East Belfast Enterprlse Ltd
Trugtees. report and
flnanclal statements
for tha year •nded 31 December 2022
Company No: N1023055
Charlty No: XR 86644
CCNI No: NIC103061

East Belfast Enterprise Ltd
Contents
Page
Contents
Charlty Informatlon
Trustees, report
3-15
Indep¢ndent Audltors, report
16-18
Ststement of Flnanclal Actlvltles
19
Balance sheet
20
Cash flow
21
Notes to the flnanclal statements
22-29

East Belfast Enterprlse Ltd
Charlty Information
for the year ended 31 December 2022
Trustee5
Duncan Graham (Chalr)
William Miskimmin (Co. Secretary)
Mervyn Hempton
Joanne Jennlngs (reslgned 12 Aprll 2023)
Nlcola Bothwell
Gerry Gllpln
Jacquellne Locke
Graham Thompson (reslgned 21 January 2022)
Jason Hempton (appolnted 12 Aprll 2023)
Chalman
Mr D Graham
Secretary
Mr W Mlsklmmln
Chlef Executlve Offlcer
Mr J MGqlpln
Reglstered Offlce
68 - 72 Newtownards Road
Belfast
BT4 IGW
Company Number
N1023055
Charlty Number
XR 86644
NIC103061
Audltors
FPM Accountants Llmlted
Unlt I, Bulldlng 10
Central Park, Mallusk Road
Newtownabbeyi BT36 4FS
Bankers
Danske Bank Llmlted
Donegall Square West
Belfast
BTI 6JS

East Belfast Enterprise Ltd
Trustees. report
for the year ended 31 December 2022
THE TRusfEES, AS DIRECTORS OF EAST BELFAST ENTERPRISE (EBE), PRESENT THEIR
REPORT WITH THE FINANCIAL STATEMENTS OF THE CHARITY FOR THE YEAR ENDED 31
DECEMBER 2022
The trustees are pleased to present thelr annual directors, report together wlth the flnancial
statements of the charlty for the year endlng 31 December 2022. whlch are also prepared to
meet the requirements for a dlrertors, ￿pOrt and accounts for Companles Act purposes.
Chalr's Report
By the close of 2021 operations had largely returned to a more norrnal pattem, following the
economlc sh(Kk caused by the COVID pandemlc. Some aspects of the operatlon had stlll not fully
recovered, wlth worklng patterns changed to a more hybrld working approach and le5S
face-to-face meetlngs, resultlng In less use of the tralnlng and meetlng rooms at Clty East. The
Board agreed the operatlng plan for 2022 at Its flr5t meetlng in January. Thi5 operatlng plan was
to be the last plan to deliver the strategy that completed In December 2022 and hence part of the
operatlng plan Involved work on a new strategy to be In place by the end of 2022 and to gulde
operatlons for the perlod from 2023 to 2025.
The plan for 2022 set out that the charlty would contlnue the work of recovery from COVID and
focus on the 5U5talnablllty of the organ15atlon. The maln objectives were as follows:
Core Bu$lneu Sustalnablllty
Client relatlonshlp actlvltles wlll contlnue wlth KPIS in place focused on tenant retentlon and
attracting new tenants for Foundry servlces, Indudlng meetlng room hire. The occupancy levels
at Clty East and ABR wlll alm to retaln occupancy at c90% durlng 2022, achlevlng a mlnlmum
average monthly Income of £36,000 combined per month for Clty East and ABR and achlevlng a
break-even posltlon by the year end for the Foundry.
Blds will be submitted to secure new programmes that can be delivered durlng autumn of 2022
and Into 2023, wlth the alm of achleving a net break-even posltlon for programmes by the year
end.
• Admlnlstratlon budgets wlll be closely monltored to ensure the budget Is not exceeded.
• New sltes are to be Identlfled for potentlal property development. This can be progressed In
partnershlp wlth Insplre Buslness Centre, subject to the outcome of potentlal merger
negotlatlons.
Achleve profltablllty targets as set out in the operating budget.
Conduct stakeholder engagement and research as part of a plannlng pro￿$$ to establlsh a
new strategy for 2023 2025.
Promotlng Enterprlse and Enterprlse Cultur•
Engage through Enterprlse Northern Ireland to develop proposals to work wlth the Department
for the Economy, Invest NI and the Counclls to establish an enterprlse seNlce for start-up and
early-stage buslnesses.
• Research optlons to develop the Foundry Into a buslness "member5hlp club. Thls will include
options to create a separately branded business SUPPOrt hub, wlth potential commercial
partners.
• Develop plans and commence implementatlon to establish EBE as a "carbon neutral.
organisation. This will show leadership wlthln the buslness support settor and create
opportunities to provlde support for SMES to move toward5 a carbon "net zero" p051tion.
Deliver all contracted programmes and achleve programme targets
Secure new programmes and prepare bids that can be targeted at Pea￿* funding and/or the
UK Shared Prosperity Fund.

East Belfast Enterprise Ltd
Trustees. report
for the year ended 31 December 2022
Soclal Good
Re-engage in charitable activity and encourage tenant engagement through events.
• Continue to engage local suppllers In faclllties maintenants.
• Deliver the Eastslde Awards to promote local endeavour In East Belfast.
• RE-engage wlth schools and colleges as part of the stakeholder engagement to be carrled out
during the strategic plannlng pro￿sS.
As well as achlevlng the dellvery objectives, the plan for 2022 also Included development of the
strategy for 2023 2025, whlch Involved a survey of all tenants and programme 5ervlce users,
consultatlons wlth key stakeholders Includlng the Board and Stsff and a number of Board and
staff workshops.
y the end of 2022 all key objectives had been reallsed wlth occupancy levels at Clty East startlng
the year at c91010 and finishing the year at c91%, wlth small fluctuation5 dvring the year where
occupancy hit a peak of Just over 92Vo and reduced durlng the summer months to c880h. The
Albertbrldge Road slte started the year at c94Vo and Increased to IOOQ/o by Aprll, where It
remalned at ioooh to the end of the year.
A new programme named Renewal was secured and dellvered durlng the year, whlch asslsted
those in the crlmlnal Justlce system to explore self-employment as an opportunity to re-engage In
economlc actlvlty. This project was dellvered In partnership wlth NIACRO and contrlbuted to the
Successful financlal programme perfomiance, exceeding the budget that had been set at the start
of the year.
Work contlnued durlng the year with Enterprlse Northem Ireland to dellver seNlces to cllents
through the Go For It, Klckstart and Pathways to Enterprlse programmes and development work
contlnued wlth Enterprlse Northern Ireland to develop plans post 8rexit. The flnal European
Eramsu5+ project completed thls year wlth all targets met. March 2023 wlll see the end of m05t
of the European fundlng as a result of the UK exlt from the EU and hence there wlll be no further
opportunlty to secure Eramus+ contracts in forthcomlng years.
A process of stakeholder con5ultatlon was completed during the year as part of the development
of the new strategy for 2023 - 2025. Thls next perlod wlll be extremely challenging as the
economy faces the challenges of the cost of Ilvlng and cost of dolng buslness crlses, the contlnued
polltlcal vacuum wlth no functlonlng Executlve in Northern Ireland, the10ss of funding as a result
of Brexlt, the ongolng economlc and political dlfflcultles assoclated wlth Implementatlon of the
Wlndsor Framework and the ongoing war In Ukralne. All of thls will bring more pressure on
household Incomes. Thls, In tum. could Increase the demand for those seeklng help to Investlgate
self-employment as a way In whlch to brlng In revenue to meet these Increaslng household costs.
The loss of EU fundlng and rlsks to tenancy {partlcularly those charltable organlsatlon5 which are
tenants at Clty East and rely on EU fundlng) Is Ilkely to brlng downward pressure on revenue for
EBE, but at a tlme that demand for support seNltrs from the market that EBE Is set up to serve
Is Increa51ng.
Loss in revenue for EBE may necessitate cost reductlons. whlch could result In a redurtlon in the
staff team. However. this would result In a loss of expertlse and capacity to deliver services,
whlch are Ilkely to be In Increased demand.
The loss of EU funding brfngs about an opportunlty to look at new ways of dellvering Serv1￿$,
such as developing services that could attract partners willing t0 5UPPOrt through sponsorship
and for clients willing to pay for servltts, If value can be dernonstrated.
EBE has a strong network and experience in partnership worklng. It has developed some
sponsorshlp relationships with prlvate sector partners, but has never really pro-attively sought
these sort of commercial partnershlps. The organisatlon has expertise in the start-up market, but
ha5 been unable to deliver cllent centred Servi￿5, due to the restrictive nature of the "programme

