspire Business Centre Ltd is a private company limited by guarantee incorporated in Northem Ireland. The
registered office is Inspire Business Park, Carrowreagh Road, Dundonald, Belfast, BT16 1QT.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charitable company's goveming
document, the Companies 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland, ("FRS 102.) and the Charities SORP "Accounting and Reporting by Charities: Statement
of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 2019). The
charitable company is a Public Benefit Entity as defined by FRS 102.
The financial ststements are prepared in sterfing, which is the functional currency of the charitable company.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the
revaluation of properties and to include investment properties and certain financial instruments at fair value.
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
charitable company has adequate resources to continue in operational existence for the foreseeable future.
Thus the trustees continue to adopt the going Concem basis of accounting in prepartng the financial
statements.
1.3 Charitsble funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable
objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific
purposes. The purposes and uses of the designated funds are set out in the notes to the financial ststements.
1.4 Incoming resources
Income is recognised when the charitable company 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.
Incoming resources from charitable activities comprises licence fee income, programme income, I
administrative services income and consultancy.
Income is deferred when it does not meet the criteria for recognition as incoming resources in the Statement
of Financial Activities, as entitlement to the incoming resource does not exist at the balance sheet date.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the
charity-, this is nomially upon notification of the interest paid or payable by the bank.
18

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (Continued)
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate
all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to
make payments to third parties, it is probable that the settlement will be required and the amount of the
obligation can be measured reliably. It is categorised under one of the following headings.. Costs of raising
funds, Expenditure on charitable activities and Other expenditure.
Support costs are Ihose that assist the work of the charity but do not directly represent charitsble activities
and include office costs, governance costs, depreciation costs and administrative payroll costs. They are
incurred directly in support of expenditure on the objects of the charity and include project management
carried out at the office. Office costs, depreciation costs, governance costs and payroll costs are allocated to
charitable activities based on percentage of turnover.
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:
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
20/0 Straight line
150/0 reducing balance
15 % straight line
The gain or loss arising on the disposal of an asset is determined as the difference beMeen the sale proceeds
and the carrying value of the asset, and is recognised in the statement of financial activities.
Leasehold land and buildings, 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.
1.7 Impairment of fixed assets
At each reporting end dale, the charitable company reviews the carrying amounts of its tangible assets to
determine whether there is any indication that those assets have suffered an impaimient 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).
1.8 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.
1.9 Financial instruments
The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and
Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company
becomes paty 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.
19-

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies {Continued)
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 fLrture receipts discounted at a market rate of interest. Financial assets
classified as receivable wtthin 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 charitable company's contractual obligations expire or are
discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entidement is recognised in the period in which the employee's services are
received.
Temiination benefits are recognised immediately as an expense when the charitable company is
demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefjt schemes are charged as an expense as they fall due.
Critical accounting estimates and judgements
In the application of the charitable company'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 underfying 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.
-20-

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Critical accounting estimates and judgements Icontlnuedl
Key sources of estlmation uncertainty
Leasehold land and bulldlngs
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at
a revalued amount, being their fair value at the date of valuation less any subsequent a¢¢umulated
depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is
usually considered to be their market value. Fair value is determined annually and derived from the current
market rents and investment property yields for comparable real estate. Valuation involves some estimation
uncertainty but is based on periodic advice from expert valuers.
Restricted and unrestricted funds
Judgement are made in relation to allocation of income and expenditure to restricted and unrestricted funds.
The trustees consider it appropriate to allocate these funds based on donations received.
Income from charitable activities
Unrestricted
funds
2024
Unrestricted
funds
2023
Rental income
Services charges
Recharges to tenants
Grants receivable
463,748
35,797
56,087
4,990
494,205
35.777
79,082
560.622
609,064
During the year the charity received a community grant in the amount of £4,990 from the Northern Ireland
Housing Executive for the Inspire Garden Maintenance project.
Income from investments
Unrestricted Unrestricted
funds
funds
2024
2023
Interest receivable
10,122
354
21

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
other income
Unrestricted Unrestricted
funds
funds
2024
2023
other income
Energy rebates
Training programmes
13,744
23,777
27,004
1,663
28,667
37,521
Charitable activities
Community and economic development
2024
2023
Stsff costs
Depreciation and impairment
Security expenses
Waste and pallet removal
Repairs and maintenance
Programme expenses
Telephone and fax
Printing, postage and stationery
Motor vehicle leasing
Catering
Movement in bad debts
Rates
Heat & light
Insurance
Cleaning & office expenses
Travel & subsistence
Advertising & promotion
Legal & professional
Bank charges
Interest payable
Audit fees
139,625
149,439
2,363
23,871
56,758
650
1,105
13,934
5,104
1,321
3,415
3,620
57,876
12,433
20,802
202
6,301
20,287
756
135,463
151,453
1,691
19,840
28,386
9,868
13,507
5,224
984
6,491
1,804
52,311
13,261
20,893
56
3,392
40,575
915
980
4,100
4,250
524,112
511,194
-22-

