REGISTERID cOPAr{y NUMBER: N1021888 (Northern Ireland) REGISTERED CHARITY NUMBER: 103129 Report of the Trustees and Financial Statements FOR THE YEAR ENDED 31 December 2023 for WEST BELFAST ENTERPRISE BOARD LIMITED M.B.Mc Grady & Co Chartered A¢countatEts Stathtory Auditors RatEllnore House 52 St Patricks Avenue Downpatrkck Co. Down BT30 6DS
WEST BELFAST ENTERPRISE BOARD LItTED Contents of the Fin3nci$l Statements FOR TItE YEAR 31 DECEJIBER 2023 Page Report of the Trustees Report of the Independent Auditors 9 to 12 Conso]id2ted Statement of Fin2Dcial Activities- Group 13 CoDsolid2ted St2tewellt of Fin2neial Position - Group 14 to 15 Consolidated Statement of Fin2neial Position - Parent 16 to 17 Consolidated Statemellt of C2sh Flows - Group 18 Notes to the Consolidated Statement of Cash Flows - Group 19 Statement of C2sh Flows - Parent 20 Notes to the St2temellt of C2sh Flows - Pxrellt 21 Notes to the Fiu2nci21 Statexfjellts 22 to 36
WEST BELFAST ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who are also directors of the charity for the purpose5 of tbe Companies Act 2006, present theiT report with the fancIal statements of the charity foT the year ended 31 December 2023. The trustees have adopted the piovisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thesr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of freland (FRS 102) (eff¢¢tive l January 2019). OBJECTIVES AND ACTIifiTIES Objectives 2nd aims The objectives of the charitable company are the promotion for the benefit of the public of urban or Djral regeneTation in areas of social and economic deprivation and in particular in West BelfasL but not exclusively, by all 01 any of the following means.. (a) the relief of povety in such ways as may be thought fIt" (b) the relief of unemployment in such ways as may be thought fil including assistance to find employment. (c) the advancement of education, training or retralning, particularly among unemployed people. and providing unemployed people with work experience; (d) the provision of financial assistance, technical assRStance or bus2ness advice or consultancy in order to provide trajning and employtnent opporNnities for unernploy¢d people in cases of fancial or other charitable need through help.. (i) in setting up their own business, or (li) to existing businesses; (c) the creation of training and employment opportunities by the provision of workspace, buildings, andlor land for use on favourable terms. To fi]rther such other purposes whtch are exclusively Charitable under the law of Northern Ireland from time to time by providing grants (or other means deemed suitable) to charities or other organisations or individuals as tbe dixectors in their absolute discretion det¢Tmine. Our strategic vision is driven by our founding principles with a cl&qr intent to deliver our commillnent of providing quality solutions wtthill a quality fralljework with our Customers and tenants. Public benefit The trustees have read and had regard to the Northem Jreland Charity Commission's statutory guidance on Public benefiL
WEST BELFAST ENTERPRISE BOAJiD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Achievement 2nd performance Charitable activities The financial year of 2023 was one of continued challenge due to the downtyrn in the economy but was also coupled with some growtE] and success in the company. The company experienced ¢onsiderable challenges duT3ng the economic downturn with a downturn in customer spending and the general ecoDomi¢ environment. However, this was mitigated well, aDd the company assisted many tenants and companies throughout the year to ensure continued support. In the year, we have furtber developed OUT social enterprise, RoaT and Explore, a children's indoor play facility based in the Dairy Fam centre. We have added some new facilities within the business and have expanded tbe range of services of the Last Level paty and gaming room. We also added to the range and scope of the MoTellis ice cream parlour including a sit-down area offering hot drinks and food. This now compliments tbe new Colin Park (part of the Urban villages project). RoaT and Explore provide free educational activities every Monday to Thursday. which are available to all children on the pren]ises. These activities are learning through arts and crafts (Colin's crafts), 1&8rning ttrough cooking and baking (Ellie's Eats), learning through stones, singing and dancing (Rami's Rhymes) and learning througb sensory play (Tilly's Twists). These sessions rl 5 days per week, 5 sessiolls per day, with an average of 10 kids per session. This equates to approximately 12,000 cbildren benefiting from these educatiollal activities from January to December 2023. Every morning, we provide a discounted toddler morning ellty rate and free toast and juice for all the ¢bildren. This ensures the children are provided with something to eat and drijik plus it encourages their parents to bring them out of the house to socialize and play with other children of a sirnilar age. Approximately 6000 children benefited from this. We offer a heavily discounted child rninder enty rate, as we know that being a childmindcT can be quite a lonely fonn of work. We have 125 childn]inders registered on this scheme, of which many are extretnely regular users. It gives them an opportunity to get out of the house, in a safe ¢nviroDJDent for the kids ia their care to play, whilst they socialise and meet up with likeminded people. The were approxkmately 5000 Children visits from this scheme, giving them the opportunity to mix and develop social skills with other children wbilst learning tbrougb play. plus gettints valuable exercise. We also offer discount 2 for I discount for Perks card holdeTS (primarily for Blue light services) wFLi¢h was availed of approximately 1400 times, free birtbday passes to birtbday children from which 712 children benefited and free enty for staff cbildren whicb was used 300 times. We provide a heavily discounted enty rate for nuTseTies, schools, and ¢lubs. This was availed of 115 tirnes. The children that come with these nurseries, schools and elubs are also prov2ded with free toast and juice, from which over 2300 children benefited. We also provide free parties (play, juice, hot meal and dessert) througb various competitions and in support of local community groups and clubs. 250 benefited from this; in addition to oveT 500 free passes which were also provided to local Community groups, clubs and fimdraiser5.
