COMPANY REGISTRATION NUMBER.. N1018257 CHARSTY REGISTRATION NUMBER: 101611 West Belfast Development Trust Limited Company Limited by Guarantee Financial Statements 30 June 2022 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
West Belfast Development Trust Limited Company Limited by Guarantee Flnancial Statements Year ended 30 June 2022 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 15 Statement of financial position 16 Statement of cash flows 17 Notes to the financial statements 18
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) Year ended 30 June 2022 The trustees. who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 June 2022. Reference and administratlve detslls Registered charity name Wesl Belfast Development Tnjsl Limited Charity registration numbgr 101611 Company registration number N1018257 Principal offlce and registered 301 Glen Road office Belfast BT11 8BU The trustees K Delaney P Mulhollantj J Mcmullan A McRitchie S Collins {Appointed 27 July 2022) The trustees present their report and accounts for the year ended 30 June 2022 The accounts have been propared Th) accordance with the &counling policies set out in note 1 to the accounts and comply with the Companies Act 2006 and the Statement of Reeornmended Practice applicable lo chariligs preparing their accounts in accord8nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102}. Company secretary Claire Ferris Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 80N Bankers Ulster Bank 91-93 Univeisty Road Belfast BT7 7FW
West Belfast Development Trust Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Ined) Year ended 30 June 2022 Structure, governance and management The charity is a company limited by guarantee. The trustees, who are also the directors for the purpose of company law, and served during the year. Were Kevin Delaney Paul Mulholland John Mcmullan Alec McRitchie The trustees are elecledlre-elected at the Annual General Meeting. None of the Iruslees has any beneficial interest in the company. All of the trustees are rnembers of the company and guarantee lo contribute £1 in the event of a winding up. Work West has four Iruslees who convene eight limes per year lo discuss and make decisions as lo the long term plans of the company. Day to day running is undertaken by Claire Ferris, who is the organisati('S Chief Executive. The Iruslees have assessed the major risks lo which Ihe charity is exposed, and are satisfied that systems are in place lo mitigate exposure to the major risks. Charitable registration was granted by the Charity Commission of Northern Ireland on S June 2015. Following a ruling in 2020 Charitie5 in Northern Ireland registered within this lime period are not registered charities but charities in law.
West Belfast Development Trust Limited Company Limited by Guarante& Trustees. Annual Report (Incorporating the Directorfs Reportl (continue Year ended 30 June 2022 Objectives and activities The charty's objects are to be a commercially viable organisalion which seeks to improve the economic and social profile of West Belfast. There has been no change in these during the year. The social Pufpose of the charity is lo equip people with the knowledge and skills lo become economically resilient. This means developing an enlrepfeneurial cuf(ure in the local area, stimulating enterprise awareness with youn9 people, offering allemalive models of enterprise to the local community.. as well as developing the personal confidence and ambition of the business people who locale in Work Wesl or use ils business support services lo grow and Succeed lo motivate and enable enterprising individuals to establish and expand job Creating businesses. Work Wesl operates workspace through sf(es, one largeling private secloi businesses and one largeling social enterprises and social innovations. The main office for the agency is located al the Ihinc lab in the Social Economy Village where the key interventions relating to propety management and programme support are aclioned. Staff are working both at.home and in the office in a hybrid model. Restricted funds are raised through local government agencies for capital {Clusler fund) or al limes the co-ordination and running of some programmes. Overall however the majority of Ihg income is unreslricled. Work Wesl Taises unrestricted funds through the operation of property rental at the private sector sile and the Social Economy Willage sile. Programme delivery and consultancy work a150 contribute lo unrestricted funds being generated. All funds generated from thi8 a¢livty are used for charitable purposes Strategic report The foll¢)wing sections for 8chievements and performance and financial review fom) the strategic report of the charity.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees, Annual Report {Incorporating the DIrectoS Report) (coiitinu Year ended 30 June 2022 Achiev9ments and performance The Charity has Successful delivered a wide range of support servlces to businesses and social enterprises in the pre start, start up and growth phases. Work West developed a strategy from 2021-2023 which would inform the development of Ihe agency during this period. Throughout the year Work West has remained a high performing agency in terms of all programmes delivered in terms of attainment of target. Work West continues to deliver the two year contract for the Ards and North Down Social Entrepreneurship Programme which was awarded in May 2021 As al 30th June 2022 15 jobs had been created. Work West secured the contract for the Go Social programme which was retendered in May 2019 for 3 years. There was an extension of 6 months due lo COVID. As al 30th June 2022 35 jobs had been Created and 214 people engaged with. Enterprise Northern Ireland manage and subcontract work to Work Wesl for the Kick Start Programme which supported 17 clients lo secure investment of up lo £1500 for their businesses. Work Wesl