REGISTERED COMPANY NUMBER: N1021888 (Noi'thern Ireland) REGISTERED CHARITY NUMBER: 103129 Report of the Trustees and Financial Statements FOR THE YEAR ENDED 31 December 2022 for WEST BELFAST ENTERPRISE BOARD LIMITED M.B.Mc Grady & Co Chartered Accountants StatOry Auditors Ratl]more House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS
WEST BELFAST ENTERPRISE BOARD LIMITED Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022 Page Report of the Trustees Report of the Independent Auditors Consolidated Statement of Financial Activities -Group 9 to 12 13 Consolidated Statement of Financial Position -croup 14 to 15 Statement of Financial Position -Parent 16 to 17 Consolidated Statement of Cash FIo)v5- Group Notes to the Consolidated Statement of Cash Flows- Group 18 19 Statement of Cash FIoiv5- Parent 20 Notes to the Statement of Casli Flows - Parent 21 Notes to the Financial Statements 22 to 36
WEST BELFAST ENTERPRISE BOARD LIMITED R¢port of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022 The tnte¢S who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by ChaTities'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finan¢tal Reporting Standard applicable in the UK ond Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectlves and alms The objectives of the charitable company are the promotion for the benefit of the public of urban or nwal regeneration in areas of social and economic deprivation and in particular in Wesl Belfast, but not exclusively, by all or any of the following means.. (a) Éhe relief of povety in such ways as may be thought fit. (b) th¢ relief of unemployment in such ways as may be Éhought fit, including assistance to fmd employment. (c) the advan¢em¢nt of education, training or retraining, particularly among unemployed peopl¢. and providing unemployed people witb work experienc¢. (d) the provision of fii)ancial assistance, technical assistance or business advkce or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other ¢haritabl¢ ne through help: (i) in setting up their own business, or (li) to ¢xisting businesses. (e} the cr¢ation of training and employment opportunities by the provision of workspace, buildings, allor land for use on favourable terms. To further such other purposes which are exclusively charitable under the law of Northern Ireland from time to time by providing grants (or other means deemed suitable) Èo charilies or other organisations or individuals as the directors in their absolute discretion detennine. Our strategic vision is driven by our founding principles with a clear intent to deliver our commitment of providing quality solutions within a quality framework with our customers and tenants. Public beneflt The trustees have read and had regard to the Northem Ir¢land Charity Commission's statutory guidance on Public benefit.
WEST BELFAST EIYTERPRISE BOARJ) LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022 STRATEGIC REPORT Achievement and perfoymance Charitable activities The financial year of 2022 was one of continued chall¢nge due to the easing of Covid Pandemic restrictions and downturn in the economy but was al80 coupled with some growth and success in the company. Th¢ company experienced Considerable challenges during the covid pandemic with a dOWnrn in customer spending and the general economic enviTomnent. Howev¢r, this was mitigated well. and tbe company assisted many tenants and companies throughout the year to ensure continued support. In the year, we have further developed our new social enterprise, Roar and Explore, a childr¢n's indoor play facility based in the Dairy Fann centre. We have added some new fa¢ilitie5 and have expanded the rang¢ of seIc¢S of the Last Level party alld gaming room. Roar and Explore provide free educational activities every Monday to Thursday, wl)i¢h are available to all ¢htldren on the premises. Thes¢ activities are learning through arts and crafts (Colin's crafts), learning through cooking and baking (Ellie's Eats). learning through stories, singing and dancing (Rami's Rhymes) and learning through sensory play (Tilly's Twists). These sessions ruli 5 days per week, 5 sessions per day, with an average of10 kids per session. This equates to approximately 12,000 children benefiting from these educational activities frorn January to December 2022. Every morning we provide a discounted toddler morning entry rate and free toast and juice for all the children. This ensures the children are provided with something to eat and drink plus it eocourag¢s their pareiits to bring them out of the house lo so¢ialize and play with other children of a similar age. Approximately 5500 children benefited from this. We offer a heavily discounted child minder enty rate, as we know that being a childminder can be quite a lonely form of work. We currently bave 142 childminders registered on this scheme, of which many are extremely regular users. It gives them an opportunity lo get out of tli¢ house, tti a safe environment for the kids in their car¢ to play, whilst they socialise and meet up with likeminded people. 4700 children benefited fi'om this. We also offer discount 2 for I discount for Perks card holders (J)rimarily for Blue light services) which was availed of approximately 1300 tin]es, fre¢ birthday passes to birtbd&y children from which 541 chilth'en benefited and free entry for staff ¢hildren which was used 175 times. We provide discounted entry rates for nurseries, schools. and clubs. The childreTh that come with these nurseri¢s. schools and clubs are also provtded with free toast and juic4 from which over 1500 children benefited. We also provide free parties (play, juice, hot meal and dessert) tbrough various competitions and in support of local community groups and clubs. 250 benefited from this. in addition to over 300 free pass¢s which wer¢ also provided to local ¢ommunity groups, clubs and fundraisers. We contillued to grow and expand Pure Class Fitness, our social enterprise gym (purchased in 2020) to create additional jobs and to also provide opportunities for p¢rsonal trainers ill the area. The gym has also offered free classes, free sessions and space to the local Community. It has also donated nnY free gym memberships to local community organisations in the area of social n¢ed. We have enhanced programmes to include yoga and mindfulness to ty to help with the increasing mental health and rehabilitation issu¢s in our immediate local community. We have formed several partnerships with local mental health care providers lo offer free and discounted memberships rates. The properties at Twin Spires.. Boucher Business Studios and Dairy Farni hav¢ received upgrades with the attraction of some new businesses to the site even during the pandemic. These hav¢ included new ground works,. internal upgrades. additional facilities such as electric chargillg stations etc. We have been working closely with tenants throughout the year to help support, sustain; develop and grow their businesses. The Ir&ining and development programmes for the company delivered on 123 initial business assessments. 64 business plans for people starting up in business; assistance to 41 businesses who started trading in the year. business advice and guidance to over 200 clients.
