COMPANY REGISTRATION NUMBER: N1034475 CHARITY REGISTRATION NUMBER: NIC101849 Eastside Property Belfast Company Limited by Guarantee Financial Statements 31 March 2024 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Eastside Property Belfast Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditoffs 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
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) Year ended 31 March 2024 The trustees. who are also the directors for Ihe purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and admlnlstrative details Registered charity name Eastside Property Belfast Charity reglstration number NIC101849 Company registratlon number N1034475 Principal office and reglstered Avalon House office 278-280 Newiownards Road Belfast Co. Antrim BT4 1HE The Irustees R Browne C Johnston J McAlpin J Mccracken G Clarke A Hassard P McEvoy A Shannon Rusk W Gillies (Resigned 16 May 2023) (Resigned 16 May 2023) (Resigned 1 December 2023) (Resigned 1 December 2023) (Appointed 16 May 2023) (Appointed 1 December 2023) (Appointed 1 December 2023) (Appointed 6 November 2023) Company secretary Tony Wilson Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers AIB 11-15 Donegall Square North Belfast BT15GB Solicltors Hewitt and Gilpin 8 High Street Holywood Co.Down BT18 9P2
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conllnued) Year ended 31 March 2024 Structure, governance and management Governing Document Eastside Property 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 organisation. The company was established under a Memorandum of Association which established the objects and powers of the company and is govemed under its Articles of Association. Appolntment of tmstees The Chairman 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 performance of the charity. Once the potential new Trustee has agreed to be considered for appointment they can be co-opted by the directors until formal voting by members occurs at the next Annual General Meeting. Trustee inductlon and training A trustee induction process was developed by the parent company, which is also followed by all subsidiaries. Arrangements for setting pay and remuneration ofkey management personnel The directors consider that th8 board of dir8Ctors. who are the charitys trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All directors give of their time freely and no d1Ctor received remuneration in the year. Details of d1ctOrS. expenses and related party transactions are disc105ed in note 16 to the accounts. The pay ol the senior staff is set by reference to NSCVA 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 basis when appointing new members of key management. Organisatlon structure and how charlty makes declslons Easlside 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 quarterfy. and is appointed by the members at the 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 relatedpartles None of our trustees receive remuneration or other benefit from their work with the charity.
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu8d) Year ended 31 March 2024 Structure. governance and management {contlnuod) Risk management The company aims to mitigate the major risks It faces by implementation of the following procedures:_ External control risks are minimised by the use of property management agents to advise on all aspects of letting of properties owned by the company; Internal Gontrol risks are minimised by the implementation of procedures for authorisation of all transactions with a financial implication. Objectives and actlvltles Principal Actlvlties The principal aclivity of the company is to contribute to th8 urban regeneration of East B8lfast. Purposes The purpose of Eastside Property expressed through its objects. is.. a) The promotion for the public benefit of urban regeneration in East Belfast and its environs (the "area of benefiv,). 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) ihe provision of recreational facilities for the public at large or those who by reason of their youth. age, infirmity or disablement or social and economic circumstances. have need of such facilit18S. b) To support and develop the work of community and voluntary groups in charitable activity which seek to relieve poverty, advance education. provide facilities for youth and improve the quality of life of the inhabitants of the area of benefrt. Objectlves Eastside Property Belfast is a not for profit property development company committed to maklng a positive differen in our community. Vlhile committed to providlng a professional quallty 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 derelict 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) (continued) Year ended 31 March 2024 Objectives and activltles fconflnu¢dJ Public Benefit The publlc benefits that flow from the purpose of urban regeneration are: (l) 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 life 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-being 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 organisations, resulting in enhanced outcomes and service delivery and, consequently, an improved qualty of life for those who benefit from their work.
