COMPANY REGISTRATION NUMBER: N1031146 CHARITY REGISTRATION NUMBER: 102099 Eastside Partnership Company Limited by Guarantee Financial Statements 31 March 2024 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Eastside Partnership Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditor's report to the members 11 Statement of financial activities (including income and expenditure account) 17 ststement of financial position 18 Statement of cash flows 19 Notes to the financial statements 20
Eastside Partnership Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law. present their report and the financial ststements of the charity for the year ended 31 March 2024. Reference and administratlve detalls Registered charity name Eastside Partnershlp Charity registratlon number 102099 Company registration number N1031146 Prlnclpal offlce and reglstered Avalon House office 278-280 Newtownards Road Belfast BT41HE The trustees M Briggs S Douglas D Gavaghan M Gibson T Haire B Mcconnell J McAlpin A Mcmurray W Clark R Davison G Dorrian A Hassard A Irvine K Purdy G Robinson S Jackson A Flynn M Kelly R Mcmullan D Bell L Feeney S Burns F Bell B Anderson H Buick T Ripley- McElvogu8 M Stewart R Brooks (Resigned 1 September 2023) (Resigned 1 September 2023) (Resigned 9 June 2023) (Resigned 1 September 2023) (Resigned 1 September 2023) (Resigned 1 September 2023) (Resigned 1 September 2023) (Resigned 9 June 2023) (Resigned 1 September 2023) (Resigned 9 June 2023) (Resigned 9 June 2023) (Resigned 9 June 2023) (Appointed 1 December 2023) (Appointed 1 December 2023) (Appointed 1 December 2023) (Appointed 1 December 2023) (Appointed 1 December 2023) (Appointed 1 December 2023) (Appointed 1 December 2023) (Appointed 1 December 2023)
Eastside Partnership Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {continued) Year ended 31 March 2024 Reference and administrative details Company secretary Tony Wilson Auditor Finegan Gibson Ltd Chartered accountants & ststutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers AIB 11-15 Donegall Square North Belfast BT15GB Solicitors Hewitt and Gilpin 8 High Street Holywood Co. Down BT18 9AZ
Eastside Partnership Company Limlted by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (continued) Year ended 31 March 2024 Structure. governance and management Govemlng Document Eastside Partnership is a Company Limited by Guarantee and is a Charity recognised by the Charty 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. Appolntment of trustees Trusteeship follows from membership of the Charity, which is made up as follows: Community representatives 4 nominations from the community sector in the East Belfast area, and the Director of East Belfast Community Development Agency. Political representatives - 3 elected representatives from Belfast City Council and one e18Cted representative of Lisburn & Castlereagh City Council- The sitting Member of Parliament for East Belfast,. The Chairpersons of each subsidiary and working groups of the Charity,. Other representatives - up lo 4 nominations. Trustee induction and training A trustee induction process is in operation. Arrangements ftir settlng pay and remuneratlon of key management personnel The directors consider 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 14 to the accounts. The pay of the senior staff is set by r8ference to NICVA guidance and utilisation of NJC pay scales. In view of the nature of the charity, the diredors benchmark against pay levels in other similar size charities when appointing new members of key management. Organisatlon structure and how charity makes decisions Eastside Partnership is govemed by a Board of Directors. The charity is managed on a day to day basis by a Chief Executive, who is at the head of a management team as appointed by the Board of Directors. The Chief Executive, with the assistance of a management team manages the day to day activities of the Partnership, and reports directly to the Chairperson. The Chief Executive and management team also provide progres5 reports to all board meetings.
