174 TRUST STATEMENT OF FINANCIAL ACTIVITIES (Including Income & expendlture account) For the year ended 30 September 2023 Notes Unrestr Restrlct Funds Funds Total Funds 2023 Total Funds 2022 INCOMING RESOURCES Incoming resources from Generated income Voluntary InGome 5,486 5,486 6,455 Incomlng resource5 from charitable objectives Rental Income Grants Parental fees 23,890 23,890 433,813 754,129 1,187,942 30,915 30,915 22,610 869,990 30,622 other incomlng resources other Income Total Incomlng resources 586 658 754 129 1340 787 982 285 RESOURCES EXPENDED Costs of generating funds: Costs of generating voluntary income Charltsble activities: Cosl of projects Admin expenses 28,488 13,333 41,821 47,062 170,575 530,530 277,908 208,242 701,105 486,150 806,125 473,833 Govemance Costs Total Resources expended 489 562 754 129 1243 691 1138771 Net (outgolngylncoming resources for the year Reconciliation of movements in funds Funds at 30 September 2022 Movement in year 156486 19 19 (8,134) 15,646 48 725 48 371 7,512 163,998 156486 Funds at 30 September 2023 19 104608 Statement of total recognised galns and losses Surplusl(Deficit) for the financial year Total recognised losses and gains for the year All income and expenditure derive from continuing activlties. 156486 t56486 14 174 TRUST BALANCE SHEET As at 30 SEPTEMBER 2023 Notes 2023 2022 FIXED ASSETS Tangible Assets 13 1,988,810 2,157,197 CURRENT ASSETS Debtors Cash at bank and In hand 14 2,247 124 969 127216 3,041 Credltors . Amounts falling due wlthln one year 15 271020 Net Current (Liabllltles) l Assets 135 144 238 880 Creditors . Amounts falllng due more than one year 18 1749 058 1910805 NEf {LIABILITIES)IASSETS 104 608 FUNDS EIVIPLOYED Unrestricted Restricted 19 19 40,591 <8,134> Total (Llabllitles)IFunds The financial statements were approved and authorised for issue by the committee on 31 March 2024. Truslee Dated 31 March 2024 Trustee Dated 31 March 2024 The notes on pages 16 to 27 form part of these financial statements. 15 174 TRUST CASHFLOW STATEMENT As at 30 SEPTEMBER 2023 2023 2022 Cash flow from operating actlvitles 100,373 (103,605) Net cash flow from operating activitles Cash flow from Investing activlties Payments to acquire tangible fixed assets Net cash flow from Inve8tlng actlvltles Cash flow from financlng actlvitles Issue of new capital grant Repayment of long term loans Intere8t paid Net cash flow from flnancing actlvltles Net increasa l (decrease) In cash and cash equivalents 95,870 (108,380) Cash and cash equivalents at 1110122 1337 479 Cash and cash equlvalents at 3019123 124 969 Cash and cash equlvalents consists ofr. Cash at bank and in hand 124969 124 969 Reconclllatlon of net income to net cash flow from operating actlvltlas 2023 2022 Net income for year 97,096 (156,486) Interest payable Dep￿CIation and impairment of tangible fixed assets Decreasel(increase) in debtors (Decrease) in credltors 172,890 794 170407 161,060 22 108 201 Nat cash flow from operating activtlies 100373 103605 16 174 TRUST NOTES TO THE FINANCIALSTATEMENTS- 30 SEPTEMBER 2D23 Summary of significant accountlng policies (a) General information and basls of preparation 174 TRUST is a charitable trust in Northern Ireland. The address of the registered office is glven In the charity information page of these financial statements. Tha nature of the charity's operations and principal activities include a process of community development based on building relationships with local people, working together to identify and meet local needs. The Gharity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the FinancAal Reporting standard applicable in the UK and Republlc of Ireland (FRS 102) Issued on 18 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, and UK Generally Accepted Accountlng Practice. The flnancial Statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulatlons 2008 only to the extent required to provlde a 'true and fair view,, This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practlce applicable to charities preparing their aGcounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Issued on 16 July 2014 ratherthan the Accountlng and Reporting by Charities; Statement of Recommended Practice effective from 1 April 2005 whiGh has since been withdrawn. The financial Statements are prepared on a golng