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) fcontlnu8 Year ended 31 March 2024 Achievements and performance Throughout the year Eastside Property 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 C.S. Lewis Square, Eastside Visitor Cent, 440 to 448 Newtownards Road {4 units). Enler Complex. Lagan Village 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 h8alth and well-being. There are approximately 200 people employed. or in training places across all facilities. all of which are bas8d in areas of high unemployment and social disadvantaga. b) increased access to amenities that improve people'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 with approximately 300 users including children and families per year. c) enhanced activity, engagement and participation in social activities by residents of the area of benefit. leading to an improvement in their well-being and quality of lrfe and greater social cohesion. Both the Enler Complex and Eastside Visitor Centre have directly contributed to an enhanced level of activity and participation in social activities, through centre based activities in Enler Communty Centre (part of Enler Complex) and through both centre based and outdoor activities through the Eastside Visitor Centre. including arts activitl8s. so¢ial gatherings, talks. heritsge trails and walking & cycling activities along the adIant Connswater Community Greenway. The cycle hub at C.S. Lewis Square has encouraged cycling activity by all ages. abilities and social backgrounds. The Carew Centre is a thriving hub for integrated family services with key agencies such as Sure Start, Bamardos. UHub and Eastside Learning all providing a Servi 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 voluntary groups were as follows: There are currently 13 community & voluntsry organisations based in our faGilitie5. including Ballybeen Improvement Group, Eastside Partnership. Eastside Arts, Eastside Tourism. Eastside Greenways. Eastside Learnlng, UHub, Sure Start, Bamardos, Action Mental H8alth, Send House Ltd, Orchardville Society and Sustrans, providing a wide range of services across th8 east of the city and beyond.
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu8d) Year ended 31 March 2024 Flnancial review The results for the year are set out in detail on page 14 and page 15. The company returned net incoming resources for the year of £197,920 (2023.. £82,967). At 31 March 2024, the total funds of the charity amounted to £5.740.951 (2023: £5,543.031), comprising restricted fijnds of £3,334,892 (2023: £3,340,980) and unrestricted funds of £2,406,059 (2023: £2,202,051). Reserves policy and going 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 the company aims to hold unrestricted funds equating to beeen 25'A and 50 % 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 the company ase to operate. See notes 24 and 25 for further explanations regarding the reserves held. The trustees are aware of the fact that a large proportion of the unrestricted reserves a held in the form of propety assets, which do not fomi part of the Yree reserves, calculation. Reserve levels are monitored in line with ongoing working capital requirements. Plans for future periods The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. Trustees. responslbllltles statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity truslees to prepare financial statements for each year which give true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the applicable Charities SORP; mak8 judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They a also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontinuedj Year ended 31 March 2024 Auditor Each of the persons who is a trustee al Ihe date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware,. and they have taken all steps that they ought to have taken as a trustee lo make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled lo the small companies exemption. The trustee5' annual report was approved on 6 Dember 2024 and signed on behalf of the board of Iruslee5 by.. lari Tony Wilson Charity Secretary
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast Year ended 31 March 2024 Opinion We have audited the financial ststements of Eastside Property Belfast {the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), ststement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinlon the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources. including its income and expenditure. for the year then ended" have been properly prepared in accordance 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 (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of th8 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 accordan with these requirements. We believe that the audit evidenc8 we have obtained 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 returns to the tsx authorities and assist with the preparation of their organisation's financial ststements. Conclusions relating to going concem In auditing the financial ststements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of thi5 report.
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastslde Property Belfast (¢ontinuedJ Year ended 31 March 2024 Olher Information The other information comprises the informatlon included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otheMise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determin8 whether there is a mat8rial misslatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit,. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial stslements- and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, wo have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. 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 statements are not in agreement with the accounting records and retums: or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or th8 trustees were not entitled to pr9pare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic report.
