REGISTEI RED COMPANY NUMBER: NJ021888 (Northei'n Ireland) REGISTERED CHARITY NUMBER: 103129 Report of the Trustees And FinAncial Statements for the Year Ended 31 December 2024 for West Belfast Enterprise Bo?1 rd Limited M.B.M¢ Grady & Co Chartered Accountants Statut(iry Auditors Rathmor¢ House 52 St Patricks Av¢nu¢ Downpatrick Co. Down BT30 6DS
West Belfast Enterprise Board Limited Contents of the FinAncig1 Statements for the Year Ended 31 Deeember 2024 PAge Report of the Trustees I to 8 Report of the Independent Auditors 9 to 12 Consolidated Statement of Finoneilll Activtties- Group 13 Constslidated Statement of Finnncinl Position - Group 14 to 15 Consolidated Statement of Financial Position- Parent 16 to 17 Consolidilted Statement of Cash Flows- Group 18 Notes to the ConsolAdated Statement of C93h Flows- Group 19 Statement of Cash Flows - P&rent 20 Notes to the Statement of Cash Flows- Parent 21 Notes to the FinanclAI Statements 22 to 36
West Belfast Enterprise Boi1rd Limited Report of the Trllstees ror the Year Ended 31 Deeember 2024 Tlje trustees who are also directors of the cliarity for the purposes of the Companies Act 2006, present their report with the fjnancial slateinents of tlie cliarity for the year ei?d¢d 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practiee applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable ffin the UK and R¢publi¢ of Ireland (FRS 102) (effective l January 2019). OBJEcfivES AND ACTIVITIES Objectives And aims The objectives of th¢ charitable company are the promotion for the benefit of the public of urban or rural regeneration in areas of social and economic deprivation and in p8rti¢ular irt West Belfast. but not exolvsively, by all or any of the following means: (a) th¢ r¢li¢f of povety in such ways as may b¢ thought fit. (b) the r¢lief of unernploymenl in such ways as may be Ihoiight fit, including assistance to find ¢mploymenl- (c) the &dvan¢¢ment of education. trairking or retraining, particularly among unemployed people, and providing uncmployed people with work ¢xperieiice' (d) the provision of financial assistance, tecl)nical assistance or business advice or consultsncy in order lo provide training and employmextt opportunities for unemployed ptople in cases of financial 01 other charitable need ItLrough help.. (i) in settins up their own business, or (ii) to existing businesses. (e) the creation of training and employment opportunities by the provision of workspace, building5. andlor land for use on f&vour8ble ternis. To further such other purpos¢s which are exclusiv¢ly charitable under the law of Northem Ireland from time to time by providing grants (or other m¢arts deemed suitable) to charities or other organisations or individuals as the directors in their absolute discTetion delennine. Our strategic vÈsion is driven by our founding principles with a clear intent to deliver our ¢ommitrnent of providing quality solutions withirt a quality framework with our customers and tenants. Public benefit The trustees hav¢ r¢ad and had regard to the Northern ITeland Charity Commission's statutory guidance on Publi benefit.
West Belfast Enterprise Board Limited Report of the Trustees ror the Year Ended 31 December 2024 STRATEGIC REPORT Aehi¢vement$ and performance Charitable 8etivitie3 The financial year of 2024 was one of continued cliallenge due to the pressures within in the g¢n¢ral economy but was also coupled with some growth and success in the Company. The company experienced ¢onsiderabl¢ Challeng during the economic downttim witl) a downturn ftn customer 5p¢nding and the general ¢conomic environment. How¢v¢r. this was mitigated well, and the ¢ompany assisted many l¢nants and compallies Ihroughout the year to ensure continued support. In the year, we have further developed our so¢ial enterprise, Roar and Explore, a ¢hildren's iThdoor play facility based in the Dairy Fann centre. We have added some new fa¢ilili¢s within the business including a range of 5ertsory activities aimed at the SEN community- a new tag and nJrE activity system and have expanded the range of services of Ihc Last Level party and gaming room. We also added to Ilie range and s¢ope of the Morellis ice cream parlour including a sit-down area offering hot drinks and food. This now compliments the new Colin Park (part of the Urban villages proje¢t). In 2024, Roar and Explore continiied lo strengthen and expand its services, enhan¢ing Ihe expeii¢nc¢s available to families und young people. Our soft play facilities were upgraded with the addilÉon of new sensory play equipnienL and we further invested in The Last Level party and gaming room lo ¢reate a more engaging and enjoyable environm¢nt- w &lso created a new weleoming sit in area in the ice cream parlour. Rour and Explore offers free educational a¢tivities every Monday to Thursday, accessible to all children on sitc. Th¢sc sessions include 8rts and crafts (Colin's Crafts), cooking and baking (Ellie's Eats), storyt¢lling. sin8ing and dancing IRami's Rjjymes), and sensory play (Tilly's Twists). Activities run five days per weeL with fiv¢ sessions each day, serving an average of ten children per session. This equates to approxitnately 12.000 children ben¢fitittg from these educational opportunities (free of ¢harge) throughout 2024. Each w¢¢kday morning, we provide a diseounted toddler entry rate alongside free toast and juice for all children. This initiative ¢nsur¢s children have a nutritious start to the day while encouragirtg parents to bring them out for so¢ial int¢ra¢lion and play. There we around 7,000 children visits b¢nefJting from this provision. Recognising that ¢hildminding can be isolatin& we offrr a h¢avily discounted entry rote for childminder5. Currently, approximately 120 rhildminders are registered, thany of whon? are regular users. This scheme allows children in their care to play safely and develop social Skills, while childminders have the Chance to ¢oiinect with peers. During 2024, this initiativ¢ fa¢ilitated approximmlely 3,000 children's visits. We also provide a 2-for-I discount for Perks card holders. primarily benefiting thos¢ in Blue Light services, which was used approximately 934 times. Free birthday passes were offered to 788 children. Discounted enty rates are available for nurseries. schools, and Clubs, with 120 group visits recorded in 2024. Childre attending through these wup5 also received free toast and juice, benefiting arourkd 2,400 ohildr¢n, Additionally, we support local COTnmunity groups and ¢lubs by providing fr¢¢ parti¢s, including playtr juice, a hot m¢al. and dessert, reaching 300. Over 500 additional free passes were &lso dislribut¢d lo ¢otnrnunity groups, clubs, and fundraising initiatives. In addition to our permanent and long running book exchange scheme, 2024 we ran a Winter Coat artd Halloween Costume scheme. Both of which were a huge success, with hundreds of items exchanged. Thes¢ programs allowed the community to donat¢ items they no longer needed. or new items, wlii¢h were then made fr¢¢ly avai18ble lo those who ould benefit from them. These initialiv¢s will be added as a new annal schemes. We further support¢d local sports organisations by providing high-quality football kits and fr¢¢ enty passes. benefiting ¢lubs including Lamh Dh¢arg GAA, Rossa, Andersonstown Community Football Club, Dunmurry Youth Football Club. and St Johns GAC Fundamentals.
