COMPANY REGISTRATION NUMBER: N1615294 CHARITY REGISTRATION NUMBER: NIC 100544 Eastside Greenways Company Limited by Guarantee Financial Statements 31 March 2024 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Eastside Greenways Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 11 17 statement of financial position 18 Notes to the financial statements 19
Eastside Greenways Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the director5 for the purposes of company law, present their report and the financial statements of the charlty for the year ended 31 March 2024. Reference and administratlve detalls Reglstered charity name Eastside Greenways Charity reglstratlon number NIC 100544 Company registration number N1615294 Prlnclpal offlce and reglstered Avalon House office 2781280 Newtownards Road Belfast Co. Antrim BT41HE The trustees M Gibson A Mcmurray E White R Hunter A Hassard J E Hennessey L Osborne C Purdy (Resigned 15 May 2023) Company secretary T Wilson Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers AIB 11-15 Donegall Square North Belfast BT15GB Solicitors Hewitt and Gilpln 8 High Street Holywood Co. Down BT18 9AZ
Eastside Greenways Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {contlnu8d) Year ended 31 March 2024 Structur8. governance and management Governing Document Eastside Greenways is a company limited by guarantee and is a charity recognised by the Charity Commission for Nl. It is a not for profft organisation. The company was established under a Memorandum of Assoclalion which established the objects and powers of the company and is govemed under its Articles of Association. Appolntment of trustees The Chairperson and the trustees recommend new trustees as needed. New trustees are recruited on the relevance of their skills. and their potential to be able to make a helpful contribution to the governance of the charity. As part of Ihis process they are made aware of a trustee's legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the decision-making processes. the business plan and recent financial performance of the charity. Once the potential new trustee has agreed to be considered for appointment they can be co-opted by the directors until formal voting by members occurs at the next Annual General Meeting. Trustee Induction and training A trustee induction process is in place for all group companies. Organisation structure and how charity makes decisions Eastside Greenways is governed by the board of directors. The company is managed on a day to day basis by a senior management team as appointed by the board of directors. The board of directors meets quarterly. and is appointed by the members at the AGM. A senior management team manages the day to day activities of the company, and reports on company perfomiance to all board meetings. Arrangements for setting pay and remuneration of key management personnel The directors consider the board of directors. who are the charity's trustees, and the senior management team comprise the key management personnel of the charity In charge of directing and controlling, running and operating the charity on a day to day basis. All directors give of their time freely and no director received remuneration in the year. Detsils of directors, expenses and related party transactions are disclosed in note 13 and note 20 to the accounts. The pay of the senior staff is set by reference to NICVA guidance and utilisation of NJC pay scales. In view of the nature of the charity, the directors benchmark against pay levels in other similar size charities run on a voluntary basis when appointing new members of key management.
