WEST BELFAsr RTNERSHIP BOARD Fth'ANCIAL sfATEMI ENTS THE YEAR EJTIED 3 ST ARCH 2023 FO RE RT OF THE INDEPEN'DENT A DITOR TO THE EMBERSt Auditing the risk of rnanagem¢nt override of controls. including tlllDugh tesiing journal entries and other adjustmen15 for appropriateDess. aThJ ev4luating the bll8iDess ratiotth of significant transkS Outside the nomial course of business. As part of an audil in accoTdgncewith ISA5 (UK) we exarise pre&s](l&l judgemcnt atxl maIn1n ptofes5ional S•icism throughout the audil. We also.. Identify and &ssess the ri3ks of maicrial misstatement of the fmaneia] whether thie to fraud or eTTQr, design alld perforni audit prtKedure5 JEsp)nsive to those risk& and obtsin a1 evidence that is sufficient and appropriate to provide a b15 for ourcyinion. The risk of tM)t detecting a rnaterial misstaiemenl R5ulting from fraud is higher than for one reSling frimn ermr. froud may inyolye collus1c forgery. itttentionul OmilOnS, misrepresentstion& or the ovurid¢ of intemal control. Obtain art understanding of inlemal control relevant to audit in orderto design audit PTocedures ttt are appropriate in the circumstsTKes. bul rKM for the purposes of exprejsing an opinion on the efTe¢tiveness of the ¢ompanls internal cothl. Evalte th¢ appry)priateness of accour]tNJg poli¢ies ed and the tEa50nablen¢5s of accounting estii)iatcs and relat¢d disclosure5 rnad¢ by th¢ directors. Conclude on the appn)prialeness olthe dirIorS, use of the going COTtmM bLS of acc4)UnE an4 basej on the audit eviden¢¢ obtsine( whether a rnaierial uncertainty exists relaknl kn events OT conditions m&y c&8t Si11fiG?nt doubt oll th¢ charis ability to ltinue 85 a going concem. If w¢ conclude that a material nrtaInty ¢Xi5ts. we are required to draw atsention in auditols retrf)rt lo rel8trd dis¢105ure5 in the firkan¢ial ststem¢nts or, if such dise105ures are illadeqe. to modify our Opinio Our a)]USIOnS &e bed on the audTt evidence obtained up to our auditovs report. Howcver. future everts or conditions may cause the chwity to eease to continue &s a going concern. Evaluat¢ the overall iKe3entation, slructure and content of the financial statements. including the disclosuEes, and whether th¢ ftnancial statements represellt the utmkrlying transacttl and ents in a manner that achieve5 fair pffseEttation. A thrtherde3iption of our resFK)Mibilities forthe sudit of the fina121 stakments is located on th¢ Financial ROrtU Council's website al: http'JlWww.fie.oUklaudlt013K9)nsllyIIIties. This description fornJ5 part r)f our auditorf5 rep) W¢ communicate with those charged wtth govtrnanc¢ regarding. aMg othermatteTS, planned scope and timingof the audit and sisnif finding5. iucluding ttny sigDifJcant deficienci in irternai wntrol that we idcntify during our audit. Use of our report This rerM)rt is made solely to the charitsEAe compan)Is nmibers. as a body. in with Chapter 3 of Part 16 of the Compunies Act 2006 and regulations made under thatAcL Our audit WO h&8 iren undertaken so that we mi8hi sta to the chariLible companYs memkn tknse rnatter& we are requtred to stste to in 8n auditors, and for rK) otherpurpose. To the fullest extent pennttred by law, we do not a¢pt or assume resFwibility to an)D other than tILe charitable oimpany and its me bers as a body. audit WO for thiSTerE or for th¢ opinions we haye fornie¢L LAWRE E SHEARER F.C, Senior Sththtory Auditor FOR AND ON BEHALF OF O'HAIL4 SHEAREIL Stathtsry Auditor O'HARA SHEARER CHARTERED AccouNfAwf5 AND STATVTORY AUDITORS 547 Falls Road Bellast BTII 9AB Dated= 12th Octobcr 2023 Page 11
