Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
The Trustees, who are also Ihe Board of Directors of the charitable company, present their annual report and
audited consolidated financial statements of the group for the year ended 30 September 2023. The Trustees
have adopted the provisions of the Companies Act 2006 and Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities preparing their financial statements in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
effective 1 January 2019 - (Charities SORP {FRS 102)), in preparing the annual report and financial staternents
of the charity.
CHAIRMAN'S FOREWORD
Since 2018, LEDCOM has developed as the recognised enterprise centre for the Larne and Ballyclare areas,
seeking to be true to its charitable objects and aiming to help the regional economy, while being a two-way
conduit to and from the local, national and supranational agencies. Once supported directly by Nl Government,
LEDCOM has had to win resources in an increasingly competitive marketplace, including often with government
itself. The Board decided to move from a mixed servicel landlord model to one of a facilities-based initiative
building on the latent strengths of its existing geographic locations and its diverse and experienced staff and
voluntary directors.
The period has been as difficult as any in LEDCOM history. It began with the obvious challenges of the final
outworking of the Review of Public Administration with LEDCOM'S allegiance to new local government
districts (ANBC and M&EABCI each with differing policies and priorities. To this was added BREXIT in which
Larne, as a major and longstanding Port, was in the front line, with LEDCOM bordering the major transit
routes. Then came Covid with its impact on commercial property and the rise of home working.
Despite all this LEDCOM has succeeded in its mission and enhanced the viability of the tenants and clients
it serves, evidenced this year by..
A "clean" audit showing continued delivery of its charitable objects while further extending its facilities in
Ballyclare, maintaining Willowbank as the company HQ and progression of a major refurbishment of its
original site on Larne's Bank Road. The overall Social and Economic impact of LEDCOM activities and clients
has been c. £18m, almost a factor of four on its balance sheet and almost 20 times its tumover.
Partnership has been the key to LEDCOM success, both organisationally and personally by its staff and its
voluntary Directors/Trustees. We are indebted to our stakeholders and partners. We immensely value the
growing quality and support of our local businesses (noting Kilwaughter Minerals. especially). We have
enjoyed the interest and support of our politicians, local and central government as well as bodies such as the
SEUPB and InterTradelreland. In recent times, to this list has been added Choice Housing, Danske Bank,
Access to EmployTnent Ltd, Port of Larne, Larne Business Forum and Larne Football Clublsports Academy.
These partnerships and others are crucial to our plans for the corning five years as we seek to play our part as
our region continues to grow and to thrive in the new environment of the second quarter of the 21st century.
Together we and our partners are pursuing other publicly available resources to enhance our economic offering
and its local impact in the context of a region fit for the century of net zero and increased connectivity with the
consequential enhancement of productivity and personal wealth in one of the finest (in all respects) regions of
the world.
Dr Nornian Apsley OBE
Chaimian
LEDCOM Board of Directorsrrrustees

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
HIGHLIGHTS- EXECUTIVE SUMMARY
OBJECTIVES AND ACTIVITIESIPUBLIC BENEFIT
LEDCOM is a social enterprise and company limited by guarantee with charitable objects focused on economic
development. within the scope of the company's governing document, i.e. memorandum and articles of association.
In this report LEDCOM has sought to reflect and have due regard for the Nl Charities Commission's guidance on
public benefil.
LEDCOM charitable objects are..
(11 The promotion for the public benefit of urban and rural regeneration in areas and sectors of social and
economic deprivation in Northern Ireland, the Republic of Ireland andlor Great Britain (the "areas of benefit"),
by all of any of the following means..
(il the relief of poverty in such ways as may be thought fit.,
lil) the relief of unemployment in such ways as may be thought fit, including assistance lo find
employment.
liiil the advancement of education, training or retraining, particularly among unemployed people,
and providing unemployed people with work experience.,
(iv) the provision of technical assistance or business advice or consultancy in order to provide
training and employment opportunities for unemployed or underemployed people in cases of
financial or other charitable need through help.. (il in setting up their own business, or
{ii) to existing businesses or to those considering eslablishing a business.,
{v) the promotion and support of social enterprise, social economic development and sustainable
Means of achieving economic growth and regeneration-
(vi) the creation of training and employment opportunities by Ihe provision of workspace, buildings
andlor land for use on favourable tems.
121 Advance education for the public benefit by raising awareness and increasing knowledge of the importance
of economic enterprise, entrepreneurship and enterprise sustainability.
In Setting our objectives and planning our activities for the year the Trustees have given careful consideration to
The Charity Commission for Northern Ireland's Public Benefit Requirement statutory guidance to ensure that the
activities have helped to achieve the charity's pU￿oSe and to provide a benefit to the beneficiaries.
Beneficiaries of both the primary and secondary charitable purposes are the general public and no harm ffows
from its purposes. Any private benefit arising out of the fulfilment of our activities is essential to the fulfilment to
the purpose of promotion for the public benefit of urban and njral regeneration in areas and sectors of social and
econornic deprivation. but is purely incidental lo the purposes of our work.
Evidence of dellvery against the charlty's objects
In 2022123 services, facilitie5, programmes and initiatives LEDCOM was involved with delivering resulted in public
benefit through..
li) c. 300 businesslsoci81 enterprise start-ups and exisling businesses supported and
signposted
(ill c. 750 individuals helped wilh LEDCOM services and support activities including programme
parkncipants. tenant businesses with individuals supported from disadvantaged areaslgroups
such as the long term unemployed. unemployed young people and those wth disabilities