West Belfast Enterprise Bonrd Limited Report of the Trustees for the Year Ended 31 December 2024 W¢ continued to grow attd expand Pure Class Fitness. our social enterprise gym (purchased iii 2020) lo create additional jobs and to also provid¢ opportunities for p¢rsonal traineTS in tlie area. Tlie gyni has also offered free classes, free S¢S5ions and space lo the local con)munity- We have partieularly focussed on developing support for Inental health issues tn the local community which is disproportional¢ly affected by suicide and otlier mentsl liealth issues. It has also donated muny free gym membei'ships to 10¢1< I community organisations in the area of social need. We hav¢ ¢nhanced programmes to incliide yoga aiid mindfulness lo try to help with the knri'easing mental health and rehabilitslion issues in our immediate local community. We have fomjed several partnerships with local mental healih care providers to offer free and discounted fftemberships rates. The PTOP¢rties al Twin Spir¢s.' Boucher Business Studios and Dairy Farm have received UP> rad¢s with the attraction of some new businesses to the sftte ¢v¢n during the downturn. These have included new ground works. internal upgrades. addilioiial fa¢ililies Such as eleelri¢ ¢harging statioiis etc. We have also inv¢sled heavily solar panels across the sites in an attempt to reduce costs and ieduce our environmental impact. These solar pan¢ls and th¢ shift to green power will help bgth th¢ charity and the tenants in tertns of costs and future sustainability. We have been working closely with tenants throughout the year to help support. sustain. develop 8nd grow their biisinesses. Due to ih¢ ongoing wider economic issues, w¢ hav¢ worked to assist our t¢iiant bltsinesses lo ensur¢ they survive ihe downturn. We have engaged our tenants base lo assist them with developm¢nt plans. sustainability plans. sustsinability audits. business irnprovem¢nl plans and h¢lped them refo¢us to remain viable. W¢ l)av¢ had great success in helping some of our tenants sustain. expand and grow their business. During the year, our training and development programmes provided advice and guidance to 128 clicnls and potential new business owners. We completed 47 business plans for individuals preparing to start their own ¢nteTprises and provided ongoing support to 35 new businesses that Cotnmenced trading during th¢ year. We also supported a range of clients in accessing mentoring and assistance with ENI loan fund applications. gs well as helping tenants and local businesses secure finance through the NDrthern Ireland Small Business Loan Fund (TrllSBLF), the Start Up Loans Company, and the mainstream banking sector. In addition, 42 existing business owners witliin the Community received tailored guidance and support to help them addr¢$s a variety of business cliallenges. Ill totaL we provided over 500 hours of free advice and mentoring to tenants and individuals who wer¢ not eligible for funded progiammes. This pio bono Support covered areas such as MketIn& business platming, gen¢ral business advice. and access lo finance. demonstrating our ongoing ¢ommitment lo supporting entrepreneurship and local economic growth. Wesilink Ent¢rpris¢s Ltd has perforni¢d well financially and has b¢en on target in t¢ms of financial return and o¢cupancy levc15. W¢ have made some substantial improvements on the site and th¢ adjacent site including resurfacing works and continue lo re-invest back into the area. We also regularly liaise wilh Community partners in the area. Flex Language Services Ltd face-to-face job numbers have steadily increased in 2024 with the addition of new contracts and clients from both the public and th¢ private sector as well as intetpreling requirements from new¢omer communities to access services. Written translations w¢r¢ also steady in both public and private enviroilln¢nts as the requirement for tkew and varied longuages has grown. FLEX have concentrated on recruitment throughout the year to ensure sufficient intery)reler availability- We now have access to many raTe or niche lanquages and dialects lo ensure that all residents of Nl can access 5erYices. In 2024 FLEX cort¢entrated on the OCN Level 4 Community Intereling Qualification. Over LOO multilingual individiials became fully qualified interpreters giving them a¢¢¢ss to employment and the opportunity to assist their Commiinities. FLEX continiied to give back to the interpreters in line with our social enterprise ethos and values through th¢ inleryreter's perks programme as well as a mentsl health programffte for inlerpret¢rs in partnership with Iiispftre.
West Belfast Enterprise Bo4lTd Limited Report of the Trustees for the Year Ended 31 December 2024 Ortus Property Services has performed lyell in the year against proje¢tion5 and has solidified ils manLoemenl Contracts across tlie board. We have expanded Ilie property manag¢ment services in the year with & contract to support St Comgalls Social enierprise proje¢t. This management ¢ontra¢t lias b¢en fully embedded and delivered in 2024. The management relatioiiship with tlie social enterprise parther has grown and is working very well. We are also providing mentortng support throughout the delivery of the management Contract. We have also be¢n assisting other community-based partners in advising and supporting their plans for community asset transfer5. ¢Otnmunity iY¢al*h building and asset development. We have dedi¢at¢d over 300 hours of support for tl)¢se types of activities within the local Community. We have also returned fully to service with Fire Risk NI and th¢ business is p¢rfoming well and indeed it5 growing. We purchased Wliiterock Busin¢ss Park and have invested considerably lo have th¢ new park (Cityview Busii)css Park) opened and a succes5, Thrs has b¢en a vacant site fot almost 20 yeaTS and we have ¢omplet¢ly regenerated the site, fa¢ililating the creation of many n¢w jo6s in an area of social and economic deprivation. Both these projects are thlly operational in 2024 and are providing a great service in those communities. We have additional plans to develop the Cityview sit¢ with th¢ potential to creat¢ another 80-100 jobs on site. We have also supported many schools, ¢ommunity organisations and Charities in our community over 2024. These have included several Aisling bursaries to peopl¢ re-¢nlering or rebjrning to ¢du¢ation and learning. supporting local schools with sports equipment. and supporting local festivals and activities for children. Our stsff have also dedicated over 400 hours of voluntary hours to loeal eommunity organisations- charities and n¢ighbourhood partnerships through board involvemeftls and providing support and adYlc¢. Financial review Financial position The Consolidated Statement of Financial Activities for the year ended 31 December 2024 and Consolidated and compony Balance Sheets as at that date are shown in the attached financial statements. Total incom¢ for Ilie y¢ar to 31 December 2024 is £3.346,572 (2023 £3,239,346 which is up £107,226 on the previous year. Total expenditure for the year is £3,021.476 (2023.. £2.949,856) which 1$ up £71,620 on the previous year. Net surplus for the year b¢fore fair value movement was £325.096 compared lo net surplus of £289.490 before fair valu¢ movement, for the previous year. Th¢ increas¢ in fair value on th¢ charity's investment properties in the year totalled £287.485. The Statement of Financial Position remains healihy with Net AsS¢ts in excess of £1 I million. of which all bul £7.406 relates to unr¢stri¢ted funds. Reseryes policy The Board of Trustees has established a policy whereby the Unrestricted Funds not committed or invested in tangibl¢ f]xed assets for Charity use cihe free re5erves') held by the Company should be betsveen 3 and 6 months of the resources expended. At this level. the Trustees feel that they would be able to cont&nue the current activities of the company. In the event of a significant drop in funding, it would obviously be necessary lo consider how Ilie funding would be r¢placed or activities ¢lianged.
West Belfost Knterprisc Board Limiled Report of the Trustees for the Year Ended 31 December 2024 RA4 GIC REIPORT Principal rislis and uncertainties The trustees have a risk management strategy in place which compris¢5: An anrtual review of the risks the company and its subsidiaries face by the Finance audit and risk committee ond the board of tnistees. The quarterly tnonitoring of risks by tlie Finance, audit and risk ¢ommittee' The annual extemal review of risk and risk procedures as part of the ISO Quality manag¢ment audit, The establishment of systems aiid procedures to mitioale those risks identified in the plan, and. The implementation of prwedures de5ign¢d to minimise any pot¢nlial impact on the company should those iisks malerialise. This strategy has helped identify the major risks to whicli the eompany is potentially exposed, assessed those Tisks and put in plac¢ systems to mitigate the risks.The trustees are committed to adoptin8 best practice in the identification, evaluation and Gost effective control of risks, to ensure that the charities Èxposure Ès minimised or eliminated where possible. Principal areas of risk identified as a result of the pro¢ess¢s in place include. Financial risk The highest risk identified is the impa¢¢ of the current economic Climate on rev¢nu¢ streams 3nd Ihe effect of ¢xternal influences and l¢gislation on its ability to manage costs. To manage this risk a stringent budgeting procedure has be¢n established to id¢ntify and maximis¢ all income streams and to tightly mang¢ cost Control. In addition an ongoin8 programme of revi¢wing and updating th¢ ¢nlire organisations operation procedures and poli¢ies has eomtnen¢ed. Operational risk Ensuring th¢ provision of its servi¢es to the groups many ¢ennets and customers. S¢rvic¢ provision & quality of sam¢ RS given the highest priority Wlthin the charity. Health and Saf¢ty A detail¢d plan of assessments, training and reviews has been developed and implemented to ensure the physi¢al risk of injury or liability to 8ny $ervi¢e user, staff member or member of the public wh¢Th assessing ihe charities facilities or services is minimised. n addition lo th¢ abov¢ a detailed risk registsr ts kept and reviewed by the trustees and they are satisfied that the systems in place manag¢ exposure to the major risks tdentified. Business Continuity plon5 extst for every major service area and Iliese are reviewed regularly.
