INSPIRE BUSINESS CENTRE LTD
TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The Iruslees present their annual report and finanual staternents for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the
financial statements and comply with the charitable company's governing document, the Companies Act 2006 and
"Accounting and R&porting by Charities.. Statement of Recommended Practice applicable to charities preparing their
accounls in accordance wth the Financial Rèporting Standard applicable in the UK and Republic of Ireland {FRS
1021" (effective 1 January 20191.
objectives and activitles
Inspire Business Centre Ltd was founded in January 1992 to be the Local Enterprise Agency for the Castlereagh
Borough Council area. It is a 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 company is a profit maknng but not for profit taking Local Enterprise Agency based in Dundonaky. Northem
Ireland. Inspire Business Centre Ltd I'lnspire") operates as a business part( offering warehouse, workshop and
office accommodation and related services to tenants, on51te.
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 govemment and voluntary sectors
who serve in a voluntary capacity, and who meet regularfy 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. 11 wll also assist the survival and growth of existing small businesses
through the sourcing and provision of advice, counselling, and infomied ne￿or￿.ng.
The company is also a member of Enterprise Northem Ireland {ENI) which is the association of enterprise agencies
in Northem Ireland. ENI aims to improve the provision of support to start-up and established micro businesses in
Northern Ireland by providing a cohesive and collects.ve 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 SMES and the community and voluntary sector.
Inspire Business Centre Lld has a vision focused on 'connectr'ng communtties 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 Business Centre Ltd is also a member of Social Enterprise Nl, and Development Trusts Nl.
The company is govemed by rts 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 additr-on, 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 activits.es 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 significant activities
Inspire Business Centre Ltd provides to its markets, beneficiartes and customers, enterprise development
servi￿$ 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 5elf*mployment or employment opportunrties.
Particular emphasis is placed upon the identification, signposting, and implementation of support rnechanisms
to facilitate opportuntties for transition into self*mployment. The relief of unemployment and or economic
inactivity, which includes assistance and support to find employment opportunities. the advancement of
educats-on, training, and or, retraining particulady among unemployed people in the Casuereagh area, and
providing unemployed people with work experience.
Specifically, Inspire Business Centre Limited, trtrough its membership of Enterprise Nl. deltvers ihe Exploring
Enterprise program. This program is aimed at economically inactive individuals who have not been seeking
employment wthin the past 4 weeks andlor are unable to start work wthin the next 2 weeks. Exploring
Enterprise offers mentoring and training at a pa￿ tailored to the needs of the individuals and offws access to
working towards a level 2 qualification.
Inspire Business Centre Ltd has perfomied effecltvely and efficienuy achieving ts strategic objectives since its
incorporation, le(1 by a Board of Directors and executive team.
Social lrnpact
Inspire Business Centre Limited is active in the provision of financial assistan￿ and business, technical assistance,
and consultancy in order to provide training and employment opportunities for unemployed people in cases of
financial or other charttable need through help in settlng up their own business or to existing businesses.
Among the companies aims is to bring together in conference and collaboration representatives of corporate and
voluntary organisations, govemment departments. ststutory authortiies and indtviduals. in order to facilitate the
effecttve and efficient dissemination of the companies, objectives for the good and benefit of urban regeneration as
the public benefit within Ihe Company's sphere of influence.
Social OLrtputs are measured as follows-
The Board of Directors and Staff voluntary time supportÉng Ihe local economy v￿th a focus on
economic regeneration.
Discounted and free use of Conferen￿ 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 officellndustrlallbusiness unTts re business inojbation for local entrepreneurs
Staff b.me on non-incorne generation support for local business start-up and wider economic
regeneration.

INSPIRE BUSINESS CENTRE LTD
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THEYEAR ENDED 31 MARCH 2024
A¢hlevements and perfomiance
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 remat1(ably high average occupancy rale being achieved. This is largely
because of proactive and well-focused Asset Management allied to clear a direction of travel for the business.
