174 TRUST STATEMENT OF FINANCIAL ACTIVITIES (including income & expenditure account) For the year ended 30 Septsmber 2024 Notes Unrestr Restrict Funds Funds Total Funds 2024 Total Funds 2023 INCOMING RESOURCES Incoming resources from Generated income Voluntsry Income Incoming resources from charitsble objectives Rental Income Grants Parental fees 4,887 4,887 5,486 25,790 25,790 467,195 692,917 1,160,112 15,737 15,737 23,890 1,187.942 30,915 Other incoming resources Other income 104256 104 256 Totsl Incoming resources 617 865 692 917 1310 782 1340 787 RESOURCES EXPENDED Costs of generating funds: Costs of generating voluntary income Charitable activities: Cost of projects Admin expenses 33,802 25,969 59,772 41,821 154,671 448,474 603,145 322,909 218,474 541,382 701,105 486,150 Governance Costs Total Resources expended 521656 692 917 1214 573 1243 691 Net {outgoing)fincoming resources for the year Reconciliation of movements in funds Funds at 30 September 2023 Movement in year 19 19 40,591 113117 64,017 104,608 7,512 Funds at 30 September 2024 19 153708 47 109 200 817 104608 ststement of total recognised gains and losses Surplusl{Deficit) for the financial year Total recognised losses and gains for the year All income and expenditure derive from continuing activities. 96 209 16 174 TRUST BALANCE SHEET As at 30 SEPTEMBER 2024 Notes 2024 2023 FIXED ASSETS Tangible Assets 13 1,824,483 1,988,810 CURRENT ASSETS Debtors Cash at bank and in hand 14 2,377 166 978 2,247 124 969 169 355 127 216 Creditors . Amounts falling due within one year 15 205 706 262 360 Net Current (Liabilities) l Assets Creditors . Amounts falling due more than one year 18 1587315 1749 058 NET (LIABILITIESYASSETS 200 817 104 608 FUNDS EMPLOYED un￿strICted Restricted 19 19 104,608 40,591 Total (Liabilities)IFunds 200817 104 608 The financial statements were approved and authorised for issue by the committee on 31 March 2025. (a v4,JTr a LC rustee Dated 31 March 2025 Trustee Dated 31 March 2025 The notes on pages 19 to 30 form part of these financial statements. 17 174 TRUST CASHFLOW STATEMENT As at 30 SEPTEMBER 2024 2024 2023 Cash flow from operating activities 51,686 100,373 Net cash flow from operating activities 100 373 Cash flow from investing activities Payments to acquire tangible fixed assets Net cash flow from investing activities Cash flow from financing activities Issue of new capital grant Repayment of long term loans Interest paid Net cash flow from flnanclng actlvitles Net increase l (decrease) in cash and cash equlvalents 42,009 95,870 Cash and cash equivalents at 1110123 124 969 Cash and cash equivalents at 3019124 166978 124 969 Cash and cash equlvalents consists of: Cash at bank and in hand 166978 124 969 166 978 124 969 Reconciliation of net income to net cash flow from operating activities 2024 2023 Net income for year 96,209 97,096 Interest payable Depreciation and impairment of tangible fixed assets Decreasel(increase) in debtors (Decrease) in creditors 174,004 (130) 218397 172,890 794 170407 Net cash flow from operating activities 100373 18 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 Summary of significant accounting policies (a) General information and basis of preparation 174 TRUST is a charitable trust in Northem Ireland. The address of the registered office is given in the charity information page of these financial statements. The 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 charity 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 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 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 Accounting Practice. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention. modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless other¥vise 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 not been designated for other purposes. Unrestricted funds include donations and other incoming resources 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 statements. 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 Restricted funds are funds which are to be used in accordan￿ with specific restrictions imposed by donors 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 recognltlon All incoming resources are included in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the 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 performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Gharity and it is probable that they will be fulfilled. