Charity registration number NIC102419 (Northern Ireland) Company registration number N1026217 INSPIRE BUSINESS CENTRE LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INSPIRE BUSINESS CENTRE LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr D Drysdale Ms S Davidson Mr N Mills Mr D Wright MrA Wilson Ms J Barkley Miss B Creed Mrs A Osbome Mrs T Hughes Mr J D Laverty Charity number {Northern Ireland) NIC102419 Company number N1026217 Principal address Inspire Business Park Carrowreagh Road Dundonald Belfast BT16 1QT Registered office Inspire Business Park Carrowreagh Road Dundonald Belfast BT16 1QT Auditor GMCG LISBURN Century House 40 Crescent Business Park Lisburn BT28 2GN Bankers AIB 11-15 Donegall Square North Belfast BT1 5G8 INSPIRE BUSINESS CENTRE LTD CONTENTS Page Trustees, report Independent auditor's report 9-14 Statement of financial activities 15 Statement of financial position 16 Statement of cash flows 17 Notes to the financial statements 18-26 INSPIRE BUSINESS CENTRE LTD 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 ststements 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 Stsndard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities Inspire Business Centre Ltd was founded in January 1992 to be the Local Enterprtse Agency for the Castlereagh Borough Council area. It IS 2 private company limited by guarantee. The company changed its name frijn Castlereagh Enterprises Ltd on the 27th of June 2013 to Inspire Business Centre Ltd. The company is a profit making but not for profit taking Local Enterprise Agency based in Dundonahj, Northem Ireland. Inspire Business Centre Ltd ("Inspire") operates as a business park offering warehouse, workshop and office accommodation and related seN1￿$ to tenants, onstte. Inspire Business Centre currently comprises 100,000 square feet of workspace with 78 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 wÈthin the Borough. It wll also assist the survival and growth of existing small businesses through the sourcing and provision of advice, counselling, and infonned networking. The company is also a member of Enterprise Northern Ireland {ENII 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 collective approach and by collaborating closely with other partner organisations and govemment 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 Ltd has a vision focused on "connecting communities to the business sectoff 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 sustsinable employment opportunities. Inspire Business Centre Ltd is also a member of Social Enterprise Nl, and Development Trusts Nl. The company is govemed 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.. Propety Finance Business Development (fonnerfy Enterprise Economic Development) The twstees 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 2025 Public benefit and significant activities Inspire Business Centre Ltd provides to its markets, beneficiaries and customers, enterprise devebpment services such as the creation of training and employment opportunities 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 facilitate opportunities for transition into self-employment. The relief of unemployment and or economic inactivity, which includes assislance and support to find employment opportunities, the advancement of education, training, and or, retraining particularly 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 Enterprise 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 performed effectively and efficiently achieving its strategic obl￿tIveS 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, technical 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 brrng together in conference and collaboration representatives of corporate and voluntary 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 offi¢ellndustriallbusiness 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 2025 Achievements and perfomiance l am delighted to report continued good performance by Inspire Business Centre Limited, in an often challenging economic environment during the 2024125 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 pr¢>active 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 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 (VOIP). 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 Lisburn Castlereagh City Council to service the needs of small and start-up businesses. In particular we have successfully provided mentoring seNices 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. wth 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 a 90 - 95'h occupancy range, in relation to our property portfolio. By year end our average overall occupancy rate was at or around 99.47/0, Wlth 1000 occupancy having been achieved for the last 8 months of the financial year. Implemented a range of 'substsntial' projects which have resulted in significant operational improvements and cost savings. These include., Continuation of works aimed at improving traffic management within Inspire Business Park New mixed waste compactor installed. Adaptation of Fire Alamilmonttoring system to allow more efficient safety protocols. Additional CCTV Cameras installed. Collaboration with Young Enterprise Nl, DTNI and Dundonald High School. Intercom Entry systems installed inAdmin Building and Colvin House Significant Tamac repairs Emergency First Aid Training Course for Tenants. Full Fixed Wire testing completed Admin Building and Colvin House. Additionallimprovement of main foul drains serving Block G. Update of Health & Safety Manual and procedures completed. New LED Lighting installed in office units. INSPIRE BUSINESS CENTRE LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 economi¢ input to the local economy. Enabled approx. fifteen 