Charfty 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 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Charity information Trustees, report Independent audilorfs report Statement of financlal activities 10 Balance sheet 11 Statement of cash flows 12 Notes to the financial statements 13-25
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Colin Skillen Rev John Lamb Heather Murray John Neill John Hunter Father Ciaran O'callaghan Linda Graham Gareth Nether¢ott Secretary Mrs M Patterson-mcmahon Charlty number NIIC 104023 Company number N1020329 Reglstarad offl¢a Towns8nd Enterprise Park Townsend Street Belfast 8T13 2ES Audftor Moore IN.1.) LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT15GB Bankern Bank of Ireland 202 Andersonstown Rd Belfast BT11 9E8 Sollcltorn Millar Mccall LLP Easlleigh House 396 Upper Newtownards Road 8eMasl BT4 3EY
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report and acLounls for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement of Re¢ommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (as amended for accounting periods commencing from 1 January 20191. Objectlves and aetlvltles The charity's objects are s&1 out in thè Memorandum and Articles of Association. The princlpal aclivities of the charity are that of.. (1) Promotlon of urban regeneratlon for the public ben8fil In BelfasUGrealer Belfast area and its environs (the area of benefit"), by all or any of the following means: Creation of training and employment opportunities for the unemployed and underemployed by the provision of workspace, building andlor land for use on favourable terms., Provision of business advice or consultancy in order to provide training and employment opportunitles for unemployed or underemployed peopl8 in cases of financial or other charitable need through help,. (i) in setting up their own business, or (li) lo existing business or those considering establishing a buslness., The promotion and support of soclal enlerprlse and sustainable means ol achievlng economlc grovAh and regeneration., and The relief of unemployment in such ways as may be thought fit. (2) The advancement of community development In the area of benefit and In particular the promollon of the community and voluntary sector for the benefit of the public by providing facilities and other support lo community and voluntary groups. We have eam8d the repulallon of belng a major enlerprlse development player In Belfast havlng asslsted many businesses, social enterprises and charities lo start-up, develop and expand. We have also worked effectivety with other stakeholders lo lead the regeneration of important aspects of the built environment surrounding our premises and are making progress to promote and celebrate the area's important industrial, cultural and social heritage credentials for the benefit of the wider community. The activities to meet our objective$ are set oul In an overall strategic Iramework based on four key pillars Durlng this year under each of these themes the charity has had the following achievements and performance. Regources A high priorily for us is to maintain lobs and support economlc development In thls area ol hlgh deprivalion by conlinuing to offer suitable quality accommodation al favourable rates and subsidised service charge costs. )ilst these subsidies provided some private benefit to the owners of small businesses who rent the units and offices we view this lo be ancillary lo the main purpose greatly ouhveighed by the gains in public benefit which can be identified and measured through the susl8ined labour resource in the area, among other benefits. We mainlalned a hlgh occupancy rale (averaging 96Qhl dufing the period, despite continued pressure on tenants arising from the 'cost of living, crisis and challenging funding environmenl for our third sector tenants, thus protecting jobs, and continuing to encourage economic and social regeneration. We will continue lo invest in maintenance and upkeep of the eslale more generally, priorilising works acrdIng to needs bul ensuring that they remain fit for purpose and meet all statutory and health and safety requirements
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Regeneration Projects We have continued lo execule our plans for Re-lmagining, Re-building & Re-connecting Townsend Street with landmark industrial-styled canopy at the front of the building now installed referencing the important industrial heritage of the sile, and continued promotion of the 'Foundry Quarter, concept through enhanced intérnal exhibition space. Consultants have also been retained lo support us with grant applications for a larger outdoor exhibition space, with concept plans already produced. We continue lo develop a strategic partnership with the Trustees of the Townsend Street, Belfast Presber[an Endowments and the Ulster Orchestra, to further local understanding of Ihe industrial, social and cultural heritage of the street with a view lo promoting the area as a great place in which to live, work and invesl. During the year we deliverèd in partnership with Ihe Ulster