Charity Commission No. NIC 104023
HMRC Charity Reference: XR 93502
Company Registration No. NI020329 (Northern Ireland)
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Charity information
1
Trustees' report
2 - 5
Independent auditor's report
6 - 8
Statement of financial activities
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
- 1 -
Trustees
Paul Darragh
Colin Skillen
Rev John Lamb
Heather Murray
John Neill
John Hunter
Father Ciaran O'Callaghan
Linda Graham
Gareth Nethercott
Secretary
Mrs M Patterson-McMahon
Charity number
NIC 104023
Company number
NI020329
Registered office
Townsend Enterprise Park
Townsend Street
Belfast
BT13 2ES
Auditor
Moore (N.I.) LLP
4th Floor Donegall House
7 Donegall Square North
Belfast
BT1 5GB
Bankers
Bank of Ireland
202 Andersonstown Rd
Belfast
BT11 9EB
Solicitors
Millar McCall Wylie LLP
Eastleigh House
396 Upper Newtownards Road
Belfast
BT4 3EY
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The trustees present their report and accounts for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The charity's objects are set out in the Memorandum and Articles of Association. The principal activities of the charity are that of:

 

(1) Promotion of urban regeneration for the public benefit in Belfast/Greater Belfast area and its environs (the "area of benefit"), by all or any of the following means:

(i) in setting up their own business, or

(ii) to existing business or those considering establishing a business;

 

(2) The advancement of community development in the area of benefit and in particular the promotion of the community and voluntary sector for the benefit of the public by providing facilities and other support to community and voluntary groups.

 

We have earned the reputation of being a major enterprise development player in Belfast having assisted many businesses, social enterprises and charities to start-up, develop and expand. We have also worked effectively with other stakeholders to lead the regeneration of important aspects of the built environment surrounding our premises and are making progress to promote and celebrate the area’s important industrial, cultural and social heritage credentials for the benefit of the wider community.

 

The activities to meet our objectives are set out in an overall strategic framework based on four key pillars During this year under each of these themes the charity has had the following achievements and performance.

 

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Resources

A high priority for us is to maintain jobs and support economic development in this area of high deprivation by continuing to offer suitable quality accommodation at favourable rates and subsidised service charge costs. Whilst these subsidies provided some private benefit to the owners of the small businesses who rent the units and offices we view this to be ancillary to the main purpose greatly outweighed by the gains in public benefit which can be identified and measured through the sustained labour resource in the area, among other benefits.

 

We continue to maintain a high occupancy rate (averaging 98%) during the period, despite continued pressure on tenants arising from ongoing inflationary pressures and a challenging funding environment for our third sector tenants, thus protecting jobs, and continuing to encourage economic and social regeneration.

 

We continue to invest in maintenance and upkeep of the estate more generally, prioritising works according to needs but ensuring that they remain fit for purpose and attractive to new tenants in a competitive renting environment, and that they meet all statutory and health and safety requirements.

 

A major re-investment project to refurbish our main office and communal areas was successfully completed during the period. This has substantially improved the quality of space available and has allowed us to increase our office rental space by approximately 12.5% (1,300sq ft) and reduce some maintenance costs. This included converting old under-used space, including excess toilets, kitchen and training facilities. It has also allowed us to replace ageing electrical, heating and plumbing fixtures and fittings.

 

We also received support through the ‘Go Succeed’ programme to redevelop our website. Content has been updated, and it is now on a much more modern platform, making important information more accessible to visitors, improving security and reducing ongoing website management costs.

Regeneration Projects

We continue to execute our plans for Re-Imagining, Re-building & Re-connecting Townsend Street through the development of the important industrial heritage of the site, and the surrounding areas through the continued promotion of the ‘Foundry Quarter’ brand. Following consultation and presentation to the Heritage Lottery fund and Belfast City council we shall be making application for funding to further the development and research.

In partnership with the Ulster Orchestra and Zeppo Arts we were successful in receiving funding from Belfast City Council under the Belfast 2024 ‘Year of Culture’ initiative for a project known as “Sound Links”. This is to be delivered throughout 2024, culminating in a street festival and performance of the premiere of 3 specially commissioned musical works on 21 September - International Day of Peace. The vision for the project is to artistically explore the history of Townsend Street and focus on inspiring people about its future, connecting together residents (past and present), community groups, schools, care homes and other local stakeholders, such as businesses, in the local area. In addition to wider peace and reconciliation and artistic objectives, this project is intended to encourage civic pride and inward investment into the area, leading to a reduction in unemployment and financial hardship and a boost to civic society.

Community Investment & Linkages

We continue to work with the local communities and other stakeholders, through various forums, including the Lower Falls and Shankill Forum and the Unwanted Bonfires Panel, with meetings being held to address diverse issues which affect the wellbeing of the local community, including broader issues such as deprivation, inequality, and anti-social behaviour.

