COMPANY REGISTRATION NUMBER: N1034475 CHARITY REGISTRATION NUMBER: NIC101849 Eastside Property Belfast Company Limited by Guarantee Financial Statements 31 March 2025 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 2025 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activrties (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 Director's Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025. Reference and administrative details Registered charity name Eastside Property Belfast Charity registration number NIC101849 Company registration number N1034475 Prlnclpal offlce and reglstered Avalon House office 278-280 Newtownards Road Belfast Co. Antrim BT4 1HE The trustees J McAlpin A Hassard P McEvoy A Shannon Rusk W Gillies J Eyre (Appointed 4 August 2025) Company secretary Tony Wilson Audltor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers ASB 11-15 Donegall Square North Belfast BT15GB Solicitors Hewitt and Gilpin 8 High Street Holywood Co.Down BT18 9AZ
Eastside Property Belfast Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2025 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 governed under its Articles of Association. Appointment of trustees The Chaiman 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 induction 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 of key management personnel The directors consider that the board of directors. who are the charity's trustees, and the senior management team comprise the key management personnel of the 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 director received remuneration in the year. Details of directors, expenses and related party transactions are disclosed in note 15 to the accounts. The pay of the senior staff is set by reference to external guidance and utilisation of pay scales. 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. Organisation structure and how charity makes decisions Eastside Property Belfast is governed by the Board of Directors. The company is managed on a day to day basis by a senior management team as appointed by the Board of Directors. The board of directors meets quarterly, 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. Relationshlps wlth relatod parties 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) (continued) Year ended 31 March 2025 structure, governance and management fcontlnued) Rlsk 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 propety management agents to advise on all aspects of letting of properties owned by the company; Intemal control risks are minimised by the implementstion of procedures for authorisation of all transactions with a financial implication. Objectives and activities Prlnclpal Activltles The principal activity of the company is to contribute to the urban regeneration of East Belfast. PU0$0$ The purpose of Eastside Propety 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 (i} the creation of training and employment opportunities for the unemployed by the provision of workspace, buildings andlor land for use on favourable terms-, (ii)the maintenance, improvement or provision of public amenities,. (iii)the provision of recreational facilities for the public at large or those who by reason of their youth, age. infirmity or disablement or social and economic circumstances, have need of such facilities. (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 benefit. Objectlves Eastside Property Belfast is a not for profit propety development company committed to making a positive difference in our community. Vvhile committed to providing a professional quality service to clients, Eastside Property Belfast's primary goals are social. The company aims to make a difference by.. Bringing back into use unused and derelict property., 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 Directorfs Report) fconunued) Year ended 31 March 2025 objeIveS and actlvlties (contlnued) Public Benefit The public benefits that flow from the purpose of urban regeneration are: (i) a reduction in unemployment, hardship and poverty. leading to a better quality of life for the beneficiaries and consequent improvements in their health and well-being., (li) increased access to amenities that improve people's quality of 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 quality of life for those who benefit from their work.
Eastside Property Belfast Company Limited by Guarantse Trustees. Annual Report (Incorporating the DirectOS Report) (contlnued) Year ended 31 March 2025 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 Centre, 278 Newtownards Road, 440 to 448 Newtownards Road (4 units), Enler Complex, George Best House, Lagan Village Tower, along with the Carew Family Centre. The main benefits of our urban regeneration activities during the year were.. a) a reduction in unemployment, hardship and povety, leading to a better quality of life for the beneficiaries and consequent improvements in their health and well-being- There are approximately 200 people employed. or in training plaS across all facilities. all of which are based in areas of high unemployment and social disadvantage. 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 whiGh provides the main health, community and 'convenience' retail facilities for a social housing estate of 7,000 residents, 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 500 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 life and greater social cohesion. Both the Enler Complex and Eastside Visltor Centre have directly contributed to an enhanced level of activity and participation in social activities, through centre based activities in Enler Community Centre (part of Enler Complex) and through both centre based and outdoor activities through the Eastside Visitor Centre, including arts activities, social gatherings, tslks, heritage trails and walking & cycling activities along the adjacent 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 seThices with key agencies such as Sure Start, Barnardos and Eastside Learning all providing a service of children and family support. educational activity and health and well-being support. The public benefits that flow from the purpose of supporting and developing the work of community and voluntary group5 were as follows: There are currently 12 community & voluntary organisations based in our facilities, including Ballybeen Improvement Group, Eastside Partnership, Eastside Arts, Eastside Tourism, Eastside Greenways, Eastside Learning, Sure Start. Barnardos. East Belfast Alternatives, Action Mental Health, Send House Ltd and Sustrans, providing a wide range of services across the east of the city and beyond.