LoGal Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
liiil Business start-up support delivered by LEDCOM in Mid and East Anlrim & Antrim and
Newtownabbey facilitated the provision of c. 450 jobs. Using the NISRA Annual Survey of Hours &
Earnings IASHEI - provisional figures for 2022, this equates to a gross earnings value of £7,055,100.
This was based on an average of the figures for both Council areas at £24,517 median gross income.,
liv} c. £168.600 of pro bonolvoluntary programmes, seNices and time provided to the local community by
LEDCOM directors and staff
{v) 87 lenanl businesseslorganisations wth over 400 employment and training places
Ivil c. £555,000 recirculated inta the wider social economy.
Overall Economic Impact
In 2022123. the overall economic impact of LEDCOM activities and clients equated to c. £18,300,000 Ilhis
excludes the value of spend on goods and Se￿iceS by LEDCOM clients and seryices}.
The above estimate takes into account the following assumplions:
Total value of median oross income for c.450 jobs created and safequarded throuah LEDCOM seNiceslactivities
and the impact of the Glients involved @£24,517 as average annual figure (see above) per job, equivalent to a total
of £11,032,650.,
Total value of median qross income for c.300 jobs within tenants of LEDCOM facilities Idiscounted fiqure lo reflect
separate training places estimate) @ £24,517 as average annual figure. equivalent to a total of £7,355,100.,
c.£555,000 recirculated into social economy of MEABC and ANBC areas by LEDCOM activities..
£168.654 of pro bono voluntary investment in local communities by LEDCOM directorsltrustees and staff.,
£69,483 support for start-up companies in LEDCOM facilities throuqh the LEDCOM Business Innovation &
Incubation Programme ILBIIPI.,
• £41,775 pro bono conference use for local communityleconomic reqeneration includinq Community Wealth Buildinq.
SOCIAL OUTPUTS AND IMPACT
SOCIAL IMPACT REPORT
As a social enlerprise LEDCOM records its social impact but also tracks how as an organisation it helps businesses
and individuals for public benefit.
LEDCOM records ils outputs in temis of quantitative and qualitative impact.
The social outputs are measured over four key areas of outputs.
1. Staff time on non-income generated projects Icommunily projects and on various social economylcommunity and
voluntary boardslcommittees, including sessions of staff time utilised to help develop local community organisations,
extra voluntary development support for new start-up businesses for public benefit.,
2. Non charged or discounted use of conferencelmeeling rooms;
3. Discounted or non-charged rental of units due to incubation support to support economic regeneration and
investment.,
4. Board of directors. and staff voluntary time supporting the local economy and community with a focus on community
based economic regeneration. including voluntary boardlcommittee meetings attended by LEDCOM boaTd members
across Nl.

Local EGonomic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
BREAKDOWN OF SOCIAL OUTPUTS
staff Time
This involves support provided for community development and economic development in Larne and across Northern
Ireland.
The equivalent of 725.25 staff hours were given to the cornmunity in social outputs this year. The value of this time has
been multiplied by a cost recovery rate.
It is also warth noting that additional staff time over contracted hours were given as voluntary contribution from the
Staff to LEDCOM'S charity objects and for public benefit.
As an organisation LEDCOM believes in sharing advice and expertise with others and hosted best praclise visits
from local and international organisalions sharing knowledge of social enterprise and economic development.
The rate of the social output calculation is £42 per hour for staff members- hence the monetary value of this output is
calculated at £30.461.
Pro Bono Provision of Conference Facilities
This supports local community development and business growth for public benefit. During the year a value of £41,775
was provided in pro bono use of the conference facilities for community developmenueconomic regeneration.
The provision of facilities was provided at the management's discretion for drfferent purposes and groups including.,
local community groups. counselling organisations community education, new start-up businesses, tenants and public
sector organisations.
Innovation and Incubalion Support
Discounted rentals and rental ramp up periods are used by LEDCOM to support economic development in the region
through bespoke incubation support. This support is provided through initiatives such as the Larne Business Innovation
& Incubation Programme {LBIIP). The LBIIP provides support on favourable terms for eligible businesseslsocial
enterprise for public benefit in term5 of economic opportunities such as employment.
During the year a value of £69,483 of incubation support was invested in new 51art-up businesseslsocial enterprises
and business growth projects.
Board Voluntary Time
A5 a social enlerprise. the LEDCOM Board is made up of skilled. motivated and experienced local people serving on
a voluntary basis. In 202212023 they gave at least 518 hours of voluntary time.
This time is monitored and captured through board meetings. sub -committee meetings and project meetings. It does
not include any time spent by the board completing any addition voluntary work for the charity. The rate of the social
output calculation is £52 per hour contributed by board members. hence the monetary value of this output is calculated
at £26,936.

