Belfast Interface Pro'ect Acom limited b uarantee Statement of Financial Activities inco for the Year Ended 31 March 2023 oratin the Income & Ex enditure Account 31.3.23 31.3.22 Unrestricted R¢strict¢d Total fldS Total filnds fimd nds Notes Income and endowments from: Donations and legacies Charitable activities 150 10,416 150 313,210 18.953 166 679 302,794 Total income and endoivments 10,566 302,794 313,360 185,632 Expenditure on: Charitable activities 266 387 309 430 43043) 183424} Total expenditure (43.043) (266,387) (309,430) (183,424) Net Incomel(Expenditure) For The Year (32,477) 36,407 3,930 2.208 Transfers behveen Funds 19 6,000 (6,000) Other recognised gainsl{losses): Actuarial gain&l(losses) on defmed benefit pension scheme 12 164 164 153 Net movement in Funds (26,313) 30,407 4,094 2,361 Reconciliation of Funds: Totydl Funds brought fonvard 34.921 16,007 50,928 48,567 Total Funds Carried forward 8,608 46,414 55,022 50,928 The Statement of Financial Activities includes all gains and losses recognised in the year. All of the above amounts relate to Colliinuing activities. The notes forni part of these fmancial statements Pagc 12
Belfast Interface Pro'ect Acorn limited b uarantee Balance Sheet At 31 March 2023 31.3.23 31.3.22 Not¢s FIXED ASSETS: Tangible asscts 15 3.106 6,604 CURRENT ASSETS: D¢btors Cash at bank and in hand 16 93.805 50.825 442 97.049 51.267 CREDITORS: AMOUNTS FALLING DUE WITHIN OIYE YEIIR 17 (42,402) (3,502) NET CURRENT ASSETS TOTAL NET ASSETS EXCLUDING PENSION LIABJLITY 57,753 54,369 DEFINED BENEFIT PENSION LIABILITY l2 (2,731) (3,441) TOTAL NET ASSKTSI(LIABILITIES) 50,928 THE FUNDS OF THE CHARITY: Unrestricted funds Restricted funds 19 8,608 34,921 TOTAL CHARITY FUNDS 55,022 50,928 The notes fonn part of these financial statements Page 13 continued...
Belfast Interface Pi'o"ect Acom limited b arantL Balante Sh¢et- continued At 31 fvlarch 2023 Tliese financial statements liave bcen pr¢pai"¢d in accordance with tlic provisions applicable to companies subject to the small companies, regime. The finaiicial stateinents were approv¢d by the Board of Trustees oll 10 October 2023 and were sigined on its behalf by.. MArix Mo an - Chairperson Muyiel Bowyer-Treasurer Company Registration Num ber: N1067459 The notes fonn part of these financial statements Page 14
Belfast Interface Pro ef t Acom an limited b uarantee Notes to the Financial Statements for the Year Ended 31 March 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant principal accounting pohcies adopte(L judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. 1.1 Basis of preparation of financial statements The charitable company constitutes a public benefit entity as defined by FRS I02 and its operations and principal activÈties are as disclosed in the Report of the Trustees. The financial statements have been prq)ar¢d in accordance with "Accounting and Reporting by Charities.. Statement of R¢conunended Piactice applicable to cliarities preparing their accounts in accordance with the FinanciaI Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective l January 2019), the Financial Reporting Standard applicable in the Unit¢d King(lom and Republic of Ireland (FRS 102), applicable charity law, th¢ Companies Act 2006 and United Kingdom Generally A¢c¢pted Practice. Th¢ financial statements are pr¢sented in sterling, thc functional currency of the Charitable company. Assets and liabilities atc initially recognised at historical cost or transaction valu¢ unless otherwise stated in th¢ relevant accounting policy note(s). 1.2 Preparation of the accounts on a going concern bASIS The financial statements have been prepared on a going concern basis as the trnstees are of the view that the iminediate future of the charitable company for the next 12 months is secure and on this basis the assessment of the trustees is that the charitable cornpany is a going concern. 