Charity Number: NIC 100425 Company Number: N1031294 PER FIF.LD DE TRUST LTD Limited b GuArAn TRUSTF.ES' REPORT ND FINANCIAL STATFM YEAR ENDED OPME an
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD TABLE OF COIYTENTS Page Comp8ny Inforniation Trustees, Annual Report (including the Directors, report) 4-12 Independent Auditor's Report to the members 13-16 Statement of Financial Activities (including income and expenditure account) 17 Statement of Financial Position 18 Statement of Cash Flows 19 Notes to the Financial Statements 20-28
UPPER SPRtNGFIELD DEVELOPMENT TRUST LTD COMPANY INFORMATION Company registration number N.1. 031294 Charity registration number NIC 100425 Directors and trustees Catherine FitLsimons John McGeown Noel Rooney Brenda Turnbull Seamus O'Prcy Therese McKernan Harry Mark Connolly John Mccavana (Appointed 0710512023) Secretary Donal McKinney Key Management Pcrsonnel Chief Exccutive Officer Head of finance Head of Operations Donal McKinney Anne McEvoy Ann-marie Mervyn (Resigned 1410412023) Registcr¢d office 689 Springfield Road Belfast BT12 7rp Auditors Jones Peters Registered Auditors Chart¢red Accountants 6 Church Street Banbridge BT32 4AA Bankors 26 University Road Belfast BT7 INH Solicitors Edwards & Co. Solicitors 28 Hill Street Belfast BTI 2LA
UPPER SPRINGFIELD DEVELopMEKf TRUST LTD TRUSTEES, ANNUAL REPORT (INCLUDING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Report of the Trustces for the year ending 31 March 2024 The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ending 31 March 2024. Chair's Report I am delighted to present USDT'S annual report for the year 23124. This year has been a remarkable journey of growih, progress, and inipact, and it is with sincere appreciation that I thank all who have been instrumental in making this possible. I would like to thank our Board of Trustees, who come from a wide range of backgrounds, for their timc, skills and professionalism. Under their leadership> USDT, continues to extend the reach of its services whilst meetin8 the highest governance and financial standards. In addition I would like to commend our executive and scnior managcmcnt group for their profession dedication to improving the welfare of our community. My deepest gratitude must be extended to our employees, who in challenging timcs, have maintaincd services of the highest quality. And finally I would like to sincerely thank our range of statutory fiders, grant m8J(ing bodies, businesses and the public for the continued support of our organisation. In the past year, our focus has been on crafting tailored programmes that cater to our community's specifi needs. Through these bespoke initiatives, we have witnessed a series of remarkable achievements and positive outcomes that will leave a lasting impact on individuals the whole community and these efforts not only contribute to the growth and development of our community but also play a crucial role in fostering a sense of sustainability that will resonate for years to come. Central to our mission is the idea of building sustainable communitics. Through our programme delivery , we have not only workcd towards immediate improvements but have also laid the foundation for long-lasting change, Sustainability, in this context, encompasses social, e¢onomiG, and environmental aspects, all of which are intertwined in thc fabric of our initiatives. By prioritising the well-bein8 of our community members, fostering economic growth, and b¢ing mindful of our environmental footprint, we are creating a holistic approach to community devclopment that is both forward-thinking and responsible. l. Community Development At USDT we firnily believe in the power of communities to drive positive change. In 2024, we continucd our mission to strengthen the bonds within neighbourhoods and empower individuals to become active contributors to society. Through collaborative efforts and partnerships, we successfully implemented projects that enhanced community spaces, promote sustainable practices, and cultivate a sense of belonging among residents. We are proud to wiiness the emergence of stronger, more resilient individuals and community a5 a result of our varied work programmes. 2. Cost of Living The ever-rising cost of living has posed significant challenges for vulnerable individuals and fan]ilies. In response, we have taken proactive measures to address tllls issue head-on. By providing financial literacy workshops, affordable housing support. and access to essential resources. we aim to alleviate the burden of the cost of living on those who are most affected. Our dedication to this cause remains steadfast as we continue to seek innovative solutions that empower individuals to achieve fll]cIal stability and improve their quality of life.
UPPER SPRINGFIELD DEVELOPNtENf TRUST LTD TRUSTEESY ANNUAL REPORT (INCLUDING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 3. Poverty and Isolation Programmes One of the gravest challenges in our neighbourhoods is the persistence of povety and isolation, which deeply impacts the well-being and prospecls of individuals. In 2024, USDT intensified efforts to combat thesc issues through targeted programmes aimed at breaking the cycle of povety. By fostering connections, providing skills training? and offering mental health support, we have striven to uplift those in need and create a path towards a brighter fiiture. Isolation can have detrirnental effects on individuals, mental and emotional well-being. Ending isolation involves crcating social connections and support networks for individuals who might be feeling lonely or excluded. This can be achieved through community engagement activities, creating safe spaces for interaction, providing opportunities for shared experiences, and encouraging open Communication. Building a Sen of belonging and inclusion helps individuals feel valued and Connected to a broader community. 4. Providing Life Chances Providing life chances means ensuring that all individuals have equal opportunities to access resources, education, healthcare, employment, and other essential aspects of life. This principle seeks to 'level the playing field, and reduce systemic barriers that might othcrwise limit certain groups, prospects for success. By offering equitable access to opportunities, we can enable individuals to r¢alise their full potential and contribute positively to their communities. S. Ending GoneratlonAI Inequalities Addressin8 these inequalities involves implementing policies and initiatives that break the cycle of disadvantage that can be passed down from one generation to the next. This includes measures to improve access to quality cducation, affordablc housing, healthcare, and job opportunities for all agc groups, ensuring that no one is disproportionately burdened by circumstances beyond their control. Overnll, these concepts are interconnccted and often require comprehensive and systemic approaches to achieve meaningful changc. Governments, organisations, communilies, and individuals all play a role in fosterin8 community d¢velopmenL reducing isolation, providing life chances, and ending generational inequalities. Collaboration, empathy, and a commitment to social justice are essential components of creating a more equitable and inclusive society. New Strate USDT'S new strategic plan gives us a clear vision, mission and strategy to ensure the community benefits from positive outcomes. Over the next three years USDT will make the most of any opportunities by: tackling social and community issues. building sustainable urban regeneration through 'capacity building, at local level; campaigning on the area's behalf: enhancing our area's physical infrastructure; provide service excellence through our various programmes. USDT have the corrcct governance and management structures in place to provide ongoing innovative programmes to meet local people's needs. Principal Aetivity Upper Springfield Dcvelopment Trnst Ltd (USDD promotes the benefit of inhabitants of the Upper Springfield area of Belf&8t and its environs (the "area of benefit") without distinction of sex. sexual orientation, race or political, religious or other opinions.
