REGISTERED COMPANY NUMBER: N1021888 (Noi'thern Ireland)
REGISTERED CHARITY NUMBER: 103129
Report of the Trustees and
Financial Statements
FOR THE YEAR ENDED
31 December 2022
for
WEST BELFAST ENTERPRISE BOARD LIMITED
M.B.Mc Grady & Co
Chartered Accountants
Sta￿tOry Auditors
Ratl]more House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS

WEST BELFAST ENTERPRISE BOARD LIMITED
Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
Page
Report of the Trustees
Report of the Independent Auditors
Consolidated Statement of Financial Activities -Group
9 to 12
13
Consolidated Statement of Financial Position -croup
14 to 15
Statement of Financial Position -Parent
16 to 17
Consolidated Statement of Cash FIo)v5- Group
Notes to the Consolidated Statement of Cash Flows- Group
18
19
Statement of Cash FIoiv5- Parent
20
Notes to the Statement of Casli Flows - Parent
21
Notes to the Financial Statements
22 to 36

WEST BELFAST ENTERPRISE BOARD LIMITED
R¢port of the Trustees
FOR THE YEAR ENDED 31 DECEMBER 2022
The tn￿te¢S who are also directors of the charity for the purposes of the Companies Act 2006, present their report with
the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions
of Accounting and Reporting by ChaTities'. Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Finan¢tal Reporting Standard applicable in the UK ond Republic of Ireland (FRS 102)
(effective l January 2019).
OBJECTIVES AND ACTIVITIES
Objectlves and alms
The objectives of the charitable company are the promotion for the benefit of the public of urban or nwal regeneration
in areas of social and economic deprivation and in particular in Wesl Belfast, but not exclusively, by all or any of the
following means..
(a) Éhe relief of povety in such ways as may be thought fit.
(b) th¢ relief of unemployment in such ways as may be Éhought fit, including assistance to fmd employment.
(c) the advan¢em¢nt of education, training or retraining, particularly among unemployed peopl¢. and providing
unemployed people witb work experienc¢.
(d) the provision of fii)ancial assistance, technical assistance or business advkce or consultancy in order to provide
training and employment opportunities for unemployed people in cases of financial or other ¢haritabl¢ ne￿ through
help:
(i) in setting up their own business, or
(li) to ¢xisting businesses.
(e} the cr¢ation of training and employment opportunities by the provision of workspace, buildings, all￿or land for use
on favourable terms.
To further such other purposes which are exclusively charitable under the law of Northern Ireland from time to time by
providing grants (or other means deemed suitable) Èo charilies or other organisations or individuals as the directors in
their absolute discretion detennine.
Our strategic vision is driven by our founding principles with a clear intent to deliver our commitment of providing
quality solutions within a quality framework with our customers and tenants.
Public beneflt
The trustees have read and had regard to the Northem Ir¢land Charity Commission's statutory guidance on Public
benefit.

WEST BELFAST EIYTERPRISE BOARJ) LIMITED
Report of the Trustees
FOR THE YEAR ENDED 31 DECEMBER 2022
STRATEGIC REPORT
Achievement and perfoymance
Charitable activities
The financial year of 2022 was one of continued chall¢nge due to the easing of Covid Pandemic restrictions and
downturn in the economy but was al80 coupled with some growth and success in the company. Th¢ company
experienced Considerable challenges during the covid pandemic with a dOWn￿rn in customer spending and the general
economic enviTomnent. Howev¢r, this was mitigated well. and tbe company assisted many tenants and companies
throughout the year to ensure continued support.
In the year, we have further developed our new social enterprise, Roar and Explore, a childr¢n's indoor play facility
based in the Dairy Fann centre. We have added some new fa¢ilitie5 and have expanded the rang¢ of se￿Ic¢S of the Last
Level party alld gaming room.
Roar and Explore provide free educational activities every Monday to Thursday, wl)i¢h are available to all ¢htldren on
the premises. Thes¢ activities are learning through arts and crafts (Colin's crafts), learning through cooking and baking
(Ellie's Eats). learning through stories, singing and dancing (Rami's Rhymes) and learning through sensory play (Tilly's
Twists). These sessions ruli 5 days per week, 5 sessions per day, with an average of10 kids per session. This equates to
approximately 12,000 children benefiting from these educational activities frorn January to December 2022.
Every morning we provide a discounted toddler morning entry rate and free toast and juice for all the children. This
ensures the children are provided with something to eat and drink plus it eocourag¢s their pareiits to bring them out of
the house lo so¢ialize and play with other children of a similar age. Approximately 5500 children benefited from this.
We offer a heavily discounted child minder enty rate, as we know that being a childminder can be quite a lonely form
of work. We currently bave 142 childminders registered on this scheme, of which many are extremely regular users. It
gives them an opportunity lo get out of tli¢ house, tti a safe environment for the kids in their car¢ to play, whilst they
socialise and meet up with likeminded people. 4700 children benefited fi'om this.
We also offer discount 2 for I discount for Perks card holders (J)rimarily for Blue light services) which was availed of
approximately 1300 tin]es, fre¢ birthday passes to birtbd&y children from which 541 chilth'en benefited and free entry
for staff ¢hildren which was used 175 times.
We provide discounted entry rates for nurseries, schools. and clubs. The childreTh that come with these nurseri¢s.
schools and clubs are also provtded with free toast and juic4 from which over 1500 children benefited.
We also provide free parties (play, juice, hot meal and dessert) tbrough various competitions and in support of local
community groups and clubs. 250 benefited from this. in addition to over 300 free pass¢s which wer¢ also provided to
local ¢ommunity groups, clubs and fundraisers.
We contillued to grow and expand Pure Class Fitness, our social enterprise gym (purchased in 2020) to create additional
jobs and to also provide opportunities for p¢rsonal trainers ill the area. The gym has also offered free classes, free
sessions and space to the local Community. It has also donated n￿nY free gym memberships to local community
organisations in the area of social n¢ed. We have enhanced programmes to include yoga and mindfulness to ty to help
with the increasing mental health and rehabilitation issu¢s in our immediate local community. We have formed several
partnerships with local mental health care providers lo offer free and discounted memberships rates.
The properties at Twin Spires.. Boucher Business Studios and Dairy Farni hav¢ received upgrades with the attraction of
some new businesses to the site even during the pandemic. These hav¢ included new ground works,. internal upgrades.
additional facilities such as electric chargillg stations etc. We have been working closely with tenants throughout the
year to help support, sustain; develop and grow their businesses.
The Ir&ining and development programmes for the company delivered on 123 initial business assessments. 64 business
plans for people starting up in business; assistance to 41 businesses who started trading in the year. business advice and
guidance to over 200 clients.

