Greater Shankill Partnership Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities other trading activities Other income 2,537 49,599 13,440 5,796 2,537 1.557.631 13,440 5,796 1,579.404 15,147 1.411,904 20.552 57,880 1,505,483 1,508,032 Total income 71,372 1,508,032 Expenditure Expenditure on charitable activities Total expenditure 9,10 93,115 93,115 1,429,792 1,429.792 1.522,907 1,746,698 1,746,698 1,522,907 Net incomel(expenditure) {21,7431 78,240 56,497 1241,2151 Transfers beeen funds (10,949) 10,949 Net movement in funds (32,692) 89,189 56,497 1241,215) Recon¢lliation of funds Total funds brought forward Total funds carried forward 988,952 25,597 114,788 1,014,549 1,071,048 1,255,764 1.014,549 956,260 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 16 to 30 fomi part of these finanGial ststements. 13
Greater Shankill Partnership Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed asset5 Investments 15 16 613,600 626,308 613,604 626,312 Current assets Debtors Cash at bank and in hand 17 172,484 336,904 89,137 354.402 509,388 443,539 Creditors: amounts falling due within one year Net current assets 19 51,946 457,442 1.071,046 1.071,046 55,302 388,237 1,014,549 1,014,549 Total assets less current liabilities Net assets Funds of the charity Restricted funds Unrestricted funds 114,786 956,260 22 1,071,046 25,597 988,952 Total charity funds 1,014,549 These financial statements were approved by the board of trustees and authorised for issue on 4 September 2024, and are signed on behalf of the board by: E Carlisle Trustee The notes on pages 16 to 30 form part of these financial statements. 14
Greater Shankill Partnership Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net incomellexpenditurel 56.497 1241,215) Adjustments for.. Depreciation of tangible fixed assets Interesi payable and similar charges Accrued income 12,708 827 (3,418) 15,147 1,265 (12,729) Changes in.. Trade and other debtors Trade and other creditors (83,347) 13,302 13.431) 285.868 (6.9571 41,379 Cash generated from operations Interest paid Net cash (used in}Ifrom operating activities {827} {4,258} (1,2651 40,114 Cash flows from financing activities Proceeds from borrowings Proceeds from loans from group undertakings Net cash (used inllfrom financing activities 304 (1,323) (1,019) 5.939 5,939 Net {decrease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 15,277) 341,460 46,053 295.407 18 336,183 341,460 The notes on pages 16 to 30 form part of these financial statements, 15
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is The Spectrum Centre, 331- 333 Shankill Road, Belfast, BT133AA. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (Charities SORP IFRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilitie5 and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability 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 a¢¢ounting Unrestricted funds are available for use at the discretion of the trustees to fijrther any of the charity's purposes. Designated funds are unreslri¢ted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds. 16
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 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 benefits associated with Ihe transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is mèasured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the Gost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably 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 classified as unrestricted funds unless there is a conlra¢lual requirement for tt to be spent on a particular purpose and returned if unspent. in which case it may be regarded as $trICted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which Gannot be fully recovered, and is classified 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 lo the governance 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 expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at Gost, 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. 17
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 March 2024 Accounting policies (continuedj Tangible assets (continuedj An increase in the carrying 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 expenditure 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 and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the Cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows.. Freehold propety Fixtures and fittings Equipment 2 % straight line 200/D Straight line 200/0 Straight line Investments Unlisted equity investments are initially 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 accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in aGcordance 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 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 reiVed 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 dale of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment 5osses. 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 expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. 18