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD TRUSTEES, ANNUAL REPORT (INCLUDING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Public Benefit The promotion for the public benefit of urban regeneration in thc area of benefit by all or any of the following means: the relief of povcty, in such ways as may be thought fit; thc relief of unemployment in such ways as may b¢ thought fit, including assistance to find employment. the advancement of education, training or retraining* particularly among the unemployed and providing the unemployed with work experiencc. the provision of finan¢ial assistance, tecl)nical assistance or business advice or consultancy in order to provide training and employment opportunities for the un¢mployed in cases of financial or other charitable need through help: In setting up their own businesses; or to existing businesses; the provision or assistance in the provision of recreational facilities for those who by reasons of their youth, age, infinnity or disablement9 povety or social and economic circumstances, have need of such facilities; 'I'o promote and create opportunities for participation in the arts in the community; The development of the capacity and skills of the members of the Upper Springfield community in such a way that they are better able to identify, and help meel their needs and to participate more fully in society. And without prejudice to the generality of the foregoing other charitable purpose, for the benefit of the public as the trustces may from time to time decide. Achievements and perfornianee In the year covered by this report USDT continued to have an ongoing positive impact in a widc range of ar¢&8 which met all our charitable purposes. Advice Services Since the Upper Springfield Advice Service (USAC) became an intcgral part of USDT in July 20 l7 it has continued to deliver a high quality, confidential, free, independenl accessible and impartial infonnation service. It is a service that rneets the needs of Upper Springfield conununity by addressing issues around welfare refonn, benefit entitlemen¢ tax credits, housing, health, employment, consumer, education, financial capability and crisis intervention. During this past year the s¢rvicc managed to clawback £3.3m for local people. Iyeighbourhood Renewal Neighbourhood Rettewal is a high-level government strategy (Department for Communities) that seeks to develop community renewal; economic renewal; social renewal and physical renewal - to help creat¢ attractive, safe, sustainable enviionments in the most deprived neighbourhoods. USDT acts pts the lead body for the DFC contract. Over the year it delivered: Management of the area's integrdted partnership; Development of new health and wellbeing centr¢; Implementation of area consultations; Community safety forum. Health development themes. Promotion of thematic community days: health, Cbristmas. Halloween and summer festivals. Policy responses.
UPPER SPRINGFIELD DEVELOPJMENT TRUST LTD TRUSTEES, ANNUAL REPORT (INCLUDING THE DIRECTORS> REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Action Ability Belfast This project promotes social inclusion by engaging with people with disabilities and their families. The programme and services worked with children, young people and adults with a range of disabilities- to support positive life changes environmentally, physically and socially. The aim of Action Ability Belfast is to promotc the inclusion of people with disabilities into the community and to support the development of their natural abilities. Youth Team The youth team have continued to deliver programmes and projects to enhance the social inclusion of our young people. We achieve this by using infornjal group work, experiential learning, and detached work and accredited training. This integration and coordination of local youth work across the Upper Springfield community ensures the team caters for the specific needs of local childrenlyoung people and adds value to all the projects and spaces where we operate. Job AsSiSt- Belfast Works JAC continues to provide employment and training interventions for people out of work across Belfast. Across the year we have continued to design and deliver employment services which have worked with a broad range of people resulting in them gaining employment. Health Living Centre Thc Healthy Living Centrc is a neighbourhood based, community led approach to health irnprovement. With a strong belief in thc concept of a healthy mind and healthy body leading to a hcalthy life, the project provided a wide range of high quality services and support to assist the community in their efforts to achicve good health and wellbeing. As in previous years, th¢ Flealthy Living Centre continues to develop. Within a difficult environment ofsevere hcalth inequalitics, deprivation and austerity, the local Whiterockluppcr Springfield conununity faces enonnous Ghallenges which impacts on their health and wellbeing. Our task remains for us to help address ihe hcalth necds of local people, whether that be physical, mental or emotional. and assist and support them in their endeavours to maintain a healthy and balanced lifestyle, Self-Hann Intervention Programme Talking Therapy Programme Local health and well-being public events Physical activity programmes for local residents delivered in area outreach centres Complementary therapy sessions Stress management programmes Weight management programmes Bespoke 'Cook-it' programmes Smoking cessation programm¢s Mindfulness sessions Saol (Fr Sure Start Sure Start is a government led initiative aimed at giving every child the best possible start in life and which offers a broad range of services focusing on family health, early years care and education and improved well- being programrnes to children aged four and under. Over the past year the project worked with a wide range of families and children. Outsource
