REI GISTERED COMPAF4Y NUMBER: N10519S2 (Northern Ireland) REGISTEREI D CHARI'fY NUMB£I R: 103193 Report of the Trustees and Ullaudited Financial Statements for the Year Ended 31 March 2023 for SPRINGFIELD CHARITABLE DEVELOPMENTS L)MITED M.B.McGrady & Co Chartered Accountants Rathmore House 52 St Patricks Avenue Downpatrick Co. DoNTrn BT30 6DS
SPRINGFIELD CHARITABLE DEVELOPMENTS LIMITED Contents of the FinanciAI Stateinents FOR THE Yfi AR ENDED 31 MARCH 2023 Page Report of the Trustees Independent Examlner's Report Statement of Financial Activities Balance Sheet Notes to the Finall¢ial Statements 8 to 13
SPRINGFIELD CHARITABLE DEVELOPMENTS LIMrrLI D Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023 Springfield Charitable Developments Ltd is a company limited by guarantee which was incorporated on 6th October 2004. The company was r¢gisÈered with the NI Charity CoDmJission on 5th November 2015. OBJECTIVES AND ACTIVITIES Objectives and Activities The principal activity and obje¢tive of the ¢ompany continued to be the provision of retail, office and daycare premises to charitable organisations in particular to Springfield Charitable Association Ltd. Pvblic benefit The Truste¢s of Springfield Charitable Development have fully complied with the public benefit requirements as sel out in tbe Charity Commission for Northern Ireland's statutory guidance on publt¢ benefit. Springfi¢ld Charitable Development aims to improve the quality of life for the inhabitants of the Springfield area. This is achieved through the acquisition, development, and maintenauce of propety in the local area. Properties are then let to other ¢haritable organisations to fillther help Promote their aims. ACHIEVEMENT AND PEI RFORMANCE Achieyements and performance Through its property letting the company has contributed both fmancially and socially to ils local environment. It has focused on the redevelopment of one of its existÈng properties in Cupar Street with a view to the whole property being used by Springfield Charitable Association Ltd, a company with Common trustees, to further ils charitable purposes for the public benefit. FJNANCIAL REVIEW Flnancial posltlon The charity's fjnancial performance is reviewed on a monthly basis by the board. The charity also has an independent examination perfomied by an external chartered accountant. The level of charitable income for the year under review totall¢d £52,026 compared to the comparative fm8n¢ial year of £43,806. The charity made a donation of £25,000 to Springfield Charitable Association Ltd, a related party charitable company, together wtth recognising a writedown on its loan with Springfi¢ld Charitable Association totalltng £200,000. Net Assets totalled £1,193,635 at the year end, this is down from the previous year of £1,380,848 Reserves policy The trustees re¢ognise that it is necessary to hold reserves in order to offset the ¢ffects of flu¢tyation in tUre incoming resources. To this end tbe charity aim to hold free reserves which equate to 3 to 6 months operating Costs. FUTURE PLANS Following the development of the charity's headqu&rt¢rs at Cupar Street in Belfast the charity will conlinue to look to develop and strengthen its commitment to the local community through its own charitable objectives and the provision of facilities for other charities to provide prograrnmes of sUPPOrt to the unemployed and elderly within the area. STRucfuRE, GOVERNANCK AND MANAGEMENT Governing document The charity is controlled by its governing document. a deed of trust, and constitutes a limited company> litnited by guarantee, as defmed by the Companies Act 2006. Reeruitment and appolntment of new trustee5 Due to the nature of the charity's work th¢ trustee5 seek to ensure that these needs are appropriately reflected through th¢ diversity of the trustee body. To enhance the potential pool, trustees are requested to provide a list of their skills (and update it each year) and in the event of particular sktlls lacking or being lost due to retirement, individuals are approached to otyer thernselves for el¢¢tion.
