Charity reglslration number NIC101469 Company reglstratlon number N1067770 {Northern Ireland) WATERSIDE NEIGH80URHOOD PARTNERSHIP ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WATERSIDE NEIGHBOURHOOD PARTNERSHIP CONTENTS Page Chariiy Information Trustees, report Independent auditorfs report 7-10 Statement of financial activities Balance sheet 13 Statement of cash flows 14 Notes lo the financial statements 15-24
WATERSIDE NEIGHBOURHOOD PARTNERSHIP LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms G Doherty Ms L Donnell Mr D Mcclay Mrs H McClinto¢k Ms C McLaughlin Ms L Watson (Appointed 31 January 2024) (Appointed 31 January 2024) {Appoinled 31 January 2024} Slrategy Manager MrsA Wallace Charity number NIC101469 Company numb9r N1067770 Registered offl¢• Shared Future C8ntre Cttyview Park Irish Street Londonderry BT47 2DB Auditor Moore {Nl} LLP 21-23 Clarendon Street Derry-Londondeny BT48 7EP Bankers Bank of Ireland 27 Culmore Road Londondery BT48 8JB
WATERSIDE NEIGHBOURHOOD PARTNERSHIP TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year endéd 31 March 2024. The financial statements have been prepared in accordanc8 With the accounting policies set out in notè 1 to the financial statements and comply with the charity's Igoveming documenll, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}" {effective 1 January 2019). Objectives and activities The overall aim of the organisation is to transform the Waterside Neighbourhood Renewal Area into a safe place. which people will choose to live in. invest in and visit and as a result the Partnership is also heavily inVoed in liaising with both the statutory, private sectors and government lo encourage their involvernent in the fulure development of the area. Across the partnership each of the local community organisations are responsible for "on the ground" delivery ofthe actions with support and guidance from the Waterside Partnership Board. The Waterside Strategy Manager co-ordinates all aspects of the implementation process through regular liaison with the respective managers of each of the local community organisations and is responsible for monitoring and evaluating the outcomes of each of the actions contained within the Action Plan. delivered both by the local community organisations and statutory sector partners. A diverse range of proj8cts has been delivered across the area under the remit of communSty, social, economi¢ and physical renewal. These projects have b8en dèveloped in such a way Ihat they address the is5ups of disadvantsge whlle at the sam8 time éncouraging as much direct input from local people as possible. The Waterslde Aclion Plan is a working document which is regularly reviewed to énsure that all the actions contained within it are still appropriate and should a new issu6 Ipriorfty be idenlifi8d the Plan will be amènded to reflect any changes to the situation at local level. The Wat8rside Partnership Board has established 5 subgroups Waterside Community Development Worklng Group, Waterside Physical Règeneration Working Group, Waterside Community Safety Forum, Waterside Shared Village and Waterside Health Forum lo assist them in the identification, development and where appropriate the delivery of prolèclsl ideas which aim to address Neighbourhood Renewal's four strategic themes of which are focused on community renéwal, social renewal, economic renewal and physical renewal. Public benefit The trustees have paid due regard to guidan issued by the Charity Commission in déciding what activities the charity should undertake. Achievements and performance Significant activilies and achievements againsl objectives The Community Development Working Group is made up of community representatives from each of the Walerside Neighbourhood Renewal sub-areas, the North West Regional College, Skills NW, Excite Project Co-ordinator and the Talking To Our Babies Co-ordinator. The working group oversees the work of Skills NW, the Excite Project. Strengthening Futures and Talking To Our Babies. This year the Community Development Working overseen the delivery of the Strengthening Futures Programme. Christmas Access to Food Programme, Social Supermarket Pop-up Support Project. Baby Bank. Consensual Grant Making Process and the Peace Plus programme planning. During the year funding for Skills NW was secured enabling the continuation of training and support services for residenl who are seeking lo return to work the work place. The project continues to make a significant impact with over 120 residents Undertaking training. Also durfng the year Talking To Our Babies continued to deliver a range of programmes onllne and face lo face. 60 parents completed training which included Makaton Level 1, Child Proteclion Training, First Aid and Speech and Language. 372 parents and 433 children participated in a range of activities includlng Baby Sensory, Coochie Coo, and Mini Professors with 280 parents reGeiving Supports.