WEST BELFAST PARTNERSHIP BOARD F[NNC[AL STATEMEYJ TS FOR THE YEAR ENDED 31ST MARCH 2023 STATEMENI OF ACCOU[yG POLlCtEs Accounting Convention and Basis of Aecounting The financial statements have been prepared under the historical cost convcntion. The financial statements have been prepared in acconlance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard which applies ID the UK and Republic of Ireland IFRS 102) (effective l January 2015) - (Charities SORP (FRS 102)). the Financial ReportÉng Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Going Collceni At the timc of approving the financial statcmenty the trusle¢s' have a reasonable expectation that the charty has adequate resources to continue in operational existence for the foreseeable fvture. Thus the trustees, continue to adopt the going concem basis of accounting in preparing the financial statements. Income Recognition Income is recognised when the Charity has entitlement to the fund4 any perfomiance conditions attached to the item(s) of income have been meL it is probable that the income will be reccived and the amount can be measured reliably. Interest Receivable Intsrest on funds held is included when receivable and the amount can be measured reliably. this is normally upon notification of the intercst paid or payable by the Bank. Resources Expended All expenditure is accounted for on an accruals basis and is c1&5sified under heading5 that aggrcgate all costs related to the ¢ategDry. Fundraising costs include the costs of advertising. Producing publications, printing and mailing fundraising material, and staff costs in thesc areas. Costs of charitable activities include direct expenditure incurred thTough operational activilies. Governance costs represent the costs associaled with the governance aTrangements of th¢ charity which relate to the general running of the charity as opposed to those costs associated with fundTaising or charitable activity. Fixed Assets All tangible fixed assets aTC recorded at cosL Page 12
WEST BELFAST PARTNERSHIP BOARD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 STATEMENT OF ACCOUNTING POLICIES Conlinued Deprecfiation Depreciation is calculated to write off the cost of red assets over their estimated uscful lives at the following ratss: Plant and machinery OITice equiprnent Computer equipment 250/0 residual value 250/0 residual valuc 250/0 sIdUal value Repairs and Renewals All repairs and renewals are written off as incurred Pension Costs The charity does currently operate a defined conribution pension scheme. Debtors and Prepayments Trade debtors and other debtors are recognised at the settlement amount due after any discount offercd. Prepayments are valucd at the amount prepaid net of any trade discounts due. Creditors and Provisions Creditors and provisions arc recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount aftcr allowing for any trade discounts due. Financial Instruments The Charlty only has financial ass¢ts and financial liabilities of a kind that quallfy as basic financial instruments. Basic fjnancial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequcntly measured at arnortised cost using the effective intercst method. Voreign Currencies Monetary assets and liabilities in foreign Cuenc]eS are translated into sterling at the rates of exchange ruling at the balance shcct date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of th¢ transaction. Exchange differcnces taken into account in TAYing at the net movement in funds. Page 13