secured £25,000 Belfast City Council Cluster Fund lo invest in redesigning and upgrading the Coutyard at Work West for indoor and outdoor space for tenants to connect with each other and their teams. Work Wesl secured over £18,000 of consultancy work. During the period we delivered Fovrsighl creative profiling lo 91 people from 9 groups. One ol these groups was the senior leadership team of CFNI a major funder. The Work Wesl sile operated at on average 980h ¢UPancY throughout the peTiod. As at 30th June 2022 there were 34 tenant companiesl organisalions kJ¢aled on the Work West sile and the Social Economy Village. The Social Economy Village operated al on average 869A occupancy over the same period. The lettable space increased over the year by 375 sq ft on the Work West site through renting 2 additional offices fomierly used by the organisalion. Over 10 existing businesses {bolh social and privatel have been provided with support and Signposting through our commf(menl to achieving positive social impact in the area. The support for these businesses (who have not qualified for help through specific programmesl assists Work Wesl lo achieve our social objectives. Over 50 hours of lime has been given locally lo support the regeneration of the area through participation of key staff on Boards and Committees within Wesl Belfast and beyond. Public benefit The Directors confirm that they have had due regard for the guidance produced on Public Benefrt by the Charity Commission for Northern Ireland, and are pleased to report that during 202112022 they have continued lo meet the Public Benefit requirement as follows= (l) The creation of employment, 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 Ilfe for the beneficiaries and consequent improvements In health and well-being. During the year Work West delivered the following initiatives which helped them to achieve the public benefit detailed in point li} as follows
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 30 June 2022 Delivery of thg Ards and North Down Si)cial Enterprise Programme lead in element of the programme which supported marginalised groups and individuals lo become more enterprising. Up until June 2022 15 jobs were created in the local area many of which were secured by residents living in economically and socially deprived areas. A number of groups supported through the programme had a he8llh and well-being focus. The social impact within the area will have been signrficanl with enhanced mental health, confidence and employability skills. The tsrgel of 35 jobs will be aehieved by programme end {March 2023} Under Go Social 35 jobs were created on the programme by June 2022 {end of year 3 contract extends until 31st March 20231 many of which were secured by residents living in economically and socially deprived areas. The programme target of 50 will be achieved by programme end. ii) Enhanced knowledge about setting up and running small buslnesses andsocial enteryrises resulting In Increased levels of sem-employment and befter prospects of sustalnable development. During the year Work Wesl delivered the following initiatives which helped them to aehieve the publi benefit detailed in point liil.. Through the Ards and North Down Social Entrepreneurship programme 14 new products and services had been developed by participant organisalions engaging in social enterprise activity {up until March 20221 As al the end of June 2022 Go Social had helped 25 social entrepreneurs sel up a new social enlorprise .Through the CFNI Oak funded Housing and Homelessness programme three coll8boratNe teams made up of seven organisations were exploring social enterprise as a model to deliver innovative services lo help address housing and homelessnes5 across the North. 214 organisations l individuals attended outreach, neOrkIng and best prlICe events for social enterprisgs and cooperatives during the period.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {contthuedJ Year ended 30 June 2022 -Achlevements and performance {¢ofttinue#) . (ITii) Increased levels of knowledge and transferable vocatlonal skllts among employees / work experience trainees. assisting in (he creation of a more edu¢8ted, skilled and qualified community. During the year Work Wesl delivered the following initiatives which helped them to achieve the public benefit detailed in point liii}- The CFNI Oak Funded Houslng and Homelessness Programme supported seven organisations{15 people working across three teams) from all over Northern Ireland lo use the design thinking and creative problem solving process lo develop innovative approaches lo solving key challenges relating to housing and homelessness in Northern Ireland. Each team developed a new concept and prototyped the idea and all three teams secured funding from CFNI lo bring their innovations to fruition. Best practice was shared and new collaborations formed. The skills acquired on this programme were of great benefit lo participants directly but also lo users and other employees within their organisalDns. Seven workshops were delivered as part of Ards and North Down Social Entrepreneurship Prograrnme and Go Social which facililaled a high level of knowledge exchange attracting 78 attendees164- Andsep and 14 Go Sociall. Three social sparks look place in Beast attracting 51 paCipanIS experiencing design thinking and exploring the potential of setting up a new social enterprise or cooperative under Go Social in Belfast. Two further social sparks look plxe. one in Ards and North Down and one in Lisburn and Castlereagh. (Iv) A greater sense among the beneficiarios of more fulfilled and purposeful lives. resulting lrt a safer. more stable and Cohesive community. During the year Work Wesl delivgr9d tho following initiatives which helped them to achieve the public benefit detailed in point {ivl The Design Thinking and creative problem solving work delivered under thin¢ including the CFNI Housing and Homelessness programme and Foursighl allowed participants lo learn a new skill which is very transferable to home and work life. This skill could be used to solve problems and create new Kleas and innovations in participants lives in general. The reach and imp&t of this pro$5 gcÈs beyond the teams who participated directly on the programme. 