COMPANY REGISTRATION NUMBER: N1067459 (Northern Ireland) HMRC CHARITY NUMBER: XR41089 CHARITY COMMISSION FOR NI CHARITY NUMBER: NIC103350 Re ort ol. the Trustees includln Directors, Re and Financial StatemLbnts for the Year Ended 31 March 2025 for Belfast Interlace Pro'ect Acom An limited b U9rgntee CG T4kggart AcLountdncy Services Ch<irtcrcd ALLLiuntant & Statuloiy Auditor 17 Cyprc55 Crescent 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 Trlayeh 2025 includln Dlrectors, Re ort and Financial Statements Page Report of the Trnstees (incliiding Directors, Report) I to8 Rcport of thc Indcpcndcnt Auditor to thc mcmbcrs 9t0 11 Slalcmcnl of Financial Activilics (incorporating th6 iiicoin¢ and Lxptsndittwe account) 12 Balance Sheel 1310 14 Notes to the F-inancial Statements 15to31
Belfast Interface Pro'ect A L'om anv limited b uarantee ort of the Trustees includin Directorsy Re for the Year Ended 31 March 2025 The irustees, who are also directors of the charilable company for ihe pUOSeS of company law, are pleased to pr¢'s¢nt their r¢port with thL audit¢d financial statcincnts of thc charitablc company for thL ycar L'ndL'd 31 Marcli 2025. which arc also prepared to mc¢t thc r¢quircments for a directors, report and accounts for company and charity law purposes. The trustees have adopted the piovisions of the Charities SORP (FRS 102) {2. edition October 2019) 'Accounting and Reporting by C,harities.' Statemeiit of Recommended Practice applicable to ¢hariti¢s preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK dnd Rc'publiL of li"eland (FRS 102), (effective l January 2019) in preparin&7 the annual rcport &Dd financial statcments of th¢ charitabl¢ company. REFERENCE AND ADMINISTRATIVE DETAILS Company Re&¥i8tration number N1067459 (Northem Ireland} HMRC Charity Registration number XR41089 Charlty Commtssion for NI Registration number NIC103356 Prlncipal and Re&vlstered uftlce Cathedral Quartei. Managed Workspace 11)9-113 Royal Avenue Bclfast Co. Antriin BTI IFF Trustees The trustees who served the chaiitable conipany durtng the year and up to the date ofapproval were as follows: Maria Morgan RL'V Bill Sh¢lW OBE Muricl Bowycr BL'niiL MLConncll Aisling Cartmill Gerry Mcclory Ed Petersen Ashok Sharn]a Geny Skelton Sain White Gerry O'Reilly Puday O'Dunntsll Mark Arthur Chairpcrson DLpuly Chair Treasurer RLsiginLd I l Fcbru<lry 2025 Deputy Chair from I l February 2025 Resigncd I l F¢bruary 2025 RcsignL'd I l February 2025 Resigned I l February 2025 CompaDy Secretary Bernie Mcconnell Practice coordinator Paul Smith Page I
Belfast Interface Pro Acom an limited b ect uarantee ort of the Trustees Ineludl Dlrectors, Re for the Year Ended 31 Iwlarch 2025 ort - continued REFERENCE AND ADMINISTRATIVE DETAILS continued Auditor Grace Taggart CG Taggart Accountancy Services Chaitered Accountant & Statutory Auditor 17 CyprLss Crescent Donaghadec Co Down BT21 OQG Bankers Bank of Ireland 4- 8 Higli Street Belfast BTI 2BA STRUCTURE, GOVERNAIICE AND MANAGEMENT Belfasi Inlerface PIDjecl (BIP) wats eslablibhed in 1995 and became a membership organityation in 2000. It CuentlY has a membership of 40 community &vroup8 from nationalist and unionist interface areas of Belfast as well as 16 associate and 12 individual memb¢i3. Governing document BLlfast IntLrfaLe Project fomed a comparLy limited by guarantL'e, with Lompany number N1067459 on 7 December 2007 and is accepted as a charity by HMRC under reference XR41089. The company was established Linder a Menioranduni of Association and 1$ governed under its Articles ot Association. The as.sc18 and liabililics of the chELrily werL Iran%lcrrLd io ihc company on l April 2008. Our Meniorandiim and Article8 of A8so¢ialion was updated, agreed by the Charity Commission for NI and adopted by the Board and membership at our AGM on 17 FebruaTy 2017. Recruitment and Appointment of Board of Directors Thc directors of the company arc also charity tnistccs for the purposcs of charity law and undcr the coinpany's ArtiLlus aTL known mL'mbLrs of th¢ Board of Dirtictors. UndLr thL rLquirbniLnts of thL Memoranduin and Arti¥les of AssoLiation the members of the Board are elected to serve for a period of three years. They may be re-elected at the next Annual General Meeting. Organisational structure Belfast Interface Pi"oject has a Board of Dir¢ctors of up to 21 members who meet at l¢ast eight times a year and are responsible for thc stratcgic direction and policy of thc charity. At prcscnt thc Board has 9 mcmbers and is iiiadL' up of coininunity group rcprcscntativus, individual and assoLi<itL mcmbL'rs. Fiii(IniL subthtyruup mude up uf Maria Mvrgan, Mui'icl Bowycr, Bcrnic Mcconncll, Aisling Cartmill, rh¢ Practice Co-ordlnalor (ind the Finance Manager meets as and when required. The day-to-day management and operation of activities is carried out by staff lcd by the Acting Practicc Co-ordiiiator who report8 Tegularly to the Board. Risk Management Th¢ Board has asscss¢d thc major risks to whiih the charitable company is cxposed, in particular those rclatcd to its operations and finances, and systems and proccdurcs have been established to mitigate those risks.. Page 2
Belfast Interface Pro'ect Acom an IRmfited b llarantee ort of the Trustees includin Directors, Re for the Year Ended 31 March 2025 ort continued Risk Management continucd An ongoing rtsk for the charitable company is tn rclation to its membership of the Northern Ireland Charities Peiision Schcme, a defined benefit scheme which was closed to new members in 2009. The scheme has accrued a deficit which to date has been managed through agreed monthly repayment tern]s which are schcduled to run until 30 June 2037. The charitable company was in regular conversation with ThL PLnsiolltri Trust iirouiid th¢ trit¢ltus of thL defiknit and had agrc¢d a vciy iiiwiag¢ablL paymcnt plan. court casc addrcssing schcme rulcs and their implications for members. bencfits took place in March 2025. ThL' UUtLoinL of thL Lasc is not yct known. ThL fu]ancL managFLr is in rLbyular ¢ontaLt with Tlic PLnsions Trust who arc ovci'sccing thc rcpdymcnt sohcmc. The Board has taken a number of actions to mitigate the risk. including workingr in partnership with other organisations making up the Nl Charities Pension Scheme and acce88ing expert pension advice. The Community ToolkitlApp went live to the public in September 2023. It has been rendered marketabLe throughout thc scctor and polentially across the public and statutory spectrum. A l O week training pro&Framm¢ has be¢n dLsi&Tned to compl¢inLnt th¢ toolkit, providing instruction and training on its miiltipl¢ functionalitics and ihcrcby increasing polential fundraising and gcnci'ating addilional financial rcsources. BEP lias bLLn usingT individual aspL'Lts of thL platfom) to dLliv6r fLLknnt progFfiiiiimcs suLh ils "SharLd Futurcs Futurc Building" lo youthlLvinmwiity grL)up% acro%% Bclfust, whilc ¢onLiiiuing to dcvclop its potontiul with groups engTagFed in Lhe"Pcopl¢s and CommLinilie%" projecl. BIP and our paitners at Animorph wei'e able to design the community planningT toolkit technology using the V¢irinus compose, cnmmunicate and cr>lliL borate functions to enable groups andlor Inultiple group and individual int¢raction, if th¢ nced for social distaiicing ariscs again. PUBLIC BENEFIT STATEMENT The knistees have complied with the duty to have due regard to the Charity ComEnission for Northern Ireland. stdtulory guidunce oil ihe public benefit requiremenl issu¢d under Ihc Churilics Acl {Nl) 2008. OBJECTIVES AND ACTIVITIES BLlfast IntcrfaLc PTOjLLt, forincd iiiorL than 25 yLars agro, has d long history of P£irtlLIPdtivc work in pcacL' building, reconciliation and conflict rrdnsformation across our city's numerous interface areas. Thc following arc the Vision, Purposc, Valucs and Principl¢s of the charitabl¢ COTnpany: Vfislon Our vision is of intcrface coinmunitics being transfonncd. becoming Prospcrous, confidcnt and cohesive. Embracing n¢w and emerginby technologies Belfast Interface Project has been exploiinbJ the use of virtual and auginented reality to futurc-build and cnablc co-creation planning for positive change. Whilc employing a uniquL' Coinmunity planning toolkit embracing an cthos of communication, Lo-opcration and collaboration. Bclfasi Inicrf<iCC Projcct h(is and will rcinain committ¢d to changc rcflcctivc of thc divcrsity ofour socicty and the residenL8 in Belfast'.s interface communities. Page 3
