CHARITY REGISTRATION NUMBER: NIC101005 SOCIETY REGISTRATION NUMBER: IP 000314 (Northern Ireland) Ashton Centre Development Limited Financial Statements 31 March 2024 FEB CHARTERED ACCOUNTANTS Chartered accountants & statutory auditor Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG
Ashton Centre Development Limited Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent auditorfs report to the members Statement of financial activities 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14 The following pages do not form part of the financial statements Detailed statement of financial activities 25
Ashton Centre Development Limited Trustees. Annual Report Year ended 31 March 2024 The trustees present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Regislered charity name Ashton Centre Development Limited Charity registratlon number NIC101005 Society registration number IP000314 Principal offlce Ashton Centre 5 Churchill Street Beast BT15 2BP The trustees Ms S Campbell- Chair MrJ Baker Mr F Roberts Mr S Filzsimons Ms C Heron Ms E Stanton - Secretary Auditor FEB Chartered Accountants Chartered accountants & statutory auditor Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG Bankers AIB (NI) 11-15 Donegall Square North Belfast BT15GB Solicitors Mccann & Mccann 19 Church Streel Belfast BT1 1PG
Ashton Centre Development Limited Trustees. Annual Report (continued) Year ended 31 March 2024 Objectives and aclivities The objecls of the charty are the promotion for the public benefit of urban regeneration in North Belfast and particularly in the New Lodge ward of Belfast District Council, being an area of social and economic deprivation, by all or any of the following means= i. the relief of poverty- li.the relief of unemployment; iii. the creation of training and employment opportunities by the provision of workspace, buildings, andlor land for use on favourable terms. iv. the maintenance, improvement or provision of public amenities., v. the provision of public health and childcare facilities; vi. the provision of recreational facilities for the public at large or those who by reason of their youth, age, infimiity or disablement, poverty or social and economic circumstances, have need of such facilities. Mission The mission statement which defines the overall purpose of Ashton Cenlre Development Limited is 'To promote positive change and improve the qualty of life of the North Beast community,. The achievement of this mission will lead to a vision of 'A safe, prosperous and caring community where residents have pride and a sense of ownership.. The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Activities Ashton Centre Development Limited promotes physical developments as a driver for social and economic regeneration within the North Belfast area. Any profits generated by the Ashton Centre Development Limited are, where possible, kept within the greater New Lodge Community and used to further develop its facilities and seNices. The community is at the forefront of its delivery and with the development of numerous sites and expansion of services the community have gained exlended opening hours for service delivery, disability access, visible improvements to the physical environment. All of the mentioned purpose is to improve mental health, emotional wellbeing, connectivity, personal development, increased employment, living standards and relief of poverty. Public Benefit The directors are aware of and have given consideration to the Public Benefit guidance published by the Charity Commission for Northern Ireland. The public benefits that flow from the advancement of community development and the promotion of urban development are: i. reduction in financial and other hardships, stress, anxiety and ill-health., ii. the creation of employrnent, training and work experience opportunities for residents living in economically and socially deprived areas and consequently a reduction in poverty, unemployment and hardship, leading to a better quality of life for the beneficiaries and consequent improvements in health and well-being., iii. enhanced accessibility to free or affordable facilities and amenities, leading to an improvement in people's quality of life and well-being., iv. enhanced accessibility to health services and affordable childcare; v. enhanced activity, engagement and participation in social activities by residents of the area of benefit, leading to an improvement in their well-being and quality of life and greater social cohesion.
Ashton Centre Development Limited Trustees. Annual Report (continued) Year ended 31 March 2024 Achievements and performance During the year Ashlon Centre Development Limited sold one property {119 Clsftonville Road). The charily now has seven buildings that have been built or re-furbished to help generate the area and provide social and economic opportunities. The Ashton Centre in Churchill Street is let predominantly to Ashton Community Trust (ACT), from where training & employment services, famity support services and community activities take place. The Mcsweeney Centfe in Henry Place is now fully renovated and is let to ACT, from where two Kinderkids day-care operate as well as Bridge of Hope Health & Wellbeing such as counselling and other therapeutic services take place. Alliance Avenue is also fully occupied by Bridge of Hope to provide Health & Wellbeing services. 529 Anlrim Road is now being occupied by both Alliance Party and Sure Start, providing services to the Ial community. 683 Antrim Road consists of 15 rooms and a garage. The rooms are let to individual tenants and during the year they were fully occupied. The Duncairn Complex in Duncaim Gardens houses Belfast Health & Social Care Trust.