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Net movement in funds
2024
2023
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
Loss on disposal of tangible fixed assets
4,250
149,439
4,100
151,453
9,745
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the
charitable company during the year.
Employees
The average monlhly number of employees during the year was.
2024
Number
2023
Number
Employment costs
2024
2023
Wages and salaries
Other pension costs
131,861
7,764
127,788
7,675
139,625
135,463
The number of employees whose annual remuneralion was more than £60,000
is as follows..
2024
Number
2023
Number
£60,000 - £70,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows..
2024
2023
Aggregate compensation
68,145
60,060
-23-

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10 Other expenditure
Total Unrestricted
funds
2024
2023
Net loss on disposal of tangible fixed assets
9,745
9,745
11
Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Tangible fixed assets
Leasehold
land and
buildings
Plant and Fixtures and
equipment
fittings
Total
Cost or valuation
At 1 April 2023
Additions
4,400,000
374,769
232
191,130
47,778
4.965,899:
48,010
At 31 March 2024
4,400,000
375,001
238,908
5,013,909
Depreciation and impainnent
At 1 April 2023
Depreciation charged in the year
88,000
88,000
167,087
31,181
103,779
30,258
358,866
149,439
At 31 March 2024
176,000
198,268
134,037
508,305
Carrying amount
At 31 March 2024
4,224,000
176,733
104,871
4,505,604
At 31 March 2023
4,312,000
207,682
87,351
4,607,033
Leasehold land and buildings were revalued at 31 March 2024 on an open market basis by the directors. The
valuation takes into consideration valuation carried out by Cushman & Wakefield, independent valuers not
connected with the charitable company on the basis of market value as at 31 March 2022.
13 Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
961
19,561
3,461
15,231
20,522
18,692
-24-

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14 Creditors: amounts falling due within one year
2024
2023
other taxation and social security
Payments received on account
Trade creditors
other creditors
Accruals and deferred income
22,599
66,654
19,323
115
4,250
20,785
64,011
14,750
137
4,250
112,941
103,933
15 Retirement benefit schemes
2024
2023
Defined Contribution schemes
Charge to profit or loss in respect of defined contribution schemes
7,764
7,675
The charitable company operates a defined Contribution pension scheme for all qualifying employees. The
assets of the scheme are held separately from those of the charitable company in an independently
administered fund.
-25-

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are
not subject to specific conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 1 April
2023
Incoming
resources
Resources
expended
Gains and At 31 March
losses
2024
Designated tenants bond
reseNe
General funds
76,163
4,770,944
3,396
596,015
79,559
4,842,847
(524.112)
4,847,107
599,411
1524,112)
4,922,406
Previous year:
At 1 April
2022
Incoming
resources
Resources
expended
Gains and At 31 March
losses
20231
Designated tenants bond
reserve
General funds
55,063
4,091,044
21,100
625,839
(520,939)
575,000
4,770,944 .
4,146,107
646,939
{520,939)
575,000
4,847,107:
The designated tenants bonds reserve represents bonds held and received on behalf of existing tenants.
The designated revaluation reserve represents the revalued element of depreciation released to the statement
of financial activities in the year.
-26-

INSPIRE BUSINESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17 Operating lease commitments
At the reporting end date the charitable company had outstanding commitments for future minimum lease
payments under non-cancellable operating leases, which fall due as follows:
2024
2023
Within one year
Be￿een two and five years
3,586
4,274
3,586
3,586
7,860
18 Related party transactions
Mr D Drysdale, trustee of Inspire Business Centre Ltd, provided professional services to the charity in the year
at a cost of £2,40012023 - £1,673)
19 Cash generated from operations
2024
2023
Surplus for the year
75,299
126,000
Adjustments for..
Investment income recognised in statement of financial activities
(Gainllloss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
(10,1221
1354)
9,745
151,453
149,439
Movements in working capital..
(Increase) in debtors
Increase in creditors
{1,830)
9,008
12,3071
20,530
Cash generated from operations
221,794
305,067
20 Analysls of changes in net funds
The charitable company had no debt during the year.
-27-