Eastside Property Belfast Company Limited by Guarantse Trustees, Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2025 Financial 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 £329,810 {2024= £197.920). At 31 March 2025, the total funds of the charity amounted to £6,070,761 (2024: £5,740.951), comprising restricted funds of £3,253,804 (2024.. £3,334,892) and unrestricted funds of £2,816.95712024: £2,406,059). Reseryes policy and going concem 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 250h and 500A 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 cease 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 are held in the form of property assets. which do not fomi part of the 'free reserves, calculation. ReseNe levels are monitored in line with ongoing working capital requirements. Plans for future periods The charity plans continuing the actNities outEined above in the forthcoming years subject to satisfactory funding arrangements. Trustees. responsibilitles statement The trustees, who are also directors for the purposes of company law. are responsible for preparing the trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources. including the income and expenditure, for that period. In preparing these 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-, make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern 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 are 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) (eonttnued) Year ended 31 March 2025 Auditor Each of Ihe persons who is a Iruslee at the dale of approval of this report conffirms that: so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and they have laken all steps that they ought to have taken as a trustee lo make themselves aware of any relevant audit information and lo establish Ihat the charitvs auditor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable lo companies entitled to the small companies exemption. The trustees, annual report was approved on 11 December 2025 and signed on behalf of the board of Iruslees by.. r KJILSO Cklfi£iry SCLRfirt£il
Eastside Property Belfast Company Limited by Guarantee Independent Auditorfs Report to the Members of Eastside Property Belfast Year ended 31 March 2025 Opinion We have audited the financial stalements of Eastside Property Belfast (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), statement 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 opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resour5 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. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our reporL We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence 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 tax authorities and assist with the preparation of their organisation's financial statements. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charty's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (conllnuedj Year ended 31 March 2025 other information The other infomiation comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial ststements, 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 determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. 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 Companies 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 statements: and the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which 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, we 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 returns., 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 the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing 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 (continued) Year ended 31 March 2025 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemiine 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 International Standards on Auditing (UK). Those standards require us to comply with the Financial Reporting Council's (FRC'S) Ethical Stsndard for Auditors,, in the circumstances set out in note 29 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 related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 10
Eastside Property Belfast Company Limitsd by Guarantse Independent Auditorfs Report to the Members of Eastside Property Belfast (continued) Year ended 31 March 2025 Auditorfs responslblllt5es for the audlt of the financial statements Our objecttves are to obtain reasonable assurance about whether the 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 assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken 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 including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and perfomiance 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 comptying wth 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 internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK). we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulation5 that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamentsl 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 (eontinu Year ended 31 March 2025 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 ststements, 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 that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the internal 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 attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditoff s report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, 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 (continued) Year ended 31 March 2025 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 internal 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 accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Paul Dolan (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 11 December 2025 13