WEST BELFAST ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMJER 2023 We continued to grow and expand Pure Class Fithess, our s0¢2al entery)rise gym (purchas¢d in 2020) to create additional jobs and to also provide OPpOTm1tieS for personal trainers in the area. The gym has also offered free classes, free sessions and spa¢e to the local community. It has also donated many free gym memberships to local community organisations in the area of social need. We have etthanced programmes to include yoga and mindfulness to ty to help with the increasing mental health and rehabilitation issues in our in]mediate local conLmull7ty. We have formed several partnerships with local mental health care providers to offer free and discounted rnemberthips rates. The propertÈes at Twin Spires: Boucher Business Studios and Dairy Farm have received upgrades with tbe attraction of some new businesses to the site even during the downturn. These have included new ground works. internal upgTades; additional facilities such as electric charging stations etc. We have also invested heavily in solar panels across the sites in an attempt to reduce costs and reduce our ellviroDtnental impact. We have been working closely with tenants throughout the year to help support, sustain" develop and grow their businesses. Due to the economic crisis, we have worked to assist our tenant businesses to ensure they suryive the downrn. We have had great success in helping some of OUT tenants sustain, expaud and grow their business. The training and development PTogra]nmes for the company delivered on 64 initial business assessments. 42 business plans for people starting up in business" assistance to businesses who started trading in tb¢ year. business advice and guidance to over 200 clients. We assisted Clients to Teceive mentoring and support in applying for an ENI loan lld. We assisted existing business owners within tbe community with guidance and support wÈth their business queries. We assisted clients in begirffting the Process of becoming self-employed and in the process of choosing the appropriate legal strn¢ture aDd registering their business. We have been involved in developing new progrdmme with NI Explore Enterprise Support. This programme will be aimed at members of the community who are CuentlY economically inactiv¢ alld will provide one to one mentoring and guidance in achieving their goals of b¢iug employed or starting up their own business. This will begin in 2024. We assisted clients fro]n past progrdtnmes with support to access additional programmes: additional training and developn]ent opportunities and access to fjnartce. We donated over 300 hours of free advice and melltoring to tenants and individuals that could not be supported through our proarnMe$. This has ranged from mentoring. marketing support" business support and guidaDce' and assistance with access to fallC¢ and grant support. Westlira( Enterprises Ltd ha5 perfornied well financially and ha5 been on target ill tern]s of flljallcial return and occupancy leveEs. We have made some substantial impTovetaents on the site arÈd the adjacent Stte including Tesurfacing works and continue to re-invest back into the area. We also regularly liaise with community paTthers in the area. Flex Language SeTvices Ltd face-to-face job numbers have steadily increased in 2023 with the addition of new contracts and clients from both the public and the private sector as well as interpreting requirements from newcon]eT ¢ommunities to access services. Written translations were also steady in both public and private enviroDm¢nts as the requiTement for new and varied languages has grown. FLEX have concentrated on reClt[nellt throughout the year to ensure sufficient interpreter availability. In 2023 FLEX concentrated on the OCN Level 4 Conmiunity Inte[¢ting Qualification. Over 100 multilingual individuals became fully qualified interpreters giving them access to employment and the opportunity to assist theix communities. FLEX continued to give back to the interpreters in lin¢ with our social enterprise ethos and values through the interpreter's perks programme as well as a melltsl health PTogramme for interyreters in patsership with Inspire.
WEST BELFAST ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 Ortus Property Services has perforn]ed well in tbe year against projections and has solidified its management contracts across the board. We have expanded the propety management services in the year with a contract to support St Comgalls Social enterprise project. This management contract has been ]RY implemented in 2023. We have also returned fully to service with Fire Risk Nl and the business is peTfoTming well. We have added to the portfolio of Properties with the purchase of the site adjacent to Westiink and are plawking fillther development on that sits. We purchased Whiterock Business Park and have invested considerably to have the new park (Cityview Business Park) opened. This has been a vacant site for almost 20 years and we have completely regenerated the site, facilitatillg the creation of n]any new jobs in an area of social alld economic deprivation. Both these projects are fulty operational in 2023 and are providing a great service in those communities. We have also supported many schools and charities in our community over 2023. These have included a nun]beT of Aisling bursaTies to people re-enteritig or returning to education and learning. supporting local schools with sports equipment. and supporting local festivals and activities for Children. Financial review Financial positio The Consolidated Statement of Financial Activities for the year ended 31 December 2023 alld Consolidated and company Balance Sheets as at that date are shown in the attached f]naDcial statements. Total income for the year to 31 Decejnber 2023 is £3,239,346 (2023.. £3,075,588) wbich is up £163,758 on the PTevious Total expenditure for the year is £2,949,856 (2023: £2,712,953) which is up £236,903 on the previous ye. Net surplus for the year before fair value movement was £289,490 compared to net surplus of £362,635 before f&iT value n]ovemenL for the previous year. The Statetnent of Financial Position remains healthy with Net Assets in excess of £1 I million, of whicb all but £7,406 relates to Unrestricted funds. Reserves policy The Board of Trustees has established a policy whereby the UDTestiicted Funds not couunitted or invested in tangible fed assets for charity use (Ibe free reserves) held by the Company should be between 3 and 6 months of the resources expended. At tbis level, the Trustees feel tbat they would be able to continue the current activities of the COEnpany. In the event of a significant drop in funding, it would obviously be necessary to consider how the funding would be replaced or activities change
WEST BELFAST ENTERPIUSE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Principal risks and ullcertainties The trnstees have a risk management strdtegy in place which comprises: An annual review of the risks the cornpany and its subsidiaries face by the Finance audit and risk cotnmittee and the b0d of trnstees. The quarterly monitoring of risks by the Finance, audit and risk con]mittee' The annual external review of risk and risk proceduTes as part of the ISO Quality mallagement audit. The establis]llnent of systems and PTo¢edures to mitigate those risks identified in the plan, and; The implementation of procedures designed to n]inirnise any potential impact on the company should those Tisks materialise. This strategy has belped identify tbe major risks to which the company is potentially exposed, assessed those risks and put ill place systems to mitigate the risks.The 1ntee$ are committed to adopting best practice in the identificatioll, evaluation and cost effective control of risks, to ensure that the charities exposuTe is minimised or eliminated where possible. Principal areas of risk identified as a result of the processes in place include. Finaucial risk The highest Tisk identified is the impact of the current economic climate on revenue strea]ns and the effect of external infiuences and legislation on its ability to manage costs. To manage this risk a stringent budgeting procedure bas been established to identify and maximise all income streatns and to tightly mange cost control. Ln addition an ongoing progrdmme of reviewing and updating the entire organisations operation PTo¢edures and policies has comrn¢n¢ed. Operational risk Ensuring the provision of its services to the groups many tennets and ¢ustomer5. SeTvice provision & quality of same is given tbe higbest priority within the cbarity. Health and Safety A detailed plan of assessments, training and reviews has been developed aDd implejnented to ensure the physical risk of injury or liability to any service user, staff tnember or member of the public when assessing the charities facilities or servi¢es is n]inimised. In addition to the above a detailed risk register is kept and reviewed by the trustees and they are satisfied that 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 ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECETrtBER 2023 STRATEGIC REPORT Future plans The trustees are fijlly committed to a robust programme of reinvestr(Lent of SUluseS into the company through a detailed capital investment plan across the five sites. We acqu2red the site adjacent to the Westlink site and have invested heavily in an area of high