Charity Reglstration No. 103649 Company Registratlon No. N1041258 (Northern Ireland} GREATER VILLAGE REGENERATION TRUST LTD ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
GREATER VILLAGE REGENERATION TRUST LTD LEGAL AND ADMINISTRATIVE INFORMATION Dlrector8 Mrs P Stevenson Mrs S Coulter Brown Mr A M Connolly Reverend R Moore Mrs H Harold Secretsry Mrs P Stevenson Charlty number 103649 Company number N1041258 Reglstered offlca 337 Donegall Road Belfast Co. Antrim BT12 6FQ Auditor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim BT2 8HS Bankers AIB 35 University Road Belfast Co. Antrim BT71ND
GREATER VILLAGE REGENERATION TRUST LTD CONTENTS Page Directors, report Statement of directors, responsibilities Independent auditor's report 7-10 Statement of financial actlvltles Statement of financial position 13-18 Statement of cash flows 17 Notes to the financial statements 18-29
GREATER VILLAGE REGENERATION TRUST LTD DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The directors present their report and financial statements for the year ended 31 March 2023. Objectives and activities Using a holistic approach to urban regen8ration, GVRT is involved in projects that touch every aspect of community lifa. Thematic Areas of Concentration for GVRT.. Community Safety: crime prevention initlatives, youth-diversionary programmes., Culture & Arts.. publlc art, cultural murals, and history projects., Economic Development.. supporting local businesses, providing buslness incubation unlts. Elderfy.. physical activlty projects, inter-generatlonal events,. Employment.. accredlted training programmes, Job Matching Service, Careers Advice, one-to-one support., Environment.. parks, allotments. graffiti removal, street lights'ng, blns, and clean-up campaigns. Health.. accredited programmes and activities in the area to promote positive health and well-being messages.. Housing.. Village Urban Renewal Area, support for accessing grants I transfers I repairs, Housing Rights Advic8 service., Physical Development.. working with statutory agencies and the private sector to encourag8 development of brownfield sites, derelict buildings and open spaces., Sport.. working with schools, youth clubs, community organisats'ons and new and exisling sports clubs on differant initiatives., Training.. Construction skills, work experlence in the community, Health and Fitness training; Youth.. rang8 of educational, cultural (Inc. cross-community), sports and facility development programmes. Achlevements and performance Housing, Environment & Physical Development GVRT have continued to prioritize its work on housing, environment, and physical development We continue to work alongside the Northem Ireland Housing Executive, housing associations and private sector organizations to resolve any emerging issues within the community and this year seen us proactively try to encourage and support the local community to get on the social housing waiting list and lobbied the NIHE to complete a latent demand survey of the area to try and evidence the need for addikn'onal social housing in this community. Across the year we have worked alongside other relevant authorities regarding dereliction, environmental improvements, and planning. This year so a lot of work with developers trying to ensure that any new proposed developments were what the community needed, and this saw us have a few successes for additional social housing to be included in new schemes. Further work will take place across the next year to bring these plans to fruition.