West Belfast Enterprise Board Liinited Report of the Trustees for the Yetsr Ended 31 December 2024 STRATEGIC REPORT Future plans Th¢ truste¢5 ar¢ fiilly ¢ommitted io a robust programme of reinvestment of surpluses into the company through a detailed ¢apital inv¢slment plan across tlie five sites. We acquired tlie site adjaccnl to th¢ Wesilink site and have invested heavily in area of high social and economic deprivation wtth the hope to attra¢t new businesses and jobs to that area. We have secured new tenants onlo that sit¢ in 2024. We have also acqLiired the Whiterock site and completed a investment plan in 2024 to allow us to attract n¢w busin¢ss and jobs into another area of high socio-ecoi)omic deprivation. Phase l of the project is now complete and has made a substantial in7paot in the area, creating a supporting over 50 jobs. We will endeavour to complete phase 2 in the coming Yr5 which could s¢¢ the creation of arn additional 80-100 jobs in the area. We also hope to cop¢inue to develop plans for several new sil¢s and are working closely wilh Government Departments lo develop sustainable d¢v¢lopment plans for tILes¢ sites, Ilirough the government policy of Community Asset Transfer opportunities. However, the capital works plann¢d for 2025 will focus on the development of the physical infrastru¢tur¢ of the Twin Spires Complex- the Dairy Farm ¢omplex and the Whitero¢k site. We have developed a k¢y proposal for the re-development of the Dairy Farm site with a view to ¢r¢ating a new COMMClaI hub and partnering lo develop Almost 150 social and affordable hou5¢5 111 th¢ Twinbi'ook arca. It is our intention to complete relatively major groundworks across the sit¢s in 2025 in¢luding lh¢ r¢d¢v¢lopment of the frontage of Twin Spires.. expand on the solar energy plan 8lld implcmentation across the sites. and driv¢ forward our athbilious plans to develop a social enterprise hotel. There will b¢ an expansion of trailling and developtn¢nt services which will target th¢ hardest to Teaeh in our communities with rw)ur¢e allocated specifically to ass15t unemployed p¢opl¢ to g¢t back to work and self-¢mployrnent. The Trustees ar¢ regularly r¢viewing the current impacts crisis/e¢onomic dOwnrn. spiralling cost5 and it5 Potential effects on the business. t¢nants and the local community. STRUCTURE, GOVKRNANCE AND MANAGEMENT Governing document Th¢ charity Is ¢ontroll¢d by 113 governing document, a deed of tNsL and ¢onslitu¢es a limit¢d Company. limited by guarantee, as defined by the Companies Act 2006. The company is gov¢rned by a Board of Trustees which operates as detailed in the company's governing document, the Memorandum and Articles of Association. Tlie Board m¢els b¢tsveen six and eight timts per year, The subcommitte¢, th¢ ?udit committe¢, meet on a quarterly basis and the other committees ffteet as necessary. A chief executive is appoint¢d by th¢ board to administer th¢ day to day op¢rations of th¢ company and its subsidiaries. The Board of trusle¢s also m¢1 to r¢view the year and worked to assist operational staff with the strategic plan for the year ahead. To facilitate effective op¢ration5 the chief executive, Mr S¢amus O'Prey has delegated authority approved by the Irustees for operational matt¢rs su¢h as finance, eT]iployment and the delivery of its IrairLing objectives. Recruitinent und appointment of trustees Due to the nare of th¢ charity's woi'k tlie trustees s¢ek to ensure tha¢ Ihese n¢¢ds are appropriately reflected through the diversity of the trustee body. To enhance the potential pool, Iruslees ar¢ regiiest¢d lo provide a list of their skills (and update it each year) and in the event of particular skills lacking or being lost due to retirem¢nL individuals are approached lo offet themselves for election. Induction qnd trAinlng of neiv trustees The board conduct skills The chief ¢xecutive ensures that appropriot¢ induction and training is given to all new aiid existing trustees. Each new trustee is provided with a pack of infomalion about the group and their responsibilities and As given an opportunity lo meet all glaff.
West Belfast Enterprise Bofird Limited Report of th¢ Trustees lor the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Key mAttagem¢iit remuneration The setring of the pay and remuneration of the key management persoThel is delegated to the Remuneration Committ¢¢, mad¢ up of several trustees. Related parttes West Belfast Enterpris¢ Board Limited 15 the parent company of the following wholly owned subsidiary compani¢s: We51klink Enterprise5 Limited Flex Language Setvi¢es Limited Roar & Explore Dairy Fami Litnit¢d Pure Class Dail'y Farm Limited Fire Risk NI Limited Ortus Prop¢rty Services Lirnited NIOI 9927 N1608161 N1652507 (Charity no. 107683) N1671387 N1617908 M616142 RKVERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1021888 (Northern Ireland) Registered Charity number 103129 Registered office Ortus 155 Northumberland Street Belfast BT13 2JF Trustees Mr James Joseph Collins Prof Robert Wallace Ewart Mrs Liz Groves Mr Gerard M¢Cann Mrs Jacquelin¢ Mccoy Mr T¢rry Mccrudden Mr Noel Fran¢is Rooney Mr Gerry Ward Ms Emer Hinph¢y Mrs Arlene O'connor (deceased 191712025) Company Secretary Mrs Jllcqu¢line Mccoy Auditors M.B.Mc Grady & Co Chartered Accountants Statutory Auditors Raihmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS
West Belfast Enterprise Board Liinited Report of the Trustee5 for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIEI S The trustecs (who are also tlie directors of West Belfast Enterprise Board Limited for the purposes of company law) are respoiisible for preparing tlie Report of the Trustees and tli¢ financial Statements in accordance will) applicable law and United Kingdom Accounting Standards {United Kingdom Gcrterally Accepted Accounting Practice) including Financial Reportin8 Standard 102 'The Fftnancial Reporting Standard applicabl¢ in th¢ UK and Republic of Ir¢landJ' Company law requires the tntstees to prepare ftnan¢ial stalemenls for each financial year which giv¢ 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 expcnditure. of the charitable MpanY for that period. In preparing those financial staternents, the Irust¢es are required to sele¢t suitable accounting policies and then apply them consistenlty.. observe the tneihods and prin¢iples in the Charity SORP. mak¢ judgements and estimates that are reasonable and prudent. stat¢ whether applicable aGcounting standards have beert followed. subject to any material departures disGlosed and ¢xplained in the financial statements. prepare the financial stat¢mellts on the going concerrt basis unless it is inappropri8te to presume that the ch8ritablt company will continue in business. Th¢ trustees are responsible for keeping proper accottnting records which disclos¢ with reasonable accura¢y at any time th¢ financTal position of d)e charitable company ai)d to ¢nable th¢m to ensure 111ot the finai)cial statemeiits Comply with th¢ Companies A¢t 2006. They are also responsible for safeguarding the assels of the charitable cornpany hence for taking reasonable steps for the prevention and deteGtion of fraud and other irregularities. In so far as the trustees ar¢ aware., there is no relevant audit information of which the Charitable ¢ompany's auditors are unaware- and the trustees have laken all steps Ihal tli¢y ought to have taken to make themselves aware of any relevant audit infonnation and to establish that the auditors are awarc of that inforniation. AUDITORS The auditors. M.B.Mr Grady & Co, will be proposed for re-appointment al the forthcoming Annual General Meeting. Report of the truste¢s. in¢orporating a strategic reporL approved by order of the board of trustees, as the company directors, on 30 Octo1 2025 signed on the board's behalf by: Mr James Joseph Collins- Trustee
Report of the Independeht Auditors to the Trustees nnd Membèrs of West Bellast Enterprise BoArd Limited Opinion We haye audited the financial slat¢ments of West Belfast Enterprise Board Limited (the 'charitable parent company,) and its subsidiaries ('th¢ group,) for the year ended 31 December 2024 which comprise the ¢onsolidated StatemeEEt of Financial Activities, the consolidated aiid parent company Statement of Financial Position, the consolidated and parent Statemcnt of Cash Flows and notes to the financi41 statements, including a summary of stgnificant accounting policies. Thc financial r¢porting framework that has been applÉed in Ih¢ir preparation is applicable 18w and United Kingdom Accounting Stdards {United Kingdom Generally Accepted Ac¢ounting Practi¢¢), incliiding Financial R¢portlll8 St8ndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the finaiicial statements.. give a tr¥Je and fair view of the slate of the group's and of th¢ Charitable parent company's affairs as at 31 December 2024and of the group's incoming resour¢¢s and appltcalioA of resour¢¢s, including ils income and ¢xp¢nditllre, for the year then ended. have beeft properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Finan¢ial Reporting Standard appli¢abl¢ in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Comparties Act 2006. Basts for opinion We conducted our audit in a¢cordance with Intemalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further dcscribed in the Auditors, responsibilities for tlie audit of the financial slatements section of our report. We are independent of the group and charitabl¢ parent Company in a¢cordance with th¢ ethical requirem¢nts tlial are relevant to our audit of tlie fmancial statements in the UK, including th¢ FRC'S Ethi¢al Standard, and we have fulfilled our oth¢r ethical responsibilities In a¢¢ordance with th¢s¢ requirements. We b¢liev¢ that the audit ¢viden¢¢ we have obtained is sufficient and approprtate to provide a basis for our opinion. Conclusions relating to going concern In auditing th¢ finan¢ial statements, we have concluded that the tru31ees' use of the going concern basis of accounting in Ihe preparation of tlie financial statsments is appropriate. Based on the work we hav¢ perfomied, we have not identified any material unc¢rtainties relating to eveIits or ¢onditions that, individually or coll¢¢tively, may cast significant doubt on the group and charitable parent company's ability to continue as a going concern for & period of at least twelve months from when the financial statem¢nls are authorised for issue. Our iespottsibilities and th¢ responsibilities of the trustees with resp¢ct to going concern are d¢s¢ribed in the relevant sections of this reporL
