Charity Commlssion No. NIC 104023 HMRC Charity Reference". XR 93502 Company Roglstration No. N1020329 (Northern Ireland) TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED 8Y GUARANTEE) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Charity informatlon Trustees. report Independent auditotrs report Slalemenl of finan¢lal acllvltles Balance sheet io Statement of cash flows 11 Notes to the financlal statements 12-22
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Paul Darragh Colin Skillen Rev John Lamb Heather Murray John Nelll John Hunter Father Ciaran O'callaghan Linda Graham Garath Nethereott Secrgtary Mrs M PattersoTrMcMahon Charfty numbar NIC 104023 Company number N1020329 Roglstered offlce Townsend Entefprfs8 Park Townsend Str8el Belfast BT13 2ES Audltor Moore IN.1.) LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT1 SGB B•nker4 Bank of Ireland 202 Andgrsonslown Rd Belfast BT119EB Solieltor5 Mlllar M¢Call lIe LLP Eastleigh House 396 Upper Neyrtownards Road 8elfasl BT4 3EY
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trjjslees present their report and accounts for the year ended 31 March 2024. The accounts have been prepared In accordance wllh the accounting policies set out in note 110 the accounts and compty with the charity's Memorandum and Artide5 of Association, the Companies Act 2006 and "Accounling and Reporting by Charities.- Statement of Recornmended Practice applicable lo charities prepartng their accounts in a¢cofdan¢e with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). las amended for accountlng periods commencing from 1 January 2016). Objectlves and actlvitles The chariws objects are set out In the Memorandum and Artlcles of A$soclation. The principal acllvllles of the charity are that of.. (1) Promollon of urban regenetallon for the publlc banaflt In 8elfasVGre8ter 8elfast area and Its envlrons (the "area of ben&fil"). by all or any of the following means.. Creation of Ifalning and employment opportunllles for the unemployed and underemployed by the provision of workspace, buildlng andlor land for use on favourable terms,. Provision of business advlce or consultancy In order to provlde Iraining and employment opportunities for unemployed or underemployed people In cases of ftn8ncial or other charitable need through h81p', 11} In setting up Ihelr own business, or {iil lo exlsling busin8ss or those conslderlng establlshlng a busln88s; The promotion and support of soclal enlerprtse and 8U5talnable means of achlevlng e¢onomlc growth and rtgeneralion,. and The relief of unemployment in suth ways 8s may be thought fft. 12) The advancement of communty development In the area of benefit and In partlcul8r thg promotlon of the community and volunkry sector for the benefit of the publlc by providing facililles and other support to communlty and voluntary groups. We have earned the repulallon of being a major entorprl88 development player In Belfast havlng asslsled many businesse5, social enterprises and charitles lo start-up, develop and expand. We have also worked effective with other stakeholders lo lead the regeneration of Smportanl aspects of the bulll environment SuoUnd1n9 our premises and are making progress lo promots and celebrate the area's important Industrial, cultural and soclal herrlage Gredenlials for the benefit of the wlder communlty. The activilles lo meet our objectives are sel out In an overall strategic framework based on four key plllars During Ihi$ year under each of these themes the charity has had the following achlevements and performance.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Resources A high priority for us is to maintain jobs and support economic development in this area of high deprtvatlon by continuing lo offer suitsble quality ac£ommodalion at favourable rates and subsldised seIce charge costs. Whllst these subsidies provided some privata benefit lo the owners ol the small businesses who rent the units and offices we view this to be ancillary lo the main purpose greatly oufvéeighed by the galn5 in public benefit which can be identlfled and measured Ihrough the sustalned labour resource In Ihe area. amon9 othèr b8nerrts. We continue to maintain a high occupancy rate (avera9lng 98%) dudng the period, despite contlnued pressure on tenants arising from ongolng inflationary pressures and a challenging lundlng environment for our Ihlrd sector lenanls, thus protecting jobs, and ¢onllnulng to encoura98 economlc and social regeneration. We continue to invest in maintenancé and upkeep of the aslale more generally. priofitlslng works accordlng lo needs bul ensuring that they remain fil for purpose and attractive lo new tenants in a competitlve renting environment, and that they meet all 51alutory and health and safety requlrements. A major re-lnveslmenl project to refvrblsh our maln officè and communal aroas was succossfulty completed during the period. This has subslantlalty improved the qualty of space available and has allowed us lo increase our office rental Spa by approxlmalely 12.5Yo11,300sq ft) and reduce some maintenance costs. Th15 Included converting old under-used space. including excess toilels, kllchen and trainSng facilltles.11 has also allL)wed us lo replace ageing electrical, healing and plumblng fixtures and flttings. We also received support through the 'Go Succeed, programme to redevelop our webslte. Content has been updated, and it is now on a much more modem platfomi, making important Infonnatlon more accesslble lo vlsitors. Improvlng security and