East Belfast Enterprise Ltd
Trustees. report
for the year ended 31 December 2022
delivery" where the programme criteria are designed by the funding body.
The property asset Is the engine that drives unrestrlcted revenue for the organlsation. Thls has
subsldised much of the programme activity in recent years. Further expansion of the propertv
asset would enable the organlsatlon to achleve a Q￿ater level of freedom to deslgn and dellver
client centred business advisory services. To do this will require capital funding and suitable
property development opportunities with property development expertlse that Is not a strength
of the current staff team and has not been a priorlty for the Board. There is an opportunlty to
address thls through strateglc partnershlps and by brlnglng new members wlth thls speclfic
expertise Into the Board.
Membershlp of ENI Is a strength, but there Is a threat to ENI from the future loss of EU funded
programmes. New opportunities may develop wlth new fundlng streams and It would seem
senslble for EBE to remaln Involved In the ENI led development work to Secure new programme
actSvlty.
In addltlon, or In parallel to the work led by ENI, there Is an opportunlty for EBE to commlt some
re50urce to Inve5tlgate the market for a market led buslness servlces offerlng, through a
buslness dub initiatlve.
Durlng 2022 and In response to thls analysls a three-year strategy has been agreed for 2023
2025 wlth the followlng guldlng statement5:
Our Vlslon:
"To establlsh East Belfast as a vlbrant soclal and economlc hub.
Our Purpose:
"To insplre and support entrepreneurs to establlsh and grow buslnesses In East Belfast and to
have a positive social impact In the local community.
Our Mlsslon:
"To provide entrepreneurs wlth facllities and valued servlces, to meet thelr changlng economlc
and soclal needs.
To advance the strategy, focus wlll be on three strategic aims..
To be recognlsed as a centre for buslness start-up support
To ensure organlsational sustalnablllty and to become financially independent from Government
To enhance Corporate Governance
Key projects to be advanced durtng the strategy have been agreed and are set out as follows:
Alm I: To Be Recognlsed as a Centre for Buslness Start-up Support
a. Projects: Buslness Club
b. SMART Objectives for 2023:
I. to cornplete costed feaslblllty study/appralsal by end of 2023. to launch 8uslness
Club In 2024
Aim 2: To ensure organlsatlonal sustslnablllty and become flnanclally Independent from
Government funding
Projects: Business Club, Property Development, Net Zero, PR & Marketing
b. SMART ObJectlves for 2023:
I. by end of 2023 to identify services that can be 501d to the market, through a fully
researched feasibility study into the business club concept
II. By end of 2023 to have identified a short list of property development 5ite5 and
fundlng option5
III. By end of 2023 to complete pricing and benchmarking of property Slte5 and develop
sales and marketing plan
IV. Install PV panels across all property sltes by end of 2023
Aim 3: To Enhance Corporate Govemance
a. Projects: Board Membership and Roles, Board Committees, Documentation (Artlcles, Director
Handbook. Policies)

East Belfast Enterprfse Ltd
Trustees. report
for the year ended 31 December 2022
b. SMART Objectives for 2023:
I. to restructure, renew and refresh the Board and sub-commlttees by end of 2023;
II. Update relevant documentation, pollcles, pmcedures by end of 2023
There were some changes In staff during 2022. a new business advisor was recruited to dellver
the Renewal project and the ￿CeptIonISt at City East left to take on a new role and was replaced
by a new full-time receptionist. The advlsor recrulted for the Renewal programme left the
organlsatlon On￿ thls projert completed.
Overall, the charlty has performed well throughout 2022 and I must glve credlt to the staff team
for thelr dlllgent work and creativlty shown In dellverlng valued servlces for the community of East
Belfast In very challenging circumstances. The flnancSal perfomiance was strong, provldlng a solld
platform to commence dellvery of the new strategy In 2023 and face the challenges as the
economy deals wlth the consequence5 of the UK exlt from the EU.
I would Ilke to conclude my report by acknowledglng the support that I have recelved as Chalr
from my colleagues on the Board, all of whom are volunteers and brlng conslderable expertlse
and experlence to thelr governance of the charlty. I was saddened to accept the reslgnatlon of
Graham Thompson and Joanne Jennlngs from the Board thls year, Graham and Joanne have been
a great support whlle servlng on the Board, but, due to other work commltment5. they no longer
felt able to commlt the tlme requlred to contlnue as members of the Board. On behalf of the Board
E would Ilke to record my thanks to Graham and Joanne and wlsh them every succe55 In thelr
future careers. On a happler note, I was delighted to welcome Jason Hempton to the Board thls
year. Jason comes wlth a great deal of experlence and expertlse and I have no doubt wlll prove
to be a great addltlon to the Board.
As we look forward to 2023, we face a very uncertaln time, wlth many economlci polltlcal and
social challenges to face, most signlflcant of whlch wlll be that resultlng from the loss of European
fundlng as a result of the UK exlt from the EU. However, in the face of these challenges I remain
optlmlstlc that we have got a strategy and a team, Incorporatlng both the Board and Staff, that
wlll gulde us through these turbulent times and ensure we contlnue to be a posltlve economlc
force in East Belfast.
Duncan Graham
Chalr
Our Purpow and Artlvlt1•8
The Charfty's objects ("Objects') are speclflcally re5trlrted to the followlng:
The promotlon for the publlc benefit of urban regeneration wlthin East Belfast and its environs
(the 'area of benefit,) belng an area of soclal and economlc deprlvatlon, by all or any of the
ft)Ilowlng mean5:
{a) the relief of poverty in such ways as may be thought flt;
Ibl the relief of unemployment In such ways as may be thought flt, Indudlng a5slstance to flnd
employment;
(c) the advancement of education. training or retraining, partlcularly among unemployed people,
and providing unemployed people wlth work experlence;
(d) the provision of financial assistance, technlcal aSsIstsn￿ or bu5ine$5 advltr or consultancy in
order to provlde tralnlng and employment opportunities for unemployed people in cases of
financial or other charitable need through help: (l) In settlng up thelr own buslness, or {ii) to
existing buslnesses;
(e) the creatlon of tralning and employment opportunities by the provision of workspace,
buildings, andlor land for use on favourable term5.

East Belfast Enterprise Ltd
Trustees. report (contlnued)
for the year ended 31 December 2022
Public Benefit
The public benefits that flow from the advancement of communlty development and the promotlon
of urban and rural development are:
(l) the creatlon of employment, trdlnlng and work experlence opportunltles for residents Ilvlng in
economically and socially deprived areas and consequently a reductlon In poverty, unemployment
and hardship, leading to a better quality of Ilfe for the beneficiaries and consequent Improvements
In health and well-belng;
{11) enhanced knowledge about settlng up and runnlng small buslnesses and soclal enterprlses
resultlng In Increased levels of sell-employment and better prosperts of sustalnable development.
(1111 Increased levels of knowledge and transferable vocatlonal skllls among employees / work
experlence tralnees, asslstlng In the creatlon of a more educated, skilled and quallfled communlty.
(Iv) a greater sense among the benefldarles of rn0￿ fulfilled and purposeful Ilves, resuSting In a
safer, more stable and coheslve communlty.
These beneflts can be evldenced In records kept by various agencles of the number of Jobs and
work experlence opportunltles created and the numbers of those who have succe55fully mmpleted
tralnlng courses. Evldence can also be found In Independent evaluatlon5 of the artlvltles of
enterprlse agencles carrled out by fundlng bodles and In communlty surveys of Ilvlng standard5
and attltudes.
Some prlvate beneflt15 obtalned by the owners of small businesses who rent unlts on favourable
terms, but thls Is anclllary to the maln purpose and Is greatly outwelghed by the galns In publlc
benefit.
No harm arfse5 from any of these purposes.
Actlvltles
East Belfast Enterprlse offers on favourable terms a varlety of workshop unlts at our slte on
Albertbrfdge Road and Offl￿ accommodatlon at the Clty East Buslness Centre.
A varlety of meeting facllltles, tralnlng rooms and a Co-worklng space are avallable for hlre to
both buslnesses and communlty and voluntary organlsatlons.
A café, Urban Skullery, contlnues to operate on sitet providing an important catering faclllty
on-site for tenants and vlsltors attendlng Clty East and has also provlded trainlng to those keen
to learn cullnary skllls and take the flrst steps Into the employment opportunltie5 offered by the
caterlng and hospitallty settor.
Followlng the COVID pandemlc, as the charfty retumlng to more normal operatlons, the buslness
support programme5 re-focused on pre-5tart and Start-up intervention5 and less on buslness
survival, whlch had been an Important element of operatlons during COVID.
Durlng 2022 there were a number of programmes whlch completed:
Street Culture for Regions - This EU Erasmu5+ funded programme got underway In January
2021 and completed In December 2022. Thls was the last Erasmus+ funded programme that East
Belfast Enterprlse will work on a5 this funding Source 15 no longer available due to the UK exit
from the EU. The programme created resour￿5 to support those involved in 'street culture.,
Includlng mural artlsts, perfomiers, street vendors, muslclans and other artlsan activities to
explore opportunities for 5elf-employment and involved a transnational partnershlp, led by EBE,