Report of the Independent Auditors to the Trustees ond fvlembers of West Belfast Enterprise Boord Limfited Other information The trustees are responsible for the other information. The other information comprises the inforn]otion in¢luded in the Annual Repoit, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the finoncial stalemenlg does not cover the oih¢r information and, except to the extent otherwise explicttly staled in our r¢porL we do iiol express any fonn of as5uran¢¢ ¢on¢lusion Ihereon. In connection with our audit of the finan¢ial statements, our responsibility IS to read the other infornatiort and. in doing so, consider whether the other information is materially inconsi5t¢rkl with the financial statem¢nts or our knowledge obtained in the audit or otherwise appears to be mat¢rially misst&ted. If we identify such material inconsisten¢ies or apparent material misstatements, we ar¢ required to delermÉne wh¢ther this gives rise to a material misstatement in the finaticial statements themselves. If, based on the work we have performed, we conclude that there 15 a matcrial misstaternenl of Ihis other inforrnalion, we are required to report that fa¢t. We have notliing to report in this regard. Opinions Oh other matters prescrlbed by the Companies Act 2006 In our opiniott. based on th¢ work undertaken in the course of the audit: the infomiation gffiv¢n in the Report of the Trustees for the financial y¢ar for which the finart¢ial statements are prepared is coiisistenl witli the financial statements-, and the Report of the Trustees has been prepared in ac¢ordance with applicable legal requirements. Matters on which we are required to report by exception In tlie light of tlie knowl¢dg¢ and understanding of Ilie group and th¢ charitable parent company and ils environment obtained in the course of tlie audit, we have not identified material misstatements in the Report of the Trus¢ees. W¢ have notliing to report in r¢sp¢ct of the following matters where th¢ Companies Act 2006 requires u3 to report lo you if, in our opinion: adequate accounting records have not b¢¢n kept by the group or parent company or rethrns adequale for our audit have not been received from branches not visited by us. or tlie group or parent ¢omp8ny fjnancial slatements are not in agreement with the accounting record5 and returns- or ¢ertain disclosures of trustees, Tetnun¢ration specifled by law are not made. or we have not received Rll Ilie inforination and explanations we require for our audit. Responsibilities of trustees As explained more fully in the St&tetn¢nt of Trustees, Responsibilities. the trustees (who 8re also the directors of the charitable company for the purposes of rnPany law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for su¢h internal control as the trustees determine is necessary to enable ttLe pr¢par&lion of flnaiicial Statements that are free from material misstatement, whether due to fraud or error. In preparing Ili¢ financial ststements, the trustees are responsible for assessing the group's and cliaritable parent ompany'5 ability to COAtinue as a going concern, disclosing, as applicable, matters related to going concern and using the going conGern basis of accounting unless ihe trustees either intend to liquidate the group or the charitable ptfit company or to cease operations. or have no r¢alistic alternative bul to do so. io
Report of the Independent Auditors to the Trustees and Members of West Belfast Enterprise Board Limited Our responsibilities for the ivdit of the fJnan¢i21 statements Our objectives are to obtain reasonable assuTan£e about whether the financial slalements as a whole are fre¢ from material misstal¢ment, whether due to fraud or error, alld to issu¢ a Report of the Independent Auditors thic t includes our opinion. Reasonable assurance is a liigl) l¢vel of assuranc4 but is not a guorantee that an audit conducted in accordance witli ISAS (UK) will always detect a material m&sstal¢ment when il exists. Misstateinents eall arise from fraud or error and ar¢ considered material if, individually or in the 8ggr¢gale. they could reasonably be expected to influ¢n¢e tEie economic decisions of use13 taken on the basis of these finan¢ial statements. The extent to which OLtr procedures are capable of detecting irregularities, including fraud is detailed below: The following are Tequired to be considered.. the noture of the industy and sector, control environment and entity perfomiance. results of our enqiiires of management, about their own identifi¢alion and assessment of the risks of irTegularilies' review of Company policies and procedures relating to-. identifying, evaluation and COEnplying with laws and regulations and whether they ar¢ 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- th¢ iiiternal coiitrols ¢slablish¢d to mÉtigate risks of fraud or non-¢omplian¢¢ with law$ and regulations- th¢ matters discussed among the audit engagement team and specifJ¢ ¢omponent audit teams r¢garding how and where fiaud might orcur iii Ihe financial slatevnenls and any potential indi¢ators of fraud. Becaus¢ of these procedures. w¢ considered the opportunities and ii)c¢Thtives that may exist wiiliin the group aThd haritable parent Company for fraud and idenlifi¢d the greatest potential foi. fraud is in relation lo fair valu¢ movements on investment property, complel¢ness of incomes. expenditure not being applied in line with intended purposes and the oalculation and payment of salari¢s. In common with all audits under ISAS (UK), we are also required lo perforn specific procedures lo respond to the risk of management overrid¢. Audit response to risks idenltfied. The CUellt audit is conduoted witii prof¢ssional 8cepticism using procedures that are in accordance with International Standards on Auditing. In responding to the identified key audit matters llbove we obtained an understanding of the charity's objectives and income streams together with the salary calculation and proc¢ssing proc¢$$. we performed enquires of management and inspected relevant documents and Galculations, verifysng incomes and expenditures, Jssessing th¢ ¢ompleteness and accuracy of disclosures within the financial statements and concurred ihe figures wcr¢ materlally accurate. In addition to the above, our pro¢edures to respond lo risks identified inclllde the following.. reviewing tlic full finan¢ial statement disclosures and testing to supporting do¢um¢ntslion to assess compliance with provi5toiis of rclevant laws and regulations described as having a direct effect on tlie finan¢ial statements. enquiring of management ¢oThc¢rns of actual and Poiential litigalioll and claims- reviewing bagis for calculating fair value of investment property and compare to market ¢onditions. performing analytical procedures to identify any un115ual or unexpecled relationships that may indicate risks of material misstatement due to fraud. re8ding minutss of tneetings of those charged with governaiice. obt8in¢d ali understanding of provisions and held discussions with management lo understand Ihe basis of r¢cognition or non-recognition of provisions. and in addressing t])e risk of fraud through management override of contro]s, t¢sting the approprialeiiess of journ31 entries and other adjustmeEIts' assessing whether the judgements made in making accounting eslim&tes ar¢ indtcativ¢ of a potential bias., and evaluating the busiiiess rattonale of any significant Iransaclions that are unusual or outside Ilie normal coiirse of busirtess. We also commiinicated relevant identified laws and regulations artd potential fraud risks to all engagement team members and significant component audit teams, and remained alert to any indi¢alions of fraud or noncompliance wilh laws and regulatioi)s throughout the audil. A further description of our responsibilities for the audit of the fin8n¢ial Statements is located on the Fin8nGial Reporting Council's website at www.fr¢.org.uklauditorsr¢sponsibilities. This description forms part of our Report of the Independent Auditoi's.