reduclng ongoing website management costs. Regeneratlon Projects We continue lo execute our plans for Re-lmaglnlng, Re-bulldlng & Roryconnecllng Townsend Stre8t through the development of the important industrial herllage of Ihe slle, and the surroundlng areas through the continued promotion of the 'Foundry Quarter, brand. Following consulialion and presenlallon lo the Heritage Lottery fund and Belfast City council we shall be making application for fvnding lo further the devélopment and research. In partnership wtlh the Ulster Orchestra and Zeppo Arts we were successful in rècelving lundlng from 8eMa$l Clty Council under the Belfast 2024 'Year of Culture. Inltlative for 8 project known as 'Sound Llnks.. Thls is lo be delivered throughout 2024, culmlnaling In a street festival and perfoanCe of the premiere of 3 speclally commSs$ioned muslcal works on 21 September - International Day of Peace. The vlslon for the project Is lo artistically explore the history of Townsend Street and focus on Insplring people aboul ils futu, connecting together residents {pasl and presentl, communlty groups, schools, care homès and other local stakeholders. such as businesses. in the local area. In addrtion lo wlder peace and reg)nciliation and artisllc objectives, this project is intended to encourage Civic pride and inward investment Into the area, leading to a reduction in unemployment and financial hardshlp and a boost lo civic soclety. Communlty Investment & Linkages We continue to work with the local communities and other slakeholdefs, through varfous forums, Includlng the Lower Falls and Shankill Forum and the Unwanted Bonfires Panel, with meelings being held lo address dlv&rse Issues which affert the wgllbein9 of Ihe local community, including broader Issues such as deprivation. inequalty, and anti-social behaviour. Senior managernenl also provldes time, expertise and resources to support other charitsble organisatfons which work in partnership with Townsend Enterprise Park and lor share complementary charilable objectives. Propety maintenance and management services are also provided to certain charities, along wilh subsidised nt and support services where there is a clear alignment of charitable inlerests.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Training & Sk511s Development As we advance our work. we continue to review the skills and expertlse required to aid fijlure work and Plans. The annual Investors in People assessment saw us malnlaln our Silver certrfication, demonstrating our continued commitment to a posrtlve working environment in which everyone feels valued and able lo contribute lo the organlsalion's succe$s. The training and skills development of all employeès Is revlewed durlng the annual perfonnance review ansuring Ihal they are up lo date in all afeas essential lo our effective operallon. Durlng the period staff variously undertook IT training, health and safety al work training (such as manual handling, power washing, handling sharps, using ladders), and h8ritag8 project Iralning. Publlc Benefit Th8 Trustees of the charty confim that through th8 contlnued development and dellvery of their objectives they have complled with Ihelf duty under tho Charitles Act (Northern Ireland) 2008 to have regard lo the Charity Commission for Northem Ireland guld8n¢e on publlc benefit and that thls b8nefit has Informed the aclivilles of the charitable company durlng Ihls year ended 31st March 2024. Achlevements and perforniance Flnanclal revlew Trading performance continues lo be strong over the period, with occupancy levels b8ing malntaSned al an average of 980h. With the preparation of annual budgets for revenue and capllal expendllur8 day-lo-day expenditure is carefully managed as Inflallonary Incr8a88S Put pr8ssur85 across all cost centres. Once agaln. the largest pressu 1$ the extraordinary In¢aSe In our property Insurance premlum due to no fault of the organisalion. Our nel deficll Is attrlbulable to that Increase, In addition to the increase in depreclalion costs lollowlng the major investment in the propety. Reser¥es Pollcy Our reserves polSGy Is lo relain a level of capital which allows us lo meet our operational costs for a 4monlh perlod In the event of a 50% drop In income 10gelher wlth a sum estlmaled to cover the redundanw cosls for 50Yo of the staff Ilncluding associated professional coslsl whlch would arlse from the r8slructurlng of Its operauons and Workforce lo reflect a lower operating Income base. The speclfi¢ amount Is delemilned when setting and agreelng thè annual financial budget for each new tradlng year and revlewed quarterly dudng the year. From time lo Ilme. we may relaln more capltal than 15 requlred by Ihls pollcy to meet future anllcipaled capital expenditure, perceived risks andlor to lake advantage of investment opportunilies. The reserves policy is reviewed regularty (al18ast annually) in line with our business operations and perception of assoclaled rlsks. Plans for future perlods We shall continue lo maintain high occupancy levels and shall seek sources of altematN8 funding to dellver initiative5 Within the immedlale locallty wilh stakeholdets and partners Key rlsks We continue to assess our rlsk envlronment and mgnllor and rnlwgate these lo the extent reasonabty possiblé. Key risks include.. Financial.. a drop in income more than 150k, or an un-mitl9aled increase in costs of 159h (or some combination of the 0} would result in us running at a net trading deficit. Health & Safety.