The year to 31 December 2025 has been one of consolidation and measured growth for East Belfast Enterprise (EBE). The operating environment continued to present pressures for households and small businesses, yet demand for enterprise support remained strong. Our property portfolio continued to provide the unrestricted income that underpins our charitable activity while our programmes, led by the Go Succeed delivery, sustained high levels of client engagement.
During 2025 we continued to progress our Net Zero and social impact commitments, installing PV panels on the roof of our City East building to provide a source of renewable energy to provide electricity to support our service provision and tenant businesses, while strengthening tenant and client relationships through targeted engagement and events.
The past year has continued to present challenges for the charity and the communities that we serve. Economic pressures, inflationary costs, labour market uncertainty and continued pressure on household incomes have all impacted the wider operating environment. Despite these challenges, East Belfast Enterprise has continued to deliver strong operational performance, with sustained demand for workspace, business support and entrepreneurial mentoring services.
The charity has remained focused on delivery of its strategic objectives and continued to work towards its Vision, Mission and Purpose:
Our Vision:
“To establish East Belfast as a vibrant social and economic hub.”
Our Purpose
“To inspire and support entrepreneurs to establish and grow businesses in East Belfast and to have a positive social impact in the local community.”
Our Mission:
“To provide entrepreneurs with facilities and valued services, to meet their changing economic and social needs”
A strategic focus for the Board in 2025 was to progress discussions with Inspire Business Centre about the merits of merging both charities to create a platform for further growth. The merger would bring together the resources of both charities so that services could be expanded for the benefits of the citizens of East Belfast.
Considerable work was carried out during 2025 to progress the merger with a “shadow Board working group” established comprising members of both the EBE and Inspire Boards. This working group was established to oversee the merger process, which focused on three parallel workstreams:
Legal merger
Financial merger
Operations merger
Legal and financial due diligence was completed on both charities and a draft legal transfer agreement was prepared to enable the legal merger to complete. An independent review of the financial processes for both charities was completed and plan agreed to complete the merger of the financial systems. An independent review was also completed by Evolve HR consultancy to review staffing structures and identify the preferred “future state” for staffing post merger. This involved a process that included benchmarking current and likely future roles against industry standards and mapping out the process to merge the staff teams, including any TUPE requirements.
A process that was overseen by a sub group appointed by the working group to appoint a new Chair for the merged entity took place during the summer months and ultimately a decision was made to appoint a new Chair, Glyn Roberts, to Chair the EBE Board and to become the Chair of the merged entity post merger.
A lot of work was put in by both Boards and the CEOs of both charities to take the merger forward, but following discussions within both Boards, a decision was taken at the end of the year not to proceed. Through the work on the merger, positive relationships were developed during the many meetings and conversations and this has left EBE in a strong position to continue to seek collaborative opportunities with Inspire Business Centre and other key stakeholders to grow the work and influence of the charity.
As the work continued to progress discussions relating to the merger, the organisation continued to strengthen its role as a leading enterprise agency supporting entrepreneurs, start-ups, micro businesses and SMEs across East Belfast and the wider city. Our property portfolio continued to perform strongly and remained a critical source of unrestricted income, enabling the organisation to sustain programme delivery and community impact.
During the year, the organisation maintained strong occupancy levels across its facilities and continued to experience significant demand for office accommodation, meeting space, hot desking and mailbox services. A total of 93 lease renewals were issued during the year, with 21 renewals completed by October. Tenant engagement remained a key priority and over 21 positive tenant engagement meetings were completed throughout the year.
There were 42 new tenancy enquiries received during the year, resulting in 16 new office rentals being secured. Demand for flexible workspace also remained strong, with 34 hot desk enquiries resulting in 23 new hot desk users and 25 mailbox enquiries resulting in 11 new mailbox clients.
The Foundry and wider meeting facilities continued to provide valuable business and community infrastructure. During the year, 189 meeting room enquiries were received and 162 meetings were hosted across the facilities. These spaces continue to provide an important resource for local businesses, social enterprises and community organisations.