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (continuedj Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors fr)r the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view, and for such internal conlrol as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and Intemational Standards on Auditing (UKI. Those standards require us to comply with the Financial Reporting Council's (FRC'S) Ethical Standard for Auditors,. in the circumstances set out in note 28 to the financial statements. In preparing the financial Statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable. matters r8lat8d to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. 10
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (continued) Year ended 31 March 2024 Auditor's responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether Ihe financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always rJete¢t a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In identifying and assessing risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector. control environment and business performance induding the design of the remuneration policies. key drivers for directors, remuneration, bonus levels and performance targets: results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance. detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud. the intemal controls established to mitigate risks of fraud or non-compliance with laws and regulation5. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures. we considered the opportunities and incentives that may exist within the organisation for fraud and identified Ihe greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perft)rm specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks In operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we consider8d in this context included ongoing compliance with the UK Companie5 Act and tax legislation. In addition. we considered provisions of other laws and regulations that do not have a dlrect effect on the financial statements but compliance with which may be fundamental for their ability to operate 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 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures Ihat are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe 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 concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attenlion in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequale. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the charity to cease to continue as a going concem. Evaluat8 th8 OV8rall presentstion. structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 12
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (continuedj Year ended 31 March 2024 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 charity's members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditofs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume SpOnsIbl11ty to anyone other than the charity and the charitys members as a body. for our audit work, for this report, or for the opinions we have formed. Paul Dolan (Senlor Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 6 December 2024 13
Eastside Property Belfast Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted nds Total funds Total funds 2023 Unrestricted funds Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 1,750 457,323 27,771 275 465.435 27,625 2,869 465.435 27.625 2.869 Total Income 495,929 495,929 487,119 Expenditure Expenditure on raising funds- Costs of other trading activlties Expenditure on charitable activities Total expenditure 97.483 354.438 97.483 360.526 49,088 355,064 10 6,088 451,921 6,088 458.009 404,152 Net gains on investments 12 160.000 160.000 Net income and net movement in funds 204,008 {6,0881 197.920 82,967 Reconciliation of funds Total funds brought forward Total funds carried forward 2.202.051 3.340.980 5.543.031 5,460.064 2.406.059 3,334,892 5,740.951 5.543.031 The statement of financial activities includes all gains and losses recognised in the year. All incorne and expenditure derive from continuing activities. The notes on pages 17 to 29 form part of these financial slatements. 14
Eastside Property Belfast Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assèts Tangible fixed assets Investments 17 18 400,218 4.645,000 407,205 4.490.000 5,045.218 4,897,205 Current assets Debtors Cash al bank and in hand 19 117.237 749,096 145,603 1,003,218 1,148,821 866.333 Creditors: amounts falling due wlthin one year Net current assets 20 159.026 251.398 707,307 897.423 Total assets less Current liabllltles 5.752.525 5,794,628 Creditors: amounts falling due after more than one year Net assets 21 11.574 251.597 5.740,951 5,543,031 Funds of the charity Reslricled funds Unrestricted funds 3.334.892 2,406.059 3,340,980 2,202,051 Total charity funds 24 5,740.951 5.543.031 These financial statements have been prepared in aG¢ordance with the provisions applicable lo companies subject to the small companies, regime. These financial statements were approved by the board of trustees and aulhorised for issue on 6 December 2024, and are signed on behalf ofthe board by-. The notes on pages 17 to 29 fomi part ofthese flnanclal statements. 15