WEST BELFAST ENTERPIUSE BOARD LIMITED
Report or the Trustees
FOR THE YEAR ENDED 31 DECEMBER 2022
We assisted 3 clients to receive mentoring and support in applying for an ENI loan ￿lld. One of these clients has
received ongoing menloring and support from us for a year. We assisted 35 existing business owners within the
community with guidance and support with their business queries.
We assisted 156 clients in beginning the process of becoming self-employed and 59 clients in the pro¢ess of choosing
the appropriate legal stru¢ture and r¢gistering their business.
We have been involved in developing new programme with NI Explore Enterprise Support. This programme will be
aimed at members of the community who are currently economically inactive and will provide one to one mentoring
and guidanc¢ in achieving their goals of being employed or starting up their own business. This will begin in 2023.
We assisted 22 clients from past programmes with support to access additional programmes: additional training and
development opportunities and access to finance.
We donated over 384 hours of free advice and mentoring to tenants and individuals that could tLOt be supported through
our programmes. This has ranged from mentoring. marketing support. business support and guidance. and assistance
with access to financ¢ and grant support.
Westlink Enterprises Ltd has perforn]¢d well financially and has been on target in tem]s of financial [C￿rn and
occupancy levels. We have made some substantial improvements on the site and the adjacent sile including resurfacing
works and conti]Jue to re-invest back into the area. We also regularly liaise with community partners in the area.
Flex Language S¢rvices Ltd face-to-face job numbers have steadied in 2022 due to the out worktngs of ongoing
COVID-19 procedures within the public services that are demanding a different way of interp￿ting. This has resulted in
the number of telephone interpreting assignments increasing. We hope that face to face job numbers will rise again in
2023 as the restrictions lift and publɢ services return to office and with FLEX being awarded the Contract for face-lo-
face Interpreting in the Public Sector for the next four years.
In 2022 FLEX concentrated on interpreter training having 9 training progr&mme$ for int¢rpreters, amounting to more
than 100 newly trained interpreters in 17 different languages. This Interpreter training was upgraded from an endorsed
course to a qualification though the European Framework. FLEX have also concentt'ated on fiwiher CPD development
and investment in their interpreters through an intekyr¢ter's perks programme. Flex also initiated a mental health
programme for interpreters iii partnersliip with Inspire.
Ortus Prop¢rty Services has perfonned well in Éhe year against projections and has solidified ils management contracts
across the board. We have expanded tILe property management services in the year with a contract to support St
Comgalls Social enterprise project. This managem¢nt contract has now been fully implemented in 2022 We have &lso
returned lo service with Fire Risk Nl as w¢ were able to access premises once Covid Restrictions were eased.
We have added to the portfolio of properties with the purchase of the sile adjacent to Westlink and are planning furtber
development on that site. We purchased Whiterock Business Park and have invested considerably to have tbe new park
(Cityview Business Park) opened. This has been a vacant site for alrnost 20 years and we have completely regenerated
the site, facilitaltng the creation of many new jobs in an area of social and economic deprivation. Both these projects
became fully operational ill 2022 and are provtding a great service in those communities.
We have also supported many schools and charities in our community over 2022. Th¢se have included a number of
Aisling bursaries to people re-entering or returning to education and learning. supporting local schools with sports
equipment. and supporting lo¢al festivals and activities for children.

WEST BELFAST ENTERPRISE BOARD LIMITED
Report of the Trustees
FOR THE YEAR ENDED 31 DECEMBER 2022
STRA TEGIC REPORT
Financial revie)v
FinAnei21 position
The Consolidated Statement of Financial Activities for the year ended 31 December 2022 and Consolidated and
ompany Balance Sheets as at that date ar¢ shown in the attached financial stst¢menls.
Total income for the year to 31 December 2022 is £3,075,588 (2021 £2.908,939 which is up £166,649 on the previous
year.
Total expenditure for the year i5 £2,712,953 (2021: £2.362.910) which is up £350,043 on the previous yeai.
Net surplus for tlie year before fair value movement was £362,635 compared to net surplus of £546,029 before fair
value movement, for tlie previous year.
The Statement of Financial Position remains healthy with Net Assets in excess of £10 million, of which all but £7,406
relates to unrestrficted ￿llds.
SigThificant capital expendi￿re of approxirnately £240,000 was incurred iii completion of the Whilerock propety.
Reserves policy
The Board of Trustees has established a policy whereby the Unrestricted Funds not committed or invested in tangible
fixed assets for charity use ('the free reserves,) held by the Company sliould be between 3 and 6 months of the resources
expended. At this lev¢l, the Tmstees feel that they would be abl¢ to Continue the Cu￿ent activities of the company. In
tlie event of a significanl drop in funding, it would obviously be necessary to consider how the funding would be
replaced or activities changed.

WEST BELFAST ENTERPRISE BOARD LIMITED
Report of the Trustees
FOR THE YEAR ENDED 31 DECEMBER 2022
STRATEGIC REPORT
Prineipal risks and uncertalnties
The trustees have a risk management strategy in place which comprises..
An annual review of the risks the company and its subsidiaries face by the Finance audit and risk committee and the
board of trnstees.
The quarterly monitoring of risks by the Finance, audit and risk committee.
The annual external review of risk and risk procedures as part of the ISO (luality management audit.
The establishment of systems and procedures to mitigate those risks identified in the plan, and.
The implementation of procedures designed to minimise any potential impact on tbe company should those risks
materialise.
This strategy has helped identify the major risks to which the Company is potentially exp05¢d, assessed those risks and
put in pla¢e systems to mitigate the risks.The t￿Stee$ are cornmitted to adopting best practice in the identification,
evaluation and cost effective control of risks, to ensure that the chaTlties exposure is minimised or eliminated where
possible.
Principal areas of risk identified as a result of the processes in place iD¢lude;
Financial risk
The highest risk identified is the impact of the current economic climate on revenue streams and tbe effect of external
influences and legislation on its ability to manage ¢osÉs. To manage this risk a stringent budgeting procedure has been
established to identify and maximise all income streaTns and ¢0 tightly mange cost control. In addition an ongoing
programme of reviewing and updating the ¢ntlTe organisations operation procedures and policies has commen¢¢d.
Operational risk
Ensuring the provision of its servi¢es to the groups many tennets and ¢ustomers. Service provision & quality of same is
given Ihe bighest priority within the charity.
Health and Safety
A detailed plan of assessments. training and reviews has been developed and implem¢iited to ensure tbe physical risk of
injury or liability to any service user, staff member or member of the publie when assessing the charities facilities or
services is minimised.
In addition to the above a detailed risk register is kept and reviewed by the trnstees and they are satisfied ihat the
systems in place manage exposure to the major risks identified.
Business continuity plans exist for every major service area and these are reviewed regularly.

WEST BELFAST ENTERPRJSE BOARD LIMITED
Report (bf the Trustees
FOR THE YEAR EP4DED 31 DECEJtBER 2022
STRATEGIC REPORT
Future plans
The trustees are fully committed to a robust programme of reinvestment of surpluses into the company through a
detsiled capital investment plan across the five sites. We acquired the site adjarent to the Westlink site and will invest
in an area of high social and economic deprivation with the hope to attract new businesses and jobs to that area.
We have also acquired the NVhitero¢k site and completed a substantial investment plan in 2022 to allow us to attTa¢t
new business and jobs into allother area of high socio-economic deprivation. This project is not phase I complete and
has made a substantial impact in the area.
We also hope to contitkue to develop plans foi several new sites and are working closely with Government Departments
lo develop sustainable development plans for these siles. However. the capital works planned for 2023 will focus on the
development of the physical infrastEUCture of the site adjacent Westlink Enteryrise Park. the Dairy Fann complex and
the Whiterock site. It is our intention to complete relatively major groundworks across the sites in 2023. develop a sit
in ice crean) pai'lour and safe space at Dairy Fann to compliment the new local Colin Park initiative. and develop a
solar energy policy and implementation.
There will be an expansion of training and development services which will target the hardest to reach in our
¢on)munities with resource allo¢aled specifically lo assist unemployed people to get back to work and self-¢mployment.
The Trnstees are regularly reviewing the ¢urrent impacts crisisleconomi¢ downturn. spirally costs and its potential
effects on the business- tenants and the local community.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by ils governing documenL a deed of trust, and constktutes a limited company, limited by
guarantee, as defined by the Companies Act 2006.
The company is govemed by a Board of Trnslees which operates as detailed in the company's governing do¢umenL the
Menlorandum and Articles of Association. The Board meets between six and eight limes per year. The wbwmmittee,
the audit ¢ommittee, meet on a quarterly basis and the other committees meet as necessary. A chief executive is
appointed by the board to administer tbe day to day operations of the company and its subsidiaries. In the 2022 year,
these meetings took place over Zoomrreams and in person as per government guidance during the Covid pandemic.
The Board of InEStees also met to review the year and worked to assist operational staff with the strategic plan for the
year ahead.
To facilitate effective operations the chief executive, Mr Seamus O'Prey has delegated authority approv￿ by the
trustees for operational matters su¢h as finance, employment and the delivery of its training objective5.
Recrultment and appointment of new tru$tee$
Due to the nabjre of the charity's work the trustees seek to ensure that these n¢eds are appropriately reflected tbrough
the diversity of the trnstee body. To enhance the potential pool, trustees are requested to provide a list of their skills
(and update it ¢a¢h year) and in the event of particular skills lacking or being lost due to retirement, individuals are
approached to offer themselves for election.
Induction and trainfing of new trustees
The board conduct skills The chief executive ensures that appropriate induction and training is gÉven to all new and
existing trustees. Each new trust¢e is provided with a pack of infornjation about the group and their responsibiliti¢s and
is giveii an oppothinity to meet all stsff.
Key management remuneratlon
The setting of the pay and remuneration of the key management personel is delegated to the Rcrnuneration Committee,
made up of several ttustees.