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD TRUSTEES, ANNUAL REPORT (INCLUDING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Outsource is a social enterprise involved in designing and implementing payroll, bookkeeping, auditing. PAYE and budgeting systems. It also works with groups to promote and embed best practice Én all their financial functions. Impact: Outputs and Outcomes USDT provides a wide r8ngc of services that enables community development to flourish through our own work and with our community partners. Thc focus for the past year has been: youth development, disability support and advocacy, neighbourhood reg¢neration; welfare advice. training and employability, early years, social cnterprise (finance) and communily arts. Each of those projects excelled in their impact and positive outcomes for all Urs. People with disabilities supported Young people supported Children and young people summer schcme Parenting programmes Volunteers supported Volunteers, bours supported Families supported Home visits undertaken Childcgre places provided Pcoplc attending parent and chlld programm¢s OCNS obtalDed Job related trAining Supporting Economically Inaetlve Clients Gained employment Involved with eommunity arts People access training Friday and Saturday evening youth session Adults with dlsabilitie$ attend¢d summer s¢heme Counselllng sessions delivered People supported through health and well-belng activities 0-4 year-oldj sllPPOrted Carers supported Familics registered People receiving advice SeICe$l¢88¢9 Total advice sc8sAons Advice claw back 748 1,300 1,326 84 580 7,310 1,073 2,287 72 826 1,563 1,342 1,950 174 232 1,597 92 124 605 3,738 1,006 1,153 1,01 I 1,238 3,533 £3.3m Structure, Governance and MaDagement Governing Document Upper Springfield Development Trust Ltd is a company registered in N. Ireland, which was incorporated under the Companies (Northern Ireland) Order 1986 on 11 September 1996. The company is governed by a Memorandum and Articles of Association. The company's objectives are charitable in nature and it h&s established clwitable status. The clwitable company's activities are managed by the directorsltrustees who are considered to be the members 'of the company.
UPPER SPRINGFIELD DEVELOPMEKf TRUST LTD TRUSTEES, ANNUAL REPORT (tNCLUDING THE DIREcfoRS' REPORT) FOR THE YEAR EIYDED 31 MARCH 2024 Trustees, Appointment and Training The trustees recruit and select new trustees as set out in the governing document. The Board recruits new trustees with regards to skills, gaps and the potential of the new members to make a real contributÈon to the charity's overall governance. The Board predicates trustees, appointments on our organisational values and make new Members aware of their Icgal responsibilities under charity and company law. Our members, induction pack outlincs our Articles of Association, board structure, organisational structure, decision making processes and our overview of finances. Our fonnal induction provides new board members with the inf0mtIon and training they need to take up their appointment as effectively as possible. FINANCE, PAY AND REMUNERATION USDT operates robust financial procedures which the Board regularly review and independently assess. We have clear financial management systems to ensure effective and appropriate use of spend, administering resourccs cost-effectively? transparently and accountably with clear audit trails. All Board members give their time freely and no member received any remuneration during the year. USDT b&8e the senior staff team's pay on the NJC Salary Scales as a guide to appropriate remuneration for all staff pay. Pay levels are currently subject to annual increments or cost of living expenses. ORGANISATIOIYAL STRUCTURE The Board administers the charity and nonnally meet I I tirnes in the year. As part of its structurc the Board operat¢s three sub committees: fmance, audit and risk; human resources, and remuneration. The Board appoint a chief executive to manage the charity's day to day operations. To ensure effective daily managemcnt the chief executive has delegated authority through the Board's approval for operational matters including finance, employment and direct charitable activities. Risk mqnagemcnt Our approach to the managcment of risk is infornied by the need to ensure that th¢ risks inherent in the pursuit of our objectives att understood, will be manageable if realised, and that appropriate mitigation measures are planned or are in place. Rcsponsibility for the management of specific risks is carried by named individuals and groups, but the highest level risks, those that have a direct bearing on the USDT'S capacity to achieve its strategic objcctives, are managed by the senior management team. The USDT'S finance and audit risk commiltee plays an active role in risk monitoring and have a risk management strategy that compriscs: An annual review of the principal risk and uncertainties that the charity takes; The establishmcnt of policies, systems and procedurcs to anticipate risks in the annual review; and The implementation of procedures designed to minimise or manage any potential impact on the charity should those issues materialise. Reputational Risks: The Trustccs are conscious of the importance of the charity's reputation as a well run organisation delivering public benefit and have undertaken steps to ensure USDT governance and management structures are robust and give confidence to all stakeholders and operate in line with our values.