- the complex make-up of tenant industries and corresponding operatlonal risks makes tt difficult lo effeclivety manage and mitigate health and safety rlsks. Key-person Ri5k- wilh a srnall management team the impact of any one members of staff belng unavallable for a prolonged period is significant. We continue to manage these risks through regular assessment and preventative and mitigalln9 actions.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Struciufè. govornanco #nd mana9emént Townsend Enierpriso Park Limiiod is a cornpany fimiled by gu8r8nlé8 and is govèmad by a 808rd of Tru$ieè$, who meet rnonlhly. Members are inviled by the Charity lo serve on Ihe 808rd M the basls of Ihelr area of Snler8sI and oxpertise and their willin9ness lo support the glh05, missSon and val$ of the charity. Now mmb•rs are nomally electèd al tha AGM in Oel¢ber bul the 8oard May at any lim• COryopI people who would hokl offiQ until the next AGM. Thè Bo8rd ensures the governafte8 of Iho chArlty r¢prosents best pracltce. No businass Is tr8ns8Gl¢d Bl • General Meoiin9 unl6$s a quowm 1$ pr•s•nL A quorum Is Ihree mèmbèrs. Unless det•rmlned by the eompany in Generdl Meellng, th8 number of tru$l8os shall not be lèss Ihan threè, th& charity have sub4ommillees which mg91 on an ad.hoe bas59'. these are Fln8nce, Personnel, Esiatès, Marf¢ellng. Sirale9y and Bu51n8ss Dèv¢loprnenl. Tha ch¥rfty holds an Annual Ggn•r¥l Mo•ting •8¢h y••r In *ddltlon io all othar g•n•ral m•eUng$. O•¢l$lon$ •r• made by passSno rasolulbns. The eppolnlmenl of a trugtee will In Ihe firtl instan¢4 be d•p8ndenl on lh• $kNls gap klenllfied wlthln Iho 8oard. Havin9 idgnlified a gap, tho Boèrd will saok to mak• this known éilh8r through publlc advertlsemonl or by approachln9 3 body r8pr8s8nling the skS11 required 6.g. The Law Souety. Expfesslon of Inleresl will bé rèe8lv•d by the submitllng ol a C.V. and leller oullining what Ihay bélleve thgy can bling lo Ihe Board and the organ15alion. 11 lollowlng an Inlerview, the applicant 5s dg&med $uit8bl¢. a roGommondallon w511 be broughl lo the Board by 8 proposer and Ihey will then be duly appolnled by full agreernenl of all trusi&e8. Each ernployee has an annu81 perform8nee ?pprals81 conduct•d, at thls tSmè selarfes, will bo revlewed to Insure Ihal Ih8y are line with Ine Tole and levol ol re5pongibility. Tho irtssteos. who are also Ihe d5reclors foi Ihg purpo88 ot company taw. and who seryed durfn9 lh8 ye?r and up lo Iho date of Signature of the financial ¥lalem8nls w•re.' Paul 03rragh Colin SkSllqn Rèv John Lamb Heaiher Murray John Neill John Hunier Father Ciaran 0'Callh8n Llnda Graham G8r¢lh Nfjlher¢ott Audltor The auditor, Moore IN.1.) LLP. Is deémod lo bo reappolnled undèr secuon 487<21- of lh& Comp8nles Acl 2006. Dls¢losuro of Informatlon to audltor Each of the trustees has rA)nfimied Ihai the 6 no Informauon olwhlch Ihey are aware whkh Is relan1 lo Ihe 8udil. bul ol whlch the audltor Is unaw8re. They nave furthér confirmed Ihal they have token appropriate steps lo Identify such relevani Infoimallon and lo establish Ihat Ihe audllor Is aware of su¢h infom¥lKIn. Thé Iruslaos. report was approved by the Bo8rd ofTruslé8S. Colln Sklllen
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 Pafk Limited Ilhè 'charity') for th8 year ended 31 March 2024 whith comprise the statement of financlal activllies, the balance sheet, the statement of cash flows and notes lo the financial statements, including significant accounllng pollcies. The financial reporting framework that has been applied in their preparation Is appllcable law and Unlled Kingdom Accounllng Standards, Includlng Financial Reporting Standard 102 Th8 Financial Reporting Standard applic8ble in Ihe UK and Republic of Irel8nd (United Kingdom Generalty Accepted Accounting Practice). In our opinion, thè financial slalements.. gfve a true and fair vlew of the slate of Ihe charitable compan8 affairs as al 31 Mafch 2024 and of tts incoming resour8 and applirAlion of resources, including Its Income and expenditure, for the year then ended., have been propety prepared In accordanc* with United Klngdom Generalty Acceptèd Accountlng Practlca; and have been PrePad In accordanrA with the requlrements of the Companies Act 2006. Basls for oplnlon We conducted our audll In accord8nce wllh Inlemallonal Standards on Audlllng (UK) (ISAS (UK)) and appllcable law. Our responslbllllles under those standards are further described In the Auditorfs rnsponsibilities for the audit ol the accounts secllon of our POrt. We are Independent of the charity In accordance wllh the ethlcal requlremenls that are relevant to our audit of the accounts In the UK, induding the FRC'8 Elhlcal Standard, and we have fulfilled our othèr elhlcal responslbllitles in accordance with these requlrements. We belleve that the audlt evldence we have obtained Is sufficlgnt and approprlale lo provlde a basls for our oplnlon. Concluslons relatlng to golng concern In audlllng the financial slalemenls, we have concluded that tha Irust888' use of the golng eoncam basis of accounting in the preparallon of the flnanclal statements Is appropriate. Based on the work we have performed, we have not Idenllfi8d any matodal uncertalntle5 relallng lo events or conditions that, individually or collectivety, may cast signlficant doubt on the charity's ability to ¢onlinue as a going ¢on¢em for a period of al least tsyelve months from when the financlal statements are authorlsed lor Issue. Our responslbilllies and the rasponsibililles of the trustees wllh respect to golng concem are descrfbed In the relovanl sectlons