WEST BELFAST ENTERPIUSE BOARD LIMITED Report or the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022 We assisted 3 clients to receive mentoring and support in applying for an ENI loan lld. One of these clients has received ongoing menloring and support from us for a year. We assisted 35 existing business owners within the community with guidance and support with their business queries. We assisted 156 clients in beginning the process of becoming self-employed and 59 clients in the pro¢ess of choosing the appropriate legal stru¢ture and r¢gistering their business. We have been involved in developing new programme with NI Explore Enterprise Support. This programme will be aimed at members of the community who are currently economically inactive and will provide one to one mentoring and guidanc¢ in achieving their goals of being employed or starting up their own business. This will begin in 2023. We assisted 22 clients from past programmes with support to access additional programmes: additional training and development opportunities and access to finance. We donated over 384 hours of free advice and mentoring to tenants and individuals that could tLOt be supported through our programmes. This has ranged from mentoring. marketing support. business support and guidance. and assistance with access to financ¢ and grant support. Westlink Enterprises Ltd has perforn]¢d well financially and has been on target in tem]s of financial [Crn and occupancy levels. We have made some substantial improvements on the site and the adjacent sile including resurfacing works and conti]Jue to re-invest back into the area. We also regularly liaise with community partners in the area. Flex Language S¢rvices Ltd face-to-face job numbers have steadied in 2022 due to the out worktngs of ongoing COVID-19 procedures within the public services that are demanding a different way of interpting. This has resulted in the number of telephone interpreting assignments increasing. We hope that face to face job numbers will rise again in 2023 as the restrictions lift and publÉ¢ services return to office and with FLEX being awarded the Contract for face-lo- face Interpreting in the Public Sector for the next four years. In 2022 FLEX concentrated on interpreter training having 9 training progr&mme$ for int¢rpreters, amounting to more than 100 newly trained interpreters in 17 different languages. This Interpreter training was upgraded from an endorsed course to a qualification though the European Framework. FLEX have also concentt'ated on fiwiher CPD development and investment in their interpreters through an intekyr¢ter's perks programme. Flex also initiated a mental health programme for interpreters iii partnersliip with Inspire. Ortus Prop¢rty Services has perfonned well in Éhe year against projections and has solidified ils management contracts across the board. We have expanded tILe property management services in the year with a contract to support St Comgalls Social enterprise project. This managem¢nt contract has now been fully implemented in 2022 We have &lso returned lo service with Fire Risk Nl as w¢ were able to access premises once Covid Restrictions were eased. We have added to the portfolio of properties with the purchase of the sile adjacent to Westlink and are planning furtber development on that site. We purchased Whiterock Business Park and have invested considerably to have tbe new park (Cityview Business Park) opened. This has been a vacant site for alrnost 20 years and we have completely regenerated the site, facilitaltng the creation of many new jobs in an area of social and economic deprivation. Both these projects became fully operational ill 2022 and are provtding a great service in those communities. We have also supported many schools and charities in our community over 2022. Th¢se have included a number of Aisling bursaries to people re-entering or returning to education and learning. supporting local schools with sports equipment. and supporting lo¢al festivals and activities for children.
WEST BELFAST ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022 STRA TEGIC REPORT Financial revie)v FinAnei21 position The Consolidated Statement of Financial Activities for the year ended 31 December 2022 and Consolidated and ompany Balance Sheets as at that date ar¢ shown in the attached financial stst¢menls. Total income for the year to 31 December 2022 is £3,075,588 (2021 £2.908,939 which is up £166,649 on the previous year. Total expenditure for the year i5 £2,712,953 (2021: £2.362.910) which is up £350,043 on the previous yeai. Net surplus for tlie year before fair value movement was £362,635 compared to net surplus of £546,029 before fair value movement, for tlie previous year. The Statement of Financial Position remains healthy with Net Assets in excess of £10 million, of which all but £7,406 relates to unrestrficted llds. SigThificant capital expendire of approxirnately £240,000 was incurred iii completion of the Whilerock propety. Reserves policy The Board of Trustees has established a policy whereby the Unrestricted Funds not committed or invested in tangible fixed assets for charity use ('the free reserves,) held by the Company sliould be between 3 and 6 months of the resources expended. At this lev¢l, the Tmstees feel that they would be abl¢ to Continue the Cuent activities of the company. In tlie event of a significanl drop in funding, it would obviously be necessary to consider how the funding would be replaced or activities changed.
WEST BELFAST ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022 STRATEGIC REPORT Prineipal risks and uncertalnties The trustees have a risk management strategy in place which comprises.. An annual review of the risks the company and its subsidiaries face by the Finance audit and risk committee and the board of trnstees. The quarterly monitoring of risks by the Finance, audit and risk committee. The annual external review of risk and risk procedures as part of the ISO (luality management audit. The establishment of systems and procedures to mitigate those risks identified in the plan, and. The implementation of procedures designed to minimise any potential impact on tbe company should those risks materialise. This strategy has helped identify the major risks to which the Company is potentially exp05¢d, assessed those risks and put in pla¢e systems to mitigate the risks.The tStee$ are cornmitted to adopting best practice in the identification, evaluation and cost effective control of risks, to ensure that the chaTlties exposure is minimised or eliminated where possible. Principal areas of risk identified as a result of the processes in place iD¢lude; Financial risk The highest risk identified is the impact of the current economic climate on revenue streams and tbe effect of external influences and legislation on its ability to manage ¢osÉs. To manage this risk a stringent budgeting procedure has been established to identify and maximise all income streaTns and ¢0 tightly mange cost control. In addition an ongoing programme of reviewing and updating the ¢ntlTe organisations operation procedures and policies has commen¢¢d. Operational risk Ensuring the provision of its servi¢es to the groups many tennets and ¢ustomers. Service provision & quality of same is given Ihe bighest priority within the charity. Health and Safety A detailed plan of assessments. training and reviews has been developed and implem¢iited to ensure tbe physical risk of injury or liability to any service user, staff member or member of the publie when assessing the charities facilities or services is minimised. In addition to the above a detailed risk register is kept and reviewed by the trnstees and they are satisfied ihat the systems in place manage exposure to the major risks identified. Business continuity plans exist for every major service area and these are reviewed regularly.
WEST BELFAST ENTERPRJSE BOARD LIMITED Report (bf the Trustees FOR THE YEAR EP4DED 31 DECEJtBER 2022 STRATEGIC REPORT Future plans The trustees are fully committed to a robust programme of reinvestment of surpluses into the company through a detsiled capital investment plan across the five sites. We acquired the site adjarent to the Westlink site and will invest in an area of high social and economic deprivation with the hope to attract new businesses and jobs to that area. We have also acquired the NVhitero¢k site and completed a substantial investment plan in 2022 to allow us to attTa¢t new business and jobs into allother area of high socio-economic deprivation. This project is not phase I complete and has made a substantial impact in the area. We also hope to contitkue to develop plans foi several new sites and are working closely with Government Departments lo develop sustainable development plans for these siles. However. the capital works planned for 2023 will focus on the development of the physical infrastEUCture of the site adjacent Westlink Enteryrise Park. the Dairy Fann complex and the Whiterock site. It is our intention to complete relatively major groundworks across the sites in 2023. develop a sit in ice crean) pai'lour and safe space at Dairy Fann to compliment the new local Colin Park initiative. and develop a solar energy policy and implementation. There will be an expansion of training and development services which will target the hardest to reach in our ¢on)munities with resource allo¢aled specifically lo assist unemployed people to get back to work and self-¢mployment. The Trnstees are regularly reviewing the ¢urrent impacts crisisleconomi¢ downturn. spirally costs and its potential effects on the business- tenants and the local community. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils governing documenL a deed of trust, and constktutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The company is govemed by a Board of Trnslees which operates as detailed in the company's governing do¢umenL the Menlorandum and Articles of Association. The Board meets between six and eight limes per year. The wbwmmittee, the audit ¢ommittee, meet on a quarterly basis and the other committees meet as necessary. A chief executive is appointed by the board to administer tbe day to day operations of the company and its subsidiaries. In the 2022 year, these meetings took place over Zoomrreams and in person as per government guidance during the Covid pandemic. The Board of InEStees also met to review the year and worked to assist operational staff with the strategic plan for the year ahead. To facilitate effective operations the chief executive, Mr Seamus O'Prey has delegated authority approv by the trustees for operational matters su¢h as finance, employment and the delivery of its training objective5. Recrultment and appointment of new tru$tee$ Due to the nabjre of the charity's work the trustees seek to ensure that these n¢eds are appropriately reflected tbrough the diversity of the trnstee body. To enhance the potential pool, trustees are requested to provide a list of their skills (and update it ¢a¢h year) and in the event of particular skills lacking or being lost due to retirement, individuals are approached to offer themselves for election. Induction and trainfing of new trustees The board conduct skills The chief executive ensures that appropriate induction and training is gÉven to all new and existing trustees. Each new trust¢e is provided with a pack of infornjation about the group and their responsibiliti¢s and is giveii an oppothinity to meet all stsff. Key management remuneratlon The setting of the pay and remuneration of the key management personel is delegated to the Rcrnuneration Committee, made up of several ttustees.
