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2024-09-30-annual-return

Charity registration number NIC101004 (England and Wales)

Company registration number NI614137

IMAGINE BELFAST LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

IMAGINE BELFAST LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Don Leeson, Chairperson
Mr Ian Fraser, Treasurer
Ms Julie Williams-Nash, Secretary
Mr Ciáran Hanna
Mr Martin Magee
Mr Paul Maxwell
Mr Paul Mulgrew
Ms Juliana Taylor
Secretary Mr Peter O'Neill
Charity number (England and Wales) NIC101004
Company number NI614137
Registered office 46 Hill Street
Blick
Belfast
BT1 2LB
Independent examiner Harbinson Mulholland
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP

IMAGINE BELFAST LTD

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 8 - 15

IMAGINE BELFAST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Trustees present their annual report together with the financial statements for the year ended 30 September 2024.

The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

Objectives

The company’s objects as set out in its Memorandum of Understanding are as follows:

To promote the arts and culture, and to promote religious harmony and equality and to promote the benefit of the people of Belfast and Northern Ireland without distinction of age, gender, disability, sexual orientation, nationality, ethnic identity, political or religious opinion by associating the statutory authorities, community and voluntary organisations and the inhabitants and in particular:

(a) to encourage appreciation for, the active participation, and to stimulate the artistic creativity of people, in the area of benefit;

(b) to present, promote, organise, manage and produce talks, debates, comedy events, tours, exhibitions, cabaret, film screenings, seminars, conferences, workshops and street theatre; (c) to advance any other exclusively charitable purpose as the directors may, from time to time, decide in accordance with the law of charity.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities for achieving objectives

The company exceeded all its targets in this reporting period having organised a successful festival in March 2024. In planning our activities, we have considered the Charity Commission’s guidance on public benefit to ensure that our activities will help to achieve the charity’s objectives and provide a benefit to our beneficiaries as detailed in the following sections.

The 10th Imagine! Belfast Festival proved to be a very successful project involving 130 events and 376 speakers & performers in 44 venues across Belfast during 18-24 March 2024 attracting an audience of 7,383 in-person attendees and estimated 12,300 online viewers. Most of the events (65%) were free as the festival rolled out an eclectic mix of film, humour, talks, music, poetry, podcasts, theatre, exhibitions, tours, discussions, and workshops. This year we featured keynote artists and speakers exploring a wide range of political themes and they included: Paul Muldoon, Don Letts, Manchán Magan, Sarah Corbett, Eamonn Mallie, Noel Doran, Nuala McKeever and Louise Walsh with special performances from the Ulster Orchestra, Yard Act, Henry Normal & Nigel Planer, Enola Gay, Paddy Cullivan, Ursula Burns and the Colorado based theatre company TINTS, together with a host of other exciting arts, heritage and cultural events with many sold out or oversubscribed.

The festival explored the theme ‘ Top EnterBRAINment ’ encouraging people to have some fun with politics and we programmed a greater number of events designed to engage younger people in our music events. This strand included a series of events examining the relationship between music and politics, particularly punk, and performances from the Sullivan family of traditional singers from the Ojibwe reservation in Wisconsin, USA. The festival also involved a number of tours, exhibitions, quizzes, live podcasts and talks from a range of experts exploring the big issues of our time.

Most of our events were suggested and created in collaboration with the public and long-standing partners. We held a public consultation in October 2023 to help develop the programme and we were delighted with such a highquality response. In developing this festival, we hoped to deliver the following outcomes and we are pleased to confirm that we exceeded these projections:

IMAGINE BELFAST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

  1. A greater appreciation, understanding and exchange by people and communities in Northern Ireland and beyond of local and international political, cultural and reconciliation issues through the organisation of over 100 talks, debates, training workshops, performances and exhibitions.

  2. Greater public support for reconciliation, cultural diversity, civic activism and deliberative politics in Belfast and Northern Ireland through our festival programme.

  3. The promotion of good relations, cultural diversity and the participation of under-represented groups in civic society through the organisation of festival activities, public participation events, blogs, and workshops.

  4. The greater facilitation of political and cultural discussion through the engagement of at least 200 keynote speakers and performers sharing perspectives and learning on a range of contentious and difficult issues such as dealing with the legacy of the past, diversity issues, the climate crisis, and other keynote issues.

We conducted a comprehensive evaluation of the festival through an audience survey involving 385 returns. Our survey found that 98% of respondents felt the festival satisfied their expectations. It was particularly pleasing to find that 50% of audience members were attending a festival event for the first time and 42% of the sample had never been to the festival venue before, which confirms that we were able to reach new audiences and introduce them to new venues and partners. We also asked whether respondents considered themselves to be disadvantaged and found that 21% of the sample considered themselves to fall into this category which suggests were able to significantly engage with vulnerable and less well-off sections of the community.

