**Charity Registration No. 103649**
**Company Registration No. NI041258 (Northern Ireland)**
## **GREATER VILLAGE REGENERATION TRUST LTD**
**ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Directors** Mrs P Stevenson Mr A M Connolly Mrs H Harold Mr G Nicholl (Appointed 20 May 2024) Mr B Armstrong (Appointed 04 November 2025) Mr P Massey (Appointed 10 September 2025) **Secretary** Mrs P Stevenson **Charity number** 103649 **Company number** NI041258 **Registered office** 337 Donegall Road Belfast Co. Antrim BT12 6FQ **Auditor** HM Chartered Accountants 6[th] Floor, East Tower Lanyon Plaza, 8 Lanyon Place Belfast Co. Antrim BT1 3LP **Bankers** AIB 35 University Road Belfast Co. Antrim BT7 1ND
**GREATER VILLAGE REGENERATION TRUST LTD**
## **CONTENTS**
||**Page**|
|---|---|
|Directors’ report|1 – 5|
|Statement of directors’ responsibilities|6|
|Independent auditor's report|7 - 10|
|Statement of financial activities|11 – 12|
|Statement of financial position|13 – 16|
|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 2025**_
The directors present their report and financial statements for the year ended 31 March 2025.
## **Objectives and activities**
Using a holistic approach to urban regeneration, GVRT is involved in projects that touch every aspect of community life.
Thematic Areas of Concentration for GVRT:
- Community Safety: crime prevention initiatives, youth-diversionary programmes;
- Culture & Arts: public art, cultural murals, and history projects;
- Economic Development: supporting local businesses, providing business incubation units;
- Elderly: physical activity projects, inter-generational events;
- Employment: accredited training programmes, Job Matching Service, Careers Advice, one-to-one support;
- Environment: parks, allotments, graffiti removal, street lighting, bins, 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 / transfers / repairs, Housing Rights Advice service;
- Physical Development: working with statutory agencies and the private sector to encourage development of brownfield sites, derelict buildings and open spaces;
- Sport: working with schools, youth clubs, community organisations and new and existing sports clubs on different initiatives;
- Training: Construction skills, work experience in the community, Health and Fitness training;
- Youth: range of educational, cultural (inc. cross-community), sports and facility development programmes.
## **Achievements 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 Northern 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 additional 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.
1
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **DIRECTOR'S REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## Community Safety
GVRT have worked 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 deliver Summer Diversionary Activities across the Summer Months , to try and tackle Anti-Social Behaviour and promote positive cultural expression. It acted as the lead partner across a consortium of various other communities such as Finaghy and Taughmonagh , Belvoir , Annadale , Suffolk , Sandy Row and Donegall Pass.
We continue to work closely with the PCSP, PSNI and Northern Ireland Housing Executive 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 who lease 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 Training 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 turn 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 Linfield Football Club , who all use the facility. Alongside this we supported the local primary schools and youth clubs who all use the facility for Sports Day and Community Events.
## Well Women's Group
The group is sitting with 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 socialise and meet with other groups.
2
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **DIRECTOR'S REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## Health and Well Being
We continue 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 exercise.
We ran our annual cycle to Lapland charity spin event in December , where all funds raised are donated to our Chosen Charity – Northern Ireland Cancer Fund for Children.
## Financial Review
Greater Village Regeneration Trust , faced a difficult year , with the uncertainty of Government Funding 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
Northern Ireland Housing Executive
## PBNI
## Public Health Agency
Social Enterprise Funding
We would sincerely like to thank all the personnel of the various funding organizations for their support throughout 2024/25.
3
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **DIRECTOR'S REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **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 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 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 appropriate levels 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 crossreferencing 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 deliver 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:|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|(Resigned 7 October 2024)|
|Mr A M Connolly||
|Reverend R Moore|(Resigned 20 May 2024)|
|Mrs H Harold||
|Ms C Orr|(Appointed 20 May 2024 & Resigned 04 November 2025)|
|Mr G Nicholl|(Appointed 20 May 2024)|
|Mr M D Johnston|(Appointed 18 September 2024 & Resigned 28 July 2025)|
|Mr B Armstrong|(Appointed 04 November 2025)|
|Mr P Massey|(Appointed 10 September 2025)|
## Recruitment 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 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-elected at the next 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.
4
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **DIRECTOR'S REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## Organisational Structure
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 Chairman having the casting vote.
The Management Board is supported at an operational level by sub-committees / 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.
## **Disclosure of information to auditor**
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 have further 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 been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006
The director's report was approved by the Board of Directors.
.............................. **Mrs Patricia Stevenson** Director Dated: .........................
5
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **STATEMENT OF DIRECTORS’ RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
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 prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). 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 state 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 Statement of Recommended Practice: Accounting and Reporting by Charities (2015);
- make judgments and estimates that are reasonable 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 responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
.............................. **Mrs Patricia Stevenson** Director Dated: .........................
