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