Eastside Greenways Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Structure. governance and management (condnuedj Relationships with related partles None of our trustees receive remuneration or other benefit from their work with the charity. Risk management The company aims to mitigate the major risks it faces by implementstion of the following procedures:_ Significant external risks to funding have led to the development of a strategic plan which clearly identifies funding requirements going forward., and Internal control risks are minimised by the implementation of procedures for authorisation of all transactions with a financial implication. Directors The directors serving during the year were as follows:. M Gibson A Hassard A Mcmurray E White R Hunter J E Hennessey L Osbome C Purdy
Eastside Greenways Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2024 Objectives and activities The Vision of Eastside Greenways is to support the development and use of the Connswater Community Greenway (CCG) as. 'An inspirational living landmark that is well used, vibrant, dynamic and sustainable. An attractive destination of outstanding quality for everyone to enjoy., The key to achieving this will be the ability for people to live healthier lifestyles in an improved physical environment, and enjoy the benefits of a safer, cleaner, greener area valued by all residents and one that is attractive to visitors. Eastside Greenways supports the positive use of the CCG as a catslyst for the ongoing regeneration of the area making east Belfast greener, safer. Cleaner. whilst connecting people and places and making it attractive to visitors. Eastside Greenways will optimise available resources. opportunities, expertise and influence. The role of Eastside Greenways is to provide leadership, vision and coordination. and in partnership with Belfast Cty Council and others to provide funding to deliver Belfast'sl Nl's leading greenway. Eastside Greenways is committed to ensuring that Connswater Community Greenway is of a World Class standard and to maximise the opportunities it can bring to the city. Working with other key partners, Eastside Greenways works to maximize the social. cultural, economic and environmental outcomes, improving the quality of life for thousands of local people, ensuring the ongoing animation and sustainability of the CCG. Eastside Greenways does this by., Delivering programmes and projects on the CCG: Facilitating and initiating further development of the Greenway; Coordinating and connecting various stakeholders and partners on the CCG; Encouraging others to develop and provide services on the CCG., and Advocating for influence and investment. In its establishment as a charity. Eastside Greenways recognises the potential to build on the success and lessons leamed from the Connswater Community Greenway by defining its object., 'To promote the use and sheer enjoyment of green open spaces, parks, gardens, rivers and off - road transport routes in East Betfast and its environs and the sustainable planning, design, management, maintenance and improvement of them for the benefit of the public., It is Eastside Greenway's ambition to build on the success of the Connswater Community Greenway by promoting and facilitsting the delivery of a network of greenways across east Belfast. that will integrate in to city and regional netsvorks known as the 'EastSide Greenways, concept plan. Eastside Greenways works in partnership with Belfast City Council to deliver the CCG underpinned by a Memorandum of Understanding and a legal agreement which was confirmed in 2020. The company employed 4 fijll time members of staff during the course of the year, and managed a team of 6 Greenway Leaders and volunteers.
Eastside Greenways Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (eofttinued) Year ended 31 March 2024 Achievements and performance The CCG is a £40m project which has been constructed in phases. Phase 1 of the project (Orangefield and Victoria Park) was completed in 2014 with Phase 2 completing in April 2017. The project was officially launched in September 2017. The project is now in a new phase of delivery, making the most of its potential to deliver social, economic and environmental outcomes for long term sustainability. Public beneflt report The work of Eastside Greenways was delivered under the below workstreams I themes to achieve the Trust's ambition. Community and stakeholder engagement. pmmotlng community developmen¢ community cohesion and volunteering ESG continue to attend stakeholder and community forums in east in order to engage with the community widely. ESG continue to attend" Youth Practitioners Forum, Community Development Café. Street Work forum, Health Forum and Dementia Friendly East Belfast. The annual animation programme was delivered to support the positive use of the Connswater Community Greenway and support the strategic aims of the project. Throughout the year we delivered: Schools engagement programme - X1 steering group meetings with local educators Schools engagement - hosted X2 school visitlactivities to CCG We supported a careers day in a local primary school focusing on environmental careers Spring activities - Duck race, community race and Easter Fayre Delivered X3 Pilates Taster sessions, X3 Baby Boogie sessions and X3 Fitness Freddy sessions on CCG Hosted X4 community engagement sessions Delivered X6 targeted family activity sessions at Flora St Play Park Supported ESL Summer Scheme programme Delivered 'LNing the Green Way Fayre Supported X1 community event at C.S. Lewis Square Supported the July Weekender events Supported X3 events as a part of the annual C.S. Lewis Festival Delivered the annual Bird Day event Delivered Parkfest Supported monthly bird watching group Weekly Walk Wednesday group continued and our Gentle Walk programme for old8r people and people with mobility issues became weekly rather than twice monthly. Our Adopt a Spot residents carried out 4 community clean ups on the Greenway and we facilitated 2 business clean up sessions We have developed a new partnership with RSPBNI and are one of 18 community based organisations across Nl Included in a Nature Neighbourhoods cohort which feeds into the Peoples Plan for Nature. We have developed a new partnership with National Trust Belfast to co-develop and deliver s create programme on CCG inspired by Blossom and including community engagement.