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, Brooklands Primary School. Ballybeen Women's Group, Dundonald Foodbank, Dundonald FC, Dungoyne FC Young Enterprise Nl. and Development Trust Nl. Provided Support and Facilities, on a pri>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 communty-based events. Provided sponsorship to severdl local sports organisations. Brooklands Primary School and Dundonald High School. Continued to assist in the sourcing and delivery of, the Northern 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 wth our Charitable public benefit statement. Explored a number of potential opportunities to expand our propety portfolio. Inspire Business Centre has delivered another robust and largely successftjl strategy during the fiscal year 2024-2025, and several significant operational improvements have been made which have successfully reduced overheads and created efficiencies. The Chief Executive has continued lo 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 2025 Financial review At 31 March 2025 the balance of unrestricted reserves was £5,479,883 (2024 £4,922,406), of which £84,207 (2024 - £79,559) 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 2025 the balance of restricted funds was £Nil (2024 - £NiS) . The trustees consider the overall funds available to the charity as adequate to meet their working r2Pital 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 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 economic 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 recognised 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 sttes. Generate more businesses, employ more people, contributing more to the local economy. Own at least one functioning and sustsinable social enterprise. Be socially engaged and recognised in the community as providing public benefit through urban regeneration, supporting young people, and enabling social enterprise. Work collaboratively to achieve Inspire's goals. Employ a high performing team, deltvering quality assured services. Be govemed by an active and energised board of directors. INSPIRE BUSINESS CENTRE LTD TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and managernent Inspire Business Centre's goveming documents are a unique combination of our Memorandum and Articles of Association, Charity Commission verified public benefit 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 stskeholders can expect from us, as a board and as employees. Values Which means that... Integrity We will always act in a trustworthy and responsible manner We will be reliable and fair in the way we cary out our business We will 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 fotward thinking and continuously seeking new opportunities to help develop and grow Openness We will be open and accountsble to stskeholders 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 served 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 Wilson Ms J Barkley Miss B Creed MrsA Osborne Mrs T Hughes Mr J D Laverty (Resigned 23 June 2025) Inspire Business Centre's trustee appointment and resignation are infonned by and detailed within our active governance protocols and procedures manual which are fully 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 winding up. INSPIRE BUSINESS CENTRE LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT} (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure Inspire Business Centre's organisation structure is based on a Board of Directors, comprising eleven business and professional people serving in a voluntary ¢apacity, 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 offi￿r. Director's time is monitored and captured via Board and subgroup meetings., these are detailed as follows: 136 hours of Directors time (Board meetings, sub-group meetings and attendance at local economic development events)- 247 hours of Staff Time (pro-bono work to support local economic regeneration). Based upon an hourly rate of £55, this equates to a total contribution of £21,092 to the economic development of the local area. Staff Pro-bono assistance was provided to: Enterprise Northem 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 (Propety) In certain circumstances discounted rent periods, as well as incubation supportladvice 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 concessions and other charity donations in 2024125 was £17,746. Financial remuneration Inspire Business Centre's financial remuneration polity is informed by and detailed within our active governance protocols and procedures manual which are fully compliant with our Memorandum andArticles ofAsso¢iation. Risk Management Inspire Business Centre's trustee risk management is informed by and detailed within our active govemance protocols and procedures manual which are fully compliant with our Memorandum and Articles of Association. INSPIRE BUSINESS CENTRE LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of trustees, responsibilities The Irusiees. ¥vho are also the direGlor5 of Inspiro Business Cenlre Lld lor Ihe purpose of company law, a responsible for preparing the Tru51ees' Report and the fin8n¢ial statemen15 accordan￿ viith applicable law and United Kingdorn Accounting Standards (Unilod Kingdorn Generally Accèpted Accounting Practice). Company Law requires the trustees to prepare linancial slalements for each financial year which 9ive.a true and fair view of the $18le of affairs of the chariiable company and of the incoming resources and 8ppli¢8tion ol resources. including the income and expendllure, ol Ihe charitable company for that >ear. In preparing these financial statemen15, the trustees are required to: selecl suiLable accounting policies and then apply them consislenlly., observe the rnelhods and principles Sn the Charities