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 2025
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Charity information
1
Trustees' report
2 - 6
Independent auditor's report
7 - 9
Statement of financial activities
10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
- 1 -
Trustees
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 2025
- 2 -

The trustees present their report and accounts for the year ended 31 March 2025.

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 2019).

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:

- Creation of training and employment opportunities for the unemployed and underemployed by the provision of workspace, building and/or land for use on favourable terms;

- Provision of business advice or consultancy in order to provide training and employment opportunities for unemployed or underemployed people in cases of financial or other charitable need through help;

(i) in setting up their own business, or

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

- The promotion and support of social enterprise and sustainable means of achieving economic growth and regeneration; and

- The relief of unemployment in such ways as may be thought fit.

(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.

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 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 maintained a high occupancy rate (averaging 96%) during the period, despite continued pressure on tenants arising from the ‘cost of living’ crisis and challenging funding environment for our third sector tenants, thus protecting jobs, and continuing to encourage economic and social regeneration.

We will 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 meet all statutory and health and safety requirements

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

Regeneration Projects

We have continued to execute our plans for Re-Imagining, Re-building & Re-connecting Townsend Street with a landmark industrial-styled canopy at the front of the building now installed referencing the important industrial heritage of the site, and continued promotion of the ‘Foundry Quarter’ concept through enhanced internal exhibition space. Consultants have also been retained to support us with grant applications for a larger outdoor exhibition space, with concept plans already produced.

We continue to develop a strategic partnership with the Trustees of the Townsend Street, Belfast Presbyterian Endowments and the Ulster Orchestra, to further local understanding of the industrial, social and cultural heritage of the street with a view to promoting the area as a great place in which to live, work and invest. During the year we delivered in partnership with the Ulster Orchestra one of 17 projects funded by Belfast City Council through their “Belfast 2024” culture programme. The project called “Sound Links” embarked on a consultation process with local residents past and present and local school children to gather memories and stories from the Townsend Street looking at the past, present and future. Three pieces of music were commissioned to be composed and played at an event held on the 21st September which also saw a street party being held which attracted over 3,000 individuals during the day.

In the development of these projects and partnerships we shall continue to explore and develop other initiatives to benefit the deprived area in which we are located. This is with a view to providing greater employment and training opportunities for the residents living in our area, leading to a reduction in unemployment and financial hardship.

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.

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 2025.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
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. Property insurance continues to remain at a high premium despite all efforts to have it renewed at a lower cost. Following the closure of Townsend Street Presbyterian Church a unit which had been in their ownership was donated back and this contributed to the increase in surplus. This will be used in line with other property to meet the charitable objectives.

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. The total reserves at 31 March 2025 was £1,029,517.

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.
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.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
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 - resigned 31st July 2025
Colin Skillen
Rev John Lamb
Heather Murray
John Neill
John Hunter
Father Ciaran O'Callaghan
Linda Graham
Gareth Nethercott
Statement of trustees' responsibilities

The trustees, who are also the directors of Townsend Enterprise Park Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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' r eport was approved by the Board of Trustees.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Colin Skillen
Dated: 19 January 2026
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED
- 7 -

Opinion

We have audited the financial statements of Townsend Enterprise Park Limited (the ‘charity’) for the year ended 31 March 2025 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 2025 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' r eport for the financial year for which the financial statements are prepared, which includes the d irectors' r eport prepared for the purposes of company law, is consistent with the financial statements; and

-

the d irectors' r eport included within the trustees' r eport 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
- 8 -
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 d irectors' r eport included within the trustees' r eport.

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 s tatement of trustees' r esponsibilities, 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:

- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2008, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council

- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF TOWNSEND ENTERPRISE PARK LIMITED
- 9 -

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

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.

