The trustees present their annual report and financial statements for the year ended 31 March 2026.
The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, are pleased to present their Annual Report and audited financial statements for the year ended 31 March 2026. The Trustees have prepared the accounts in accordance with the Statement of Recommended Practice (SORP) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019.
About Inspire Business Centre Ltd
Inspire Business Centre Ltd was established in January 1992 as the Local Enterprise Agency for the Castlereagh Borough Council area. Originally incorporated as Castlereagh Enterprises Ltd, the organisation formally adopted the name Inspire Business Centre Ltd on 27 June 2013.
Inspire operates as a Local Enterprise Agency, social enterprise and business park based in Dundonald, Northern Ireland, providing high-quality and affordable warehouse, workshop, and office accommodation together with a range of business support services.
The organisation currently manages approximately 100,000 square feet of workspace and is home to 78 businesses operating across a wide range of sectors.
Our Board of Directors is made up of experienced representatives from the business, professional, local government, and voluntary sectors, all of whom serve in a voluntary capacity. The Board meets regularly to provide strategic direction, oversight, and governance.
Inspire remains committed to promoting entrepreneurship, supporting the growth and sustainability of local businesses, and contributing positively to economic development within the wider community.
Objectives and Aims
Inspire Business Centre Ltd exists to support enterprise growth, employment creation, and economic regeneration throughout the area it serves.
Our key objectives are to:
Support the creation and development of new businesses.
Provide affordable and flexible workspace solutions.
Assist the growth and sustainability of existing small businesses.
Deliver practical business support, mentoring, and networking opportunities.
Promote economic participation and employment opportunities.
Strengthen community and stakeholder collaboration.
The organisation continues to operate with a clear social purpose, reinvesting surpluses into the continued development of facilities, services, and community impact.
Voluntary Contribution and Community Support
The Board and staff team continue to make a significant contribution to local economic and community development through voluntary and pro-bono activity.
During the year:
142 hours of Director time were contributed through Board meetings, sub-committee participation, and attendance at local economic development events.
146 hours of staff time were dedicated to pro-bono support activities focused on local economic regeneration and community engagement.
Based on an estimated hourly contribution rate of £55, this represents a combined social contribution value of £15,840.
Staff and Directors provided support to a range of organisations and initiatives including:
Enterprise Northern Ireland
Dundonald High School
Brooklands Primary School
Young Enterprise NI
Eastside Awards
Local entrepreneurs and small business owners
Shopmobility NI
Development Trusts NI
St John Ambulance NI
Harmoni 2019
Tenant businesses and community groups
Inspire also continued to provide discounted rental periods, incubation support, and subsidised access to meeting and training facilities for charities, social enterprises, and community organisations. The estimated value of these concessions and charitable contributions during 2025/26 was £16,867.
Partnerships and Memberships
Inspire Business Centre Ltd remains an active member of several key networks and representative organisations including:
Enterprise Northern Ireland (ENI)
Social Enterprise NI
Development Trusts NI
Through these partnerships, Inspire continues to strengthen its ability to support SMEs, social enterprises, and community organisations by accessing collaborative programmes, training opportunities, and business development initiatives.
Vision and Mission
Our vision is focused on connecting communities to the business sector and creating opportunities for sustainable economic participation.
Our mission is:
“To provide high-quality and affordable premises to businesses while supporting, inspiring, and connecting individuals and communities to sustainable employment and enterprise opportunities.”
The organisation continues to work toward becoming a recognised centre of excellence for entrepreneurship, enterprise support, and community regeneration.
Governance and Management
The company is governed by its Memorandum and Articles of Association and operates under a robust governance framework supported by active governance protocols and procedures.
The Board of Directors provides strategic oversight and governance, while the Chief Executive is responsible for day-to-day management and operational leadership.
Three sub-committees continue to support the governance structure:
Property Committee
Finance Committee
Business Development Committee
The Board remains committed to high standards of transparency, accountability, and responsible governance.
Public benefit and significant activities
Inspire Business Centre Ltd continues to deliver meaningful public benefit through the provision of enterprise development services, affordable workspace, training opportunities, and employment support.