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (conlinugd) Year ended 31 March 2024 Accounting policies (conlinuedj Investments in joint ventures {contlnued) Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impairment of fixed assets A review for indicators of irnpairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where 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 impairment 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 ¢ash-generating unit is Ihe smallest identifiable group of assets that include5 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 charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when 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. Debl instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otheTwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, inGluding derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms 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. Other 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. 19
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (¢ontinued) Financial instruments (eontlnuedj 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 impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, 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 ¢ontribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related Servi is provided. Prepaid contributions are recognised as an asset to the extent 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 liability 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. does not have share capital. The liability of members of the company is limited lo £1 per member. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations - Non Gift Aid 2,537 2,537 15,147 15,147 20
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 March 2024 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 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 City Council Department of Health Department of Education through BHSCT CFF Department of Education - WBCP Dormant Funds CFF Mental Health Funding 143,305 23.022 95,407 187,456 143,305 23,022 95,4Q7 187,456 89,786 89,786 39,599 92,622 696,453 10,OQO 90,000 40,OQO 49,981 1,557.631 39,599 92,622 696,453 10,000 90.000 40,000 49.981 49,599 1,508,032 Unrestricted Funds Restricted Total Funds Funds 2023 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 City Council Department of Health Department of Education through BHSCT CFF Department of Education - WBCP Dormant Funds CFF Mental Health Funding 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 12,333 99.000 3,000 12,333 99,000 15,333 1,396,571 1,411,904 other tTading activilies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income from trading activities Extern Boysmodel 653 17,126 2,773 20,552 653 17,126 2,773 20,552 12,060 1,380 12,060 1,380 13,440 13,440 21
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements {conlinueclJ Year ended 31 March 2024 other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income Refunds Interproject recharge 5,796 5,796 5,828 317 51,735 5,828 317 51,735 5,796 5,796 57,880 57,880 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charitable activities Support costs 93,115 1.411,980 17.812 1,505,095 17.812 93,115 1,429,792 1,522,907 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 1,746.698 1,389,269 10. Expenditure on charitable actlvlties by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charitable activities Governance costs 1.505,095 1,505,095 17,812 1,522.907 1,727.845 18.853 17,812 17,812 1,505,095 1.746.698 11. Net incomel(expenditurel Net incomellexpenditure) 15 Stated after chargingl{crediting)'. 2024 2023 Depreciation of tangible fixed assets 12,708 15,147 22
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (¢ontinuerlJ Year ended 31 March 2024 12. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 9.715 9,072 13. staff costs The total staff costs and employee benefits for the reporting period are analysed as follows- 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 918,196 61,662 18.718 932,785 60.473 23,215 1,016,473 998,576 The average head count of employees during the year was 49 {2023'. 48). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 No. Numberofstaff - type 1 49 48 No employee received employee benefits of more than £60,000 during the year12023'. Nil). 14. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the tnjslees during the year. 15. Tangible fixed assets Freehold Fixtures and propety fittings Equipment Total Cost At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 780,000 17,552 17,995 815,547 156,000 11,700 17,552 15,687 1,008 189,239 12,708 201,947 167,700 17,552 16,695 Carrying amount At 31 March 2024 612,300 1,300 613,600 626,308 At 31 March 2023 624,000 2,308 23
