Company Registration Number: NI018257 Charity Number: 101611
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital)
Annual Report and Audited Financial Statements
for the financial year ended 30 June 2025
Finegan Gibson Ltd Chartered accountants and Registered auditors 2nd Floor Causeway Tower 9 James Street South Belfast Antrim BT2 8DN
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 3 |
| Trustees' Annual Report | 4 - 7 |
| Statement of Trustees' Responsibilities | 8 |
| Independent Auditor's Report | 9-11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 - 22 |
| Supplementary Information relating to the Financial Statements | 24 - 26 |
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West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Mr A McRitchie Ms S Collins
Ms D Fitzpatrick (Appointed 13 December 2024) Mr J McMullan Mr P Mulholland (Resigned 13 December 2024) Mr K Delaney
Company Secretary Ms Claire Ferris Charity Number in Northern Ireland 101611 Company Registration Number NI018257 Registered Office 301 Glen Road Belfast BT118BU United Kingdom Auditors Finegan Gibson Ltd Chartered accountants and Registered auditors 2nd Floor Causeway Tower 9 James Street South Belfast Antrim BT2 8DN Principal Bankers Ulster Bank 4th Floor 11-16 Donegall Square East Belfast, BT1 5UB Northern Ireland
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West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT
for the financial year ended 30 June 2025
The trustees present their Trustees' Annual Report, combining the Directors' Report and Trustees' Report, and the audited financial statements for the financial year ended 30 June 2025.
The financial statements are prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trustees' Report contains the information required to be provided in the Trustees' Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the charity are also charity trustees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees.
In this report the trustees of West Belfast Development Trust Limited present a summary of its purpose, governance, activities, achievements and finances for the financial year 30 June 2025.
The charity is a registered charity and hence the report and results are presented in a form which complies with the requirements of the Companies Act 2006 and, although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements.
Mission, Objectives and Strategy
Objectives
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
Strategy
The following sections for achievements and performance and financial review form the strategic report of the charity.
Structure, Governance and Management
Structure
The charity is a company limited by guarantee.
Composition of the Board and Board Appointment Process
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.
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West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT
for the financial year ended 30 June 2025
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.
Review of Achievements and Performance
The Charity has successfully delivered a range of support services to businesses and social enterprises in the prestart, start up and growth phases.
Work West engaged in a strategic review and strategic planning process which resulted in the development of a new 3 year strategic plan in June 2025. Within the strategy there is a focus on property, social enterprise, innovation and social value work. Throughout the year Work West has remained a high performing agency in terms of all programmes delivered in terms of attainment of target.
Programmes and Service Delivery
Work West delivered the Belfast City Council Go Social programme during the period targeting social enterprise and cooperative start ups. Between July 2024 and June 2025 69 clients were supported and 40.5 jobs had been created and an additional 15 projected. Work West engaged a high number of underrepresented groups on the programme with 54% located in the top 30% most deprived areas, 15% from the BAME communities and 51% women. Representation from across the city was as follows: North 24%, South 32%, East 15% and west 29%. A stakeholder group with 18 members attended 4 meetings over the period also. Furthermore £90,000 of Belfast City Council incentive funds were awarded in December 2024 supported by Work West.
Full Circle manage and subcontract Go Succeed Growth to Work West primarily for social enterprise support. During the period 9 social enterprises were supported through mentoring and support to access the programme grant.
Enterprise Northern Ireland manage and subcontracted work to Work West for Go Succeed Engage and Foundation Programme from July 2024 until January 2024.Work West supported clients in the pre start and start up phases. Clients received mentoring support and workshops to facilitate their start up. There were 89 enquiries over the period.
During the period Work West delivered Foursight creative profiling to 141 people from 9 groups. Additional innovation training took place with a further 3 groups over the period.
Property
The Work West site as at 30th June 2025 had an occupancy of 96.2% with only 2 units available . As at 30th June 2025 there were 27 tenant companies located on the Work West site and the 6 organisations located in the Social Economy. The Social Economy Village had 89% occupancy at year end. Four new tenants took up occupancy in Work West over the period, one tenant downsized 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.