Eastside Greenways Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (conllnued) Year ended 31 March 2024 Achievements and performance {condnued) Advancing education to create fralning and Development opportunlties. protect and enhance open and green spaces 7 Greenway Leaders continue to support the project at events and activities as well as carrying out an 'Out and About, role. The 'Out and About, role includes engagement with users. observing and reporting any issues and carying out a litter pick. Approx. 3 Greenway Leader Out and About sessions take place each week now supported by our volunteers. Monthly volunteer task days on CCG take place. Monthly Kick Sampling sessions continue tske place. led by our Greenway Leaders wÉth data input through the Riverfly Partnership. This allows us to gather data on the quality of the water in the river along the Gr88nway, 3 public sessions were held which allows people to join in and learn about this work. We continued to deliver the new Legacy Project, youth development programme working with young people aged 16-25 from East Belfast, not currently in full time education or employment. We have a full time and part time staff member dedicated to this and have recruited X15 young people who have gained accredited and non accredited training, volunteering, personal development and career development support. Economic regeneratlon through Tours, Heritage, Trails Development and impmving public access to the arts The annual Eastside Arts Festival took place including in person events. The Greenway was well utilis8d for outdoor events throughout the festival. The annual C.S. L8wis Festival took place with activity now focused on C.S. Lewis Square as a venue The Urban Market takes place seasonally to link in with our own programme so" Easter. September (back to school). Halloween and Christmas. We supported the Belfast International Arts Festival performance in C.S. Lewis Square We supported the July Weekender at C.S. Lewis Square and art workshops on the Greenway Promoting use of the Greenway through marketing and communications, events, inft)m7ation sharing and awareness We hosted visits and presentations on CCG to a varlety of organisations including University of Cranfield, University of Ulster, QUB students and more. We also launched Belfast Healthy Cities Green Map and supported the launch of the UK Tree Equity Score which took place at C.S.Lewis Square. We also spoke to 6 different PDH and Master students using CCG as a cas8 Study on dissertations and were asked to speak at muttiple webinars including Outdoor Partnership Nl on community engagement in developing green spaces. FOSS on community engagement and National Trust on adapting for Climate Change. We hosted meetings with Julie Harrison when she was permanent secretary for DFI and Naomi Long.
Eastside Greenways Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achlevements and performance {¢ontlnued) In recent years, issues such as climate change and building healthier, resilient and sustainable communities have come to the fore, further highlighted by strategic plans such as Belfast City Council's Resilience Strategy. An international focus on green recovery to rebuild and regenerate communities is being explored across many sectors. ESG has developed a new report: Climate and Nature Action: A Vision for the CCG which has been the focal point of a QUB led webinar and was also presented at the Belfast City Council Resilience Board. CCG has been cited as a case study in the Belfast Climate Action Plan Eastside Greenways and the Connswater Community Greenway are being highlighted by many organisations as an exemplar project in relation to improving urban green and blue spaces as well as engagement with local communities around the topic of climate change. ESG is a key partner in the Groundswell Consortium whlch is led by QUB in Belfast but also includes universities and partners from Edinburgh and Liverpool. This will lead to the development of new academic Search. a Tnodel of best practice and the next phase of the PARC study, an impact evaluation study of CCG since opening in 2017. We have continued to support the use of the Greenway for extemal events. especialty C.S. Lewis Square for example-, Belfast International Arts Festival, EBCDA Volunteer Event and LINCS Cultural Event. With a focus going forward on income generation. Eastside Greenways has developed a new Go Greenway Campaign which has clarified messaging around income generation for ESG as an organisation and promotes donations, membership models. event booking. business partners and more. ESG has developed a new report Access and Inclusion on CCG alongside QUB and organisations working in the area of access and inclusion such as Mae Murray Foundation, Disability Sport Nl, Age Nl, Brain Injury Matters, Orchardville and more. Promoting the enhancement and impmvement of the Greenway routss, physlcal activity and health Eastside Greenways continue to facilitate the city wide Greenway Development Group which includes representation from; Belfast Harbour. Sustrans, DFI, Belfast City Council and West Belfast Partrjership Board. The group met X3 times Ihis year. ESG has been communicated with and