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 accounls have been preparéd In accordance with the accountlng pollcies set out In note 1 to the accounts and comply with the charivs Mgmorandum and Articles of Association, the CompanSes Act 2006 and "Accounting and Reporting by Charities.. Stalemenl of Recommended Practice appllcable to charlties preparlng thelr accounts In accordance wllh the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (as amended for accounting periods ¢ommen¢ing from 1 January 2016). Objectlves and actlvlties The charlty's objects are set oul in Ihe Memorandum and Articles of Association. The principal activilies of the charity are that of: 11) Promotion of urban regeneratlon for the wblic benefit in BelfasVGreat8r Belfast area and ils envifons Ilhe "area of b8nefit"), by all or any of Ihe following means: Cr8alion of training and employment opportunilles for the unemployed and underemployed by the provlslon of workspace, buildlng andlor land for use on favourabl& lems: Provlslon of buslness advice or consultancy In order lo provide training and employment opportunllles for unemployed or underernployed people in cases of financial or olh8r charitable need through help. 111 in s<in9 up their own business, or lil) lo existing business or those considering eslabllshlng a buslness: The promollon and support of soci81 enterprise and sustainable means of achlevlng economlc gfowlh and regeneratlon. and The relief of unemployment In such ways as may be thoughl fil. 121 The advancement of community development in Ihe area of benefit 8nd in particular the promollon of the community and voluntary sector for the benefit of the public by provlding facllities and other support to community and voluntary groups. We have earned the reputation of being a major enlerprlse developmenl player In Belfast having assisted many buslnesses, social enterprlses and charities lo slart-up, develop and expand. We have also workèd effectsvely with other stakeholders to lead the regeneration of irnportant aspects of the bull* envlronment surroundlng our premises and arè m8klng progress lo promote and ce18brale the area's important industrial, cultural and sooial h8rltage credentials for the b8nafit of the wlder community. Th8 acllvltl88 lo meel our obJeGIiv8s are set out Sn an overall slraleglc framework based on four key plllars During this year Ltnder each of these themes the charity has had the followlng achiev6menls 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 hlgh priority for us Is to mainialn lobs and support 8conomi¢ development In thls are3 of high deprivation by contlnulng lo offer sultable quallty accommodation at frdvourable fates and subsldlsed servlce charge costs. Whilst these subsidies provlded some private benefit to Ihe owners of small businesses who rant the unlts and officès we view this lo be anci118ry to the main purpose greatly outweighed by the gains In public benefit which can be l(Jènlifled and mèasured through the suslained labour resource In the area, among olher beneflls. Wè malnlalned a high occupancy ratè (averaging 96%) during Ihe period, despite wnlinued pressure on tenants arising from the 'cost of living, crisis and cha118nging funding environment for otsr third sector tenants, thus prolecling jobs, and continuing to encourage economlc and soclal regenÈratlon. Durlng the period we undertook substantial renovation and refurbishment to the fabric of buildings acfOSS the estate. This Included replacement of several units, roofs and gutters. installation of a new shopfront and Improved accesslblllty to Ihe office bullding for disabled people, refurbishment of cotnfflon areas, toilets and kitchens and upgrading of lighting and heating. These upgrades have improved Ihe appeal of the offic8 lo exlsllng and polenllal new tenants, Improved energy efficiency and made the bullding more accessible to all users, During the period we also reorganised our IT and communicaUons services. moving lo a manged support service which looks after our cyber secuflty as well as inffaslruclure and Sofare. This has subslanlially improved our resillence and ablllty to recover from Incidenis without the ne8d lo walt for hands-on IT support, ensuring that neither we nor our tenants are wlthout crillcal IT seNices for long. We will conllnue to Invest in maintenance and upkeep of the eslale rn0 generally, prlorftlslng works accordlng