WEST BELFAST ENTERPRISE BOARD LIMITED
Report of the Trustees
FOR THE YEAR ENDED 31 DECETrtBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties
Wesl Belfast Enterprise Board Limited is the parent company of the following wholly owned subsidiary companies..
N1019927
N1608161
W¢stklink Enterprises Limited
Flex Language Services Limited
Roar & Explore Dairy Farn]
Limited
Pure Class Dairy F&lln Limited
Fire Risk NI Limited
Ortus Property Services Limited
N1652507 (Charity no. 107683)
N1671387
N1617908
N1616142
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
NE021888 (Northern Ireland)
Registered Charlty number
103129
Registered o￿l£t
Ortus
155 Northumberland Street
Belfast
BT13 2JF
Trustees
Mr James Joseph Collins
Prof Robert Wallace Ew3rt
Mrs Liz Groves
Mr Gerard Mccann
Mrs Jacqueline Mccoy
Mr Terry M¢¢rudden
Mr Noel Francis Rooney
Mr Gerry Ward Community
Ms Etner Hinplley (appointed 221612022)
Mrs Arlene O'connor (appointed 221612022)
Company Secretary
Mrs Jacqueline Mccoy
Audltors
M.B.Mc Grady & Co
Chartered Accounlanls
Stattitory Auditors
Rathmore House
52 St Patricks Avenue
Downpatrick
Co. Dow
BT30 6DS
STATEMENT OF TRUSTEESI RESPONSIBILITIES
The tNstees (who are also the directors of West Belfast Enterprise Board Limited for the purposes of company law) are
i¢sponsible for preparing th¢ Report of the Trustees and the financial statements in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financi81
R¢porting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

WEST BELFAST ENTERPRISE BOARD LIMITED
Report of the Trustees
FOR THE YEAR ENDED 31 DECEMBER 2022
STATEMENT OF TRUSTEES, RESPONSIBILrrIES - contlnued
Company law requires the truslees to prepare financial statements for each financial year which give a true and fair
view of the state of affairs of the charitable company and of the incoming resources and application of resources,
including the income and expenditure, of the charitable company for that period. In preparing those financial
ststements, the irustees are Tequired Éo
sele¢t suitable accounting policies and then apply them Consistently.
obserye the methods and principles in the Charity SORE;
make judgements and estimates that are reasonable and prudent.
stale whether applicable accounting standards have been followed. subject to any material departures disclosed and
explained in the financial statements.
prepare the financial statements on the going concern basis unles5 It is inappropriate lo pr¢sume that the charitable
company will continue in busilless.
The trustees are responsible frir keeping prop¢r accounting re¢ords which dis¢lose with reasonable accuracy at any time
the fmancial position of tbe ¢haritable company and to enable them to ensure that the fmancial statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of th¢ charitable compatty and hence for
taking reasonable steps for the prevention and detectioJ] of fraud and other I￿¢g￿larItIes.
In so far as the trustees are aware;
there is no relevant audit inforniation of which the charitable company's auditors ar¢ unaware; and
the Iwstees have taken all steps that they ouglit to have taken to make th¢tnselv¢s aware of any relevant audit
information and to establish that the auditors are aware of that infonnalion.
AUDITORS
The auditors. M.B.Mc Grady & Co, will be proposed for re-appointment at the forthcoming Aonual General Meeting.
Report of the In￿te¢s, incorporating a strategic report, approved by order of the board of trustees, as the company
directors, on 26 April 2023 and signed on the board's behalf by..
Mr James Joseph Collins- Trustee

Report of the Independent Auditors to the Trustees and Member5 of
West Belfast Enterprise Board Limited
Opinion
We have audited the f￿anCIal statements of West Belfast Enterprise Boai'd Liinited (the 'charitable parent coinpany,)
and its subsidiaries ('the group,) for the year ended 31 Deceinber 2022 which coinprise the consolidated Statement of
Financial Activities, the consolidated and parent company Statement of Financial Position, the consolidated and parellt
Stateinent of Cash Flows and notes to the financial statements, iiicluding a suininary of significant accounting policies.
The financial reporting frainework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Pi'a¢tice), including Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,.
In our Oplliion the financial statementS'.
give a tt'ue and fair view of the state of the gi'oup's and of the charitable parent company's affairs as at
31 De¢embei' 2022 and of the group's incoming resources and application of resources, including its income and
expenditure, for the yeai. tlien ended.
have been propei'ly prepared in accoTdance with United Kingdom Generally Accepted Accounting Practice,
including Financial Reporting Standard 102 'The Financial Repoiting Standard applicable in the UK and Republic of
Ireland and
have been prepared in accordance with the requirements of the Con]panies Act 2006.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK} (ISAS (UK)) aiid applicable law.
Our respoiisibilities under those standards are furtlier described in the Auditoi's, responsibilities for the audit of the
financial stateiiients section of our report. We are independent of the gi'oup and chai'itable pai'ent coiiipany in
accordance with the ethical requireinents that are relevant to oui. audit of the fmancial stateinents in the UK, including
the FRC'S Ethical Standard, and we have ￿lfilled our othei. ethical responsibilities in accordance with these
requireinents. We believe that the audit evidence ive have obtained is sufficient and appi'opriate to provide a basis for
oiii. opinion.
Coiielusions relsting to going concern
In auditing the fuiancial stateinents, we have concluded that the trustees, use of the going concern basi5 of accounting in
the pi'eparation of tlie fmancial stateinents is appropriate.
Based on the work we have perfonned, we have not identified any niaterial uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the group and cliaritable parent coinpany's ability to
contlliue as a going concem for a period of at least twelve months from when the fiiiancial stateinents are authorised for
issue.
Our responsibilities and the responsibilities of ihe trustees with respect to goinry concern are described in the i'elevant
sections of this repoit.
Other information
The tlll5tees are responsible for the other infonnation, The other infoiM)atioii coinprises the uifor]nation tncluded in the
Annual Repoit, othei. than the financial statements and our Report of the tndependent Auditors thereon.
Our opinion on the financial statements does not cover the other infonnation and, except to the extent otherwise
explicitly stated in our report, we do not express any fonn of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the othei. infonllation and, in doing
so, considei. whether the other inforination is inaterially inconsistent with the f￿anCIal statements or our knowledge
obtained in the audit or othenvise appears to be materially inisstated. If we ideiitify such material inconsistencies or
apparent inaterial inisstateinents, we are required to deterinine whether this gives i'ise to a material misstateinent in the
fmancial statements themselves. If, based on the woi'k we have perfonned, we conclude that there is a Inaterial
Inisstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the infonnation given in the Report of the Trustees for the fmancial year for which the fmancial stateinents are
prepared is consistent with the fmancial stateinents. and
the Report of the Trustees has been prepai'ed in accordance with applicable legal requirements.