of this report. other inforniatlon The other infoThation comprlses the Infomiallon Included In tha annual report other than the financial statements and our audil0rf5 report thereon. The trustees are responsible for the other Infomialion contained within the annual report. Our opinion on the financlal slalemenls does nol cover the other infomation and, except to the extent olherwlse expllcilly slated in our report, we do nol express any fomi of assurance conclusion Ihereon. Our responsibil¢ty is to read the olher Infomiation and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge oblain6d in th8 course of the audit, or olhepNise appears to be materially misstated. If we idenllfy such material inconsistencles or apparent material misslalemenls, we are required lo delemiine whelher this gives rise lo a material mlsstalement in the financial slalements themselves. If, based on the work we have performed, we condude that there is a malerfal mlsslalement of Ihls other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of our audit: the information 9iven in the trustees, report for the financial year for which the financlal statements are prepared, which include5 the directors, report prepared for the purposes of company law, is consistent with the financial statements.. and the directors, report included within the tnJstees' report has been prepared in accordance with applicable legal requirements.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED Matters on whlch we are required to report by exceptlon 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 mlsslalemenls in the dlrectors, r8POrt included wllhln Ihe Irustee8' report. We have nothing to report in raspect of the followlng matters in relation lo whlch the Companles Act 2006 qUIreS us to report to you if, in our opinion.. adequate accounting records hav8 not been kept, or relums adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounllng records and returns,. or certain disclosures of trustees, femunèration speclfied by law a nol made: or we have not received all the Inforniallon and explanations we require for our audit., or the tru¥lee$ were nol 8nlitled lo pr8pare the financlal statements In accordance wlth the small ¢ompanles regime and take advantage of the small companles, exemptions In preparfng the trustees. report and from the requirement to prepare a strategic report. Re8ponslblllties of tru$t•e• As 8xplained more fully in the statement of Iruslees. responslbllllles, the trustees, who are also the diredors of the charity for the purpose of company law, ar8 responsible for the preparation of the financlal slalemenls and for belng sallsfied that they givg a true and falr vlew, and for such Internal control as the trustees determine is necessary to enable the preparation of financlal statements that ara free from material mlsslalement, whether due lo fraud or 8rror. In preparing the financial slalernenls, the Irusl8es are responsible for assesslng the charity's ability lo continue a5 a going concern. dlsdosing. as applicable. matters related lo golng concem and using the golng concern basis of accounting unless the Iruslees either Intend to Ilquldate thé charitable company or to cease operations, or have no reallslic allemative but lo do so. Audltotrs responslbllltles for tha audlt of the flnanelal 8taternents Our objectives are lo oblaln reasonabl8 8ssurance about whether the financlal statements as a whole ara free from materlal mS$slalemenl, whether due lo fraud or error, and lo Issue an audllorfs report that Includes our opinion. Reasonable assurance is a hlgh level of assurance bul Is not a guarantee thal an audll conducted In accordanc8 with ISAS (UK) wlll aayS delect a material mlsslalemenl when il exists. Misstatements Can arose from fraud or error and are considered materfal If, Individually or In the aggregate, they could reasonabty be exp8Ctèd to Intluence the economlc daclslons of users taken on the basls of these ffinanclal Statgments. The extent lo whlch our procedures af& capabla of delectlng Irregularlties, Indudlng fraud, is dètalled bel¢)w, Explanation as to what extènt thè audit was ¢onslderod capabl8 of dètectlng Irregularltlos. Including frdud The objectives of our audit in respect of fraud. are., to Identify and assess the risks of materlal misstatement of the financial statements due to fraud., lo obtsln sufficient appropriate audit evldence regarding the assessed risks of material misslalemenl due lo fraud, through designing and implementing appropriate responses to those assessed risks,. and lo respond appropriately lo instances of fraud or suspected fraud Identified during the audit. However, the primary responsibility for the prevention and deledlon of fraud rests with both rnanagemenl and those charged with govemance of the charitable company. Our approach was as follows.. We obtained an underslandlng of the legal and regulatory requirements applicable lo the charitable company and considered that the most significant are the Companies Act 2006, the Charilies Act 2008, the Charity SORP, and UK financial reporting standards as issued by the Finanual Reporting Council We obtained an understanding of how the charitable company Complies with these requirements by discussions with management and those charged wtih govemance. We assessed the risk of material mlsslalement of the financlal statements. including the rlsk of material misslatement due to fraud and how it might occur. by holding dlscusslons wlth management and those charged with govemance.
