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Registered number: NI035856 NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED COMPANY INFORMATION
Directors | E Graham (resigned 31 December 2024)
| N Crockett
| Dr. B Keating (resigned 30 June 2025)
| G Kindlon
| J Wylie (resigned 30 June 2025)
| Professor P Bartholomew
| C Langford (resigned 31 July 2025)
| C Jessup (resigned 28 February 2025)
| P Hannigan
| J Walker
| Professor M Ferguson
| D Armstrong
| Professor I Greer
| T Breslin (appointed 3 February 2025)
| L Tedstone (appointed 3 February 2025)
| Sir D Sterling (appointed 2 June 2025)
Company secretary | D Stewart
Registered number | NI035856
Registered office | The Innovation Centre
| Queens Road
| Belfast
| Co. Antrim
| Northern Ireland
| BT3 9DT
Independent auditors | AAB Group Accountants Limited
| Chartered Accountants & Statutory Auditors
| 1-3 Arthur Street
| Belfast
| Co. Antrim
| BT1 4GA
Bankers | Bank of Ireland
| 1 Donegall Square South
| Belfast
| Co. Antrim
| Northern Ireland
| BT1 5LR
Solicitors | Cleaver Fulton Rankin
| 50 Bedford Street
| Belfast
| Co. Antrim
| Northern Ireland
| BT2 7FW
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED CONTENTS
| Page
Directors' report | 1 - 7
Independent auditors' report | 8 - 11
Consolidated statement of comprehensive income | 12
Consolidated balance sheet | 13
Company balance sheet | 14
Consolidated statement of changes in equity | 15
Company statement of changes in equity | 16
Notes to the financial statements | 17 - 28
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activity
Catalyst is the trading name of Northern Ireland Science Park Foundation Limited and subsidiary companies. At Catalyst our vision is ‘Opportunity for all from world-leading innovation’ and our mission is that ‘We make it easy for you to innovate’. Our aim is that Catalyst will be a major agent in this transformation, working collaboratively with all who share the vision. At Catalyst our people are our most important asset, and our values are pivotal to recruiting and retaining the best talent who have our vision at their heart. Our values of integrity, passion and 'be bold' are at the heart of all we do.
Strategy
Catalyst is a "not-for-profit" that focuses on three pillars: Future Workspace We set the standard for innovation workspace and on-campus amenities working with partners to build an Innovation District. Entrepreneurship & Scaling We exist so that on-campus and off-campus partners and entrepreneurs realise significant value to their work and wellbeing because they belong to the Catalyst Community. Open Innovation We focus on incubating and growing industry clusters to over 500 companies in each cluster through strategic partnerships with key institutions. These pillars are underpinned by three themes: ∙Inclusivity ∙Strong innovation ∙Clusters Our proven model invests the surpluses generated from our agile connected workspace and facilities to provide the underwriting, supplemented by both financial and pro-bono support from the private sector and sponsors, necessary for the community-led development of our entrepreneurial innovation ecosystem. These initiatives and programmes focus on: ∙Stimulating ideas ∙Incubating products ∙Scaling business Page 1
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Real estate
Catalyst owns and operates two campuses, comprising eight buildings providing 291,547 sq. ft. of agile connected work and event space. Letting is commercial but flexible with workspace available from one desk to an entire building on flexible lease terms from one month upwards. Catalyst also has a growing base of partner campuses, the largest being Co-lab at Letterkenny Institute of Technology, partner in the successful North West Regional Science Park project. The group is focused on providing and maintaining a sustainable environment and currently has no waste going to landfill and 100% of our estate's electricity comes from renewable sources. The Innovation Centre, Belfast The Innovation Centre is 40,000 sq. ft. of agile workspace in units from 500-4,000sq. ft. and includes shared workspace/co-working space of 50 desks, plus: ∙Meeting rooms for in-house or public meetings and events; and ∙Full in-house catering facilities. The Innovation Centre, Fort George The Innovation Centre in Derry/Londonderry provides 28,900 sq. ft. of agile workspace in units from 500-4,000 sq. ft. and includes