Report of the Independent Auditors to the Trustees and Members of
West Belfast Enterprise Board Limited
Matters on whieh we are required to report by exception
In the light of the knowledge and understanding of the group and the charitable parent company and its environnient
obtained in the course of the audit, we have not identified material inisstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Coinpanies Act 2006 requires us to report to
you if, in our opinion..
adequate accounting records have not been kept by the group or parent coinpany or returns adequate for our audit
have not been received fvoin branches not visited by us. or
the group or parent coinpany financial stateinents are not in agreement with the accounting records and returns. or
ceitain disclosures of tt'ustees, reinuneration specified by law al'e not made. or
we have not received all the infomiation and explanations we require for our audit.
Responsibilities of trustees
As explained inore fully in the Statement of Trustees, Responsibilities. the tt-ustees (who are also the directors of the
charitable cojnpany for the purposes of coinpany law) are responsible foi. the preparation of the fmancial statements and
foi. being satisfied that they give a true and fair view, and for such intenial control as the trustees detennine is necessaiy
to enable the pi'eparation of fmancial stateinenls that are free froin inaterial Inisstateinent, whether due to fraud oi. error.
In prep81.ing the fmancial stateinents, the trustees are responsible foi. assessing the group's and charitable parent
coinpany's ability to continue as a going concern, disclosing, as applicable, Inatters related to going concern and usino
the going concern basis of accounting unless the trustees either intend to liquidate the ￿'Ollp or the charitable parent
coinpany or to cease operations, or have no realistic alternative but lo do so.
io

Report of the Independent Auditors to the Trustees and Members of
West Belfast Enterprise Board Limited
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasoiiable assui'ance about whether the financial statements as a whole are free from
Inaterial misstateinent, whethei. due to fraud or error, and to issue a Report of the Independent Auditors that includes
our opinion.
Reasonable assurance is a high level of assu17nc¢, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a inaterial misstateinent when it exists. Misstateinents can.arise froin
fraud or error and are considered inaterial if, individually oi. in the aggregate, they could reasonably be expected to
influence the e¢onoinic decisions of users taken on the basis of these fu)ancial statements.
The extent to which oui. procedures are capable of detecting irregularities, including fraud is detailed below..
The following are required to be Considered..
the nattjre of the industy and sector. control envirornnent and entity pei'fonnance.
results of oui. enquires of manageinent, about their own identification and assessment of the risks of irregularities.
review of coinpany policies and procedures i'elating to:
identifying, evaluation and cojnplying with laws and regulations and whether they are aware of instances of
noncompliance.
detecting and responding to the risks of fraud and whether they have any knowledge of any actual, suspected or
alleged fraud;
the internal controls established to initigate i'isks of fraud or iion-coinpliance with law5 and regulations:
the matteTS discussed ainong the audit engaoeinent team and specific component audit teams regai'ding how and where
fraud inight occur in the financial stateinents and any potential indicators of fraud.
Because of these procedure5, we considered the opportunities and incentives that may exist within the group and
charitable parent company for fraud and identified the greatest poteiitial for fraud is in relatioii to fair value Inovements
011 investment propeity, coiiipleteiiess of incomes, expenditure not being applied in line with intended purposes and the
calculation and payment of salaries. In coininon with all audits under ISAS (UK), we are also required to perforin
Specific procedui'es to respond to the i-isk of inanageinent override.
Audit response to risks identified.
The current audit is conducted with professional scepticisin using procedures that 8re in accordance with InteiTrational
Standards on Auditing.
In i'esponding to the identified key audit inatters above we obtained an understanding of the charity'5 objectives and
income streams tocrether with tlie salaiy calculation and pi'ocessing process, we perforined enquire5 of inanageinent and
inspected relevant docuinents and calculations, verifying incoines and expendiwres, assessing the coinpleteness and
accuracy of disclosures within the financial stateinenls and concui'iEd the figures wei'e materially accui'ate,
In addition to the above, oui- pi'ocedures to respond to risks identified include the following..
reviewing the full financial statement disclosures and testing to supporting docuinentation to assess cojnpliance with
provisions of i'elevant laws and regulations desci-ibed as having a direct effect on tli¢ ffftancial stateinents.
enqull'ing of manageinent conceins of actual and potential lititratioii and claims.
reviewing basis for calculating fair value of iiivestment property and cornpare to inarket conditions.
perforniing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstateinent due to fraud-
reading ininutes of meetings of those Charged with goveinance.
obtained an understanding of provisions and held discussions with manageinent to understand the basis of recognition
or non-re¢ognition of provisions., and
in addressing the risk of fraud through inanatsement oveii'ide of controls, testing the appropriateness of journal enti'ies
and other adjusttnents. assessing whethei. the judgements made in inaking accounting estiinates are indicative of a
potential bias. and evaluating the business rationale of any significant transactions that are unusual or outside the
nonnal course of business.
We also coinmunicated relevant identified laws and regulations and potential fraud risks lo all engagement team
rnembers and significant component audit teains, and remained alert to any indications of fraud or non¢oinpliance with
laws and regulations throughout tlie audit.
A further description of our responsibilities for the audit of the fmancial statements is located on the Financial
Reporting Council's website at www.frc.org.uklauditorsresponsibilitie5. This description fonns part of our Report of the
Independent Auditors.

Report of the Independent Auditors to the Trustee5 thnd Members of
West Belfast Ente.rprlse Board Limited
Use ot. our report
This report is Inade solely to the charitabl¢ company's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Oiir aiidil woik has been iinderlalcen so that we niight slate lo the charitable coinpany's
meinbcrs Il)ose Inallers we are required lo slate lo Iliem in an auditors, report and for no other purpose. To the fullest
exteiit permitled by law, we do not accept or assuine r¢spoiisibility to anyoiie other than the charitable compaiiy aiid the
chai'itable company's membeiE as a body. for our aiidit work, for this report, or for the opinions we have formed.
Malachy
ady(
for and o
Ifof
Cliarlered Accounlanls
Statutory Aiiditors
Rathinore House
52 St Patri¢ks Avenii¢
Downpalrick
Co. Down
BT30 6DS
eiiior Stat
loiy
ady
udilor)
.B.M
Date..
12

WEST BELFAST ENTERPRISE BOARD LIMITED
Consolidated Statement of Financial Activities - Group
FOR THE YEAR ENDED 31 DECEMBER 2022
3J112122
Total
funds
31112121
Total
funds
Unrestricted
funds
Restricted
fund
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Charitable activities
2,227,019
2,227,019
1,905,219
Other trading activities
848 569
848 569
1003 720
Total
3,075 588
3,075,588
2 908 939
EXPENDITURE ON
Charitable activities
Charitable activities
1,905,887
1,905,887
1,633,559
Other resources expended
807,066
807 066
729,351
Total
2,712 953
2,712,953
2,362,910
Net gains on investsnents
3 142,712
NET INCOME
362,635
362,635
3,688,741
RECONCILIATION OF FUNDS
Total ￿ndS brought forward
10,405,739
7,406
10,413,145
6,724,404
TOTAL FUNDS CARRIED FORWARD
10,768,374
7,406
10,775,780
10,413,145
The notes fom part of these fmancial statements
13