Eastside Partnership Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Structure, governance and management {contlnuedJ Audit and Risk Commlttee The ARC was set up in 2017 by the ESP Board in order to support them in thelr responslbilities regarding issues of risk, control, governance and associated assurance. The ARC has delegated responsibility on behalf of the board for ensuring that there is a framework for accountability- for examining and reviewing all systems and methods of control both financial and otherwise including risk analysis and risk management; and for ensuring the charity is complying with all aspects of the law. relevant regulations and good practice. The ARC membership consists of no fewer Ihan 3 directors appointed by the ESP board. at least 2 of whom will be from the parent board. and including the board chair. along with one external member to the committee who will be independent of the charity and who will bring relevant skills and expertise to tt. Pmject committees/boards For each of the key delivery projects. specific objectives are set by the board I committee for each project. and reported against on a quarterly basis to the partnership board. A stralegic business plan for each project I subsidiary company is also presented to the board. Neighbourhood Partnerships The Partnership previously established two neighbourhood partnerships- Inner East Neighbourhood Partnership and Tullycarnet Neighbourhood Partnership. The Neighbourhood Partnerships are in the form of 'coalitions of interesv. with a memorandum of understanding belween the Partnership and the two Neighbourhood Partnerships. This memorandum forms the basis of the relationship, support and facilitation provided by the Partnership. Subsidiary Companies The Partnership have 5 wholly-owned subsidiary companies as follows: •Avec Solutions Limited a trading company providing web design and hosting services to the voluntary, community and private sectors. •EastSide Property - a charitable propety development company which acquires and brings back into use unused and derelict properties and seeks to make that accommodation available for organisalions. individuals and companie5 making a positive contribution to the community. •EastSide Greenways - a charitable company which was established to promote and support the use. enjoyment and sustainability of the Connswater Community Greenway. .EastSlde Arts - a company which seeks to promote the development of Arts actlvities in East Belfast. .EastSide Tourism - a company which seeks to advance the education of the public regarding 8ast Belfast's artistic. industrial. political and social heritage. Relationships with related PaeS None of our trustees receive remuneration or other benefit from their work with the charity.
Eastside Partnership Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Structure. governance and management (CDntlnuedJ Risk management The company aims to mitigate the major risks it faces by implementation of the following procedures:. .Significant extemal risks to fijnding have led to the development of a strategic plan which clearly identifies funding requirements going forward. .Intemal control risks are minimised by the implementation of procedures for authorisation of all transactions with a financial implication. •Maintenanc8 of a company risk register, which is reviewed at meetings of the Audit and Risk Committee. Objectives and activities Purposes The purpose of Eastside Partnership. as expressed in its objects is to: (1) Promote urban regeneration, community development and the redevelopment and revitalisation of East Belfast and its environs (the "area of benefit") by all or any of the following means: .Design, promote, implement and evaluate slrategies concemed with improving the economic, social, cultural and environmental life of the inhabitants of the area of benefit., .Promote study and research. and develop and influence policy and practice. in the fields of urban regeneration and community development., .Engage with. promote co-operation among. and establish strategic partnerships beeen groups, organisations and agencies in the voluntary and community. statutory and private enterprise sectors., .Provide a forum for the discussion and debate of urban regeneration. community development and related issues and raise public awareness of these matters. •Provide strategic and practical support to community and voluntsry groups in Ihe area of benefiL •Such other charitable means as may from time to time be determined. (2) Advan the arts, including promoting and organising perfomiances and events which improve public access to andlor participation in the arts. (3) Advance education for Ihe public benefit by assisting and supporting schools and parents and facilitating the formation of partnerships to improve educational attainment in areas of social and economic deprivation. (4) Promote for the public benefit good community relations. religious and racial hamiony. social cohesion and equality and diversity.
Eastside Partnership Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu8d) Year ended 31 March 2024 Public Benefit The public benefits that flow from purpose (1) are: .A reduction in social inequalities .An increase in the range of facilities and services available to the public", .Improvement in the quality of services delivered to the public and in the efficiency and effectiveness of agencies delivering services to the public as a consequence of enhanced knowledge and understanding of the problems, obstacles and potential solutions.- heightened molivaÉion,' improved inter-agency co-operation. cTrordination and partnership working- and stronger inter-action beleen these agencies and the community., .Improved physical appearance of the built environment. resulting in a raising of people's sense of quality of life, well-being and aesthetic appreciation of their surroundings. •Enhanced opportunities for employment and training for residenls living in economically and socially deprived areas and consequently a reduction in poverty. unemployment and hardship. The public benefits that flow from purpose (2) are: •A broadening of understanding and awareness of arts and culture; .Increased opportunities for the public to access the arts as a result of an extending range of arts activtties and events taking place- .Enhanced quality of life and sense of well-being through engagement with and participation in creative artistic events and activities,. .Renewed enthusiasm for and belief in the arts as a means of expression and fulfillment. The public benefit that will flow from purpose {3) is: An improvement in educational attainment. capabilities and capacities and potential to secure employment by pupils living in areas of social and 8conomic deprivation The public benefrt that flows from purpose (4) is: A gradual transition to a safer, more stable and cohesive community and positive citizenship as a result of raised awareness and understanding. a shared sense of purpose and the creation of safe. neutral environments.
