2023-03-31-annual-return

E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Company registration number: NI019220 Charity registration number: 107516

Down Business Centre Limited

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2023

KPS Accountants Limited Chartered Tax Advisers Registered Auditors 35 Irish Street Downpatrick Co. Down BT30 6BW

E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Down Business Centre Limited

Contents

Reference and Administrative Details	1
Trustees' Report	2 to 7
Independent Auditors' Report	8 to 11
Statement of Financial Activities	12
Balance Sheet	13
Notes to the Financial Statements	14 to 17

E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Down Business Centre Limited

Reference and Administrative Details

Chairman Mr Patrick Michael Morrisey Trustees Miss Linda Beers Mr Joe McCoubrey Mr Patrick Michael Morrisey Mr Patrick Brown Mr Mark John Murnin Miss Mary - Louise Press Mr Brendan Lowry Ms Alison Matthews Secretary Miss Linda Beers Charity Registration Number 107516 Company Registration Number NI019220

The charity is incorporated in Northern Ireland.

Registered Office Down Business Park 46 Belfast Road Downpatrick Co Down BT30 9UP Auditor KPS Accountants Limited Chartered Tax Advisers Registered Auditors 35 Irish Street Downpatrick Co. Down BT30 6BW

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Down Business Centre Limited

Trustees' Report

Public Benefit Statement

The Directors (Trustees) of Down Business Centre confirm that they have complied with their duty under section 4(b) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland’s guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 March 2023.

Structure, Governance, and Management

Down Business Centre Limited is a Company Limited by Guarantee and is a registered Charity with The Charities Commission NI. It is a not-for-profit organisation.

Down Business Centre Limited is currently governed by a Board of eight directors/trustees. The Board can co-opt new directors/trustees as and when required. Down Business Centre's Chair is elected from the directors/trustees on a two-year basis and is ratified at the Annual General Meeting. All Down Business Centre staff are responsible to the Board through the Manager.

New directors are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making process, the business plan, and the recent financial performance of the charity. They are free to discuss any issue with other directors or key employees. Directors are encouraged to attend any appropriate external training events where these will facilitate the undertaking of their role. The Board ensures the good governance of the organisation by setting its strategic objectives and policy direction through a Corporate Plan and monitors progress on a monthly basis.

Down Business Centre is a member of Enterprise Northern Ireland, an umbrella organisation for all local enterprise agencies within Northern Ireland. Down Business Centre acts as a sub-contractor for Enterprise Northern Ireland programmes and pays an annual membership fee.

Objectives and activities

Charitable Objectives

The objectives of the Centre are the promotion for the public benefit of urban and rural regeneration in the Newry Mourne and Down area by all or any of the following means:

1. The relief of unemployment in such ways as may be thought fit, including assistance to find employment, or to explore self-employment opportunities;

2. The advancement of education, training, or retraining, particularly among unemployed people, and providing unemployed people with work experience;

3. The provision of financial assistance, technical assistance, business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or charitable need through help in setting up their own business;

4. The creation of training and employment opportunities by the provision of workspace units and office space for use on favourable terms;

5. The dissemination and circulation of information to enable small business to take advantage of funding and/or support opportunities;

6. Assessing and signposting business owners to support provided by other third-party organisations.

To meet these objectives the Centre carries out the following activities:

1. Providing workspace accommodation to small businesses at favourable terms including rent and letting arrangements;

2. Delivering programmes and providing advice for the support of the main areas of enterprise, enterprise awareness, business start, and existing businesses;

3. Organising and delivering information seminars on a range of business-related topics;

4. Offering ad hoc advice and support to individuals seeking to start their own business;

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Down Business Centre Limited

Trustees' Report

5. Providing ad hoc advice and support to existing businesses.

Strategic report

The following sections outlining achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

Provision of workspace : In 2022/2023 our Belfast Road site had total lettable sq ft of 34,024 with approximately 160 people employed on site. Occupancy levels have remained consistently high and we have a waiting list to address any vacancies that might arise. Indeed, because of demand, we also made provision towards the end of the financial year to add 5 new offices for letting within our own general administrative block.