Financial Review
The results for the financial year are set out on page and additional notes are provided showing income and expenditure in greater detail. The trustees are satisfied with the results of the year as reflected in the financial statements.
Financial Results
At the end of the financial year the charity has assets of £1,763,608 (2024 - £1,783,022) and liabilities of £113,060 (2024 - £143,493). The net assets of the charity have increased by £11,019.
Reserves Position and Policy
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.
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West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT
for the financial year ended 30 June 2025
Trustees
The trustees who served throughout the financial year, except as noted, were as follows:
Mr A McRitchie Ms S Collins Ms D Fitzpatrick (Appointed 13 December 2024)
Mr J McMullan Mr P Mulholland (Resigned 13 December 2024) Mr K Delaney
In accordance with the Constitution, the trustees retire by rotation and, being eligible, offer themselves for re-election.
The secretary who served during the financial year was:
Ms Claire Ferris
Compliance with Sector-Wide Legislation and Standards
The charity engages pro-actively with legislation, standards and codes which are developed for the sector. West Belfast Development Trust Limited subscribes to and is compliant with the following:
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The Companies Act 2006
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The Charities SORP (FRS 102)
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 2025/25 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.
During the year Work West delivered the following initiatives which helped them to achieve the public benefit detailed in point (i) as follows
Under ‘Go Social’ 40.5 jobs were created on the programme by June 2025 many of which were secured by residents living in economically and socially deprived areas with 54% of participants based in areas of high Multiple Deprivation.
In the year there was a good spread of participants from across the city with 53% from the west and north of the city which have higher levels of deprivation. 15% were from East Belfast and 32% from South.
The programme was successful in engaging underrepresented groups also with 51% of clients being female led and 15% 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):
As at the end of June 2024 Go Social had helped 69 social entrepreneurs and cooperatives who were exploring the establishment of developing new ventures
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 initiative which helped them to achieve the public benefit detailed in point (iii):
9 Innovation sessions were delivered using Foursight to the the following businesses and organisations over the period; Belfast City Council skills and employability team, Belfast City Council Enterprise and Growth team, Housing Rights, Police Ombudsman Office, Aramax, Mid and East Antrim skills Academy, MEA Labour Market Partnership, Housing for all team, The Go Succeed management team
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West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT
for the financial year ended 30 June 2025
(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 141 FourSight profiles were completed.
Go Social supported 69 groups to lead more purposeful lives as the social enterprises at the core of their journey were focused on social impact.
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 36 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 continuing to test in the market.
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 is a long term investment plan for property being developed to ensure the property asset meets the needs of all tenants over the coming decade. New property management software will be introduced to support the management of the property over the next year.
The Auditors
The auditors, Finegan Gibson Ltd, (Chartered accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
Approved by the Board of Trustees on 6 February 2026 and signed on its behalf by:
________Mr K Delaney Trustee
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West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) STATEMENT OF TRUSTEES' RESPONSIBILITIES
for the financial year ended 30 June 2025
The trustees, who are also directors of West Belfast Development Trust Limited for the purposes of company law, are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the trustees as the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
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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 operation.
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 and. 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.
In so far as the trustees are aware:
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there is no relevant audit information (information needed by the charity's auditor in connection with preparing the auditor's report) of which the charity's auditor is unaware, and
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the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Approved by the Board of Trustees on 6 February 2026 and signed on its behalf by:
________Mr K Delaney Trustee
8
INDEPENDENT AUDITOR'S REPORT to the Members of West Belfast Development Trust Limited
(A company limited by guarantee, not having a share capital)
Report on the audit of the financial statements
Opinion
We have audited the charity financial statements of West Belfast Development Trust Limited ('the charity') for the financial year ended 30 June 2025 which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including the summary of significant accounting policies set out in note 2. 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", applying Section 1A of that Standard and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102.
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In our opinion, when reporting in accordance with a fair presentation framework 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 2025 and of its surplus for the financial year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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▪ have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008.
