COMPANY REGISTRATION NUMBER: NI018257 CHARITY REGISTRATION NUMBER: 101611
West Belfast Development Trust Limited Company Limited by Guarantee Financial Statements
30 June 2024
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 2024
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 9 |
| Statement of financial activities (including income and | |
| expenditure account) | 15 |
| Statement of financial position | 16 |
| Statement of cash flows | 17 |
| Notes to the financial statements | 18 |
West Belfast Development Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2024
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 June 2024.
Chair's report
Reference and administrative details
Registered charity name West Belfast Development Trust Limited Charity registration number 101611 Company registration number NI018257 Principal office and registered 301 Glen Road office Belfast BT11 8BU The trustees K Delaney P Mulholland J McMullan A McRitchie S Collins
The trustees present their report and accounts for the year ended 30 June 2024
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Company secretary Claire Ferris Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Ulster Bank 91-93 University Road Belfast BT7 7FW
1
West Belfast Development Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2024
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
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Kevin Deanery
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Paul Mulholland
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John McMullan
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Alec McRitchie
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Shauna Colllins (appointed July 2022)
The trustees are elected/re-elected at the Annual General Meeting.
None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Work West has five trustees who convene a minimum of eight times per year to discuss and make decisions as to the long term plans of the company. Day to day running is undertaken by Claire Ferris, who is the organisation's Chief Executive.
The trustees have assessed the 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.
2
West Belfast Development Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2024
Objectives 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 resilient. This means developing an entrepreneurial culture in the local area, stimulating enterprise awareness with young people, offering alternative models of enterprise to 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 succeed in establishing and expanding 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 utilising a hybrid model of home and office based working.
Restricted funds are at times raised through local government agencies for capital or occasionally the co-ordination and running of certain programmes. No funds are deemed to be restricted 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 the Social Economy Village site. Programme delivery and consultancy work also contribute to unrestricted funds being generated. All funds generated from this activity are used for charitable purposes.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The Charity has successfully delivered a wide range of support services to businesses and social enterprises in the prestart, start up and growth phases.
Work West developed a strategy from 2021-2024 which would inform the development of the agency during this period. Throughout the year Work West has remained a high performing agency in terms of all programmes delivered in terms of attainment of target.
3
West Belfast Development Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2024
Achievements and performance (continued)
Programmes and Service Delivery
Work West delivered an extension of the the Ards and North Down Social Entrepreneurship Programme which was originally awarded in May 2021 for two years. As of 30th June 2024 19 social enterprises were supported with 9 jobs created and a further 2 projected. 170 mentoring hours and 5 workshops were delivered and £268,000 of social investment was secured by participant social enterprises. 30% of participants were from the top 30% deprived wards. The six month extension for this programme was secured until December 2023 when the Council ceased to run the programme due to the regional Go Succeed programme which support social enterprises.
Work West delivered the Belfast City Council Go Social programme during the period targeting social enterprise and cooperative start ups. As of 30th June 2024, 15 jobs had been created and an additional 45 projected. Work West engaged a high number of underrepresented groups on the programme with 25 clients located in the top 30% most deprived areas and 17% from the BAME communities and 46% women. 23 workshops were delivered together with a regional networking event with 102 attendees. A stakeholder group with 18 members attended 4 meetings over the period also.
Full Circle manage and subcontract Go Succeed Growth to Work West primarily for social enterprise support. During the period 9 social enterprises were supported, 3 workshops delivered and 2 peer support networks were delivered which faciliated 16 social enterprises.
Enterprise Northern Ireland manage and subcontract work to Work West for Go Succeed Engage and Foundation Programme which commenced in November 2023. Work West supports clients in the pre start and start up phases. Clients receive mentoring support and workshops to facilitate their start up. There were 233 enquiries in the first year of operation.
During the period Work West delivered Foursight creative profiling to 198 people from 20 groups.
Property
The Work West site as at 30th June 2024 had an occupancy of 95.54% . As at 30th June 2024 there were 35 tenant companies/ organisations located on the Work West site and the Social Economy. The Social Economy Village had 73.21% occupancy at year end. Five new tenants took up occupancy in Work West over the period and three existing tenants took on additional space due to business growth on site.
Approximately 30 hours of time has been given to support the regeneration of the area through participation of key staff on Boards and Committees within West Belfast and beyond.