Orchestra one of 17 proj8cls funded by Belfast City Counal through their 'Belfast 2024. culture programme. The project called 'Sound Links. embarked on a consultation process with local residents past and present and local school children lo gather memories and $10ri88 from the Townsend Street looking al the past, present and future. Three pieces of music were commissioned lo be composed and played al an event held on the 21st September which also saw a street party being held which attracted over 3,000 individuals during the day. In the development ol these prolects and partnerships we shall continue to explore and develop other initiatives to benefit the deprived area in which we are located. This is with a view lo providing grealer employment and training opportunities for the residents living in our area. leading to a reduction in unemployment and financlal hardship. Communlty Investment & Llnkage8 We continue lo work with the local communities and olher stakeholders, through various forums, Including the Lower Falls and Shankill Forum and the Unwanted Bonfires Panel, with meetings being held to address diverse issues which affect thè wellbelng of the local community, including broader issues such as deprivation, inequality. and anti-social behaviour. Senior management also provldes timè, expertise and resources lo support other charitable organisations which work in partnership with Townsend Enterprise Park and lor share complementary charitable objeclive5. Propety maintenance and management s8Nices are also provided to certain charili8s, along with subsidised rtnl and support services wher8 there is a clear alignment of Gharilable interests. Tralnlng & Sk1118 Development As we advance our work, we continue lo review the skills and expertise required lo aid future work and plans. The annual 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 lo the organisalion's success. The training and skills development of all employees is reviewed during the annual performance 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 training (such as manual handling, power washing, handling sharps, using ladders), and heritage project training. Publlc Benefrt The Trustees of the charity confimi that Ihrough the Continued development and delivery of their objectives 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 public benefit and that this benefit has informed the activities of the charitable company during this year ended 31 st March 2025.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢hlevements and perfoman¢e Flnanclal revlew Trading perfom)ance continues to be strong over the period, with occupancy levels being maintained at an average of 980k. With the preparation of annual budgels for revenue and capital expenditure day-to-day expenditure is carefully managed. Property insurance continues to remain at a high premium despite all efforts to have il renewed at a lower cost. Following the closure of Townsend Street Presbyterian Church a unit which had been in their ownership was donated back and this conlributed to Ihe increase in surplus, Thls will be used In line with other propety to meet the charitable objectives. Reser4e8 Poll¢y Our reserves policy is lo retain a level of capital which allows us lo meet our operation81 costs for a 4monlh pèriod in the event of a 50Q/o drop in income together with a sum eslimaled lo Cover th8 redundancy costs for 509/0 of the staff (including associated professional costs) which would arise from the restructuring of ils operations and workforce lo reflect a lower operating income base, The specific amount Is dètermined when setting and agreeing the annual financial budg81 for each new trading year and reviewed quarterly during the year. From time lo lime, we may retain more capital than is required by this policy lo meet future anliapated capital expenditure, perceived risks andlor to take advantage of investment opportunities. The reserves policy Is reviewed regularly (at lea51 annually) in line with our business operations and perception of associated risks. The total reserves al 31 March 2025 was £1,029,517. Plans lor future porlodB We shall continue lo maintain hlgh occupancy levels and shall s88k sources of alt8rnatlve fundlng to deliver Inillalives within Ihe immediale locality with stakeholders and partners Key rl8k8 Wa continue to assess our risk environment and monllor and mitigate these to the extent reasonably possible. Key risks include.. Financial.. a drop in income more than 1 50/0, or an un-millgated increase In cosls of 1 Soh (or some comblnatlon of the two) would result in us running at a net Irading d&ficil. Health & Safety.. the complex make-up of tenant induslrieg and corresponding operational risks makes it difficult to effectively manage and mitigate health and safety risks. Key-person Risk.. with a small managemenl team Ihe impact of any one members of 31aff being unavailable for a prolonged period 1$ significant. We continue lo manage these risks through regular ass88sment and preventative and mitigating actions. Structure, goveman¢e and managem•nt Townsend Enterprise