WATERSIDE NEIGHBOURHOOD PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Excite Project also continued online delivery classes to actively engage with, in particular, their younger users through the use of creative technologies via a variety of media platforms that developed skills. knowledge and confidence in young people outside or in addition to the school system. During the year 12f local groups and 8 schools were supported, 90 young people participated in IT programmes. 160 young people participaled in summer Scheme based programme5 and 12 young people received training. The Waterside Health Forum is made up of community representatives from each of the Waterside Neighbourhood Renewal sub-areag, WHSCT, Pink Ladies, NHIP and Older People North Wesl. The group has engaged at a neighbouthood level to identify health priorities and to develop a health action plan and deliver a range of health programmes both area-wide and al neighbourhood level. 800 local people participated in a range of programmes including Zumba. March the Month Step Challenge, Maternal Mental Health event, Motivation May Physical Activity PHA provided us with funding £5000 which we used to promote the importance of physical activity. Minding Mum maternal mental health project continued during the year. 200 pregnant murns and mums with babies UP lo one year participated in range of programmes supporting positive mental health. It should be not8d that Waterside Neighbourhc()d Partnership Board, members of which are also répresented on the relevant Subgroups, have all signed up to and abide by a Neighbourhood Renewal Cod8 of Practice and Guiding Principles. As detailed above this area suffers from serious levels of deprivation and under-inv8Stmenl and as a cons8quence requires major inv8s1ment and support to make positlve changes to th6 Waterside Area. Flnanclal review Total income for the year was £579,859, of which £579.610 was generated from grant funding of prograrnmes and lh6 balance represents inter6St received on amounts held in deposit accounts. Total expenditure by the charity was £584.241, which was incurred undertaking activities that further our Charitable aims for the benefit of our beneficiaries. The balance on total funds at the yearaend was £105,451. of which £81,782 were unreslricled, and £23,669 were restricted. The comparatives have been restated to reflect restricted grant funding received but not yel spent by the charity at the reporting dale within reserves. These amounts were previously recognised within crèditors due within one year. The charity previously reported total reserves at 31 March 2023 of £66,242 and the effect of the restatement has been to increase the charity's reserves in the amount of £43,591 to revised total reverse5 of £109.833. The SOFA shows how Ihis adjustment is reflected between restricted and unrestricted reserves. Reserves policy It is the policy of the charity Ihal unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between the and six month's expendilure. The trustees consider thal reseNes at this level will ensure that. in the event of a significant drop in funding, they will be able lo contin(Je the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees have examined the charity's requirements for reserves considering the main risks to the organisation and established a formal policy which stipulates that free reserves be maintained at a level which ensures that the Charit5 core activity could continue during a period of unforeseen difficulty. Free reserves are defined by the Trustees as unrestricted income funds freely available for use as the charity so determines and thereby excludes any funds committed, invested in tangible fixed asset5 held by the charity and re8trict8d ar designated funds.