91 people participated in Foursight veal sessKJns. Both social enterprise programmes supported 65 groups to lead more purp05eful lives as the social enterprises at the core of their joumey were focused on social impact.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report} {conllnuedJ Year ended 30 June 2022 Financial review The trustees are satisfied with the results of the year as reflected in the financial statements. Reserves pollcy It is the policy of the charity that unrestricted funds which have ncrt been designated for a specific use should be maintained al a level equivalent lo been the and six month's expenditure. The Iruslees consider that reserves al this level will ensure that. in the event of a significant drop in income, they will be able lo continue the chaiity5 current activities while consideration is given lo ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Plans for future pgrlods Work West 15 a market leader in the field of enterprise development, both private and social having operated in this arena for 33 years. Work Wesl is committed lo using design thinking and creative problem solving approaches in relation lo its programme delivery. This is reflected through the thinc brand Itesl house for innovation and cre81ivityl.The board has invested in staff training over the period using global experts in Canada and USA and is confidenl.aboul the demand in the market for creative and design thinking. Across the organisation new programmes and approaches are being developed and tested in relation to entrepreneurship and thinc. A series of products have been tested over the period and are being promoted through consultancy as well as through contracts secured from Council and others. The team continue to use technology lo extend their reach in terms of workshop. best practi and mentoring delivery for both enlerpTise and innovation work. Over coming months a review will tske place of data management wthin the organisation with a view lo implementing a new system lo enable the Board lo access a broader lange of information lo facililale decision making. This will be supplemented by timely reporting on social value relating to the wort( undertaken. Oc¢upancy of units is strong and demonstrates demand in the area. The team is keen lo explore expanding the propety offering by both upgrading current stock and exploring acquiring more space on or off sile. There are plans to invest in a lenanl navigator role which will support tenants lo avail of all support on offer for their businesses to grow. This role will act as a bridge betsveen property and programmes within Work West. Trustegs. rgsponslbllltigs ststsment The trustees, who are also directors for thè purposes of company law, are responsible for preparing the trLtstees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requiies the charity Iruslees to prepare financial statements for each year which gThie a true and fair view of the slate of affairs of the charitable company and the incoming resources and application of resourees. inGluding the incorne and expenditure, for that period.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (eontintsedj Year ended 30 June 2022 In preparing these financial slalemenls, the trustees are required to.. select suitable aoUntIng poIleS and then app them consistently; observe the methods and Principles in the applicable Charities SORP.. makejudgments and accounting eslimales that are reasonablo and prudent., slate whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees arg responsible for keeping adequate accounting records thal arg sufficEnt 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 lo ensure that the financi81 slalements comply w((h the Companies A¢1 2006. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the Companies Act 2006. a resolution proposing that Finegan Gibson be reappointed as auditor of the company will be pul to the members. The trustees, annual report and the strategic report were approved on 24 March 2023 and signed on behaff of the board of Iruslees by.. K Delaney Trustee
West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited Year ended 30 June 2022 Oplnion We have audited the financtal statements of West Belfast Development Trust Limited {the 'charily'} for the year ended 30 June 2022 which comprise the statement of financial activf(ies linciuding income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that 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 slalemenls-. give a true and fair view of the slate of the charity's affairs as at 30 June 2022 and of its incoming resources and application of resources, including ils incorne ond expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" have been prepared in accordance with the requirements of the Companies Act 20(h8. Basis for opinion We conducted our audit in aecordance with International Standards on Auditing (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. W$ are indepgndgnl of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, inclucling 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 lo provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial slalemenls, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforned, we have not (dentifd any material uncertainties relating lo events or conditions that, individually or collectively, may cast signfficant doubl on the charity's abilty to continue as a going conrn for a period of at least e1ve months from when the financkgl statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report.