Ashton Centre Development Limited Trustees. Annual Report {continued) Year ended 31 March 2024 Financlal review The results for the year are set out in detail on pages 10 to 24 The charity returned net outgoing resources for the year of £68,199 (2023 £70,184), The deficit is primarily attributed to the large depreciation charge of £148,454 in relation to the property and other assets held by the charity. At 31 March 2024, the total funds of the charity amounted to £4,176,383 {2023 £4,244,582) comprising restricted funds of £2,358,462 {2023 £2,419,398) and unrestricled funds of £1,817,921 {2023 - £1,825,184) of which £1,748,751 (2023 - £1,709,657) are designated. Ashton Centre Development Limited has performed in line with tis budget for the year, for both commercial and residential properties. The organisation sets out to generate a small surplus each year before applying the depreciation costs of its large portfolio. Reserves Policy Ashton Centre Development Limited has a small number of employees and has no need to hold large reserves other than to deliver on its charilable aims. Current reserves are in the physical fabric which is essential to the delivery of our charitable aims and are therefore not free reseNes. Ashton Centre Development Limited intends to borrow on the strength of its assets to finance further developments. Any call upon the use of reserves will be at the approval of the directors which will examine the rationale for doing so, assess the risk and agree an amount where appropriate. The directors have assessed the major risks to which the society is exposed, and are satisfied thal systems are in place to mitigate exposure to the major risks. Risk Management Financial risks are assessed by the organisation on a regular basis. The main risk is the under-utilisation of available rental space. Vacancies are discussed at each directors meeting and the potential impact assessed. Future Plans Ashton Centre Development Limited continue s to monitor opportunities within the North Belfast area. Some of these opportunities may require partner organisations, others Ashton Centre Development Limited may be able to Garry out alone. Structure, governance and management Ashton Centre Development Limited is a registered society governed by its rules. Ashton Centre Development Limited is also registered as a charity with the Charity Commission for Northern Ireland. The directors who served during the year and up to the date of signature of the financial statements were.. Mr T Goldsmith Mr J Baker Mr F Roberts Ms S Campbell- Chair Mr S Filzsimons Ms C Heron Ms E Stanton - Secretary (resigned 29 September 2024) Appointment of directors Ashton Centre Development Limited is govemed by directors elected by its members on an annual basis. All members are invited to nominate to the Board which consists of up to 12 people elected for a one year period. The Chair is nominated by the directors.
Ashton Centre Development Limited Trustees. Annual Report (continued) Year ended 31 March 2024 Directors Induction and training New directors undergo induction training to brief them on roles and responsibilities and their legal obligations under charily law, the directors and the decision-making processes, the strategic and operational planning processes, the organisational structure and key organisational activities. Directors are provided with copies of the Ashton Centre Development Limited Governance Manual which includes the Rules, Role Descriptions for Office Bearers and Directors and Sub Committees, Ashton Centre Development Limtted Finance Procedures and the Ashton Centre Development Limited Equal Opportunities Policy. Organisational Structure The directors ensure the good g0veMan of the organisation by setting its strategic objectives and policy direction through Ashton Centre Development Limited's three-year strategic plan. Progress againsl this plan is monitored regularly and annual operational plans updated as necessary. The directors meet, on average, every six weeks. The Propety Manager is in control of the application and monitoring of the strategic and operational objectives as listed in the Strategic and Operational Plans. Related Parties Ashton Centre Development Limited is an independent organisation and therefore all operations are carried out in accordance with this. DireGtors' responsibilities statement The directors, who asso act as trustees for the charitable activtties of the charity, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northem Ireland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP. make judgments and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wilh the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969. 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.
