The Trustees present their annual report and financial statements for the year ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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)” (effective 1 January 2019)
Chairman's Foreword
It is my privilege, on behalf of the Board of Directors of Lisburn Enterprise Organisation (LEO), to present this comprehensive review of our activities and accomplishments throughout 2025.
The organisation was proud to mark a significant milestone during the year, celebrating 35 years of operations alongside another period of strong performance. For more than three decades, LEO has supported several thousand individuals to start and grow their businesses, playing a central role in shaping the local enterprise landscape.
Throughout the year, we continued to advance and promote programmes designed to boost employment and strengthen economic prosperity across the Lisburn area. Our dedication to supporting local enterprise and fostering sustainable growth remains central to our mission and activities.
LEO remains steadfast in its commitment to promoting a vibrant enterprise culture, championing the development of new ventures and empowering business growth through dedicated support and mentorship.
Our Business Advisory team play a key role in this work, providing expert guidance and tailored business support to entrepreneurs through the Go Succeed programme, our own fully funded My Adviser initiative and active engagement at local jobs and benefits events.
Underpinning many of LEO’s charitable activities is the provision of workspace units and Grade A office accommodation. I am pleased to report that, by the end of December 2025, occupancy at our site had reached an exceptional 99.76%. This achievement highlights the vital contribution our facilities make in supporting business development and strengthening the local community.
In the year ahead, the organisation will continue to provide vital business support to entrepreneurs and commit to continued investment at the centre with the roll out of significant roof repair and maintenance projects to ensure the long‑term integrity of our facilities.
The outstanding success and impressive performance of LEO are a direct result of the remarkable dedication of our Chief Executive, Martina Crawford, and her committed support team. On behalf of the Board, I wish to formally express our sincere appreciation for their hard work and leadership.
I would also like to extend my gratitude to our Board of Directors for their continued commitment and support. LEO’s achievements reflect the strength of their individual and collective contributions. Their voluntary service is deeply valued and has played a significant role in advancing our mission.
The objectives of the charity include the promotion of an entrepreneurial culture, support for business start-ups and mechanisms to encourage existing business development.
This report highlights the organisation’s main activities and beneficiaries. The organisation’s charitable activities focus on the promotion of urban and economic regeneration in the Greater Lisburn area and are intended to further charitable purpose for the public benefit.
Every activity is assessed in respect of its impact on beneficiaries and its contribution to charitable activities so that Trustees may determine the best allocation of resources.
Through the promotion of an entrepreneurial culture and offering support services to new and existing businesses, the charity contributes to the following charitable purposes:
The relief of poverty;
The relief of unemployment, including assistance to the unemployed to find employment;
The advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;
The provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help: (i) in setting up their own business, or (ii) to existing businesses; and
The creation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms.
Public Benefit
The Trustees have had regard to the Charity Commission Guidance on public benefit in the Charities Act 2011.
The public benefit of our charitable purposes of advancing citizenship and community development through the promotion of urban regeneration in Lisburn are as follows:
The relief of poverty through increased opportunities to learn, train and be successful in attaining paid employment locally;
A reduction in unemployment because of enhanced opportunities to upskill, gain work experience and attain paid-for job positions;
An increase in the number of indigenous businesses established;
An increase in the survival rates of business start-ups as a result of the advice, training & mentoring received;
An improvement in the skills and experience of the local resident population so that Lisburn becomes an attractive destination for businesses to locate, thus providing more opportunities for paid jobs, skills and experience;
An enlargement of the local economy by providing support to businesses to become sustainable and prosper thus employing more people locally who’s wages when spent locally, sustain many more businesses;
The enhanced access to support structures making it easier for people to access advice, training & mentoring in entrepreneurship & business skills; and
The advancement in awareness of enterprise as a viable career option.
These benefits are evidenced in a number of ways, both in the collection of primary data and the review of independently produced statistics.
