Charity Registration No. 103649 Company Registration No. N1041258 (Northorn Ireland) GREATER VILLAGE REGENERATION TRUST LTD ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
GREATER VILLAGE REGENERATION TRUST LTD LEGAL AND ADMINISTRATIVE INFORMATION Directors Mrs P Stev8nson Mr A M Connolly Ms M Johnston Mscorr Mrs H Harold Mr G Nicholl (Appointed 18 Seplember 2024) (Appointed 20 May 2024) (Appointed 20 May 2024) Secretary Mrs P Stevenson Charity number 103649 Company number N1041258 Reglstered offlce 337 Donegall Road Belfast Co. Antrim BT12 6FQ Auditor Harbin8on Mulholland Cenlrepoint 24 Omeau Avenue Belfast Co. Antrlm BT2 8HS Bankers AIB 35 University Road Belfast Co. Antrim BT7 1ND
GREATER VILLAGE REGENERATION TRUST LTD CONTENTS Pago Director5, report Statement of directors, re8ponsibilitl88 Independent audlto¢s report 7-10 Statement of financial activities stat8ment of financial position 13-16 statement of cash fiow8 17 Notes to the financial slatements 18-29
GREATER VILLAGE REGENERATION TRUST LTD DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The directors present their report and financial statements for the year ended 31 March 2024. Objectives and activities Using a holistic approach to urban regeneration, GVRT is involved in projects that touch every aspect ofcommunity Thematic Areas of conntratIon for GVRT: Community Safety: crime pVentIOn initiatives, youth-diversionary programmes; Culture & Arts.. public art, culiural murals, and history projects; E¢onoml¢ Development: supporting local businesses, providlng business incubation units- Elderly.. phy8ical activity projects, Int8r-gener8tional events,. Employment: acuedlted training programmes, Job Matchlng Service, Careers Advice, one-to-one support.. Environment: parks, allotments, graffiti removal, street lighting, bin5, and clean-up campaigns; Health.. accredited programmes and activities in the area to promote positive health and well-being mess8ges', Housing: Village Urban Renewal Area, support for accessing grants I transfers I repairs, Housing Rights Advice service,. Physical Development.. working with statutory agencies and the private sector to encourage d8velopment of brownfield sites, derelict buildings and open spaces., Sport= working wilh schools, youth clubs, comrnunity organisalions and new and existing sports clubs on differènt initiatives., Tralnlng.. Construction skills, work experience in the community, Health and Fitness trainlng; Youth: range of educational, cultural (inc. cross•community). sports and faclllty development programmes. Achi•v•m•nts and perh)rmance 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 cornmunity and this year seen us proadively try to encourage and support the local community to get on the social housing waiting list and lobbied the NIHE lo complele a latent demand suNey of the area to try and evidence the need for additional social housing in this community. Across the year we have worked alongside other relevant authorities gardIng 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 2024 Community Safety GVRT hav8 workad on a range of community safety issues and organized a wide range of projects over the past year. GVRT secured a large sum of funding from Belfast City Council to d81iver Summer Diversionary Activities across the Summer Months , to try and tackle Anti-social Behaviour and promote positive cultural expression. It acled as the lead partner across a consortiurn of various other communities such as Finaghy and Taughmonagh , Bélvoir , Annadale , Suffolk , Sandy Row and Donegall Pass. We continue to work closely with the PCSP, PSNI and Northem Ireland Housing Executive lo overcome and resolve any issues which may arise. Economic Development GVRT has continued to focus on developing our Rlchview Regeneration and thi8 year seen us flnally have all our business units rented out to businesses. We continue to support South Belfasl Sure start who lease the bottom floor and they continu8 to thrive and help children and parents within the area with a range of programs and initiatives. Our efflployment r81ated advice seryice was extremely busy across the year providing support to residerrts with CV creation Job Search and Job Application and we continued to build links with existing and new employers across the year. Our TREE Training Centre has corbtinued 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 lo build a new and improved premises in the local community which will in turn allow us to provide more servIS and work with a greater number of residents. Blythefield Pitch We continued to work with local teams and The South Belfast Youth League and Linfield Football Club , who 811 use the facility. Alongside this we supported the local primary schools and youth clubs who all use Ihe facility for Sports Day and Community Events. Well Women's Group The group 18 sitting wlth 15 members, all of whom are over 50 years old. The group have taken part in various projects throughout the year and enjoyed being given the opportunity to soclalls8 and meet with other groups.