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
Analysis of Social Output Value
The total social out ut value is tabulated below:
Social Out ut Areas
uivalent Value
Staff time
725.25 hours
£30,461
Pro bono use of conference/meeting facilities
280 sessions/uses
£41,775
Incubation support
IS eligible businesses received
su
ort
£69,483
Board voluntary time
518 hours
£26,936
Total
£168.655
ECONOMIC OUTCOMES
The metrics for economic outcomes over the last year are shown below..
Measured and verified by
Queens University Belfast
QUB
research techni
ues
Headings
Outcomes
Job creation
ANBC
99 jobs
MEABC
89 jobs
Tenancy
c. 200 jobs
Using the Go for It/INI
measurement of 1.5 jobs per
business plan
Combined Total 388 'obs
ANBC
Financial impact of the jobs created
Using the median between the
part-time and full-time average
salary Northern Ireland figure
of £32.188 produced by NISRA
120231 to multiply this figure by
the number of jobs created in
LEDCOM
£3,186,612
MEABC
£2.864.732
Tenancy
£6,437,600
Combined Total £12 488 944
MEABC
£196,996.38. 59
11,622,786.13
Gross Value Added IGVAI
Sample of 8 businesses plans. A
standard calculation GVA on
average taken and multiplied
by the number of busine55
plans completed
ANBC
£347,004.00 * 66
£22.902.264.00
LEDCOM recirculated £555,066
into the wider Social economv
Recirculation of money into the wider social
economy
Based on QUB120171 research
findings the rate identified by
QUB of 53p per £1 spend in
LEDCOM 15 recirculated into
local economies

Local Economic Developrnent Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
Measured and verified bv
Queens Universlty Belfast
QUB
research technl
ues
Based on QUB research
findings within LEDCOM
Headings
Outcome5
LEDCOM spend in ANBC and MEABC areas
ANBC
£123.120.66
MEABC
£368,269.06
Other areas
£555,905.95
Combined Total of
Total of 47% of all LEDCOM
ANBC
£75,103.60
MEABC
£224.644.13
Other areas lestimatel
£339,102.63
Suppliers re-spent 61% within the MEABC &
ANBC areas by a multiplier effect
Based on QUB research
findings within LEDCOM
LM£ ratios for MEABC & ANBC
Combined Total of
ANBC11:1.351 £101,389.86
MEABC
1.1.87
£420 084.52
KEY BUSINESS ACTIVITY AREAS
BUSINESS START UP AND GROWTH
Enterprise Nl secured the tender for the Northern Ireland Business Start Programme INIBSUPYGO For11 operating
until March 2023. with LEDCOM delivering across ￿ council areas- Mid and East Antrim {Larnel and Anlrim and
Newtownabbey (Ballyclare and Antriml.
The outcomes for the programme during the year are as follows..
Initial assessments: 144 (68 in Mid and East Antrim and 76 in Antrim and Newtownabbevl-
Business plans: 125 159 in Mid and East Antrim and 66 in Antrim and Newtownabbev).,
•Workshops: 3.
LEDCOM also facilitates advice and counselling sessions wlh other support organisalions. Clients are also referred
where appropriate to bodies such as Invest Nl, HMRC, InterTradelreland. and local government economic
developmerFt support programmes. In addition, tenants and other local businesses receive advice on a regular basis as
required, or through an incubation support programme. and business advice and information is circulated to businesses
as relevant.
Loan Funds
LEDCOM receives enquiries in relation to the Enterprise Nl Start-up Loan Funds. Start Up loans offer public benefit
through helping all eligible small business owners access the funding they need to start or grow- and then back up the
funding with support and mentoring to give each of those businesses the opportunity to succeed. During the year four
new clients were mentored (up from one in the previous yearl and there were several other enquiries.

