Charity Commission No. NIC 104023
HMRC Charity Reference- XR 93502
Company Registration No. N1020329 (Northern Ireland}
TOWNSEND ENTERPRISE PARK
LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Charity information
Trustees, report
Independent auditorfs report
Statement of financial activities
Balance sheet
10
Statement of cash flows
11
Notes to the financial ststements
12-21

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Paul Darragh
Colin Skillen
Rev John Lamb
Heather Murray
John Neill
John Hunter
Father Ciaran O'callaghan
Linda Graham
Gareth Nethercott
Secretary
Mrs M Patterson-mcmahon
Charity number
NIC 104023
Company number
N1020329
Registered office
Townsend Enterprise Park
Townsend Street
Belfasl
BT13 2ES
Auditor
Moore IN.1.) LLP
4th Floor Donegall House
7 Donegall Square North
Belfast
BT1 SGB
Bankers
Bank of I￿land
202 Andersonstown Rd
Belfast
BT11 9EB
Solicitors
Millar Mccall Wylie LLP
Eastleigh House
396 Upper Newtownards Road
Belfast
BT4 3EY

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report and accounts for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts
and comply with the charitys Memorandum and Articles of Association. the Companies Act 2006 and
"Accounting and Reporting by Charities= Statement of Recommended Practice applicable io charities preparing
their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland
(FRS 1021" (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
The charity's objects are set out in the Memorandum and Articles of Association. The principal activities of the
charity are that of..
{1) Promotion of urban regeneration for the public benefit in BelfasUGreater Belfast area and its environs (the
"area of benefit"), by all or any of the following means..
Creation of training and employment opportunilies for the unemployed and underemployed by the
provision of workspace, buildin9 andlor land for use on favourable terms;
Provision of 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. Of
{ii) io existing business or those considering establishing a business;
The promotion and support of social enterprise and 5UStainable means of a¢hieving economic growth
and regeneration; and
The relief of unemployment in such ways as may be thought fit.
(21 The advancement of community development in the area of benefit and in particular the promotion of the
community and voluntary sector for the benefit of the public by providing facilities and other support to community
and voluntsry groups.
We have earned the reputation of being a major enterprise development player in Belfast having assisted many
businesses, social enterprises and charities to start-up. develop and expand. We have also worked effectively
with other stakeholders to lead the regeneration of importsnt aspects of the buill environment surrounding our
premises and are making progress to promoie and celebrate the area's important industrial, cultural and social
heritage credentials for the benefit of the wider community.
The activities to meet our objectives are set out in an overall strategic framework based on four key pillars During
this year under each of these themes the charity has had the following achievements and performance.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Resources
A high priority for Lts is to maintain jobs and support economic development in this area of high deprivation by
continuing to offer suitable quality accommodation at favourable rates and subsidised service charge costs.
Whilst these subsidies provided some private benefit to the owners of small businesses who rent the unit5 and
offices we view this to be ancillary to the main purpose greally outweighed by the gains in public benefit which
can be identified and measured through the sustained labour resource in the area, among other benefits.
We maintained a high occupancy rate (averaging 96 % ) during the period, despite continued pressure on tenants
arising from the 'cost of living, crisis and challenging funding environmenl for our third sector lenants, thus
protecting jobs. and continuing to encourage economic and social regeneration.
During the period we undertook substantial renovation and refurbishment to the fabric of buildings across the
estate. This included replacement of several units. roofs and gutters, installation of a new shopfront and improved
accessibility to the office building for disabled people, refurbishment of common areas, toilets and kitchens and
upgrading of lighting and heating. These upgrades have improved the appeal of the office to existin9 and
potential new tenants. improved energy efficiency and made the building more accessible lo all users.
During the period we also reorganised our IT and communications services, moving to a manged support service
which looks after our cyber security as well as infrastruclure and software. This has substantially improved our
resilience and ability to recover from incidents wilhoul Ihe need to wait for hands-on IT support, ensuring thai
neither we nor our tenants are without critical IT services for long.
We will continue to invest in maintenance and upkeep of the estate more generally, prioritising works according
to needs but ensuring that they remain fit for purpose and meet all staiutory and health and safety requirements.
Regeneration Projects
We have continued to execute our plans for Re-lmagining, Re-building & Re-connecting Townsend Street with a
landmark industrial-styled canopy at the front of the building now inslalled referencing the important in(Justrial
heritage of the site, and continued promotion of the 'Foundry Quarter. concept through ershanced internal
exhibition space. Consultsnts have also been retained to support us with grant applications for a larger outdoor
exhibition Space, with concept plans already produced.
We have developed a strategic partnership with the Trustees of the Townsend Slreel. Belfast Presbyterian
Endowments and the Ulsler Orchestra (which now occupies the next-door church and old school buildings) to
further local understanding of the industrial. social and cultural heritage of the street with a view to promoting the
area as a great place in which to live. work and invest. Initially. this has taken the form of applying together for
area development funds, and we are excited lo have partners now with similar goals.
In the development of these projects and partnerships we shall continue to explore and develop other initiatives
to benefit the deprived area in which we are located. This is wilh a view to providing greater employment and
training opportunities for the residents living in our area, leading to a reduction in unemployment and financial
hardship.
Community Investment & Linkages
We continue to work with the local communities and other stskeholders. through various forums. in¢luding the
Lower Falls and Shankill Forum and the Unwanted Bonfires Panel. with meetings being held lo address diverse
issues which affect the wellbeing of the local community. including broader issues such as deprivation. inequality,