Park Limited is a company limited by guarantee and Is govemed by a Board of Truslees. who meet monthly. Members are invited by the charity to sep4e on the Board on Ihe basis of their area of interest and expertise and their willingness lo support the ethos, mission and values of the charity. New members are normally elected at the AGM in October bul Ihe Board may at any lime co-opt people who would hold office until Ihe next AGM. The Board ensures the governan of the charity represents best practice. No business is transacted at a General Mèeting unless a quorum is present. A quorum is three members, Unless determined by the company in General Meeling, the number of Irustees shall not be less than three, the charity have sub-committees which meet on an ad-hoc basis., these are Finance, Personnel, Estates, Marketing, Strategy and Business Development. The charity holds an Annual General Meeting each year in addition to all other general meeting5. Decisions are made by passing resolutions.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The appointment of a trustee will in the first instance be dependent on the skills gap identified within the Board. Having identified a gap, the Board will seek to make this known either through public advertisement or by approaching a body representing the skill required e.g. The Law Society. Expression of interest will be received by the submitting of a C.V. and letter outlining what they believe they can bnng to the Board and the organisation. If following an int&Niew, the applicant is deemed suitable. a recommendation will be brought to the Board by proposer and they will then be duly appointed by full agreement of all trustees. Each employee has an annual performance appraisal conducted, at thls tlme salaries, will be reviewed to ensure that they are line with the role and level of responsibility. The trustees, who are also the directors for the purpose of company law, and who served during th8 year and up to the dale of signature of the financial statements were,. Paul Darragh - reslgned 31 st July 2025 Colin Skillen Rev John Lamb Heather Murray John Neill John Hunter Father Ciaran O'callaghan Linda Graham Gareth Nethercolt Statement of tru8tee8' re8pon8lbSlltl88 The Iruslees, who are also the directors of Townsend Enterpris& Park Llmiled for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in a¢¢ordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom GenerallyAccepted Accounting Practice). Company law requirès th& Iruslees to prepare financial slatemenls for each financlal year whlch glve a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, induding Ihe income and expenditure, of the charitable company for that year. In preparing these financial statements, the Iruslees are requlred to.. select suitable accounting policies and then apply them consislenlly., obseNe the methods and principles in the Charities SORP; rnake judgements and eslimales that are reasonable and prudent., slate whether applicable UK Accounting Slandards have been followed, subject to any material departures disdosed and explained in the financial statements., and prepare the financial slalemenls on the going concern basis unless il is inappropfiale lo presume that the charity will continue in operation. The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and olher irregularities. Audltor The auditor, Moore (N.I.) LLP, is deemed to be reappointed under section 487{2)- ofthe Companie5 Act 2006. Disclosure of inforniation to auditor Each of the trustees has confirmed that there is no information of which Ihey are aware which is relevant to the audit. but of which tha auditor is un8w2re. They have further confirmed that they have taken appropriate steps to identify such relevant infomalion and to establish that the auditor is aware of such informalion. The Iruslees. report was approved by the Board of Trustees.
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Colin Skillen
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED OpSnion We have audited the financial statements of Townsend Enterprise Park Limited (the 'charrty') for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheel, the slalement of cash flows and notes to Ihe financial statements, including significant accounting policies. The financial réporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Roporting Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounling Practice). In our opinion, the financial statements.. give a true and fair view of the stale of the charitable company's affairs as al 31 March 2025 and of 11$ incoming resources and application of resources, Includlng its Income and expenditure, for Ihe year then ended; have been property prepared in accordanca with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements oflhe Companies Act 2006. Basls lor oplnlon We conducted our audit in accordanca with Intemalional Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responsibilities under those standards are further described in the Auditorfs responsibilili8s for the audit of Ihe 8ccounls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the