GREATER VILLAGE REGENERATION TRUST LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Health and Well Being We continue to receive funding from Public Health Ag8ncy and through this run various health related programs and initiatives for residents such as , Self-Love Club , Cook il , Older and Active , Sole Sisters Walking Group , Zumba , Yoga. Throughout the yéar we worked in the three local primary schools dèlivering our hugely successful Fitness 8 Programme which focuses on nutrition and physical exercis8. We ran our annual cycle to Lapland charity spin event in Dernber , where all funds raised are donated to our Chosen Charity- Northern Ireland Cancer Fund for Children. Financial Review Greater Villag6 Regeneration Trust , faced a drficull year . with th8 uncertainty of Government Funding and potential cuts acros5 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 extrernely hard to 8nsure 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 sincerely like lo thank all the personnel of the varlous funding organizalions for their support throughout 2023124.
GREATER VILLAGE REGENERATION TRUST LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, govemance and management Governing document Greater Village Regeneration Trust is a charitable cornpany limited by guarant88, incorporated in 1999 and reconstituted on 11 July 2001. The company was establishèd under a Memorandum or Association, which established the objects and powers of the charitable 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 lo public concerns about housing issues in the area. However, there w85 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 appropriate levels of employment, community facilities, learnlng and dev8lopment 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 addr8ss 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 generat8 derelict buildings to create greater community usage and benefits. The principal role of the Trust Board 18 to galvanise local efforts to articulate and deliver sustainable regeneration in this community of thè city of Belfast. The direclors who served during the year and up to the date of Signatu of the financial statements were.. Mrs P Stevenson Mrs S Coulter Brown Mr A M Connolly Reverend R Moo Mrs H Harold Mscorr Mr G Nicholl Mr M D Johnston (Resigned 7 October 2024) (Resigned 20 May 2024) (Appointed 18 September 2024) Recruitment and Appointment of Management Board The directors ofthe company are also charlty truslees for the purposes of charity law and under the company's arts'cles are known as members oflhe Management Board. Under ihe requirements ofthe Memorandum and Artides of Association 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-eleded at the next Annual General Meeting. Due to the nature of the work of Greater Village Regeneration Trust ils membership is made up of representstives from Ihe local community, business, political and statutory sectors.
GREATER VILLAGE REGENERATION TRUST LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organisational Structure Greater Village Regeneration Trust has a Manggement Board made up of 5 member5 who meet 10 times per annum and are responsible for the strat8gic direction and policy of the charity. All members have equal voting rights, with the Chaiman having the casting vote. The Management Board is supported at an operational level by sub-committe8s I worklng groups which were formed to develop the aGlion plans for the Trust's development officers in line with the over-arching objectives of the Trust's Regeneratlon. Disclosure of Informatlon to audltor Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They hav8 fijrther confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The report has beén prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006 The dlrectorfs report was approved by the Board of Directors. Mrs Patricia Stevenson Director Dated.. i.st..i.zi.z
GREATER VILLAGE REGENERATION TRUST LTD STATEMENT OF DIRECTORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The directors. who also act as trustees. are responsible for preparing the Directors. Report and the financial statements in accordance with applicable law and regulation. Company law requires the directors to prepar8 financial statements for each financial year. Under that law the dIreor$ have prepared the financial statements in accordance with United Kingdom Arxounting Standards, comprising FRS 102 "The Financial Reporting St8ndard applicable in the UK and Republic of Ireland" and applicable law (United Kingdom Generally Accepted Accounting Practi). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the ststè of the affairs of the and of the incoming resources and application of resources, including the income and expenditure of the charity for that period. In preparing these financial statements, the directors are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Slatement of Recommended Practice.. Accounting and Reporting by Charrties (2015)., makè judgments and estimates that are réasonable and prudent., and prepare the financial statements on the going concern basis unless it Is Inappropriate to presume that the Charity will continue in business. The directors are responsibl8 for keeping adequgle accounting records that are 5uffiaent to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the chanty and enabl8 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Mrs Patricla Stevonson Dlrector 1.24.1.ZlZLfv
