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
Be￿ast
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 Be￿ast 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 I￿al 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 othe￿iSe 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 e￿Or, 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 cu￿ent liabi5ities of £775k at the balance sheet date. A significant portion of
the net Gu￿ent 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 pU￿oses.
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 goo￿111, 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 othe￿iSe 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 asso￿ated 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