COMPANY REGISTIUTION NUMBER: N1067459 (Northern Ireland) HMRC CHARITY NUMBER.. XR41089 CFL4RITY COMMISSION FOR NI CHARITY NUMBER: NIC103356 Re ort of the Trustees includin Directors, Re ort and Financial Statements for the Year Ended 31 March 2024 for Belfast Interface Pro"ect Acom an limited b uAr ntee CG Taggart Accountancy Services Chartered Accountant & Statutory Auditor 17 Cypre55 CrcsLenl Donaghadee Co Down BT21 OQG
Belfast Interface Pro'ect Acom an limited b uarantee Contents of the Re ort of the Trustees for the Year Ended 31 March 2024 includln Directors, Re ort and Financial Statement5 Page Report of the Trustees (including Directors, Report) I to8 Report of the Independent Auditor to the members 9t0 11 Statemcnt of Financial Activitics (IncoOratIng the income and expenditure account) 12 Balance Sheet 13to 14 Notes to the Financial Statements 15to31
Belfast Interface Pro Acom an limited b ect uarantee Re ort of the Trustees includin Directors, Re for the Year Ended 31 March 2024 ort The trustees, who are also directors of the charitable company for the puOseS of company law, are pleased to present their report with the audited financial statements of the charitable company for the year ended 31 March 2024, which are also prepared to meet the requirements for a directors, report and accounts for company and charity law purposes. The trustees have adopted the provisions of the Charities SORP (FRS 102) (2nd edition - October 2019) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Kreland (FRS 102), (effective l January 2019) in pr¢paring the annual report and financial statements of the charitable company. REFERENCE AND ADMINISTRATIVE DETAILS Company Registration number N1067459 (Northern Ireland) HMRC Charity Registration number XR41089 Charity Commission for NI Registration number NICI 03356 Principal and Registered office Cathedral Quarter Managed Workspace 109-1 13 Royal Avenue Belfast Co. Antrim BTI IFF Trustees The trustees who served the charitable company diiring the year and up to the date of approval were as follows: Maria Morgan Rev Bill Shaw OBE Muriel Bowyer Bernie Mccoiinell Aisllng Caitmill G¢rry Mcclory Ed Petersen Ashok Shaiina Gerry Skclton Sam White Cvery O'Reilly Paddy O'Donnell Mark Arthur Chairperson Deputy Chair Treasurer c.ompany Secretary Berni¢ McConn¢ll Practice Co-ordinator Paul Smith Page I
Belfast Interface Pro"ect Acom an Rimited b arantee Re ort of the Trustees includin Directors, Re for the Year Ended 31 March 2024 ort continued REFERENCE AISD ADMINISTRATIVE DETAILS continued Auditor Grace Taggart CG Taggart Accountancy Services Chartered Accountant & Statutory Auditor 17 Cypress Crescent Donaghadee Co Down BT21 OQG Bankers Bank of Ireland 4 - 8 High Street Belfast BTI 2BA STRUCTURE, GOVERNANCE AND MANAGEMENT Belfast Int¢rfa¢¢ Proj¢ct (BIP) was established in 1995 and became a membership organisation in 2000. It CUentlY has a membership of 43 community group5 from nationalist and unionist interface areas of Belfast as well as 16 associaic and 12 individual members. Governing document Belfast Interface Project fonned a coinpany limited by guarantee, with coinpany number N1067459 on 7 December 2007 and is accepted as a charity by HMRC under reference XR41089. The company was established under a Mcmorandum of Association and is governed under its Articles of Association. The assets and liabilities of the charity were traiisferred to the company on l April 2008. Our Memorandum and Articles of AssoLiation was updated, agreed by the Charity Commission for Nl and adopted by the Board and membership at our AGM on 17 February 2017. Recruitment Vdnd Appointment of Board of Directors The directors of the company are also cliarity trustees for the purposes of charity law and under the coinpany's Articles are known as members of the Board of Directors. Under the requirements of the Memorandum and Articles of Association the members of the Board are elccted to serve for a period of three years. They may be re-elected at the next Annual General Meetin8. OrganR8ational structure Belfast Interfac¢ Projcct has a Board of Dircctors of up to 21 members who meet at Icast cight times a year and are responsible for the strategic direction and policy of tbe charity. At present the Board has 13 meinbers and is made up of commiinity groiip represeiitatives. individual and associate members. Finance sub-group made up of Maria Morgan, Muriel Bowyer, Bernie Mccoimell, Rcv Bill Shaw, the Practice Co-ordinator and the Finance Manager meets as and when required. The day-to-day management and operation of aclivitlcs Is carried out by staff led by tbe Acting Practice Co-ordinator who reports regularly to the Board. Risk Management The Board has assessed the njOr risks to which the charitable company is exposed, in particular those related to its operations and fanceS, and systems and procedures have been establtshed to mitigate those risks. Page 2
Belfast Interface Pro'ect Acom an limited b arantee ort of the Trustees includin Directors, Re for the Year Ended 31 March 2024 ort - continued Risk Management continued An ongoing risk for the charitable company is in relation to its membership of the Northern Ireland Charities P¢nsion Sch¢m¢, a defmed benefit scheme which was closed to new members in 2009. The scheme has accrued a deficit which to date has been managed through aLyreed monthly repayment tem]s which are scheduled to run until 30 June 2037. The deficit had reduced significantly in recent years but more recently has incr¢ased again. Th¢ charitsble coinpany was in regular conversation with The Pensions Trust around th¢ statu8 of tlie deficit and had agreed a very manageable payment plan. It is antiLipated that a court case originally set for January 2024 will take place in February 2025. The finance manager is in regular contact with The Pensions Trust who a overseeing the repaymcnt scheme. The Board has taken a number of actions to mitigate the risk, including working in partnership with other organisatioiis making up tlie Nl Charities Pension Scheme and accessing expert pension advic¢. The Community ToolkiLIApp went lÉve to the public in September 2023, It has been rendered marketable throiighout the sector and potentially across the public and statutory spectrum. A l O week training programme has b¢en designed to compleinent the toolkit, providing instruction and traiiiing on its multiple functionalities and tliereby Trncreasing potential fundraising and generating additional fEnancial resources. BIP has been using individual a%pects of the platform to deliver recent programmes such as "Shared Futures Future Building" to youthlcommunity groups across Bclfast, while continuing to develop its potential with groups engaged in the "Peoples and Communities" project. BIP and our paitners at Animorph werc able to dc5ign tlie Lominunity planning toolkit technology using th various compose. communicate and collaborate functions to enable groups andlor multiple group and individual ii)teraction, if the need for social distancing ari8es again. PUBLIC BENEFIT STATEMENT The trustees have complied with the diity to have due regard to the Charity Commission for Northern Ireland's statutory guidance on the public benefit requirement issued under the Charities Act (NI) 2008. OBJECTIVES AND ACTIVITIES Belfast Interface Project, fomled more than 25 years ago, has a long history of participative work in peace building, reconciliation and conflict transfomiation across our city's numerous interface areas. The following are the Vision, Purpose, Values and Principles of the charitable company: Vision Our vision is of interface communities being transfonned. becoming prosperous, confident and coh¢sive. Embracing new and emerging technologies Belfast Interface Project has b¢en exploring the use of virtual and augmented reality to future-build and enable co-creation planning for positive change. While employing a unique community planning toolkit embracing an eth08 of cominunication. co-operation and coll8bDr2ti()n. Belfast Interface Project has and will remain committed to change reflective of thc diversity of our society and the resideftts in Belfast's interface communities. Page 3