UPPER SPRINGFIELD DEVELOPMEKf TRUST LTD TRUSTEES, ANNUAL REPORT (INCLItDING THE DIRECTORS> REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Financial Risks: The organisation is exposed to a variety of financial risks. Measures to mitigate this risk include strong budgetary management and cost control and proactive negotiations with tenants and key stakeholders. Health and Safety Risks: The Trustees recognise the importance of safety in all of our services. USDT implements robusl systems and structures to ensure all health and safety regulations are complied with. LegRI Rnd Regulatory Risks: The charity is required to comply with a wider range of legal and regulatory obligations. Policies and procedures are in place to ensure compliance with these obligations, however, there inevitably remains a residual risk of an operational failure resulting in a breach of these obligations. Insuryéble Riskq: 'lThe organisation incurs exposure to employer, public and propety damage liability by virtue of the naturc of its operatkons. While a strong emphasis is placed on health and safety and risk margernent practices to avoid liability arising, insurance cover is maintained to mitigate the financial impact from such events. Performance Riyks: There is a risk that the high quality of our services may not be maintained and we perfonn below the expectations of our funders as set out in their service leveE agreements. The trustees monitor perfonnance on an ongoing basis and have implemented annual service audit programmes as well as stsff and service user surveys to provide them with assurance in this regard. Financial Rcview and Results for the Year Flnancial Review Incoming resources have increased from £6,548,064 in the year ended 31 March 2023 to £6,879,016 in the year ended 31 March 2024. Resources expended on generating funds and charitable activities have also increased from £6,346,275 in 2023 to £6,768,634 in 2024. As a result, net incoming resourccs amounted to £110,382 for thc year ended 31 March 2024 (2023: £201,789). The results for the year set out in the Statement of Financial Activities on page 17 and in the related notes. The company had net assets of £2,199,809 as at 3 l March 2024 (2023: £2,089,427) as detailed on the Statement of Financial Position on page 18. The company is the sole metnber and has total control of a propety company, Top of the Rock Lld. Top of the Rock Ltd opcrated well in the year and gift aided a surplus of £88,441 to Upper Springfield Development Trust Ltd. The operations staff and propety of one of the company's subsidiaries Newhill Youth and Community Association werc transferred to the youth projcct of USDT Ltd in October 2022. The leasehold property and fixtures and equipment were transferred at net book value of £323,595 along with cash of £44,000 to USDT Ltd (see note 5a). Th¢ trustees wound down the affatrs of Newhill Youth and Community Association and completed the transfer of assets and the company was dissolved on June 2024. Reserves Policy and Going Coneern At 31 mch 2024 free reserves amounted to £821,404 of which £560,000 has been designated to cover costs including proposcd expenditure on new programmes, redundancy payments and capital refurbishment. On an ongoing basis the trustees believe there are sutricient reserves to meet the nonnal workin8 capital requirements of the charity and to cover shortfalls in corc funding for a period of at least Six months. The tnteeS have considered the potential financial effects from the changing economic environment for the upcoming 12 months from tbe date of approval of the fLnancial statements. The trustees have a reasonable expectation that the charity h&s adequate resources to continue in operationat existence for thc foreseeable future and for this reason they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the ac£ounting policies. 10-
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD TRUSTEESY ANNUAL REPORT (INCLUDING THE DtRECTORS' REPORT) FOR THE YEAR ENDED 31 tARCH 2024 Events after the Balance Sheet Date There were no significant events affecting the company after the year end. Plans for the Future The company aims to: To develop USDT'S capital asset base in order to provide a more comprehensive area wide service. Further continue the Upper Springfield area's economic and social regeneration; To champion the design, development and build of the area's new heth and well being centre; Promote social inclusion; Place education at the hcart of regeneration; Enhance and develop Upper Springfield's natural and built environment; Support the continued improvement in the health and well-being of thc people in the Upper Springfield Enhance access to employment opportunities for local people; Ensure company accountability through effective processes and communication; Assist, augment and co-operate with the work of statutory and voluntary services engaged with the area's economic, social and physical improvemcnt. Tru$teeg1 Responsibility Stat¢m¢nt The trustecs, who are also directors for thc purposes ofcompany law, are responsible for. preparing the trustees, report and the financial statemcnts in accordancc with applicablc law and United Kingdom Accounting Stsndards (Unitcd Kingdom Gcn¢ra]ly Accepted Accounting Practicc). Company law requires the charity trustees to prepare financial ststements for each year which give a truc and fair view of the state of affairs of the charitable company and th¢ incoming resources and application of resources, including the income and expenditure, for that period, 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 applicable Charities SORP; make judgements and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with re&8onable 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. 11
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD TRUSTEES? ANNUAL REPORT ON.CLUDllYG THE DIRECTORSJ REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Audilor Each of th¢ persons who is a trustee at the dal¢ of approval of this rq)ort confmn8 that: • 50 far as they arn awar¢, there is no relevant audit information of which th¢ ¢harity'S auditor is unaware. they have iaken all steps that they ought to h&v¢ taken as a trust¢c to make ihemselves aware of any r¢l¢vant audit infornjation 2nd to establish that the charity's auditor is aware of that infomiatio The auditor is deemed to have been reappointed in accordance with Se¢tion 487 of the Companies Act 2006. Small eompany provAJlon8 This report has been prepared in accordance with the provisions applicabl¢ to ¢ompanies entitled to the small companies, exemption. Thi5 report was appmved by the board on 29 November 2024 and signed on Its behalf by: l Rooney- Cbalr -12-