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 exerclse professional ludg•menl and maintain professional sceplicism throughout the audit. We also.. Identlfy and assess the risks of material mi$$tstement of the financlal stalemenls. whelher due lo fraud or effor, dasign and perfomi audit pro¢edure5 responsive lo those risks. and obtain audit evidence that is sufficlenl and approprlate to provide a basis for our oplnlon. The risk of not detecting a malèrfal mlsslatement resultlng from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresenlalions. or Ihe override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the clrcumslances. but not for the purposes of oxpr6ssing aft opinion on the effectiveness of the charitable company's Internal control. Evaluate the appropriateness of accounllng policles used and the reasonableness of accounttng éstimates and related dlsclosures made by the Iruslees. Conclude on the appropnateness of the Iruslèes, use of the golng concern ba8ls of accounlirig and. basod on the audit evid8nce obtained, whether a malerfal uncert8lnty exists rèlated to events or condlllons Ihat may cast s1gnifint doubt on the charitable company's ability lo conunue as a 9olng concern, If we conclude that a material uncertainty exlsts, we are required lo draw attentlon in our audllor's raport lo the related dlsclosures in the financlal stalemenls or, If such dlsdosures are Inadequate, lo modlfy our opinion. Our concluslons are based on the audit evldence obtained up lo the dats of our auditor's report. How8v8r, future events or conditions may cause the charstabl6 company lo cease lo conllnue as a going concem. Evaluate the overall presentation, structure and content of the ftnanclal stalemenls, Includlng the dlsclosures, and wholher the financial statemont5 represent the undertylng Iransacilons and events In a manner Ihat achleves lalr presentation. Wè communicate with those eharged wilh governance regardlng, among other matters, the planned scope and limSng of the audll and si9nlficanl audit findings. Includlng any slgnlficanl deflciencies In Internal control that v Identify during our audit. A further descrfption of our responsibllities Is avallable on tha Flnanclal Reporting Coundl's webslte al.. https'.11 Y.frc.or9.UklaUdl1orSr9$POns1b[1l1J8$. Thls do$¢ripuon forms part of our audlloes report. Use of our rèport This report is made solety lo the company's members, as a body. In accordance with section 391 of the Companles Act 2014. Our audit work has been undertaken so that we might slate to the company's members those matters we are required to state to them In an audilo¢s report and for no other purpose. To the fullest exient permitted by law, we do not accept or a55ume responsSbllty to anyonè other than Ihe company and the company's mèmbers as a body. for our audll work, for this report. or for the oplnlons we have fomiad. R. g.fkn4JW Dr R I Peters Gallagher OBE FCA (Senlor Statutory Audltor) for and on behalf of Moore IN.1.) LLP 21 Novamber 2024 Chartered Accountants Statutory Auditor 4th Floor Donegall House 7 Donegall Square North Belfast BT15GB
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Rgslrlcted funds funds Total 2024 Total 2023 Not08 e and endo Donations and legacies Charitable a¢livitles Investments Other Sncome ntsf 5,000 5,000 372,442 1,077 11,887 10,991 327,643 372.442 1,077 11,887 41,103 Total Incornè 385,406 5,000 390,406 379,737 diturè Raising funds Charitable activltias Other expenditure 8,421 390,678 {117) 8.421 390,678 4,633 9,789 375,761 5,676 12 4,750 Totsl resoue5 expendod 39B,982 4,760 403,732 391,226 Net lexpendlturèlllncome forthe yearf Net movement In funds {13,576) 260 (13,326) (11,489) Fund balances at 1 April 2023 946,556 18,120 963,676 975,162 Fund balan¢o8 at 31 March 2024 931.980 18,370 9SO,350 963.673 The statement of financial actNitias Includes all gains and losses tecognlsed In the year. The slalemenl of financial aGtNitie$ indudes all gains and losses cognISed In the year, All income arKI expenditu derive from continulng activities. The ststement of financial activities also r))mplSes with the fequlraments for an incomè and expendlture account under the Companies Act 2006.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET ASAT31 MARCH2024 2024 2023 Notè8 Fixèd assets Tan9ible assels 14 908,788 847,697 Cufr•nt assets Deblars Cash al bank and In hand 13 39,608 220,141 39,792 192,986 259,749 232.778 Crndltors: •mount8 fllling due wllhln one year (91,227) {116,8021 Nat eurront assots 168,522 115,978 Total 4ss•ts 10$$ ¢urrent Ilabllltl•¥ 1,075,310 963.673 Cr4ditors: amounts falllng du• aft•r mor• thon on• yepr 17 1124,9601 Not as8el8 excludlng ponsSon Ilablllty gSO,350 983.673 Nel assets 950,350 963,673 Th• funds ollho gharlty Reslricied Income funds UnreslrlGled funds 18,370 931.980 18,120 945,553 950,350 963,673 Th• nolo¥ on page5 12 10 22 form p¥rt of those fin•ncial sl•lemonts. The financlal stèlemenls were approv•d by th• Irug1¥•s on . Colin SkSllen Company registYaUon number N1020329 (Northein Ireland) 10-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flov•% from operatin9 actlvltles Cash generated from opeialions 24 40,043 66.231 Investlng actlvltles Purchase of tangible Ixed assets Proceeds from dlsposal of langible ed assets Investment income received (139,042> (97,959) 117 1,077 Nol ea8h used In lrtve•tlng actSvStl¢8 {137,848) 197,9591 Flnanclng actlvltles Repayment ol bank loans 124,960 Net cash generatsd fromllugod In) finanelng actlvStles 124,960 Net In¢rnasel(decroase} In cash and cajh equlvalents 27,155 {31.7281 Cash and cash equivalents at beglnnlng of year 192,986 224,714 Cash and cash equlval•nts at end ol year 220.141 192,988 The note8 on pages 12 10 22 forn part ofthese financlal statements. 11