6
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE DIRECTORS OF GREATER VILLAGE REGENERATION TRUST LTD**
## **Opinion**
We have audited the consolidated financial statements of Greater Village Regeneration Trust Ltd for the year ended 31 March 2025 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 Statement 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 charitable company’s affairs as at 31 March 2025 and of its incoming resources 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 opinion**
We conducted our audit in accordance with International 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 relating to going 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 to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The directors are responsible for the other information. The other information 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 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 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 of the other information. If, based on the work we have performed, 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 this regard.
7
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Matters on which we are required 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 director's 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.
## **Responsibilities of directors**
As explained more fully in the statement of director's responsibilities, the directors are 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial 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 to issue an auditor's 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 material misstatement when it 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://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 for 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 work, for this report, or for the opinions we have formed.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with 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 and/or senior management, and from our commercial knowledge and experience of the sector.
8
**GREATER VILLAGE REGENERATION TRUST LTD**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
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, taxation 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, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their 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 override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and
- investigated 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 disclosures to underlying supporting documentation;
- reading the minutes 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 are inherent limitations in our audit procedures described above. The more removed that laws and regulations 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 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.
9
## **GREATER VILLAGE REGENERATION TRUST LTD**
# **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
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 auditor's report and for 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 audit work, for this report, or for the opinions we have formed.
**Angela Craigan FCA (Senior Statutory Auditor) HM Chartered Accountants Chartered Accountants and Statutory Auditors Statutory Auditor**
6[th] Floor, East Tower Lanyon Plaza, 8 Lanyon Place Belfast Co. Antrim Northern Ireland BT1 3LP
10
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**funds**
**Notes**
**£**
**Income from:**
Donations and legacies
**3**
11,800
Charitable activities
**4**
149,591
Trading activities
**9**
103,159
Other income
**5**
17,264
688
**Total income**
281,814
**Expenditure on:**
Charitable activities
**6**
157,648
Trading activities
**9**
84,668
242,316
**Net (expenditure)/income for the year/**
**Net movement in funds**
39,498
Fund balances at 1 April 2024
1,242,825
**Fund balances at 31 March 2025**
1,282,323|**Restricted**
**funds**
**£**
-
503,029
-
-
503,029
511,589
-
511,589
(8,560)
14,910
6,350|**Total**
**2025**
**£**
11,800
652,620
103,159
17,264
784,843
669,237
84,668
753,905
30,938
1,257,735
1,288,673|**Total**
**2024**
**£**
1,714
568,493
109,146
9,627|
|---|---|---|---|
||||688,980|
||||567,103
106,682|
||||673,785|
||||15,195
1,242,540|
||||1,257,735|
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 statements.
11
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **STATEMENT OF FINANCIAL ACTIVITIES OF THE CHARITY ALONE INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
11,800
-
Charitable activities
**4**
149,591
503,029
Other income
17,249
-
**Total income**
178,640
503,029
**Expenditure on:**
Charitable activities
**6**
157,648
511,589
**Net (expenditure)/income for the year/**
**Net movement in funds**
20,992
(8,560)
Fund balances at 1 April 2024
1,166,228
14,910
**Fund balances at 31 March 2025**
1,187,220
6,350|**Total**
**2025**
**£**
11,800
652,620
17,249
681,669
669,237
12,432
1,181,138
1,193,570|**Total**
**2024**
**£**
1,714
568,493
9,627|
|---|---|---|
|||579,834|
|||567,103|
|||12,731
1,168,407|
|||1,181,138|
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 statements.
12
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets add current assets**
**Creditors: amounts falling due after**
**more than one year**
**14**
**Net assets**
**Income funds**
Restricted funds
**15**
Unrestricted funds
Designated funds
**16**
General unrestricted funds|**2025**
**£**
**£**
1,049,284
33,275
236,000
269,275
(28,265)
241,010
1,290,294
(1,621)
1,288,673
6,350
1,009,940
272,383
1,282,323
1,288,673|**2024**
**£**
**£**
1,063,708
49,734
171,137
220,871
(22,442)
198,429
1,262,137
(4,402)
1,257,735
14,910
1,039,964
202,861
1,242,825
1,257,735|
|---|---|---|
13
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)**
## _**AS AT 31 MARCH 2025**_
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 2025, although an audit has been carried out under section 65 of the Charities Act (Northern Ireland) 2008. No member of the Group has deposited a notice, pursuant to section 476, requiring an audit of these accounts under the requirements of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the Group keeps accounting records which comply 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 at the end of the financial year 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 the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the group.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Directors on .........................
..............................