SPRINGFIELD CHARITABLE DEVELOPMENTS LIMITED Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023 REFERENCE AND ADMINISTRATEVE DETAILS Registered Company number N1051952 Oqorthem Ireland) Registered Charity number 103193 Registered offAce 27 Clonard Crescent Belfast Co. Antrim BT13 2QN Truste&s V Davidson C Canavan M Flynn (resigned 11412023) A Johnston G Kelly (resigned 511212022) T Kernaghan (appointed 4nn022) B McGrath T Meehan (resigned 5112r2022) J Sweeney C Rodgers (appointed 711212022) G Kelly (appointed 151612023) Company Secretary V Davidson Independent Ei xaminer Malachy M¢Grady (Senior Statutory Auditor) M.B.McGrady & Co Chartered Accountants Rathmore House 52 St Patri¢ks Avenue Downpatrick Co. Down BT30 6DS Bankers Bank of Ireland 202 Andersonstown Road Belfast BTI 19EB Solicitors Ferguson & Co Causeway Tower 9 James Street South Belfast BT2 8DN Approved by order of the board of trustees on 17 August 2021 and signed on its behalf by:
SPRINGFIELD CHARITABLE DEVELOPMENTS LIMITED Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023 V David50n - Secretary
Independent Examiner's Report to the Trustees of Springfield Charltable Developments Llmlted ndep¢ndent examiner's report to the chorlty trustees of Springfield Charitable Developments Ltd I report on the accounts of the company for the year ended 31 March 2023. which are set out on pages 5 to 14, Respective responsibilities of ¢harlty trustees 2nd examlner As the charity trustee5 (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies A¢t 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, il is my responsibillty to.. examine the accounts under section 65 of the Charities Act follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act state whether particular rnatters have come to my attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Dir¢clions given by the Charity Commission for Northem treland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a ¢omparison of the a¢¢ounts presented with those records. It also included consideration of any unusual items or disGlosui'es in the accounts, and seeking explanations from you as charity trust¢es concerning any such matters. My role is to state whether any material matters have Gome to my attention giving me cause to believ¢: l. That accounting records were not kept in accordance with section 3 86 of Ibe Companies Act 2006 2. That the accounts do not accord with those accounting records 3. That the aecounls do not cornply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Reconmiended Practice applicable to charities preparing their accounts in ac¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland 4, That there is further infonnation needed for a proper understanding of the accounts to be rea¢hed. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters (l) to (4) listed above and, connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. JbJ• Malachy rady (Senior S atuto Auditor) M.B.McGrady & Co Chartered Accountants Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS
SPRINGFIELD CHARITABLI DEVEI LOPMENTS LIMITXD Statement of Financial Activitie5 FOR THE YEAR ENDED 31 MARCH 2023 3113n3 Unrestrlcted fund 3113122 Total runds Note5 INCOME AND ENDOWMENTS FROM Charitable aetivities Charitable activities 51,935 43,790 Investment income 91 16 Total 52,026 43,806 EXPENDITURE ON Charitable 2Ctiyltles Charitable activities 239,239 203,910 NET INCOMEI(EXPENDITURE) (187,213) (160,104) RECONCILIATION OF FUNDS Total funds brought forward 1,380,848 1,540,952 TOTAL FUNDS CARRIED FORWARD 1,193,635 ,380,848 The notes form part of these fanCIal statements
SPIUNGFIEI LD CHAIUTABLE DEVII LOPMENTS LIMITED Bal2nc¢ Sheet 31 MARCH 2023 3113123 Unrestricted fund 3113122 Total funds Notes FIXED ASSETS Investment property 533,975 533,975 CURRENT ASSETS Debtors Cash at bank 313,022 357,764 507,494 383,040 670,786 890,534 CREDITORS Amounts falling due within one year (11,126) (17,982) NET CURRENT ASSETS 659,660 872,552 TOTAL ASSEI TS LLt SS CURRENT LIABILITIES 1,193,635 1,406,527 CREDITORS Amounts falling due after more than one year io (25,679) NET ASSETS 1,193,635 1,380.848 FUNDS Unrestricted ndS 13 1,193,635 1,380,848 TOTAL FUNDS 1,193,635 1,380,848 The charitable company is entitled to exemption from audtt under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The meEnbers have not required the company to obtain an audit of its r]nancial statements for the yeaT ended 31 March 2023 in accordance with Sectlon 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring thal the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fmancial stst¢ments which give a true and fair view of the state of affairs of the charitable company as at the end of each fanCIal year and of its surplus or deficit for each ftnancial year in accordance wilh the requirements of Sections 394 and 395 and which otherwis¢ ¢omply with the requirements of the Companies Act 2006 relating to fanCIal statements, so far as applicable to the charitable company. (b) The notes fonn part of these financial statements continued..,
