174 TRUST
STATEMENT OF FINANCIAL ACTIVITIES (including income & expenditure account)
| account) | account) | ||||
|---|---|---|---|---|---|
| Forthe yearended 30 September 2025 | |||||
| Notes | Unrestr | Restrict | Total | Total | |
| Funds | Funds | Funds | Funds | ||
| £ | £ | 2025 | 2024 | ||
| £ | £ | ||||
| INCOMING RESOURCES | |||||
| Incoming resources from | |||||
| Generated income | |||||
| Voluntary Income | 2 | 4,200 | 4,200 | 4,887 | |
| Incoming resourcesfrom | |||||
| charitable objectives | 3 | ||||
| Rental Income | 32,817 | 32,817 | 25,790 | ||
| Grants | 221,785 | 758,339 | 980,124 | 1,160,112 | |
| Parental fees | 25,619 | 25,619 | 15,737 | ||
| Other incoming resources | |||||
| Other income | 4 | 137,768 | 137,768 | 104,256 | |
| Total Incoming resources | 422.189 | 758.339 | 1,180,528 | 1,310,782 | |
| RESOURCES EXPENDED | |||||
| Costs ofgenerating funds: | |||||
| Costs ofgenerating voluntary | 39,886 | 25,788 | 65,674 | 59,772 | |
| income | |||||
| Charitable activities: | |||||
| Cost of projects | 182,970 | 487,014 | 669,984 | 603,145 | |
| Admin expenses | 212,737 | 245,537 | 458,274 | 541,382 | |
| Governance Costs | 6 | 9,546 | - | 9,546 | 10,274 |
| Total Resources expended | 5 | 445.139 | 758,339 | 1,203,478 | 1,214,573 |
| Net(outgoing)/incoming | |||||
| resources fortheyear | (22,950) | - | (22,950) | 96,209 | |
| Reconciliation ofmovements in | |||||
| funds | |||||
| Funds at 30 September 2024 | 19 | 153,708 | 47,109 | 200,817 | 104,608 |
| Movement in year | 19 | (22,950) | - | (22.950) | 96,209 |
| Funds at 30 September 2025 | 19 | 130,758 | 47,109 | 177,867 | 200.817 |
| Statement oftotal recognised | |||||
| gains and losses | |||||
| Surplus/(Deficit) forthe financial | (22,950) | _- | (22,950) | 96,209 | |
| year | |||||
| Total recognised losses and gains | (22,950) | _- | (22,950) | 96,209 | |
| forthe year | |||||
| Allincomeandexpenditurederivefromcontinuingactivities. |
17
174 TRUST
BALANCE SHEET As at 30 SEPTEMBER 2025
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Notes 2025 2024
£ £
FIXED ASSETS
Tangible Assets WK) 1,669,984 1,824,483
CURRENT ASSETS
Debtors 14 1,398 2,377
Cash at bank and in hand 115,130 166,978
116,528 169.355
Creditors : Amounts falling due within one
year 15 183,073 205,706
Net Current (Liabilities) / Assets (66,545) (36,351)
Creditors : Amounts falling due more than
one year 18 (1,425,572) (1,587,315)
NET (LIABILITIES/ASSETS 177,867 200,817
FUNDS EMPLOYED
Unrestricted 19 156,777 104,608
Restricted 19 21,090 96,209
Total (Liabilities)/Funds 177,867 200,817
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The financial statements were approved and authorised for issue by the committee on 31 March 2026.
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Veda Coweey Off etn Teo
Trustee | Trustee
Dated 31 March 2026 Dated 31 March 2026
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The notes on pages 19 to 31 form part of these financial statements.