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountlng policles Charlty Informatlon Townsend Enterprise Park Limited is a private Company limited by guarantee incorporated in Northem Ireland. The registered office is Townsend Enl8rpris& Pa, Townsend Street, Belfast, 8T13 2ES. 1.1 Accounting conventlon The accounts have been prePad Sn a¢¢ordance wllh the charity's Memorandum and Artlcles of AssoclalS0n, the Companies Act 2006 and 'Accounling and Reportlng by Charities: Statem8nt of Recommended Practice applicable to Charities preparfng their accounts In accordance wlth the Financial Reporting Standard applicable in the UK and Republlc of Ireland {FRS 1021. las amended for a¢counting periods commenang from 1 January 2016). The charity is a Publlc Benefrt Entity as defined by FRS 102. The financlal statements are Prepared In slerflng, whlch Is the functlonal currency of the charlty. Monetary amounts in these financial statements are rounded to the nearest £. The prlnclpal accountlng pollcles adopted are sel out below. 1.2 Golng concern Al the time of approvlng the financlal slalemenls, the Irustèas have a reasonable expectallon that the charfty has ad8quale resources lo conllnue in operatlonal existence for the foreseeable future. Thus the Iruslees continue lo adopt the golng concem basis of accounting In preparlng the financial sl8lem8nls. 1.3 Charltable funds Unrestricted funds ale avallable for use at the dlscrellon of Ihe trustees In furtherance of thelr charitable objeclives. Restricted funds are funds received whlch are earmatked by the donor for specific purposes. Such purposes affj within the overall alms of the charity. Deficits on restricted funds ale mel by a transfer of an equivalent amount from unrestricted funds. 1.4 Incomo Income Is recognlsed when the charlty Is legalty entitlgd to it Bfter any perfomanc8 condltions have been met. the amounts can be measured reliabty, and it is probable that Income wlll be recelved. Cash donations are recognlsed on recelpl. Other donations are recognlsed once the charity has beèn nollfied of the donation, unless performance conditions require deferral of the amount. Income lax coverable In relation to donations received under Gift Aid or deeds of covenant Is recognised at the lime of tho donation. 12-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Contlnuedl 1.5 Expendlture All expenditure is accounted for on an 8rualS basls and has been classified under headings that aggregate all costs related to the category. ere costs cannot be dlrectty attributed to particular headings they have been allocated lo activities on a basis consislenl wtth use of resources. Staff Costs and overhoad expenses are allocated lo activities on the basls of slaff Ilme spent on those acbvitl8S. Cost ol genorating funds These include salaries, direct expenditure and OV8fh68d costs of staff who promote fvndralslng, Includlng events and mailings. Charltable a¢tlvltles Charilable expenditure comprises Iho$e costs incurred by the charfty In Ihe dellvéry of its activities and service5 for Ils beneficlades. It includes both costs that can be allocaled directly to such actlvilles and Ihose costs of an Indlrect nature necessary lo suppty them. Governance costs Governance costs Include those incurred In the govemance of Ils assets whlch are assoclated wllh conslilutlonal and slalutory requirements. Support costs Support costs include central functions and ara allocated to acllvty cost categorles on a basls conslslent wllh the use of resources. 1.6 TangSble flxed assets Tangible fLxed assets are Inillally measured at rosl and subsequenlty measured al ¢ost or valuatlon. net of depreciatlon and any Impalmenl lossès, Depreclatlon Is reo)gnl$ed so as lo wrlle off tha cost or valuallon of assets less thglr resldual values over thelr useful lives on the following bases.. Land and bulldlngs Plant and machinery Office equipenl Inlemel equipment Refurbishment Improvements 20/0 Stralghl Ilne 25.19 reducing balance 25V/o Stralghl Ilne 100/0 stralghl line The 98ln or loss arising on the dlsposal of an asset is determined as the difference beeen the sale proceeds and the carrylng value of the asset, and is recognised in the Statement of financlal acliviti&s. 1.7 Impairnient of fixed assets Al each reportin9 end dale, the charity reviews the canying amounts of ils tangible assets lo detemiine whether the is any indication that those assats have suffered an impaiment loss. If any such indication exi51s. the recoverable amount of the asset Is estimated in order to detemiine the extent of the impaiment loss lif any), 1.8 Cash and ¢ash equlvalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-temi liquid investmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown Wtthin borrowings in current liabilities. 