social and economic deprivation with the hope to attract new businesses and jobs to tbat area. We have secured new tenants onto that site in 2023. We have also acquired the Whiterock site and COEnpl¢ted a substantial investment plan in 2023 to allow us to attract new business and jobs into another area of high socio-economic deprivation. Phase l of the project is now Complete and has made a substantial in]pact in the are4 creating a supporting over 50 jobs. We will endeavour to complete phase 2 in the coming Ye$, We also hope to Continue to develop plans for several new sites and ale working closely with Government Departrnents to develop sustainable development plans for these sites, through the government policy of Community Asset Transfer opportunities. However, the ¢apital works planned for 2024 will focus on the development of the physical infrastruclmre of the site adjacent Westlink Enterprise Park. the Dairy Farn] complex and the Whiterock site. We have developed ]najoT new plans foT the Dairy Fam complex. It is our iutention to complete relatively rnajor groundworks across the 5Ltes in 2024 including the redevelopn]ent of the frontage of Twin Spires.; develop a solar eneTgy policy and implementation across the sttes,. and drive forward our ambitious plans to develop a social enterprise hotel. There will be an expansion of training and development services which will target the haTdest to reach in our Ottllnunities with resource allocated specifically to assist unemployed people to get back to work and self-¢niployment. The Trustees are regularly reviewing the euryent impacts crisislecononkic downturn. spiralling costs and its potentiaI effects on the business. tenants and the local community. STRUCTURE, GOVERNANCE Af4D MANAGEThNT Governing document The chlty is controlled by its govemiug document a deed of ttwt, and constiwtes a limited compatky, limited by guarantee, as dered by the Companies Act 2006. The company is governed by a Board of Trustees which operates as detailed in the company's governing document, the Memorandum and Articles of Association. The Board meets between six and eigbt t2mes peT year. subcortllllittee, the audit committee, meet on a quarterly basis and the other committees meet as necessary. A chief executive is appointed by the board to admillister the day to day operations of the company and its subsidiaries. In the 2022 year, these meetings took place over Zoomifeams and in person as per government guidance during the Covtd paDderni¢. The Board of tsStees also met to review the year and worked to assist operational stsff with tbe strategic plan for tbe yeaT abead. To facilitate effective operations the chief executive, Mr Seamus OTrey has delegated autbority approved by the trustees for operational matters such as finance, e]nployment and the delivery of its training objectives. Recruitment and appointment of Dew trustees Due to the natt]re of the cbarity's work the trustees seek to ensure that these needs are appropriately reflected tlkrougb the diversity of the trustee body. To enhance the potential pool, trustees aTe requested to provide a list of theiT skills (and update it each year) and in the event of particular skills lacking or being lost due to retiremenL individuals are approached to offer thernselves for election. Induction and trailling of new trustees The board conduct skllls The chief executive ensures that appropriate induction and training is given to all new and existing trnstees. Each new trustee is provided with a pack of information about the 0p and theiT responsibilities and is given an opportunity to Eneet all staff.
WEST BELFAST ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECETr(BER 2023 STRUCTURE, GOVERNANCE ADfD MANAGEMENT Key management remuneration The setting of the pay and remuneration of the key management peTsonel is delegated to tbe Remuneration Committee, n]ade up of several trustees. Related parties West Belfast Enterprise Board Limited is the parent company of the following wholly owned subsidiary companies: N1019927 N1608161 Westkljk Enterprlses Limited Flex Language Services Limited RoaT & Explore Dairy Fanll Lin]ited Pure Class Dary Farn] Limited FiTe Risk NI Limited Ortus Property Services Limited N1652507 (Charity no. 107683) N1671387 N1617908 N1616142 ' REFERINCE Af•tD ADMtNISTRATIVE DETAILS Registered Company number N1021888 (Northetn Ireland) Registered Charity number 103129 Registered offiee Ortlls 155 Nortbun)berland Street Belfast BT13 2JF Trustees Mr JatDes Joseph Collins Plant Manager (Retired) Prof Robert Wallace Ewart University Dean Mrs Liz Groves Welfare Support Officer Mr Gerard Mccann Mrs Jacqueline Mccoy Senior Lecturer Mr Teny M¢¢rndden DiTector Mr Noel Francis Rcponey DiTe¢tor Mr Gery Ward Community Enterise Manager Ms Emer Hinphey HK Consultant Mrs Arlene O'connor PR Consultant Company Secretary Mys Jacqueline Mccoy Auditors M.B.Mc Grady & Co Chartered Accountants Statutory Auditors Rathmore House 52 St Patricks AveThue Downpatrick Co. Down BT30 6DS
WEST BELFAST ENTERPRISE BOARJ) LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMEPU OF TRUSTEES, RESPONSIBILrrIES The ttustees (who are also tbe directors of West Belfast EnterISe Board Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and th¢ finaThcial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢tice) including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the tSte¢S to prepare finarkcial statements for each financial year which give a tme and fair view of the state of affatrs of the charitable company and of the in¢oTDing resources and application of resources, including the income and expenditure. of the cFLaritable company for that period. Ill preparing those fin8Th¢ial statements, tbe trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and prlnciples in the Charity SORP. make judgements aThd estimates that are reasonable and prudent. state wbether appli¢able accounting standards have been followel subje¢l to any material departu$ disclosed and explained in the fmallcial statemeuts. pffpare the fmancial statements on the going con¢¢rn basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records wbich disclose with reasonable accura¢y at any time the fancial position of tbe charitable company and to enable them to ellsure that the fmancial statements ¢omply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable compauy and hence for tskiDg reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit infomiation of which the charitsble company's auditors are uttaware. and the trustees have taken all steps that they ougbt to have taken to make themselves aware of any relevant audit information and to ¢stabEish that the auditors are aware of that information. AifDITORS The tduditors, M.B.M¢ Grady & Co, will be proposed for Te-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, Approved by order of Ébe board of trustees, as the company director on 20 June 2024 and signed on the board's beh81f by.. Mr James Joseph Collins - Trustee
eport of the Independent Auditors to the Trustees and Members of West Belfast Enterprise Board Limited Opinion We have audited the financial statements of West Belfast Enterprise Board Lirnited (the 'charitable pareni coiiipan J I and its subsidiaries ('the group,) for the year ended 31 December 2023 which comprise Ihe consolidated Statement or Financial Activities, the consolidated and parent company Statement of Financial Position, the consolidated and pareni Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial repoiting fi'amework that has been applied in their preparation is applicable law and Uniied Kingdoin Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice), including Financial Reporting Siandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opii)ion the financial statements.. give a true and fair view of the state of tl)e group's and of tlie charitable parent con)pany's ¢11'1¢111'S 11% ill 31 December2023 and of the group's incoming resources and application of resources, including ils inconie <iiid expenditure, for the year then ended. have been properly prepai'ed in accordance wiih United Kingdorn Genei?Ily Accepted Accounting Practice, includinL Financial Reporting Standard 102 'The Financial Repoiting Standard applicable in the UK aiid Republ ic ol. IrL'lcliid': <111(1 have been prepared in accordance with the requirenienls of the Companies Aci 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are furthei. described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the group and Charitable pai'enl company in accordance with th¢ ethical requirements that al'e relevant to oui. audit of the financial statements in the UK, incliid iiii the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh Iliese requirements. We believe that the audi¢ evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going Concern In auditing the financial statements, we have concluded that the trustees, use of th¢ going concern basis of accounting in tlie preparation of the fmancial stat¢m¢nts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually oi. coll¢¢tively, may cast significant doubt on the group and charitable parent company's ability lo continue as a going concem for a period of at least twelve months from when the ftnancial statements are autlioi'ised for issue. Oui. responsibilities and the responsibilitie5 of the trnstees with resp¢ct to going concern are described in the relevani sections of this report.
