COMPANY REGISTRATION NUMBER: N1018257 CHARITY REGISTRATION NUMBER: 101611 West Belfast Development Trust Limited Company Limited by Guarantee Financial Statements 30 June 2023 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 Financial Statements Year ended 30 June 2023 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 Statement of cash flows 16 17 Notes to the financial statements 18
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 30 June 2023 The trustees, who are also the directors for the purposes of company law, presenl their report and the financial statements of the charity for the year ended 30 June 2023. Reference and administrative detalls Registered charity name Wesl Belfast Development Trust Limited Charlty registration number 101611 Company registration number N1018257 Prlnclpal office and reglstered 301 Glen Road office Belfast BT118BU The trustees K Delaney P Mulholland J Mcmullan A McRitchie S Collins (Appointed 27 July 2022} The trustees present their report and accounts for the year ended 30 June 2023 The accounts have been prepared in accordance with Ihe accounting policies set out in note 1 to the accounts and comply with the Companies Acl 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS102). Company secretary Claire Ferris Auditor Finegan Gibson Ltd Chartered accountsnts & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankèrs Ulsler Bank 91-93 Univer51ty Road Belfast BT/ 7FW
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (eontinued) Year ended 30 June 2023 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 Shauna Collins lappoinled July 2022) The trustees are electedlre-elected at Ihe Annual General Meeting. None of the Irustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee lo contribute £1 in Ihe event of a winding up. Work West has five truslees who convene eight times per year to discuss and make decisions as to the long term plans of the company. Day io day running is undertaken by Claire Ferris, who is the organisation's Chief Executive. The trustees have assessed Ihe major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Charitable registration was granted by the Charity Commission of Northern Ireland on 5 June 2015. Following a ruling in 2020 Charities in Northern Ireland registered within this time period are not registered charities but charities in law.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {¢ontlnued) Year ended 30 June 2023 Objectlves and activities The charity's objects are to be a commercially viable organisation which seeks to improve the economic and social profile of West Belfast. There has been no change in these during the year. The social purpose of the charity is to equip people with the knowledge and skills to become economically resilienl. This means developing an entrepreneurial culture in the local area. stimulating enterprise awareness with young people, offering alternative models of enterprise lo the local community-, as well as developing the personal confidence and ambition of the business people who locate in Work West or use its business support services to grow and sUced to motivate and enable enterprising individuals to establish and expand job creating businesses. Work West operates workspace through two sites, one targeting private sector businesses and one targeting social enterprises and social innovations. The main office for the agency is located at the thinc lab in the Social Economy Village where the key interventions relating to property management and programme support are actioned. Staff are working ulilising a hybrid model of home and office based working. Restricted funds are at times raised through local government agencies for capital or occasionally the ordination and running of certain programmes. No funds are deemed to be reslricted in this year. On an annual basis very little income is restricted. Work West raises their unrestricted funds through the operation of property rental at the private sector site and Ihe Social Economy Village sile. Programme delivery and consultancy work also contribute to unrestricted funds being generated. All funds generated from this activity are used for charitable purposes Strateglc report The following sections for achievements and performance and financial review fomi the strategic report of the charity.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢ontinuedJ Year ended 30 June 2023 Achievements and performance The Charity has successfully delivered a wide range of support services to businesses and social enterprises in the preslart, start up and growth phases. Work West developed a strategy from 2021-2024 which would inform the developmenl of the agency during this period. Throughout the year Work Wesl has remained a high performing agency in terms of all programmes delivered in terms of attainment of target. Pmgrammes and SeNlce Delivery Work West delivered the two-year conlracl for the Ards and North Down Social Entrepreneurship Programme which was awarded in May 2021-April 2023. As of 30th June 2023, 11 jobs were created with a further 21 projected. A six month extension for this programme was secured and delivery commenced in May 2022. Work West delivered the Belfast City Council Go Social programme during the period targeting social enterprise and cooperative slart ups. As of 30th June 2023, 45 jobs had been created and an addilional 34 projected. Work West engaged with 248 people through outreach sessions, workshops participating clients and cooperative specific evenls. Enterprise Northern Ireland manage and subcontracted work to Work West for the Kick Start Programme which supported 8 clients to secure investment of up to £1.500 for their businesses. This programme ended in Dember 2022. Work West secured over £6,725 of consultancy work. During the period Work West delivered Foursight creative profiling to 99 people from 16 groups. One of these groups was Ihe senior leadership team of CFNI a major funder. Moreover, through the Community Solutions to Housing & Homelessness project the team supported 10 teams (Belfast & Causeway) with 9 accessing a share of Ireland's largest PartiGipatory Budgeting award gaining £160,000 seed funding. Property The Work West site operated at on average 980A occupancy ihroughout the period. As at 30th June 2023 there were 30 tenant companiesl organisations located on the Work Wesl site and the Social Economy Village. The Social Economy Village operated at on average 86% occupancy over the same period. Over 10 existing businesses (both social and privatel have been provided with support and signposting through our commitment to achieving a posilive social impact in the area. The support for