1.3 Fund accounting Unrestricted fidS are available for use at the discrction of the trustees in furthcran¢¢ of the PUOSeS of the charitable company. Restricted funds are to be used in accordance with specific restrictions imposed by donors or funds which have been raised for particular purposes. The costs of raising and administering such funds are charged against the specific fund. 1.4 Income recognition policies Items of incoine are recognised and included in the accounts when the company is legally entitled to the incorne, any perforniance conditions attached to the it of income have bccn met or are fully within thc control of the company, the amount Gan b¢ measured reliably and receipt Is Gonsidered probable. Income is defaTcd only when the charity has to fulfil conditions which arc not fully within th¢ control of the charity before bcinbF entitled to it or whcr¢ the donor/fundcr has specified that the income is to b¢ expended in a future period. Page 15
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES eonlinued 1.5 Expenditure recognition polieies and irrecoverAble VAT Expenditure is recognised on au accruals basis once there is a legal or constrnctive obligation to make a payinent to a third paty, it is probable that settleinent will be required and the amount of the obligation an be measured reliably. Expenditure is classified under the following activity headings: Charitable activities: includ¢ the costs of programmes undertaken to further the purposes of the charitable coinpany and their associated suppoit cost& including governance costs. Support costs ar¢ those costs incurred in support of direct expenditure on the objects of the charitable company and include project inanageinent. Governance costs are those incurred in connection with administration ofthe charitabl¢ company and compliance with constitutional and statutory requirements. The analysis of these costs is included in notes 8 and 9. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred or capitalised as part of the cost of the related asset as appropriate. 1.6 Donated Facilities The income re¢ognition policies apply equally to donated facilities which are measured artd included in the accounts on the basis of the value of the gift to the charitable company. An equivalent amount is recognised as an expense. Note 6 provides additional disclosure. 1.7 Employee benefits When employees have rendered service to thc charitable company, short-tem] employee benefits to which the employees are entitled aff recognised at the undiscounted amount expected to be paid in exchange for that service. 1.8 Pension costs and other post-retirement benefits Contributions payable to the charitable company's defined contribution pension hemeS are charged to the Statement of Financial Activities in the period to which they relate. Note 12 provides additional disclosure. The charitable company also participates in the Northern Ireland Charities Pension Scheme, a multi- employer defined benefit scheme, in respect of a fornier employee. Sufficient infonnation is not available to use defined benefit accounting and so accounts for the plan as if it was a defined ontribution plan. The Gharitable company is comtted to making monthly payments to make good deficits and cover scheme management costs and therefore recognises a liability for th¢ contributions payable that arise from the agreemeni to the extent that they relate to the deficit. Note 13 provides additional disclosure. P¢ 16
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued 1.9 Tangible fixed Agsets and depreciation Tangible fixed ass¢ts are stated at cost less accuinulated depreciation and impainnent losses. D¢pr¢ciation is provided at rates calculated to write off the cost of fixed assets, less thcir estimated residual valuc, over their ¢xp¢cted useful lives on th¢ following basis: Equipment & Website 25 % Straight line The Carrying value of the tangible fixed assets is reviewed annually for impairnient in period to deterniine if events or changes in circumstances indicate the carrying value may not be recoverable. 