Eastside Partnership Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu8dJ Year ended 31 March 2024 Achievements and performance Report on activity 2023-24 Eastside Partnershlp, for reasons of effectiveness and good govemance, deltver much of their activity through wholly owned subsidiary companies, each of which will report separately. However, reference will also be made in this report as core partnership staff are also involved in supporting and coordinating the activities of all companies within the group. The main benefits of our activtties during the year were: a) Provision of a range of facilities and services available to the public; These are provided through our subsidiary company. Eastside Property. and separately reported there. Examples of services provided directly by the partnership through these facilities would include the provision of education through the Carew Centre and of heritage educational services through Eastside Visitor Centre and managing the heritage hub at Templemore Baths, which commenced in July 2023. b) Improvement in the quality of services delivered to the public and in the efficiency and effectiveness of agencies delivering servi$ to the public as a consequence of enhanced knowledge and understanding of the problems, obstscles and potential solutions; heightened motivation-, improved inter-agency co-operation, co-ordination and partnership working; and stronger inter-action between these agenGie5 and the communty; We have continued to work with key statutory, community and private sector interests to improve service quality, including for example in partnering with schools to deliver community based education initiatives through an agreed Education Framework, a more coordinated approach to the development of the Newtownards Rd, supporting the Inner East Neighbourhood Renewal Partnership and Tullycarnet Neighbourhood Partnership and through working with The Ex8CUtIV8 Office's Urban Village initiative. c) Improved physical appearance of the built environment. resulting in a raising of people's sense of quality of lrfe, well-being and aesthetic appreciation of their surroundings-, We continue to work with Belfast City Council to ensure C.S. Lewis squa and the Connswater Community Greenway is maintsined as a high quality facility for local residents. which has enhanced the physical appearance of this part of inner East Belfast, with heavy use by local residents and visitors alike and an increase in physical activity. We continue to lobby for further greenway development in east Belfasl through the Eastside Greenways strategy to contribute to the ongoing physical regeneration of of the area. d) A broadening of understanding and awareness of arts and culture; Through widespread engagement with local residents. businesses and elected representatives, alongside our social media promotional activity. many more people have come to appreciat8, and engage in, arts activity in the east of the city. We deliver all round arts and cultural activity at indoor and outdoor venues across east Belfast with a particular focus on C.S. Lewis Square as an important public space for cultural regeneration activity. The space hosts a variety of events for the local community and visitors alike which ranges from monthly markets, fitness sessions, family fun days and live music such as part of Eastside Art5
Eastside Partnership Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conllnued) Year ended 31 March 2024 Festival in July and the Eastside July Weekender, both showcasing in thriving and tslented artistic community. e) Increased opportunities for the public to access Ihe arts as a result of an extended range of arts activities and events taking place: We continue to deliver an all y8ar round community arts programme with a focus on local venues and opportunities which meets the needs of local people and in areas of social disadvantage and increasing public access to the arts for social impact and well-being. This included the weekly Eastside Arts Choir and the Big Kids Society which provides public creative workshops in a variety of different art forms. A new project called 'Creative Citizens, began with three main elements. the first will involve extensive research into what is currently available creatively in east Belfast and to identify the barriers to participalion in arts and creative activities in the area. Th8 second will use the research to inform the 'Everyday Creativity, project, a project which will encourag8 People across east Belfast to enjoy moments of creativty as they go about their daily lives. The third element of the programme will be the development and implementation of a training programme which will provide professional development opportunities and support creative career paths for people in east Belfast. We delivered the Eastside Arts Festival and C.S. Lewis Festival with programmlng to celebrate 'people and place, in the area, engaging local people to participate in the arts. The Greenway project continues to deliver an all year round animation programme which includes cultural activity as a driver of visits and use of the space to promote health and well being and civic pride. fj Renewed enthusiasm for and belief in th8 arts as a means of expression and fulfillment: With the audience growing. and numbers of volunteers increasing. for the wide range of arts activities delivered this year. this has been a clear indication of the increased commitment and enthusiasm which we have experiend. g) An improvement in educational attainment, capabilities and capacities and potential to secure employment by pupils living in areas of social and economic deprivation. We continue to utilise funding from the Dept of Justice via the Dept of Education to continue the Eastside Learning project with a variety of programmes to raise aspirations, improv8 educational attainment and develop community and statutory relationships for the benefit of children and families. Examples of this include the Eastside Early Years Network. Forest Schools Programme and ABC after school project. h) A gradual transition to a safer, more stable and cohesive community and positive citizenship as a result of raised awareness and understanding, a shared sense of purpose and the creation of safe. neutral environments. The partnership has continued to engage in city wide initiatives, particularly with the arts. tourism and regeneration initiatives beeen east and west Belfast. which has helped increase understanding and a sense of shared purpose as we cooperate on programme delivery. C.S. Lewis Square l Eastside Visitor cent has also opened up an entirely new 'shared space, with diverse programming to meet the needs of many people from many different backgrounds and traditions, right in the heart of the community and plans have now been developed to extend the centre.