West Belfast Development Trust Limited Company Llmlted by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited (¢antrnuedJ Year ended 30 June 2022 Other infomiation The other information comprises the information included in the annual report. other than the financial statements and our audilorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomialion and. except lo the extent otherwise explicitly stated in oui report, we do not express any form of assurance conclusion Ihereon. In connection with our audit ot the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the rinancial slalemenls or our knowledge obtained in the audit otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements. we are required to delemiine whether there is a material misslalemenl in the financial slatemenls or a material misslalement of the other inlomation. If, based on the work we have perfomied, we conclude that there is a material misslatemenl of this other infom)alion. we are required to report that fad. We have nothing lo report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audiL the information given in the Iruslees, report for the financial year for which the financial statements are prepared is consistent wilh the financial stalemenls., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch wo are required to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit. we have not identified mateiial misstatements in the trustees, report. We have nothing lo report in respect of the following mallers in relaliors to which the Companies Act 2006 requires us to report lo you rf. in our opinion". adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us.. or th@ financial slalemenls are not in agreement with the accounting records and relufns., or certain disclos¥Jres of Iru5tees' remuneration specified by law are not made.. or we have not received all the information and explanations we require for OLtr audit. 10
West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited (continued) Year ended 30 June 2022 Responsibilities of trustees As explain more fully in the trustees, responsibilities statement. the Iruslees (who are also the directors for the purposes of company lawl are responsible for the prepaiation of the fin8n¢ial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslatemenl, whether due lo fraud or error. In preparing the financial slatemenls. the trustees are responsible for assessing the charity's ability to continue as a going COnr, disc105ing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease op¢ralions, or havg no rgalistic allornalive bul to do so. 11
West Belfast Development Trust Limited Company Limited by Guarantee Independent Audltovs Report to the Members of West Belfast Development Trust Limited (continued) Year ended 30 June 2022 Auditor's r&sponsibilitios for the audit of the financial statements. Our objectives are to obtain reasonable assurance about whether the financial statements as 8 whole are free frcxn material misslalemenl, whelhef due lo fraud or error. and to issue an auditor's report that ineludes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when il exists. Misslalements can arise frorn 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 slalemenls. Irregularities, including fraud, are in5t8nces of non-compliance with laws and regulations. We design ProdureS in line with our responsibilities, outlined above, lo delect material misslalements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detaikd below.. In identifying and assessing risks ol material misstalemenl in respect of irregularities. including fraud and non£ompliance with laws and regulations, we considered the following.. the natu of the industry and sector, control environment and business performance including the design of the remuneration policies. key drivers for directors, remuneration. bonus levels and performance targets., resulis of our enquiries of management about their own idenlifKation and assessment of the risks of irregularities., any mattets we identified having obtained and reviewed documentation of their policies and prOdureS relating to". identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud." the internal controls established lo milKJale risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including lax and valuations specialists regarding how and where fraud might occur in the financial slalements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incenlwes that may exist within the organisalion for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UKI, we are also required to perfom specrfic proCedUS to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, fctusing on provisions of those laws and regulations that had a direct effect on the determination of material amoLTrnts and disclosures in the fin8ncial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we ¢onsicSered provisitins of othef laws and regulations that do not have a direct effect on the financial slalemenls bul compliance with which may be fundamental for their ability lo operate or to avoid a material penalty. 12
West Belfast Development Trust Limited Company Limited by Guarantee Independent Audltor's Report to the Members of West Belfast Development Trust Limited {contsnue Year ended 30 June 2022 As part of an audr( in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audi(. We also.. Idenlfy and assess the risks of materi81 miss181emenl of the financial slalemenls. whether due lo fraud or error, design and perfomi audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstalernenl resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissK)ns. misrepresentations, or the override of inlwnal control. Obtain an understanding of internal control relevant lo the audit in order to design audit pro¢edures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effeclNeness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of a¢¢ounting estimates and related disclosures made by the liuslees. Conclude on the appropriateness of the Iruslees. use of the going concern basis of accounting ancs, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charty's ability to continue as a going concern. If we conclude that a material uncertainly exists. we are required lo draw attention in our audilorfs report lo the related dis¢105ures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit eviden obtained up lo the date of our audilorfs report. However. future even15 or conditions may cause the charity to ce85e lo continue as a going eoncem. Evaluate the overall presentation, structure and conlenl of the financial slalemenls, including the disclosures, and whether the financial slalemenls represent the underlying Irans8cIK)ns and events in a manner that xhieves fair presentation. 13
