Ballee & Harryville Community EThterprises Trustees, Report The (ruslees. who are directors for the purposes of company law, present the annual report together with tlie financial slatenieiils of the charitable company for the year ended 31 March 2024. Structure? gov¢rn4nce and management Jvatiire ofgoveriiiiig dociiiiieiil Ballee & Harryville ConJnunity Enterprises Ltd is a private company limited by guarantee and is also a rccogiiiscd chai'ity. The Charity 15 governed by an Exe¢utive Board which nieet on a regular basis t]OUghOUt Ihe year. The Trustee5 are responsible for preparing the Trustees. Annual Lieport and the fmancial statements in accordance with applicable law and regulations. Major rlsks aiid iiiaiiageiiieiil of¢liose risks Risk Monagemenl The Trustees h&ve carried out a review of the majoi. risks lo which the company is expos¢d and a Risk Management Policy will bc agreed to identify, monitoi- and control those risl(s. ObJoctlves And aetlvltles Objecls lliid aiiits The principal activity of thc Company is the mAnagemenl and rental of Ballee & HaiTyville Community Enterprises Lid units and the provision of room hire. Ballec & Harryvill¢ Community Enterpriscs is made up of community representatives from the Ball¢c and H8rryvillc wards, a5 well as local business and council representative5. The board works lo provid¢ a rBnge of workspace units in the ai'ca Ih&t local businesses can i'cnt as & base in the area. Profits from rental of the units are then rettjmed back into the community for projects by the local groups. Tlie objects of tlie Company shall be the promotion for the public benefit of urban regeneration in the Harryville and Ballee areas of Ballymena, being an area of social and economic deprivation, by all or any of the following means.. (i) the relief of unemployment in such ways as may be thought fit, includin8 assistancc lo find employment. (li) the advancement of education, training or retraining, particularly among unemploycd peopl¢, and providing unemployed people with work expcrien¢e' (iii) the creation of Irgining and emplo>Tncnt opportunities by the provision of workspacc, buildings andlor land for usc on f8vourable tem]s' {iv) Such other purposes of an exclusively charitable nature as the Trustees may from time to tinie in their sole and absolute discretion detern]ine. Public benefit In setting the objectives and planning the activities for the year trustees have given Gareful consideration lo the Charity Conllnission for Northern Ircland's guidance on public bencfit lo ensure that the activities have helped to achieve the Charity'5 purposes and provide a benefit to the beneficiaries. Public benefit includes a rise in employment in Ballee & H8ryille both areas having been described as deprivcd area8 Wlth a high unemplOnent rate. This rise in emploent is aided by the range of workspace units provided by Balle¢ & Harryville Community Enterprises Ltd and used in the local area. the increase in education and skills in Ilie residcnls of both Ballee & Haryville and the onsite work experience and training orgaiiised by Ballcc & Harryville Community Enterprises Lid. Ballee & Haryille Community Enterprises Ltd also produces a wide range of direct benefit5 including projects that benefit the area on a community level. Ballee & Harryville Cominunity Entcrpri5e5 Ltd provide fijnding to the local community created in the profil made through the workspace units. This funding has been used for events, community development. health initiatives and running costs for community groups. Tlie beneficiaries are local residents of Ballee and Harryville wards. Page 2
Ballee & Harryville Community Enterprises Trustees, Report The Irust¢es confirni that they have coinplied with the requirements of section 4 of the Charities Act (Northem Ireland) 2008 to hav¢ duc regard to the public benefit guidance published by the Charity Commission for Northern Ireland. Soclal Invesliiienkpnlleles Besides th¢ general public the charity hclp5 in specific areas of deprivation and in the voluntary and community sector. Financial revicw Policy on reservés Unrestri¢t¢d funds arc considcrcd to be cssential to providc sufficient fund5 to cover any unforcsccn Costs which may arise and fulfil thc Icgal obligations of the charity. Thc Charity's policy is to maintain a Icvcl of frcc reserves sufficient lo cover such c05ts.Thc calculation of thc rcquircd level of r¢s¢rves is an iiilegral part of Ballee & Harryville COnnUnity Ent¢Tprises's planning. budget and forecast cycle. Previously the trustees agreed that it was advisable to hold an 8mount in excess of £50.000 in unrestricted fvnds lo enable them lo cover expenditure to allow the company to ¢onlinue at ils current lev¢1 of a¢livity before paying out a dividend lo the iwo mcmber groups for community purposes. However as the workspace units are gotting old¢r the truslee5 decidcd al thc board meeting on 27th February 2024 that it wa5 advisable to hold an amount in reserves in CXCC5s of £lOO,000. Tru5tee5 find offlcers