Inspire Business Centre has remained active in its, core functions and in parbcular.
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 Intemet 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 conducts.ng feasibility studies
regarding the installation of a battery back-up system_
We conts'nue to work wth 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 wilh
Social Enterprise Nl, Development Trust Nl, and various community groups, including Ballybeen
Improvemerrt Group, with a view to making a tangible contribution to the local community.
Continued our effective and efficient protocols to ensure a stable fiscal management of the organisation.
Maintained our stated objective to maintain an 85 - 95% occupancy range, in relation to our propety
portfolio. By year end our overall occupancy rate was at or around 97 % .
Implemented a range of 'substantial' projects which have resutted in significant operational improvements
and cost savings. These include.
Complehon 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 alamvmonitoring system to allow more efficient safety protocols.
Addilional CCTV cameras installed.
Comprehensive redecorationlrepainting of Adrnin building and Colvin House
Collaboration wth Young Enterprise Nl and Dundonald High School.
Comprehensive upgradelrenewal of emergency lighting systems in Admin building and Colvin
House
Significant taTmac repair5
Emergency FirstAid Training Course for Tenants.
Full Fixed Wre testing carried out forAdmin Building and Colvin House.
Replacemenuimprovement of main foul drains seNing 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 preservatÈon of existing jobs followng 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 inittatives including the Garden Maintenance Programme in
partnership wtth NIHE.
Supported a number of local and regional community inttiafives. including Dundonald High School,
Helping Hands Autism Support. Ballybeen Women's Group. Dundonald Foodbank, Young Enterprise Nl,
and Development Trust Nl.
Prowded Support and Faciltties, on a pr￿bOn0 basis. to Shopmobilty Nl. St John Ambulance Nl, and
Dundonald High School.
Provided Financial support to local communty groups running Yun days. and other communty-based
events.
Provided sponsorship lo several local sports organisations, and Dundonald High School.
Continued to assist in the sourcing and delNery 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, induding seminars for
small businesses and other Local Enterprise Agencies.
Established a number of coheswe and developmentsl key stakeholder relationships in line with our
Charitable public benefft statement.
Explored a number of potential opportuntties to expand our property portfolio.
Inspire Business Centre has delivered another robust and largely SUC￿$sful strategy during the fiscal year
2023-2024, and several signfficant OFerational improvements have been made which have successfully
reduced overheads and created effictencies.
The Chief Executive has continued to bulld and develop excellent worknng relabonships wlth the Bcerd 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
stskeholders.

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 reserves 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 restrict8d for th9 purpose specified in letters of offer prc¢vided by the funding bodies. At 31
March 2024 the balance of restricted funds was £Nil12023- £Nil)
The trustees consider the overall fijnds available to trje charity as adequate to meet their working capital
requirements.
Plans for future periods
Our mission is '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 fwe years, time, we have set our sights on ambitious growih.
We see a cornpany emerging that is bigger, better, and more successful than il is loday. This will primarily be
measured in terms of businesses started and expanded and the jobs created.
Our long-tenn vision for Suc￿sS is that we wll-
Be a sustainable economic development company, operating at a high level and a recognised key player
in the drive for business growth and job creation in Northem Ireland
Be recognised locally as lhe.go to" place for enterprise support.
Have achieved increased demand for business support services including infomation, advice. training,
and facilities.
Have expanded our propety portfolio on the existing site and through expansion into additional sites.
Generate more businesses, employ more people, conlributing more to the local economy.
Own at least one functioning and sustainable soual enterprise.
Be socially engaged and rec￿nISed in the community as providing public benefit through urban
regeneration, supporting young people, and enabling social enterprise.
Work collaborabvely to achieve Inspire's goals.
Employ a high performing team, deltvering qualty assured seNices.
Be governed by an active and energi5ed 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, Chartiy Commission verified public benefft statements and govemance protocols and procedures
which are underpinned by the organisation's mission, vision and values. The lable 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.
alues
hich means that...
