COMPANY REGISTRATION NUMBER: N1034475 CHARITY REGISTRATION NUMBER: NIC101849 Eastside Property Belfast Company Limited by Guarantee Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower g James Street South Belfast BT2 8DN
Eastside Property Belfast Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 14 Statement of financial position 15 Statement of cash flows 16 Notes to the financial statements 17 The following pages do not fonn part of the financial statements Detailed statement of financial activities 31 Notes to the detailed statement of financial activities 33
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 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 31 March 2023. Reference and admlnlstratlve details Reglstered charlty name Eastside Property Bewast Charlty registration number NIC101849 Company registration number N1034475 Prlncipal office and registered Avalon House office 278-280 Newtownards Road Belfast Co. Antrim BT41HE The trustees J Brown R Browne C Johnston J McAlpin J Mccracken A Mcmurray G Clarke A Hassard (Resigned 6 February 2023) (Resigned 16 May 2023) (Resigned 16 May 2023) (Resigned 6 February 2023) (Appointed 16 May 2023) Company secretary Tony Wilson Auditor Finegan Gibson Ltd Charter8d accountants & statLrtory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers AIB 11-15 Donegall Square North Belfast BT15GB Solicitors Hewitt and Gilpin Thomas House 14-16 James Street South Belfast BT2 7GA
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conunuodj Year ended 31 March 2023 Structurei govemance and management Governing Document Eastside Propety Belfast is a Company Limited by Guarantee and is a Charity recognised by the Charity Commission for Nl and HM Revenue and Customs. It is a not for profit organisalion. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association. Appointment of trustees The Chaimian and the Trustees recommend new Trustees as needed. New Trustees are recruited on the relevance of their skills. and their potential to be able to make a helpful contribution to the governance of the charity. As part of this process they are made aware of a Trustees. legal obligations under charity and company law. the content of the Memorandum and Articles of Association, the decision making processes, the business plan and recent financial perfomiance of the charity. Once the potential new Trustee has agreed to be considered for appointment they can be COwOPted by the directors until formal voting by members occurs at the next Annual General Meeting. rrustee induction and training A trustee induction process was developed by th8 parent company, which is also followed by all subsidiaries. Arrangements for setting pay and remuneration of key managementpersonnel The directors consider that the board of directors, who are the charity's trustees. and the senior management team comprise the key management personnel of the eharity in charge of directing and controlling, njnning and operating the Charity on a day to day basis. All directors give of their time freely and no director received remuneration in the year. Detai15 of directors. expenses and related party transactions are disclosed in note 16 to the accounts. The pay of the senior staff is set by reference to NICVA guidance and utilisation of NJC payscales. In view of the nature of the charity, the directors benchmark against pay levels in other similar size charities run on a voluntary ba515 when appointing new members of key management. Organisation structure and how charity makes decisions Eastside Property Belfast is governed by the Board of Directors. The company is managed on a day to day basis by a senior management team as appointed by the Board of Directors. The board of directors meets bi-monthly. and is appointed by the members at th8 AGM. A senior management team manages the day to day activities of the company, and reports on company performance to all board meetings. Relationships with relatedparties None of our trust8es receive remuneration or other benefit from their work with the charity.
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢onllnu8d) Year ended 31 March 2023 Structurei governance and management (eontlnued) Risk management The company aims to mitigate the major risks it faces by implementation of the following procedures:_ External conlrol risks are minimised by the use of property management agenls to advise on all aspects of letting of properties owned by the company: Internal control risks are minimised by th8 implementation of procedures for authorisation of all transactions with a financial implication. ObJ8Ctives and activities Principal Activities The prtncipal activity of the company is to contribute to the urban regeneration of East Belfast. Purposes The purpose of Eastside Propety. expressed through its objects, is.. (a) The promotion for the public benefit of urban regeneration in East Beffast and its environs (the "area of benefit"). being an area of social and economic deprivation, by all or any of the following means.. (i) the creation of training and employment opportunities for the unemployed by the provision of workspace, buildings andlor land for use on favourable terms. (li) the maintenance. improvement or provision of public amenities: (iii) the provision of recreational facilities for the public at large or those who by reason of their yOLrth. age, infimiity or disablement or social and economic circumstances. have need of such facilities. (b) To support and dev8lop the work of community and voluntary groups in charitable aclivity which seek to relieve poverty, advance education. provide facilities for youth and improve the quality of life of the inhabitsnts of the area of benefit. Objectives Eastside Property Belfast is a not for profit propety development company committed to making a positive difference in our ¢ommunty. While committed to providing a professional quality service to clients, Eastside Property Belfast's primary goals are social. The company aims to make a difference by: Bringing back into use unused and derellct propety; Providing high quality good value accommodation for organisations. individuals and companies making a positive contribution to the community-, Generating income to invest in future community regeneration.