and anti-social behaviour.
Senior management also provides time, expertise and resources to support other charitable organisations which
work in partnership with Townsend Enterprise Park and lor share complementary charitable objectives. Property
maintenance and management services are also provided to certain charities. along with subsidised rent and
support services where there is a clear alignmenl of charitable interests.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Training & Skills Development
As we advants our work, we continue to review the skills and expertise required to aid future work and plans.
The annLsal Investors in People assessment saw us maintain our Silver certification, demonstrating our continued
commitment to a positive working environment in which everyone feels valued and able to contribute to the
organisation's success.
The training and skills development of all employees is reviewed during the annual performance review ensuring
that they are up to date in all areas essential to our effective operation. During the period staff variously
undertook IT training, health and safety at work training (such as manual handling, power washing, handling
sharps, using ladders}. and heritage project training.
Public Benefit
The Trustees of the charity confirm that through the continued development and delivery of their objectives they
have complied with their duty under the Charities Act {Northern Ireland) 2008 to have regard lo the Charity
Commission for Northern Ireland guidance on public benefit and that this benefit has informed the activities of the
charitable company during this year ended 31st March 2023.
Achievements and performance
Financial review
Trading performance continues to be strong over the period, with occupancy levels being maintained at an
average of 980/0. With increasing operaling costs both a rent and service charge increase were applied, however
day-to-day expenditure is carefully managed as inflationary increases put pressures across all cost centres. The
largest pressur8 is the extraordinary increases in our property insurance premium due lo no fault of the
organisation. Our net deficil is attribulabl& to that increase from 2021-22. in addition to having to undertake larger
maintenance work and repairs to roofing.
Reserves Policy
Our reserves policy is to retain a level of capitsl which allows us to meet our operational costs for a 4-month
period in the event of a 50 /• drop in income together with a sum estimated to cover the redundancy costs for
500/0 of the staff (including associated professional costs) which would arise from the restructuring of its
operations and workforce to reflect a lower operating income base. The specific amount is determined when
setting and agreeing the annual financial budget for each new trading year and reviewed quarterly during the
year. From time to time, we may retain more capital than is required by this policy to meet future anlicipated
capital expenditure. perceived risks andlor to take advantage of investment opportunities. The reserves policy is
reviewed regularly lat least annually) in line with our business operations and perception of associated risks.
Plans for future periods
We recognise the need lo maintain high occupancy levels in order to fund further renovation and restructuring
works both lo our physical and digital infrastructure, whilst also seeking sources of alternative funding to deliver
initiatives within the immediate locality with stakeholders and partners.
Key risks
We continue to assess our risk environment and monitor and mitigale these to the extent reasonably possible.
Key risks include..
Financial.. a drop in income more than 15QA, or an un-mitigated increase in costs of 15°/0 {or some combination of
the Iwo) would result in us running at a net deficit.
Health & Safety.. the complex make-up of tenant industries and corresponding operational risks makes it difficult
to effectively manage and mitigate health and safety risks.
Key-person Risk: with a small management team the impact of any one members of staff being unavailable for a
prolonged period is significant.
We continue to manage these rtsks through regular assessment and preventstive and mitigating actions.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Structurei governance and management
Townsend Enterprise Park Umited is a company limited by guarantee and is governed by a Board of Trustees.
who meel monthly. Members are invlled by Ihe charity to serve on the Board on the basls of their area of interest
and expertlse and Iheir wllingness to support the ethos. rnissk)n and values of the charfty. New members are
normally elected al the AGM In October but the Board may al any time c￿opt people who would hoid office untll
Ihe next AGM. The Board ensures the govemance of the chaiity represents best practice.
No business is transacted al a General Meeting unless a quorum is present. A quorum is three members. Unless
determined by the thmpany in General Meeting. the number of trustees sh811 not be less Ihan three. the charily
have sU￿00mMitteeS which meet on an ad-hoG basis; these are Finance. Personnel, Estates. Markellng,
Strategy and Business OevelopmenL
The charity holds an Annual General Meeflng eath year In addltlon to all other general meetlngs. DecSslons are
made by passing resolutlons.
The appoinlment of a tNstee will in the first Instance b8 dependent on the skills gap identffied wilhin the Board.
Having identified a gap, the Board will seek to make thr6 known either through public advertisement or by
approaching 8 body represenling the skill required e.g. The Law &rfaety. Expression of interest will be received
by the submitting of a C.V. and letter ouilining whai they belleve they can bring to Ihe Board and Ihe organisalion.
If follo￿ng an intervlew, the applicant is deemed sultable, a y8￿mmendation will be brought to the Board by a
proposer and they wll then be duly appotnted by full agreement of all Irnstees.
Each employee has an annual perfomiance appraisal conduthd, at tt]18 tlme salarfes, wlll be revlewed io ensure
that they are Ilne w¢lh the role 3nd18vel of responsibility.
The trustees, are also the diredors for the purpose of co￿￿8nY18w, and servad durlng the year and up
to the dale of signature of the flnanaal statements were:
Paul Darrdgh
Colin Skillen
Rev John Lamb
Heather Murray
John Nelll
John Hunter
Father Ciaran O'callaghan
Llnda Graham
G8relh Nethercolt
Auditor
The audltor, Moor8 {N.I.) LLP. is deemed to be reappointed under sectlon 487(2)- of the Compania$ Act 2006.
Dlsclosure of information to audltor
Each of the trustees has confimed that there Is no Informailon ol which they are aware which Is relevanl lo the
audlt, bul of which the audilor is unaware. They have further confirmed thal they have iaken approprfate sleps to
identlfy such relevant informatlon and to establish that the auditor is aware of such InfoTmation.
The truslees, report was approved by the Board of Trusiees.
Colin Sklllen
Dated: 17 October 2023

