E-sign ID". 636Cs39&b92￿G0f￿644-1e6bce5ffg29
Company registration number.. N1019220
Charity registration number.. 107516
Down Business Centre Limited
(A company limtied by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2024
KPS Accountants Limited
Chartered Tax Advisers
Registered Auditors
35 Irish Street
Downpatrick
Co. Down
BT30 6BW

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Down Business Centre Limited
Contents
Reference and Administrative Details
Trustees, Report
2to6
Independent Auditors. Report
7t010
ststement of Financial Activities
Balance Sheet
12
Notes to the Financial SL*ements
13to16

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Down Business Centre Limited
Reference and Administrative Details
Chainnan
Mr Patrick Michael Morrissey
Trustees
Ms Linda Beers
Mr Joe Mccoubrey
Mr Patrick Michael Morrissey
Mr Patrick Brown
Mr Mark John Mumin
Miss Mary - Louise Press
Mr Brendan Lowry
Ms Alison Matthews
Philip Campbell
Elaine Flynn
Damian Campbell
Mr Gareth Sharvin
Secretary
Ms Linda Beers
Charity Registration Number
107516
Company Registration Number N1019220
The chanty is incorporated in Northern Ireland.
Down Business Park
46 Belfast Road
Downpatrick
Co Down
BT30 9UP
Registered Office
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 confinn that they have complied with their duty
under section 4lbl of the Charities Act (Northern Ireland) 2008 to have regard to the Charity
Commission for Northem 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 2024.
Structure, Governance. and Management
Down Business Centre Limited is a Company Limited by Guarantee and is a registered Charity wth
The Charities Commission Nl. It is a not-for-profit organisats'on.
Down Business Centre Limited is currently govemed by a Board of 12 directorsltrustees. The Board
an co-opt new directorsltrustees as and when required. Down Busine55 Centre's Chair is elected
from the directorsltrustees on a three-year basis and is ratified at the Annual General Meeting. All
Down Business Centre staff are responsible to the Board through the CEO.
New directors are briefed on their legal obligations under charty 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 performan￿ 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 Northem Ireland, an umbrella organisation for all
local enterprise agencies wthin Northem Ireland. Down Business Centre acts as a sulFcontractor 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 Moume and Down area by all or any of the followng means..
1. The relief of unemployment 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 wth 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
haritable 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 andlor 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 foll¢)wing activities:
1. Providing workspace accommodation to small businesses at favourable ternis 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 perfomiance and financial review form the
strategic report of the charity.
Financial Review
The financial statements cover the year ended 31st March 2024 and are prepared on an accruals
basis which is in keeping wth the accounts of previous years.
Total income for the year was £323,764 (2023- £335,532). total expenditure for the year was
£286,84612023', £300,039), resulting in a surplus of £36,918 (2023. £35,493). At 31 March 2024, total
funds were £774,052 (2023: £737,134).
Key milestones during the year
{a) We appointed a new Chief Executive Officer (Ms Emma Bohill) to lead the Company forward to an
era of continued gr0￿h.
{b) We appointed 4 new Trustees to extend the expertise and input of the Board.
(c) We engaged consultancy support to develop an ongoing business strategy.
{d) We undertook the introduction of new Govemance procedures.
{e) We invested in the construction of a new £241,000 storage compound, comprising 25 container
units to help businesses to free up production space. All units were fully let from the opening.
(D We worked with Land & Property Services to conduct a full review of on-site propety rates at our
Belfast Road site. This resulted in substantial savings for our tenant companies.
{g) We refurbished our main administrative block to provide new office lettable space for businesses.
(h) We provided flood relief services to businesses affected by the floods in Downpatrick. contributing
£3,000 to make office and unit space available to help business owners to continue to operate.
{1} We replaced all site interior and exterior lighting as part of our policy drive towards carbon
neutrality.