We also found that 13% of our sample were visiting Belfast/Northern Ireland with 6% stating they lived in Ireland, 4% came from GB, 2% from rest of Europe and 1% from rest of world. For these ‘out of state’ visitors, 18% said that attending the festival was the main reason for their visit to Belfast.

We are also delighted with the quality of the performances in our programme, confirmed by audience feedback and media reviews. We received record media coverage, and our speakers and performers were appreciative of the platform we were able to provide for them.

We are very appreciative of the funding provided by the Department of Foreign Affairs and Trade’s Reconciliation Fund; VSB Foundation; the Arts Council for Northern Ireland; the National Lottery Awards for All Fund; Future Screens NI; Linen Quarter BID; Queen’s University Belfast; Belfast City Council; Open University Northern Ireland; Ulster University and the Community Relations Council. We were pleased to attract a new funder this year in Linen Quarter BID and to increase our ticket income.

Public Benefit

The public benefits that flow from the promotion of religious harmony and equality through the organisation of our inclusive festivals are increased social cohesion, improved good relations and economic conditions. These benefits are evidenced by audience evaluations and box office returns from participating venues.

The public benefits that flow from promoting the benefit of the people of Belfast and Northern Ireland through the organisation of events at the Imagine Belfast Festival include improved recreational, social and economic conditions. These benefits are evidenced by our audience sampling and through the high public attendance at our events. There is no private benefit resulting from the activities of our organisation. The sole beneficiaries are our performers and audiences.

Financial review

Key financial performance indicators

The company continues to deliver a high number of events on a modest income. Over 130 events were organised in 2024. Total income received in the year was £152,538. The surplus for the year was £15,816 after deducting expenditure of £136,722.

Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

IMAGINE BELFAST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Plans for future periods

The trustees are closely monitoring future plans in a difficult funding environment and have decided to run another festival during 24-30 March 2025.

Structure, governance and management

Governing document

The company is registered as a charitable company limited by guarantee and is registered under the Companies Act 2006, as a private company, limited by guarantee (Company number N1614137). It is also registered with HMRC and the Charity Commission Northern Ireland (NIC101004).

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr Don Leeson, Chairperson

Mr Ian Fraser, Treasurer

Ms Julie Williams-Nash, Secretary Mr Ciáran Hanna Mr Martin Magee Mr Paul Maxwell Mr Paul Mulgrew Ms Juliana Taylor

Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The company has taken the opportunity to develop a new strategic plan and refresh its risk assessment framework.

Organisational structure and decision making

The Trustees met six times during the year with a quorum of at least 4 members. All meetings were minuted with decisions recorded and reviewed at subsequent meetings.

Approved by the board of trustees and signed on its behalf by:

.............................. Mr Don Leeson, Chairperson

Trustee

18/02/2025

Date: .............................................

IMAGINE BELFAST LTD

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IMAGINE BELFAST LTD

We report to the trustees on our examination of the financial statements of Imagine Belfast Ltd (the charity) for the year ended 30 September 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Harbinson Mulholland

6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT1 3LP 19/02/2025 Date: ............................

IMAGINE BELFAST LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
82
-
Charitable activities
4
52,869
98,081
Other income
5
1,506
-
Total income
54,457
98,081
Expenditure on:
Charitable activities
6
38,641
98,081
Total expenditure
38,641
98,081
Net income and movement in
funds
15,816
-
Reconciliation of funds:
Fund balances at 1 October
2023
45,293
-
Fund balances at 30
September 2024
61,109
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
82
3,308
-
150,950
62,151
68,009
1,506
-
-
152,538
65,459
68,009
136,722
62,440
68,009
136,722
62,440
68,009
15,816
3,019
-
45,293
42,274
-
61,109
45,293
-		 Total
2023
£
3,308
130,160
-
133,468
130,449
130,449
3,019
42,274
45,293

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

IMAGINE BELFAST LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
15		 2024
£
123,895
(69,406)		 £
6,620
54,489
61,109
61,109
61,109		 2023
£
69,653
(30,957)		 £
6,597
38,696
45,293
45,293
45,293

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

18/02/2025

The financial statements were approved by the trustees on .........................

..............................

