2025-09-30-annual-report - Local Economic Development Company (LEDCOM) Limited

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CHAIRMAN’S FOREWORD

Having reached a significant 40[th] anniversary milestone, LEDCOM has continued its focus on sub-regional economic growth as the local enterprise centre for the Larne and Ballyclare areas, seeking to be true to its charitable objects and aiming to support local communities, while being a trusted partner with local, national and supranational agencies. With 40 years track record of successful and sustainable delivery, I place on record the appreciation of the company to all our directors and staff – past and present – as well to our partners and supporters for enabling us to achieve so much economic impact.

As a self-financing social enterprise with charitable status, LEDCOM has had to secure resources in an increasingly competitive marketplace.

The Board of Directors/Trustees has continued to oversee a self-financing facilities-based financial model with wraparound support services which delivers our mission while building on the latent strengths of its existing geographic locations and its diverse and experienced staff and voluntary directors.

With Mr Henry Fletcher’s passing in July 2025, LEDCOM lost a highly effective board member and former Chairman who made an immense contribution to LEDCOM and its range of facilities. With great courtesy he used his wide range of skills and experiences to guide LEDCOM with projects such as the refurbishment of Bank Road Business Park. During the year the directors/trustees were delighted to co-opt Mr Graham Lapsley onto the Board.

A native of Ballyclare and with an extensive and highly successful career in banking with Danske, Graham brings a wealth of experience and networks to his role in LEDCOM.

The board was pleased to see LEDCOM’s long serving CEO Ken Nelson MBE recognised with a Lifetime Achievement Award at the Larne Business Awards in March 2025.

During the year LEDCOM has been at the forefront of a strategically vital pilot for Community Wealth Building for Larne, working alongside a similar pilot in the North West. Community Wealth Building (CWB) is a transformative approach to local economic development, gaining global recognition.

In Northern Ireland, CWB is central to the Department for Communities' new strategy, aiming for inclusive growth, and strongly fits with the new strategic direction for Department for the Economy (DfE) and Invest NI (INI). CWB offers local partners the building blocks to help set the course for a balanced and equitable transformation of local economies. As Co-Chair of the Larne CWB Partnership pilot, LEDCOM is partnered with the other anchor organisations - Choice Housing, Northern Regional College, Access Employment Ltd, Port of Larne, Larne Business Forum, Larne Football Club and Mid & East Antrim Borough Council.

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, with an investment of c.£1 million of the company’s own resources, supported by Danske. The overall Social and Economic impact of LEDCOM activities and clients has been c.£12,600,000, a factor of approximately 2.4 on its balance sheet and almost 15 times its turnover.

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 including Antrim & Newtownabbey and Mid & East Antrim Borough Councils. We immensely value the growing quality and support of our local businesses (especially noting The Kilwaughter Foundation). We have enjoyed the interest and support of our bank (Danske Bank), politicians, local and central government as well as other bodies such as Enterprise NI, Social Enterprise NI, Community Finance Ireland, FSB and Development Trusts NI.

These partnerships and others are crucial to our plans for the coming 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 21[st] 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.

Chairman - LEDCOM Board of Directors/Trustees

Dr Norman Apsley OBE

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

HIGHLIGHTS – EXECUTIVE SUMMARY

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.

LEDCOM’s charitable objects are:

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 and/or Great Britain (the “areas of benefit”), by all or any of the following means:
the relief of poverty in such ways as may be thought fit;
the relief of unemployment in such ways as may be thought fit, including assistance to find employment;
the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;
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:
- in setting up their own business, or;
- to existing businesses or to those considering establishing a business;
the promotion and support of social enterprise, social economic development and sustainable means of achieving economic growth and regeneration;
the creation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms.
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 purpose and to provide a benefit to the beneficiaries.