GREATER VILLAGE REGENERATION TRUST LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Community Safety GVRT have worked on a range of community safety issues and organized a wide range of projects over the past year. Funded by the Belfast City Council Community Activity Medium Grant we ran our Step Up and Take Notice project which sought to improve awareness within the community of safety issues which may affect them and to improve PSNI relations. From this grant we were able to organize a Tea Dance, wellbeing boxes and keep learning workshops which addressed issues such as sexual health, drugs and alcohol, mental health, and domestic abuse. We also ran our Think Twice project which was funded by the Northern Ireland Housing Executive Community Safety Fund and As part of this project young people from the area who have been identified as being Involved in anti-social behavior took part a range of educational workshops and diversionary trips. We continue to work closely with the PCSP, PSNI and Northem Ireland Housing Ex8cutlve to overcome and resolve any issues which may arise. Economic Development GVRT has continued to focus on developing our Richview Regeneration and this year seen us finally have all our business units rented out to businesses. We continue to support South Belfast Sure start who18ase the bottom floor and they continue to thrive and help children and parents within the area with a range of programs and initiatives. Our employment related advice service was extremely busy across the year providing support to residents with CV creation Job Search and Job Application and we continued to build links with existing and new employers across the year. Our TREE Tralning Centre has continued to grow and develop , with us getting a feasibility study drawn up so that we can move to try and secure capital investment funding in order to build a new and Improved premises in the local community which will in tum allow us to provide more services and work with a greater number of residents. Blythefield Pitch We continued to work with local teams and The South Belfast Youth League , and Llnfield Football Club who all use the facility. Alongside this we supported the local primary schools and youth clubs who all use the facility for
GREATER VILLAGE REGENERATION TRUST LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Health and Well Being We conkn'nue to receive funding from Public Health Agency and through this run various health related programs and initiatives for residents such as , Self-Love Club , Cook it, Older and Active , Sole Sisters Walking Group , Zumba , Yoga. Throughout the year we worked in the three local primary schools delivering our hugely successful Fitness 8 Programme which focuses on nutrition and physical exerclse. We ran our annual cycle to Lapland charity spin event in December , where all funds raised are donated to our Chosen Charity - Northem Ireland Cancèr Fund for Children. Flnancial Review Greater Village Regeneration Trust , faced a difficult year , with the uncertainty of Government Fundlng and potential cuts across departments , however it continued to plan and deliver on its core outputs and made plans for development across some of its thematic areas. staff continued to work extremely hard to ensure that local residents were supported and that our programs and initiatives met their needs despite some challenging months across the sector. Principal Funding Sources GVRT continued to receive funding via Department for Communities Neighborhood Renewal Funding , which has been essential in supporting projects through staffing and running costs. In addition to this GVRT was also in receipt of funding from a range of other department such as '. Awards for All Belfast City Council Northem Ireland Housing Executive PBNI Public Health Agency Social Enterprise Funding We would slncerely like to th8nk all the personnel of the various funding organizatlons for their support throughout 2022123.
GREATER VILLAGE REGENERATION TRUST LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structure, governance and management Governing document Greater Village Regeneration Trust is a charitable company limited by guarantee, incorporated in 1999 and reconstituted on 11 July 2001. The company was established under a Memorandum or Association, which established th8 objects and powers of the charilable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Greater Village Regeneration Trust was established in 1999 in response to public concerns about housing issues in the area. However, there was local agreement that a more holistic approach to urban regeneration needed to be adopted. in that the housing problems could not be looked at in isolation. Issues such as affordable and appropriate18vels of employment, community facilities, learning and development opportunities and the physical condition of the area all required urgent attention. This pressure came due to the escalating decline in the locality, which was manifesting itself through increasing levels of social and economic deprivation among the residents. As a result the Greater Village Regeneration Framework Plan was developed to address needs through a range of issues affecting the quality of life for local residents. Some of the key issues identified through cross- referencing with socio-economic data and consultation with residents and stakeholders are unemployment, lack of training opportunities, low education attainments, lack of economic activity and the need to generate derelict buildings to create greater community usage and benefits. The principal role of the Trust Board is to galvanise local efforts to articulate and dellver sustainable regeneration in this community of the city of Belfast. The directors who served during the year and up to the date of signature of the financial statements were: Mrs P Stevenson Mrs S Coulter Brown MrA M Connolly Reverend R Moore Mrs H Harold Recrultment and Appointment of Management Board The directors of the company are also charity trustees for the purposes of charity law and under the company's articles are known as members of the Management Board. Under the requirements of the Memorandum and Articles ofA55ociation the members of the Management Board are elected to sit on the Board to serve for a one year period after which they must be re-elected at the nexi Annual General Meeting. Due to the nature of the work of Greater Village Regeneration Trust its membership is made up of representatives from the local community, business, political and statutory sectors. Organisational Structur8 Greater Village Regeneration Trust has a Management Board made up of 5 members who meet 10 times per annum and are responsible for the strategic direction and policy of the charity. All members have equal voting rights, with the Chaimian having the casting vote. The Management Board is supported at an operational level by sulFcommittees I working groups which were formed to develop the action plans for the Trust's development officers in line with the over-arching objectives of the Trust's Regeneration.