Eastside Partnership Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conllnued) Year ended 31 March 2024 Financial revlew The results for the year are set out in detail on pages 17 10 34. The company returned net incomel(expenditure) for the year of £4.909 (2023'.£30,324). At 31 March 2024, the total funds of the charity amounted to £393,979 (2023.. £389.070), comprising restricted funds of £236,878 (2023.. £251,207) and unrestricted funds of £157,101 (2023: £137,863). The unrestricted funds are considered to be essential to provide sufficient funds to cover any unforeseen costs which may arise and fulfill the legal obligations of the charity in the event that current levels of income are not maintained. Investment powers and policy Aside from retaining a prudent amount in reserves each year most of the charity's funds are to be spent in the short term so ther8 are few funds for long tenn investment. The directors. having regard to the liquidity requirements of the organisation and to the reserves policy have operated a policy of keeping available funds in an interest bearing deposit account. Reserves policy and going Concern A policy has been implemented by the company in order to recognise the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed should equate to between 25Yo and 50 % of annual administration overheads. The aim is to provide sufficient funds to cover any unforeseen costs which may arise, as well as allowing for the payment of any liabilities which would arise should the company cease to operate. Plans for future periods The charity plans continuing the activities outlined above in forthcoming years, subject to satisfactory funding arrangements. The key themes outlined in the Eastside Partnership strategic plan will be the areas where resources are focused in the forthcoming year. Trustees. responsibilities staternont The trustees, who are also directors for the purposes of company law, are responsible for preparing Ihe trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charty twstees to prepare financial statements for each year which give a true and fair view of the stste of affairs of the charitable company and the incoming r8sources and application of resources, including the income and expenditure, for that period.
Eastside Partnership Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continueo) Year ended 31 March 2024 In preparing these financial statements, the trustees are required lo.. select suitable accounting policies and then apply them consistently", observe the methods and Principles in the applicable Charities SORP., make judgmen15 and accounting estimates that are reasonable and prudent- prepare the financial statements on the going concern basis unless it is inappropriate lo 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 lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hen¢e for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee al the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of whi¢h the Charity's auditor is unaware". and they have taken all steps that they ought to have taken as a Iru51ee lo make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. Small Gompany provislons This report has been prepared in accordance with the provisions applicable to companie5 enlilled to the small companies exemption. The trustees, annual report was approved on 6 December 2024 and signed on behalf of the board of trustees by.. Tony Wilson Charity Secretary 10
Eastside Partnership Company Llmlted by Guarantee Independent Auditor's Report to the Members of Eastside Partnership Year ended 31 March 2024 Oplnlon We have audrted the financial statements of Eastside Partnership (the 'charity') for the year ended 31 March 2024 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 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year than ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. 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 requiremants. We believe that the audlt edence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concem are described In the relevant sections of this report. 11
Eastside Partnership Company Limited by Guarantee Independent Auditor's Report to the Members of Eastslde Partnership (¢ontinued) Year ended 31 March 2024 Other information The other information comprises the infomiation included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except lo 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 statements, our responsibility is to read the other infomiation 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 apparenl material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion. based on the Vrk 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 whlch we are requlred to report by exceptlon 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 ststements are not in agreement with the accounting records and returns; or certain disclosures of trustee5' 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. 12
Eastside Partnership Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Partnership (contlnued) Year ended 31 March 2024 Responsibllltles 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 gtve 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. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concem, 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. 13