Public benefit
The Directors confirm that they have had due regard for the guidance produced on Public Benefit by the Charity Commission for Northern Ireland, and are pleased to report that during 2023/24 they have continued to meet the Public Benefit requirement as follows:
(i)The creation of employment, training and work experience opportunities for residents living in economically and socially deprived areas and consequently a reduction in poverty, unemployment and hardship, leading to a better quality of life for the beneficiaries and consequent improvements in health and well-being.
4
West Belfast Development Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2024
Achievements and performance (continued)
During the year Work West delivered the following initiatives which helped them to achieve the public benefit detailed in point (i) as follows
Delivery of the Ards and North Down Social Enterprise Programme which supported marginalised groups and individuals to become more enterprising. As of June 2024, 9 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 with enhanced mental health, confidence and employability skills.
Under 'Go Social' 15 jobs were created on the programme by June 2024 many of which were secured by residents living in economically and socially deprived areas with 25 of the 45 participants based in areas of high Multiple Deprivation.
In the year there was a good spread of participants from across the city with more coming from the west and north of the city (60%)which have higher levels of deprivation. 26% were from East Belfast and 13% from South.
The programme was successful in engaging underrepresented groups also with 46% of clients being female led and 17% led by members of the global majority.
Work West sponsors a person from West Belfast every year through awarding a bursary for education through the Aisling Bursary awards which helps local people to access further or higher education.
(ii) Enhanced knowledge about setting 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 West delivered the following initiatives which helped them to achieve the public benefit detailed in point (ii):
Through the Ards and North Down Social Entrepreneurship programme there were 19 social enterprise participants availing of support
New products and services were developed by participant organisations engaging in social enterprise activity on ANDSEP
As at the end of June 2024 Go Social had helped 45 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 pitched 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 (July 2023).
Through Go Succeed local aspiring entrepreneurs were supported through mentoring and training to set up in business.
(iii) Increased levels of knowledge and transferable vocational skills among employees / work experience trainees, assisting in the creation of a more educated, skilled and qualified community. During the year Work West delivered the following initiatives which helped them to achieve the public benefit detailed in point (iii):
5
West Belfast Development Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2024
Achievements and performance (continued)
The CFNI Oak Funded Housing and Homelessness Programme supported ten organisations (40 team members) from all over Northern Ireland to use the design thinking and creative problem solving process to develop innovative approaches to solving key challenges relating to housing and homelessness in Northern Ireland. Each team developed a new concept and prototyped 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 to users and other employees within their organisations. Nine teams pitched for a share of £160,000 seed funding as part of Ireland's largest ever Participatory Budgeting event in July 2023.
Five skills workshops were delivered as part of Ards and North Down Social Entrepreneurship Programme and 23 workshops were offered to social enterprises as part of Go Social which facilitated a high level of knowledge exchange.
9 Innovation sessions were delivered using Foursight to the the following businesses and organisations over the period; Girdwood Community Hub, QUB Innovateher participants, ANDSEP participants, Belfast Hills Partnership, McL Fire, Boys and Girls Club, Disability Action, Enterprise Causeway including groups from Donegal and the Causeway Coast, Housing for All group.
(iv) 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 Foursight allowed participants to learn a new skill which is very transferable to home and work life. This skill could be used to solve problems and create new ideas and innovations in participants lives in general
198 FourSight profiles were completed.
Both social enterprise programmes(Andsep and Go Social) supported 64 groups to lead more purposeful lives as the social enterprises at the core of their journey were focused on social impact.
Financial review
The trustees are satisfied with the results of the year as reflected in the financial statements.
Reserves policy
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 three to six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in income, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
6
West Belfast Development Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2024
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 its programme delivery. This is reflected through the thinc brand (test house for innovation and creativity). The team continue to use technology to extend their reach in terms of workshop, best practice and mentoring delivery for both enterprise and innovation work.
Our work and expertise with social enterprise has led to the exploration of developing an offering in terms of social value / social partnership work which we are testing in the market over the coming year.