GREATER VILLAGE REGENERATION TRUST LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Dlsclosure of Informatton to audltor Each of the dlrectots has confied that there Is no Informatlon of whith they are aware whlch is relevant to the audit. but of which the auditor ts unaware. They have fijrther confied that th8y have taken approprlate steps to idenlify SUGh relevant InfOallon arKI to establish that the audilor is aware of such InfonatIOn. The report has been prepared in accordance wfjth the special provisions for small rJ)mpanie8 under part 15 of the Companle$ Act 2006 The dlr8Cto¢s report was approved by the Board of Dlrectors. PArn Patrlela Stsven80n Dlreclor Dated.. Iqll...iÉc 13
GREATER VILLAGE REGENERATION TRUST LTD STATEMENT OF DIRECTORS, RESPONSIBIUTIES FOR THE YEAR ENDED 31 MARCH 2023 The diractors, who also act as tnjstees, are responsible for preparing the D1CtorS, Report and the financial statements In accordance with applicable law and regulatlon. Company law requlres the directcts to prepare financial statements for each financial year. Under that law the dlrectors have prepared the financial slalements in accordance with United lfjngdom Accounilng Standards. comprising FRS 102"The Financial Reporting Standard appli¢able In the UK and Republic of Ireland", and applicable law Iunlled Kingdom Gènerally Accepted Accounisng Praclicel. Under company law the directors must not approve the financi81 statements unless they are satlsfied that they giv8 a true and fair vigw of the stste of tho affair5 of the arKI of the Incoming resources and appllcatlon of resources, includlng the incomo and expenditure of the charlty for that perbj. In prepartng these finandal ststements. the directors are required to.. select sultsble accountlng polldes and than apply them con$lstenUy', observe tha methods and prinpIeS in tho Statement of Recommended PractleA.' Accounilng and Rfrporting by Charilles {20151'. make judgments and esUmate¥ that are reasonable and prud8nt', and prepare the fin8nclal statsmenls on the going concam basls unle$8 It is Inapproprfate to pr8sumo that the charity will conttnu8 in busin885. The dlrodors are responslbl8 for kegplng adequata acMunling records that are suffldent to show and explaln the charity's transactlons and d15clo$e wllh reasonable aUraCY at any tim& the financial position of the tharlty and enable them to en9ure that tha financlal statements comply wlth the Companies Art 2006. They are also r88ponslbl8 for safeguarding the assets ol the and henca for taking reasonable steps for the prevention and detectlon of fraud arHI other irTegularilies. Mrs Patrfcla Stevens Director Daled:
GREATER VILLAGE REGENERATION TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF GREATER VILLAGE REGENERATION TRUST LTD Oplnlon We have audited the consolidated financial statements of Greater Village Regeneration Trust Ltd for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities {including Income and Expenditure Account), the parent charitable company Statement of Financial Activities (including Income and Expenditure Account), the Consolidated Statement of Financial Position, the parent charitable company Slatement of Financial Position, the Consolidated Statement of Cash Flows and the related notes. These financial statements have been prepared under the accounting policies set out therein. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable group and parent charltsble company's affalrs as at 31 March 2023 and of its incoming resotjrces and application of resources. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordanc8 With Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the company's ability to continue as a going concern for a period of at least tNelve months from when the financial statements are authorised for issue. Our responslbilities and the responsibilities of the dlrectors with respect to going concern are described in the relevant sections of this report. other Inforniatlon The directors are responslble for the other information. The other infomiation comprises the information included In the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicilly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement ofthe other information. If, based on the work we have perfomed, we conclude that there is a material misstatement of thi5 Other information. we are required to report that fact. We have nothing to report in thi5 regard.
