CHARITY REGISTrATION NUMBER: NIC101005 SOCIETY REGISTRATION NUMBER: IP 000314 {Northern Ireland} Ashton Centre Development Limited Financial Statements 30 November 2021 FEB CHARTERED ACCOUNTANTS Chartered accountsnts & ststutory auditor Linenhall Exchange First Floor 26 Linenhall Street Belfast United Kingdom BT2 8BG
Ashton Centre Development Limited Financial Statements Year ended 30 November 2021 Page Directors, annual report Independent auditorfs report to the members Statement of financial activtbes 11 Statement of financial posibon Statement of cash flows 12 13 Notes to the financial ststements 14 The following pages do not forni part of the financial statements Detailed statement of financial activtties 23
Ashton Centre Development Limited Directors. Annual Report Year ended 30 November 2021 The directors pr8sant their rew)rt and the finanaal statgments for the year ended 30 Novemb8r 2021. Reference and administrative detsils Reglstared charlty name Ashton Cgntrg D)78nt Limited Charlty reglstsatlon numbgr NIC101005 Soclety rnglstratlon numbw IP000314 Prln¢lpal offlce Ashton Centre 5 Churchill Street Beffast BT15 2BP Tho directors Mr T Goldsmith- Chair Mr J 8ak8r- Secretary Mr F Roberts Ms S Campbell Mr S Fitzsimons Ms C Heron Ms A RowlaTrJs Ms C Christy Ms L MCSlravk IRes*3ned 31 December 2021) (Resigned 28 Febnjary 20221 Audltor FEB Chartered Accountsnts Chartered accountsnts & statutory audllor Linenhall Exchange First Flwr 26 Linenhall Street BeKast United lfjngdom 8T2 88G 8ankar5 AIB INI) 11-15 Donegall Square Ntyth Beifast BT15GB Sollcltors Mccann & Mccann 19 Church Street Belfast BT11PG
Ashton Centre Development Limited Directors. Annual Report Year ended 30 November 2021 Objectlves and actlvltlas The objects of the charity are the promotion for the public benefit of urban regeneration in North Belfast and parti¢ulady in the New Lc4Jge ward of Belfast District Coun¢il. being an area of social and economic dgprivation, by all or any ofthe follcming means: i. the relief of Fovety; ii. the reli&f of unemployment- iii. the creation of training and gmployment opportunittes by the provision of workspace, buildings, andlor land for usg on favourable tems: iv. the maintenance, improvement or provision of public amenities: v. the provislon of public heatth and childcare facilities; vi. the provision of recreational faulilies for the public at large or those who by reason of their youth. ag8, infimiity or disablement. poverty or social and economic c1umsnc8$, have need of such facS1ities. Mlsslon The miSsn stslement which defines Ihe overall purpose of Ashton Centre Development Limited is To promote p0Sve change and improve the quality of Irf8 of the North Belfast CA)mmuniV. The achievement of this mission will lead to a vision of 'A safe. prosperous and caring communty where residents have pride and a sense of ownership.. The directors have paid due regard 10 9uidance issued by the Charity Commission in deciding what activitses the charity should undertake. Activitles Ashton Centre Development knmited promotes physical developments as a ditver for S¢xial and economic regeneration within the North Betfasl area. Any profits generated by the Ashton Centre Development Limited are. where possibl8. kepl within the greater New Lodge community and used lo frjrther develop its facilities and services. The community is al the forefront of its delivery and with the development of numerous sites and ¢xpansion of serwces the communty have gained extended opening hIr$ for semco dolivory, disability a¢$$. visible improvements to the physi1 environment. All of the mentioned puryh)5e is to imF¥ova mental heath. emotional wellbeing. wnnectiwty. personal developmen( increased employment, livsng standards and relief of poverty. Publlc Benafrt The director5 are aware of and have gNen consideration to the Publtc 88nefil guidance publlshed by the Charity Commission for Northem Ireland. The public benefits that fiow from the advancement of Communty development and the promotion of urban davelopmgnt arg: i. reduction in financiol and other hardships. stress. anxiety and ilkhealth; ii. the creation of employment. training and work experience opportuftittes for r8sidents INing in economically and sctially deprived areas and consequentty a reduction in povety. ynemploymenl and h8rdship,168ding to a better quality of lrfe for the benefieAaries and cKJnsequenl improvements in health and well-b8ing- iii. enhanced accessibility to free afftjrdable tsc11eS and amenities. leading to an improvement in people's qualty of life and well-being-. iv. enhanced accessibilty to health servtces and affordable childcare: v. enhanced aclNity. engagement and partIpatIOn in sock81 aCtiVe5 by residents of the area of benefil, leading to an improvem8nt in theirwell-being arKI qualty of lile artd greater soct81 coheslon.
