E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 Page 1
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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., Page 2
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 gr0h. {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 NeY 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 Gr0h 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. Page 3
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 Page 4
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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. Page 5
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 Yth 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 Page 6
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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. Page 7
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 yth 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. Page 8
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 V11 not detect all IegUlar1ties, 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. Page 9
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 Page 10
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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. Page11
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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. Page 12
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 Page 13
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 Page 14
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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 Page 15
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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) vS 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&b92G0f644-1e6bce5ffg29 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. Page 17
E-sign ID". 636Cs39&b92G0f644-1e6bce5ffg29 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&b92G0f644-1e6bce5ffg29 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