The delivery of funded business support programmes remained central to the work of the charity throughout 2025. The Go Succeed programme continued to perform strongly, with 351 clients supported through the provision of 1,662 hours of mentoring support during the year. Monthly enquiry levels remained consistently strong throughout the year, demonstrating the continued demand for enterprise support services.
In addition to one-to-one mentoring support, East Belfast Enterprise delivered a series of workshops and networking events throughout the year. Workshops delivered included:
Understanding search engine optimisation
The power of influencer marketing
Kickstart your social media presence
Ideas generation workshop – is entrepreneurship right for me?
Canva for business – design like a pro
These workshops attracted strong attendance levels and provided practical support to entrepreneurs seeking to establish and grow businesses.
The charity also continued to invest in tenant and client engagement through a programme of networking and social events. Tenant lunches, networking events, fundraising initiatives, seasonal activities and sports events all contributed to strengthening the sense of community across the organisation’s facilities. Events throughout the year included a tenant Christmas event, a Halloween event, sports activities and fundraising initiatives in support of MacMillan Cancer Support.
The Board continued to place a strong emphasis on governance, organisational sustainability and partnership working throughout 2025. Discussions and collaborative working with strategic partners continued during the year, ensuring that East Belfast Enterprise remains well positioned to maximise future opportunities and continue delivering meaningful social and economic impact.
The Trustees recognise the commitment, professionalism and resilience of the staff team throughout the year. Their dedication has enabled the organisation to continue delivering high quality services and positive outcomes for clients, tenants and the wider East Belfast community.
Overall, 2025 has been another successful and productive year for East Belfast Enterprise. The organisation has continued to strengthen its role as a leading enterprise support organisation while maintaining strong operational performance across its property and programme activities.
Towards the end of 2025 it was with regret that I accepted the resignations from the Board of Jason Hempton and Beverley Brown, both of whom had been important and valued members of the Board. On behalf of the Board I wish both Jason and Beverley my best wishes and thanks for the commitment, work and support that both members provided during their time on the Board.
Looking ahead, the Board remains ambitious about the future development of the organisation. We will continue to invest in our facilities, strengthen our partnerships and enhance the range of services available to entrepreneurs and small businesses. Our objective remains to support economic regeneration, entrepreneurship and social impact across East Belfast and beyond.
I would like to conclude by thanking my fellow Trustees for their continued support, commitment and governance throughout the year. In particular I want to thank our outgoing Chair and my immediate predecessor, Duncan Graham. Duncan guided the charity through some very challenging and turbulent times, particularly during the COVID Pandemic and the implications for the Charity of the UK exit from the EU. He oversaw many changes on the Board and within the operational team, but held a steady course, ensuring at all times that the needs of the charity came first. It is largely to Duncan’s credit that the charity remains in such a strong position and continues to deliver for the people of East Belfast. I will endeavour to build on the strong foundations that Duncan has left and thank him sincerely for his dedication and commitment in leading the Board and supporting the staff team throughout his years of service as Chair of this Charity.
I also wish to place on record our sincere thanks to the staff team, tenants, partners, funders and stakeholders whose continued support enables the organisation to achieve its mission.
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 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 Charity’s objects (“Objects”) are specifically restricted to the following:
The promotion for the public benefit of urban regeneration within East Belfast and its environs (the ‘area of benefit’) being an area of social and economic deprivation, by all or any of the following means:
(a) the relief of poverty in such ways as may be thought fit;
(b) the relief of unemployment in such ways as may be thought fit, including assistance to find employment;
(c) the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;
(d) 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;
(e) the creation of training and employment opportunities by the provision of workspace, buildings, and/or land for use on favourable terms.
Public Benefit
The public benefits that flow from the advancement of community development and the promotion of urban and rural development are:
the creation of employment, training and work experience opportunities for residents living in economically and socially deprived areas and consequently a reduction in poverty, unemployment and hardship, leading to a better quality of life for the beneficiaries and consequent improvements in health and well-being;
enhanced knowledge about setting up and running small businesses and social enterprises resulting in increased levels of self-employment and better prospects of sustainable development;
increased levels of knowledge and transferable vocational skills among employees / work experience trainees, assisting in the creation of a more educated, skilled and qualified community;
a greater sense among the beneficiaries of more fulfilled and purposeful lives, resulting in a safer, more stable and cohesive community.