shared workspace of 50 desks, plus: ∙Meeting rooms for in-house or public meetings and events; and ∙Full in-house catering facilities. The Legacy Building The refurbished former industrial ship-yard building provides 24,028 sq. ft of agile workspace in four similar sized units including: ∙Gas fired heating and air conditioning; and ∙Individual utility meters. White Star House This building, with the three bows to replicate the three biggest ships built in Belfast, RMS Olympic, Titanic and Britannic, provides 37,067 sq. ft. of modern accommodation over four floors. This building is fully let to Citi for their technology development. The Concourse Buildings I, II & III With large rectangular floor plates capable of sub-division, each building offers very flexible accommodation solutions for larger companies, often when they have outgrown the Innovation Centres. The total area across all three buildings is 149,052 sq. ft. Each provides: ∙50 - 50,000 sq. ft. each over five floors, with floor division if required; ∙Full ventilation and air conditioning; ∙Structural roof for specialist plant; and ∙Extensive vertical services risers. Queen's University Belfast - ECIT This On-Campus Queen's University Belfast Research Institute accommodates 150 research staff in four groups, with the largest being the Centre for Cyber Security, recognised as the UK National Centre for Secure IT. It has been recognised as Global Centre of Research Excellence and is aiming to expand to some 350 staff. The Pump-House Titanic's Dock and Pump-House occupies a seven-acre scheduled monument site at Catalyst. The dry dock where RMS Titanic was fitted out remains as Titanic's physical footprint in history. The listed Pump-House was the largest dock and housed the most powerful pumps in the world when completed in 1911 to construct the largest trio of ships - RMS Olympic, Titanic and Britannic.. Page 2
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Catalyst Community We believe that entrepreneurs are the most important people to the future of Northern Ireland's economy. Being an entrepreneur is challenging so we provide a way for our most experienced people to volunteer their time, share their experiences, contacts and collective intelligence to give our entrepreneurs an advantage. The result is a powerful network, a community of researchers, experienced entrepreneurs, executives, investors, legal and financial experts, and our diaspora united together to help make our most promising entrepreneurs more successful. Our partnership model enables Northern Ireland's main knowledge economy stakeholders not just to support with cash but to set the direction and create the conditions for the grassroots volunteer effort to flourish. With the support of these parties the Board has established a Catalyst Partners Leadership Group as a sub-committee of the Board. Catalyst has created an extensive network which at 31 March 2025 includes: ∙Queen's University Belfast, Ulster University and the Atlantic Technological University, with several other public research organisations; ∙Schools and further education colleges in Northern Ireland; ∙Elected officials for Northern Ireland and their executives; ∙Nearly 100 associates and license holders and scores of regular, but casual, users of Catalyst facilities including investors, business organisations, teacher organisations and politicians; ∙14 leaseholders, of whom 8 are "flagships"(tenant with over 5,000 sq. ft. extending over 10 years); Global Corporates who came on acquisition of a local start-up include Aveva, NVIDA, Qualcomm, Telefonica; others who grew here from small trial investments include, AllState, Citi, L&T InfoTech, NantHealth; ∙Approximately 900 would-be entrepreneurs with knowledge based business ideas and new start-ups; ∙A substantial volunteer force of experienced and successful entrepreneurs and business professional organisations; ∙Funders of early stage ventures in Northern Ireland and elsewhere with support programmes to encourage and facilitate engagement; and ∙Business and professional organisations (e.g Confederation of British Industry, Chartered Accountants Ireland, etc.). Catalyst operates a very successful business creation and acceleration programme with the full support of the research community, the business community and the Government, while also supporting investment in those and other companies through our own Funding programme.