CDncern basls und&r the historical cost conventlon, modified to include certain items at falr value. The financial statements are presented in sterling whlch Is the functional currency of th8 charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these flnancial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The charity adopted SORP (FRS 102) In the year ended 2021. (b) Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have nol been designated for other purposes. Unrestricted funds include donations and other incoming resource8 received or generated for charitable purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial slatements. 17 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2023 Restricted funds are funds which are to be used in accordance with specific restriction5 imposed by donor8 or which have been raised by the charity for particular purposes. The cost 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. (c) Income racognltlon All incoming resources are included in the Statement of Flnancial Activitiès (SOFA) when the charity is legally entitled to the income after any performance conditions have b88n met, the amount can be measur8d reliably and it Is probable that the income will be received. For donatlons to be recognised Ihe charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perfomiance before entitlement can be obtalned then Income is deferred until those conditions are fully met or the fulfilmgnt of those conditions is within the control of the charity and it is probable that they will be fulfllled. No amount is included in the financial statements for volunteer time in Ilne with the SORP (FRS 102). Income from trading activities includes income earned from fundraising events and tradlng activit188 to ralse fundsforthe charity. Income is received in exchange for supplylng goods and Services in order to raise funds and is recognlsed when entitlement has occurred. All incoming resources are included in the financlal records when the charity is legally entitled to the inGorne and the amount can be quantified wlth reasonable accuracy. Income from government and other grants are recognis8d at fair value when the charity has entltlement after any performance conditions have been mel, it 18 probable that the income will be recelved and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Gapital grants are credited to the capital grant reserve and are released to the inGome and expenditure account over the expected useful Ilves of the assets. other income comprise8 parental fees and rents recelved. Rental income is received for the rental of premises within the 174 Trust complex building. Parental fees are income received re childcare and afterschools projects. These are recognised when entitlement has become due. 18 174TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2023 (d) Expenditure recognition staff costs ar)d overhead expenses are allocated to activities on the basis of staff time spent on those activities. Governan￿ costs relate to the costs of running the charity such as audit and statutory compliance. Costs of products and administration costs relates to those costs which can be attrlbutable to Gharitable activities. The basis and principles used for allocation of all costs is time spent. All expenditure is accounted for on an accruals basls and has been classlfled under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or construGtive obligation to make payments to third parties, it is probable that the settlement wlll be required, and the amount of the obligation can be measured reliably. (e) Support costs allocatlon Support costs are those that asslst the work of tho charity but do not directly represent Charitable activities. They ar8 incurred directly in support of expenditure on the objects of the charity. (D Tanglble flxed assets Tangible fixed assets are slated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated Impairment losses. Cost includes costs dlrectly attributable to making the asset capable of op8ratlng as intended. Depreciation Is provlded on all tanglble fixed assets, at rates calculated to write Off the cost, less estimated residual value, of each asset cn a systematic basis over its expected useful Ilfe as follows: Freehold Bulldlngs Plant and machinery Motor vehicles Over 25 years Over 3 10 10 years Over 10 years Land and buildings were valued using cost basis. {g) Debtors and credltors recelvable I payable wlthin ono year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction prlce. 