The organisation places particular emphasis on supporting individuals experiencing economic inactivity and helping people transition into employment or self-employment.
Through its membership of Enterprise NI, Inspire continued to assist with the delivery of the Go Succeed and Exploring Enterprise Programmes .
Inspire remains committed to supporting education, enterprise, and skills development while contributing positively to urban regeneration and local economic growth.
Social Impact
As a social enterprise, Inspire Business Centre Ltd actively measures and records its social impact across a range of activities.
Key social outputs during the year included:
Voluntary support provided by Directors and staff.
Discounted and free access to meeting, conference, and training facilities.
Business incubation support for entrepreneurs and start-up businesses.
Mentoring and non-funded business assistance.
Collaboration with community groups, schools, and charities.
Support for local employment and enterprise initiatives.
The organisation continues to play an active role in bringing together businesses, public sector organisations, voluntary groups, and community stakeholders to support inclusive economic development.
Organisational Structure
Inspire Business Centre’s organisational structure consists of:
A voluntary Board of Directors.
Chief Executive.
Finance & Administration Manager.
Handyman/Caretaker
This structure continues to support effective governance, operational management, and service delivery.
Strategic Direction
Our long-term ambition is to continue growing as a sustainable and respected economic development organisation.
Over the coming years, Inspire aims to:
Expand business support and enterprise services.
Increase employment and business creation opportunities.
Strengthen community engagement and public benefit delivery.
Explore opportunities to expand the property portfolio.
Continue developing sustainable social enterprise activity.
Maintain strong collaborative partnerships.
Deliver high-quality, value-driven services.
The Board remains confident in the organisation’s strategic direction and long-term sustainability.
Organisational Values
Our work continues to be guided by a strong set of organisational values:
Integrity
Acting responsibly and transparently.
Treating all stakeholders with dignity and respect.
Maintaining confidentiality and fairness.
Passion
Approaching our work with energy and commitment.
Continuously seeking opportunities for growth and innovation.
Openness
Working collaboratively with partners and stakeholders.
Encouraging transparency and accountability.
Embracing responsible and managed innovation.
Social Responsibility
Supporting sustainability and public benefit.
Promoting positive social and economic outcomes.
Risk Management and Governance Compliance
The Trustees continue to review and monitor organisational risks through established governance procedures and active oversight.
Financial remuneration, Trustee appointments, resignations, and risk management processes are all governed by the organisation’s Governance Protocols and are fully compliant with the Memorandum and Articles of Association.
Operational Review 2025/26
The Board is pleased to report another strong year of operational performance and organisational progress during 2025/26.
Despite continued economic pressures across the wider business environment, Inspire Business Centre maintained high occupancy levels, delivered significant operational improvements, and strengthened its support for businesses and community stakeholders.
Key achievements during the year included:
Maintaining excellent occupancy levels across the business park, with occupancy remaining at 100% throughout the year.
Continuing to provide affordable high-speed broadband and VOIP services supported by fibre infrastructure.
Further developing renewable energy initiatives through expanded solar PV capacity and ongoing exploration of battery storage solutions.
Assisting with the delivery of mentoring and enterprise support through the Exploring Enterprise Programme in partnership with Enterprise NI and Lisburn & Castlereagh City Council.
Strengthening relationships with Social Enterprise NI, Development Trusts NI, Ballybeen Improvement Group, and other community stakeholders.
Maintaining effective financial controls and stable fiscal management.
Operational improvement projects completed during the year included:
Installation of a new Cardboard waste compactor.
Roof Repairs
Guttering Repairs
New Entrance Doors in Admin Building
Additional EV Charging Points
Refurbishment of toilets in Colvin House.
Significant tarmac repair works.
Emergency First Aid training for tenants.
Fixed wire testing completion.
Drainage improvement works.
Updated Health & Safety procedures.
Economic and Community Impact
Inspire Business Centre continued to make a significant contribution to the local economy and wider community during 2025/26.
Key outcomes included:
Supporting approximately 450 jobs.
Supporting an estimated £40 million of economic activity within the local economy.