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

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

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 charitable company’s members, as a body, in accordance with Chapter 3 of P art 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s 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
19 January 2026
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 2025
- 10 -
Restated
Restated
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
-
-
-
87,500
5,000
92,500
Charitable activities
4
380,439
-
380,439
372,442
-
372,442
Investments
5
-
-
-
1,077
-
1,077
Other income
6
37,238
-
37,238
11,887
-
11,887
Total income
417,677
-
417,677
472,906
5,000
477,906
Expenditure on:
Raising funds
7
5,136
-
5,136
8,421
-
8,421
Charitable activities
8
418,680
2,195
420,875
390,674
-
390,674
Other expenditure
13
-
-
-
(117)
4,750
4,633
Total expenditure
423,816
2,195
426,011
398,978
4,750
403,728
Net income/(expenditure) and movement in funds
(6,139)
(2,195)
(8,334)
73,928
250
74,178
Reconciliation of funds:
Fund balances at 1 April 2024
1,019,481
18,370
1,037,851
945,553
18,120
963,673
Fund balances at 31 March 2025
1,013,342
16,175
1,029,517
1,019,481
18,370
1,037,851

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

The notes on pages 13 to 25 form part of these financial statements.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
15
931,188
994,286
Current assets
Debtors
16
41,956
39,608
Cash at bank and in hand
181,243
220,141
223,199
259,749
Creditors: amounts falling due within one year
18
(72,080)
(110,151)
Net current assets
151,119
149,598
Total assets less current liabilities
1,082,307
1,143,884
Creditors: amounts falling due after more than one year
19
(52,790)
(106,033)
Net assets
1,029,517
1,037,851
The funds of the charity
Restricted income funds
21
16,175
18,370
Unrestricted funds
23
1,013,342
1,019,481
1,029,517
1,037,851

The notes on pages 13 to 25 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 19 January 2026
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 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
22,837
40,043
Investing activities
Purchase of tangible fixed assets
(9,142)
(139,042)
Proceeds from disposal of tangible fixed assets
650
117
Investment income received
-
1,077
Net cash used in investing activities
(8,492)
(137,848)
Financing activities
Repayment of bank loans
(53,243)
124,960
Net cash (used in)/generated from financing activities
(53,243)
124,960
Net (decrease)/increase in cash and cash equivalents
(38,898)
27,155
Cash and cash equivalents at beginning of year
220,141
192,986
Cash and cash equivalents at end of year
181,243
220,141

The notes on pages 13 to 25 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 2025
- 13 -
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 a mounts 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 2025
1
Accounting policies
(Continued)
- 14 -
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 2025
1
Accounting policies
(Continued)
- 15 -
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 p aymen ts 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 2025
1
Accounting policies
(Continued)
- 16 -
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
Restated
Restated
Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£

Grants receivable

-
-
5,000
5,000
Donated goods and services
-
87,500
-
87,500
Grants receivable for core activities
Heritage programme grant
-
-
5,000
5,000
-
-
5,000
5,000
Donated goods and services

This relates to a property which was donated during the year. No cost therefore it has been included at a fair value.

TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
4
Charitable activities

Rental fees

Rental fees

2025
2024
£
£

Rental fees

380,439
372,442
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest receivable
-
1,077
6
Other income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Other income
37,238
11,887
7

R aising funds

Unrestricted
Unrestricted
funds
funds
2025
2024
£
£

Marketing and publicity

Advertising
5,136
8,421
5,136
8,421
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
6
Charitable activities
2025
2024
£
£
Staff costs
154,855
148,324
Depreciation and impairment
71,590
79,953

Rates & water rates

1,499
2,027

Insurance

43,732
47,068

Electricity

30,726
20,712

Premises expenses

72,199
61,403

Telephone

2,134
3,055

Printing, postage & stationery

1,262
1,245

General expenses

11,380
8,056

Travel expenses

47
50

Hospitality

552
580

Bank charges & interest

6,132
7,907

Bad debts

13,679
(2,571)
Other charitable expenditure
80
127
409,867
377,936
Share of governance costs (see note 9)
11,008
12,738
420,875
390,674
Analysis by fund
Unrestricted funds
418,680
390,674
Restricted funds
2,195
-
420,875
390,674
9
Support costs allocated to activities
2025
2024
£
£
Governance costs
11,008
12,738
Analysed between:
Audit and accountancy
6,335
5,850
Legal and professional
4,673
6,888
11,008
12,738
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
10
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
6,335
5,850
Depreciation of owned tangible fixed assets
71,590
79,953
Loss/(profit) on disposal of tangible fixed assets
-
(117)
11
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.