East Belfast Enterprise Ltd
Trustees. report (Continued)
for the year ended 31 December 2022
wlth partners from Denmark, Portugal, France, Poland, Greece and the Republic of Ireland.
Renewal - This programme was funded by the UK Communlty Renewal Fund, a fund whlch
was established and funded by the UK Exchequer as a pre-cursor to the UK Shared Prosperity
Fund, whlch Is the UK response to the European Social Fund, which will be105t once the UK exits
the EU. This project was developed in partnershlp wlth NIACRO, a voluntary organisation that
works wlth those at risk of offending and those In the crlminal Justice system. Thls project was
developed to provide tralnlng and guldance to partlcipants Interested in explorlng self-employment
as a optlon to ￿-engage in economlc actlvity. The projett was a 6 month project, whlch started
and fin15hed durlng 2022.
East Belfast AIR Story / Urban Villaoes - Fundlng for thls project Concluded In March 2022 and
an agreement was reached wlth EaS￿Ide Partnership through thelr 5ub51dlary Eastslde Tourlsm,
to take ownership of the project to make use of Its assets, vlde05 and platform movlng forward.
Thls ensures the work completed on the project wlll benefit and promote tourlsm wlthln East
Belfast for many years to come.
The only new programme that was added durlng 2022 was the Renewal programme, whlch
started and completed during 2022. Fundlng cuts and, In partlcular the end of EU fundlng, whlch
wlll complete In March 2023, ha5 resulted In a very dlfflcult fundlng envlronment and th15 Is
expected to contlnue Into 2023.
As well as those programmes that completed and others that started durlng the year, a number
of programmes contlnued durlng 2022, whlch were carrled on from 2021. These were:
Go for It Programme l LCCC (Councll)
a programme that provides asslstance to entrep￿neUrS
wlth asslstance to develop a buslness plan for thelr enterprise.
Kick Start Programme / Invest NI & Belfast City Councll - A programme supported by Belfast
city Councll as the 'follow-on' to Go For It for buslnesses antlcipatlng to recrult and employ wlthin
the next 18 months. Each buslness approved onto the programme Is allocated a bank of
mentorlng hours In spedflc subJects, bespoke to thelr buslne5s, on toplcs such as marketlng,
flnance, legal, buslness development, IP and a bursary of up to £1,500 for the buslness.
Pathway to Enterprise Programme (PEP) - Belfast Clty Councll Partlclpants on thSs programme
are sUPPOrted wlth acce5S to buslness tralnlngs mentoring and a start-up grant wlth the target
demographlc beSng those currently unemployed.
Feel Good With Food / Urban Vlllages - Thls programme supports local resldents Sn the area to
attend taster sesslons on how to Improve thelr dlet to enhance nutrltlon, combat allments and on
an affordable budget.
A¢hlgv•monts In 2022
At the start of the year It was recognised that 2022 and for the Immedlate years followlng wlll be
very challenging due to the outworking of the pandemic. global economic pressure5 and the 1055
of EU fundlng. Thls focused attentlon on the Importance of the property asset and to maintain
occupancy leve15. Thi5 was 5ucce55fully achieved throughout 2022 wlth occupancy targets
achleved at Clty East and exceeded at the Albertbrldge Road 51te. Greater attention to prornotlon
of facllltles through the Foundry co-worklng pace also resulted in an increase in revenue from
hot-desklng and the sale of PO boxes and virtual Off1￿ products.
Programmes are under severe funding pressure, but a notsble 5ucce5s was 5ecurlng fundlng from
the UK Community Renewal Fund to dellver the Renewal programme. This programme helped
cllents who have been Involved wlth the criminal just1￿ system and who are one of the most
disadvantaged group5 when trying to re-enter the labour market. The projett provided training
and gUIdan￿ to explore the option of 5elf-employment as an opportunlty to re-engage In the

East Belfast Enterprlse Ltd
Trustees. report (continued)
for the year ended 31 December 2022
economy. The success of thls project and achievement of delivery targets across the other
programmes has resulted In a strong financial performance agaln In 2022, exceeding budget
targets for the year.
The delivery of these programmes has enabled the charlty to contlnue to aSSlSt indlvlduals to
explore enterprise and entrepreneurship* Wlth the aim of entering self-employment. thereby
reduclng dependency on state benefits and consequently addresslng financlal hardshlp and the
relief of poverty and unemployment. This year has been another busy year, but one In whlch
fundlng for new programmes has been Increaslngly dlfflcult. Plans for 2023 recognise that thls
wall contlnue to be the case, but the demand for the Se￿Ice5 of those seekSng a551stance to look
at self-employment as an optlon to re-engage in economic activity remalns stmng.
A summary of some of the programme artlvity that was dellvered under contracts wlth a range
of publlc funders Includlng Belfast Clty Councll, UK Communlty Renewal Fund, EU Erasmu5+, The
Executlve offi￿ and Urban Vlllages Is as follows:
Go For It: 112 buslnes5 plans produced durlng 2022
AR Story: This project completed In the flrst quarter of 2022, after whlch the Intellectual
property developed was passed to Eastside Tourlsm, a soclal enterprlse whlch operates as
part of the Eastslde Partner5hlp, to develop the tourlsm produrt for East Belfast. Work on the
proJect15 now dlsplayed on a dedlcated website at http://arbelfa5tstory.com
Kl¢k Start: 35 Cllents recelved support durlng 2022, wlth 817 hours of mentorlng provlded,
4 flnanclal Incentives pald to cllents and 4 Job5 created.
Pathways to Enterprlso Programme: 3 Cllents recelved support durlng 2022, wlth 100 hours
of mentorlng provlded.
Street Culture for Reqlons: Thls project was a pan-European partnershlp, led by East Belfast
Enterprlse, wlth partners In Greece, Poland, Portugal, France, Denmark and the Republlc of
Ereland. The project completed In December 2022 and crealed resources to as51st those
involved In street culture to Investlgate ent￿p￿neUrshlpIseIf-emp1OYMent as a vlable
economlc opportunlty.
Feel Good wlth Food: The programme supported by The Executlve Offlce through the Urban
Vlllage Inltlatlve contlnued throughout 2022, provldlng on-line tralning and advlce about how
to Improve health through nutrftion to people from Inner East Belfast. During the year the
project worked wlth 4 local communlty organlsations, Orchardvllle, East Belfast Mlsslon, Sure
Start and Flourlsh NI to make the sesslons avallable to thelr cllents, wlth an 'ln person. event
held In East Belfast Mlsslon at the end of the year.
Renewal.. Three clients Completed the programme, havlng recelved 70 hours of mentorlng.
The ongolng challenges wlth operatlng durlng the pandemlc delayed work wlth the Board to
progress the revlew of Board and Commlttee structu￿, membership and terms of reference, but
this has now been prlorftlsed In the new strategyi whlch wlll commence In January 2023.
Work on the development of a thlrd slte has contlnued wlth exploratory dlscussions with the
Board of Insplre Buslness Centre, to Inve5tlgate optlons for a joint approach to property
development. This work wlll contlnue a5 a core part of the strategy in 2023. Plans were also
completed durlng 2022 to set out a programme of refurblshment and Improvement work5 at the
Albertbrldge Road and Clty East sites, to be progressed durlng the 2023 to 2025 strategy.
In relation to programme actlvlty, work has been ongoing with ENI, led by the CEO of East
Belfast Enterprlse In his role as Chair of Enterprlse Northern Ireland. Thls work is seeking optlon5
to replace the Go For It, Kickstart and PEP programmes, once European funding finishes in March
2023. It is expected that work wlll be ongolng during 2023 to find replacement funding for these
programme5 and hence the charlty has put in place additional research plans to Investlgate
opportunitles to develop a business club and other potentlally stand alone programmes.
Foundry Event$
As COVID restrictions eased, there was a gradual return during 2022 to °in per50n" events. An
important part of the charity's strategy15 to Increase opportunities for tenant engagement and