Ashton Centre Development Limited Trustees. Annual Report (continued) Year ended 31 March 2024 Disclosure of inforniation to auditor Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confinned that they have taken appropriale steps to identfy such relevant information and to establish that the auditor is aware of such information. The trustees, annual report was approved on 25 November 2024 and signed on behalf of the board of trustees by.. Ms S Campbell - Chair Director Ms E Stanton - Secretary Director
Ashton Centre Development Limited Independent Auditor's Report to the Members of Ashton Centre Development Limited Year ended 31 March 2024 Opinion We have audited the financial stalements of Ashton Centre Development Limited (the 'charily') for the year ended 31 March 2024 which comprise the statement of financial activilies, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework thal 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 then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance wtlh the requirements of the Charities Act (Northern Ireland) 2008. Basis for opinion We Conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditols responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating lo going ¢oncern In auditing the financial statements, we have concluded that the trustees, use of the going Concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified 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 concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Ashton Centre Development Limited Independent Auditor's Report to the Members of Ashton Centre Development Limited (continued) Year ended 31 March 2024 other infomiation The other information comprises the infonnation included in the annual report, other than the financial statements and our audf(or's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report. we do not express any fomi 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 Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception Under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 we are required to report to you if, in our opinion- A satisfactory system of Control over transactions has not been maintained., or proper books of a¢¢ount have not been kept., or the financial statements are not in agreement with the a¢counting records., or we have not received all the information and explanations we require for our audit. We have nothing to report in this regard. Under the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 we are required to report to you if, in our opinion: the information given in the Directors, Report is inconsistent in any material respect., sufficient accounting records have not been kept. the financial statements are not in agreement with the accounting records- or we have not received all the infomation and explanations we require for our audit. We have nothing to report in this regard. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees 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 concern 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.
Ashton Centre Development Limited Independent Auditor's Report to the Members of Ashton Centre Development Limited (continued) Year ended 31 March 2024 Auditor's responsibilities for the audit of the financial stalernents 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 eOr, 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 detecl a material misstatement when it exists. Misslatements can arise from fraud or error and are considered 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 nonThcompliance with laws and regulations. We design procedures in line wth our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory framework applicable to the Company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the Company - Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key control cycles in place and enquiry of management. 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 perform audit procedures responsive to those risks, and obtain audil 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, misrepresentations, or the override of inlernal control. Obtain an understanding of intemal 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 internal control. Evaluate the 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 concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condilions that may cast significant doubt on the charity's ability Io Gontinue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attention in our auditor's 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 audtt evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concem.
Ashton Centre Development Limited Independent Auditor's Report to the Members of Ashton Centre Development Limited Icontinu8d) Year ended 31 March 2024 Evaluate the overall presentation, structure and content of the financial stalements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner thal achieves fair presentation. We communicate with those charged with governance regarding, among oiher matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with section 65 of the Charities Act (Northern Ireland) 2008. Our audit work has been undertaken so that we might state lo the charity's members those matters we are required to state to them in an audilorfs 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's members as a body, for our audit work, for this report, or for the opinions we have formed. Michael Flannigan (Senior Statutory Auditor) For and on behalf of FEB Chartered Accountants Chartered accountants & statutory auditor Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG 25 November 2024 10