WATERSIDE NEIGHBOURHOOD PARTNERSHIP TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Tru51ees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the chariws current activities while consideration is given to ways in which additional funds may be raised. Based on current staff costs and fixed overheads, the Trustees, assessment of the target level reserves for 3 months costs is £50,000. Free reserves of the charity as at 31 st March 2024 are £70.087. therefore the Trustees are pleased to corbfirm that the charity is compliant with its reserves policy. The Trustees continue to strive to maintain a general level of reserves in accordance with their policy so Ihat they will be able to continue the current activities of the charity- Major risks The Trustees, in conjunction with the senior management team, are aware of the major risks to which the charity 15 exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity face5. Intemal control risks are minimised through the procedures for authorisalion of all transactions and projects. produreS are in place lo ensure compliance with applicable laws and regulations. All procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. Structure. governance and management Goveming Document Waterside Neighbourhood Partnershlp is a company limited by guarantee and accepted as charftable by Charity Commission for Nl under reference NIC101469. The company was incorporal8d on 17th January 2008. Th8 Company was 8Stablished under a Memorandum of Ass¢xiation which established the objects and pow8rs of the company. and is governed by ils Artic18s of Assoclalion. The liability of members is limited in th8t ev8ry member of the company undertakes lo contribute an amount not exceeding £1 in the event of the company bèing wound up. The trustees, who ar8 al80 the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statem8nts were: Ms G Doherty Ms L Donnell Mr D Mcclay Mrs H Mcclintock Ms C McLaughlin Ms L Watson {Appoinl8d 31 January 2024) (Appolnted 31 January 20241 (Appoinled 31 January 20241 Recruitment and appointment of trustees The present board of directors was approved by the membership at their Annual General Meeting. They meet bimonthly in the Shared Future Centre and evaluate the operations and finances of the organisation. The Board of Trustees manages the process of recruitment and appointrnent of Truslees, and may admit lo membership any person interested in promoting the objects {primary purpose) of the charily. A member may withdraw Irom the company by giving notice to Ihe Charity. Waterside Neighbourhood Partnership underlakes an annual skills audit among Trustees in order lo identify any knowledge andlor skills gaps within its rnembership. These skills are specific to the strategic and operational nature of the organisalion. The charity will underlake regular Trustee recruitment drives lo achieve balance and with a view to proactive succession planning. Organisational structur8 The Board of Trustees has over811 legal responsibility for the charity- The day-to-day operations and decision making continue to be delegated lo a Senior Management Team, led by Strategy Manager Alison Wallace, who report directly to the Board. There are robust reporting structures in pla throughout the organisation. The Senior Management Team is mad8 up as follows.. Alison Wallace - Strategy Manager Janice Austin - Finance & Admin Co-ordinator
WATERSIDE NEIGHBOURHOOD PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Induction and training of Irustees After being fomially appointed. all new trustees are provided with a Trustees. Handbook and undertake an induction process. This includes an orientation briefing of their legal obligations under charity and company law. the content of the Memorandum and A'¢leS of Association. the committee and decision-making processes of the charity, the annual budget. the strategic plan and the most current financial infomiation contained within the Annual Report and Accounts. Forming part of their induction, new trustees meet with the individual members of the Senior Management Team and other key employees within the charity to leam more about each project and their roles and responsibilities. Trustees are encouraged to attend appropriate external training everrts where these will facilitste and further support the undertaking of the role. Relationship with related parties None of the trustoes receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the ¢harity with a conlracled supplier musl be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. In the current year, no such related party transactions w8re reported. Statement of trustees, responslbllities The trLTStees, who are also the directors of Walerslde Neighbourhood Partnership for th8 purpose of company law. ar6 responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires th8 trustees to prepare financial statements for each financial 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, including the income and expenditu, of the charitable company for that year. In preparing thes6 financial stsl8ments, the trustees ar8 required to: Select sultable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP. - make judgements and estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will Continue in operation. The trustees are responsib18 for keeping adequat• accounting records that disclose wilh reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the charity and hence for taking asonable steps for the prevention and detection of fraud and other Irregularities. Auditor In accordance with the company's articles, a resolutlon proposing that Moore {Nl) LLP be reappointed as auditor of the Company will b6 put at a General Meeting.
