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.
PU￿0$0$
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
obje￿IveS 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 DirectO￿S 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 pla￿S 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 be￿een 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 resour￿5 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