18
174 TRUST
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|CASHFLOW|STATEMENT|
|As|at|30|SEPTEMBER|2025|
|2025|2024|
|£|£|
|Cash|flow from|operating|activities|(51,848)|51,686|
|Net cash|flow from|operating|activities|(51,848)|51.686|
|Cash|flow from|investing|activities|
|Payments|to|acquire|tangible|fixed|assets|-|(9,677)|
|Net cash|flow from|investing|activities|-|(9,677)|
|Cash|flow from|financing|activities|
|Issue|of new|capital|grant|-|-|
|Repayment|of|long|term|loans|-|-|
|Interest|paid|-|-|
|Net cash|flow from|financing|activities|-|-|
|Net|increase|/|(decrease)|in|cash|and|cash|
|equivalents|(51,848)|42,009|
|Cash|and|cash|equivalents|at|1/10/24|166,978|124.969|
|Cash|and|cash|equivalents|at 30/9/25|115.130|166.978|
|Cash|and|cash|equivalents|consists|of:|
|Cash|at|bank|and|in|hand|115,130|166.978|
|115,130|166,978|
|Reconciliation|of|net|income|to|net|cash|flow from from|operating|activities|
|2025|2024|
|£|£|
|Net|income|for|year|(22,950)|96,209|
|Interest|payable|-|-|
|Depreciation|and|impairment|of tangible|fixed|assets|154,499|174,004|
|Decrease/(increase)|in|debtors|979|(130)|
|(Decrease)|in|creditors|(184,376)|(218,397)|
|Net|cash|flow from|operating|activities|(51,848)|51,686|
----- End of picture text -----
Reconciliation of net income to net cash flow from from operating activities
19
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
1 Summary of significant accounting policies (a) General information and basis of preparation
174 TRUST is a charitable trust in Northern Ireland. The address ofthe 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 accordance 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 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 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.
20
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
Restricted funds are funds which are to be used in accordance 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 recognition
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 charity 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 is recognised when entitlement has occurred.
All incoming resources 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 capital 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.
21
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
(d) Expenditure recognition
Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.
Governance 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 constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.
(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.
(f) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs 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 Over 25 years Plant and machinery Over 3 to 10 years Motor vehicles Over 10 years
Land and buildings were valued using cost basis.
(g) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
22
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
(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 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 each balance sheet date. If such indication exists, the recoverable amount of the asset, is estimated and compared to the carrying value. Where 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.
(I) 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) Foreign 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 benefits
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
23
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
(0) 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.
| 2 | Income from donations | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Gift Aid | 4.200 | 4,887 | |
| 3 | Income from charitable activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Rental Income | 32,817 | 25,790 | |
| Grants | 980,124 | 1,160,112 | |
| Parental Fees | 25.619 | 15.737 | |
| 1,038,560 | 1,201,639 | ||
| Restricted Grants | 2025 | 2024 | |
| £ | £ | ||
| National Lottery Community Fund | 47,364 | 45,915 | |
| Esme Fairbairn | - | 25,500 | |
| Education Authority | 28,862 | 25,898 | |
| Belfast City Council | 41,928 | 88,315 | |
| Ireland Funds America | 51,052 | 14,993 | |
| Cork County Council | 7,725 | 17,005 | |
| Arts Council NI | 106,783 | 100,268 | |
| Arts and Business NI | 20,100 | 6,000 | |
| Future Screens NI | 10,519 | 20,934 | |
| Storytellers of Ireland | 4,477 | 3,702 | |
| Community Festival Fund | 1,473 | - | |
| MusicVenue Trust | - | 4,738 | |
| DfC | 47,642 | 7,822 | |
| Wooden Spoon | 13,000 | - | |
| Early Years Pathway Fund | 36,909 | 29,827 | |
| BHSCT | 87,445 | 44,817 | |
| PaulHamlynFoundation | - | 73,700 |
24
| DTNI | 2,500 | - |
|---|---|---|
| Arts Kew | 2,000 | . |
| Irish Government Department for Foreign | ||