WEST BELFAST ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECETrtBER 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties Wesl Belfast Enterprise Board Limited is the parent company of the following wholly owned subsidiary companies.. N1019927 N1608161 W¢stklink Enterprises Limited Flex Language Services Limited Roar & Explore Dairy Farn] Limited Pure Class Dairy F&lln Limited Fire Risk NI Limited Ortus Property Services Limited N1652507 (Charity no. 107683) N1671387 N1617908 N1616142 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number NE021888 (Northern Ireland) Registered Charlty number 103129 Registered ol£t Ortus 155 Northumberland Street Belfast BT13 2JF Trustees Mr James Joseph Collins Prof Robert Wallace Ew3rt Mrs Liz Groves Mr Gerard Mccann Mrs Jacqueline Mccoy Mr Terry M¢¢rudden Mr Noel Francis Rooney Mr Gerry Ward Community Ms Etner Hinplley (appointed 221612022) Mrs Arlene O'connor (appointed 221612022) Company Secretary Mrs Jacqueline Mccoy Audltors M.B.Mc Grady & Co Chartered Accounlanls Stattitory Auditors Rathmore House 52 St Patricks Avenue Downpatrick Co. Dow BT30 6DS STATEMENT OF TRUSTEESI RESPONSIBILITIES The tNstees (who are also the directors of West Belfast Enterprise Board Limited for the purposes of company law) are i¢sponsible for preparing th¢ Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financi81 R¢porting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
WEST BELFAST ENTERPRISE BOARD LIMITED Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF TRUSTEES, RESPONSIBILrrIES - contlnued Company law requires the truslees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial ststements, the irustees are Tequired Éo sele¢t suitable accounting policies and then apply them Consistently. obserye the methods and principles in the Charity SORE; make judgements and estimates that are reasonable and prudent. stale whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unles5 It is inappropriate lo pr¢sume that the charitable company will continue in busilless. The trustees are responsible frir keeping prop¢r accounting re¢ords which dis¢lose with reasonable accuracy at any time the fmancial position of tbe ¢haritable company and to enable them to ensure that the fmancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of th¢ charitable compatty and hence for taking reasonable steps for the prevention and detectioJ] of fraud and other I¢glarItIes. In so far as the trustees are aware; there is no relevant audit inforniation of which the charitable company's auditors ar¢ unaware; and the Iwstees have taken all steps that they ouglit to have taken to make th¢tnselv¢s aware of any relevant audit information and to establish that the auditors are aware of that infonnalion. AUDITORS The auditors. M.B.Mc Grady & Co, will be proposed for re-appointment at the forthcoming Aonual General Meeting. Report of the Inte¢s, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 April 2023 and signed on the board's behalf by.. Mr James Joseph Collins- Trustee
Report of the Independent Auditors to the Trustees and Member5 of West Belfast Enterprise Board Limited Opinion We have audited the fanCIal statements of West Belfast Enterprise Boai'd Liinited (the 'charitable parent coinpany,) and its subsidiaries ('the group,) for the year ended 31 Deceinber 2022 which coinprise the consolidated Statement of Financial Activities, the consolidated and parent company Statement of Financial Position, the consolidated and parellt Stateinent of Cash Flows and notes to the financial statements, iiicluding a suininary of significant accounting policies. The financial reporting frainework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pi'a¢tice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our Oplliion the financial statementS'. give a tt'ue and fair view of the state of the gi'oup's and of the charitable parent company's affairs as at 31 De¢embei' 2022 and of the group's incoming resources and application of resources, including its income and expenditure, for the yeai. tlien ended. have been propei'ly prepared in accoTdance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Repoiting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Con]panies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK} (ISAS (UK)) aiid applicable law. Our respoiisibilities under those standards are furtlier described in the Auditoi's, responsibilities for the audit of the financial stateiiients section of our report. We are independent of the gi'oup and chai'itable pai'ent coiiipany in accordance with the ethical requireinents that are relevant to oui. audit of the fmancial stateinents in the UK, including the FRC'S Ethical Standard, and we have lfilled our othei. ethical responsibilities in accordance with these requireinents. We believe that the audit evidence ive have obtained is sufficient and appi'opriate to provide a basis for oiii. opinion. Coiielusions relsting to going concern In auditing the fuiancial stateinents, we have concluded that the trustees, use of the going concern basi5 of accounting in the pi'eparation of tlie fmancial stateinents is appropriate. Based on the work we have perfonned, we have not identified any niaterial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and cliaritable parent coinpany's ability to contlliue as a going concem for a period of at least twelve months from when the fiiiancial stateinents are authorised for issue. Our responsibilities and the responsibilities of ihe trustees with respect to goinry concern are described in the i'elevant sections of this repoit. Other information The tlll5tees are responsible for the other infonnation, The other infoiM)atioii coinprises the uifor]nation tncluded in the Annual Repoit, othei. than the financial statements and our Report of the tndependent Auditors thereon. Our opinion on the financial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the othei. infonllation and, in doing so, considei. whether the other inforination is inaterially inconsistent with the fanCIal statements or our knowledge obtained in the audit or othenvise appears to be materially inisstated. If we ideiitify such material inconsistencies or apparent inaterial inisstateinents, we are required to deterinine whether this gives i'ise to a material misstateinent in the fmancial statements themselves. If, based on the woi'k we have perfonned, we conclude that there is a Inaterial Inisstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infonnation given in the Report of the Trustees for the fmancial year for which the fmancial stateinents are prepared is consistent with the fmancial stateinents. and the Report of the Trustees has been prepai'ed in accordance with applicable legal requirements.