Report of the Independellt Auditors to the Trustees and Members of West Belfast Enterprise Board Limited Other inforrnation The thjstees aTe responsible for the other infornation. The otheT inforn)ation comprises the inforniation included in the Annual Reporl other than the fmaThcial statements and our Report of the IDdep¢ndent Auditors thereon. OUT opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our Teport, we do not express any forn] of assurance coTh¢lusion thereon. In connection with OUT audit of the fu)ancial ststements, our responsibility IS to read the other infonnation an4 in doing so, consider whether the other inforn)ation 15 materially inconsistent with the fjnancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistellcies or apparent material misstatements, we are requiTed to deterniine whether this gives rise to a material rnisstatement in the fanCIal statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatemerAt of this otber infornation, 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 WOTk undertaken io the course of the audit.. the information given in the Report of the Trustees for the financial yeaT for wbich tbe financial staternenls are prepared is consistent with the fjnancial statements. and the Report of the Trnstses has been prep&ed in accordance with applicable legal Tequirements. Matters on which we are required to report by exception In the ligbt of the knowledge and understanding of the group 8lld the charitable parent company and its environment obtained in the COUTse of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matteTS where the Companies Act 2006 requires us to report to you if, in our opiaion.. - adequate accounting Tecords have not been kept by the group or parent company or returns adequate for our audit have not been received frotll branches not visited by us. or - the group or parent company fmallcial statements are not in agreement with the accounting records and returns. or - Cein disclosures of ttwtees, remunerdtion specified by law are not made. or - we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained tnore llY in the Statement of Trustees, Responsibilities, the tnte¢S (who are also the diTe¢tors of the charitable company for the puryoses of company law) are responsible for the PTeparation of tbe fmancial statements and for being satisfied that they give a true and fair view, and for su¢b internal control as the trustees detern]ine is necessary to enable the preparation of financial statements that are free from material tnisstaten]¢nt, whether due to fraud or etror. In prepaTing the f]nancial statements, the trustees are Tesponsible for assessing the group's and charitsble parent ompany's ability to Colltinue as a goiDg concern, disclosing, &s applicable, matters related to going Concern and using the going concern basis of accounting unless the thjstees either intend to liquidate the group or tbe charitable parent company OT to cease operatiODS, or have no realistic alternative but to do so. io
Report of the Independent Auditors to the Trustees and Members of West Belfast Ellterprise Board Limited Our responsibilities for the audit of the financial statements Our obje¢tives aTe to obtain reasonable assurance about whether the fmancial statements as a whole are free from material misstatement, whether 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 assurance, but is not a guaTantee tbat an audit conducted in accordance with ISAS (UK) will always detect a n]aterial misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fmancial statements. The extent to whicb our PTocedures are capable of detecting Iegular1tieS, including fraud is detailed below: The following are required to be considered.. - the natyre of the kndusty and sector, Control environment and entity perfomance. - results of our enquires of managetnent, about their own identifi¢ation and assessment of the risks of iTTegularities' - review of company policies and PTocedures relating to: identifying) evaluation and complying witb laws and regulations and whether they are awaTe 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 establisbed to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagen]ent team and specific cotuponent audit teams regarding how and wheTe fraud might occur in the fanCIal statements and any potential indicators of fraud. Because of these procedures, we considered the opportt]nities 8nd incentives tbat tnay exist withill the group and charitable parent company for fraud and identified the greatest potential for fraud is in relation to fair value moven]ents on investment property, completeness of incon]es, expenditure not being applied in line with intended purposes and the calculation and payment of salaries. In ¢ommon with all audits under ISAS (UK), we are also requiTed to perfonll specific procedures to respond to the risk of managemellt oveide. Audit response to risks identified. The cvffent audit is conducted with professional scepticism using procedures that are in a¢¢ordance with International Standards on Audit2ng. In responding to the identified key audit matters above we obtained an understanding of the chaTity'S objertives aDd income streams together with the salary calculation and processing process, we perfornied enquires of management and inspected relevant documents and calculations, verifying incomes and expenditures, assessing the completeness and accuracy of dAsclosuTes within the f]nancial statements and ¢oncuTTed the figures were tllaterially a¢¢urate. In addition to the above, our proceduTes to respond to risks identified include the following.. - reviewing the 1[ fulancial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as baving a direct effect on the fJnaDcial statements. - enquiring of management ¢oncerns of actual and potential litigation and ¢laims' - reviewing basis for calculating fair value of investrnent propety and compare to market conditions. perforrniug analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - reading minutes of meetings of those charged wtth governance. - obtained an understanding of provisions and held discussions with managen]ent to understand the basis of Tecognition or non-recognition of provisions. and in adthessing the risk of fraud through managetnent override of controls, testing the appropriateness of journal entries and other adjustments; assessing whetber the judgements made in making ac¢ouDting estimates are indicative of a potential bias. and evaluating the business rationale of any significant transactions that are unusual or outside the normal coutse of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and significant component audit teams, and Temained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. A further description of our Tesponsibilities for the audit of the fanCIal statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fonns part of our Report of the Independent Auditors.