GREATER VILLAGE REGENERATION TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF GREATER VILLAGE REGENERATION TRUST LTD Opinion We have aUdted the consolidated financial statements of Greater Village Regeneration Trust Ltd for the year ended 31 March 2024 which Gomprise the Consolidated Statement of Financial Activities (including Income and Expenditure Account). the parent charitable company Slat8m8nt of Financial Activities (including Income and Expenditure Account), th6 Consolidated Statement of Financial Position. the parent charitable company Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes. These financial statements have been prepared under the accounting policies sèl out Iherein. 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 th8 charitable group and parent charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources. for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with Internalional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilitie5 under those standards are furtheT described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the chaflty in accordance with the ethical requirements that are relevant to our audit of the account5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other 8lhical responsibilities in accordance with these requirements. Wa believe that the audit evidence we have obtained is sufficient and appropriate to provide 8 basis for our opinion. Conclusions relating to going concèrn In auditing the financial statemenls, we have concluded that the directors, use of the going concern basis of accounting in the preparation of thè financial statements is appropriate. Based on th8 work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may ¢asl signfficanl doubt on the company's ability to continue as a going concern for a perlod of at least e1ve months from when the financial statements are authorlsed for issue. Our responsibilities and the responsibililies of the directors with respect to going concern are described in the rèlevant sections of this report. Other informatlon The directors are responsible for the other infomiation. The other information comprises the information included in the annual report, other than the financial statemenls and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly 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 inconsislent with the financial stslements 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 malerial misstatement of the olher information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this 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 2024 Matters on whieh we are required to report by exceptlon 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 directols report; or sufficient accounting records have not beèn kept.. or the financial statements are not in agreement with the accounting records; or we have not received all Ihe information and explanations wè r8quire for our audit. Respon3ibilltles of directors As explained MO fully in the stalemenl of directorfs responsibilities, the directors a responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors d8t8rmine is necessary to enable the preparation of financial statements that are free from mat8rial misstaternent, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the directors 81ther intend to liquidate th8 charitable company or lo cease operations, or have no realistic alternative bul to do so. Auditor's responslbilities for the audit of the financial ststsmgnts Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a malerial misstatement when it exists. Mlsstatements 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 responsibilitles for the audit of the financial statement5 18 located on the Financial Reporting Council's website at.. http.'IfvMw.frc.org.uklauditorsresponsibilities. This descrlption forms part of our auditorfs report. This report is made solely to the charilable company's members, as a body, in accordance wilh Chapter 3 of Part 18 ofthe 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 slate to them in an auditors, report and forno other purpose. To the fullest extent pemiilted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable Company's members a5 8 body, for our audit work, for this report, orfor the opinions we have formed. Our approach to identifying and assesslng the risks of material mlsstatement in respect of irregularities, induding fraud and non-¢ompllan¢e with laws and regulalions, 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 law5 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 ofthe sector.