West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited {contlnued) Year ended 30 June 2022 We communicate wi(h those charged with governance regarding, among other matter5, the planned scope and liming of the audit and significant audit findings. including any significant deficEncies in intemal control that we identify during our audit. Use of our report This report is made solely lo the charity's members, as a body, in ¥¢ordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charity's members those matters we are required lo slate to them in an audilorfs report and for no other purpose. To the fullest exienl permitted by law. we do not accept or assume responsibility lo 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. Paul Dolan (Senior Slatulory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory audrf(or Causeway Tower 9 James Street South Belfast BT2 8DN 24 March 2023 14
West Belfast Development Trust Limited Company Limlted by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30 June 2022 2022 Restricted funds Total funds Total fvnds 2021 Unrestricted funds Note Income and endowments Charitable actiwties Investment income Other income 518,729 109 4,089 25.000 543.729 109 4,089 455.535 24 87.848 Totsl income 522,927 25.000 547.927 543.407 Expendlture Expenditure on charitable actlI1e9 Other expenditure Total expendlture 453,718 1,330 453.718 1,330 424.372 500 10 455,048 455,048 424.872 Net Incomo 67,879 25,000 92.879 118.535 Transfers between funds 25,000 {25.0001 Net movement in funds 92,879 92,879 118.53S Reconciliation of funds Total funds brought forward Totsl funds carried forward 1,520,611 1,613,490 1,520,611 1.613.490 1,402.076 1,520,611 The statement of financial activities indudes all gains and losses recognised in the year. All income and expendf(ure dwive frc*n continuing activf(ies. The notes on pag¢$ 18 to 29 forni part of thes8 financlal statements. 15
West Belfast Development Trust Limited Company Limited by Guarantee ststement of Financial Position 30 June 2022 2022 2021 Nots Flxed assets Tangible fixed as5els 14 1,423,439 1.424,006 Current assets Debtors Cash at bank and in hand 15 60,223 350,870 58.429 333.404 410,893 391.833 Credltors: amounts falllng due wlthln one year Net current assets 16 147,647 204.007 263,246 1.686,685 187.826 Total assets less current liabilities 1.611,832 Creditors: amounts falling due after more than one year Net assets 17 73,195 91.221 1.613,490 1.520.611 Funds ofthe charlty Unreslricled tunds 1.613,490 1.520.611 Total charity funds 19 1,613,490 1,520.611 These financial statements were approved by the board of trustees and aulhorised for issue on 24 March 2023. and are signed on behalf of the boaid by.. K Delaney Trustee P Mulholland Trustee The notes on pages 18 to 29 forn) part of the¥e financial ststèments. 16
West Belfast Development Trust Limited Company Limited by Guarantee Statement of Cash Flov Year ended 30 June 2022 2022 2021 Cash flows frorn operating activities Nel income 92,879 118,535 Adjustmgnts for.. Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges crued income 82,319 (1091 3,353 {14.0611 81,654 124} 2,296 15,3901 Changes in.. Trade and other debtors Trade and other creditors {1,7941 {42,3231 120,264 14,8001 136,7131 15S,558 Cash generated from operations Interest paid Interest received {3,3531 109 I2,2 24 Nel cash from operating activities 117.020 153.286 Cash flows from investing activities Purchase of tangible assets Nel cash used in investing activiiies 181,7521 181.752) 133.8801 133.880) Cash flows from financing activitles Proceeds from boirowings Net cash used in financing activities {18.002} {18,002} {2,9061 {2,9061 Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash oquivalgnts at end of year 17.266 333,404 116.500 216,904 333,404 350,670 The notes on pages 18 to 29 form part of these financial statèmènts. 17
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 30 June 2022 General information The Charity is a public benefit enlty and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office 18 301 Glen Road, Belfast, BT118BU. Statement of compliance During the current and prior years, no transactions look place with related parties. Accounting pollcles Basis of preparation The financial stslements 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 31erfing, which is the functional currency of the entty. Going concern There are no material uncertainties about the Charity's ability lo continue. Judgements and key sources of estimation uncertainty The preparation of the financial slalements requlres management to make judgements. estimates and assumptions that affect the amounts reported. These eslimales and judgements are continually reviewed and are based on experience and other factors. including expeclalK>ns of future events that are believed lo be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the harily's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-clas8es.' restricted income funds or endowment funds. 18