Delivery of Programmes : Pre-Start and Start-Up programmes have been delivered for Newry Mourne and Down District Council, Enterprise NI, and the Department for the Economy. We also supported a number of companies in applications for grants from Invest NI and from the Rural Development Programme. Our mainstream programmes portfolio comprised:

• Exploring Enterprise Programme: This is a pre business start programme, the aim of which was to help improve the prospects of unemployed and economically inactive people by helping them to enhance their employability or to explore the possibility of setting up their own businesses. During the year 23 people had personal development pre-assessments completed, with 21 of those going on to complete the training modules required by CCEA to obtain accredited qualification. All successfully qualified and graduated with a Level 1 certificate in “Understanding Business Enterprise.” Upon completing the course 10 participants went onto self-employment, 5 gained full-time employment and there were 6 with no change in circumstances.

• Go For It : Developing the skills of business owner/managers is the key to their future business success. In the period from April 2022 - March 2023 Down Business Centre delivered the Go For It Programme on behalf of Newry Mourne & Down Council. As a result of this support, we held 157 assessment meetings, and 134 clients finished the programme, each completing a business plan.

• Small Business Start-Up Loan fund 2022-2023 : The NI Small Business Loan Fund provides access to finance for small businesses, sole traders and partnerships which are keen to develop their business but find it difficult to access funding through traditional sources. During the year Down Business Centre’s Advisers supported 9 clients to secure start-up loans totalling £124,000.

• NM&D Business Growth Programme : During 2022/23, Down Business Centre with private sector business support consultants, Full Circle Ltd, provided support to approx. 40 businesses under the Newry Mourne and Down District Council-funded Business Growth Programme. The support amounted to 356 hours of expert mentoring support delivered to local small businesses helping them with a range of business issues from marketing to finance.

• Start-up Development Programme : Building on the success of a pilot programme the previous year, Down Business Centre and Newry & Mourne Enterprise Agency delivered another successful Start-up Development Programme in 2023. This comprised “wrap around” intensive mentoring support as well as the potential to access a financial contribution of up to £500 towards a business expense highlighted in the mentoring phase of the programme. Down Business Centre recruited and delivered expert mentoring to 13 small businesses.

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Down Business Centre Limited

Trustees' Report

• Start Her Up Mentoring - this was a Northern Ireland wide programme aimed at encouraging as many women as possible to explore self-employment. We mentored 4 local female-led businesses during the year, one of whom made it to the final. Pilot Start-up Development Programme : Down Business Centre and Newry & Mourne Enterprise Agency delivered a pilot Start-up Development Programme in the first quarter of 2022 (January - March 2022) which will encompass “wrap around” intensive mentoring support as well as the potential to access a financial contribution of up to £1k towards a business expense highlighted in the mentoring phase of the programme as being necessary to enable the business to further develop. Down Business Centre recruited and delivered expert mentoring to 12 small businesses.

• Newry Mourne & Down Enterprise Week : Down Business Centre in partnership with Newry & Mourne Enterprise Agency co-ordinated the Newry Mourne and Down District Council-sponsored 2022 Enterprise Week to bring together a series of events and workshops of interest and relevance to the business community. The “reach” achieved during the week was outstanding with over 9,000 local people attending, reacting to, or watching videos we had recorded.

• Business Directory: In early 2022 Down Business Centre identified a need for better communication with the business community of our district. We recognised that while many local organisations have their own business databases [e.g. Newry Mourne and Down Council, SERC, Newry Mourne Enterprise Agency, plus ourselves at DBC], a comprehensive, current and constantly managed database resource did not exist. We believed that the development of such a database would facilitate much more effective communication with the local business community and could be used by a wide range of public and not-for-profit organisations to disseminate information, encourage engagement and garner feedback and/or action from the area’s business owners. The aim of the Directory is to create a resource detailing all businesses that sell goods or provide services, which can be promoted to householders and businesses to encourage a ‘Buy Local’ ethos. Our original intention was to focus only on recruiting business in what was the old Down District Council area (in which DBC is located and for which it delivers a full range of business support services). However, following an approach by Newry, Mourne and Down District Council to widen the scope of the Directory, we agreed to accept an assignment to include all businesses across the NMDDC area. By the end of the year, the Directory was completed with 6,000 entries and will be formally launched in partnership with NMDDC in July 2023.