wEsr BELFAsf PARTNERSHIP BOARD FllYANCIAL STATEMENTS FOR THE YEAR ENDED 31ST IW<CII 21123 STATEMENT OF diCCOUNTING POLICIES Conlinu Fund Accounting Unrestricted fijnds are general hnds that are available for use at the T, discretion in furtherance of the charitable objectives of the charity unless the funds have been designated for other pUoseS. Designated funds are unrestricted finds set aside by the trustees Out of nStrICted funds for specific future purposes. Restricted funds are those given for us¢ in a particular area or for Specific purrA)ses. the use of which ' restricted to that area or puryx)se. Endownment fimds are subject to specific condition5 by thnots that the capital must k rnaintsined by the charity. The income received from funders depends on charity meeting detailed criteria on expenses plans. Grants given under such conditions are also given subject to them being obtained for in comiection with the furtherance of the charity's aims and objectives. Such income can be repayable to the funder if such expenses plang and criteria are not rneL Such income is only deferred when the donor specifie5 that the grantldonation must onty be used in future accounting periods. or the donor has irnposed conditions which must be met fOre the charity has unconditional entitlemenL Income from charitable activities includes income received under contract or where entitlement to grdnt fvnding is subject to specific performance conditions is recogDised as eaTned as the related goo¢tslservtces are provrded. Grant income included in thi5 category provides fvnding to SUp}rt perfomlance activities and 15 recognised where there is entitlemenl certainty of receipt and the amount can be measured with sufficient reliability. Income is deferred when.. fees/perfonnance related grants are receiv in advartce of perfonnancelevent to which they relate. Reseryes Policy West Belfast Parthership Board reserves policy is to maintain a sufficient level of reserves to enable operating activities to be maintsined for a period of at least 3 to 6 months in the event of major funding streams ending. The reserves policy also takes account of covering costs in the event of closure. to cover dndancI¢S, rents, and fees that are due including statutory audit fees. It also takes account of potential risks and contingencFes that may arise from time to time. West Belfast Partnership Board maintain unrestricled reserves if ¢r[d should be used for the purposes which meetthe aim5 and objectives of West Belfast Partnership Board. The board should monitor and review the amount of unrestricted reserve5 bi-monthly in addition to the level of restricted reserves. Page 14