1.10 Debtors Debtors are recognised at the settlement aTnount due after any trade discounts offered. Any losses arising from impainnent are recognised in expenditure. 1.11 Cash at bank and in hand Cath at b8nk and in hand includes cash and short tern1 highly liquid investments with a short maturity date of three months or less from the date of acquisition or opening of the deposit or similar account. 1.12 Impainnent Assets not measured ai fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset, s c&sh generating unit. is estimated and compar¢d to the carrying amount. Where the carying amount exceeds its recoverable llount, an irnpaimient loss is recognised in profit oi. loss unless the asset is Carried at a reva]ued amount where the impainnent loss is a revaluation decr¢ase. 1.13 Creditors and provisions Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfei. of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount aftcr allowing for any trade discounts due. When the effect of the time value of Money is material, the amount of a provision shall be the present value of the amount expected to be required to settle the obligation. 1.14 Leases Rentsls payable under operatÉng Icases are charged to the SOFA on a straight line basis over the period of the lease. 1.15 Financlal Instruments Financial assets and liabilities of a kind that qualify as basic fin8ncial instruments are initially reco8nised at transaction price and subsequently measured at settlement value. Page 17
Belfast Interface Pro'ect Acom limited b arantee Notes to the Financial Statements - continued for the Year Ended 31 March 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued 1.16 Critical Accounting judgements gnd estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no critical judgements in applying the company's accounting policies. Ther¢ are no critical accounting estimates and assumptions. 2. COMPANY STATUS Belfast Interface Project is a company limited by guarant¢e incorporated ill the United Kingdom and registeied in Northcrn Ireland and accoi(h'llgly does not have share capital. Every member of the company undertakes to contribute such wnount as may be required, not exceeding £ I, to the assets of the charitable company in the event of it being wound up while they are a current member, or within one yvar after ceasing to be a member. The charitable company's registered office is given on page l of the Report of the Trustees. 3. INCOME FROM DONATIONS AND LEGACIES 31.3.23 31.3.22 Private donation Departsnent for Communities - donated facilities HMRC - Job Rctention Scheine 150 1,345 150 Of the £150 received in 2023, (2022.. £18,953), £nil related to restricted funds (2022: £nil) and £150 to unrestricted fimds (2022.. £18,953). UK government grants included in Income from Donations and Legacies amounted to £nil (2022: £18,953). Pag¢ 18
Belfast Interface Pro ect Acom limited b an uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2023 INCOME FROM CHARITABLE ACTIVITIES 31.3.23 31.3.22 Fees earncd Perforniancprrelated grants 5,062 161617 313,210 313 210 166,679 Of the £313.210 received in 2022, (2022: £166,679), £302,794 related to restricted ndS (2022: £151,652) and £10,416 to unrestricted funds (2022.. £15,027). Grants receivel included in the above, are as follows: 31.3.23 31.3.22 Co-operation Ireland - Future Innovators Belfast City Council Capacity Building - Core funding BCC - Promoting Shared Futures BCC/PCSP - North Belfast District Policing & Community Safety Partnership BCC Fair Funding The Executive Office - Augmented Reality Planning The Executive Office - Resilience Post Covid 19 The National Lottery Shared Futures - Planning Toolkit 105,117 30,487 1,490 59,428 28,150 10,000 10,000 2,533 24,342 27,164 49,228 126 888 313210 161617 UK government grants included in Income from Chatitable Activities amounted to £208,093 (2022.. £102,189). Page 19
