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 sUc￿ed 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 De￿mber 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
enhan￿d 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 AC￿pted 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 con￿rn
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 re￿iVed 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 {￿n￿n￿*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 prO￿dureS 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 prO￿dureS 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 Un￿rtaintY 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
bet￿een 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 re￿iVed 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 (￿ntInue￿j
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