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu•d) Year ended 31 March 2023 Objectives and activities (continuedj Public Benefit The public benefits that flow from the purpose of urban regeneration are: (i) a reduction in unemployment, hardship and poverty, leading to a better quality of life for the beneficiaries and consequent improvements in their health and well-being-, (li) increased access to amenities that improve people's quality of lrfe and well-being., (iii) enhanced activity, engagement and participation in social activities by residents of the area of benefit, leading to an improvement In their well-belng and quality of life and greater social cohesion. The public benefits that flow from the purpose of supporting and developing the work of community and voluntary groups are the increased efficiency and effectiveness of these organisation5. resulting in enhanced outcomes and s8rvic8 d81ivery and. cons8quently. an improved quality of life for those who benefrt from their work.
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (conllnued) Year ended 31 March 2023 Achievements and performance Throughout the year Eastside Propety continued to provide facilities to achieve the above purposes. managing and maintaining the existing property portfolio at Avalon House, Bloomfield House. Bridges Family Practice, The Containers at CS Lewis Square, Eastside Visitor Centre. 440 to 448 Newtownards Road (4 units), Enler Complex. Lagan Vlllage Tower and Laburnum House along with the Carew Family Centre. The main benefits of our urban regeneration activities during the year were- a) A reduction in unemployment, hardship and povety. leading to a better quality of life for the beneficiaries and consequent improvements in their health and well-being; There are approximately 200 people employed, or in training places across all facilities, all of which are based in areas of high unemployment and social disadvantage b) Increased access to amenities that improve paople's quality of life and well-being,. The key facilities that provide access to amenities in areas of disadvantage are the Bridges Family Practice, with a patient list of approximately 6.700, the Enler Complex which provides the main health, community and 'convenience' retail facilities for a social housing estate of 7.000 residents and Eastside Visitor Centre, which provides education facilities on the Cultural. historical and industrial heritage of east Belfast. with 70,000 visitors during the past year, and Carew Family Centre which provides facilities and programmes for children. young people and families. c) Enhanced activity. engagement and participation in social activities by residents of the aa of benefit. leading to an improvement in their well-being and quality of life and greater social cohesion. Both the Enler Complex and Eastside Visitor Cenlre have directly contributed to an enhanced18vel of activity and participation in social activities, through centre based activities in Enler Community Centre (part of Enler Complex) and through both centre based and outdoor activities through the Eastside Visitor Centre. including arts activities, social gatherings, talks. heritage trails and walking & cycling activities along the adjacent Connswaler Community Greenway. The cycle hub at CS Lewis Square has encouraged cycling activity by all ages, abilities and social backgrounds. The Carew Centre is a thriving hub for integrated family ServIS with key agencies such as Sure Start, Barnardos. UHub and Eastside Learning all providing a service of children and family support. educational activity and health and well being support. The public benefits that flow from the purpose of supporting and developing the work of community and voluntsry groups were as follows: There are currently 13 community & voluntary organisations based in our facilities, including Ballybeen Improvement Group, Eastside Partnership, Eastside Arts. Eastside Tourism, Eastside Greenways, Eastside Leaming. UHub, Sure Start, Barnardos, Action Mental Health, Orchardville Society. Sustrans and TLC Daycare. providing a wide range of services across the east of the city and beyond.