Belfast Interface Pro ect Acom limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2023 NON-EXCIIANGE TRANSACTIONS The charitable compgny has benefitted from the contribution of unpaid general volunteers. Their contiibution is not aGcount¢d for due to the lack of a reliable basis of measur¢m¢nt. EXPENDITURE ON CHARITABLE ACTIVITIES Activities undertaken directly Support costs Year ended 31 March 2023 TotaI costs Unrestricted funds General fund 264 42.779 Restricted funds Co-operation Ireland - FUre Innovators Co-operation IrelaniYRuTal Community N¢twork - VCSE COVID recovery The Rank Foundation - Sense over Sectarianism Belfast City Council Capacity Building - Core funding BC.C - Proinoting Shared Futures BCC/PCSP- North Belfast District Policing & Community Safety Partnership The Executive Office - Augmented Reality Planning The Executive Office - Resilienc¢ Post Covid 19 The Executive Office - Planning for Change The National Lottery Community Fund - Awards for All - See-U-Through The National Lottery Shared Futures - Planning Toolkit 95,555 95,555 249 75 249 75 28,150 1,490 28,150 1,490 4,000 45,508 250 312 4,000 45,508 250 312 1,589 1,589 238.237 28,150 266.387 Total expenditure 238,501 70,929 309,430 Page 20
Belfast Interface Pro'ect Acom limited b arantee Notes to the Flnaneial Statements - continued for the Year Ended 31 March 2023 EXPENDITURE ON CHARITABLE ACTIVKTIES conlinued Activities undertaken direcdy Support osts Year ended 31 March 2022 Total costs Unrestrieted funds General fund 42,077 43.754 Restricted funds Co-operation Ireland - Future Innovators Co-operation IrelandlRural Coinmuuity Network - VCSE COVID recovery The Rank Foundation - Sense over Sectsrianism Belf&8t City Council Capacity Building - Core funding BCC - Proinoting Shared Futures The Executive Office - Augmented Reality Planning The Executive Office - Resilience Post Covid 19 The Executive Office- Planningy for ChangFe The National Lottery Cominunity Fund- Awards for All - See-U-Through 51,074 51.074 905 75 64 8,000 22,600 26,608 313 905 75 27,872 8,000 22,600 26,608 313 27,808 111,862 27.808 139,670 Total expenditure 113,539 69,885 183,424 SUPPORT COSTS 31.03.23 31.03.22 Salaries & pensions Rent & service charge Parking Insurance Telq)hone SubsLYiptions Equipment, IT Stationery & other office costs Travel & subsistaice Bank fees Finance costs Gen¢ral penSeS Governance costs (note 9) 47.987 13,809 780 949 2,721 49,933 9,826 780 1,202 2,866 222 2.031 1,815 201 365 225 38 (i) 2,398 220 79 70,929 69,885 Page 21
Belfast Interface Pro eet Acom an limited b uarantee Notes to the Financial Statements - continued for the Year End¢d 31 March 2023 GOVEIINANCE COSTS 3l.03.23 31.03.22 NI Charities, Pension Scheme - management charge AGM expenses Audit costs C.ory)oration Tax R¢turn 338 24 2,006 338 2,000 60 2,398 NET INCOMEI(EXPENDITURE) FOR THE YEAR Net income/(expenditure) Is stated after charging/ (crediting): 31.3.23 31.3.22 Auditor's remuneration Operating lease - r¢ntal charges Depreciation - tangible fixed assets Loss on disposal of fixed assets Pension costs - defined contribution schemes Pension costs - defined benefit scheme - financy Costs Pension costs - defined benefit scheme - management costs 2.000 5,382 3,265 233 7,649 79 338 2,000 5,382 3,498 1,868 7,553 38 338 10. STAFF COSTS AND TRUSTEES, REMUNERATIOIY AND BENEFITS Total staff costs were as follows: 31.3.23 31.3.22 Wages and salaries Social security Costs Pension costs - defined Contribution plans Movement on annual leave entitlement 175,755 11.605 7,649 702 118,350 7,145 7.553 195711 133 057 No employees received emoluments in excess of £60,000 during the year (2022 - nil). The total amount of cmployec b¢nefJts received by key manageinent personnel was £46,618 (2022.. £47,748). Th¢ avcra8e nuinber of¢inployc¢s during the y¢ar was as follows: 31.3.23 Dire¢ support 8nd gov¢rnance 31.3.22 There was no trustees, ranuneration or othcr ben¢fits for the year ended 31 March 2023 (2022: £nil). No trustK received paym¢nt for professional or oth¢r services suppli¢d to the charitable Gompany (2022: £nil) Trnstees, expenses Thcie were no trustees, expenses reimbursed for the year ended 31 March 2023 (2022.. £nil). Page 22