SPRINGFIELD CHARITABLE DEVELOPMENTS LIMITEI D Balance Sheet- continued 31 MARCH 2023 These fmancial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regtme. The f]nancial statements w¢re approved by the Board of Trustees and authorised for issue on 17 August 2023 and were signed on ils behalf by: V Davidson- Tnjstee B MGGrath- Trustee The notes fonn part of these fmancial statements
SPRllYGFIELD CHARITABLE DEVELOPMENTS LIMITED Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis of preparing ¢he fjnancial st8tements The fmancjal slatements of the charitable company, which is a public benefit entity under FRS 102, hav¢ been prepared in accordance with the Charities SORP (FRS 102) 'Ac¢ounting 2nd ReportÉng by Charities: Statement of Recothmended Practice applicabl¢ to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard appli¢able in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial statements have been prepared under the historical cost convention. The charitabl¢ company has taken advantage of the following disclosure exernptions in preparing these fmancial statements, as perniitted by FRS 102 'Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Stalem¢nt of Cash Flows. Critical accounting judgements and key sources of estimation un¢ertalnty Estimates and judgements are ¢ontinually evaluated and are based on histortcal experience and other factors, including expectations of futhre events that are believed to be reasonable under the circumstances. The Charity makes eslimates and assumptions concerning Ihe ture. The resulting accounting estimates and assumptions will, by defmition, seldom equal the related actu&l resulls, No judgements (apart from those involving estimates) have beell made in the process of applying the above accounting policies. The key assumptions con¢ernll)g the future and key sources of estimation of uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wilhtn the next fmancial year include.. .the fair value movement of the investh]ent propety. Income All income is recognised tn the Statement of Financial Activities once the charity has entitl¢ment to the lld$, it is probable that the incom¢ will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as thcre is a legal or constru¢Éive obligation committing the charity to that eXpenditre, it is probable that a transfer of economic benefits will be required in settIement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregale all cost related to the category. Where costs cannot be directly attributed to particular headtngs they have been allocated to activities on a basis consistent with the use of resources. TAngible fixed assets Depreciation is provided at the following annual rate5 in order to write off each asset over its estimated useful life. Fixtures and fittinB$ 200/0 on cost Investment property Investmeni Propeity is initially recorded at cost. which in¢ludes purchase price and any directly attrÈbutable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the statement of fmancial activities. continued..,
SPRINGFIEI LD CHARITABLE Dll VEI LOPMENTS LIMITED Notes to the Financial Statements- continued FOR THE YEAR EI NDED 31 MARCH 2023 ACCOUTrITING POLICIES - continued Taxation The charity is exempt from corporation lax on ils charitable activities. Fund Aeeounting Unrestricted ndS can be used in accordance with the charitable obje¢tives at the discretion of the trustees. Restricted fvnds can only be used for particular restricted purposes within the obje¢ts.of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and pury)ose of each lld is included in the notes to the fmanci&l statements. INVESTMENT INCOME 3113123 3113122 Deposit account interest 91 16 NET INCOMEI(EXPENDITURE) Net in¢ome/(expenditure) is stat¢d after chargingJ(crediting): 31n123 3113122 Independent examindtion fees I,ioo 1,200 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other bellefils for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trustees, expenses There wer¢ no truste¢s' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. COMPARATIVES FOR THE STATEMEI NT OF FINANCIAL ACTIVITIES Unrestricted fund INCOMK AND ENDOWMENTS FROM Charltable actlvities Charitable activTrties 43,790 Inveslment income 16 Total 43,806 EXPENDITURE ON Charitable activities Charitable activities 203,910 continued,,.