Report of the Independent Auditors to tbe Trustees and Members of West Belf2St Enterprise Board Limited Use of our report This report is made solely to the charitable cornpany's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the charitable company's embers those matters we are required to 5tste to them in an auditors, Teport and for no other purpose. To the fijllest extent pemitted by law. we do not accept OT assume Tesponsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have forn]ed. Malachy ady (S nior Sta for and on be alf of M.B.Mc Chartered Accountants statOry Auditors Rathjnore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS tory uditor) 21 June 2024 12
WEST BELFAST ENTERPRISE BOARD LIMITED Consolidated Statement of Financial Activities - Group FOR THE YEAR ENDED 31 DECEMBER 2023 31112123 Total funds 31112122 Total funds Unrestricted funds Restricted fulld Notes INCOME AND E0wHENTS FROM Donations and legacies Charitable activities Cbaritabl¢ activities 2,499,458 2,499,458 2,227,019 Other trading activities 739,888 739 888 848 569 Total 3 239,346 3,239J46 3,075 588 EXPENDITURE ON Ch2ritable activities Charitable activities 2255,318 2,255,318 1,905,887 Othe¥ resources expended 694,538 694 538 807 066 Total 2,949,856 2 949,856 2 712 953 NET TNCOME 289,490 289,490 362,635 RECONCILIATION OF FUNDS Total fijnds brought forward 10,768,374 7,406 10,775,780 10,413,145 TOTAL FUNDS CARRIED FORWARD 11,057 864 11065270 10,775 780 The notes forrn part of these fmancial statements 13
WEST BELFAST ENTERPIUSE BOARD LITED Consolidated Statement of Financial Position - Group 31 DECEMBER 2023 31112123 Total funds 31112122 Total funds Unrestricted funds Restricted fund Notes FIXED ASSETS Seedcorn fijnds Tangible assets Investments Investments Investment propety - Group li 12 7,406 7,406 219,798 7,406 215,925 219,798 13 13 363 133 13,363,133 13 190,444 13,582,931 7,406 13,590,337 13,413,775 CURREf4T ASSETS Stocks - Group Debtors Casb at ballk 14 15 6,400 402,121 773 174 6,400 402,121 773 174 3,700 290,006 1092,691 1,181,695 1,181,695 1,386,397 CREDITORS knounts falling due within one year 16 (972,530) (972,530) {1,047,693) NET CURRENT ASSETS 209,165 209 165 338 704 TOTAL ASSETS LESS CURRENT LIABILITIES 13,792,096 7,406 13,799,502 13,752,479 CREDITORS Amounts falling due after more than one year ACCRUALS AM) DEFERRED DICOME - GROUP & PARENT COMPANY 17 (2,721,608) (2,721,608) (2,976,699) 21 (12,624) (12,624) NET ASSETS 11,057 864 7,406 11065,270 10 775,780 22 UDrestri¢ted funds Restricted funds 11,057,864 10,768,374 7.406 TOTAL FUNDS 11065,270 10 775,780 The notes form part of these fancial statements 14
WEST BELFAST ENTERPRISE BOAiiD LIMITED Consolidated Statement of Finallcial PositRon- Grtsup -colltiDued 31 DECEMBER 2023 The flljancial statements W¢ approved by the Board of Tmstees and authorised for issue on 20 June 2024 and were signed on its behalf by: Mr James Joseph Collins- Tntee The notes fomi part of these financial statements 15
WEST BELFAST ENTERPRISE BOARD LIMITED Statement of Financial Position- Parent 31 DECEMBER 2023 31112123 31112n2 Notes FIXED ASSETS Seedcorn fijnds Tangible assets Jnvestrients Investment propety 7,406 28,929 306 63,133 7,406 34,701 306 12 090 444 12 12,299,774 12,132,857 CURRENT ASSETS Debtors Cash at bat 10 577,603 557 266 567,740 727 699 1,134,869 1,295,439 CREDITORS Ajnounts falling due within one year 709 922 765 476 ET CURRENT ASSETS 424,947 529,963 TOTAL ASSETS LESS CURRENT LIABILITIES 12,724,721 12,662,820 CREDifoRS Ajnounts falling due after more ttLan one year 2 680,658 2 907,838 12 NET ASSETS 10,044 063 9,754 982 RESERVES Other reserves Retained earnings 7,406 10,036 657 7,406 9,747 576 10 044,063 9 754,982 The notes fomi part of these fujancial statements 16
WEST BELFAST ENTERPRISE BOARD LIMITED Statement of Financial Position- Parellt-continued 31 DECEMBER 2023 The financial statements were approved by the Board of Trnstees and authorised for issue on 20 June 2024 and were signed on its behalf by: Mr James Joseph Collins- Tnlstee The noles forni part of these fmancial st&lements 17
WEST BELFAST ENTERPRISE BOARD LIMITED Con501idated Statement of Cash Flows- Group FOR THE YEAR ENDED 31 DECEMBER 2023 31112n3 31112122 Notes Cash flows from operating activities Cash generated from operations InteTest paid InteTest element of hire purchase payments paid 442,871 (236,195) 577,703 (152,767) Net cash provided by operating activities 205 665 424 076 Cash flows from investing activities Purchase of tangible fed assets Purchase of illvestmellt property Sale of tangible fed assets (30,520) (172,689) 6,200 (25,758) (210,444) Net cash used in investing activities 197 009) 236 Cash llows from financing activities New loans Loan capital repayments Hire purchase finance received Hire purchase capital Tepayments 70,000 (376,699) 17,000 4.568) (316,274) 12,392 5,112 N¢t cash used in financing activities 308 994) 294 267) Change IA) casb and casb equivalents in the reporting period Cash and cash equivalents at the beginning ol the reporting period (300J38) (106,393) 1064,753 1.171.146 Cash and egsh equivalents at the end of the reporting period 764 415 1,064 753 The notes form part of these fmancial statements 18
WEST BELFAST ENTERPRISE BOARD LIlTED Notes to the Consolidated Statement of Cash Flows - Group FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcfIviTIES 31112123 31112122 Net income for the reporting period (as per tbe Statement of Fin2neial Activities) Adjustments for: Deprectation charges Profit on disposal of fjxed assets InteTest paid Interest element of hire purch&se and fmance lease rental payments Increase in stocks - group (Incr¢ase)Idecrease in debtors IncTe2se/(de¢rease) in creditors 289,490 362,635 26,648 (6,200) 236,195 I,oii (2,700) (111,430) 9,857 36,960 152,767 860 35,668 Net cash provided by operations 442,871 577.703 ANALYSIS OF CASH AND CASH EQUIVALENTS 31112123 31112122 Notice deposits (less than 3 months) Overdrafts included in bank loans and overdTafts falling due within one ye8f 773,174 1,092,691 27 938) Total cash and cash equivalents 764,415 1064,753 ANALYSIS OF CHANGES IN NET DEBT At 111123 Cash flow At 31112n3 Net eash Casb at baT Ballk overdrafts 1,092,691 27938) (319,517) 19,179 773,174 1,064 753 300 338) 764 415 Debt Finance leases Debts falling due witbin l year Debts falling due after l year (14,621) (336,500) 2 966 J28) (7,280) 57,000 259,273 (21,901) (279,500) 2,707 055) 3 317,449) 308,993 3,008 456) Total 2,252,696 2244,041 The notes fom part of these f]nan¢ial statements 19
WEST BELFAST ENTERPRISE BOARD LIKtTED Cash Flow Statement- Parent FOR THE YEAR ENDED 31 DECEMBER 2023 31112123 31112122 Notes Cash flows from operating activities Cash generated from operations Interest paid Interest element of hire purchase or f)naDee lease rental payments paid 532,388 (220,279) 565,015 (136,445) Net cash from operating activities 312,109 428 163 Cash flows from investing activities Fl]rchase of tangible fed assets Purchase of investment propety Sale of tangible fixed assets (1,230) (172,689) (3,713) (210,444) Net cash from investing activities 167,719) 214 157 C2sh flows from financing activities New loans In year Loan Tepayments in year Hire Purchase capital Tepaynents 70,000 (358,317) (296,804) Net cash from financing activities 296 804) 290 506) (Decreaseyincrease ill cash and Cash equivaleots Cash and cash equiv#l¢llts at beginning of year (152,414) (76,500) 701,397 777,897 Cash and Cash equiv21ents at end of year 548 983 701,397 20 continued...