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 ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the Provisions Available for Audits of Small Entities, in the circumstances set out in Note 3 to the financial statements, 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 the date 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.
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 contained within the annual report. 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinion on other matter 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' Annual 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' Annual Report has been prepared in accordance with applicable legal requirements.
9
INDEPENDENT AUDITOR'S REPORT
to the Members of West Belfast Development Trust Limited
(A company limited by guarantee, not having a share capital)
Matters on which we are required to report by exception
In the light of our 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' Annual Report.
We have nothing to report in respect of the following matters where 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
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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.
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Trustees' Annual Report.
Responsibilities of trustees for the financial statements
As explained more fully in the Statement of Trustees' Responsibilities set out on page 8, the trustees 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 they 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 management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
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.
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INDEPENDENT AUDITOR'S REPORT to the Members of West Belfast Development Trust Limited
(A company limited by guarantee, not having a share capital)
Further information regarding the scope of our responsibilities as auditor
As part of an audit in accordance with ISAs (UK), we exercise professional judgement 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 charity's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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.
The purpose of our audit work and to whom we owe our responsibilities
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 FCA (Senior Statutory Auditor) for and on behalf of FINEGAN GIBSON LTD
Chartered accountants and Registered auditors 2nd Floor Causeway Tower 9 James Street South Belfast Antrim BT2 8DN
6 February 2026
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West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating an Income and Expenditure Account)
for the financial year ended 30 June 2025
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Unrestricted|Total|Unrestricted|Total|
|Funds|Funds|Funds|Funds|
|2025|2025|2024|2024|
|Notes|£|£|£|£|
|Income|
|Charitable activities|4.1|538,340|538,340|524,406|524,406|
|Investments|4.2|13,600|13,600|3,730|3,730|
|─────── ─────── ─────── ───────|
|Total income|551,940|551,940|528,136|528,136|
|─────── ─────── ─────── ───────|
|Expenditure|
|Charitable activities|5.1|540,921|540,921|523,550|523,550|
|─────── ─────── ─────── ───────|
|Net income/(expenditure)|11,019|11,019|4,586|4,586|
|Transfers between funds|-|-|-|-|
|─────── ─────── ─────── ───────|
|Net movement in funds for the financial year|11,019|11,019|4,586|4,586|
|Reconciliation of funds:|
|Total funds beginning of the year|18|1,639,529|1,639,529|1,634,943|1,634,943|
|─────── ─────── ─────── ───────|
|Total funds at the end of the year|1,650,548|1,650,548|1,639,529|1,639,529|
|═══════ ═══════ ═══════ ═══════|
----- End of picture text -----
The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities.
The notes on pages 15 to 22 form part of the financial statements
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West Belfast Development Trust Limited
(A company limited by guarantee, not having a share capital) Company Number: NI018257
BALANCE SHEET
as at 30 June 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed Assets | |||
| Tangible assets | 13 | 1,328,422 | 1,383,844 |
| ─────── | ─────── | ||
| Current Assets | |||
| Debtors | 14 | 111,092 | 28,681 |
| Cash at bank and in hand | 15 | 324,094 | 370,497 |
| ─────── | ─────── | ||
| 435,186 | 399,178 | ||
| ─────── | ─────── | ||
| Creditors: Amounts falling due within one year | 16 | (113,060) | (108,896) |
| ─────── | ─────── | ||
| Net Current Assets | 322,126 | 290,282 | |
| ─────── | ─────── | ||
| Total Assets less Current Liabilities | 1,650,548 | 1,674,126 | |
| Creditors | |||
| Amounts falling due after more than one year | 17 | - | (34,597) |
| ─────── | ─────── | ||
| Total Net Assets | 1,650,548 | 1,639,529 | |
| ═══════ | ═══════ | ||
| Funds | |||
| Designated funds (Unrestricted) | 1,277,770 | 1,173,481 | |
| General fund (unrestricted) | 372,778 | 466,048 | |
| ─────── | ─────── | ||
| Total funds | 18 | 1,650,548 | 1,639,529 |
| ═══════ | ═══════ |
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", applying Section 1A of that Standard.