Beneficiaries of both the primary and secondary charitable purposes are the general public and no harm flows 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 rural regeneration in areas and sectors of social and economic deprivation but is purely incidental to the purposes of our work.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

HIGHLIGHTS – EXECUTIVE SUMMARY (continued)

EVIDENCE OF DELIVERY AGAINST THE CHARITY’S OBJECTS

In 2024/25 services, facilities, programmes and initiatives LEDCOM was involved with delivering both social and economic impact which resulted in public benefit through:

Providing £168,590 of pro bono/voluntary investment through programmes, services and time provided to the local community by LEDCOM directors/trustees and staff (£30,000 for Community Wealth Building, £40,290 pro bono conference use for local community/economic regeneration, £25,390 LEDCOM Business Innovation & Incubation Programme (LBIIP) package contribution, £33,000 staff contribution, £39,910 board contribution);
Business start-up support and signposting delivered by LEDCOM to 334 business/social enterprise start-ups in Mid and East Antrim & Antrim and Newtownabbey facilitated the provision of an estimated 246 jobs. Using the NISRA Annual Survey of Hours & Earnings (ASHE) - provisional figures for 2025, this equates to a gross earnings value of £8,546,196. This is based on the figures for both Council areas at £37,369 (ANBC) and £33,143 (MEABC) median gross income;
An estimated £498,622 recirculated into the wider social economy of ANBC and MEABC areas;
Safeguarding 77 tenant businesses/organisations and five licensees, constituting an estimated 123 further employment and training places;
Helping more than 416 individuals with LEDCOM services and support activities including programme participants, tenant businesses with individuals supported from disadvantaged areas/groups such as the long term unemployed, unemployed young people and those with disabilities.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

1. SOCIAL OUTPUTS AND IMPACT

1.1. SOCIAL IMPACT REPORT

As a social enterprise LEDCOM records its social impact but also tracks how as an organisation it helps businesses and individuals for public benefit.

LEDCOM records its outputs in terms of quantitative and qualitative impact.

The social outputs are measured over four key areas of outputs.

Staff time on non-income generated projects /community projects and on various social economy/community and voluntary boards/committees, including sessions of staff time utilised to help develop local community organisations, extra voluntary development support for new start-up businesses for public benefit;
Non charged or discounted use of conference/meeting rooms;
Discounted or non-charged rental of units due to incubation support to support economic regeneration and investment;
Board of directors’ and staff voluntary time supporting the local economy and community with a focus on community based economic regeneration, including voluntary board/committee meetings attended by LEDCOM board members across NI.

1.2. BREAKDOWN OF SOCIAL OUTPUTS

1.2.1. Staff Time

This involves support provided for community development and economic development in Larne and across Northern Ireland.

The equivalent of 660 staff hours was given to the community in social outputs this year. The value of this time has been multiplied by a cost recovery rate.

It is also worth 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 practise visits from local and international organisations sharing knowledge of social enterprise and economic development.

The rate of the social output calculation is £50 per hour for staff members; hence the monetary value of this output is calculated at £33,000.

1.2.2. Pro Bono Provision of Conference Facilities

This supports local community development and business growth for public benefit. During the year a value of £40,290 was provided in pro bono use of the conference facilities for community development/economic regeneration.

The provision of facilities was provided at the management’s discretion for different purposes and groups including; local community groups, counselling organisations community education, new start-up businesses, tenants and public sector organisations.

1.2.3. Innovation and Incubation 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).

Local Economic Development Company (LEDCOM) Limited Report of the Trustees

For the year ended 30th September 2025

The LBIIP provides support on favourable terms for eligible businesses/social enterprise for public benefit in terms of economic opportunities such as employment.

During the year a value of £25,390 of incubation support was invested in new start-up businesses/social enterprises and business growth projects.

1.2.4. Board Voluntary Time

As a social enterprise, the LEDCOM Board is made up of skilled, motivated and experienced local people serving on a voluntary basis. In 2024/2025 they gave at least 614 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 £65 per hour contributed by board members; hence the monetary value of this output is calculated at £39,910.

1.2.5. Community Wealth Building (CWB)

During the year LEDCOM has been to the forefront of a strategically vital pilot for Community Wealth Building (CWB) for Larne, working alongside a similar pilot in the North West.

LEDCOM’s commitment to CWB is fully aligned with its charitable objects and mission.

CWB is a transformative approach to local economic development, gaining global recognition.