Ashton Centre Development Limited Directors. Annual Report (¢onthu8dJ Year ended 30 November 2021 Achlevements and p•rfom)an¢e During the year Ashton C8ntre Development Limiled sdd one propety 120 Clrftonville Road). The charity now has nine buildings that have been buiEt or re-furbished the help generate the a0 and provide social and economic opportunities. The Ashton Contre in Churchill Stregt is let predominantly to Ashton Communty Trust IACTI. from where training & employment soNces, family support services and community aCtive$ take place. The Ashton Centre housed a do¢torfs surgery for 20 yoars, but rL vacated th8 centre in August 2021. The Mcsweeney Centre In Henry Place fulty rervated and is let to ACT. from where two Kinderkids day-care operate as well as Bridge ol Hope Health and Wellbeing such as counselling antJ other Iherapeulic services tske place. Ajliance Avonug is also fully 0P1 by Bridge of Hope to provide Heatth and Wellbging service5. 529 Antrim Road is now being occupied by both ACT Training and Employmènt services and Belfast Hoalth & Social Care TrusL providing servtces to the local Community. 683 Amtrim Road consists of 15 rooms and a garagg. The rcAim$ a let to individual tenants and during the year they were fuliy occupied. The Ouncaim Complex in DunGaim Gardens also houses ACT and Betfast Health & Social Care projects. Ashton Centre Development Limited also thvn 96 Duncaim Gardens which is currentty derelict. We await to see rf surrounding wtes tOme available at whth time there is potential for fvAure development
Ashton Centre Development Limited Directors. Annual Report Year ended 30 Novernber 2021 Flnan¢lal rwlèw The results for the year are set out in detail on pages 11 to 21. Th8 charity retumed rset Incoming resources for the year of £210.839 (2020: Outgoing Resources of £50.081). The surplus is primari attributed to the loan forgiven by ACT of£300.000. AI 30 November 2021, the total funds of the chaiity amounted to £4,314.766 {2020: £4,103,927) comprising restricted funds of £2,490.041 (2020: £2,551.1961 and unrestricted funds of £1,824.725 12020: £1.552.7311 of which £1.739.762 (2020- £1.586.953) are designated. Ashton Centre Development Limited has performed in line With its budget for the year, for both commercial and residential properttes. The organisation sets out to generate a small surplus each year before applwng th& depreciaknon o>sts of its large p(ffNolh?. Reserrfes Pollcy Ashton Centre Development Limited has a small number of employees and has no need to hold large reserves other than lo deliver ¢)n its ch81itable aims. Current reserves are in the physical fabric whith is essential lo the delivery of our charitable aims and are therefore not free reserves. Ashton Centre Development Limited inlends to l)orrow on the strength of its assets lo finance further developments. Any call upon the use of reserves wll be at the approval of the dSreclors whlch VAII examine the rational8 for doing so, assess the risk and agree an amount where apE)ropriate. The director5 have assessed the major risks to which the soaety is exp)sed and are satisfied that systems are in place lo mitigate exposure to the major risks. Rlsk Managoment Financial risks are assessed by the organisation on a regular bas. The main risk is the under-utilisation of available rental space. Vacancies are disojssed at each directors meeting and the FL)tenlial Impact assessed. Future Plans Ashton Centre Development Limited continues to ffK)nitor opportunibes wthin the North Belfast area. Some of these opportunities may requir8 parbier organisations. others Ashton Centre Development Limited may be able to cary out alone. Structtsre. governan and management Ashton Centré Devélopment Limited is a registered govemed by its rules. Ashton Centre Development MIted is $0 regislered as a charity with the Charity Commission for Northern Ireland. The directors who seNed during the year and up to the date of signature of the financial statements were: Mr T Goldsmith - Chair Mr J Baker- Secretary Mr F Roberts Ms S Campbell Mr S Filzsimons Ms C Heron Ms A Rowlands s C Christy (Resigned 31 December 20211 Ms L Mcstravick (Resigned 28 February 2022) Appolntmgnt of dlroctors Ashton Centre Development Limited is govemed by directors elecled by its members on an annual basis. All members are Ènvited to nominate ¢0 the Boa which C$1$1$ of up to 12 people elected for ong year period. The Chair is nomknaled by the directors.
Ashton Centre Development Limited Trustees. Annual Report(wndnwd) Year ended 30 November 2021 Dlrectors Inductlon and tralnlng New directors undergo indudion training to brief them on roles and reskM)nsibilities and their legal obligations under charity law. the director5 and the decision-making processes, the strategic and operational planning processes, the organisational struGture and key organisational a¢tivities. Dirgctors are provided yth copies of the Ashton Centre Development Limited Govemance Manual which includes the Rules. Role Descriptions for Office Bearer5 and D1CtOrS and Sub Committees. Ashton Centre Development miled Finance Procedures and the Ashton Centre Development Limited Equal Opportunitses Policy. Organlsatlonal Strudure The directors ensure the good govemance of the organisation by setting strategic objecttves and pollcy direction thrgh Asht¢)n Centre Development Limited's threevyear strategic plan. Progress against this plan is monrtored regulady and annual opefalional pn$ updated as necessary. The directors meet. on average. every six weeks. The Propety Manager is in control of the application and monitorirwj of the straleglc and operatsonal ObltiVeS as li%led in the Stralegic and Operational Plans. Rolat•d Partlos Ashton Centre Developmenl Limited L8 an independent organisabon and therefore all operations are catried OLrt in accordance with thi. A subsidiary Task-Team-Pm Ltd was set up to provid& property seNces in the area. After some inilial success il was decTded to ase trading as anticipated opportunittes had not malerialised. Task-Team-Pm Ltd was dissolved in Juty 2021. Directors. responsibilities sLitemenl The directors. who also act as trustees for the charitable a(vthes of tho charity. are resw>nsible for preparing thè dir9Ctors' report and the financial stslements in accx)rdance with applicable law and United Kingdom Accounting Stsndard5 (United lfjngdom Generaily Accepted Accounting Practice). The law applicable to tharities in Northem Ireland requi$ the charity trustees lo prepare financial stslements for each year which give a true and fair view of th8 stste of affairs of the charity and of the incomlng resources and application of resources, of the charity for that year. In preparing these finala1 ststements. the trustees are requlr&l to: sel¢cl suitsble ac¢wnling poltaes and th ap them consistenlly: observe the methods and principles in the applicable Chariks SORP: make judgments and accounting estimates that are reasonable and prudent; statg whether applicable UK Ac(xsunting Standards have been followed. subject to any material departures disclosed and explained in the financial statements: prepara the financial ststements on the gotng concem basis unless it is inapproprr*e to presume that th8 charity 11 eanlinue in business. The trustees are responsltAe for keeping adequate accounting re¢dS that ara suffident to show and explain the charitys transactions and disc]ose with reasonable accuracy at any time the finanoal position of the charity and enab them lo ensu that the finanual statements comply with the Ccpoperative and Communty Benefit Societies Acl {Norlhern Ireiandl 1969. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and delectton of fraud and other irregularities.