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED
Opinion
We have audited the financial statements of Townsend Enterprise Park Limited (the 'charity') for the year ended 31
March 2023 which comprise the ststement of financial activities, the balance sheet. the statement of cash flows and
notes to the financial statements. including significant accounting policies. The financial reporting framework that
has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom GenerallyAccepted Accounting Practice).
In our opinion. the financial ststements:
give a true and fair view of the state of the charitable company's affairs as al 31 March 2023 and of its
incoming resources and application of resources, including its income and expenditure, for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-
and
have been prepared in accordance with the requirements of the Companies Acl 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs IUKI) and applicable
law. Our responsibilities under those standards are further described in the Auditorts responsibilities for the audit of
the accounts section of our report. We are independent of the charity in accordance with the ethical requirements
that are relevant lo our audit of the accounts in the UK. including the FRC'S Ethical Standard. and we have fulfilled
our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtsined is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial slatemenls. we have concluded that the trustees, use of the going concern basis of
accounting in the preparalion of the financial ststements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respecl lo going concem are described in the
relevant sections of this report.
Other information
The other information cornprises the infomation included in the annual report other than the financial statements
and our auditorfs report thereon. The trustees are responsible for the other information contained within Ihe annual
report. Our opinion on the financial statements does not covér the other information and, excèpt to the extent
othernise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheNise appears
lo be materially misstated. If we idenlify such material inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material missiatement in the financial statements themselves. If.
based on the work we have performed. we conclude that there is a material misstatement of this other information,
we are required to report that faci.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the trustees, report for the financial year for which the financial statements are
prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the
financial statements. and
the directors, report included within the trustees. report has been prepared in accordance with applicable legal
requirement5.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the
audit, we have not identified material misstatements in the directors, report included within Ihe trustees, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have not been received
from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and retums- or
certain disclosures of trustees, remuneration specified by law are not made- or
we have not received all the infomiation and explanalions we require for our audit., or
the trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the
requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the statement of Iruslees, responsibilities. the trustees, who are also Ihe directors of the
charity for the purpose of company law. are responsible for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such intemal control as the Iruslees determine is necessary to
enable the preparation of financial stalemenls thal are free from material misstatement, whether due to fraud or
error. In preparing the financial stalemenls, the Ifustees are responsible for assessing the charitys ability lo
continue as a going concern, disclosing. as applicable, matters related to going concem and using the going
concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are lo oblain reasonable assurance about whether the financial statements as a whole are free from
material misstalement, whether due to fraud or effof. and to issue an audilols report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS {UK) will always detect a matenal misststement when it exists. Misstatements can arise from fraud or
error and are considered material if. individually or in the aggregale, they could reasonably be expected to influence
the economic decisions of users tsken on the basis of these financial statements.
The extent to which our procedures are capable of detecling irregularities, including fraud, is detailed below.
Explanation as to what extent the audit was considered capable of detectlng irregularities, including fraud
The objectives of our audit in respect of fraud, are. to idenlify and assess the risks of material rnisslatemenl of the
financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of
material misstatemeni due to fraud, through designing and implementing appropriate responses to those assessed
risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the
primary responsibility for the prevention and detects'on of fraud rests with both management and those charged with
governance of the charitable company.
Our approach was as follows=
We obtained an understanding of the legal and regulatory requirements applicable to the charitable company
and considered that the most significant are the Companies Act 2006, the Charities Act 2008. the Charity
SORP, and UK financial reporting standards as issued by the Financial Reporting Council
We obtained an understanding of how the charitable company complies with these requirements by discussions
with management and those charged with govemance.
We assessed the risk of material misststement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur. by holding discussions with management and those charged
with governance.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT {CONTINUED)
TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED
As part of an audit in accordance with ISAS {UK} we exercise professional judgement and maintain professional
scepticism throughout the audit. Wè also".
Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error,
design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficieni and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions,
misrepresentations. or the override of inlemal control.
Obtain an tjnderslanding of intemal control relevant to the audit in order lo design audit procedures that are
appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the
charitable company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting eslimates and
related disclosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists relatèd to events or conditions that may casl
significant doubt on the charitsble company's ability to continue as a going concem. If we ¢on¢lude that a
material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in
the financial ststements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are
based on the audit evidence obtained up lo the date of our auditor's report. However. future events or
conditions may cause the charitable company to cease lo continue as a going concern.
Evaluate the overall presentation. structure and content of the financial slatements, including the disclosures,
and whether the financial statements represent the undertying trdnsactions and events in a manner that
achieves fair presentstion.
We communicate with those Charged with governance regarding, among other mattets, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we
identify during our audit.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11
www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report.
Use of our report
This report is made soleSy to the company s members, as a body, in accordance wilh section 391 of the Companies
Act 2014. Our audit work has been undertaken so that we might slate lo the company's members those matters we
are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the company and the company's members as a
body, for our audit work, for this report, or for the opinions we have formed.
&fj Ik 4J
Dr R I Peters Gallagher OBE FCA (Senior Statutory Auditor)
for and on behalf of Moore (N.I.I LLP
17 October 2023
Chartered Accountants
Statutory Auditor
4th Floor Donegall House
7 Donegall Square North
Belfast
BT1 5GB