Belfast Interface Pro'ect Acom an limited b arantee Notes to the Financial Statements - continued for the Year Ended 31 Mareh 2023 11. PENSIONS The charitable company operates defined contiibution pension plans for its employees. The amount recognised as an expense in the year was £7.649 (2022: £7,553) in respect of its own contribution. 12. NI CHAIUTtES PENSION SCHEME COMMITMENTS In respect of a former employee, the charitable company participates in the Northern Ireland Charities Pension Scheme (NICPS), a funded multi-employ¢r scheme which provides benefits to some 12 non- associated employers. The scheme is a defined benefit scheme in the UK, not contract¢d-out of the State pension. The NICPS closed to future accrual on 31 March 2009, there is currently no intention to wind it up and it continues in paid-up forn]. It is not possible to identify the share of underlying assets and liabilities belongin¥ to the individual participating einployers to enable them to account for the scheme as a defined benefit scheme. Therefore, the charitable company accounts for the scheme as a defmed contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 Deccmber 2005. This, together with docuinents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for fuiidinby defined benefit occupational pension scheines in thc UK. The scheme is classed as a "last-man standin8 arrangement" Therefore, the company is potentially liable for other participating employers, obligations if those employers ate unable to meet th¢ir share of the scheme deficit following withdrawal from the scheme. Partxcipatin&y employers are legally required to meet their share of the schane deficit on 8n annuity purchase b&sis on withdrawal from the scheme. The Trustee comrnissions 8n actuarial valuation of the Schemc every three years. The main pury)ose of the valuation is to det¢nnine the financial position of the Schan¢ in order to deterniine the level of fijturc contributions required so that the Scheme can meet its pension obligations as they fall due. Th¢ actuarial Yllation assesscs whethw the Scheme's assets at the valuation date are likely to be sufficient to pay the pension benefits accrued by members as at the valuation date. Asset values are calculated by reference to market levels. Accrued pension benefits are valued by discounting expected future investments returns. For yeaTS in which a full actuarial valuation is not carried out, an Actuarial report providing an approximate update on the funding position is rwuired by Icgislation. A full actuarial valuation for the schem¢ was carricd out at 30 September 2019 by a professionally qualified actuary using the "projected unit credit" method. This actuarial valuation showed assets of £35.4m (2016.. £29.4m), liabilities of £37.8m (2016. £35.5m) and a deficit of £2.4m (2016: £6. Im). The results of the 2019 valuation resulted in a ncw deficit recovery plan to fimd the reduced deficit of £2.4m which commenced on l August 2020 and will rnn until 29 February 2028. Results of the [1 a¢tuariaI valuation for the scheme at 30 September 2022 hav¢ not yct been finalised. It is expected that a forniai review of the inflation assuTllptions used to value liabilities due to be paid out after 2030 will increase liabilities by around 90/0. Page 23
Belfast Interface Pro'ect Aeom limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 Mareh 2023 12. NI CHARITIES PENSION SCHEME COMMITMENTS continued The results of the approximate update as at March 2023 show assets of £21.7m. liabilitieg of £26.2n representing a funding level of 830/ and a deficit of £4.5m. To eliminate the thnding shortfall, the trustees have agreed that deficit contributions will be paid to the schane &$ follows: From l August 2020 to 29 February 2028: £625 pa (previously £1,322 pa), payable quarterly. Scheme expenses payable for the sam¢ period will be £338 pa (2016: £424) If the valuation assumptions are borne out in practice the agreed contribution schedule should be sufficient to ¢liminat¢ the past service deficiL oil an