Ashton Centre Development Limited Trustees. Annual Report Year ended 30 November 2021 Disclosure of Infomialion lo auditor Each of the direcEors has confirmed that the is no information of which they are aware which is re18vant lo the audit. but of which the auditor is unaware. They have furtrter confimied that they have taken appropftate steps to identify such relevant information and to estsblish that the auditor is aware of such infomlation The dire¢tQTS' annual reFQrt was approved on .............................. directors by: $vJned on behaW of the board of old Dlrector Ith Mr J Bakor,,
Ashton Centre Development Limited Independent Audbtorfs Report to the Members of Ashton Centre Development Limited Year ended 30 November 2021 Oplnlon We have audited the financial statements of Ashton Centre Development Limited {th8 'charity) for the year ended 30 November2021 which comprise the ststement of financial activilies, statement of financial P¢)Sition. statement of cash flows and the lated notes. induding a summary of significant accounting polic¢es. The financial rgporting framework that has been applied in their preparation is applicable law arKI United Ktngdom Accounting Standards. including FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland {Uniled Kingdom GenerlY Accepted Accounting Practice). In our opinion th8 financkil statements: give a true and fair view of the state of the chariWs affairs as at 30 November 2021 and of Ils incoming resources and appllcation of reSrceS. incEuding its income and expenditure, for the year then ended- have been property prepar9d in accordarK6 wilh United Kingdom Generally Accepted Accounting Pr8¢1io: havg been prepared in accordance with the requirements of the CovoperatNe and Community Benefit Societies Act (Northem Ireland) 1969 and The Ch8ri1ies (Account 8nd Reports) Regulattons (Northem Ireland) 2015. Basls for oplnlon We conducted our audit in aco)rdan¢e with Intemational Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilie5 under those stsndards are further described in the auditorfs responsibilities for the alt of th8 financial stslements sect¥)n of our report. We are independent of th¢ ¢harity in accordance with the ethical requirements that a relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fvlfilled our other ethic81 responsibilities in accordance wth these reqU1Ments. We believe that the audit evidenc8 we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial ststements. we have conduded that the tnjstees. use of the going concem basis of accounting in the preparation of the ffinanrAal statements is appropiiate. Based on the work we have perfomied. we have nol identified any material uncertainties relating to events or conditions that. indiwdually or o)Ilectively. may cast Sbgnificanl doubt on the chartys abilty lo continue as a going nCeM for a period of at least Iwelve months from when the financlal statements 8re authorised for issue. Our responsibilitses and the responsibiliS d thg trustees wilh roSPOCt to golng con¢ém are descrlbad in the relevant sections of this report.
Ashton Centre Development Limited Independent Auditorfs Report to the Members of Ashton Centre Development Limited (¢ondftu• Year ended 30 November 2021 othor Infomiation The other infom)alion comprises the information in¢kJded in the annual report. other than the financial ststsments and our audito¢s report thereon. The trustees are responsibl8 IC the other inforniation. Our opinion on the financial ststements does not cover the other infomiation and. except lo the extent otherwise expliatly stsled in our repor( we do not express any fom) of assurance conclusion thoroon. In connection with our audit of the financial statements, our P)nsIbIlity is lo read the other information and, in doing so. consider whether the other inf0Mtioft is materially inconsistent wth the financial statements or our knovAedge obtained in the audit or othe(se aPar$ to be malerially misstated. If we identify such material inconsistencies or apparent material misslatements, we are required lo determine whether Ihere is a material misstatement in the financial statements or a material misstatement of the other infornialion. If. based on the work we have perfomed. we condude that there is a material misstatement of this other infomiation, we are r4uired to report that fact. We have nothing to rep)rt in this regard. Mattors on whlch wo are required to report by eXptIOn Urtder the Cwrativfj and Community Benefft Societies Act {Northem Ireland) 1969 we arg required to report lo you rf, in our opinion: A satisfactory system of control over traSactionS has not been maintained" or proper books of account have not kept,. or the financial statement are nol in agreement th the accounting records., or we have not r1Ved all the information and exp&nations we require for cr audÉL We have nothing lo report in this regaryl. Under the Charities (Accounts and Reports) Regulations (Norlhem Ireland) 2015 we are required to report lo you rf. in our opinion-. the information given in the Directors. Report is ineortsisient in any material respectr, sufficient accounting records have not been kept tho financial ststements are nol in agreement wrth the accountiry records., or we have not received all the infamtiOn aThJ explanations we require for our aud We have nothing to report in this regard. Rosponslbllltl•s of trust8 As explained more fiJlly in the knjstees, responsibilities statement. the trustees are responsibEe for the preparation of the financial slatements and for being satisfied that they gNe a tfue and fair view, and for such inlemal control as the trustees delemiine is necessary to enable the preparation of financial Statements that are free from material mksststement, whether due lo fraud or error. In prèparing the financial statements. the trustees are responsible for assessing the charitys abilty to continue as a going concem. disctosing. as applicable. matters related to going wncem and using the going concem basis of accounting unless the trustees either intend to liquidalo the charity or to ceas6 operations, or have no realistic altemative but to do so.