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
Unrestricted Restricted
funds
funds
Total
2023
Total
2022
Notes
Income and endowments from:
Donations and legacie5
Charitable activities
Other income
10,991
10.991
327.643
41,103
6,255
297,103
153,474
327,643
7,580
33.523
Total incorne
335,223
44.514
379,737
456,832
enditure on".
Raising funds
Charitable activities
Other expenditure
9,789
375,764
9,789
375,764
5.676
13.319
329,023
168,359
11
5,676
Total resourcès expended
385.553
5,676
391,229
510,701
Net loutgoing)lincorning resources before
transfers
(50.330)
38,838
(11,492)
{53,869}
Gross transfers be￿een funds
20,718
(20,718)
Net lexpenditure)lincome for the yearl
Net movemènt in funds
(29,612)
18,120
(11,492)
(53,869)
Fund balances at 1 April 2022
975,162
975,162 1,029,031
Fund balances at 31 March 2023
945.550
18.120
963,670
975,162
The statement of financial activitiès includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under
the Companies Act 2006.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
ASAT31 MARCH 2023
2023
2022
Notss
Fixed assets
Tanglble assets
13
847,697
810.551
Current ass8ts
Oebtors
Cash at bank and In hand
14
39,792
192,983
37.649
224.714
231775
262,363
Creditors: amounts falllng due withln
one year
15
(116,802)
{97,752}
Net current assets
115,973
164,611
Total asse18 less eurrent Ilablllties
963.670
975,162
Incorne funds
Restrictad funds
Unr8strf¢wl lunds
18.120
945,550
975,162
963,670
975,162
The notes on pages 12 10 21 form part of these finandal statemenls.
The flnandal Statements were approved by the Trusw on 17 October 2023
Colin Sklllen
TNste•
Company règistratlon number N1020329
10-