Ashton Centre Development Limited Statement of Financial Activities Year ended 31 March 2024 Period from 1 Dec21to 31 Mar 23 Year to 31 Mar 24 Unrestricted Restricted funds funds Total funds Total funds Note Income and endowments Charitable activilies 5&6 539,240 539,240 722,918 Total Income 539,240 539,240 722,918 Expenditure Charitable expenditure Total expenditure 546,503 60,937 607,439 793,102 546,503 60,937 607,439 793,102 Net expenditure and net movement in funds (7,263) (60,937) (68,199) {70,184) Reconciliation of funds Total funds brought forward Total funds carried forward 1.825,184 2,419,398 4,244,582 4,314,766 1,817,921 2,358,462 4,176,383 4,244,582 The statement of financial activities include5 all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 14 to 23 fonn part of these financial statements. 11
Ashton Centre Development Limited Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 11 4,999,832 5,312,387 Current assets Debtors Cash at bank and in hand 12 117,564 21,105 47,263 124,710 138,669 171,973 Credllors: amounts falling due within one yea Net Current liabilities 14 919,008 1,134,129 780,339 962,156 Total assets less current liabilities 4.219,493 4,350,231 Credilors: amounts falling due after more than one year Net assets 15 43,110 105,649 4,176,383 4,244,582 Funds of the ¢harlty Restricted funds Unrestricted funds Designated funds General unrestricted funds Share capital Total charity funds 2,358,462 2,419,398 1,748,751 52,838 16,332 1,709,657 99,195 16,332 18 4,176,383 4,244,582 These financial statements were approved by the board of trustees and authorised for issue on 25 November 2024, and are signed on behalf of the board by.. -5-1..i9G.LtT. Ms S Campbell - Chair Director Ms E Stanton - Secretary Director The notes on pages 14 to 23 fonn part of these financial statements. 12
Ashton Centre Development Limited Statement of Cash Flows Year ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net expenditure {68,199) (70,184) Adjustments for.. Depreciation of tangible fixed assets Profit on disposal of tangible fixed assets 148,455 {900) 205,373 (18,316) Changes in.. Trade and other debtors Trade and other creditors (70,301) 8,746 (256) (4,960) 111,657 111,657 Cash generated from operations Net cash (used in)Ifrom operating activities 17,801 17,801 Cash flows from investing activities Purchase of tangible assets Proceeds from sale of tangible assets Net cash from investing activities Cash flows from financlng activities Repayment of borrowings Net cash from financing activities <8,330) 39,995 164,100 164,100 31,665 (288,911) (288,911) {117,974) (117,974) Net {decrease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year {107,010) 124,547 25,348 99,199 13 17,537 124,547 The notes on pages 14 to 23 forni part of these financial statements. 13
Ashton Centre Development Limited Notes to the Financial Statements Year ended 31 March 2024 General infonmation Ashton Cenlre Development Limited is a Registered Society limited by shares and registered in Northern Ireland. The address of the principal office is Ashton Centre, 5 Churchill Street, Belfast, BT15 2BP. Statement of compliance The financial statements have been prepared in accordance with "Accounting and Reporting by Charities.- Slatement 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)" (as amended for accounting pertods CA)mmencing on or after 1 January 2019) and Ihe Co-operative and Community Benefit Societies Act (Northern Ireland) 1969. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in slerling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial stalemenls have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 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 statements are prepared in sterling, which is the functional currency of the entity. Going concern These financial statements have been prepared on a going concern basis, notwithstanding the fact that the charity had nel cuent liabi5ities of £775k at the balance sheet date. A significant portion of the net Guent liabilities relates to a loan that is repayable on demand. Since the period end the charity has made repayments against the loan. Discussions with the lender are ongoing to agree a repayment plan for the remaining balance. Having Gonsidered the latest management infomiation, and projections and cash flow forecasts for the next twelve months from the date of approving the financial statements, the direclors have a reasonable expeclation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the finanaal slatemenls. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the Charity's pUoses. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the tems of an appeal and fall into one of two sub-classes. restricted income funds or endowment funds. 14
Ashton Centre Development Limited Notes to the Financial Statements (conlinued) Year ended 31 March 2024 Accounting policies (oontinued) Incoming resources All incoming resources are included 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, receipt 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 unless this is impractical to measure reliably, in which case the value is derived from the Gosl to the donor or the estimated resale value. Donated facilities and seNices are recognised in the accounts when received if the value can be reliably measured. No amounts are included 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 returned rf 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 classffied under headings of the statement of financial activities to which il relates.. expenditure on raising ftjnds includes the costs of all fundraising activities, events, non-Gharitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charty in undertaking activities that further its charitable aims for the benefrt of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expendtture includes all expenditure that is neither related to raising fund5 for the charity nor part of its expenditure on charilable activities. All costs are allocated to expendtture categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the adivities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 15