Over the next year we will be using technology more within the organisation to 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 demonstrates demand in the area. There are plans to pilot in a tenant navigator role which will support tenants to avail of all support on offer for their businesses to grow. This role will act as a bridge between property and programmes within Work West. 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 trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true 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 these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
7
West Belfast Development Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2024
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply 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 resolution 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 13 December 2024 and signed on behalf of the board of trustees by:
K Delaney Trustee
8
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 2024
Opinion
We have audited the financial statements of West Belfast Development Trust Limited (the 'charity') for the year ended 30 June 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (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 relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
9
West Belfast Development Trust Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of West Belfast Development
Trust Limited (continued)
Year ended 30 June 2024
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 statements 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 material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to 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:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
10
West Belfast Development Trust Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of West Belfast Development Trust Limited (continued)
Year ended 30 June 2024
Responsibilities of trustees
As explained more fully in the trustees' 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 being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
11
West Belfast Development Trust Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of West Belfast Development
Trust Limited (continued)
Year ended 30 June 2024
Auditor's 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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 statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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 procedures 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 sector, control environment and business performance including the design of the remuneration policies, key drivers for directors' remuneration, bonus levels and performance 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 to:
identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including 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 exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements 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 (continued)
Year ended 30 June 2024
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
13
West Belfast Development Trust Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of West Belfast Development
Trust Limited (continued)
Year ended 30 June 2024
Respective responsibilities of directors and auditor
As explained more fully in the Trustees' Responsibilities Statement (set out on page 7) the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK). Those standards require us to comply with the Financial Reporting Council's (FRC's) Ethical Standard for Auditors', in in the circumstances set out in note 23 to the 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 that 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 permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Dolan (Senior Statutory Auditor)
For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
13 December 2024
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West Belfast Development Trust Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 30 June 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Charitable activities | 5 | 524,406 | 524,406 | 533,206 |
| Investment income | 6 | 3,730 | 3,730 | 2,511 |
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||
| Total income | 528,136 | 528,136 | 535,717 | |
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||
| Expenditure | ||||
| Expenditure on charitable activities | 7 | (523,550) | (523,550) | (514,264) |
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||
| Total expenditure | (523,550) | (523,550) | (514,264) | |
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||
───────── |
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| Net income and net movement in funds | 4,586 | 4,586 | 21,453 | |
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||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,634,943 | 1,634,943 | 1,613,490 | |
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| Total funds carried forward | 1,639,529 | 1,639,529 | 1,634,943 | |
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The statement 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 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 12 | 1,383,844 | 1,352,730 |
| Current assets | |||
| Debtors | 13 | 28,681 | 45,208 |
| Cash at bank and in hand | 370,497 | 413,373 | |
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───────── |
||
| 399,178 | 458,581 | ||
| Creditors: amounts falling due within one year | 14 | (108,896) | (121,924) |
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───────── |
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| Net current assets | 290,282 | 336,657 | |
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| Total assets less current liabilities | 1,674,126 | 1,689,387 | |
| Creditors: amounts falling due after more than one year | 15 | (34,597) | (54,444) |
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| Net assets | 1,639,529 | 1,634,943 | |
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| Funds of the charity | |||
| Unrestricted funds | 1,639,529 | 1,634,943 | |
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| Total charity funds | 17 | 1,639,529════════════ |
1,634,943════════════ |
These financial statements were approved by the board of trustees and authorised for issue on 13 December 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 financial statements.
16
West Belfast Development Trust Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 30 June 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 4,586 | 21,453 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 91,259 | 87,362 |
| Other interest receivable and similar income | (3,730) | (2,511) |
| Interest payable and similar charges | 5,305 | 5,000 |
| Accrued income | (10,936) | (4,934) |
| Changes in: | ||
| Trade and other debtors | 16,527 | 15,015 |
| Trade and other creditors | (4,227) | (21,690) |
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|
| Cash generated from operations | 98,784 | 99,695 |
| Interest paid | (5,305) | (5,000) |
| Interest received | 3,730 | 2,511 |
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──────── |
|
| Net cash from operating activities | 97,209 | 97,206 |
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|
| Cash flows from investing activities | ||
| Purchase of tangible assets | (121,823) | (16,653) |
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| Net cash used in investing activities | (121,823) | (16,653) |
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| Cash flows from financing activities | ||
| Proceeds from borrowings | (18,262) | (17,850) |
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──────── |
|
| Net cash used in financing activities | (18,262) | (17,850) |
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| Net (decrease)/increase in cash and cash equivalents | (42,876) | 62,703 |
| Cash and cash equivalents at beginning of year | 413,373 | 350,670 |
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|
| Cash and cash equivalents at end of year | 370,497 | 413,373 |
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The notes on pages 18 to 27 form part of these financial statements.
17
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2024
1. 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, BT11 8BU.
2. Statement of compliance
During the current and prior years, no transactions took place with related parties.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the 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 (continued)
Year ended 30 June 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned 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-charitable 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 to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
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 activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
19
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2024
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, 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 the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Long leasehold property | - | Varying rates depending on asset types |
|---|---|---|
| Fixtures and fittings | - | Over 10 years |
| Equipment | - | 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 the 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 amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
20
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2024
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that 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 instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured 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 appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for 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 carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of 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.