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (Conlfnueuj Year ended 30 June 2022 Accounting policies (coniirtuedj Incoming rgsources All incoming resources are included in the statement of financial activities when entitlement has passed lo 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 specrfic policies are applied lo particular categories of income.. income from donations or grants is recognised when there is evidence of entitment lo the gift, reIpl is probab and ils amount can be measured reliably. legacy income is re¢ognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is . impfaclic81 lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services 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 suppty of services is recognised with the delivery of the contracted service. This is classified as unroslricted funds unless there is a conlraclual requirement for il lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as reslri¢led. RasOU$S expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the slalement of financial activities lo which it relates.. expenditure on raising funds includes the costs of all fundraising actNities, events. non-charilable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneflar1eS, including those support costs and costs relating to the govemance of the charity apportioned to charitable aclivilies. other expenditure includes all expendi(ure that is neither related to raising funds foi the charity nor part of its expenditure on char"f(able aclivf(ies. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct Costs attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initialw recorded al $1, and subsequently slated al cost less any aecumulaled depreciation and impaimienl losses. Any tangible assets carrie(f al revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accymulaled depreciation and subsequent accumulated impairment losses. 19
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements {continuedJ Year ended 30 June 2022 Accounting policios (cantinued) Tangible assets {¢ontlnu8d) An increase in the earrying 8mount of an asset as a result of a revaluation. is recognised in other recognised gains and losses. unless il reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activrties. A decrease in the carrying amount of an asset as a result ol revaluation, is recogni5ed in other recognised gains and losses, except lo which il offsets any previous Tevalualion gain, in which case the loss is shown wthin other iecognised gains and losses on the statement of financial activrties. Depreciation Depreciation is calculated so as to write off the c05t or valuation of an a5sel. less its residual value, over the useful economic life of that asset as follows.. Long leasehold property Fixturgs and fittings Equipment Varying rates depending on asset types Over 10 years Varying rates depending on asset types Srnpairment of fixed assets A review for indicators of impaiiment is carried out al each reporting dale. with the recoverable amount being estimated Whe such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting dale. For the purposes of impairment testing. when il is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the Cash-generaling unil to which the asset belongs. The cash-generating unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of Ihe cash inflows from other assets 01 groups of assets. For impaiment lesling of goodwill, the goodwill acquired in a business combination is, from the acquisition date. allocated lo each of the Cash-generaling units that are expected lo benefit from the synergies of the cornbination. irrespective of whether other assets or liabilities of the charity are assigned lo those units. Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party lo the contractual provisions of the instrument. Bas financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other eonsideratlon expected to be pald or received and not di5¢0unted. Debt instruments are subsequently measured at amortised cost. 20
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 30 June 2022 Accounting policies (confinued) Financial instruments (conunued) Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment Is subsequently 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 inslrumenls, including derwatives. are initially recognised al fair value, unless payment for an asset is deferred beyond normal business letms or financed at a rate of interest that is not a market rate. in which case the asset is measured at Ihe present value of the future payments discounled al a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting date. If there is objective eviden of impainnenl, an impairment 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 signrficance, and other financial assets that are individually significant, these are assessed Individual for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the exienl 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 contrlbution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related serwce is provided. Prepaid contributions are recognised as an asset to the e*£enl that the prepayment will lead lo a reduction in future payments or a cash refund. Vvhen contributions are not expected to be settled wholly wthin 12 rmnlhs of the end of the reporting dale in which the employees render the related service. the liability is measured on a discounted present value basi5. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantse The Charty is a eompany limi(ed by guarantee and has no share capital. In the event of the charty being wound up, the liability in respect of the guarantee is linvled to £1 per member of the Charity. 21
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (¢onlinu¢dJ Year ended 30 June 2022 ' Charitable activities Unrestricted Funds Rèstricted Total Funds Funds 2022 GFI Income CIRCUS Programme Go social Programme Pathway to Enterprise Foursight Creative Mindset NICMA Rental Income SEV Rental Ineome Water charges to tenants Postage & Stationary charged lo tenants SEV Room Hire Consultancy Kick Start THINC Income Ards & North Down SEP Programme Program In¢ome Management of SE Incentive Fund SUNSE Housing and Homelessness Cl COVID Recovery Programme Creative Industries Exploring Enterprise Business Cluster & Communty Grant 88.779 1.020 2,964 88.779 1.020 2.964 235.699 90.146 5.353 2.230 4,025 235,699 90,146 5.353 2,230 4,025 5,586 5,586 34.595 34,595 10.000 1.094 16,607 3.833 10,513 6,285 10,000 1,094 18,607 3,833 10.513 6,285 25.000 25,000 518.729 25,000 543,729
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 30 June 2022 Charitable activities (¢onllnuedJ Unrestricted Funds Restricted Totsl Funds Funds 2021 GFI Income CIRCLIS Programme Go social Programme Pathway to Enterprise Foursight CrealNe Mindset NICMA Rental Income SEV Rental Income Water charges lo tenants Postage & Stationary charged to tenants 2.713 13,150 94,449 2,300 3,863 700 209,072 66,326 3,618 902 2.713 13,150 94,449 2,300 3.663 700 209,072 66,326 3.618 902 kl-l SEV Room Hire Consultancy Kick Start THINC Income Ards & North Down SEP Programme Program Income Management of SE Incentive Fund SUNSE Housing and Homelessness Cl COVID Recovery Programme Creatwe Industries Exploring Enterprise Business Cluster & Community Grant 1,816 1,881 17,136 475 19.300 5.500 12.534 1.816 1.881 17.136 475 19.300 5,500 12.534 455.535 455.535 Investment income Unreslricled Tolal Fund$ Unrestricted Total Funds Funds 2022 Funds 2021 Bank interest receivable 109 24 24 Other income Unrestricted Total Funds Unreslricled Total Funds Funds 2022 Funds 2021 COVID grants received HMRC Furlough Income Insurance claims 68,750 19,098 68,750 19,098 2,189 1,900 4.089 2,189 1,900 4,089 87.848 87,848 23