19 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2023 (h) Loans and borrowings Loans and borrowings are initially recognised at the transactlon price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impaimient. If an arrangement constitutes a finance transaction It Is measured at present value. (i) Concessionary loans Concessionary loans include those payable to third parties which are interest free or below market interest rates and are made to advance charitable purposes. All loans are measured at cost, less impairment. (J) Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at e8ch balance sheet date. If such indiGation exists, the recoverable amount of the asset, 18 estimated and compared to the carrying value. Where the carrylng amount exceeds its recoverable amount, an impairment loss is recognlsed in the profit or loss unless the asset8 is carried at a revalued amount where the impaimient loss is a revaluatlon decrea8e. (k) Prov151on8 Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in sett18m8nt and the amount can be reliably estlmated. (l) Leases Rentals payable and receivable under operatlng leases are charged to the SOFA on a straight line basls over the perlod of the lease. (m) Forelgn currency Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction, Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. {n) Employee benetits The charlty operates a defined contribution plan for the benefit of hts employees. Contrfbutions are expensed as they become payable. 20 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER2023 (o) Going concern The finanoial statements have been prepared on a going concern basis as the trustees believe that no material uncertainlies exist. The trustees have considered the level of funds held and the expected level of incorne and expenditure for 12 months from authorising these financial statements. The budgetad income and expenditure is sufficient with the level of reserves for the charity to b8 able to continue as a going concem. Income from donations 2023 2022 GiftAld Income from charltablg activitles 2023 2022 Rental Incomé Grants Parental Fees 23,890 1,187,942 22,610 869,990 1242 747 923 222 Restrlcted Grants 2023 2022 Nl Community Relatlons Councll NationallHerilage Lottery Community Fund Esme Fairbaim Education Authority Belfast City Council Ireland Funds America Arts Council Nl Arts and Business Nl Future Screens Nl Dfc Early Years Pathway Fund BHSCT Paul Hamlyn Foundation Esme Mitchell Foyle Foundation Belfast Harbour COTnmission SPPGIHSCB Ulster Garden Villages Lottery Fund (grant released depn) 450 10,000 9,732 29,500 26,912 181,254 39,668 157,276 21,490 95,000 600 5,190 11,577 37,148 40,009 67,000 100,000 16,200 27,587 21,789 29,772 52,038 73,700 5,000 20,000 3,000 5,184 7,972 20,000 36,666 36,666 21 NIEA (grant released depn) Intemational Fund for Ireland (grant released depn) DSDIBIFFAIHSCBIDCALIArts C (grant released depn) 20,000 68,954 20,000 68,954 36,123 36,119 684 401 2023 2022 Unrestricted Grants Irish Government Deparknent for Foreign Affalrs and Trade- Reconciliatlon Fund Irish American Partnership The Ireland funds Department for Health America Ireland Fund Dollar Donations Ardbarron Trust Garfield Weston Greystonè Trust Reed Trust Hagan Homes Rahon Enterprise8 Enkalon Foundation Flax trust Wayfarar Foundation Arthur Gallagher v￿l￿raM A Cadbury Lori Gallaghar Belfast Charitable Presbyterlan Society David Cross Foundation Newington Housing Probation Board Charity Checkout (Big Give) Others 50,734 24,964 3,707 8,690 2,180 11,295 19,395 12,000 75,000 63,250 10,000 25,000 1,098 2,698 11,000 28,000 7,500 25,000 1,000 500 1,000 41,559 800 30,000 44,159 200 600 3,333 300 36,541 1,000 600 5,000 1,000 3,900 14,258 17,656 433 813 185 589 1187 942 869 990 22 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2023 Income from other trading activities 2023 2022 Generated income Other 82,410 47,588 S Analysls of total resources expended Activities undertaken Directly Support Costs Total 2023 Total 2022 Costs of generatlng funds Cost of generating voluntary income 41,821 41,821 47,062 