Belfast Interface Pro Acom an limited b ect uarantee Re ort of the Trustees includln Directors, Re for the Year Ended 31 March 2025 ort contlnued 0ECTIVEs AND ACTIVITJES continued Purpose Our purpose is to act as a catalyst for change, empowerin& and supporting Interface communities. Values and Principles Our corc valuL'S arL' intL'gvrity, trust and mutual respect, which allow us to work in partn¢rship with a shared ownership of issues and solutions. Thc strategic objcctivcs include.. Strategic Aim l .. Policy.. To work with local commiinities to inforni, develop and challenge interface policy development that is of practical benefit to interface communities. Strategic Aim 2: Advocacy: To act as an independent v()ice for interface communities Strategic Aim 3: Transforniation: Being a Catalyst for Change Strat¢gio Aim 4: Empowerinent: Biiilding Capacity and Confidence Slrategic Aim 5: Building a R¢sili¢nl Oi'ganisalion During 2024-2025 thL Board of Dircctors, dutics havc includcd continuing to oversce thc following tssks.. The re8tructuringF of BIP that began in 2010 continues to evolve. This in part i.s due to both external resources and internal re-focusing on key areas of work. This approach has allowed BJP to begin slowly expanding outside of tlie Belfast area and ha4 included significant project work in Derry/Londonderry. We have adjustcd our statTing requiriinents and thcy now rcflect our current needs and the cconomtclfunding climate in Northern Ireland. Thi PraLtiLL Co-ordinatur oversces thL ninniiig of all projL'¢ts and a Finance and Adinin manager oversees the day to day running of the office. Our current Slralegic and Opcrational Plan ihal ends in March 2026 takes into considcration the current economiclfunding climate to estsbli8h a more t"ocused implementation strategy. Having 4Liccesstully concluded our previous plan with the recruitment of new .staff and the establishment of new projecL8 in intert.acc arcas, thc ncw 3 year stratcgy plan now bcing draftcd will focus on building a rcsilicnt organisation, whilc Inaintaiiiing our Corc th¢mcs including PoliLy. Advocacy, Conflict Transfonnation and Coininunity Einpowcrmcnt. The Peoples and Communities project fiinded by The National Lottery was completed at thc ond of March 2024 and end of grant report/evalualAon has been completed. New applic<ltions to The N<ltional Lottery's Peoples and Comiiiunities fund have been put on hold a5 this funding schcinc has ceased to operate. Peoples and Con]munitics was rcplaccd by a new funding streain entitled Strengrtheiiing Conimunities. BIP havc siibmitted a draft application and are awaiting a response. Wc had appliLd to CRC for iorc funding for year 2024-2025, althougli unbU¢LCbsful at thL bLginning of th¥ yC¢r Buifabi InlcFfacc Projcct wa% fir%t I'Lscrvc for any funding th(it would bLLumc <iviiildblc. Wc havo now received a significant 0/0 of the original budget towards salaries. This tuiiding will continue into 2025-2026. We have been successful in several other applications this year from BCC and Aw2rd8 for All. We have been awarded £5,500 and £8,060 respectively. We continue to engage with a London based digital photographer keen to explore the possibilities of digital photography to cngage young people in intcrfacc areas. Some funding has been made available to cxplore id¢ab. Application8 to TEO m Novernber 2024 for project funding have had some success. BIP have been fimded for one of the projects while the other 18 pendÉng fiirther funding being allocated to TEO. Page 4
Belfast Tnterface Pro. Acom limited b ect uarantee ort ot the Trustee5 includin Directors, Re for the Year Ended 31 March 2025 ort condnued OBJECTIVES AND ACTIVITIES continued We continue to souice possible funding opportuiiitlc$ 8uclI as BCC Peaceplus, IFI and DFA. We have with our partners at Essex Universlty produced a proposal to the IFI for the introduction of our Community Toolkit to community groups and organisations involved in their Peacewalls pro3MMe. This would rnean that BIP would train community and youth workers in the use of the toolkit and maintain and rLsouYcc thL platfomi througihDUt the tenn of thc Peaccwalls project. That aside, Bclfast Intcrface Project will continuc to rcsourcc and furthcr dcvclop this innovativc and ound-br¢aking augmLntLd rLality projL'Lt (Cummunity I'oolkit). while continually looking at nL'W ways to rcmovc, amclioratc or rc-classify int¢ifa¢¢ barricrs whilc cxploring thc possibilitics for th¢ loolkit in othcr settings such as rural areas. Belfast Interface project has upgraded its netwoik %ystem, including data storage capabilities and broadband. This project was made possible thi'ough fLmding obtained from Beltast City ColClI. The funding included the cost of all works and equipment for the new system. Any upk¢¢p/maintcnancc or training for the next three years have also been inoludLd. WL havL LontinuL'd to dL'livLr progyrainmLs across thc city with youth and coinmunity groups using the Sharcd Fuiurcs- Fiitui-c Planning aspcct of the toolkit. While holding wider .se¢tor engagement8/meeting8 discu88ing thi8 project) particularly with statutory organizations.. The Shared P"utures Platforni and Youth Programme engaged with a wide i?nge of organizations, including., Departinent of Justice: Explored how to support restorative justice initiatives within interface cominunities. Beltast c.ity Council and The Executive Office: Focused on fostering cross-community social innovalton. Preston City Council, Bristol City Council, Essex County Council. and Stroud City Council: Participated in knowledge exchange about using digital methods to promote community wealth building strategies. EU coop nctwork: Prornotcd thc usc of thc Sharod Futurcs Platforni foi. supporting local community busincsscs across Europc. These engagcincnts demonstrate the projcct's broad rLach and its potential inipact &Lross various scLtors and communities. B IP'S pariners at Essex University continue to champion tlie Shared Futures project on an Academic level and have had rcports and papcTS published and or presented discussing and proinoting the Shared Futur¢s project.. Th¢ Shared Futures project lias b¢¢n featured in sevei?l acadeinic reports and presentations. It Wrfls in¢ludLd in thL final rL'port <ind rL'sourccs for thc EU iiiitiativc "Social Economy 4C¢s'. A report for ihc BL'lfatst Ciiy Council <ilso fcatured the projcct. The project is being incorporated into a new text on social innovation and community management. Et is al80 bcing fcaturcd on the University of Dukc blog Ilcdicatcd to thc promotion of the cariiig cconomy. Our"Shared Futures" project, which was chosen by CRC to be profiled on their website a5 one of tEie projects that ben¢fited from CRC small gi?nts funding can be viewed on their webslte. This is a great advertising score for thc projeLt and follows on from similar pieces, done over the year. We Iiave engaged with otheT mLdia outlcts to promotc the project. This highlights thc cxcellent work being carricd out in intcrface areas by work¢rs froill Bclfast Int¢rfacc PTIJjLLt. We havc had rcqucsts for further short dociimentdry Style projccts highligyhting the toolkii from the BBC. We have eiigaged numberous interviews with joumalists from J(Ipan. Northern Ireland and the U Page 5