Approved by the Board of Trustees and authorised for issue on 6 February 2026 and signed on its behalf by
________ Mr K Delaney Trustee
The notes on pages 15 to 22 form part of the financial statements
13
West Belfast Development Trust Limited STATEMENT OF CASH FLOWS
for the financial year ended 30 June 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Net movement in funds | 11,019 | 4,586 | |
| Adjustments for: | |||
| Depreciation | 95,417 | 90,709 | |
| Interest receivable and similar income | (13,600) | (3,730) | |
| Interest payable and similar expenses | 2,076 | 5,305 | |
| ─────── | ─────── | ||
| 94,912 | 96,870 | ||
| Movements in working capital: | |||
| Movement in debtors | (82,411) | 16,527 | |
| Movement in creditors | 24,030 | (14,613) | |
| ─────── | ─────── | ||
| Cash generated from operations | 36,531 | 98,784 | |
| Interest paid | (2,076) | (5,305) | |
| ─────── | ─────── | ||
| Net cash generated from operating activities | 34,455 | 93,479 | |
| ─────── | ─────── | ||
| Cash flows from investing activities | |||
| Interest received | 13,600 | 3,730 | |
| Payments to acquire tangible assets | (39,995) | (121,823) | |
| ─────── | ─────── | ||
| Net cash used in investment activities | (26,395) | (118,093) | |
| ─────── | ─────── | ||
| Cash flows from financing activities | |||
| Proceeds from borrowings | - | 19,847 | |
| Proceeds from borrowings | - | 1,585 | |
| Repayment of long term loan | (34,597) | - | |
| Repayment of short term loan | (19,866) | - | |
| ─────── | ─────── | ||
| Net cash used in financing activities | (54,463) | (18,262) | |
| ─────── | ─────── | ||
| Net decrease in cash and cash equivalents | (46,403) | (42,876) | |
| Cash and cash equivalents at the beginning of the year | 370,497 | 413,373 | |
| ─────── | ─────── | ||
| Cash and cash equivalents at the end of the year | 15 | 324,094 | 370,497 |
| ═══════ | ═══════ |
14
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2025
1. GENERAL INFORMATION
West Belfast Development Trust Limited is a company limited by guarantee incorporated in Northern Ireland. The registered office of the charity is 301 Glen Road, Belfast, BT118BU, United Kingdom which is also the principal place of business of the charity. The financial statements have been presented in Pound (£) which is also the functional currency of the charity.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
Basis of preparation
The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102", applying Section 1A of that Standard.
As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.
Statement of compliance
The financial statements of the charity for the financial year ended 30 June 2025 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102", applying Section 1A of that Standard.
Fund accounting
The following are the categories of funds maintained:
Restricted funds
Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity.
Unrestricted funds
Unrestricted funds consist of General and Designated funds.
▪ General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity.
▪ Designated funds comprise unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund.
Income
Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, performance conditions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity.
Income from charitable activities
Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the charity. Income from government and other co-funders is recognised when the charity is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors.
Grants from governments and other co-funders typically include one of the following types of conditions:
▪ Performance based conditions: whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a
15
continued
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2025
grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor, as income.
▪Time based conditions: whereby the charity is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases the charity recognises the income to the extent it is utilised within the period specified in the agreement.
In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is notified of entitlement.
Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier.
Expenditure
Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity.
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.
Impairment of 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 flows 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.
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
16
continued
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2025
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:
| Freehold Property | Nil |
|---|---|
| Long leasehold property | 15-40 years |
| Fixtures, and fittings | 10% Straight line |
| Equipment | 20% straight line |
Debtors
Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Income recognised by the charity from government agencies and other co-funders, but not yet received at financial year end, is included in debtors.
Cash at bank and in hand
Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal.
Taxation and deferred taxation
No current or deferred taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
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.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the charity's taxable income and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Pensions
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Annual contributions payable to the charity's pension scheme are charged to the income and expenditure account in the period to which they relate
Research and development
Research and development expenditure is written off to the income and expenditure account in the financial year in which it is incurred.