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 We focused on specific laws and regulations which we considered fflay have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislalion, data protection, anti-bribery, employment, environmental and health and safety legislation.. we ass8SS8d 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 instsnces of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtsining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, thelr knowledge of actual, suspected and alleged fraud, and considering the internal controls In place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and overrfde of controls, we.. performed analytical procedures to identify any unusual or unexpected r8lationship8; tested joumal entries to identify unusual transactions., assessed whether judgemenls and assumptions made In determining the accounting estimates set out In Note 2 were indicative of potential bias,. and investigated the rationale behind slgnificant or unusual Iransa¢tlons. In response to the risk of IrQuIar1tieS and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutès of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims,. and reviewing correspondence with HMRC and the company's legal advisors. There S inherent limitations in our audit procedures described above. The more removed thal laws and regulalions are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance wilh laws and regulations to enquiry of the directors and other management and the inspection of r8gulatory and legal correspondence, if any. Material misst8teTnenls 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 2024 This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 18 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 for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Angela Craigan FCA (Senlor Statutory Audltor) Harbln80n Mulholland Chartgred Accountants and Statutory Auditor8 Statutory Auditor Centrepoint 24 Ormeau Avenue B8lfast Co. Antrim North8m Ireland BT2 8HS 13111114- 10
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds Restricted fund8 Total 2024 Totsl 2023 Notss Income from: Donations and legacies Charitable activities Trading activities Other income 1.714 132,590 109,146 9,627 1,714 568.493 109,146 9,627 1,670 463,197 139,103 7,582 435,903 Total income 253,077 435,903 688,980 611.552 endlture on: Charitable activilies Trading activities 146,110 106.682 420,993 567.103 106.682 507,872 110,480 252,792 420,993 673,785 618,352 Net lexpéndlture)lincome for the yearl Net movement in fund8 285 14,910 15,195 (8,8001 Fund ba18nces at 1 April 2023 1,242,540 1,242,540 1,249,340 Fund balances at 31 March 2024 1,242,825 14,910 1,257,735 1,242,540 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 financial activities also complies with 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 ststements.
GREATER VILLAGE REGENERATION TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES OF THE CHARITY ALONE INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrictsd Restricted funds funds Total 2024 Total 2023 Notas Incorn from: Donations and legacies Charitable activities Other income 1,714 132,590 9,627 1,714 568,493 9,627 1.670 463,197 7,582 435,903 Total Income 143,931 435,903 579,834 472,449 nditure on.. Charitable activities 146,110 420,993 567,103 507,872 Net (oxpendlture)Ilncomo for the yearf Net movement In funds (2,1791 14,910 12,731 (35.423) Fund balance8 at 1 April 2023 1,168.407 1,188,407 1,203,830 Fund balance8 at 31 March 2024 1,166,228 14,910 1,181.138 1,168,407 The statemént of financlal activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Th8 ststement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 18 to 29 form part oflhese financial stst8ment8. 12
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT31 MARCH 2024 2024 2023 Notes Fixed as8èt8 Tangible assets Current assets Debto Cash at bank and in hand 10 1,063,708 1,088,711 12 49,734 171,137 54,028 133,196 220.871 187,224 Creditors: amounts falllng due wlthln one year 14 {22.442) (26,213) Net current assets 198,429 161,011 Total a88ets add current 33gets 1,262,137 1,249,722 Crnditors: arnounts falling dua after rnore than one year 15 <4.402> (7,182) Net a8•et8 1,257,735 1,242,540 Income fund8 Restricted fvnds Unr8stri ed fijnds Designated funds General unrestricted fund8 16 14,910 17 1,039,964 202,861 1,069,855 172,685 1,242,825 1,242,540 13