Assisting the establishment of approximately eleven new business start-ups.
Supporting social enterprise initiatives including the Garden Maintenance Programme in partnership with the Northern Ireland Housing Executive.
Providing support to local schools, sports organisations, charities, and community groups.
Continuing pro-bono support for organisations including Shopmobility NI, Harmoni 2019 and St John Ambulance NI.
Supporting local enterprise seminars and business development projects.
Developing and strengthening key stakeholder relationships.
Exploring opportunities for future expansion and development.
The organisation remains proud of the positive contribution it continues to make to local enterprise development, employment, and community wellbeing.
Looking Ahead
Inspire Business Centre enters the new financial year in a strong position, supported by high occupancy levels, stable governance, effective financial management, and a clear strategic direction.
The Board and executive team remain committed to building on current success by investing in facilities, supporting businesses, strengthening partnerships, and delivering meaningful social and economic impact.
The Chief Executive continues to foster strong and productive relationships with stakeholders, tenants, and community partners, helping to ensure the continued growth and sustainability of the organisation.
The Board would like to thank all staff, tenants, partners, volunteers, and stakeholders for their continued support and contribution throughout the year.
At 31 March 2026 the balance of unrestricted reserves was £5,585,827 (2025 - £5,479,883), of which £83,743 (2025 - £84,207) has been designated by the Board at the year end.
Restricted funds are restricted for the purpose specified in letters of offer provided by the funding bodies. At 31 March 2026 the balance of restricted funds was £Nil (2025 - £Nil) .
The trustees consider the overall funds available to the charity as adequate to meet their working capital requirements.
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:
Inspire Business Centre’s trustee appointment and resignation are informed by and detailed within our active governance protocols and procedures manual which are fully compliant with our Memorandum and Articles of Association.
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.
Financial remuneration
Inspire Business Centre’s financial remuneration policy is informed by and detailed within our active governance protocols and procedures manual which are fully compliant with our Memorandum and Articles of Association.
Risk Management
Inspire Business Centre’s trustee risk management is informed by and detailed within our active governance protocols and procedures manual which are fully compliant with our Memorandum and Articles of Association.
The trustees, who are also the directors of Inspire Business Centre Ltd 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 charitable 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 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 charitable company 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 charitable 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 charitable company 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 Inspire Business Centre Ltd (the ‘charitable company’) for the year ended 31 March 2026 which comprise the statement of financial activities, the statement of financial position, 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 charitable 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 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 charitable 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 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 charitable company 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.
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 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 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 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 income 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 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 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.
Inspire Business Centre Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Inspire Business Park, Carrowreagh Road, Dundonald, Belfast, BT16 1QT.
The financial statements have been prepared in accordance with the charitable company's governing document, 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 charitable 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 charitable company. 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 properties and to include investment properties and certain financial instruments at fair value. 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 charitable company 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 funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated 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 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.
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 charitable 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 charitable company's balance sheet when the charitable 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 charitable 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 charitable 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.
In the application of the charitable company’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.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value. Fair value is determined annually and derived from the current market rents and investment property yields for comparable real estate. Valuation involves some estimation uncertainty but is based on periodic advice from expert valuers.
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.
Rental income
Services charges
Recharges to tenants
Grants receivable
Security expenses
Programme expenses
Motor vehicle leasing
Catering
Movement in bad debts
Rates
Heat & light
Insurance
Cleaning & office expenses
Travel & subsistence
Advertising & promotion
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Leasehold land and buildings were revalued at 31 March 2025 on an open market basis by the directors. The valuation takes into consideration valuation carried out by Cushman & Wakefield, independent valuers not connected with the charitable company on the basis of market value as at 31 March 2025.
The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable 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 designated tenants bonds reserve represents bonds held and received on behalf of existing tenants.
The transfer between revaluation reserve and general funds represents the revalued element of depreciation released to the statement of financial activities in the year.
At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Mr D Drysdale, a former trustee of Inspire Business Centre Ltd, provided professional services to the charity in the year at a cost of £800 (2025 - £2,400)
The charitable company had no debt during the year.