to needy bul ensurlng th81 they remaln fit for purpose and mèet all slalulory and health and safety requlrements. Regeneratlon Projects We have continued lo execute our plans for R&lmaginlng. Re-building & Re-connecting Townsend Street with a landrnark Industrial-styled canopy at the front of the building now inslalled referencing Ihe important industrlal herltage of the slte, and continued promotion of the 'Foundry Quarter, concept through 8nhanced interna1 8xhlbltion space. Consultants hav8 also beèn retained lo support us with grant applicalions for a larg&r outdoor exhibition space. wilh concept plans already pioduced. We have developed a strategic partnershlp vth the Trustees of the Townsend Street. Belfast Presbyterian Endowments and the U181er Orchestra (whlch now o¢¢uples lh8 next-door Ghurch and old school buildlngs) to furlher local understanding of the industrial, social and cullural heritage of the slreet with 8 view lo promollng the area as a greal place in which l015ve. work and invest. Inilially, thls has taken the form of applying 10gelhec fDr area development funds, and we are excited lo have partners now wllh simllar goal5. In the development of these prolecls and partnerships we shall conllnue lo explore and develop oth8r Inllialives to benellt the deprived area in which we are located. This is wilh a view to providing greater employmenl and Iraining opportunitles for the residents living In our are8, leading to a reductlon in unemploymenl and finanolAI hardship. Communlty Investment & Llnkages We contir)ue to work with the local communllies and other stakeholders. Ihrough varlou& forums, Includlng Ihe Lower Falls and Shanklll Forum and the Unwanted Borsfires Panel, with meellngs being held to address diverse issues which affecl the wellbeing of the local communlty. includlng broader issues such as deprivatlon, inequalily. and antl-SOCi81 behavlqur. Senior management also provides time. expertise and resources lo support other charitable organisalions which work in partnershlp with Townsend Enterprise Park and lor share complementary charitable obiÈclives. Property maintenance 8nd management services are also provided to ¢8rtaln charilies, along wilh subsidls8d rent and support seNlces where there is a clear aligntnenl of charitable inlèresls.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Tralnlng & Skllls Development As we advance our work, we contlnue to rewlew the skllls and expertlse required to aid future work and plans. The annual Investors in People assessment saw us maintain Ouf Silver certification, demonslrallng our continued ¢ommltmenl to a positive working environment in which everyone feels valued and ablè to contribute to the Ofganisalion's success. The Iraining and skills development of all employees is reviewed durin9 the annual perfomiance revlew ensuring Ihat they are up to date In all areas essential lo our effective operation. During the period staff variously undertook IT training, health and safety at work Iralning {such as manual handling, power washlng. handling sharps, using ladders), and h8rltage prolect Iralning. Publlc 8enèf¢t The Trustees of the charity confim that through Ihe conlinued development and dellvery of Iheir oblectives they have complied with their duty under the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland guidance on publlc benefit and that Ihls benefit has Informed the acllvllles of the charitablè ¢omp8ny during thls year ended 31st March 2023. Achievements and performance FSnan¢lal revlew Tradlng performanc8 contlnues to be strong over Ihe perlod, wlth occupancy levblg being malnlaln8d al an average of 989/. With Incr8aslng operating c051s both a rent and servlce charge Increase were applied. however day.lo-day expenditure is carefully managed as inflationary Increases put pressures a¢rDSS all cost centres. The laTgesl pressure Is the exlraordlnary Increases in our property Insurance premium due lo no fault of the organisalion. Our nèt deficit is alliibulable lo Ihat Increas8 from 2021-22, in addllion to having to undertak8 laiger maintenance work and repairs lo roofin9. Reserves Pollcy Our r8S8rves policy Is lo retain a level of capital which allows US to meet our operational costs for a 4-month period in th8 event of a 50Yo drop in Income logelher wlth a sum estimat8d lo cover lh8 redundancy costs for so' of the staff {Including assoclaled professional costs) which