Belfast Interface Pro'ect Acorn an limited b uarantee Re ort of the Trustees includin Directors, Re for the Year Ended 31 March 2024 ort - continued OBJECTIVES AND ACTIVITIES continued Purpo Our purpose is to act as a catalyst for change, empowering and supporting interface communities. Values and Principles Our core values are integyrity, trust and mutual respecL which allow us to work in partnership with a shared oWneth1P of is.siies and solutions. The strategic objectives include: Strntegic Aim I: Policy.. To work with local communities to infonn, develop and challenge interfac¢ policy development that is of practical benefit to interface communities. Strategic Aim 2.. Advocacy: To act as an independent voice for interface communities Strategic Aim 3.. Transformation: Being a Catalyst for Change Strategic Aim 4.. Empowermetit: Building Capacity and Confidence Strategic Aim 5: Building a Resilicnt Organisation During 2023-2024 the Board of Directors, duties have included continuing to oversee the following tasks: The restructurin8 of BIP that began in 201 O continues to evolve. This in part is due to both external resources and internal re-focu%in&y on key areas of work. This approach has allowed BIP to begin slowly expanding outside of the Belfast area and has included significant project work in DerrylLondonderry. We havc adjiibted our staffing rcquirements and they now reflect our currenl needs and the economiclfiinding climate in Northeni Ireland. The Practice Co-ordinator will oversee the runniiig of all projects and a Finance and Admin manager will oversee the day to day running of the office. Oiir Strategic and Operational Plan for 202112025 takcs into conqideration the current econoiniclfunding climatc to cstablish a inore focus¢d implenicntatioii strategy. Having SULce55fully Coiiclud¢d our previous plan with the recruitment of n¢w staff and Ihe establishmcnt of new projects in interface areas. the new 4 year strategy focuses on building a resilient organisation, while maintaining our core themes inLluding Policy, Advocacy, Conflict Transfonnation and Community Empowern]ent. The P¢opl¢s and Commiinities project ftinded by Th¢ National Lottery was completed at the end of March 2024 and end of grant reporuevaliiation has been completed. New applications to The National Lottery's People and Communities fvnd have been put on hold as this fundlng SLheme has ceased to operate. A new scheme will be put in place, but as of this date (2310912024) we have not received any confirmation of wh¢n this will happen. Originally, we were told Septemb¢r to October 2024. BIP will be applying to the new fund when it opens. We had applied to CRC for core funding for year 2024-2025. although unsuccessful at the beginning of the year Belfast Interface Project was first reserve for any fvnding that would b¢come available. We have recently receiv¢d an emaiE from CRC offering BIP a significant 0/0 of the original budg¢t towards salaries. We have been successful in several other applications this year from BCC and Awards for All. We have becn engaging with a London bascd digital photograph¢r k¢¢n to explore thc possibilitics of digital photograpliy to ¢ngagc young people in interface areas. We are waiting on news from other appli¢atÈOll5 to FIalifax Foundation and Irish Youth Foundation. Unfortunately. we were unsuccessful with applications to BCC discretiollary payments and TEO. Page 4
BelfASt Interface Pro'ect Acom an limited b uarantee Re ort of the Trustees includin Directors, Re for the Year Ended 31 March 2024 ort continued OBJECTIVES AND ACTIVITIES continued We continue to source possible funding opportunities such as BCC Peaceplus, IFI. We have with our partners at Essex University produced a proposal to the IFI for the introduction of our Community Toolkit to community groups and organisatioiis involved in their P¢acewalls programm¢. This would mean that BIP would train Community and youth workcrs in the use of the toolkit and maintain and resource the platfomi throughout the temi of the Peacewalls project. That aside, Belfast Interface Project will continue to resource and further develop this innovative and ground-breakiiig augmeiited reality project (Coinmunity Toolkit), while continually looking at new ways to remove, ameliorate or re-classify interface barriers while explorÉng the possibilities for the toolkit in other settings such as rnral areas, Belfast Interface project has upgraded its network qystem. including data storage capabilities and broadband. This project was made possible through funding obtained from Belfa8t City Council. The funding included the cost of all works and equipment for the new system. Any upk¢cp/maintenanc¢ or training for the next three years have also been included We have continued to deliver programines across the city with youth and community groups using the Shared Futures- Future PlatIng aspect of the toolkit, While holding wider sector engageiiients/meetings discussing this project, particularly with statutory organizations.. The Shad Futures Platform and Youth Programmc engaged with a wide range of organizations, including.. Department of Justice: Explored how to support restorative justice initiatives within interface communities. Belfast City Coiincil and The Executive Office". Focused on fostering cross-community socxal innovation. Preston City Council, Essex County Council, and Stroud City Council: PartiCiPi2ted in knowledge exchange about using digital methods to promote community wealth building strategies. EU coop nctWOTk.. Promoted thc usc of the Shar¢d Futures Platfom tor supportin8 local eominunity biisinesses across Europe. Tliesc engageinents demonstrate the project's broad reacli and its potential impact across various sectors and communities. BIP'S partners at Essex University continue to champion the Shared Futures project on an Academic level and have had reports and papers published and or presented discussing and promoting the Shared Futures project: The Shared Futures project has been featured in several academic reports and presentations: It was included in the final report and resources for the EU initiative "Social Economy 4Ces" A report for the Belfast City Council also featured the project. The project is b¢ing incorporated into a new text on social innovation and community management. It is also being featured on the University of Duke blog dedicated to the promotion of the caring economy. Our "Shared Futures" project, which was chosen by CRC to be profiled on their websit¢ as one of the projects that benefited frorn CRC small grants funding can be viewed on their website. This is a great advertising score for the project and follows on from similar pi¢ccs, done over tbc year. We hav¢ engaged with other media outlets to promote the project. This highlights the excellent work being carried out in interface 2reL8 by workers from Belfast Interface Project. We have had requests for turther short documentary style projects highlighting the toolkit from the BBC. We have delivered several interviews with a journalist from Japan and Ireland. Page 5