Eastside Property Belfast Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net income 197,920 82,967 Adjustments for.. Depreciation of tangible fixed assels Net gains on inveslments Other interest receivable and similar income Interest payable and similar charges Accru8d expensesl(income) 11,987 (160.000) {2,869) 13.630 6.667 12.737 (275) 14.266 (31.066) Changes in.. Trade and other debtors Trade and other creditors 9.443 (19.058) 57.720 (9,068) 7,407 76.968 Cash generated from operations Interest paid Interest received (13,630) 2,869 (14,266) 275 Net cash from operating activities 46.959 62.977 Cash flows from Investlng actlvltles Purchase of tangible assets Purchases of other investments {4,656) (90.000) (94.656) Net cash froml(used in) investing activities Cash flows from financlng actlvltles Repayments of borrowings Proceeds from loans from group undertakings Net cash used in financing activities (278,443) (87,855) (22,638) (16,721) {301,081) (104.576) Net decrease in cash and cash equivalents Cash and cash equlvalents at beglnning of year Cash and cash equlvalents at end of year (254.122) (136.255) 1.003.218 1,139.473 749.096 1,003,218 The notes on pages 17 to 29 fomi part of these financial staternents. 16
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General infomiation The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered Gharity in Northern Ireland. The address of the registered office is Avalon House, 278-280 Newtownards Road. Belfast, 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 the UK and the Republic of Ireland.. Ihe Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policles Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabililies and investrnent properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fijnctional currency of the entity. Going concern Ther8 are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricled funds are available for use at the discretion of the trustees to further any of the charitys purposes. Designated funds are unrestricted funds earmarked by th8 trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 17
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies {contlnued) 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 poliGies are applied to particular categories of income: income from donations or grants is recognised when there is evldence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy incom8 is r8cognised when receipt is probable and entitlement is estsblished. income from donated goods is measured at Ihe fair value of the goods unless this Is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of setvices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contradual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurr8d. Exp8nditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitsble activities. other expenditure includes all expenditure that is neither related to raising bjnds ft)r the charity nor part of its expenditure on charitable activities. All costs ara allocated to expenditure categories reflecting the use of the resource. Direct costs attributabl& to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tanglble assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impaimient losses. Any tangible assets C2rried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 18
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accountlng policies (ntInd) Tangible assets (¢ontlnued) An increase in the carying arnount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impaimient Ihat has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses. except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings Office Equipment 100/0 Straight line 200/0 Straight line Investmonts Unlisted equity investments are initialty recorded at cost. and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impaimient. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investment property Investrnent propety is initially recorded at cost. which includes purchase price and any directly attributable expenditure. Investment propety is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, 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 impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value @xceeds th8 recoverable amount, the asset is impaired accordingly. Prior impairments ar8 also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest Identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 19
Eastside Property Belfast Company Limited by Guarantee Notes to the Financlal Statements (continued) Year ended 31 March 2024 Accounting policies (contlnued) Impalmient of fixed assets (continued) For impaimient testing of goodwill, the goodwill acquired in a buslness combination Is. from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Defined contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the relatad service is provided. Prepaid contribution5 are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Eastside Property Belfast is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity Donatlons and legacies Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Donalions Donations 1,750 1,750 Charitable activities Unrestrlcted Total Funds Unrestrfcted Total Funds Funds 2024 Funds 2023 Rental income Other income Room Hire 461,990 110 3,335 461.990 110 3,335 450.452 175 6.696 450,452 175 6,696 465,435 465,435 457,323 457,323 20