Delivery of Programmes:
Pre-start and Start-up support packages, under the management of our Programmes Manager,
Janice McDonald, were delivered for Ne￿Y Mourne and Down District Council, Enterprise Nl. and the
Department for the Economy. These included dealing with a major changeover from the Go for It
Programme to the new national Go Succeed Programme. We were also delighted to partner wth
private sector business support consultants, Full Circle Ltd, for delivery of the Gr0￿h element of the
new programme. We continued to support start-up and existing businesses to access funding through
the Small Business Start-up Loan fund 2023-2024.
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Down Business Centre Limited
Trustees. Report
Down Business Centre Sustainability
At Down Business Centre, we are committed to sustainability and reducing our carbon emissions,
which is reflected in the various initiatives we have implemented to achieve these goals.
Recycling and Waste Management." We have implemented a comprehensive recycling program to
manage office and site waste effectively. This includes recycling paper, plastic, and other materials
used in our daily operations. Additionally. we have swtched to using recycled paper for all our office
needs, further reducing our environmentsl footprint.
Renewable Eneryy.. To reduce our reliance on non-renewable energy sources, we have installed a
12KW PV system that generates over 10,000 kwh of electricity per year. We have installed leased PV
systems on the roofs of tenants, units, providing free electricity to the respective tenants.
Staff Education and Engagement." Educating our staff on climate action is a crucial part of our
sustainability Strategy. We regularly conduct training sessions and workshops to raise awareness
about the importance of sustainability and how each employee can contribute to our goals.
Enterprise Week Conference." During enterprise ￿￿ek, we hosted a conference on climate action to
spread awareness among other businesses. This event was a significant step in promoting
sustainability beyond our organisation and encouraging other businesses to adopt similar practices.
SME Climate Commitment." Our commitment to sustainabilty is further demonstrated by our
participation in the SME Climate Commitment. We aim to halve our greenhouse gas emissions by
2030 and achieve net-zero emissions by 2050. This ambitious goal underscores our dedication to
reducing our environmental impact and contributing to global climate action
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Down Business Centre Limited
Trustees. Report
External Relationships
Down Business Centre is a member of Enterprise Northem Ireland, an umbrella organisation for all
local enterprise agencies wthin Northern Ireland. Down Business Centre acts as a sub-contractor for
Enterprise Northem Ireland programmes and pays an annual membership fee.
A Memorandum of Understanding is in place with Nevry & Mourne Cooperative for joint delivery of
funded programmes in our Council area. In partnership wth Newry & Moume 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. We have continued to
work closely with other economic development organisations within our region, These included..
Downpatrick Living High Streets
. The County Down Rural Community NefvrfoTk
Newry Mourne & Down Strategic Stakeholder Forum
Downpatrick Irish Street Regeneration Committee
Newry Mourne & Down Council Entrepreneurship, Business Growth & Innovation working group.
Newry Mourne & Down Labour Market partnership
Development Trusts Nl.
Board voluntary inputs. The Chairperson and Trustees l 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. propety management. ICT, people training, business ownership, and
marketing has helped us to substantialty reduce our outgoings and create a dynamic and
forward-looking business model.
Strategic Outcomes
The following outcomes were achieved throughoLrt 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 opportunities through delivery of the Go Succeed Programme.
Plans for future period
It is anticipated Ihal 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 region.
2. Provide technical assistance, business advice and mentoring.
3. Provide affordable property facilities to assist SMES to locate andlor grow in the region.
4. Fund infomiation seminars and webinars to provide practical advice and support to people engaged
in self-employed activities.
Post year*nd commitments
There were no post-year commitments or contracts or payments entered into at the close of the year
ended 31 March 2024.
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 ￿lch 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.
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Down Business Centre Limited
Trustees. Report
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 judgments 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 concem basis unless it is inappropriate to presume
that the charity will continue in busine55.
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.
ststement of Disclosure of Infomiation to Auditor
In so far as the directors, held office at the date of the approval of these financial ststements, 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 infomiation and to establish that the auditor is aware of that information.