12
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Administration
6
6
Employment costs
2025
2024
£
£
Wages and salaries
150,898
144,517
Other pension costs
3,957
3,807
154,855
148,324
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:

2025
2024
£
£
Aggregate compensation
100,351
99,844
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
13

Other expenditure

Total
Unrestricted
Restricted
Total
funds
funds
£
£
2025
2024
2024
2024
Net loss on disposal of tangible fixed assets
-
(117)
-
(117)

Belfast City Council Project Expenditure

-
-
4,750
4,750
-
(117)
4,750
4,633
14
Taxation

The charity is exempt from tax ation 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 2025
- 21 -
15
Tangible fixed assets
Restated
Restated
Land and buildings
Plant and machinery
Office equipent
Internet equipment
Refurbishment Improvements
Total
£
£
£
£
£
£
Cost
At 1 April 2024
1,748,163
124,279
199,006
167,203
221,550
2,460,201
Additions
-
6,010
-
900
2,232
9,142
Disposals
-
-
-
-
650
650
At 31 March 2025
1,748,163
130,289
199,006
168,103
223,132
2,468,693
Depreciation and impairment
At 1 April 2024
1,010,259
111,001
187,442
135,258
21,955
1,465,915
Depreciation charged in the year
33,213
4,645
3,811
7,580
22,341
71,590
At 31 March 2025
1,043,472
115,646
191,253
142,838
44,296
1,537,505
Carrying amount
At 31 March 2025
704,691
14,643
7,753
25,265
178,836
931,188
At 31 March 2024
737,904
13,278
11,564
31,945
199,595
994,286
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
17,439
17,044
Prepayments and accrued income
24,517
22,564
41,956
39,608
17
Loans and overdrafts
2025
2024
£
£
Bank loans
71,717
124,960
Payable within one year
18,927
18,927
Payable after one year
52,790
106,033

18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
18,927
18,927
Other taxation and social security
17,086
17,250
Payments received on account
4,954
39,156
Trade creditors
26,772
30,408
Other creditors
741
810
Accruals and deferred income
3,600
3,600
72,080
110,151
19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
17
52,790
106,033
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,957
3,807
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Retirement benefit schemes
(Continued)
- 23 -

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.

21
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
Restricted funds
18,370
-
(2,195)
16,175
Previous year:
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
Restricted funds
18,120
5,000
(4,750)
18,370
22
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Total
2025
2025
2025
2024
£
£
£
£
Fund balances at 31 March 2025 are represented by:
Tangible assets
931,188
-
931,188
994,286
Current assets/(liabilities)
134,944
16,175
151,119
149,598
Long term liabilities
(52,790)
-
(52,790)
(106,033)
1,013,342
16,175
1,029,517
1,037,851
23
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Restated
At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
General funds
1,019,481
417,677
(423,816)
1,013,342
Restated
Restated
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
23
Unrestricted funds
(Continued)
- 24 -
Previous year:
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
945,553
472,906
(398,978)
1,019,481
24
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 2025, £9,889 remained available.

25
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 (20 24: £1,105) for payroll services of which £410 (20 24: £410) was due at the year end.

26
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.

27
Cash generated from operations
2025
2024
£
£
(Deficit)/surplus for the year
(8,334)
74,178
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
71,590
79,953
Movements in working capital:
(Increase)/decrease in debtors
(2,348)
184
(Decrease) in creditors
(38,071)
(25,578)
Donation of fixed asset
-
(87,500)
Cash generated from operations
22,837
40,043
TOWNSEND ENTERPRISE PARK LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
28
Analysis of changes in net funds
At 1 April 2024
Cash flows
At 31 March 2025
£
£
£
Cash at bank and in hand
220,141
(38,898)
181,243
Loans falling due within one year
(18,927)
-
(18,927)
Loans falling due after more than one year
(106,033)
53,243
(52,790)
95,181
14,345
109,526
29
Prior period adjustment
Changes to the balance sheet
At 31 March 2024
As previously reported
Adjustment
As restated
£
£
£
Fixed assets
Tangible assets
906,786
87,500
994,286
Capital funds
Income funds
Restricted funds
18,370
-
18,370
Unrestricted funds
931,981
87,500
1,019,481
Total equity
950,351
87,500
1,037,851
Changes to the SOFA
Period ended 31 March 2024
As previously reported
Adjustment
As restated
£
£
£
Donations and legacies
5,000
87,500
92,500
Net movement in funds
(13,322)
87,500
74,178
A prior year restatement has been made in relation to a property that was donated to the charity in the previous period.
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