account5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibililies in accordance with these requirements, We belleve that the audit evidence we have obtained is suifici8nl and appropriate to provide a basis for our opinion. Conclu81on8 relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the golng concern ba818 of accounting in the preparation of the financial slatem8nl8 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Charity's ability lo Continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are descrlbed In the relevant sections of this report, Other Infomiatlon The other information comprises the Informallon included In the annual report other than the financlal statemenls and our auditols report thereon. The trustees ar8 responsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the Other infomialion and, except lo the extent otherwise explicitly staled 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 inconsislenl with Ihe financial statèments or our knowledge obtained in the course of th8 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslalement in the financial statemenls Ihemselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matter5 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 financAal statements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statemenis., and the directors, report induded wilhin the trustees, 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 exception In the light of the knowledge and understanding of the charity and its environment obtained in Ihe course of the audit, we have not identified material misstalemenls in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Acl 2006 requires us to report lo you if, in our opinion.. adequate accounting records have nol be8n kept, or retums adequate for our audit have not been received from branches not visited by us; or the financi81 statements are not In agreemenl wilh the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audil., or the trustees wer8 not entitled to prepare the financial statements in accordance with the small companles regime and lake advanlage of the small companles, exemptions In preparing thé trustees, report and from Ihe requirement to prepare a strategic report. Re8ponslbllltles of tru8tae8 As explained more fully In Ihe statement of tfuslees, responslbilllles, the Iruslees. who are also tha dlreclors of the charity for the purpose of company law, are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, wh&lher due lo fraud or error. In preparing the financial statements, the tru51ees are responsible for assessing Ihe Charity's ability lo continue as a going concern, discloslng, as 8ppli¢able, matters related lo golng concern and uslng the going concern basis of accounting unless the trustees either intend lo liquldale the charitabl8 company or to cease operations, or have no realistic allernalive but lo do so. Audltorfs respon8lbllltle8 for the audlt of tho flnanclal Statsments Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an auditor's report th81 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 aayS detect a material misslatemenl when il exists. Mi55talements can arise from fraud or error and are Considered material If, Individually or in the aggregate. they ¢ould reasonably be expe¢led to influence the economic decisions of users taken on the basis of these financial slalemenls. The extent to which our procedures are capable of detecting Irregularities, includlng fraud, Is detailed below. Explanatlon a8 to what extent the audlt was consldored Capable of detsctlng Irregularftl?8, Includlng fraud The objectives of our audit in respect of fraud, are., lo identify and assess the risks of material misstalemenl of the financial statements due to fraud.. to obtain suffi¢lenl appropriate audit evidence regarding the assessed risks of material misstatement due lo fraud, through designing and implementing appropriate respons&s to thos8 assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for Ihe prevention and detection of fraud rests with both management and those charged with govemance ofthe 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 Companie5 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 charilable company complies wilh these requirements by discussions with management and those charged with govemance. We assessed the risk of material misslalement of the financial statements, including the risk of material misslalemenl due to fraud and how it might occur, by holding discussions with 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 exercise professional judgement and maintain professional scepiicism throughout the audit. We also.. Identify and assess Ihe risks of material misslalemenl 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 sufficient and appropriate lo provide a basis for ouf opinion. The risk of not delecling a material misslalement resulting from fraud is higher than for one fesulling from error, as fraud may involve collusion. forgery, Intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audll In order to