3. PROVISIONS AVAILABLE FOR AUDITS OF SMALL ENTITIES
In common with many other charity of our size and nature, we use our auditors to assist with the preparation of the financial statements.
17
continued
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2025
| 4. | INCOME | |||||
|---|---|---|---|---|---|---|
| 4.1 | CHARITABLE ACTIVITIES | Unrestricted | Restricted | 2025 | 2024 | |
| Funds | Funds | |||||
| £ | £ | £ | £ | |||
| Other Income | 1,550 | - | 1,550 | - | ||
| Rental Income | 275,318 | - | 275,318 | 252,271 | ||
| NI Business Start Up Program | 25,259 | - | 25,259 | 17,945 | ||
| Foursight Creative Mindset | 9,115 | - | 9,115 | - | ||
| SEV Rental Income | 102,003 | - | 102,003 | 88,818 | ||
| Water charges to tenants | 7,254 | - | 7,254 | 8,341 | ||
| Recharges to tenants | 5,325 | - | 5,325 | 4,043 | ||
| SEV Room Hire | - | - | - | 925 | ||
| Go Social Programme | 97,960 | - | 97,960 | 119,194 | ||
| Ards and North Down SEP Programme | - | - | - | 15,164 | ||
| Program Income | 14,556 | - | 14,556 | 13,700 | ||
| Housing and Homelessness CI | - | - | - | 4,005 | ||
| ─────── | ─────── | ─────── | ─────── | |||
| 538,340 | - | 538,340 | 524,406 | |||
| ═══════ | ═══════ | ═══════ | ═══════ | |||
| 4.2 | INVESTMENTS | Unrestricted | Restricted | 2025 | 2024 | |
| Funds | Funds | |||||
| £ | £ | £ | £ | |||
| Bank interest receivable | 13,600 | - | 13,600 | 3,730 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | |||
| 5. | EXPENDITURE | |||||
| 5.1 | CHARITABLE ACTIVITIES | Direct | Other | Support | 2025 | 2024 |
| Costs | Costs | Costs | ||||
| £ | £ | £ | £ | £ | ||
| Enterprise Programme | 440,995 | - | 63,901 | 504,896 | 507,296 | |
| Governance Costs (Note 5.2) | - | - | 36,025 | 36,025 | 16,254 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| 440,995 | - | 99,926 | 540,921 | 523,550 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 5.2 | GOVERNANCE COSTS | Direct | Other | Support | 2025 | 2024 |
| Costs | Costs | Costs | ||||
| £ | £ | £ | £ | £ | ||
| Charitable activities - governance | - | - | 36,025 | 36,025 | 16,254 | |
| costs | ||||||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 5.3 | SUPPORT COSTS | **Charitable ** | Governance | 2025 | 2024 | |
| Activities | Costs | |||||
| £ | £ | £ | £ | |||
| Staff cost | 25,475 | - | 25,475 | 26,421 | ||
| Finance costs | - | 2,076 | 2,076 | 5,305 | ||
| Premises Costs | 29,313 | - | 29,313 | 29,403 | ||
| General Office | 7,403 | - | 7,403 | 4,850 | ||
| Communications and IT | 1,710 | - | 1,710 | 2,060 | ||
| Governance costs | - | 33,949 | 33,949 | 10,949 | ||
| ─────── | ─────── | ─────── | ─────── | |||
| 63,901 | 36,025 | 99,926 | 78,988 | |||
| ═══════ | ═══════ | ═══════ | ═══════ |
18
continued
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2025
6. ANALYSIS OF SUPPORT COSTS
| 6. | ANALYSIS OF SUPPORT COSTS | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Staff cost | 25,475 | 26,421 | |
| Finance costs | 2,076 | 5,305 | |
| Premises Costs | 29,313 | 29,403 | |
| General Office | 7,403 | 4,850 | |
| Communications and IT | 1,710 | 2,060 | |
| Governance costs | 33,949 | 10,949 | |
| ─────── | ─────── | ||
| 99,926 | 78,988 | ||
| ═══════ | ═══════ | ||
| 7. | NET INCOME | 2025 | 2024 |
| £ | £ | ||
| Net Income is stated after charging/(crediting): | |||
| Depreciation of tangible assets | 95,417 | 90,709 | |
| Auditor's remuneration: | |||
| - audit services | 6,000 | 6,000 | |
| ═══════ | ═══════ | ||
| 8. | INVESTMENT AND OTHER INCOME | 2025 | 2024 |
| £ | £ | ||