ongoing funding basis, by 29 Febiuary 2028 (2016: 3 l March 2038). The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. In year ended 31 March 2023, the charitable company paid deficit contributions of £625 (2022: £625) and management costs of £338 (2022: £338). The death of the charitable coinpany's former employee before 29 February 2028 will eliminate any outstanding obligation. Since the charitsble company has agreed to a deficit funding arrangeinent it recognises a liability for this obligation. The amount recognised is thc net present value of the deficit reduction contributions payable under the agreeinent that relates to the deficit. The present value is calculated usingy the discount rate detailed in these disclosures, The unwinding of the discount rate is recognised as a finance cost and management costs as a governance cost. 31.3.23 31,3.22 Present Valu¢ of Provision Reconciliation of Opening and Closing Provtslons 31.3.23 31.3.22 Provision at the start of the year Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions 3,441 79 (625) 4,181 38 (625) 153 Present Value of Provision 2,73 1 Th¢ whol¢ of thc provision w&% attributabl¢ to unrcstrictcd funds. Income and Expendithre Impact 31.3.23 31.3.22 Interest exp¢nse Remeasurements- impact of any change in assumptions Management costs 79 (164) 338 38 (153) 338 Costs recognised in income and ¢xpcnditurc aoUnt 253 223 Page 24
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2023 12. NI CHAIUTIES PENSION SCHEME COMllllTMENTS conlinued A8sumption8 31.3.23 31.3.22 /0 per annum % per anniim 5.15 2.56 Rate of discount Th¢ discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yicld curve to discount the vame recovery plan contributions. 13. RELATED PARTY TRANSACTIONS There were no r¢lat¢d party transactions in the year that require disclosure. 14. CORPORATION TAXATION The company is a registered charity and the charitsble tax exemptions are therefore being claimed to the extent that income andlor gains are applicable and applied to charitable purposes only. These exemptions will ranain in place as long as income and expenditure is appli¢d to charitable purposes only. IS. TANGIBLE FIXED ASSETS Website Equipment Totals COST At l April 2022 AddÉtions Disposals 5,940 15,721 21,661 At 31 March 2023 5.940 19,000 DEPRECIATION At l April 2022 Charge for year Eliminated on disposals 5,940 9,117 3,265 2,428) 15,057 3,265 2,428 At 31 March 2023 IYET BOOK VALUE At 31 March 2023 3,106 At 31 March 2022 6,604 6,604 16. DEBTORS 31.3.23 31.3.22 Prcpayments & accrued income 93,805 93.805 50,825 Page 25
Belfast Interface Pro. ect Acom an limited b arantee Notes to the Financial Ststements - continued for the Year Ended 31 March 2023 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 31.3.22 Accruals & deferred income Other creditors 38,458 2.599 903 3,502 18. LEASES Total future minimum lease payments under non-cancellable operating leases are as follows.. 31.03.23 31.03.22 Not later than one year Later than one and not later than five years 5,382 897 5,382 6,279 Page 26
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Finaneial Statements - continued for the Year Ended 31 March 2023 19. THE FUNDS OF THE CHARITY Net movement in funds Transfers betw¢¢n funds Year ended 31 March 2023 At 1.4.22 At 31.3.23 Unrestricted funds General fund 34,921 (32,313) 6,000 8.608 Restricted funds Co-operation Ireland - Future InnoTrators Co-opei'ation Irelan(LIRural Community Network - VCSE COVID recovery The Rank Foundation - Sense over Sectarianism Belfast City Council Capacity Building - Core Fundtng BCC - Promotin8 Shared Futures BCC/PCSP - North B¢lfast District Policing & Community Safety Partnership The Executive Office - Augmented Reality Planning The Executive Office - Resilience Post Covid 19 The Executive Office - Planning for Cli1ge The National Lottery Coininunity Fund- A w&rds for All - See-U-Through The National Lottery - Sharcd Futures Planning Toolkit 922 (854) 68 498 (249) 249 75 (75) 2,337 2,337 10,000 (4,000) (6,000) 1.742 3,720 5,462 556 (250) 306 625 (312) 313 1,589 (1,589) 16.007 36,407 (6,000) 46,414 TOTAL FUNDS 55,022 The Qeneral fund is the "free reserves" after allowing for all designated fiuids. Costs totalling £6,000, originally cl2ssified as unrestricted, were tranSferd to thc BCC - North B¢lfasl District Policing & Con]munity Safety Pership restrictcd fund, in line with the purposes of the funding as laid out in the letter of offer. Page 27