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
LEDCOM also works closely wTth clients in helping them access other loan funding and sources of funding and
support such as Banks, the Michelin Development Fund, the rural small grants scheme and Innovation Vouchers.
Escalator and Optimal
On behalf of Mid and East Antrim Borough Council {MEABCI LEDCOM staff were selected in 2021 to deliver
mentoring for established small businesses under the Escalator programrne in order to boost their sustainability and
economic impact. During the year LEDCOM supported 11 clients through the Business Escalator programme.
During the year LEDCOM delivered mentoring projects to 13 clients through the Optimal Programme run by ANBC
and covering a range of subjects including business planning, marketing, sales, financial planning innovation and
export. In addition, LEDCOM delivered five workshops to Optimal clients on subjects such as social media and
exporting.
Kickst8rt/SPARK
During the year LEDCOM delivered mentoring to early-stage entrepreneurs through the MEABC funded Spark
programme on a wde range of business-related topics. By the year end LEDCOM had mentored 30 clients.
Business Start-up coaching and Pre Go For it
Funded by ANBC, the business stsrt-up coaching programme and Pre Go For it Programme were delivered by the
three enterprise centres with a presence in the Council area, i.e. LEDCOM, Mallusk Enterprise Park (MEPI and
Antrim Enterprise. These programmes finished in May 2022 but an extension was granted. Clients received 2 hours
of pre Go For It support and 5 hours for Post Go For It Support. By the end of the programme. LEDCOM had
coached a total of 27 clients provided mentoring support in the current year.
SOCIAL ENTREPRENEURSHIP
Support for Social Enterprises
During the year LEDCOM completed a contract from MEABC to deliver a series of four explore social workshops to
potential new social enterprises wilh a total of 24 partlcipants.
During the year LEDCOM, along with Mallusk Enterprise Park. completed its delivery of an ANBC Social Enterprise
Programme offering 26 hours mentoring to 12 potential new social enterprises over the period lo March 2023.
LEDCOM supported TBC three clients with mentoring.
Communty Engagement and Employability
Exploring Entery)rise4 Programme (EEP4)
The Exploring Enterprise4 Programme (EEP41 wa5 delivered on behalf of Enterprise Nl by LEDCOM from
September 2022 to March 2023 when the programme ended due to the cessation of EU funding. Three courses
were fully delivered in Larne. Carrickfergus and Ballymena and one course was partially delivered. Match funding
was secured from Mid & East Antrim Borough Council IMEABCI for each of the courses. LEDCOM also fully
delivered two courses from Antrim & Newtownabbey Council {ANBC) and partially delivered one course. We secured
match funding from Antrim & Newtownabbey Borough Council and Enkalon for each of the ANBC courses. In total wè
supported 49 people from kn council areas. 917.25 hours in total were delivered during this period through
traininglmentoring and £21,247.58 totsl income was secured.
With respect to participant outcomes, 95Q/o of individuals Ihat completed the training received support securing

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
employment, self-employmenl, gained a recognised qualification in Understanding Business Enterprise. or
progressed to further training.
The 40+ Fresh Start Programme
The 40+ Fresh Start Programme was a prograrnme for residents in the MEABC area aimed at raising awareness of
self-employment lo those aged over 40. It followed the successful delivery of a similar programme in the previous year
for those aged over 50.
The programme was funded by MEABC to the value of £7,500. Sixteen participants engaged throughout the
programme. All targets were met or exceeded. Mentoring support was provided to ￿le1ve participants tolalling 72
hours. Eight participants completed a Business Plan under the Go For It Programme, four participants were referred to
and completed the Exploring Enterprise Programme, three participants found full -lime employment, one person found
part-time employment, four participants were confirmed start-ups by the end ofthe programme and a furtherfour were
still progressing to start-up.
ECONOMIC DEVELOPMENT SERVICES
LEDCOM manages a Service Level Agreement ISLA) annually on behalf of MEABC to deliver specific economic
development projects and during the year we delivered an enterprise initiative for older clients called The 40+ Fresh
start programme. The programme consisted of five workshops, facilitated by guest speakers as well as the internal
LEDCOM team. In total twelve participants received between four and a half hours to nine and a half hours mentoring
each. totalling 72 hours and all received an action plan. All participants received appropriate signposting lo other
business support.
PROPERTY AND CONFERENCING
In tolal LEDCOM has c. 100,000 sq.ft. of lettable space comprising 106 units across its four locations. the occupancy
levels of which are detailed below.
Bank Road Business pa￿ (BR)
In total, Bank Road Business Park has c. 60.OOQ sq.ft. of lettable space comprising 62 units. Tenancy levels remained
high this year. wilh the following net movement over the year:
Metric
As at end of 2022
59162
As at end of 2023
58162
Net Movement
Let/fotal Unit Count
95.20%
53,934/58,722
91.80%
91.90%
55,610/58,722
94.70°h
-0.02°A
Let/TotolArea fsq.ft.J
1,676
2.90°
A total of 13 new tenants leased Lsnits on sile this year.
Willowbank Business Park (WBJ
In total. Willowbank Business Park has c. 35,000 sq.ft. of lettable space comprising 26 units. A particular emphasis is
placed on knowledge based and export-oriented businesses with growth potential.
io