UPPER SPRINGFIELD DEVELOPMEKf TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPPER SPRINGFIELD DEVELOPMENT TRUST LTD FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statcments of Upper Springfield Development Trust Ltd (the 'charity') for the year ended 31 March 2024 which comprise the statement of fmancial activities (including income and expenditure ac¢ount), statement of financial position, statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards including FRS 102 The Financial Reporting Standard applirAble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements; give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditur¢, for the year then ended. have been properly prepared in accordance with United Kingdom Generally A¢¢ept¢d Accounting Pwtice; have been prepared in accordance with the requirements of the ComparAies Act 2006 and the Charities Act INorthcrn Ireland) 2008. Basis for opinion Wc conducted our audit in accordance wtth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under thosc standards are further described in thc auditor's responsibilities for the audit of the financial statements section of our rcport. We are indcpcndent of the charitable company in accordance with the ethical requirements that ar¢ relevant to our audit of the financial statements in thc UK, including the FRC'S Ethical Standard, and wc have fulfilled our other ethical responsibilitics in accordance with these requirements. We believe that the audit evidenc¢ we have obtaincd is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statem¢nt5, 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 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 tNst¢es with respect to going concern are described in the relevant sections of this report. Other information The other inforn]ation comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other iJ]forniation and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. 13
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD IrqDEPENDENT AUDITOR?S REPORT TO THE MEMBERS OF UPPER SPRINGFIELD DEvELOP1kNT TRUST LTD FOR THE YEAR FNDED 31 MARCH 2024 In connection with our audit of the financial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other information is materially inconsistcnt with the fllwicial statements or our knowEcdge obtaincd in the audit or otherwise appears to be materially misstated. If wc identify such material inconsistencies or apPent material misstatements, we are required to dctcnnine whether there is a material misstatement in the financial ststements or a material misstaternent of the other infonnation. If, based on the work we have perfonncd, we conclude that there És a material misstatement of this oth¢r infom]ation, we are required to report that fact, We have nothing to report in this regd. Opinions on other matters pr¢seribcd by the Companies Act 2006 In our opinion, based on the work undertaken in the course of thc audit: the inforniation given in the trustces, report for the financial year for which the financial statements are prepared is consistent with the financial 5tatcments' and the trustees, report h&% been prepared in accordance with applicable legal requirements. Mattcrs on Jvhich we are requlred to report by exception In the light of the knowledge and understanding of the company and its enviroTllnent obtained in the course of the audit, wc have not id¢ntifLcd material misstatements in th¢ trustees, report. We have nothing to report in respcct of the following matters in relation to which the Cornpanies Act 2006 requires us to r¢port to you if, in our opinion: adequate accounting Tecords havc not been kept, or returns adequate for our audit have not been receivcd 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 infonnation and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small ¢ompanies' regim¢ and take advantage of the small companies, exemption in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in tbe trustees, responsibilities statement. the trustees, (who are also the directors for the purposes 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 inten]al control as the trustees detern]ille is necessary to enable the preparation of fjnancial statements that are free from material rnisststemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitsble company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going 14-
UPPER SPRINGFIELD DEVELOPME TRUST LTD INDEPENDENT AUDITOR?S REPORT TO THE MEMBERS OF UPPER SPRINGFIELD DEVELOPMENT TRUST LTD FOR THE YEAR ENDED 31 MARCH 2024 concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternativ¢ but to do so. Auditor's responsibilities for the audit of the financial $tatcment8 Our objectives are to obtain reasonable assurance about whether the financial ststements 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. Rcasonable assurance is a high level of SUrance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was eapable of detecting irregularitics, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations, We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and perfornied audit procedures rcsponsiv¢ to those risks, including obtsining audit evidence sufficient and appropriate to provide a basis for our opinton. We obtained an understanding of the Ic8al and regulatory frameworks within which the charity operates. focusing on those laws and regulations that have a direct cffect on the dctennination of material amounts and disclosures in the financial statements. Wc assessed thc required compliance with thcse laws and regulations part of our audit procedures on the related financial staternent itcms. 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 might be fundamcntal to the charity'8 ability lo operate or to avoid a material penaliy. W¢ also con8idered the oppOrnitI¢S and incentives ihat may exist within the charity for fraud. Auditing standards limit the required audit procedures to idcntify non-compliance with these laws and regulations to cnquiry of the directors and other management and inspection of regulatory and Eegal correspondence, if any. We identified the greatest risk of material impact on the financial ststements from irregularities, including fraud, to be within the timing and completencss of recognition of grant and contract income and major donations and the overridc of controls by managcment. Our audit procedurcs to respond to these risks included enqulries of manag¢ment and the Audit Committee about their own idcntification and assessment of the risks of irregularities, testing of a sample of transactions against th¢ tenns ofthe funding agreements and the requircment of the Charities SORP (fRS102), sample testing on the posting ofjournals, reviewing accounting estimates for biLs and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the fmancial statements, even though we have properly planned and perfonned our audit in accordance with auditing standards. In addition, as with any audit. there remained a higher risk of non- detection of irregularities, as these 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. 15