these businesses (who have not qualified for help through specific programmes) assists Work Wesl to achieve our social objectives. Approximately 30 hours of lime has been given locally to 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 thal they have had due regard for the guidance produced on Public Benefil by the Charity Commission for Northern Ireland. and are pleased to report that during 2022123 they have continued to meet the Public Benefit requiremenl as follows.. li) The creation of employment, Iraining and work experience opportunities for residents living in economically and socially deprived areas and consequently a reduction in poverty. unemployment and hardship, leading to a better quality of life for the beneficiaries and consequent improvements in health and well-being. During the year Work Wesl 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) (¢onlinued) Year ended 30 June 2023 Achievements and performance (continuedj Delivery of the Ards and North Down Social Enterprise Programme lead in element of the programme which supported marginalised groups and individuals to become more enterprising. Up until June 2023, 11 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 health and well-being focus. The social impact within the area will have been significant wilh enhand mental health, confidence and employability skills. Under 'Go Social, 45 jobs were created on the programme by June 2023 many of which were secured by residents living in economically and socially deprived areas with 630/0 of participants based in areas of high Multiple Deprivalion. In the year there was equitable spread of participants from across the city with more coming from the west of the city. The programme was successful in engaging underrepresented groups also with 50 % of clients being female led and 30/0 led by members oflhe global majority. Work Wesl were award sponsor in the 2023 'Best of the West, awards supporting the Best Social Enterprise category which was shared in a vole between Kids Together Belfast and Falls Community Council for the St. Comgalls project. {ii) Enhanced knowledge about selting up and running small businesses and social enterprises resulting in increased levels of self-employment and better prospects of sustainable development. During the year Work Wesl delivered the following initiatives which helped them to achieve the public benefit detailed in point (ill... Through Ihe Ards and North Down Social Entrepreneurship programme 12 new products and services had been developed by participant organisations engaging in social enterprise activily {up until March 2023) As at the end of June 2023 Go Social had helped 60 social entrepreneurs and cooperatives to develop new ventures Through the CFNI Oak funded Housing and Homelessness programme nine of ten teams engaged in the programme pilched for a share of the largest single award of Participatory Budgeting accessing £160,000 of seed investment for their ideas to deliver innovative services to help address housing and homelessness across the North. 310 organisations l individuals attended outreach, networking and best practice events for so¢ial enterprises and cooperatives during the period. (iiil Increased levels of knowledge and transferable vocational skills among employees I work experien trainees. assisting in the creation of a more educaled, skilled and qualified community. During the year Work West delivered the following initialives which helped Ihem to achieve the public benefit detailed in point (iii): The CFNI Oak Funded Housing and Homelessness Programme supported ten organisations 140 team members} from all over Northern Ireland lo use the design thinking and creative problem solving process to develop innovative approaches lo solving key challenges relating to housing and homelessness in Northern Ireland. Each team developed a new concept and prololyped the idea. Best practice was shared and new collaborations formed. The Skills acquired on this programme were of great benefit to participants directly but also lo users and other employees within Iheir organisations. Nine team5 Pltched for a share of £160,000 seed funding as part of Ireland's largest ever Participalory Budgeling event.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcon¢inued) Year ended 30 June 2023 Achievements and performance (continu8d) Eight skills workshops were delivered as part of Ards and North Down Social Entrepreneurship Programme and Go Social which facilitated a high level of knowledge exchange altracling 124 attendees (62 Go Social & 62 ANDSEPI. Four 'Social Innovation. sessions took place in Belfast attracting 70 parbcipants 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 took place, one in Ards and North Down and one in Lisburn and Casllereagh. {ivl A greater sense among the beneficiaries of more fulfilled and purposeful lives, resulting in a safer, more stable and cohesive community. During the year Work West delivered the following initiatives which helped them to achieve the public benefit detailed in point {iv)•The Design Thinking and creative problem solving work delivered under thinc including the CFNI Housing and Homelessness programme and Foursighl allowed participants to learn a new skill which is very transferable to home and work lrfe. This skill could be used lo solve problems and create new ideas and innovations in participants lives in general. The reach and impacl of this process goes beyond the teams who participated directly on the programme. 99 Foursighi profiles were completed. Both social enlerprise programmes supported 89 groups lo lead more purposeful lives as the soGial enterprises at the core of their journey were focused on social impact. Financial review The trustees are satisfied with the resulls of the year as reflecled in the financial statements. Resep4es pollcy It 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 Ihree to six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significanl drop in income. they will be able to continue the charity's currenl activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (Gontinued) Year ended 30 June 2023 Plans for future periods Work West is a market leader in the field of enterprise development. both private and social having operated in this arena for 34 years. Work West is committed to using design thinking and creative problem solving approaches in relation to ils programme delivery. This is reflected through the thinc brand (test house for innovation and creativity). Across the organisation new programmes and approaches are being developed and tested in relation lo entrepreneurship ar)d 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 