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
Tenancy levels increased this year, as follows..
Metric
As at end (rf 2022
20126
As at end of 2023
22126
Net Movement
Let/Total Unit Count
76.90%
26,869/34,946
76.90%
84.60%
31,486134,946
90.10%
7 70'A
Let/TotolAret71sq.ft.J
4,617
13.20%
A total of 5 new tenants leased units on site this year.
Foundry House (FH)
In total, Foundry House has c. 5,500 sq.ft. of lettable space cornprising 17 unils and licence options. Tenancy levels
grew well this year, with the following net movement over Ihe year:
Metric
As at end of 2022
May-17
29.40%
As at end of 2023
Jun-17
Net Movement
Letnotol Unit Count
35.30%
5.90°A
Let/Totcl Area (sq-ft.J
1,504/5,235
1,942/5.235
438
28.70%
37.10%
8.40%
A total of 3 new tenants leased units on site this year and 2 licensees made use of the shared space.
The Work Cube (WCJ
In total, The Work Cube has 204 sq.ft. of lettable space comprising two units and four shared work spaces for
licensees, all with access to a shared kitchenette.
Tenancy levels remained high this year, with the following net movement over the year:
Metric
As at end of 2022
02-Feb
As at end of 2023
02-Feb
Net Movement
Let/Totol Unit Count
ioo.oo%
None
ioo.oo%
Let/fotolAreu fsq.ft.}
2041204
2041204
None
ioo.oo%
ioo.oo%
In tolal 1 new tenant leased a unit on site thi5 year and 5 licensees made use of the shared space.
Conferencing
The conference and meeling facilities were increasingly used by both tenants and non-tenants. Key customers are
Kilwaughter Minerals, Terumo. Teva and RES.
BUSINESS DEVELOPMENTIR&D
During the year LEDCOM focused on the development of its subsidiary social enterprises and supporting them to scale
LEDCOM continued to work on a significant social enterprise project in Ballyclare by improving and growing the
operation of the Foundry House facility in line with its charitable objecls.
li

Local EGonomic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
During the year a Ballyclare co-workinglhot-desking facility {The Work Cube) was progressed in partnership with
Choice Housing, and supported by ANBC. By year end usage rates were on target.
Considerable staff time was invested in the development of a potentially significant Peace Plus project for the ANBC
and MEABC areas, focussed on youth development and tackling economic disadvantage. LEDCOM developed the
concept in partnership wth Stranmillis University College. Northem Regional College and Young Enterprise.
Before year end, application for EU Peace Plus funding had been made to the Special European Union Programmes
Body (SEUPBI.
Also during the year LEDCOM was involved in a cross-border partnership to develop 8 rural digital incubation facility.
By year end a draft application for Peace Plus funding was well progressed.
COLLABORATIVE & SUBSIDIARY ACTIVITIES
COMMUNITY WEALTH BUILDING (CWBI
During the year significant progress was made with the establishment of a Larne Community Wealth Building
Partnership with LEDCOM as an anchor oryanisation along with the Port of Larne, AEL. Larne Business Forum and
Larne Football Club.
LEDCOM also worked closely with a North West CWB wilh both partnerships being encouraged as a CWB pilot for Nl
by the Department of Communities, supported by Development Trusts Nl IDTNII and QUB'S QCAP unit.
It is hoped that the CWB concept will build strategic linkages across the private, public and Community & Voluntary
Social Economy {CVSEI sectors to achieve measurable improvements for communily based economic development.
As part of the pilot, LEDCOM is exploring the potential for a Willowbank11 facility with a possible focus on ski115 based
life & health sciences and logistics activities.
BUSINESS LED NI LTD
Business Led Nl Ltd. is a wholly owned LEDCOM subsidiary social enterprise with the aim of supporting economic
development through specialist services.
During the year the organisation identified new work streams which were progressed by year end.
HERITAGE EXPERIENCE (HEI
Heritage Experience aims to develop and market cultural heritage Itourism related products and services lo support
tourism focussed economic development.
Sales of the DVD series "An Independent People" have continued through retailers and individuals.
HE is a wholly owned subsidiary within LEDCOM.
During the year discussions were held with an established heritage tourism business with regard to a possible transfer
of the enterprise and its assets.
12