Charitable activlties Cost of projects 687,878 13,227 701,105 606,125 Administratlon expenses 486,150 486,150 473,833 Governance cost8 1230 464 1243 691 1138711 Governance costs 2023 2022 Audit Promotion 4,800 4,800 23 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2023 Support costs 2023 2022 Minibus expenses Transport costs Depreciation minibus 5,056 3,400 4,854 4,225 Net income for the year Net income is stated after charging: 2023 2022 Depreciation of tangible fixed assets 172 890 161060 Auditors remuneration 2023 2022 Audit 10 Tru8tee remuneratlon The trustee8 neither received nor walved any remuneration during the year, north8 prevlous year. 11 Staff costs and ernployee beneflts The average monthly number of employees during the year was 26 (2022: 20). The total staff ¢osts and employee benefits were as follows: 2023 2022 Wages and salaries Social securlty Defined Gontribution pension ccists 482,430 30,034 410,329 27,858 524 646 448 777 No employee8 received total employe8 benefits (excluding employer pension costs) of more than £60,000, 24 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2023 12 Interest payable and sirnilar expenses 2023 2022 other loans & liabllities 13 Tangible Fixed Assets Buildings Motor Vehicle5 Equlpment TOTAL Cost At 30 S8Ptember 2022 Additions Disposals 3,568,587 47,713 237,383 3,853,663 4,503 4,503 At 30 September 2023 3 568 567 241886 3 858 1e6 Depreciation At 30 September 2022 Charg8 for year On Disp08als 1,497,847 136,433 38,171 4,771 160,448 1,696.466 31,686 172,890 At 30 September 2023 1634 280 92134 1869356 Net book value at 30 September 2023 1934 287 49 752 1988 810 Net book value at 30 September 2022 2 070 720 76 935 2 157 197 14 Debtors 2023 2022 Rents receivable Gift Aid debtor Prepayments 650 1,304 293 2,580 171 290 25 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2023 15 Creditors: amounts falling due wlthin one year 2023 2022 Trade creditors & accruals Accruals and deferred income 100.618 161742 109.282 161738 271020 The bank and credit card overdraft is secured by a legal mortgage over the Duncairn Complex in favour of the Danske Bank Limited. 16 Con¢e$glonary loans payable 2023 2022 other Interest free loan All concesslonary loans are interest free loans. and are repayable after more than one year. 17 Deferred Income 2023 2022 Defgrr8d income Opening balance Grant addltion Grant transferred Granl released In year 2,052,543 2,214,282 161742 161738 Closing balance 1890 801 2 052 544 Split Current (note 15) Non-current (note 18) 161,742 1729 058 161,738 1890 805 1890 800 2 052 543 Income recelved for capltal expenditure is written off over the expected life of the asset. 18 Credltors Amounts falllng due after one year 2023 2022 Loans (note 16) Deferred income (note 17) 20,000 1729 058 20,000 1890 805 1749 058 1910805 26 q74 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2023 19 ReseNes Bal at start Income Exps Tsfrs Bal at end Unrestricted Unrestricted A Unrestricted B Unrestricted C Unrestricted D Unrestricted E UnrestriGted F Unrestricted G (18,150) 3,164 475,444 (378,114) (4Q,631) 77,883 (55,647) (14,883) 10,202 (10,202) 20,886 25,679 29.549 10,517 1,466 (47,835) 300 (300) 15 329 586 658 40 591 497 096 Restrlcted Restricted A Restrfcted B Restricted C Re8trlcted D Restricted E Restricted F Restricted G Restricted H Restricted I 78,729 (119,081) 178,486 (178,486) 56,685 (49,819) 26,973 (26,973) 87,000 (86,936) 52,038 (70,965) 61,098 20,746 4,865 652 12,383 5,974 4,606 4,327 16,844 10,365 2,523 201 112,476 161742 (52,593) (42,084) 161742 18000 754 129 746 595 837 7 512 1340787 1243 691 104 608 Unrestricted Funds Unrestricted A Main fund Unrestricted B Duncalrn Centre Unrestricted C Family Unrestrlcted D Playboard Unrestrlcted E Arts Unrestricted F Disability Unrestricted G Community Bridges Unrestricted H Complex Restricted Funds Restricted A Main fund Restricted B Duncairn Centre Restricted C Family Restrlcted D Playboard Restrlcted E Arts Restrlcted F Disability Restrlcted G Phab Restricted H Complex Restricted I Capital 27 q74TRUST NOTES TO THE FINANCIAL STATEMENTS-30 SEPTEMBER 2023 20 Penslons and other post-retirement benefits The charity operates a defined Contribution penslon plan for its employees. The amount recognised as an expense in the period was £12,182 (2022 £10,590) 28