Eastside Partnership Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Partnership (continued) Year ended 31 March 2024 Auditor's responslbllltles for Ihe audit of the financlal statements Our objectives are to obtain reasonable assuran 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 taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misststements 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, remuneralion. bonus levels and performance targets. results of our enquiries of management about their own identificalion and assessment of the risks of irregularities; any matters we identified having obtsined and reviewed documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of nonwcompliance., 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 qUired 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 regulations that had a direct effect on the determination of material amounts and disclosures in the financial staternents. 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 fundamental for their ability to operate or to avoid a material penalty. 14
Eastside Partnership Company Limited by Guarantee Independent Auditorfs Report to the Members of Eastside Partnership feontinued) Year ended 31 March 2024 As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, wheth8r due to fraud or error, design and perfonn 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 intemal 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 intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitys ability to continue as a going concem. If we conclude that a material uncertainty exists. we are required to draw attention in our auditofs 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 auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentstion. structure and content of the financial statements, including the disclosures, and whether the financial statements represent th8 underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit. 15
Eastside Partnership Company Limited by Guarantee Independent Auditorfs Report to the Members of Eastside Partnership (conllnuod) Year ended 31 March 2024 As explained more fully in the Trustees, Responsibilities Statement (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and Intemational Standards on Auditing (UK). Those standards require us to comply with the Financial Reporting Council's (FRC'S) Ethical Standard for Auditors,, in the circumstances set out in note 27 to the financial statements. 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 state to the charitvs members those matters we are required to state to them in an auditorfs 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 charitys members as a body. for our audit work. for this report. orfor the opinions we have formed. Paul Dolan (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower g James Street South Belfast BT2 8DN 6 December 2024 16
Eastside Partnership Company Limited by Guarantee statement of Financial Activities {including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Totsl funds 2023 Unrestricted fijnds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 5.651 39,056 23,553 648 2,135 630,441 11,205 7.786 669.497 34.758 648 7,607 592,920 54,332 106 Total Income 68,908 643,781 712,689 654,965 Expenditure Expenditure on raising funds: Costs of other trading activities Expenditure on charitable activities Total expenditure (12,282) (3,241) (15,523) (14,868) (37,388) (654,869) (692.257) 1609.773) (49,670) (658.110) (707,780) (624,641) 10 Net income and net movement in funds 19,238 (14,329) 4,909 30,324 Reconciliation of funds Total funds brought forward Total funds carried forward 137,863 251,207 389,070 358,746 157,101 236,878 393.979 389,070 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 pages 20 to 34 forni part of these financial slatements. 17
Eastside Partnership Company Limited by Guarantee ststement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 15 266 532 Current assets Debtors Cash al bank and in hand 16 211,119 347,120 218.464 274,096 558.239 492.560 Creditors: amounts falling due within one year Net current assets 19 164,526 104.022 393,713 388,538 Total assets less current Ilabilitles 393,979 389.070 Net assets 393,979 389,070 Funds of the charity Reslricled funds Unreslricled funds 236.878 157,101 251,207 137.863 Total charity funds 21 393,979 389,070 These financial slalemenls have been prepared in accordan with the provisions applicable to companie5 subject lo the small companies, regime. These financial s121ements were approved by the board of trustees and authorised for issue on 6 December 2024, and are signed on behalfof the board by.. rL The notes on pages 20 to 34 fomi part ofthese financial ststements. 18
Eastside Partnership Company Limited by Guarantee statement of Cash Flows Year ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net income 4.909 30,324 Adjustments for.. Depreciation of tsngible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued expenses 266 {648} 6,855 116 11.339 (106) 660 11 Changes in.. Trade and other debtors Trade and other creditors 7,345 24,111 40,446 (33,858) 48,816 Cash g8nerated from operations 42.954 Interest paid Interest received (6,855) 648 (660) 106 Net cash from operating activities 36,747 48,262 Cash flows from Investlng actlvltles Purchase of tangible assets Net cash used in investing activities (797) (797) Cash flows from flnancing activities Proceeds from loans from group undertakings Net cash from financing activities 1,681 9.993 1,681 9,993 Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equlvalents at end of year 38,428 274,096 57,458 216,638 18 312,524 274,096 Thè notes on page3 20 to 34 fonn part of these fjnancial statsments. 19
