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