leam continue to use technology to extend their reach in lerms of workshop, best practice and mentoring delivery for both enterprise and innovation work. Over the next year we will be using technology more within the organisation lo improve efficiencies across the business. There will be timely reporting on social value relating to the work undertaken also. Occupancy of units is strong and demonslrates demand in the area. The leam is keen to explore expanding the property offering by both upgrading current stock and exploring acquiring more space on or off site. There are plans lo pilot a tenant navigalor role which will support tenants lo avail of all support on offer for Iheir businesses to grow. This role will acl as a bridge between property and programmes within Work WesL This may be piloted initially with tenants in the Social Economy Village. Trustees. responsibilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the truslees, report and the financial slatements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a tnje and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing ihese financial slatemenls, the trustees are required to: select suitable accounting policies and then apply Ihem consistently., observe the methods and principles in the applicable Charities SORP; make judgments and accounling estimates Ihat are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any malerial departures disclosed and explained in the financial ststements; prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in business.
West Belfast Development Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcgntlnued) Year ended 30 June 2023 The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose wilh reasonable accuracy al any time the financial position of the charity and enable them to ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the Companies Act 2006, a re501ution proposing that Finegan Gibson be reappointed as auditor of the company will be put to the members. The trustees. annual report and the strategic report were approved on 21 March 2024 and signed on behalf of the board of truslees 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 2023 Oplnlon We have audited the financial slatemenls of West Belfast Development Trust Limiled {Ihe 'charity') for the year ended 30 June 2023 which comprise the statement of financial activities {including income and expenditure account), statement of financial position, slatement of cash flows and the related noles, 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 Accepied Accounting Practice). In our opinion the financial slatements-. give a true and fair view of the state of the charity's affairs as at 30 June 2023 and of its incoming resources and application of resour$, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practice., have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlernational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial stalements, we have concluded that the Irustees. use of the going conrn basis of accounting in the preparation of the financial statements is appropriale. Based on the work we have performed. we have not identrfied any malerial uncertainties relaling to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sedions of this report.
West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited fcontinuedj Year ended 30 June 2023 Other information The other information comprises the information included in the annual report, other than the financial slalements and our auditor's report thereon. The trustees are responsible for Ihe other information. Our opinion on Ihe financial statements does not cover the olher information and, except to the extent otherwise explicitly stated in our r8POrt. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial stalements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a malerial misstatement in the financial slatemenls or a material misstatement of Ihe other information. If, based on the work we have performed, we conclude that there is a malerial misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial ststements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requiremenls. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the truslees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches nol visited by us., or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of trustees. remuneration specified by law are not made., or we have not reiVed all Ihe informalion and explanations we require for our audlt. 10
West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited (¢ontinu8dJ Year ended 30 June 2023 Responslbilities of trustees As explained more fully in the tnjslees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for bein9 satisfied that they give a true and fair view, and for such internal control as Ihe trustees determine is necessary to enable the preparation of financial slatements that are free from malerial misstatement. whether due lo fraud or error. In preparing the financial statements, Ihe trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters relaled lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 11
West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited {nn*d) Year ended 30 June 2023 Audltorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a malertal misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they Could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalements. Irregularities, including fraud, are inslances of non-compliance with laws and regulalions. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below- In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and seclor. control environment and business performance including the design of the remuneration policies, key drivers for directors. remuneration, bonus levels and performan targets., results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed documentation of their policies and procedures relating lo- identifying, evaluating and complying with laws and regulations and whether management were aware of any instsnces 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 to miligale risks of fraud or non-compliance with laws and regulations. the matters discussed among Ihe audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exisl within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK). we are also required lo perform specific prOdureS to respond to the risk of management override. We also obtained an underslanding of the legal and regulatory frameworks in operation, focusing on provisions of Ihose laws and regulalions that had a direct effecl on the delermination of material amounts and disclosures in the financial slatemenls. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition. we considered provisions of other laws and regulations Ihat do not have a direct effect on the financial stalements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. 12