No harm arises from any of these purposes.
East Belfast Enterprise continues to offer a range of workspace facilities, office accommodation, meeting rooms, co-working facilities and enterprise support services.
The Albertbridge Road site and City East Business Centre continued to provide affordable and flexible workspace solutions for local businesses and social enterprises throughout 2025.
Meeting facilities, training rooms and co-working space remained available for hire to businesses, community organisations and voluntary groups.
The café facility at City East continued to provide an important social and catering facility for tenants, visitors and the wider community.
Business support programmes during the year focused on supporting entrepreneurs, pre-start businesses and early-stage enterprises through mentoring, workshops and networking support.
In 2025, we stated that we would continue to deliver core services to help individuals to start up and grow small businesses. We achieved this as follows:
Tenancy Services
93 lease renewals were issued during the year.
21 lease renewals were completed by October against target.
42 new tenancy enquiries were received.
16 new office rentals were secured during the year.
Positive tenant engagement continued through regular tenant meetings and support.
Meeting space provision
189 meeting room enquiries were received.
162 meetings were hosted across EBE facilities.
Meeting and training facilities continued to support both commercial and community users.
Mailbox services
25 new mailbox enquiries were received.
11 new mailbox clients were secured.
Hot desking
34 hot desk enquiries were received.
23 new hot desk users were supported during the year.
Funded programmes
Go Succeed programme
The Go Succeed programme continued to perform strongly throughout 2025.
351 clients were supported during the year.
1,662 mentoring hours were delivered.
Monthly enquiry levels remained consistently strong throughout the year.
NIEESS programme
The NIEESS programme also continued during the year, supporting clients through mentoring and advisory support.
3 clients were supported.
16 hours of mentoring support were delivered.
Workshops and events
Throughout 2025 a broad programme of workshops, networking activities and tenant engagement events was delivered.
Workshops delivered
Understanding Search Engine Optimisation
The Power of Influencer Marketing
Kickstart Your Social Media Presence
Ideas Generation Workshop – Is Entrepreneurship Right for Me?
Canva for Business – Design Like a Pro
Workshop attendance levels remained positive, with sessions attracting between 10 and 22 attendees.
Tenant and client events
Events delivered during the year included:
Tenant lunches
Networking events
EBE quiz event
Sports event
Halloween event
Tenant Christmas event
MacMillan fundraising activities
These events strengthened tenant engagement, supported networking opportunities and reinforced EBE’s role as a community-focused organisation.
Community partnerships and engagement
East Belfast Enterprise continued to work collaboratively with community organisations, strategic partners and sectoral bodies throughout 2025.
The organisation maintained active membership and engagement with Enterprise Northern Ireland, NICVA, Social Enterprise NI and CO3, ensuring continued collaboration and representation within the wider enterprise and voluntary sectors.
The charity continued to support networking, enterprise development and community regeneration initiatives across East Belfast and the wider city, including the Eastside Awards, with the gala dinner hosted at Stormont Hotel at the end of January 2025. Another successful night of celebration, the Eastside Awards attracted a total media reach of over 12,000,0000 views across a broad range of social and print media. Work also progressed throughout 2025 to prepare for the milestone 10th Year of the Eastside Awards, with a gala night held in Titanic Belfast at the end of January 2026.
In accordance with required accounting policy, grants are recognised in the statement of financial activities when approved by the Trustees and communicated to the recipients, irrespective of the future period over which payments are to be made, and the obligations outstanding at the year end are recognised as creditors.
The Trustees are pleased to report that the organisation maintained a strong operational performance throughout 2025, with continued demand for property and programme services contributing positively to the sustainability of the charity.
Occupancy levels across the property portfolio remained strong throughout the year, with continued demand for office accommodation, meeting space and co-working facilities.
The charity had net incoming resource for the year of £3,395 (2024 - net expenditure for the year of £100,676). The surplus for the year was a result of decrease in expenditure on programmes and utilities.