included In consuftations around various developments In CCG including the Sydenham Greenway, Montgomery Road and Island Street. The land adjacent to Connswater Community Centre including the car park has been identified for an upgrade as part of the CCG capital underspend which would complement C.S. Lewis Square and the wider Holywood Arches area. This work has stalled, particularly in light of covid and as capital funding becomes stretched. particularly with some of the key partners. it is important that we receive an update from BCC and EA on their decision for this space going forward. The weekly parkruns at Orangefield and Victoria Park started again in Summer 2021 and have taken place since then. We have built new relationships with Glentoran Social Partnership and Victoria Park Athletics Club. We have supported the Residents, Association of Cherryvalley, Kensington and Shandon (RACKS) by presenting at an annual meeting re possible greenway development here and connected them in with Gavin Robinson M.P. around their concerns.
Eastside Greenways Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu8dJ Year ended 31 March 2024 Flnancial review The results for the year are set out in detail on pages 16 & 17. The company retumed a deficit for the year of (£112.289) (2023.. £77.137 deficit) At 31 March 2024, the total funds of the charity amounted to £635,725, (2023: £748.014), comprising restricted funds of £19,323 (2023: £21,749), unrestricted funds of £49,528 (2023: £36,586) and endowment fund of £566,874 (2023: £689,679). The unrestricted funds are essential to provide sufficient funds to cover any unforeseen cosls which may arise and fulfill the legal obligations of the charity in the event that Gurrent levels of income are not maintained. In February 2020 an award was made by Belfast City Council of endowment funding for the continuance of the work of Eastside Greenways. The funding was agreed by the National Lottery Communities Fund as the remainder of their original award towards the development of the project. and is to be used by the company in pursuit of its strategic objectives for the long term delivery of the Connswater Community Greenway and the Eastside Greenways plan. Investment powers and policy The directors, having regard to the liquidity requirements of the organisation and to the reserves policy, will operate a policy of keeping available funds in an interest-bearing deposit account. Reserves policy and going concern A policy has been implemented by the company in ord8r to recognise the charivs requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed should equate to between 25¥0 and 50Yo of annual administration overheads. The aim is to provide sufficient funds to cover any unforeseen costs which may arise, as well as allowing for the payment of any liabilities which would arise should the company cease to operate. The company recognises that in its initial years of operation that such targets may remain aspirational. Plans for future perlods The charity plans continuing the activities outlined above in forthcoming year5 subject to satisfactory funding arrangements. Trustees. responslbilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accept8d Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the stste of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
Eastside Greenways Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (¢ontinueo) Year ended 31 March 2024 In preparing these financial slatemenls. the trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP., make judgments and accounting eslimales thal are reasonable and prudent.. prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the chartly's transactions and disclose with reasonable accuracy at any lime the financial position of the charily and enable them lo ensure that the financial statemen15 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. Auditor Each of the persons who is a trustee at the date of approval ol this report confirms that-. so far as they are aware. there is no relevant audit information of which the charity's auditor is unaware,. and they have taken all steps that they ought lo have taken as a trustee lo make themselves aware of any relevant audit information and lo establish that the charity's auditor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled lo the small companies exemption. The trustees. annual report was approved on 6 December 2024 and signed on behalf of the board of trustees by.. T Wilson Charity Secretary