East Belfast Enterprlse Ltd
Trustee$. report (continued)
for the year ended 31 December 2022
networking and so a number of events were hosted in the autumn of 2022. The events Included
a networking breakfast, attended by 29 tenants in September, a social event based around the
World Cup attended by 16 tenants In December and a tenant Chrlstmas event attended by 41
tenants. It Is planned to intrease the number of networklng events during 2023.
Communlty Partner•hlps and Community Engagement
EBE continued to engage wlth local community organlsatlons durlng Its tralning delivery Includlng
the Orchardville Soclety, East Belfast Mlsslon, Sure Start and Flourlsh NT. The CEO also contlnued
to art as a Dlrector on the Eastslde Partnershlp and Landmark East companles, whlch are Involved
In communlty led regeneratSon In East Belfast. These Board roles are Important strateglc posltlons
to ensure EBE remains connected to and Informed about local communlty plans and actlvltles In
Ea5l Belfast.
The charlty Is also a member of the Northern Ireland Councll for Voluntary Actlon, Soclal Enterprlse
NE, C03 and Enterpr15e Northem Ireland, whlch enable5 Strateglc Ilnks to be made to other simllar
organlsatlons operating across Northern Ireland. In 2021, the CEO took on the role of Chalr wlth
Enterprlse Northem Ireland and will remaln In thls posltlon for three years, untll February 2024.
The CEO served on the Board C03 durlng the year, glvlng further promlnence to EBE'S role within
the broader thlrd sector.
EBE contlnues to take the lead In organ151ng the Ea5tslde Awards to recognise endeavour from all
walks of life across East Belfast. with the ea51ng of COVID re5trlctlon5, It Wa5 P0551ble to return to
the pre-COVID format wlth a gala black-tie event held in AprS12022 at the Hastlng5 Stormont hotel.
It was encouraging to agaln see a sell out event at the hotel, wlth over 300 In attendance,
celebrating all that Is good about East Belfast and shlnlng a spotllght In partlcular on those that
work tlrelessly and wlthout recognition for the communlty of East Belfast.
A new project commenced in 2022 to engage wlth multlple communlty organlsatlons, schools,
sports dubs and buslnesses to work on a communlty art project. The project wlll result In the
Installatlon of two large mural artworks on the walls of the Clty East building and wlll actlvely
involve those from across the communlty, Ilvlng in close proximlty to Clty East. Thls project wlll
brSng prominence to the work of the charlty and wlll further embed the charlty wlthln the
communlty fabrlc of East Belfast. Completion of th55 projertls experted In the autumn of 2023.
Flnan¢l•l R•vl•w
In accordance wlth requlred accountlng pollcy, grants are recognlsed In the statement of flnancial
actlvltles when approved by the Trustees and communicated to the re¢iplents, Irrespectlve of the
future perlod over which payments are to be made, and the obllgatlons outstandlng at the year
end are recognlsed as credltors.
In the year ended 2022 the Trustees are happy to report that the company exceeded Its
budgeted plan5 and returned a surplus after depreoation for the year, despite budgetlng for an
antlclpated loss. which had been forecast due to expected negatlve pressures on rental revenue
as a result of antlcSpated reduced o¢cupan¢y following the COVID pandemic. Thls surplus has bullt
on the surpluses generated In 2018, 2019, 2020 and 2021. Thi5 is in line with the plan5 that were
set at the outset In the current strategy and establi5he5 a solid platform for the charity to face
another challenging perlod, havlng set out Its new strategy for 2023 - 2025 to navlgate the
turbulence expected as the UK economy navlgates its exit from the EU.
At the end of 2022 the occupancy leve15 were retsined at both 5ite5 at pre-pandemic levels, with
the Albertbridge Road slte reaching IOOO/o occupancy. In the new strategy for 2023 2025
retalnlng occupancy at these levels will be essential to ensure the charity is Sustainable and able
to tske the opportunities that will present in the next perlod.
10

East Belfast Enterprise Ltd
Trustees. report (continued)
for the year ended 31 December 2022
Reserves Pollcy and Golng Concern
A standing item on the Agenda for each Finance Committee meeting ensures that there is a revlew
of the cash position each month and that the Reserves policy Is applied. This has continued
throughout 2022 and there has been no concem raised by the committee. Cash reserves remaln
at a level that the Board 15 comfortable with in relation to the ongoing needs of the charity. The
Board of Trustees has approved a budget for 2023 and Is of the vlew that the charlly has no
concerns regarding its continued status as a golng concern.
Plans for Future Perlods
The Trustees will continue to aim to preserve as far as posslble the capltal base of thelr
Investrnents and to increase annual income leve15. Work will commence on the new strategy whith
wlll focus on three key strateglc alms:
l. To Be Recognised 35 a Centre for Buslness Start-up Support
2. To ensure organlsational sustalnablllty and to Become Financlally Independent from Govemment
Fundlng
3. To Enhance Corporate Governance
UnderpSnnlng thls strategy wlll be the need to maxlmlse revenue from the Charlty's asset base
and hence there are plans In the flrst year of the strategy to fund capltal projects to renew and
revlta115e the property assets and invest in new branding and promotlonal actlvlty. The 5trategv
also pays attentlon to the charSty's envlronmental responslbllltles and plans are In place to reduce
the carbon emisslons associated wlth the charlty's actlvltles, with a plan to move towards a carbon
net zero posltlon.
Plans In the year ahead wlll also see further work on Board Governance to clarlfy Board committee
strurtures and mernbershlp, a5 well as ensurlng the skllls and expertlse acros5 the Board team are
matched to the needs of the strategy.
Reference and Admlnlstratlve Detalls
Charlty Number: NIC103061
Company Number: N1023055
Reglstered Offlce: Clty East, 68 72 Newtownards Road, Belfast, 8T4 IGW
Our Advl$ors.'
Audltots: FPM Accountants Urnlted (Re-appolnted followlng a tenderlng process In 2018 for
3 year period with an optlon for a further 2 years)
Sollcltors: Mccartan Turklngton Breen
Bank.. Danske Bank
Dlréctors and frustees
The Directors of the Charltable Company (the Charity) are its Trustees for the purpose of Charlty
Law. The Trustees and offlcers servlng durlng the year and slnce the year end were as follows:
Key Manag•ment Personnel East Belfast Enterprlse: Trustees and Dlrectors
Duncan Graham (Chalr)
William Mlsklmmln (Co. Secretary)
Mervyn Hempton
Joanne Jennlngs {re5igned 12 April 2023)
Nicola Bothwell
Gerry Gllpin
Jacquellne Locke
Graham Thompson (resigned 21 January 2022)
Jason Hempton (appolnted 12 April 2023)

East Belfast Enterprlse Ltd
Trustees. report (contlnued)
for the year ended 31 December 2022
Key Management Personnel East Belfast Enterprlse: Chlef Executlve
Jonathan McAlpln
Structure. Governance and Management
Governlng Document
East Belfast Enterprlse Is a Company Limited by Guaranteei govemed by a voluntary Board of
Dlrectors.
The company Is also a reglstered Charlty wlth the Charltles Commlsslon for Northern Ireland and
submitted its flrst return to the Charltles Commlsslon Nl durlng 2017.
Appolntment of Trustees
As Set out In the Artlcles, Directors of the Company (who serve as Trustees of the Charlty for the
purposes of Charlty Law) are elerted by the member5 of the companyi or can be co-opted by the
Dlrectors. The maximum number of Dlrectors wlll be 12, wlth a mlnlmum of 3.
Trustee Inductlon and Trnlnlng
Incomlng Members of the Board of Dlrectors are aware of the alms and objectlves of the Charlty
and the manner In which the Trustees cary out thelr responslbllltles. The Chalr, supported by the
Chlef Executive, oversees an Inductlon process for new Dlrectors, who are provided with key
documents, Includlng the Strateglc Plan and Artlcle5 of A55oclatlon of the company. An overvlew of
the operatlons of the company Is provided by the Chlef Executlve and new Dlrectors are afforded
the opportunlty to meet wlth key staff and vlew the key elements of the company's operations.
Oryanlsatlon
The Board of Trustees, whlch can have up to 12 member5, admlnlsters the Charlty. The Board meets
mlnlmum of 5 tlmes per annum on a bl-monthly schedule. Standlng sub-commlttees of the Board
Include a Flnance commlttee, which oversees the oryanlsatlons flnance, revlewlng management
accounts and overseelng the company's rlsk policy. a Property sub-committee, which meets as
required to oversee capltal projects and an HR Sub-commlttee, whlch meets a mlnlmum of once
annually and as requlred to set remuneratlon and to revlew HR matters.
The operations of the charlty are managed on a day-to-day basls by a Chlef Executlve, appolnted
by the Board of Trustees. The Chlef Executlve has delegated authorlty, wSthln the terms of
delegatlon approved by the Trustees, for operational matters Includlng. flnance, employment and
HR. A management team has been appolnted by the CEO to provlde management overslght for key
company funttions Includlng Programmes, Property & Tenancy and Flnance & Admlnlstratlon. These
management posts report dlrertly to the CEO.
Relate41 Partles and Co-operatlon wlth Other Oryanlsatlons
During 2022, the Chief Exeojtlve contlnued In hi5 paid role wlth Enterprise Northern Ireland as the
Chair of the Board of Directors of Enterprlse Northern Ireland. Thls appointment was approved at
a Board meetlng of the Trustees of East Belfast Enterprise In January 2021 and the appolntment
wlll be for a perlod of three years.
All of the Trustees serve in a voluntary capaclty and do not recelve any remuneratlon for thelr role
as a Dlrertor lor Trustee). Any related Interests are declared at meetlngs where the Interest may
arlse and If any Trustee may benefit personally or in their business interests from a decision to be
taken by the Board, the Trustee in question wlll be absented from the discussion and subsequent
declslon maklng process.
12