BeEfast Interface Pro'ect Acom an limited b uarantee ort of the Trustees includin Directors, Re for the Year Ended 31 March 2024 ort - continued OBJECTIVES AND ACTIVITIES continued BIP has 2nd will continue to assist in managing mediation. conflict management. mentoring initiatives and development programmes with our community partners and city-wide membership. We have delivered workshops in many interface areas across Belfast which have been enabled by fvnding successfully sccured fTOfft B¢lfast City Council Capacity Building grants. BIP maintains its contact with its membership and key organisations across the city thus Eooking to find a long-tenn roadmap towards a tre where the necessity for interface barriers is reduced over time and employment and education opportunities are enhanced. BIP continues to engage with key public and statutory organisations including Belfast City Council (BCC), The Executive OfficL (TEO), Northei"n Ireland 14ousing Executive (NIHE), Department of Justic¢ (DOJ) and the Departinent of Foreign Affairs (DFA). BIP is also ¢ngaging with a number of councils including Derry City Council and community organisations, such as St Coluinbs Park House and Belfast Unemployed Rcsource Centre to furthcr develop our regional capacity. FINANCIAL REVIEW Financial Position The accounts on pages 12 - 14 deal with all the income and expenditure of the charitable company, as well as its fLnancial position at the year eiid. They show an overall deficit for the year of £46,170 (2023: surplus £4,094), being a deficit of £44,314 (2023: surplus £30,407) in restricted funds and a deficit of £1,856 (2023.. deficit £26,313) in unrestricted funds. Ov¢rall, res¢rves are in surplus by £8,852 (2023: £55,022) with a l*urplus in restricted funds of £2,100 (2023: £46,414) and a surplus of £6,752 (2023: £8,608) in unrestricted funds, which includes a provision in respect of the Nl Charities Pension Scheme deficit of £6,216 (2023.. £2,731). Without the provision unrestricted reserves would be in surplus by £12,968 (2023. £11,339). Principal Funding Sources Corc funding in this year came from Belfast CAty Council Capacity Building grant and Halifax Foundation Nl. Additioiial revenue and running costs plus programmatic work and research were funded by a number of other grants including The National Lottery and Co-operation Ireland. Opportunities for the delivery of fee-carning %crvices, both charitable and non-charitable, were taken up as they aro.se. We will Continue to soiirce funding opportunities as and when the opportunity presents itself. Reserves policy The Trustecs, policy is to retain a level of unrestricted reserves which provÉdes reasonable assurance of the resilience and sustainability of the charity in uncertain times. Their aim is to have unrestricted reserves of three months core salaries, pensions and running costs, plus a redundancy reserve. This would equate to approximately £37,000 (2023: £33,000). Actual reserves at 31 March 2024 are £6,752 (2023: £8.608), which includes a provision of £6.216 (2023: £2,731) in respect of thc NI Charities Pension Scheme. Without this provislon, reserves would stand at £12,968 (2023: £11,339). We are currently seeking to bring in additional unrestricted funding to bring r¢s¢rves into line with our policy. This will incliide revenue from training, mediation and facilitation projects, tenders and management fees for partnered projects in communities alld other contract income. Going concern After making appropriate enquÉries. the trnstees have a reasonable expectation that the charitable company has adequate resourceg to continue in op¢rational existence for the foreseeable future. For this reason, they coiitinue to adopt the going concern basis in prep1ing the fAnanLAal statements,. Page 6
Belfast Interface Pro'ect Acom an ' limited b uarAntee ort of the Trustees includin Directors, Re for the Year Ended 31 March 2024 ort - continued PLANS FOR FUTURE PERIODS l. We will continuc to focus on "at risk" or "hard to reach" young people in North, South, East and West Belfast. We will continile to look to the possibilities for our community toolkit and Shared Futures project which was funded until 31103124 from the National Lotteries 'Peoples and Communities Fund, and will engage with community groups across Belfast and in DerrylLondonderry. 2. Through the QUB P.8ychology Dept. we expect to have an internship placement and through the Erasmus programme and Intern Europe we are expecting to host several international students. We have hosted a group of students froin the Diplomatkc studies Programme at Oxford University at our offices in central Belfast. We hope to welcome them again in 2024, 3. BIP has continued its partnership with Essex University and Animorph Cooperative. Over the past year this partnership has developed a new and innovativ¢ youth Progran]e (Shar¢d Futures-youth Programm¢) that addresses topics such as social enteriSe, social economy, and future innovation. We have piloted this progranune in several interface areas citywide. Our commiinity platfornvtoolkit is now available oiiline, and we are looking at ways to promote its use among community organisations. We have produced a proposal for IFI that could see its use in their Pe<1¢ewalls programme. Animorph are at present tenderiiig for a contract with BCC that will use the plaiform as the focus for a tourist prOjt that explores places of historical significance in Belfast City Centr¢. 4. B TP continues to source funding from relevant funders for future projects and support. These will include applications to TEO, BCC, Halifax FouEidatioi), Th¢ National Lottery for personal d¢v¢lopm¢nt projects aimed ai young people discngagcd from the respeLtive interface communities. 5. BIP applicd to CRC for core funding to support runniiig costs ai)d shortfall in salaries at the end of the budget year ending 2024. Although initially unsuccessful. BIP were placed on a reserve list and have received an offer for partial funding to cover ?iome of the short fall in salaries. Our strategic and operational plan (202112025) which set out to address positive progress towards reconciliation, conflict transformation and barrier removal in Belfast, and regionally where possible is now being revisited and updated for the period 2025-2028. We will attempt to see this supported by fundeTs for a developmental and capacity building programme for the tUre in all our areas of work. Staff have alluded to the fact that a program of study should be made accessible to all. Pagc 7
Belfast Interface Pro'ect Acom an limited b uarantee Re ort of the 'frustees includin Directors, Re for the Year Ended 31 M r¢h 2024 ort continu STATEMENT OF TRUSTEES, RISPONSIBILITIES The tnistees (who are also the director8 of Belfast Inierface Project for the purposes of coinpany law) are responsible for prcparing tlie Report of the Trnst¢es and the financial ststements in aLcordance with applicable law and United Kingdom Accounting Standards (United Kingdom Gencrally Accepted Accounting Practicc). Compaiiy law reqiiirLs the trugtees to prepare financial stateincnts for each financial year which give a true aiid fair view of ilie state of affairs of tlic charitable company and of the incomllig resources and application of reyourccs. including the inLome and exp¢nditure, of the charitabl¢ company for tliat y¢ar. In preparing thosc financial slateiiients, tl)e trustces are reqiiircd to sclcct suitablc aLcounting policies and then apply tl)em consistently. observe the methods and principles in the Charity SORP 2019 (FRS102)' make jiidgements and estiin8te4 tliat are reasoiiable and prudent: state whetlier applicable United Kinsdoin Accounting Standards have bc¢n followed, subject fo any material departures disclosed aiid explained in the financiaj slatements,: and prcparc thc financial tstat¢men18 on the going conccrn bayis unless it is inappropriate to pr¢sum¢ that the charitable coinpany will contiiiue in operation. The irnstees are responbible for keeping adequate accoiinting records that are sufficient to sliow and explain the clwitabl¢ company's transactions and di5cLosc with roasoLiabl¢ accuraLy at any lime the tiiianL'ial position of the charitable company aiid enable tliem to ensure tliat tlie financial qiatemenL% comply with the Coiiii)anics Act 200CTr. Thcy are also rcsponsible tor sateguarding dic asscts of tl)c cliaritablc company and hence for taking reasoiiable steps f()r tlie pr¢v¢iition and dLtcction of frdiid and other irrLgularities. Tli¢ twstees are responsible for the maintenance and integrity of the corporate and financial infomiation Includ on the company's webslte. Each of the persons wlio is a trustee at tlie date of approval of this report Conf1rn tliat: So far as eacli trustee is aware, there is no relevant audit infon7]ation of which the charitable company's auditor is unaware. aLid each trustee has taken all stcps that they ought to have taken to make themsclvcs aware of any relcvant audit infonnation and to establish that the charitable company's audttor is aware of that infonnation. AUDITOR The charitable company re-tendcred for audÈtors and Grace Taggart of CG Taggart Accountancy Seryiccs wa8 re-appointed for a further pcriod of tliree year5 (year ends 2021, 2022 & 2023), with the option to ¢xtend the temi by an addilional iwo ycars, both ot which havc been confirnied. Thi¥ rtsport becn pi"cpared in accordance with the SPCLial proviyions of Part. 15 of the Compani¢8 Act 2006 rclating to small companies. Approved by order of thc board of trust¢¢s on 8 October 2024 and signed on its b¢half by". Bcrnic McCoi)n¢ll - Company SKrctary Page 8