Results and dividends
The profit for the year, after taxation, amounted to £139 k (2024 - loss £130 k). Considering the trading environment during the year, the directors are satisfied with the results of the group for the year, which were in line with expectations and in line with the plan for the year to support local employment, programmes and project activities to invest in future growth and continued development of the entrepreneurial innovation ecosystem. The results of the group are profit making at EBITDA. There are strong positive cash balances and overall positive net assets despite the group having net current liabilities. The directors do not recommend the payment of a dividend (2024: £Nil). Page 3
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Directors
The directors who served during the year, and up to the date of signing the financial statements were:
E Graham (Chair) (resigned 31 December 2024)
N Crockett (Deputy Chair)
Dr. B Keating (resigned 30 June 2025)
G Kindlon
J Wylie (resigned 30 June 2025)
Professor P Bartholomew
C Langford (resigned 31 July 2025)
C Jessup (resigned 28 February 2025)
P Hannigan
J Walker
Professor M Ferguson
D Armstrong
Professor I Greer
T Breslin (appointed 3 February 2025)
L Tedstone (appointed 3 February 2025)
Political Contributions
The Company has made no political donations or incurred any political expenditure during the year (2024: £Nil).
Future developments
The board and management of Catalyst believe the most important objective for the next ten years is to maintain the momentum of its success and to build upon the solid foundations, which are now in place. Catalyst plays an essential and integral role in the growth of our growing knowledge economy; a role which has been expanded having established the Innovation Centre at Fort George as part of the North West Science Park. The Centre continues to be fully engaged in the Knowledge Economy of that sub region. At the initial stages of Catalyst life, the emphasis was predominantly upon the provision of an infrastructure, which meets the needs of high technology companies. This continues to be an important challenge, especially as it must support all the disparate areas of science and technology, as the knowledge economy spreads. However, the physical structure is but a framework to support the development of all the other elements (or eco-system), which assist start-ups and high-tech companies and even encourage the young to take the path of entrepreneurship. This is the priority investment for Catalyst. Working with others the aim will be a fully integrated physical and virtual eco-system of support, which extends throughout the North West of Ireland. Catalyst has established a reputation for being innovative and responsive to the changing needs of doing business in a global market. The maintenance of these qualities is essential to the future success of Catalyst as it strives to ensure that the technical excellence within Northern Ireland, and especially in the Universities of Queen's and Ulster, is exploited fully, further establishing Northern Ireland as an excellent location for business in the modern world. Page 4
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Governance & Risk Management
The group's strategy is to adopt a prudent risk policy that effectively manages exposures relevant to the achievement of its business objectives. The principal risks identified by management, and the associated mitigation measures, are set out below: Health & Safety Risk The Group is committed to providing a safe environment for employees and third-party visitors. These risks are mitigated through the active promotion of a strong health and safety culture, the implementation of defined policies, and the prioritisation of health and safety initiatives within budget planning. Management & Staff Development Sustained growth depends on the Group's ability to attract, retain and develop high-quality personnel. Management and staff development therefore remain a key focus of the Board to ernsure long-term business success. Business Performance Risk Business performance risk relates to the possibility that the Group may not deliver the expected financial or operational outcomes. This is managed through robust governance measures including attaining a balanced mix of funding, a diverse tenant base, expenditure authorisation, ensuring appropriate leadership is in place, comprehensive budget and business planning processes, monthly reporting with variance analysis, established financial c ontrols, the use of key performance indicators, and regular forecasting and ensuring the properties remain innovative and reflect market need. Business Continuity Risk Although the Group relies on physical infrastructure, the risk is mitigated by maintaining multiple sites and ensuring that appropriate insurance cover is in place. The Group also sustains close working relationships with key stakeholders, including the Department for the Economy, Queen’s University Belfast and Ulster University, to support continuity planning. Stakeholder Support The Group’s continued success is reliant on the ongoing support of its primary stakeholders, namely the Department for the Economy, Queen’s University Belfast and Ulster University. Strong relationships are maintained with these organisations, and their active participation in the Group’s strategy and community