Report of the Independent Auditors to the Trustees ond Members of West Belfast Enterprise Board Limited Use of oiir report This report 15 made solely to the Gharitable Gompany's meinbers, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been Lindertaken so that w¢ might state to the charitable company's members those mattel's we al'e requii'ed to state to them in an aiidilors, report and for no other piirpose. To the fullest exteiit pei'mitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the haritable Company's membei's as a body, for our aiidit work, for this report, or for the opiiiions we have formed. Malachy M ady enior for and on behalf of M.B.M Chartered Accounlants Statutory Auditors Rathmore House 52 St Patricks Av¢nue Downpatri¢k Co. Down BT30 6DS atut ra ry Auditor) y&Co Date.. 30 October 2025 12
West Belfust Enterprise B00rd Limited Consolidated Statement of Financial A¢¢ivities- Group for the Ye4ir Ended 31 December 2024 31112124 Total funds 31112123 Total funds Unre$trlcted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable activities 2,573,071 2,573,071 2,499.458 Other trading activities 773,501 773,501 739 888 Total 3 346,572 3,346,572 3 239.346 KXPENDITURE ON Ch2ritabl¢ 8¢tivities Charitabl¢ activities 2,299,759 2,299,759 2.255.318 Other resources ¢xp¢nded 721717 721,717 694,538 Tot81 3,021,476 3 021,476 2,949 856 Net gairts on investments 287,485 287,485 NET INCOME 612,581 612,581 289,490 RECONCILIATION OF FUNDS Total furtds broughi forward 11,057,864 7,406 11,065,270 10,775,780 TOTAL FUNDS CARRIED FORWARD 11,670 445 7,406 IJ 677,851 11,065,270 Th¢ notes form part of these financial Statements
West Belfast Enterprise Bolird Limited Consolidated Statement of Fiugncial Position - Group 31 December 2024 31112124 Total funds 31112n3 TotAI funds Unrestrieted funds RÈ$tricted fund Notes FIXED ASSEI TS Seedwrn funds Tangibl¢ assets Investment5 Investments Investment property - Group 7,406 7,406 200,032 7,406 219.798 12 21111.032 13 13,790 000 13 790 000 13.363,133 13,990,032 7,406 13,997,438 13,590,337 CURRENT ASSETS Stocks - Group Debtors C2sh at bank and ii) hand 14 15 6,400 360,657 798,032 6,400 360,657 798,032 6.400 409 I21 773,174 1,165,089 1,16S,089 1,181,695 CREDITORS Amounts falling due within one year 16 (1,067,515) (1,067,515) (972,530) NET CURRCI NT ASSEI TS 97,574 97,574 209 165 TOTAL ASSETS LESS CURRENT LIABILITIES 14,087,606 7,4116 14,095,012 13,799,502 CREDITORS Amounts fallinE due after more than one year 17 (2,417,161) (2,417,161) (2,721,608) ACCRUALS AND DEFERRED INCOME- GROUP & PARKNT COMPANY 21 (12,624) NET ASSETS 11670,445 11,677,851 11,065,270 FUNDS Unresli'icted funds Restri¢t¢d funds 22 11,670,445 7,406 11,057,864 TOTAL FUNDS 11677 851 11065,270 The notes form part of these financial ststements 14
West Belfast Enterprise Boiird Limited ConsolidAted Statement of Flnllnclal Position- Groupy continued 31 December 2D24 The financial Statements were approved by the Board of Truste¢s and authorised for issue on 30 October 2025 and were si d on it5 behalf by: Mr James Jos¢ph Collins - Trustee Th¢ notes forni part of these financi41 stslements 15
Wes¢ BelfAst Enterprise Board Liinited Staternent of Financial Posi*ion- Parent Company 31 Deeemljer 2024 31112124 31112123 Total funds Unrestricted Restricted funds fund funds Notes FIXED ASSETS S¢edcorn funds Tangible assets Investments Investments Investment property ii 12 7,406 7,406 24,420 7,406 28.929 24,420 306 12 690.000 306 12 690 000 306 12263 133 13 12,714,726 7,406 12,722,132 12,299,774 CURRENT ASSETS Debtors Cash at bank and in hand 15 561J95 500 48 561?95 500,348 577,603 557266 1.061,743 1,061,743 1,134.869 CREDITORS Amounts falling due within one year 16 (733,437) (733,437) (709,922) NET CURRENT ASSETS 328 306 328,306 424 947 TOTAL ASSETS LKSS CURRENT LIABILITIES 13,043,032 7,406 13,050,438 12.724.721 CREDITORS Amounts falling du¢ after more than one year 17 (2,390,772) (2,390,772) (2,668,034) ACCRUALS AND DEFERRED INCOME 21 (12.624) NET ASSETS 10,652260 7,406 10,659 666 10,044.063 FUNDS Unrestricted funds Reslricled funds 10.652,260 7,406 10,036.657 7.406 TOTAL FUNDS 10,659,666 10,044.063 The notes form part of thes¢ financial slalemenls 16
West Belfost Enterprlse Board Limited Statement of Financial Position- PArent Compuny contlnued 31 December 2024 The finan¢ial statcmenls w¢r¢ 8pproved by the Board of Trustees and auihorised for issue on 301h October 2025 and were signed on ils behalf by: Mr James Joseph Collins - Trustee The notes fornTr part of these financial statements 17
West Belfast Enterprise Board Limited Consolidated Statement of Cn5h Flows . Group for the Year Ended 31 December 2024 31112124 31112n3 Notes Cash flows from operating Activities Cash generated from operations Interest paid Inl¢rest el¢ment of hire purchase payments paid 690a41 (232,062) 442,87 (236.195) 3,672 Net cash provided by operating activities 454,607 205.665 Cash Ilows from investing activities Pur¢h#se of tangible fixed asset5 Purchase of investment prope Sale of tangible fixed assets (5,907) {139,382) 750 (30,520) (172,689) N¢¢ ¢ash used in investing activilics 144,539) 197,009) CAsh flows from finAllciiig Hetivities Loan capital repayments Hire purchas¢ finance received Hire piirchase capital repayments (297271) (316,274) 12,392 5.112 7,176 Net cash used in financing activities 304,447) 308 994) Change in Cash 3nd cash equivalents in the reporting period Cnsh And exsh equivalents at the beginning of the reporting period 5,621 (300,338) 764,415 1064 753 Cash gnd eash equlvAlents at the end of the reporting period 770,036 764415 The notes fomi part of thes¢ financtal statements 18
West Belfast Enterprise Board Limited Notes ¢0 the St#tement of Cash Flows- Group Cor the YeAr Ended 31 December 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITEES 31112124 31112n3 Net income for the reporting period (as per the Statement of FinAn¢ial Activities) Adjustments for: D¢pre¢iation charges (Gains)ILosses on investments ProfiV(Loss) on disposal of fExed assets lThteTesl paid Interest element of hire purchase and finance lease rental payments Increase in stocks - group Decreasel(in¢rease) in debtors Increase in creditors 612,581 289.490 25,673 (287,485) (750) 232,062 3,672 26,648 (6,200) 236,195 I,oii (2,700) (111,430) 39,412 Net cash provided by operntions 690J41 442,871 ANALYSIS OF CASH AND CASH EQUIVALENTS 31112124 31112n3 Cash in hand Noti¢e deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 5,789 792,243 27.996) 773.174 Total cash and G85h equivalents 770 036 764415 ANALYSIS OF CHANGES IN NET DEBT At 111124 Cash flow At 31112124 Net cash Cash at bank and in hand Bank overdrafts 773,174 24,858 19,237) 798,032 27,996) 764 415 5,621 770 036 Debt Finance1¢8ses Debts falling due within l year Debts falling due after l year (21,901) {279,500) (2.707 055 7,176 (14,725) {279,SibO) 297,271 (2 409,784 304 447 (2,704,009 TotAI {2244 041 310,068 (1,933,973 The notes form part of thes¢ financial statements 19
West Belfast Enterprise Boai'd Limited Statement of Cashnows- Parent Company for the Ye47r Ended 31 December 2024 31112124 31112123 Notes CAsh flows from operating gctivities Cash getterated from operations Interest paid 558,703 215279 532,388 220,279) Net cash from operating &ctiviti¢s 343,424 312,109 Cash flows Irom investiiig activities Purchase of tangible fixed asset5 Purchase of investment property Sale of tangible fixed assets (la97) (139J82) (1,230) (172.689) 6,200 Net cash from invesling activities 140,779 167 719 Cash flows from finAneing activities Loan repayments in year 277,262 296,804 Net cash from financiilg activities 277 62 296,804) Decrease in cash and ehsh equivalents Cash and cash equlvalents at beginnlng of year (74,617) (152,414) 548,983 701,397 Cash eash equivAlents at end of yellr 474 548 983 20 continued...