Small company exemption
This report has been prepared in accordance with the special provisions relating to small companies
thin 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 ofthis report confimis that..
so far as they are aware, there is no relevant audit infom)ation of vthich 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 r&appointed in accordance with section 487 of the Companies
Act 2006.
Small companies provision ststement
This report has been prepared in accordance Y￿th the small companies regime under the Companies
Act 2006.
The annual report was approved by the trustees of the charity on 2 September 2024 and signed on its
behalf by:
J Mcctsubrey
031Sep12024 10_.29..49
P M Morrissey
051Sep12024 19".29".16
Mr Joe Mccoubrey
Trustee
Mr Patrick Michael Morrissey
Chaimian and Trustee
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Down Business Centre Limited
Independent Auditorfs Report to the Trustees of Down Business Centre
Limited
Opinion
Vve have audited the financial statements of Down Business Centre Limited (the 'charity') for the year
ended 31 March 2024, ￿lch 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
Stsndards, 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 2024 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 viith the requirements of the Companies Act 2006.
Basis for opinion
Vve conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UKI) 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
ststements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical
responsibilities in accordance wth 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 concem
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 Iwelve months from ￿en the original financial
ststements were authorised for issue.
Our responsibilities and the responsibilities of the trustees viith respect to going concern are
described in the relevant sections of this report.
Other infomiation
The trustees are responsible for the other information. The other information comprises the
infomiation included in the annual report, other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements does not cover the other information and, except to
the extent otherwise explicidy stated in our report. we do not express any form of assurance
conclusion thereon.
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Down Business Centre Limited
Independent Auditorfs Report to the Trustees of Down Business Centre
Limited
In connection wth our audit of the financial ststements. our responsibility is to read the other
infomiation 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 infomiation. If, based on the work we have performed, we conclude
that there is a material misstatement of this other infomiation. 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 Strategic Report and Trustees, Report for the financial year for which
the financial statements are prepared is consistent y￿th the financial statements,. and
the Strategic Report and Trustees, Report have 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 followng matters where the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have not been
received from branches not visited by us.. or
the financial statements are not in agreement the accounting records and returns., or
certain disclosures of trustees remuneration specified by law are not made- or
we have not received all the informats'on and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustee's responsibilities statement (set out on page 51, 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 Auditorfs Report to the Trustees of Down Business Centre
Limited
Auditors 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 wth ISAS (UK) wll 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
tsken on the basis of these financial ststements.
Irregularities, including fraud, are instances of non-compliance wth 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 wth details of
any adjustments to the accounts which they then sign to agree any changes occurring:
Revenue recognition was audited using analytical review vAth further substantive testing where
necessary.,
Discussions wth management, induding consideration of known or suspected instsnces of
non-compliance with laws and regulations and fraud-
Identification and testing of significant manual joumal 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 V￿11 not detect all I￿egUlar1ties,
including those leading to a material misstatement in the financial statements or non-compliance wth
regulation. This risk increases the more that compliance wth a law or regulation is removed from the
events and transactions reflected in the financial statements, as we wll 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). y￿ 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 perfomi 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 intemal 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 charitsble 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 Auditorfs 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, vthether 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 audtt evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the charitable
ompany to cease to continue as a going concem.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the undedwng transactions and events in
a manner that achieves fair presentation (i.e. gives a true and fair view).
We communicate with those charged with govemance 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 identrfy 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 {Northem 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 auditorfs 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 fomied.