Lisburn Enterprise Organisation was formally registered with the Charity Commission NI on 13 February 2015 having been confirmed by the Commission to exist for charitable purposes and the public benefit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Enterprise Awareness
Lisburn Enterprise Organisation (LEO) remains committed to cultivating a robust entrepreneurial culture within the Lisburn area. By raising awareness of the opportunities inherent in self-employment and business creation, LEO addresses a critical driver of economic health. Research consistently highlights the positive correlation between new venture formation and enhanced regional productivity and growth.
Throughout the year, LEO’s Business Advisers have remained dedicated champions of entrepreneurship, providing expert guidance to aspiring entrepreneurs. Through active collaboration with community groups and local Jobs and Benefits offices, the team continues to showcase self-employment as both a practical and fulfilling career path.
The organisation also continued to work with The Science Shop, at Queen’s University Belfast. Mentorship was provided to students undertaking research into potential opportunities for LEO to expand its services and support.
During the year, LEO once again took pride in sponsoring the Best New Business category at Lisburn and Castlereagh City Council’s Business Awards ceremony. The event highlights the wide variety of enterprises that contribute to the local economy, with categories spanning best new business, innovation, and business success.
This year’s Best New Business award was presented to Langtry Lane, a garden centre and café located in Moira.
Business start up
Northern Ireland Explore Enterprise Support Service
From April 2023 to 31st March 2025 Lisburn Enterprise Organisation delivered the Northern Ireland Explore Enterprise Support Service in the Lisburn and Castlereagh City Council area in partnership with Enterprise Northern Ireland.
This initiative was available to economically inactive individuals and aimed to provide them with the opportunity to explore self-employment and develop their employability skills.
Supported by the UK Government through the UK Shared Prosperity Fund, this programme provided personalised one-to-one mentoring with an experienced Business Adviser, training and access to a Level 2 qualification in Business Enterprise.
Throughout the duration of this programme, LEO Business Advisers supported 12 individuals to explore their business idea or take the first steps into employment.
Vision to Venture Self Employment Programme
During the year, Lisburn Enterprise Organisation collaborated with Tangible Consulting to mentor aspiring entrepreneurs through the Vision to Venture Self-Employment initiative.
Located in the Lisburn and Castlereagh City Council area, this programme was funded by the Department for Communities via the Lisburn and Castlereagh Labour Market Partnership. It offered early-stage founders a comprehensive support package, including educational workshops, personalised one-to-one mentoring, and a small start-up bursary.
Business start up (continued)
Go Succeed Start
Go Succeed is a comprehensive business support service delivered across Northern Ireland by local enterprise agencies and Enterprise Northern Ireland, on behalf of the eleven councils. Funded by the UK Government, the initiative provides bespoke assistance to entrepreneurs across three strategic pillars: Start, Grow, and Scale.
Within the Lisburn and Castlereagh City Council area, Lisburn Enterprise Organisation leads the delivery of the Go Succeed Start initiative. This is achieved through a strategic partnership with Lisburn and Castlereagh City Council and Enterprise Northern Ireland, ensuring local entrepreneurs receive high-level, accessible tailored support.
Throughout the year, LEO’s Business Advisory team provided critical interventions to over 200 individuals at various stages of the start-up lifecycle. These services included intensive one-to-one mentoring designed to help start up entrepreneurs refine their business idea and facilitate successful market entry. For established entrepreneurs, the team provided the strategic guidance necessary to achieve key operational milestones.
Two Moira-based entrepreneurs, supported by the Go Succeed programme, have officially opened their own premises with plans to expand their teams soon.
Katerina Brown launched her florist boutique, Peony and Thyme, in December 2025. Far from a tentative start-up, the shop arrived with a sophisticated identity shaped by years of research and inspiration gathered from Europe’s finest independent florists. Through Go Succeed, Katerina worked closely with a mentor to refine her business plan, ensuring her signature aesthetic was matched by a solid operational foundation.