The trustees and officers serving during tlie year and since th¢ ycar end were as follows: Trustees.. Brian Holrnes -Chairn]an William Millar (Resigned 19 May 2023) Margaret McKeown Cyril Rainey Rodney Quigley Elizabeth Adger Tommy Nicholl James Mcllroy Iris Stnyth Diane Young Secretary: FSnAn¢llll instruments Elizab¢th Adger Objeclives drtdpolleles The charity's activities expose it to a numb¢r of financial risks including ¢redil risk. cash flow risk and liquidity risk. The use of financial derivativ¢s is governed by the charity's policies approved by the board of tDJslecs, which provide written prin¢iples on the us¢ of financial derivatives to manage these risks. The charity does not use d¢rivativc financial iiistrum¢nts for spe¢ulative purposes. Page 3
Ballee & Harryville Community Enterprises Trustees, Report Cpedil risk The charity's principal financial assets are bank balan¢es and Cash. trade and other receivables, and inveslmenls. Tlie charily's credit risk is primarily allributable lo ils trade i'eeeivables. The amounts presented in .tlie balance sheet are net of allowances for doubtful receiv&bles. The charity spreads its exposure to risk by having a rnix of income. Liquidity rlsk In ol'der lo maintain liquidity to cnsure that sufficient fvnds are available for ongoing oper&lions and fijture developments, Ihe charily uses a mixture of long-lerm and shorl-temi debt finance. Furthcr details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements. Funds held lls cu5todiqn trustee on behalf of others Included within curreiil assets and creditors are amounts tolAllin8 £2.020 related to lenanl deposits held by the charity. These ainounts have been ring-fenced by the trustees arLd may be repaid lo the tenants upon satisfactory completion of their rental conlracls. As such the trustees have decided not to Spend these fijnds and there is no ¢ffecl on the net assets figures. Golng concern The trustees assess whether the use of going concern 15 appropriate i.e. whether Iherc are any material uncertainties related to events or conditions that may cast significant doubl on tl)c ability of thc el)arity lo Continue As a going conccrn. The trustees make this Rssessrnent in respect of a p¢riod of one year from the date of approval of the financial statetneThts. Ai the time of approving the 8¢¢ounis the trustces have a reasonable expcclalion that the Charity has adequate resources to coiilinue iii operational existence for the foreseeable future. Thus, the trustees coiitinue to adopt the going concern basis of accounting in preparing these financial stalemenls. Statement of trustees, responsibilitios The Irustec5 (who are also the directors of Ballee & Harryville Community Enterprises for tlic purposes of company law) are responsible for preparing thc trustccs, report and the financial slalemenls in accordancc will) applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). includin8 FRS 102 "The Financial Reporting Standard applicablc in the UK and Republic of Ireland" Cornpany law requires the tn]slees to prepare financial statement5 for each financial year. Under company law the trustees inust not approve the financial s14temcnts unless they are satisfied that Iliey give a true and fair view of the slate of affairs of tbe charitable company and of the incoming resources and Application of resources. including ils income and expenditure. of the charitable company for that p¢riod. In pr¢paring these financial 5tatem¢nls, thc trustees are required to., select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estiinate5 that are reasonable and prudent, State whether applicable accounting Standards, comprising FRS 102 have been followed, subject to any material departure5 disclosed and explained in the financial statements. and prepare the financial statein¢nt5 on the going concern basis unless it 15 inappropriate to presumc Iliat the charitable coiiipaiiy will continue in business. Page 4
Ballee & Harryville Community Enterprises Trusteesl Report The trustees are responsible for keeping proper accounting records that can disclose with reason&bl¢ accura¢y at any time the financial position of tlie charitable company and enable them lo ensure that the finanei&l statements comply willi the Companies Aci 2006. Tli¢y are also responsible for safeguarding the as5elS of the charitable company and hence lor taking reasonable steps for the prevention and d¢iection of fraud and oth¢r irregulariti¢s. The tnJstees are responsible for the maintenance and intcgrity of thc corporate and financial infonnalion included on the charitable company's website. Legislation governing ihe preparation and disseminalion of rinancial statcments may differ from legislation in oth¢rjurisdiclions. Small eompanle5 provislon Statement This report has been prepared in a¢¢ordance with Ihc small Companies regime under th¢ Companies Act 2006. Thc annual report was approved by the trustc¢s of the ¢h8rity on 26 November 2024 and signed on its behaifby: Brian Holrnes -chairman Trustee Page 5