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements {eontlnuedJ Year ended 31 March 2024 16. Investments Shares in group undertakings Cost or valuation At 1 April 2023 and 31 March 2024 Impairment At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 All investments shown above are held at valuation. 17. Debtors 2024 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Early Years debtor Other debtors 153,493 30,539 11,260 12,642 2,764 31.932 12,143 6,638 210 172,484 89,137 18. Cash and cash equivalents Cash and cash equivalents comprise the following.. 2024 2023 Cash at bank and in hand Bank overdrafts 336,904 (7211 336,183 354,402 (12,9421 341,460 24
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2024 19. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Amounts owed to group undertakings Accruals and deferred income Social security and other taxes Other creditor5 1,025 19,957 4,616 15,715 4,694 5,939 51,946 12.942 11,805 5,939 21,083 3,533 55,302 The bank loans and overdrafts of £1,02512023'. £12,942) disclosed under creditors falling within one yeai, are secured by the charity. Bank overdrafts are secured by a legal charge of company owned property. GSP also secure subsidary company's IGSPDD} overdraft facilities by a legal charge of company owned propety. 20. Deferred income 2024 2023 At 1 April 2023 Amount released to income Amount deferred in year At 31 March 2024 1,950 11,950) 1,950 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 £18.718 (2023,. £23,215). 25
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2024 22. Analysis of charitable funds Unrestricted funds At 31 March 202 At 1 April 2023 Income Expenditure Transfers General funds 988,952 71,372 193,1151 110,949) 956,260 At 31 March 202 At 1 April 2022 Income Expenditure Transfers General funds 624,229 108,912 1357,429) 613,240 988,952 Restricted funds At 31 March 202 At 1 April 2023 Income Expenditure Transfers Greater Shankill Renewal Fund Greater Shankill Renewal Fund - Restricted Fund 2 BHSCT HUB BHSCT- BOAG Street Beats Executive Office - CIT 1 & 2 and CIT Youth Department of Communitie5 - NR Departmenl of Communities- NR Coordinator Department of Employment and Learning via USDT {CFSPI CFNI - Jubilee Funding Belfast City Council Department of Health Department of Education through BHSCT- Surestart Department of Education -WBCP 119,072 24,233 23,022 1119,0721 (24,233) (28,630) 5,608 3,966 95,408 {110,051) 10,677 123 134,918 {135,041) 15,997 115,997) 12,814 3,086 112,814) 195,708) 92,622 696,453 (696,453) 90,000 190,272) 272 26
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 22. Analysis of charitable funds (continued) Department of Communities - additional funding Department of Communities- Minor Improvement Scheme CFF- Mental Health Funding Dormant Funds The Community Foundation 9,646 19,646) 26,894 {26,8941 49,981 40,000 (49,9811 (12,000) 28,000 89,786 13,000) 1,508,032 (1,429,792) 86,786 114,786 25,597 10,949 At 31 March 202 At 1 April 2022 Income Expenditure Transfers Greater Shankill Renewal Fund Greater Shankill Renewal Fund - Restricted Fund 2 BHSCT HUB BHSCT- BOAG Street Beats Executive Office - CIT 1 & 2 and CITYouth 1,049,598 (1,049,598) (418,063) 418.063 44,879 26.786 28,429 (44,879) (26,786) 122,821) 5,608 97,955 {93,989} 3,966 27
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 22. Analysis of charitable funds {conlinuedJ Department of Communities- NR Department of Communities- NR Coordinator Department of Employment and Learning via USDT {CFSPI CFNI - Jubilee Funding Belfast City Council Department of Health Department of Education through BHSCT- Surestart Department of Education - WBCP Department of Communities - additional funding Department of Communities - Minor Improvement Scheme CFF- Mental Health Funding Dormant Funds The Community Foundation 139,594 (139,4711 123 16,924 (18,394) 1,470 70,242 2,833 12.814 184,875 170,242) (2,833) 12.814 3,086 1181,789} 672.240 {689,065) 16,825 99,000 199,000) 631,535 1,396,571 {1,389,2691 (613,240) 25,597 28
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements fconlinuedj Year ended 31 March 2024 23. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 613,600 613,600 370,610 (27,9501 138,778 509,388 {27,950) {23,996) 1,071,046 {23,9961 114,786 956,260 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 619,006 7,302 626,308 375,586 (5.640) 67,953 (49,6621 443,539 {55.302) 988,952 25,597 1,014,549 24. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 25. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. 26. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 27. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Bank overdrafts 354,402 (12,942) 341,460 (17,498) 12,221 (5,2771 336,904 1721) 336,183 29
Greater Shankill Partnership Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 28. Related parties The Early Years Company The Early Years Company Limited is a wholly owned subsidiary of Greater Shankill Partnership {"GSP"I. Mature of transactions during the year.. 2024 2023 Amounts owed by group undertakings- Early Years 6,638 2,764 Greater Shankill Partnership Property Development Co. Limited Greater Shankill Partnersip Propety Development Co. Limited I'GSPPD") is a wholly owned subsidiary of GSP. Nature of transactions during the year.. 2024 2023 Amounts owed to group undertakings - GSPPD 4.616 5,939 30