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 a￿a 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 ServI￿S 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;
p￿pare 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
prO￿dureS 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 con￿rn 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 Ne￿oWnardS 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