• Development Trust NI: We are a member of Development Trust NI, which works to support community and voluntary sector organisations wanting to participate in community asset transfers. Our aim is to highlight opportunities for community groups to take advantage of the Community Ownership Fund, which allows community and voluntary groups to apply for match funding to take ownership of assets and amenities that would otherwise be lost to the community.

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Down Business Centre Limited

Trustees' Report

External Relationships: A Memorandum of Understanding is in place with Newry & Mourne Cooperative for joint delivery of funded programmes in our Council area. In the year up to 31st March 2023, this included Exploring Enterprise, NMD Growth, Start-up Development Programme and Enterprise Week. In partnership with Newry & Mourne Cooperative, the charity has also been accorded Preferred Supplier status for the delivery of various small economic development initiatives on behalf of Newry Mourne and Down District Council.

Our Manager has continued to work closely with other economic development organisations within our region, These included:

• Downpatrick Living High Streets

• The South East Area Fisheries Local Action Group

• The County Down Rural Community Network

• Newry Mourne & Down Strategic Stakeholder Forum

• Down Ladies Lean-In

• Downpatrick Irish Street Regeneration Committee

• Newry Mourne & Down Council Employability & Skills Sub - Group

• Newry Mourne & Down Council Entrepreneurship, Business Growth & Innovation working group.

• Newry Mourne & Down Council Economic Forum.

• Newry Mourne & Down Labour Market partnership

• Development Trust NI.

• Glebe House.

Staff voluntary inputs. Our staff also contributed significantly to a number of local projects and initiatives in furtherance of our aims to support the local community. These included:

• Dragon for St Patrick’s PS Junior Enterprise Programme (1 event).

• Downpatrick Job Search / Career Event (1 event).

• Team Time Sessions to promote both GFI & EEP (4 events).

• SEA Flag assessments (6 panel meetings).

• Community planning, SSF meetings (8 meetings).

• Labour Market Partnership (LMP) meetings (14 meetings).

• LMP Business Start Up Programme (10 meetings).

• Enterprise Northern Ireland Strategy Planning & other meetings (7 events).

• NMD 4 C UR Future (1 event).

• NMD Regeneration (19 meetings)

• Staff training - Young people & Adults at risk (1 session).

Board voluntary inputs. The Chairperson and Trustees / Directors provide invaluable support and expertise in the delivery of all our projects. They provide countless hours of voluntary input at Board and committee levels and by representing the company across a full range of activities. Their experiences in finance, property management, ICT, people training, business ownership, and marketing has helped us to substantially reduce our outgoings and create a dynamic and forward-looking business model.

Strategic Outcomes

The following outcomes were achieved throughout the year in response to our objectives:

1. Financial targets were exceeded for the year.

2. Key external partner relationships have been enhanced and are being developed.

3. We continue to support new employment through the delivery of the Go For It Programme.

4. We delivered our allocated budget of Exploring Enterprise 4 programme for the Newry Mourne and Down District.

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Down Business Centre Limited

Trustees' Report

Plans for future period

It is anticipated that the core objectives of the new plan will remain in line with our current objectives, which include:

1. Facilitate and sustain job creation throughout the Newry Mourne and Down District.

2. Provide technical assistance, business advice and mentoring.

3. Provide affordable high quality property facilities to assist SMEs to locate and/or grow in the Newry Mourne and Down District.

4. Fund information seminars and webinars to provide practical advice and support to people engaged in self-employed activities.

In addition:

We finalised plans to construct a new storage compound within our headquarter site at Belfast Road. Work is due to start in July 2023 (for completion in August 2023) and this will provide 25 x steel vaults to enable local businesses to safely store files, materials, equipment, furniture etc. to help them re-purpose and free up existing office & unit space.

We signed up to the SME Climate Commitment, recognising that climate change poses a threat to the economy, nature and society-at-large. There were no other post-year commitments or contracts or payments entered into at the close of the year ended 31 March 2023.