WEST BELFAST ENTERPRISE BOARD LIThUTED Notes to the Cash Flow Statement- Parent FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCtLIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS 31112123 31112122 Profit before tsxation Depreciation charges Profit on disposal of fed assets Finance costs 289,081 7,002 (6,200) 220,279 387,089 8,183 136 852 510,162 (9,863) 532,124 84,391 51,500) Increase in trade and other debtors Increase in trade and other creditors Cash generated frou) operations 532,388 565,015 CASH AND CASH EQUIVALEf+rrs The amounts disclosed on the Cash Flow Statement in respect of Cash and aqsh equivalents are in respect of these Balance Sheet amounts.. Year tded 31 December 2023 31112123 i1ill3 Cash and cash equivalents Bank overdr&fts 557,266 8383) 727,699 26 J02 548 983 701,397 Year ended 31 December 2022 31112122 111122 Cash and cash equivalents Bank overdrafts 727,699 26 302) 801,581 23,684) 701397 777 897 ANALYSIS OF CHANGES IN NET DEBT At 111123 Cash flow At 31112123 Net exsh Cash at bank BaDk overdrafts 727,699 26,302 (170,433) 18,019 557,266 701,397 152 414) 548,983 Debt Debts falling due within l year Debts falling due after l year (316,500) (2,907 838) 57,000 239 804 (259,500) (2 668,034) 24,338) 296,804 (2 927 534) Total (2,522 941) 144 390 21 continued...
WEST BELFAST ENTERPIUSE BOARD LIMETED Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in a¢¢ordaD¢e wkth the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparirAg their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial statements have been prepared under the historical cost ¢onvention. Prepar2tion of consolidated financial statements The fmancial statements consolidate the results of the charity and its wholly owned subsidiarie5 on a line by line basis. Details of tbe wholly owned subsidiary's are Iisted in note 25. A separate State]nent of Financial A¢tivities and Income & Expenditure account for the charity has not been presented because the charity has taken advalltage of the exemption afforded by Companies Act 2006, s.408. Critiul accounting judgements and key sources of estimation uncertainty Estimates and judgemeuts are continually evaluated and are based on historical experience and other factors, including expectations of fvture events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the tyre. The resulting accounting esti]nates and assumptions will, by defmition, seldom equal the related a¢tyJal results. No judgements (apart from those involving estimates) have been made in the process of applying the above accounting poli¢ies. The key assumptions ¢oncenLing the future and key sources of estimation of un¢ertainty at the reporting date that have a sigllificaDt risk of causing a rnaterial adjustment to the carrying amounts of assets and liabiltties within the next fmancial year include: .the fair value n]ovement of the investment propety. "estimation of the use1 e¢onotnic life of building5, furniture and office equipmen¢ IT equipment" and, .the level of rental incorne return and perfonnance of the trading subsidiary companies. ID¢ome Income is reCOlSed when the chlty has entidement to the fimds, any perfonnance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Where incorne ha5 related expendikne (as witb fundraising or contract income), the income and related expendityre aTe reported gross in the Statement of Financial Activities. Donations, grauts and gifts are recogllised when receivable. In the event that a donation is subject to lfIlling perfonnance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is Tecognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the yeaT-end are accounted for in income and accrued income in debtors. Income from governmellt and other grants, whether 'capital' grants or 'revenue' grants, aTe recognised when the charity has entitlement to the ftmds, ally performance conditions attached to the ryits have been met, it is PTobable that the income will be received and the amount can be Jlleasured reliably and is not deferred. Income received in advance for a tuTe fjjndraising event or for a gr3nt received relating to the following year are deferred until the criteria for income recognition are met. 22 continued...
WEST BELFAST ENTERPIUSE BOARD LIMITED Notes to the Financial Staternents - continued FOR THE YEAR ENDED 31 DECEThIBER 2023 ACCOUNTING POLICIES - continued Income Interest on deposit funds held is included when Teceivable and the amount can be measured reliably by the charity which is noallY upon notification of the interest paid or payable by the bank. Sponsorship from events, fuDdr&ising and events registration fees are Tecognised in incot]ie when the event takes place. Lottery income is accounted for in respect of those draws that have taken place in the year. TTading iDcon]e is recolsed on point of sal¢ for both donated and purchased goods. Expenditllre Liabilities are recogntsed as expellditte as soon as there is a legal or constructive obligation eonllnitting the charity to that expenditure, it is probable that a transfer of economic benefits will be Tequired in settlement and tbe amount of the obligation can be measured reliably.. ExpellditUT¢ is accounted for on an accruals basis and bas been Classified under headings that aggregate all cost related to the category. Where costs caDnot be directly attTibuted to particular headings they have been allocated to activities on a basis consistent with tbe use of resources. ExpenditUTe on charitable activities includes the costs of providing activities undertaken to furtber the pU)seS of the charity and theiT associated support costs. Support costs comprise those costs which are iDCUTTed dir¢¢tly in support of expenditure on the objects of the charity and include governance cost, fall¢e, and office costs. Governance costs are those cosLs iDcuffed in connection with tbe cornplianc¢ with ConStitional and ststtLtory requiren]ents of tbe charity. Grants offered subject to conditions which bave not been met at the year end date are noted as a commitment but not a¢mied as expenditure. Goodwill Goodwill, being the amount paid in connection with the acquisition of a business all is being amortised evenly over its estimated useful life. TaDgible fixed assets Depreciation 15 provided at the following annual rates Trn order to write off each asset over its estimated useful Plant and machinery Fixtures and fittings Motor vehicles 20 % on Teducing balance 200/0 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 - gTOUP are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The parent company is a registered charity and is exempt from corporation tax on its charitable activities. Fund accounting UrLrestricted fidS can be used in accordance with the cbaritable objectives at the discTetion of the trustees. 23 continued..
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financial St3tements - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - eontinued Fund accounting Restrkcted funds can only be used for particular restricted puryoses within th¢ objects of the charity. Restrictions arise when specified by tlje donor or when funds are raised for particular Testricted purposes. FurtbeT explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hire purchase and leasing commitments The interest elernent of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the tyre payments is treated as a liability. Rentals paid under operating leases are charged to the Statement of Financial Activities on a straigbt line basis over the period of the lease. Pension costs and other post-retirement benefits The charitsble company operates a defjned Contribution pension scheme. Contributions payable to the charitable company's pension scheme aTe charged to the Ststem¢nt of Financial Activxties in the period to which they relate. OTHER TIL41)ING ACTIvrrIES 31112123 31112122 FundTaising events Interpretation sales Gym memberships & enty fees Professional fees earned Fire Risk assessment incomc Government grants 10,225 555,909 120,377 29,402 23,975 10,225 674,553 109,822 22,438 21,531 739 888 848,569 tNCOME FROM CFLARITABLE AcfIviTLES 31112n3 31112122 Activity Rent & Service Charge income Programme income Enty fees Cafe & ice-CTeam sales Other incotDe Charitable activities Chitable activities ChaTttable activities Charitable activities Charitable activities 1,850,762 16,865 283,664 342,590 1.627245 42,315 274,184 263,295 19,980 2,499,458 2 227 019 24 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023 CHAIUT ABLE ACTIVITIES COSTS Grant funding of activities (see note Support costs (see note 6) Direct Costs 5) Totals Charitable activities 2,228 318 6,500 2,255 318 GRANTS PAY ABLE 31112123 31112122 Charitable activities The totsl grants paid to institutions during the year was as follows.. 31112123 31112122 Charitsble donations palpaYable 20,500 20,000 SUPPORT COSTS Governance costs Charitable activities 6,500 NET llqCOMEI(EXPENDITitRE) Net incomel(expendituTe) is stated after ¢bargingl(crediting)'. 31112123 31112122 Auditors, remuneration Depreciation - owned assets Other operating leases Surplus on disposal of fixed assets 6,500 26,647 28,272 6,500 36,960 24,856 25 continued...