Sharon McAfee founded Thistle & Blade Barbers to bring high-quality, precision grooming to the Moira community. Her focus is on blending professional excellence with a welcoming, personal touch. By engaging with Go Succeed, Sharon gained the confidence and strategic planning skills necessary to transition from a vision to a thriving, permanent shopfront.
In addition to the provision of expert advice and business mentoring, LEO hosted a series of Go Succeed workshops and Enterprise Clinics.
To supplement in-person delivery, the team proactively facilitated engagement with a broader range of online masterclasses and workshops. This hybrid approach ensured that local entrepreneurs had continuous access to the resources required to foster business resilience and sustainable growth.
During the year, Lisburn Enterprise Organisation was thrilled to join the judging panel for the Lisburn and Castlereagh City Council’s "Ultimate Pitch" heat, a key part of the Go Succeed initiative.
ProTech founder Katie Willoughby stood out among the nine competing entrepreneurs, winning the local heat with her innovative plan to develop soft skills for tech leaders. Her victory secured her a £1,000 investment and a spot in the regional final.
Additionally, Paula Clarke received the local Inclusive Entrepreneurship Award for her business, Teal Visual, which provides essential sign language and captioning services for the arts and media sectors.
Business start up (continued)
MY Adviser
Throughout the year, Lisburn Enterprise Organisation maintained its commitment to the local start-up ecosystem by providing full funding for the MY Adviser programme. Since its inception in 2018, this initiative has been instrumental in helping early-stage entrepreneurs (those trading for fewer than 18 months) navigate the critical transition from business concept to commercial launch.
The programme’s core strength lies in its bespoke delivery model. Each participant is matched with a dedicated LEO Business Adviser for a 12-month period. This partnership provides personalised, one-to-one mentoring that builds founder confidence and ensures the development of robust actionable plans to help the business launch and grow.
A key component of the programme is the MY Network, which facilitates peer-to-peer support and professional development. Over the past year, LEO hosted nine specialised workshops in a focused environment designed to encourage transparent discussion and practical problem-solving. Key thematic areas included Digital skills, Financial literacy and Business growth.
The programme continues to demonstrate significant reach and longevity. By December 2025, ten additional participants had engaged with the programme’s sessions. Since its launch, the MY Adviser initiative has successfully supported a cumulative total of over 100 entrepreneurs within the Lisburn area.
Business Development
Go Succeed Grow
Go Succeed Grow offers tailored mentoring support to established business owners who want guidance on expanding, innovating, and progressing their business to the next stage.
During the year, Lisburn Enterprise Organisation continued its partnership with Full Circle Management Consultants to deliver growth-focused business mentoring for established companies across the Lisburn and Castlereagh City Council area.
Business Support
Workspace
Lisburn Enterprise Organisation remains committed to cultivating a dynamic entrepreneurial ecosystem through its diverse portfolio of flexible workspaces. Our current infrastructure encompasses over 85,000 square feet of property which includes 116 light industrial units and 37 modern office spaces.
To further stimulate local enterprise, LEO offers highly competitive terms, including flexible agreements requiring only 30 days’ notice for termination. LEO also offers a comprehensive service model with a single all-inclusive licence fee that simplifies overhead by covering site security, waste disposal, grounds maintenance, and direct access to on-site administrative and business support.
Throughout the fiscal year, occupancy levels demonstrated exceptional resilience and demand, culminating in a peak rate of 99.76% in December 2025.
The site currently serves as a vital economic hub, facilitating the operations of over 120 independent businesses. Collectively, these enterprises represent a significant workforce, providing employment for more than 500 individuals within the region.
LEO remains dedicated to environmental sustainability; this year, our integrated waste management and recycling programmes successfully diverted 86 tonnes of material from landfill.
Business Support (continued)
Virtual Office Facilities
Lisburn Enterprise Organisation’s virtual office facilities provide business owners with a professional presence while significantly reducing overhead costs.