West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited (conlinued) Year ended 30 June 2023 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial slatements. whether due to fraud or error, design and perform 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 nol detecting a materral misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresenlations, or Ihe override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounling estimates and related disclosures made by the trustees. Conclude on the appropriateness of Ihe trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or condilions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material UnrtaintY exists. we are required to draw attention in our auditoff s report to the related disclosures in the financial slalements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditorfs report. However, future evenls or conditions may cause the charity to ase to continue as a going concem. Evaluate the overall presentation, structure and content of Ihe financial statements. including the disclosures, and whether the financial statements represent the underlying transaclions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we idenlify during our audit. 13
West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited (Continu) Year ended 30 June 2023 Respective responsibilities of directors and auditor As explained more fully in the Trustees, Responsibilities Stalement (set out on page 8) the directors are responsible for the preparation of the financial slalemenls and for being satisfied that they give a Irue and fair view. Our responsibility is to audil and express an opinion on the financial statements in accordance with applicable law and International Standards on Audiling (UK). Those standards require us to comply with the Financial Reporting Council's {FRC'sl Ethical Standard for Auditors., in the circumstances set out in note 22 to Ihe financial statements. Use of our report This report is made solely to the charity'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 Ihat we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permilted by law, we do not accept or assume responsibility to anyone other than the charity and the Charity's members as a body, for our audit work, for this report, or for Ihe opinions we have formed. Paul Dolan (Senior Statulory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 21 March 2024 14
West Belfast Development Trust Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30 June 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Charitable activities Investment income Other income 533,206 2,511 533,206 2,511 543,729 109 4,089 Total income 535,717 535,717 547,927 Expenditure Expenditure on charitable activilies Other expenditure Total expenditure 514,264 514,264 453,718 1.330 10 514,264 514,264 455,048 Net income and net movement in funds 21.453 21.453 92,879 Reconcillatlon of funds Total funds brought forward Totsl funds carried forward 1.613.490 1.613.490 1.520,611 1.634,943 1,634,943 1,613,490 The stalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 18 to 27 form part of these financial statements. 15
West Belfast Development Trust Limited Company Limited by Guarantee Statement of Financial Position 30 June 2023 2023 2022 Note Fixed assets Tangible fixed assets 14 1,352,730 1,423,439 Current assets Debtors Cash at bank and in hand 15 45.208 413,373 60,223 350,670 458,581 410,893 Creditors: amounts falling due within one year Net current assets 16 121,924 147,647 336,657 263,246 Total assets less current liabilities 1,689,387 1.686,685 Creditors: amounts falling due after more than one year Net assets 17 54,444 73,195 1,634,943 1.613.490 Funds of the charity Unrestricted fvnds 1,634,943 1.613,490 Total charity funds 19 1,634.943 1.613,490 These financial slatemenls were approved by the board of truslees and authorised for issue on 21 March 2024, and are signed on behalf of the board by.. K Delaney Trustee P Mulholland Trustee The notes on pages 18 to 27 form part of these flnancial statgments. 16
West Belfast Development Trust Limited Company Limited by Guarantee Statement of Cash Flows Year ended 30 June 2023 2023 2022 Cash flows from operating activities Net income 21,453 92.879 Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued income 87,362 (2,511) 5,000 (4.934) 82,319 (1091 3,353 (14,0611 Changes in.. Trade and other debtors Trade and other creditors 15,015 {21,6901 99,695 (1,794) {42.323) 120,264 Cash generated from operations Interest paid Interest received (5,000) 2,511 {3,353) 109 Net cash from operating activities 97,206 117,020 Cash flows from investing activities Purchase of tangible assets Net cash used in investing activilies (16,653) 116,653) (81,752) (81,7521 Cash flows from financing activities Proceeds from borrowings Net cash used in financing activities (17,8501 (17,8501 (18,002) (18,002) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 62,703 350,670 17,266 333,404 413,373 350.670 The notes on pages 18 to 27 form part of these financial ststements. 17
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 30 June 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 301 Glen Road, Belfast, BT118BU. Statement of compliance During the currenl and prior years. no transactions took place with related parties. Accounting pollcles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmation uncertainty The preparation of the financial statements requires management to make judgemenls. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other faclors. including expeclations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricled funds are available for use at the discretion of the Irustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Reslricled funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. restricted income funds or endowment funds. 18