| Sundry income | 1,550 | - | |
| Bank interest | 13,600 | 3,730 | |
| ─────── | ─────── | ||
| 15,150 | 3,730 | ||
| ═══════ | ═══════ | ||
| 9. | INTEREST PAYABLE AND SIMILAR CHARGES | 2025 | 2024 |
| £ | £ | ||
| On bank loans and overdrafts | 2,076 | 5,305 | |
| ═══════ | ═══════ |
10. EMPLOYEES AND REMUNERATION
Number of employees
The average number of persons employed (including executive trustees) during the financial year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Number | Number | ||
| Number of Staff | 4 | 4 | |
| ═══════ | ═══════ | ||
| The staff costs comprise: | 2025 | 2024 | |
| £ | £ | ||
| Wages and salaries | 147,526 | 148,983 | |
| Social security costs | 10,716 | 8,824 | |
| Pension costs | 10,485 | 10,817 | |
| ─────── | ─────── | ||
| 168,727 | 168,624 | ||
| ═══════ | ═══════ | ||
| 11. | Other employee benefits | 2025 | 2024 |
| £ | £ | ||
| Private Healthcare- included in wages and salaries cost | 5,291 | 5,230 | |
| ═══════ | ═══════ |
19
continued
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2025
12. 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 £98,802 (2024: £105,682)
| 13. | TANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|---|
| Freehold | Long | Fixtures, | Equipment | Total | ||
| Property | leasehold | and fittings | ||||
| property | ||||||
| £ | £ | £ | £ | £ | ||
| Cost | ||||||
| At 1 July 2024 | 42,500 | 3,105,811 | 50,584 | 7,742 | 3,206,637 | |
| Additions | - | 37,638 | - | 2,357 | 39,995 | |
| Disposals | - | - | (4,190) | - | (4,190) | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| At 30 June 2025 | 42,500 | 3,143,449 | 46,394 | 10,099 | 3,242,442 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Depreciation | ||||||
| At 1 July 2024 | - | 1,773,754 | 45,506 | 3,533 | 1,822,793 | |
| Charge for the financial year | - | 91,489 | 2,573 | 1,355 | 95,417 | |
| On disposals | - | - | (4,190) | - | (4,190) | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| At 30 June 2025 | - | 1,865,243 | 43,889 | 4,888 | 1,914,020 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net book value | ||||||
| At 30 June 2025 | 42,500 | 1,278,206 | 2,505 | 5,211 | 1,328,422 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| At 30 June 2024 | 42,500 | 1,332,057 | 5,078 | 4,209 | 1,383,844 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 14. | DEBTORS | 2025 | 2024 | |||
| £ | £ | |||||
| Trade debtors | 55,907 | 12,061 | ||||
| Prepayments and accrued income | 55,185 | 16,620 | ||||
| ─────── | ─────── | |||||
| 111,092 | 28,681 | |||||
| ═══════ | ═══════ | |||||
| 15. | CASH AND CASH EQUIVALENTS | 2025 | 2024 | |||
| £ | £ | |||||
| Cash and bank balances | 74,094 | 370,497 | ||||
| Cash equivalents | 250,000 | - | ||||
| ─────── | ─────── | |||||
| 324,094 | 370,497 | |||||
| ═══════ | ═══════ | |||||
| 16. | CREDITORS | 2025 | 2024 | |||
| Amounts falling due within one year | £ | £ | ||||
| Bank loan | - | 19,866 | ||||
| Trade creditors | 30,618 | 23,365 | ||||
| Taxation and social security costs | 35,572 | 16,962 | ||||
| Other creditors | 9,129 | 10,788 | ||||
| Accruals and deferred income | 37,741 | 37,915 | ||||
| ─────── | ─────── | |||||
| 113,060 | 108,896 | |||||
| ═══════ | ═══════ |
20
continued
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2025
| 17. | CREDITORS | 2025 | 2024 |
|---|---|---|---|
| Amounts falling due after more than one year | £ | £ | |
| Bank loan | - | 34,597 | |
| ═══════ | ═══════ | ||
| Repayable in one year or less, or on demand (Note 16) | - | 19,866 | |