Ashton Centre Development Limited Independent Auditorfs Report to the Members of Ashton Centre Development Limited Year ended 30 November 2021 Audltorfs rnsponslbllllles for the audlt of tho financlal statsments Our objectNes are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstslement. whether due to fraud or error, arKI to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit eonducled in acrdance wilh ISAS IUKI will always detect a material misstatement whgn it exists. Misstatgments can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basls of these financial statements. lrre9ularitie5, including fraud. are instan¢es of nOmp[lan¢e wlth Lqvts and regulations. We design procedures in line with our responsibilities. outlined above. to detect material mlsststements in respect of irregularllies. including fraud. The extent to wMch our pro¢8dures are Gapable of detecting irregularities. induding fraud rs detsiled below: We obtsined an understaThJing of the legal and rogulatw framework applicable to the Company through enquiry of management. industry research and the application of cumulative audit knowledge. We identified the followng principal LAWS and regulations relevant to the Company - Companies Act 2006 and the Financlal Reporbng Stsndard aPplble rn the UK and Republic of Ireland IFRS 1021. We developed an understsnding of the key fraud risks to the ontity {includlng how fraud migm occur). the ntrOlS in place lo help mthgale those risks, and the accounts, balances and disclosures within the financial ststements which may be susceptible to management bias. Our understanding was obtsined through review of the financial statements for signtficant aUting estimates, analysis of joumal entries, walkthrough of Ihe key control cydes in place and enquiry of managoment. As part of an audit in accordance th ISAS (UK). we exlSe professional ILgment and maintsin profgssional scepticism throughout the audit. We also.. Identify and assess tho kS of material misstatement of the financtal slatements. whether due to fraud or efror. design and perfomi audit procedures responsive lo those risks, and obtsin audit evidencg that is suffiuent and appropriate to provide a basis for our opinion. The risk of not detecting a material misslatement resulting from fraud is higher than for one resulting from error, as fraud may invofve collusion, forgery. intentional omissions. misrepresentations, or the override of inlemal ntrOl. Obtain an urKlerstsndlng of inlemal control relevant lo the audit in order to deslgn audit procedures that are appropriale in the cirtsjmstances. but not for the purpose of expressing an opinion on the effeclivengss of the intemal control. Evaluate the appropriateness of accounting pojicies used and the reasonableness of accountlng estimal8s and related disdosures made by the trustees. Conclude on the appropriateness of the trustees. LFse of the going concem basis of accounting and. based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast signifi¢anl doubt on th8 ¢hariVs ability to continue as a going ncem. If we nclUde that a material uncertainty exists, we are required lo draw attention in our auditorfs report lo the related disdosures in the financial statements or. rf such disclosures are inadequats. to mcrtjify our opinion. Our conclusions are based on the audit evidence obtalned up lo the date of our auditoffs report. However. future events or Mnditsons may cause the charity to cease to continue as a going concem.
Ashton Centre Development Limited Independent Auditorfs Report to the Members of Ashton Centre Development Limited (¢onknti•d) Year ended 30 November 2021 Evaluate the overall presentstion. structure and contenl of the financial Statements, indudSng the disclosures. and whether the financial statements represent the undertying transactions and events in a manner that achieves fair presontstion. We communlcate wth those charged wilh g¢)vemance regarding, among other matters, the planned scope and timing of the audit and signfficant audit findings. Includi any svJnificant deficien¢ies in inlemal control that we identsfy during our audiL Use of our report Thls report is mad8 solely to the tharivs members, as a b(. in 8co)rdance wrth section 43 of the Cowoperative and Community 8enefil ScKi8tyes Act {Northem Ireland) 1969. Our audtt work has been undertaken so that we might stale to the Chari$ members those mattets we are required lo state to them in an aLtditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than Ihe charity and the charity's members as a boJy, for our audr< work. forthis reFQrt. orfor the opinions we have tomied. Michael Flannigan (Senior Slatulory Auditor} For an on behaw of FEB Chartered Accountants Chartered aeLountants & slalutory auditor Linenhall Exchange First Floor 26 Linenhall Street Belfast Unrted Kingdom BT2 8BG 10
Ashton Centre Development Limited Statement of Financial Activities Year ended 30 November 2021 2021 Unrestricted Restricted funds fvnds Total funds Total funds 2020 Income and endowments Charitable activities other income 468.751 8.369 468.751 10.863 463.969 19.835 2.494 Tolal Income 477,120 2,494 479,614 483,804 Expendfture Charitsble actswties 205.126 63.649 268.77S 533.885 Totsl •xpendlturo 205,126 63,649 268,775 533,885 Net incomel{expendlture) and nèt movement In funds 271.994 {61.15S) 210,839 150.081) Reconclllatlon of funds Totsl fvnds brought forward Total funds carried forward 1.552,731 1.824.725 2.$51.196 2,490.041 4,103.927 4,314.766 4.154,008 4.103.927 The slatem9nt of financial actIveS indudes all gains and losses recL)JniwJ in the year. l income and expendilure derive from continuing adivities. Th• notes on p•g•s 14 to 21 fom wt oftho¥0 flnanclal statwnents. 11