design audit procedures that are appropriate in the circurnslances, bul not for the purposes of expressing an opinion ¢n the effectiveness of the charitable Company's internal control. Evaluate the appropriateness of accounllng polScles used and the reasonableness of accountlng estimates and related disclosures made by the Iruslees. Concludè on the appropriateness of th8 Ifuslaès, use of the golng concern basis of accounting and, based on the audit evidence obtained, whether 8 material uncertainty exists rèlated lo events or condlllons that may cast Significant doubt on the charitable company's ability lo continue as a going concern. If we conclude that a malerlal uncertainty exists, we are required lo draw allenlion In our auditor's report lo the related disclosures in the financial slalemenls or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audllof's report. However, future events or conditions may cause the charitable company lo cease lo continue as a going concern. Evaluate the overall presentation, slruclure and content of the financial slalemenls, including the disclosures, and whether the financial slalemenls represent the underlying transactions and even15 in a manner that a¢hiev&$ falr presenlallon. We communi¢ale with those charged with governance regarding, among other matters, the pl8nned sttope and lirning of the audit and significant audit findings, including any significant deficiencies in internal control that we Identify during our audit. A further description of our responslbllities is avaSlable on the Financial Reportlng Councll's website at: https'.11 wMv.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our Mport This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the Charitable company's members those matters we are required lo slate lo them in an auditor's report and for no other puipose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other Ihan the charitable company and the charitable company's Members as a body, for our audit work, for this report, or for the opinions we have formed. Dr R I Peters Gallagher OBE FCA (Senior Ststutory Auditor) for and on behalf of Moore IN.1.} LLP Chartered A¢¢ountants ststutory Auditor 4th Floor Donegall Housè 7 Donegall Squar& North Belfast BT15GB
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Restated Totsl Unrestrlcted Restrlcted fund8 fund8 2024 2024 Reststsd Total Unre3trlctsd Ro8tricted funds funds 2025 2025 2025 2024 Notes Income and endowments from: Donations and legacies Charitable activities Invèstments Other income 87,500 372,442 1,077 11,887 5,000 92,500 372,442 1,077 11.887 380,439 380,439 37,238 37,238 Totsl Income 417,677 417,677 472,908 s,000 477,906 Expendlture on: Raising funds Charitable activities Othér 8xpèndilur8 5,136 418,680 5,136 420,875 8,421 390,674 (117) 8,421 390,674 4,633 2,196 13 4,750 Total expendlture 423,816 2,195 426,011 398,978 4,750 403,728 Net Incomellexpendlturel and mov8ment In fund8 16,139) (2,1951 18,334) 73,928 250 74,178 Reconclllatlon of fund8: Fund balances at 1 April 2024 1,019,481 18,370 1,037,861 945,553 18,120 963,673 Fund balance¥ at 31 March 2025 1,013,342 16,175 1,029,517 1,019,481 18,370 1,037.851 The slalement of financial activities Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 1310 25 form part ofthese financial statements, 10-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT31 MARCH 2025 2025 2024 as re8tstod Notes Flxed assots Tan9ible assets 15 931,188 994,286 Current assets Deblors Cash al bank and in hand 16 41,956 181,243 39,808 220,141 223,199 259.749 Croditots: amounts falllng duo wllhln ono yoar 18 172,0801 (110,151) Net currèntassots 161,119 149,598 Total ag80ts lè$$ eurront Il•bllltlo9 1,082,207 1,143.884 Creditors; amounl9 falllng duo aftor more than one yoar 19 152,790) {108.033> Not assots 1,029,617 1,037.851 Tho funds of the charity Ruslricled Incoime funds Unftsslricled funds 21 23 16,17S 1,013,342 18,370 1,019.481 1,029,517 1,037,851 The notes On pages 13 10 25 form part of these finan1 slalemBnl$. These financial slalemenls have been prepared In aecordan¢e with Ihe provisions applicable lo companl8s subject lo Iho SfTi811 companles regime. The finJnclal slal8menls wefe approved by the Iruslees on Colin Skillen Company regisli8liDll numbEr N1020329 (Northorn Ireland)
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notos Cash flow8 from operatlng actlvltles Cash generated from operations 27 22,837 40,043 Inve8tlng activitles Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Inveslmenl income received 19,1421 (139,042) 650 117 1,077 Net ¢88h used In Inve8tlng actlvltles (8,4921 (137,848) Flnanclng actlvltle8 Repayment of bank loans (53,243) 124,960 Not cash (used In)Igenerated from flnanclng a¢tlvltlo• (53,243) 124,980 Net Idecrea8e)Ilncrea80 In cash and cash equlvalents 138,8981 27,155 Cash and cash equivalents at beginning of year 220,141 192,986 Ca8h and cash equlvalents at end of year 181,243 220,141 The notes on pages 13 to 25 form part oflhese financial slatemenls. 