WATERSIDE NEIGHBOURHOOD PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Disclosure of Inforniation to audltor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unawa. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees, report was approved by the Board of Trustees. s G Doherty Trusteo Ms C M¢Laughlin Trustee 31 Marth 2025
WATERSIDE NEIGHBOURHOOD PARTNERSHIP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WATERSIDE NEIGHBOURHOOD PARTNERSHIP Opinion We have audited the financial statements of Watetside Neighbourhood Partnership (the 'charity') for the year ended 31 March 2024 which comprSse the statement of financial actlvlties, the balance sh8ét, the statement of cash flows and notes to the financial stalements, including signlficant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable18w and Uniled Kingdom Accounting Standards, includlng Finan¢ial Reporting Standard 102 The Financial Reporting Slandard applicable in the UK and Republlc of Ireland {United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial statements.. give a true and fair vièw of the state of the tharitable company's affairs as at 31 Mar¢h 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 Uniled Kingdom Generally Accepted Accounting Practice., and have been prepared in aeKordancè with the requirements of the Companies Act 2006. Ba$is for opinion We conductéd our audlt in accordance with International Stsndards on Auditing (UK) {ISAs {UK)) and applicable law. Our responslbilities under those standards are fvrther described in the Auditoffs responsibilities for the audit of the financlal slatements section of our report. We are independent of the charity in accordance with the elhlcal requirements that are r81évant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provi$ions available for small entities, in the circumstances set out in note 24 to the financial statements, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We beli8Vé that lh6 audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the golng concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any materfal uncertainties relating to events or conditlons that, individually or colledively, may cast significant doubt on the charity's ability to continue as a going ¢oncem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitlés of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiation The other infomiation comprises the information included In the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information ¢ontsined within the annual r8porL Our opinion on the financial statements does not cover th8 other infomalion and, expt to the extent othernise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo réad the other information 8nd, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the coursé of the audit. or otherwise appears to b8 materially misstated. If we identify such matèrial inconsisten¢ies or apparent material misststements, we are required to determine whether Ihis gives rise to a material misstat8ment in thè financial statements th8mselves. If, based on the work we hav8 perfomed, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard.
WATERSIDE NEIGHBOURHOOD PARTNERSHIP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WATERSIDE NEIGHBOURHOOD PARTNERSHIP Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infomialion given in the trustees, report for the financial year for which the financi81 statements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within the Irustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and it5 environment obtained in Ihe course of the audwt. we have not identified malerial misstatements in the directors. report included within the trustees, Teport. We have nothing to report in respect of the following matters in relation to which thè Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit hav8 not been reoived from branches not visited by us,. or the financial stat8m8nts are not in agreement with the accounting records and returns., or certain disclosures of trustees, remun8ration specified by law are not made., or We have nol reGeived all the information and explanations we require for our audit,. or the trustees were not enlitled to prepare the financial statements in accordanc8 Wlth the small companies regime and lake advantage of the small companies. exemptions in preparing thé Iruslees, report and from the requirement to prepare a strategic report. Responsibllltles of trustees As explained more fully in th8 slalem8nt of trustees, responsibilities, the Irustèes, who are also the directors of the charlty for the purpos@ of company law, are re5ponsibl8 for th@ preparation of th8 financial statements and for being satisfied that they give a true and fair view, and for such Internal control as th8 trustees determine is ne$Sary to enable the preparation of financial ststem8nts 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 ablllty to continue as a going concern, disclosing, as applicable, matters lated to going concern and using the going concem basis of ac¢ounting unless the truslees either intend to liquidate the charitable company or lo cease operations, or have no realistic altemative but to do so. Auditor's responsibilitie5 for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are Iree from material misslatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