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 30 June 2023 Accounting policies fcontinued) Incoming resources All incoming resources are included in the statement of financial activities when enlitlement has passed lo the charity.. il is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement ts eslablished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cosl to the donor or the estimated resale value. Donaled facililies 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 supply of seNices is recognised wilh Ihe delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual reouiremenl for it lo be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, 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 its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating lo the govemance of th.e charity apportioned lo charitable activities. other expenditure includes all expenditure Ihat is neilher related to raising funds for the harity nor part of its expenditure on charitable aclivities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct Costs attributable to a single activity are allocated directly to that aclivily. Shared costs are apportioned beteen the activities they Gonlribule to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequenlly stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 19
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continugdj Year ended 30 June 2023 Accounting policies (continued) Tanglble assets fcontinuedj An increase in the carrying amount of arb asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expendilure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off Ihe cost or valuation of an assel, less its residual value, over Ihe useful economic life of that asset as follows.. Long leasehold propety Fixtures and fittings Equipmenl Varying rates depending on asset types Over 10 years Varying rates depending on asset types Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds Ihe recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amounl of an individual asset, an eslimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assels thal includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combinalion is. from the acquisition date, allocaled lo each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnancial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially récognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequenlly measured al the cash or oth8r consideration expected to be paid or reiVed and not discounted. Debt instruments are subsequentIy measured at amortised cost. 20
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (ntInuej Year ended 30 June 2023 Accounting policies (¢ontlnued) Financial instruments (continued) Where investments in shares are publicly traded or their fair value can otheNise be measured reliably, the inveslmenl is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at ¢osl less impairment. Other financial instruments, including derivalives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest Ihal is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instrumenls 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 at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriale heading in the slatement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assels that are individually significant, these are assessed individually 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 extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carying amount would have been had the impairment not previously been recognised. Deflned contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid conlributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refijnd. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The Charity is a company limited by guarantee and has no share capital. In the event of Ihe charity being wound up, Ihe liability in respecl of the guarantee is limited to £1 per member of the harity. 21
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2023 Charitable activltl8S Unreslricted Funds Restricted Total Funds Funds 2023 Go social Programme Palhway to Enterprise Foursight Creative Mindset Rental Income SEV Rental Income Water charges to lenants Postage & Stationary charged to tenants SEV Room Hire Kick Start Ards & North Down SEP Programme Program Income Management of SE Incentive Fund SUNSE Housing and Homelessness Cl COVID Recovery Programme Crealive Industries Exploring Enlerprise Business Cluster & Community Grant 95.188 95.188 3,325 253,846 87.572 6,814 4,294 872 4.106 37,755 3.400 3,325 253,846 87,572 6,814 4,294 872 4,106 37,755 3,400 36,034 36.034 533,206 533,206 Unrestricted Funds Restricted Total Funds Funds 2022 Go social Programme Pathway lo Enterprise Foursight Creative Mindset Rental Income SEV Rental Income Water charges to tenants Postage & Slationary charged to tenanls SEV Room Hire Kick Start 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 & Community Grant 88,779 1,020 2,964 235,699 90,146 5.353 2,230 4.025 5,586 34,595 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 10,000 1,094 16.607 3,833 10,513 6,285 25,000 25.000 518,729 25.000 543,729 22
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (eontinuadj Year ended 30 June 2023 Investment income Unrestricted Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 Bank interest receivable 2,511 2,511 109 109 Other income Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 HMRC Furlough Income Insurance claims 2,189 1,900 2,189 1,900 4,089 4.089 Expenditure on charitable actlvities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Enlerprise Programme Governan costs 430,531 64,103 19,630 494,634 19,630 442.461 11.257 430,531 83,733 514,264 453,718 Analysis of support costs Analysis of support costs Total 2023 Tolal 2022 Stsff costs Premises Communications and IT General office Finance cosls Governanc6 costs 25.959 28,013 1,972 8.159 5,000 14.630 25.959 28,013 1,972 8,159 5,000 14,630 29,319 20,915 1.827 5,122 3,353 7.904 83,733 83,733 68,440 10. Other expenditure Unrestricted Total Funds Unrestricted Tolal Funds Funds 2023 Funds 2022 Charitable donations 1,330 1.330 23
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2023 11. Net income Net income is staled after chargingl(crediting).' 2023 2022 Depreciation of tangible fixed assets Fees payable for the audit of Ihe financial statements 87,362 6,000 82.319 5,408 12. Staff costs The total stsff cosls and employee benefits for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Social security costs Employer conlributions lo pension plans other employee benefits 142,644 9,888 9,522 4.478 138,625 9.803 9,373 5,649 166,532 163,450 The average head count of employees during the year was 4 (2022: 41. No employee received employee benefits of more than £60,000 during Ihe year {2022'. Nill. Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the aclivilies of the charity. The total compensation paid to key management personnel for services provided to Ihe charity was £101,131 {2022-£97,104). 13. Trustee remuneration and expenses The charity truslees were not paid or received any other benefits from employment in the year 12022:£Nil). The charity trustees did not have any expenses reimbursed during Ihe year {2022.-£Nill.
