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 d1￿Ctor received remuneration in the year. Details of d1￿ctOrS. 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 adIa￿nt
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 be￿een 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 De￿mber 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
be￿een 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 (￿ntIn￿d)
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
un￿strICted 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 bel￿een 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