WATERSIDE NEIGHBOURHOOD PARTNERSHIP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WATERSIDE NEIGHBOURHOOD PARTNERSHIP Extent to whi¢h the audlt was considered capable of detecllng irregularities, including fraud The objectives of our audit in respect of fraud, are- to identify and assess the risks of material misslalement of Ihe financlal stalements due to fraud., to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those asséssed risks; and to respond approprialaly lo Instances of fraud or suspected fraud identified during the audit. However. the primary responsibility for Ihe prevention and detèction of fraud rests with both management and those ¢harged with govemance of the charitable company. Based on our understanding of the charitable company and its operating 8nvironment, we determined that the most significant frameworks which have a direct impact on the preparation of the financial ststem6nls are those related to the reporting framework, (FRS 102, th8 Charilies Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations {Northern Ireland) 2015, Ihe Charity SORP and the Companies Act 20061. Additionalty, we concluded that there are signific8nt laws and regulations in r8lation to the company's charitable status and activities of which nonacompliance may have a material effect on the financial statemenls. We assessed the susceptibility of the charitable company's finan¢ial statements to material misstat8ment. including how fraud might occur, including evaluating managem8nfs incentives and opportunilies to manage earnings or influence the reported results. From the results of our assessment, we determined that th8 principal risks of fraud relate to posting inappropriate journal entries and use of charity funds for purposes outside of restrictions imposed by the donor. In common with all audits under ISAS {UK}, we are required to perform speclfi¢ procedures to respond to the risk of management override. Audlt response to risks Identified As part of an audit in a¢¢ordance with ISAS (UK) we exercise professional judg8mant and maintain professional scepticism throughout the audit. Audit procedures performèd by the engagement team included.. We obtained an understanding of the charitable companls internal control systems in order to design audit pro¢edures that are appropriate in the circumstan¢es, but not for the purposes of exprassing an opinion on the effectivenèss of the charitable company's internal control. We obtained an understanding of how the Charitable company complies with r8levant laws and regulations, including those as a result of its registration with the Charity Commission for Northern Ireland and charitable status with HM Revenue & Customs . by making enquiries of management and those charged with governance. Enquiry of management, those charged with govemance and the entity's solicitors around actual and potential litigation and claims. Enquiry of entity staff to identify any instances of non-compliance with18ws and regulations. Performing analytical procadures to identify any unusual or unexpect8d relationships Ihgt may indicate risks of material misstatement due to fraud Reviewing minutés of meetings of those charged with governance Reviewing financial statement disclosures and testing to supporting documentation lo assess compliance with applicable laws and regulations. We test the completeness of income lo address th8 risk of fraud in relation to rev6nue recognition Auditlng the risk of manag6menl overrid8 of controls. including through testing journal entries and other adjustments for approprlateness, and 8valuating the business rationale of significant transactions that are unusual or outside the normal course of buslness. Auditing the rlsk of usè of charity funds outside of restrictions imposed by the donor by revi8w of funding letters of offer to identify restrictSons, and revi8w of funding claims prépared by management to check compllance with restrictions. We communicated relevant laws and regulations and potential fraud risks lo all engagement team members. and remained alert lo any Indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures describ8d above and the further removed non-compliance with laws and regulatlons is from th8 events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatsment due to fraud is higher than the risk of not detecting one r8sulting from error, as fraud may involve d81iberate concealrnenl through ¢ollusion, forg8ry, intentional omissions, misrepresentations or the override of internal control. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https-11 ww.frc.org.uklaudilorsresponsibilities. This description foms part of our auditor's report.