Mr Don Leeson, Chairperson

Trustee

Company registration number NI614137 (Northern Ireland)

IMAGINE BELFAST LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
18
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(3,192)		 £
57,434
(3,192)
-
54,242
69,653
123,895		 2023
£
(3,400)		 £
5,704
(3,400)
-
2,304
67,349
69,653

IMAGINE BELFAST LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 Accounting policies

Charity information

Imagine Belfast Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 46 Hill Street, Blick, Belfast, BT1 2LB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

IMAGINE BELFAST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Intangible assets

20% straight line

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

IMAGINE BELFAST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 82 3,308

IMAGINE BELFAST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Charitable activities
Programme income
18,387
-
Performance related
grants
34,482
98,081
52,869
98,081		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
18,387
36,077
-
132,563
26,074
68,009
150,950
62,151
68,009		 Total
2023
£
36,077
94,083
130,160

Performance related grants analysis

Charitable Charitable
activities activities
2024 2023
£ £
Department of Foreign Affairs; Reconciliation Fund 28,547 28,384
VSB Foundation 15,000 5,000
Community Relations Council 4,150 3,750
Arts Council NI 9,450 13,875
National Lottery Community Fund 10,000 -
Belfast City Council 20,000 20,000
Ulster University 5,000 5,000
The Open University 5,000 5,000
Queen's Univerity Belfast 6,500 7,000
British Academy - 2,000
Other 28,916 4,074
132,563 94,083
Other income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income 1,506 -

5 Other income

IMAGINE BELFAST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

6 Expenditure on charitable activities

Heading Heading
#ac982 #ac982
2024 2023
£ £
Direct costs
Staff costs 29,877 22,723
Depreciation and impairment 3,169 2,530
Project costs 70,822 95,847
Advertising 26,374 4,084
Postage and stationery 529 373
Insurance 1,052 995
Accountancy 1,180 1,770
Sundry 3,719 2,127
136,722 130,449
Analysis by fund
Unrestricted funds 38,641 62,440
Restricted funds 98,081 68,009
136,722 130,449

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2024
Number
1
2024
£
28,454
1,423
29,877		 2023
Number
1
2023
£
20,983
1,740
22,723

There were no employees whose annual remuneration was more than £60,000.

IMAGINE BELFAST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Intangible fixed assets

Cost
At 1 October 2023 and 30 September 2024
Amortisation and impairment
At 1 October 2023 and 30 September 2024
Carrying amount
At 30 September 2024
At 30 September 2023
11
Tangible fixed assets
Cost
At 1 October 2023
Additions
At 30 September 2024
Depreciation and impairment
At 1 October 2023
Depreciation charged in the year
At 30 September 2024
Carrying amount
At 30 September 2024
At 30 September 2023
12
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 Intangible
assets
£
27,730
27,730
-
-
Computers
£
12,652
3,192
15,844
6,055
3,169
9,224
6,620
6,597
2024
2023
£
£
4,068
760
65,338
30,197
69,406
30,957		 Intangible
assets
£
27,730
27,730
-
-
Computers
£
12,652
3,192
15,844
6,055
3,169
9,224
6,620
6,597
2024
2023
£
£
4,068
760
65,338
30,197
69,406
30,957
15,844
6,055
3,169
9,224
6,620
6,597
2023
£
760
30,197
30,957

IMAGINE BELFAST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

13 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 1,423 1,740

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 October 2023 resources expended 30 September
2024
£ £ £ £
Belfast City Council - 20,000 (20,000) -
NI Community Relations - 4,150 (4,150) -
Future Screens - 25,934 (25,934) -
ACNI Lottery Fund - 9,450 (9,450) -
Department of Foreign Affairs (ROI) - 28,547 (28,547) -
National Lottery Community Fund - 10,000 (10,000) -
- 98,081 (98,081) -

Restricted funds are funds received for specified purposes within the overall aims of the charity.

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 October Incoming Resources At 30
2023 resources expended September
2024
£ £ £ £
General funds 45,293 54,457 (38,641) 61,109
Previous year: At 1 October Incoming Resources At 30
2022 resources expended September
2023
£ £ £ £
General funds 42,274 65,459 (62,440) 45,293

IMAGINE BELFAST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

16 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 30 September 2024:
Tangible assets 6,620
Current assets/(liabilities) 54,489
61,109
Unrestricted
funds
2023
£
At 30 September 2023:
Tangible assets 6,597
Current assets/(liabilities) 38,696
45,293

17 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

18
Cash generated from operations
Surplus for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Increase in creditors
Cash generated from operations
19
Analysis of changes in net funds		 2024
£
15,816
3,169
38,449
57,434		 2023
£
3,019
2,530
155
5,704

The charity had no material debt during the year.