| Affairs and Trade-Reconciliation Fund | 68,817 | - |
| SPPG | - | 1,740 |
| UlsterGarden Villages | - | 20,000 |
| Foyle Foundation | 10,000 | - |
| Benefact Trust | 8,000 | ~ |
| LottteryFund (grantrelease depn) | 36,666 | 36,666 |
| NIEA (grantreleaseddepn) | 20,000 | 20,000 |
| InternationalFund forIreland (grant | 68,954 | 68,954 |
| releaseddepn) | ||
| DSD/BIFFA/HSCB/DCAL/Arts C (grant | 36,123 | 36,123 |
| released depn) | ||
| 758,339 | 692.917 | |
| 2025 | 2024 | |
| Unrestricted Grants | £ | £ |
| Irish Government Department for Foreign | - | 25,132 |
| Affairs and Trade- Reconciliation Fund | ||
| IrishAmerican Partnership | - | 3,848 |
| The Ireland funds Australia | 11,767 | 15,813 |
| America lreland Fund | 45,489 | 40,553 |
| Dollar Donations | 5,850 | |
| Ardbarron Trust | 14,000 | 13,000 |
| Garfield Weston | - | 75,000 |
| Reed Trust (Big Give Champion) | 12,500 | - |
| Wayfarer Foundation | 88,065 | 44,885 |
| Halifax Foundation | - | 7,500 |
| Souter Charitable Trust | - | 2,000 |
| McDonalds | - | 1,000 |
| David Cross Foundation | 5,000 | - |
| Charity Checkout (Big Give Donations) | 26,190 | 31,115 |
| Others | 18.774 | 201,519 |
| 221,785 | 467,195 | |
| 980,124 | 1,160,112 |
25
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS —- 30 SEPTEMBER 2025
| 4 | Income from other trading activities | Income from other trading activities | |||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| Generated income | 136,953 | 72,568 | |||
| Other | 815 | 31,688 | |||
| 137,768 | 104,256 | ||||
| 5 | Analysis oftotal resources expended | ||||
| Activities undertaken Directly |
Support Costs |
Total 2025 |
Total 2024 |
||
| £ | £ | £ | £ | ||
| Costs of generating |
|||||
| funds | |||||
| Cost of generating |
65,674 | 65,674 | 59,771 | ||
| voluntary income | |||||
| Charitable activities | |||||
| Cost of projects | 656,778 | 13,206 | 669,984 | 603,145 | |
| Administration expenses | 458,274 | 458,274 | 541,382 | ||
| Governance costs | 9,546 | 9,546 | 10,274 | ||
| 1,190,272 | 13,206 | 1,203,478 | 1,214,573 |
6 Governance costs
| Governance costs | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Audit Promotion |
6,600 2,946 |
6,600 3,674 |
| 9,546 | 10,274 |
26
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
| 7 | Support costs | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Minibus expenses | 7,886 | 3,182 | |
| Transport costs | 5,320 | 3,965 | |
| Depreciation minibus | - | 4.770 | |
| 13,206 | 11,917 | ||
| 8 | Net income for the year | ||
| Net income is stated after charging: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation oftangible fixed assets | 154.499 | 174,004 | |
| 9 | Auditors remuneration | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Audit | 6,600 | 6,600 |
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 (2024: 26).
The total staff costs and employee benefits were as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 471,941 | 468,610 |
| Social security | 36,224 | 29,955 |
| Defined contribution pension costs | 12,734 | 12,606 |
| 520,899 | 511,171 |
No employees received total employee benefits (excluding employer pension costs) of more than £60,000.
27
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
| 12 | Interest payable and similar expenses | Interest payable and similar expenses | |||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| Other loans& liabilities |
0 | 0 | |||
| 13 | Tangible Fixed Assets | ||||
| Buildings £ |
Motor Vehicles |
Equipment | TOTAL | ||
| £ | £ | £ | |||
| Cost | |||||
| At 30September 2024 | 3,568,567 | 47,713 | 251,564 | 3,867,844 | |
| Additions | |||||
| Disposals | |||||
| At 30 September2025 | 3,568,567 | 47,713 | 251,564 | 3,867,844 | |
| Depreciation | |||||
| At 30 September 2024 | 1,770,712 | 47,713 | 224,936 | 2,043,361 | |
| Charge foryear | 136,433 | . | 18,066 | 154,499 | |
| On Disposals | |||||
| At 30 September2025 | 1,907,145 | 47,713 | 243,002 | 2,197,860 | |
| Net book value at 30 | |||||
| September 2025 | 1,661,421 | . | 8.563 | 1,669,984 | |
| Net book value at 30 | |||||
| September 2024 | 1,797,755 | - | 26,628 | 1,824,483 | |
| 14 | Debtors | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Rents receivable | - | 563 | |||
| Gift Aid debtor | 1,086 | 1,521 | |||
| Prepayments | 312 | 293 | |||
| 1,399 | 2.377 |
28
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
15 Creditors: amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Trade creditors & accruals | 21,330 | 43,964 |
| Accruals and deferred income | 161,742 | 161,742 |
| 183,072 | 205,706 |
The bank and credit card overdraft is secured by a legal mortgage over the Duncairn Complex in favour of the Danske Bank Limited.