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
STRUCTURE, CORPORATE GOVERNANCE, FINANCIAL CONTROL, RISK MANAGEMENT, STFiATEGIC
PLANNING & RELATED PARTIES
The DirecIors￿rUSteeS are committed to the highest stsndards of corporate govemance and strive to develop a
corporate culture in line with the organisation's purpose and strategy while endeavouring to achieve the balance
between strategy, governance and performance management. At each board meeting there is a corporate
governan¢el¢onflict of interest review.
BOARD DEVELOPMENT
Board members training and development in relation to LEDCOM'S work is undertaken in a range of ways relevant
to the strategic direction and corporate governance requirements of the organisation including..
Reqular briefinqs at board meetinqs on related topics.,
Participation in seminars and information events orqanised bv LEDCOM and other bodies such as local COLJncils,
Enterprise Nl, etc.,
Reqular circulation of relevant reports and information by email to all directors.,
An annual directors and staff research and strateqy review event was held at NI-CO Belfast.
Risk management and risk appetite is regularly discussed at board meetings, as well as staff 1..1 s and team
meetings.
A corporate risk register and business continuity plan is kept updated and reviewed regularly at quarterly board
meetings.
Directors and staff are involved in a number of other external organisations - such as Enterprise Nl, Nl Federation
of Housing Associations Northem Regional College. and Stranmillis University College- where good practice in
corporate governance and risk management is identified and applied as appropriate within LEDCOM.
When new directorsltrustees are appointed it follows an agreed process which includes a skills experience analysis
with a process agreed lo address gaps and attract suitable appointees.
All appointments are subject to approval at the Annual General Meeting.
FINANCIAL REVIEW AND CONTROL
The Finance and General Purposes Committee met five times to review financial performance, capital expenditure
and staffing, with recommendations made to full board meetings for approval.
A detailed budget and cash flow forecast (related lo delivering the organisation's charitable objectives) is produced
at the start of each financial year and performancelvariances reviewed in detail throughout the financial year.
Management accounts, account balances. cash flow forecasls and budget reports are reviewed and analysed in
detail each quarter by the Finance and General Purposes Committee with reports and recommendations made to
full board meetings for approval.
By year end, il was noted that performance against budget and cash flow forecasts were in line with projections
taking into account the residual impact of Covid-19 and inflationary pressures. enabling the organisalion lo fulfil its
charitable objects.
13

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
RESERVES POLICY
As a member of NICVA, LEDCOM trusteesldirectors operate a reserves policylpractice aligned to guidance drawn
up by the (formerl Department of Finance and Personnel following consultation with the voluntary and community
sector and relevant to voluntary and community organisalions, statutory bodies and funders generally.
The trusteesldirectors of LEDCOM recognise that the Charity Commission does not prescribe a 'correcl' level of
reseNes and an understanding that a reserves policylpractice has to be seen in the wider financial position of an
organi5ation.
In line with the above guidance and good practice, LEDCOM'S policylpraclice allows for:
Sufficient free reserves to provide cover for between 3-6 months in relation lo known liabilities..
A smaller additional provision of free reserves for unforeseen liabilities.
This policylpractice was adhered to throughout the reporting period.
STAFF REMUNERATION
Staff perfomiance and development is regularly appraised at 1..1 meetings wth detailed annual appraisals reviewed
by the Remuneration Committee.
Board members who serve on the Remuneration Committee have extensive kno￿edge and experience of employee
remuneration and rewards across the public, private and social economy seclors.
Vvhen making recommendations on staff remuneration and rewards the committee members lake into account:
Performance aqainst individual work plans and tarqets in the context of the orqanisation's charitable objects,
performance and financial sustainability-
Reqular review and benchmarkinq with Enterprise Nl members and related research, social economy. voluntary
and communiiy organisations, public and private sectors.
Recommendations are made by the committee to LEDCOM'S Finance & General Purposes Committee ￿lch in tum
makes recommendations to the full board of directorsltrustees.
STRATEGIC PLANNING
The Board of Directors held seven full meetings during the year lo review company performance, policies and
strategy.
By year end, the 'Reboot Strategy, was further implemented with regular ￿VIeW by the board of directors at
quarterly meetings. 'Reboot' was translated into an annual business plan and budget for the financial year.
A significant sponsorship agreement continued during the year with Kilwaughter Minerals Ltd during the year. which
was used to support the cornpany's economic development activities and community-based initiatives to provide
public benefit.
The company's key activities were monitored within a departmentallcost centre approach under the key headings of.,
business start-up & growth, social entrepreneurship, community engagement & employability. economic
development, propety & conferencing and business developmenUR&D.
LEDCOM'S voluntary director5 have given over 38 years of commitment as a board of directors to the estsbli5hment
and growth of LEDCOM and its range of services, in order to support local economic development and provide
14

