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 M￿ketIn& 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 Inte￿reling 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
RA￿4 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
Y￿r5 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 COMM￿ClaI 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 dOwn￿rn. 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 na￿re 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 Octo￿1 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 St￿dards {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 p￿tfit
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 CU￿ellt 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 r￿QlVed 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 pu￿OSe$ 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 Se￿Ices
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
Ort￿5 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