WEST BELFAST ENTERPIUSE BOARD LIllTED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES, REThWNERATION AND BENEFITS There were no trlteeS, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December2023 nor for the year ended 31 December 2022. STAFF COSTS 31112123 31112122 Wages and salaries Social security costs Other pension costs 945,501 72J86 114 935 882,392 69,537 102 925 1132,822 1,054,854 The average monthly number of employees duTing the year was as follows.. 31112123 37 12 31112122 34 13 Charitable activities Support 49 47 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 31112r23 31112ll2 Excess of £60,000 The key management perso[e1 of the ollp comprise tbose of the key management personnel of the parent cotnpany and the key mwjagement personnel of its wholly owned subsidiary Flex Language SeTvices Limited and therefore the total for the group key management persomiel was £426,972 (Year: £416,579). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds io. Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activiti ChaTitable activities 2,227,019 2,227,019 OtbeT trading activities 848,569 848 569 Total 3,075 588 3,075 588 ExPErITi)RE ON 26 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023 io. COTrIPARATIVES FOR THE STATEMENT OF FINIINCIAL ACTtVITIES - contlDued Ullrestricted Restricted funds fund Total funds Cb2ritable activities Charitable activities 1,905,887 1,905,887 Otber resources expended 807 066 807 066 Total 2 712,953 2 712,953 NET INCOME 362,635 362,635 RECONCILIATION OF FUNDS Total llds brought forward 10,405,739 7,406 10,413,145 TOTAL FUNDS CARRIED FORWARD 10 768 374 10,775 780 ii. SEEDCORN FUNDS . GROUP & PARENT Seedeorn funds COST At l Jauuary 2023 and 31 December 2023 22,406 AMORTISATION At l January 2023 and 31 Decen]ber 2023 15,000 NET BOOK VALUE At 31 December 2023 7,406 At 31 DecetnbeT 2022 7,406 27 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financi21 Statements- continued FOR THE YEAR ENDED 31 DECEMBER 2023 12. TAFIGIBLE FIXED ASSETS- GROUP Fixtures and rittings Short leasehold Plant 2nd machinery Motor vehicles Totals COST At l January 2023 Additions Disposals 617214 20?20 69,417 24,433 711,064 30,520 11760) 10,200 11,760) At 31 December 2023 637,534 69,417 12,673 729,824 DEPRECL4TION At l January 2023 Charge for year Eliminated on disposal 443,278 23,375 27,428 3,272 24,433 495,139 26,647 11760) 11760) At 31 December 2023 466,653 510,026 NET BOOK VALUE At 31 De¢embeT 2023 170 881 219 798 At 31 Decetnber 2022 173 936 41,989 215,925 TNcIBLE FIXED ASSETS - PARENT COTrtPANY Plant and Fixtures and Motor vehicles machinery fittings Totals COST At l January 2023 Additions Disposals 316,852 1,230 24,433 341,285 1,230 11,760) 11,760) At 31 Decen]ber 2023 316,852 12,673 330,755 DEPRECL4TION At l January 2023 Charge for year Elitninated on disposal 282,151 7,002 24,433 306,584 7,002 11,760) 11,760) At 31 December 2023 289,153 12,673 301,826 NET BOOK VALUE At 31 December 2023 28,929 At 31 December 2022 34,701 28 continued...
WEST BELFAST ENTERPIUSE BOARD LIMITED Notes to the Financial Statements - ¢ontinued FOR THE YEAR ENDED 3] DECEMBER 2023 13. INVESTMENT PROPERTY - GROUP FAIR VALUE At l January 2023 Additions 13,190,444 172 689 At 31 DecembeT 2023 13,363,133 NET BOOK VALUE At 31 December 2023 13 363 133 At 31 December 2022 13,190 444 INVESTMENT PROPERTY . PARENT COTrIPANY FAIR VALUE At l January 2023 Additions Fair value movements 12,090,444 172,689 At 31 De¢embeT 2023 12 Net Book Value At 31 December 2023 12263 133 At 31 December 2022 12,090,444 In a¢¢ord8nce with FRS 102, investrnent propety sball be measured at fair value at each reporting date with changes in fair value Te¢ognised in tbe Statetnent of Financial Activities. The group utilised its propety manager Mr Sean Toal to cany out the fair value valuation at the reporting period. Whllst not independent of the Group, Mr Toal Rs a RCIS qualified surveyor with over 20 years experience in property rnanagejnent of the local aTea. The fair value methodology was to compare simillY properties sold in the open market value. Where this inforniation was not available or sufficient, alternative valuation tecljniques, utilising the projected cashflows, rental yields, tbe portfolio of tenants and remaining le&se ternis were undertaken to arrive at reliable estimate of the fair value of the vaTiOUS properties beld. Fair value at 31 Decen]ber 2023 is repTesented by: Valuation in 2023 13 363,133 29 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 DECEMBER 2023 14. STOCKS - GROUP 31112123 31112122 Stocks 3,700 15. DEBTORS:AMOUNTS FALLING DUE WITHIN OIYE YEAR - GROUP 31112n3 31112122 Trdde debtors Other debtors VAT Prepayments and acmied income 335,150 56,452 4,317 6,202 260,251 22,042 3,632 402 121 290,006 DEBTORS: AMOUIYTS FALL]NG DUE WITHIN ONE YEAR - PARENT coTrfpANY 31112123 31112122 Trade debtors Other debtOTS Prepayments and acmied income 199,944 373,875 144,123 419,991 577,603 567 740 16. CREDITORS: AMOUNTS FALLll¥G DUE WITH]F4 ONE YEAR- GROUP 31112123 31112122 Ballk loans and overdTafts (see note 18) Hire purchase (see note 19) Trade creditors Social security and otheT taxes VAT Other creditors Accruals & tenant deposits 288,259 7,348 263,412 29,545 129,514 15,123 239,329 364,438 4,250 259,498 43,146 117,857 58,467 200 037 972,530 1,047,693 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR . PARENT ColAl*[y 31112123 31112122 Bank loans and overdrafts (see note 19) Hire purchase (see note 20) Trade creditors Social security and other tsxes VAT Other creditors 267,783 342,802 180,572 30,162 64,005 167,400 172,127 40297 52,629 157,621 709 922 765 476 30 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR- GROUP 31112123 31112122 Bank loans (see note 18) Hire purchase (see Thote 19) 2,707,055 2,966,328 2,721,608 2 976,699 CRIDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR. PARENT COTrtPANY 31112n3 31112122 BaDk loans (see note 19) Capital grant 2,668,034 2,907.838 2,680,658 2 907 838 18. LOANS- GROUP An analysis of the maturity of loans - group is given below: 31112123 31112122 Ajnounts falling due within one year on demand: Bank overdrafts Bank loans 8,759 279,500 27,938 336 500 288,259 364 438 Amounts falling behveen one and two years: Bank loans-greater thanl year 2,707 055 2,966,328 LOANS: PAREKf COMPANY An analysis of the matijrity of loans is given below.. 