WEsf BEL STP ERSHIPBOARD OF FINANCIAL Acr vrTiLS tbe int FOR THE YE R ENDED 31ST IMARCH 2 iTKor ndilurnaetwint UThr¢slricttd R¢stNetrd End0WDmÉt TOTAL Flld5 Fthids 21b23 TOTAL 20n NOTLS INCOME AND ENDOWNMEfs FROM: Donations and legacies inme from investments Inc(me from chatitable activities ]no(e fmn othtrtradiD88Ctiviti< 151M) 7.9)8 77L426 774526 7,998 621,631 TOTAL INCOME AND ENDOWC4MEwrs 1049 Tll.426 782924 621831 EXPENDrruRE ON: Expenditu on raisin8 funds ExpeTrditute on c]JaTitable #iVEtleS Otber ¢xpenditu Net 8aiThsl{10$5¢51 on snveslmtt 740.827 740.827 626.725 TOTAL RESOURCES EXPENDED 740.527 740.827 626.725 NET INCOMEIIEXPENDITURE) IOA98 31A99 42A197 Trar betwen funds NET mOvEMEr IN FUNDS IOA98 31599 42,097 {1894) RECONCILIATION OF FUNDS TOTAL FLIPI'DS BROUGHT FORWARD 86265 122,187 208.452 211346 TOTAL FUNDS CARRIED FORWARD 763 153,786 250349 201452 The St8teTheot•fFwangt41 Aelivltks ixludu all gWiand101sel in the year thenfore Ststem¢llt of Ttylal Gall Iws beeN pttpare All rel*ts ts tontioolryadivltl&% Pa8¢ 15
WEST BELFAST PARTNERSHIP BOARD BALANCE SHEET AS AT 31ST MARCH 2023 2023 2022 N(yfES FIXED ASSETS Tangible assets 16,741 19,938 CURREKf ASSETS Debtors and prepayments Cash at bank Cash in hand 126,382 177,106 89,491 189,874 10 303,488 279,365 Creditors: amounts falling due vltbin one ye¥dr 12 (69,680) (90,851) NET CURRENT ASSETSI(LIABILTfiES) 233,808 188,514 TOTAL ASSETS LESS CURREKI ASSETSI( L[BTrIEs ) 250,549 208,452 Creditors: amomnts falling due after more than olle year 13 NET ASSETSI(LIABILITIES) 250549 208,452 FUNDS: ENDOWNMENT FUNDS UNRESTRICTED INCOME FUNDS 14115116119r20 96,763 86265 RESTRICTED INCOME FUNDS 14115116119r20 153,786 122,187 250,549 208,452 APPROVED ON BEHALF OF THE BOARD OF DIREcro JIM DONNELLY DIREcfoR IRECTOR DATE 2th October 2023 DATE 12th Octoir 2023 The a¢<ompa#ying accoontiDg poli¢le8 illd forn part of these finneial rtatments Page 16
WEST BELFAST PARTNERSHIP BOAIID STATEMENf OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2023 2023 2022 NOTES CASHFLOWS FROM OPERATING AcTIV]s Cash generate4J from operations 15 (10,568) (6,671) Net inflow/(oufflow) from operating activities (10,568) {6,671) Invostlng aetfivities Invesknent income Purchase of tangibl¢ fixed Acquisition of invest(nents Disposal of investments Disposal of tangible fixed &ssets (2.200) Net eash from invesling aclivities (2200) Kncreasel(de¢regse) in and cash equivalents in the year (12,768) (6,671) Cash and cash equivalents at the beginning of the year 189.874 196,545 Cash And cash equiv2kuts at the end of the year io 177,106 189,874 Relating to.. Cash at bank and in hand 177,106 189074 The aceo•Dpanying aetounting p•licie5 and t<S f•rni part Dfthest financial ststements Page 17
IVLST BE riOT OT YfTNERSHIP WARD "A['CLsrATEl1 AR E.IIJKD31ST MA B IOZ3 J. DONATIONS Af4D LEGACIES UnrfJtrirJtd Resiricted Fund% 2022 Don4tiL LeÉn¢ies I JNCOME FROM IYVESfMEIS UMTV3tricltd Rtstrlctrd Funds Fttnds Fulldg Fttlldy Ioe frOUK It5td ln5rshn Incner[sh INCOMEFROM CHABIfABLEAcrivrnEs Uurtstrteted Rotryded Funds Funds 2013 2022 tkpsrtffleni frCOMMu011[¢S. Cc4Mrnunity FJllpowevJwDivisio tkparthnent forC¢xmThuThitie5. C4)mtnwJity EmpowqMt Thvi5ion- Eqiip tkp6nmeni ofEdu(ation FederawonolFamilyPtsctiCES West B¢ltsi C.l.C Pubkn'G Htalih Agency Cfvoperation Elnd McCloyCQwltIngL1d Full SEtvice CommuniryNdth)Tk NorthernIreJrthd Collnril on VoluntaryActic Belfast CityC¢)unctl-Educuiion Lllstercommunity Fouhdaiion- COVID 19 RewWProg1eGrdWl Rank Foundation Limid. TThiningPrtt Fibre Training FNR¢vuJuc& Cu#om5. Job R¢nTrniiw SchGnts EnviTonmelltSponMrships AisliThgBLUSaries (SeeNole 18) 148517 29.542 148517 29J42 200.000 124.270 30.0 l92.777 115 40,543 3.8JO 3.000 20,000 24.5SO 64.619 SO0 124270 192.777 53.98D 4054J 3,83 1.0 20.0 24J50 64,619 50.000 20.0 17,625 165J62 17.625 165262 34.LK 5,(42 3.0(Kl 47.500 5,042 81.(KXI 47,500 Less.. Ikferred Ivome fSuNole 12) 772.426 774926 621.631 621.631 4. INCOME FROM OTHER ThADINCAL71vrriTs Funds Funds Futsd FndS 2022 FundT&isin8 GEnern irKome 7998 1200 i.?(x) 7.991 7991 1200 12INI PryE 18