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fconllnuedj Year ended 31 March 2023 Financial revlew The results for the year are set out in detail on page 13 and page 14. The company returned net incoming resources for the year of £82,967 (2022.. £86,280). At 31 March 2023, the total funds of the charity amounted to £5.543,031 (2022: £5.460.0641, comprising restrict8d funds of £3.340.980 (2022: £3.347.068) and unrestricted fvnds of £2,202.051 (2022.. £2,112.996). ReseThes pollcy and golng concern A policy has been implemented by the company in order to recognise the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby th8 company aims to hold unrestricted funds equating to between 25 % and 50°/0 of annual administration overheads. The aim is to provide sufficient funds to cover any unforeseen costs which May arise. as well as allowing for the payment of any liabilities which would arise should th8 company cease to operate. See notes 23 and 24 for further explanations regarding the reserves held. The trustees are aware of the fact that a large proportion of the unrestricted serVeS are held in the form of property assets, which do not form part of the 'free reseNes' calculation. Reserve levels are monitored in line with ongoing working capital requirements. Plans for future perlods The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. Trustees, rosponslbilitles 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 A¢c8pt8d Accounting Practice). Company law require5 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 financjal ststements. the trustees are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the appllcable Charities SORP: make judgments and accounting estimates that are rea50nabl8 and prudent; ppare the financial statements on the going concem basis unless it 15 inappropriate to pr8sum8 that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charivs transadions and disclose with reasonable acGuraGy at any time the financial position of the charity and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
Eastside Property Belfast Company Limltsd by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contInu) Year ended 31 March 2023 Audltor Ea¢h of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, Ihere 15 no relevant audit informalion of which the charity's auditor is unaware; and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit infomiation and to establish that the charity's auditor is aware of that information. Small company provisions This report has been prepared in accordance with th8 provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 1 December 2023 8nd signed on behalf of the b¢)ard of trustees by: Tony Wilson Charty Secretary
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast Year ended 31 March 2023 Oplnlon We have audited the financial statements of Eastside Property Belfast (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expenditure account), slat8ment 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 Acceplèd Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitys affairs as at 31 March 2023 and of its incoming resources and application of resources, including its inGome and expenditure, for the year then ended-, have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice. 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 (UKI) and applicable law. Our responsibilities under those standards are further described in the auditoVs 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 the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. In common with many other organisations of a similar size and nature. the charity uses its auditors to prepare and submit return5 to the tax authorities and assist with the preparation of their organisation's financial statements. Conclusions relating to golng 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 idenlified 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 monlhs from when the financial statements a authortsed for issue. Our responsibilities and the responsibiliti8s of the trustees with respect to going Concern are describ8d in the relevant sections of this report.
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (continued) Year ended 31 March 2023 Other inforniation The other information comprises the information included in the annual report, other than the financial statements and our auditols report Ihereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other information and, except to the extent otheThvise explicitly stated in our report, we do not expr&ss any form of assuran¢8 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 infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be malerially misstated. If we identify such malerial 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 perfomied. we wnGlude that there is a material misstatement of this Other information, we are required to report that facL We have nothing to report in this règard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: th8 infonnation given in the trustees, report for the financial year for which the financial statements are prepared is consistent WSth the financial statements: and the trustees, report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and underslanding of the charity and ils environment obtained in the course of the audit, we have not identffied material misstatements in the trustees. report. We have nothing to report in respect of Ihe following matters in relation to which th8 Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us" or the financial ststements are not in agreement with the accounting records and retums. or certain disdosures of trustee5' remuneratlon specified by law are not made; or We have not received all the infomiation and explanations w8 require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing tha directors. report and from Ihe requirement to prepare a strategic report.
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (conlinuedj Year ended 31 March 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the trustees (who are also the diractors for the purposes of company law) are responsible for the preparation of the financial statements and for being satlsfied 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 misststement, whether due to fraud or error. In preparing the financial ststements. 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 concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic altemative but to do so. 10