Belfast Interface Pro Acom an limited b ect arantee Notes to the Financial Statements - continued for the Year Ended 31 March 2023 19. THE FUNDS OF THE CHARITY continued Net movement in funds Transfers between fimds Y¢ar ended 31 March 2022 At 1.4.21 At 31.3.22 Unrestricted funds General fund 42.264 (9,621) 2.278 34.921 Restricted funds Co-operation Ireland - Future Imiovators C.o-op¢ration IreRandlRural Community Network - VCSE COVID recovery Th¢ Rank Foundation - Sense over Sectarianism Belfast City Council Capacity Building - Core FldIng BCC - Proilloting Shared Futures BCCIPCSP- North Belfast District Policing & Conllnunity Safety Parthership The Executivc Offic¢- Auginented Reality Planning The Executive Offi¢¢ - Resili¢nce Post Covid 19 The Executive Office - Planning for Change The NationaI Lottery Coinmunity Fund- Awards for All - See-U-Through 922 (905) 922 498 1.403 150 (75) 75 278 2,000 (278) (2,000) 10,000 10,000 1,742 1.742 556 556 938 (313) 625 6,303 11,982 (2,278) 16,007 TOTAL FUNDS 48,567 2,361 50,928 The General fimd is the "fr¢e reserves" after allowing for all designated fimds. Costs totalling £2,000, originally cEassified as unrestricte(I were transferred to the BCC - Promoting Shared Futures restricted fund, in line with the purposes of the funding as laid out in the letter of offer. Other transfers between restricted and unrestricted funds are in linc with conditions laid down by ndffs. Page 28
Belfast Interface Pro'ect Acom limited b arantee Notes to the Financial Statements - continued for tbe Year Ended 31 March 2023 19. THE FUNDS OF THE CHARITY eontinued Net movement in fund& included in the above are Bs follows: Incoming resources Resources Actuarial Movements expended gains/(losses) in funds Year ended 31 March 2023 Unrestricted funds General fund 10.566 (43.043) 164 (32,313) Rtstricted fvnds Co-op¢i"atioll Ireland - Future Innovators Co-operation Ireland/Rural Community Network - VCSE COVID recovery The Rank Foundation - Sense over Sectarianism Belfast City Council Capacity Building- Core funding Belfast City Council - Promoting Shared Futures BCC/PCSP- Noith Bclfast District Policingy & Community Safety Partnership The Executive Office - Augmented Reality Planning The Executive Office - Resili¢n¢¢ Post Covid l9 The Executive Office - Planning for Change The National Lottery Community Fund- AwaTds for All - See-U-Through Th¢ National Lottery Shared Futures - Planning Toolkit 94.701 (95.555) (854) (249) (249) (75) (75) 30,487 (28,150) 2,337 1,490 (1,490) (4.000) (4,000) 49,228 (45.508) 3,720 (250) (250) (312) (312) (1,589) (1,589) 126 888 89.209) 302,794 (266,387) 36,407 TOTAL FUNDS 313360 (309 430 164 Page 29
Belfast Interface Pro'eet Acom limited b arantee Notes to the FinancRal Statements - conlinued for the Year Ended 31 March 2023 19. THE FUNDS OF THE CHARITY continued Net movement in funds, included in the above are as follows.. Incoming resources Resources Actula1 Movements expended gains/(losscs) in llds Year ended 31 March 2022 Unrestricted fvnds General fimd 33,980 (43,754) 153 (9,621) Restricted fvnds Co-operation Ireland - Future Innovators Co-operation Irelan(VRural Community Network - VCSE COVID recovery The Rank Foundation - Sense over Sectarianism Belfast City Council Capacity Building - Core funding Belfast City Council - Promoting Shared Futures BCCIPCSP- North Belfast District Policing & Community Safety Partnership The Executive Office - Augmented Reality Planning The Executive Office - Resilience Post Covid 19 The Executive Office - Planning for Changc The National Lottery Community Fund- Awards for All - See-U-Through 51.996 (51,074) 922 (905) (905) (75) (75) 28,150 (27,872) 278 10,000 (8,000) 2,000 10,000 10,000 24,342 (22,600) 1,742 27,164 (26,608) 556 (313) (313) 151,652 (139,670) 11,982 TOTAL FUNDS 185 632 (183 424) 153 Pagc 30