16 Concessionary loans payable
| Concessionary loans payable | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Other interest free loan | 20,000 | 20,000 |
| All concessionary loans are interest free loans, and are repayable after more | ||
| thanoneyear. |
17 Deferred Income
| Deferred Income | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Deferredincome | ||
| Opening balance | 1,729,057 | 1,890,800 |
| Grant addition | - | - |
| Grant transferred | - | - |
| Grant released in year | (161,743) | (161,743) |
| Closing balance | 1,567,314 | 1,729,057 |
| Split | ||
| Current (note 15) | 161,742 | 161,742 |
| Non-current (note 18) | 1,405,572 | 1,567,315 |
| 1,729,057 | 1,729,057 |
Income received for capital expenditure is written off over the expected life of the asset.
18 Creditors Amounts falling due after one year
| Creditors Amounts falling due after oneone | year | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Loans (note 16) | 20,000 | 20,000 |
| Deferred income (note 17) | 1,405,572 | 1,567,315 |
| 1,525,572 | 1,787,315 |
29
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
| 19 | Reserves | |||||
|---|---|---|---|---|---|---|
| Bal atstart | Income | Exps | Tsfrs | Bal at | ||
| £ | £ | £ | £ | end | ||
| £ | ||||||
| Unrestricted | ||||||
| UnrestrictedA | 137,002 | 278,492 | (353,532) | 67,333 | 129,295 | |
| Unrestricted B | 16,511 | 34,341 | (67,851) | 17,418 | 419 | |
| Unrestricted C | - | 15,524 | - | (15,524) | - | |
| Unresiricted D | - | 10,594 | - | (10,594) | - | |
| Unrestricted E | - | 56,882 | (89,593) | 32,711 | - | |
| Unrestricted F | - | 23,676 | - | 3,117 | 26,793 | |
| UnrestrictedG | 195 | 200 | (2,475) | 2,350 | 270 | |
| Unrestricted H | - | 2,480 | (506) | (1,974) | - | |
| 153,708 | 422.189 | (513,957) | 94.837 | 156,777 | ||
| Restricted | ||||||
| RestrictedA | 35,100 | 225,333 | (156,516) | (91,417) | 12,500 | |
| Restricted B | - | 14,997 | - | (14,997) | - | |
| Restricted C | 3,768 | 65,771 | (64,130) | 1,197 | 6,606 | |
| Restricted D | 84 | 25,115 | (6,600) | (18,599) | - | |
| Restricted E | 4,487 | 152,181 | (213,939) | 59,255 | 1,984 | |
| Restricted F | 3,670 | 113,200 | (93,838) | (23,032) | - | |
| Restricted |
- | 161,743 | (154.499) | (7,244) | ||
| 47,109 | 758,340 | (689,522) | (94,837) | 21,090 | ||
| 200,817 | 1,180,529 | (1,203479) | _- | 177,867 |
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 Duncairn Centre Restricted C Family Restricted D Playboard Restricted E Arts Restricted F Disability Restricted | Capital
30
174 TRUST
NOTES TO THE FINANCIAL STATEMENTS — 30 SEPTEMBER 2025
20 Pensions and other post-retirement benefits
The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £12,734 (2024 £12,606)
31