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 trans￿￿￿￿kS Outside the nomial course of business. As part of an audil in accoTdgncewith ISA5 (UK) we exarise p￿re&s](￿l&l judgemcnt atxl maIn￿1n 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 a￿￿1 evidence that is sufficient and appropriate to provide a b￿15 for ourcyinion. The risk of tM)t detecting a rnaterial misstaiemenl R5ulting from fraud is higher than for one reS￿ling frimn ermr. ￿ froud may inyolye collus1c￿￿ forgery. itttentionul Omi￿lOnS, 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. Eval￿￿te 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 di￿rIorS, use of the going COTtmM b￿LS of acc4)U￿nE an4 basej on the audit eviden¢¢ obtsine( whether a rnaierial uncertainty exists relaknl kn events OT conditions m&y c&8t Si￿11fiG?nt doubt oll th¢ chari￿s ability to ￿ltinue 85 a going concem. If w¢ conclude that a material ￿n￿rtaInty ¢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 illadeq￿e. to modify our Opinio￿ Our a)￿]USIOnS &e b￿ed 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 thrtherde3￿iption of our resFK)Mibilities forthe sudit of the fina￿121 stakments is located on th¢ Financial R￿OrtU Council's website al: http'JlWww.fie.o￿Uklaudlt013K9￿)nsllyIIIties. This description fornJ5 part r)f our auditorf5 rep) W¢ communicate with those charged wtth govtrnanc¢ regarding. aM￿g 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 thiSTe￿rE 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[N￿NC[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 r￿ed 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 Cu￿enc]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 IWsts HiT¢ofequiptnent Dg)rE￿i￿lioD {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 EMOLUmEr￿rS 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 ElI￿nated 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 PARTNE1￿H[P B NOTES TO THE Fly￿1, 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 S￿la[ 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 Fi￿Ds 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 0￿￿tIng Surplusl(Defi¢it) for the)Tar [kp￿latIOn M¢ivement in debtors fvIovemeDt iD creditOTS Gain on inV￿tments {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 Mova￿ent 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 Pro￿dMrncS Bell&st City Council- Education Progrdmes Belfost City Council - Tutors Nursery. Primary and Transition costs Digital Brandtng and s￿la1 Media ccsts Support Costs and Conf¢renc&8 EnvIn)nm￿1t&] Pr0￿MeS 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&wAthYx*s Lr A¥x4*Te&*Ud T&e0n￿￿mrVC￿l￿l￿Illkn￿. ]ts•fil c￿￿Orred11Uri ir 26Wr (r*th s￿FI m￿eN￿lI￿ 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