13-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policles (Contlnued) 1.9 Flnancial instruments The charity has eleGled lo apply the provlsions of Section 11 '8asic Financial Instruments, and Secllon 12 'Olher Financial Instruments Issu8s' of FRS 102 to all of its financial instruments. Flnancial in51rumenl$ are recognlsed In the charlty's balance sheet when the charity bacomes party lo the contractual provisions of the instrument. Financial assets and Ilabilltles ar8 offset, wtth the nal amounts presented In the ffinanclal slalomenls, when there 1$ a legalty enfOrable right lo sel off the recognised amounts and there Is an intention lo settle on net basis or lo realise the asset and settle the liablllty sifflullaneously. Basle fin8ncl•l assets Basic financial assets, whlch Include debtors and cash and bank balances. are inlllalty rneasud at transaction price induding transaction costs and are subsequenlty carrfed al amortised cost using the effective inter8St method unless the arrangement conslilules a finanung Iransactlon, where th8 transaction is measured al the present value of th8 future recelpls dlscountéd al 8 markat rate of Inl8re81. Financlal assets classified as receNable within one year are not amortisod. Baslc Ilnancial liabillues Basic flnancial Ilabllrties, Includlng credhots and bank loans are Inltialty recognlsed at transactlon prlce unless the arrangement conslitutes a financing transaction, where the d8bt Instrument Is measured al the present value of the future payments dlscounted at a market rale of Interest. Flnan¢lal Ilabllilles classllled as payable within one year are not amortised. Debt instruments are subsequentty carried al amortlsed cost, uslng the effectlve Interest rale m8lhod. Trade creditors are obligations lo pay for goods or sarvices that have been acquired in the ordlnary course of operations from suppliefs. Amounts payable are classified as current liabllilies rf payment Is due wlthSn one year or less. If not, they are presented as non<urrenl Ilabllrtles. Trade credllors are recognlsed initlally al transaction price and subsequently measured at amortlsed cost uslng the effectlve Interest method. Derecognhlun of flnanclal Ilabllftlgs Flnancial 1Sabililies are derecognised when the charity'$ contractual obllgatlons explr8 or ara discharged or cancelled. 1.10 Employee benoflts The cost of any unused holiday enlltlemenl is recognised In the period In which the employee's services are received. Terniinats'on benefits are recognised immedialety as an expense when the charity Is demon5trabty committed to terminate the employment of an employee or lo provide temiination benefits. 1.11 Retirement benefits Payments lo defined contributlon retirement benafit schemes are Gharged as an expenso a5 they fall due, 1.12 Govemment Grnnts Governmenl grants are recognised when it is reasonable to expect that the grants will be receNed and that all related conditions will be met, usually on submission of a valid claim for payment. Govemment grants in respect of capilal expenditu are credited to a deferred income account and are released to profil over the expected useful lives of the relevant asse15 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 2024 Accounting policies IContlnued} 1.13 Taxatlon Townsend Enterprise Path Limited is a registered charity wllh HMRC and is entitied lo certaln lax exempl income and proflls from investments in furtherance of the charity's primary objeclives, if these surpluses aro applied Solety for charitable purposes. The charitable company is reglslered for VAT and attordingty. all Its expenditure Is recorded 8xclusiv& of any VAT incurred. 1.14 Reserves Pollcy The reserves policy of Townsend Enterprlse Park Limlled 18 to achleve a level of reseNas whlch match the needs of the Chaf6ty both at the current time and in the foreseeable future. The reseryes requlred 11 be suificient to meet the running costs for a period èqulvalent to approximately 4 months annual expenditure. Cdtlcal a¢countlng estlmato9 and Judgoments In the appllc811on of the charfty's axountlng policles, the Iwslees arg raquirgd lo maka ludgemenls, esttmales and assumptions about the rarying amount of assets and Ilabllrlles that are not readity apparent from other sources. The estimates and associated assumptions are based on historical experlence and other factors Ihal are considered lo be relevant. Actual results may differ from these estlmales. The eslimales and undetylng 88sumptlons 8re revlewed on an ongolng bÈsis. Revlslons lo accountlng eslimales are recognised in the perlod in whlch the esllmate is revised where the revision affects only that period. or In the perlod of the revislon and future perfods where the revlslon affe$ bolh current and future periods. Donatlons and legacies Restrfcled Rastrleted funds fund8 2024 2023 Grants receivable 5,000 10,991 Grants recelvable for Core actlvltl•$ Heritage programrne grant 5.000 10.991 5.000 10,991 Charitable activitles Rental fees 2024 Rental fees 2023 Rental fees 372,442 327,643 15-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrastrlcted Unrestrlctsd funds funds 2024 2023 Interest