Eastside Greenways Company Limited by Guarantee Independent Auditorfs Report to the Members of Eastside Greenways Year ended 31 March 2024 Opinion We have audited the financial statements of Eastside Greenways (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial acttvities (including income and expenditure account). statement of financial position 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 United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable 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 expenditure, for the year than ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs r8sponsibililies for the audit of the financial statements section of our report. We are independent of the charity in accordance with the elhical requirements that are relevant to our audit of the financial statements in the UK, including Ihe FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out below. and w8 have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit avidence we have obtained is sufficient and appropriate to provide a basis for our opinion. APB Ethical Standard - Provisions available for small entities In common with many other organisations of a similar size and nature, the charity uses Its auditors to prepare and submit returns to the tax authorities and assist with the preparation of their organisation's financial statements. Concluslons relatlng to golng concern In auditing the financial statements. 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 identrfied any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial stat8m8nts ar8 authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. 10
Eastside Greenways Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Greenways (¢¢)ntinued) Year ended 31 March 2024 Other Infomiation The other information comprises the information included in the annual report, other than the financial ststements and our auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have perfonned. w8 conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our oplnlon. based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements: and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accountlng records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audlt. or the trustees were not entitled to prepare th8 financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 11
Eastside Greenways Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Greenways (eontinued) Year ended 31 March 2024 Responslbilities of trustees As explained more fully in the 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to Cease operations. or have no realistic alternative but to do so. 12
Eastside Greenways Company Limited by Guarantee Independent Audltor's Report to the Members of Eastside Greenways (eontlftu8dJ Year ended 31 March 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements 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. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consid8red material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulalions. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Th8 extent to which our procedures are capable of detecting irregularities, including fraud is d8tai18d below: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector. control environment and business performance including the design of the remuneration policies. key drivers for directors, remuneration. bonus levels and performance targets" results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed documentation of their policies and procedures relating to: identifying. evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whather management have knowledge of any actual, suspected or alleged fraud- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists. including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organi5ation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK). we are also required to perfomi specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in th8 financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. 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 may be fundamental for their ability to operate or to avoid a material penalty. 13
Eastside Greenways Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Greenways (contlnued) Year ended 31 March 2024 As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtsin audit evidence that is sufficient and 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. intentional omissions, misrepresentalions, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluat8 tha appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the chartvs ability to continue as a going concem. If we conclude that a material uncertainty exists. we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or. if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding. among other matters. the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in intemal control that we identify during our audit. 14
Eastside Greenways Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Greenways (oontlnu8dJ Year ended 31 March 2024 As explained more fully in the Trustees, Responsibilities Statement (set out on page 10), the Irustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK). Those standards require us to comply with the Financial Reporting Council's (FRC'S) Ethical Standard for Auditors,, in the circumstances set out in note 21 to the financial statements. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 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 required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity'5 members as a body. for our audit work, for this report, or for the opinions we have fomied. Paul Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountant5 & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 6 December 2024 15