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 31 March 2024 Other trading activities Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rental income Room hire 25,122 2.503 25,122 2,503 26,763 1,008 26,763 1,008 27,625 27,625 27.771 27,771 Investment income Unrestricted Total Funds Unr8Strict8d Total Funds Funds 2024 Funds 2023 Bank interest receivable 2,869 2,869 275 275 Costs of other trading a¢tivltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of other trading activities 97.483 97.483 49,088 49.088 10. Expendlture on charltsble actlvltles by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Urban Regeneration Activities Support costs 348,642 5.796 6.088 354.730 5.796 354,438 6,088 360,526 Unrestricted Funds Restricted Total Funds Funds 2023 Urban Regeneration Activilies Support costs 342,654 6,322 6,088 348.742 6.322 348,976 6.088 355.064 21
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (¢ontinued) Year ended 31 March 2024 11. Analysis of support costs Analysis of support costs Total 2024 Total 2023 Communications and IT General office Governan costs 2,546 280 2,970 2.546 280 2.970 2.374 635 3.313 5,796 5,796 6.322 12. Net gains on investments unstrICted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl{losses) on investment propety Gainsl(losses) on revaluation of fixed assets 155.000 155.000 5,000 5,000 160.000 160.000 13. Net income Net income is stated after chargingl{crediting): 2024 2023 Depreclatlon of tangible fixed assets 11,987 12,737 14. Auditors remuneration 2024 2023 Fees payable for the audit of the financial ststements 2,970 2,825 15. Staff costs The total staff costs and employee beneffts for the reporting perfod are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 93,480 1,157 1,431 129,143 4.522 3.806 96,068 137.471 Staff costs include an allocation of time costs from Eastside Partnership to reflect staff time dedicated to Eastside Propety Belfast. 22
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 31 March 2024 15. Stsff costs (¢ontlnued) The average head count of employees during the year was 1 (2023: 2). The average number of full-time equivalent employees during the year is analysed as follows: 2024 2023 Full time employees Part time employees No employee received employee benefits of more than £60,000 during the year (2023: Nil). 16. Trustee remuneratlon and expenses The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year {2023: £NIL). They were not reimbursed for travel expenses during the year (2023'.£NIL). No charity trustee received payment for professional or other services supplied to the charity (2023: £NIL) 17. Tangible fixed assets Freehold Fixtures and property frttings Equipment Total Cost At 1 Aprll 2023 Revaluations 360,000 5,000 121,634 35.433 517.067 5.000 At 31 March 2024 365,000 121,634 35,433 522,067 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 78.065 10.909 31,797 1,078 109.862 11.987 88.974 32,875 121.849 Carrylng amount At 31 March 2024 365.000 32.660 2,558 400.218 At 31 March 2023 360.000 43.569 3,636 407.205 23
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements {contlnuedJ Year ended 31 March 2024 18. Investments Investment properties Cost or valuation At 1 April 2023 Additions Fair value movements 4.490,000 155,000 At 31 March 2024 4,645,000 Impalrnient At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 4,645,000 At 31 March 2023 4,490,000 All investments shown above are held at valuation. 24
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continuvd) Year ended 31 March 2024 18. Investments (¢ontlnu8d) Investment properties Investment properties are comprlsed of the Enler Complex at Ballybeen. Lagan Village Tower on the Ravenhill Road. the property at 16 Burren Way, the propety at 214 Bloomfield Avenue, Bloomfield House at 395405 Newiownards Road. the Visitor Centre at 402 Newtownards Road, Bryson Street Surgery. property at 274 Newtownards Road, the site at 394 - 400 Newtownards Road, the property at 442448 Newtonards Road and the Carew Family Centre. 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 2024 and have incorporated this valuation into the accounts. The historic cost of tha propaty is £791,652. The company's investment property at 214 Bloomfield 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 property at 31st March 2024 and have incorporated this valuation into the accounts. The historic cost of the property is £132.875. The companvs investment property 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 market value of the property at 31st March 2024 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 propety at 31st March 2024 and have incorporated this valuation into the accounts. The historic cost of the property is £2.112.651. The company's investment property at 16 Burren Way was valued in September 2021 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 property at 31 st March 2024 and have incorporated this valuation into the accounts. The historic cost of the property is £100,000. The companvs investrnent propety at 402 Newtownards Road and land at 394400 Newtownards Road was valued in September 2021 on an open market value basis {5ubject to existing tenancies) at £250.000. The directors believe that this also repre5ent5 the open market value of the propety at 31 st March 2024 and have incorporated this valuation into the accounts. The historic cost of the propety and land is £771.203. The company's investment propety at Bryson Street Surgery was valued in September 2021 on an open market value basis (subject to existing tenancies) at £1,300.000. Th8 directors believe that this also represents the open market value of the propety at 31st March 2024 and have incorporated this valuation into the accounts. The historic cost of tha propety is £1.072,720. The companls 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 this also represents the open market value of the property at 31st March 2024 and have incorporated this valuation into the accounts. The historic cost of the propety is £155,000. The company's Investment property at Container Park. 402 Newtownards Road was valued in September 2021 on an open market value basis (subject to existing tenancies) at £50,000. The 25