As Co-Chair of the Larne CWB Partnership pilot, LEDCOM is partnered with the other anchor organisations; Choice Housing, Northern Regional College, Access Employment Ltd, Port of Larne, Larne Business Forum, Larne Football Club and Mid & East Antrim Borough Council.

During the year LEDCOM’s Chairman and CEO committed considerable pro bono time and provision of meeting space to support the Larne CWB pilot.

The value of this CWB pro-bono support is estimated at c.£30,000 and contributed to significant progress for the Larne CWB pilot and a CWB strategy action plan.

1.2.6. Analysis of Social Output Value

The total social output value is tabulated below:

----- Start of picture text -----
Social Output Areas Output Equivalent Value
Staff time 660 hours £33,000
Pro bono use of conference/meeting 1,343 hours £40,290
facilities
Pro bono support for CWB Development of Larne CWBP pilot £30,000
(staff/board time & use of facilities)
Incubation support 9 eligible businesses received £25,390
support
Board voluntary time 614 hours £39,910
Total £168,590
----- End of picture text -----

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

1.3. ECONOMIC OUTCOMES

The metrics for economic outcomes over the last year are shown below:

----- Start of picture text -----
Headings Outcomes Measured and verified by Queens
University Belfast (QUB) research
techniques
Job creation ANBC & MEABC Using the Go Succeed/INI measurement of
Estimated 246 jobs 1.5 jobs per business plan
Tenancies/licences
Estimated 123 jobs
Combined Total 369 jobs
Financial impact of the ANBC Using the full-time average gross salary
jobs created £3,475,317 Northern Ireland figure produced by NISRA
MEABC (2025) to multiply this figure by the
£5,070,879 number of jobs created in LEDCOM. This
was based on the figures for both Council
Tenancy
areas at £37,369 (ANBC) and £33,143
£4,076,589
(MEABC) average gross income
Combined Total £12,622,785
Gross Value Added (GVA) ANBC Sample of 8 businesses plans. A standard
£347,004.00 * 93 calculation GVA on average taken and
= £32,271,372 multiplied by the number of business plans
MEABC completed
£196,996.38 * 153
= £30,140,446
Recirculation of money LEDCOM recirculated £498,622 into the Based on QUB (2017) research findings the
into the wider social wider social economy rate identified by QUB of 53p per £1 spend
economy in LEDCOM is recirculated into local
economies
LEDCOM spend in ANBC ANBC Based on QUB research findings within
and MEABC areas £222,495 LEDCOM
MEABC
£383,286
Other areas
£335,015
Combined Total of £940,796
Total of 64% of all LEDCOM expenditure
occurred within these two Council areas
Suppliers re-spent within ANBC Based on QUB research findings within
the MEABC & ANBC £135,722 LEDCOM
areas by a multiplier MEABC
effect £233,804
Other areas
£204,359
Combined Total of £667,965
----- End of picture text -----

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

2. KEY BUSINESS ACTIVITY AREAS

2.1. BUSINESS START UP AND GROWTH

2.1.1. Go Succeed Programme

Go Succeed is a business support service in Northern Ireland that offers free, expert advice to help individuals start, grow, and scale their businesses. It provides tailored guidance, workshops, mentoring, and access to funding for entrepreneurs at all stages of their business journey. LEDCOM is responsible for programme delivery in cross two council areas: Mid and East Antrim (Larne) and Antrim and Newtownabbey (Ballyclare). The four main pillars within Go Succeed are Engage (5.5 hours of support available), Foundation (12 hours of support available), Growth (up to 21 hours of support) and scaling (up to 28 hours of support).

Enquiries : 224 enquiries
Diagnostic Meetings : 171 diagnostic meetings were held (90 in Mid and East Antrim, 81 in Antrim and Newtownabbey).
Engage & Foundation Clients : 164 clients completed the programme, with 102 in Mid and East Antrim and 62 in Antrim and Newtownabbey.
Mentoring Support : Engage clients received 5.5 hours of mentoring, while Foundation clients accessed 12 hours of mentoring and potential grant support.
Workshops were also delivered as part of the Go Succeed programme.