Report of the Independent Auditors to the Trustees and Members of West Belfast Enterprise Board Limited Matters on whieh we are required to report by exception In the light of the knowledge and understanding of the group and the charitable parent company and its environnient obtained in the course of the audit, we have not identified material inisstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Coinpanies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the group or parent coinpany or returns adequate for our audit have not been received fvoin branches not visited by us. or the group or parent coinpany financial stateinents are not in agreement with the accounting records and returns. or ceitain disclosures of tt'ustees, reinuneration specified by law al'e not made. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained inore fully in the Statement of Trustees, Responsibilities. the tt-ustees (who are also the directors of the charitable cojnpany for the purposes of coinpany law) are responsible foi. the preparation of the fmancial statements and foi. being satisfied that they give a true and fair view, and for such intenial control as the trustees detennine is necessaiy to enable the pi'eparation of fmancial stateinenls that are free froin inaterial Inisstateinent, whether due to fraud oi. error. In prep81.ing the fmancial stateinents, the trustees are responsible foi. assessing the group's and charitable parent coinpany's ability to continue as a going concern, disclosing, as applicable, Inatters related to going concern and usino the going concern basis of accounting unless the trustees either intend to liquidate the 'Ollp or the charitable parent coinpany or to cease operations, or have no realistic alternative but lo do so. io
Report of the Independent Auditors to the Trustees and Members of West Belfast Enterprise Board Limited Our responsibilities for the audit of the financial statements Our objectives are to obtain reasoiiable assui'ance about whether the financial statements as a whole are free from Inaterial misstateinent, whethei. due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assu17nc¢, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a inaterial misstateinent when it exists. Misstateinents can.arise froin fraud or error and are considered inaterial if, individually oi. in the aggregate, they could reasonably be expected to influence the e¢onoinic decisions of users taken on the basis of these fu)ancial statements. The extent to which oui. procedures are capable of detecting irregularities, including fraud is detailed below.. The following are required to be Considered.. the nattjre of the industy and sector. control envirornnent and entity pei'fonnance. results of oui. enquires of manageinent, about their own identification and assessment of the risks of irregularities. review of coinpany policies and procedures i'elating to: identifying, evaluation and cojnplying with laws and regulations and whether they are aware of instances of noncompliance. detecting and responding to the risks of fraud and whether they have any knowledge of any actual, suspected or alleged fraud; the internal controls established to initigate i'isks of fraud or iion-coinpliance with law5 and regulations: the matteTS discussed ainong the audit engaoeinent team and specific component audit teams regai'ding how and where fraud inight occur in the financial stateinents and any potential indicators of fraud. Because of these procedure5, we considered the opportunities and incentives that may exist within the group and charitable parent company for fraud and identified the greatest poteiitial for fraud is in relatioii to fair value Inovements 011 investment propeity, coiiipleteiiess of incomes, expenditure not being applied in line with intended purposes and the calculation and payment of salaries. In coininon with all audits under ISAS (UK), we are also required to perforin Specific procedui'es to respond to the i-isk of inanageinent override. Audit response to risks identified. The current audit is conducted with professional scepticisin using procedures that 8re in accordance with InteiTrational Standards on Auditing. In i'esponding to the identified key audit inatters above we obtained an understanding of the charity'5 objectives and income streams tocrether with tlie salaiy calculation and pi'ocessing process, we perforined enquire5 of inanageinent and inspected relevant docuinents and calculations, verifying incoines and expendiwres, assessing the coinpleteness and accuracy of disclosures within the financial stateinenls and concui'iEd the figures wei'e materially accui'ate, In addition to the above, oui- pi'ocedures to respond to risks identified include the following.. reviewing the full financial statement disclosures and testing to supporting docuinentation to assess cojnpliance with provisions of i'elevant laws and regulations desci-ibed as having a direct effect on tli¢ ffftancial stateinents. enqull'ing of manageinent conceins of actual and potential lititratioii and claims. reviewing basis for calculating fair value of iiivestment property and cornpare to inarket conditions. perforniing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstateinent due to fraud- reading ininutes of meetings of those Charged with goveinance. obtained an understanding of provisions and held discussions with manageinent to understand the basis of recognition or non-re¢ognition of provisions., and in addressing the risk of fraud through inanatsement oveii'ide of controls, testing the appropriateness of journal enti'ies and other adjusttnents. assessing whethei. the judgements made in inaking accounting estiinates are indicative of a potential bias. and evaluating the business rationale of any significant transactions that are unusual or outside the nonnal course of business. We also coinmunicated relevant identified laws and regulations and potential fraud risks lo all engagement team rnembers and significant component audit teains, and remained alert to any indications of fraud or non¢oinpliance with laws and regulations throughout tlie audit. A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilitie5. This description fonns part of our Report of the Independent Auditors.
Report of the Independent Auditors to the Trustee5 thnd Members of West Belfast Ente.rprlse Board Limited Use ot. our report This report is Inade solely to the charitabl¢ company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Oiir aiidil woik has been iinderlalcen so that we niight slate lo the charitable coinpany's meinbcrs Il)ose Inallers we are required lo slate lo Iliem in an auditors, report and for no other purpose. To the fullest exteiit permitled by law, we do not accept or assuine r¢spoiisibility to anyoiie other than the charitable compaiiy aiid the chai'itable company's membeiE as a body. for our aiidit work, for this report, or for the opinions we have formed. Malachy ady( for and o Ifof Cliarlered Accounlanls Statutory Aiiditors Rathinore House 52 St Patri¢ks Avenii¢ Downpalrick Co. Down BT30 6DS eiiior Stat loiy ady udilor) .B.M Date.. 12
WEST BELFAST ENTERPRISE BOARD LIMITED Consolidated Statement of Financial Activities - Group FOR THE YEAR ENDED 31 DECEMBER 2022 3J112122 Total funds 31112121 Total funds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable activities 2,227,019 2,227,019 1,905,219 Other trading activities 848 569 848 569 1003 720 Total 3,075 588 3,075,588 2 908 939 EXPENDITURE ON Charitable activities Charitable activities 1,905,887 1,905,887 1,633,559 Other resources expended 807,066 807 066 729,351 Total 2,712 953 2,712,953 2,362,910 Net gains on investsnents 3 142,712 NET INCOME 362,635 362,635 3,688,741 RECONCILIATION OF FUNDS Total ndS brought forward 10,405,739 7,406 10,413,145 6,724,404 TOTAL FUNDS CARRIED FORWARD 10,768,374 7,406 10,775,780 10,413,145 The notes fom part of these fmancial statements 13
