The directors 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 company'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).
The objectives of Mallusk Enterprise Park are to promote, for the public benefit, urban and rural regeneration within Newtownabbey, Antrim and Newtownabbey Borough and surrounding areas experiencing social or economic disadvantage, through a range of charitable activities designed to support economic participation, enterprise development and community sustainability.
These activities include:
The relief of poverty and social disadvantage through activities designed to improve economic participation, skills development and employment opportunities;
The relief of unemployment, including support to help individuals access employment, self-employment and skills development opportunities;
The advancement of education, enterprise, training and retraining, particularly for unemployed, economically inactive or disadvantaged individuals, including the provision of work experience and practical business support;
The provision of financial assistance, technical support, mentoring and business consultancy to individuals, start-up enterprises, social enterprises and existing businesses where there is financial or charitable need, particularly where such support assists in the creation or safeguarding of employment opportunities;
The creation of training, enterprise and employment opportunities through the provision of affordable workspace, business incubation facilities, buildings and land on favourable terms.
The principal objective of the organisation is to promote sustainable community and economic development by supporting individuals who are unemployed, under-employed or economically inactive to become self-employed, develop new enterprises or access employment opportunities. The organisation also works with businesses and social enterprises that contribute positively to the local economy and create employment within the Borough and wider region.
Mallusk Enterprise Park delivers a wide range of enterprise support services including affordable workspace, business incubation, mentoring, training, networking and advisory support to both new and existing businesses. These services are designed to help enterprises start, sustain, grow and become financially resilient, while also encouraging innovation, entrepreneurship and long-term job creation.
The organisation provides free or subsidised enterprise advice, educational programmes, workshops, mentoring and community-based events to promote entrepreneurship, self-employment and skills development as viable pathways to economic participation and financial independence. This includes targeted support for women, young people, rural communities, social enterprises and individuals facing barriers to employment or business development.
In addition, management guidance, governance support and organisational development expertise are provided to community and voluntary sector organisations to strengthen leadership, sustainability and operational effectiveness across the third sector.
In setting its objectives and planning activities throughout the year, the trustees have given careful consideration to the guidance issued by the Charity Commission for Northern Ireland regarding public benefit. The trustees are satisfied that the charity’s activities continue to advance its charitable purposes and deliver meaningful and measurable benefit to individuals, businesses and communities across the Borough and surrounding areas.
As a social enterprise, Mallusk Enterprise Park is committed to measuring and evidencing the difference we make to local people, businesses and the wider economy.
The Board of Directors has paid due regard to guidance issued by the Charity Commission in determining the activities undertaken by the organisation and ensuring that surpluses are reinvested for community benefit.
Key Outputs Delivered in the Last Financial Year
72 businesses actively trading from Mallusk Enterprise Park
248 jobs created within businesses supported through the Mallusk Enterprise Park enterprise ecosystem
575 individuals upskilled through enterprise workshops and training programmes
405 entrepreneurs supported through targeted business support interventions
2,937 hours of one-to-one expert mentoring delivered to local businesses and entrepreneurs
Estimated contribution to the local economy: £24.96 million*
*Based on conservative assumptions of £35k economic value per job and £80k average annual turnover per business.
Go Succeed – Engage & Foundation
Go Succeed is a collaborative, region-wide enterprise support programme delivered across all eleven local council areas in Northern Ireland and overseen by Enterprise Northern Ireland (ENI). The initiative is designed to support individuals at the early stages of starting a business. Mallusk Enterprise Park is jointly responsible for delivery within the Antrim & Newtownabbey area.
2025 Key Outcomes
Responded to 195 business enquiries
Supported 137 participants through the programme
Delivered 560 hours of individual mentoring support
Organised 4 workshops with a combined attendance of 73 participants
Through this programme, aspiring entrepreneurs were provided with access to tailored guidance, mentoring and practical resources to help develop and progress their business ideas.
Go Succeed – Growth Programme
Antrim & Newtownabbey
Mid & East Antrim
Following a successful competitive tender process in 2023, Mallusk Enterprise Park continued to deliver the Go Succeed Growth Programme throughout 2025 across the Antrim & Newtownabbey and Mid & East Antrim council areas.
The programme focuses on accelerating business growth by providing established businesses and entrepreneurs with targeted support, mentoring and development opportunities. During 2025, the programme achieved significant levels of engagement and impact across both council areas.
2025 Key Outcomes
Managed 483 business enquiries
Engaged with 268 business owners and entrepreneurs
Provided 2,377 hours of one-to-one mentoring support
Delivered 20 workshops attended by 502 participants
Supported 141 participants in successfully securing grant funding
Feedback from programme participants across both council areas has been extremely positive, with businesses reporting improvements in areas such as strategic planning, financial management and readiness for growth opportunities.
The successful delivery of the programme further highlights Mallusk Enterprise Park’s strong reputation and continued commitment to supporting business development, entrepreneurship and regional economic growth.
Throughout 2025, Mallusk Enterprise Park delivered a broad range of impactful programmes and initiatives. The level of participation and outcomes achieved reflect the organisation’s continued ability to provide effective support across the Borough.