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the directors report,. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responslbilftles of dlrectors As explained more fully in the statement of directorfs responsibilities, the directors are responsible for the preparation of the financial statements end for being satisfied that they give a true and fair view, and for such internal control as the directors detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the directors are responsible for assessing the charity's ability to conts'nue as a going concem, disclosing, as applicable. matters related to going concern and using the going concem basis of accounts-ng unless the directors aither intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslblllties for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high18vel of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http.'1.fr¢.Org.ukJ8udIt0rsresponSlb1lltle$. This description forms part of our auditor's pOrt. This report Is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work had been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and tor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit worf(, for this report, or for the opinions we have formed. Our approach to identifying and assessing the nsks of material misstatement in respect of irregularities, including fraud and non-compliance wrth laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.. and we identified the laws and regulations applicable to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector.
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, tsxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, includlng obtaining an understanding of how fraud mlght occur, by.. making enquiries of management as to where they considered there was susceptibSllty to fraud, th6ir knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to mitigate rlsks of fraud and non-compliance wlth lavts and regulations. To address the risk of fraud through management blas and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships., tested joumal entries to identify unusual transaction5- assessed whether judgements and assumptions made in detemiining the accounting estimates set out in Note 2 were indicative of potential bias; and invests'gated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement dlsclosures to underlylng supporting documentation., reading the minutes of rneetlngs of those charged with governance., enquiring of rnanagement as to actual and potentlal litigation and claims,. and reviewing correspondence with HMRC and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, Ihe less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identity non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditorfs report and ft)r no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our auditwork, for this report, or for the opinions we have formed. Angela Cralgan FCA (Senlor Statutory Auditor) Harblnson Mulholland Chartered Accountants and Statutory Audltors statutory Auditor Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS I91113 io
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlcted funds Restrictsd funds Total 2023 Total 2022 Notes Incoma from: Donations and legacies Charitable activities Trading activits'es Other income 1,670 93,434 139,103 7,582 1,670 463,197 139,103 7,582 2,750 494,115 113,387 11,480 369,763 Total Income 241,789 369,763 611,552 621,732 endlture on: Charitable activities Tradlng activities 138,109 110,480 248,589 369,763 507,872 110,480 529,206 90,328 619,534 369,763 818,352 Net {expendlture)Ilncome for the yearl Net movement In funds {8,800) 16,800) 2,198 Fund balances at 1 April 2022 1,249,340 1,249,340 1,247,142 Fund balances at 31 March 2023 1,242,540 1,242,540 1,249,340 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statemenl of financial activities also complies with the requirements for an income and expendilure account under the Companies Act 2006. The notes on pages 18 10 29 form part of these financial statements.
GREATER VILLAGE REGENERATION TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES OF THE CHARITY ALONE INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unre8tricted Restrlctsd funds funds Total 2023 Total 2022 Notes Income from: Donations and legacies Charitable activities Other income 1,670 93,434 7,582 1,670 463,197 7,582 2,750 494,115 11,480 369,763 Total Incomo 102,686 369,763 472,449 508,345 Ex endlture on: Charitable activities 138,109 369,783 507,872 529,206 Net lexpendlturolllncome for the yearl Net movement In fund8 (35,4231 (35,423) (20,861) Fund balances at 1 April 2022 1,203,830 1,203,830 1.224,691 Fund balances at 31 March 2023 1,168,407 1,168,407 1,203,830 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financlal activities also complies wlth the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 18 to 29 form part of these financial statements. 12