4. Limited by guarantee
The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
21
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2024
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| NI Business start up program | 17,945 | 17,945 | – | – |
| Go social Programme | 119,194 | 119,194 | 95,188 | 95,188 |
| Foursight Creative Mindset | – | – | 3,325 | 3,325 |
| Rental Income | 252,271 | 252,271 | 253,846 | 253,846 |
| SEV Rental Income | 88,818 | 88,818 | 87,572 | 87,572 |
| Water charges to tenants | 8,341 | 8,341 | 6,814 | 6,814 |
| Postage & Stationary charged to | ||||
| tenants | 4,043 | 4,043 | 4,294 | 4,294 |
| SEV Room Hire | 925 | 925 | 872 | 872 |
| Kick Start | – | – | 4,106 | 4,106 |
| Ards & North Down SEP Programme | 15,164 | 15,164 | 37,755 | 37,755 |
| Program Income | 13,700 | 13,700 | 3,400 | 3,400 |
| Housing and Homelessness CI | 4,005 | 4,005 | 36,034 | 36,034 |
───────── |
───────── |
───────── |
───────── |
|
| 524,406 | 524,406 | 533,206 | 533,206 | |
═════════ |
═════════ |
═════════ |
═════════ |
6. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 3,730 | 3,730 | 2,511 | 2,511 |
═══════ |
═══════ |
═══════ |
═══════ |
7. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Enterprise Programme | 444,562 | 62,734 |
507,296 | 494,634 |
| Governance costs | – | 16,254 |
16,254 | 19,630 |
───────── |
──────── |
───────── |
───────── |
|
| 444,562 | 78,988 |
523,550 | 514,264 | |
═════════ |
════════ |
═════════ |
═════════ |
8. Analysis of support costs
| Analysis of | |||
|---|---|---|---|
| support costs | Total 2024 | Total 2023 | |
| £ | £ | £ | |
| Staff costs | 26,421 | 26,421 | 25,959 |
| Premises | 29,403 | 29,403 | 28,013 |
| Communications and IT | 2,060 | 2,060 | 1,972 |
| General office | 4,850 | 4,850 | 8,159 |
| Finance costs | 5,305 | 5,305 | 5,000 |
| Governance costs | 10,949 | 10,949 | 14,630 |
──────── |
──────── |
──────── |
|
| 78,988 | 78,988 | 83,733 | |
════════ |
════════ |
════════ |
22
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2024
9. Net income
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 90,709 | 87,362 |
| Fees payable for the audit of the financial statements | 6,000════════ |
6,000════════ |
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 143,753 | 142,644 |
| Social security costs | 8,824 | 9,888 |
| Employer contributions to pension plans | 10,817 | 9,522 |
| Other employee benefits | 5,230 | 4,478 |
───────── |
───────── |
|
| 168,624 | 166,532 | |
═════════ |
═════════ |
The average head count of employees during the year was 4 (2023: 4). The average number of full-time equivalent employees during the year is analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Number of staff | 4 | 4 |
════ |
════ |
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £105,682 (2023:£101,131).
11. Trustee remuneration and expenses
The charity trustees were not paid or received any other benefits from employment in the year (2023:£Nil). The charity trustees did not have any expenses reimbursed during the year (2023:£Nil).