Social Impact Report
Social outputs are measured as follows:
Board of Directors and staff voluntary time supporting the local economy with a focus on economic regeneration
Discounted and free usage of conference and meeting rooms primarily by tenant companies and local business start-ups
Discounted office and industrial units and business incubation for local entrepreneurs
Staff time dedicated to non-income-generating activities supporting local business start-up and wider economic regeneration
Directors’ / Trustees’ Voluntary Contribution and Employee Pro-Bono Work
As a social enterprise, the Board of Mallusk Enterprise Park comprises experienced and highly skilled individuals operating across a range of private and public sector organisations.
Staff employed within the organisation primarily work on income-generating projects; however, a proportion of their time is provided on a pro-bono basis to support local individuals, businesses and third sector organisations.
All activities undertaken by Directors and staff are aligned with the Charity’s aims, objectives and public benefit requirements. Directors’ time is monitored and recorded through Board and sub-group meetings.
Based upon an hourly rate of £55 per hour for employees and £80 per hour for the CEO and Directors, this equates to a total contribution in kind of £91,550 during 2025 towards the economic development of the local area.
Employee pro-bono assistance was provided to:
Enterprise Northern Ireland
Economic Development Department within Antrim and Newtownabbey Borough Council
Antrim and Newtownabbey Labour Market Partnership
Antrim and Newtownabbey Local Economic Partnership
Young Enterprise NI (judging and volunteer teaching in schools)
Women in Business NI
Rotary NI (judging)
One-to-one support provided to entrepreneurs and small business owners who could not be supported through existing programmes or who had exhausted available programme support
Tenant businesses supported through the Mallusk Incubation Programme, including access to free advice and support from on-site business advisers and management
Discounted / Pro-Bono Use of Commercial Units and Meeting Spaces
In certain circumstances, discounted rental periods coupled with incubation support and advice are offered by Mallusk Enterprise Park to support local economic regeneration. During 2025, there was minimal tenant movement within the Park and, as a result, incubation units were limited in availability.
Mallusk Enterprise Hub features state-of-the-art audio-visual equipment across 3,000 square feet of commercial space, offering co-working desks, private meeting rooms and a training/conference space for up to 40 people.
Facilities include advanced hybrid meeting technology enabling events and meetings to be delivered effectively both in-person and remotely.
The Hub provides businesses, entrepreneurs, social enterprises, charities and public sector organisations with professional and flexible workspace solutions for training, mentoring, interviews, consultancy meetings and collaborative working.
The continued evolution of hybrid working has increased demand for flexible, professional workspace solutions and the organisation continues to experience strong demand for these facilities from tenants, entrepreneurs and remote workers.
The 2025 Mallusk Christmas Market
The Mallusk Christmas Market provided an opportunity for tenants, programme participants and local entrepreneurs to showcase and trade their products and services during the peak festive trading season.
The event also supported wider corporate social responsibility objectives through fundraising and community support initiatives benefiting local families and charitable organisations.
The market brought together entrepreneurs, creatives, local businesses and consumers for trading, networking and community engagement.
Mallusk Christmas Market Outputs
Showcase and sales opportunities provided for 20 local entrepreneurs
Free Santa’s Grotto experience for 100 local children
£3,692.22 raised for NI Children’s Hospice
Significant quantity of gifts collected for the Cash for Kids NI Mission Christmas Appeal
Significant festive food and drink donations collected for the Newtownabbey Food Bank
Strong support received from local businesses through sponsorship, prize donations and promotional support
Volunteer support provided by 9 volunteers
Local press coverage achieved through the Antrim Guardian
Increased awareness of the Go Succeed mentoring support programme, generating new programme enquiries
Development of promotional and digital marketing content for participating traders and Mallusk Enterprise Park
Visit and support from the Mayor of Antrim and Newtownabbey Borough Council
Formal cheque presentation completed with NI Children’s Hospice
At 31 December 2025 the balance of unrestricted reserves was £2,269,825 (2024 - £2,146,606), of which £1,159,642 (2024 - £1,189,971) has been designated by the Board at the year end.
It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The principal funding arose from rental income and services to tenants with additional income arising from the delivery of enterprise support via a range of programmes managed by the charity. All expenditure during the year was directly attributable to achieving the business objectives as outlined above.
The directors have a risk management strategy which comprises:
- a quarterly review of the risks the company may face;
- the establishment of systems and procedures to manage those risks identified in the plan; and
- the implementation of procedures designed to minimise any potential impact on the company should those risks materialise.
Future Plans
The charity remains committed to extending its reach and increasing the support provided to individuals, SMEs and social enterprises throughout 2026 and beyond.
The Enterprise Park continues to operate at full capacity, with 100% occupancy maintained and a waiting list of 90 businesses recorded as at 31 December 2025.
The organisation remains committed to meeting the needs of the local community through the provision of affordable workspace, accessible business advice and practical enterprise support services.
To address increasing demand and further enhance community impact, opportunities for the acquisition and development of additional commercial sites within the Borough will continue to be explored. Expanding capacity will enable the charity to support more start-up and growing businesses, encourage entrepreneurship and contribute to local economic regeneration in line with its charitable objectives.