Ashton Centre Development Limited Notes to the Financial Statements (conllnued) Year ended 31 March 2024 Accounting policies (conlinued) Tangible assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a Gharge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, excepl to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows.. Freehold property Fixtures and fittings Motor vehicles Equipment 20kn straight line 15 % reducing balance 250/0 Straight line 15 /0 reducing balance Impairment of fixed assets A review for indicators of impaimient is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impainnents are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing, when tt is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goo111, the goodwill acquired in a business combinalion is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount recervable 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 subseqLJently measured at amortised cost. 16
Ashton Centre Development Limited Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounling policies fcontinuedj Financial instruments (contlnued) Where investments in shares are publicly traded or their fair value can otheiSe be measured reliably, the investment is subsequenlly measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an assel is deferred beyond normal business terms or financed at a rate of interest that is not a markel rate, in which case the asset is measured al the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Olher financial instruments are Subsequent measured at fair value, with any changes recognised in the statement of financial actiwties, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairtnent, an impaimient 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 impaimient. Other financial assets are either assessed individually or grouped on the basis of similar credtt risk characteristics. Any reversals of impairment are recognised immediatety, 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 contribution 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 extenl that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of Ihe 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. 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 demonslrably committed to temiinate the employment of an employee or to provide termination benefits. 17
Ashton Centre Development Limited Notes to the Financial Statements {continued) Year ended 31 March 2024 Critical accounting estimates and Judgements In the application of the charity's accounting policies. the directors are required to make judgements, estimates and assumptions about Ihe carying amount of assets and liabililies that are not readily apparent from other sources. The estimates and assoated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results rnay differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which Ihe 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. Charitable activities North Belfast Regeneration Project Mar¢h 24 North Belfast Regeneration Project March 23 Rental Income Telephone, gas, electric & service Gharge income Room hire other miscellaneous income 415,918 114,673 536,424 146,089 1,215 28,805 8,649 539,240 712,533 Anal sis b fund Unrestricted funds Restricted funds 539,240 712,533 539,240 712,533 Other Income Total Total Funds Funds March 24 March 23 Unrestricted Restrlcted Funds Funds HMRC- SSP Grant Dormant account fund Grant 385 10,000 10,385 18
Ashton Centre Development Limited Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Charitable activities 31 March 24 31 March 23 Wages and salaries Employers NIC Pension costs Rent, rates and water Light and heat Repairs and maintenance Insurance Other establishment expenses Molor vehicle expenses other motorllravel costs Legal and professional fees Telephone Other office costs Depreciation Advertising General expenses Subscriptions Conferences and seminars Bad debts written off {Profit) l Loss on disposal of fixed asset Audit fees Other finance costs 114,834 5,625 8,039 16,444 76,387 84,304 18,000 9,941 1,093 591 14,560 16,379 7,530 148,454 400 3,827 8.469 173,311 10,621 11,949 18,520 96,257 141,060 18,222 9,195 1,508 1,301 8,773 49,107 8,562 205,373 1,464 1,877 2,910 705 4,809 {900) 5,500 63,153 (18,316) 5,500 45,203 North Belfast Regeneration Project March 24 North Belfast Regeneration Project March 23 Analysis by fund Unreslricted funds Restricted funds 546,502 60,937 722,459 70,643 8. Support costs Support costs Governance costs 31 Mar 24 31 Mar 23 Audit fees Legal and professional 5,500 14,560 5,500 14,560 5,500 8,773 20,060 20,060 14,273 19