WATERSIDE NEIGHBOURHOOD PARTNERSHIP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WATERSIDE NEIGHBOURHOOD PARTNERSHIP Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that W8 might state lo the charitable company's members those matters we are requir8d lo state to them in an auditorfs report and for no oth8r purpose. To the full8St extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for this report, or for the opinions we have formed. John Bradley (Senior Statutory Auditor) for and on behalf of Moore INI) LLP 31 March 2025 Charterod Accountants Slatutory Auditor 21-23 Clarendon Street Derry-Londonderry BT48 7EP 10-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current financial year as restated Total Unrestricted funds 2024 Restricted funds 2024 Total 2024 2023 Notes Income from: Charitable actlvities Investments 579,610 579,610 249 497,928 249 Total incoma 249 579,610 579,859 497,932 Expenditure on: Charitable activities 4,797 579,444 584,241 481,861 Total expondituro 4,797 579,444 584,241 481.861 Net Incomel{expendlture) {4.548) 166 (4,3821 16,071 Transfers beaen funds 17 20.088 {20,088) Net movement In funds 15,540 (19.922) {4,3821 16,071 Re¢onciliation of funds: Fund balances at 1 April 2023 As orrginally reported Prior year adjustrnent As re5tsted 50,364 15.878 66.242 15,878 27.713 43,591 66,242 43,591 109,833 23 66.067 27,695 93.762 Fund balances at 31 March 2024 81.782 23,669 105.451 109.833 The stal8ment of financial activili@s includes all gains and losses recc*3nised in the year. All incom8 and expenditure deriv8 from continuing activitl8S. 11
WATERSIDE NEIGHBOURHOOD PARTNERSHIP STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year- as restated Unrestrlcted funds 2023 Restricted funds 2023 Total 2023 Notes In¢ome from: Charitabl8 activities Investments 497.928 497,928 Total income 497,928 497.932 Expendlture on: Charitable activities 18,448 463,413 481,861 Total expondituro 18,448 463,413 481,861 Net Incomel(8xpendlture} {18,444} 34,515 16,071 Transfers beeen funds 17 18,619 {18,6191 Net movement In funds 175 15,896 16,071 Reconciliatlon of funds: Fund balances at 1 April 2022 As odginally reported Prlor year adjustmént As restated 44, 143 21,924 66,067 21,924 5,771 27,695 66,067 27,695 93,762 23 Fund balances at 31 March 2023 66,242 43,591 109,833 12-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP BALANCE SHEET ASAT31 MARCH 2024 2024 2023 as restated Notes Flxed assots Tangible assets 11 11,695 11,891 Current assets Debtors Cash al bank and in hand 12 53.792 48.390 64,595 40,200 Credltors: amounts falling due within one year 102,182 104,795 13 {8,426) 16,8531 Net Current assets 93.756 97,942 Total assets less current liabilities 105,451 109,833 Tho funds of the charity Restrlcted income funds Unreslricted funds q4 15 23,669 81,782 43,591 66,242 105A51 109,833 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on 31 March 2025 s G Doherty Trustoo s C McLaughlin Trustee Company registration number N1067770 (Northern Ireland) 13-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from op8rating activities Cash generatèd from operations 21 9,890 2,254 Invèsllng activitlos Purchase of tangible ffxed assets Investment Income received {1,9491 249 (2,703) Net cash used in investlng actfvities (1.700) {2,699) Net cash used in financing activltles Net increaselldecreasel in cash and Cash equlvalents 8,190 (4451 Cash and cash equivalents at beginning of year 40,200 40.645 Cash and cash equivalonts at end of y8ar 48,390 40.200 14-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles Charity infomiation Waterside Neighbourhood Partnership is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Shared Future Centre. Cityview Park. Irish Street, Londondery, BT47 2DB. 1.1 Accounting convention The financial staternents have been prepared in accordance with the charity's Igoverning documenti, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. ('FRS 102°} and the Charities SORP "Accounting and Reporting by Charities= Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effectiV8 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the fvnctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost conventlon. The principal accounting policies adopted are set out b810w. 1.2 Going concèrn At the time of approving the financial statements, thè trustees have a reasonable expectstion Ihal the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing ihe financial ststements. 1.3 Charitable funds Unrestricted funds are availabl8 for use at the discretion of th8 trustees in fijrtherance of their charitable objectives. Restricled funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subjecl to specific conditions by donors that the capital must be maintained by the chaiity. 1.4 Income Income is recognised when th8 charity is legally entitled to it after any performance conditions have been met, the amounls can be m8asured reliably. and It is probable that income will be received. Cash donations are reccgnised on receipt. Other donations are recognised once the charity has been notifi8d of the donation, unless performance conditions require deferral of the amounl. Income tsx recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the timé of the donation. Le9acies are rewgnised on receipt or othemise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amounl is not known. the legacy is tréaled as a ontingent asset. 