Re ort of the Inde endent Auditor to the Members of Belfast Interface Pro'ect Opinlon I have audited the financial statements of Belfast Interface Project, (the "charitable company") for the year ¢nd¢d 31 March 2024 which comprise the Statement of financial a¢tiviti¢s (incorporating the income and expenditure account). Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has b¢¢n applied in their preparation is applicable law and the United Kingdom Accouiiting Standards, including FRS R 02 "The Financial Reporting Standard applicable in th¢ United Kingdom and Rq)ublic of Ireland" (United Kingdom G¢nerally Accepted Accounting Pra¢tAc¢). In my opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year thcn ended. have been properly prepared in accordance with United Kingdom Generally Acc¢pted Accounting Practice. and have been prepared in accordanc¢ with th¢ r¢quirements of the Companies Act 2006. Basis for opinion I conducted my audit in accordance with International Standard8 on Auditing (UK) (ISA% (UK)) and applicable law. My respon%ibilities Linder those standard.s are fijrther described in the Auditor's responsibilities for the audit ol. the tinaiiLial statements S¢LtioJi of iny report. l am independeiit of the charitabl¢ ioinpany in accordance with the ethical requireinents that are relevant to my audit of the financial statements in the UK, including the FRC'S Ethical Standard and the provisioiis available for small entities in the circumstances set out Én Note 22 to the financial statements and I havc fulfilled my other ethical responsibilities in accordaiice with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for iny opinion. Conclusions relating to going concern In auditing the financial stateinents, I have coiicluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work I have perfomied, I have not identified any material uncertainties relating to events or conditions that, individually or collectively may cast significant doubt about the charitable conipany's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. My responsibilities and the responsibilities of the trnsteeg with respect to going concern are described in the r¢l¢vant sections of this rcport. Other information The other infonnation comprises the inforn]ation included in the Report of the Trnstees and Financial Statements, other than the financial stateinents and my auditor's report thereon. Th¢ trustees are re%ponsibl¢ foi thc other information contained within the Report of the Trustees and Financial Statements. My opinion on the financial ststements does not cover the other inforniation and, except to the extent otherwise explicitly stated in my report, I do not express any forni of assurance conclusion thereon. Page 9
Re ort of the Inde endent Auditor to the Members of Belfast Interface Pro'ect continued Other information continued My responsibility is to read th¢ other inforniation and, in doing so. consider whether the other inforniation is materially inconsistent with the financial statements or my knowledge obtained in the audit or othenvise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, l am required to detemline whether this give4 rise to a material misstatement in the financial statements themselves. If, bas¢d on th¢ work I have perfornied, I conclude that there is a material misstatement of this other inforn]ation, l am required to report that fact. I have nothing to report in this regard. Opinions on other n)atters prescribed by the CompAnies Aet 2006 In my opinion. based on the woik undertaken in the course of the audit.. the inforniation given in the Report of the Tru8tee8, incorporating the directors, reporL for thc financial year for which the financial statements are prepared is conststeiit with th¢ financial statements. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which I am required to report by exception In the light of th¢ knowledge and understandiiig of the charitable company and its environment obtained in the course ot" the audit, I have not identified material misstatements in the directors, report. I havc nothing to report in respect of the following inatters in relation to which the Companie5 Act 2006 requAres me to report to you if, in Any opiiiion.. adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me. or the financial statements are not in agre¢m¢nt with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or I have not received all the infonnation and explanations I require for my audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Directors, report and from the requirement to prepare a strategic report. Responsibilities of trnstees As expKained inore fully in the Statement of Trust¢es' Responsibiliti¢s set out on pag¢ eight. the tSteeS (who are also the directors of the charitable company for the PUryK)ses of company law) ar¢ responsible for the preparation of thc financial statements and for being satisfi¢d that they givc a true and fair view, and for such internal control a,% the trustces determine is necessary to enable the preparation of financial st2tements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessin8 the charitable company's ability to continue as a going concern, disclostngj as applicable, matters related to goin8 concern and using the going concem basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or hav¢ no realistic alternative but to do so. Pag¢ 10
ort of the Inde endent Auditor to the Members of Belfast Interface Pro'ect continued Auditor's responslbilities for the audit of the financial Statements My objectlves are to obtain reasonable assurance about whether the financial statement8 as a whole are free from matcrial misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high l¢v¢l of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from frnud or error and are considered material if, individually or in the aggregate, they could reasonably be expwted to influ¢nc¢ the economic decisions of users taken on the basis of these financial statements. Irr¢giilarities, including fraud, are instances of non-compliance with laws and regulations. I d¢sign procedures in line wtth my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this cngagement and the extent to which these are capable of detecting irregulariti¢s, including fraud is detailed below: Obtaining an understanding of the significant legal and regulatory framework applicable to the charitable company and liow the charitable company is complyiiig with that frani¢work. Assessing the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur. Ensuring coinpetence and capabilities to identify or r¢cognise non-compliance with laws and regulations are maintained, Because of the inlierent limitations of an audit, there is a risk that I will not