THE DOCK TITANIC QUARTER
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024
| Restricted funds |
Unrestricted funds |
Total funds |
Ttal fnds |
||
|---|---|---|---|---|---|
| 2024 | 2024 | 2024 | 2023 | ||
| Note | £ | £ | £ | £ | |
| Income from: | |||||
| Donations and legacies | 3 | 106,332 | 106,332 | 90,649 | |
| Investments | 4 | 954 | 954 | 329 | |
| Other income | 5 | 4,317 | |||
| Total income | 107,286 | 107,286 | 95,295 | ||
| Expenditure on: | |||||
| Charitable activities | 6 | 260 | 112,359 | 112,619 | 97,677 |
| Total expenditure | 260 | 112,359 | 112,619 | 97,677 | |
| Net movement in funds | (260) | (5,073) | (5,333) | (,382) | |
| Reconciliation of funds: | |||||
| Total funds brought forward | 260 | 15,341 | 15,601 | 17,983 | |
| Net movement in funds | (260) | (5,073) | (5,333) | (,382) | |
| Total funds carried forard | 10,268 | 10,268 | 15,601 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 24 form part of these financial statements.
Page 8
THE DOCK TITANIC QUARTER (A company limited by guarantee) REGISTERED NUMBER: Nl616637
BALANCE SHEET AS AT 29 FEBRUARY 2024
| 29 February | 28 Februar | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Note | £ | ||||
| Fixed assets | |||||
| Tangible assets | 11 | 1,845 | 2,614 | ||
| 1,845 | 2,614 | ||||
| Current assets | |||||
| Debtors | 12 | 1,405 | 1,346 | ||
| Cash at bank and in hand | 12,788 | 19,806 | |||
| 14,193 | 21,152 | ||||
| Creditors: amounts falling due within one year |
13 | (5,771) | (8,165 | ||
| Net current assets | 8,422 | 12,987 | |||
| Total assets less current liabilities | 10,267 | 15,601 | |||
| Net assets excluding pension asset | 10,267 | 15,601 | |||
| Total net assets | 10,267 | 15,601 | |||
| Charity funds | |||||
| Restricted funds | 15 | 260 | |||
| Unrestricted funds | 15 | 10,267 | 15,341 | ||
| Total funds | 10,267 | 15,601 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Michele Marie Marken Harold Creeth Miller Trustee Trustee Date: 17/10/2024
Page 9
THE DOCK TITANIC QUARTER (A company limited by guarantee) REGISTERED NUMBER: Nl616637
BALANCE SHEET (CONTINUED) AS AT 29 FEBRUARY 2024
The notes on pages 11 to 24 form part of these financial statements.
Page 10
THE DOCK TITANIC QUARTER (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1. General information
The Dock Titanic Quarter is a private company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number Nl616637 and is registered with Northern Ireland Charity Commission under Charity Registration Number 100504.
The charitable company's registered office is Dock Cafe, 2A Queen's Road, Belfast, BT3 9DT.
The principal activity of the charitable company involves the running of a donation-based cafe in the Titanic Quarter of Belfast, including a team of dedicated volunteers and chaplains from across all church backgrounds.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Dock Titanic Quarter meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Page 11
THE DOCK TITANIC QUARTER (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.3 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Fixtures and fittings - 20% straight line
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 12
THE DOCK TITANIC QUARTER (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 13
THE DOCK TITANIC QUARTER (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
3. Income from donations and legacies
| Restricted | Unrestricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Donations | 103,506 | 103,506 | |
| Gif aid | 2,826 | 2,826 | |
| 106,332 | 106,332 |
The following corporate entities made the following donations to the charity during the year ended 29 February 2024:
Blythswood Ireland Limited - £1,000 CPA Northern Ireland - £50 Holywood Parish Church - £500 Kirkpatrick Memorial - £2,325 Maritime Belfast Trust - £100 Portadown College - £110 Titanic Church Plant - £600 Titanic Quarter Cycling Club - £300
| Restcted funds |
Unrestricted fnds |
Total funds |
|
|---|---|---|---|
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Donations | 86,866 | 86,866 | |
| Grants | 1,322 | 1,322 | |
| Gif aid | 2,461 | 2,461 | |
| 1,322 | 89,327 | 90,649 |