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
Notes
Cash flows from operating activities
Cash generated from operations
21
66.228
34,756
Investing activities
Purchase of tangible fixed assets
(97.959)
142,918)
Net cash used in investing activities
(97,959)
{42.918)
Net cash used in financing activities
Net decrease in cash and cash equivalents
{31,731)
{8,162)
Cash and cash equivalents at beginning of year
224,714
232,876
Cash and cash equivalents at end of year
192.983
224.714
The notes on pages 12 to 21 form part of these financial statements.
11

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies
Charity information
Townsend Enterprise Park Lirnited is a private company limited by guarantee incorporated in Northern Ireland.
The registered office is Townsend Enterprise Park. Townsend Street, Belfasl. BT13 2ES.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association,
the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement Df Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 102)" las amended for accounting periods commencing
from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterting. which is the functional currency of the charity. Monetary
amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are sel out below.
1.2 Going concern
At the lime of approving the financial statements. the trustees have a reasonable expectation that the charity
has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees
continue to adopt the going concern basis of accounting in preparing the fjnancial siaternents.
1.3 Charitable funds
Unrestricted funds ar8 available for use at the discretion of the trustees in furtherance of their charitable
objectives.
Restricted funds are funds received which are earmarked by the donor for specific purposes. Such purposes
are within the overall aims of the charity- Deficits on restricted funds are met by a transfer of an equivalenl
amount from unrestricled funds.
1.4 Income
Income is recognised when the charity is legally entitled lo it after any performance conditions have been met,
the amounts can be measured reliably, and it is probable that income will be received.
Cash donation5 are recognised on receipt. Other donations are recognised once the charity has been notified
of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in
relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donalion.
12-