15-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles (Contlnued 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in sethement. and the amount of the obligation can be measured reliably. Expenditure 15 classified by activity. The costs of each activity are made up of Ihe total of direct costs and shared cnsts, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared cy)sts which contribute to more than one activity and support costs which are not attributable to a single adivity are aprtioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on Ihe basis of time spent. and depreciation charges are alloc8ted on the wrtion of the asset's Use. 1.6 Tangib fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over th8ir useful lives on the following bases: Fixtures and fittings 10 /& Straight line Th& gain or loss arising on the disposal of an asset is determined as the difference belween the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial aclivrties. 1.7 Impairment of fixed assots At each reporting end date, the charity reviews the carrying amounts of ils tangible ass8ts to determine whether there is any indication that those assets hav8 suffered an impairment loss. If any such indication exists. the recoverab amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalenls include cash in hand. deposits held at call with banks. other short-term liquid investments with original malurilies of three months or less, and bank ovèrdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the chartty becomes party to the contractual provisions of the instrument. Financial assets and liabilwtie5 are offset. with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic flnancial assels Baslc financial assets. which include debtors and cash and bank balances. are initialty measured at transaction price including transaction costs and are subsequently carried at amortised C¢)St using the effective interest method unless the arrang8m8nl constitutes a financing transactlon, where the transaction is measured at the psent value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortlS8d. 16-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢les {Contlnued) Basic financial liabilitigs Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classrfied as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequentiy measured at amortise(I cost using the effectiv8 int8rest method. Derecognition of financlal Ilabilltlos Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlement is recognised in the perlod in which the employeé's services are received. Termination bènefits are recognised immediately as an expense when the charlty is demonstrably committ8d to temiinate the employment of an employee or to provide termination benefits. Crltlcal accountlng estlmalès and Judgements In Ihe application of the charity's accounting policies. the trustees are required lo make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent trom other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimato is revised where the revision affects only that pericd. or in the period of the revision and future periods where the revision affects tK)th current and ftJture periods. Income from charitable aetlvitios Restrlcted funds 2024 Restrlcted funds 2023 Charllable activltleg Grant funding 579,610 497,928 Detailed analysis of grant funding received is provided at note 14. 17-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Interest receivable 249 Expenditure on charitable activities Charltable actlvltlès 2024 Charitable activltlas 2023 Direct costs Staff costs Depreciation and impairment Workshop & Programme costs Rent & utility costs Office costs Property maintenance costs Travel expenses General direct charitable costs 241,439 2,145 308,527 19,429 866 370 747 259 182.921 3,048 266,394 19,621 1.835 170 438 573.782 474.427 Share of support and governance costs (see noto 61 Support 10,459 7,434 584,241 481,861 Analysis by fund Unrestricted funds Restricted funds 4,797 579.444 18.448 463,413 584.241 481,861 18-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to actlvities Charitable activitlos 2024 Total 2023 Insurance Bank charges General support costs Govemance 2.643 156 1,840 5,820 2,358 152 3.304 1.620 10,459 7,434 Govornance costs compwise: 2024 2023 Audit fees Accountancy 4.200 1.620 1,620 5,820 1,620 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediting)'. Fees payable for the audit ofthe charity's financlal ststements Fees payable for the Independent 8xamination of the charity's financial statements Depreciation of owned tangible fixed assets 4.200 1,620 3,048 2,145 Trustees None of the trustees (or any persons connected with thern) received any remuneration or benefits from the charity during the year. Employees The averag8 monthly number of employees during th8 year was.. 2024 Number 2023 Number Administration 10 10 19-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees Iconlinued) Employment Costs 2024 2023 Wages and salaries 241,439 182,921 Ther8 were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensation 63,478 64,088 10 Taxation The charity is exempl from taxation on its activities because all its income is applied for charitable purposes. 