Ashton Centre Development Limited Notes to the Financial Statements {conlinuèd) Year ended 31 March 2024 staff costs The total staff costs and employee benefrts for the reporting period are analysed as follows-. Period from Yearto 1 Dec 21 to 31 Mar 24 31 Mar 23 Wages and salaries Social securtty costs Employer contributions to pension plans 114.834 5,625 8,039 128,498 173,311 10,621 11,949 195,881 The average head count of employees during the year was 4 {2023'. 4). No employee received employee benefits of more than £60,000 during the year12023'. Nil). 10. Trustee remuneration and expenses None of the directors (or any persons connected with them) received any remuneration or benefits from the ¢harity during the year. No director received reimbursement of expenses in the current or prior year. 11. Tangible fixed assets Freehold Fixtures and property fittings Motor vehicles Equipment Total Cost At 1 April 2023 Disposals At 31 March 2024 7,128,877 (180,000) 6,948,877 336,479 14,942 56,159 7,536,457 (180,0001 56,159 7,356,457 336,479 14,942 Depreciation At 1 April 2023 Charge for the year Disposals At 31 Mar¢h 2024 1,879,157 138.978 {15,900) 2,002,235 277,639 8,842 14,942 52,332 2,224,070 635 148,455 (15,900) 52,987 2,356,625 286,481 14,942 Carrying amount At 31 March 2024 4,946,642 5,249,720 49,998 3.192 4,999,832 At 31 March 2023 58.840 3,827 5,312,387 20
Ashton Centre Development Limited Notes to the Financial Statements (con¢inued) Year ended 31 March 2024 12. Debtors 2024 2023 Trade debtors Prepayments and accrued income other debtors 55,176 57,448 4,940 24,968 17,355 4,940 117,564 47,263 13. Cash and cash equivalents Cash and cash equivalents comprise the following.. 2024 2023 Cash at bank and in hand Bank overdrafts 21,105 {3,568) 17,537 124,710 (163) 124,547 14. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 3,568 36,615 14,458 3,700 860,667 163 13,115 20,346 13,585 1,086,920 919,008 1,134,129 15. Creditors: amounts falling due after more than one year 2024 2023 Borrowings 43,110 105,649 16. Loans and overdrafts 2024 2023 Other loans Payable within one period Payable after one period 851,311 43,110 1,077,682 105,649 894,421 1,183,331 Other loans represent a loan of £787,480 {2023'. £1,013,851) which is secured by a debenture on the assets of the charity and a loan of £106,941 (2023: £169,480) which is secured on the charity's properties at 683 and 529 Antrim Road, Belfast. 21
Ashton Centre Development Limited Notes to the Financial Statements (conlinued) Year ended 31 March 2024 17. Share Capilal 31 March 23 30 Nov 21 Ordinary share capital Issued and fully paid- 16,332 ordinary shares at £1 each 16,332 16,332 18. Analysis of charitable funds Unrestricted funds At 1 April 2023 Al Income Expenditure 31 March 24 General funds 1.825,184 539,240 (546,503) 1,817,921 At 1Dec21 At Income Expenditure 31 March 23 General funds 1,824.725 722,918 (722,459) 1,825,184 Restricted funds Balance at 1 Dec 2021 Resources Expended Balance at 31 March 2023 Resources Expended Balance at 31 March 2024 Henry Place Phase 1 Henry Place Phase 2 164-188 Duncairn Gardens Fixtures & Fitting 1,047,388 1,280,887 157,903 {37,588) {28,015) (4,267) 1,009,800 1,252,872 153,636 {28,191) {28,015) (4,267) 981,608 1,224,858 149,368 3,863 {773) 3,090 (464) 2,627 49 19. Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes- Movement in funds Balance at 1 December 2021 Balance at 31 March 2023 Movement in funds Balance at 31 March 2024 Designated Property Reserve 1,739,762 (30,105) 1,709,657 39,094 1,748,751 105 The designated propety reserve relates to the net book value of the charity's unrestricted tangible fixed assets amounting to £2,643,172 and associated loans of £894,421. These assets are used on an ongoing basis to deliver the charity's aims. 22
Ashton Centre Development Limited Notes to the Financial Statements (conlinued) Year ended 31 March 2024 20. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Bank overdrafts 124,710 (163) 124,547 (103,605) (3,405) {107,010) 21,105 (3,568) 17,537 21. Analysis of net assets between funds Unrestricted Restricted Total 2024 Total 2023 funds 2024 funds 2024 Fund balances at 31 March 2024 are represented by: Tangible assets Current assetsl{liabilities) Long term liabilities 2,641,370 (780,339) (43,110) 2.358,462 4,999,832 5,312,387 (780,339) (962,156) (43,110) (105,649) 22. Explanatory notes to funds Unrestrlcted funds General fund This fund is expendable at the discretion ofthe directors and represents unrestricted funds that have not been designated for a particular purpose. Restricted Funds These funds relate to capital grants received for the development of property held by the charity and several smaller capital grants for the purchase of equipment. The balance of the fLtnd is represented by fixed assets held by the charity. 23. Financial commitments? guarantees and contingent liabilities A portion of grants received may become repayable rf the charity fails to comply with the tenns of a letter of offer. 23
Ashton Centre Development Limited Management Information Year ended 31 March 2024 The following pages do not fomi part of the financial statements. 24
Ashton Centre Development Limited Detailed Statement of Financial Activities Year ended 31 March 2024 Period from 1 Dec21to 31 Mar23 Year lo 31 Mar 24 Income and endowments Charitable activities Income from rentals other income 539,240 712,533 10,385 539,240 722,918 Total income 539,240 722,918 Expenditure Charitable activities Wages & salaries Employer's NIC Pension costs Rates & water Light & heat Repairs & maintenance Insurance other establishment Motor vehicle expenses other motorltravel costs Legal and professional fees Telephone other office costs Depreciation Advertising General expenses Subscriptions Conferences and seminars Bad debts written offlrecovered ProfitlLoss on disposal of fixed assets Audit Fees other finance costs 114,834 5,625 8,039 16,444 76,387 84,304 18,000 9,941 1.093 591 14,560 16,379 7,530 148,454 400 3,827 8,469 173,311 10,621 11,949 18,520 96,257 141,060 18,222 9,195 1,508 1,301 8,773 49,107 8,562 205,373 1,464 1,877 2,910 705 4,809 {900) 5,500 63,153 {18,316) 5,500 45,203 607,439 793,102 Total expenditure 607,439 793,102 Net expenditure {68,199) (70,1841 25