At the year end cash at bank and in hand was £457,764 (2024 - £369,406). Total funds of the charity amounted to £3,707,251 (2024 - £3,703,856) comprising of restricted funds of £1,452 and unrestricted funds of £3,705,799. Unrestricted funds includes designated funds of £3,420,057, which are further described in notes 20 and 21.
It is the policy of the charity to maintain minimum cash reserves of £150,000. Total cash at bank at 31 December 2025 was £457,764 (2024 - £369,406) and the amount of free reserves was £259,857 (2024 - £234,543), which equates to approximately 17 weeks' expenditure.
Free reserves are monitored regularly by the Board alongside monthly management financial reports. Cash reserves remain at a level that the Board considers appropriate in relation to the ongoing operational requirements of the charity. The Board of Trustees has approved budgets and financial projections for the forthcoming year and is satisfied that the charity remains a going concern.
The Trustees will continue to focus on sustaining and strengthening the charity’s operational and financial performance.
Future priorities include:
Continuing to maximise occupancy and utilisation across the property portfolio;
Expanding enterprise support and mentoring services;
Enhancing networking and business engagement opportunities;
Continuing investment in facilities and infrastructure;
Strengthening strategic partnerships and collaborative working;
Supporting entrepreneurs, start-ups and SMEs across East Belfast and beyond.
The Board will also continue to review future development opportunities that enhance organisational sustainability and increase the long-term social and economic impact of the charity.
The charity is a company limited by guarantee, governed by a voluntary Board of Directors.
The company is also a registered Charity with the Charities Commission for Northern Ireland and submitted its first return to the Charities Commission NI during 2017.
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:
As set out in the Articles, Directors of the Company (who serve as Trustees of the Charity for the purposes of Charity Law) are elected by the members of the company, or can be co-opted by the Directors. The maximum number of Directors will be 12, with a minimum of 3.
Trustee induction and training
New Directors receive an induction process led by the Chair and Chief Executive. This includes provision of key governance documentation, strategic information and operational briefings.
Organisation
The Board of Trustees administers the charity and meets regularly throughout the year.
Standing sub-committees continue to oversee Audit and Risk, Governance and Nominations and HR matters.
Day-to-day operations are managed by the Chief Executive, Mr J McAlpin, under delegated authority from the Board.
Pay policy for senior staff
The remuneration of the Chief Executive and senior staff is determined by the HR Sub-Committee under delegated authority from the Board.
Risk management
The Trustees maintain a risk management strategy overseen by the Audit and Risk Sub-Committee.
A risk register remains in place and is reviewed regularly by management and the Board.
Key risks continue to be monitored across finance, governance, property and programme delivery.
During 2025, the Chief Executive continued in his paid role with Enterprise Northern Ireland as the Chair of the Board of Directors of Enterprise Northern Ireland. This appointment was approved at a Board meeting of the Trustees of East Belfast Enterprise in January 2021 and the appointment will continue until March 2026.
All of the Trustees serve in a voluntary capacity and do not receive any remuneration for their role as a Director (or Trustee). Any related interests are declared at meetings where the interest may arise and if any Trustee may benefit personally or in their business interests from a decision to be taken by the Board, the Trustee in question will be absented from the discussion and subsequent decision making process. A register of interests is held and updated each year for each Director and for key staff.
The Company is a member of Enterprise Northern Ireland, which is now under the Chairmanship of the CEO of East Belfast Enterprise and benefits from this membership by accessing contracts as a sub-contracted partner. Other memberships held by the Charity are for the purposes of seeking advice, information or knowledge of the Community and Voluntary sector and potential funders for the work of the charity. These memberships include membership of the Northern Ireland Council for Voluntary Action, CO3 and Social Enterprise Northern Ireland. The Chief Executive also serves on the Board of Directors of CO3 in a voluntary capacity, but there are no contractual relationships between East Belfast Enterprise and CO3.
The trustees, who are also the directors of East Belfast Enterprise 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.
In accordance with the company's articles, a resolution proposing that GMcG BELFAST 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 East Belfast Enterprise 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 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:
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 for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
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 company’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 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 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 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 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 2006, 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 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.