23
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2024
12. Tangible fixed assets
| Long | |||||
|---|---|---|---|---|---|
| Freehold | leasehold | Fixtures and |
|||
| property | property | fittings |
Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 July 2023 | 42,500 | 2,985,181 | 50,584 |
6,549 | 3,084,814 |
| Additions | – | 120,630 | – |
1,193 | 121,823 |
──────── |
──────────── |
──────── |
─────── |
──────────── |
|
| At 30 June 2024 | 42,500 | 3,105,811 | 50,584 |
7,742 | 3,206,637 |
════════ |
════════════ |
════════ |
═══════ |
════════════ |
|
| Depreciation | |||||
| At 1 July 2023 | – | 1,687,210 | 42,556 |
2,318 | 1,732,084 |
| Charge for the year | – | 86,544 | 2,950 |
1,215 | 90,709 |
──────── |
──────────── |
──────── |
─────── |
──────────── |
|
| At 30 June 2024 | – | 1,773,754 | 45,506 |
3,533 | 1,822,793 |
════════ |
════════════ |
════════ |
═══════ |
════════════ |
|
| Carrying amount | |||||
| At 30 June 2024 | 42,500 | 1,332,057 | 5,078 |
4,209 | 1,383,844 |
════════ |
════════════ |
════════ |
═══════ |
════════════ |
|
| At 30 June 2023 | 42,500 | 1,297,971 | 8,028 |
4,231 | 1,352,730 |
════════ |
════════════ |
════════ |
═══════ |
════════════ |
|
| Debtors | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Trade debtors | 12,061 | 14,704 | |||
| Prepayments and accrued income | 16,620 | 30,504 | |||
──────── |
──────── |
||||
| 28,681 | 45,208 | ||||
════════ |
════════ |
||||
| Creditors: amounts falling due within one | year | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Bank loans and overdrafts | 19,866 | 18,281 | |||
| Trade creditors | 23,365 | 17,420 | |||
| Accruals and deferred income | 37,915 | 48,851 | |||
| Social security and other taxes | 16,962 | 26,281 | |||
| Other creditors | 10,788 | 11,091 | |||
───────── |
───────── |
||||
| 108,896 | 121,924 | ||||
═════════ |
═════════ |
13. Debtors
14. Creditors: amounts falling due within one year
24
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2024
15. Creditors: amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 34,597 | 54,444 |
════════ |
════════ |
|
| 2024 | 2023 | |
| £ | £ | |
| Amounts payable: | ||
| Due within one year | 19,866 | 18,281 |
| Due in 1 - 2 years | 21,568 | 19,866 |
| Due in 2 - 5 years | 12,991 | 34,578 |
| Due in > 5 years | ||
──────── |
──────── |
|
| 54,425 | 72,725 | |
════════ |
════════ |
Loan Terms
The terms of the bank loan are:
Loan interest is charged at 3% per annum over the base rate
The final repayment date is scheduled to be December 2026
16. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £10,817 (2023: £9,522).
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At 1 July 2023 | Income | Expenditure 30 June 2024 |
||
| £ | £ | £ | £ | |
| General funds | 409,374 | 528,136 | (471,462) | 466,048 |
| Designated Fund - Land & Property | 1,225,569 | – | (52,088) | 1,173,481 |
──────────── |
───────── |
───────── |
──────────── |
|
| 1,634,943 | 528,136 | (523,550) | 1,639,529 |
|
════════════ |
═════════ |
═════════ |
════════════ |
|
| At | ||||
| At 1 July 2022 | Income | Expenditure | 30 June 2023 | |
| £ | £ | £ | £ | |
| General funds | 338,523 | 535,717 | (464,866) | 409,374 |
| Designated Fund - Land & Property | 1,274,967 | – | (49,398) | 1,225,569 |
──────────── |
───────── |
───────── |
──────────── |
|
| 1,613,490 | 535,717 | (514,264) | 1,634,943 |
|
════════════ |
═════════ |
═════════ |
════════════ |
25
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2024
18. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Tangible fixed assets | 1,383,844 | 1,383,844 |
| Current assets | 399,178 | 399,178 |
| Creditors less than 1 year | (108,896) | (108,896) |
| Creditors greater than 1 year | (34,597) | (34,597) |
──────────── |
──────────── |
|
| Net assets | 1,639,529 | 1,639,529 |
════════════ |
════════════ |
|
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 1,352,730 | 1,352,730 |
| Current assets | 458,581 | 458,581 |
| Creditors less than 1 year | (121,924) | (121,924) |
| Creditors greater than 1 year | (54,444) | (54,444) |
──────────── |
──────────── |
|
| Net assets | 1,634,943 | 1,634,943 |
════════════ |
════════════ |
19. 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.
20. Non-audit services
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
21. Analysis of changes in net debt
| At | |||
|---|---|---|---|
| At 1 Jul 2023 | Cash flows | 30 Jun 2024 | |
| £ | £ | £ | |
| Cash at bank and in hand | 413,373 | (42,876) | 370,497 |
| Debt due within one year | (18,281) | (1,585) | (19,866) |
| Debt due after one year | (54,444) | 19,847 | (34,597) |
───────── |
──────── |
───────── |
|
| 340,648 | (24,614) | 316,034 |
|
═════════ |
════════ |
═════════ |
22. Contingencies
A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected.
26
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2024
23. 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 authorities and assist with the preparation of the financial statements.
