Greater Shankill Partnership Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds 2022 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Other trading activities (Xher income 15.147 15.333 20.552 57.880 15.147 1.411,904 20.552 31,553 1,712,856 60,037 1.396.571 Total income 108,912 1,396,571 1,505.483 1,804,446 Expenditure Expenditure on charitable activities Totsl expenditure 9.10 357,429 1.389.269 1,746,698 1,696,884 357,429 1,389.269 1,746,698 1,696,884 Net {expenditure)lincome (248.517) 7,302 {241,215) 107,562 Transfers between funds 613.240 (613.240) Net movement in funds 364.723 (605,938) (241,215) 107,562 Reconciliation of funds Total funds brought forward Total funds carried forward 624,229 631,535 1.255,764 1,148,202 988,952 2S,597 1.014,549 1,255,764 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 17 to 30 fonn part of these flnanclal slatements. 14
Greater Shankill Partnership Company Limited by Guarantee ststement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 15 16 626,308 641,455 626,312 641,459 Current assets Debtors Cash at bank and in hand 17 8g,137 354.402 375,00fj 315,681 443.539 690,686 Creditors: amounts falling due within one year N8t current assÈts 19 55.302 76.381 388.?.37 614.305 Total assets less current liabilities 1.014,549 1.255,764 Not assots 1,014,549 1,265.764 Funds of the charity Restricled funds Unrestricted funds 25,597 988,952 631.535 624,229 Total charity funds 22 1,014,549 1,255,764 These financial statements were approved by the board of trustees and authorised for issue on 10 October 2023, and are signed on behalf of the board by: E Carlisle Trustee The notes on pages 17 to 30 forn part of these financial statements. 15
Greater Shankill Partnership Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Nole Cash flows from operating activities Nel (expenditure)lincome (241.215) 107.562 Adjustments for Depreciation of tangible fixed assets Interest payable and similar charges Accrued income 15,147 1.265 (12.729) 18,818 1,040 (4,710) Changes in." Trade and other debtors Trade and other creditors 285,868 (6,957) 41.379 (137,641 } {26,878) {41,809) Cash generated from operations IntÈrpst pxid Net cash froml(used in) operating activities (1.265) 40,114 (1.040) {42,849) Cash flows from investing activities Purchase of tangible assets Net cash used in Investing actwities (2,556) (2,5Sti) Cash flows from financing activities Proceeds from loans from group undertakings Net cash from financing activities 5,939 5.939 Net increasel(decrease) In cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 46.053 295.407 (45,405) 340,812 295,407 18 341,460 The noteg on pages 17 to 30 forni part of these financial statements. 16
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General infomiation The chariiy is a public benefft entty and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northem Ireland. The address of the registered office is 331- 333 Shankill Road, Belfast, BT133AA. Statement of compliance These financial statements have bn prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modtfied by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expendtkure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material unrtaint[eS about the charity's abilty to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or Commitment. Restricted funds are subjected to restrictions on their expendrture declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 17
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (conllnuedj Year ended 31 March 2023 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefrts associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. income from donations or grants is recognised when the is evidence of entiilement to the gift, reGeipt is probable and it5 amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to Measu reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated faGilities and serviGes are recogni5ed in the accounts when received rf the value can be relBbly measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classrfied as unrestricted funds unless there is a contractual rgquirgment for it to be spent on a particular purpose and returned rf unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classtfied under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events. non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expendrture on charitable actrvities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activrty are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 18
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2023 Accounting policies (continued) Tangible assets (continued) An increase in the carying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expendf(ure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and1083es on the Statemerrt of financial aGtivitie8. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows: Freehold property Plant and machinery Fixtures and fittings Equipment 20A straight line 33% reducing balance 20 /0 Straight line 20% straight line Investments Unlisted equty investments are inrtialty recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investments in associates Investments in associates aoUnted for in a¢¢ordance with the cost model are recorded at cost less any accumulated impaiment losses. Investments in associates accounted for in accordance viith the fair value model are initially recorded at the transaction pri. At each reporting date. the investments are measured al fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments in joint ventures Investments in jointly controlled enttlies accounted for in accordance wtth the cost model are recorded at cost less any accumulated impairment losses. 19