would arise from the restructuring of ils operations and workforce to flect a lower operating income base. The specifi¢ amDunt is detèrmined when seltlng and agreeing the annual flnanclal budget for each new Irading year and reviewed quarterly durlng the year. From Ilme to time, we may ret3ln mre capilal than is required by this policy to meel future anliclpated capllal expendllure. perceived rlsks andlor to take advantage of investment opportunities. Th8 reserves policy is reviewed regularly (at least annually) in Ilne with our business operations and perception of associated rlsks. Plans for future perlods Wa recognise the need lo malnlain high occupancy levels in order lo fund further renovallon and restructuring works both to our physical and digltal infraslructure. whilsl also seeking sources of allernallve funding lo deliver Inllialives wllhin Ihe immediate locality wllh stakeholders and partners. Key rlsks We continue to assess our risk envlronment and monitor and mltigate these to the extent reasonably posslble. Key rISk Include.. Flnanclal.. a drop in income more than 15Yo, or an un-mltlgated CreaSe In costs of 1511/. (or some combination of the two) would result in u5 running at a nel deficlt. Health & Safely: the complex make-up of tenant industries and corresponding Operaonal rlsks makes it difficult lo effectively manag8 and mitig81e heallh and safety risks. Key-person Risk: with a small management team the impact of any one membèrs of staff being unavailable for a prolonged period Is significant. We continue to manag8 these risks Ihrough regular assessment and preventalivo and mitlgaling actlons.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Slructurei governance and management Towns8nd EnlÈrprtse Park Umlled Is a company Ilmlted by guaranteo and Is governed by a Board ol Trustee5, who meel monthly. Members ara Invlted by the charlty to Serv& on Ihe Board on the basls of Iheir area of Interest and expertlsa and thelr IlI1ngneSS lo support the eihos, mlgslon and values of tho cherlly. New members aro normally elÈcl8d al Ilie AGM In Oclober but the Board may al any time ct>opI peopb who would hold offiGo unlll the nexl AGM, The Board ensures IhÉ governanc& of the ch8Yliy repres8nb best pracllcB. No bushoss 5s transacted al a General Meellng unless a quorum18 prenI. A qU¢yum15 ihr8e mgmb8rs, Unles% de18rmined by Ihe company In General Meellng, th6 nurnber of trustees shall not be l&ss than Ihree. Ihe chatity have sub-commiltees whlch meet on an ad-hoa basis; tho$0 are FSnan¢e, Por80nno1, E$lat68, Mark611ng, Strotegy and BL6sln8ss Developmenl. The charlly holds an Annual General Meallng ead) yew In addttlon to all other general ma8Ungs. De¢lslon5 ar8 mad6 by passlng resolutlon8. The appoinlm8nl o( a tN31e8 will In th8 first In8tanco ba depend&nl on th8 skills gap Idenlffièd wlthln tho aoord. Havlng Id6nllfl8d a oap, the Board wlll seek lo mak8 Ihi3 knovm eliher through public advertlsemenl or by approoching a body feptegenllng the skln requlred e.g. The Law Soclely. Expresslon of Inlaresl wlll be recelved by the submltilng of 8 C.V. andloltor oulilnlng what Ihey bellove Ih8y can brfng lo lh8 Board and th8 organlsalion, If followlng an Intervlew, the gppllcanl Is deemad sullablg, a recomm8ndalion will be brought to th9 Board by a proposer and thay wlll then be duly appolnted by agreement ol all trustees. Each employee has an annual Performan 8ppralsal conducted, at thls ilma 8al8rle8' vlll be raeWed lo ensure Ihal Ihey are Ilne wllh the role andlgvel of r¢$ponslbllity. The tnjstees. who arè also Ihe dlrectors lor Ihe purpose of company law, and who Berved durfng Iha year and up lo the date of slgnalure of Ihe nnandal slA1gments were., Paul D3tragh Colln Sklllen Rev John Lamb Heather Murray John Nelll John Hunter FBther Ciaran O'callaghan Linda Graharn Garelh Nelher¢oll Audllor Th8 audltor, N4oore IN.1.) LLP. Is deemgd to bo apPOlted under secllon 487{2)- ol Ihe Comp8nl89 Act 2006. Dlsclosure of Informallon to audlior Each of the Iruslees has confirmed Ihat Iherels no Infomiallon ot Ihey 8r8 awar8 Nthlch Is relevant lo Ihe 8udll, bul of whleh the audllor Is unawar8. They have furlher confirmed Ihal Ihey have taken approprfatu sleps io Idenllfy such relevanl Infomotlon arKI to esiabllsh Ihal tha audltor Is aware ofsuckn Informallon. The Iwsl8es' rep)rtwa$ approved by Ihe Board of TNstee$. Collii Sklllen Daled: 17 October 2023