In addition to a commercial mailing address, clients can opt for a personalised call-handling service delivered by the LEO administrative team—a cost-effective alternative to employing a full-time receptionist.
The value of this service is reflected in its strong adoption, with 45 businesses actively utilising virtual office facilities by the end of the year.
Conference Facilities
This year, the synergy of premium facilities, superior service, and a strategic central location drove demand for our meeting and conference suites. Consequently, the LEO team successfully facilitated 139 high-profile meetings and events.
Accessing Finance
As an active Delivery Partner for both the Start Up Loans Company and the NI Small Business Loan Fund, LEO continues to promote these loan funds as essential capital funding options to start-up and growth business ventures. In 2025, these two funds collectively committed £340,000 in financial support to 27 businesses and entrepreneurs based in Lisburn.
Co-operation & Partnership
A central element of Lisburn Enterprise Organisation’s charitable mission is the significant contribution made by its Trustees and staff to a wide range of initiatives both within Lisburn and further afield.
This year, we were delighted to announce our partnership with Young Enterprise Northern Ireland as a Business Backer, supporting 60 young people annually through their education programmes. By sponsoring Young Enterprise, LEO is actively helping to inspire and empower the next generation of entrepreneurs and innovators.
The organisation’s partnership with Fusion Theatre Company also continued throughout the year. Fusion—an award‑winning youth theatre based in Lisburn—provides young people aged 8 to 21, from all backgrounds, with opportunities to participate in high‑quality musical theatre. Their production of The Sound of Music at the Island Arts Centre once again demonstrated the exceptional talent of local young performers.
The Board of Directors places considerable value on the strong relationships maintained with key enterprise and economic development partners, including Lisburn & Castlereagh City Council and Enterprise Northern Ireland (ENI). Over the course of the year, LEO supported a range of business growth programmes and networking events on behalf of the Council. The Chief Executive also actively engaged with local entrepreneurs through participation in Council‑led networking activities.
LEO remains an active and committed member of Enterprise Northern Ireland, with representation on the ENI Board. The organisation continues to play a central role in delivering ENI initiatives designed to support local entrepreneurs. Each year, LEO encourages local business owners to participate in the ENI Barometer survey, which provides valuable insights into SME performance and highlights the key challenges facing the sector. In addition to monitoring trends, the survey identifies the types of support required to help businesses grow and succeed.
During the year, LEO sustained a strong and collaborative relationship with Lisburn Chamber of Commerce. In 2025, the organisation participated in several key Chamber events, including the Lisburn Chamber Dinner at Edenmore Country Club.
LEO also continues to engage constructively with the Bank of England and the British Business Bank, ensuring that the experiences and perspectives of Lisburn businesses are represented in the economic and financial intelligence gathered by Bank agents.
The charity returned net incoming resources of £156,225 (2024 - £176,633), of which all were unrestricted. At 31 December 2025, the level of unrestricted reserves held was £4,257,125 (2024 - £4,100,900).
The primary objective of the LEO Reserves Policy is to retain a level of free reserves which matches the needs of the charitable company both at the current time and in the foreseeable future.
The most recent review of this policy encompassed the nature of the income and expenditure streams, the need to match variable income with fixed commitments and the nature of the reserves. The review concluded that to allow the charity to be managed efficiently and to provide a buffer for uninterrupted services, an adequate general reserve should be maintained at a level equivalent to 6 month's expenditure.
The LEO Board believes in retaining an appropriate level of reserves for the following reasons:
To ensure sufficient funds are available to meet current commitments when income streams are erratic.
To ensure services can be maintained in the event of an unexpected loss of income or exceptional expenditure.
To provide sufficient funds for an orderly winding up in the event that the organisation should cease operations.
The trustees maintain a policy of actively managing the reserves in order to increase the operational possibilities of the charitable company in future years. The Reserves Policy is formally reviewed annually.
The trustees have assessed the major risks to which the charitable company is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
LEO plans on continuing its activities under the headings of enterprise awareness, business start-up, business development and business support in forthcoming years.