WEST BELFAST ENTERPRISE BOARD LIMITED Consolidated StAtement of Flnancial Posltion - Group 31 DECEMBER 2022 31112122 Total funds 31112121 Total funds Uttrestri¢ted funds Restricted fund Notes FIXED ASSKTS S¢ed¢orn ndS Tangible assets Investments Investments Investment property - Group 7,406 7,406 215,925 7,406 227,127 12 215,92S 13 13 190 444 13 190 444 12 980 000 13,406,369 7,406 13,413,775 13,214,533 CURRENT ASSETS Stocks - Group Debtors Cash at bank 14 15 3,700 290,006 1092,691 3,700 290,006 1092 691 3,700 322.042 l 196 798 lJ86,397 1,386,397 1,522,540 CREDITORS Amounts falling due within one year 16 (1,047,693) (1,047,693) (1,122.401) NET CURRENT ASSETS 338 704 338.704 400.139 TOTAL ASSETS LESS CUIIRENT LIABILITIES 13,745,073 7,406 13,752,479 13,614,672 CREDITORS Amounts falling due after more than one year 17 (2,976,699) (2,976,699) (3,201,527) NET ASSETS 10,768,374 7,406 10,775,780 10,413,145 FUNDS Unrestricted ThdS Restricted llds 21 10,768,374 10,405,739 TOTAL FUNDS 10 775,780 10,413 145 The notes forn) part of these fanCIal statements 14 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Consolidated Statement of Flnancial Position- Group - contlnued 31 DECEMBER 2022 The fancial statements were approved by tbe Board of Trnstees and authorised for issue on 26 April 2023 and were signed on its b¢half by.. Mr James Joseph Collins - Trustee The notes forn] part of these finan¢ial statements 15
WEST BELFAST ENTERPRISE BOARD LIMITED Statement of Financlal Position - Parent 31 DECEMBER 2022 31112122 Total fund5 31112121 Total funds Unrestricted funds Restricted fund Notes FIXED ASSETS Seedcorn funds Tangible assets Investments Investments Investment property - Parent 7,406 7,406 34,701 7,406 39,171 12 34,701 306 12,090 444 306 12 090,444 306 11880,000 13 12,125,451 7,406 12,132,857 11,926,883 CURRENT ASSETS Debtors Cash at bank 15 567,740 727 699 567,740 727 699 652,131 801581 1,295,439 1,295,439 1,453,712 CREDITORS Amounts fallffing due wiihin one year 16 (765,476) (765,476) (888,047) NET CURRENT ASSETS 529,963 529 963 565 665 TOTAL ASSETS LESS CURRENT LIABILITIES 12,655,414 7,406 12,662,820 12,492,548 CREDITORS Amounts falling due after more than one year 17 (2,907,838) (2,907,838) (3,124,655) 1¥4ET ASSXTS 9,747,576 7,406 9.754,982 9,367,893 FUNDS Unrestricted fund5 Restricted funds 21 9,747,576 9,360,487 7.406 TOTAL FUNDS 9 754,982 9.367,893 The notes fotm part of these findncial statements 16
WEST BELFAST ENTERPRISE BOARD LIMITED Statement of Financial Position - Parent -continued 31 DECEMBER 2022 The financial statements were approved by the Board of Trustees and authorised for issue on 26 April 2023 and were sigtked on its b¢half by.. Mr Jame5 Joseph Collins - Trustee The notes fotm part of these financial statemenÉs 17
WEST BELFAST ENTERPRISE BOARD LIMITED Consolidated Statement of Casli Flows- Group FOR THE YEAR ENDED 31 DECEMBER 2022 31112122 31112121 Notes Cash flows from operating activities Cash generated fi'oin operations Interest paid Interest element of hire purchase payments paid 577,703 (152,767) 665,839 (117,819) 860) 897) Net cash provided by operating activities 424,070 547,123 Cash floivs from investing activities PuTchase of tangible fixed assets Pui'chase of investsnent propeity (25,758) 210 444 (55,573) 426,431) Net cash used in investiiig activities 236,202) 482,004) Cash flows from financiiig activities New loans Loan capital repayinents Hire purchase finance received Hire purchase capital repayinents 70,000 (376,699) 17,000 4,568) 327,513 (385,529) 5,054) Net cash used in fmancing a¢tivitie5 294,267) 63,070) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (106,393) 2,049 1,171,146 1,169,097 Cash and cash equivalent5 at the end of the reporting period 1,064,753 1,171,146 The notes fonn part of these fmancial staternents 18
WEST BELFAST ENTERPRISE BOAIiD LIMITED Notes to the Consolidated Statement of Cash Flows- Group FOR THE YEAR ENDED 31 DECEMBER 2022 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31112122 31112121 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation chai'ges Gains on investments Intei'est paid Interest elemeiit of hire purchase and fmance lease rental payinents Deth'ease in debtors Decrease in creditors 362,635 3,688,741 36,960 38,185 (3,142,712) 117,819 897 12,541 49,632) 152,767 860 35,668 11,187) Net cash provided by operations 577,703 665,839 ANALYSIS OF CASH AND CASH EQUIVALENTS 31112122 31112ni Notice deposits (less than 3 Inonths) Ovei-drafts included in bank loans and overdrafts falling due within one year 1,092,691 27,938) 1,196,798 (25,652) Total cash and cash equivalents 1,064,753 1,171,146 ANALYSIS OF CHANGES IN NET DEBT At 111122 Cash flow At 31112122 Net cash Cash at bank Bank overdrafts 1,196,798 (104,107) 2,286) 1,092,691 27,938 1,171146 106,393) 1064,753 Debt Finance leases Debts falling due within l year Debts falling due after l yeai- (2,189) (408,000) 3,201,527) (12,432) 71,500 235,199 (14,621) (336,500) 2 966,328) 3 611716 294 267 3,317,449) Total 2,440,570 187,874 2,252 696 The notes forrn part of these fmancial stateinents 19
WEST BELFAST ENTERPIUSE BOARD LIMITED Statement of Casli Flows- Parent FOR THE YEAR ENDED 31 DECEMBER 2022 31112122 31112121 Notes Cash flows from operating activities Casli generated from operations Interest paid Interest element of hire purchase payments paid 565,015 {136,445) 718,690 (105,413) 407) 897) Net cash provided by operating activities 428,163 612,380 Cash floivs from investing Aetlvitle5 Purchase of tangible fixed assets Purchase of investment propety (3,713) 210 444 (5,399) 426,431 Net cash used in investing activities 214 157 431,830 Cash flows from financing &ctlvlties New loans Loan capklal repayments Hire purchase capital repayrnents 70,000 (358,317) 277,513 {382.401) 5,054) Net cash used in financing activities 290 506) 109 942) Change In cash and eash equivalents ITh the reportlng period Cash and cash equivalents At the beglnning of the reporting perlod (76,500) 70,608 777 897 707,289 Cash and cash equivalents at the end of the reporting period 701397 777 897 The notes form part of these flllancial statements 20 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Statement of Cash Flows - Parent FOR THE YEAR Ef4DED JI DECEMBER 2022 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31112122 31112121 Net income for the reporting period (as per the Statement of Financivll A¢tlvlties) Adjustments for: Depreciation charges Gains on investments Interest paid 387,089 3,311,057 8,183 11,358 (2,792,712) 106,310 136,852 De¢rease in debtor5 Decrease in Creditors 84,391 139,262 56,585 Net e8sh provlded by operations 565 015 718,690 ANALYSIS OF CASH AND CASH EQUIVALENTS 31112122 31112121 Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 727,699 26,302) 801,581 Total ¢ash and cash equivalents 701397 777,897 ANALYSIS OF CHANGES IN IYET DEBT At 111122 Cash flow At 31112122 Net cash Cash at bank Bank overdrafts 801,581 23 684) (73,882) 2,618 727,699 777 897 701397 Debt Finance leases Debts falling due wiihin l year Debts falling due after l year (2,189) (388,000) 3,124,655 2,189 71,500 216 817 (316,500) 2 907 838 3 514 844 290,506 3 224 338 Total 2 736,94 214 006 2,522 941 The notes fomi part of thes¢ f]nancial statements 21 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Finallcial Statements FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES Basis of prep#rlng the financial statements The financial statements of th¢ charitabl¢ company, whtch is a public benefit entily under FRS 102, have been PTepared in accordance with the Charities SORP (FRS 102) 'Accounting and Rq)orting by Charities: Statement of Recommended Practice appli¢able to charities preparing their x¢counts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102} (effective l January 2019),, Financial Reporting Standard 102 'The Financial R¢porting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial statements have been prepared under