WEST BELFAST ENTERPRISE BOARD LIMITED
Consolidated StAtement of Flnancial Posltion - Group
31 DECEMBER 2022
31112122
Total
funds
31112121
Total
funds
Uttrestri¢ted
funds
Restricted
fund
Notes
FIXED ASSKTS
S¢ed¢orn ￿ndS
Tangible assets
Investments
Investments
Investment property - Group
7,406
7,406
215,925
7,406
227,127
12
215,92S
13
13 190 444
13 190 444
12 980 000
13,406,369
7,406
13,413,775
13,214,533
CURRENT ASSETS
Stocks - Group
Debtors
Cash at bank
14
15
3,700
290,006
1092,691
3,700
290,006
1092 691
3,700
322.042
l 196 798
lJ86,397
1,386,397
1,522,540
CREDITORS
Amounts falling due within one year
16
(1,047,693)
(1,047,693) (1,122.401)
NET CURRENT ASSETS
338 704
338.704
400.139
TOTAL ASSETS LESS CUIIRENT
LIABILITIES
13,745,073
7,406
13,752,479
13,614,672
CREDITORS
Amounts falling due after more than one year
17
(2,976,699)
(2,976,699) (3,201,527)
NET ASSETS
10,768,374
7,406
10,775,780
10,413,145
FUNDS
Unrestricted ￿ThdS
Restricted ￿llds
21
10,768,374
10,405,739
TOTAL FUNDS
10 775,780
10,413 145
The notes forn) part of these f￿anCIal statements
14
continued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Consolidated Statement of Flnancial Position- Group - contlnued
31 DECEMBER 2022
The f￿ancial statements were approved by tbe Board of Trnstees and authorised for issue on 26 April 2023 and were
signed on its b¢half by..
Mr James Joseph Collins - Trustee
The notes forn] part of these finan¢ial statements
15

WEST BELFAST ENTERPRISE BOARD LIMITED
Statement of Financlal Position - Parent
31 DECEMBER 2022
31112122
Total
fund5
31112121
Total
funds
Unrestricted
funds
Restricted
fund
Notes
FIXED ASSETS
Seedcorn funds
Tangible assets
Investments
Investments
Investment property - Parent
7,406
7,406
34,701
7,406
39,171
12
34,701
306
12,090 444
306
12 090,444
306
11880,000
13
12,125,451
7,406
12,132,857
11,926,883
CURRENT ASSETS
Debtors
Cash at bank
15
567,740
727 699
567,740
727 699
652,131
801581
1,295,439
1,295,439
1,453,712
CREDITORS
Amounts fallffing due wiihin one year
16
(765,476)
(765,476)
(888,047)
NET CURRENT ASSETS
529,963
529 963
565 665
TOTAL ASSETS LESS CURRENT
LIABILITIES
12,655,414
7,406
12,662,820
12,492,548
CREDITORS
Amounts falling due after more than one year
17
(2,907,838)
(2,907,838) (3,124,655)
1¥4ET ASSXTS
9,747,576
7,406
9.754,982
9,367,893
FUNDS
Unrestricted fund5
Restricted funds
21
9,747,576
9,360,487
7.406
TOTAL FUNDS
9 754,982
9.367,893
The notes fotm part of these findncial statements
16

WEST BELFAST ENTERPRISE BOARD LIMITED
Statement of Financial Position - Parent -continued
31 DECEMBER 2022
The financial statements were approved by the Board of Trustees and authorised for issue on 26 April 2023 and were
sigtked on its b¢half by..
Mr Jame5 Joseph Collins - Trustee
The notes fotm part of these financial statemenÉs
17

WEST BELFAST ENTERPRISE BOARD LIMITED
Consolidated Statement of Casli Flows- Group
FOR THE YEAR ENDED 31 DECEMBER 2022
31112122
31112121
Notes
Cash flows from operating activities
Cash generated fi'oin operations
Interest paid
Interest element of hire purchase payments
paid
577,703
(152,767)
665,839
(117,819)
860)
897)
Net cash provided by operating activities
424,070
547,123
Cash floivs from investing activities
PuTchase of tangible fixed assets
Pui'chase of investsnent propeity
(25,758)
210 444
(55,573)
426,431)
Net cash used in investiiig activities
236,202)
482,004)
Cash flows from financiiig activities
New loans
Loan capital repayinents
Hire purchase finance received
Hire purchase capital repayinents
70,000
(376,699)
17,000
4,568)
327,513
(385,529)
5,054)
Net cash used in fmancing a¢tivitie5
294,267)
63,070)
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
(106,393)
2,049
1,171,146
1,169,097
Cash and cash equivalent5 at the end of
the reporting period
1,064,753
1,171,146
The notes fonn part of these fmancial staternents
18

WEST BELFAST ENTERPRISE BOAIiD LIMITED
Notes to the Consolidated Statement of Cash Flows- Group
FOR THE YEAR ENDED 31 DECEMBER 2022
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31112122
31112121
Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation chai'ges
Gains on investments
Intei'est paid
Interest elemeiit of hire purchase and fmance lease rental payinents
Deth'ease in debtors
Decrease in creditors
362,635
3,688,741
36,960
38,185
(3,142,712)
117,819
897
12,541
49,632)
152,767
860
35,668
11,187)
Net cash provided by operations
577,703
665,839
ANALYSIS OF CASH AND CASH EQUIVALENTS
31112122
31112ni
Notice deposits (less than 3 Inonths)
Ovei-drafts included in bank loans and overdrafts falling due within one year
1,092,691
27,938)
1,196,798
(25,652)
Total cash and cash equivalents
1,064,753
1,171,146
ANALYSIS OF CHANGES IN NET DEBT
At 111122
Cash flow
At 31112122
Net cash
Cash at bank
Bank overdrafts
1,196,798
(104,107)
2,286)
1,092,691
27,938
1,171146
106,393)
1064,753
Debt
Finance leases
Debts falling due within l year
Debts falling due after l yeai-
(2,189)
(408,000)
3,201,527)
(12,432)
71,500
235,199
(14,621)
(336,500)
2 966,328)
3 611716
294 267
3,317,449)
Total
2,440,570
187,874
2,252 696
The notes forrn part of these fmancial stateinents
19