K Smyth
061Sep12024 18-.47.'28
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
2 September 2024
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Down Business Centre Limited
Statement of Financial Activities for the Year Ended 31 March 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted
funds
Total
2024
Note
Income and Endowments from:
Charitable activities
Other income
73,328
250.436
73,328
250,436
Total income
323,764
323,764
Expenditure on:
Expenditure
Charitable activities
(255,223)
(31,623}
(255,223)
(31,623)
Totsl expenditure
(286,846)
(286.8461
Net income
36,918
36,918
Net movement in funds
36.918
36,918
Reconciliation of funds
Total funds brought forward
737,134
737,134
Total funds carried forward
774,052
Unrestricted
funds
774,052
Total
2023
Note
Income and Endowments from:
Charitable activities
Other income
120,401
215,131
120,401
215,131
Total income
335,532
335,532
Expenditure on:
Expenditure
Charitable activities
(245,178)
(54,861}
(245,178)
(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
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 13 to 16 form an integral part of these financial statements.
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Down Business Centre Limited
(Registration number: N1019220)
Balance Sheet as at 31 March 2024
2024
2023
Note
Fixed assets
Tangible assets
1,721,160
1,534,506
Current assets
Debtors
Cash at bank and in hand
72,664
147,344
23,036
209,056
220,008
232,092
Creditors: Amounts falling due within one year
88.968
46,989
Net current assets
131,040
185,103
Total assets less current liabilities
1,852,200
1,719,609
Creditors: Amounts falling due after more than one year
(1.078,148)
(982.4751
Net assets
774,052
737,134
Funds of the charity:
Unrestricted income funds
Unrestricted funds
774.052
737,134
Total funds
774,052
737,134
The financial statements on pages 11 to 16 were approved by the trustees. and authorised for issue
on 2 September 2024 and signed on their behalf by:
J Mccoubre
031Sep1202
110'.29.'49
P M Morrissey
0SISep12024 19'.29.'16
Mr Joe Mccoubrey
Trustee
Mr Patrick Michael Morrissey
Chairman and Trustee
The notes on pages 13 to 16 form an integral part of these financial statements.
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Down Business Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance wth 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
1021) (issued in October 2019) - (Charities SORP {FRS 1021). 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 otherwse ststed in
the relevant accounting policy notes.
Income and endowments
All incoming resources are included on the Statement of Financial Activities vthen the charty is legally
entitled to the income and the amount can be quantified reasonable accuracy.
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 wih 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, rt 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 impaimient losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to vrrite off the cost or valuation, less any
estimated residual value, over their expected useful economic lrfe as follows..
Asset class
Land and buildings
Depreciation method and rate
20h on cost
20 % on reducing balance and 10 % on
reducing balance
Plant and machinery, et
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Down Business Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
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
ststements.
2 Income from charitable activities
Unrestricted
funds
General
Total
2024
Programming Income
73,328
73,328
Unrestricted
funds
General
Total
2023
Programming Income
120,401
120,401
3 Other income
Unrestricted
funds
General
Total
funds
Job Start grant
Rental income
6,480
243.956
6,480
243,956
Total for 2024
250,436
250,436
Total for 2023
215,131
215,131
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E-sign ID". 636Cs39&b92￿G0f￿644-1e6bce5ffg29
Down Business Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
4 Tangible fixed assets
Land and
buildings
Furniture and
equipment
Totsl
Cost
At 1 April 2023
Additions
2.573.731
244,708
228,008 2,801,739
2,200
246,908
At 31 March 2024
2.818.439
230,208 3.048,647
Depreciation
At 1 April 2023
Charge for the year
1.069.592
56,367
197,556 1,267,148
3,972
60,339
At 31 March 2024
1.125.959
201,528 1.327.487
Net book value
At 31 March 2024
1.692.480
28,680 1,721.160
At 31 March 2023
1,504,139
30,452 1,534,591
5 Debtors
2024
2023
Trade debtors
Other debtors
64,466
8,198
18,005
5,031
72.664
23,036
6 Cash and cash equivalents
2024
2023
Cash on hand
Cash at bank
14
147,330
14
209,042
147.344
209,056
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E-sign ID". 636Cs39&b92￿G0f￿644-1e6bce5ffg29
Down Business Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
7 Creditors: amounts falling due within one year
2024
2023
Bank loans
Trade creditors
Other taxation and social security
VAT
other creditors
Accruals
44,336
21,569
3,006
17.012
624
2.421
19,745
2,357
14,309
469
10,109
88,968
46,989
8 Creditors: amounts falling due after one year
2024
2023
Bank loans
Deferred income
364.864
713,284
222,535
759,940
1,078.148
982,475
9 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.