Belfast Interfaee Pro Acom limited b ect uarantee ort of the Trustees includln Dlrectors, Re for the Year Ended 31 .MArch 2025 ort continued OBJECTIVES AND ACTIVITIES continued BIP h&8 and will continue to &8SASt in managing mediation, conflict management, mcntoring initiativcs and development progryammes with our community parttiers and city-wide membership. We have deliveyed workshops in many interface areas across Belfast which have been enabled by funding successfully secured from Belfast City Council Capacity Building grants. BIP maintains its contsct with its membership and key organisations across thc city thus looking to find a long-tLrin roadindp towards a fiiturL' whLr¥ thc nLLLssity for intLrfa¢c b(r1LrS is T¥duced OVL'I. timL and employment and cducation opportunities arc enhan¢cd, BIP continu¢s to engage with key public and statutory organi.%ation8 including B¢lfa8t City Council (BCC), The Executive Oftlce (TEO}, Northern Ireland Housing Executive (NIHE). D¢partm¢nt of .Tustice {DoJ) and the Department of Foreign Affairs (DFA). BIP is alqo enb7abyingF with a number of councils includi21&y Derry City Council and community organisations, such as St Columbs Park House and Belfast Unemployed RL'source CLntre to turther develop our regional capacity. FINANCIAL REVIEW Flnancial Position The accounls on pages 12 -14 deal wilh all Ihe income and expenditure of ihe charilable company, as well a8 its financial position at the year end. They show an overall deficit for tlie year of £10,092 (2024.. deficit £46,170), being a deficit of £1,381 (2024: deficit £44,314) in restricted funds and a deficit of £8,711 (2024: deficit £1,856) in unrestri¢t¢d funds. Ovcrall, rcscrves arc in dcficit by £1,240 (2024: £8,852 surplus) with a SLwplus in rcstricted funds of £719 (2024.. £2,100) dnd a deficit of £1,959 (2024,. £6,752 surplus) in unrestriLted fundb, which includes a provision in respect of the Nl Charitie8 Pension Scheme deficit of £5.740 (2024.. £6,216). WAthout the provision unrestricted reserves would be in sUlUS by £3,781 (2024: £12,968). Principal FundinLV Source8 Core funding in thi5 year came froin Belfast City Council Capacity Building grant. Northern Ii"eland Community Relations Council and Halifax Foundation Nl. Additional rcvenuc and running costs plus progryaniiMatlL work and rcs¢arLlI wL'rL fundLd by a numbL'r of othLr bFrants inLludingv ThL National Lottcry and Bclfast City CounLil. Opportunitics for thc delivcry of fcc-carning scrviccs, both charitablc and non- Ch(ltabIc, wei"c takin up as thLy arosc. Wc will continue to sourLc ndIng opportunitlLS as and whcn thc opportunity prcscnts Ètself. Reserves polfiey Th¥ Trustccs, policy is to retain a level of unrestricted reserves which provides reasonable assuranc¢ of the resilience and sustainability of the charity in uncertain times. Their airn is to have unrestricted reserves of thrcc months corc salarics, pensions and running costs, plus a redundancy i'eservc. This would cquate to approxiinatcly £41,000 (2024: £37,000). Actual rcscrvcs at 31 March 2025 arc £(1,959) (2024: £6.752), which includes a provision of £5.740 (2024: £6,216) in respect of the NI Charities P¢iision Scheme. Without this provision, rcserves would stand at £3.781 (2024: £12.968). We are Currently seeking to bIing in additional unrestricted funding to bring reserves into line with our policy. This will include revenue from training, mediation and facilitation projccts, tenders and management fees for partnered projects in communities and other contract income. Going concern After making appropriat¢ cnquiries, thc tnJstCCs havc a rca50nablc cxpcctation that thc Lharitablc company has adequale resources to continue in operaLioniil existence for the foreseeable future. For this re&son, Ihey continue to adopt the going concern basi.8 in preparing the financial statements. Page 6
Belfast Interface Pro Acom an limited b ect uarantee ort of the Trustees includfin Directors, Re for the Year Ended 31 March 2025 ort - continued PLANS FOR FUTURE PERIODS I , Wc will continuL to focus on "(tt risk" or "Iiard to rcaih" young pcoplc in North, Soutli, East iiiid Wcst Belfast. We will continue lo look to thc possibiliticq foi. 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 0UpS across B¢lfast and in Dery/Londonderry. 2. We arc expL'Lting to huv¢ an internship placL'm¢nt through at Icast onL of thL' folluwing, QUB Psychology Dcpt. UUJ commun?ty youth work and community development pi'ogi'amrncs. Wc have been contactLd tigaiii by IntLrn Europe on bL.half ot.thc Erasmus prugyrdiiimL' to host il nunibcr of intcrnationul intcrns for thc comin¥ pcriods. Wc have host¢d a group of students from the Diplomati studies Progran]me at Oxford Univergity at our offices in central Belfast. We hope to welcome them again in the future. 3. BIP has continued its partnersliip with E.8sex Univer8ity. As noted in previous reports, we have dcsigncd and developed a new and innovative youth pi'ogramme (Shared Futures-youth Programmc) thal addrLSS¢S topics such as Social enterprise, social eLonoiny, and fiitur¥ innovation. We havc piloted thi,% pi-ogi?mmc in SLvei'dl intcrfacc arcas citywide. Our communily platf0rnto0lk1t is now available onlini, and w6 arL' loo.king at Wilys to promotL its USL among coininunity orby¢inisutions. 4. BIP continues lo source funding from relevant funders for futtire project.q aiid supporl. These will include applications to TEO, BLC, Halifax Foundation and The National Lottery for personal development projects aimed at young people disengag¢d from the respective interface cominunities. 5. BIP applied to CRC for cor¢ funding to support running costs and shortfall in salarics at the end of th¢ budget year ending 2024. Althou¥h initially untr>ULLLssful. BIP w¢re placed on a iyserve list and have receftved otrer for partial funding to cover soine of the short fall in salaries. Our 8tratcgic and operalional plan tlial cnds in 2026 which sel out to addirs.% positive progre8S towards reconciliation, confrlicl transt"ormation and barrier removal in Belfast, and regionally where possible is now being revisited and updated for the period 2026-2029. We will attempt to see this supported by funderq for a d¢vclopmcntal and capacity building programmc for thc futuir in al l our arcas of work. Staff have alluded to thc fact that a program of stiidy should bc madc accessiblc to all. Page 7
BelfAst liiterface Pro
ecl
.4 com
gn , limited bv
arantee
e Truste
includiD
Directors, Re
for the Year Ended 31 Marcli 2(J25
ort
- continued
STATEMENT OF TRlfSTEES' RESPONSIBTLrriKS
The trustees (who arc. a250 the dir¢¢lors of Belfast Interface PTh)ject for the purposes of company law) are
responsiblL for preparing> thc RLport orth¢ Tn]ste¢s alld the £iiJan¥ial SttIneL, in accordLL with tippli¢abE
law and United Kingdojn ACUntIllg striards (United Kingdom Cyeiierally.4ccept¢d Accowiting Practice).
C,0mplY law requires th¢ tru8tccs to Ppart fLnancial st¥t¢mcllts for each fin4ClaI year which give a tru¢
Ind fair view of the state of #ffatrs of the ¢haritable company and of the incoming resoiirces ld application
L)t" resouites, inLludingY the in¢oiiie aiid exiiendiwre. of Ilie chatitable company for that year. Iii prepaFiog
thobe fuLancial staieiiients., the trLLStecs are required tu
selecl suitablc accounting i)oli¢ies and thcn ¢ipply them corksistenily?
obqerfve tlie n)ethod%' and printyiple.4 in the Cli<qriti' SORP 2019 (FRS102)'
make judbyemciits and estiiiiates tliai are redsolldbl¢ an(1 i)iiidcnt'
stule wlietlicr api)lical)le Uiiiied Kiiitsdoni AcLoiinlLnbr St¢ind&rds have been followod. subject
to any materi<il depamures disclobed #nd explaiiied in tIiL faLIa1 stdlemcnts aud
prepare the financial slatcnients oll the goia¥ eon¢ern basis unLe8s il is inappropriate to
pi'knsiiinL thiit tiii. ¥liaritablL LQn'lP4liy will Loiitiiiu¢ iii operatioll.