Ashton Centre Development Limited Statement of Financial Position 30 November 2021 2021 2020 Flxed assots Tangible fixed assets 11 &531.110 5.842,041 Current assets Debtors Cash at bank and in hand 12 13 47.007 100.921 113,809 137,493 147.928 251,302 Crndltors: amounts falllng duo wlthln on• y•ar Nel current liabilities 14 1,172,410 1.024.482 1,733.972 1,482,670 Total assetsloss current llabllllles 4.506.628 4,359.371 crfjdltors: amounts falllng due after more than one yur Nel assets 15 191,862 4.314766 25S.444 4,103,927 Funds of the charlty Restricted funds Unrestricted fijnds Designated fttnds General unrestricted funds Share capital 2.490.041 2,551.196 1.739,762 68.631 1.568.953 132,554) 1.824.ns 1.552.731 4,103.927 Totsl charlty funds 4,314,766 These financial ststements were approved by the Èoard of Irustees and authorised ftjr issue on . and a S3ned on behaK ofthe board by: Mr T Goldsmith- Chair Director Mr J Baket- Secretsry Director ,' Th• notes on pag•$ 14 to 21 IOTM part of th•s• Ilnanclal statwnents. 12
Ashton Centre Development Limited Statement of Cash Flows Year ended 30 November 2021 2021 2020 Not• Cash flows from op•ratlng activities Net incomellexpenditure) 210.839 {50,0811 Adjustm9nts for.. Depreciation of tangible fixed assets LossllProfill on disposal of tangible fLxed asset Loan forgiven Subsidiary undertaking balance forgiven 157.394 15,236 (300,01)0) {8,210) 160.834 (9.876) Movements in worting c8pitsI.' Decrease in debtors (Decreaseylncrease in ¢79dit Net cash from oporatlng activitl•s Investlng actlvltlos Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Nèt cash from Investlng activiti8s Flnanclng actlvltles Repayment of borrowirvj Nel cash {used in) ffinancing activities 66.802 (31,795) 110,266 36,597 53.925 191,399 (1.700) 140.000 {6,9001 142,998 138.300 136.098 (286.8601 (207.757) (286,8601 (207,7S71 Not (decrease}fincrease ITr cash and cash equivalents Cash and cash equivalents al beginning of year Cash and cash equivalents at end of year (38.2941 137,493 99.199 119,740 17,753 11 137.493 The notes on pag•s 14 to 21 forni part 01th• flnanelal ststèmgnts. 13
Ashton Centre Development Limited Notes to the Financial Statements Year ended 30 November 2021 Genernl Inforniatlon Ashton Centre Development Limited is a Regisl8re¢J So¢i8ty limited by shares. registered in N¢)rthem Ireland. The registered office is Ashton Centrè. 5 Churchill Street. BelfasL BT15 2BP. Accountlng convontion The finanaal statements have been prnpared in accordance vmth -Attounting arid Reporhng by Charities". Statement of Recommended Practice applicable to Charities preparing their aceounts In accordance with the Financkal Reporbng Stsndard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting riOdS commencing on or after 1 January 2019) and the CcOperativ9 and Community Benefit Soaeties Act INorth&m Ireland) 1969. The charity Ss a Public Benefit Entity as defined by FRS 102. Thè financial statements are prepared in stèrfing. which 15 the fvnctional currency of the charity. Monetsry amounts in these financial ststements are rounded lo the nearest £. The finanal statements have been prepared undor the historical Cost convention. The principal a¢¢oynling rdiue5 adopted are set out below. Accountlng pollcl•s Basls of proparntlon The financial stalernenls have bean prepaffjd the historical cost basis. as modified by tho revaluation of certain financaal assets 8nd liabilities and investment properbg$ m¢asured at fair value through income or expenditure. The financAal slatements orn wepaffjd in stsrfing. whith is the fvnctional cufferw oftho entity. Con$olldatlon Ashton Centre Development timited K8 the sole Member of Task-TeamvPm Ltd. a eompany lirruted by guarantee. The results of thè Subsidiary have not been con5didated as Task-Team-Pm Ltd has since been dissc4ved. part of tho process. Task-Team*m Ltd dosèd its bank account with the funds ing transfetted to the parent company in the prior year. AN costs asscaated with the winding up process will be mot by Ashton Centre Development MIted. Golng conc¢m These finanoal siatomants hava ba8n prspargd on a goin9 nCern basis, noh¥ithstandSng tha fact that the charity had net cJJrrenl liabilrtiès of £1.03M at the b3lance sheet date. A si9nificant portion of Ihe net cUrrt liabilities relales lo a loan that is repayabb on demand. Sinco tho ygar end the tharity has madè rspayments against the loan and reached an agreement th¥ lender whereby £300k of the borrowr@s has been forgiven in this year. Discussions with the lender ao ongo(ng to agree repayment plan for the remainirvJ balance. Having consld8f8d the latest management inforrnation, and projections and cash forewts for the n&xt twèlv¢ months from the date of appTovir¥J the finanoal statements. the dire¢tors havè a reasonablo expectation that the charity has adequate reSoUeS to conbnua in 0tional existence for the foSe83b[è fvture. Thus the directors ntinu0 to adopt the golNJ o)ncem basis of accounting in preparing the financial statements. Fund a¢¢ounllng U$¢n¢t funds are available fijr use at the dIscr8n of thè trust88S to fvTtheT any of the charitys purposes. Designated funds arn unrnstrictèd fund5 earmarked by the trustees for a futuro projéct or ¢ommitmenL Rèstrictèd funds arg subjected to reslriclions on thoir 8xp&ndtiur• da¢lared by tho dOrr or through the tems of an apptral. The purFose and uses of the restricted funds a set out in the notes lo the finan¢i41 statements. 14