2.1.2. Go Succeed Growth Programme

The Go Succeed Growth Programme, managed by Mallusk Enterprise Park, offers additional mentoring to support growth-stage clients. LEDCOM facilitates delivery to clients in MEABC and ANBC, with 25 clients receiving mentoring from LEDCOM’s team—Catherine, Graeme, and Ken. Each client received a tailored number of mentoring hours (10, 15, or 21) along with access to potential grant support.

LEDCOM also facilitates advice and counselling sessions with other support organisations. Clients are also referred where appropriate to bodies such as Invest NI, HMRC, InterTradeIreland, and local government economic development 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.

2.2. SOCIAL ENTREPRENEURSHIP

LEDCOM oversees an annual Service Level Agreement (SLA) with the Mid and East Antrim Borough Council (MEABC) to implement targeted economic development projects. This year, one of the key initiatives was an enterprise programme focused on individuals interested in starting or expanding a social enterprise. Demand for this programme was high, and recruitment was completed in September 2024. Outreach efforts included the SENI directory, local councillors, existing business support programme clients, and other community sources. The high interest led to a waiting list, reflecting the strong need for such support in the region. Over 80% of clients were referred to Go Succeed for further support.

2.3. ECONOMIC DEVELOPMENT SERVICES

LEDCOM oversees an annual Service Level Agreement (SLA) with the Mid and East Antrim Borough Council (MEABC) to implement targeted economic development projects.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

2.4. PROPERTY AND CONFERENCING

In total LEDCOM has c. 100,000 sq.ft. of lettable space comprising 102 units and 8 shared workspaces across its four locations.

Whilst freehold properties are accounted for as investment properties in the financial statements, these properties are all primarily utilised in the furtherance of the company’s charitable objectives, with units for rent being made available on supportive terms to businesses and organisations which may be unlikely to afford rental units elsewhere. Please refer to Section 1 of this report for details of the quantitative Social Outputs and Economic Outcomes relative to such support.

The occupancy levels for each location are detailed below. Please note discrepancy in unit count year-on-year is due to LEDCOM making use of units for project work, so lettable unit count decreases.

2.4.1 Bank Road Business Park (BR)

In total, Bank Road Business Park has c. 60,000 sq.ft. of lettable space comprising 61 lettable units. As at 30[th] September 2025 the company was approximately 90% of its way through the refurbishment of the Bank Road Business Park (total cost projected to be in the region of £1 million). This investment has been undertaken with a view to continuing to provide accommodation suitable for businesses trading in the future, including rental units available on supportive terms for letting to business incubation and growing business tenants.

Tenancy levels remained high this year, with the following net movement over the year:

*Metric*	At end of 2022	At end of 2023	At end of 2024	At end of 2025	Net Change
Let/Total Unit Count	59/62 95.2%	58/62 91.9%	51/61 83.6%	51/61 83.6%	None 0%
Let/Total Area (sq.ft.)	53,934/58,722 91.8%	55,610/58,722 94.7%	50,639/58,921 85.9%	52,675/58,921 89.4%	+6,246 +3.5%

A total of 7 new tenants leased units on site this year.

2.4.2 Willowbank Business Park (WB)

In total, Willowbank Business Park has c. 35,000 sq.ft. of lettable space comprising 25 lettable units. A particular emphasis is placed on knowledge based and export-oriented businesses with growth potential.

Tenancy levels remained steady this year, as follows:

*Metric*	At end of 2022	At end of 2023	At end of 2024	At end of 2025	Net Change
Let/Total Unit Count	20/26 76.9%	22/26 84.6%	22/25 88.0%	19/25 76.0%	-3 -12.0%
Let/Total Area (sq.ft.)	26,869/34,946 76.9%	31,486/34,946 90.1%	31,179/34,951 89.2%	29,534/34,951 84.5%	-5,417 -4.7%

A total of 3 new tenants leased units on site this year.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

2.4.3 Foundry House (FH)

In total, Foundry House has c. 5,500 sq.ft. of lettable space comprising 16 units and licence options.

