REGISTERID cO￿￿PAr{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 LI￿￿tTED 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 f￿ancIal 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 f￿ancial 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 OPpOTm￿1tieS 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 down￿rn. 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 Cu￿entlY 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 pro￿arnMe$. This has ranged from mentoring. marketing support" business support and guidaDce' and assistance with access to f￿allC¢ 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 reC￿lt[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 f￿ed 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 b0￿d 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 1n￿tee$ 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 SU￿luseS 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 MANAGETh￿NT Governing document The ch￿lty is controlled by its govemiug document a deed of ttwt, and constiwtes a limited compatky, limited by guarantee, as der￿ed 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 ts￿Stees 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 ￿0￿p 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 Westklj￿k 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 Ente￿rise 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 Ente￿rISe 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 t￿Ste¢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 f￿ancial 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