development initiatives is encouraged. IT & Cybersecurity Risk Like many organisations, we are exposed to the increasing risk of cyber-attacks and information security breaches that could disrupt operations, compromise sensitive information or damage stakeholder confidence. To mitigate this, we maintain robust security controls, invest in resilient infrastructure, provide staff training to reduce human error and engage external specialists to ensure our defences remain resilient. Social, Ethical, and Environmental Risk Given the Group’s size and nature, no significant social or ethical risks have been identified. The site has been fully remediated, making the entire area available for future development. In addition, a rolling ten-year environmental insurance policy provides protection against specific environmental risks. Financial Risk Management As a recognised science park under the United Kingdom Science Park Association, the Group has secured funding from the Department for the Economy, the International Fund for Ireland, the Special EU Programmes Body, Tourism NI, Belfast City Council, Invest NI, InterTrade Ireland and other organisations. Alongside internally generated profits, these funds have been used to develop capital assets, support operating costs and foster the growth of a science park community. The Group’s most significant physical asset is its leasehold interest in land and property, funded by capital grants and private sector contributions. The Group’s principal financial instruments include cash, trade debtors and creditors, loans, finance leases and deferred grants. The main associated risks and controls are as follows overleaf: Page 5
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Credit Risk Primarily arising from rent and related charges levied on tenants. The majority of receivables are payable in advance under lease agreements, and exposures are closely monitored to minimise the risk of bad debts and ensure early identification of potential issues.
Liquidity Risk
Managed through regular assessments of cash flow requirements. A Board-approved Financial Procedures Manual sets authority limits on expenditure. Capital expenditure projects, as identified in the annual business plan, require approval and ratification by the Northern Ireland Science Park Property Board. The Group also actively manages a balanced mix of short-term and long-term debt finance to ensure sufficient funding for operations and planned developments.
Statement of corporate governance arrangements
Board of directors The board is responsible for the group's policy decisions and strategy. It has delegated implementation and management of such policies and strategies to the board of its subsidiary company, Northern Ireland Science Park (Holdings) Limited, and property related management to the board of its subsidiary company, Northern Ireland Science Park Property Limited and management and property matters related to the North West Science Park to the board of its subsidiary company, North West Regional Science Park Limited. Formal Schedules of Matters Reserved for the decision of each Company board have been approved. In addition, the board has established an Audit & Risk Committee, Property Committee, Strategy Committee, People and Culture Committee (previously Remuneration and Nomination Committee). Each Committee has specific terms of reference and meets on a regular basis. The minutes of subsidiary Company board meetings and committee meetings are circulated to all directors on a timely basis. In addition, each Committee reports on its activities to the board on an annual basis. Audit & Risk committee Under its Terms of Reference, the Committee is responsible for reviewing the group's financial performance and statements, effectiveness of internal control systems and risk management. The Committee agreed with the External and Internal auditors the nature and scope of work to be conducted. The Committee reviews the audit and non-audit work of the external auditors, who were appointed following a competitive tendering process. The risk register prepared for the group, which summarises the impact of the various business risks facing the group and the group's ability to address these risks, is regularly reviewed and updated. People and Culture committee (formerly Remuneration and Nomination Committee) This Committee provides strategic oversight of Catalyst’s people agenda, organisational culture, and executive remuneration. It ensures succession planning, governance of senior appointments, and alignment of reward policies with Catalyst’s mission, values, and long-term strategy. Strategy Committee The committee is responsible for advising the board on strategic and budget related matters, supporting the Executive Team in developing a strategy in line with Catalyst overall vision and mission. Property Committee The Committee supports the Executive Team in developing the property strategy that is aligned to the overall Catalyst strategy and also in advising the Board on appropriate property related matters. Page 6
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Directors' responsibilities statement
The directors are responsible for preparing the Directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
The auditors, AAB Group Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 24 September 2025 and signed on its behalf.