Integrty
We wll atways act in a tTUStworthy and responsible manner
We will be reliable and fair in the way we carry QLrt our business
We will place a high value on the importance of confidentiality
We will a￿yS treat people wth dignty, respect and consideration.
Passion
We wll approach our work wth passion and energy
We wll be forward thinking and continuously seeking new opportunrties to
help develop and grow
Openness
We will be open and accountsble to stakeholder5
We will be open to risk in a transparent. responsible and managed way
We wll be open to collaborative working with others, both nationally and
intemats'onally.
Socially
Responsible
We will take sustainabilty into account in how we use our resources
We wll actively seek opportunities to create wider public benefft.
The trustees, who are also the diredors for the purpose of company law. and vtho setved during the year 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 Wlson
Ms J Barkley
Miss B Creed
Mrs A Osbome
Mrs T Hughes
Mr J D Laverty
(Appointed 17 April 2023)
(Appointed 17 April 2023}
(Appointed 18 September 2023)
Inspire Business Centre's trustee appointrnent and resignation are informed by and detailed wthin our active
governan￿ protocols and prO￿dureS manual which are fulty compliant with 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 wnding 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 serving in a voluntary capacity. and who meet regularly to review and guide the company's
activities and progress. Inspire also employs a Chief Executs-ve, a Finance & Administratson Manager, and a
Business Support & Administration Officer.
Director's time is monito￿d and captured wa Board and subgroup meetings., these afe 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 hourty rate of £55, this equates to a total contribution of £29.590 to the economic development
of the local area.
Staff Pro-bono assistance was provided to..
Enterprise Northem I￿land - membership and sub-group membership
Judging for Young Enterprise Nl
Judging for Eastside Awards
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 lo St John Ambulance Nl as Lead Trustee (Propety)
In certain circumstance5 discounted rent periods, as wdl as incubation supportladvice is provided by Inspire
Business Centre Ltd to support local economic regenerats-on. In addition, free and discounted use of our
conference roomlmeeting roomllraining room has been made available to a number of community groups and
charities. The associated pro-bono value of these COn￿$s1OnS and other charity donations in 2023124 was
£8,500.
Financlal remuneratlon
Inspire Business Centre's financial ￿muneratIon policy is inforned by and detailed within our active governancè
protocols and procedures manual which are fully compliant wlh our Memorandum and Articles ofAssociation.
Rlsk Management
Inspire Business Centre's trustee risk management is infom)ed by and detailed within our active governance
protocols and procedures manual which are fully complianl )Mth 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 accordan￿ wth applicable law and
Unrted Kingdom Accounting Standards (United lQngdom Generally A￿pted Accourrting Practice).
Cornpany Law requires the trustees to prepare financial ststements for each financial year which give a true and fair
view of the state of affairs of the charttable company and of the incoming resources and application of resources,
including the income and expendrture. of the chaiitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistentty".
- observe the methods and principles in the Charities SORP 2019 (FRS 102):
make judgements and estimates that are reasonable and prudenL
state whether applicable UK Accounting Stsndards have been followed, subject to any material departures
disclosed and explained in the financial statements" and
prepare the financial statements on the going concem basis unless it is inappropriate to presurne that the
charitable company wtll continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose ￿th reasonable accuracy at
any time the finanual posttion of the tharttable company and enable them to ensure that the financial statements
¢omply wth 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 detects'on 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 resolubon 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 infomiatlon to auditor
Each of the trustees has Confimied that the￿ is no infomation of which they are awarè which is relevant to the
audit, but of which the auditor is unaware. They have further confiThed that they have taken appropriate steps to
identify such relevant infomiation and to establish that the auditor is aware of such information.
This report has been prepared in accordance with the provisions appli¢￿ble to companies entitted to the small
ompanies exceptions.
The trustees, report was approved by the Board of Trustees.
Mr D Drysdale
Trustee