West Belfast Enterprise Board Liniited otes to the Statement of Cjsh Flows- Porent Company for the Yefir Ended 31 Dtcember2024 RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS 31112124 31112123 Profit before taxalion D¢preciation ¢h8rges Profit on disposal of fixed ass¢ts Gain on revaluation of fixed assets Finance Costs 615,603 5,906 289,081 7,002 (6,200) (287,485) 215,279 220 279 549,303 16,208 6,808 510,162 (9,863) 32,089 Decrea5el(incre8se) in trade and other debtors (Decrease)/increase in trade at]d other creditor5 Casli generated from operations 558,703 532,388 CASH AND CASH EQUIVALEP4TS The atnounts disclosed on the Cgsh Flow Statement in resp¢¢t of casli and Gash equival¢nls aTe ITr respect of these Balance Sheet amounts.. Year ended 31 December 2024 31112124 111124 Cash and cash equivalents Bank overdrafts SOOJ48 25,982 557,266 8,283 474 548J83 Year ended 31 December 2023 31112123 111123 Cash and cash equivalents Bank overdrafts 557.266 8.283) 727.699 26 302) 548 98) 701 J97 ANALYSIS OF CHANGES IN NET DEBT At 111124 Cash flow At 31112r24 Net CAsh Cash at bank Bank overdrafts 557266 8,283 (56,918) 17,699 500,348 25,982 548,983 74 617) 474 366 Debt Debts falling due wiihin l year Debts falling due after l year (259,500) (2,668,034 (259,500) (2,390,772 277262 277 62 (2,650,272) Totjl (2.378,551) 202,645 (2,175,906) 21 ontinued...
West Belfast Enterprlse Board Limited Notes to the Financial StAtements for the Ytar Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the fin2nci%l stgtements The financial ststemenls of the cl)aritable compai)y, which is a public benefit entity under FRS 102, h&ve been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan¢¢ with the Financial Reporting Standard applicable irt 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 Irelarkd, and the Companies Act 2006. The financial statements IMv¢ been prepared undcr th¢ historical cost convention, as modified by the revaluation of eertain assets. PrepArAtion of consolidated fJnHnclAI stAtements The financial statements ¢onsolÉdate the r¢sults 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 25. A separate Statement of Financial Activities 8nd lTrconie & Expenditure account for the ¢harity has not been presented because th¢ charity has taken advantage of the exemption affofded by Compani¢s A¢t 2006, s.408. Critical accounting judgements and key sources of estimation uncertainty Estimates aiid judgements ore continually ¢valuated and are based on historical experience and other factors. including expectations of futur¢ events that are believed to be reasonable under the circumstanc¢s. Tile Charity makcs e51imatcs aiid assumptions conceming the future. The resulting accounting estimates and assumptions will. by definition. seldom ¢qual the relat¢d actual results. No judgements (apart from those involving estlmales) have been mad¢ in the process of applying the above accounting polici¢s. The key assumptions ¢on¢¢rning the future and key sources of estimation of uhcertainty at the reporting date that hav¢ a signifi¢ant risk of causing a material adjustment lo tile carrying amounts of ass¢t5 and liabilities witliin th¢ next financial year include.. the fair valiie movement of the investment property. estimatxon of the us¢ful ¢¢onornic life of buildings, furniture and office equipment, IT equipment. and. .Ihe Icvel of rental income return and performance of the tTading subsidiary componies. Ineome Incom¢ is re¢ognised when the ¢harity l)as entitlement to the fi]nds. any perforniance conditions attached to the item{s) of income hav¢ been rnet, il is probable that the in¢om¢ will be received and th¢ amount can be measured reliably. Where in¢om¢ has related expendityre (as with fundraising or contract income), the income and r¢lMted experAditur¢ are reported gross in the Statement of Financial Activities. Donations, grants and gifts are recognised when receivable. In the event that & donation is subject to LfIllIng performance conditions b¢for¢ the charity is entitled to the funds. the income ts deferred and not recognised until it is probabl¢ that 11)ose conditions will be fiiifilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates Iecognised in income for the year. Any amounts of Gift Aid not received by Ihe year-end are accounted for in income and ac¢rued income in debtors. Income from governm¢nt and other grants, wh¢ilier '¢apilal' grants or 'r¢venue' ¢yrants. are re¢ognised when the Charity ha5 entktlement lo the funds, any p¢rlormance conditions attached to the grants have been met, it is probable that th¢ income will be received and the amount can be measured Teliably and is not deferred. Inoome received tn advaii¢e for a future fundraising event or for a grant rQlVed r¢laling lo th¢ following year are deferred Lthtil the cril¢ria for income recognition are meL 22 continued...
West BelfRst Enterprise Board Limited Notes to the Financial Statements - contiuued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued Income Interest on d¢posit funds held is iA¢luded wh¢n Y¢ceivabl¢ and the amount can be measured reliably by th¢ httrity wliich is normally upon notification of the interest paid or payable by the bank. Sponsorship from events, fundraising and events registration fees are recognised in income when the event takes place. Lottery income is accounted for in respect of those draws that have taken place in Ihe year. Trading income is Te¢ognised on point of 981¢ for both donated and puichased goods. Expenditure Ltabililies are recognis¢d as expendilure as soon as there is a legal or cottstru¢tive obligation committing the charity to that expenditure. it is probabl¢ that a Iiansfer of ewnomic beThefits will b¢ required in settlement and the ainount of the obligation can be measured reliably. Expenditure is accountcd for on an accruals basis and ha5 been classified under headings that aggregate all cost relat¢d to the category. Where costs cannot be directly attributed to particular headings they have be¢n allocated lo activities on a basis ¢onsi5tent with the use of resources. Expenditu on charitable activities includes th¢ costs of providiilg activities undertaken to fijriher the purposes of the charity and thcir associated support ¢osls. Support cost5 comprise those costs which ar¢ inciirred directly in SLlPPOrt of expenditur¢ on tlie objects of the chaiity and include goveman¢e cosL fÈnance, and office costs. Governartee costs ar¢ those costs in¢urr¢d in connection with the cornplianee with constitutiollal and slalutory requirements of th¢ cl?arÉty. Grattts offered subject to ¢onditions which have not been mel at the year end date ar¢ noted as a commitment but not accrued as exp¢nditur¢. Goodivill Goodwill, being the amount paid in connection with the acqui51tion of a business in O. is being amortised evenly over its estimated useful life of nil years. Tangible fixed assets Depre¢iation 15 provided al th¢ following annual rates in order lo write off each asset over its estimated useful lif¢. Plant and machinery Fixltires and fittings Motor vehicles 200h OTh reducing bt41once 200A on cost 250/0 on cost Investment property Investment property is shown at most recent valuation. Any a"gregate surplus or d¢firit arising from changes in fair value is recognised iii the StaÉement of Financial Activities. Stocks Stocks - group are valued at th¢ lower of c051 and net realisabl¢ valu¢. after making due allowance for obsol¢l¢ and slow moving ilems. T4xhtion Th¢ parent rolnpany is a register¢d Charity and is exempt frotn corporation tax on ils charitable activities. Fund aecounting Unrestricted funds can be used in accordance with tlie charitabl¢ obj¢¢tiv¢s at the discretion of the trustees. 23 conliThued...
West Belfnst Enterprise Board Limited Note) to the Financial Statements- continued for the Year Ended 31 De¢¢mbeT 2024 ACCOUNTING POLICIES- continued Fund Accounting Reslri¢led funds can only be used for particular restricted puOSe$ within the objects of the charity. Restrictions arise when spe¢ified by the donor or when funds are raised for particular restricted purposcs. Further explanation of the n&ture and piitpose of each fund is included in the notes to ttLe fjnancial slatements. Hire purchase and leaslng eommitments The interest element of these obligations 1$ charged to the Statement of Financial Activities over the relevant period. Th¢ capital elemeiit of the future payments is treated as a liability. R¢ntals paid under operating leases are charged to tli¢ Statement of Finajicial Activities on a straight line basis over the period of the lease. Pension costs snd other p05t-rctirement benefjts The ¢haritabl¢ company operates a defined Contribution pension Scheme. Contributions payable to the charitable company s pension scheme are charged to the Statement of Financial Activities in lh¢ period to which they relat¢. OTHER TRADING ACTIVITIES 31ll2124 31112123 Fundrnising events Interpretation sales Gym memberships & erttry fees Protessional fees earfted Fir¢ Risk assessment income 9,415 590,SBO 122,544 27,050 10,225 555,909 120,377 29,402 23,975 773,501 739 888 INCOME FROM CHARITABLE AcfiviTIES 31112124 31112n3 Activity Relit & Service Charge incoine Programme income Entiy fees Cuft & ice-cream sales Other income Cliaritable activities Charitable activities Charitable activities Ch'Itable activities Charitable activities 1,840,735 23,161 299,479 381,751 1,850.762 16.865 283.664 342,590 5,577 2,573,071 2,499,458 24 conlinued.-.
