TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and accounts for Ihe year ended 31 March 2024. The accounts have been prepared In accordance with the accountin9 poli¢igs sel out in note 1 to thè accounts and compty with the charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounling and Reporting by Charilies.- Statement of Recommended Practlce applicable to charities preparfng their accounts in ac¢ordan¢e with the Flnancial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 102)" (as amended for accountlng periods commencing from 1 January 2016). ObJectlv85 and actlvitlès The charity's objects are set out in th8 Memorandum and Artlcles of Association. The pdncipal actNltie$ of the charity are that of: (1) Promollon of urban regeneration for the publlc beneflt In 8eifaJVGreater Bemast area and Ks envlrons Ilhe "area of benefit"), by all or any of the following means.. Creallon of trainlng and employment opportunllles lor the unemployed and underamploy8d by the provision of workspace, buildSng andlor land for use on favourable terms.. Pmvision of business advlce or consullanw in order to provide traSning and employmant opportunitles for unemployed or underemployed people In cases of flnanclal or other chati18bl8 negd through help: 11) Sn setting up IheSr own business, or lil) lo exlsling business or thos8 considerlng establlshlng a buslness: The promolion and support of soclal enterprise and Sustslnable means of achievlng o￿noMIC growth and regeneration,. and The relief of unemployment In SUL*b way5 as may b8 thought ffl. 12) The advancement of eommunty development In the area of benefit and In partlcular the promotlon of the mmunty and voluntary sector for the benefit of the publlc by providing faci1Slles and other support to communlty and voluntary groups. We have earned tha repulallon of belng a major enlerprls8 development player In Beifasl havlng assisted many businesses, social enlerprises and charilles lo start-up, devolop and expand. We have also worked effectivety with other 51akeholders lo lead the regeneration of Important aspects of th8 bulll environment suffoundlng our premises and are making piogress lo promote and celebrate the area's important Industrial, cumural and soclal heritage credentials for Ihe benefit of the wider communlty. The activilles lo meet our objectives arè sel out In an overall strategic framework based on four key pillars During this year under each of Ihese themes the charity has had the followlng achievements and performance. TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Resource¥ A high priority for US Is lo maintaln jobs and support economlc development In this area of hlgh deprfvatlon by continuing to offer suitable quality accommodation al favourable rates and subsldised seThlce charge co$ls. Whilst these subsidies provlded Some private benefit to the owners ol the small businesses who rent the units and offices we view this lo be ancillary lo the main purpose 9realty 0u￿e19hed by the gain5 in public benefit which can be idenUfied and measured through the sustalned labour resource In the area, among other benefits. We continue lo maintain a hi9h occupancy Tale {av8rnglng 98%) durfng the period. despite contlnued pressure on tenants ari5in9 from ongoing inflationary p￿ssureS and a Challenglng fundlng environment for our Ihlrd sector lenanls, thus protecting jobs, and conlinulng lo encourage economlc and soclal regen8ration. We continue lo Invest in maintenance and upkeep of the estate more generally. priorftlslng wor*s according lo needs but ensuring that they remain rrt for purpose and attractivg to new tenants in a competitive renting environment, and thal they m88t all statutory and health and safety requlrements. A malor re-lnvestmenl project to refvrblsh our maln office and communal areas was successfulty completed during the period, This ha5 subslantlalty improved the quality of space available and has allowed us to increase our olrice rental space by approxlmalely 12.5%11,300sq 111 and reduce some maintenance costs. Thls InGluded converting old under-used space, including excess toilets, kllchen and training fadlilles, 11 has also allowed us to replace ageing electrical, heating and plumblng fixtures and flttings. Wè also received 8LlPPOrt through the 'Go Succeed, programme lo redovelop our webslle. Content has been updated, 8nd It 1$ now on a rnuch moro modem platfom. maklng important Information mora a¢cesslble to vlsitors, Improvlng security and reduclng ongoing websit8 management costs. Regeneratlon Projects We continue to execute our plans for Re-lmaglnlng, Re*ulldlng & Rowconnecling TownBend Street through the development of the important industrial herllage of thè slte. and the suffoundlng a￿a$ through the continued promotion of the 'Foundry Quarter. brand. Followlng consuliation and presenlatSon lo the Heritage Lottery fund and 8elfasl City council we shall be making application for fvndlng to further the devèloprnent and research. In partnership wilh the Ulster Orchestra and Zeppo Arts we were succa58fv1 In recelvlng fundlng from 8eMast Clty Council under the Belfast 2024 'Year of Cullure, Inllialiv8 for a proj8cI known as 'Sound Llnks.. Thls is lo be delivered throughout 2024, culminating In a street festival and performance of Ihg pr8mlere of 3 spe¢lally ommlssioned muslcal works on 21 September - Internallonal Day of Peace. The vlslon for the project Is lo art151ically explore the history of Townsend Street and focus on Insplrlng people about Ils future, connecting together fesldents (past and presentl, communlty groups, schools. care homes and olh8r