Ashton Centre Development Limited Notes to the Financial Ststements (¢onllnu•dJ Year ended 30 November 2021 A¢¢ountlng poll¢les {conVttu•dJ Incomlng resourcos All incoming resrGe5 are included in the slatement of financial activities when entiuement has passed to the charity., it is probable that the economic ben8fits as%)cialed the transaction wll flow to the charity and the amount can be reliably mgasured. The following spec[r polici are applied lo particular categories of Inme.. income from dallOnS or grdnts is recc¥Jnised when there is evidenc& of entiuemènl lo the gitt receipt Is prObae and ils amount can be measured reliably. 18gaGy income is recc#Jntsed whèn receipl wobable and entittement is established. income from donat8d g)d$ is measured at the fair valu8 of the goc#Js unless this is imwactical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and serwces are recognised in the accounts when received rf the value can be reliabty measured. No amounts are induded for the contribution of gen8rydl ¥duntee. income from contracls for the supply of setvices is reco3nised Nwth the delivery of the contracted service. This i8 dasstfied as unrestricted funds unless there is a contractual requirement for il to be spent on a particular purpose and rebjrned rf unspenL in which case it may be regarded as restricled. Resour¢e$ expended Expenditure is recognised an acc¥uals basis as a liabilty is incurred. Expendtiure indudes any VAT which cannot be fully re¢overe(l. and is dassffied under headings of the statement of finanrAal activiknes to whith it relatss: expenditure on raising fvnds includes the costs of all fundraising adivities, events. non<haritsble trading acbwties, arKI the sale of donated goods. expenditure on charilable aclivilies inc4udes an sts incurred by a charity in undertaklng activitie5 that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of charity apportiongd to charilabl actiwties. other experKlilure in¢bJdes all expenditur8 that is nellher related to rai*ing funds for the charity nor part of ils expenditure on charilable activities. Al costs are allocated to 8xp6ndilurè catggorw refiecbng Ihe use of the resource. Direct costs attributable to a single activty are allocated difecuy to that 8clivity. Shared costs are apportioned beeen the actitieS they contribute to on a reasonable. justifiable and consistent basis. Tanglble ass•ts Tangible assets are initialty recorded at cost. and sub$gquenWy stated at cost lass any accumulated depreciation and impairment losses. Any tsngible assets carried at revalued amounts are recorded at the fair value at th& date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 15
Ashton Centre Development Limited Notes to the Financial Statements (eahttnu•d) Year ended 30 November 2021 Accounllng pollcl#s (tnthu•dJ Tanglble assets (conljnygd) An increasg in Ihe carrying amount of an asset as a resu of a revalualbon. is reojgnised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of finanoal activities. A decrease in the carrying amount of an asset as a result of waluation. i8 recognised in other recognised gains and loss8s. ex¢pl to which it offsets any premous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statemenl of financ181 actNilie5. Depreclation Depre¢Fation is calc#Jlated so as to write off the cost or valuation of an assgL less its residual value. over the useful econom lite of that asset as follows: FehOld property Fixtures and fittings Motor vehides Equipment 2% straight line 15% redun9 balance and 2S% straight line 2S% straight line 15% reducing balance lrnpalrnient of fixed assets A review for indicators of impairrr*nt is carried al each reporttng date, with the recoverable amount being estirnated where such indiLXtors exisL Where the carying value eXedS the recoverable amounL the asset is impairgd acoxdingly. PrK)r impaiments are also revlewed for possible reversal at each reporting date. For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an indiwdual ass81. an estimate is made of the recoverable amount of the cash-generating unit lo which the asset belongs. The cash-generating untt is the smallest identifiable group of assets that includes the asset and generates cash inllows that largely Independent ofthe infiows from other assets or groups of assets. For impaimient tssting of goodwill. the goothill acquired in a business tmbInatiOn is. from the acquisition date. all¢Jcaled lo each of the ca$generating units Ihat are expected lo bgnefit from the synergies of the combination. irwpeclive of whether other assets or liabilities of the charity are assigned to those units. Financlal Instruments A financial asset or a finan1 liability is recognised only when the Charity becomes a paty to the contractual provisic of the instrumenL Basic financk41 instruments are inittally recognised * the amount receivable or payable In¢dIng any related transaction costs. Current assets and current liabilrties are subsequently measured at the cash or other consideration expected to be paid or received and not disujunled. Debt instruments arg subsequenly measured at arythised cosL 19