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT31 MARCH 2023 2023 2022 Notes Flxed assets Tangible assets Current assets Debtors Cash at bank and in hand 10 1,088,711 1,125,497 12 54,028 133,196 52,288 117,635 187,224 169,923 Credltors: amounts falllng due wlthln one year 14 (26,2131 (36,118) Net current assets 161,011 133,805 Total assats add current assets 1,249,722 1,259,302 Crndltors: amounts falllng due after more than one year 16 (7,182) (9,962) Net assets 1,242,540 1,249,340 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 16 17 1,069,855 172,685 1,100,012 149,328 1,242,540 1,249,340 13
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS A T31 MARCH 2023 The Group is entitled to the exemption from the audlt reqrement contained in SeGtin 477 of the Companies Act 2006. for th& year ended 31 March 2023, although an 8LKlil has been carrled out und8r section 65 of the Charlties Act {Northem Ireland) 2008. No member of the Group has deposlted a nolic8, pursuant to seGtion 476. requiring an audit of these accounts under the requirements of the Companies Act 2006. The directors acknowledge their r8spon$lbllllle3 for ensurfng that the Group keeps accountlng records whlch comply with section 386 ofth8 Act arKI for preparing financial statements which give 8 true and fair vsew of the sLite of affairs of the group as at the end of the fin8ncial year and of Its incoming resources and application of resources. iluding ils income and expendllure, for the financial year In accordance with the requirements of sections 394 and 395 ar>J which otherwlse comply with the requlrements of the Companies Act 2006 relating to financlal statements, so far as applicabie to the group. Th•s• llnandal statements hava been prepared In awrdance wlth tho provlslon$ applicable to companles subject to tho small wmpanie$ reglme. Th? financlal 5tatsrnents wer8 8pprov8d by tho Directors on........ ... Mrd Patrlcla Sl•v•n8on Dlr•ctor RKg1•fitr0irNNl0l125 The not89 on p8ges 18 to 29 fomi part ofthese financial $tatsm8nts 14
GREATER VILLAGE REGENERATION TRUST LTD CHARITY STATEMENT OF FINANCIAL POSITION AS A T31 MARCH 2023 2023 2022 Notes Flxed assets Tangible assets Current assets Debtors Cash at bank and in hand 11 1,071,487 1.102,875 12 64,412 42,843 87,593 58,907 107,255 126,500 Credltors: amounts falllng due wlthln one year 14 (10,335) (25,545) Net current assets 96,920 100,955 Total assets add current assets 1,168,407 1,203,830 Credltors: amounts falllng due after more than one year 15 Net assets 1,168,407 1,203,830 Income funds Restricted funds 16 Unrestricted funds Designated funds General unrestricted funds 17 1,069,988 98,419 1,100,012 103,818 1,168,407 1,203,830 15
GREATER VILLAGE REGENERATION TRUST LTD CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) ASA T31 MARCH 2023 The company is antided to the exemption from th& aLMlit requiromont ¢onlalned in Section 477 of the Companies Act 2008, for the year ended 31 March 2023, although an audit has been carried out under seGlion 65 of the Charftles Act (Northem Ireland) 2008. No member of the company has deposited a nouce, pursuant to secllon 476, requiring an audlt of these accounts under the requirements of the Companies Act 2006. Th8 directors ad(nowledge thelr responsibilities lor ensurlng that the charity ke8P5 accounting records whlch comply wlth section 386 of the Act and for preparfng financial statements which giv8 a true and fair view of the slate ofaffairs of the company as at the end of the financial year and of its incoming resource5 and application of rasources. including its income and expendlture. fDr the financial year in accordanc8 with th8 requirements of s8Ctions 394 and 395 and which othe158 comply with the requirements of Ihe Companies Aci 2006 relating to financial statements, so far as appllcable to the company. Th6$0 flnandal gtstements have baen prepared In accordance wlth the provisions app11¢8bl8 to companlos sutr4ect to the $mo11 mpaNIeS regime. The finandal statements We approved by the Dlrectors on ...... PatrlGla Stsvon8on Dlr•ctor mpany Iation Th8 notes on page8 18 to 29 fomi part of th8se financlal statemants 16
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operatlng actlvltles Cash generated from operations 20 34,553 26,583 Investlng actlvltles Purchase of tangible fixed assets (700) {21,560) Net cash used In Inv88tlng actlvlties (700) (21,560) Flnanclng actlvltles Repayment of borrowings Net movement in hire purchase (15,513) (2,780) (19,653) 12,742 Net cash usad In flnanclng actlvltl•8 (18,2931 (6,911) Net Increa8• In cash and cash oqulvalents 15,560 11,888) Cash and cash equlvalents at beginning of year 117,635 119,523 Cash and cash equlvalonts at end of year 133,195 117,635 The notes on pages 18 to 29 form part of these financial 8tatement$, 17