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and 18 recognised when entitlement has occurred. All incoming reSoUr￿S are included in the financial records when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Capital grants are credited to the caprtal grant reserve and are released to the income and expenditure account over the expected useful lives of the assets. Other income comprises parental fees and rents received. 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. 20 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 (d) Expenditure recognition Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activrties. 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 attributable to charitable activities. The basis and principles used for allocation of all costs is time spent. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or Gonstructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. (e) Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. (n Tangible fixed assets Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impaimient losses. Cost includes osts directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write Off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: Freehold Buildings Plant and machinery Motor vehicles Over 25 years Over 3 to 10 years Over 10 years Land and buildings were valued using cost basis. (g) Debtors and creditors receivable I payable withln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. 21 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 (h) Loans and borrowings Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes 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. ts) Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, is estimated and compared to the carrying value. Vvhere the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit or loss unless the assets is carried at a revalued amount where the impairment loss is a revaluation decrease. (k) Provisions 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 settlement and the amount can be reliably estimated. (l) Leases Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period 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 Gurrency 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 benefits The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. 22 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 (o) Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Income from donations Gift Aid Income from charitablo activities 2024 2023 Rental Income Grants Parental Fees 25,790 1,160,112 23,890 1,187,942 1201639 1242 747 Restricted Grants 2024 2023 Nl Community Relations Council National Lottery Community Fund Esme Fairbairn Education Authority Belfast City Council Ireland Funds America Cork County Council Arts Council Nl Arts and Business Nl Future Screens Nl Storytellers of Ireland Music Venue Trust Dfc Early Years Pathway FurKI BHSCT Paul Hamlyn Foundation Esme Mitchell Foyle Foundation Belfast Harbour commission 450 45,915 25,500 25,898 88,315 14,993 17,005 100,268 6,000 20,934 3,702 4,738 7.822 29,827 44,817 73,700 29,500 26,912 181,254 100,000 16,200 27,587 21,789 29,772 52,038 73,700 5,000 20,000 3,000 23 SPPG Ulster Garden Villages Lolttery Fund (grant release depn) NIEA (grant released depn) Intemational Fund for Ireland (grant released depn) DSDIBIFFAJHSCBIDCAUArts C (grant released depn) 1,740 20,000 36,666 20,000 68,954 5,184 36,666 20,000 68,954 36,123 36,123 692 917 2024 2023 Unrestricted Grants Irish Govemment Department for Foreign Affairs and Trade- Reconciliation Fund Irish American Partnership The Ireland funds Australia Department for Health America Ireland Fund Dollar Donations Ardbarron Trust Garfield Weston Greystone Trust Reed Trust Hagan Homes Charterhouse Trust Enkalon Foundation Flax trust Wayfarer Foundation Halifax Foundation William A Cadbury Lori Gallagher Souter Charitable Trust McDonalds David Cross Foundation Newington Housing Charity Checkout (Big Give) Others 25,132 50,734 3,848 15,813 8,690 2,160 11,295 19,395 12,000 75,000 63,250 10,000 25,000 40,533 5.850 13.000 75,000 89,600 100,IX)O 500 1,000 41,559 44,885 7,500 30,000 44,159 2,000 1,000 3,333 300 17,656 250 31,115 467 195 433813 1160112 1 187 942 24 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 Income from other trading activities 2024 2023 Generated income Other 72.568 82,410 