Sailortown Regeneration Group Annual Report and Unaudited Financial Statements for the financial year ended 31 March 2024 DNTCA Llmited Chartered Accountants and Statutory Auditor Ormeau House 91-97 Ormeau Road Belfast BT7 1SH Charity Number: 1018704)
Sailortown Regeneration Group CONTENTS Page Reference and Administrative Information Trustees, Report statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-14 Supplementary Information relating to the Financial Statements 16-18
Sailortown Regeneration Group REFERENCE AND ADMINISTRATIVE INFORMATION Trustees John Gray James McDyer Andrew Molloy Aisling Madden Rosemary McDyer Martina Campbell Charlty Number in Northern Ireland 101870-0 Principal Address 11-13 Garmoyle Street Belfast BT15 1DY Independent Examiner DNTCA Limited Chartered Accountants and Statutory Auditor Ormeau House 91-97 Ormeau Road Belfast BT7 1SH
Sailortown Regeneration Group TRUSTEES, REPORT for the financial year ended 31 March 2024 The trustees present their Trustees, Report and the unaudited financial statements for the financial year ended 31 March 2024. The financial statements are prepared in accordance with the Charities Act (Northern Ireland) 2008, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Trustees, Report contains the information required to be provided in the Trustees, Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the charity are also charity trustees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees. In this report the trustees of Sailortown Regeneration Group present a summary of its purpose, governance, activities, achievements and finances for the financial year 31 March 2024. The charity is a registered charity and although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements. Mission, Objectives and Strategy Mission Statement Establish Sailortown as a gateway to North Belfast with St Joseph's Church and Parochial House at its heart. Objectives Establishment of a thriving, diverse Sailortown Urban Village in Belfast Docks. strategy To promote urban regeneration and advance community development. To further these purposes for the public benefit, SRG carries out the following activities: Improve public amenities, facilities and infrastructure Work with partners to support Community cohesion and the development of a sustainable community within Sailortown To establish a community facility and cooperate with statutory and voluntary organisations to maintain and manage such facility for activities Financial Review The results for the financial year are set out on page 8 and additional notes are provided showing income and expenditure in greater detail. Results and Dividends At the end of the financial year the charity has assets of £444,853 (2023 - £410,927) and liabilities of £900 (2023 £750), The net assets of the charity have increased by £33,776. Future Outlook In 2025, a key focus will be to strengthen our Governance Skills by identifying key skills needed for strong leadership as better times are finally in sight for Sailortown, We WIEI seek to create strong relationships with Local Housing providers to ensure they work for the benefit of the tenants. We will continue to engage with placemaking agencies to create people friendly connections which improve our local neighbourhood. And finally we will target major Capital Restoration funding to achieve our key goal of restoring our 2 listed buildings as part of our North Belfast Flagship project. In accordance with the Constitution, the trustees retire by rotation and, being eligible, offer themselves for re-election. Compliance with Sector-wide Legislation and Standards The charity engages pro-actively with legislation, standards and codes which are developed for the sector. Sailortown Regeneration Group subscribes to and is compliant with the following: The Charities SORP (FRS 102) Executive Summary 2023-2024 was another year of working to regenerate Sailortown. We provided activities for our local residents through a range of activities including Sports, Circus skills, Artslcrafts, Bingo and Boxing. We also held the 2nd year of our Sailortown Festival in June,
Sailortown Regeneration Group TRUSTEES, REPORT for the financial year ended 31 March 2024 St Joseph's, now open for meanwhile use, was able to offer venue hire to a number of Arts and Culture organisations including Cath Q, Festival, Opera Nl and Belfast Harps Festival. The space is very popular wrth local musicians due to its fantastic acoustics and was used for Gigs, filming, Yoga and Boxing events. We collaborated with the Stella Maris Hostel on a community artwork installation and with Ulster University on a new website for St Joseph's . The year saw Sailortown centrally included in wider connectivity plans for the city of Belfast. A new bridge is proposed to link Sailortown to Titanic and create 'Maritlme Mile Loop., More detail is here: wesleyjohnstonsailortowntitanicbridge. There is a way to go yet, but hopefully we are a step nearer to realising our long term vision for Sailortown to be re-integrated into the City as an inner city Urban village. Thanks to the tenacity of the Sailortown ex residents Belfast's Docks heritage will be remembered. There are also plans to build new Social and affordable Homes in Sailortown: Pilotstreethousing. Again a Key step towards repopulating an area devasted by the Belfast Inner City MotorsNay. There are however still challenges. Sailortown needs to be included in City Centre and North Belfast Neighbourhood Renewal plans and badly needs investment in independent businesses, Community spaces and public realm improvements. We are calling for implementation of the YSIPlacemakingReview recommendations and a focus on the needs of people not traffic. A highlight of the year was being presented with a Cooperation Ireland; Pride of Place award which was celebrated in the Harbour Offices and at a reception sn the Lord Mayor's Parlour. We were also shortlisted for an Aisling Award and a Ulster Architectural Society Heritage Angels Award where we were runners up in the 'Best Maintenance of a Histoic Building or Place, category. Hopefully this recognition will assist us In our objective to restore St Joseph's as an iconic Community Space. Approved by the Board of Trustees on and signed on its behalf by: Jam Tr yer tee