Eastside Property Belfast Company Limlted by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (conlinuedj Year ended 31 March 2023 Auditorf5 responsibilitie5 for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether tha financial statements as a whol& ar8 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 d8tect a material misstatement wh8n it exists. Misstatements can arise from fraud or arror 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 statsments. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS 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 perf0rrnan 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 obtsined and r8viewed 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 wheth8r management have knowledge of any actual, suspected or alleged fraud., the intemal controls established to mitigate risks of fraud or non-complian 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 procedure5. 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 operatlon, focusing on provisions of those laws and regulation5 that had a direct 8ffect on the determination of material amounts and disclosures in the financial statements. The key laws and regulation5 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 fundamantal for their ability to OP8rat8 or to avoid a material penalty. 11
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (Continued) Year ended 31 March 2023 As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintsin professional scepticism throughout the audit. We also.. Id8ntify and assess the risks of material misstatement of Ihe financial ststements, whether due to fraud or error, design and perform audit proc8dures 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. Obtaln an understanding of internal control relevant to the audit In order lo design audlt procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going conrn basis of accounting and. based on Ihe audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on Ihe charity's ability to ¢ontinue as a going concem. 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, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor'5 report. However. fvture events or wnditions may cause the charity to cease to continue as a going concern. Evaluate the ov8rall presenlation, structure and content of the financial statements, including the dis¢105ure5. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 12
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (contlftuèd) Year ended 31 March 2023 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 intemal control that we identify during our audit. Use of our report This report is made solely to the charivs 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 Charty's members those matters we are required to state to them in an auditoes 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 audil 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 1 Dec8mber 2023 13
Eastside Property Belfast Company Llmlted by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Charttable activities Other Irading aclivities Investment income 1,750 457,323 27,771 275 1.750 457,323 27.771 275 441,132 30,156 Total income 487,119 487,119 471,288 Expenditure Expenditure on raising funds: Costs of other trading activities Exp8nditur8 on charitable activities Total expenditure 49,088 348,976 398,064 49.088 355,064 404,152 32.149 352,859 385.008 10 6.088 6,088 Net income and net movement in funds 89,055 (6,088) 82,967 86,280 Reconciliation of funds Total funds brought fornard Total funds carried forward 2,112,996 3.347.068 5.460,064 5,373,784 2.202,051 3.340.980 5.543,031 5,460,064 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 paggs 17 to 29 part of these Ilnanclal staternenls. 14
Eastside Property Belfast Company Limited by Guarantee Statement of Flnancial Posltion 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 16 407,205 17 4,490,000 4,897,205 415,286 4,400,000 4,815,288 Current assets Debtors Cash at bank and in hand 18 145.603 1,003.218 1,148.821 114.871 1,139.473 1,254,344 Creditors: amounts falllng due withln ono year Net current assets 19 251,398 897,423 5,794.628 312,651 941,693 5.756,979 Total assets less current Ilabiltties Credltors: amounts falling due after more than one year Net assèts 20 251,597 5,543.031 296,915 5,460,064 Funds ol the ¢harlty Restricted funds Unrestricted funds 3.340.980 2,202,051 3,347,068 2,112.996 Total charlty funds 23 5.543,031 5,460,064 These financial statements have been prepared in accordance with the prowsions applicable to companies subject to the small cornpanies. regime. These financial statements were approved by the board of trustees and authorised for issue on 1 December 2023, and are signed on behalf of Ihe board by= The notgs on pages 17 to 29 form part of these flnancial ststemgnts. 15
Eastside Property Belfast Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operatlng actlvltles Nat income 82.967 86,280 Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued {incomeyexpenses 12.737 (275) 14.266 (31,066) 12,006 11,374 40,647 Changes in.. Trade and other debtors Trade and other Creditors (9.068) 7,407 76,968 2,112 220 Cash generated from operations 152,639 Interest paid Interest received (14.266) 275 (11.374) Net cash from operating activities 62.977 141.265 Cash floTNS from Investlng actlvltles Purchase of langible assets Purchases of other investments Proceeds frorn Sale of other investments {4.656) (90.000) (2.412) 415.000 Net cash (used inyfrom investing activities (94.656) 412.588 Cash flows from financlng actlvltles Proceeds from borrowings Proceeds from loans from group undertakings Net cash used in financing activities (87,855) (16.721) (104.576) (91.198) 8.235 (82.963) Net {decrease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equlvalents at end of year (136.255) 1.139.473 470,890 668,583 1.003.218 1.139,473 The notes on pages 17 to 29 fomi part of these flnancial staternenls. 16
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General Infomiatlon The charity Is a public benefit entity and a private company limited by guarantee, registered in Northem Ireland and a registered charity in Northern Ireland. The address of the registered office is Avalon House. 278-280 Newt¢winards Road. Bewast, Co. Antrim. BT4 1 HE. Statement of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in th8 UK and the Republic of Ireland,, the Stst8ment of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting pollcies 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 fvnctional currency of th8 8ntity. Going ¢on¢em There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmatlon 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 ¢ircumstanGe5. Fund accounting Unrestricted funds are available for us6 at the discretion of the trust88s 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 expenditur8 declared by th8 donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowmentfunds. 17