The trustees are responsible for keepin¥ adequiitL' a¢¢oiintiiibi rttGords tliat aru suffiLiLTht to show and ¢xplain
Ili¢ cli<2rilabl¥ Gonip(InJ's trdnsa¢tiuiis alld diyclos¥ wirli I'eaS0ll¢ible acLuracy at any tiine the fiiiuiitsial pvèition
of rlie charitable Lomiyany aiid enablL dien) to LnsuiE Ih
ort of the Inde endent Auditor to the Members of Belfast Interface Pro'ect Opinion I have audited the financial statements of Belfast Interface Project, (the "charitable company") for the year ended 31 March 2025 which comprise the Statement of financial activities (incorporating the income and expenditure account}, BaEance Sheet and notes to the financial statements, incEudingi a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the Uniied Kingdom Accounting Slaiidards, including FRS 102 "The Financial Reporiing Standard applicable in Ihe United Kiiigdom and Republic of Ireland". (United Kiiigdoni Geiierally Accepted Accounting Practice). In my opinion the financial statements: give a true and t.air view of the state of the charitable company's affairs as at 31 March 2025 and of ils incoming Te8ources and applicalion of resoureets, includiiig itts income and expenditure. for the year ihen ended. have been pi'operly prepared in ac¢ordan¢¢ with Unit¢d Kingdom Generally A¢cept¢d A¢counting Pra¢tice' and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion l LonduLtLd my dudit in d¢¥orddnc¢ with Intini¢ationaE Slimd(irdb on Auditing (UK) (ISAS (UK)) and appliLable law. My responsibilities under those standards ar¢ further described in the Auditor's respon8ibilitics for the audit of thL fuianLial statcniLntb SLCtion ot my rLPOrt. I aLn indL'pLiidL'nt of the charitable Loinpany in c ccordance with the ethical requirements that are relevant to my audit of the finaiicial statements in the UK, including the FRC'S Ethical Standard and the provisions available for .small entities in the circunL8tanees set out in Note 22 to the financial statements and I have fulfilled my other ethical responsibilities in accordance wilh Ihese requiremenls. J believe Ihai ihe audil evidence I have obtsined is sufficient and appropriate lo provide a babis tor my opinton. Conclusions relatlng to golng concern En auditing the financial statements, I have concluded that the trustees, use of the going concern basis of accounting in the pirparalion of the financial statements is appropriate. Based on the work I have performed, I have not identifi¢d any inaterial uncertaintics rclating to events or conditioiis that, individually or colleclivcly may cast significaiit doubt dbout Ihc charitable company's ability to continuc as a going conccrn for a p¢riod of at l¢ast tw¢lv¢ months from whcn thc financial statcments auihoriscd for issuc. My responsibilities and the responsibilities of the trustees with respect to going concern are desciibed in the relevani sections of this report. Other InformatloD The other inforination Lomprises thL inforn)ation inLluded in the Report of the Trustces and FinanLial Statements, othcr thali the financial statcincnts and my auditor's rcport thcrcon. Th¢ trust¢es are responsible for thc othcr inforination containcd within thc Rcport of the TruslC¢S and Financial Slatomcnts. My opinion on the financial statcmcnts docs not cover the othcr infonnation and, except to the cxtent othenvise explTcitly stated in my report, I do not ¢Apr¢sk s any f(ynn of assurllncc conclusion thcTeon. Page 9
ort of the Inde endent Auditor to the Members of Belfast Interface Pro. ect continued Other information contlnued My respon.sibility is to read the other infomation and, in doTng so. consider whether the other infomiation is malerially inconsistent with the financial slaLements or my knowledge obtaiiied in the audil or otherwibe appears to be Inaterially misstatcd. If l identify such material inconsistcncies or apparent Inatcrial Inisstateincnts, l am required to determine whether this gives rise to a material inisstateinent in th¢ financial statements thcmsclvcs. If, based on the work I have perfoi'med, I concludc that thcrc is a matcrial misstateinent of this otlier inforniation. I am required to repoit that fact. I have nothing to Teport in this regard. Opinions on other matter5 prescribed by the Companies Act 2006 In my opinton, bascd on the work undertaken in thc course of thc audÈt: the infomation given in the Report of the Trustee8, incorporating the directors, report, for the financial yeai for which the fanCIaL statemenls are prepared is consistcnl with the financial statements: and the directors, report has been prepared in accordance with applicable legal requirements, Matters on Ivhich l am requlred to report by exceplion In the light of thc knowlcdgc and undcrstanding of th¢ charitablc company and its cnvironmcnt obtaincd in the course of the audit, I have not identified material misstatcments in the directors, report. I have nothing lo report in respect of the following maliers in relation lo which the Companies Acl 2006 requires Ine to report to you if, in my opinion: adcquate aLcounting rccords havc noi bccn kept, or rcturns adequate for my audit have not been rcccivcd from br<2nchcs not visitcd by mc- or the financial statements are not in agreement with the accounting record.9 and returns. or certain disclosures of trustees, remuneration specified by law are not niade. or I have not received all the infonnation and explanations I require for iny audit. or the trustccs w¢rc not entitlcd to prep thc financial statcin¢nts in accordance with thc smdll Lompanic's rLgiinL and takL advantagL of thL' simall coinpanies, exemptions in preparing thc Dircctors, rcport and trom thc rcquircmcnt to pr¢parc a Stratcgi¢ r¢port. Responsibilities of trustees As explained mol'e fully in the Statement of Truste¢8' Re.spon.sibilities set out on page eight, the trustccs (who re also the d1ctOrS of thc charitabl¢ coinpaiiy for thc purposcs of compaiiy law) are responsible for lh¢ preparation of the fmancial statemcnts and for b¢ing satisfied that they give a true and fair view, and foi such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are Tesponsible for assessing the charitable company's ability to continue as d going conbcrn. dibclosing, as appliLablc. mattcrs rclatcd to going LonLCrn and using thc going on¢¢m basi8 of accounting unlL'ss thc ttustecs citlicr int¢nd to liquidat¢ thc CoMpY or to cLasc opcrations, or have no r¢altstic altcrnative but to do so. Page 10
ort of the Inde endent Auditor to the Members of Belfast Interface Pro ect continued Auditor's responslbilitles for the audfit of the financial Statements My objectives are to obtain reasonable assurance about whether the financial statements as a whole are fTe¢ froni malerial misstatemenl, whether due to fraud or error. and to issue an audilor's report thai include$ my opinion. Reasonablc assurancc is a high Icvcl of assuraiicc, but is not a guarante¢ that an audit conducted in accord8ncc with ISAS (UK) will always detect a material inisstateinent when it exists. Misstatcmcnts can arise from fraud oi error and are considercd matcriaL if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irr¢gNularities, including fraud, are instaiices of non-compliance with laws and i'egulations. I design proccdurcs in linc with iny rcsponsibilitics. outlincd abovc. to dctcct matcrial misstatcmcnts in respcL't of irrcgLildriliL's, including frdud. Th¢ spccitiL proccdurcs for this cngagcincnl and thc cxlcnt to whiLh thcse are Lapablc of dbtLCtiiigy irrLgularitiLs, inLluding fraud is dctailud bclow- Obt¥iiniiigF an undcr,standinLy of thc si&ynifiLant ILigyal and rLhgyuldtory framL'work applicablkn to the charitable cojnpany and how tlie charitable company is complying with that framewoi'k. Assessing the susceptibility of the charitable company's financial statements to material niisstatenient, including how fraud might occur. Ensuring7 compctcnLC and capabiliti¥s to id¥mtify or rccognisc non-compliancc with laws and rcgulatioiis arc niainlaincd. Becalise of the inherent liinitations of an audit, there is a risk tliat E will not detect all irregulai'ities, including those leading io a malerial mi.