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS A T31 MARCH 2024 The Group is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried oul under section 65 of the Charities Ad (Northem Ireland) 2008. No member of the Group has deposited a notice, pursuant lo section 476, requiring an audit of these accounts under the requirements of the Companies Act 2008. The directors acknow18dge their responsibilities for ensuring that the Group keeps accounting records which compty with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the group as al the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for th8 financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statemants, so far as applicable to the group. These financial statements have been pr8pared in accordance with the provisions applicable to companies subject to Ihe small companies regime. The financial statements were approved by the Directors on .1.24.AZI.Zt4 Mr8 Patrfcla Stevenson Director Company Registration No. N1041258 Th8 notes on pages 18 to 29 form part of these financial statements 14
GREATER VILLAGE REGENERATION TRUST LTD CHARITY STATEMENT OF FINANCIAL POSITION AS A T31 MARCH 2024 2024 2023 Notss Flxed assets Tangible assets Current a88ets Debtors Cash at bank and in hand 11 1,040,098 1,071,487 12 66,335 87,878 64,412 42,843 154,213 107,255 Creditors: amounts falllng due wlthln one year 14 (13,174) 110,335) Net Current assets 141,040 96,920 Total a•8ets add current asset8 1,181,138 1,168,407 Crodltors: amounts falllng due after more than one year 16 Net a88ets 1,181,138 1,168,407 Income fund8 Restricted funds 16 14,910 Unrestricted funds Designated funds General unrestricted funds 17 1,039,964 126,264 1,069,988 98,419 1,166,228 1,168,407 15
GREATER VILLAGE REGENERATION TRUST LTD CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS A T31 MARCH 2024 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Ad 2006, for the year ended 31 March 2024, although an audit has been carried out under section 65 of the Charities Act (Northern Ireland) 2008. No member of the company has deposited a notice, pursuant lo section 476, requiring an audit of these arxounts und8r the requirements of the Companies Act 2006. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which compty with section 386 of the Act and for preparing financial statements whith giv8 a true and fair view of th8 state of affairs of the company as at the end of the financial y8ar and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with thè requirements of the Companies Act 2006 relating to financial stalements. so far as applicable to the cornpany. These financial statements have been pr8pared in accordenc8 with the provisions applicable to companies subjèct to the small companies regime. The ffinancial statements were approved by the Directors on . !.Sl.kzi.z(4 Mrs Patrlcla StevenBon Dlrector Company Regi8tratlon No. N1041258 The notes on pages 1810 29 fomi part of these financial statements 16
GREATER VILLAGE REGENERATION TRUST LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operatlng actlvltle8 Cash gènerated from operations 20 54,209 34,553 Investlng actlvltie8 Purchase of tangible fixed asset8 (13.488> (700) Net cash used in inv¢•tlng a¢tlvltles (13,488) {700) Financlng actlvltles Repayment of borrowings Net movement in hire purchase (15,512) 12,780) (2,780) Net ca•h u•ed In flnancing activltles {2,780} (18,292) Net Increase In Cash and cash equivalents 37,941 15,561 Cash and cash 8quivalent6 at beginning of year 133,196 117,635 Ca8h and cash equlvalents at gnd of year 171,137 133,196 The notes on pages 18 10 29 fom part of these financial statements. 17
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policie8 Charity information Greater Village 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 Accounting convention The financial statements have b8en prepared in accordan with the charity's memorandum & articles of association, the Companies Act 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 (FRS 102)" (as amended for accounting periods commencing from 1 January 20161. Th8 charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prèpared In sterling, which is the functional currency of the group. Monetary amounts in these financial stalemenls are rounded to the nearest £. The financial slatements have been prepared under the historical cost conventlon. The principal a¢¢ountlng poliaes adopted are set out below. These financi81 stat8m8nls consolidate Ihe results of the Charity and the Community Interest Company. TRE-ECO Maintenance Servlces CIC on a line-by-line basis. 1.2 Going concern At the lime of approving the financial statements, the directors have a reasonable expectation that th8 group has adequate resources to continue in operational existence for the forèseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable fund8 Unrestricted funds are avallabl8 for use at the discretion of the directors in furtherance of their charitable objedives unless the funds have been deslgnated for other purposes. Restricted funds are subject to Specific conditions by donors as to 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 specific conditions by donors that the capilal must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfomiance conditions have been met, the amounls can be measured reliably, and it is probable that income will be received. Cash donations are recognised on rèceipt. 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 tD donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise 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. Tumover is measured at the fair value of the consideration received or receivable and represents amounts reIvable for goods and services provided in the nomial course of business. net of discounts, VAT and oth8r sales related taxes. 18