the historical cost convention. as modified by the revaluation of certain assets. Preparation of consolidated flnancial statements Th¢ fmancial statements consolidate the results of the charity and its wholly owned subsidiaries on a line by line basis. Details of the wholly owned subsidiary's are listed in note 23. A separate Statement of Financial Activities and Income & Expenditure account for the charity has not been presented because the charity has tsk¢n advantage of the exemption afforded by Companies Act 2006, s.408. Criilcal accoullting judgements and key sources of estlmAtlon uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of futte events that are believed to be reasonable Under the circumstances. The Charity makes estimates and assumptions conceming the filture. The r¢suliing accounting estimates and assumptions will, by definttion, seldom equal the related acthal results. No judg¢ments (apart from those involving estirnate5) have been made in the process of applying the above eounting policies. The key assurnptions conceming tlie fuMre and key sources of estimation of uncertainty at the reporting date that have a significant risk of causing a mat¢rial adjustment to the ¢arrying amounts of assets and liabilitie5 wiihtn the next fjnancial year include: •the fair value movemellt of tbe investment property. "estimation of the u5¢ful economic life of buildings, furniture and office equipment, IT equipment. and, •the Revel of rental income rern aThd perforniance of the trading subsidiary companies. Income Incom¢ is recognised when the charity has entitlement to th¢ funds, any perfonn2nce conditions attached to the item(s) of income have been met, it is probable that the in¢ome will be received and the amount Can be measured reliably. Where income has related expenditwe (as with fundraising or contract income). the income and related expenditure are reported gross in the Statement of Financial Activities. Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to thlfilling perforn)an¢e conditions before the charity is entitled to tlie nds, the income is deferred and llot recognised until it is probable that those conditions will be thlfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for Y donations with relevant Gift Aid certAfLcates r¢¢ognised its income for the year. Any amounts of Gift Aid not received by the year-end 8re accounted for in income and accrued illrome in debtors. Incom¢ from government and other grants, whether 'capital' grants or 'revenue' grants, are recognised wben tbe charity has entitlement to the funds, any perfomiance conditions atta¢hed to the grants have been met, it is piobable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for a tllre thndraising event or for a grant received relating to the following year are deferred until the criteria for iucome recognilion are met. The notes forTU part of thes¢ financial statements ontinued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the FinanclAI Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES - condnued Income Interest on deposit fvnds beld is included wh¢n receivable and the amount can be measured r¢Riably by the charity which is nornially upon notification of the interest paid or payable by the bank. Sponsorship from events, ndraISing and events registration fees are recognised in income when the ev¢nt takes plac¢. Lottery income is accounted for in respect of those draws that have taken place in the year. Trading income is recognised on point of sale for both donated and purchased goods. Expendlture Liabilities are r¢cognised as expenditure as soon as there is a legal or constrnctive obligation committing the charity to that exp¢nditur¢, it is probable that a transf¢r of economic benefits will be requir¢d in s¢ttlem¢nt and the amount of the obligation can be measured reliably. Expenditure is accounted for on an ac¢ruals basis and has been classified under headings that aggregate all cost related to the cat¢gory. Where costs cannot be directly attributed to particular headings they have beell allo¢ated to activities Oll a basis consistent with the use of resources. Expenditure on ¢haritable activities iiicludes the Costs of providing activities undertaken to rther the purposes of the charity and their associated support costs. Support costs comprise those costs which are incUed directly in support of expenditure on the objects of the charity and include governanc¢ cosl, finance, and office costs. Govemance Costs are those costs incurred in onneGtion with th¢ compliance with constitutional and statutory requirements of the charity. Grants offered subject to Conditions which have not b¢¢n met at the year ertd date are noted as a commitment but not accrued as expendithre. Goodivill Goodwill, being the amount paid in connection with Éhe acquisition of a business in O. is being amortised evenly over its estimated use1 llfe of nil years. Tangible fixed assets Depr¢¢ialion is provided at the following annual ral¢s in order to write off each asset over ils estimated useful life. Plant and machinery FixNres and fittings Motor vehicles 200/0 on reducing balance 2011/0 on cost Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Stocks Stocks - 8roup are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. TaIation The parent company is a r¢gistered charity and is exempt from corporation tax OD its charitable activities. Fund accounting Unrestricted funds can be us¢d in a¢cordance with the charitabl¢ objective5 at the discretion of the tstee8. 23 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Note5 to the Flnan¢lal Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES - continued Fund accounting Restricted funds can only be used for particular restricted purpose5 Wlthin the obj¢cts of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted pury)oses. Further eXplatiOn of the nature and pUoSe of each fund is included in the notes to the financial statements. Hlre purehase and leasing commitments TILe interest element of these obligations is charg¢d to the Statement of Financial A¢livities over the relevant period. The capital element of the tUre payments is treated as a liability. Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the leas¢. Pension costs and other post-retlrement benefits The charitable company operates a defined contribulton pension scheme. Contributions payable to thc charitabl¢ company's pension scheme are charged to tbe Statement of Financial Activities in the period to which they relate. OTHER TRADING ACTIVITIES 31112122 31112121 Fundraising events Interpretation sales Gym memberships & entry fees Professional fees earned Fire Risk assessinent lllcome Govenlment grants 10,225 674,553 109,822 22,438 21,531 9,125 555,557 104,131 11,300 11,655 311952 848 569 1003,720 INCOME FROM CHARITABLE ACTIVITIES 31112122 31112121 Activity Rent & Service Charge income Programme income Bnty fees Cafe & ice-cream sales Otlier income Charitable activities Charitable activities Charitable activities Charitable activities Charitable a¢tivities 1,627,245 42,315 274,184 263,29S 1,524,894 56,066 152,796 167.614 2 227 019 1905.219 24 continued...
WEST BELFAST ENTERTrRISE BOARD LIMITED Notes to the Financial Statements - ¢ontlnued FOR THE YEIIR ENDED 31 DECEMBER 2022 CHARITABLE AcfIvITIES COSTS Grant funding of activitie5 (see note Support costs (see note 6) Direct Costs 5) Totals Charitable activities 1,879 387 20,000 6,500 1,905 887 GRANTS PAYABLE 31112122 31112121 Charitable activities 20.325 The total grants paid to institutions during the year was as follows- 31112122 31112121 Charitable donations paidlpayable 20,325 SUPPORT COSTS Governance cost5 Charitable activities NET INCOME/{EXPENDITURE) Net incomd(expenditure) is stated after chargingl(crediting)'. 31112122 31112121 Auditors, remuTheralion Depreciation - owned assets Other op¢rating leases Goodwill amortisation 6,500 36,960 24,856 6,500 37,435 19,501 750 25 Continued...