UPPER SPRINGFXELD DEVELOPIlN[ TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPPER SPRINGFIELD DEVELOPMENT TRUST LTD FOR THE YEAR ENDED 31 MARCH 2024 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: wMv.frc.org.uk/auditorsrcsponskbilities. This description fonns part of our Auditor's Report. We also communicated relevant identified laws and regulations and potential fraud risks to 1 audit team members and remained alcrt to any indications of fraud or non-compliance with laws and regulations throughout the audiL As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepiicism thmughout the audit. We also: Identify and assess the risks of material misstalement of the financial statements, whether due to fraud or error, design and pcrforn] audit procedures responsive to those risks, and obtain audit evidencc that is suificient appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intenlionaL omissions, misrepresentations, or the override of internal control. Obtain an understandÉng of internal control relevant to thc audit in order to design audit procedures that are appropriate in the circumstances. but not for thc purpose of cxpressing an opinxon on the cffectiveness of the internal control, Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related dÉsclosures made by the trustees. We communicate wilh those charged with governance regarding, among other matters, thc planned scope and timing of the audit and Significant audit fmdings, includillg any significarLt deficiencics in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a bodyg in accordance with Chaptcr 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are rcquired to state to them in an auditor's report 8nd for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for ths repor( or for the ons wc have fomied. Hughes House 617 Church Street Banbridge BT32 4AA 29 November 2024 Paul Cummings enior Statutory Auditor) For and on behydlf of Jones Peters Chartered Accountants and Statutory Auditors 16-
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES CLUDING INCOME AND EXPENDITURE ACCO FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restriet¢d Funds Funds 31 March 2024 31 Marcb 2023 Note Income Donations 5a 88,441 88,441 412,915 Incomefrom charitable aclivilies.. Grants and contracts 5b 41,062 6,373,797 6,414,859 5,665,480 Activities for generating funds 205 394 375 716 469 669 Total Income 54 Expenditure C05t of gcncrating funds 107,687 107,687 124,421 Expenditure on charitable activitics 6b 14 51 622185 Total expenditure 251116 6 517 518 Net incom¢l(expenditsre) and net movement In funds for the year 83,781 26,601 110,382 201,789 Reconciliation of funds Total funds brought forward Total funds carried forsvard The ststement of fmancial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 20 to 28 form integral part of these financial statements. 17-
UPPER SP GFIELD DEVELOPMEIYT TRUST LTD STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Note 3110312024 31103r4023 Flxed assets 11 370,337 363.879 Curtent assets Debiors C&sh at bank 8nd in band 12 1240,078 2,017,305 2,424,452 2,621,598 Créditors: Amounls falling due within one year 13 050 , N¢t eurrent assets Net assets The funds of th¢ charlty: Unr¢5tr1cted funds 15 1,959.682 1.875,901 Restricted funds 15 Total ¢harlty fundy The financial stat¢ments have been prepared in aecordance with the provisions applicable to eothpanies subject to the small companies regime. The finaocial statements were approved and authorised for issu¢ by the board of tntstecs on 29 November 2024 and Sied on ils behalf by'.- McGeown- Trustee S. O•Pre rnstee R¢gi8trAtion Number N1031294 Tbe Dotes on pages 20 to 28 form an integral part of thes¢ fmaneial statements. -18-
UPPER SPRINGFIELD DEVELOPMEwf TRUST LTD STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operatSng activities Surplusl(Deficit) for the fllLqncial year 110,382 201,789 Adjustmentfor.. Depreciation of tangible assets Interest payable and similar expenses 32,208 4,413 27,661 3,877 Changes in.. Other debtors and prepayments Other creditors and accruals 777,227 (822,581) Net cash flow generated from operating activities 623,160 215,762 Interest paid 877 Net cash flow from operating activities Cash flow from investing activities Purchase of tsngible assets Net cash used in investing activities N¢t (deerease)Ilncrease in cash and cash equivalents Cash and eash equivalents at begfinning of year 580,081 (123,324) 727 617 Cash and cash equivalent5 at end of year 19-
UPPER SPRINGFIELD DEVELOPtENT TRUST LTD OTES TO THE FINANCIAL STATEMENTS FOR THF YEAR ENDED 31 lCH 2024 GENERAL INFORMATION Ibe charkty is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a rcgistered charity in Northern Ireland. The address of the registered office is 689 Springfield Road. Belfast, BT12 7FP. STATEMENT OF COMPLIANCE These fmancial statements hav¢ been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, thc Statement of Recommended Practice applicable to charit1¢5 preparing their accounts in accordance with the Financial Reporting Standard applicablc in the UK and Republlc of Ireland (FRS 102) (Charities SORP (FRS 201)) and the Charities Act (Northern Ireland) 2008. Upper Springfield Development Trust Ltd meets the definition of a public benefit entity under FRS 102. LEGAL STATUS OF THE TRUST Upper Springfield Development Trust Ltd is a company limited by guarantee and accordingly does not have a share capital. The trustees arc ¢onsid¢r¢d to b¢ th¢ memb¢r3 of the company. Evcry member of the company undcrtakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a Member. ACCOUNTING POLICIES The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and thc preceding year. Basis of preparation The financial statcments have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measurcd at fair value through income or expenditure. The fmancial ststements are prcpared in sterling, which is the functional currency of thc cntity. 