%.slalenienl iii the financial %ldtemeiils or non-compliance with regulalion. Thi. ri8k increase% the more that compliance with a law or regulation 14 removed trom the events and transaclion retlected iii the financial statemeiits, as I will be less likely to become aware of instances of non-compliance. Th¢ risk is also grealer rc¥ardiiig irrcgularilic8 occurriiig due to Aralid raiher than error, ab frnud iiivolves intentional Lollccdlmcnt, forgcry, collusivn, umission or misrepresentation. A furtlier de8CI'iPtion of my i-espansibilitie% for the audit of the financial 8tstement8 18 located on the Financial R¢portingF C,ouncil's website at: www.frc.Dl' ? uklaiiditorsi'es onsibilities. Thiq description fornis part of my Auditor'4 report. Use of my report This report is made solely to the charitablc Loinpany's m¢inber8, as a body, in acLoi'dan¢e with Chapt¢r 3 of Part 16 of thc Coinpanies Act 2006. My audit work has bccn undertakcn so that l inib?ht state to the company, IIILinbLrs thosL mattLrs I dm rcquircd to statL lo thcin in an aiiditor's report <ind for no othcr purposL. To the fullcst cxtent pennittcd by law, I do not acccpt or assuiiic rcsponsibility to anyonc othcr than thc charitabl¢ company and the charitable company's members as a body, for my audit work, for this report, or for the n.s I have fornied. Grace Taggart FCA ( lalulory Auditor) For and on behalf of CG Taggart Accountancy Services, Statutory Auditor, 17 Cypreqs Crescent, Donaghadee, Co Down, B T21 OQG CG Taggart Accountancy Servi¢cs is cligiblc to act as an auditor in tcmis of scction 1212 of the Companies Act 2006. l July 2025 Pagell
Belfast Interface Pro"ect Acom an limited b uarantee Statement of Flnancial Activlties Incor for the Year Ended 31 March 2025 oratin the Income & Ex endlture Account 31.3.25 31.3.24 UnrcstriLtcd Rcstrirtcd Total fundb, Totdl funds fund funds Notes Income and endowments from: Donations and legacies Charitdblc aLttviti¢s Other trading activities 5,338 15.811 63,980 21,149 63,980 310 5,402 222,313 458 310 Total income and endowments 5,648 79,791 85,439 228,173 Expenditure on: Charitabl¢ activities 27 592) 68,066) 95,658} 270,358) Total expendlture (27,592) {68,066) (95,658) (270,358) Net Incomel(Expendlture) For The Year {21,944) 11,725 (10.219) (42,185) Transfers between Funds 19 13,106 (13,106) Othcr recognlsed gains/Oosscs): Actuarial gains/(losses) on defined benefit pension s¢h¢me 12 127 127 (3,985} Net moi'ement In Fund$ (8,711) (I,381) ( l 0,1)92) (46,170) Reconciliation of Funds: Total Funds brought forward 6,752 2,100 8,852 55,022 TotAI Funds earrled forward 719 8,852 Thc Slatcmcnt of FindnLial Activitics includLs all gains and IossL'S rLcognised in tlic year. All of the above amoiints relate to continuing activities. The notes form part of ihe.se financial statemenls Page 12
Belfast Interface Pro. Acom an Ilmited b ect uarantee Balance Sheet At 31 March 2025 31.3.25 31.3.24 Notcs FIXED ASSETS: Tan&yible assets 15 719 2,100 CURRENT ASSETS.. Debtors Cash at bank and in hand 16 5,625 1,512 31,382 6,920 7,137 38.302 CREDITORS: ANIOUNTS FALLING DUE WITHIN OINE YEAR 17 (3,356) (25.334) NET CURRENT ASSETS TOTAL NET ASSETS EXCLUDING PENSION LIABILJTY 4,500 15,068 DEFINED BENEFIT PENSION LIABILITY 12 (5,740) {6,216) TOTAL NET ASSETSI(LIABILITIES) THE FUNDS OF THE CHARITY: Unrostrictcd funds RcstriLtLd funds 19 (1,959) 719 6.752 2,100 TOTAL CHARITY FUNDS 8,852 The Doles form part of ihese financi(il stalernents Page 13 continued...
Belfast Interfaee Pi'o ALU ni. liIn e¢t )uar#ntee BalAn¢e Slitet- continued At 31 Imarch 2025 Theqe finAneii< l Atateinentli have be¢n prepared irt aceotdaiiee with the prt)ViqiL)n4 #pplicablo to eompttnie siibjc¢t to tIiL' bmull L'limpanies. rebiime. Tlie fiiidnLliil stalements We approvvd by th¢ Board of Twsteeb on l July 202$ and were signed on its behair by.. M#ria M r%an - Chairperson Muriel Bowyer-TreAsurer C.'ompiiny Regiytration Number: N1O67459 The iiotos I'orn) part of tb&¢ ¢181 stalemeitts. Pagc14
Belfast Interface Pro Acom an limited b ect uarantee Notes to the Financial Statements for the Year Ended 31 March 2025 SUMMARY OF SICNIFICANT ACCOUNI TING POLICIES The significant principal accounting pol icies adopted. judgements and key sources of estimation uncertaiiity in the preparation of the financial statenieiits are set out below. These polLCLes have been consistently applied to all periods presented unless othenvise stated. 1.1 Basls of preparation of financial statements Thc Lli¢lritablc Lompany LonstitutL's a public bcnLfit cntity as dL'finbd by FRS 102 and its opcrations and principal aL'tivitics arc as discloscd in thc Rcport of thL' TIst¢¢8. The financial statement.s have heen prepai'ed in accordance with "AccountingF and Reporting by Charilics.. Statement of Recornniended Practice applicable to charitte.q preparing their accouiits in accordance willi tlie Financial Reporting Standard opplicable in the UK and Republi¢ of Ireland (FRS 102)" (effectlve l January 2019), thc Financial Reporting Standard applicable in the United Kingdom and Republic of Ir¢land (FRS 102), applicable charity law, thL Coinpanics Act 2006 and United Kingdoin Generally Acc¢plcd Practice. Thc financial %tatLmcnts arc prcscnted in stcrling, thc functional currency of thc charitsblc company. As8et4 and liabilitie8 are inilially recognised at historical cost or tran8action value unles.8 othenvi.se stated in the relevant accounting policy note(s), 1.2 Preparation of the accounts on v4 going Concern basis The fijiancial slatements have been prepared on a going concern basis as the trustees are of the view that the immediate fijtiire of the charitable coinpaiiy for the next 12 months is secure and on this basis Ilic asscssm¢nl of Ihe Iruslccs is tli<it ihc charitablc company is a going concern. 1.3 Fund accountlng Uiir¢btrictcd fwids arL avdil&blL' for u&c ilt thi disLrLtion of thc trn&tLLS in furthLranLC of thc purposLS of thc charitablc company. Rc.8tricted funds arc to bc uscd in accordancc with tspecific rcstricti()n% impo.4cd by donoTS oi. funds whicb havc b6'L raiscd for partiLular purposes. Thc costs of raising and administering such funds arc Lharged against th¢ sp¢cifiL fund. 1.4 Income recognitlon policles Items of income are recognised and included in the accounts when the company is legally entitled to the incoinc, any pCrf0rnncc conditions attached to thc itcin of incomc have bc¢n met or arc fully within thL control of thL Lompany, thL aniount can bc mLasured reliably and reccipt is Consid¢d probablL'. Income Is deferred only when the charity has to fulfil conditions which are not fully withtn the control of the ¢hdrity beforc bcing cntitled to it or whcrc the donor/funder has spccified that thc incomc is to bc expended in a future period. Page 15
Belfast Interface Pro'ect Acom an lfimited b uarantee Notes to the Financial Statements - continued ror the Year Ended 31 March 2025 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued 1.5 Expenditure recognitlon pollcies and irreeoverable VA T Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to make a payinent to a third party, it is probable that settlement will be rcquired and the amount of the obligation can be measur¢d reliably. Expcnditure is classified under the following activity headings: Charitable actlvltles: iDLludc thc costs of prograrnmes undcrtakcn to furthcr thc pujposes of the Lhai"itablc company and thcir associated support C08ts, including governance costs. Support cost8 are those cost.s incurred iii sui)port of dii'ect expenditure on th¢ objects of the chaiit¢ible company and include project manageinent. Governance coqts are those incuffed in connection with administration of the charitable company and compliance with constitutional and statutory i"equircments. The analysis of these costs is included in notes 7 and 8. Irrccovcrablc VAT is churgcd ¢lS a cost against thc activiiy for whicli thc cxpenditure was incurrcd or capiiali%ed as part of the cosl of ihe related as%eL as appropriaie. 