In advance of a major refurbishment programme with interim repairs ongoing, tenancy levels were maintained at a prerefurbishment manageable level this year, with the following net movement over the year:

*Metric*	At end of 2022	At end of 2023	At end of 2024	At end of 2025	Net Change
Let/Total Unit Count	5/17 29.4%	6/17 35.3%	6/16 37.5%	7/16 43.8%	+1 +6.3%
Let/Total Area (sq.ft.)	1,504/5,235 28.7%	1,942/5,235 37.1%	1,453/5,235 27.8%	1,482/5,235 28.3%	+29 +0.5%

Only 1 new tenant leased a unit on site this year.

2.4.4 The Work Cube (WC)

In total, The Work Cube has 204 sq.ft. of lettable space comprising eight shared workspaces for licensees, all with access to a shared kitchenette.

As is the nature of co-working and hot-desking facilities, there can be rapid short-term movements in tenancy – which occurred at year end, while enquiries at year end indicated an imminent return to virtually full tenancy.

*Metric*	At end of 2022	At end of 2023	At end of 2024	At end of 2025	Net Change
Let/Total Unit Count	8/8 100.0%	8/8 100.0%	2/8 25.0%	5/8 62.5%	+3 +37.5%
Let/Total Area (sq.ft.)	204/204 100.0%	204/204 100.0%	51/204 25.0%	128/204 62.5%	+77 +37.5%

In total 3 new licensees made use of the shared space this year.

2.4.5 Conferencing

Conferencing has remained steady throughout the year, successfully meeting projected income targets. Regular conference users continue to report positive experiences. With professional, modern amenities, the facilities are versatile and able to accommodate a broad range of bookings that meet diverse client needs. Efficient processes help maintain high service standards, ensuring clients receive an exceptional experience. The outlook remains positive, with similar performance expected in the coming years.

2.5. BUSINESS DEVELOPMENT/R&D

LEDCOM continued to work on a significant social enterprise project in Ballyclare through ongoing discussions with Antrim & Newtownabbey Borough Council with a view to further improving and growing the operation of the Foundry House and the Work Cube facilities in line with its charitable objects.

For the year ended 30th September 2025

Local Economic Development Company (LEDCOM) Limited Report of the Trustees

3. COLLABORATIVE & SUBSIDIARY ACTIVITIES

3.1. COMMUNITY WEALTH BUILDING (CWB)

During the year significant progress was made with the establishment of a Larne Community Wealth Building Partnership (LCWBP) with LEDCOM as an anchor organisation along with the Port of Larne, Access Employment Limited, Choice Housing, Larne Business Forum, Northern Regional College, Mid & East Antrim Borough Council and Larne Football Club.

LEDCOM also worked closely with the North West CWB Partnership, with both partnerships being encouraged as a CWB pilot for NI by the Department of Communities, supported by Development Trusts NI (DTNI) and QUB’s QCAP unit.

The CWB concept is building strategic linkages across the private, public and Community & Voluntary Social Economy (CVSE) sectors to achieve measurable improvements for community based economic development.

As part of the pilot, LEDCOM is exploring the potential for a Willowbank II facility with a possible focus on skills-based life & health sciences and logistics activities.

3.2. BUSINESS-LED (NI) LTD

Business-Led (NI) 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.

3.3. HERITAGE EXPERIENCE (HE)

Heritage Experience Ltd aims to develop and market cultural heritage/tourism related products and services to support tourism focussed economic development, but the global impact of COVID-19 had a significant detrimental impact on such tourism activities.

The company produced and wholly owns the DVD series “An Independent People”, and in the past sales of these DVDs were made through retailers and individuals. However, technological advances have now rendered the remaining stock of DVDs obsolete. At minimal cost, the directors have enquired whether potential income might be possible from reuse of the footage or from streaming but, despite participants having given their assent for such use, no meaningful financial contribution appears to be achievable.

This activity revealed that interest in the Socio-Economic, Science and Engineering Heritage remains, and Heritage Experience Ltd stands ready to work with anyone prepared to invest in telling the many magnificent stories from Ulster’s past.

HE is a wholly owned subsidiary within LEDCOM.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

4. STRUCTURE, CORPORATE GOVERNANCE, FINANCIAL CONTROL, RISK MANAGEMENT, STRATEGIC PLANNING & RELATED PARTIES

The Directors/Trustees are committed to the highest standards of corporate governance 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 governance/conflict of interest review.