4,2 Judgemcnts and key sources of estimation uncertainty The preparation of the financial statements requires mana8ement to make judgements, estimates and assumptions that affect thc amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that e believed to be reasonable under the circumstances. Going concern The charity had free reserves of £821,404 at the year end and net assets of £2,199,809 at the year end. The tnLStees have considered the financiat position of the companies within the group and the fmancial budgets and forecasts for the 12 months from the date of these financial statements. In doing so the trustees have also considered the potential fmancial effects from the changing economic environment for the upcoming 12 months, including the potential impact on ongoing funding and are taking mitigating actions to ensure that the charity and the group will continue to operate. The trustees believe that there are no material unccrtainties about the ability ofthe charity to continue in operational existence and the financial statements have been prepared on a going concern b&sis. -20-
UPPER SPRINGFIELD DEVELOPMEKf TRUST LTD NOTES TO THE F[NANCL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4.4 Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earnwked by the trustees for particular future projects or commitments. Restricted funds are subje¢tcd to restrictions on their expenditure declared by the donor or through the tenns of an appeal, and fall into one of two sub-classes: restricted income fLU]ds or endowment funds. 4,5 Incoming resoure¢s All incoming resources are includ¢d in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the trensaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlernent to the gif4 receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impra¢tical to measure reliably, in which case the value is derived from the cost to thc donor or the estimated resale valuc. Donated facilities and scrvices are rccogniscd in thc accounts when received if the value can be reliably measured. No amounts are includcd for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivcry of the contracted servicc. This is classified as unrcstricted fLmds unless there is a contractual requiremcnt for it to bc spent on a particular purpose and rettwned if unspcnt, in which case it may be regarded as rcstrictcd. 4.6 Resources ¢xpcnded Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includcs any VAT which cannot be fijlly recovered, and is classified under headings of the ststement of financial activities of which it relates: expenditure on raising funds includes the costs of all fundraising actlVLties, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its bcneficiaries, including those support costs and Costs relating to the governance of the clwity apportioned to charitsble activities. other expenditurc includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resow¢e. Direct costs attributable to a singlc activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 21
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD NOTES TO FJNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tangible fixed a58et8 Tangible fixed assets are stated at Cost less accumulated depreciation and accumulated impairment. Cost includes cost directly attributable to making asset capable of operating as intended. 4.8 Depreciatlon Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset on a straight line basis over its expected useful life as follows: Leasehold property Fixtures & fittings Leasehold improvements Motor vehicles 25% 4.9 Financial instruments The trust only has fmancial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financAal instrLuncnts are initially reColSed at transaction value and subsequ¢ntly measured at their settlement value with the exception of bank loans which are subsequently measured t amortised cost using thc cffective interest rnethod. 4.10 Defined Contribution pensioD 5¢hemes The pcnsion costs charged in the financial statements represent the contribution payable by the company during the year. INCOME Unrestricted Restricted 3110312024 3110312023 Funds Funds Total FuDds Total Fund8 5a. Donation5 Donated assets from subsidiary Top of the Rock - Gift Aid 367,595 Tbe income from donations of £88,441 (2023.. £412,915) was unrestricted. Leasehold propety and feS and equipment with a net book value of £323.595 and c&sh of £44.000 were donated to USDT Ltd from Newhill Youth and connunIty Association in 2023, on the transfer of the operations and undertakÉng of that company to USDT Ltd. -22-
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDFD 31 MARCH 2024 Unrestricted Restrieted Funds Funds 3110312024 3110312023 Total Funds Total Funds 5b. Income from grants and contracts UK Shared Prosperity Fund Departrnent for Communities Eastem Childcare Partnership Innovatc UK The Ex¢cutive Office Belfast Health & Social Care Trust Public Health Agency Belfast City Council Tndependent Living Nl Housing Executive ducation Authority Falls Community Council Blackie Centre Community Fund GP liedcration Clear Funding Arts Council of Northern Ireland Transfer your trolley Seed Department for thc Economy - ESF Elevate Nl Keep Northern Ireland Beauliful OCN The Electrical Safety Fund Alex Ferry Foundation Belfast Metropolitan College Busincss Scrvices Organisation Central Income Client Contribution Erasmus Healthy Living Centre Alliance Lower Onneau Resident's Action Group West Belfast Partnership Board 3.848,673 678.812 525,607 303,606 210,262 182.546 129,790 127,708 96,831 88,192 73,573 56,510 23,759 10,000 5,140 3,920 5,368 2,000 1,500 3,848,673 678,812 525,607 333.160 210,262 182,546 129,790 127,708 96,831 88,192 73,573 56,510 35,267 10,000 5,140 3,920 5,368 2,000 1,500 706,097 524,654 29,554 59,152 216,614 119,973 143,700 68,166 76,717 35,488 77,428 63,243 6,900 5,240 9,300 I 1,508 3,434,964 5,000 2,658 3.000 s,000 8,140 16,131 1,753 56,400 5,910 10,689 663 1,500 Income from charitable activities was £6,414,859 (2023: £5.665,480) of which £6,373,797 was restricted (2023: £5,532,909) and £41,062 w&8 unrestricled (2023: £132,571). 23-