10 Related party transactions
During the year the charity made the following related party transactions:
Directors (Trustees)
During the year an amount of £42,843 (2023: £41,777) v￿S paid to three directors for consultancy
services provided in relation to the delivery of extemal business support services under various
funded programmes.
At the balance sheet date the amount due tofftom Directors {Trustees) vras £Nil (2023 - £Nil).
Page 16

E-sign ID". 636Cs39&b92￿G0f￿644-1e6bce5ffg29
Down Business Centre Limited
Statement of Financial Activities by fund for the Year Ended 31 March 2024
Unrestricted Funds
Total
Total
Unrestricted Unrestricted
Funds
Funds
2024
2023
Income and Endowments from:
Charitable activities
Other income
73,328
250,436
120,401
215,131
Total income
323,764
335,532
Expenditure on:
Expenditure
Charitable activities
(255,223) (245,178)
{31,6231
(54,861}
Totsl expenditure
(286,846) (300,039)
Net income
36,918
35,493
Net movement in funds
36.918
35.493
Reconciliation of funds
Total funds brought forward
737,134
701,641
Total funds carried forward
774.052
737,134
This page does not form part of the statutory financial statements.
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E-sign ID". 636Cs39&b92￿G0f￿644-1e6bce5ffg29
Down Business Centre Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
Total
2024
Total
2023
Income and Endowments from:
Charitable activities (analysed below}
Other income {analysed below)
73,328
250,436
120,401
215,131
Total income
323,764
335,532
Expenditure on:
Expenditure {analysed below)
Charitable activities (analysed below)
(255,223)
(31,623)
(245,178)
(54,861}
Total expenditure
286,846
(300.0391
Net income
36,918
35,493
Net movement in funds
36,918
35,493
Reconciliation of funds
Total funds brought forward
737,134
701,641
Total funds carried forward
774,052
737,134
This page does not form part of the statutory financial statements.
Page 18

E-sign ID". 636Cs39&b92￿G0f￿644-1e6bce5ffg29
Down Business Centre Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
Total
2024
Total
2023
Charitable activities
Training receipts
73,328
120,401
73,328
120,401
Other income
Rental income
Other income
243,956
6,480
215,131
250,436
215,131
Expenditure
Wages and salaries
Staff NIC {Employers>
Staff pensions
Travelling
Rent and rates
Light, heat and power
Licenses and insurance
Repairs and renewals
Telephone and fax
Site costs
Operating leases
(121,732)
(6,238)
(6,517)
(1,030)
20,636
(14,080)
(5,263)
(2,460)
(1,799)
(18,329)
(6,838)
(138,951)
(10.3841
(3,662)
(1,680)
6,064
(18,6701
(6,880}
(4,151)
(1,461}
(10,2711
(4,501}
Ell
Marketing
Auditor's fees
Legal and professional fees
Bad debts written off
Bank charges
Loan interest
Amortisation of government grants
Depreciation of freehold property
Depreciation of fixtures and fittings
Depreciation of office equipment
(8,331)
(3,360)
(30,716)
(1,837)
(2,095)
(31,551)
46,656
(56,367)
(2,558)
(1,414)
{255,223)
(8,507)
(3,360}
(14,4391
(2,870}
(83)
(12,2721
46,656
(51,4731
(2,664}
(1,619)
(245,178)
Charitable activities
Enterprise fees
31,623
54,861
{31,623)
(54,861}
This page does not form part of the statutory financial statements.
Page 19