| Repayable between two and five years | - | 21,568 | |
| Repayable in five years or more | - | 13,029 | |
| ─────── | ─────── | ||
| - | 54,463 | ||
| ═══════ | ═══════ |
| Loan Terms | ||||||
|---|---|---|---|---|---|---|
| The terms of the bank loan are: | ||||||
| Loan Interest is charged at 3% per annum over the | base rate | |||||
| This loan was paid off in full during the year ended | 30th June 2025. | |||||
| 18. | FUNDS | |||||
| 18.1 | RECONCILIATION OF MOVEMENT IN FUNDS | Unrestricted | Total | |||
| Funds | Funds | |||||
| £ | £ | |||||
| At 1 July 2023 | 1,634,943 | 1,634,943 | ||||
| Movement during the financial year | 4,586 | 4,586 | ||||
| ─────── | ─────── | |||||
| At 30 June 2024 | 1,639,529 | 1,639,529 | ||||
| Movement during the financial year | 11,019 | 11,019 | ||||
| ─────── | ─────── | |||||
| At 30 June 2025 | 1,650,548 | 1,650,548 | ||||
| ═══════ | ═══════ | |||||
| 18.2 | ANALYSIS OF MOVEMENTS ON FUNDS | |||||
| Balance | **Income ** | Expenditure | Transfers | Balance | ||
| 1 July | between | 30 June | ||||
| 2024 | funds | 2025 | ||||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| Designated Fund- Land and | 1,173,481 | - | 47,588 | 151,877 | 1,277,770 | |
| Property | ||||||
| Unrestricted General | 466,048 | 551,940 | 493,333 | (151,877) | 372,778 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| 1,639,529 | 551,940 | (540,921) | - | 1,650,548 | ||
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total funds | 1,639,529 | 551,940 | 540,921 | - | 1,650,548 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 18.3 | ANALYSIS OF NET ASSETS BY FUND | |||||
| Fixed | Current | Current | Total | |||
| assets | assets | liabilities | ||||
| - charity use | ||||||
| £ | £ | £ | £ | |||
| Unrestricted general funds | 1,328,422 | 435,186 | (113,060) | 1,650,548 | ||
| ─────── | ─────── | ─────── | ─────── | |||
| 1,328,422 | 435,186 | (113,060) | 1,650,548 | |||
| ═══════ | ═══════ | ═══════ | ═══════ |
21
continued
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2025
19. STATUS
The charity is a company limited by guarantee not having a share capital.
The liability of the members is limited.
Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while they are members, or within one financial year thereafter, for the payment of the debts and liabilities of the company contracted before they ceased to be members, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required, not exceeding £ 1.
20. CONTINGENT LIABILITIES
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 expected.
21. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year (2024:Nil).
Trustees Remuneration and Expenses
No trustees received remuneration for their role as trustee during the year (2024:£Nil). A total of £Nil (2024:£Nil) was reimbursed to trustees while undertaking charity duties.
22 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
| Opening | Cash | Other | Closing | |
|---|---|---|---|---|
| balance | flows | changes | balance | |
| £ | £ | £ | £ | |
| Long-term borrowings | (34,597) | - | 34,597 | - |
| Short-term borrowings | (19,866) | 54,463 | (34,597) | - |
| ─────── | ─────── | ─────── | ─────── | |
| Total liabilities from financing activities | (54,463) | 54,463 | - | - |
| ═══════ | ═══════ | ═══════ | ─────── | |
| Total Cash at bank and in hand (Note 15) | 324,094 | |||
| ─────── | ||||
| Total net debt | 324,094 | |||
| ═══════ |
23. POST-BALANCE SHEET EVENTS
There have been no significant events affecting the Charity since the financial year-end.