Ashton Centre Development Limited Notes to the Flnancial Statements (¢onthu•dJ Year ended 30 November 2021 Accountlng pol1¢i¢s (¢ontinue Flnan¢l¥l Instruments (contlnu•d) Whore investments in sha$ are put4idy traded c tsr f8ir value can othemsè be measured reliably. the invastmènt subsequenuy mgasurad at fair valuo wilh changes in fair valuo recogni5ed in incom& 8nd expenditure. All olher suth investments are subsequenuy measured at cost 19$S impairrnenl. Other financial inslnjments. Indudiry delival1. are inibally r¢¢ognised at fdir value. unl8ss pgyment for an asset i8 defgrred beyond normal business tern or financed 8t a rate of interest that 18 not a markel ral8. in whith case ihe asset is mèasured at tho presenl value of the future payments dI$nted at a Maet rate of interest for a similar debt inslrument Other financial instruments are subsequenuy measured al fair value. wth any changes recognisèd in the ststement ol finanrAal activiies. with exception of hedgirrfJ instruments in a designated hedging rdationship. Finonclal assets that are rneasured at cosl or amowtised tr)st are Tevwed for objectiv• aviderTr of Impaiment at the end of each rewrting (Jale. If Ihere is objectNe evidence of impairment. an impaimient loss is reccgnised LFnder the appropriate heading in the stslemenl of financial activibes in which the initi8J gain was recognised. For all equity instrum8nls regardless of siqnfficance. and 0th8r finan¢ial assets that are individually significant. th&s8 are assessed indiwdually for impaiment. Othèr fina81 assets are either ass8ss8d indiwdually or grouped on the basis of similar ryedit ftsk chardcteristics. Any reversaFs of Impaiment a rwi5ed immediately. to the extent that the wersal not result in a carrying amount of the financial asset that exceeds what the carryiro amount would have been had the irnpairment not previously been rèc(yJnis¢d. D•fln8d contributlon plan$ Contribub"on5 to defined contribution plans ar• wnised a5 an expense in the period in which lh$ related service is prowded. Prgpald ¢onlributions are recognised as an asset to tho oxtent that the prepaymentwill lead to a reduction in lubjre paymenls or a cash refund. When ceInbUlor a not exed to be setued ¥hlty wtthin 12 mmths of the end of the Teporbng datè in which the employees render the relatèd seMt¢. thg liability is measured on a discounted present valLte basis. The urN¥inding of the diso)unt i* ractyni5ed as an experE5e in th& pariod in which it arises. Employts b•n•llts Tha cost of any unused hcliday enbuement is recognised in Ihe peritsj in which the empEoyeo's seN¢es are received. Temiination benefits are recLwi5ed imrnediately as an expense wh&n the charity 1$ damonstrably Committed to tsmmnate th8 employm1 of an 8mployeg or to pio¥id6 t8rrnination tenefils. crftlcal accountlng •Stlmatss andjudgwrnnts In the application of the chari$ accounting pdicies. the dir8¢tors are required to make judgements. estimates and assumptions about the carrwng amount of assets and liabilities that are nol readily apparent from other sour¢es. The esb"mate5 and asscrjaled assumptions are bas ort histori¢a] experience and other factors that ar$ ¢onsidered to be relevanl. Aal results may dtffgr from th8se estimates. The estimates and undertying assumptbons are revivwed on an ongoing basis. R$Msions to accounting eslimales are re(x)gn4sed in the period in vthich the estimale is revised wheTe the revision affects only that period. or in the period of the remsion and fuiurg wicls where the revisKJn affects both current and fubjre wiods. 17
Ashton Centre Development Limited Notes to the Financial Statements (¢onthts•dJ Year ended 30 November 2021 Charltsble actlvltios North Belfast Regeneratlon ProJ•ct 2021 North Bolfast Reg¢n•ration Project 2020 Rental Income Telephone. gas & electric income Service charge income Room hire Other miscdlaneous income 393.706 41.626 2.977 318 30.124 365.917 45.117 16.485 5,860 30.5 468.751 463.969 Anal sis b thjnd Unrestricted funds Restricted fund5 468.751 463,969 468.751 463.969 oth•r In¢om• Unrgstrlcted Rèstrlctgd Total Funds Total Funds Funds Funds 2021 2020 Nel gain on disposal of tangible ft¥ed asset HMRC Coronavirus job retention stheme Invest Nl Grant 9,876 9.959 8.369 8,369 2,494 2.494 8,369 2.494 10,863 19,835 Charitable actlviti•s 2021 2020 Wages and salaries Employers NIC Pension costs Rent, rates and water Lighl arKI heat Repairs and maintgnance Insuranco Other establishment expenses Motor vehicle expenses Other moloritravel cosls Legal and profeSsnal fees Telephone Other Offi costs Depreciation Sales commissions Advertising General expenses Subscriptions Conferences and seminars Bad debts written off auB Krth4ledge Trdnsfvr Progrdmme Management fees Loss on disposal of f1 assets Audit fees 105,513 5,995 7.392 11.776 38.803 81.599 17,164 90,338 5,183 6,324 13.100 27,196 56.445 17.122 780 775 1.870 591 15.502 35.048 2,647 157.395 6.253 250 864 6,699 3.120 34.907 3.189 160.836 3.124 5.365 209 (1.485) 24.880 25,000 3.455 8.333 15.237 5.500 4.000 18
Ashton Centre Development Limited Notes to the Financial Statements (continued) Year ended 30 November 2021 Charitablg a¢tlvitl•s {continuedl 2021 2020 Other finance costs Loan forgiven Subsidiary undertaking balance fOl¥en 42,474 (300.000 18.210} 52.111 North Belfagt RegeneratSon Project 2021 North Bolfast Regeneratlon Project 2020 Anatysls by fund Unrestricted funds Restricted fund5 205,126 63.649 533,885 268.775 533.885 8. Support costs Support costs Governance costs 2021 2020 Audit fees Legal and professional s.soo 15,502 4.000 3,120 21.002 21,002 7.120 Staff costs The total staff costs and employee beneffts for the reporbng pernd are analysed as follows.. 2021 2020 Wages and salarios Social security costs Employer contributtons to pens#)n plans 105.513 5.995 7,392 90.338 5,183 6,324 118.900 101.845 The average head count of employees during the year was 4 {2020: 3). The average number of fulktima eqUNalgnt employees during the year is analysed as follows: 2021 No. 2020 No. Numberof staff No employee rec6Ned employee benefits of m¢we than £60.IXK) during the year12020'. Nil). 18