SPRINGFIELD CHARITABLE DEVELOPMENTS LIMITED Notes to the Financial St8temeiits - continued FOR THE YEAR ENDED 31 MARCH 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontinued Unrestricted fund NET INCOME/(ni XPENDITURE) (160,104) RECONCILIATION OV FUNDS Total hnds brought forward 1,540,952 TOTAL FUNDS CARRIED FORWARD 1,380,848 TANGIBLE FIXED ASSETS Flxlur and rittings COST At l April 2022 and 31 March 2023 742 DEPRECIATION At l April 2022 and 31 March 2023 742 NET BOOK VALUE At 31 March 2023 At 31 March 2022 INVESTMENT PROPERTY FAIR VALUE At l April 2022 and 31 March 2023 533,975 NET BOOK VALUE At 31 March 2023 533,975 At 31 March 2022 533,975 In accordance with FRS 102, investm¢nt property shall be measured at fatr value at each reporting date with hanges in fair value recognised in the Statement of Financial Activities. The charity utilised the directors knowledge of the lo¢al propety market to catTy Out the fair value valuation at the reporting period. They have detern]ined that there has been no material movement in values for the investm¢nt property held during the current year. The fair value methodology was to compare similarly prop¢rti¢s sold in the open market value. Where this infomjation was not available or sufficieat, altemative valuation techniques, utilising the projected cashflows, rental yields, the portfolio of tenants and remaining lease tern were undertaken to attive at a reliable estimate of the fair value of the various properties held. io contiijued..
SPRINGfi IEI LD CHARITABLE DJIVII LOPMEI NTS LIMITED Notes to the Financial Statement5- Continued FOR THE YEAR ENDED 31 MARCH 2023 DEBTORS: AMOUIYTS FALLING DUE WITH ONE YEAR 3113123 3113n2 Trade debtors Other debtors VAT 8,307 304,524 191 507,396 98 313,022 507,494 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113123 3113122 Bank loans and overdrafts (see note I l) Accruals and defeed income 13,176 4,806 11,126 11,126 17,982 io. CREDITORS." AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31rJ123 3113122 Bank loans (see note I l) 25,679 ii, LOANS An analysis of the mabjrity of loans is given below: 3113123 3113122 Amounts falling due within one year on demand: Bank loans 13,176 Amounts falling between one and two years.. Bat)k loans > l year 25,679 12. SECURED DEBTS The bank loan from UCIT is secured on the Cupar Street property, conttnued...
SPRINGFIEt LD CHARITABLE DE1LOPmENTs LIMITED Notes to the Financial Statements - continued FOR THE YEAR EI NDED 31 MARCH 2023 13. MOVEMENT IN FufqDS Net movement in fund5 At 3113123 At 114122 Unrestricted funds General fund 1,380,848 (187,213) 1,193,635 TOTAL FUNDS I J80,848 (187,213) 1,193,635 Net movement in funds, included in the &bove are as follows: Incoming resources Resourees expended Movemellt in funds UnrtrIcted funds General lld 52,026 (239,239) (187,213) TOTAL FUNDS 52,026 (239,239) (187,213) Comparatives for movement in funds Net movernent In funds At 3113r22 At 114121 Unrestricted funds General fund 1.540,952 (160,104) 1,380,848 TOTAL FUNDS 1,540,952 (160,104) 1,380,848 Comparative net movement in fund5, iucluded in the above are as folLows: Incoming resources Resources expended Movement in funds Unre5trieted funds General 43,806 (203,910) (160,104) TOTAL FUNDS 43,806 (203,910) (160,104) 12 ¢ontinued...
SPRINGFIELD CHAIUTABLE DEI VELOPMEI NTS LIMITED Note5 to the Financial Statements - continued FOR THE YEI AR ENDED 31 MARCH 2023 13. MOVEMENT IN FUNDS- eontlnued A cuent year 12 months and prior year 12 rnonths combined position is as follows: Net movement in funds At 3113123 At 114nl Unrestricted funds General nd 1,540,952 (347,317) 1,193,635 TOTAL FUNDS 1,540,952 (347,317) 1,193,635 A cutrent year 12 months and prior year 12 months combined net movement in fvnds, included in the above are a5 follows: Incoming resources Resources expended Movement in funds Unrestrieted funds General lld 95,832 (443,149) {347,317) TOTAL FUNDS 95,832 (443,149) (347,317) 14. RELATED PARTY DISCLOSURES The charity is connected to the charitable company Springfield Charitable Association Ltd and shares Common directors, as such it is treated as a related paty with same. During the year the charity dona¢¢d £25,000 to Springfield Charitable Association Ltd. The charity continues to rent some of its properties to Springfield Charitable Association Ltd with rental and service charge income from these properties totalling £43,458 in the current fmancial year. At the year end Springfield Charitable Association Ltd owes the charity £304,524. 13