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD NOTES TO THE FINIINCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Unrestrieted Restricted 3110312024 3110312023 Funds Fund5 Total Funds Total Funds 5¢. Activities for generating funds Generating Funds 205 394 £205 394 170 322 375 716 £375 716 Incomc from activities for generating funds was £375,716 (2023: £469,669) of which £170,322 (2023: £288,245) was restricted and £205,394 (2023: £181,424) was unrestricted. EXPENDITURE Unrestricted Restricted 3110312024 3110312023 Funds Funds Total Funds Total Fund$ 6a. Cost of generating funds StAff costs 107 687 107 687 124421 Expenditure on generating funds of £107,687 (2023: £124,421) was unrestrietcd. Unrestricted Regtrlcted 3110312024 3110312023 Funds Fund8 Total Funds Total Funds 6b. Charitable activities Staff costs Premises costs Training Depreciation Other operating costs Programme delivery Parther payments Governance costs (see note 7) 2,451,342 256,014 2,776 2,451,342 268.719 2,776 32,208 4,412 1,500,218 2,347,666 2,467,228 254,615 1,875 27,661 3,877 1,052,760 2.375,768 12,705 32,208 597 96,419 3,815 1,403,799 2,347,666 1500 6 Expenditure on charitable activities was £6,660,947 (2023: £6,221,854) of which £6,517,518 (2023: £6,009,974) was restricted and £143,429 (2023: £211,880) was unrestricted. -24-
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF GOVERNANCF COSTS Unrestricted Restricted 3110312024 3110312023 Funds Funds Total Funds Total Funds Accountancy/AudiVConsultan¢y Legal and professional fees 1,500 29,928 31,428 18,664 NET INCOMINGioirfGOING RESOURCES FOR THE YEAR 3110312024 3110312023 This is stated after charging: Depreciation Auditors, remuneration 32,208 27,661 9. ANALYSIS OF STAFF COSTS AND TRUSTEE REMUNERATION 3110312024 3110312023 Salaries and wages Social security costs Pension costs 2,278,282 171.638 2.283,098 192.261 116290 The key manag¢m¢nt personn¢l of the ¢harity comprise thc Trustees, Chief Executive Officer, Head of Finance. The Head of Operalions had resigned in April 2023 and was not replaced. The total employee benefits of the key managem¢nt personnel of the charity total £125,858 (2023: £190,793). Two employees had employee benefits in excess of £60,000 (2023: Two), During the ycar no trustee received any remuneration (2023: NIL) or any benefits in kind (2023: NIL). 10. STAFF NUMBERS The average number of full-time equivalent employees during the year were as follows:_ 3110312024 3110312023 Number of staff -25-
UPPER SPRINGFIELD DEVELOPMENT TRUST LTD NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2024 I I. TANGIBLE FIXED ASSETS Long Leasehold Property Leasehold Improvements Fixtures & equipment Total At l April 2023 Additions Disposals At 31 March 2024 317,429 42,925 216,633 38,666 576,987 38,666 317429 204 Depreciation At l April 2023 Charged during the year Disposals At 31 March 2024 2,646 6,349 42,925 167,537 25,859 213,108 32,208 50 41 14 Net book value At 31 March 2024 At 31 March 2023 The bases by which depreciation is calculaled are stated in note 3.8, Thc property at 261 White Rock Road, Belfast was valued by Osborne King. Commercial Property Consultants at 31 March 2022. The trustees are satisfied that th¢ valuation remains appropriate as at 31 March 2024. 12. DEBTORS 3110312024 3110312023 Other debtors and prepayments Amount owed by Top of the Rock Ltd 472,137 767 1,249,364 Th¢ loan due by Top of the Rock Ltd is unsecured and interest free. 13. CRFDITORS: Amounts falling due withln one year 3110312024 3110312023 Accruals and deferred income Other creditors 519,757 40,912 855 138 14. FINANCIAL INSTRUMENTS All fll]ancial instruments have been recorded at their transaction price. No other financial instruments exist other than those included ill debtors and creditors. -26-
UPPER SPRINGFIELD DEVELoPmEr TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. ANALYSIS OF CHAIUTABLE FUNDS Analysis of movements in restricted and unrestricted funds. Balance at Incoming l April 2023 R¢sour¢es Outgoing Rcsources Balance at 31 March 2024 Total Unrestricted Funds Total Restricted Funds Total l4unds 1,875,901 213526 334,897 654411 251,116 6 517 518 1.959,682 240 127 Analysis of movements In restricted and Unrestricted funds - previous year. Balanee at l April 2022 Ineoming Resources Outgoing Resources Balance at 31 March 2023 Total Unrestricted Funds Total Restricted Funds Totsl Funds 1,485,292 402 346 726,910 5 821154 336,301 6 009 974 1,875,901 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Analysis of net assets Unrestricted Funds Regtrieted Funds 31 MAreh 2024 Total riixed set$ Top of the Rock debtor Net current assetsl(liabilities) 370,337 767,941 821404 370,337 767,941 1061531 240 127 Analysig of net assets- previous year Unrestrieted Funds Restrieted Funds 31 March 2023 Total Fixed assets Top of thc Rock debtor Net current assetsl(liabilities) 363,879 767,94l 744 081 363.879 767,941 213 526 £.L 17. CORPORATION TAXATION The charity is exempt from tax on income and gains falling within section 505 of the T&xes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. -27-
UPPER SPRINGFIELD DEVELOPMEIYT TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. CONTINGENT LIABILITY A contingent liability exists to repay grants received should certain conditions not be fulfilled by the charitable company. In the opinion of the trLESt¢es the tenns of the letters of offer have bec or will be, complied with and no liabilkty is ¢xpect¢d to occur. 19. RELATED PARTY TRANSACTIONS Top of the Rock Ltd Top of the Rock Ltd is a company limited by guarantce whose only member is Upper Springfield Dev¢lopment Trust Ltd. The company is also under the control of the Directors of Upper Springfield Development Trust Ltd. Rental income nct of expenses of £88,441 (2023: £45,320) was gift aided to Upper Springfield Development Trust l.td by Top of the Rock Ltd during the year. Rental payments made to Top of the Rock Ltd by Upper Springfield Development Trust Ltd during the period amounted to £105,521 (2023: £84,521). As at 31 March 2024 Top of the Rock Ltd owed £767,941 (2023: £767,941) to Upper Springfield Development Trust Ltd. SprinKvalc TrainiDg LLmited Springvale Training Limited is a Company limited by guarantee wh05¢ only member is Upper Springficld Development Trust Ltd. The company is also under thc control of the Directors of Upper Springfield Development Trust Ltd. Management Charges paid to Upper Springfield Development Trust Ltd amounted to £16,640 (2023: £15,600). Rental payments made to Springvale Training Limited by Upper Springfield Development Trust Ltd during the pcriod amounted to £12,356 (2023: £42,479). Newhill First Steps Childcare Centr¢ Ltd Newhill First Step5 ChÉldcare Centre Ltd is a company limited by guarantee whose only member is Upper Springfield Development Trust Ltd. The Company is also under the control of the Directors of Upper Springfield Development TTht Ltd. Management charges to Upper Springfield Development Tnt Ltd amounted to £12,480 (2023: £5,200). -28-