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (¢ontsnu¢dJ Year ended 30 June 2022 Expendlture on charltable actlvlties by aclivty type ' Activities undertaken directly Support costs Total funds 2022 Total fund 2021 Enterprise Programme Goveman¢e Costs 385,278 57.183 11,257 442,461 11,257 409,510 14,862 385,278 68.440 453.718 424,372 Analysis of support costs Analysis of support costs Total 2022 Total 2021 Staff costs Premises Communications and IT General office Finance costs Governan costs 29.319 20,915 1,827 5,122 3,353 7,904 29.319 20,915 1,827 5,122 3,353 7,904 33,069 19,169 1,779 3,898 2,296 12,566 68.440 68.440 72.777 10. Other expenditure Unreslrided Total Funds Unreslricta Total Funds Funds 2022 Funds 2021 Charitable donations 1,330 1,330 500 500 11. Net income Net income is slated after chargingl{credilingl'. 2022 2021 Depreciation of tangible fNed assets Fees payable for the audit of the financial slalemenls 82.319 5.408 81,654 6,000
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (contthued) Year ended 30 June 2022 12. Staff costs The total staff costs and employee benefts for the reporting period are analysed as follow5.' 2022 2021 Wages and salarie5 Social security costs Employer contributions lo pension plans Other employee benefits 138,625 9.803 9.373 5.649 138,575 12,749 9,492 4,894 165.710 163,450 The average head count of employees during the year was 412021.. 6}. No employee receNed employee benefits of more than £60.000 during the year12021.. Nill. Key Management Parsonnel Key management personnel in¢lude all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The lolal compensation paid lo key management personnel for ServIS provided lo the charity was £97,10412021.'£90,0461. 13. Trustee remuneration and expenses The charity trustees were not paid or received any other benefits fn)m employment in the year 12021'.£Nill. The charity trustees did not have any expenses reimbursed during the year 12021.'£Nill. 25
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements fcontlnuedj Year ended 30 June 2022 14. Tangiblo fixèd assets Long Freehold leasehold FtureS and property proporty fftlings Equipment Total Cost Al 1 Juty 2021 Addrtions 42,500 2.889.529 80.473 50,584 3,796 2,986.409 1.279 81.752 At 30 June 2022 42.500 2.970.002 50,584 5.075 3,068.161 Depreciation Al 1 JU 2021 Charge for the year At 30 June 2022 1,527.050 77,389 1.604.439 34.755 4.188 598 1.562.403 742 82.319 38,943 1.340 1,644,722 Carrying amount At 30 June 2022 42,500 1,365,563 42.500 1.362.479 11,641 15,829 3.735 1,423.439 At 30 June 2021 3,198 1,424,006 15. Debtors 2022 2021 Trade debtors PTepaymenls and accrued income 13.486 46.737 11.556 46.873 80,223 58,429 16. Creditors: amounts falling due viithin one year 2022 2021 Bank loans and overdraft5 Trade credf(ors Accruals and deferred income Social security an(J other taxes Other creditors 17.380 49.506 53,785 15.418 11.558 17,356 52.842 67,846 39.269 26.694 147.647 204,007 26
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (contintsedj Year ended 30 June 2022 17. Creditors: amounts falling due after more than one year 2022 2021 Bank loans and overdrafts 73.195 91,221 2022 2021 Amounts payable.. Due within one year Due in 1- 2 year5 Due in 2 - 5 years Due in > 5 years 17,380 18,090 55,105 17,356 18,018 61,603 11,600 90.575 108,577 Loan Terms The lemis of the bank loan are.. Loan interest is Charged al 30h per annum over the base rate The final repayment dale is scheduled lo be December 202S 18. Penslons and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £9,37312021'. £9,492). 19. Analysls of charitsble funds Unrestrlcted funds Al 1 July 2021 At Transfers 30 June 2022 Income Expenditure General funds Designated Fund- Land & Property 269,879 522.927 1398,488) 155.595) 338,523 1.250,932 156,560} {455.0481 80.595 1,274,967 1.613,490 1,520,611 522.927 25,0 At 1 July 2020 Income Expenditure Transfers 30 June 2021 General funds Designated Fund - Land & Property 104.798 543.407 {378,5261 269,679 1,297.278 1,402.076 146,3461 1424,8721 1,250.932 1 543,407 1,520.611 27
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements f¢oniinuèdJ Year ended 30 June 2022 19. Analysis of charitable funds fcontinU8dJ Restricted funds At 1 July 2021 At Transfers 30 June 2022 Income Expenditure BCC- Business Cluster and Community Grant 25.000 {25.0001 Al 1 July 2020 Al Transfers 30 June 2021 In¢ome Expenditure BCC- Business Cluster and Community Grant A transfer has taken place in the year which relates to fixed assets. West Belfast Development Trust used funding lo purchase assets which has been transferred lo Unrestricted Funds as Wesl Belfast Development Trust fully own the assets, no reslriclions have been placed on these assets. 20. Analysls of net assets between funds Unrestricted Totsl Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,423,439 410,893 (147,6471 173.1951 1,613,490 1.423,439 410,893 1147.6471 173.1951 1.613,490 Unreslricled Total Funds Funds 2021 Tangible fixed assets Current assets Creditors less than 1 year Creditors giealei than 1 year Net assets 1,424.006 391.833 {204.0071 191.2211 1,520.611 1.424,006 391,833 1204.0071 {91,2211 1.520,611 21. Taxation The Company is a registered eharty, and as such is entitled to lax exemptions on Inccxne and Pfoffts in furtherance of the charity's primary ci)jectives. 28
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2022 22. Analysis of changes In net debt At Al 1 Jul 2021 Cash flows 30 Jun 2022 Cash at bank and in hand Debt due within one year Debt due after one year 333.404 117,3561 191.221) 224,827 17,266 {241 18,026 350,670 117.3801 173,1951 260,095 35,268 23. Contingeneies A conlingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected.