1.6 Employee benefits When employees have rendercd service to thc charitable Company, short-tcnn crnployee bcn¢fits to wliich thL L'inployL'Ls arL LntitlL.d r¥cognisLd at the undisLounted amount expected to be paid in exchange foi. that service. 1..7 Penslon costs and other post-retlrement benefits Contributions payable to the charitable company'8 defined contribution pen.8ion Schemes are charged to the Statcmcnt of Financial A¢tiviti¢s in thc pcriod to which they i'clatc. Note I I providcs additional disclosure. The charitablc company also partiLipatcs in Ihc Northcrn IrL'ld Charitics Pension Suhcmc, a inulti- employcr defined bcnefit schcmc, in respect of a fonner employee. Suffici¢nt infomiation Is not available io ube detined benefit accounting and $0 accounts for the plan as if it was a defined contribution plaii. The cliaritable company is committed to makin&y monthly paymentq to make good dcficits and cover scheme inanagemcnt costs and therefor¢ r¢cognis¢s a liability for thc conti'ibiitions payable that arise from the agi'eeinent, to the extent that they relate to the deficit. Note 12 provides additional disclosure. 1.8 TangiblL fJxL.d assets and depreclatlon Tangibl¢ fixcd sctS arc statcd at cost le.%s accumulated d¢prcciation and impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed a8S¢ts. less their estiniated residual value, over their expected usefvl lives on the following basis: Equipinent & Websitc 25 % Straight line Th¢ L'arrying valu¢ of th¢ Lmgiblc fixcd asscts is rcvicw¢d annually for impairmcnt in pcriod to determine ifevents or changes in Circumslanceb indic(Ile the carrying value may not be recoverable. Page 16
Belfast Interface Pro Acom an linJAted b ect uarantee Note$ to the Fin8ncial Statements - continued for the Year Ended 31 March 2025 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued 1.9 Debtors Debtors are iecognised at the settlement amount due after any trdde discounts offered. Any losses arising from impainnent are r¢cognis¢d in expenditure. 1.10 Cash at bank and In hand Cash at bank and in hand includcs cash and short t¢rm highly liquid invcstmcnts with a short maturity dale of three months or less from the date of acquisition or opening of the deposit or similar account. 1.11 Impalrmellt Assets not inLasured at fair value are revicwed for any indication that the ass¢t may be impaired at e1h ba1ce .8hect dalc. Ir such indication exisls. Ihe recoverable amount of the asset. or th¢ asset's cash gFLncrating unit, is LstllYJdtLd dnd ¢ornparLd to thL' carryingy ainount. WhL'fL' thL' caryingF dinount excccds its rccoverablc amount. un iimpuiniicnl loss i.s rccogni.%cd in pyofit or loss iinlcsb ihc assct i carried al a revalued amount where ilie impairnieni los% is a revaluation decrea%e. 1.12 Creditors And provisions Creditors and provisions arc recognised where the chai'itable coinpany has a present obligation resulting from a past Lvttnl that will probably result in the transfer of funds to a third party and the amouiit due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nonnally recognised at tlieir settlement amount after allowing for any trade discounts due. Whcn ihc eifccl ofihc lime value of nioncy is material. th¢ amount of a provision shall be the present value of the amouiit expected to be reqliired to settle the obli&Fation. 1.13 Leases Rcntals payablc undcr opcrating leases ar¢ Chargcd to thc SOFA on a %traight linc basis over th¢ p¢riod of thL Icasc. 1.14 Finanelal Instruments Financial assets and liabilities of a kind that qualify as basic financial instruments arc initially rccognised at transaction price and siibsequently measured at settlement value. .15 Critical Accounting judgements and estimation uncertainty Estimates and judgements al'e continually evaluated and are based on historical experi¢nc¢ and other facturs, including expectalions of futurc cv¢nts that ar¢ bclieved to bc re&sonablc under the circumstances. There are no criticaljudgenients in applyingT the company's accounting policie8. There are no critical a¢counting estinte5 and assumptions. Page 17
Belfast Interface Pro'ect Acom limited b uarantee Notes to the Financial StAtements - contlnued for the Year Ended 31 March 2025 2. COMPANY STATUS Belfast Interface Project 18 a company limited by guarantee incorporatcd in thc Unitcd Kingdom and Tegistered in Northern Ireland and accordingly does nol have share capital. Every member 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 mLinbci. or within onL yLar after Ceasing to be a meinber. Thc charitable company's regist¢r¢d officc is given on pag¢ l of the Report of thc Trust¢es, 3. INCOME FROM DONATIONS AND LEGACIES 31.3.25 31.3.24 Private donation Northern Ireland Coinmunity Relations Council Halifax Foundation Nl - running costs 338 15,811 402 21.149 Of th¢ £21,149 rcccivcd in 2025, (2024: £5,402), £15,811 rclatcd to rcstrictcd funds (2024.. £nil) and £5,338 10 unrcstriLtcd funds (2024: £5,402). UK govcriim¢nt grants included in IncoinL from Donations and Legacies amountLd to £15,811 (2024: £nil). 4. INCOME FROM CHARtTABLE ACTIVITIES 31.3.25 31.3.24 Fees earned Pcrforniancc-rclatcd grants 17.292 205021 63.980 63,980 222.313 Of the £63,980 received iii 2025, (2024: £222,313), £63,980 related to restricted funds (2024: £203,138) and £nil to unrestricted funds (2024,. £19.175). Grants received, included in the above, are as follows: 31.3.25 31.3.24 Co-operation Ircland- Futurc Innovators BLlf'dSt City Council Cdpacity Buildtng - Core funding BCC - Interface Engagemenl BCC - Promotinus Sliared Futures The National Lottery Shared FUtLeS - Planning Toolkit 24,847 49,791 50,4?0 5.500 3.495 126,888 8,060 63.980 205,021 UK goveiiiment grants included in Income from Charitable Activities amounted to £63,980 (2024.. £180,174). Page 18
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Flnancial Statements - continued ror the Year F.nded 31 Marrh 2025 NON-EXCHANGE TRANSACTIONS The charitabl¢ company has bcnefittcd from thc contrTbution of unpaid gcncral voluntecrs. Their contribution is not accounted for due to the lack ot a reliable basis of measuremeiit. EXPENDITURE ON CHARITABLE ACTIVITIES Activitics undcrt¥ikcn (lircctly Support costs Year endcd 31 March 2025 Total Losts Unrestricted funds General fund 27.528 27.592 Restricted funds Co-opcration Ireland - Future Innovators Belfast City Council Capacity Building- Core funding E3CC - Promoting Shared Futurcs Thc Exccutivc Office - Au&yni¢ntcd R¢ality Planning Nortlicrn Ircland Community Rclations Council 439 439 50,420 359 583 16.265 50,420 359 583 16.265 1,381 66,685 68,066 Total expcndlture 1,445 94,213 95,658 Page 19
Belfast Interface Pro'ett Acom limited b uarantee Notes to the Flnancial Statements - continued for the Year Ended 31 March 2025 EXPENDITURE ON CHARITABLE ACTIVITIES continued Activities undertaken directly Support costs Year ended 31 March 2024 Total costs Unrestrlcted funds G¢nci?I fund 24,310 Restricted funds Co-operalion Ireland - Fiilure Tnnov<ilors Co-opLration IrLI<d/RuraI Coi)]munity NLtwork - VCSE COVID recovery Belfast City Council Capacity Building- Cole funding BCC - Promoting Shared FutLires Th¢ Executivc OtYic¢ - Augmentcd R¢ality Planning The Executive OffJce- Resilience Post c.ovid 19 Thc E4xLcutivc Officc- Planning for Change ThL. Nationitl Lott¢ry Shur¢d Futurb- Pldnninby 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 52,1?8 246,048 Total expenditure 205 678 64.680 270,358 SUPPORT COSTS 31.03.25 31,03.24 Salaries & pensions Rcnt & scrvicc charge Parking Insurancc T¢lephon Sub8criptions Equipment, IT Stationery & other office costs Baiik fees Finance costs Govcmancc costs (notc 8) 76,382 9,164 780 1,049 1,836 530 1,028 254 217 275 38,515 16,864 780 1,073 2,029 79 2,304 341 232 125 2.338 94,213 64.680 Page 20