4.1. 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:

Regular briefings at board meetings on related topics;
Participation in seminars and information events organised by LEDCOM and other bodies such as local councils, Enterprise NI, etc.;
Regular circulation of relevant reports and information by email to all directors;
An annual directors and staff research and strategy review event was held with a best practice visit to the Catalyst Bedford Street innovation hub.

Risk management and risk appetite is regularly discussed at board meetings, as well as staff 1:1s and team meetings.

A corporate risk register and business continuity plan is kept updated and reviewed regularly each quarter at board meetings.

Directors and staff are involved in several other external organisations – such as Enterprise NI, NI Federation of Housing Associations, Northern 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 directors/trustees are appointed, it follows an agreed process which includes a skills experience analysis with a process agreed to address gaps and attract suitable appointees.

All appointments are subject to approval at the Annual General Meeting.

4.2. 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 to delivering the organisation’s charitable objectives) is produced at the start of each financial year and performance/variances reviewed in detail throughout the financial year.

Management accounts, account balances, cash flow forecasts 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.

With significant experience as an accountant, Graeme Ritchie serves as the company’s part-time Finance Manager and attends board/trustees' meetings to provide financial analysis and assurance as part of governance and risk management.

By year end, it was noted that performance against budget and cash flow forecasts was in line with projections taking into account inflationary pressures, enabling the organisation to fulfil its charitable objects.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

4.3. RESERVES POLICY

As a member of NICVA, LEDCOM trustees/directors operate a reserves policy/practice aligned to guidance drawn up by the (former) Department of Finance and Personnel following consultation with the voluntary and community sector and relevant to voluntary and community organisations, statutory bodies and funders generally.

The trustees/directors of LEDCOM recognise that The Charity Commission for Northern Ireland does not prescribe a ‘correct’ level of reserves and have an understanding that a reserves policy/practice must be seen in the wider financial position of an organisation.

In line with the above guidance and good practice, LEDCOM’s policy/practice allows for:

Sufficient free reserves to provide cover for between 3-6 months in relation to known liabilities;
A smaller additional provision of free reserves for unforeseen liabilities.

This policy/practice was adhered to throughout the reporting period.

4.4. STAFF REMUNERATION

Staff performance and development is regularly appraised at 1:1 meetings with detailed annual appraisals reviewed by the Remuneration Committee.

Board members who serve on the Remuneration Committee have extensive knowledge and experience of employee remuneration and rewards across the public, private and social economy sectors.

When making recommendations on staff remuneration and rewards the committee members take into account:

Performance against individual work plans and targets in the context of the organisation’s charitable objects, performance and financial sustainability;
Regular review and benchmarking with Enterprise NI members and related research, social economy, voluntary and community organisations, public and private sectors.

Recommendations are made by the committee to LEDCOM’s Finance & General Purposes Committee which in turn makes recommendations to the full board of directors/trustees.

4.5. STRATEGIC PLANNING

The Board of Directors held seven full meetings during the year to review company performance, policies and strategy.

By year end, the ‘Reboot Strategy’ was further implemented with regular review 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 The Kilwaughter Foundation which was used to support the company’s economic development activities and community-based initiatives to provide public benefit.

The company’s key activities were monitored within a departmental/cost centre approach under the key headings of; business start-up & growth, social entrepreneurship, community engagement & employability, economic development, property & conferencing and business development/R&D.

LEDCOM’s voluntary directors have given over 40 years of commitment as a board of directors to the establishment and growth of LEDCOM and its range of services, in order to support local economic development and provide selfemployment and employment opportunities for local people.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

The aggregate commitment 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 with charitable status and includes:

The implementation of economic development initiatives such as the Larne Business Innovation & Incubation Programme (LBIIP);
Working to provide support for local people, businesses and organisations by serving as voluntary directors with LEDCOM’s subsidiary companies such as Business-Led (NI) Ltd.;
Serving on a range of company sub-committees and project groups including; the Finance & General Purposes Committee, Building Committee, Marketing Committee and Remuneration Committee;
Representing the company on local social enterprises and community groups such as Millbrook Community Association;
Representing the company and regularly participating in a wide range of LEDCOM related events including; business breakfasts, networking events, conferences, awards & celebration events;
Providing a variety of informal types of voluntary support such as mentoring and signposting for local individuals, groups and businesses when engaging with them at LEDCOM events and celebrations.