WEST BELFAST ENTERPIUSE BOARD LIMITED
Statement of Casli Flows- Parent
FOR THE YEAR ENDED 31 DECEMBER 2022
31112122
31112121
Notes
Cash flows from operating activities
Casli generated from operations
Interest paid
Interest element of hire purchase payments
paid
565,015
{136,445)
718,690
(105,413)
407)
897)
Net cash provided by operating activities
428,163
612,380
Cash floivs from investing Aetlvitle5
Purchase of tangible fixed assets
Purchase of investment propety
(3,713)
210 444
(5,399)
426,431
Net cash used in investing activities
214 157
431,830
Cash flows from financing &ctlvlties
New loans
Loan capklal repayments
Hire purchase capital repayrnents
70,000
(358,317)
277,513
{382.401)
5,054)
Net cash used in financing activities
290 506)
109 942)
Change In cash and eash equivalents ITh
the reportlng period
Cash and cash equivalents At the
beglnning of the reporting perlod
(76,500)
70,608
777 897
707,289
Cash and cash equivalents at the end of
the reporting period
701397
777 897
The notes form part of these flllancial statements
20
continued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Notes to the Statement of Cash Flows - Parent
FOR THE YEAR Ef4DED JI DECEMBER 2022
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31112122
31112121
Net income for the reporting period (as per the Statement of Financivll
A¢tlvlties)
Adjustments for:
Depreciation charges
Gains on investments
Interest paid
387,089
3,311,057
8,183
11,358
(2,792,712)
106,310
136,852
De¢rease in debtor5
Decrease in Creditors
84,391
139,262
56,585
Net e8sh provlded by operations
565 015
718,690
ANALYSIS OF CASH AND CASH EQUIVALENTS
31112122
31112121
Notice deposits (less than 3 months)
Overdrafts included in bank loans and overdrafts falling due within one year
727,699
26,302)
801,581
Total ¢ash and cash equivalents
701397
777,897
ANALYSIS OF CHANGES IN IYET DEBT
At 111122
Cash flow
At 31112122
Net cash
Cash at bank
Bank overdrafts
801,581
23 684)
(73,882)
2,618
727,699
777 897
701397
Debt
Finance leases
Debts falling due wiihin l year
Debts falling due after l year
(2,189)
(388,000)
3,124,655
2,189
71,500
216 817
(316,500)
2 907 838
3 514 844
290,506
3 224 338
Total
2 736,94
214 006
2,522 941
The notes fomi part of thes¢ f]nancial statements
21
continued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Notes to the Finallcial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
ACCOUNTING POLICIES
Basis of prep#rlng the financial statements
The financial statements of th¢ charitabl¢ company, whtch is a public benefit entily under FRS 102, have been
PTepared in accordance with the Charities SORP (FRS 102) 'Accounting and Rq)orting by Charities: Statement
of Recommended Practice appli¢able to charities preparing their x¢counts in accordance with the Financial
Reporling Standard applicable in the UK and Republic of Ireland (FRS 102} (effective l January 2019),,
Financial Reporting Standard 102 'The Financial R¢porting Standard applicable in the UK and Republic of
Ireland, and the Companies Act 2006. The fmancial statements have been prepared under the historical cost
convention. as modified by the revaluation of certain assets.
Preparation of consolidated flnancial statements
Th¢ fmancial statements consolidate the results of the charity and its wholly owned subsidiaries on a line by line
basis. Details of the wholly owned subsidiary's are listed in note 23. A separate Statement of Financial Activities
and Income & Expenditure account for the charity has not been presented because the charity has tsk¢n
advantage of the exemption afforded by Companies Act 2006, s.408.
Criilcal accoullting judgements and key sources of estlmAtlon uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of futt￿e events that are believed to be reasonable Under the circumstances. The Charity
makes estimates and assumptions conceming the filture. The r¢suliing accounting estimates and assumptions
will, by definttion, seldom equal the related acthal results.
No judg¢ments (apart from those involving estirnate5) have been made in the process of applying the above
eounting policies.
The key assurnptions conceming tlie fuMre and key sources of estimation of uncertainty at the reporting date
that have a significant risk of causing a mat¢rial adjustment to the ¢arrying amounts of assets and liabilitie5
wiihtn the next fjnancial year include:
•the fair value movemellt of tbe investment property.
"estimation of the u5¢ful economic life of buildings, furniture and office equipment, IT equipment. and,
•the Revel of rental income re￿rn aThd perforniance of the trading subsidiary companies.
Income
Incom¢ is recognised when the charity has entitlement to th¢ funds, any perfonn2nce conditions attached to the
item(s) of income have been met, it is probable that the in¢ome will be received and the amount Can be
measured reliably.
Where income has related expenditwe (as with fundraising or contract income). the income and related
expenditure are reported gross in the Statement of Financial Activities.
Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to thlfilling
perforn)an¢e conditions before the charity is entitled to tlie ￿nds, the income is deferred and llot recognised
until it is probable that those conditions will be thlfilled in the reporting period. Income from Gift Aid tax
reclaims is recognised for ￿Y donations with relevant Gift Aid certAfLcates r¢¢ognised its income for the year.
Any amounts of Gift Aid not received by the year-end 8re accounted for in income and accrued illrome in
debtors.
Incom¢ from government and other grants, whether 'capital' grants or 'revenue' grants, are recognised wben tbe
charity has entitlement to the funds, any perfomiance conditions atta¢hed to the grants have been met, it is
piobable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance for a ￿tllre thndraising event or for a grant received relating to the following year
are deferred until the criteria for iucome recognilion are met.
The notes forTU part of thes¢ financial statements
ontinued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Notes to the FinanclAI Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
ACCOUNTING POLICIES - condnued
Income
Interest on deposit fvnds beld is included wh¢n receivable and the amount can be measured r¢Riably by the
charity which is nornially upon notification of the interest paid or payable by the bank.
Sponsorship from events, ￿ndraISing and events registration fees are recognised in income when the ev¢nt takes
plac¢. Lottery income is accounted for in respect of those draws that have taken place in the year. Trading
income is recognised on point of sale for both donated and purchased goods.
Expendlture
Liabilities are r¢cognised as expenditure as soon as there is a legal or constrnctive obligation committing the
charity to that exp¢nditur¢, it is probable that a transf¢r of economic benefits will be requir¢d in s¢ttlem¢nt and
the amount of the obligation can be measured reliably. Expenditure is accounted for on an ac¢ruals basis and has
been classified under headings that aggregate all cost related to the cat¢gory. Where costs cannot be directly
attributed to particular headings they have beell allo¢ated to activities Oll a basis consistent with the use of
resources.
Expenditure on ¢haritable activities iiicludes the Costs of providing activities undertaken to ￿rther the purposes
of the charity and their associated support costs.
Support costs comprise those costs which are incU￿ed directly in support of expenditure on the objects of the
charity and include governanc¢ cosl, finance, and office costs. Govemance Costs are those costs incurred in
onneGtion with th¢ compliance with constitutional and statutory requirements of the charity.
Grants offered subject to Conditions which have not b¢¢n met at the year ertd date are noted as a commitment but
not accrued as expendithre.
Goodivill
Goodwill, being the amount paid in connection with Éhe acquisition of a business in O. is being amortised evenly
over its estimated use￿1 llfe of nil years.
Tangible fixed assets
Depr¢¢ialion is provided at the following annual ral¢s in order to write off each asset over ils estimated useful
life.
Plant and machinery
FixNres and fittings
Motor vehicles
200/0 on reducing balance
2011/0 on cost
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in the Statement of Financial Activities.
Stocks
Stocks - 8roup are valued at the lower of cost and net realisable value, after making due allowance for obsolete
and slow moving items.
TaIation
The parent company is a r¢gistered charity and is exempt from corporation tax OD its charitable activities.
Fund accounting
Unrestricted funds can be us¢d in a¢cordance with the charitabl¢ objective5 at the discretion of the t￿stee8.
23
continued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Note5 to the Flnan¢lal Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purpose5 Wlthin the obj¢cts of the charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted pury)oses.
Further eXpl￿atiOn of the nature and pU￿oSe of each fund is included in the notes to the financial statements.
Hlre purehase and leasing commitments
TILe interest element of these obligations is charg¢d to the Statement of Financial A¢livities over the relevant
period. The capital element of the ￿tUre payments is treated as a liability.
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis
over the period of the leas¢.
Pension costs and other post-retlrement benefits
The charitable company operates a defined contribulton pension scheme. Contributions payable to thc
charitabl¢ company's pension scheme are charged to tbe Statement of Financial Activities in the period to which
they relate.
OTHER TRADING ACTIVITIES
31112122
31112121
Fundraising events
Interpretation sales
Gym memberships & entry fees
Professional fees earned
Fire Risk assessinent lllcome
Govenlment grants
10,225
674,553
109,822
22,438
21,531
9,125
555,557
104,131
11,300
11,655
311952
848 569
1003,720
INCOME FROM CHARITABLE ACTIVITIES
31112122
31112121
Activity
Rent & Service Charge
income
Programme income
Bnty fees
Cafe & ice-cream sales
Otlier income
Charitable activities
Charitable activities
Charitable activities
Charitable activities
Charitable a¢tivities
1,627,245
42,315
274,184
263,29S
1,524,894
56,066
152,796
167.614
2 227 019
1905.219
24
continued...