Trustees’ responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material

• departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time 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 the prevention and detection of fraud and other irregularities.

Statement of Disclosure of Information to Auditor

In so far as the directors, who held office at the date of the approval of these financial statements, are aware:

• there is no relevant audit information of which the company’s auditor is unaware: and

• the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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Down Business Centre Limited

Trustees' Report

Small company exemption

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Directors’ Emoluments

The directors received no remuneration during the year and no reimbursement of expenses.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustees of the charity on 10 July 2023 and signed on its behalf by:

J McCoubrey P M Morrissey 10/07/2023 13:56:48 11/07/2023 08:42:25 ......................................... .........................................P Michael Morrissey Mr Joe McCoubrey Mr Patrick Michael Morrisey Trustee Chairman and Trustee

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Down Business Centre Limited

Independent Auditor's Report to the Trustees of Down Business Centre Limited

Opinion

We have audited the financial statements of Down Business Centre Limited (the 'charity') for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon

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Down Business Centre Limited

Independent Auditor's Report to the Trustees of Down Business Centre Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Trustees' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• the charitable company has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the (set out on page ), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Down Business Centre Limited

Independent Auditor's Report to the Trustees of Down Business Centre Limited

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 65(2) of the Charities Act (Northern Ireland) 2008 and report in accordance with regulations made under section 66 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 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 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Risk of management override of controls was addressed by providing management with details of any adjustments to the accounts which they then sign to agree any changes occurring;

• Revenue recognition was audited using analytical review with further substantive testing where necessary;

• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

• Identification and testing of significant manual journal entries; and

• Evaluating and, where appropriate, challenging assumptions and judgement made by management in making significant accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement 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 to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting 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 audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

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Down Business Centre Limited

Independent Auditor's Report to the Trustees of Down Business Centre Limited

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements 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 auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

K Smyth 11/07/2023 09:07:09

......................................Kyran Smyth Kyran Smyth (Senior Statutory Auditor) For and on behalf of KPS Accountants Limited, Statutory Auditor

Chartered Tax Advisers Registered Auditors 35 Irish Street Downpatrick Co. Down BT30 6BW

10 July 2023

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Down Business Centre Limited

Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

		Unrestricted			Total
		funds			2023
	Note	£			£
Income and Endowments from:
Charitable activities	3	120,401			120,401
Other income	4	215,131			215,131
Total income		335,532			335,532
Expenditure on:
Expenditure		(245,178)			(245,178)
Charitable activities		(54,861)			(54,861)
Total expenditure		(300,039)			(300,039)
Net income		35,493			35,493
Net movement in funds		35,493			35,493
Reconciliation of funds
Total funds brought forward		701,641			701,641
Total funds carried forward		737,134			737,134
		Unrestricted			Total
		funds			2022
	Note	£			£
Income and Endowments from:
Donations and legacies	2	3,440			3,440
Charitable activities	3	139,958			139,958
Other income	4	203,557			203,557
Total income		346,955			346,955
Expenditure on:
Expenditure		(231,024)			(231,024)
Charitable activities		(72,888)			(72,888)
Total expenditure		(303,912)			(303,912)
Net income		43,043			43,043
Net movement in funds		43,043			43,043
Reconciliation of funds
Total funds brought forward		658,598			658,598
Total funds carried forward		701,641			701,641

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 14 to 17 form an integral part of these financial statements. Page 12

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Down Business Centre Limited

(Registration number: NI019220) Balance Sheet as at 31 March 2023

		2023			2022
	Note	£			£
Fixed assets
Tangible assets	5	1,534,506			1,573,963
Current assets
Debtors	6	23,036			78,334
Cash at bank and in hand	7	209,056			132,172
		232,092			210,506
Creditors: Amounts falling due within one year	8	(46,989)			(34,621)
Net current assets		185,103			175,885
Total assets less current liabilities		1,719,609			1,749,848
Creditors: Amounts falling due after more than one year	9	(982,475)			(1,048,207)
Net assets		737,134			701,641
Funds of the charity:
Unrestricted income funds
Unrestricted funds		737,134			701,641
Total funds		737,134			701,641

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 12 to 17 were approved by the trustees, and authorised for issue on 10 July 2023 and signed on their behalf by:

J McCoubrey P M Morrissey 10/07/2023 13:56:48 11/07/2023 08:42:25 ......................................... .........................................P Michael Morrissey Mr Joe McCoubrey Mr Patrick Michael Morrisey Trustee Chairman and Trustee

The notes on pages 14 to 17 form an integral part of these financial statements. Page 13

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Down Business Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Down Business Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Income and endowments

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets

Individual fixed assets are recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated depreciation and subsequent impairment losses.