East Belfast Enterprlse Ltd
Trustees. report (continued)
for the year ended 31 December 2022
The Company Is a member of Enterprlse Northern Ireland, whlch Is now under the Chalrmanshlp of
the CEO of East Belfast Enterprise and benefits from this membership by accessing contracts as a
sub-contracted partner. Other memberships held by the Charty are for the purposes of seeking advice,
Infornalion or knowledge of the Community and Voluntary sector and potentlal funders for the work of the
charity. These memberships Include membershlp of the Northem Ireland Council for Voluntary Actlon, C03
and Social Ent8rprlse Northem Ireland. The Chief Executive also serveg on the Board of Directors of C03 In
a voluntary capacity, but there are no contractual relatlonships belween East Belfast Enterpr15e and CO3.
Pay Pollcy for Senlor Staff
The remuneratlon of the Chief Executlve and other members of senlor staff Is declded by the HR
sub-commlttee, under delegated authorlty of the Board of Dlrectors.
Rlsk Management
The Tru5tee5 have a rlsk management strategyi whlch Is overseen on behalf of the Board by the
Flnance Sub-commlttee, under the delegated authority of the Board. A rlsk ￿gIster Is In place and
thls 15 revlewed every month by the Nnance Sub-commlttee. Any rlsks that are Identlfled as
Current rlsks Identlfled have categorised risks under those relatlng to Flnance, Property, Staff,
Equlpment and Dats, Publlc Ilablllty and Professlonal Ilablllty, Polltlcal and those rlsks relatlng to the
COVID 19 pandemlc. The register records procedures to mltlgate agalnst these rlsks both presently
and In the future.
As soclety flnally moves on from the COVID pandemlc, the charlty now turns to face the rlsks
presentlng a5 a result of global economic shocks and the loss of EU Fundlng as a consequence of
the UK exlt from the EU. A new strategy has been agreed to guide the organisation through thls
next perlod, whlch Is expected to be a flnanclally dlfflcult perlod and one whlch wlll require extra
vlgllance from Trustees.
Trustee's Responslbllltlos In relatlon to the Flnan¢lal Statem•nt•
Charlty law requlres the Trustees to prepare flnancial statements for each financlal year whlch glve
true and falr vlew of the charlty's Incomlng resources and appllcatlon of resources durlng the year
and of Its state of affalrs at the end of the year. In preparlng those flnanclal statements the
Twstees are required to.,
• Select sultable accountlng pollcles and then apply them conslstently;
• Make Judgements and estlmates that are reasonable and prudent;
• State whether applicable accountlng standards and statements of recommended prartlce have
been followed, subject to any materlal departures dlsclosed and explalned In the flnanclal
ststements.
• Prepare the flnanclal statement5 on the golng concern basls unless It Is Inapproprlate to presume
that the charlty will continue in operation.
The Trustees are responslble for ensuring the keeping of proper records which disclose with
reasonable accuracy the financial position of the charity and enable them to ensure that the
flnancial statements comply wlth the Companies Act 2006. They are also responsible for
safeguarding the charity's assets and hence taklng reasonable steps for the preventlon and
detection of fraud and breaches of law and regulations.
13

East Belfast Enterprise Ltd
Trustees. report (contlnued)
for the year ended 31 December 2022
statement of Disclosurn to our Auditors
So far as each of the Dlrectors In offlce at the date of approval of these flnanclal statements are
aware:
•There Is no relevant audlt Infomiatlon of whlch the auditor's are unaware
•They have tsken all the steps they ought to have taken as Dlrettors in order to make themselves
aware of any relevant audlt Informatlon and to establlsh that the audltors are aware of that
Inforniatlon.
The trustees have overall responslblllty for ensurfng that the charlty has an approprlate system of
Internal controls. flnanclal and otherwlse. They are also responslble for keeplng proper accountlng
records whlch dlsclose wlth reasonable accuracy at any tlme the financial p051tlon of the charlty and
to enable them to ensure that the financlal statements comply wlth the Companles Act 2006. They
are also responslble for safeguardlng the assets of the charlty and hence for taklng reasonable
steps for the prevention and detectlon of fraud and other Irregularltle5.
Slgned on behalf of the tru•t••s
30th June 2023
Date
Mr D Graham (Chalr)
14

Report of the Independent Audltors
to the members of East Belfast Enterprise Ltd
(a company limited by guarantee)
Oplnlon
We have audlted the financlal statements of East Belfast Enterprlse Ltd ft)r the year ended 31
December 2022 which comprises the Statement of Flnanclal Actlvlties, the Balance Sheet, the cash
flow statement and the notes to the accounts, Indudlng a summary of slgnificant accountlng policles.
The financial reporting framework that has been applied In their preparatlon 15 appllcable law and
Unlted Klngdom Accountlng Standards, Indudlng Flnancial Reportlng Standard 102. The Hnancial
Reportlng Standard appllcable In the UK and Republlc of I￿18￿￿ Iunlted Klngdom Generally Accepted
Accountlng Prartice).
In our oplnlon the accounts:
glve a true and falr vlew of the state of the charitable company's affalrs as at year ended 31
December 2022 and of Its Incomlng resources and appllcatlon of resources, Includlng Its Income
and expendlture, for the year then ended;
have been properly prèpared accordance wlth Unlted Klngdom Generallv Accepted Accountlng
Practlce; and
have been prepared In accordance wlth the requlrements of the Companles Act 2006.
8asls for oplThlon
We conducied our audit In attordan¢e wlth fntematlonal Standards on Audltlng (UK) {ISAs IUK}I
and appllcable law. Our responslbllltles under those standard5 aré further descrlbed In the Audltor's
responslbllltles for the audlt of the accounts sectlon of our report. We ￿￿ Independent of the charlty
In a¢cordance wlth the ethlcal requlrements that are relevant to our audlt of the accounts In the UK,
Includlng the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responsSbllltles In
accordance wlth these requlrements. We belleve that the audlt •vldence we have obtalned Is
sufficlent and approprlate to provlde a bas15 for our oplnS0n.
Conclu8lon• relatlng to golng conc•rn
In audltlng the flnanclal statements, we have concluded that the trustees, use of the golng ttsncern
basls of accountlng In the preparatlon of the flnancfial statements Is approplate.
Based on the work we have performed, we have not Identlfied any rnaterlal uncertalntles relatlng
to events or condltlons that, Indlvldually or collectlvely, may cast slgnlflcant doubt on the charfty's
èblllty to contlnue as a golnq concem for a perlod of at least twelve months from when the flnandal
statements are authorlsed for Issue.
Our re5ponslbllltles and the responslbllltles of the trustees wlth respect to golno Concem are
descrlbed In the relevant sertlons of this report.
Other Informatlon
The other Informatlon comprtses the Informatlon Induded In the annual report. other than the
accounts and our audltorfs report thereon. The Trustees are responslble for the other Informatlon.
Our opinion on the accounts does not cover the other informatlon and, except to the extent
otherwlse expllcldy stated In our report, we do not expre55 any form of assurance concluslon
thereon.
16

Report of the Independent Auditors
to the members of East Belfast Enterprise Ltd
(a company limited by guarantee)
In connectlon with our audit tsf the accounts, our reS￿nSIbIlity is to read the other Inforniation
and, in dolng so, conslder whether the other information is matertally Inconsistent with the
attounts or our knowledge obtained In the audlt or otherwlse appears to be materfally mlsstated.
If we identify such rnaterial inconsistencies or apparent material misstatements, we are required
to determine whether there is a material misstatement in the accounts or a material misstatement
of the other Informatlon. If, based on the work we have performet1, we conclude that there Is a
materlal misstatement of this other Inlomatlon, we are requlred to report that fart. We have
nothing to ￿port In thls regard.
Oplnlons on oth•r mJtt¢rs pM¥crlb•d by the Comp•nl•s Art 2006
In our oplnlon. based on the work undertaken In the course of our audlt:
the Informatlon glven In the Trustees Report for the financ(al year for whlch the accounts are
prepared Is ronslstent wlth the accounts. and
the Trustees Report has been prepared In accordance wlth appllcable leoal requlrements.
M•tt•r• on whlch w• ar• requlred to report by exceptlon
In the light of the knowledge and understanding of the Trustees and its envlrtsnment obtained
In the course of the audlt, we have nrt Itjentlfled materlal mlsstatements In the Trustees Report.
We have nothlng to report In respect of the followlng matters In relatlon to whlch the
Companles Act 2006 rtqulres us to report to you If, In our oplnlon:
adequate accountlng records have not been kept, or retum5 adequate for our Judlt have not
been recelved from branche5 not vlsSted by us; or
the accounts are not In agreement wlth the accountlng record5 and retums: or
rtaln dlsdosures of trustees, remuneratlon specJfted by law are not made,. or
we have not received all the Informatlon and explanatlons we requlre for our audit.
Rupon•lbllltle• of Tru•te•s
As explalned more fully In the Statement of Trustees Responslbllltles, the Trustees are responslble
for the preparatlon of the accounts and for belng satlsfled that they glve a true and falr vlew, and
for such Internal control as the dlrectors determlne Is necessary to enable the preparatlon of
accounts that are free from materlal m155tatement, whether due to fraud or error.
In preparlng the accounts, the Trustees are responslblÈ for a55e551ng the tharlty'5 ablllty to
continue as a golng concem, dlscloslngi as appllcable, matters related to golng concem and uslng
the golng concem basls of accountlng unless the Trustees elther Intend to Ilquldate the company
or to cease operatlons, or have no reallstlc alternative but to do so.
Audltor'¥ re•pon•lbllltlu for th• audlt of th• flnandal #tat•m•nts
Our objectlves arè to obtaln reasonable assurance about whether the accounts as a whole are
free from materfal mlsstatement, whether due to fraud or error, and to Issue an audltols report
that Includes our oplnlon. Reasonable assurance Is a hlgh lével of assurance, but 15 not a
guarantee that an audlt conducted In accordance wlth ISA5 {LIK) wlll always detect a materlal
mlsstaterneAt when It exlsts. Mlsstatements can arlse from traud or emr and are consldered
materlal If, Indlvldually or In the aggregate, they could reasonably be experted to Influence th•
ewnomlc declslons of users taken on the basls of these accounts.
17