The charity is a company limited by guarantee and does not have share capital. It is governed by a Memorandum and Articles Association. The charitable company was incorporated on 13 August 1990 and registered as a charity on 16 February 2004. The company has charitable status for taxation purposes.
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:
The charitable company is managed by the Board who meet regularly throughout the year. The day to day management of the charitable company is carried out by the Chief Executive Officer.
The trustees of the company are elected by the members of the charitable company. Trustees are recruited and appointed in accordance with the Articles of Association. Upon election each trustee is given a copy of the Memorandum and Articles of Association and the latest Annual Report and also introduced to the legal and operational aspects of the charity to ensure they have an understanding of the nature of charity trusteeship and responsibilities and duties that go with this position.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Key Management Personnel
The Board consider the board of trustees, the chief executive officer and the senior business advisor as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All board members give their time freely and no board remuneration was paid in the year. Board members are required to disclose all relevant conflict of interests and register them at each monthly board meeting and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises.
The Board of Directors wishes to formally recognise and thank Martina Crawford, Chief Executive, and the entire team for their dedication and hard work throughout the year. Demand for our programmes remained consistently high and we achieved an outstanding occupancy rate of 99.76%.
The Charity continues to prioritise the development and training of both staff and Board members to ensure the delivery of high‑quality services to our clients. During the year, we welcomed three new colleagues across our reception and business advisory teams. Staff also undertook training in a range of areas, including new programme initiatives.
We are pleased to report that the organisation successfully retained its ISO 9001 and ISO 14001 accreditations during the year.
Trustees and staff remain actively involved in voluntary work within the local community and in prisons. In 2025, this included fundraising efforts by staff in support of Macmillan Cancer and Air Ambulance NI.
All Trustees of the Charity give their time voluntarily and do not receive any payment for their contribution to LEO.
The trustees, who are also the directors of Lisburn Enterprise Organisation 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 2019 (FRS 102);
- 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.
In accordance with the company's articles, a resolution proposing that GMcG LISBURN be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of Lisburn Enterprise Organisation Limited (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, 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:
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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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.
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements.
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 trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:
The nature of the industry and sector, control environment and business performance, including the charity’s remuneration policies for directors, bonus levels and performance targets, if any;
Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to:
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Charities Act 2011.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty.
Our procedures to respond to the risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Lisburn Enterprise Organisation Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 6 Enterprise Crescent, Ballinderry Road, Lisburn, Co Antrim, BT28 2BP.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Grants received to fund capital expenditure are transferred to designated funds from restricted funds when expended and then released to general funds over the related assets' useful economic life.
Incoming resources from charitable activities comprises licence fee income, programme income, administrative services income and consultancy.
Income is deferred when it does not meet the criteria for recognition as incoming resources in the Statement of Financial Activities, as entitlement to the incoming resource does not exist at the balance sheet date.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under one of the following headings: Costs of raising funds, Expenditure on charitable activities and Other expenditure.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, depreciation costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at the office. Office costs, depreciation costs, governance costs and payroll costs are allocated to charitable activities based on percentage of turnover. The allocation of support costs is analysed in note 7.
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:
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.
At each reporting end date, the charitable company 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).
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.
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, 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, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly review these assets lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in assets lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.
Judgement are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The trustees consider it appropriate to allocate these funds based on donations received.
Programme and consultancy income
Licence fee income
Secretarial and other services
Programme expenditure
Rates
Insurance
Heat and light
Repairs and renewals
Equipment maintenance
Printing, postage and stationery
Waste disposal
Security service
General expenses
Training & development
Cleaning
Advertising
Telephone
All charitable activities focus on the promotion of urban and economic regeneration in the Greater Lisburn area.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charity considers its key management personnel to comprise of the chief executive officer.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 31 December 2025 the trustees agreed to designate reserves of £1,000,000 for capital and maintenance repair work required for the building.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The charity had no material debt during the year.