24. DEFINED CONTRIBUTION PLANS
The amount recognised in income or expenditure as an expense in relation to defined contributions plans was £10,485 (2024:£10,817).
22
WEST BELFAST DEVELOPMENT TRUST LIMITED
(A company limited by guarantee, not having a share capital)
SUPPLEMENTARY INFORMATION
RELATING TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025
NOT COVERED BY THE REPORT OF THE AUDITORS
23
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS OPERATING STATEMENT
for the financial year ended 30 June 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Schedule | £ | £ | |
| Income | 536,790 | 524,406 | |
| Charitable activities and other expenses | 1 | (540,921) | (523,550) |
| ─────── | ─────── | ||
| (4,131) | 856 | ||
| Miscellaneous income | 2 | 15,150 | 3,730 |
| ─────── | ─────── | ||
| Net surplus | 11,019 | 4,586 | |
| ═══════ | ═══════ |
The supplementary information does not form part of the audited financial statements
24
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 1 : CHARITABLE ACTIVITIES AND OTHER EXPENSES
for the financial year ended 30 June 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Expenses | ||
| Wages and salaries | 147,526 | 148,983 |
| Social security costs | 10,716 | 8,824 |
| Employer contributions to the pension scheme | 10,485 | 10,817 |
| Learner Management Support | 825 | 900 |
| Network infrastructure maintenance and support | 4,533 | 3,639 |
| Go Succeed | 15,778 | 13,416 |
| Go Social | 39,688 | 69,620 |
| ANDSEP | - | 4,793 |
| SEV insurance | 9,480 | 3,932 |
| Rates | 2,717 | 2,477 |
| Service charges | 2,936 | 2,632 |
| Insurance | 17,257 | 18,016 |
| Light and heat | 26,814 | 30,006 |
| Repairs and maintenance | 70,464 | 63,554 |
| Printing, postage and stationery | 2,385 | 2,846 |
| Telephone | 6,839 | 8,239 |
| Computer costs | 1,834 | 1,377 |
| One off pieces of work | 275 | 250 |
| Conferences | 255 | 353 |
| Travelling and entertainment | 2,028 | 877 |
| Housing and Homelessness Community | - | 11 |
| Innovators | ||
| Refreshments | 2,360 | 2,177 |
| Accountancy fee | 8,200 | 2,343 |
| Legal and Professional fee | 19,302 | 1,589 |
| Auditor's/Independent Examiner's remuneration | 6,000 | 6,000 |
| Bank charges | 447 | 1,017 |
| Bad debts | 9,611 | - |
| Discounts allowed | 30 | - |
| Gifts and Samples | 2,765 | 1,139 |
| Foursight Profiles | 2,008 | 1,392 |
| Protyping Materials | 150 | 238 |
| Grants awarded/(withdrawn) | - | 12 |
| Subscriptions | 4,042 | 2,999 |
| Security costs | 15,678 | 13,068 |
| Depreciation | 95,417 | 90,709 |
| ─────── | ─────── | |
| 538,845 | 518,245 | |
| ─────── | ─────── | |
| Finance | ||
| Other interest | 2,076 | 5,305 |
| ─────── | ─────── | |
| Total Overheads | 540,921 | 523,550 |
| ═══════ | ═══════ |
The supplementary information does not form part of the audited financial statements
25
West Belfast Development Trust Limited (A company limited by guarantee, not having a share capital) SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 2 : MISCELLANEOUS INCOME
for the financial year ended 30 June 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Miscellaneous Income | ||
| Sundry income | 1,550 | - |
| Bank Interest | 13,600 | 3,730 |
| ─────── | ─────── | |
| 15,150 | 3,730 | |
| ═══════ | ═══════ |
The supplementary information does not form part of the audited financial statements
26