D Stewart Secretary | N Crockett Director
Page 7
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED
Opinion
We have audited the financial statements of Northern Ireland Science Park Foundation Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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 Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent Company'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 directors with respect to going concern are described in the relevant sections of this report. Page 8
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors 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.
Opinion on other matters 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors 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 Directors' report and from the requirement to prepare a Group strategic report.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 7, the directors 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 directors 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 directors are responsible for assessing the Group's and the parent Company'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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 9
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED (CONTINUED)
Auditors' 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 Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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 Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. ∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Page 10
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED (CONTINUED) We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 Auditors' 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. Teresa Campbell (Senior statutory auditor) for and on behalf of AAB Group Accountants Limited Chartered Accountants Statutory Auditors 1-3 Arthur Street Belfast Co. Antrim BT1 4GA 24 September 2025 Page 11
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 3 | 11,563 | 9,861
Cost of sales |  | (1,300) | (1,070)
Gross profit |  | 10,263 | 8,791
Distribution costs |  | (2,259) | (2,134)
Administrative expenses |  | (8,303) | (7,218)
Other operating income | 4 | 1,107 | 1,164
Operating profit | 5 | 808 | 603
Interest receivable and similar income |  | - | 6
Interest payable and similar expenses | 8 | (648) | (693)
Profit/(loss) before taxation |  | 160 | (84)
Tax on profit/(loss) | 9 | (21) | (46)
Profit/(loss) for the financial year |  | 139 | (130)
Profit/(loss) for the year attributable to: |  |  |
Owners of the parent Company |  | 139 | (130)
|  | 139 | (130)
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 17 to 28 form part of these financial statements.
Page 12
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED REGISTERED NUMBER: NI035856 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 25,390 |  | 26,961
|  |  | 25,390 |  | 26,961
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 1,578 |  | 1,126 |
Cash at bank and in hand | 13 | 977 |  | 2,531 |
|  | 2,555 |  | 3,657 |
Creditors: amounts falling due within one year | 14 | (4,487) |  | (5,494) |
Net current liabilities |  |  | (1,932) |  | (1,837)
Total assets less current liabilities |  |  | 23,458 |  | 25,124
Creditors: amounts falling due after more than one year | 15 |  | (20,511) |  | (22,337)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 18 | (434) |  | (413) |
|  |  | (434) |  | (413)
Net assets |  |  | 2,513 |  | 2,374
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | 2,513 |  | 2,374
Equity attributable to owners of the parent Company |  |  | 2,513 |  | 2,374
|  |  | 2,513 |  | 2,374
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.
N Crockett
Director
The notes on pages 17 to 28 form part of these financial statements. Page 13
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED REGISTERED NUMBER: NI035856 COMPANY BALANCE SHEET AS AT 31 MARCH 2025
| 2025 | 2024
Note | £000 | £000
Total assets less current liabilities |  | - | -
Net assets excluding pension asset |  | - | -
Net assets |  | - | -
Capital and reserves |  |  |
|  | - | -
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.
N Crockett
Director
The notes on pages 17 to 28 form part of these financial statements. Page 14
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Profit and loss account | Total equity
| £000 | £000
At 1 April 2023 | 2,504 | 2,504
Comprehensive income for the year |  |
Loss for the year | (130) | (130)
Total comprehensive income for the year | (130) | (130)
At 1 April 2024 | 2,374 | 2,374
Comprehensive income for the year |  |
Profit for the year | 139 | 139
Total comprehensive income for the year | 139 | 139
At 31 March 2025 | 2,513 | 2,513
| The notes on pages 17 to 28 form part of these financial statements.
Page 15
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Total equity
| £000
Total transactions with owners | -
Total transactions with owners | -
| The notes on pages 17 to 28 form part of these financial statements.