West Belfast Enterprise Board Limited Note5 to the Financial Statements- continued for the YeAr Ended 31 December 2024 CHARITABLE AcfiviTIES COSTS Grant funding of
ctlvitles
(see note Support costs (sec note 6) Direct Costs 5) Totals Charitable a¢tivitie5 2,273,259 20,000 6,500 2 299,759 GRAIYTS PAYABLE 31112n4 31112n3 Charitable activities 20,000 20,500 The total gr8nts paid lo inslitutions durillg the year was as follows.. 31112124 31112123 Charitable donations paid/payable 20,OQO 20,500 SUPPORT COSTS Covernance Costs Charitable activities 6,500 NET INCOMEI(EXPENDITURL) Net incomal(¢xpenditiire) is slated after chargingl(crediting): 31n2124 31112123 Auditors, remuneration Depreciation - owned assets Other operating leases Surplus on disposal of fixed assets 6,500 25,673 28,014 750 6,500 26,647 28.272 6,200) 25 coiilinued...
West BelfASt Enlerprise Board Liinited Notes to the Finxnciiil St4tementy- continued for the Year Ended 31 De¢ember 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' remuneration or other benefits for the year ended 31 De¢ember 2024 nor for the year ended 31 December 2023. Trustees, ¢xpense5 Th¢re were DQ tnJstees' ¢xpenses paid for the year ended 31 December 2024 nor for the year end¢d 31 Dec¢mber 2023. STAFF COSTS 31112124 31112ll3 Wages and salaries Social security costs Other pension costs 964,946 73,569 121058 945,501 72,386 114,935 1,159,573 .132.822 The average monthly number of employees during the y¢ar was as follows.. 31n2n4 36 12 31112n3 37 12 Charitable activities Support 48 49 Th¢ number of employe¢s whose employ¢¢ benefits (excludiog employer pension Costs) exceeded £60.000 w3s= 31112n4 31112r23 Ex¢¢5s of £60,000 The key management persoiinel of tlic group ¢omprise those of the key management personnel of the parent ¢ompai)y and the key management personuel of its wholly own¢d subsidiary Flex Language Services Limited and therefore the total for ihe group key munagem¢n¢ personnel was £452.695 {Year'. £426.972). io. COMPARATIVES VOR THE STATEMENT OF FINAIYCIAL ACTIVITIES Unrestrieted Restrieted funds fund Total funds INCOME AND ENDOWMENfs FROM Donations and legacies ChAritable activities Charitable activities 2,499.458 2.499,458 Other trading activities 739.888 739 888 Total 3 239,346 3 239 346 26 conlinu¢d...
West Belfast Enterprise Board Llmited Notes to the Flnancial Statements- continued for the Year Ended 31 December 2024 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfIviTICI S - continued Unrestrieéed Restricted funds fund TotAI funds EXPENDITURE ON Charitable activities Charitable a¢tiviti¢s 2,255,318 2255,318 Other resources expended 694 538 694,538 Total 2.949.856 2,949,856 NET INCOME 289,490 289,490 RECONCILIATION OF FUNDS Total fiinds brought forward 10.768.374 7.406 10,775,780 TOTAL FUNDS CARRIED FORWARD 11057864 11.065.270 ii. SEKDCORN FUNDS- GROUP & PAREPU COMPAP4Y Goodivill COST At l January 2024 and 31 Dc¢ember 2024 22.406 AMORTISATION At l January 2024 and J l December 2024 15,000 NET BOOK VALUE At 31 Dccemb¢r 2024 7,406 At 31 Dec¢mb¢r 2023 7,406 27 continued...
West Belfast Enterprise Board Llmited Nott5 to the FinMneiAI Statements- cDntinued for the Year Ended 31 Decernber 2024 12. TANGIBLE FIXED ASSETS- GROUP Fixtures nd rittings Short leAsehold Plant and macliinery Motor vehicles Totals COST At l January 2024 Additions 10,200 637,534 5,907 69,417 12,673 729,824 At 31 DecembeT 2024 10,200 643 441 69,417 12,673 735 731 DEPRECIATION At l January 2024 Charge for year 466,653 21,890 30,700 12.673 510,026 25,673 511) At 31 December 2024 si 488 543 12,673 535 699 NET BOOK VALUE At 31 De¢¢mber 2024 154,898 35,444 200,032 At i l December 2023 10,200 170,881 38,717 219.798 TANGIBLE FIXED ASSETS - PARINT COMPANY Fixtures Plant and and fittings Motor vehi¢le5 maehineTy Totals cosr At l January 2024 Additions 318,082 1,397 12,673 33(1,755 1,397 Disposa]s At 31 December 2024 319 479 12,673 332,152 DEPRECIATION At l January 2024 Charge for year Eliminated on disposal 289,151 5,906 12,673 301,826 5,906 At 31 D¢c¢mber 2024 2,83 48 307 732 NET BOOK VALUE At 3 1 December 2024 24,420 24,420 At 31 December 2023 28,929 28.929 28 continued..
West Belfast Enterprise Board Limited Notes to the Finan¢ial StAtements- eontlnued for the Year Ended 31 December 2024 13. INVESTMENT PROPERTY - GROUP FAIR VALUE At l January 2024 Additions Fair value movement 13,363,133 139,382 287,485 At 31 December 2024 13,790,000 NET BOOI< VALUE At 31 December 2024 13,790,000 At 3 l December 2023 13,363 133 INVESTMENT PROPERTY- PARENT COMPANY FAIR VALUE At l January 2024 Additions Fair value mov¢m¢nts 12,263,133 139J82 287 485 At J l December 2024 12,690 000 Net Book Value At 31 December 2024 12,690 OQO At ) l December 2023 12,263,133 In a¢¢ordanee with FRS 102, investment property shall b¢ measured at fair value at each reporiing date with changes in fair valu¢ recognised in the Statement of Finencial A¢livilies. The group utilised its property m8nager Mr Sean Toal to Garry oiit the fair value valuation at the reporting period. Whilst not independent of the Groiip, Mr Toal is a RCIS qualified surveyor with over 20 years ¢xperience in property management of the local area. The fair value methodology was to compare similarly properties sold in the open mark¢t value. Wher¢ this information was not available or sufficient, alternative valuotion techniques, utilising the proj¢¢ted eashflows, rental yields, thc portfolio of tenants and remaining lease terms w¢re undertak¢n to arrive at a reliable estimate of Ihe fair valuc of the various properties held. Fair value at 31 December 2024 is represented by: Valulltion in 2024 13,790 000 29 continued.
West Belfast Enterpi'i5e BoArd Limlted Notes to the Financinl St9tements - continued for the Yegr Ended 31 December 2024 14. STOCKS- GROUP 311J2124 31112123 Stock5 6,400 6.400 15. DEBTORS:AMOUNTS FALLING DUE THIN ONE YEAR- GROUP 31112n4 31112123 Trade debtors Other debtors VAT Prepayments and accrued inwme 312,062 40,979 2,265 335,150 56,452 4,317 6,202 360 657 402 121 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- PARLNT COMPANY 31112124 31112123 Trad¢ debtors Other debtors Prepayments and acorued income 171,500 385,588 199,944 373,875 3,784 561 J95 577,603 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP 31112124 31112123 Bank loans and overdrafts (see note 18) Hire purch8s¢ {s¢e note 19) TTad¢ creditors Soeial security and other taxes VAT Otlier ¢redilors Acciuals & t¢nant deposits 307,496 7J48 254,722 35J49 124,724 119,805 218,071 288,259 7,348 263,412 29,545 129.514 15,123 239,329 1,067,515 972,530 CREDITORS: AMOUNTS FALLING DUE WITHIN OPIE YEAR- PAREYT COMPANY 31112n4 31112123 Bank loans and overdrafts (se¢ note 19) Hire purchas¢ (see note 20) Trade creditors Social security and other lax¢5 VAT Other creditors 285,482 267.783 174,331 36,007 61,419 176 198 180.572 30,162 64.005 167.400 733 437 709,922 30 ontinued...