East Belfast Enterprise Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 68-72 Newtownards Road, Belfast, BT4 1GW.
The financial statements have been prepared in accordance with the charity's Memorandum oand Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). 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, modified to include the revaluation of freehold properties. 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.
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.
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.
Rental income from properties is recognised as charitable rental income on a straight line basis over the period of tenancy.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
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 charity reviews the carrying amounts of its tangible and intangible 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.
Programmes
Property
City East
Programmes
Property
City East
Other staff costs
Repairs & maintenance
Establishment overheads
Advertising
Skip hire
Motor & travel costs
Programme expenses
Foundry expenses
Professional fees
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charity is exempt from income tax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year.
At 31 December 2025, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £2,748,408 (2024 - £2,830,205).
The charity has adopted a policy of revaluation in relation to freehold property (Being ABR property and City East property). A valuation was carried out by Frazer Kidd valuing the City East Property on an existing use basis at £1,700,000 as at 31 December 2021. A valuation was carried out for the ABR property on an existing use basis at £1,680,000 as at 31 December 2019.
Freehold land and buildings with a carrying amount of £3,359,394 (2024 - £3,420,057) have been pledged to secure borrowings of the charity. The charity is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
The long-term loans are secured by floating charges over the property at 68-72 Newtownards Road & 308 Albertbridge Road.
Bank loans includes one loan repayable by monthly instalments of £522 until 2030 at a fixed interest rate 2.5%.
Other loans includes two loans repayable by monthly instalments of £971 & £2,426 at an interest rate of 3% plus the Bank of England base rate.
Deferred income is included in the financial statements as follows:
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 restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
See note 21 for explanatory notes to the funds.
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.
See note 21 for explanatory notes to the funds.
Unrestricted Funds
General Fund
This fund is the result of the charity's strategic objective to establish reserves to provide sufficient funds to cover unforeseen costs which may arise, as well as allowing for the payment of any liabilities which would arise should the charity cease to operate.
Property fund
This fund relates to the value of the charity's ABR property and City East property.
Property revaluation reserve
This represents surpluses arising on the revaluation of the charity's ABR property and City East property.
Restricted Funds
Mural project
This is a community engagement project, which was funded from a range of funders including Belfast City Council, George Best Belfast City Airport, Northern Ireland Community Relations Council, Radius Housing, Apex Housing, Clanmil Housing, Connswater and the Northern Ireland Housing Executive. The project engaged people from across East Belfast to design and paint two larger mural artworks, which were installed on the outer walls of the East Belfast Enterprise City East building. The project involved local schools, community groups, sports clubs, ethnic minority groups, disability groups and international students.
During the year East Belfast Enteprise entered into the following transactions with related parties:
Johnston Kennedy DFK
East Belfast Enterprise currently purchases a payroll service from Johnston Kennedy DFK. This service is provided on a commercial basis by the payroll division of Johnston Kennedy DFK. Mr D Graham is a Trustee the charity and also a partner of Johnston Kennedy DFK. The total transactions in the year totalled £387, and the amount due to Johnston Kennedy DFK at the year end was £1,392 (2024 - £993).
Enterprise Northern Ireland
The CEO of East Belfast Enterprise is also the Chair of Enterprise Northern Ireland, a role approved by the Board of Trustees at their meeting in January 2019. East Belfast Enterprise is a member of Enterprise Northern Ireland, paying an annual membership and subscription for Research Data (Cobweb) of £3,256 (2024 - £4,335). The CEO received remuneration for his role with ENI and East Belfast Enterprise delivered contracts on behalf of Enterprise Northern Ireland during 2025.
Creating Retail Magic
Creating Retail Magic provides services for East Belfast Enterprise as part of the consultancy and advisory associate pool used by the charity. During 2025 gross services and costs of £1,147 (2024 - £3,436) were agreed with Creating Retail Magic, with £320 outstanding to Creating Retail Magic at the year end.
NB Chartered Communications
During the year East Belfast Enterprise made payments of £5,075 (2024 - £2,285) to NB Chartered Communications for their services, with £1,050 outstanding at the year end.