West Belfast Development Trust Limited Company Llmited by Guarantee Management Information Year ended 30 June 2022 Thg following pages do not form part of the financial statements. 30
West Belfast Development Trust Limited Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 30 June 2022 2022 2021 Income and endowments Charitable actlvitles GFI Income CIRCUS Programme Go social Programme Pathway to Enterprise Foursight Creative Mindset NICMA Rental Income SEV Rental Income Water charges lo lenanls Postage & Stationary Charged to tenants SEV Room Hire Consultancy Kick Start THINC Income Ards & North Down SEP Programme Program Income Management of SE Incentive Fund SUNSE Housing and Homelessness Cl COVID Recovery Programme Creative Industries Exploring Enterprise Business Cluster & Communty Grant 2,713 13,150 94,449 2,300 3,663 700 209,072 66,326 3,618 902 1,816 1,881 17,136 475 19,300 5,500 12.534 88,779 1.020 2.964 235,699 90,146 5.353 2.230 4,025 5,586 34,595 10.000 1,094 16.607 3.833 10.513 6,285 25,000 543,729 455,535 Investment incorne Bank interest re1vable 109 24 other Income COVID grants received HMRC Furlough In¢ome Insurance claims 68.750 19,098 2,189 1,900 4,089 87,848 Total income 547.927 543,407 31
West Belfast Development Trust Limited Company Llmited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 30 June 2022 2022 2021 Expenditure on charitable activities Enterprise Programm& Actlvities undertaken directly Wages and salaries Employerfs NIC Pension costs Other employee benefits Rates and water Light and heat Repairs and renewals Insurance Security costs Travel costs Training Costs Telephone Printing, postage and stationery Depreciation NeOrk infrastructure maintenance and support Cornputer expenses CIRCUS programme Foursighl profiles Protowtyping materials Foursight Creative Mindset Ards & North Down SEP NIBSUP expenses Kick Start expenses Pathway to Enterprise Conferences Learner Management Support Bad debt Write off Go Social Programme Expenses ENI Service ChargelMIS Go Social additional support Design Thinking programme expenses SEV Insurance 113,687 7,190 7,605 5,649 {2.0531 14.399 42,752 8,678 11.441 110,128 10,403 7,216 4,894 11.100) 6.517 35,871 9,537 10,717 {3.238} 1,139 5,335 1,776 81,654 6,182 641 580 7,877 146 117 9,020 1,885 10,885 2,013 5,523 5,481 1,798 82,319 2,819 1,018 420 53 479 19.511 4.003 60 1.152 568 40,676 2.486 785 346 18,521 2,486 16.325 59 3.517 Carried forward 381,861 358.717 32
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Detailed Statement of Financial Actlvlties (COnflnuÈd) Year ended 30 June 2022 2022 2021 Brought forward 381.861 358.717 Bad Debt Provision Housing & Homelessness Community Innovators 13.0491 6.466 17,1221 385.278 351.595 Support costs Wages and salaries Employerfs NIC Pension costs Rates and water Light and heal Repairs and rengwals Insurance Telephone Printing, postage and stationery Refreshments Subscriptions Advert15ing Gifts and samples 24,938 2,613 1.768 28.447 2.346 2,276 1,947 2,173 11,870 3.179 1.779 592 751 1,750 75 730 3,772 14,250 2.893 1,827 600 735 2.492 75 1,220 57,183 57,915 Governance costs Audit fees Legal and other professional fees Loan interest Bank charges Consultancy 5.408 1.913 3.353 513 70 6,000 4,541 2,296 525 1.500 11.257 14,862 Expenditure on charitable activities 453.718 424,372 Charitable donations 1.330 500 Total expendlture 455,048 424,872 Net incomo 92,879 118,535 33