WEsf BEIFAST PARTh'E TO TRE EJI)ED 315T.IIARCII 2D23 EXPENDTfvRE ON RAISll¥C FUNDS Ullrutricted Reytrleled Fulld5 PwmouoNI &nd ndrSts & EXPENDfruRE ON CHARITABL£As Uthre5tric¢d ReBtriEted Fd$ Funth 2023 2IZI Wage5 and saknTiE5{&ENote 8} IHI security Costs (SetNoie 81 Public)lior4 Rcrnitrn¢nt aj advertising ConfcNce and traiwng wo9rnll MaÈEtiB15 StslFw¢lfaTeltMof livingaJlov4antE Travel ¢Dsts PmgraiMmE costs.c¢Jre fSeeNthe 17) Ai51ingbJrsarics Sundry ¢xpen5e5 286.454 33,231 286.451 33231 5.400 Io.[ 257.663 35.512 8.8rJ 267.663 3551? 4,813 500 10 167.128 47.5(KJ 359 4.813 500 10 167,128 47,SQO 359 924 230.718 81.WO 616 924 230.718 81.0 610 64&6J9 64S639 523.158 Sppport C(ts 8rMI Coverngllee eo*ts Teleplw and inM)et Reni and servi c Roorn hire and hryitality ci 3.129 21.020 2.541 4.IM)3 3.085 650 1.499 15.217 985 3.839 3.032 550 11,405 2,461 264 3Q.OLX) 6,501 1,499 15,217 985 3.839 3,032 21.020 1541 4.OD3 3.085 650 5.¢MO Light and hegt Cleonlv8 Consultancy fees Priniill& postsge a& siattOE RerAirs 8nd mRinieJw Capitrl equipm¢ntu>sts HiT¢ofequiptnent Dg)rEilioD {SeeNtpl¢ 9) AthJitf¢es Legal ?nd oth¢r ptufEssiowiI feex 11,405 1461 264 30.000 6.501 1.19) 962 31,411 8.451 5.397 3.996 962 31.411 &451 5J97 3.992 1558 1.5S8 4.S83 I,OJ5 Bank hnd charg¢s 2.451 1215 1458 1215 4.533 g&iB8 91009 93.S67 T(yfAL EXPENDlliJRE ON cHAR[TAB[ AcfAvTllES 740J17 740027 li 61S167 626,7L PaBe 19
WEST BELFAST PARTINERSHIP BOARJ) NOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31ST MARCH 2023 7. NET (OUTGOING)I INCOMING RESOURCES FOR THE YEAR This is ststed after ehargingl(creditSng) 2023 2022 Auditors rernuneration Depreciation 3,996 5,397 3,992 6,646 . SALARY COSTS AND EMOLUmErrS 2023 2022 Total stsff costs wer¢ as follows: Wages and salaries - key management personnel Wages and salaries - other staff Employer social security costs - key management pcrsonnel Employer social security costs - other staff Employer social security costs - Statutory Maternity Pay Recoverable Employer Social security costs - Employment Allowancc 96.068 190.386 17,811 15,420 104,406 163.257 16,113 19,399 319,685 303,175 The average monthly number of employees during the year was as follows: 2023 Number 12 2022 Number 12 No employees had emoluments in excess of £60.000 (2022: £Nil) Trustees, remuneration and benefits There was no trustecs, ren]uneration or other bencfits for the year ended 3 1st March 2023. (2022: £Nil) Trustees, ExpeDS There were no trustees. expenses paid for the year ended 3 1st March 2023. (2022: £Nil) Page 20
WEST BELFAST PARTNERSHIP BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 9. TAIYGIBLE FIXED ASSETS Plant & Office Machinery Equipment Computer Equipment Total COST As at 1st Apil 2022 5,493 92.523 229,713 327,729 Additions Disposals 2200 2200 As at 3 1st March 2023 7.693 92.523 229.713 329.929 DEPRECIATION As at I st April 2022 5,471 91,907 210,413 307,791 Charge for year ElInated on disposal 418 154 4.825 5,397 As at 31 st March 2023 5,889 92.061 215,238 313,188 Net book value 2023 1,804 462 14,475 16,741 Net book value 2022 22 616 19.300 19,938 10. CASH AT BAIYK 2023 2022 AIB (ND _ Current Accounts I77,106 189,874 177,106 189,874 Page2l