The following entities provided restricted grant funding to the charity during the year ended 28 February 2023:
Co-operation Ireland - Safe Return Fund - £472 Black Santa grant from Belfast Cathedral Board - £850
Page 14
THE DOCK TITANIC QUARTER
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
4. Investment income
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2024 | ||
| £ | £ | ||
| Investment income - interest received | 954 | 954 | |
| Restcted funds |
Unrestricted fnds |
Total funds |
|
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Investment income - interest received | 18 | 311 | 329 |
5. Other incoming resources
Total funds 2024 £
| Unrestricted | Total | |
|---|---|---|
| fnds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Insurance claim | 4,317 | 4,317 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Restricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | Total | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| The advancement of religion | 260 | 112,359 | 112,619 |
Page 15
THE DOCK TITANIC QUARTER (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
6. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Summary by fund type (continued) | |||
|---|---|---|---|
| Restcted funds |
Unrestcted fnds |
Ttal | |
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| The advancement of religion | 4,113 | 93,564 | 97,677 |
7. Analysis of expenditure by activities
| Activities | |||
|---|---|---|---|
| underaken | Suppor | Total | |
| directly | costs | funds | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| The advancement of religion | 100,937 | 11,682 | 112,619 |
| Actvties underaken dicty |
Suppor cost |
Total funds |
|
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| The advancement of religion | 85,540 | 12,137 | 97,677 |
Analysis of direct costs
| Religious | Total | |
|---|---|---|
| activities | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Staff costs | 36,375 | 36,375 |
| Supplies for the Cafe | 51,575 | 51,575 |
| Building related costs | 11,965 | 11,965 |
| Grant expenditure | 96 | 96 |
| Telephone and email | 371 | 371 |
| Insurance | 555 | 555 |
| 100,937 | 100,937 |
Page 16
THE DOCK TITANIC QUARTER
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
7. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
| Religious actvties |
Ttal fnds |
|
|---|---|---|
| 2023 | 2023 | |
| £ | £ | |
| Staff costs | 36,917 | 36,917 |
| Supplies for the Cafe | 36,433 | 36,433 |
| Building related costs | 10,692 | 10,692 |
| Grant expenditure | 558 | 558 |
| Telephone and email | 371 | 371 |
| Insurance | 569 | 569 |
| 85,540 | 85,540 | |
| Analysis of suppor costs | ||
| Religious | Total | |
| activities | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Supplies for the Cafe | 872 | 872 |
| Building related costs | 2,785 | 2,785 |
| Professional fees | 2,498 | 2,498 |
| Bank charges and fees | 1,878 | 1,878 |
| Governance costs | 3,649 | 3,649 |
| 11,682 | 11,682 | |
| Religious actvties |
Ttal fnds |
|
| 2023 | 2023 | |
| £ | £ | |
| Supplies for the Cafe | 1,218 | 1,218 |
| Building related costs | 3,678 | 3,678 |
| Professional fees | 2,727 | 2,727 |
| Bank charges and fees | 1,106 | 1,106 |
| Governance costs | 3,408 | 3,408 |
| 12,137 | 12,137 |
Page 17
THE DOCK TITANIC QUARTER
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
8. Independent examiner's remuneration
| Independent examiner's remuneration | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 2,590 | 2,490 |
| Fees payable to the Company's independent examiner in respect of: | ||
| All other services not included above | 1,812 | 1,836 |
| Staf costs | ||
| 2024 | 2023 | |
| £ | £ | |
| Wages and salaries | 35,715 | 36,246 |
| Contribution to defined contribution pension schemes | 660 | 671 |
| 36,375 | 36,917 | |
| The average number of persons employed by the Company during the year was as follows: | ||
| 2024 | 2023 | |
| No. | No. | |
| Support staf | 2 | 2 |
9. Staff costs
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
-
During the year, no Trustees received any remuneration or other benefits (2023 £NIL).
-
During the year ended 29 February 2024, no Trustee expenses have been incurred (2023 £NIL).