Report of the Independent Audltors (contlnued)
to the members of East Belfast Enterprise Ltd
(a company limited by guarantee)
Irregularltles, Including fraud, are Instances of non-compliance with laws and regulatlons. We
deslgn procedures in Ilne wlth our responsibilities, outllned above, to detect material
mlsstatements in respect of Irregularities, including fraud. The extent to whlch our procedures
are capable of detectlng irregularities, Includlnq fraud, Is detalled below.
We obtalned an understandlng of the legal and regulatory framework applicable to the company
through enqulry of management, Industry research and the application of cumulatlve audlt
knowledge. We identlfled the following princlpal laws and regulatlon5 relevant to the company
Companles Act 2006 and the Flnanclal Reportlng Standard applicable in the UK and Republlc
of Ireland {FRS 102).
We developed an understandlng of the key fraud rlsks to the entlty (Includlng how fraud might
occurl, the contro15 in place to help mltlgate those risks, and the accounts, balances and
disclosures wlthln the financlal statements whlch may be Susceptible to management blas. Our
understandlng was obtalned through revlew of the flnanclal statements for 51gnlflcant accountlng
estlmates, analysls of journal entrles, walkthrough of the key controls cycles In place and enquiry
of management.
Our procedure5 to respond to those r15k5 Identlfled Included, but We￿ not limlted to:
Enquiry of management, those charged wlth governance and the entity's sollcltors around actual
and potentlal Iltlgatlon and dalm5.
Enqulry of management to Identlfy any instances of non-compllance wlth laws and regulations.
Reviewlng mlnutes of meetlngs of those charged wlth govemance.
Revlewlng flnanclal statement dlsdosures and testlng to supportlng documentatlon to assess
compllance with appllcable laws and regulations.
Audltlng the r15k of management overrlde of controls, Includlng through testlng Journal entries
and other adjustments for approprfateness, and evaluatlng the buslness ratlonale of slgnlflcant
transactlons outslde the norfflal course of buslness.
A further descrfptlon of our responslbilitles for the audlt of the accounts Is located on the
Financial Reportlng Councll's webslte at: http://www.frc.org.uk/audltorsresponsibllltles.
Thls description forms part of our audltorfs report.
Thls report Is made solely to the charitable company's members, as a body, In accordance wlth
Chapter 3 of Part 16 of the Companles Act 2006 and regulatlons made under that Act. Our
audlt work has been undertaken so that we mlght state to the charltable company's members
those matters we are requlred to stste to them in an auditors. ￿port and lor no other purpose,
To the fullest extent permltted by law, we do not accept or assume respon5ibillty to anyone
other than the charltable company and Its members as a body, for our audlt work, for thls
report, or for the oplnlons we have formed.
JL Grant (Senlor Statutory Auditor)
for and on behalf of
FPM ACCOUNTANTS LTD
Chartered Accountants &
Statutory Audltor
Unlt I, Bulldlng 10
Centrnl Park
Mallusk
Co Antrim
BT36 4FS
Date
18

East Belfast Enterprise Ltd
Statement of Financial Actlvltles
(Incorporating an Income and Expenditure account)
for the year ended 31 December 2022
2022
Total
2021
Total
Notes Unrestricted
Restrlcted
Income and endowments from:
Charltable Actlvltles
68,042
139,560
207,602
196,144
other Tradlng Activities
29,820
29,820
29,933
Investment Income
447,797
447,797
416,678
Other Income
Totsl Income and Endowm•nt*
564,834
139,560
704,394
695.121
Expendltur• on:
Ralsing Funds
84,381
2,114
86,495
56,411
Charltable Actlvitles
io&ii
473 054
129 795
602 849
576 875
Total Expendlture
557,435
131,909
689,344
633,286
Net Income for the Year
Transfers betr￿een funds
Galn on revaluatlon of flxed assets
300,000
Net movement in funds
361 835
Reconclliation of Funds:
Fund Balances Brought Forward
12
2,992,793
761,748
3,754,541
3,392,706
Fund 8alanc•s CBrrl•d Forward
12
3 000 192
769 399 3 769 591 3 754 541
All Income derlves from continulng actlvltles, therefore no statement of recognSsed galns or
losses Is glven.
The notes on pages 22 to 29 form an Integral part of these financial statements.
19

East Belfast Enterprise Ltd
Balance Sheet
as at 31 December 2022
Notes
2022
2021
Fixed assets
Tangible Assets
3,720,448
3,732,298
Current assets
Debtors
Cash at bank & In hand
66,672
301 332
368,004
74,801
334 598
409,399
Cr•dltors: amounts falllng due withln one year
206,064
209,784
Net Currnnt A•sets
161,940
199,615
Total Jsgets le•s ¢urr•nt Ilabllltl•8
3,882,388
3,931,913
Cr•dltorn: amounts falllng due after more than
one year
112,797
177,372
Net a•4•ts
3 769 591
3 754 541
Funds
Unrestrlcted:
Unr¢strlcted Programmes Fund
Unr¢strlcted Property Fund
Unr￿trIcted Clty East Fund
12
12
12
(28,871)
2,942,359
86,704
{27,580)
2,824,395
195,978
Re$trl¢ted:
Restrlcted Programmes Fund
Restrlcted Clty East Capltal Fund
12
12
19,290
750,109
11,639
750,109
12
3 769 591
3 754 541
The flnanclal statements were approved by the Board and slgned on Its behalf:
3oufj ) u,TrJE 2013
Date
Mr D Graham
Dlrector
Company No: N123055
The notes on page5 22 to 29 forni an integral part of these financial statements.
20

East Belfast Enterprise Ltd
ststement of Cash Flows
s at 31 December 2022
Not¢$
2022
2021
Cash flow$ from 0￿ratIng a¢tlvities:
Net cash provlded by / (used In) operating actlvlues
Cash flows from investing artlvltles..
Purchase of propertyi plant and equlpment
(5,034)
(12,358)
Net c••h provld•d by lumd In) Inv••tlng •¢tlvltl••
034
Cash flows from rtnanclng artlvltles..
N•t c••h provld•d by (u••d In) flnandng artlvltl••
Change In ugh and ca•h equlvalent•
In the reportlng perlod
31,313
41,486
C••h and cash aqufvalents at the baglnnlng ot
the rnportlng porlod
16
92.598
51.112
C•sh and u*h •qulval•nt• at th• end of the
reportlng perlod
16
123,911
92.598
21

East Belfast Enterprise Ltd
Note$ to the Financial Statements
for the year ended 31 December 2022
I. ACCOUNTING POLICIES
The prlnclpal accounting policies adopted¢ judgements and key sources of estlmatlon uncertalnty In the
preparatlon of the flnanclal ststements are a5 foll9ws'.
al Ba515 of preparatlon
The flnancl41 statements have been prepared In accordance wlth Accountlng and Reportlng by Charltles:
ststement ol Recgmmended Practlce appllcable to charltles preDarfna thelr accounts In accordance wlth
the Flnancial Reportinq Stsndard applicable In the UK and Republlc of Irèland IFRS 1021 (effettlve I
January 20191- ICharltSes SORP IFRS 1021, the Hnanclal Reportlnq Standard appllcable In the UK and
Republlc of Ireland IFRS 102) and the Companie5 Act 2006.
East Belfast Enterprlse Ltd meets the deftnltlon of a publlc beneflt entltv under FRS 102. A55ets and
Ilabllltles are Inltlally recoqnlsed at hlstorlcal cost or transactlon value unless otherwlse stated In the
relevant accountbnq policv notelsl,
bl p￿paratIOn of the accounts on a qolnq concem basls
The Trustee5 are of the oplnion that the charlty Is a going concem. Rlsks to the charlty ère monltored
on a monthlv ba51s throuqh the Nnance CommSttee of the 8oard and any rlsks deemed to be of concem
brouqht to the full Board. Followlnq thls process DrovSdes Trustees wlth a level of confldence that rlsks
arè approprlately manaqed and su5table m5tloatlon Is taken to mlnlmlse rlsks. The Trustees are mlndful
that the maln rlsks facin¢ the Charitv are thosé posèd by thè loss of European fundlnq. A new strateov
was approved by the Board at the end of 2023, whlch has as one of Its three core strateglc alms:
"To ensure organlsatl¢nal sustalnablllty and To Become ￿nancIallY InE1ependent from Government
Fundlng..
Dellvery of thls strateglc plan commenced In 2023 wlth key targets Set to ensure there Is a focus on
organ154tlonal 5UStalnablllty. Plans are In place to upgrade the propertv 5Ite5 and revlew prlclng, whSch
wlll Include Increased recovery of energy costs, mltlgatlng risk to the organ5satlon frorn external energy
cost press¢Jres. Slds are belng prepa￿d In collaboratSon wlth Enterprlse Northern Ireland to secure
ontract5 to replace those that wlll be105t due to the loss of European fundlngi wlth the funding belng
sourced dlrertly from the UK Government Department for Levelllng Up, Houslng and Communltles
through the UK Shared Prosperlty Fund. A budget has been prepared and approved by the Board lor
2023, whlch Is a break-even budget, acknowledglng the flnanclal pressures that the company wlll face
thls year as It transltlons from progr¥mme revenue supported by European fundlng to new revenue
sourced trom UK Exchequer funds and a new BusSness Club concept, whlch wlll sell servlces dlrectly to
the market. Property Income targets have remalned conservatlve, based on 2022 actual results and
slmllar occupancy levels belng achieved to those reallsed In 2022.
Healthy cash reserve5 have been accumulated wlth the strong flnanclal performance of the charlty for
the past four years and the budget set for 2023 wlll seek to protect these reserves. The Board has alsts
¢tsmmlttod to a full revléw of corporate Governancè, to ènsurè that the Board remalns flt for purpose
and that Govèrnance strurtures, processes and procedure5 contlnue to follow bèst practlo and manage
rlsks fadng the company. The Trustees wlll not be complacent as the charlty contlnues to navlgate an
uncertaln p*rlod for the Northern Lreland economy, but belleve th)t appr¢prlate management and
proce55e5 are In place to ensure actlon can be taken, should Tru5tee5 belleve that the vlablllty of the
organlsatlon Is under threat.
c) Fund Accountlng
Unrestrlrted fund5 are fund5 whlch are avallable for use at the dlscretlon of the Tru5tee5 In furtherance
of the general obJettlve5 of the Charlty and whlch have not been designated for other purposes.
Restrfcted funds are funds whlch ère to be used In accordance wlth speclflc restrlctlons Imposed
by donors or whlch have been ralsed by the Charlty for partlcular purposes. The cost of ralslng and
admlnlstering such fund5 are charged agalnst the speclflc fund. The alrn and use of restricted funds Is
set out In ihe notes to the flnancial Statements, Restrtcted fund5 may only be transferred to general or
deslgnated funds once the crlterla for fystrictlon have been dlscharged or no longer apply.
dl Income
Intome Is recoqnised when the ¢harltv ha5 entitlement to the rent. funds, ènv performance condltlons
attached to the Iternls) of Income have been met, It Is probable that the Income wlll be recelved and the
amount can be measured rellably. Inctsme from oovernment and other orants, whether'capltal, orants
or'revenue, qrants. Is recoqnlsed when the charitv has ents"tlement to the funds, anv performance
conditions attached to the grants have been met, It Is probable that the Income wlll be re￿iVed and the
amount can be measured ￿lIablY and is not deferred. Income is deferred only when the charity has to
lulfil corhditions before becoming entitled to it or where the donorlfunder ha5 Specified that the income
22