11 Tangible fixed assets Flxtur•s and Ilttlng$ Cost At 1 April 2023 Additions 36.192 1,949 Al 31 March 2024 38,141 Depreciation and impalrment At 1 April 2023 Depr8C18tion charged in the year 24,301 2,145 At 31 March 2024 26,446 Carrying amount At 31 Mar¢h 2024 11,695 At 31 March 2023 11.891 -20-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Debtors Amounts falling due within one year: 2024 2023 Grants receivable Other debtors 53,792 62,397 2,198 53,792 64,595 13 Creditors: amounts falling due within one year 2024 2023 Accruals 8,426 6,853 14 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as to how they may be used. At 1 April 2023 Incoming resources Resources expondad Transfèrs At 31 March 2024 Department for Communities- Strengthening Futures Department for Communiti@s Big Lottery- Minding Mum Succ8ss NW Derry City & Strabane District Council WHSCT_ NHIP Dept for Comrnunities - Talking To Our Babies Department for Foreign Affairs Arts Council Northern Ireland Derry Healthy Cities Extended Schools Sknlls 20120 Other restrlcted funds 134,794 97,564 93,594 100,178 1,790 18,443 (121,998) (97,490) (97,622) (100,178) (12,796) 1,864 14.415 61,882 29.327 {57,118) (26.8911 {4,764} 2,436 22,029 18.471 4,190 {22,029) (17.486} (4,126) (1,231) (4,0571 {7,530) (21,688) 985 3,969 3,905 1.231 4,057 9.858 21.191 697 (2.328) (200) 43,591 579,610 (579,444) (20,088) 23,669 -21
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Restricted funds {Continued) Previous year: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 Department for Communities - Strengthening Futures Department for Communities Big Lottery- Minding Mum Skills 20120 Derry City & Strabane District Council WHSCT- NHIP Department for Foreign Affairs Department for Communities- Talking to Our Babies Extended Schools Arts Council Northern Ireland Derry Healthy Cities CLEAR small grants Other restricted reserves 140.054 98.884 89,177 43,162 (127,348) {97.094) (84,532) {39,741) {12,706} 13,798 1.790 18.443 {3,421 } 36,534 26,791 18.471 (34,042) (26,885) 94 {2.492) 18,471 7.000 11,219 18,703 4.190 5,189 913 4,642 {18.2191 (18,703) 4,190 {5,189) {913) 110,748) 6,803 697 27,695 497,928 (463.413> {18,619) 43.591 15 Unrestrieted funds The unrestricted funds of the charity comprtse the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated fund5 which have been set aside out of unrestricted funds by the Irustees for specific purposes. At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 66,242 249 (4,797) 20.088 81.782 Provious year: At 1 April 2022 Incomlng Resources resources expended Transfers At 31 March 2023 General funds 66,067 (18,448} 18.619 66,242 -22-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets CUrnt assetsl(liabilities} 11,695 70,087 11.695 93,756 23.669 81,782 23,669 105,451 Unrestrlcted funds 2023 Restrlcted funds 2023 Totsl 2023 At 31 Mareh 2023". Tangible assets Current assetsl(liabilities} 11,891 54,351 11,891 97,942 43,591 66,242 43,591 109,833 17 Transfors between funds There has been nel transfers between funds of £20.088 (2023.. £18.6191 from restricted funds lo unrestricted general funds which represents general core funding allowed by funder5 which is being released to general fijnds. 18 Financial commitments, guarantees and Contingent liabilities Certain grants received and r8ceivable may become repayable to the fund8r if the charity is no longer able to m8et the conditions und8r which they were awarded. Duè to the natur8 of these ¢onting6ncies, il may not be posslble lo quantify the potential financial effect or glve an indication of the timing as to th8 liabilities that may aSe. 19 Events after the reportlng date There have been no significant events affecting the charitable company since the reporting date. 20 Related party transactlons There were no disGlosable related party transactions during the year (2023 - none). 23-
WATERSIDE NEIGHBOURHOOD PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Cash gonerated from operations 2024 2023 {Deficitysurpus for th8 year (4.382} 16,071 Adjustments for: Investment income recognised in ststement of financial activities Depreciation and impairment of tangible fixed assels (249) 2,145 (4} 3.048 Movements in working capital.. Decrease/(increase} in debtors Increase in creditors (Decrease) In deferred inGome 10,803 1.573 {14,233) 5,233 (7.861) Cash generated from operations 9.890 2.254 22 Analysis of changes In not funds The Charity had no material debl during the yèar. 23 Prior year adjustment The comparatives have been restated to reflect reslTicled grant funding received bul not yet spent by the charity at the reportin9 date within reserves. These amounts were previously recognised within creditors due within one year. The charity previously reported total reserves al 31 March 2023 of £66.242 and the effect of the restatement has been lo increase the charity's reserves in the amount of £43,591 to revised total reverses of £109,833. The SOFA shows how this adjustment is reflected between reslricled and unrestrict8d reserves. 24 Non-audlt services provided by auditor In common wllh many businesses of our size and nature we use our auditor to assist wlth the pr¶tion of the financial statem8nts. -24-