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies
{Continued)
1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate
all costs related to the category. Where costs cannot be directly attributed to particular headings they have
been allocated to activities on a basis consistent with use of resources. Stsff costs and overhead expenses
are allocated to activities on the basis of staff time spent on those activities.
Cost of generating funds
These include salaries, direct expenditure and overhead costs of staff who promote fundraising, including
events and mailings.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and
services for its beneficiaries. It includes bolh costs that can be allocated directly to such activities and those
costs of an indirect nature necessary io supply them.
Governance costs
Governance costs include those incurred in the governan￿ of its assets which are associated with
constitutional and statutory requirements.
Support costs
Support costs include Central functions and are allocated to activity Cost categories on a basis consistent with
the use of resources.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impaiment losses.
Depreciation is recognised so as to write off the cost or valuation of Èssets less their residual values over their
useful lives on the following bases:
Land and buildings
Plant and machinery
Office equipent
Internel equipment
Refurbishment Improvements
20A straight line
25D/o reducing balance
25 /0 Straight line
100h straight line
The gain or loss arising on the disposal of an asset is determined as the difference be￿een the sale
proceeds and the carying value of the asset, and is recognised in the statement of financial activities.
1.7 lrnpainnent of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine
whether there is any indication that those assets have suffered an impaimient loss. If any such indication
exists, the recoverable amount of the asset is estimated in order 10 determine the extent of the impairment
loss {if anyl-
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabiltties.
13-

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies
{Continued)
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the
contractual provisions of the instrument.
Financial assets and liabilities are offset. with the net amounls presented in the financial stalements. when
there is a legally enforceable right lo set off Ihe recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtots and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction, wherè the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing Iransaction. where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate melhod.
Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.
1.10 Employee benefits
The cosi of any unused holiday entitlement is recognised in the period in which the employee's services are
received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed
to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12 Government Grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all
related condition5 will be met, usually on submission of a valid claim for payment.
Govemment grants in respect of capital expenditure are credited to a deferred income account and are
released to profit over the expected uselul lives of the relevant assets by equal annual instalments.
14-

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policies
(Continued)
1.13 Taxation
Townsend Enterprise Park Limited is a registered charity with HMRC and is entitled to certain tax exempt
income and profits from investments in furtherance of the charity's primary objectives. if these surpluses are
applied solely for charitable purposes.
The charitable company is registered for VAT and accordingly, all its expenditure is recorded exclusive of any
VAT incurred.
1.14 Reserves Policy
The reserves policy of Townsend Enterprise Park Limited is to achieve a level of reserves which match the
needs of the Charity both at the current time and in the foreseeable future. The reserves required will be
sufficient to meet the running costs for a period equivalent to approximately 4 months annual expenditure.
Critical accounting estimates and judgements
In the application of the Charity's accounting policies, the trustees are required to make judgements. estimates
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on hislori¢al experience and other factors that
are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimatè is revised where the revision affects only that
period, or in the period of the revision and future periods wher8 the revision affe¢ts both current and future
periods.
Donations and legacies
Restrlcted Unrestricted
funds
funds
2023
2022
Grants receivable
10.991
6.255
Grants receivable for core activities
Covid Job Retention Scheme
Heritsge programme grant
6,255
10.991
10,991
6,255
Charitable activities
Rental fees
2023
Rental fees
2022
Rental fees
327,643
297.103
15-

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Other income
Unrestricted Restricted
funds
funds
Total Unfestricted
funds
Restricted
funds
Total
2023
2023
2023
2022
2022
2022
Other income
Fire Insurance Income
7.580
7.580
33,523
23,474
23,474
130,000
33.523
130,000
7,580
33,523
41.103
23,474
130,000
153,474
Raising funds
Unrestricted Unrestricted
funds
funds
2023
2022
Marketing and publicity
Advertising
9,789
13,319
9,789
13.319
16-