East Belfast Enterprlse Ltd
Notes to the Flnanclal Statements
for the year ended 31 December 2022
I. ACCOUNTING POLICIES ctd..
d ) Income ctd...
Is to be expended In a ftjture perlod.
el Donated servlces and fadlltoes
In accordance with the Charftoes SORP (FRS 102). the general volunteer tlme of supporter51s not
recognised.
n Expendlture and Irrecoverable VAT
ExpendItU￿ is recognlsed once the￿ is a legal or constructive obllgatlon to make a payment to a thlrd
party, It Is probable that settlement wlll be ￿Qui￿d and the amount of the obllgation can be measured
rellably. Expertdlture Is classlfled under the followlng artlvlty headlngs:
Costs of ralslnq funds:
Expendlture on charltable actlvltles comprlses those costs InCu￿ed by the charlty In the dellvery of Its
actlvltles and serylces for Its beneflclarles. It Includes both costs thèt can be allocated dlrectly to such
actlvltles and those costs of an Sndlreet nature necessary to support them.
Other expendlture represents those Items not falllng into any ott)er headlng.
All ¢o5ts are allocated betr4een the expendItU￿ categodes of the Statement of Flnanclal Actlvlties on
a basls deslgned to renect the use of the resource. Costs relatSng to a particular actlvlty are
allocated dlrectlyi Others are apportloned on an apprOp￿ate basls.
Irrecoverable VAT Is charged as a wst agalnst the actlvlty for whlch the expendlture was incurred.
o) Allocatlon of support costs
Support costs are those functlons that asslst the work of the charlty but do not dlrectly undertake
charltable artlvltle5. Support costs Include back Offi￿ costs. flnance, personnel, payroll and
governance costs whlch 5UPPOrt the programmes and actlvltles.
h} Tangbble fixed assets and depreclatlon
Tanglble flxed assets are stated at COSt less depreclatlon.
Depreclatlon Is provlded at rates calculated to wrlte off the c05t or valuatlon of flxed assets. less
thelr estlmated resldual value, over thelr expected useful Ilves on the followlng basls:
Flxtures and nttlng5
20Qh reduclng balance
Computer equlpment
33% on cost
other equlpment
20% on cost
Investment Property
The carrylng values of tanglble flxed assets are revlewed for Impalmient when events or
clrojmstances Indlcate the carrylng value may not be recoverable.
Revalued Investment propertles are not depreclated or amortlsed. Where the valuatlon Indlcates a
permanent dlmlnutlon In valuatlon of the property, the permanent dlrnlnutlon Is charged to the
Statement of Financlal Act(vltSes.
l) Debtors
Trade and other debtors are recognlsed at the settlement amount due after any trade d15count
offered. Prepayments a￿ valued at the amount prepaid after taklng account of any trade dlscounts
due.
J) Cash at bank and In hand
Cash at bank and cash In hand Includes cash and short tern current accounts.
kl Credltors and provlslons
Credltors and provislons are recognlsed where the charlty has a present obllgatlon resultlng from
past event that wlll probably result in the transfer of funds to a thlrd party and the amount due to
settle the obligotion can be measured or estimated reliably. Creditor5 and provisions are normally
recognised al their settlefflent amounl after allowfing for any trade discounts due.
11 Financial instruments
The trust only ha5 financial assets and finandal IlabSlltles of a kind that quallfy as basic financial
instruments. Basic financial instruments are Inltlally recognlsed at transaction value and subsequently
measured at thelr settlement value with the exception of bank loans which are subsequently measured
at the carrylng value plus accrued Interest less repayments. The financlng charge to expendlture Is
at a constant rate calojlated using the effecttve Interest method.
23

East Belfast Ent•rprlse Ltd
Notes to the Flnanclal Statsm•nts
for the y•ar ended 31 D¢¢ember 2022
I. ACCOUNTING POLICIES ctd...
m) Pen5i0n5
The company operates a deflned contrlbutlon pension scheme. Contrlbutlons are charged In
the statement of finanaal activities as they become payable in accordance with the rules of the
scheme.
Following the auto-enrolment staglng date In April 2017, the company has now put In place a
company pension scheme whereby the company ttjntrlbutes 60h to the scheme and the staff
ontrlbute a mlnlmum of 3Wo. The scheme Is set up wlth Scottish Wldows and all staff are now
reglstered on the scheme, whlch Is compllant wlth auto enrolment.
Kerr Henderson contlnues to provide guidance and Informatlon to the company as required
to ensure that any Changes to staff pen51ons are compliant wlth auto enrolment leglslatlon.
n) Taxatlon
The company Is a reglstered charlty and the charltable tax exemptlons are the￿f0￿ belng
clalmed to the extent that Income andlor gains are appllcable and applled to charltable
purposes only. These exemptlons wlll remaln In place as long as Income and expendlture Is
applied to charltable purposes only.
Crltycal accounting e5timate5 and Judgements
In the appllcatlon of the charlty's accountlng pollcles, the trustees are reqUI￿d to make
Judgements, estlmates and assumptlons about the carrylng amount of assets and Ilabllltles that
are not readlly apparent from other sources. The estlmates and assoclated assumptlon5 are
based on historlcal experlence and other factors that are considered to be relevant. Actual
results may dlffer from these estimates.
The estlmates and underlylng as5umption5 are revlewed on an ongolng basls. Revlslons to
accounting estlmates are ￿e0gnIsed In the perlod In whlch the estimate Is revlsed where the
revlslon affects only that perlod, or In the perlod of the revlslon and future perlods where the
revlslon affects both current and future period5.
2. RESULTS FOR ThE YEAR
The result for the year has been arrlved at after charglng the followlng:_
2022
2021
Depreclatlon
Audltors remuneratlon
16,884
20,660
3. EMPLOYEE INFORMATION
2022
2021
Staff Costs
Wages and Salarles
Employerfs NIC
Penslon
259,332
22,709
242,717
20.192
295 419
276 284
Average monthly number of persons employed by
Numb¢r
Number
There wa5 one high pald stsff wlth one employee re￿Iving over £60,000.
Penslon costs are allocated to attlvltles In proportlon to the related stafflng costs Incurred and
are wholly charged to unrestrlrted funds.
The charity trustees were not paid or received any other benefits from employment wlth the
charity, neither were they reimbursed expenses during the year (2021: Cnill. Refer to note 13
detall on professlonal servlces connected to the trustees.
The key management personnel of the charity comprlse the trustees and the CEO. The tota
employee beneflts of the key management personnel of the charlty were £80,454.
24