Sailortown Regeneration Group STATEMENT OF TRUSTEES, RESPONSIBILITIES for the financial year ended 31 March 2024 The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the assets, liabilities and financial position of the charity as at the financial year end date and of the surplus or deficit of the charity and otherwise comply with the Charities Act (Northern Ireland) 2008. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP make judgements and accounting estimates that are reasonable and prudent, state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees confirm that they have complied with the above requirements in preparing the financial statements. As explained in note 3, state whether the applicable in the UK and Republic of Ireland FRS 102 has been followed. 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 Charities Act (Northern Ireland) 2008. 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. Approved by the Board of Trustees on /1 02 and signed on its behalf by: James Mc Trustee er
Sailortown Regeneration Group INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF SAILORTOWN REGENERATION GROUP We have examined the financial statements of the charity for the financial year ended 31 March 2024, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. This report is made solely to the charity's members, as a body, in accordance with the Charities Act (Northern Ireland) 2008. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Board of Trustees that we have done so, and state those matters that we have agreed to state to them in this 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 work, or for this report. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland) 2008, The charity's trustees consider that an audit is not required for this financial year under the Charities Act (Northern Ireland) 2008 and that an independent examination is required. It is our responsibility to: examine the financial statements under section 65 of the Charities Act. follow the procedures laid down by the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. and state whether particular matters have come to our attention. Basis of independent examiner's report We have examined your charity financial statements as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. In connection with our examination, no matter has come to our attention which gives us cause to believe that in, any material respect: accounting records were not kept in accordance with section 63 of the Charities Act the financial statements do not accord with those accounting records the financial statements have not been prepared in accordance with 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 (FRS102) there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Mr Mike Nangle DNTCA LIMITED Chartered Accountants and Statutory Auditor Ormeau House 91-97 Ormeau Road Belfast BT7 1SH /'s Date: .........
Sailortown Regeneration Group STATEMENT OF FINANCIAL ACTIVITIES for the financial year ended 31 March 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Unrestricted Restricted Funds Funds Funds 2024 2023 2023 Total Funds 2023 Notes Income Charitable activities Grants from governments and other co-funders other trading activities Other income 156,054 156,054 126,323 126,323 11,978 2,533 11,978 2,533 24,359 18,097 24,359 18,097 Total income 14,511 156,054 170,565 42,456 126,323 168,779 Expenditure Charitable activities 17,943 118,846 136,789 89,912 49,067 138,979 Net Incomel(expendlture) (3,432) 37,208 33,776 (47,456) 77,256 29,800 Transfers between funds Net movement in funds for the financial year (3,432) 37,208 33,776 (47,456) 77,256 29,800 Reconciliation of funds: Total funds beginning of the year 14 332,921 77,256 410,177 380,377 380,377 Total funds at the end of the year 329,489 114,464 443,953 332,921 77,256 410,177 The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities. The notes on pages 10 to 14 form part of the financial statements
Sailortown Regeneration Group BALANCE SHEET as at 31 March 2024 2024 2023 Notes Flxed Assets Tangible assets 11 316,396 333,973 Current Assets Cash at bank and in hand 128,457 76,954 Creditors: Amounts falling due within one year 12 (900) (750) Net Current Assets 127,557 76,204 Total Assets less Current Liabilities 443,953 410,177 Funds Restricted trust funds General fund (unrestricted) 114,464 329,489 77,256 332,921 Total funds 14 443,953 410,177 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland applying Section 1A of that Standard. Approved by the Board of Trustees and authorised for issue on /5 behalf by and signed on its James MCD Trustee The notes on pages 10 to 14 form part of the financial statements
Sailortown Regeneration Group NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 GENERAL INFORMATION Sailortown Regeneration Group is a charity incorporated in Northern Ireland. The registered office of the charity is 11-13 Garmoyle Street, Belfast, BT15 1DY which is also the principal place of business of the charity. The financial statements have been presented in Pound (£) which is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial statements. Basis of preparation The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 applying Section 1A of that Standard. As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. statement of compliance The financial statements of the charity for the financial year ended 31 March 2023 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 applying Section 1A of that Standard. Fund accounting The following are the categories of funds maintained: Restricted fu nds Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity, Unrestrlcted funds Unrestricted funds consist of General and Designated funds. Gener81 funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity. Designated funds comprise unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund. Income Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, performance conditions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity. Income from charltable activlties Income from charitable activities include income earned from the supply of seNtces under contractual arrangements and from performance related grants which have conditions that specify the provision of particular seprfices to be provided by the charity. Income from government and other co-funders is recognised when the charity is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Vvhere a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors. Grants from governments and other co-funders typically include one of the following types of conditions: Performance based conditions: whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objedives of a grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor, as 10