Eastside Property Belfast Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds Total funds 2024 Unrestricted funds Note Income and endowments Charitable activities other trading activities Investment income 491,176 33,032 20,575 544,783 491.176 33,032 20,575 465,435 27,625 2,869 Total Income 544,783 495,929 Expenditure Expenditure on raising funds- Costs of other trading activities Expenditure on charitable activities Total expendlture 27,315 356,570 27.315 362.658 97,483 360,526 6,088 383.885 6.088 389.973 458,009 Net gains on investments 11 250.000 (75.000) 175.000 160.000 Net income and net movement in funds 410,898 (81.088) 329.810 197.920 Reconciliation of funds Total funds brought forward Total funds carrled forward 2,406,059 2.816,957 3.334,892 3,253,804 5.740,951 6.070,761 5,543.031 5,740,951 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on page5 17 to 29 forni part of these financial statsments. 14
Eastside Property Belfast Company Limited by Guarantee statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets Investments 16 348.516 17 4.350.000 400.218 4.645,000 4,698,516 5,045,218 Current assets Debtors Assets held for sale Cash al bank and in hand 18 19 125,190 510,000 911.831 117,237 749,096 1,547.021 866.333 Creditors: amounts falllng due within one year Net current assets 20 172,323 159,026 1.374.698 707.307 Total assets less current Ilabllltles 6,073,214 5,752,525 Credltors: amounts falling due after more than on8 year Net assets 21 2.453 11.574 6.070,761 5,740.951 Funds of the charity Restricted fLJnds Unrestricted funds 3.253.804 2.816.957 3.334.892 2,406,059 Total charlty funds 24 6.070,761 5,740,951 These financial statements have been prepared in accordance wlth the provisions applicable to companies subject to the small companies, regime. These financial stalernents were approved by the board of trustees and authorised for issue on 11 December 2025. and are signed on behalf ofthe board by.. Eyll The notes on pages 17 to 29 fom? part of these finanelal statomgnts. 15
Eastside Property Belfast Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operatlng activitles Net income 329,810 197,920 Adjustments for." Depreciation of tangible fixed assets Net gains on investments Other interest receivable and similar income Interest payable and similar charges Accrued (income)lexpenses 11,976 11.987 (175,000) {160.000) (20,575) (2,869) 362 13.630 (28,420) 6.667 Changes in.. Trade and other debtors Trade and other creditors 23,425 {11,695) 129,883 9,443 (19,058) 57,720 Cash generated from operations Interest paid Interest recetved (362) 20.575 (13,630) 2,869 46,959 Net cash from operating activities 150.096 Cash flows from Investing activities Purchase of tangible assets Net cash used in investing activities (274) {274) Cash flows from financing activities Repayments of borrowings Proceeds from loans from group undertakings Net cash froml{used in) financing aclivities (8,605) (278,443) 21,518 (22,638) 12,913 (301,081) Net increasel{decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 162,735 749,096 911.831 (254,122) 1,003.218 749,096 The notes on pages 17 to 29 fonn part of these financlal statsments. 16
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General Informatlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity 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,, the 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 policies Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the 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 sub-classes- restricted income funds or endowment funds. 17
Eastside Property Belfast Company Limited by Guarantse Notes to the Financial Statements (¢onUnued) Year ended 31 March 2025 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliabty. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the 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 services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the 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 governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activits-es. All costs are allocated to expenditure categories reftecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activitie5 they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried 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 (¢ontlnue Year ended 31 March 2025 Accounting policies f¢ontlnuedJ Tangible assets fcontinued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure 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. Depreciation 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: Fixbjres and fittings Office Equipment 1 Oyo Straight line 20¥0 Straight line Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investment property Investment property is initially recorded at cost. which includes purchase price and any directly attributable expenditure. Investment 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. Impalrment 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 carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are 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 infiows from other assets or groups of assets. 19