Belfast Jnterface Pro"ect Acom an limlted b uarantee Notes to the Flnancial Statements - continued for the Year Ended 31 March 2025 GOVERNANCE COSTS 31.03.25 31.03.24 Nl Charities, Pension Scheme - nianagement charge AGM expenses Audit costs 576 124 338 2.698 2,338 NET INCOMEI(EXPEIYDITURE) FOR THE YEAR Nct in¢omcl{cxpcnditurc) is statcd aftcr charging/ (crediting): 31.3.25 31.3.24 Auditor's remuneration Operating lease- rental charges Depreciation - tangible fixed asset8 Loss on disposal of fixed assets Pcnsion costs- defincd contribution sch¢mcs Pension costs- defincd bcncfit schcm¢- financc costs Pen&yion coyls- defined benefit %cheme- managemenl costs 1,998 5,382 1,236 145 3,684 276 576 2,000 5,382 1,932 510 4,339 125 338 10. STAFF COSTS AND TRUSTEES, REMUNERATION AI%D BEYEFITS Total staff costs were as follows: 31.3.25 31,3.24 Wagcs and salarics Social sLLurity LQSts Pension co8ls- defined contribution plan8 Movement on annual leave entitlement 70,438 2.210 3,684 50 I02,099 5,010 4,339 74 76,382 111,522 No employees received eimolum¢nts in excess of £60,000 during the year (2024- nil). The total amount of employee benefits received by key management personnel was £40.106 (2024.. £39,210). Th¢ av¢ragc number of cmployccs during the y¢ar was as follows: 31.3.25 31.3.24 Direct, support and govemancc ThLr¢ was no trustee5' MUnration or other bcnetits for ihe yLar Lnded 31 Marcl) 2025 (2024: £nil). No trustee received payment for professionak or other services supplied to the charithble company (2024: £nil) Trustees, expenses There were no trustees, expenses reimbursed for the year ended 31 March 2025 (2024: £nil). Page 21
Belfast Interface Pro Acom limited b ect uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2025 11. PE.YSIONS Thc charitable company operates defined contribution pcnsion plans for its cmployceg. The amouiit recognised as an expeiise in the year was £3,684 (2024: £4,339) in respect of its own contribution. 12. NI CHARITIES PENSION SCHEME COMMITMENTS In rL'spcct of a fornicr L'inploycc, the charitablc LOIIIPdny participatcs in the NorthL'rn Ircland Chariti¢s Pcnsion Schcmc (NICPS), a funded multi-ernploycr schcmc whiLh providcs bcncfit.% to somc I I non- associated employers. The scheme is a defjned benefit scheme in the UK, not contracted-out of the State pen8ion. The NICPS Closed to future accrual on 31 March 2009, there is currently no intention to wind it up and it continues in paid-up forn]. Ei is nol possible to identify the sharc of underlying (Issets and liabilities b¢longing to the individual partlLiPdtingr Lmploycrs to endblL' thL'm to aLLount for thL sLhL'mL' as a dL.finid bcnLfit SLhL'me. Tlicrcfore, the chiiritablc coiiipaAIy <tccounl% fui. Ihc schcmc ds (I dcfincd contribution schcinc. The qcheme 1.4 subject to the funding legyj.qlatioi) oiitlined in the Pen8ion8 Act 2004 which came into force on 30 Deceinber 2005. This, together with documents issued by the Pensions Regulatoi. and Technical Actuarial Staiidards i88ued by the Financial Reporting Couiicil, set out the framework for fuiiding dcfincd benefit occupational pcnsion sclicincs in thc UK. The scheme is classed as a "last-lnan %tanding arrangement" Therefore, the company is potentially liable for otlier participating employer.8' obligations if those employers arc iinable to meet their 8hare ol'the 4chcmc dcficii following withdrawal from th¢ schcmc. Participating employcr8 arc Icgally required to nieet their share of the scheme deticit on an aiinuity purchase basis on withdrawal trom the sclieme. ThL TrubtLL LommilS10nS an actUId1 V¢iluation of ihc SLhLine Lvcry thrcL YCIITS. ThL main purpose of the valuation i8 to dcterminc thc financial position of thc Schcmc in ordcr to detcrniinc the Icvel of futurL contributions required so that the SchiinL Lan mLL't ils pLnbion obligy¥itions ils thLy fall duL'. The acarIaL valuation assesses whether the Scheme's assets at the valualion date are likely to be sufficient to pay the pension benefits accrued by niember8 as at the valuation date. Asset values ar¢ calculated by rcfercnce to mark¢t levels. Accrucd pension benefits arc valued by discounting cxpected future investments returns. For ycars in whiLh a full actuiirial valuation is not carriid OiiL an Actuarkal rLPOrt piovidinbr an approxiii]al¥ upduiL vn thc funding po%ilion is rcquircd by Icgislaiion. A full actu&rial valuation for thc schcmc was carrted out at 30 S¢ptcmbcr 2022 by a professionally qualified actllary which showed assets of £22.8m (2019.. £35.4m), liabilities of £26m {2019: £37.8m) and a deficit of £3.2m (2019: £2.4m). ThL rcsults 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 Jun¢ 2037. Tlie resulis of ihe approximate update as at 30 September 2024 show assets of £19.5m, liabilities of £24.5 repre8enting a funding level of 800/0. and a deticit of £5m. Page 22
Belfast Interface Pro Acom an limited b ect uarantee Notes to the Financial Statements - continued for the Year Ended 31 March 2025 12. NI CHARrrIES PENSION SCHEME COMMITMENTS continued To elimÉiiate the flinding shortfall, the trustees have agreed that deficit contrfftbutions 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 rose to £631 pa from l October 2024 (2023124.. £338 pa). and are set to increase by 3 % pa each l October theredfter, until payments end on 30 Jun¢ 2037. If thc valuation assumprions arc bornc out in prdCtiLL' thL' agrLcd Lontribution schcdulc. should be suffiLient to climinatc thc past servicc dcfiLit, on an oiigoing funding basis. by 30 Junc 2037 (2019.. 29 Fcbruary 2028). The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheine liabilities. In yeai. ended 31 Mdrch 20?5, the charitable company paid deficit contrtbutions of £62512024; £625) and man41gement costs of £576 (2024: £338). ThL dcath of the charitable company's fomer employ¢¢ bcfore 30 June 2037 will eliminate any outl*Lmdin&y obli&y¢ltion. Since ihe charilable ionipany h&% agreed Lo a deticii funding arrangyemenl il recogni8e$ a liabilily for this obligation. The amounl recogni.8ed is the net present value of the defjcit reductioii contribution.% payable under the agreement that relates to the deficit. The present value is calculated using the discouiit rate detailed in these di.8clo.sures. The unwinding of the discounl rate is recobynised as a finance cost and iiianagcincnt costs as a govcrnancc cost. 31.3.25 31.3.24 Prcscnt Value ofprovi.sion 6,216 RecoThclllatlon of Openlng and Clo$lng Provlslons 31.3.25 31.3.24 Provision at thc start of thc ycar Unwinding of thc discount factor {intercst expense) Defilit contribution paid Remeasurements- impact of aiiy change in assumptions - amendments to contt'ibution schedule 6,216 276 (625) (127) 2,731 125 (625) 151 Prescnt Valuc of Provision 6,216 The whole of the provision was attributable to unrestricted funds. Income and Expenditure Impact 31.3.25 31.3.24 Interest expense Remeasurements- impact of any change in assumptions - amendments to contribution schedule 276 (127) 125 151 3,834 338 Managem¢nt CO818 576 Costs recognised in income and expenditlire account 725 4,448 Page 23
Belfast Interface Pro'ect Acom limited b uarantee ]Yotes to the Flnancial Statements - continued tor the Ye%ar Ended 31 March 2025 12. NI CHARITIES PENSION SCHEME COMMITMENTS contAnucd Assumptions 31.3.25 31.3.24 /0 per annum /0 per annum Rate of discount 5.13 4.71 The discount rates shown above are the eqiiivalent single discount lates which. when used to discount thc futurc rccovcry plan contributions duc, would givc th¢ samc rosulis as using a full AA corporate bond yicld Lurvc lo discount thc samc rcLovcry plan ¢ontribulÈons. 13. RELATED PARTY TRANSACTIONS There were no related party transactions in the year that require disclosure. 14. CORPORATION TAXATION The Coinpany is a I'cgistcred charity and tlic charilablc tax ex¢inptions arc thcrefoTe being claimed to thc L'XtLnt tliat inLomc and/or gains arL appliLablL and dppliLd ¢0 LliaritablL' purposLS only. ThL'sL exemplions will remain in pltice as loiis a% income <uid expendituif applied lo charilable purpo%eti only. IS. TANGIBLE FIXED ASSETS Websile Equipment Totals COST At l April 2024 Additions Disposals 5.940 9,024 14,964 1.455) At 31 March 2025 7.569 DEPRECIATION At l April 2024 Charge for year Eliminat¢d on disposals 5,940 6.924 1,236 12,864 1,236 At 31 March 2025 6,850 NET BOOK VALUE At 31 March 2025 719 719 At 31 March 2024 2,100 2,100 16. DEBTORS 31.3.25 31.3.24 Prepayments & accrued income 31,382 Page 24