Eastside Partnership Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information 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, 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 Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabillties 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 judgemenls, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng 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 earmarked by Ihe 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. 20
Eastside Partnership Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (contlnu•dJ Incoming resources All incomlng resource5 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 frorn donations or grants is recognised when there is evidence of entitlement to the gift, reGeipt is probable and its amount can be measured reliably. 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 returned rf 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 fvlly recovered, and is classified under headings of tha statament of financial activities to which it relates.. expenditure on raising funds includes the costs of all fvndraising 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 activities. All costs are allocated to expenditure categories reflecting the use of the resourc8. Dir8Ct costs attributable to a single activity are allocated directly to Ihat activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Tanglble 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. 21
Eastside Partnership Company Limited by Guarantee Notes to the Financlal Statements (¢ontinued) Year ended 31 March 2024 Accounting policies (contlnued) Tangible assets (contlnuedj 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, eXpt to which it offsets any pVIouS revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation D8pr8ciation is calculated so as to write off the cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows: Fixtures and fittings Computer equipment 330/0 Straight line 330/0 Straight line Impaimient 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 th8 purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 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 olher assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised onty when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 22
Eastside Partnership Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounting policies (contlnuodj Financial instruments (¢ontlnued) Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. other financial instruments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business tenns or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaimient at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the statement of finanGial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaimient are recognised immediately. to the 8xtent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impaimient not previously been recognised. Defined contrlbullon 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 exient that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmlted by guarantee The charity is a company limited by guarantee and every memb8r undertakes to contribute to the assets of the company in the event of it being wound up, while being a member or within one year after ceasing to be a member. such amount as may be required not exceeding £1. 23
Eastside Partnership Company Limited by Guarantee Notes to the Financlal Statements (Continued) Year ended 31 March 2024 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donatlons Donations Donations from subsidiary 1.793 3.858 2,135 3,928 3,858 5,651 2,135 7,786 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations Donations from subsidiary 2.193 2,193 5,414 5,414 5,414 2.193 7,607 Charitable activltles Unrestricted Funds RestriGted Total Funds Funds 2024 Department for Communities Belfast City Council The Executive Office Department of Education Tourism Nl National Lottery Rank Foundation GLL CFNI- Artemis other Projects 165,403 134.123 86,000 169,000 165,403 134,123 86,000 169,000 29.615 29.615 39,056 45,000 1,300 39,056 45.000 1.300 39.056 630,441 669,497 24
Eastside Partnership Company Llmited by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 March 2024 Charltable activities (contlnued) Unrestricted Funds Restricted Total Funds Funds 2023 Department for Communities Belfast City Council The Execulive Office Department of Education Tourism Nl National Lottery Rank Foundation GLL CFNI- Artemis other Projects 172,625 106,249 102,133 160,118 5,504 3,950 34,000 172,625 106.249 102.133 160.118 5.504 3,950 34,000 8.341 8,341 592.920 592.920 Other tradlng activities Unrestricted Funds Restricted Total Funds Funds 2024 Third party recharges Eastside Greenways Ticket sales Room Hire Tours Income 19,730 11.205 30.935 458 3,365 458 3.365 23,553 11,205 34.758 Unrestricted Funds Restricted Total Funds Funds 2023 Third party recharges Eastside Greenways Ticket sales Room Hire Tours Income 2.751 1.675 5.562 44.344 47.095 1.675 5,562 9,988 44,344 54.332 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest 648 648 106 106 25