Page 18
THE DOCK TITANIC QUARTER
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
| 11. | Tangible fixed assets | |
|---|---|---|
| Fixtures and | ||
| fittings | ||
| Cost or valuation | ||
| At 1 March 2023 | 24,550 | |
| At 29 February 2024 | 24,550 | |
| Depreciation | ||
| At 1 March 2023 | 21,936 | |
| Charge for the year | 769 | |
| At 29 February 2024 | 22,705 | |
| Net book value | ||
| At 29 February 2024 | 1,845 | |
| At 28 Febrar 2023 | 2,614 |
12. Debtors
| Debtors | ||
|---|---|---|
| 29 February | 28 Februar | |
| 2024 | 2023 | |
| £ | ||
| Due within one year | ||
| Other debtors | 4 | 51 |
| Prepayments and accrued income | 1,401 | 1,295 |
| 1,405 | 1,346 |
Page 19
THE DOCK TITANIC QUARTER
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
13. Creditors: Amounts falling due within one year
| Creditors: Amounts falling due within one year | ||
|---|---|---|
| 29 February | 28 Februar | |
| 2024 | 2023 | |
| £ | £ | |
| Trade creditors | 1,786 | 5,057 |
| Other creditors | 693 | 608 |
| Accruals and deferred income | 3,292 | 2,500 |
| 5,771 | 8,165 | |
| Financial instruments | ||
| 29 February | 28 Februar | |
| 2024 | 2023 | |
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 12,788 | 19,806 |
14. Financial instruments
Financial assets measured at fair value through income and expenditure comprise of cash at bank and cash in hand.
Page 20
THE DOCK TITANIC QUARTER
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
15. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 29 February | ||||
| March 2023 | Income | Expenditure | 2024 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General Funds - all funds | 15,341 | 107,285 | (112,359) | 10,267 | |
| Restricted funds | |||||
| Restricted Funds - all funds | 260 | (260) | |||
| Total of funds | 15,601 | 107,285 | (112,619) | 10,267 | |
| Statement of funds - prior year | |||||
| Balance at | Balance at | ||||
| 1 Marh 2022 |
Income | Ependitur | Tnsfer iut |
28 Februar 2023 |
|
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 12,879 | 93,955 | (93,565) | 2,072 | 15,341 |
| Restricted funds | |||||
| Restricted Funds - all funds | 5,105 | 1,340 | (4,113) | (,072) | 260 |
| Total of funds | 17,984 | 95,295 | (97,678) | 15,601 |
Page 21
THE DOCK TITANIC QUARTER (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
16. Summary of funds
Summary of funds - current year
| Balance at | ||||
|---|---|---|---|---|
| Balance at 1 | 29 February | |||
| March 2023 | Income | Expenditure | 2024 | |
| £ | £ | £ | £ | |
| General funds | 15,341 | 107,285 | (112,359) | 10,267 |
| Restricted funds | 260 | (260) | ||
| 15,601 | 107,285 | (112,619) | 10,267 |
Summary of funds - prior year
| Balance at | Balance at | ||||
|---|---|---|---|---|---|
| 1 Marh 2022 |
Income | Ependitur | Tnsfer iut |
28 Februar 2023 |
|
| £ | £ | £ | £ | £ | |
| General funds | 12,879 | 93,955 | (93,565) | 2,072 | 15,341 |
| Restricted funds | 5,105 | 1,340 | (4,113) | (,072) | 260 |
| 17,984 | 95,295 | (97,678) | 15,601 |
Page 22
THE DOCK TITANIC QUARTER (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
17. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 29 February 29 February | ||
| 2024 | 2024 | |
| £ | £ | |
| Tangible fixed assets | 1,845 | 1,845 |
| Current assets | 14,193 | 14,193 |
| Creditors due within one year | (5,771) | (5,771) |
| Total | 10,267 | 10,267 |
Analysis of net assets between funds - prior period
| Restcted funds 28 Februar |
Unrestricted fnds 28 Febrary |
Total funds 28 Februar |
|
|---|---|---|---|
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 2,614 | 2,614 | |
| Current assets | 260 | 20,892 | 21,152 |
| Creditors due within one year | (8,165) | (8,165) | |
| 260 | 15,341 | 15,601 |
Total
Page 23
THE DOCK TITANIC QUARTER (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
18. Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £660 (2023 - £671 ). Contributions totalling £205 (2023 - £144) were payable to the fund at the balance sheet date and are included in creditors.
19. Related party transactions
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 29 February 2024.
20. Going concern
The company's charitable activities, together with the factors likely to affect its future development, performance and position are set out in the Trustee's Report.
The Charity meets its day to day working capital requirements through its voluntary income. The current economic conditions create some uncertainty over the levels of funding that will be available for future periods, although the Trustees are of the opinion that the Charity's activities for generating funds will continue to provide adequate funds.
The Trustee's have a reasonable expectation that the Charity has adequate resources to continue in operation for the foreseeable future. Accordingly the Trustees continue to adopt the going concern basis in preparing the annual reports and accounts.
21. Controlling party
The ultimate controlling party of the Charity is the Board of Trustees.
Page 24