Eastside Greenways Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted Endowment funds funds Total funds 2023 Unrestricted funds Total funds Nole Income and endowments Donations and legacies Charitable activities Olher trading activities Investment income 628 628 94,647 7,410 4,904 384 60,868 13,049 1,164 94,647 7,410 4.904 Total income 12,942 94,647 107,589 75,465 Expenditure Expenditure on charitable activities 97,073 122,805 219,878 152,602 152,602 Total expenditure 97,073 122.805 219,878 Net expenditure and net movement in funds 12,942 {2,426) (122,805) 1112,289) (77,137) Reconciliation of funds Total funds brought forward Total funds carried forward 36.586 21,749 689.679 748,014 825,151 49,528 19,323 566,874 635,725 748,014 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 18 to 26 form part of these financial statements. 16
Eastside Greenways Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note CuTrent assets Debtors Cash al bank and in hand 14 23.288 636.487 5,472 765,484 659.775 770,956 Creditors: amounts falling due within one year Net current assets 15 24.050 22.942 635.725 748.014 Total assets less current liabilities 635,725 748,014 Net assets 635,725 748,014 Funds of the charity Endowment funds Reslricled funds Unrestricted funds 566.874 19.323 49.528 689.679 21.749 36,586 748,014 Total chartty funds 17 635,725 These financial statements have been prepared in accordance with the prowsions applicable lo companies subject to the small companies, regime. These financial slatements were approved by the board of Iruslees and authori5ed for issue on 6 December 2024. and are signed on behalf of the board by.. A H Ps*PKr The notes on pages 18 to 26 form partoftheye financial 8tatsmgnts. 17
Eastside Greenways Company Limited by Guarantee Notes to the Flnanclal Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Avalon House, 2781280 Newtownards Road, Belfast, Co. Anlrim. BT4 1 HE. Statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial ststements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charitys ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.{b) Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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 earmarked by the trustees for particular future projects or commitments. Restricted funds are subject to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of bNo sub-classes: restricted income funds or endowment funds 18
Eastside Greenways Company Limited by Guarantee Notes to the Financial Statements {continued) Year ended 31 March 2024 Accounting policies (contlnued) Incoming resources All incoming resources are includ8d in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction 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 entitlement to the gift. receipl 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 unl8SS this is impractical to measure reliably. in which cas8 the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are induded for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case It may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charilable activtties includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure 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 resource. Direct costs 8ttributable to a single activity are allocated dir8Ctly to that activity. Shared costs ar8 apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognlsed only when the charity becomes a party to the contractual provisions of the instrument. 19
Eastside Greenways Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 31 March 2024 Accounting pollcles (¢ontlnued) Financial instruments (contlnuedj Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost18ss impairment. Other financial instruments, including derivatives. are initially recognised at fair value. unless payment for an asset is deferred beyond normal business temis or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaimient at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in futur8 payments or a cash refund. When contributions are not expected to be sett]ed wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 20
Eastside Greenways Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 Llmited by guarantee The Charity is a company limited by guarantee and every member undertakes to contribute to the assets of the company in the event of it being wound up. while being a member or within one year after ceasing to be a member, such amount as may be required not exceeding £1. Donations and legacles Unrestrtcted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donatlons Donations 628 628 384 Charitable activities Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Belfast City Council KNIB International Fund EBCDA National Trust 5,496 5,496 6.764 2,000 51,604 500 6,764 2.000 51.604 500 66,651 66,651 22.500 22.500 94.647 94.647 60.868 60,868 Other trading actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Intercompany Income Other income 12.119 930 12.119 930 7,410 7,410 7,410 7,410 13.049 13,049 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 4.904 4.904 1,164 1,164 21