WEST BELFAST ENTERPIUSE BOARD LIMITED Notes to the FRnallelal Ststements - continued FOR THE YEAR ENDED 31 DEcEIER 2022 TRUSTEES, REMUNERATION AND BENEFITS There were no trugtees, remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. Trustees, expense5 There were no trustees, expenses paid for the year ended 31 December2022 llor for the year ellded 31 December 2021. STAFF COSTS 31112122 31112121 Wages and salaries Social security costs Other pension cosls 882 J92 69,537 102 925 790,163 57,806 65,772 1054,854 913 741 The average monthly number of employees during the year was as follows: 31112122 34 13 31112121 32 li Charitable a¢tivities Support 47 43 The number of ernployees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 31112122 31112121 Excess of £60,000 The key managem¢nt personnel of the group comprise those of the key management personnel of the parent company and the key management personnel of ils wholly owned subsidiary Flex Language Services Limited and therefore the total for the group key management personnel was £416,579 (2021: £286,638). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES UnrestrRcted funds io. Re5trlcted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Charltable actlvitles Charitable activities 1,905,219 1,905,219 Other trading activities 1.003 720 1,003 720 Total 2 908 939 2 908,939 EXPENDITURE ON 26 coThtinued...
WEST BELFAST ENTKRPRISE BOARD LIMITED Notes to the Financlal St#tements - continued FOR THE YEAR ENDED 31 DECEMBER 2022 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued UnrestrActed Restricted funds fuJ)d Total funds Charltable activities Charitable activities 1,633.559 1,633.559 Other resources expended 729351 729 351 Total 2,362 910 2 362,910 Net gains on investments 3 142.712 3 142 712 NET INCOME 3,688,741 3,688.741 RECONCILIATION OF FUNDS Total funds brought forward 6,716,998 7,406 6,724,404 TOTAL FUNDS CARRIED FORWARD 10.405 739 10 413 145 ii. SEEDCORN FUNDS - GROUP Seedcorn fund5 COST At l January 2022 and 31 December 2022 AMORTISATION At l January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 27 continued...
WEST BELFAST ENTERPRISE BOARD LI1[TED Notes to the Finall¢ial Statements - continued FOR THE YEAR ENDED 31 DECE[BR 2022 12. TANGIBLE FIXED ASSETS - GROUP Fixture5 And rittlng5 PIAnt and machinery Motor vehlcle5 Totals COST At l January 2022 Additions 591,456 25,758 69,417 24,433 685,306 25,758 At 31 De¢ember 2022 617,214 24,433 711,064 DEPRECIATION At l Jtslluary 2022 Charge for year 412,719 30,559 21,027 6,401 24,433 458,179 36,960 At 31 December 2022 443,278 24,433 495,139 NET BOOK VALUE At 31 De¢ember 2022 173 936 215,925 At 31 December 2021 178.737 48,390 227 127 TANGtBLE FIXED ASSETS - PARENT COMPANY Plant and Fixtures and Motor vehicles machinery rittings Totals COST Ai l January 2022 Additions 313,139 3,713 24,433 337,572 At 31 December 2022 316 852 341,285 DEPRECLiTION At l January 2022 Charge for year 273,968 8,183 24,433 298,401 At 31 December 2022 282 151 306,584 IYET BOOK VALUE At 31 Deeember 2022 At 31 December 2021 39,171 39.171 28 continued...
WEST BELFAST ENTERPRISE BOAIU) LIMITED Not to the Flnancial Statement5 - continued FOR THE YEAR ENDED 31 DECEMBER 2022 13. INVESTMENf PROPERTY - GROUP FAIR VALUE At l January 2022 Additions 12,980,000 210,444 At 31 December 2022 13 190,444 NET BOOK VALUE At 31 December 2022 13 190 444 At 31 Decemb¢r 2021 12 980,000 INVESTMENT PROPERTY- PARENT COMPANY FAIR VALUE At l January 2022 Additkons Fair value mov¢ments 11,880,000 210,444 At 31 December 2022 12,090 444 Net Book Value At 31 December 2022 12,090 444 At 31 December2021 11880,000 In accordance with FRS 102, investment property shall be measured at fair value at each reportlDg date with hanges in fair value recognis¢d in the Statement of Financial Activities. Tbe group utilised its property manager Mr Sean Toal to ¢arry out the fair value valuation at the reportillg period. Whilst not ind¢pendent of the Group, Mr Toal is a RCIS qualified surveyor with over 20 yeaTS experi¢n¢e in property management of the local area. The fair value methodology was to compare similarly properties sold in the open market value. Where this infomiation was not available or sufficient, alt¢niative valuation techniques, utilising the projected cashflows, rental ytelds, the portfolio of tenants and remaining lease ternis were undertaken to arrive at a reliable estimate of the fair value of the various properties held. Fair valu¢ at 31 December 2022 is represented by., Valuation in 2022 13 190 444 29 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Note5 to the Financial Statements - contlnued FOR THE YEAR EP4DED 31 DECEMBER 2022 14. STOCKS - GROUP 31112122 31112121 Stocks 3,700 15. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP 31112122 31112121 Trade debtors Other debtors VAT Prepayments and 8c¢rued income 260,251 22,042 3,632 4.081 248,156 68.296 290 006 322,042 DEBTORS: AMOIJF4TS FALLING DUE WITH ONE YEAR- PARENT COMPANY 31112122 31112121 Trade debtors Other debtors Prepayments and accrued income 144,123 419,991 3,626 125,340 521,424 567 740 652 131 16. CREDITORS: AMOUF4TS FALLING DUE WITHIN ONE YEAR- GROUP 31112122 311121ZI Bank loans and overdrafts (see note 18) Hire purchase (see note 19) Trade rreditors Social security and other taxes VAT Other creditors Accluals & tenant deposits 364,438 4,250 259,498 43,146 117,857 58,467 200 037 433,652 2,189 212,807 76,675 83,807 65,619 247 652 1047 693 1.122401 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- PAREIYT COMPANY 31112122 31112121 Bank loans and overdrafts (see oote 19) Hire purchase (see note 20) Trade creditors Social security and other taxes VAT Other creditors 342,802 411,684 2,189 148.656 68,916 31,408 225.194 172,127 40,297 52,629 157 621 765 476 888 047 30 continued...