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policieB 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 acts'vities on the basis of tim8 spent on those activities. 1.6 Tanglblo flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is rècognised 80 as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leas8hold land and buildings Plant and equipment Fixtures and fittings Motor vehicles Equipment 2Yo per annum straight line 20ty/4 per annum straight line 200/0 per annum straight line 250/0 per annum stralght line 100/4 & 20Yo per annum straight line The gain or Ioss 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 determine whether there is any indication that those assets have suffered an impairmenl loss. If any such indication exists, the recov8rable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Intangible assets wilh indefinite useful lives and intangible assets not yet 8vai18ble for use are lest8d for impaimient annually, and whenev8r there is 8n indication that the asset may be impalred. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposrts held at call with banks. Other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instrumenls are recognis8d in the charitvs balance sheet when the charity becom8s 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 sel 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balanrEs, 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 classrfied 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 2024 Accounting pollcles Basic flnancial liabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transadion, wh8re 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 amort15ed. Debt insinjments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for go¢)ds or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they a presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequèntly measured at amortised cost using the effective inter8St method. Derocognition of flnanclal liabilitles Financial liabililies are derecognised when the charity's contractU81 obligations èxpir8 or are discharged or cancelled. 1.10 Employee benefits The cosl of any unused holiday entitlement is recognlsed In the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably cornmitted to temiinale the employment of an employee or to provide termination benefits. 1.11 Ratlrement beneflts Payments to defined conlribulion retirement benefit schemes are charged as an expense as they fall due. Crftical accounting e•tlmotes and Judgoment8 In the application of the charity's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Sour$. The estimates and associated assumplions are based on historical experience and other factors that are considered to be relevant. Actu81 results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 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 revision and future periods where the revision affects both current and future periods. Key Sources of estlmatlon uncertalnty Tanglble flxed assets Tangible assets are depreciated over their useful lives tsking inlo account residual value5 where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of fadors. In reassessing asset lives factors such as mainlenance programffles are taken into account. Residual value assessments Gonsider such as the remaining life of the assel and its estimated value in use. 20
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and lègacles Unrestricted funds Total 2024 2023 Donations and gifts 1,714 1,670 Charltable aetivitio• 2024 2023 Income 568,493 483,197 Analysis by fund Unrestricted funds Restricted funds 132,590 435,903 568,493 For the year ended 31 March 2023 Unrestricted funds Restricted funds 93,434 369,763 463,197 Othor incom• 2024 2023 Other income 9,627 7.582 All other income was unrestricted in both p8ri0ds. 21
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable actlvltles 2024 2023 Staff costs Depreciation and impairment Cost of activities in furtherance of projèct objectives Prèmises costs Staff training Bank charges Computer expenses Office expenses Audit fee 267,103 31,388 158,103 11,572 9,389 3,298 10.336 70,686 5,100 256,230 31.388 139,582 14,449 1.659 3,365 8,720 47,379 5.100 587,103 507,872 Analy818 by fund Unreslrict8d fund$ Restricted funds 148,110 420,993 567,103 For the yoar •nd•d 31 March 2023 Unrestricted funds Restricted funds 138,109 369,783 507,872 Dlrectorn None of the dlrectors (or any persons connected with them) received any remuneration or beneffts from the group during the year. 22