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles Charity informatlon Greater Villag8 Regeneration Trust Ltd is a private company limited by guarantee incorporated in Northem Ireland. The registered office is 337 Donegall Road, Belfast, Antrim, BT12 6FQ. 1.1 Accountlng conventlon The financial statements have been prepared in accordan with the charity's memorandum & articles of association, the CompaniesAct 2006 and"Accounting and Reporting by Charities.. 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 IFRS 102)" (as amended for accounting perlods commenclng from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial statéments are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historlcal cost conventlon. The principal accounting policies adopted are set out below. These financial statements consolidate the results of the Charity and the Community Interest Company, TRE-ECO Maintenance Services CIC on a line-by-line basis. 1.2 Golng concern At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the directors in furtherance of their charltable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements, Endowment funds are subject to specificconditlons by donors thatthe capital rnust be maintained bylhecharity. 1.4 Income Income is recognised when the charity is legally entitled to it afler any performance conditions have been met, the amount5 can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otheiSe if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. 18
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles 1.5 Expendlture Expenditure on charitable activities comprises all resources applied by the charity when working to meet its charitable objectives. This includes support costs allocated to activities on the basis of time spenl on those activities. 1.6 Tanglble fix8d assets Tangible fixed asset5 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasèhold land and buildings Plant and equipment Fixtures and fittings Motor vehlcles Equipment 20A per annum straight line 200A per annum straight line 20QA per annum straight line 25 % per annum straight line 100A & 20 % per annum straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net incomel(expenditure) for the year. 1.7 Impairment of flxed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to detemine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determlne the extent of the Impairment loss (if any). Intangible assets with Indefinite useful lives and intangible assets not yet available for use ere tested for impairment annually, and whenever there is an indication that the asset may be impaired. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has 81ected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 19
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies Basic flnancial Ilabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effectiva interest rate method. Trade creditors are obligations to pay for goods or seN[S that have been acquired in the ordinary course of operations from suppliers Amounts payable are classified as current liabilitiès if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transactlon price and subsequently measured at amortised cost using the effective interest method. Derecognitlon of flnanclal liabilitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity Is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. 1.11 Retlrement benefit8 Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltlcal accountlng estlmates and Judgements In the appllcation of the charity's accounting policies, the d1CtorS are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilitie5 that are not readily apparenl from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the vIsion and future periods where the revision affects both current and future periods. Key sources of estlmation uncertainty Tanglble fixed assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessments consider such as the remaining life of the asset and its estimated value in use. 20
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donations and legacles Unrestrlcted funds Total 2023 2022 Donations and gifts 1,670 2,750 Charftable actlvltles 2023 2022 Income 463,197 494,115 Analysis by fund Unrestricted funds Restricted funds 93,434 369,763 463,197 For the year ended 31 March 2022 Unrestricted funds Restricted funds 95,302 398,813 494,115 Other Income 2023 2022 Other income 7,582 11,480 All other income was unrestricted in both p8riods. 21
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable activities 2023 2022 Staff costs Depreciation and impainnent Cost of activities in furtherance of project objectives Premises costs staff training Bank charges Computer expenses Office expenses Audit fee 256,230 31,388 139,582 14,449 1,659 3,365 8,720 47,379 5,100 229,988 36,015 188,226 11,623 5,766 4,175 12,225 36,110 5,100 507,872 529,206 507,872 529,206 Analy818 by fund Unrestricted funds Restricted funds 138,109 369,763 507,872 For the year ended 31 March 2022 Unrestricted funds Restricted funds 161,088 368,120 529,206 Dlrectors None of the directors (or any parsons connected with them) received any remuneration or benefits from the group during the year. 22