Eastside Property Belfast Company Limited by Guarantee Notes to the Flnancial Statements {¢ontlnued) Year ended 31 March 2024 18. Investments (contlnu8d) directors belleve that this also represents the open market value of the property at 31st March 2024 and have incorporated this valuation into the accounts. The historic cost of the property is £40,000. The company's investment property at 442448 Newtownards Road was valued in August 2024 on an open market value basis (subject to existing tenancies) at £470,000. The directors believe that this also represents the open market value of the propety at 31st March 2024 and have incorporated this valuation into the accounts. The historic cost of the propety is £378,830. The company's investment propety at the Carew Family Centre was grfted 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 2024 and have incorporated this valuation into the accounts. 19. Debtors 2024 2023 Amounts owed by group undertakings Prepayments and accrued income Other debtors 54.473 60,171 2.593 51.479 80,220 13,904 117.237 145.603 20. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Amounts owed to group undertakings Accruals and deferred income Social security and other taxes Other creditors 8,900 17,466 70,817 51.045 10,798 47,320 32,227 93.455 63.301 12.095 3.000 159.026 251,398 21. Creditors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 11.574 251.597 Bank loans and overdrafts a secured as follows: AIB facilitles Mortgage debenture incorporating a fixed & floating charge over all company assets present & future including a specific charge over 278-280 NevAownards Road. Belfast. 26
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements {contlnu8dJ Year ended 31 March 2024 21. Creditors: amounts falllng due after more than one year (conllnu¢d) Specific charges over properties at 278-280 Nevrtownards 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 Newtownards Road. Interlenders agreement beleen The Department for Social Development, AIB Group (UK) plc, Northem Ireland Housing Executive and The Intemational Fund for Ireland. This agreement to be read in conjunction with Charge over Enler House in which the bank will rank first up to a limit of £700.000 plus interest and charges. Interlenders agreemant 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 Partnership in respect of acknowledgement that facilities have been made available to Eastside Property. UCIT Facllity Mortgage charge, in favour of UCIT, over the following two properties; 3951405 Newtownards Road and 1441152 Ravenhill Road. First legal charge over 18 Burren Way. 22. Deferred Income 2024 2023 At 1 April 2023 22.182 22,182 23. Pensions and other post retirement beneflts Defined contrlbution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1.431 (2023: £3,806). 27
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 24. Analysis of charitable funds Unrestricted funds Gains and At31 losses March 2024 1 April 2023 Incorne Expenditure General funds 2,202,051 495,929 (451,921) 160,000 2.406,059 At 1 April 2022 Gains and At31 losses March 2023 Income Expenditure General funds 2,112.996 487.119 (398.064) 2.202,051 Restricted funds At 1 April 2023 Gains and At31 losses March 2024 Income Expenditure Avalon House Enler Development Bryson Street Tourist Centre Containers 282.311 1,500,000 1.233,933 258,720 66,016 282,311 1,500,000 1,233,933 258,720 59,928 (6,088) {6.088) 3.340.980 3,334,892 At 1 April 2022 Gains and At31 losses March 2023 Income Expenditure Avalon House Enler Development Bryson Street Tourist Centre Containers 282.311 1,500,000 1,233,933 258,720 72.104 282,311 1.500,000 1.233,933 258,720 66,016 (6,088) (6,088) 3,347.068 3.340,980 28
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (crpnllnued) Year ended 31 March 2024 25. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 381.953 1.328,373 866,333 {159,026) (11,574) 2.406,059 18,265 3.316.627 400,218 4,645,000 866,333 (159.026) (11,574) 5,740,951 3,334,892 Unrestricted Funds Restrrcted 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 26. Taxatlon The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 27. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Debt due within one year Debt due after one year 1,003,218 {140,775) (251,597) 610,846 (254.122) 61,058 240,023 749.096 (79.717) (11.574) 657,805 46,959 28. Related parties The company has taken exemption from disclosing related party transactions under section 33 of FRS 102. 29. Ethical standards In common with many other buslnesses of our slze and nature we use our auditors to prepare and submit returns to the lax authorlties and assist with the preparation of the financial statements. 29