local stakéholders, such as businesses. Ill the local area. In addition to wlder peace and reconciliation and artisllc obleclives, Ihls project is intended to encourage clvic pride and inward investment into the area, leading to a reduction In unemployment and financlal hardship and a boost lo civic society. Communlty Investrnent & Linkages We continue to work with the lorAI communities and other stakeholders, through vaflous forums, Indudlng the Lower Falls and Shankill ForL¢m and the Unwanted Bonfires Panel, with meellng$ being held to address dlverse Issues which affeGI the wgllbeing ol the local community, Induding broader i$sue5 such as deprivation, inequality, and anti-social behaviour. Senior management also provldes time, expertise and resources to support other charitablè organisations which work in partnership with Townsend Enterprise Park and lor share complementary charitable objeclives. Propety maintenance and management services afe also provided lo certain char¢ties. along with subsidised rent and support services where there is a clear alignment of charitable interests. TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trnining & Skllls Development As we advance our work, we continue lo review the skills and expertlse required to aid futuR work and plans. The annual Investor$ in People assassment saw us maintain our Sltver certffjicallon, demonstrating our continued commitment to a positlve working environment in which everyone feels valued and able lo contribute lo the organlsalion's success. The trainin9 and skills development of all employees Is revlewed durlng the annual performance review ensuring that they are up to dale in all areas essential to our effe¢tSve operation. During the period staff variously undertook IT training, health and safety at work training (such a5 manual handling, power washing, handling sharps, using ladders), and heritage project training. Publlc Benefit The Trustees of the charity confirm that through the ￿ntInUed development and delivery of their oblectives they have complied with Ihelr duty under the Chafllles Act (Northem Ireland} 2008 to have regard lo Ihe Chaftty Commisslon for Northem Ireland guldance on publlc benefll and that Ihls benefft has Informed the aclivilles of the charitable company durlng Ihls year ended 31 sl March 2024. Aehlèvèrnènts and pèrforniance Flnanclal revlew Trading performance continues lo be Strong over the period, with occupancy levels belng malnlalned at an average 01980/0. With Ihe preparation of annual budgets for revenuè and capllal expenditure day-lo-day expenditure is carefulty managed as Inflationary In¢reas&s pul pressures across all cost centres. Onc8 agaln, thè largest pressure is the extraordinary Increase In our propety Insuranoe premlum due lo no fault of the organisalion. our nel deficll Ss attrlbutsble lo that Increase, In addillon to the increase In d8preclation costs following the major inv951menl in the prop8ty. Reserves Pollcy Our reserves pollcy Is to rolaln a lavel of capital which allows us lo meet our operational costs for a 4-month perlod In the event of a 50¥0 drop In Sncome together wlth a sum estlmated to cover the redundancy costs for 50% of the staff (including associated professional costs) whlch would arlse from the reslructurlng of Ils operations and workforce to reflgct a lower operallng Incomo base. The specific amount Is d¢l&rmln8d when setting and agreelng th8 annual financial budget for each naw Iradlng year and revlewed quarterty durlng th& year. From Ilme lo Ilme, we may retaln MO￿ capltal than Is requlred by Ihls policy lo meet future anll¢lpated capital expenditure, perceived risks andlor to lake advantage of investment opportunilies. The reserves policy is reviewed regularfy lat least annualtyl in line with our business operations and perception of assoclated rfsks. Plans for fulure periods We shall continue to maintain high occupancy levels and shall seek sources of altemative fundlng lo dellver inllialives within the immediate locality wllh stakeholders and partners Key risks We continue to assess our risk envlronmènt and rnonltor and mltlgale th8s8 lo the extent r88sonabty possible. Key risks indude.. Financial.. a drop in income more than 15%, or an un-rnitigat8d increas8 in eosts of 159/0 (or some comblnation of the ￿0} would result in us running al a net trading deficit. Health & Safety.. the complex make-up of tenant industries and corresponding operational risks makes ￿ dlfficult lo effectivety manage and miligale health and safety risks. Key-person Risk.. with a small management team the impact of any one members of staff belng unavallable for a prolonged period is significant. We continue lo manage these risks through ￿gUlar assessmenl and preventallve and mlligatlng adons. TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure. 9ovomart¢o and man•g•Mont Townsend Eniérprise Pafk Limilod Is a ¢ornpany fimlled by guarnniee and 1$ govérned by 2 8oard of Trusteès. who meet monthly. Members are invited by Ihe charity lo serve on Ihe Board on thé basls ol Ih?Ir aiea of intero$1 and expértise and Iheir willift9ness lo support tha &lh05. mission and v8luo$ oi the ¢h8rity. New members are nornial￿ ele¢i•d al the AGM In Oelobor bul the 8oard rnay 31 any limo eoryopl people who would hold officé unlil Ihe nexlAGM. Tho 808rd ensures Ihe govemanca ol lh8 ch8rlty repfesenls best practi￿. No business15 Ifansgclod al a Gener81 Meeting unlèss a quoNm Is w¢senL A qLtorum1s Ihreo mem￿15. Unles8 delemiln¢d by Ihe cornpany in Genernl Meellng, the number of trustèès shall nol be lèss than Ihree, Ihe chartty have sub