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E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Down Business Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	2% on cost
Plant and machinery, etc	20% on reducing balance and 10% on reducing balance

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2 Income from donations and legacies

2 Income from donations and legacies
	Total				Total
	2023				2022
	£				£
Grants, including capital grants;
Government grants		-			3,440
		-			3,440

3 Income from charitable activities

		Unrestricted
		funds		Total
		General		2023
		£		£
Programming	Income	120,401		120,401
		Unrestricted
		funds		Total
		General		2022
		£		£
Programming	Income	139,958		139,958

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E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Down Business Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4 Other income

4 Other income
	Unrestricted
	funds			Total
	General			funds
	£			£
Rental income	215,131			215,131
Total for 2023	215,131			215,131
Total for 2022	203,557			203,557

5 Tangible fixed assets

5	Tangible fixed assets
		Land and				Furniture and
		buildings				equipment					Total
		£				£					£
Cost
At	1 April 2022	2,557,982				227,373					2,785,355
Additions		15,664				635					16,299
At	31 March 2023	2,573,646				228,008					2,801,654
Depreciation
At	1 April 2022	1,018,120				193,273					1,211,393
Charge for the year		51,472				4,283					55,755
At	31 March 2023	1,069,592				197,556					1,267,148
Net book value
At	31 March 2023	1,504,054				30,452					1,534,506
At	31 March 2022	1,539,862				34,100					1,573,962
6	Debtors
						2023					2022
						£					£
Trade debtors						18,005					78,334
Other debtors						5,031					-
						23,036					78,334

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E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Down Business Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7 Cash and cash equivalents

7 Cash and cash equivalents
	2023			2022
	£			£
Cash on hand	14			14
Cash at bank	209,042			132,158
	209,056			132,172
8 Creditors: amounts falling due within one year
	2023			2022
	£			£
Bank loans	19,745			20,413
Trade creditors	-			294
Other taxation and social security	2,357			-
VAT	14,309			10,313
Other creditors	469			540
Accruals	10,109			3,061
	46,989			34,621

9 Creditors: amounts falling due after one year

9 Creditors: amounts falling due after one year
	2023			2022
	£			£
Bank loans	222,535			241,611
Deferred income	759,940			806,596
	982,475			1,048,207

10 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

11 Related party transactions

During the year the charity made the following related party transactions:

Directors (Trustees)

During the year an amount of £41,777 (2022: £45,998) was paid to three directors for consultancy services provided in relation to the delivery of external business support services under various funded programmes.

At the balance sheet date the amount due to/from Directors (Trustees) was £Nil (2022 - £Nil).

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E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Down Business Centre Limited

Statement of Financial Activities by fund for the Year Ended 31 March 2023

Unrestricted Funds

Unrestricted Funds
	Total			Total
	Unrestricted		Unrestricted
	Funds			Funds
	2023			2022
	£			£
Income and Endowments from:
Donations and legacies	-			3,440
Charitable activities	120,401			139,958
Other income	215,131			203,557
Total income	335,532			346,955
Expenditure on:
Expenditure	(245,178)			(231,024)
Charitable activities	(54,861)			(72,888)
Total expenditure	(300,039)			(303,912)
Net income	35,493			43,043
Net movement in funds	35,493			43,043
Reconciliation of funds
Total funds brought forward	701,641			658,598
Total funds carried forward	737,134			701,641

This page does not form part of the statutory financial statements. Page 18

E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Down Business Centre Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