The LEDCOM Board of Directors/Trustees served in the following capacities over the last year:

----- Start of picture text -----
Director/Trustee Building Marketing Remuneration Finance & Business-Led Heritage
of LEDCOM Ltd Committee Committee Committee General (NI) Ltd Experience Ltd
Purposes
Committee
David McClean ✓ Chair ✓ ✓ ✓
Eleanor McCann ✓ Chairperson
Hazel Bell OBE ✓ ✓ ✓
Henry Fletcher ✓ ✓ ✓
(until July 2025)
Graham Lapsley ✓ ✓
Dr Jim McIlroy
John Shannon ✓
John Somerville ✓ Chairman ✓
(Vice Chair)
Maureen Stewart ✓ Chairperson ✓ Chair
Mervyn Watley ✓ ✓
Dr Norman Apsley ✓ ✓ ✓ ✓ ✓ ✓ Chair
OBE (Chair)
----- End of picture text -----

Dr Norman Apsley OBE also represents LEDCOM on the Larne Community Wealth Building Partnership (LCWBP) and John Shannon also continues to represent LEDCOM on the Millbrook Community Association. Mervyn Watley continued to make a significant contribution to the implementation 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 with no non-conformances or previously unidentified areas for improvement noted by the auditors.

LEDCOM is a member of Enterprise NI (ENI) and attended various ENI events.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees

For the year ended 30th September 2025

LEDCOM has developed a business continuity plan which identifies the key risks in the business alongside an action plan to tackle these risks and a list of key contact organisations.

During the year a LEDCOM Internship Programme was developed to help build a skills pipeline for future staffing needs. This was led by Catherine Anderson and during the year three undergraduates from Queen’s University Belfast (QUB) had short-term placements with LEDCOM.

4.6. STAFFING & RELATED PARTIES

Staffing and related parties during the year included:

Ken Nelson MBE continues to serve the company as Chief Executive Officer and Company Secretary with responsibility for strategy implementation, continuous improvement and corporate governance. He is responsible for company marketing, HR management and development within LEDCOM as well as the development of key capital projects. He is also served as the Chair of the Northern Regional College (NRC) governing body (until June 2025) and represents LEDCOM on the Local Economic Partnerships (LEPs), Labour Market Partnerships (LMPs) for both ANBC and MEABC, and the ANBC Peace Plus partnerships. He is the CoChair of the Larne Community Wealth Building Partnership (LCWBP) and during the year was appointed to the FSB Northern Ireland Policy Unit, with opportunities to influence government policy impacting on small businesses.
Dr Michael van der Merwe is Business Operations Manager, with responsibility for property management (including lead responsibility for the LEDCOM Business Innovation & Incubation Programme (LBIIP), within which he is also a mentor), project management, quality management (ISO & customer service), tendering/contract management, GDPR compliance, IT management and support provision, and programme delivery.
Catherine Anderson works as the Business Development and Marketing Manager within LEDCOM. Her role has expanded to the management of all business support services, conferencing and marketing. She manages and delivers on Go Succeed, NIEESS, Social Enterprise Accelerator and other programmes. Catherine is also responsible for LEDCOM communications and conferencing facilities. Catherine continued to lead an internship programme for LEDCOM in 24/25 which has been successful.
June Scullion works as Financial Operations Manager within the company’s financial administration and bookkeeping functions. June has responsibility for accounts administration, credit control and procurement providing support to the company’s key activities. During the year she achieved prestigious Certificate in Accounting accreditation;
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;
Graeme Ritchie serves as the company’s part-time Finance Manager and attends board/trustees' meetings to provide financial analysis and assurance as part of governance and risk management;

Following a successful placement under the Department for Communities (DfC) JobStart 50+ Programme, Edward Dempsey was appointed as a Facilities Support Assistant in April 2025.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

