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 ac￿rdIng
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 Presb￿er[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 a￿ayS 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 finan￿￿1 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.
Finan￿81 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-

o*
c* (N o

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
A￿ru81$ 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 flo￿Al 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-