WEST BELFAST ENTERTrRISE BOARD LIMITED
Notes to the Financial Statements - ¢ontlnued
FOR THE YEIIR ENDED 31 DECEMBER 2022
CHARITABLE AcfIvITIES COSTS
Grant
funding of
activitie5
(see note
Support
costs (see
note 6)
Direct
Costs
5)
Totals
Charitable activities
1,879 387
20,000
6,500
1,905 887
GRANTS PAYABLE
31112122
31112121
Charitable activities
20.325
The total grants paid to institutions during the year was as follows-
31112122
31112121
Charitable donations paidlpayable
20,325
SUPPORT COSTS
Governance
cost5
Charitable activities
NET INCOME/{EXPENDITURE)
Net incomd(expenditure) is stated after chargingl(crediting)'.
31112122
31112121
Auditors, remuTheralion
Depreciation - owned assets
Other op¢rating leases
Goodwill amortisation
6,500
36,960
24,856
6,500
37,435
19,501
750
25
Continued...

WEST BELFAST ENTERPIUSE BOARD LIMITED
Notes to the FRnallelal Ststements - continued
FOR THE YEAR ENDED 31 DEcEI￿ER 2022
TRUSTEES, REMUNERATION AND BENEFITS
There were no trugtees, remuneration or other benefits for the year ended 31 December 2022 nor for the year
ended 31 December 2021.
Trustees, expense5
There were no trustees, expenses paid for the year ended 31 December2022 llor for the year ellded
31 December 2021.
STAFF COSTS
31112122
31112121
Wages and salaries
Social security costs
Other pension cosls
882 J92
69,537
102 925
790,163
57,806
65,772
1054,854
913 741
The average monthly number of employees during the year was as follows:
31112122
34
13
31112121
32
li
Charitable a¢tivities
Support
47
43
The number of ernployees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
31112122
31112121
Excess of £60,000
The key managem¢nt personnel of the group comprise those of the key management personnel of the parent
company and the key management personnel of ils wholly owned subsidiary Flex Language Services Limited
and therefore the total for the group key management personnel was £416,579 (2021: £286,638).
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
UnrestrRcted
funds
io.
Re5trlcted
fund
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charltable actlvitles
Charitable activities
1,905,219
1,905,219
Other trading activities
1.003 720
1,003 720
Total
2 908 939
2 908,939
EXPENDITURE ON
26
coThtinued...

WEST BELFAST ENTKRPRISE BOARD LIMITED
Notes to the Financlal St#tements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
io.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued
UnrestrActed
Restricted
funds
fuJ)d
Total
funds
Charltable activities
Charitable activities
1,633.559
1,633.559
Other resources expended
729351
729 351
Total
2,362 910
2 362,910
Net gains on investments
3 142.712
3 142 712
NET INCOME
3,688,741
3,688.741
RECONCILIATION OF FUNDS
Total funds brought forward
6,716,998
7,406
6,724,404
TOTAL FUNDS CARRIED FORWARD
10.405 739
10 413 145
ii.
SEEDCORN FUNDS - GROUP
Seedcorn fund5
COST
At l January 2022 and 31 December 2022
AMORTISATION
At l January 2022 and 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
27
continued...

WEST BELFAST ENTERPRISE BOARD LI1￿[TED
Notes to the Finall¢ial Statements - continued
FOR THE YEAR ENDED 31 DECE￿[B￿R 2022
12.
TANGIBLE FIXED ASSETS - GROUP
Fixture5
And
rittlng5
PIAnt and
machinery
Motor
vehlcle5
Totals
COST
At l January 2022
Additions
591,456
25,758
69,417
24,433
685,306
25,758
At 31 De¢ember 2022
617,214
24,433
711,064
DEPRECIATION
At l Jtslluary 2022
Charge for year
412,719
30,559
21,027
6,401
24,433
458,179
36,960
At 31 December 2022
443,278
24,433
495,139
NET BOOK VALUE
At 31 De¢ember 2022
173 936
215,925
At 31 December 2021
178.737
48,390
227 127
TANGtBLE FIXED ASSETS - PARENT COMPANY
Plant and Fixtures and Motor vehicles
machinery
rittings
Totals
COST
Ai l January 2022
Additions
313,139
3,713
24,433
337,572
At 31 December 2022
316 852
341,285
DEPRECLiTION
At l January 2022
Charge for year
273,968
8,183
24,433
298,401
At 31 December 2022
282 151
306,584
IYET BOOK VALUE
At 31 Deeember 2022
At 31 December 2021
39,171
39.171
28
continued...

WEST BELFAST ENTERPRISE BOAIU) LIMITED
Not￿ to the Flnancial Statement5 - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
13.
INVESTMENf PROPERTY - GROUP
FAIR VALUE
At l January 2022
Additions
12,980,000
210,444
At 31 December 2022
13 190,444
NET BOOK VALUE
At 31 December 2022
13 190 444
At 31 Decemb¢r 2021
12 980,000
INVESTMENT PROPERTY- PARENT COMPANY
FAIR VALUE
At l January 2022
Additkons
Fair value mov¢ments
11,880,000
210,444
At 31 December 2022
12,090 444
Net Book Value
At 31 December 2022
12,090 444
At 31 December2021
11880,000
In accordance with FRS 102, investment property shall be measured at fair value at each reportlDg date with
hanges in fair value recognis¢d in the Statement of Financial Activities. Tbe group utilised its property
manager Mr Sean Toal to ¢arry out the fair value valuation at the reportillg period. Whilst not ind¢pendent of the
Group, Mr Toal is a RCIS qualified surveyor with over 20 yeaTS experi¢n¢e in property management of the local
area. The fair value methodology was to compare similarly properties sold in the open market value. Where this
infomiation was not available or sufficient, alt¢niative valuation techniques, utilising the projected cashflows,
rental ytelds, the portfolio of tenants and remaining lease ternis were undertaken to arrive at a reliable estimate
of the fair value of the various properties held.
Fair valu¢ at 31 December 2022 is represented by.,
Valuation in 2022
13 190 444
29
continued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Note5 to the Financial Statements - contlnued
FOR THE YEAR EP4DED 31 DECEMBER 2022
14.
STOCKS - GROUP
31112122
31112121
Stocks
3,700
15.
DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP
31112122
31112121
Trade debtors
Other debtors
VAT
Prepayments and 8c¢rued income
260,251
22,042
3,632
4.081
248,156
68.296
290 006
322,042
DEBTORS: AMOIJF4TS FALLING DUE WITH￿ ONE YEAR- PARENT COMPANY
31112122
31112121
Trade debtors
Other debtors
Prepayments and accrued income
144,123
419,991
3,626
125,340
521,424
567 740
652 131
16.
CREDITORS: AMOUF4TS FALLING DUE WITHIN ONE YEAR- GROUP
31112122
311121ZI
Bank loans and overdrafts (see note 18)
Hire purchase (see note 19)
Trade rreditors
Social security and other taxes
VAT
Other creditors
Accluals & tenant deposits
364,438
4,250
259,498
43,146
117,857
58,467
200 037
433,652
2,189
212,807
76,675
83,807
65,619
247 652
1047 693
1.122401
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- PAREIYT COMPANY
31112122
31112121
Bank loans and overdrafts (see oote 19)
Hire purchase (see note 20)
Trade creditors
Social security and other taxes
VAT
Other creditors
342,802
411,684
2,189
148.656
68,916
31,408
225.194
172,127
40,297
52,629
157 621
765 476
888 047
30
continued...