31112123 31112122 Amounts falling due within one year.. Bank overdTafts Bank loans 8,283 259,500 26,302 316 500 267,783 342,802 Amounts falling due after more than one yeaT'. BaDk loans falling due more than one year 2 668 034 2 907,838 2,668,034 2,907,838 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 DECEMBER 2023 19. LEASING AGREEMENTS - GROUP Mini]num lease payments undeT hire purchase fall due as follows.. 31112123 31112122 Net obligations Tepayable: Within one year Between one and five years 7?48 4,250 21,901 14,621 LEAS]IqG AGREETs . PARENf COMPAriY Msnimujn lease paymellts under hire purchase fall due as follows.. 31112123 31112122 Net obligations repayable.. Within one year Between One and five yeaTS 20. SECURED DEBTS- GROUP & PARENT cOmPAy The following secured debts are included within creditors.. 31112n3 31112122 Bank overdrafts Bank loans 8,759 2 986 555 27,938 3,302,828 2,995 314 3 330.766 Bank of Ireland and UCIT hold security against the Charities Assets at Twinspires, Da2ryfann, Westlink and Whiterook. 21. ACCRUALS AND DEFERRED INCOME . GROUP & PARENT COMPANY 31112123 31112122 Deferred capital grants 12,624 32 continued...
WEST BELFAST ENTERPRISE BOARD LIMtTED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECETrtBER 2023 22. MOVEMENT IN FUNDS Net movement in fuDd5 At 31112123 At 111123 Unrestricted funds Parent co]npany Ortus Property Services Westlink Flex Language Services Ltd Roar & Explore Dairy Farn] Ltd PuTeclass Dairy Fann Ltd 9,747,576 11,682 926,772 (6,119) 122,373 33 910) 289,081 6,968 (1,901) (3,136) 7,566 9,088) 10,036,657 18,650 924,871 (9,255) 129,939 42,998) 10,768,374 289,490 11,057,864 Restricted funds Parent company 7,406 7,406 TOTAL FUNDS 10,775 780 289 490 11065,270 Net rnovetnent in funds, included in the above &re as follows: Incoming resources Resources expended Movement in funds Unrestricted fllnds Parent company Ortus Property Servi¢es WestliDk Flex Language Services Ltd Roar & Explore Dairy Farni Ltd Pureclass Dairy Farni Ltd Fire litsk Nl Ltd Consolidation elimination 1,854,751 29,403 178,484 560,507 631,972 121,181 23,975 160,927) (1,565,670) (22,435) (180385) (563,643) (624,406) (130,269) (23,975) 160,927 289,081 6,968 (1,901) (3,136) 7,566 (9,088) 3,239 346 2,949 85 289,490 TOTAL FUNDS 39,346 2 949,856) 289 490 33 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023 22. MOVEMENT IN FUNDS - continued Comparatives for )novement in funds Net movement in funds At 31112122 At 111122 Unrestricted funds Parent company Ortus Property SeTvices Wesdi]]k Flex Language Services Ltd Roar & Explore Dairy Farni Ltd Pureclass Dairy Farm Ltd 9,360,487 387,089 11,682 (2,965) (6,256) (6,445) 20,470) 9,747,576 11,682 926,772 (6,119) 122,373 33,910) 929,737 137 128,818 13,440) 10,405,739 362,635 10,768,374 Restricted funds Parent company 7,406 7,406 TOTAL FUNDS 10,413,145 362 635 10,775,780 Comparative net movement in fvnds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Parent company Ortus Propety Services Westlink Flex Language Service5 Ltd Roar & Explore Dairy Farni Ltd Pureclass Dairy Farn] Ltd Fire Risk Nl 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) (21,531) 122,756 387,089 11,682 (2,965) (6,256) (6,445) (20,470) 3,075,588 2 712 953) 362,635 TOTAL FUTr4DS 3 075 588 2,712,953 362,635 34 continued...
WEST BELFAST ENTERPRISE BOARD LIMtTED Notes to the Fin2nci21 Statements- continued FOR THE YEAR ENDED 31 DECEMBER 2023 22. MOVEMENT IN Fuf4DS - continued A current year 12 months and prior year 12 n]onths combined position is as follows: Net movement ID funds At 31112123 At 111122 Unrestricted funds Parent company OrS Property Services Westlink Flex Language Services Ltd Roar & Explore Dairy Fann Ltd Purecl2ss Dairy Farm Ltd 9,360,487 676,170 18,650 (4,866) (9,392) 1,121 29,558) 10,036,657 18,650 924,871 (9,255) 129,939 42 998) 929,737 137 128,818 13,440) 10,405,739 652,125 11,057,864 Restricted funds Parent company 7,406 7,406 TOTAL FUTr4DS 10 413 145 652 125 11,065,270 A ¢ent year 12 months and Prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Parent company OrNs Propety Services Wesdink Flex Language Services Ltd Roar & Explore Dairy Farni Ltd Pureclass Dairy Farni Ltd Fire Risk NI Ltd Consolidation elimination 3,518,273 51,841 326,634 1,239,668 1,184,888 231,807 45,506 283,683) (2.842,103) (33,191) (331,500) (1,249,060) (1,183,767) (261,365) (45,506) 283,683 676,170 18,650 (4,866) (9,392) 1,121 (29,558) 6,314,934 5 662 809 652 125 TOTAL FUM)S 6.314,934 5,662,809 652,125 35 continued...
WEST BELFAST ENTERPRTSE BOARD LIMKTED Notes to the Financi21 Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023 RELATED PARTY DISCLOSURES The charitable company has tsken advantage of exemption, under the ternis of Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic 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 Nt608161 Roar & Explore Dairy Fann Limited N1652507 (Cl]arity no. 107683) Pure Class Dairy Fom Limited N1671387 Fire Pisk Nt Limited N1617908 Ortus Propety Services Litnited N16l6142 The charitable company bas taken advantage of exetllption, under the terms of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Jxeland,, not to disclose related party transactions with wholly owned subsidiaries within the group. 36