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Charitable activities
2023
2022
Stsff costs
Depreciation and impairment
Rates & water rates
Insurance
Electricity
Premises expenses
Telephone
Printing, Postage & stationery
Security
General expenses
Training costs
Travel expenses
Hospitality
Bank charges & interest
Bad debts
138.436
60,813
1,679
45.324
11,872
84,569
3.673
1,202
1,676
8,050
136,63S
58,844
1.805
21,602
14,243
55,511
5,160
1,509
365
5,206
250
24
879
355
14,850
80
357
371
5,564
363,666
317.238
Share of govemance costs (see note 8)
12,098
11,785
375,764
329.023
Support costs
Support Governance
costs
costs
2023
2022
Audit fees
Legal and professional
5,400
6,698
5,400
6,698
5,400
6,385
12,098
12,098
11,785
Analysed between
Charitable activities
12.098
12,098
11,785
Governance costs includes payments to the auditors of £2.70012021'. £2,700) for audit services and £2,700
{2021 £3,625} in relation to other accountancylbookkeeping services.
17-

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Trustees
None of the trusteès {or any persons Connected with them) received any remuneration or benefits from the
charity during the year, other than those referred to in the related party transactions note.
10 Employees
The average monthly number of employees during the year was-.
2023
Number
2022
Number
Administration
Employment costs
2023
2022
Wages and salaries
Other pension costs
134,872
3,564
133,071
3,564
138,436
136,635
There were no employees whose annual remuneration was £60.000 or more.
11
Other expenditure
Restricted
funds
Restricted
funds
2023
2022
Fire related expenditure
Heritage Programme expenditu
Belfast City Council Project Expenditure
2,688
2,760
228
166.559
1,800
5,676
168,359
12 Taxation
The charity is exernpt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section
252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to ils charitable objects.
18-

TJ

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14 Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
Other debtors
Prep8yments and accrued income
8,894
5,629
25,269
12,904
4,716
20.029
39,792
37,649
15 Creditors: amounts falling due within one year
2023
2022
Other taxation and social security
Payments received on account
Trade creditors
other creditors
Accruals and deferred income
3,087
5,868
96.850
1,319
9,678
3,038
5,208
82,028
808
6,670
116,802
97,752
16 Retirement benefit schemes
Defined contribution schemes
The charity operate5 a defined contribution pension scheme for all qualifying employees. The assets of the
scheme are held separalely from those of the charity in an independentiy administered fund.
The charge to profit or loss in respect of defined contribution schemes was £3.564 {2022 - £3,564).
17 Analysis of net assets betwèen funds
Unrestricted Restricted
funds
funds
2023
2023
Total
Total
2023
2022
Fund balances at 31 March 2023 are
represented by..
Tangible assets
Current assetsllliabilities)
847.697
97,853
847,697
115.973
810,551
164,611
18,120
945,550
18,120
963,670
975,162
18 Financial commitments, guarantees and contingent liabilities
The charitable company had no financial commitrnents. guarantees or contingent liabilities at the year end.
On 16th March 2021 £20,000 was received from Belfast City Council via the Business Clustef and Community
Grant. As at 31st March 2023. £9,889 remained available.
-20-

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel 15 as follows.
2023
2022
Aggregate compensation
95.905
90,668
There is no ultimate controlling party.
Mr C Skillen is a trustee of the charitsble company and an employee in Diamond & Skillen Chartered
Accouniants. During the year Diamond & Skillen Chartered Accountsnts invoiced the company a total of
£1.10512022- £6001 for payroll services of which £410 12022: Nil) was due at the year end. £Nil was also
invoiced for Job Retention Scheme seNi¢es12022. £415).
20 Llabillty of members
Townsend Enterprise Park Limited is a company limited by guarantee. The liability of each member is limited
to an amount not exceeding £1.
21 Cash generated from operations
2023
2022
Net income
(11,492)
{53,8691
Adjustmenls for..
Depreciation and impairment of tangible fixed assets
60,813
58,844
Movements in working ¢apitsl:
Ilncrease) in debtors
Increase in creditors
(2,143)
19,050
{3,174)
32.9S5
Cash generated from operations
66,228
34,7S6
22 Analysis of changes in net funds
The charity had no debt during the year.
21