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employeeg Number ol employees The av8rag6 monthly number employees, excluding directors, during the year was.. 2024 Numbar 2023 Number 10 10 Employment costs 2024 2023 Wages and salaries Social security Costs Other penslon costs 227,910 23,247 15,946 208,266 33,308 14,856 267,103 256,230 The remuneration of key management personnel is as follows. 2024 2023 Employee benefits 139,715 141.992 The charity conslders its key management personnel to be the senior management team, which comprises of 4 (2023.. 4) members of staff. There were no employees (2023.. none) whose annual remunerati'on was £60,000 or more. 23
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM TRADING ACTIVITIES Gréater Village Regeneration Trust Limited is the sole member of TRE-ECO Maintenance Seniices Community Interest Company {company number N1643953). The summary financial performance of the subsidiary alone is: 2024 2023 Turnover Administration costs 109,145 104,522 139,103 102616 Operating profitlllos81 4,823 36,487 Investment income Financ8 costs Profit before taxation Tax 3,676 35,540 6,916 Retained In subsidiary 28,624 The assets and liabilities of the subsidiary alone were.. Non-curr8nt assets Current asset5 Current liabilities 23,609 90,064 17.224 103,375 46,465 Total net assets 76,597 Aggregate share capital and rèserv8S 74,134 24
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Debtors Group 2024 Company 2024 2023 2023 Amounts falllng due wlthin one year: Other debtors Prepayments and a¢cNed income Amount Owed to subsidiary 38,974 10,760 43,832 10,196 32,189 10,760 23,406 30,810 10,196 23.406 49,734 54,028 66,335 64,412 13 Loans and overdrafts Group and Cornpany 2024 2023 Other loans Payable within one year Payable after one year UCIT hold security by way ofan all monies charge and deed ofcovenant charged on the properties of the charity situated al Donegall Road, Belfast. 14 Creditors: amounts falling duo wSthin one year Group 2024 Cornpany 2024 2023 2023 Other loans Other credltors Accruals and deferred income 12,826 9,616 16,841 9.372 5.058 8,118 2,463 7,872 22,442 26,213 13.174 10,335 15 Credltors: amounts falling due after more Group and Company Group 2024 Company 2024 2023 2023 Other loans Hire purchase 4,402 7.182 27
GREATER VILLAGE REGENERATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Restrfcted 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 Resources Balance at resources expended 31 March 2024 Balance at 1 April 2023 Belfast City Council North8rn Ireland Housing Executive Department for Communities Public Health Agency Lottery Tools for Life Lott8ry Community Fund Garfield 65,771 27.610 107.507 69.021 59.070 18.670 25,000 (65.771) (27,610) (107,5071 (69.021) (59,0701 (8,670) (20,0901 10,000 4,910 F Il. Community Ownership Education Authority SoLrth City Supermarket PSNI Community Foundation Halrfax Rank Othér 10,000 6,000 5.705 5,381 2,648 2,200 29,615 (10,0001 (6,0001 {5,705> {5,381) {2,648) (2,200) (29,615> 1,800 435,903 420.993 14,910 Restricted fvnds represent various projècts funded with specific restrictions as shown previously. In the event of 8 small shorffall in a restricted fund 8 transfer from unrestrlcted reserves is made to fund the project to completion. 17 Deslgnated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Balance at 1 Aprll 2023 Transfers Resources expended Balance at 31 March 2024 Property 1,089,988 1,069,988 (30.024) (30,024) 1,039,964 1,039,964 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 2024 18 Analysis of net assets between funds Unrestricted Rostrfcted 2024 2024 Total 2024 Total 2023 Fund balances at 31 March 2024 are repres8nt8d by.. Tangible assets Current assetsl{liabilities) Long ten li8biliti8s 1,063,708 183,519 (4,402) 1,063.708 198,429 (4,402) 1,088,711 161,011 (7,182) 14,910 1,242,825 14,910 1,257,735 1,242,540 19 Related party tran8actions There were no dis¢losable related party transalOn$ during the year (2023 - none). 20 Cash generatsd from operatlons Group 2024 2023 (Deficit)Isurplus for the year 15,195 (6,800) Adjustments for: Depreciation and impairment of tangible fixed assets 38,492 37,486 Movements in working capital: Decreasel(increase) in debtors {Decre8$e)fincrease in creditors 4,294 (3,7721 {1,740) 5,607 Cash generated from operation• 54,209 34,553 21 Retlrement benefit schemes Defined contributlon 8chemes The Charity operates a defined contribution pension scheme for all quelifying employee5. 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 (2023- £14,447). 22 Subsidiaries Details of the company's subsidiaries at 31 Marth 2024 a as follows.. Ownershlp Name of undertaking Roglstered office Nature of business TRE-ECO Maintenance Services CIC As above Maintenance Services Sole member of cic 29