detect all irregiularitie5. including those leading to a material mi58tatcment in th¢ financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or re&TLilation is removed from the events and transactions reflected in the tinancial stateinents, as I will be Icss likcly to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intcntional concealment, forgery, collusion, omission or misrepresentation. A fvrther description of my responsibilities for the audit of the financial statements is located on the Financial Reportingi Couiicil's websit¢ at: Tliis description forms part of my Auditor's report. Use of my report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertakeii so that I might state to the company's members those matters I arn required to state to them in an auditor's report and for no other purpose. To the fullest ext¢nt pcnnittcd by law, I do not acccpt or assumc responsibility to anyonc othcr than thc charitable company and the charitable company's members as a body, for my audit work, for this report, or for the opinions I have fornied. Grace Taggart FCA (Senior ry Auditor) For and on behalf of CG Taggart Accountancy Services, Statutory Auditor, 17 Cypress Crescent, Doiiaghadee, Co Down, B T21 OQG CG Ta8ggrt Accountancy Services is eligible to act as an auditor kn tem]s of section 1212 of th¢ Companies Act 2006. 8 October 2024 Pagell
Belfast Interface Pro'ect Acom an limited b uarantee Statement of Financial Activities inco for the Year Ended 31 March 2024 oratin the Income & Ex enditure Account 31.3.24 Unrestricted Restricted Total funds nd funds 31.3.23 Total funds Notcs Income and endowments from: Donation5 and legacies Charitable activities oiher trading activities 5,402 19,175 458 5,402 222,313 458 150 313,210 203,138 Total income and endownients 25,035 203,138 228.173 313,360 Expenditure on: Charitable activilies 24,310) 246.048) 270,358) 309,430) Total expenditure (24,310) (246,048) (270,358) (309,430) Net Ineomel(Expenditure) For The Year 725 (42,910) (42,185) 3,930 Transfers between Funds 19 1,404 (1,404) Other recognised gains/(losse5): Actuarial gainsl(losses) on defined b¢n¢fit pension scheme 12 (3,985) (3,985) 164 Net movement in Funds (1,856) (44,314) (46,170) 4.094 Reconciliation of Funds: Total Funds brought forward 8,608 46,414 55,022 50,928 Total Funds carried fonvard 6,752 2,100 8,852 55,022 The Statement of Financial Activities includes all gains and losses recognised in the year. All of the abov¢ amounts relatc to continuing activities. The notes form part of these fanCIal statements Page 12
Belfast Interface Pro'ect Acom an Ilmited b uarantee Balance Sheet At 31 March 2024 31.3.24 31.3.23 Notes FIXED ASSETS: Tangible assets 15 2,100 3,106 CURRENT ASSETS: Debtors Cash at bank and in hand 16 31,382 6,920 93.805 3,244 38,302 97.049 CREDITORS: AMOUNTS FALLING DUE WITHIN OINE YEAR 17 (25,334) (42,402) IYET CURRENT ASSETS 12.968 TOTAL NET ASSETS EXCLUDING PENSION LIABILITY 15,068 57,753 DEFINED BENEFIT PENSION LIABILITY 12 (6,216) (2.731) TOTAL NET ASSETS/(LIABILITIES) 8,852 55,022 THE FUNDS OF THE CHARITY: Unrestricted funds Rcstricted funds 19 6,752 2,100 8,608 46,414 TOTAL CHARITY FUNDS 8,852 55.022 The notes forni part of these financial statments Page 13 continued...
Belfast Illterface Pro"ect Acom an limited b uar2ntee Jjalanee Sheet- continued At 31 March 2024 Thcs¢ fiiiancial stateinents have beet] prepared in accordance with the provisions applicable to companies siibject to the small companies, regur&e. 'rhe fu1¢1&1 statements were approved by the Board of Trustees on 8 October 2024 and were signed on its behalf by.. airperson Muriel Bowyer -Treasurer Company Registration Number: NI067459 The notes fom] part of these financial statements Page 14
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements for the Year Ended 31 March 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant principal accounting policies adopted, judgements and key sources of estimation uncertatnty in the preparation of the financial statements are set out below. These policies have been consistcntly appli to all periods prcscnt¢d unless otherwise stated. 1.1 Basis of preparation of financial statements The charitable company constitut¢s a public benefit entity as defined by FRS 102 and its operations and principal activities are as discEosed in the Report of the Trustees. The financial stat¢mcnts have been prq)ar¢d in accordance with "Accounting and Reporting by C.harities: Stateinent of Recomniended Practice applicable to charities prepariiig their accounL8 in accordance with the Financial ReportÉng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective l January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), applicable charity law, the Companies Act 2006 and United Kingdom Generally Accq)ted Practice. The financial stateinents are presented in sterling, the functional currency of the charitable company. Ass¢ts and liabilities are initially recognised at historical cost or transaction valu¢ unless otherwise stated in the relevant accounting policy note(s). 1.2 Preparation of the accounts on a going concern basis The financial statements hav¢ been prepared on a going concern basis as the trustees are of the view that the immediate futtire of the charitable company for the next 12 months is secure and on this basis the assessment of the trustees is that the charitable company is a going concern. 1.3 Fund accounting Unrestricted funds are availabl¢ for use at the discretion of the trustees in furtheranc¢ of tli¢ pury)oses of the charitablc company. Restrictcd funds ar¢ to be us¢d in accordance with specific restrictions irnpos¢d by donor.¥ or fvnds which have been raised for particular putposes. The costs of raising and administering such funds are charged against the spccifAC fund. 1.4 Income recognition policies Items of income are recognised and included in the accoiints when the company is legally entitled to the income. any perfomiance conditions attached to the item of income have been met or are fully within the control of the company, the amount can be Ineasured reliably and recetpt is congidered probable. Incoine is deferred only when thc charity has to fulfil conditions which are not fully within the control of the charity before bein&1 entitled to it or where the donorlfunder has specified that the income is to be expended in a future period. Page 15
Belfast Interface Pro Acom limited b uarantee "otes to the Financial Statements - continued for the Year Ended 31 March 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued 1.5 Expenditure recognition policies and irrecoverAble VAT Expenditure is recognised on an ac¢Nals basis oncc there is a legal or constnictive obligation to make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be mcasurcd reliably. Exp¢nditur¢ Is cLassifi¢d und¢r the following activity headings: Charitable activities: include the costs of programmes undertaken to further the purposes of the charitable company and their associated support Costs, including governance costs. Siipport costs are those costs incurred in support of direct expenditur¢ on the objects of the charitable coinpany and include project management. Governance costs are those incurred in connection with admini8tration of the charitable company and compliance with constitutional and statutory requirements. The analysis of these costs is included in notes 7 and 8. Irrecoverable V A T 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 Employee benefits When employees have rendered service to the cliaritable company, short-tcrm employee b¢ncfit& to which the employees are entitled are recognis¢d at the undiscount¢d amount expected to be paid in exchange for that service. 1.7 Pension costs and other post-retirement benefits Contributions payable to the charitable company's defined contribution pension schemes are charged to the Statement of Financial Activities in the pcriod to whlch thcy relate. Note I I provides additioiial disclosure. The charitable company al80 participates in the Northern Ireland Charities Pension Scheme, a multi- employcr defined benefkt scheme, in respect of a former employee. Sufficient infonnation is not available to use defiiied benefit accolinting and so accounts for th¢ plan as if it was a defined contribution plan. The charitable company is committed to making monthly payments to make good deficits and cover scheme manag¢mcnt costs and therefor¢ recognises a liability for the contributions payable that arise from the agreement, to the extent that they relate to the deficit. Note 12 provides additional disclosure. 1.8 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciation and impaimient losses. Depreciation is provided at rat¢s calculat¢d to write off th¢ cost of fixed assets, less their esttmated residual value, over their expected useful lives on the following basis: Equipinent & Website 25 % Straight line The carying value of the tangible fixed assets is reviewed annually for impairment in period to detemiinc if events or changes in circumstances indicate the carrying value may iiot be r¢coverabl¢. Page 16
