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
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and
Financial Statements for the Year Ended 31 March 2024
for
Belfast Interface Pro"ect
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CG Taggart Accountancy Services
Chartered Accountant & Statutory Auditor
17 Cypre55 CrcsLenl
Donaghadee
Co Down
BT21 OQG

Belfast Interface Pro'ect
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Contents of the Re
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for the Year Ended 31 March 2024
includln
Directors, Re
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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 (Inco￿OratIng
the income and expenditure account)
12
Balance Sheet
13to 14
Notes to the Financial Statements
15to31

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The trustees, who are also directors of the charitable company for the pu￿OseS 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
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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
CU￿entlY 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 n￿jOr risks to which the charitable company is exposed, in particular those
related to its operations and f￿anceS, and systems and procedures have been establtshed to mitigate those
risks.
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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.
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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
oWnet￿h1P 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.
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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 Plat￿Ing aspect of the toolkit,
While holding wider sector engageiiients/meetings discussing this project, particularly with statutory
organizations.. The Sha￿d 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.
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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 ￿t￿re 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 prep1￿ing the fAnanLAal statements,.
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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 ente￿riSe, 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 prOj￿t 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.
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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
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Re
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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.
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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 t￿SteeS (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 f￿anCIal statements
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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
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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 fu￿1¢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
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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.
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"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¢.
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'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.
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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).
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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 Fu￿re$
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
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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

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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

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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 def￿ed 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.
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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 ch￿itable 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
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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
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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
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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.
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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.
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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)
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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
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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.
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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
prep￿ation 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