East O•lfa$t Entèrprfse Ltd
Notes to the Flnanclal Stat•m•nts
lor the yegr éndtd 31 D•cember 2022
4. FIXED ASSETS
Freehold
Clty East
Investment Flxtures
Computer Investment City East
Property & Fitting$ Equlpment Property Equipment
Foundry
TOTAL
COST
At l January 2022
Addltlons
Dlsposals
Revaluatlon
At 31 December 2022
2.238,330
107.209
93,966
5,034
2,040,268
158,054
356,558 4,994.385
5,034
2.238.330
107,209
99,000 &040,268
158,054
356,558 4,999,419
DEPRECIATION
At l Jaftuary 2022
Disposals
Charge for the year
At 31 December 2022
558,330
107,209
79,518
340,268
146,915
29,847 1,262.087
4,972
84.490
7,773
154,688
4,139
16.884
33.986 1.278.971
558.330
107.209
340,268
NET BOOK VALUE
At 31 December 2022
1,680,000
14,510 1,700,000
3,366
322,572 3,720,448
At 31 December 2021
1,680,000
14,448
1,700,000
11,139
326,711
3,732,298
The revaluatlon of Clty East Is put through the accounts In order for It to match the valuatlon carrled out In
October 2021 by Fraser Kldd (Surveyors, Valuers, Agents). The revaluatlon of Albertbrldge Road had been put
through the accounts In order for It to match the valuatlon carrfed out In 2019 by Fraser Kldd (Surveyors, Valuers,
Agefttsl.
5. DEBTORS: AMOUNTS FALLING DUE wrrHIN
ONE YÉAR
2022
2021
Trade Debtors
Prepayments and accrued Income
54.037
30,558
6. CREDThORS.. AMOUNTS FALLING DUE WITHIN
ONE YEAR
2022
2021
Trade Credltors
Soclal security and other taxes
Bank Loan
other Creditors
Accrued Expenses and deferred Income
19,667
17,882
64,631
(703)
104 587
206 064
42,688
14,166
64,631
832
209 784
7. CREDrroRS: AMOUNTS FALUNG DUE AFfER MORE
THAN ONE YEAR
2022
2021
Bank Loan
Loan
69,179
129.070
112 797
177 372
25

East Belfast Enterprise Ltd
Notes to the Flnan¢lal Statements
for the year ended 31 December 2022
8. INCOME
Progr•mme$ Programmes Property
Clty East
Clty East
Restrlrted Unr•strl¢t•d Unrnstrlcted RestriLted Unr*strlct•d
2022
Total
2021
Totsi
Incom• and Endowrnents from:
Charftable Actlvltl•$
Co Innovate
N18SUP
Urban Vlllages
Foundry Income
Erasmus Data Set
Feel good wlth food
Klckstart
Emlnent
Street Culture for Reglons
Pathway
Mural Project
Renewal
1,626
26,089
7,600
1.626
26.089
7,600
68.042
306
15,642
41,191
1,743
30.840
24,400
58,321
68,042
306
15,642
41,191
15,449
21,872
12,387
24,612
6,520
21.853
3,239
3,614
21,853
3,239
3,614
139,560
68,042 207,602 196,144
Other Tradlng Artlvltl•*
Advertlslng Hoardlngs
Car Pat* Spaces
4,500
4,500
4,500
4,500
25,320
29,820
29,933
Invegtmont Incom•
Rents Recelved
Tenants Servlces
Contdbutlon to electrlclty
Tenant Phone calls Clty East
195,974
145,219 341, 193 319,314
90,517
90,517
83,300
12,378
12,378
9,897
19S,974
251,823 447,797
416,678
Other In￿me
Other Income
Insurance Repayment
3,149
16,026
19,175
14,218
3,149
16,026
19,175
52,366
Total Xn¢omln9 r•8our
139 $60
200 474
361 211 704 394 695 121
The 2021 balance of £695,121 was spllt between restrfcted funds of £137,823 and unrestrfcted funds of
£557,298.
26

East Belfast Enterprlse Ltd
Notes to the Financial Statements
for the year ended 31 December 2022
9. COST OF RAISING FUNDS
2022
Total
2021
Total
Unrestrlct•d Restrlrted
Staff costs
Investment Management.. Repalrs and Renewals
4,296
2,114
6,410
6,410
The 2021 balance of £56,411 was spllt between ￿$trIcted funds of É2,114 and unrestrlcted funds of
£54,297.
10. COSY OP CHARITABLE ACTIVITIES BY FVND TYPE
2022
Total
2021
Total
Unre*trlet¢d Rèstrlctsd
Programme5 Restrlcted
Programme5 Unrestrlrted
East eelfast Enterprlse Park Albertbrldge Road
Clty East
Clty East - Capltal
Support C05t5
Governance Costs
128,738
128,738
4,259
15,406
153,055
132.846
3.657
13,539
136,733
4,259
15.406
153,055
278,126
278,126
259,545
473 054
129 795
602 849
The 2021 balan￿ of £576,875 was splot between restrleted funds of E133,903 and unrestrlcted funds of
£442,972.
576 875
11. COST OF CHARITABLE AcfIviTIES BY ACTIVITY TYPE
Actlvltl••
Undertsken
Dlrertlv
Support
Governance
Co•ts
2022
Totsl
2021
Total
Programmes Restrfjrted
Programmes Unrestrltted
st Belfast Enterprlse Park
City East
City East - Capltal
128,738
4,259
15,406
153.055
1,057
129,795
4,440
67.423
401,191
133,903
3,792
58,289
380,891
181
52,017
225,928
22,208
301458
278 126
576 875
12 FUNDS
Restrlcted UThrestrlrteil UnrestrSrted Re$trlrted UDr¢strlrt¢d
Progr4mm•$ Programmes Property
Clty East
Clty East
Tot•1
At l January 2022
11,639
(27,580)
2,824,395
750,109
195,978 3.754,541
Surplus l {Dendtl
In the Year
7,651
(1,291)
117,964
(109,2741
15,050
Transfers Between Funds
At 31 December 2022
2 942 359
750 109
3 769 591
27

East Belfast Enterprise Ltd
Notes to the Financial Statement$
for the year ended 31 December 2022
Restricted Programme Funds:
Balance at
111122
Incomlng
Resources
Resources
Expended Transfers
Balance at
31112122
Urban Vlllages
Co Innovate
NIBSUP
Erasmus Data Set
Feel good wlth lood
Klckstart
Pathway
Street Culture for Reglons
Mural Projert
Renewal
Enterprise Projects
7,600
(7,600)
1,626
(1,626)
26,089 (26,089)
306
(306)
15,642 (15,642)
41, 191 (41,191)
3,239
{3,239)
21,853 (23, 159)
3,614
{3,614)
18,400
{9,443)
1,806
500
8,957
9,833
9,833
11,639
139,560
131,909
19,290
13. RELATED PARTIES
East Belfast Enterprise currently purchases a payroll Servi￿ from Johnston Kennedy DFK.
Thls servlce Is provlded on a commerclal basls by the payroll dlvlslon of Johnston Kennedy
DFK. Mr Duncan Graham is a Trustee and Dlrector of East Belfast Enterprlse Ltd and also
partner of Johnston Kennedy DFK. The total transattlons In the year, and the amount due
to Johnston Kennedy DFK at the year end was £1,090.24 net.
The CEO of East Belfast Enterprlse, Jonathan McAlpln, was also the Chalr of Enterprlse
Northern Ireland, a role approved by the Board of Trustees at thelr meetlng In January
2021. East Belfast Enterprlse Is a member of Enterprlse Northern Ireland, payin9 an annual
membershlp and subscrlptlon for Research data (Cobweb) of £4,745.66. Jonathan recelved
remuneratlon for hls role wlth ENI and East Belfast Enterprtse dellvered contracts on behalf
of Enterprlse Northern Ireland durtng 2022, Go For It Programme, Co-Tnnovate, Klck Start
and Pathways to Enterprlse. Allocatlons of contracts by ENI Is declded based on market
need and prevlous dellvery performance by the agency.
Another related party of East Belfast Enterprlse Ltd Is the company Creatlng Retall Maglc.
whlch provldes seNlces for East Belfast Enterprlse as part of the consultancy and advlsory
assoclate pool used by the charlty. Durlng 2022 gross servlces and costs of £1,428.60
were agreed wlth Creatlng Retall Maglc, wlth no balance outstandlng to C￿atIng Retall
Maglc at the year end.
14. CHARGE5
Danske Bank hold a floatlng charge over the property at 68-72 Newtownards Road.
28

East Belfast Enterprlse Ltd
Notes to the Flnanclal Statements
for the year ended 31 December 2022
IS. Reconciliation of not income/{expendlture) to not cash flow fTh)m operating actlvitleg
2022
2021
Net Income/fexpendlture) lor the r•portlng perfod (•s per
the statement of finan¢l•l actlvltl¢$)
15,050
361,835
Adjustments for:
Depreclauon charges
Revaluation Galn
{Increase)Idecrease In debtors
Increase/(decrease) In credltors
Net cash provlded by (usod In) •￿￿tIng artlvltlas
16,884
20,660
(300,000)
{16,049)
12,602
8,129
16. Analy•ls of ¢uh and a•h equlvalent•
2022
2021
Cash in hand
Bank Loan
301,332
334,598
(177,421) {242,000)
Total Cash and cash equlvalents
123 911
29