Page 16
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Northern Ireland Science Park Foundation Ltd is a private company limited by guarentee, domiciled and incorporated in Northern Ireland. The registered office is The Innovation Centre, Queens Road, Belfast, Co. Antrim, Northern Ireland, BT3 9DT. The group consists of Northern Ireland Science Park Foundation Ltd and all of its subsidiaries. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 March 2016.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 17
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 18
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 0.8-25% Straight line
|  |  |  | Plant and machinery | - | 33.3% Straight line
|  |  |  | Fixtures and fittings | - | 15-25% Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 19
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Rent | 6,711 | 6,169
| Service Charge | 1,294 | 1,382
| Projects | 3,303 | 2,033
| Other | 255 | 277
|  | 11,563 | 9,861
| All turnover arose within the United Kingdom.
Page 20
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Government grants receivable | 1,107 | 1,164
|  | 1,107 | 1,164
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exchange differences | 28 | 5
| Tangible fixed assets - depreciation | 2,360 | 2,327
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 4 | 4
| Fees payable to the Company's auditors in respect of: |  |
| The auditing of accounts of associates of the Company | 12 | 11
| Audit-related assurance services | 7 | 7
| Taxation compliance services | 4 | 4
Page 21
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Employees
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Wages and salaries | 2,803 | 2,457
| Social security costs | 260 | 274
| Cost of defined contribution scheme | 104 | 292
|  | 3,167 | 3,023
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Finance and admin | 14 | 16
|  | Property | 11 | 11
|  | Projects | 23 | 23
|  |  | 48 | 50
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest payable | 194 | 214
| Finance leases and hire purchase contracts | 454 | 479
|  | 648 | 693
Page 22
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | - | (8)
|  | - | (8)
| Total current tax | - | (8)
| Deferred tax |  |
| Origination and reversal of timing differences | 21 | 54
| Total deferred tax | 21 | 54
| Tax on profit/(loss) | 21 | 46
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit/(loss) on ordinary activities before tax | 160 | (84)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 40 | (21)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (258) | (268)
| Capital allowances for year in excess of depreciation | 409 | 456
| Utilisation of tax losses | (201) | (188)
| Adjustments to tax charge in respect of prior periods | - | (6)
| Deferred tax | 21 | 54
| Group relief | 10 | 19
| Total tax charge for the year | 21 | 46
Page 23
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Plant and machinery | Fixtures and fittings | Total
|  | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |
| At 1 April 2024 | 51,904 | 967 | 2,700 | 55,571
| Additions | 635 | 19 | 134 | 788
| At 31 March 2025 | 52,539 | 986 | 2,834 | 56,359
| Depreciation |  |  |  |
| At 1 April 2024 | 25,767 | 772 | 2,070 | 28,609
| Charge for the year on owned assets | 1,975 | 112 | 273 | 2,360
| At 31 March 2025 | 27,742 | 884 | 2,343 | 30,969
| Net book value |  |  |  |
| At 31 March 2025 | 24,797 | 102 | 491 | 25,390
| At 31 March 2024 | 26,136 | 195 | 630 | 26,961
| The company had no tangible fixed assets at 31 March 2025 or 31 March 2024. Included in the cost of property, plant and equipment is £78k (2024: £78k) in respect of capitalised finance costs for Concourse II. At 31 March 2025 the net carrying amount of property leased under finance lease was £1,998k (2024: £2,153k).
11. | Fixed asset investments
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Northern Ireland Science Park (Holdings) Limited | Ordinary | 100%
| Northern Ireland Science Park Property Limited | Ordinary | 100%
| North West Regional Science Park Limited | Ordinary | 100%
| The registered office of all above subsidiairies is: The Innovation Centre, Queen's Road, Queen's Island, Belfast, BT9 3DT.