5. MARKETING AND PROMOTIONAL ACTIVITIES

Throughout the year, extensive marketing and promotional efforts have significantly boosted LEDCOM’s visibility and engagement with stakeholders. Key initiatives included recognition of LEDCOM’s 40[th] anniversary in May 2025 and other related activities including:

Networking Events : A variety of networking opportunities were organised, helping to establish valuable connections within the community.
Press Releases and Advertising : Regular press releases and advertisements in both digital and print media reached audiences locally and regionally, maintaining a strong public presence.
Digital Signage : Strategically placed digital signage at both Larne sites enhanced on-site promotion, with planned improvements to these underway.
Website and Promotional Video : A new, modern website and promotional video highlighted LEDCOM’s offerings in a visually engaging way.
Social Media Content : Active engagement on social media platforms expanded LEDCOM’s reach to a broader audience.
Email Marketing : Regular email updates kept clients and stakeholders informed and engaged.
Audio Branding : Audio branding enhanced brand recognition across relevant channels.
Tenant Communication : Regular communications with tenants ensured they were well-informed and aligned with LEDCOM’s initiatives.
Public Relations (PR) : PR efforts supported LEDCOM’s image as a community-centred organisation, promotion of the 40[th] anniversary and project developments.

LEDCOM also published and distributed annual report summaries to keep stakeholders informed of organisational progress. Staff participated in business breakfasts, furthering community engagement. Consistent advertising and feature articles across local and regional publications highlighted LEDCOM’s diverse services and activities. The organisation increasingly utilises social media and email marketing to strengthen connections with customers and stakeholders, ensuring regular and effective communication.

These combined efforts have greatly contributed to LEDCOM’s growing presence and influence within the region, which are monitored/measured by the Marketing Committee against a series of KPIs.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

6. RESPONSIBILITIES OF THE TRUSTEES

The Board of Directors (who are also the Trustees of Local Economic Development Company (LEDCOM) Limited for the purposes of charity law) are responsible for preparing the Annual Report and the financial statements 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 law). 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 charitable company and the income and expenditure of the charitable company for that period.

In preparing these financial statements, the trustees 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 statements;
prepare the financial statements on the going concern 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 company’s 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 information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees For the year ended 30th September 2025

7. ACKNOWLEDGEMENTS

The Directors greatly appreciate and acknowledge the support and assistance of many individuals and organisations during 2024/25 as we have sought to serve the Larne and Ballyclare communities as their Local Enterprise and Business Centre. We would particularly mention:

Catalyst;
Choice Housing;
Danske Bank;
Department for Communities;
Department for Economy;
Development Trusts NI;
East Antrim MP & MLAs;
Federation of Small Businesses;
Finegan Gibson Limited;
Husky Networks/Alan Stewart;
INBIA;
InterTradeIreland;
Invest Northern Ireland;
The Kilwaughter Foundation;
Larne Community Wealth Building Partnership (LCWBP) anchor organisations;
LEDCOM associates and suppliers;
LEDCOM tenant businesses and organisations;
Michelin Development;
Naked PR;
NICVA;
Northern Ireland Chamber of Commerce and Industry;
Northern Regional College (NRC);
Probation Board NI;
Social Enterprise NI;
The Chairman, Chief Executive, directors, staff and members of Enterprise Northern Ireland (ENI);
The Mayor, Aldermen, Councillors and Council Officers of Antrim & Newtownabbey Borough Council (ANBC);
The Mayor, Aldermen, Councillors and Council Officers of Mid & East Antrim Borough Council (MEABC);
Ulster Community Investment Trust/Community Finance Ireland;
WH Stephens Ltd.

Local Economic Development Company (LEDCOM) Limited Report of the Trustees

For the year ended 30th September 2025

Statement as to disclosure to our auditors:

In so far as the Board are aware at the time of approving our trustees’ annual report:

there is no relevant audit information of which the charity’s auditor is unaware; and
the trustees, having made enquiries of fellow directors and the group’s auditor that they ought to have individually made, have each taken all steps that he/she 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 MBE Company Secretary

Date: 5 December 2025