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2025 Accounting policies (¢ontlnuedJ Impalrment of fixed assets (contlnued) For impairment testing of goodwill, the goodwill acquired in a business combination is. from the acquisition date, allocated to each of the cash-generating units that are 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 contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in fijture payments or a cash refund. IM)en 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 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. Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Rental income Other income Room hire Bloomfield House release 477.798 191 2.096 11,091 477,798 191 2,096 11,091 461.990 110 3.335 461.990 110 3,335 491,176 491,176 465.435 465,435 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Rental income Room hire 31,947 1,085 33.032 31,947 1,085 33,032 25,122 2,503 27,625 25.122 2,503 27,625 20
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 March 2025 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest receivable 20,575 20,575 2,869 2,869 Costs of other trading actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Costs of other trading activities 27,315 27,315 97,483 97,483 Expendlture on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Urban Regeneration Activities Support costs 349,956 6,614 356.570 6,088 356.044 6.614 362.658 6,088 Unrestricted Funds Restricted Total Funds Funds 2024 Urban Regeneration Activities Support Costs 348,642 5,796 354,438 6.088 354,730 5,796 360,526 6,088 10. Analysis of support costs Analysis of support costs Total 2025 Total 2024 Communications and IT General office Governance costs 2,742 70 3,802 6,614 2,742 70 3.802 2,546 280 2,970 6,614 5,796 21
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 11. Net gains on investments Unrestricted Funds Restricted Total Funds Funds 2025 Gainsl{losses) on investment property Gainsl{losses) on revaluation of fixed assets 250,000 (75,000) 175,000 250.000 (75.000) 175,000 Unrestricted Funds Restricted Total Funds Funds 2024 Gainsl(losses) on investment property Gainsl(losses) on revaluation of fixed assets 155,000 5,000 155,000 5,000 160,000 160,000 12. Net Income Net income is ststed after chargingl(crediting)'. 2025 2024 Depreciation of tangible fixed assets 11,976 11,987 13. Auditors remuneration 2025 2024 Fees payable for the audit of the financial statements 3,520 2.970 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 132.836 2.163 2,067 137.066 93,480 1,157 1,431 96,068 Staff costs include an allocation of time costs from Eastside Partnership to reflect staff time dedicated to Eastside Property Belfast. 22
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 March 2025 14. Staff costs (contlnue The average head count of employees during the year was 1 (2024: 1). The average number of full-time equivalent employees during the year is analysed as follows- 2025 No. 2024 No. Full time employees No employee received employee benefits of more than £60,000 during the year (2024: Nil). 15. Trustee remuneration and expenses The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year (2024: £NIL). They were not reimbursed for travel expenses during the year {2024= £NIL). No charity trustee received payment for professional or other services supplied to the charity (2024- £NIL}. 16. Tangible fixed assets Freehold Fixtures and property fittings Equipment Total Cost At 1 April 2024 Additions Transfers 365,000 121,634 35,433 274 522.067 274 (40.000) 482,341 (40,000) 325,000 At 31 March 2025 121,634 35.707 Depreclation At 1 April 2024 Charge for the year At 31 March 2025 88,974 10,908 32,875 1,068 121.849 11.976 133,825 99,882 33,943 Carrylng amount At 31 March 2025 325,000 365,000 21,752 32,660 1.764 348,516 At 31 March 2024 2,558 400,218 23
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statsments (¢ontlnuedJ Year ended 31 March 2025 17. Investments Investment properties Cost or valuation At 1 April 2024 Additions Fair value movements Transfers 4,645,000 175,000 (470,000) 4,350,000 At 31 March 2025 Carrying amount At 31 March 2025 4,350,000 4,645,000 At 31 March 2024 All investments shown above are held at valuation. 24
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 17. Investments (contlnued) Investment properties Investment properties are comprised of the Enler Complex at Ballybeen. Lagan Village Tower on the Ravenhill Road, the propety at 16 Burren Way, the propety at 214 Bloomfield Avenue, Bloomfield House at 395405 Newtownards Road, the Visitor Centre at 402 Newtownards Road, Bryson Street Surgery, property at 274 Newtownards Road, the site at 394 - 400 Newtownards Road, the propety at 442448 Newtonards Road and the Carew Family Centre. The company's investment propety at Lagan Village Tower was valued in September 2025 on an open market value basis (subject to existing tenancies) at £275.000. The directors believe that this also represents the open market value of the property at 31st March 2025 and have incorporated this valuation into the accounts. The historic cost of the propety is £791.652. The company's investment property at 214 Bloomfield Avenue was valued in September 2025 on an open market value basis (subject to existing tenancies) at £200.000. The directors believe that this also represents the open market value of the propety at 31st March 2025 and have incorporated this valuation into the accounts. The historic cost of the propety is £132,875. The company's investment property at Bloomfield House was valued in September 2025 on an open market value basis {subject to existing tenancies) at £375,000. The directors believe that this also represents the open market value of the property at 31st March 2025 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 2025 on an open market value basis (subject to existing tenancies) at £1,600,000. The directors believe that this also represents the open market value of the property at 31st March 2025 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 2025 on an open market value basis (with vacant possession) at £135,000. The directors believe that this also represents the open market value of the property at 31st March 2025 and have incorporated this valuation into the accounts. The historic cost of the propety is £100,000. The company's investment propety at 402 Newtownards Road and land at 394400 Newtownards Road was valued in September 2025 on an open market value basis (subject to existing tenancies) at £226.000. The directors believe that this also represents the open market value of the property at 31st March 2025 and have incorporated this valuation into the accounts. The historic cost of the property and land is £771.203. The company's investment property at Bryson Street Surgery was valued in September 2025 on an open market value basis (subject to existing tenancies) at £1.150,000. The directors believe that this also represents the open market value of the propety at 31st March 2025 and have incorporated this valuation into the accounts. The historic cost of the property is £1.072,720. The company's investment property at 274 Newtownards Road was valued in September 2025 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 2025 and have incorporated this valuation into the accounts. The historic cost of the property is £155,000. The company's investment property at Container Park, 402 Newtownards Road was valued in September 2025 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 Financial Statements (eonllnued) Year ended 31 March 2025 17. Investments (conllnugd) directors believe that this also represents the open market value of the property at 31st March 2025 and have incorporated this valuation into the accounts. The historic cost of the propety 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 have subsequently agreed to sell the property at market value, and as a result, the asset has been reclassified from investment property to current assets - propety held for sale. The directors consider that the August 2024 valuation remains appropriate as the fair value of the property at 31 March 2025 and have incorporated this valuation into the accounts. The historic cost of the propety is £378,830. The company's investment property at the Carew Family Centre was valued in September 2025 on an open market value basis (subject to existing tenancies) at £275,000. The directors believe that this also represents the open market value of the property at 31st March 2025 and have incorporated this valuation into the accounts. The property was gifted to company in 2020. 18. Debtors 2026 2024 Amounts owed by group undertakings Prepayments and accrued income Other debtors 30,151 89,976 5,063 125.190 54.473 60.171 2,593 117,237 19. Assets held for sale 2025 2024 Propety held for sale 510,000 20. Creditors: amounts falllng due wlthln one year 2025 2024 Bank loans and overdrafts Trade creditors Amounts owed to group undertakings Accruals and deferred income Social security and other taxes 9,416 21,077 92,335 42,912 6.583 8,900 17,466 70,817 51,045 10,798 172.323 159.026 26
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements f¢ontlnuedJ Year ended 31 March 2025 21. Credltors: amounts falling due after more than one year 2025 2024 Bank loans and overdrafts 2,453 11,574 Bank loans and overdrafts are secured as follows.. UCIT Facility i. Mortgage charge, in favour of UCIT, over the following properties,. 3951405 Newtownards Road and 1441152 Ravenhill Road. it. First legal charge over 16 Burren Way. 22. Deferred Income 2025 2024 At 1 April 2024 Amount released to income 22,182 (11,091) 11,091 22,182 At 31 March 2025 22,182 23. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,067 {2024: £1.431). 24. Analysls of charltable funds Unrestricted funds At 1 April 2024 Gains and At31 losses March 2025 Income Expenditure General funds 2,406,059 544.783 (383,885) 250,000 2,816,957 At 1 April 2023 Gains and At31 losses March 2024 Income Expenditure General funds 2,202,051 495,929 (451.921) 160,000 2,406,059 27
Eastside Property Belfast Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 24. Analysis of charitable funds f¢ontlnued) Restrlcted funds Gains and At31 losses March 2025 1 April 2024 Income Expenditure Avalon House Enler Development Bryson Street Tourist Centre Containers 282.311 1,500.000 1,233.933 258,720 59,928 282,311 100,000 1,600,000 1150,000) 1,083,933 (25,000) 233,720 53,840 (6,088) (6,088) 3,334.892 (75,000) 3,253,804 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 3,340.980 282,311 1,500,000 1,233,933 258,720 59,928 3,334,892 (6,088) (6,088) 25. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 336,339 1.108,373 1.547,021 (172,323) (2,453) 2.816,957 12,177 3,241,627 348,516 4,350,000 1.547,021 (172,323) (2,453) 6,070,761 3,253,804 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 28
Eastside Property Belfast Company Llmited by Guarantee Notss to the Financial Statements (conllnued) Year ended 31 March 2025 26. Taxation 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. Anatysis of changes in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand Debt due within one year Debt due after one year 749,096 179,717) (11,574) 657,805 162,735 911,831 (22,034) (101,751) 9,121 {2,453) 149,822 807,627 28. Related parties The company has taken exemption from disclosing related paty transactions under section 33 of FRS 102. 29. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 29