WEST BELFAST ENTKRPIUSE BOARD LIMITED
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
17.
CREDrroRS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - GROUP
31112122
31112121
Bank loans (see note 18)
Hire purchase (see note 19)
2,966,328
10,371
3.201,527
2 976,699
3 201,527
CREDrroRS: AMOUNTS FALLING DUE AFfER MORE TIW4 ONE YEAR- PARENT COMPANY
31112122
31112121
Bank loans (see note 19)
Hire Pur¢hase (see note 20)
2,907,838
3,124,655
2 907 838
3 134 146
18.
LOANS - GROUP
An analysis of the mamrity of loans - group is given below..
31112122
31112121
Amounts falling due witbin one year on demand..
Bank overdrafts
Bank loans
27,938
336 500
25,652
408,000
364 438
433 652
Amounts falling between one and two years..
Bank loans-8realer thanl year
2,966 328
3,201,527
LOANS: PARENT COMPANY
An analysis of the maturity of loans is given below:
31112122
31112121
Amounts falling due within one year:
Bank overdrafis
Bank loans
26,302
316 500
23,684
388 000
342 802
411.684
Amount5 falling due after more than one year:
Bank loans r￿lIng du¢ more than on¢ year
2 907 838
3.124655
2 907,838
3 124.655
31
coThtinued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Notes to the FlnAncial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
19.
LEASTNG AGREEMENTS - GROUP
Minimum lease payments under hire purchase fall due as follows-
31112122
31112121
Net obligations repayable..
Within one year
Between one and five years
4,250
2.189
14,621
2,189
LEASING ACREEMENTS - PARENT COMPANY
Minimum lease payments under hire purchase fall due as follows:
31112122
31112121
Net obligations repayable:
Within one year
Between one and five years
2,189
20.
SECURED DEBTS
The following se¢ured debts are included withtn Creditors:
31112122
31112121
Bank overdrafts
Bank loans
27,938
3 302 828
2S,652
3 609,527
3,330,766
3.635,179
Bank of Ir¢land and UCIT hold security against th¢ Charities Assets at Twinspires, Dairyfarni, Westlink and
Whitero¢k.
32
continued..

WEST BELFAST ENTERPIUSE BOARD LIMITED
Notes to tbe FlnaDcial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
21.
MOVEMENT IN FUNDS
Net
movement
in funds
At
31112122
At 111122
Unrestricted funds
Par¢nt company
Ortus Property Services
Westlink
Flex Language Services Lid
Roar & Explore Dairy Fann Ltd
Pureclass Dairy Fam] Lid
9,360,487
387,089
11,682
(2,965)
{6,256)
(6,445)
0,470)
9,747,576
11,682
926,772
(6,119)
122,373
33,910)
929,737
137
128,818
10,405,739
362,635
10,768,374
Restrlcted funds
Parent company
7,406
7,406
TOTAL FUNDS
10 413,145
362,635
10 775 780
Net movemelll in funds, included in the above are as follows:
Incoming
resources
Resource5
expended
Movement
In fund$
Unrestrlcted fupds
Parent company
Ortus Property Services
Westlink
Flex Language Services Ltd
RoaT & Explore Datry Farni Ltd
Pure¢lass Dairy Farm Ltd
Fire Rtsk NI Ltd
Consolidation elimination
1,663,522
22,438
148,150
679,161
552,916
110,626
21,531
122 756}
(1,276,433)
{10,756)
(151,115)
{685,417)
{559,361)
(131,096)
{21,5Jl)
122 756
387,089
11,682
(2,965)
(6,256)
(6,445)
{20,470)
3 075,588
2 712,953
362 635
TOTAL FufsDS
3 075 588
2 712,953)
362 635
33
continued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Notes to the Financial Statements- continued
FOR THE YEAR ENDKD 31 DECEMBER 2022
21.
MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Net
movement
In funds
At
31112121
At 111121
Unrestrlcted funds
Parent company
Westlink
Flex Language Services Ltd
Roar & Explore Dairy Farni Ltd
Pureclass Dairy Farm Ltd
6,049,429
583,311
1.276
82,982
3,311,057
346,426
(1,139)
45,836
13,439)
9,360,486
929,737
137
128,818
13 439)
6.716,998
3,688,741
10,405,739
Restrl¢ted funds
Parent company
7,406
7.406
TOTAL FUNDS
6,724 404
3.688,741
10413,145
Comparative n¢t movement in funds, included in th¢ above are as follows..
In¢oming
resources
Resources
expended
Galns and
losses
Movement
in funds
Unrestrlcted funds
Parent company
Ortus Property Services
Westlit]k
Flex Language Services Ltd
Roar & Explore Datry Fann Ltd
Pureclass Dairy Farm Ltd
Fire Risk NI Ltd
Con801idation elimination
1,686,690
11,320
147.890
613,156
440,809
132,786
11,655
135 367)
(1.168,345)
(11,320)
(15 1,464)
(614,295)
{394,973)
(146,225}
(11,655)
135 367
2,792,712
3,311,057
350,000
346,426
(1,139)
45,836
(13.439)
2 908,939
2 362 910
3 142,712
3 688,741
TOTAL FUNDS
2 908,939
2 362,910
3.142 712
3 688.741
34
continued...

WEST BELFAST ENTERPRISE BOARD LIMITED
Notes to the Financi81 Statements - ¢ontlnued
FOR THE YXAR ENDED 31 DECEMBER 2022
21.
MOVEMENT tN FUNDS - continued
A cu￿ent year 12 months and prior year 12 months Combined position is as follow5-
Net
movement
In funds
At
31112122
At 111121
Unrestricted funds
Parent company
Ortus Property Services
Westlink
Flex Language Services Ltd
Roar & Explore Dairy Fann Ltd
Pureclass Dairy Fann Ltd
6,049,429
3,698,146
11,682
343,461
(7,395)
39,391
33 909)
9,747,575
11,682
926,772
(6,119)
122,373
33 909)
583.311
1,276
82.982
6,716,998
4,051,376
10,768,374
Restricted funds
Parent company
7,406
7,406
TOTAL FUNDS
6,724,404
4 051.376
10,775 780
A Current year 12 months and prior year 12 months combined nel movement in funds, included in the above are
as follows:
Incoming
resources
Resources
expended
Gains Ind
losses
Movement
in funds
Unrestrlcted lunds
Paretst cotllpany
Ortus Property Servlces
Westlink
Flex Language Services Ltd
Roar & Explore Dairy Fann Ltd
Pureclass Dairy Farm Ltd
Fire Risk Nt Ltd
Consolidation elimination
3,350.212
33,758
296,040
1,292,317
993,725
243,412
33,186
258,123
(2,444,778)
(22,076)
(302,579)
(1,299,712)
(954,334)
(277,321)
(33,186)
258 123
2.792,712
3,698,146
11,682
343,461
(7,395)
39,391
(33,909)
350,000
5 984 527
5,075,863
3 142 712
4.051,376
TOTAL FUNDS
5 984,527
5,075 863)
3.142,712
4051376
35
Continued...

WEST BELFAST ENTERPIUSE BOAiU) LIMITED
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DEcEI￿BER 2022
22.
CAPITAL COMMITMENTS
31112122
31112121
Contracted but not provided for in the financial statements
23.
RELATED PARTY DISCLOSURES
The charitable company has tsken advantage of exemption. under the tern)s of Finat]cial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland,, not to disclose related paty
transactions with wholly owned subsidiaries within the group.
West Belfast Enterprise Board Limited is the parent company of the following wholly owned subsidiary
companies:
Westklink Enterprises Limited
N1019927
Flex Language Services Limited
N1608161
Roar & Explore Dairy Fam) Lin)ited N1652507 (Charity no. 107683)
Pur¢ Class Dairy Farm Limited
N167E387
Fir¢ Risk Nl Limited
N1617908
Or￿$ Prop¢ty Servi¢¢s Limited
N1616142
The charitable Company has taken advantage of exemption, under the t¢Tms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of ITeland'. not to disclose related party
transactions with wholly owned subsidiaries within the group.
This page does not fonn part of the statutory financial statements
36