 

Senior management also provides time, expertise and resources to support other charitable organisations which work in partnership with Townsend Enterprise Park and /​or share complementary charitable objectives. Property maintenance and management services are also provided to certain charities, along with subsidised rent and support services where there is a clear alignment of charitable interests.

 

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Training & Skills Development

As we advance our work, we continue to review the skills and expertise required to aid future work and plans.

 

The annual Investors in People assessment saw us maintain our Silver certification, demonstrating our continued commitment to a positive working environment in which everyone feels valued and able to contribute to the organisation’s success.

 

The training and skills development of all employees is reviewed during the annual performance review ensuring that they are up to date in all areas essential to our effective operation. During the period staff variously undertook IT training, health and safety at work training (such as manual handling, power washing, handling sharps, using ladders), and heritage project training.

 

Public Benefit

The Trustees of the charity confirm that through the continued development and delivery of their objectives they have complied with their duty under the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland guidance on public benefit and that this benefit has informed the activities of the charitable company during this year ended 31st March 2024.

Achievements and performance
Financial review

Trading performance continues to be strong over the period, with occupancy levels being maintained at an average of 98%. With the preparation of annual budgets for revenue and capital expenditure day-to-day expenditure is carefully managed as inflationary increases put pressures across all cost centres. Once again, the largest pressure is the extraordinary increase in our property insurance premium due to no fault of the organisation. Our net deficit is attributable to that increase, in addition to the increase in depreciation costs following the major investment in the property.

Reserves Policy

Our reserves policy is to retain a level of capital which allows us to meet our operational costs for a 4-month period in the event of a 50% drop in income together with a sum estimated to cover the redundancy costs for 50% of the staff (including associated professional costs) which would arise from the restructuring of its operations and workforce to reflect a lower operating income base. The specific amount is determined when setting and agreeing the annual financial budget for each new trading year and reviewed quarterly during the year. From time to time, we may retain more capital than is required by this policy to meet future anticipated capital expenditure, perceived risks and/​or to take advantage of investment opportunities. The reserves policy is reviewed regularly (at least annually) in line with our business operations and perception of associated risks.

Plans for future periods
We shall continue to maintain high occupancy levels and shall seek sources of alternative funding to deliver initiatives within the immediate locality with stakeholders and partners
Key risks
We continue to assess our risk environment and monitor and mitigate these to the extent reasonably possible. Key risks include:
Financial: a drop in income more than 15%, or an un-mitigated increase in costs of 15% (or some combination of the two) would result in us running at a net trading deficit.
Health & Safety: the complex make-up of tenant industries and corresponding operational risks makes it difficult to effectively manage and mitigate health and safety risks.
Key-person Risk: with a small management team the impact of any one members of staff being unavailable for a prolonged period is significant.
We continue to manage these risks through regular assessment and preventative and mitigating actions.
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Structure, governance and management

Townsend Enterprise Park Limited is a company limited by guarantee and is governed by a Board of Trustees, who meet monthly. Members are invited by the charity to serve on the Board on the basis of their area of interest and expertise and their willingness to support the ethos, mission and values of the charity. New members are normally elected at the AGM in October but the Board may at any time co-opt people who would hold office until the next AGM. The Board ensures the governance of the charity represents best practice.

No business is transacted at a General Meeting unless a quorum is present. A quorum is three members. Unless determined by the company in General Meeting, the number of trustees shall not be less than three, the charity have sub-committees which meet on an ad-hoc basis; these are Finance, Personnel, Estates, Marketing, Strategy and Business Development.

The charity holds an Annual General Meeting each year in addition to all other general meetings. Decisions are made by passing resolutions.

The appointment of a trustee will in the first instance be dependent on the skills gap identified within the Board.  Having identified a gap, the Board will seek to make this known either through public advertisement or by approaching a body representing the skill required e.g. The Law Society.  Expression of interest will be received by the submitting of a C.V. and letter outlining what they believe they can bring to the Board and the organisation.  If following an interview, the applicant is deemed suitable, a recommendation will be brought to the Board by a proposer and they will then be duly appointed by full agreement of all trustees.