12-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charity Inforniatlon Townsend Enterprise Park Limited is a private company limited by guarantee incorporated in Northern Ireland. The regislered office is Townsend Enlerprise Park, Townsend Slreet, Belfasl, BT13 2ES. 1.1 Ac¢ountlng conventlon The accounts have been prepared In accordance wtth the charity's Memorandum and Articles ofAssocialion, the Companies Act 2006 and 'Ac¢ounling and Reporting by Charities.. Statement of 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). (as amended for accounting periods commencing from 1 January 2016). The charity is a Public 8enefrt Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the funGtional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The principal accounting pollcies adopted are set out below. 1.2 Golng concern At the lime of approving the financial statements, the Iruslees have a reasonable expectation that the charity has adequate resources lo continue in opeiational existence for the foreseeable future. Thus Ihe trustees continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are avallable for use at the dlscretlon of the trustees In furtherance of thelr charitable objectives. Restricted funds are fund5 received which are earmarked by the donor for specsfic purpose5. Such purposes are within the overall aims of the charity. Deficits on reslricled fund5 are met by a transfer of an equivalenl amount from unreslricled funds. 1.4 Income Income is recognised when the charlty Is legally enlllled lo It after any performance condltlons have been met, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation. unless perfomance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 13-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢counllng pollclos Icontlnued) 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to aclivilies on a basis consistent with use of resources. Staff cosls and overhead expenses are allocaled to activities on the basis of staff time spent on those activities. Cost of generatlng fund8 These include salaries, direct expenditure and overhead costs of staff who promote fundraising, Including events and mailings. Charltablo actlvltlea Charitable expenditure comprises those costs incurred by the charity in the delivery of Its activitles and services for 115 beneficiaries. It includes both costs that can be allocated directly to such actlvitie8 and those costs of an indirect nature necessary to supply them. Governance co8ts Governance costs include those incurred In the governance of Its assets whlch are assoclated wllh constitutional and statutory requirements. Support costs Support costs include central functlons and are allocated to actlvity cost categories on a basls consistent with the use of resources. 1.6 Tanglble flxed assets T8ngible fixed assets are initially rneasured al cost and subsequenlly measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valualion of assets less their residual values over their useful lives on the following bases.. Land and buildings Plant and machinery Office equipent Inlernel equipment Refurbishment Improvemenls 20A straight Ilne 250k reducing balance 250/0 straight line 1 OOA slraighl line The galn or loss arising on the dlsposal of an assel Is delemilned as the dlfference betsveen Ihe sale proceeds and the carrying value of the assel, and is re¢ognised in Ihe statement of financial activities. 1.7 Impalmient of flxed a88ets At each reporting end date, the charity reviews the carrying amounts of ils tangible assels to determine whether Ihere is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the assel is eslimaled in order to delermine the extent of the impairment loss (if any). 1,8 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-tenn liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 14-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcleg {Contlnuedl 1.9 Financial Instruments The charity has elected to apply the provisions ol Section 11 'Basic Financial Instwments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Finan81 inslrumersls are recognised in the charity's balance sheet when Ihe charity becomes paty to Ihe contractual provisions of the instrument. Financial assets and liabilitiès arè offset, with th& net amounts presented in the financial statements, when there is a legally enforceable right lo set off Ihe recognised amounts and there 1$ an intention lo settle on net basis or lo realise the asset and settle the liability simultaneously. Bas1¢ flnan¢lal assets Basic financial assets. whlch includ8 d8blors and cash and bank balances, are initially measured at transaction price including Iransaclion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslitules a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of Interest. Financial asset$ classified as receivable within one year are not amortised. aaslc Ilnanclal Ilabllltles Basi¢ financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangèment constitutes a financing Iransaclion, where the debt instrument is measured at the present value of the future payments discounted al a market rale of interest, Financial liabilities classffjied as payable within