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Employeas Number of employees The average monthly number employees, excluding directors, during the year was.. 2023 Number 2022 Number 10 11 Employment Costs 2023 2022 Wages and salaries Social security costs Other pension costs 208,266 33,308 14,656 200,403 15,116 14,447 256,230 229,966 The remuneration of key management personnel is as follows. 2023 2022 Employee benefit8 141,992 99,092 The charity considers its key management personnel to be the senior management team, which comprises of 4 (2022.. 3) members of staff. There were no employees (2022.. none) whose annual remuneration was £60,000 or more. 23
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 INCOME FROM TRADING ACTIVITIES Greater Village Regeneration Trust Limited is the sole member of TRE-ECO Maintenance SerVis Community Interest Company (company number N1643953). The summary financial performance of the subsidiary alone is-. 2023 2022 Tumovar Administration costs 139,103 102,617 113,387 Operating profiU{loss) 36,486 28,679 Investment Income Flnance costs 947 394 Profit before taxatlon Tax 35,499 6,916 28,285 Retained in subsidiary The assets and liabilities of the subsidiary alone were.. Non-current assets Current assets Current liabilities 17,224 103,375 46,466 22,621 66,830 43,961 Total net assets 74,133 45,510 Aggregate share capital and reserves 24
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GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Debtors Group 2023 Company 2023 2022 2022 Amounts falllng due withln one year: Other debtors Prepayments and accrued income Amount owed to subsidiary 43,832 10,196 33,223 19,065 30,810 10,196 23,406 25,122 19,065 23,406 54,028 52,288 64,412 67,593 13 Loans and ov•rdraft8 Group and Company 2023 2022 Other loans 15,513 Payable within one year Payable after one year 15,513 UCIT hold securlty by way of an all monies charge and deed of covenant charged on the properts'es of the charity situated at Donegall Road, Belfast. 14 Credltors: amounts falllng duo wlthln one year Group 2023 Company 2023 2022 2022 other loans Other creditors Accruals and deferred income 15,513 11,913 8,692 15,513 2,840 7,192 16,841 9,372 2,463 7,872 26,213 36,118 10,335 25,545 15 Credltors: amounts falling due after morè Group and Company Group 2023 Company 2023 2022 2022 Other loans Hire purchas8 7,182 9,962 27
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement In funds Incoming Rèsourcas Balance at re8ourco$ expended 31 March 2023 Balanca at 1 April 2022 Belfast City Councll Northem Ireland Housing Executlve Department for Communities Public Health Agency Coment National Lottery Princes Trust 62,264 28,781 114,319 74.626 36,658 8,250 7,116 (62,264) {28,781) (114,319) (74,626) (36,658) (8,250) 17,118) r_li SCRDC South City Tree Central Rank Other small grants 5,339 2,150 3,500 34,000 15,339) (2,150) 13,500) 134,000) 369,762 1369,762) Restricted funds represent various projects funded with specific restrictions as shown previously. In the event of a small shortfall in a restricted fund a transfer from unrestricted reserves is made to fund the project to completion. 17 Doslgnatod funds The income funds of th8 charlty Include the followin9 designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Balance at 1 April 2022 Transfers Re3our¢es Balance at expended 31 March 2023 Property 1,100,012 (30,024) (30,024) 1,069,988 1,069,988 1,100,012 The directors have designated funds to represent capital grants received which are transferred to general funds as the corresponding asset is depreciated. 28
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 18 Analysis of net assets between funds Unrestricted Restricted 2023 2023 Total 2023 Total 2022 Fund balan8 at 31 March 2023 are represented by.. Tangible assets Current assetsllliabilities) Long temi liabilities 1,088,711 161,011 {7,182) 1,088,711 161,011 (7,182) 1,125,497 133,805 (9,962) 1,242,540 1,242,540 1,249,340 19 R8lated party transactlons There were no disclosable related paty transactions during the year (2022 - none). 20 Cash genefatsd from operatlons Group 2023 2022 (Deficitllsurplus for the year 16,800) 2,198 Adjustments for.. Depreciation and impairment of tangible fixed assets 37,486 39,010 Movements in working capital.. Decreasallincrease) in debtors (Decrease)lincrease in creditors (1,740) 5,607 {14,857} 233 Cash generated from operations 34,553 26,584 21 Retlrement beneflt schemos Deflned contrlbutlon schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £14,656 (2022 - £14,447). 22 Subsldiaries Details ofthe company's subsidiaries at 31 March 2023 are as follows.. Name of undertaking Registered offlce Nature of business Own8rship TRE-ECO Maintenance servIs CIC As above Maintenance Services Sole member of cic 29