Each employee has an annual performance appraisal conducted, at this time salaries’ will be reviewed to ensure that they are line with the role and level of responsibility.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Paul Darragh
Colin Skillen
Rev John Lamb
Heather Murray
John Neill
John Hunter
Father Ciaran O'Callaghan
Linda Graham
Gareth Nethercott
Auditor
The auditor, Moore (N.I.) LLP, is deemed to be reappointed under section 487(2)- of the Companies Act 2006.
Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Colin Skillen
Dated: 12 November 2024
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED
- 6 -

Opinion

We have audited the financial statements of Townsend Enterprise Park Limited (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company'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 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's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, 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 financial statements are 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 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

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

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

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

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED
- 8 -

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

 

 

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Dr R I Peters Gallagher OBE FCA (Senior Statutory Auditor)
for and on behalf of Moore (N.I.) LLP
12 November 2024
Chartered Accountants
Statutory Auditor
4th Floor Donegall House
7 Donegall Square North
Belfast
BT1 5GB
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
3
-
5,000
5,000
10,991
Charitable activities
4
372,442
-
372,442
327,643

Investments

5
1,077
-
1,077
-
Other income
6
11,887
-
11,887
41,103
Total income
385,406
5,000
390,406
379,737
Expenditure on:

Raising funds

7
8,421
-
8,421
9,789
Charitable activities
8
390,678
-
390,678
375,761

Other expenditure

12
(117)
4,750
4,633
5,676
Total resources expended
398,982
4,750
403,732
391,226
Net (expenditure)/income for the year/
Net movement in funds
(13,576)
250
(13,326)
(11,489)
Fund balances at 1 April 2023
945,556
18,120
963,676
975,162
Fund balances at 31 March 2024
931,980
18,370
950,350
963,673

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
906,788
847,697
Current assets
Debtors
15
39,608
39,792
Cash at bank and in hand
220,141
192,986
259,749
232,778
Creditors: amounts falling due within one year
16
(91,227)
(116,802)
Net current assets
168,522
115,976
Total assets less current liabilities
1,075,310
963,673
Creditors: amounts falling due after more than one year
17
(124,960)
-
Net assets excluding pension liability
950,350
963,673
Net assets
950,350
963,673
The funds of the charity
Restricted income funds
18,370
18,120
Unrestricted funds
931,980
945,553
950,350
963,673

The notes on pages 12 to 22 form part of these financial statements.

The financial statements were approved by the trustees on 12 November 2024
Colin Skillen
Company registration number NI020329 (Northern Ireland)
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
40,043
66,231
Investing activities
Purchase of tangible fixed assets
(139,042)
(97,959)
Proceeds from disposal of tangible fixed assets
117
-
Investment income received
1,077
-
Net cash used in investing activities
(137,848)
(97,959)
Financing activities
Repayment of bank loans
124,960
-
Net cash generated from/(used in) financing activities
124,960
-
Net increase/(decrease) in cash and cash equivalents
27,155
(31,728)
Cash and cash equivalents at beginning of year
192,986
224,714
Cash and cash equivalents at end of year
220,141
192,986

The notes on pages 12 to 22 form part of these financial statements.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Charity information

Townsend Enterprise Park Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Townsend Enterprise Park, Townsend Street, Belfast, BT13 2ES.

1.1
Accounting convention

The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are funds received which are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the charity. Deficits on restricted funds are met by a transfer of an equivalent amount from unrestricted funds.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.

 

Cost of generating funds

These include salaries, direct expenditure and overhead costs of staff who promote fundraising, including events and mailings.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to supply them.

Governance costs

Governance costs include those incurred in the governance of its assets which are associated with constitutional and statutory requirements.

 

Support costs

Support costs include central functions and are allocated to activity cost categories on a basis consistent with the use of resources.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% straight line
Plant and machinery
25% reducing balance
Office equipent
25% straight line
Internet equipment
10% straight line
Refurbishment Improvements

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Government Grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

 

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.

 

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.13

Taxation

Townsend Enterprise Park Limited is a registered charity with HMRC and is entitled to certain tax exempt income and profits from investments in furtherance of the charity’s primary objectives, if these surpluses are applied solely for charitable purposes.

 

The charitable company is registered for VAT and accordingly, all its expenditure is recorded exclusive of any VAT incurred.

1.14

Reserves Policy

The reserves policy of Townsend Enterprise Park Limited is to achieve a level of reserves which match the needs of the Charity both at the current time and in the foreseeable future. The reserves required will be sufficient to meet the running costs for a period equivalent to approximately 4 months annual expenditure.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Restricted
Restricted
funds
funds
2024
2023
£
£

Grants receivable

5,000
10,991
Grants receivable for core activities
Heritage programme grant
5,000
10,991
5,000
10,991
4
Charitable activities

Rental fees

Rental fees

2024
2023
£
£

Rental fees

372,442
327,643
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
1,077
-
6
Other income
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
Other income
11,887
7,580
-
7,580
Fire Insurance Income
-
-
33,523
33,523
11,887
7,580
33,523
41,103
7

Raising funds

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Marketing and publicity

Advertising
8,421
9,789
8,421
9,789
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
6
Charitable activities
2024
2023
£
£
Staff costs
148,324
138,436
Depreciation and impairment
79,954
60,813