one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, uslng the effecllve Int&r8St rale method. Trade cr8ditors are obligations lo pay for goods or servlces that hav8 been acquired In the ordlnary 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-currenl liabilities. Trade creditors are recognlsed Initlally at transaction price and subsequently measured at amortised cost using the effeclive interest melhod. D•re¢ognltlon of Ilnan¢lal Ilabllhles Finanrial liabilities are derecognised when the charity's contractual obligations explre or are dlscharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entillemenl is recognised in the period In whlch the employee's services are received. Temiinalion benefits are recognised immediately as an expense when the charity Is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. 1.11 Retlrement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Government Grants Govemmenl grants are recognised when il is reasonable to expect thal the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Goverrbmenl grants in respect of capital expenditure are credited to a deferred incomè account and are released to profit over the expecte(5 useful lives of the relevant assets by equal annual inslalments. 15-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlng pollcleg IContlnued} 1.13 Taxation Townsènd Enterprise Park Limited is a registered charity with HMRC and is enlilled to certain tax exempt Incomè and profits from inveslments in furtherance of the charity's primary objectives, rf these surpluses are applied solely for charitable purposes. The charilable company is registered for VAT and accordingly, all its expenditure 18 recorded exclusive of any VAT incurred. 1.14 Reserve$ Pollcy The reserves policy of Townsend Enterprise Park Limited is lo achieve a level of res&Nes which match the needs of thè Charity both at the current lime and in the foreseeable future. The reserves required will be sufficient lo meet the running costs for a period equivalent lo approximately 4 months annual expenditure. Crltlcal a¢countlng 0811mate8 and Judgements In the appllcalion of the charity's accounting pollcies, the Iru6tees are required to make ludgemenls, 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 historical experience and other faclors that are considered lo be relevant. Actual results rnay 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 estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacles Restated Unre¥trlcted Re8trSctsd funds funds Re8tsted Total Total 2026 2024 2024 2024 Grants receivable Donated goods and services 5,000 5,000 87,500 87,500 Grants recelvable for Core actlvltles Heritage programme grant 5,000 5,000 5,000 5,000 Donatsd goods and servlces This relates to a propety which was donated during the year. No cost therefore it has been included at a fair value. 16-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charftable actlvities Rental fe88 2025 Rental fees 2024 Rental fees 380,439 372,442 Income from Investments Unre8trlctsd Unre8trlcted funds fund8 2025 2024 Interest receivable 1,077 Other Income Unre•trlcted Unreslricled fund8 funds 2026 2024 Other income 37,238 11.887 Ralslng fund8 Unrestrlcted Unreslricled funds fund$ 2025 2024 Marketing and publicity Advertising 5,136 8,421 5,136 8,421 17-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable a¢tlvitie8 2026 2024 Staff costs Depreciation and impairment Rates & waler rates Insurance Electricity 154,866 71,590 1,499 43,732 30.726 148,324 79,953 2,027 47,068 20,712 E il Premises expenses Telephone Printing. postage & stalionery General expenses Travel expense5 Hospitality Bank charges & interest Bad debts Other charitab18 expenditure 72,199 2,134 1,262 11,380 47 662 6,132 13,679 80 61,403 3,055 1,245 8,056 50 580 7,907 {2,571) 127 409,867 377,938 Share of governance costs (see note 9) 11,008 12,738 420,875 390,674 Analy818 by fund Unreslricled funds Reslricled funds 418,680 2,195 390,674 420,876 390,674 Support costs allocated to actlvltles 2025 2024 Governance costs 11,008 12,738 Analysed between: Audit and accountancy Legal and professional 6,335 4,673 5,850 6,888 11,008 12,738 18-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Net movement in funds 2025 2024 The net movement in funds is stated after chargingl(crediling): Fees payable for the audit of the charity's financial slalements Deprecialion of owned tangible fixed assets Lossl(profit) on disposal of tangible fixed assets 6,335 71,590 5,850 79,953 (117) 11 Tru¥tse8 None of the trust8es {or any p&rson$ ¢onne¢ted wlth them) recelved any remunerallon or benefits from the charity during the year, other than those referred lo in the rèlated party transactions note. 12 Employees The average monthly number of employees during th8 year was: 2025 Number 2024 Number Adminislralion Employment costs 2025 2024 Wages and salaries Other pension costs 160,898 3,967 144,517 3,807 154,855 148,324 There were no employees whose annual remuneration was more than £60,000. Remunerdtlon of key management personnel The remuneration of key management personnel was as follows: 2025 2024 Aggregate compensation 100,351 99,844 19-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Other expendlture Total Unrestrirted Restricted funds funds Total 2025 2024 2024 2024 Net loss on disposal of tangible fixed assets Bemasl City Council Project Expenditure (11n (117) 4,750 4,750 (1171 4,750 4.833 14 Taxatlon The charity Is exempl from taxation on its activities because all ils income is applied for charitable purposes. 20-