West Belfast Enterprise Boai'd Limited Notes to the FlnanciAI St8tements- Continued ror the Year Ended 31 December 2024 17. CREDITORS: Amourfrs FALLING DUE AFTER MORE THAY ONE YEAR- GROUP 31112124 31112123 Bank loans (see nol¢ 18) Hire purrhas¢ (see note 19) 2,409,784 2,707,055 2,417,161 2,721608 CRKDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR- PARENT COMPANY 31112124 31112123 Bank loans (se¢ note 19) Capital grant 2 J90,772 2.668,034 2 6110.658 18. LOATr4S- GROUP An analysis of th¢ maturity of loans - group As given below: 31112124 31112123 Amounts falling due witliin on¢ year on demand: Bank overdrafts Bank loans 27,996 279,500 8.759 279.500 307.496 288.259 Amounts falliiig between one and two years.. Bank loans-greater thanl year 2,409 784 2 707.055 LOANS: PARENT COMPANY An analysi5 of the maturity of loans is Eiven below- 31112124 31112123 Amounts falling due within one year: Bank ov¢rdr&fts Bank loans 25.982 259,500 8.283 259.500 285 482 267,783 Amounts falling due after more than oi)e year: Banklogns falling du¢ more than one year 90,772 2,668,034 2 390 772 2 668 034 31 continued...
West Belfast Emterprlse Board Limited Notes to the Finaneial StAtemen¢s- continued for the Year Ended 31 December 2024 19. LEASINC AGREEMENTS- GROUP Minimum lease payments under hire purchase fall due as follows.. 31112n4 31112123 Net obligations repayable.. Within one year Between one and five years 7a48 7a77 7,348 14.553 14,725 21,901 LEASING AGRE£MKNTS - PAREP4T COMPANY Minimum lease payment5 under hir¢ purchase fall due as follows.. 31112n4 31112123 Net obligation5 repayable- 20. SECURED DEBTS GROUP & PARENT COMPANY The following 3ecured debts are included withirt creditors: 31112124 31112123 Bank overdrdfts Bank loans 27,996 2,689 84 8,759 2,986,555 2,717,280 al4 Bank of Ir¢land and UCIT hold s¢¢urity against the Charities Assets at Twinspires, Dairyfann. We5tlink and Whiterock. 21. ACCRUALS AND DEFERRED INCOME - GROUP & PARENT COMPANY 31112n4 31112123 Deferred government grants 12,624 32 ontinued..
West Belfast Eiiterprise BoArd Limited Notos to the Financi81 Statements- continued for the Year Ended 31 December 2024 22. MOVEMENT IN FUNDS Net niovemeDt In funds At 31112124 At 111124 Unrestricted funds Pareiit company Ortus Property SeIces Westlink Flex Language Services Ltd Roar & Explore Dairy Farni Ltd Pure¢lass Dairy Farm Ltd 10,OJ6,658 18,650 924,871 (9256) 129,939 42 998) 615,603 3,565 (lJ91) (252) 17,402 22J46 10,652,261 22,215 923,480 (9,508) 147,341 65,344 11,057,864 612,581 11.670,445 Restricted fiknds Parent con7pany 7,406 7,406 TOTAL FUNDS 11,065 612.581 11677,851 N¢t movement in funds, in¢luded in the above are as follows.. Incoming resources Resources expended Galns and losses Movement In lunds Unrestricted funds Parent company Ortus Property Services Westlink Flex Language Services Ltd Ro8r & Explore Dairy Farm Ltd Pur¢class Dairy Farm Ltd Fir¢ Risk NI Ltd Consolidation elimination 1,889,132 27,050 166,073 590,579 681,230 122,544 23,913 153 949 (1,561,014) (23,485) (167,464) (590,831) (663,828) (144,890) (23,913) 153,949 287,485 615,603 3,565 (1,391) (252) 17,402 (22J46) 3J46572 3 021,476 287,485 612,581 TOTAL FUNDS 3,346 572 3 021476) 287 485 612,581 33 continued...
West Belfast Enterprise Bonrd Limited Note5 to the Financial StAtements - continued (or the Year Ended 31 December 2024 22. MOVKMENT IN FUNDS- continued CompAratives for movement in funds Net movement in funds At 31112123 At 111123 Unrestricted fupds Parent ¢ompany Ortus Property Services Westlitlk Flex Language SeThic¢s Ltd Roar & Explore Dairy Fann Ltd Pur¢class Dairy Fami 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 Restrieted funds Parent company 7.406 7,406 TOTAL FUNDS 10 775 780 289.490 11065,270 Compardtive net movement in funds, included in Ilie above are as follows: Ineoming rtsources Resources expended Moyemellt in funds Unrestrieted funds Parent Company Ortus Property Services Westlink Flex Language Servi¢¢s Ltd Roar & Explore Dairy Farm Ltd Pureclas$ Dairy Farm Ltd Fire Risk Nt Ltd Consolidation ¢limin8tiOTJ 1,854,751 29.403 178.484 560.507 631,972 121,181 23.975 160,927) (1,565.670) (22.435) (180,385) (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 2 949 856 289 490 TOTAL FUNDS 3 239 346 2,949,856) 289.490 34 ontinued...
West Belfaist Entcrprise Board Limited Notes to the Financial Statements - continued lor the Year Ended 31 December 2024 22. MOVEMEI NT IN FUNDS - continued A current yeai 12 months and prior year 12 month5 combined position is as follows.. Net movement in funds At 31112124 At inn3 Unrestricted funds Parent company OrtU5 Property Services Westlink Flex Language Services Lid Roar & Explore Dairy Fann Ltd Pure¢lass Dairy Farm Ltd 9,747,576 11,682 926,772 (6.119) 122,373 33.910) 904,684 10.533 (3,292) (3,388) 24,968 )1.434) 10.652,260 22,215 923.480 (9.507) 147.J41 65,)44) 10,768,J74 902.071 11.670,445 RestriLted funds Parent company 7,406 7,406 TOTAL FUNDS 10.775 780 902,071 11.677 851 A current year 12 months and prior year L2 months combined net movement in funds. included in th¢ above are as follows.. Ineomlng rttourees Resources expended Galns And losses Movement In funds Unrestricted funds Parerbt company Ortus Property Services Westlink Flex Language Setvices Ltd Roar & Explore Dairy Farm Ltd Pureclass Dairy Farm Ltd Fire Risk NI Lid Consolidation elimination 3.743,883 56,453 344,557 1.151,086 1.313,202 243,725 47,888 3 L4 876) (3.126.684} (45.920) (347.849) {1,154,474) (1,288,234) (275,159) {47.888} 314,876 287,485 904.684 10,533 (3.292) (3,388) 24,968 (31,434) 6,585.918 5 971332 287.485 902,071 TOTAL FUNDS 6 585 918 5,971,332) 287.485 902,071 35 continued..
West BtlfASt Enterprlse BoArd Liinited Notes to the Finllncial StatemeTrts- contlnued for th* Year Ended 31 Decembcr2024 23. RELATED PARTY DISCLOSURES The charitsblc company has taken advantage of exemption. under the temis of Financial Reporting Standard 102 The Financial Reporting Standard applicabl¢ in the UK ai)d Republic of Ireland., not to disclose r¢laled party Iran5a¢tions with wholly owned subsidiaries within the group. West Belfast Enterprise Board Lirnited fts the parent company of the following wliolly owned subsidiary companies: We51klillk Enterprises Limited N1019927 lex Language Services Limited Nt608161 Roar & Bxplore Dairy farjn Limited Nf652507 (Charity tto. 107683) Pure Class Dairy Farm Lirniltd N1671387 Fire Risk Nl Limilcd N1617908 Ort5 Property Scrvices Limited N1616142 Tlie cl)aritable company has taken advantage of exemption, uttder the lemis of Financial Reporting Standard 102 The FiEiancial Reporting Standard applicable Én the UK and Republic of Ir¢land', not lo disclose related party transactions with wholly owned Subsidiaries within the group. 36