Rates & water rates

2,027
1,679

Insurance

47,068
45,324

Electricity

20,712
11,872

Premises expenses

61,403
84,569

Telephone

3,055
3,673

Printing, postage & stationery

1,245
1,202

Security

-
1,676

General expenses

8,059
8,047

Travel expenses

50
80

Hospitality

580
357

Bank charges & interest

7,907
371

Bad debts

(2,571)
5,564
Other charitable expenditure
127
-
377,940
363,663
Share of governance costs (see note 9)
12,738
12,098
390,678
375,761
9
Support costs allocated to activities
2024
2023
£
£
Governance costs
12,738
12,098
Analysed between:
Audit and accountancy
12,738
12,098
10
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year, other than those referred to in the related party transactions note.

 

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
11
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Administration
6
6
Employment costs
2024
2023
£
£
Wages and salaries
144,517
134,872
Other pension costs
3,807
3,564
148,324
138,436
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
99,844
95,905
12

Other expenditure

Unrestricted
Restricted
Total
Restricted
funds
funds
funds
£
2024
2024
2024
2023
Net loss on disposal of tangible fixed assets
(117)
-
(117)
-

Fire related expenditure

-
-
-
2,688

Heritage Programme expenditure

-
-
-
2,760

Belfast City Council Project Expenditure

-
4,750
4,750
228
(117)
4,750
4,633
5,676
13
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
14
Tangible fixed assets
Land and buildings
Plant and machinery
Office equipent
Internet equipment
Refurbishment Improvements
Total
£
£
£
£
£
£
Cost
At 1 April 2023
1,660,663
124,279
194,583
166,876
85,970
2,232,371
Additions
-
-
4,423
327
134,292
139,042
At 31 March 2024
1,660,663
124,279
199,006
167,203
220,262
2,371,413
Depreciation and impairment
At 1 April 2023
977,045
105,650
183,415
118,562
-
1,384,672
Depreciation charged in the year
33,213
5,351
4,027
16,695
20,667
79,953
At 31 March 2024
1,010,258
111,001
187,442
135,257
20,667
1,464,625
Carrying amount
At 31 March 2024
650,405
13,278
11,564
31,946
199,595
906,788
At 31 March 2023
683,617
18,629
11,168
48,313
85,970
847,697
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,044
8,894
Other debtors
-
5,629
Prepayments and accrued income
22,564
25,269
39,608
39,792
16
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
17,250
3,087
Payments received on account
39,156
5,868
Trade creditors
30,411
96,850
Other creditors
810
1,319
Accruals and deferred income
3,600
9,678
91,227
116,802
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
124,960
-
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,614
7,128

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
19
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Total
2024
2024
2024
2023
£
£
£
£
Fund balances at 31 March 2024 are represented by:
Tangible assets
906,788
-
906,788
847,697
Current assets/(liabilities)
150,152
18,370
168,522
115,976
Long term liabilities
(124,960)
-
(124,960)
-
931,980
18,370
950,350
963,673
20
Financial commitments, guarantees and contingent liabilities

The charitable company had no financial commitments, guarantees or contingent liabilities at the year end.

 

On 16th March 2021 £20,000 was received from Belfast City Council via the Business Cluster and Community Grant. As at 31st March 2024, £9,889 remained available.

 

21
Events after the reporting date

On 23rd of July the premises of the Charity was damaged by a vehicle collision. The cost of refurbishment is currently estimated at £10,000.

22
Related party transactions

There is no ultimate controlling party.

 

Mr C Skillen is a trustee of the charitable company and an employee in Diamond & Skillen Chartered Accountants. During the year Diamond & Skillen Chartered Accountants invoiced the company a total of £1,105 (2023: £1,105) for payroll services of which £410 (2023: £410) was due at the year end.

 

 

23
Liability of members

Townsend Enterprise Park Limited is a company limited by guarantee. The liability of each member is limited to an amount not exceeding £1.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
24
Cash generated from operations
2024
2023
£
£
Net income
(13,326)
(11,489)
Adjustments for:
Investment income recognised in statement of financial activities
(1,077)
-
Gain on disposal of tangible fixed assets
(117)
-
Depreciation and impairment of tangible fixed assets
79,954
60,813
Movements in working capital:
Decrease/(increase) in debtors
184
(2,143)
(Decrease)/increase in creditors
(25,575)
19,050
Cash generated from operations
40,043
66,231
25
Analysis of changes in net funds
At 1 April 2023
Cash flows
At 31 March 2024
£
£
£
Cash at bank and in hand
192,986
27,155
220,141
Loans falling due after more than one year
-
(124,960)
(124,960)
192,986
(97,805)
95,181
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