104256 5 Analysis of total resources expended Activltles undertaken Directly Support Costs Total 2024 Total 2023 Costs of generating funds Cost of generating 59,772 voluntary income 59,772 41,821 Charltable activlties Cost of projects 591,228 11,917 603,145 701,105 Administration expenses 541,382 541,382 486,150 Governance costs 1202 656 1214 573 1243 691 Governance costs 2024 2023 Audit Promotion 6,600 4,800 25 174 TRUST NOTES TO THE FINANCIAL STATEMEN.TS_ 30 SEPTEMBER 2024 Support costs 2024 2023 Minibus expenses Transport costs Depreciation minibus 3,182 3,965 5,056 3,400 Net income for the year Net income is stated after charging: 2024 2023 Depreciation of tangible fixed assets 174004 172890 Auditors remuneration 2024 2023 Audit 10 Trustee remuneration The trustees neither received nor waived any remuneration during the year, nor the previous year. 11 Staff costs and employee benefits The average monthly number of employees during the year was 26 (2023: 26). The total staff costs and employee benefits were as follows.. 2024 2023 Wages and salaries Social security Defined contribution pension costs 468,610 29,955 482,430 30,034 511 171 524 646 No employees received total employee benefits (excluding employer pension costs) of more than £60,000. 26 174 TRUST NOTES TO THE FINANCIAL STATEMENTS-30 SEPTEMBER 2024 12 Interest payable and similar expenses 2024 2023 Other loans & liabilities 13 Tangible Fixed Assets Buildings Motor Vehicles Equlpment TOTAL Cost At 30 September 2023 Additions Disposals 3,568,567 47,713 241,887 3,858,167 9,677 9,677 At 30 September 2024 3 568 567 251564 3 867 844 Depreciation At 30 September 2023 Charge for year On Disposals 1,634,280 136,432 42,943 4,770 192,134 1,869,357 32,802 174,004 At 30 September 2024 1770 7132 224 936 2 043 361 Net book value at 30 September 2024 1797 755 26 628 1824 483 Net book value at 30 September 2023 1934 287 49752 1988810 14 Debtors 2024 2023 Rents receivable Gift Aid debtor Prepayments 563 1,521 293 650 1,304 293 27 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors & accruals Accruals and deferred income 43,964 161742 100,618 161 742 205 706 262 360 The bank and credit Gard overdraft is secured by a legal mortgage over the Duncairn Complex in favour of the Danske Bank Limited, 16 Concessionary loans payablo Other interest free loan All concessionary loans are interest free loans, and are repayable after more than one year. 17 Deferred Income 2024 2023 Defe￿&d income Opening balan Grant addition Grant transferred Grant released in year 1,890,800 2,052,543 161743 161743 Closing balance 1729 057 1890 800 Split Current (note 15) Non-current (note 18) 161,742 1567315 161,742 1729 058 1729 057 1890 800 Income received for capital expenditure is written off over the expected life of the asset. 18 Creditors Amounts falling due after one year 2024 2023 Loans (note 16) Deferred income (note 17) 20.000 1567 315 20.000 1729 058 1587 315 1749 058 28 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 19 Reserves Bal at start Income Exps Tsfrs Bal at end Unrestricted Unrestricted A Unrestricted B Un￿StriCted C Unrestricted D Unrestricted E Unrestricted F Unrestricted G 29,549 10,517 532,743 (343,826) (81,464) 137,002 69,936 {142,420) 78,478 16,511 8,538 (8,538) 6,329 (1,161) 196 (5,364) 319 (319) 329 195 617 865 500 698 153 708 Restricted Restricted A Restricted B Restricted C Restricted D Restricted E Restricted F Restricted G Restricted H Restricted I 20,746 145,867 {166,613) 160,960 {160,960) 55,725 (47,903) (16,437) (1,500) (1,500) (87,852) (30,563) (88,804) 35,450 35,100 35,100 12,383 3,768 10,365 2,523 112,537 54,501 4,487 3,670 18,000 (18,000) 161743 161743 692917 713 875 104608 1310782 1214 573 200 817 Unrestricted Funds Unrestricted A Main fund Unrestricted B Duncairn Centre Unrestricted C Family Unrestricted D Playboard Unrestricted E Arts Unrestricted F Disability Unrestricted G Community Bridges Unrestricted H Complex Restricted Funds Restricted A Main fund Restricted B Duncaim Centre Restricted C Family Restricted D Playboard Restricted E Arts Restricted F Disability Restricted G Phab Restricted H Complex Restricted I Capital 29 174 TRUST NOTES TO THE FINANCIAL STATEMENTS- 30 SEPTEMBER 2024 20 Pensions and other post-retirement benefits The charity operates a defi'ned contribution pension plan for its employees. The amount recognised as an expense in the period was £12,606 (2023 £12,812) 30