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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 2025 16 Debtorn 2025 2024 Amounts falling due wlthin one year: Trade debtors Prepayments and accrued income 17,439 24,517 17,044 22,584 41,966 39.608 17 Loans and overdraft8 2025 2024 Bank loans 71,717 124.960 Payable within one year Payable after one year 18,927 52,790 18,927 106,033 18 Credltor8: amounts falllng due wlthln one year 2025 2024 Notes Bank loans Other taxation and social security Payments received on account Trade creditors Other creditors Aru81$ and deferred Income 17 18,927 17,086 4,954 26,772 741 3,600 18,927 17,250 39,156 30,408 810 3,600 72,080 110,151 19 Credltors: amounts falllng due after more than one year 202S 2024 Nots8 Bank loans 17 52,790 106,033 20 Rellrement benefit schemes 2025 2024 Defined Contribution scheme8 Charge to profit or loss in respect of defined contribution schemes 3.957 3.807 -22-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Rellrement benefit schemes (Contlnued) The charity operates a defined contribution pension scheme for all qualfying employees. The assels of the scheme are held separately from those of the charity in an independently administered fund. 21 Restrlcted fund¥ The restricted funds of the charlty comprise Ihe unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 Aprll 2024 Incomlng re$ource8 Ro$our¢e• At 31 March oxpendod 2025 Restricted funds 18,370 12,196) 16,175 Prevlou8 year.. At 1 Aprll 2023 In¢omlng Resources At 31 March resources expended 2024 Reslricled funds 18,120 5,000 {4,7501 18,370 22 Analy8ls of net a88ets between fund8 Unrestrlcted Restrlcted fundj funds 2025 2025 Totsl Totsl 2025 2024 Fund balances al 31 March 2025 are represented by.. T8ngible assets Current asselsl(liabilities) Long term liabilities 931,188 134,944 152,7901 931,188 994,286 151,119 149,598 162,790) (106,033) 16,175 1,013,342 16,175 1,029,517 1,037,851 23 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific Conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unreslricled funds by the trustees for specific purposes, Restated At 1 April 2024 Incoming Resources At 31 March resources expended 2025 General funds 1,019,481 417,677 (423,816) 1,013,342 Reststed Reststed -23-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Unrestrlcted funds {Contlnuedl Previous year: At 1 April 2023 Incomin9 Resources At 31 March re80urce8 expended 2024 General funds 945,553 472.906 (398,978) 1,019,481 24 Flnanclal commltments, guarantees and contlngent Ilabllltle8 The charitable company had no financlal commitments, guarantees or contingent liabilities at the year end. On 16th March 2021 £20,000 was received from Belfast City Councll vla the Business Cluster and Communlty Grant. As at 31st March 2025, £9,889 remained available. 26 Related party tran$actlon8 There is no ultimate controlling party. Mr C Sklllen Is a Iruslee of the charltable company and an employee In Dlamond & Skillen Chartered Accountants. During the year Diamond & Skillen Chartered Accountants Invoic8d the company a lolal of £1,105 (2024.. £1,105) for payroll services of which £41012024.. £4101 was due at the year end. 26 Llablllty ol member8 Townsend Enterprise Park Limited 15 a company limited by guarantee. The liability of each member is Ilmited to an amount not exceeding £1. 27 Cash gonerated from operatlons 2025 2024 (DefiGit)Isurplus for the year 18,334) 74,178 Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets (1,077) {117) 79,953 71,590 Movements In worklng capltal: Ilncreaselldecrease in debtors (Decrease) in creditors Donation of fixed asset (2,3481 138,071) 184 (25,578) (87,500) Cash generated from operntlons 22,837 40,043 -24-
TOWNSEND ENTERPRISE PARK LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 28 Anatysls of changes In net funds At 1 Aprll 2024 C••h floAl 31 March 2025 Cash at bank and in hand 220,141 (38,898} 181,243 Loans falling due within one year Loans falling due after more than one year 118,9271 (106,033) {18,927) {S2,790) 53,243 95,181 14,346 109,526 29 Prlor perfod adjustment Change8 to tha balance sheet At 31 March 2024 A• provlously AdJu•tment r0POrted A• reil•tod Flxed a88ets Tanglbl8 assets 906,786 87,500 994,288 Capllal funds Income funds Restricted funds Unrestricted funds 18,370 931,981 18,370 1,019,481 87,500 Total equlty 9SO,351 87,500 1,037,851 Changes to the SOFA Perlod ended 31 March 2024 A• prevlou8ly AdJu8tmont A• ro8tst•d reported Donations and legacies 5,000 87,500 92,500 Net movemenl in funds (13,322) 87,500 74,178 A prior year restatement has been made in relation to a propety that was donated to the chartty in the prewous period. -25-