SORP 2019 IFRS 102)., make judgements and esllmate5 that are reasonab12 and prudent.. siaie whether applicable UK Ac¢ounting Sknd2rds have been folloNved, subjecl to any material deparitjres discIosed and explained in the financial slalemenis: and prepare the financial statements on the going concern basis unless il is inapproprlale 10 presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable a¢¢uracy al any lime the financial posilion of the charitable company and enable Ihem lo ensure thai Ihe financial slalements comply with the Companies Act 2006, They are also responsible fDf 53f8guarding the assets of Ihe chariiable company and hence for taklng reasonable steps for Ihe prevention and detection of fraud and olher irregularlties. Auditor In accordance with the company's article5, a resolution proposing Ihat GMCG LISBURN be reappointed as auditor ol the company will be put at 8 General Ivleeting. Disclosure of infomiatlon to auditor Each of the trustees has confirmed Ihat there is no infomiation of which they are aware %'ihich is relevaiit lo the audit, bul of which Ihe audilor is unaware. They have further confirmed that Ihey have laken appropriate steps lo idonlify such relevant information and lo establish that Ihe auditor is aware of such inforrnalion, This report has been prepared in accordance with the provisions applicable lo companies entiued lo the sinall companies exceptions. The truste8s' report was approved by the Board of Trustees. MrDD Trustee sdale INSPIRE BUSINESS CENTRE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD Opinion We have audited the financial statements of Inspire Business Centre Ltd (the 'charitable company,) for the year ended 31 March 2025 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 2025 and of its incoming resources 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 PraCt{￿- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditoffs responsibilities for the audit ol the financial statements section of our report. We are independent of the charitsble 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 Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going 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 significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. INSPIRE BUSINESS CENTRE LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD other information The other information comprises the information included in the annual report other than the financial statements and our auditols 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. except to the extent othetwise 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 informaion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters pres¢Tibed 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 charitsble company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within 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 if, in our opinion: adequate accounting records have not been kept, or retums 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 returns- 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 Responsibilities of trustees As explained more fully in the statement of tru5tees' responsibilities, the trustees, who are also the directors of the ¢haritsble 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 detemiine 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 altemative but to do so. Auditor's responsibilities for the audit 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 auditols 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 Iheir 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 lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and The internal 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 with all audits under ISAS (UK). we are also required to perform 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 statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax 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 charitable 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 Audit response to risks identified 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 significant 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 financial 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 www.frc.org.uklauditorsresponsibilities. 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 charitaE4e company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. S<-Ar Mr Stephen Houston FCA (Senior Statutory Auditor) for and on behalf of GMCG LISBURN Chartered Accountants Statutory Auditor Century House 40 Crescent 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 2025 Unrestricted funds 2025 Unrestricted funds 2024 Notes Income and endowments from: Charitable activities Investments Other income 599,845 16,430 28,665 560,622 10,122 28,667 Total income 644.940 599.411 Expenditure on: Charitable activities 551,463 524,112 Total expendlture 551,463 524,112 Net income 93.477 75,299 Other recognised gains and losses: Revaluation of tangible fixed assets 464,000 Net movement in funds 557,477 75,299 Reconciliation of funds: Fund balances at 1 April 2024 4,922,406 4,847,107 Fund balances at 31 March 2025 5,479,883 4,922,406 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 2025 2025 2024 Notes Fixed assets iangible assels 11 4,865.842 4,505.604 Cu￿ent assets Debiors Cg5h al bank and in hond 12 22.79g 706.177 20,522 509.221 728,976 529,743 Creditors: amounts falllng due within one year 13 (114,93S) 1112.941) Net current assets 614,041 416,802 TOL71 assets less current Ilabllities 5.479,883 4.922.406 The funds of the charEtsble company Unrosirfclod funds 15 5,479,883 4,922.406 5,479.883 4,922,406 These financial siaierrienls have been prepared ift accordance with Ihe provisions 8ppli¢eble lo eompanie$ subjecl lo Ihe 5m