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the FinanciaI Statements - continued for the Year Ended 31 March 2023 20. ANALYSIS OF TOTAL NET ASSETSI(LIABILITIES) BETWKEN VUNDS 31.3.23 Restricted Total funds funds Unrestricted fund Year ended 31 March 2023 Fixed Assets D¢btoi's Cash at bank Creditors due within onc year D¢fmed benefit pension liability 3,106 93,805 (19.264) (31,233) 3,106 93,805 3,244 (42,402) 22,508 (11,169) 8,608 46,414 55.022 31.3.22 Restricted Total ndS funds Unrestricted fund Year ended 31 March 2022 Fixed Assets Debtors Cash at bank Creditors due within one year Defined ben¢fit pension liability 6.604 47,329 (36,984) (942) 6,604 50,825 442 (3,502) 3,441) 3,496 37,426 (2,560) 21. CONTINGENT LIABILITIES A contingent liability exists to rq)ay a portion of any grants received should certain conditions not be fulfilled by the charitable company. The oharÉtable company has been notified by The Pensions Trust of the estimated employer debt on withdrawal from the Northern Ireland Charities Pension Scheme based on the financial position of the scheine &s at 30 SepteAnber 2022. As of this date the estimated employer debt for the charitable company was £41,831 (2022: £65,035). This is the estimated potential debt that could be levied in the event of the charitable company becoming insolvent. ceasing to participate or th¢ sch¢me winding up at a time when it is not fully funded on a buy-out basis ie the cost of securing benefits by purchasing annuity policies from an insurer plus an allowance for expellS¢S. It includes a shar¢ of "orphan" liabilities in respect of previously participating employers. There is significant uncertainty regarding its esttmation since it depends on many factors includin8 totsl scheme liabilities, scheme invcstment perforniancc, thc liabilities in respect of current and forn]er employees of the employer, financial Gonditions at the time of the cessation event and the insurance buy-out markct. Page31
Belfast Interface Pro'ect Acom limited b uarantee Notes to the Finaneial Statements - continued for the Year Ended 31 March 2023 21. CONTINGENT LIABILITIES continued This uncertainty. coupled with the view that crystallisation of the debt is not foreseen to occur in the near future, means that whilst the Board considers it appropriate to disclose sam¢ as a contingent liability. it has not been provided for in thes¢ fmancial statements. However, a provision is recognised for the net present value of the deficit reduction contributions as agreed with the charitable company. This provision does not account for any potential increase in liabilities arisinb from a legaI process which is currcntly underway to obtain clarification and court directions on the interpretation and implementation of scheme rules, and their implications on members, benefits, past and future. The estimated potential increase in liabilities as at 30 September 2021 is in the region of £20,000, but is likely to change again before the outcoinc of the court case is known, not expected before late 2024. As with the estimated employer debt. there is constderable uncertainty regarding its calculation and crystallisation is unlikely to occur for a number of years, the potentia] liability has not been provided for. 22. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR AUDITS OF SMALL ENTITIES In common with many other organisations of our size and nature we use our auditors to assist with the prq)aration of the financial statements and to prepare and submit returns to the t&x authorities and to Compallies House. 23. FINANCIAL AND CAPITAL COMMITMENTS There were no annual financial or capital commitsnents at the balance sheet date. CONTROLLING PARTY 24. The Board of Trustees is the ultimate controlling paty. Page 32