Public benefit ring-fenced budgets allocated in 2025 will continue to support free and subsidised educational training, mentoring and enterprise support initiatives for unemployed individuals and those considering self-employment.
Particular focus will remain on supporting women establishing part-time businesses from home, early-stage entrepreneurs and individuals living in rural or less accessible areas who may otherwise face barriers to participation.
During 2026, the organisation also plans to deliver the inaugural Antrim and Newtownabbey Business Awards, celebrating and recognising achievement, innovation and resilience within the local business and social enterprise community.
The awards will promote entrepreneurship, inspire business growth, encourage community engagement and showcase positive role models across the Borough. The initiative aligns closely with the charity’s mission to advance economic development, enterprise and social inclusion while also supporting the organisation in fulfilling its public benefit responsibilities and obligations under Charity Commission guidance.
Business consultancy and advisory services will continue to be delivered to local community groups, education providers, voluntary organisations and social enterprises, supporting capacity building, sustainability and long-term community benefit.
The organisation continues to maintain active membership of a range of professional and representative bodies including Enterprise Northern Ireland, NICVA, Social Enterprise NI, CO3, NI Chamber of Commerce, Destination CQ, Institute of Directors and Reformnet.
Mallusk Enterprise Park Limited is a company limited by guarantee governed by its Memorandum and Articles of Association under Companies Act 2016.
The directors who served during the year and up to the date of signature of the financial statements were:
As set out in the Articles of Association, one third of the board retire at each AGM. Each year the directors carry out an appraisal of their own and the board's performance and a skills audit helps to identify if there are any skills gaps within the board that would hamper the achievement of objectives. If a gap is identified then a description of the skill required is drawn up and the post advertised in the local media. Applications are reviewed and applicants are invited to attend an interview. An interview panel consisting of the chair, vice-chair and the CEO (as an observer and acting as Company Secretary) conduct the interview and a scoring process ensures that all applicants are treated equally and the highest scoring applicant is recommended by the interview panel to be co-opted on to the board and then formally elected at the next Annual General Meeting. All directors once appointed are given a detailed brief of the operations of the organisation and provided with all relevant documentation. Training in company law and the responsibilities of directors is offered to all directors.
None of the directors has any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up.
The board of directors administer the company at a strategic level. The board meet quarterly at present and the chief executive officer manages the day to day running of the company. The organisation relies on directors acting in a voluntary capacity in overseeing the strategic direction and governance of Mallusk Enterprise Park. In terms of time and value of these volunteer directors - each of the 4 directors would dedicate up to 36 hours in meetings plus an additional 10 in preparation and review of reports and up to 10 hours on other matters relating to the organisation. The total input in time therefore would equate to approximately 224 hours of time input by the directors and valued at consultancy rates of £80 per hour this contribution is valued at almost £17,920 during 2024.
The organisation has in place the following: Code of Conduct, reserves policy, risk register, governance manual, HR policies, board and staff appraisals, quarterly action plans, quarterly management accounts and balanced scorecard with performance measures.
The organisation continues to maintain active membership of a range of professional and representative bodies including Enterprise Northern Ireland, NICVA, Social Enterprise NI, CO3, NI Chamber of Commerce, Destination CQ, Institute of Directors and Reformnet.
The directors are responsible for preparing the directors' 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 directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company 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 directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS102);
- 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 company will continue in operation.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors' report was approved by the Board of Directors.
Opinion
We have audited the financial statements of Mallusk Enterprise Park Limited (the ‘company’) for the year ended 31 December 2025 which comprise the statement of financial activities, the statement of financial position, 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 company 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 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 has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We 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 charitable company’s remuneration policies for staff, 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 charitable company’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 and 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 charitable company 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 charitable company 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 2016, and local tax legislation.
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 charitable company'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 charitable 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 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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Mallusk Enterprise Park Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Mallusk Drive, Mallusk Road, Newtownabbey, Co Antrim, BT36 4GN.
The financial statements have been prepared in accordance with the company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the company. 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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors 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 directors in furtherance of their charitable objectives.
Designated funds are those which the company or the Board have applied for a particular purpose. The aims and uses of such funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
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 the costs relating to the category.
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.
Long leasehold land is not depreciated.
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 company 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 company's balance sheet when the company 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 company’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 company 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.
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
In the application of the company’s accounting policies, the directors 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 directors 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.
Workspace provision
Service charge
Facility services
Programme & workshop income
B4B revenue aid
Other activities
Community and economic development
Programme and event cost
Rates and water charges
Insurance
Light and heat
Repairs and maintenance
Cleaning
Printing, postage and stationery
Marketing expenses
Catering costs
Telephone
Motor, travel and subsistence
Legal and professional fees
Membership fees
All charitable activities focus on the promotion of community and economic development.
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 and senior business advisor.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The carrying value of land included in land and buildings comprises:
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company 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.
The Board agreed to designate £500,000 at the year end for future property or new property expenditure.
Government grants
There exists a contingent liability to repay all or part of the grant assistance received in the event that the conditions of offer are not complied with.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company had no debt during the year.