Page 24
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Debtors
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Trade debtors | 560 | 652
| Other debtors | 4 | 1
| Prepayments and accrued income | 1,014 | 473
|  | 1,578 | 1,126
13. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Cash at bank and in hand | 977 | 2,531
|  | 977 | 2,531
14. | Creditors: Amounts falling due within one year
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Bank loans | 168 | 170
| Other loans | 312 | 303
| Trade creditors | 705 | 836
| Other taxation and social security | 150 | 186
| Obligations under finance lease and hire purchase contracts | 167 | 240
| Other creditors | 182 | 105
| Accruals and deferred income | 1,695 | 2,546
| Government grants | 1,108 | 1,108
|  | 4,487 | 5,494
Page 25
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Bank loans | 70 | 238
| Other loans | 5,879 | 6,190
| Net obligations under finance leases and hire purchase contracts | 2,954 | 3,121
| Government grants received | 11,573 | 12,681
| Accruals and deferred income | 35 | 107
|  | 20,511 | 22,337
| The finance lease liability is payable over 20 years to 30 June 2036 with capital and interest repayments due quarterly in advance at an effective interest rate of 11.24%. Other borrowings consist of £5,879k (2024: £6,190k) of loans and interest provision from the Department for the Economy for the construction for Concourse III which is repayable in annual instalments of £473k over 20 years from 7 May 2021 until 7 May 2040 at an interest rate of 4%. Bank loans consist of £238k (2024: £408k) of loans from the company's bankers relating to CBILS loans received. The loans are repayable in monthly instalments of £14k over 6 years from September 2020 to September 2026 at an interest rate of 3.5% plus Bank of Ireland UK Base Rate.
16. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Amounts falling due within one year |  |
| Bank loans | 168 | 170
| Other loans | 312 | 303
|  | 480 | 473
| Amounts falling due 1-2 years |  |
| Bank loans | 70 | 238
| Other loans | 5,879 | 6,190
|  | 5,949 | 6,428
|  | 6,429 | 6,901
| The bank loan is a circular guarantee loan with security over the assets and holdings of the Catalyst group.
Page 26
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Within one year | 595 | 694
| Between 1-5 years | 2,304 | 2,323
| Over 5 years | 3,011 | 3,587
| Less: future charges | (2,789) | (3,242)
|  | 3,121 | 3,362
18. | Deferred taxation
| Group
|  | 2025
|  | £000
| At beginning of year | (413)
| Charged to profit or loss | (21)
| At end of year | (434)
| Company
|  | 2025
| At end of year | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Accelerated capital allowances | (434) | (413)
|  | (434) | (413)
Page 27
NORTHERN IRELAND SCIENCE PARK FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Deferred income
| Deferred income is included in the financial statements as follows:
|  | Group 2025 | Group 2024
|  | £000 | £000
| Current liabilities | 1,157 | 2,388
| Non-current liabilities | 11,573 | 12,681
|  | 12,730 | 15,069
20. | Capital commitments
The Group's contractual commitments to purchase tangible fixed assets at the year end were £Nil (2024: £Nil).
21. | Contingent liabilities
The group has granted fixed charges over its present and future freehold and leasehold property and on any rents receivable arising out of the lease of these properties and a floating charge over the undertaking, goodwill, property and assets both present and future in favour of the Department for the Economy and Belfast Harbour Commission in respect of all receipts of grant monies due or to become due under the terms of funding agreements. It has also given unlimited guarantee to repay all monies due on intra group receipts of capital grants under the funding agreements. At 31 March 2025 the group had received capital advances totalling £25m (2024: £25m).
22. | Post balance sheet events
There were no events subsequent to the balance sheet date requiring disclosure in the financial statements.
23. | Members' Limited Liability
Every member of the Company undertakes to contribute to the assets of the Company in the event of it being wound up while they are a member or within one year after they cease to be a member for payment of debts and liabilities of the Company contracted before they cease to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories amongst themselves such amount as may be required not exceeding one pound per member.
Page 28