Belfast Interface Pro'ect Acom an limited b arantee 'otes to the Financial Statements - continued for the Year Ended 31 March 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued 1.9 Debtors Debtors are reeognised at the settlement amount due after any trade discounts offered. Any losses arising from impaim)¢nt are recognised in ¢xp¢nditure. 1.10 Cash at bank And in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity date of three months or less from the date of acquisition or opening of the depo.sit or similar account. 1.11 Impydirment Assets not measured at fair value are reviewed for any indicalion that the asset inay be impaired at each balance sheet date. If such indication exists. the recoverable amount of the asset. or the aqset's cash g¢n¢rating unit. is estimated and compared to the canying amount. Whcrc the Larying aniount exceeds its recoverable amouiit, an impairinent loss is recogniscd in profit or loss unless the asset is carried at a revalued amount where the impairn]ent loss is a revaluation decrease. 1.12 Creditors and provisions Crvditors and provisions are recognised where tlie charitable company has a present obligatffton resulting from a past event that will Probably rcsult in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any tradc di.%count8 due. When the effect of the tiine value of money is material, the amount of a provision shall bc the present valuc of the amount expected to be required to settle the obligation. 1.13 Leases Rentals payable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. 1.14 Financial Instruments Financial ass¢ts and liabilitics of a kind that qualify as basic financial instruments are initially recognised at transaction price and subsequently measured at settlement value. 1.15 Critical accounting judgements and estimation uncertainty Estimat¢s and judg¢m¢nts are continually evaluated and are based on bistorical experience and other factors, including exp¢¢tations of future events that are believed to be reasonable under the ¢ircumstanc¢s. Thcre are no critical judgements in applying the company's ac¢oLEnting policies. There are no critical accounting estimates and assumptions. Page 17
Belfast Interface Pro Acom an limited b ect uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 2. COMPANY STATUS Belfast Interface Project is a company limited by guarantee incorporated in the United Kingdom and registered in Northern Ireland and accordingly does not have sharc capital. Evcry membcr of the company undertakes to contribute such amount as may be required, not exceeding £1, to the assets of the charitable company in the event of it being wound up while they are a current member, or within one year after ¢easRng to be a member. The charttable company's regtstered office ts givei) on page l of the Report of the Trustees. 3. INCOME FROM DONATIONS AND LEGACIES 31.3.24 31.3.23 Private donation Halifax Foundation NI- running costs 402 5,000 150 5,402 150 Of the £5,402 ¢¢iVed in 2024, (2023: £150), £nil rclated to r¢strict¢d fund5 (2023: £nil) and £5,402 to unrestrict¢d funds (2023: £150). UK governnient grants incliided in Income from Donations and Legacies amounted to £nil (2023: £nil). 4. INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Fees earned Perfonnance-related grants 17,292 205,021 313,210 222,313 313,210 Of the £222,313 received in 2024, (2023.. £313,210), £203,138 related to stricted funds (2023: £302,794) and £19,175 to unrestricted funds (2023: £10,416). Grants received, included in the above, are as follows." 31.3.24 31.3.23 Co-operation Ireland - Future Innovators Belt-ast City Council Capacity Building- Core thnding BCC - Promoting Shared Futures The Executive Offic¢- Augmented Reality Planning The National Lottery Shared Futures - Planning Toolkit 24,847 49,791 3,495 105,117 30,487 1,490 49,228 126,888 126,888 205,021 313,210 UK government grants included in Income from Charitable Activities amounted to £180.174 (2023: £208,093). Page 18
Belfast Interface Pro'ect Acom an limited b arantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 NON-EXCHANGE TRANSACTIONS The ch2ritable company has benefitted from the contribution of unpaid general volunteers. Their contribution is not accounted for due to the lack of a reliable basis of measurement. EXPENDfTURE ON CHARITABLE ACTIVITIES Activitics undertaken directly Support costs Year ended 31 March 2024 Total costs Unrestricted funds General fund 11,758 12,552 24,310 Restricted funds Co-operation Ireland - Future Innovators Co-opei'ation Ireland/Rural Cominunity Network - VCSE COVID rccovery Belfast City Council Capacity Building- Core funding BCC - Promoting Shared Fure$ Tlie Executive Office- Augmentcd Reality Planning The Executive Office- Resilience Post Covid 19 Thc Executiv¢ Office- Planning for Change The Natioiial Lottery Shared Fiitures - Planning Toolkit 23,498 23,498 249 249 52,128 2,417 4,735 499 313 162,209 52,128 2,417 4,735 499 313 162.209 193,920 52,128 246,048 Total expenditure 205,678 64,680 270,358 Pag¢ 19
Belfast Intsrface Pro Acom an limited b ect arantee Notes to the Financial Statements- continued for the Year Ended 31 March 2024 EXPENDITURE ON CHARITABLE ACTIVITIES continued Activities undertaken directly Support costs Year ended 31 March 2023 Total costs Unrestrieted funds General fund 264 42,779 43,043 Restrieted funds Co-operation Ireland - Futur¢ Innovators Co-operation Ireland/Rural Community Network - VCSE COVID recovery The Rank Foundation - Sense over Sectarianisrn Belfast City Council Capacity Building- Core funding BCC- Promoting Shared Futures BCCIPCSP - North Belfast District Policing & Community Safety Partnership The Executive Office - Augmented Reality Planning The Executive Office - Resillence Post Covid 19 The Executive Office - Plaiining 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 89,209 238,237 28,150 266,387 Total expenditure 238,501 70,929 309,430 SUPPORT COSTS 31.03.24 31.03.23 Salaries & pensions Rent & service charge Parking Insurance Telephone Subscriptions Equipment, IT Stationery & other office costs Bank fees Finance costs Governance costs (note 8) 38,515 16,864 780 1,073 2,029 79 2,304 341 232 125 2,338 47,987 13,809 780 949 2,721 1.815 201 220 79 2,368 64,680 70,929 Pag¢ 20