receivable 1,077 Other Incomè Unrestrtcted Unre5tr1cted Restrtctad funds funds fvnds Total 2024 2023 2023 2023 Other income Fire Insurance Income 11,887 7,580 7,580 33,523 33,523 11,887 7,580 33,523 41,103 Ralslng funds Unrestrfcted Unr8slricted fundg funds 2024 2023 Mart¢elSng and publlclty Advèrtislng 8,421 9,789 8,421 9,789 16-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCFAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable aetivitles 2024 2023 Staff costs Depreciation and Impaimenl Rates & water rates Insurance Eloctnclty Premises expenses Telephone Prinling, postage & slatlonery Security General expenses Travel expènses Hospitality Bank charges & interest Bad debts Other charllable expendrture 148.324 79,954 2,027 47,068 20,712 61,403 3,055 1,245 138,436 60.813 1.679 45,324 11.872 84,569 3.673 1,202 1,676 8,047 80 357 371 5,564 8.059 50 580 7,907 (2,571 12T 377,940 363,663 sha of governance costs (see note 9) 12,738 12,098 390,678 375,761 Support eosts allocated to actlvltles 2024 2023 Governanca costs 12,738 12,098 Analysed befvRen: Audit and acuunlanry 12,738 12,098 10 Trustees None of the Iwslees (or any persons connected wlth them) recelved any remuneration or benefits from lh& charity durin9 the year, other than those referred to in the related paty transactions note. 17-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Ernploye•s The average monlhty number of employees during the year was: 2024 Number 2023 Number Administration Employment Costs 2024 2023 Wages and salaries Other pension ¢osls 144,517 3,807 134,872 3,564 148,324 138,436 There were no employees whose annual remuneration was more than £60,000. Rèrnunerdtlon of kèy management pernonnol The remunerallon of kay manag8ment personn81 was as follows.. 2024 2023 Aggregate compensatlon 99,844 95,905 12 Other expendlturo Unrn$trl¢ted Restrlcted funds funds Total Resldcted funds 2024 2024 2024 2023 Net loss on dlsposal of tangible red assets Fire related expenditure Heritage Programme expenditure Belfast Clty Counc51 Prolect Expendltu {117) (117) 2,688 2,760 228 4,750 4,750 (117> 4,760 4,633 5,676 13 Taxation The charlty is exempt from taxation on its actNiti8s because all its Income Is applied for charitable purposes. 18-
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TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued incomg 17,044 8,894 5.629 25,269 22,564 39,608 39.792 16 CredStor5: amounts falllng due wlthln ono y•ar 2024 2023 Other taxation and soclal security Payments received on account Trade creditors Other creditors Accruals and deferred Income 17,250 39,156 30,411 810 3,600 3,087 5,868 98,850 1,319 9.678 91,227 116,802 17 Credltors: 4rn0UTrts falllng due after morn than ono yoar 2024 2023 Notos Bank loans 124,960 18 Retlrement benefltschernes 2024 2023 Deflned contrlbutlon sch•mos Charge lo profil or loss In respect of deffined conlrfbulion schemes 7,814 7,128 The charity operates a defined contribution pen81on Scheme for all qualrfylng empl¢)yee$, The assets of the scheme are held separdlely from those of the charity in an independently administered fund. -20-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysis of ngt assets betweon funds Unrestricted Restrfctod funds funds 2024 2024 Total Total 2024 2023 Fund balances al 31 March 2024 are represented by.. Tangible assets Current assetsl(liabllities) Long term liabilities 906,788 160,162 {124,9601 906,788 168.522 1124,960) 847.697 115,976 18,370 931,980 18.370 950.3SO 963.873 20 Flnanclal cornrnltments, guardnté•s and eontlngant Ilabllltles The charflable company had no finandal commllmenls, guaranteès or contlngant liabllllies al the year end, On 16th March 2021 £20,000 was rncelved from Bellast Clty Councll vla th& Buslne88 Cluster and Community Grant. As at 31 st March 2024, £9,889 remained available. 21 Events after the roportlng dats On 23rd of July the premises of the Chadty was damaged by a vehlcle colllslon. The cost of refvrblshment Is currentty esllmaled at £10.000. 22 Related party tran8actlons There is no ulllmale conlrolllng party. Mr C Sklllen Is a trustee of the ch8ritabl8 company and an employee In Dlamond & Sklllen Chartered Accounlanls. Durfng the year Dlarnond & Skillen Chartered Accountants invoiced the company a total of £1.105 {2023.' £1,105) for payroll services of which £41012023.. £410} was due at the year end. 23 Llabllty of membèrs Townsend Enterprise Park Limited is a company Ilmtted by guarantee. The liabillty of each member is Ilmited lo an amount not exceeding £1. 21
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Cash genèrated from operdtions 2024 2023 Net income {13,326) (11,489) Adjustments for.. Investment income recognlsed in statement of financial adivities Gain on dlsposal of tangible fixed assets Oeprecialion and Impalmient of langlble fixed assets (1,077) (1171 79,954 60,813 Movements in worklng capital., Decreaselllncrease) In debtors IDecrease)lincrease in CditOrS 184 125.575) 12.143) 19,050 Cash g•ngrntsd from op¢ratSon• 40,043 68,231 25 Analygls of change8 In not funds At 1 Aprll 2023 C•sh fl¢)wsAt 31 M•rch 2024 Cash at bank and in hand 192,986 27,155 220,141 Loans falllng due after more than one year (124,960) {124,960} 192,986 {97,805} 95,181