Ashton Centre Development Limited Notes to the Flnancial Statements (c¢¥thw Year ended 30 November 2021 10. DITectors remuneratlon and •xponsos None of the direclors lor any persons connected wilh them) received any remungration or beneffts from the charity during the year. No directry recerved reimbursement of expenses in the current or prior year. 11. Tanglble fixed assets Freehokl Fixlures and propety filtings Motor vehicles Equipment Totsl Cost Al 1 December 2020 AddOn5 Disposals At 30 November 2021 7.335.495 328.479 1.700 14.942 54,129 7,733,045 1.700 (179.118) 54.129 7.555.627 (179.118) 7.156,377 330.179 14.942 Depreclatlon At 1 December 2020 Charge for the year Disposals At 30 November 2021 1.571773 145,578 (23,881) 1,694,470 252.400 11.330 14.942 50,889 1.891.004 157,394 (23,881) 51.375 2,024,517 263.730 14.942 Carying amount At 30 November 2021 4461.907 2.754 5.531.110 At 30 November 2020 5.762.722 76.079 3.240 5.842.041 12. Debtor6 2021 2020 Trade debtors Prgpayments and accrued incom8 Other debtors 14726 27.341 80.691 28.753 4.365 47.007 113.809 13. Cash and cash equlvaleDts Cash and cash equivalents compris8 th8 fotlowing: 2021 2020 Cash at bank and in harKI Bank overdrafts 100.921 (1.7221 99,199 137.493 137,493 19
Ashton Centre Development Limited Notes to the Financial Statements (tOn1bJty} Year ended 30 November 2021 14. Credltors: amounts falllng duo wlthln one year 2021 2020 Bank loans and overdrafts Trade creditor5 Amounts owed to grcmjp undertakings Accruals and deferred income Social security and other taxes Other creditors 8orrowings 1,722 19.636 41.889 16,918 26,802 6.229 9.414 1.632,720 1.733.972 27.730 5.241 8.638 1,109,443 1.172.410 1& Credttors: amounts falllng due after more than on• y•ar 2021 2020 Borrowings 191,862 255,444 16. Loans and ov8nlrafts 2021 2020 Other loans Payable within one year Payable after one year 1.109.443 191.862 1,632,720 255.444 1,301,305 1,888,164 Other loans represent a loan of £1.045.612 which is secured by a debenture on the assets of the charity and a loan of £255.693 which is secured on the charity's properties at 683 and 529 Antrim Road. Bewast. 17. Share Capltal 2021 2020 Ordlnary share capltal Issued and fully paid- 16,332 ordinary shares at £1 ea 16.332 16.332 18. Analysls of charltablg funds UnTeslrfcted fvnds At30 November 2021 December 2020 Income Expenditure General funds 1.551n1 477.120 1205,1261 1.824,725 At30 November 2020 2019 Incomg Expgnditure General funds 1.541.538 483.804 {472.6111 1,552.731
Ashton Centre Development Limited Notes to the Financial Statements I•&) Year ended 30 November 2021 18. Analysls of charltabb fvnds {eofttthts•d) R•strl¢ted funds Balan¢9 at 1 Resourc¢s Balance at 30 Resour¢•$ Dg¢•mb•r EXnded Novembw Exp•ndod 2019 2020 Balance at 30 Novembor 2021 Henry Place Phase 1 Henry Place Phase 2 164-188 1.103.769 1.336.917 166.437 {28.190) {28.015) {4.2671 1.075.579 1,308.902 162.170 128,1911 128.0151 (4.267) 1.047.388 1,280,887 157,903 Duncaim Gardens FtureS & Fittsng S.347 (802) 4.545 1682) 3,863 19. Dosignatsd funds The income fvnds of the charity irKlude the foll0vng designated funds which have bèen set aside out of unrestricted funds by the trustees for spTC purrms: Balan¢• at 1 D•G•mb•r2019 Movement In funds Balan at 1 Decomber 2020 IAov•mont tn funds Balan¢9 at 30 Nov•mber 2021 Designated Propety Reserve 1.610.912 (23.9341 1,568.953 170.809 1,739,762 The des¢gnated property reserve rdates to the net book value of the chartys unrestricted tangible fixed assets amounting lo £3,041.068 and associated loans of£1,301.306. These assets are usgd on an ongoing basis lo deliver the chartys aims. 20. Rolatod partles Dvring the year the company repa*J net b)ans of £8,708 to Ta5k-Team-Pm Ltd. and the remaining balance of £8.210 was written off. At the balance sheet date £nil was Ived to Task-Team-Pm Ltd 12020: £16.918}. 21. Analysls of ¢hanges In net debt At 1 Dec 2020 Cash fiows At 30 Nov 2021 Cash at bank and in hand Bank overdrafts Loans falling due wtthin one year Loans falllng due after more than one year 137.493 (36,5721 100.921 (1.7221 {1,722) S23.277 {1,109,4431 63.582 1191.8621 (1,632.720) {255.444) 21
Ashton Centre Development Limited Management Information Year ended 30 November 2021 Th• followlng pages do not forni part of the flnanclal sL*emgnt&
Ashton Centre Development Limited Detailed Statement of Financial Activities Year ended 30 November 2021 2021 2020 Income and endowments Income from Charitsble Activitses Other Income- Govemmenl Grants 468.751 10,863 463,969 9.959 479.614 473,928 Total Incom• 479.614 473.928 Expenditurg Costs of other tradlng actlvhles Wages and salaries Employerfs NIC Pension costs Rent, rates and water Light and heat Repairs and maintenance Insurance Other estsblishment Motor vehides eXnseS Other molorltravgl costs Legal and professty)nal fees Telephong Other office costs Depreciation Sales commissKJns Advertising General expenses Sub5criplions Conferences and semina Bad debts witten offlrecovered QUB Knowledge Transfer Pro3ramme Manag9ment Fees {Profillltoss on disposal of ffixed assets Audit Fees Other finance costs Loan forgiven Subsidiary undertaking balancg forgNen 105.513 5.995 7,392 11.776 38.803 81,599 17,164 1.191 1.870 591 15,502 35,048 2.647 157.395 6,253 250 864 6.699 90.338 5,183 6,324 13.100 27.196 56,445 17,122 780 775 682 3,120 34.907 3.189 160,836 3.124 380 5,365 209 (1.485) 24.880 25,000 {9.876) 4,000 52.111 5.434 3.455 8.333 15.237 5,500 42.474 (300.000) 18.210) 268,775 524.009 Total exwndtture 268.7T5 524,009 Net Incomelloxp•ndltur¢l 210.839 150.081) 23