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 Accounting policies (continued) Investments in joint ventures (continued) Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value. with changes in fair value taken through income or expendiiure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other dislributlons ieGeived from the investtnent are ieGQgnised as inGome without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impainnent of fixed assets A reviÈw for indicators of impaimient is carried out at each reporiing datè, with the recoverable amount being estimated where such indicators exist. Illhere the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing. when it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charty are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only vthen the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction Costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Vvhere investments in shares are publicly traded or their fair value can other¥vise be measured reliably, the investment is subsequently measured at fair value wrth changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 20
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Staternents (continued) Year ended 31 March 2023 Accounting policies (¢onlinued) Financial instruments (Continued) Other financial instruments. including derivatives, a initially recognised at fair value, unless payment for an asset is deferred beyond normal business temis or financed at a rate of interest that is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Othgr financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an imp2irment loss is recognised undèr the appropriate he2ding in the st8tement of financial activities in which the initial gain was recognised. For all equity instruments regardless of signfficance. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to deflned contrlbutbn plans are recognlsed as an expense In the period in whlch the related service is provided. Prepaid contributions are recognised as an asset to the exient that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liabilty is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The company. being a company limited by guarantee, dS not have share capital. The liability of members of the company 15 limited to £1 per member. 21
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (conlinue(g Year ended 31 March 2023 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations- Non Gift Aid Donations Donations received in year 3.061 8.086 4.000 3,(1 8,086 4.000 2,954 28.599 2.954 28,599 15.147 15,147 31,553 31,553 Charitable activities Unrestricted Funds Restricted Totsl Funds Funds 2023 Belfast Health and Social Care Trust Street Beats Executlve Offlce- CIT 1 & 2 Department of Communities Department of Employment and Learning via USDT Tli¥ CviiirTiuiiily Fvunddtion Belfast City Council Department of Heah Department of Education through BHSCT Department of Education Northern Ireland Housing Association CFF Department of Education - W8CP 71.665 28,428 97,955 156,519 70,242 2,833 12,814 184,875 672,240 71,665 28,428 97,955 159,519 70,242 2,833 12,814 184,875 672,240 3.000 12.333 12,333 99.000 99,000 15.333 1.396.571 1,411.904 Unrestricted Funds Restricted Total Funds Funds 2022 Belfast Health and Social Care Trust Street Beats Executive Office- CIT 1 & 2 Department of Communities Department of Employment and Learning via USDT The Community Foundation Belfast Cty Council Department of Health Department of Education through BHSCT Department of Education Northem Ireland Housing Association CFF Department of Education - WBCP 63,405 11,522 232,960 245,274 57,941 49,981 106,330 185,294 663,424 91,730 4,995 63,405 11.522 232,960 245.274 57,941 49,981 106,330 185,294 663,424 91,730 4,995 1,712.856 1,712,856 22
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Other trading activities Unrestricted Funds Restricted Total Funds Funds 2023 Room hire income Other incorne from trading activities Insurance claim Extern Boy5tnodel 653 653 17,126 2,TT3 17,126 2,773 20,552 20,552 Unrestricted Funds Restricted Total Funds Funds 2022 Room hire income Other income from trading activities Insurance Claim Extern Boysmodel 2,400 42,186 2,400 42,186 15,451 15.451 44,586 15,451 60,037 Other inGome Unrestrided Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income Refunds Interproject recharge 5,828 317 51,735 5.828 317 51,735 57,880 57,880 23
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements {continuedJ Year ended 31 March 2023 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Charitable activities Support costs 338,576 18,853 357,429 1.389,269 1,727,845 18,853 1,389,269 1,746,698 Unrestricted Funds Restricted Total Funds Funds 2022 Charitable activities Support costs 1,681,922 3,353 1,681.922 14.962 11,609 11,609 1,685,275 1,696,884 10. Expenditure on charitable activities by activity type Activities undertaken directty Support costs Total funds 2023 Total fund 2022 Charrtable activities Govemance costs 1.727,845 1,727,845 18,853 1.681,922 14,962 18,853 1.727,845 18.853 1,746,698 1,696,884 11. Net (expenditure)lincome Net (expenditure)lincome is stated after chargingl(crediting)'. 2023 2022 Depreciation of tangible Ted assets 15,147 18,818 12. Auditors remuneration 2023 2022 Fees payable for the audrt of the financial statements 9,072 9,322 24