	Total			Total
	2023			2022
	£			£
Income and Endowments from:
Donations and legacies (analysed below)	-			3,440
Charitable activities (analysed below)	120,401			139,958
Other income (analysed below)	215,131			203,557
Total income	335,532			346,955
Expenditure on:
Expenditure (analysed below)	(245,178)			(231,024)
Charitable activities (analysed below)	(54,861)			(72,888)
Total expenditure	(300,039)			(303,912)
Net income	35,493			43,043
Net movement in funds	35,493			43,043
Reconciliation of funds
Total funds brought forward	701,641			658,598
Total funds carried forward	737,134			701,641

This page does not form part of the statutory financial statements. Page 19

E-Sign ID: ec93d011-cce6-41f9-ac46-a5dba10401c8

Down Business Centre Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

	Total			Total
	2023			2022
	£			£
Donations and legacies
UK Government grants	-			3,440
	-			3,440
Charitable activities
Training receipts	120,401			139,958
	120,401			139,958
Other income
Rental income	215,131			203,557
	215,131			203,557
Expenditure
Wages and salaries	(138,951)			(121,188)
Staff NIC (Employers)	(10,384)			(7,228)
Staff pensions	(3,662)			(3,068)
Travelling	(1,680)			(2,817)
Rent and rates	6,064			(9,622)
Light, heat and power	(18,670)			(18,718)
Licenses and insurance	(6,880)			(5,772)
Repairs and renewals	(4,151)			(4,613)
Telephone and fax	(1,461)			(1,060)
Site costs	(10,271)			(10,651)
Operating leases	(4,501)			(4,859)
Marketing	(8,507)			(5,693)
Auditor's fees	(3,360)			(3,200)
Legal and professional fees	(14,439)			(14,041)
Bad debts written off	(2,870)			-
Bank charges	(83)			(74)
Bank interest received	-			85
Loan interest	(12,272)			(9,538)
Amortisation of government grants	46,656			46,656
Depreciation of freehold property	(51,473)			(51,160)
Depreciation of fixtures and fittings	(2,664)			(2,938)
Depreciation of office equipment	(1,619)			(1,525)
	(245,178)			(231,024)
Charitable activities
Enterprise fees	(54,861)			(72,888)
	(54,861)			(72,888)

This page does not form part of the statutory financial statements. Page 20

This Document has been Signed with a secure electronic signature via E-Sign.

Envelope Details

Title	Down Business Centre Accounts 2023
Author	KPS ([e-mail])
Envelope Created on	Mon, 10 Jul 2023 13:48:29
Envelope ID	ec93d011-cce6-41f9-ac46-a5dba10401c8

Document Details

Title	Financial Statements YE 31.03.23
Digital Fingerprint	2300420e-88fd-4263-b59c-be95340ddf7b

Document Signers Scan/Click the QR Code to view signature information

Name	Joe McCoubrey
Email	[e-mail]
Status	SIGNEDat Mon, 10 Jul 2023 13:56:48 BST(+0100)
Signature Fingerprint	5a155597-5857-42c7-93f0-43e656a2f5ff
Name	Patrick Michael Morrissey
Email	[e-mail]
Status	SIGNEDat Tue, 11 Jul 2023 08:42:25 BST(+0100)
Signature Fingerprint	e3a3ad91-8f8f-4624-a2c8-c3f5f165ab94
Name	Kyran Smyth
Email	[e-mail]
Status	SIGNEDat Tue, 11 Jul 2023 09:07:09 BST(+0100)
Signature Fingerprint	dd3fcd80-98bc-4adb-b425-36d2cd746c54
Name	KPS
Email	[e-mail]
Status	SIGNEDat Tue, 11 Jul 2023 09:04:36 BST(+0100)
Signature Fingerprint	1fcd4d2f-1427-4d6c-a792-4e6656040006

Document History

Tue, 11 Jul 2023 09:07:10	Kyran SmythSigned the Document (IP: 82.132.217.138)
Tue, 11 Jul 2023 09:04:37	KPSSigned the Document (IP: 151.2.227.100)
Tue, 11 Jul 2023 08:42:26	Patrick Michael MorrisseySigned the Document (IP: 82.153.25.163)
Mon, 10 Jul 2023 13:56:48	Joe McCoubreySigned the Document (IP: 86.157.101.185)