Eastside Partnership Company Limited by Guarantee Notes to the Flnancial Statements (c¢tInued) Year ended 31 March 2024 Costs of other trading activities Unrestricted Funds Restricted Total Funds Funds 2024 IT support Renvserviced Office Training Project costs Marketing Support costs Meeting expenses 663 663 1,114 1,114 5,944 5,944 1,076 1.502 5,224 15.523 1.076 1.502 5,224 12.282 3,241 Unrestricted Funds Restricted Total Funds Funds 2023 IT support Renvserviced Office Training Project costs Marketing Support costs Meeting expenses 720 1,500 48 6,875 720 1,500 48 9,670 2,795 1.436 1,494 1,436 1,494 12,073 2,795 14,868 10. Expenditure on charitable activities by activity type Activities undertaken directly Support costs Totsl funds 2024 Total fund 2023 Urban Regeneration Neighbourhood Renewal Activities Arts activities Education activities Governance costs 358,876 65,243 213,103 50,625 409,501 65,243 213,103 4,410 330,301 49,896 225,376 4,200 4,410 637,222 55,035 692,257 609,773 26
Eastside Partnership Company Limited by Guarantee Notes to the Flnancial Statements (continued) Year ended 31 March 2024 11. Analysis of support costs Urban Regeneration Activities Total 2024 Total 2023 staff costs Premises Communications and IT Finance costs Governance costs 39.065 8.680 2.880 39,065 8,680 2.880 41.615 9.452 2,160 1,437 4,200 4.410 4,410 55.035 55,035 58.864 12. Net income Net income is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets Fees payable for the audit of the financial ststements 266 4,410 11,339 4,200 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 312,774 36,176 29,576 20,081 398,607 285,463 37,292 29,089 351,844 During the year there were redundancy payments made of £20.081. The average head count of employees during the year was 15 (2023: 12). No employee received employee benefits of more than £60.000 during the year (2023.. Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activitie5 of the charity. The total compensation paid to key management personnel for services provided to the charlty was £204.088 (2023:£255,337). 14. Trustee remuneration and expenses The charity trustees were not paid or received any other benefits from employment with the Charity in the year (2023: £Nil). No charity trustee received payment for professional or other services supplies to the charity (2023: £Nil). 27
Eastside Partnership Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 15. Tangibl8 fixed assets Fixtures and fittings Equipment Total Cost At 1 April 2023 and 31 March 2024 Depreclatlon At 1 April 2023 Charge for the year At 31 March 2024 18,763 35,110 51,873 16.763 34.578 266 51.341 266 16,763 34,844 51,607 Carrying amount At 31 March 2024 266 266 At 31 March 2023 532 532 16. Debtors 2024 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income 15,145 74,674 121,300 211,119 13,487 91,739 113,238 218.464 28
Eastside Partnership Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Investments The company is the sole member of Eastside Greenways, Eastside Arts, Eastside Propety Belfast, Eastside Tourism and Avec Solutions Limited. All companies are incorporated in Northem Ireland and are limited by guarantee. They are considered to be subsidiary undertakings of Eastside Partnership by virtue of the fact that the company is the sole member of each subsidiary undertaking. The additional information required in respect of the subsidiary undertakings of the company is iven below: Avec Solutions Limited Northem Ireland Limited Guarantee N10345540 Eastside Property Belfast Northem Ireland Limited uarantee N1034475 Propety Development Not for Profit EastSid8 Greenwa Northern Ireland imited uarantee N1615294 Promotion o reenway Not for Profit Eastside Arts Eastside Tourism orthern Ireland imited uarantee 1644116 ountry of Incorporation orthem Ireland imited uarantee 1628773 hares in issue om an number Principal activity IT Solutions Not for Profit rading om an NIA Festival Not for Profit ormant om an tatus har NIC101849 hari NIC100544 hari IC107782 Domiant IA hari number ggregate reserves at 1 March 2024 urplusl(deficit) for the ear ended 31 March 024 £79.374 £5,740,951 £635 725 £201,617 £105 £197,920 £112,289 £50.327 18. Cash and cash equivalents Cash and cash equivalents comprise the following.. 2024 2023 Cash at bank and in hand Bank overdrafts 347.120 (34.596) 312,524 274.096 274.096 19. Credltors: amounts falllng due wlthin one year 2024 2023 Bank loans and overdrafts Trade creditors Amounts owed to group undertakings Accruals and deferred inconie Social security and other taxes other creditors 34,596 23.967 59,664 12,857 28,882 4,560 164.526 15.995 57.983 12.741 17,303 104,022 29
Eastside Partnership Company Llmlted by Guarantee Notes to the Financial Statements feontlnu8d) Year ended 31 March 2024 20. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defin8d contribution plans was £29,576 {2023'. £29,089). 21. Analysls of charitable funds Unrestrictsd funds At 1 April 2023 At31 Transfers March 2024 Income Expenditure General funds 137,863 68,908 (49.670) 157.101 At 1 April 2022 At31 Transfers March 2023 Income Expenditure General funds 134.428 15,508 {10.617) (1.456) 137,863 Unrestncted funds notes General Fund This fund is the result of the charity's strategic objective to establish reserves which equate to beeen 25Q/o and 500/0 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 charity cease to operate. Restrlcted funds At 1 April 2023 At31 Transfers March 2024 Income Expenditure Education small grants Tourism small grants Urban Regeneration small grants Arts small grants Other Projects 2,402 9.714 2.402 9.714 25,742 2,662 58,089 (7,133) 18.609 2.662 62.617 14.640 (10.112) 30