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
self-employment and employment opportunities for local people. The aggregate commitrnent of the directors who
have served within LEDCOM equates to over 420 years of voluntary service.
Their voluntary commitment to economic development goes beyond the essential corporate governance
requirements of running a social enterprise wth charitable status and includes-.
• The implementation of economic development initiatives such as the Lame Business Innovation & Incubation
Programme ILBIIP).,
Workinq to provide support for local people, businesses and oraanisations bv seNinq as voluntary directors wth
LEDCOM'S subsidiary companies such as Business-Led {Nl) Ltd..
Servina on a ranqe of company sub-committees and project qroups includinq.- the Finance & Gener81 Purposes
Committee, Building Committee, Marketing Committee and Remuneration Committee.,
Representinq the companv on local social enterprises and community qroups such as Millbrook Community
Association.,
Representinq the company and reqularly participatinq in a wide ranqe of LEDCOM related events includinq-,
business breakfasts, ne￿OrkIng events. conferences, awards & celebration events.,
Providinq a variety of informal types of voluntary support such as mentorinq and siqnposlinq for local individuals,
groups and businesses when engaging with them at LEDCOM evènts and celebrations.
The LEDCOM Board of Directorsrrrustees served in the following capacities over the last year..
Directorrrrustee
of LEDCOM Ltd
David Mcclean
Eleanor Mccann
Hazel Bell OBE
Hen
Fletcher
Jim Mcllro
John Shannon
John Sommerville
Vice Chairman
Maureen Stewart
Merv n Watle
Building
Committee
Marketing
Committee
Remuneration
Committee
Chairman
Finance &
General
Business-Led
Nl
Ltd
Heritage
erience
Chair
erson
Chairman
Chair
erson
J Chair
Dr Norman Apsley
OBE
Chairman
Chair
Dr Norman Apsley OBE also represents LEDCOM on the external advisory group to the Northern Regional College.
John Shannon also continues to represent LEDCOM on the Millbrook Community Association. Mervyn Watley
continued to make a significant contrtbution lo the irnplementation of the Bank Road Refurbishment Project and the
development plans for Foundry House. acting as the Board's project lead.
Staff participated during the year in regular Team Meetings, Strategy sessions, 1.1 reviews and personal
development plans.
At year end, LEDCOM successfully passed its recertification audit from NQA with annual accreditation being
maintained under the standards ISO 14001-2015 and 9001-2015 wth no non-conformances or previously
15

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
unidentified areas for improvement noted by the auditors.
LEDCOM is a member of Enterprise Nl (ENII and attended various ENI events.
LEDCOM ha5 developed a business continuity plan which identifies the key risks in the business alongside an 8Ction
plan to tackle these risks and a list of key contact organisations.
STAFFING & RELATED PARTIES
Stsffing and parties during the year included..
Ken Nelson MBE continues lo seNe the company as Chief Executive Officer and Company Secretsry with
responsibility for strategy implementation, continuous improvement and corporate governance. He is the
company's Finance Officer and responsible for company marketing. HR management and development
within LEDCOM as well as the development of key capital projects. He is also on the Chair of the Northern
Regional College INRCI governing body. Nl Co-operation Overseas {NI-COI and represents LEDCOM on
the Labour Market Partnerships (LMPS) for both ANBC and MEABC, and ANBC Peace IV and Peace Plus
partnerships-,
David Gillespie retired from his position as Senior Business Adviser at the end of March 2023, having had
particular responsibility for Start-up and Growth programmes and economic development. David also acted
as a board member of Enterprise Nl and MEABC Peace IV Partnership and a business mentor on various
start-up and growth programmes including Escalator, Start Up Coaching and Optimal. During 27 years
David made an immense contribution to LEDCOM and its clients which was acknowledged at a farewell
event with many colleagues p￿sent from the business support ec05yStem-.
Dr Michael van der Merwe is Business Operations Manager, with responsibility for propety management
(including lead responsibility for the LEDCOM Business Innovation & Incubation Programme ILBIIPI, within
which he is also a mentor), project management, quality rnanagement (ISO & customer service),
tenderinglcontract management, GDPR compliance, IT management and support provision. and
programme delivery le.g. Go For It, EEP, BSUCP, Spark, Optimall.,
Catherine Anderson is Business and Marketing Executive. Catherine manages the Go For It Programme.
She also works in other programmes such as Exploring Enterprise, SPARK. OPTIMAL and the
Entrepreneurship Programme. Catherine leads digital marketing and canference management for the
¢ompany',
June Scullion works as Fin8nce Officer within the company's financial administration and book-keeping
functions. June has responsibility for accounts administration, credit control and procurement providing
support to the companys key activities..
Anne Taylor is Community Engagement Officer for LEDCOM and is involved as a co-OTdinatorlmenlor for
the 50+ and EEP programmes along alongside other community engagement initiatives.,
Nigel Taylor as Facilities Officer provides site maintenance services for the sites at Bank Road, Willowbank
Business Park, the Work Cube and Foundry House. He has responsibility for grounds maintenance, minor
repair works and preparation for conferences and meetings. along with various health and safety
responsibilities:
Associates who worked with the company during the year included Alan Doole, Graeme Ritchie, Lawrence
Greer, and Deborah Fitzsimmons.
16