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 13. Staff costs The total staff costs and employ* beneffts for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security cosls Employer contributions to pension plans 932,785 60,473 23,215 882,679 61.154 14,548 1.016.473 958.381 The average head count of employees during the year was 48 {2022: 50). No employee received employee benefits of more than £60.000 during the year (2022.. Nil). 4. Trustee remunoration and •xp•ns No remuneration or other beneffts from employment with the chanty or a related entty were received by the trustees during the year. 15. Tangible fixed assets Freehold Fixtures and property fittings Equipment Total Cost At 1 April 2022 and 31 March 2023 780,000 17,552 17.995 815,547 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 144,300 11.700 16.872 680 12,920 2.767 174,092 15,147 156,000 17.552 15,687 189,239 Carrying amount At 31 March 2023 624,000 2,308 626,308 At 31 March 2022 635.700 680 5,075 641,455 25
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 16. Investments Shares in group undertakings Cost or valuation At 1 April 2022 and 31 March 2023 Impairment At 1 April 2022 and 31 March 2023 Carrying amount At 31 March 2023 At 31 March 2022 All investments shown above are held at valuation. 17. Debtors 2023 2022 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Early Years debtor GSPPD Debtor Other debtors 30,539 11,260 12.642 2.764 39.581 7,128 76,108 133,893 118.295 31.932 89.137 375.005 18. Cash and Cash equivalents Cash and cash equivalents comprise the following". 2023 2022 Cash at bank and in hand Bank overdrafts 354,402 (12,942) 341.460 315,681 120,274) 295,407 26
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Ststements {¢onlinu8d) Year ended 31 March 2023 19. Creditors: amounts falling due within one year 2023 2022 Bank loans and overdrafts Trade creditors Amounts owed to group undertakings Accruals and deferred income Social security and other taxes 12,942 11,805 5,939 21,083 3,533 55.302 20,274 16,352 31,862 7,893 76.381 The bank loans and overdrafts of £12,942 (2022: £20.274) disclosed under credttors falling within one year. are secured by the charity. Bank overdrafts are secured by e Ic9al ¢harge of company owned property. GSP also secure a subsidiary company's (GSPDD) overdraft facilities by a legal charge of company owned propety. 20. Dof•rr8d incom• 2023 2022 Amount deferred in year 1.950 21. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £23,215 (2022: £14,548). 22. Analysls of charitable funds Unrestricted funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers General funds 624.229 108,912 (357.429) 613,240 988,952 At 1 April 2021 At 31 March 2022 Income Expenditure Transfers General funds 559.699 76.139 (11,609) 624,229 27
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2023 22. Analysis of charitable funds {continuedJ Restricted funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers Greater Shankill Renewal Fund Restricted Fund 2 - desc in alcs BHSCT HUB BHSCT- BOAG Street Beats Executive Office- CIT 1 & 2 and CIT Youth Department of Comiiiuiiities - NR Department of Communities- NR Coordinator Department of Employment and Learning via USDT 1.049.598 (1,049,598) (418.063) 418,063 44.879 26.786 28,429 (44,879) (26,786) (22,821) 5.608 97,955 (93,989) 3,966 139,594 (139.471) 123 16,924 (18,394) 1,470 (CFSP) CFNI - Jubilee Funding Belfast City Council Department of Heah Department of Education through BHSCT- Surestart Department of Education - WBCP 70,242 2,833 12,814 184.875 (70,242) (2.833) 12,814 3.086 (181,789) 672.240 (689,065) 16.825 99,000 (99,000) 1.396.571 (1,389,269) (613.240) 631.535 25,597 Transfers have taken place in the year from restricted funds to unrestricted frjnds in relation to historical balances. The Charity believes that there is no restriction placed on these funds. Transfers have also taken place in the year in relation to the Surestart Project. These transfers have occurred as expenditure in this fund is over and above grant expenditure in regard to the surestart contract, the excess spend related to costs such as maintenance of buildings. 28
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (¢onthiuedJ Year ended 31 March 2023 22. Analysis of charitable funds (¢ontlntsedJ At 1 ApTII 2021 At 31 March 2022 Income Expendtture Transfers Greater Shankill Renewal Fund Restricted Fund 2 BHSCT HUB BHSCT- BOAG Stieet B¢ats Executive Office - CIT 1 & 2 and CIT Youth Department of Communities- NR Department of Communities- NR Coordinator Department of Employment and Learning via USDT (CFSP) CFNI Jubilee Funding Belfast City Council Department of Heatth Department of Education through BHSCT- Surestart Department of Education- WBCP 1.006,566 (418,063) 1,728,307 (1,685.275) 1,049,598 (418,063) 588.503 1.728.307 {1,685.275) 631,535 29
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2023 23. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 619,OL 7,302 626,308 375.586 (5,640) 988.952 67,953 (49.662) 25,597 443,539 (55,302) 1,014,549 Unreslricted Funds Restricted Total Funds Funds 2022 Tangiblv fixed %15set5 Investments Current assets Creditors less than 1 year Net assets 641,455 641,455 624.228 66,457 (76.379) 690,685 (76,379) 624,228 631,537 1,255,765 24. Analysis of changes in net debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand Bank overdrafts Debt due within one year 315,681 (20,274) 38,721 7.332 (5,939) 40.114 354,402 {12,942) (5,939) 335,521 295,407 30