Eastside Partnership Company Llmited by Guarantee Notes to the Financlal Statements (contsnued) Year ended 31 March 2024 21. Analysis of charitable funds (contlnued) At 1 April 2023 At31 Transfers March 2024 Income Expenditure Dfc Delivering Regeneration Urban Village Scaffolding project Urban Village Early Learning project BCC City Connections project Dept for Education WRAP Project Save the Children Urban Village Strategic Tourtsm Dormant Accounts Fund Nl BCC Diversionary Rank Foundation BCC CFF CSLF Newtownards Road strategic Plan BCC Carew Running Costs BCC July Weekender CFNI-Artemis 165,403 (165,403) 10 46,000 (46,000) 10 807 20,000 {20,000) 807 37,464 50,000 (50,000) 37.464 (530) 31,125 169,000 (168,470) {174) 30,951 20,000 (20,000) 50.883 (50,8831 17.839 29,615 6,915 (26.638) (6.915) 20.816 15,000 (9.174) 5,826 18.880 58,328 45,000 643.781 (18,880) (58,328) 45.000 251.207 (658.110) 236.878 At 1 April 2022 At31 Transfers March 2023 Income Expenditure Education small grants Tourism Small grants Urban Regeneration small grants Arts small grants Other Projects Dfc Delivering Regeneration Urban Village Scaffolding project Urban Village Early Learning project BCC City Connections project Dept for Education WFiAP Project 7,714 1,954 12,996 6,304 (18.308) 2.402 9.714 1,456 22.507 3,605 49.230 16,159 10,326 16,958 (12.924) (11.269) (8.099) 25.742 2.662 58.089 172,625 (172,625) 349 48,000 (48.339) 10 3,933 21,133 (24,259) 807 37,464 50.000 (50.000) 37.464 160.118 (160.648) (530) 31
Eastside Partnership Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 21. Analysls of charltable funds (¢on¢lnued) At 1 April 2022 At31 Transfers March 2023 Income Expenditure Save the Children Urban Village Strategic Tourism Domiant Accounts Fund 31,071 17,211 (17.157) 31,125 30,000 (20.000) (10,000) 66,491 (15.608) (38.627) (16.161) 50.883 BCC Diversionary Rank Foundation BCC CFF CSLF Newtownards Road strategic Plan BCC Carew Running Costs BCC July Weekender CFNI-Artemis 38.627 34,000 17,839 5.000 10,000 15,000 224.318 639.457 (614,024) 1,456 251,207 32
Eastside Partnership Company Llmited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2024 21. Analysis of charitable funds (contlnued) Restricted funds note Department for Communities - Delivering Effective Regeneration This represents the Contract for Funding between the company and the Department for Communities in order to deliver a regeneration strategy in east Belfast. Department of Education -.wrap around, educational support programme Funding provided by DE in order to run an educational support programme in east Belfast targeted at young people facing significant challenges. Belfast City Council - City Connections Funding provided by Belfast City Council in order to facilitate a tourism development and capacity building programme in east Belfast. The Executive Office - Strategic approach to tackling poverty (Scaffolding) Funding provided by the Executive Office under the Urban Villages programme in order to fund a part-time staff member in the Scaffolding project, which addresses areas such as holiday hunger and safe shared spaces. The Executive Office - Early learning project Funding provided by the Executive Office under the Urban Villages programme in order to fund a series of events in areas such as smoother transitions. a reading fair. and other educational training. The Executive Office - Eastside tourism strategic development Funding provided by the Executive Office under the Urban Villages programme with the aim of supporting the development of a strategic approach to tourism in the Eastside area. National Lottery Community Fund {Dormant accounts) - Organisational change Funding provided by the National Lottery Dom)ant accounts Nl fund in order to support a review of organisational structure and strategy, to inform the implementation of measures to build capacity, sustainability. and r8silience under the new organisational leadership. Belfast City Council Community diversionary festival fund - Eastival Funding provided by Belfast City Council in order to run a summer diversionary festival in east Belfast. Belfast City Council Community Carew running costs Funding provided by Belfast City Council in order to provide a contribution towards the running costs of the Carew Family Cenlre community faGility. Community Foundation Northern Ireland-Artemls Funding provided by Artemis via CFNI in order to support Eastside Learning programme delivery. The Rank Foundation - Volunteer development Funding provided by the Department for Communities via the Rank Foundation to support the costs of employing a volunteer co-ordinator. Other Projects Restricted grants awarded to the company to complete specific projects. 33
Eastside Partnership Company Limited by Guarantee Notes to the Financial Statements f¢ontinued) Year ended 31 March 2024 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 266 266 257,761 558,239 (21,149) (164,526) 236,878 393,979 300.478 (143,377) 157.101 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 532 532 308,327 492,560 157,652) (104,022) 251,207 389,070 184.233 {46.370) 137,863 23. Taxation The Charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly. there is no taxation charge in these accounts. 24. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Bank overdrafts Debt due within one year 274,096 73.024 (34,596) (1.681) 36,747 347,120 {34,596) {59,664) 252,860 (57,983) 216,113 25. Contingencies A contingent liability exists to repay grants received should certain condition5 not be fulfilled by the charity. In the opinion of the Trustees, the terms of the letters of offer have been, or will be, Complied with and no liability 15 expected. 26. Related parties There were no related party transactions incurred during the year. 27. 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.