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (conllnu8d) Year ended 31 March 2023 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 granls 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 eslablished. income from donated goods is measured at the fair value of the goods unless Ihis is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilitias and se]ceS are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from Contracts for the supply of seNices is recognised 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 rf 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 ststernent 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 charitablè activit18s 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 lating to the governance of the charity apportioned to ¢harilable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activtties. 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 cosls 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 tsngible assets carried at revalued amounts are recorded at th8 fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impalrment losses. 18
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accounting pollcles {contlnu•dJ Tangible assets (¢onllntMI) An increase in the carying 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 wilhin the statement of financial activities. A decrease in the carrying amount of an asset as a result of revalualion. is recognised in other recognised gains and losses, except to which it offsats 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 lrfe of that asset as follows: Fixtures and fittings Office Equipment 10°/0 Straight line 20% straight line Inveslments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be r&liably measured. assets are measured at cost less impairment. Listed investrnents are measured at fair value with changes in fair value being recognised in income or expenditure. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in falr value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue Gost or effort for an item of investment prop8rty. it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Impalrnient of fixed assets A review for indicators of impaimient is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value 8xceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purp0s8s of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the re¢ov8rable 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 assel and generates Gash inflows that largely independent of the cash inflows from other assets or groups of assets. 19
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (c¢tinUed) Year ended 31 March 2023 Accounting policies {¢ontinuedJ Impairment of fixed assets (contlnugdj 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 8xpected to benefit from the synergies of the combination, irrespective of whether other assets or Siabilities of the charity are assigned to those units. Defjned contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related seNice is provided. Prepaid Gontributions are recogni5ed 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 wtthin 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Eastside Property BeFfast 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 memb8r of the charity Donations and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 1,750 1.750 Charitable activities Unrestricted Funds Restricted Tolal Funds Funds 2023 Rental income Other income Grant income Room Hlre 450,452 175 450.452 175 6.696 6.696 457.323 457,323 20
Eastside Property Belfast Company Llmited by Guarantee Notes to the Financial Statsments (¢ontinu8dJ Year ended 31 March 2023 Charitable aclivities (eontlnued) Unrestricted Fund5 Restricted Total Funds Funds 2022 Rental income Other income Grant income Room Hire 416,001 1.454 416,001 1.454 15,078 8,599 15.078 8.599 426.054 15,078 441,132 other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rental income Postage and photocopying Room hire 26.763 26.763 29.920 236 29,920 236 1,008 27.771 1.008 27.771 30.156 30,156 Investment incorne Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 275 275 Costs of other trading activities Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of other trading activities 49,088 49.088 32,149 32.149 21
Eastside Property Belfast Company Llmited by Guarantee Notes to the Financial Statements f¢ontiftu¢d) Year ended 31 March 2023 10. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Urban Regeneration Activities Support costs 342.654 6.322 6,088 348,742 6,322 348.976 6.088 355,064 Unrestrlcted Funds Restricted Totsl Funds Funds 2022 Urban Regeneration Activities Support costs 341,092 5.679 6.088 347.180 5,679 346,771 6.088 352,859 11. Analysis of support costs Analysis of support costs Total 2023 Tolal 2022 Communications and IT General office Govemance costs 2,374 635 3,313 2.374 635 3,313 6,322 2,244 635 2.800 6,322 5.679 12. Net Income Net income is stated after chargingl(¢rediting): 2023 2022 Depreciation of tangible fixed assets 12,737 12.006 13. Auditors remuneration 2023 2022 Fees payable for the audit of the financial ststements 2.825 2,800 22
Eastside Property Belfast Company Llmlted by Guarantee Notes to the Financial Statements (eontlnu8dJ Year ended 31 March 2023 14. Staff costs The totsl staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer Contributions to pension plans 129,143 4.522 3,806 137,471 137,844 4,431 3.813 146.088 The averaga head count of employees during tha year was 2 (2022: 2). Th8 average number of full-time equivalent employees during the year is analysed as follows: 2023 2022 Full time 8mployees Part time employees No employee received employee benefits of more than £60,000 during the year (2022: Nil). 15. Trustee remuneratlon and expenses The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year12022- £NIL). They were not reimbursed for travel expenses during the year (2022:£NIL}. No charity trustee received payment for professional or other services supplied to the Charity (2022: £NIL) 16. Tanglble fixed assets Freehold Fixtures and property fittings Equipm8nt Total Cost At 1 April 2022 Additions 360,000 119.634 2,000 121,634 32.777 2.656 512,411 4,656 At 31 March 2023 360.000 35.433 517.067 Depreclatlon At 1 April 2022 Charge for the year At 31 March 2023 67,157 10.908 29.968 1,829 97.125 12.737 78.085 31,797 109,862 Carrying amount At 31 March 2023 360,000 43.569 52,477 3.636 407,205 415.286 At 31 March 2022 360.000 2.809 23
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2023 17. Investments Investment propertles Cost or valuatlon At 1 April 2022 Additions 4.400,000 90,000 At 31 March 2023 4,490,000 Impairment At 1 Aprll 2022 and 31 March 2023 Carrying amount At 31 March 2023 4.490.000 At 31 March 2022 4.400.000 All investments shown above are held at valuation.