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 30 June 2023 14. Tangible fixed assets Long Freehold leasehold Fixtures and property property fittings Equipmenl Total Cost At 1 July 2022 Additions 42,500 2,970,002 15,179 50,584 5.075 3,068.161 1,474 16,653 At 30 June 2023 42.500 2.985,181 50.584 6,549 3,084,814 Depreciation At 1 July 2022 Charge for the year At 30 June 2023 1,604,439 82,771 38.943 3,613 1,340 1,644.722 978 87,362 1,687,210 42,556 2,318 1,732.084 Carrying amount At 30 June 2023 42.500 1,297,971 8.028 4.231 1,352.730 At 30 June 2022 42,500 1,365.563 11,641 3,735 1,423,439 15. Debtors 2023 2022 Trade debtors Prepayments and accrued income 14.704 30.504 13,486 46,737 45.208 60,223 16. Creditors: amounts falling due wlthln one year 2023 2022 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 18,281 17,420 48,851 26,281 11.091 17.380 49,506 53.785 15,418 11,558 121,924 147.647 25
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2023 17. Creditors: amounts falling due after more than one year 2023 2022 Bank loans and overdrafts 54,444 73,195 2023 2022 Amounts payable= Due within one year Due in 1 2 years Due in 2- 5 years 18,281 19,866 34,578 17,380 18,090 55.105 72,725 90,575 Loan Terms The lerms of the bank loan are.. Loan interest is charged at 3Q/o per annum over the base rate The final repayment date is scheduled to be December 2025 18. Pensions and other post retirement benefits Defined contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £9,522 (2022.. £9,373). 19. Analysis of charitable funds Unrestricted funds At 1 July 2022 At Transfers 30 June 2023 Income Expenditure General funds Designated Fund- Land & Property 338,523 535,717 {464,866) 409.374 1,274,967 (49,3981 (514,264) 1,225,569 1,613,490 535.717 1,634,943 At 1 July 2021 Al Transfers 30 June 2022 Income Expenditure General funds Designated Fund - Land & Property 269,679 522,927 1398.488) (55,595) 338,523 1,250,932 (56.5601 (455,048) 80,595 1,274,967 1,520.611 522,927 25,000 1,613.490 26
West Belfast Development Trust Limited Company Limited by Guarantee Notes to the Financial Statements fcontinu8dJ Year ended 30 June 2023 20. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,352,730 1,352,730 458,581 458,581 {121,924) {121.924) (54,444) 154,4441 1,634,943 1,634,943 Unrestricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,423,439 1,423,439 410,893 410,893 (147,647) {147,6471 173,195) (73,195) 1,613,490 1,613,490 21. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 22. Ethical Standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax aulhorities and assist with the preparation of the financial statements. 23. Analysis of changes in net debt At At 1 Jul 2022 Cash flows 30 Jun 2023 Cash at bank and in hand Debt due within one year Debt due after one year 350.670 (17.3801 (73.1951 260.095 62,703 {901) 18.751 413,373 (18.281) (54.444) 340,648 80.553 24. Contlngencies A contingenl liability exists to repay grants and Trust monies received should certain condtlions 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. 25. Related parties There were no related parties in the 22123 year. 27