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
MARKETING AND PROMOTIONAL ACTIVITIES
Extensive marketing and promotional impact was achieved through the year by..
A range of ne￿orking events.,
Regular issue of press releases and advertising in digital and print media locally and regionally.,
Digitsl signage at both sites.,
New and contemporary website and promotional video.,
Sponsorship with Larne Football Club of an advertising board which has featured prominenlly on TV
coverage of games;
Publishing and circulation of annual report summaries-
Working wth companies such as NAKEDPR (PRI and Mint Design {Brandingl
LEDCOM staff attended various business breakfasts organised by several of the political parties.
Advertisements and features highlighting LEDCOM and its related seNices were carried in various local and
regional print and digital publications during the year, reflecting the range of activities in which LEDCOM is involved.
LEDCOM increasingly communicates wth its customers and stakeholders through social media channels and
mobile
hone texts with the followin
act..
Channel
Followers
Facebook
Pa
e LikeslFollows 1169
Twitter
1,835 followers
Insla
ram
277 followers
Linkedln
184 followers
Acknowledgements
The Directors greatly appreciate and acknowledge the support and assistance of many individuals and
organisations during 2022123 as we have sought to selve the Larne and Ballyclare communities as their Local
Enterprise and Business Centre. We would particularly mention..
Ballyclare Community ConcemslBallyclare Community Enterprises
Catalyst
Choice Housing
Danske Bank
Department for Communities
Department for Economy
Development Trusts Nl
East Antrim MP & MLAS
Federation of Small Businesses
Husky NetworkslAlan Stewart
INBIA
InlerTradelreland
Invest Northern Ireland (North East Local OffiGe and Headquarters)
Kilwaughter Minerals Ltd
Lame FC
LEDCOM associates and suppliers
LEDCOM lenant businesses and organisations
Michelin Development
Moore Nl
17

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
NICVA
Northern Ireland Chamber of Commerce and Industry
Northern Regional College (NRC)
FPM AAB
Social Enterprise Nl
The Chairman, Chief Executive, directors, staff and members of Enterprise Northern Ireland (ENII
The Mayor. Aldermen, Councillors and Council Officers of Antrim & Newtownabbey Borough Council (ANBCI
The Mayor. Aldermen, Councillors and Council Officers of Mid & East Antrim Borough Council IMEABC)
Ulster Community Investment Trusucommunity Finance Ireland
Young Enterprise
RESPONSIBILITIES OF THE TRUSTEES
The Board of Directors (who are also the Trustees of Local Economic Development Company ILEDCOMI Limited
for the purposes of company lawl are responsible for preparing the Annual Report and the financial slalements
in accordance with applicable law and regulations.
Company law requires the Board of Directors to prepare financial statements for each financial year. Under
that law the Board of Directors have elected to prepare the financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable lawl.
Under company law the Board of Directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the charilable company and the income and
expenditure of the charitable company for that period.
In preparing these financial statements, the truslees are required to=
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Charities SORP.,
make judgements and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards have been followed. subject to any material
departures disclosed and explained in the financial slaternenls-.
prepare the financial statements on the going concem basis unless it is inappropriate to presume
that the charitable company will continue in operation.
The Board of Directors are responsible for keeping adequate accounting records that are sufficient to show
and explain the charitable companls transactions and disclose with reasonable accuracy at any time the
financial position of the charitable company and enable them to ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation
included on the charitable company's website. Legislation in the United Kingdom goveming the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
18

Local Economic Development Company (LEDCOM) Limited
Report of the Trustees
Year Ended 30 September 2023
Statement as to disclosure to our auditors:
In so far as the Board of Directors are aware at the time of approving our trustees, annual report..
there is no relevant audit information of which the charitable company's auditor is unaware., and
the trustees, having made enquiries of fellow directors and the group's auditor that they ought to
have individually taken, have each taken all steps that helshe is obliged to take as a director in
order to make themselves aware of any relevant audit information and to establish that the auditor
is aware of the information.
By order of the Board of Trustees
Ken Nelson (Hon) MBE
Company Secretary
Date..
19