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 17. Investments (continued) Investment properties Investment properties are comprised of the Enler Complex at Ballybe8n, Lagan Village Tower on the Ravenhill Road. the propety at 16 Burren Way, the propety at 214 Bloomfield Avenue, Bloomfield House at 395405 Newtownards Road, the property at 6-20 Bloomfield Avenue. the Visitor Centre at 402 Newtownards Road, Bryson Street Surgery, property at 274 Newtownards Road, the site at 394 - 400 Newtownards Road and the propety at 442448 Newtonards Road. The company's investment property at Lagan Village Tower was valued in September 2021 on an open market value basis (subject to existing tenancies) at £300,000. The directors believe that this also represents the open market value of the property at 31st March 2022 and have incorporated this valuation into the a¢counts. The historic cost of the property is £791,652. The company's investment propety at 214 Bloomfiald Avenue was valued in September 2021 on an open market value basis (subject to existing tenancies) at £200,000. The directors believe that this also represents the open market value of the propety at 31st March 2022 and have incorporated this valuation into the accounts. The historic Gost of the propety is £132.875. The company's investment propety at Bloomfield House was valued in September 2021 on an open market value basis {subject to existing tenancies) at £325.000. The directors believe that this also represents the open rnarkel value of the property at 31st March 2022 and have incorporated this valuation into the accounts. The historic cost of the property is £713,176. The company's investment propety at the Enler Complex was valued in September 2021 on an open market value basis (subject to existing tenancies) at £1.500.000. The directors believe that this also represents the open market value of the prop8rty at 31st March 2023 and have incorporated this valuation into the accounts. The historic cost of the propety is £2.112.651. The companls investment propety at 16 Burren Way was valued in September 2022 on an open market value basis (with vacant possession) at £125,000. The directors believe that this also represents the open market value of the propety at 31st March 2023 and have incorporated this valuation into the accounts. The historic cost of the property is £100.000. The company's investrnent property at 6 Bloomfield Avenue was valued in September 2021 on an open market value basis (subject to existing licence) at £415,000. The propety was sold during the financial year ended 31 March 2022 for £415,000. The historic cost of the property is £125,000. The companVs investment property at 402 Newtownards Road and land at 394400 Newtownards Road was valued in September 2021 on an open market value basis (subject to existing tenancies) at £250.000. The directors believe that this also represents the open market value of the property at 31 st March 2023 and have incorporated thi5 valuation into the accounts. The historic cost of the property and land is £771,203. The companvs investment property at Bryson Street Surgery was valued in September 2021 on an open market value basis (subj8Ct to 8XiSting tenancies) at £1,300.000. The directors b81iev8 that thls also represents the open market value of the propety at 31st March 2023 and have incorporated this valuation into the accounts. The historic c051 of the property is £1.072,720. The companvs investment property at 274 Newtownards Road was valued in September 2021 on an open market value basis (subject to existing tenancies) at £65,000. The directors believe that Ihis also represents the open market value of the propety at 31st March 2023 and have incorporated this valuation into the accounts. The historic cost of the property is £155.000. 25
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (contlnuod) Year ended 31 March 2023 17. Investments (continued) The company's investment property at Container Park. 402 Newtownards Road was valued in Seplember 2021 on an open market value basis (subject to existing tenancies) at £50,000. The directors believe that this also represents the open market valu8 of the propety at 31 st March 2023 and have incorporated this valuation into the accounts. The historic cost of the property is £40.000. The Company's investment property al 442448 Newtownards Road was valued in September 2021 on an open market value basis (subject to existing tenancies) at £225.000. There were capital additions of £90,000 recognised in year ended 31 st March 2023, increasing the carrying value of this property to £315,000. The directors believe that this also represents the open market value of the property at 315t March 2023 and hav8 incorporated this valuation into the accounts. The historic cost of the propety is is £288,830. The company's investment property at the Carew Family Centre was gifted to company in 2020. The directors best estimate of value of property is £60.000 and they believe this represents the open market value of the property at 31st March 2023 and have incorporated this valuation into the accounts. 