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial StAtements- continued for the Year Ended 31 March 2024 GOVERNANCE COSTS 31.03.24 31.03.23 NI Charities, Pension Scheme - management clwge AGM expenses Audit costs 338 338 24 2,006 2.000 2,338 2,368 NET INCOME/(EXPENDITURE) FOR THE YEAR Net in¢ome/(expenditure) Stated after charging/ (crediting).. 31.3.24 31.3.23 Auditor's remuneration Opcrating lease - rental charLFes Deprccialion - tangible fixed assets Los,s on disposal of fixed asset Pension costs - defined contribution schemes Pension costs - defined benefit scheme - finance costs Pension costs - defined benefit scheme - manageinent costs 2,000 5,382 1.932 510 4,339 125 338 2,000 5.382 3.265 233 7,649 79 338 10. STAFF COSTS AND TRUSTEES, REMUNEIL4TION AND BENEFITS Total staff costs were as follows: 31.3.24 31.3.23 Wages and salaries Social security costs Pcnsion costs - defined contribution plans Movement on annual leave entitlement 102,099 5,010 4,339 74 175,755 11,605 7,649 702 111.522 195,711 No employees received ¢moluments in excess of £60,000 durin&r the year (2023 - nil). The total amount of employee benefits received by key inanagcment personnel was £39,210 (2023: £46,618). The average number of employees during the year was as follows.. 31.3.24 31.3.23 Direct, support and governance Th¢re was no truste¢s' r¢rnuneration or other benefits for the year ended 31 March 2024 (2023,. £nil). No trustee received payment for prof¢ssional or other services supplied to the charitable company (2023- £nil) Trustees, expenses There were no trustees, expenses reimbursed for the year ended 31 March 2024 (2023: £nil). Page 21
Belfast Interface Pro ect Acom an limited b 8rantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 11. PENSIONS The charitable company operates defined contribution pension plans for its employees. The amount rccognised as an expense in the y¢ar was £4,339 (2023: £7,649) in respect of its own contribution. 12. NI CHAIUTIES PENSION SCHEME COMMITMENTS In respect of a fomer employee. the charitable company participates in the Northern Ireland Charities Pension Scheme (NICPS), a funded multi-cinployer scheme which provides benefits to soni¢ I I non- associated employers. The scheme is a defed benefit sLheme 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 fonn. It is not possible to identify the share of underlying assets and liabilities bclonging to the individual participating employers to enable thein to account for the scheme as a defin¢d benefit scheme. Therefore, the charitable company accounts for the schemc as a dcfined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force 01130 DeLcmbcr 2005. This, logcthcr with docuinents issucd by the Pensions Regulator and Technical Actiiarial Standards issucd by the Financial Reporting Council. set out the frainework for fundiiig defined benefit occupational pension schemes in the UK. The schemc is classed as a "last-man standAng arrangpAnent" Therefore, the company is potentially liable for other paiticipating employers, obligalions if those employers are unable to meet their share of the scheine deficit following) witlidrawal from the scheme. Participating employers are legally required to meet thekr share of the scheine deficit on an annuity purchase basis on withdrawal from the scheme. The Trnstee commissions an actuarial valiiation of the Scheme every three years. The main purpose of the valuation is to d¢tennine the financial position of the Scheme in order to d¢tcm]in¢ the l¢vel of ture contributions required so that the Scheme can meet its pension obligations as they fall due. Th¢ actuarial valuation assesscs whether the Schemc'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 calculat¢d by refcrence to market levels. Accrued pension bcnefits are valued by discounting expected future investments returns. For years in which a full actuarial valuation is not carried out. 2n Actuarial report providing an approxiinatc update on the funding position is r¢quired by legislation. A full actuarial valuation for the scheme was carried out at 30 Septeinber 2022 by a professionally qualified actuary which showed assets of £22.8m (2019.. £35.4m), liabilities of £26m (2019: £37.8m) and a deficit of £3.2m (2019: £2.4m). The results of the 2022 valuation resulted in a new deficit recovery plan to fund the increased deficit of £3.2m which commenced on l October 2022 and will run until 30 Jiine 2037. The results of the approximate update as at 30 Septcmber 2023 show assets of £18.6m. liabilities of £23m, representing a funding level 0181 %, and a deficit of £4.4m. Page 22
Belfast Interface Pro'ect Acom an EimRted b uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 12. NI CHARrrIES PENSION SCHEME COMtIIITMEiYfs continued To eliminate the funding ghortfall. the tnigteeg have agreed that defieit contributions will be paid to the scheme as follows: From l October 2022 to 30 June 2037: £625 pa (previously £625 pa), payable quarterly. Scheme expenses are to rise to £631 pa from l October 2024 (2023124: £338 pa), and are set to increase by 30/0 pa each l October thereafter, until payments end on 30 June 2037. If the valuation assumptions are borne out in practice the agreed contributAon schedulc should be sufficient to eliminate the past service deficit, on an ongoing funding basis, by 30 June 2037 (2019: 29 February 2028). The 0Very plan LontribLltions arc allocated to cach participating employer in line with their estimated share of the scheme liabilities. In year ended 31 March 2024, the charitable company paid deficit contributions of £625 (2023: £625) and management costs of £338 (2023: £338). The death of the chitable company's fomier employee before 30 June 2037 will eliminate any outstanding obligation. Since the charitable company has agreed to a deticit funding arrangement it recognises a liability for this obligation. The ainount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed iii these disclosures. The unwinding of the discount rate is recognised as a finance cost and managcmcnt costs as a governance cost. 31.3.24 31.3.23 Present Value of Provision 6,216 2,731 Reconcillation of Opening and Closing Provisions 31.3.24 31.3.23 Provision at the start of the year UnwindÈng of the discount factor (interest expense) Defjcit contribution paid Remeasurements - impact of any change in assumptions - amcndments to contribution schedule 2,731 125 (625) 151 3,441 79 (625) (164) Present Value of Provision 6,216 2,731 The whole of the provision was attributable to unrestricted funds. Income and Expenditure Impact 31.3.24 31.3.23 Interest ¢xp¢nse Remeasurements - impact of any change in assumptions - amendments to contribution schedule Managem¢nt costs 125 151 3.834 338 79 (164) 338 Costs rccognised in incoinc and ¢xpcnditure account 4,448 253 Page 23
Belfast Interface Pro'ect Acom an limited b arantee Notes to the Financial Statements- continued for the Year Ended 31 March 2024 12. M CHAIUTIES PENSION SCHEME COMMITIVIENTS continued Agsumptions 31.3.24 31.3.23 /0 per annum % per annum 4.71 5.15 Rate of discount The di.scount rates shown above are the equivalent single discount rates which, when used to discount the future recov¢ry plan contributioiis due, would give the sanie results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. 13. RELATED PARTY TRANSACTIONS There were no related party transactions in the year that require disclosure. 14. CORPORATION TAXATION The company is a registered charity and the charitable tax exemptions arc therefore being claimed to the extent that income and/or gains are applicable and applied to charitable purposes only. These exemptions will remain in place as long as income and expenditure is applied to charitable purposes only. IS. TANGIBLE FIXED ASSETS Website Equipment Totals COST At l April 2023 Additions Disposals 5,940 13,060 1,437 5,473) 19,000 1,437 5,473 At 31 March 2024 5,940 9,024 DEPRECIATION At l April 2023 Charge for year Eliminated on disposals 5,940 9,954 1,932 4.962) 15,894 1.932 4,962) At 31 March 2024 5,940 6,924 12,864 NET BOOKVALUE At 31 Mar¢h 2024 2,100 At 31 March 2023 3,106 16. DEBTORS 31.3.24 31.3.23 Prepayments & accrued income 31,382 93,805 31,382 93,805 Pagc 24
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Accruals & deferred income Other creditors 25,129 205 38.458 3,944 42,402 18. LEASES Total future miniinum lease payments under non-cancellabEe operating leases ar¢ as follows: 31.03.24 31.03.23 Not later than one ycar Later than one and not later than five years 897 5.382 897 897 Page 25