Eastside Greenways Company Limited by Guarantee Notes to the Financial Statements (eontinu8dJ Year ended 31 March 2024 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Promotion of the Use of Connswater Community Greenway Other grant programmes PYDP Programme Governance costs 106,117 8,494 75,178 16,058 122.175 8,494 88,579 630 112.587 9.264 30.151 600 13.401 630 189,789 30,089 219,878 152.602 10. Analysls of support costs Analysis of support costs Total 2024 Totsl 2023 Premises General office Finance costs Governance costs 21.304 555 7.600 630 21.304 555 7,600 630 18,612 284 7,534 600 30,089 30.089 27,030 11. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 630 630 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 121,796 10,307 8,211 71,801 6,035 4,661 140,314 82,497 22
Eastside Greenways Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 31 March 2024 12. Staff costs fcontlnued) The average head count of employees during the year was 10 (2023: 7). The average number of full-time equivalent employees during the year is analysed as follows: 2024 2023 No. Full time employees Part time employees 10 No employee received employee benefits of more than £60.000 during the year (2023.. Nil). 13. Trustee remuneration and expenses The Charity Trusteas w8r8 not paid or received any other benefits from employment with the Charity in the year (2023: £NIL). No Charity Trustee received payment for professional or other services supplied to the Charity (2023: £NIL). 14. Debtors 2024 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income 2.886 4,123 1.349 20.402 23,288 5,472 15. Creditors: amounts falling duo within one year 2024 2023 Trade creditors Amounts owed to group undertakings Accruals and deferred income Other creditors 5,283 17,789 400 578 5.424 16.540 400 578 24,050 22,942 16. Pensions and other post retirement benefits Defined contrlbutlon plan5 The amount recognised in income or expendlture as an expense in relation to defined contribution plans was £8.211 (2023.. £4.661). 23
Eastside Greenways Company Limited by Guarantee Notes to the Financial Statements (¢onlinued) Year ended 31 March 2024 17. Analysls of charitable funds Unrestricted funds At 1 April 2023 At31 Income Expenditure March 2024 General funds 36,586 12,942 49,528 At 1 April 2022 At31 Income Expenditure March 2023 General funds 21.989 14.597 36.586 Restricted funds At 1 April 2023 At31 Income Expenditure March 2024 Belfast City Council - Get active on Greenway BCC Greenway Celebrations Keep Nl Beautiful Challenge International Fund EBCDA BCC Sport BCC Community Festivals National Trust Belfast City Council-Participatory Budgeting 1,500 3,000 {1,500) (3.000) 296 296 21,453 66,651 {88,579) (475) 22.500 (2,998) 19,502 996 (996) (97.073) 21.749 94.647 19,323 At 1 April 2022 At31 Income Expenditure March 2023 Belfast City Council - Get active on Greenway BCC Greenway Celebrations Keep Nl Beautifijl Challenge International Fund EBCDA BCC Sport BCC Community Festivals National Trust Belfast City Council-Participatory Budgeting 296 1.991 2.000 51.604 500 1.000 3.773 (1.991) (2.000) (30.151) (500) (1.000) (3.773) 296 21.453 296 60,868 (39.415) 21,749 24
Eastside Greenways Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Analysis of charitable funds (¢ontlnu¢d) International Fund for Ireland restricted fund is in deficit of £475 at 31 st March 2024 due to timing differences between expenditure being incurred and funding being drawn down from the fijnder. Endowment funds At 1 April 2023 At31 Income Expenditure March 2024 Belfast City Council 689,679 (122,805) 566,874 At 1 April 2022 At31 Income Expenditure March 2023 Belfast Cty Council 802.866 (113.187) 689,679 In February 2020 an award was made by Belfast City Council of endowment funding for the continuance of the work of Eastside Greenways. The funding was agreed by the National Lottery Communities Fund as the remainder of their original award towards the development of Ihe project. and is to be used by the company in pursuit of its strategic objectives for the long term delivery of the Connswater Community Greenway and the Eastside Greenways plan. 18. Analysis of net assets between funds Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Current assets Creditors less than 1 year Net assets 63,452 (13,924) 49,528 22,341 (3.018) 19.323 573,982 (7,108) 566.874 659,775 (24.050) 635.725 Unrestrtcted Funds Restricted Endowment Totsl Funds Funds Funds 2023 Current assets Creditors less than 1 year Net assets 57.288 (20.702) 36,586 22.727 (978) 21,749 689,679 769.694 (21.680) 748,014 689,679 19. Taxation The Charlty's activities fall within the exemptions afforded by the provislons of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts. 25
Eastside Greenways Company Llmited by Guarantee Notes to the Financial Statements {¢ontinued) Year ended 31 March 2024 20. Related party transactions The company has taken exemption from disclosing related party transactions with other group entities under section 33 of FRS102. There are no other related party transactions to disclose for 2022123 or 2023124. 21. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorilies and assist with the preparation of the financial stslements. 22. Contingencles A contingent liability @xists to repay grants r8C8iV8d should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, th8 terms of th818tt8rs of offer have b88n, now will be. complied with and no liability is expected. 26