WEST BELFAST ENTKRPIUSE BOARD LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022 17. CREDrroRS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - GROUP 31112122 31112121 Bank loans (see note 18) Hire purchase (see note 19) 2,966,328 10,371 3.201,527 2 976,699 3 201,527 CREDrroRS: AMOUNTS FALLING DUE AFfER MORE TIW4 ONE YEAR- PARENT COMPANY 31112122 31112121 Bank loans (see note 19) Hire Pur¢hase (see note 20) 2,907,838 3,124,655 2 907 838 3 134 146 18. LOANS - GROUP An analysis of the mamrity of loans - group is given below.. 31112122 31112121 Amounts falling due witbin one year on demand.. Bank overdrafts Bank loans 27,938 336 500 25,652 408,000 364 438 433 652 Amounts falling between one and two years.. Bank loans-8realer thanl year 2,966 328 3,201,527 LOANS: PARENT COMPANY An analysis of the maturity of loans is given below: 31112122 31112121 Amounts falling due within one year: Bank overdrafis Bank loans 26,302 316 500 23,684 388 000 342 802 411.684 Amount5 falling due after more than one year: Bank loans rlIng du¢ more than on¢ year 2 907 838 3.124655 2 907,838 3 124.655 31 coThtinued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the FlnAncial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022 19. LEASTNG AGREEMENTS - GROUP Minimum lease payments under hire purchase fall due as follows- 31112122 31112121 Net obligations repayable.. Within one year Between one and five years 4,250 2.189 14,621 2,189 LEASING ACREEMENTS - PARENT COMPANY Minimum lease payments under hire purchase fall due as follows: 31112122 31112121 Net obligations repayable: Within one year Between one and five years 2,189 20. SECURED DEBTS The following se¢ured debts are included withtn Creditors: 31112122 31112121 Bank overdrafts Bank loans 27,938 3 302 828 2S,652 3 609,527 3,330,766 3.635,179 Bank of Ir¢land and UCIT hold security against th¢ Charities Assets at Twinspires, Dairyfarni, Westlink and Whitero¢k. 32 continued..
WEST BELFAST ENTERPIUSE BOARD LIMITED Notes to tbe FlnaDcial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022 21. MOVEMENT IN FUNDS Net movement in funds At 31112122 At 111122 Unrestricted funds Par¢nt company Ortus Property Services Westlink Flex Language Services Lid Roar & Explore Dairy Fann Ltd Pureclass Dairy Fam] Lid 9,360,487 387,089 11,682 (2,965) {6,256) (6,445) 0,470) 9,747,576 11,682 926,772 (6,119) 122,373 33,910) 929,737 137 128,818 10,405,739 362,635 10,768,374 Restrlcted funds Parent company 7,406 7,406 TOTAL FUNDS 10 413,145 362,635 10 775 780 Net movemelll in funds, included in the above are as follows: Incoming resources Resource5 expended Movement In fund$ Unrestrlcted fupds Parent company Ortus Property Services Westlink Flex Language Services Ltd RoaT & Explore Datry Farni Ltd Pure¢lass Dairy Farm Ltd Fire Rtsk NI Ltd Consolidation elimination 1,663,522 22,438 148,150 679,161 552,916 110,626 21,531 122 756} (1,276,433) {10,756) (151,115) {685,417) {559,361) (131,096) {21,5Jl) 122 756 387,089 11,682 (2,965) (6,256) (6,445) {20,470) 3 075,588 2 712,953 362 635 TOTAL FufsDS 3 075 588 2 712,953) 362 635 33 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financial Statements- continued FOR THE YEAR ENDKD 31 DECEMBER 2022 21. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement In funds At 31112121 At 111121 Unrestrlcted funds Parent company Westlink Flex Language Services Ltd Roar & Explore Dairy Farni Ltd Pureclass Dairy Farm Ltd 6,049,429 583,311 1.276 82,982 3,311,057 346,426 (1,139) 45,836 13,439) 9,360,486 929,737 137 128,818 13 439) 6.716,998 3,688,741 10,405,739 Restrl¢ted funds Parent company 7,406 7.406 TOTAL FUNDS 6,724 404 3.688,741 10413,145 Comparative n¢t movement in funds, included in th¢ above are as follows.. In¢oming resources Resources expended Galns and losses Movement in funds Unrestrlcted funds Parent company Ortus Property Services Westlit]k Flex Language Services Ltd Roar & Explore Datry Fann Ltd Pureclass Dairy Farm Ltd Fire Risk NI Ltd Con801idation elimination 1,686,690 11,320 147.890 613,156 440,809 132,786 11,655 135 367) (1.168,345) (11,320) (15 1,464) (614,295) {394,973) (146,225} (11,655) 135 367 2,792,712 3,311,057 350,000 346,426 (1,139) 45,836 (13.439) 2 908,939 2 362 910 3 142,712 3 688,741 TOTAL FUNDS 2 908,939 2 362,910 3.142 712 3 688.741 34 continued...
WEST BELFAST ENTERPRISE BOARD LIMITED Notes to the Financi81 Statements - ¢ontlnued FOR THE YXAR ENDED 31 DECEMBER 2022 21. MOVEMENT tN FUNDS - continued A cuent year 12 months and prior year 12 months Combined position is as follow5- Net movement In funds At 31112122 At 111121 Unrestricted funds Parent company Ortus Property Services Westlink Flex Language Services Ltd Roar & Explore Dairy Fann Ltd Pureclass Dairy Fann Ltd 6,049,429 3,698,146 11,682 343,461 (7,395) 39,391 33 909) 9,747,575 11,682 926,772 (6,119) 122,373 33 909) 583.311 1,276 82.982 6,716,998 4,051,376 10,768,374 Restricted funds Parent company 7,406 7,406 TOTAL FUNDS 6,724,404 4 051.376 10,775 780 A Current year 12 months and prior year 12 months combined nel movement in funds, included in the above are as follows: Incoming resources Resources expended Gains Ind losses Movement in funds Unrestrlcted lunds Paretst cotllpany Ortus Property Servlces Westlink Flex Language Services Ltd Roar & Explore Dairy Fann Ltd Pureclass Dairy Farm Ltd Fire Risk Nt Ltd Consolidation elimination 3,350.212 33,758 296,040 1,292,317 993,725 243,412 33,186 258,123 (2,444,778) (22,076) (302,579) (1,299,712) (954,334) (277,321) (33,186) 258 123 2.792,712 3,698,146 11,682 343,461 (7,395) 39,391 (33,909) 350,000 5 984 527 5,075,863 3 142 712 4.051,376 TOTAL FUNDS 5 984,527 5,075 863) 3.142,712 4051376 35 Continued...
WEST BELFAST ENTERPIUSE BOAiU) LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DEcEIBER 2022 22. CAPITAL COMMITMENTS 31112122 31112121 Contracted but not provided for in the financial statements 23. RELATED PARTY DISCLOSURES The charitable company has tsken advantage of exemption. under the tern)s of Finat]cial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland,, not to disclose related paty transactions with wholly owned subsidiaries within the group. West Belfast Enterprise Board Limited is the parent company of the following wholly owned subsidiary companies: Westklink Enterprises Limited N1019927 Flex Language Services Limited N1608161 Roar & Explore Dairy Fam) Lin)ited N1652507 (Charity no. 107683) Pur¢ Class Dairy Farm Limited N167E387 Fir¢ Risk Nl Limited N1617908 Or$ Prop¢ty Servi¢¢s Limited N1616142 The charitable Company has taken advantage of exemption, under the t¢Tms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of ITeland'. not to disclose related party transactions with wholly owned subsidiaries within the group. This page does not fonn part of the statutory financial statements 36