18. Debtors 2023 2022 Amounts owed by group undertakin9S Prepayments and accrued income other debtors 51.479 80.220 13,904 145.603 41,165 58,652 15,054 114,871 19. Creditors: amounts falling duo within one year 2023 2022 Bank loans and overdrafts Trade creditors Amounts owed to group undertakings Accruals and deferred income Social security and other taxes other creditors 47.320 32,227 93,455 63,301 12,095 3,000 89,857 22,320 110,176 72.703 11,178 6.417 251,398 312.651 20. Credltors: amounts falllng due after more than one year 2023 2022 Bank loans and overdrafts 251.597 296,915 26
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 20. Cr8dltors: amounts falllng due after more than one year (contlnuedj Bank loans and overdrafts are secured as follows.. AIB facilities i. Mortgage debenture incorporating a fixed & floating charge over all company assets present & future including a specific charge over 278-280 Newtownards Road, Belfast. ii. Specific charges over properties at 278-280 NeoWnardS Road, 24 Bloomfield Avenue, Enler House (Dundonald), 173-175 Newtownards Road, 1 Templemore Avenue, 3-3A Connswater Street, 392 Newtownards Road. 7 Connswater Street, and 402 Nevrtownards Road. iii. Interlenders agreement between The Department for Social Development, AIB Group (UK) plc. Northern Ireland Housing Executive and The International Fund for Ireland. This agreement to be read in conjunction wilh Charge over Enler House in which the bank will rank first up to a limit of £700,000 plus interest and charges. Iv. Interlenders agreement between The International Fund for Ireland, Belfast Local Strategy Partnership and AIB Group (UK) plc. This agreement to be read in conjunction with the charge over 2781280 Newtownards Road, where the IFI will rank joint first with BLSP up to a limit of £350,000 plus interest and charges. Letter of Comfortl Recognition on behalf of Eastside Parlnershlp in respect of acknowledgement that facilities have been made available to Easlside Propety. UCIT Facility i. Mortgage charge, in favour of UCIT, over the following two properties; 3951405 Newtownards Road and 1441152 Ravenhill Road. li. First legal charge over 16 Burren Way. 21. Deferred income 2023 2022 At 1 April 2022 22,182 22,182 22. 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 £3.806 (2022: £3,813). 27
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 23. Analysls of charltsble funds Unrestrlcted funds At 1 April 2022 At31 Transfers March 2023 Income Expenditure General funds 2,112.996 487,119 (398,064) 2.202,051 At 1 April 2021 At31 Transfers March 2022 Income Expenditure General funds 2,020.628 456.210 (378,920) 15.078 2,112,996 Reslrlded funds At 1 April 2022 At31 Transfers March 2023 Income Expenditure Avalon House Enler Development Bryson Street Tourist Centre Containers Capital Fund- NITB 282.311 1,500.000 1,233.933 258,720 72,104 282,311 1,500,000 1.233.933 258.720 66.018 (6,088) 3.347,068 (6,088) 3,340,980 At 1 April 2021 At31 Transfers March 2022 Income Expenditure Avalon House Enler Development Bryson Street Tourist Centre Containers Capital Fund - NITB 282,311 1.500,000 1.233,933 258,720 78,192 282,311 1,500,000 1,233,933 258,720 72,104 (6,088) 15,078 (15.078) (15.078) 3.347.068 3.353,156 15,078 (6,088) 28
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 24. Analysis of net assets between funds Unrestricted Fund5 Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 382.852 1.173.373 1,148,821 (251.398) (251,597) 2,202,051 24,353 3,316,627 407,205 4.490,000 1,148,821 {251,398) (251,597) 5,543.031 3,340,980 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 384.845 1,083.373 1,254,344 (312.651) (296.915) 2,112,996 30,441 3.316,627 415.286 4,400,000 1.254.344 (312,651) (296.915) 5,460,064 3.347.068 25. Analysis of changes in net debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand Debt due within one year Debt due after one year 1,139,473 (200,033) (296,915) 642,525 (136.255) 1,003.218 59,258 (140.775) 45,318 (251.597) 610,846 (31,679) 26. Related parties The Company has taken exemption from disclosing related party transactions under section 33 of FRS 102. 29