WEST BELFA PARTNE1H[P B NOTES TO THE Fly1, ST TEhfEhTS FOR TRE YE ENDED 31ST MARCH 2 11. DEBTORS: AMOtINTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors Grants receivable Prq)ayments 126.382 89,191 300 126.382 89,491 12. CREDrroRS: AMOUNTS FALLING DUE wmiiN OI¥E YEAR 20 Bank 0[draft5 Sla[ security costs and oth¢r faxe5 Def¢rred incou AccTued ex 1.918 15.512 45.[0 7.250 5,945 A123 52.385 26J98 69.680 90.851 13. CREDITOILS: AMouKfs FALLING DUE AFTER MORE TIL4N ONE YEAR 2023 21J22 Bank loans Deferred incon 14. ANALYSIS OF NET ASSE15 BETWEEN FiDs TaAgible Debknts Cash at B4nk and As* Prepayments iR Hand Trnn5ter3 and Accruals 21123 2022 Unrestricied Fund5 133.528 (3&765) 96.763 86265 Restricted Funds 16.741 12C382 43.578 (32.915) 153,786 122,187 Total FuDds 16.741 12&3f2 IT7.106 169.680) 250.549 208,452 15. RECONCILIATION OF OPERATIIYG PROFIT TO NET CASH FIA)W FROM OPERATING ACTIVITIES FROM OPERATING ACTIVITIL8 2023 2022 0tIng Surplusl(Defi¢it) for the)Tar [kplatIOn M¢ivement in debtors fvIovemeDt iD creditOTS Gain on inVtments {Pmfit)Los5 on disEx)5at of Fixed Assefs tnvestuKlll income 41097 5.397 (36,891) (21,171) {3.894) 6.646 13.560) 15.863) Net cash in(h)wl(outtlow) frnm oiergtiug activiti iOJ68
WFST BELFAsf PARTNE NOTES T THE FI ANCIAL STATE OR THE YEAREND 31sr MARCH 2023 ARD 16. MOV£MEKf IN FUNDS Net Movaent in Funds 2023 Opening Balauee Transferj bÈtween Funds IM¢ome Expendit•re 21)23 2022 Unrestricted Funds 86265 10.498 10.498 96,763 86265 Restricted Fun 122.187 771426 (740.827) 31.599 153,780 122,187 20&452 782,924 40J27} 42 2511549 208 452 17. PROG114MIKE COSTS- CORE 2023 Education Pack4ges Tuknr F Hire Materials Aftersclch)Is ProdMrncS Bell&st City Council- Education Progrdmes Belfost City Council - Tutors Nursery. Primary and Transition costs Digital Brandtng and sla1 Media ccsts Support Costs and Conf¢renc&8 EnvIn)nm1t&] Pr0MeS Heklth Progrdturnes Trrining NICVA 29,048 53,766 27.213 10.164 2,019 26.143 97,753 5.288 50,622 2.568 15,000 41,655 19J97 3.820 1,874 3.607 2.460 5.156 293 230,718 167,128
srpA E140EDJI J&AISLIIIfjBUiLSARYSPOTIS KRWL&wAthYxs Lr A¥x4Te&Ud T&e0nmrVCllIllkn. ]ts•fil cOrred11Uri ir 26Wr (rth sFI meNlI GAA systhth BSA GrnTrt
WEST BELFAST PARTNERSHIP BOARI) NOTES TO THE FINANL CIAL STATEMENTS FOR THE YEAR £LNDED 31ST MARCH 2Tr23 19. UNRESTRICTED INCOME FiJfiDS 2023 2022 Balance at I st April 2022 86,265 90,159 Incoming resources for the year Resources expended for the year Transfer between funds 10,498 1,200 (11,558) 6,464 Balance at 3 1st March 2023 96.763 86,265 20. RESTRIcfED INCOME FUNDS 2023 2022 Balance at I st April 2022 122.187 122.187 Incoming resources for the year Resources expended for the year Transfer betw'een funds 772.426 621,631 (740.82n (615.167) (6.464 Balance at 3 1st March 2023 153,786 122,187 21. LEGAL STATUS West Belfast Partnership Board 15 a Company Limited by Guarantee. Each member has agreed to contribute £1 in the event of a compulsory winding up. West Bclfast Parthership Board 15 registered with The Charity Commission for Northern Ireland. Charity Nurnber 103564. Date of registration 26th April 2016. West Belfast partnership Board is a recognised Charity within the definition of Scction 360(3) tncome aThl Corporation Taxes Act 1970 by the Commissioners of the HM Revenue & Customs. Page 25