continued Sailortown Regeneration Group NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 income. Time based conditions: whereby the charity is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases the charity recognises the income to the extent it is utilised within the period specified in the agreement. In the absence of such condittons, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is notified of entitlement. Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier. Expendlture Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows: Long leasehold property 5 % Straight line Cash at bank and in hand Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal. Taxation and deferred taxation No current or deferred taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the charity's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. GOING CONCERN The Trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern. CRITICAL ACCOUNTING JUDGEMENT AND ESTIMATES 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 circumstances. INCOME CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds 2024 2023 11
continued Sailortown Regeneration Group NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 Grants from governments and other co-funders: Income from charitable activities Inter Comm Belfast City Council BHC Lottery Main Grant Clanmil comm Grant National Heritage Rank Foundation Maritime Belfast NLHF Resilient 1,569 1,480 62,783 20,000 2,576 1,480 62,783 20,000 2,576 57,138 6,500 1,500 25,616 34,000 29,715 5,000 34,500 29,715 5,000 34,500 156,054 156,054 126,323 OTHER TRADING ACTIVITIES Unrestricted Restricted Funds Funds 2024 2023 Other trading activities Trading income 1,945 22,414 11,978 11,978 11,978 11,978 24,359 OTHER INCOME Unrestricted Restricted Funds Funds 2024 2023 Other income Renu room hire 10,786 7,311 2,533 2,533 2,533 2,533 18,097 EXPENDITURE CHARITABLE ACTIVITIES Direct Costs other Costs Support Costs 2024 2023 Expenditure on charitable activites 37,952 97,787 1,050 136,789 138,979 SUPPORT COSTS Charltable Activities 2024 2023 Support 1,050 1,050 750 ANALYSIS OF SUPPORT COSTS 2024 2023 Support 1,050 750 NET INCOME 2024 2023 Net Income is stated after chargingl(crediting): Depreciation of tangible assets 17,577 17,577 12
continued Sailortown Regeneration Group NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 INVESTMENT AND OTHER INCOME 2024 2023 Rent receivable - other income Sundry income 1,324 1,052 1,645 1,324 2,697 10. EMPLOYEES AND REMUNERATION The staff costs comprise: 2024 2023 Wages and salaries 52,688 50,365 11. TANGIBLE FIXED ASSETS Long leasehold property Total Cost At 31 March 2024 351,550 351,550 Depreciation At 1 April 2023 Charge for the financial year 17,577 17,577 17,577 17,577 At 31 March 2024 35,154 35,154 Net book value At 31 March 2024 316,396 316,396 At 31 March 2023 333,973 333,973 12. CREDITORS Amounts falling due within one year Accruals and deferred income 2024 2023 900 750 13. RESERVES 2024 2023 At the beginning of the year Surplus for the financial year At the end ofthe year 410,177 33,776 380,377 29,800 443,953 410,177 13
continued Sailortown Regeneration Group NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 14. FUNDS 14.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restricted Funds Funds Total Funds At 1 April 2022 Movement during the financial year 380,377 (47,456) 380,377 29,800 77,256 At 31 March 2023 Movement during the financial year 332,921 (3,432) 77,256 37,208 410,177 33,776 At 31 March 2024 329,489 114,464 443,953 14.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 April 2023 Income Expendlture Transfers between funds Balance 31 March 2024 Restricted funds Restricted Unrestricted funds Unrestricted General 77,256 156,054 118,846 114,464 332,921 14,511 17,943 329,489 Total funds 410,177 170,565 136,789 443,953 14.3 ANALYSIS OF NET ASSETS BY FUND Fixed assets - charity use Current assets Current Ilabilities Total Unrestricted general funds 316,396 128,457 (900) 443,953 316,396 128,457 (900) 443,953 15. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 14
SAILORTOWN REGENERA ION GROUP SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 15
Sailortown Regeneration Group SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS OPERATING STATEMENT for the financial year ended 31 March 2024 2024 2023 Schedule Income 169,241 165,740 Charitable activities and other expenses (136,789) (138,637) 32,452 27,103 Miscellaneous income 1,324 2,697 Net surplus 33,776 29,800 The supplementary information does not form part of the financial statements 16
Sailortown Regeneration Group SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 1 . CHARITABLE ACTIVITIES AND OTHER EXPENSES for the ftnancial year ended 31 March 2024 2024 2023 Expenses Wages and salaries Rent payable Insurance Light and heat Repairs and maintenance Telephone Computer costs Motor expenses Legal and professional Accountancy Staff welfare Volunteer expenses Project costs Subscriptions Depreciation 52,688 2,624 895 7,725 50,365 2,282 870 2,443 12,148 1,212 771 2,373 1,141 12 12,148 1,050 204 750 1,052 49,067 100 17,577 37,952 400 17,577 136,789 138,637 The supplementary information does not form part of the financial statements 17
Sailortown Regeneration Group SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 2 . MISCELLANEOUS INCOME for the financial year ended 31 March 2024 2024 2023 Miscellaneous Income Rent receivable- other income Sundry income 1,324 1,052 1,645 1,324 2,697 The supplementary information does not form part of the financial statements 18