Belfast Interface Pro Acorn limited b ect uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 19. THE FUNDS OF THE CHARITY Net movement in nds Transfers between funds Year ended 31 March 2024 At 1.4.23 At31.3.24 Unrestricted funds Gcneral fund 8.608 (3,260) 1,404 6,752 Restricted funds Co-operation Ireland - Future Innovators Co-operation Ireland/Rural Community Network - VCSE COVID r¢cov¢ry Belfast City Council Capacity Building- Core Funding BCC - Promoting Shared Futures The Executive Office - Auginented Reality Planning The Executive Office - Resilience Post Covid 19 Th¢ Executive Offtce- Planning for Change The National Lottery - Shared Futures Planiiing Toolkit 68 (534) 905 439 249 (249) 2,337 (2,337) 1,078 1,078 5,462 (4,735) (144) 583 306 (499) 193 313 (313) 37,679 35,321) 2,358) 46,414 (42,910) (1,404) 2,100 TOTAL FUNDS 55,022 46 170) 8,852 The General fund is the "free r¢seNes" after allowing for all designated funds. Transfers in the year from unrestricted to restrictd funds were a result of overspcnd of restricted nding. Tran8fers in the year from restricted to unrestricted were to cover misallocation of unrestricted funding on the prior year. Page 26
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 Mydrch 2024 19. THE FUNDS OF THE CHAIUTY continued Net movement in funds Transfers between 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 Innovators Co-operation Ircland/Rural Community Network- VCSE COVID recovery The Rank Foundatioii- Sense over Sectarianism Bclfast City Council Capacity Building- Core Funding BCCIPCSP- North Belfast District Policing & Community Safety Partnership The Executive Office - Augmeiited Rcality Planning The Executive Office - Resili¢n¢¢ 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 Planiiing 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) 37,679 37,679 16,007 36,407 (6,000) 46,414 TOTAL FUNDS 50.928 4.094 55,022 The General fund is the "free reserves" after allowing for all designated funds. Costs totalling £6,000, oiiginally classified as unrestricted. were transferred to the BCC - North Belfast District Policing & Community Safety Partnership r¢tstri¢t¢d nd, in line with the purpos¢s of thc funding as laid out in the letter of offer. Pag¢ 27
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 19. THE FUNDS OF THE CHARITY continued Net movement in funds, included in the above are as follows: Incoming r¢sourc¢s Resoiirces Actuarial Movements expended gaius/(loss¢s) in funds Year ended 31 March 2024 Unrestricted funds General fund 25,035 (24,310) (3,985) (3,260) Restricted funds Co-operation Ireland - Future Innovators Co-operation IrelandlRural Community Network- VCSE COVID recovery Belfast City Council Capacity Building- Core funding Belfast Cxty Council - Promoting Shared Futures The Executive Office - Augmented Reality Pl£mning The Executive Office - Resilience Post Covid 19 The Executive Office - Planning for Change The National Lottery Shared Futures - Planiiing Toolkit 22,964 (23,498) (534) (249) (249) 49,791 (52,128) (2,337) 3,495 (2.417) 1,078 (4,735) (4,735) (499) (499) (313) (313) 126,888 (162,209) 35,321) 203,138 (246,048) (42,910) TOTAL FUNDS 228,173 (270,358) 3,985) 46,170) Page 28
BeIfast Interface Pro'ect Acom an limited b varantee Notes to the Financial Statements - continued for the Year Ended 31 Mydrch 2024 19. THE FUNDS OF THE CHARrrY continued Net movement in funds, included in the above are ag follows: Incoming Resources Actuarial Moveinents resources ¢xpended gainsl(losses) in funds Year ended 31 March 2023 Unrestricted funds Gen¢i'al fund 10,566 (43,043) 164 (32,313) Restricted funds Co-operation Ireland - Future Innovators Co-operation Ireland/Rural Community Network- VCSE COVID recovery The Rank Foundation - Sense over Sectariaiiism Belfast City Council Capacity Building- Core funding BLlfast City Council - Promoting Shared Futures BCC/PCSP - North Bclfast District Policing & Community Safety Partncrship The Executive Office - Augmented Reality Planning The Exccutive Office- R¢silienc¢ 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 TooEkit 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) 37,679 302,794 (266,387) 36,407 TOTAL FUNDS 313,360 (309,430) 164 Page 29
BeEfast Interface Pro'ect Acom an liniited b arantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 20. ANALYSIS OF TOTAL NET ASSETSI(LIABILITIES) BETWEEN FUNDS 31.3.24 Restricted Total funds funds Unrestricted fund Year ended 31 March 2024 Fixed Asscts Debtors Cash at bank Creditors due within one year Dcfincd bencfit pension liability 2.100 2,100 31.382 6,920 (25.334) 6,216) 31,382 6,920 (25,334) 6,216) 6,752 2,100 8,852 31.3.23 Restricted Total ndS funds Unrestricted fund Year ended 31 March 2023 Fixed Assets Debtors Cash at bank Creditors due within one year Defined benefit p¢nsioii liability 3,106 93,805 (19,264) (31,233) 3,106 93,805 3,244 (42,402) 2,731) 22,508 (11,169) 2,731) 8,608 46,414 55,022 21. CONTINGENT LIABILITIES A contingent liability exists to repay a portion of any grants received should certain conditions not be fulfilled by the charitable company. Tlie charitable company has been notified by The Pensions Tnist of the cstimated employer debt on withdrawal from the Northern Ireland Charities Pension Scheme based on the financial position of the schem¢ as at 30 September 2023. As of this date the cstimated employer debt for the charitable company was £39,777 (2023: £41,831). This is the estimated potential debt that could be levied in the event of the Charitable company becoming insolvciit, c¢asin¥ to Pdtli¥ipat¢ Èb¢ SLh¢En¢ winding up at a timc wh¢n it is noi fully funded on a biiy-out basis 1¢ the Lost of securing bcnefits by purchasing annuity policies from an insurer plus an allowance for expenses. It includes a shal'e of "orphan" liabilities in respect of previously participating employers. There is significant uncertainty regarding its estimation sinc¢ it depends on many factors including total scheme liabilities, scheme investment performance, the liabilities in respect of current and fomier einploy¢¢s of the employer, financial conditions at th¢ tim¢ of the cessation event and the insurance buy-out market. Page 30
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2024 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 same as a contingcnt liability, it has not been provided for in these financial statements. However, a provision is recognised for the net present value of the d¢ficit reduction contrAbutions as agreed with the Charitable company. This provision does not account for any potential increase in liabilities arising from a legal process which is currently underway to obtain clarification and court directions on the iiiterpretation and implementation of scheme rules, and their implications on memb¢rs' benefits, past and tiiture. The estimated potential increase in liabilities as at 30 September 2021 was in the region of £20,000, but is likely to change again before the outcome of the court case is known, not expected to be heard until February 2025. As with the estimated employer debt, there is considerable uncertainty rcgarding its calciilation and crystallisation is unlikely to occur for a number of years, the potential liability lias not been provided for. 22. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR AUDITS OF SMALL ENTITIES In common with inany other organisations of our size and nature we use our auditors to assist with the prepation of the financial statements and to prepare and submit returns to the tax authorities and to Companies House. 23. FINANCIAL AND CAPITAL COMMITMENTS There were no annual financial or capital commitments at the balance sheet datc. 24. CONTROLLING PARTY The Board of Trustees is the ultimate controlling party. Page 31