Belfast Interface Pro'ect Acom limited b uarantee Notes to the Financlal Statements - eontlnued for the Year Ended 31 March 2025 17. CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 31.3.25 31.3.24 Accruals & deferred income Other creditors 3,356 25,129 205 3.356 18. LEASES Total futurc minimum lease payments under non-cancellable operating l¢ases are as follows: 31.03.25 31.03.24 Not later thali one year Later Ihan one and nol l&t¢r Ihan five year¥ 897 897 Pagc 25
Belfast Interface Pro'ect Acom limited b uarantee Notes to the Finanelal Statements - continued for the Year Ended 31 March 2025 19. THE FUNDS OF THE CHARTTY Net movement in funds Transfers between fLU)ds Year ended 31 March 2025 At 1.4.24 At 31.3.25 Unrestricted funds Gcncral fund 6,752 (2l,817) 13,106 (1,959) Restricted funds Co-operatioii Ireland - Future Innovators BCC - Interface Engagement BCC - Promotinby shared Futiires The Execiitive Oftice - Augniented Reality Planntng Northcrn treland Cominunity R¢lations Council ThL National Lottcry- Sh&rLd Future¥ Planning Toolkit 439 (439) 5,500 (359) (5,500) 1,078 719 583 (583) (454) 454 2,100 11,725 {13,106) 719 TOTAL FUNDS 8,852 10,092 1,240) The General fund is the "free reserves" after allowing for all designated fund5. Transfei's in the year from unre.qtricted to restricted funds were a result of the disallowance of restricted cxpcnsc5, Transfers in thc year from rcstriLtcd to unrcstrictcd wcrc to rcflcct the self-dclivery of rcstrictcd projcLts. Page 26
Belfast Tnterface Pro Acom limited b ect uarantee Notes to the Financlal Statements - Continued for the Year Ended 31 March 2025 19. THE FUNDS OF THE CHARITY continued Nct movement in Sjnds Transfcrg between Year ended 31 March 2024 At 1.4.23 At 31.3.24 Unrestricted funds Gcncral fund 8,608 (3,260) 1,404 6.752 Restricted funds Co-operation Ireland - Future Innovators Co-operation Ireland/Rural Community Network- VCSE COVID recovery Belfast City Council Capacity Building- Core Funding BCC - Proiiioting Shared Futures Tlic Executive Oftice- Augm¢ni¢d R¢ality Plannin Tlic Exccutivc Officc- Rcsilicnce Post Covid 19 The Executive Office- Planning for Change The National Lottery - Shared Futures Planning 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) 35 321) 46,414 (42,910) (1,404) 2.100 TOTAL FUNDS 46 170) The Gcncral fund i&* the "frcc rcscrvcs" aftcr allowing foi" all dcsignatcd funds. Transfcrs in tbc year from unrcstri¥ted to restricted funds were a result of ovcrspend of restricted funding. Transfers in the year from restrActed to unrestricted were to cover misallocation of unrestricted funding on th¢ PTior year. Pagc 27
Belfast Interface Pro Acom an limited b ect uarantee Notes to the Flnancial Statements - continued lor the Year Ended 31 March 2025 19. THE FUNDS OF THE CHARITY continued Net tnovement in fijnds, included in the above ar¢ as follows: Incoming Resources Actuarial Movements resources expended gainsl(losses) in funds Year end¢d 31 MaTLh 2025 Unrestricted funds Gcncrdl fund 5.648 (27.592) 127 (21,817) Restrleted funds Co-operation Ireland - Future Innovator8 Belfast c.ity Cnuncil C.apaeity Building- Corc funding Belfast City Council - Int¢rface Engagciiicnt BLlfdSt City Coun¢il - Proinoting Sharld Futurcs The F.xecutive otfice - Augmenled Reality Plaiining Northern Ireland Community Relations nuncil- L'nre Thc Natioiial Lottcry Shared Futures - Planning Toolkit (439) (439) 50,420 (50,420) 5,500 5,500 (359) (359) (583) (583) 15.811 (16,265) (454) 8,060 8,060 79,791 (68,066) 11,725 TOTAL FUIIDS 95 65ll) 127 10.092 Pagc 28
Belfast Interface Pro'ect Acom an limited b uarantee Notes to the Financial Statements - contlnued for the Year Ended 31 March 2025 19. THE FUNDS OF THE CHARITY continued Nct movement in funds, included in the abovc arc as follows: Incoming resources Resources Actuarial Movements ¢xp¢ndcd gains/{losses) in fimds Y¢ar imd¥d 31 March 2024 Unrestrieted funds Gcneral fund 25,035 (24,310) (3,985) (3,260) Restrlcted funds Co-operation Ireland - Future Innovator Co-operation I&and/RuTal Cominunity Network- VCSE COVID recovery Belfast City Council Capacity Building- Corc funding BLlfdSt City Council - Proinoting Shared Futurcs Tlie Fxeculive Office - Augmenied Reality Planiiing Tlie Executiv¢ Office- Resilience Post Covid 19 Thc Executive Office ~ Planning for Change Tlie Natioiial Lottery Shared Futures - Planning 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) 46.170) Page 29
Belfast Interface Pro Acom an limited b ect uarantee Notes to the FfiDancial Statements - continued for the Year Ended 31 March 2025 20. ANALYSIS OF TOTAL NET ASSETSI(LIABILITIES) BETWEEN FUNDS 31.3.25 Restricted Total funds Unrestricted fund Year ended 31 March 2025 Fixed Assets Debtoi Cash at bdnk Crcditors due within one year Defined ben¢fit pension liability 719 2,107 (2,107) 719 5,625 .512 (3.356) 3,518 3,619 (3,356) 5,740) 1.959) 719 31.3.24 Re8tricted Total funds funds Unre8tricted fund Year ended 31 March 2024 Fixcd Assets Debiors Cash at bank Credilor4 due within one year Defined benefit pengion liability 2,100 2,100 31,382 6,920 (25,334) 3l,382 6,920 (25,334) 2,100 8.1152 21. CONTINGENT LIABILITIES A Lontingtint liability exists to rcpay a portion of any gran15 fLCCIVLd should cLrtain conditions not bc fulfilled by the charilable compai)y. The charitable company has been nolified by The Pensions Trust of the estimated employer debt on withdrawal from the Northern Ireland Charities Pension Scheme based on the fiiiancial position of the scheme as at 30 Sq)tember 2024. As of this date the estimated employer debt for the charitable company was £41,387 (2024: £39,777). This is thc cstimatcd potcntial dcbt that could bc Icvicd in the event of th¢ charitablc coinpany b¢coining ini*olvcnt. Ccdsing to partiLiPdte or thc .8chcmc winding lip at d tilne when it is not fiilly fundcd on a buy4)ui basis ie ihe cost of securing benefits by purch&sing annuily policies from an insurer plus an allowance for expenses. It includes a share of'oryhan" liabilities in respect of previously participating employers. There is significant uncertainty regarding its estimation since it depends on many factors including total scheme liabilities, scheine investment perfornwice, the liabilities in respect of current and forn]er cmployees of thc einployer, financial Londitions at th¢ time of th¢ ces6ation event and the insurance buy-out market. PdgL 30
Belfast Interface Pro'ect an lin)ited b uarantee Notes to the Flnancial Statements - continued for the Year Ended 31 March 2025 21, CONTINGENT LIABILITIES continued This unccrtainty. coupled with the vt¢w that cry8tallisation of the debt is not forcseen to occur in thc near future, means that whilst the Board considers it appropriate to disclose same as a contingent liability, it has not be¢ii provided for in these fin]CIal statements. Howev¢r. a provision is rL'couynisL'd for thc nct prLscnt value of the defiLit rL'duLtion contributions as agrccd with the charitable company. This provision does not account for any potential incrcasc in liabilities arisin¥ froin a legal proty¢ss whiLh IS LUITLntly uiidLnvtiy to obtain clurifiL&tion and Luurt dii'eLtions on ihc intcrprctatiun aiid implcmcnlation of schcmc I'ules. dnd thcir impltLatiOlls on mcmbcrs, benefits, past and tijture. The estimated potential increase in liabilities a8 at 30 September 2021 w88 in the region of £20,000, but is likely to change again befoi'e the outcome of the court case is known, heard earlier in 2025. As witli the estimated employer debt, there is considerable uncertainty regarding its calculation and any potenlial liability has noi bcen providcd for. 22. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR AUDITS OF SMALL FNTITIF.S In common with many other organisations of our size and nature we use our auditors to assist with the preparation of the financial statenients and to prcpare and subiiiit returns to tlie tax authorities and to Coinpanies House. 23. FINANCIAL AD CAPITAL CO.MMITMENTS Thcre were no annual financial or capital coinJniLments at the biilance sheet date. 24. CONTROLLING PARTY Thc Board of TrustLes is thc ultimatL controlling paty. Page 31