27
West Belfast Development Trust Limited
Company Limited by Guarantee
Management Information
Year ended 30 June 2024
The following pages do not form part of the financial statements.
28
West Belfast Development Trust Limited
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 30 June 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Charitable activities | ||
| NI Business start up program | 17,945 | – |
| Go social Programme | 119,194 | 95,188 |
| Foursight Creative Mindset | – | 3,325 |
| Rental Income | 252,271 | 253,846 |
| SEV Rental Income | 88,818 | 87,572 |
| Water charges to tenants | 8,341 | 6,814 |
| Postage & Stationary charged to tenants | 4,043 | 4,294 |
| SEV Room Hire | 925 | 872 |
| Kick Start | – | 4,106 |
| Ards & North Down SEP Programme | 15,164 | 37,755 |
| Program Income | 13,700 | 3,400 |
| Housing and Homelessness CI | 4,005 | 36,034 |
───────── |
───────── |
|
| 524,406 | 533,206 | |
───────── |
───────── |
|
| Investment income | ||
| Bank interest receivable | 3,730 | 2,511 |
─────── |
─────── |
|
───────── |
───────── |
|
| Total income | 528,136 | 535,717 |
═════════ |
═════════ |
29
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 30 June 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Enterprise Programme | ||
| Activities undertaken directly | ||
| Wages and salaries | 121,548 | 120,815 |
| Employer's NIC | 6,387 | 7,447 |
| Pension costs | 9,038 | 7,833 |
| Other employee benefits | 5,230 | 4,478 |
| Rates and water | 2,477 | (1,062) |
| Light and heat | 22,504 | 15,827 |
| Repairs and renewals | 47,665 | 60,670 |
| Insurance | 12,004 | 9,907 |
| Security costs | 13,068 | 6,991 |
| Travel costs | 877 | 1,728 |
| Training costs | – | 424 |
| Telephone | 6,179 | 5,917 |
| Printing, postage and stationery | 2,134 | 2,201 |
| Depreciation | 90,709 | 87,362 |
| Network infrastructure maintenance and support | 3,639 | 3,348 |
| One off pieces of work | 250 | – |
| Grants payable | 12 | – |
| Computer expenses | 1,377 | 1,260 |
| Foursight Creative Mindset | 1,392 | 101 |
| Protyping Materials | 238 | 301 |
| Ards & North Down SEP | 4,793 | 13,021 |
| Kick Start expenses | – | 2,988 |
| Conferences | 353 | 578 |
| Learner Management Support | 900 | 915 |
| Bad debt Write off | – | 22,488 |
| Go Social Programme Expenses | 69,620 | 51,539 |
| ENI Service Charge/MIS | 2,632 | 2,513 |
| SEV Insurance | 3,932 | 4,827 |
| Refreshment costs | 2,177 | 2,044 |
| Bad Debt Provision | – | (10,478) |
| NI Business start up program | 13,416 | – |
| Housing & Homelessness Community Innovators | 11 | 4,548 |
Carried forward
───────── ───────── 444,562 430,531
31
West Belfast Development Trust Limited
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities (continued)
Year ended 30 June 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Brought forward | 444,562 | 430,531 |
───────── |
───────── |
|
| 444,562 | 430,531 | |
───────── |
───────── |
|
| Support costs | ||
| Wages and salaries | 22,205 | 21,829 |
| Employer's NIC | 2,437 | 2,441 |
| Pension costs | 1,779 | 1,689 |
| Light and heat | 7,502 | 5,276 |
| Repairs and renewals | 15,889 | 19,435 |
| Insurance | 6,012 | 3,302 |
| Telephone | 2,060 | 1,972 |
| Printing, postage and stationery | 712 | 704 |
| Subscriptions | 2,999 | 6,890 |
| Gifts and samples | 1,139 | 565 |
──────── |
──────── |
|
| 62,734 | 64,103 | |
──────── |
──────── |
|
| Governance costs | ||
| Governance costs - accountancy fees | 2,343 | – |
| Audit fees | 6,000 | 6,000 |
| Legal and other professional fees | 1,589 | 8,128 |
| Loan interest | 5,305 | 5,000 |
| Bank charges | 1,017 | 502 |
──────── |
──────── |
|
| 16,254 | 19,630 | |
──────── |
──────── |
|
───────── |
───────── |
|
| Expenditure on charitable activities | 523,550 | 514,264 |
═════════ |
═════════ |
|
───────── |
───────── |
|
| Net income | 4,586 | 21,453 |
═════════ |
═════════ |
32