## **Mrs Patricia Stevenson**
## **Director**
## **Company Registration No. NI041258**
The notes on pages 18 to 29 form part of these financial statements
14
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **CHARITY STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets add current assets**
**Creditors: amounts falling due after**
**more than one year**
**14**
**Net assets**
**Income funds**
Restricted funds
**15**
Unrestricted funds
Designated funds
**16**
General unrestricted funds|**2025**
**£**
**£**
1,012,644
52,115
143,585
195,700
(14,774)
180,926
1,193,570
-
1,193,570
6,350
1,009,940
177,280
1,187,220
1,193,570|**2024**
**£**
**£**
1,040,098
66,335
87,878
154,213
(13,174)
141,040
1,181,138
-
1,181,138
14,910
1,039,964
126,264
1,166,228
1,181,138|
|---|---|---|
15
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED)**
## _**AS AT 31 MARCH 2025**_
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025, 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 to section 476, requiring an audit of these accounts under the requirements of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply 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 company as at the end of the financial year 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 the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Directors on .........................
..............................
## **Mrs Patricia Stevenson**
## **Director**
## **Company Registration No. NI041258**
The notes on pages 18 to 29 form part of these financial statements
16
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **CONSOLIDATED STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|||**2025**||**2024**||
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Cash flows from operating activities**||||||
|Cash generated from operations|**19**||92,973||54,209|
|**Investing activities**||||||
|Purchase of tangible fixed assets||(25,329)||(13,488)||
|**Net cash used in investing activities**|||(25,329)||(13,488)|
|**Financing activities**||||||
|Repayment of borrowings||-||-||
|Net movement in hire purchase||(2,780)||(2,780)||
|**Net cash used in financing activities**|||(2,780)||(2,780)|
|**Net increase in cash and cash equivalents**|||64,863||37,941|
|Cash and cash equivalents at beginning of year|||171,137||133,196|
|**Cash and cash equivalents at end of year**|||236,000||171,137|
The notes on pages 18 to 29 form part of these financial statements.
17
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
Greater Village Regeneration Trust Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 337 Donegall Road, Belfast, Antrim, BT12 6FQ.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance 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 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 historical cost convention. 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 Going 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 Charitable funds**
Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives unless the funds have been designated 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 capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts 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 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.
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 2025**_
## **1 Accounting policies**
## **1.5 Expenditure**
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 spent on those activities.
## **1.6 Tangible fixed 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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings 2% per annum straight line Plant and equipment 20% per annum straight line Fixtures and fittings 20% per annum straight line Motor vehicles 25% per annum straight line Equipment 10% & 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 income/(expenditure) for the year.
## **1.7 Impairment of fixed 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 impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits 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 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.
## _**Basic 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 2025**_
## **1 Accounting policies**
## _**Basic financial liabilities**_
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 effective interest rate method.
Trade creditors are obligations to pay for goods 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 are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
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 terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
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 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 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 estimation uncertainty**
## **Tangible 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 2025**_
## **3 Donations and legacies**
|**Unrestricted**
**funds**
**2025**
**£**
Donations and gifts
11,800
**4**
**Charitable activities**
**2025**
**£**
Income
652,620
Analysis by fund
Unrestricted funds
149,591
Restricted funds
503,029
652,620
**For the year ended 31 March 2024**
Unrestricted funds
Restricted funds
**5**
**Other income**
**2025**
**£**
Other income
17,264
All other income was unrestricted in both periods.|**Tota**l
**2024**
**£**
1,714|
|---|---|
||**2024**
**£**
568,493|
||132,590
435,903|
||568,493|
||**2024**
**£**
9,627|
|||
21
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **6 Charitable activities**
|Staff costs
Depreciation and impairment
Cost of activities in furtherance of project objectives
Premises costs
Staff training
Bank charges
Computer expenses
Office expenses
Audit fee
**Analysis by fund**
Unrestricted funds
Restricted funds
**For the year ended 31 March 2024**
Unrestricted funds
Restricted funds|**2025**
**£**
282,607
30,271
251,865
14,546
4,766
3,482
11,140
64,860
5,700
669,237
157,648
511,589
669,237|**2024**
**£**
267,103
31,388
158,103
11,572
9,389
3,298
10,336
70,686
5,100|
|---|---|---|
|||567,103|
|||131,200
435,903|
|||567,103|
## **7 Directors**
None of the directors (or any persons 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 2025**_
## **8 Employees**
## **Number of employees**
The average monthly number employees, excluding directors, during the year was:
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs
The remuneration of key management personnel is as follows.
Employee benefits|**2025**
**Number**
10
**2025**
**£**
247,189
19,607
15,811
282,607
**2025**
**£**
148,825|**2024**
**Number**
10|
|---|---|---|
|||**2024**
**£**
227,910
23,247
15,946|
|||267,103|
|||**2024**
**£**
139,715|
The charity considers its key management personnel to be the senior management team, which comprises of 4 (2024: 4) members of staff.
There were no employees (2024: 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 2025**_
## **9 Income From Trading Activities**
Greater Village Regeneration Trust Limited is the sole member of TRE-ECO Maintenance Services Community Interest Company (company number NI643953). The summary financial performance of the subsidiary alone is:
|Turnover
Administration costs
Operating profit/(loss)
Investment income
Finance costs
Profit before taxation
Tax
Retained in subsidiary
The assets and liabilities of the subsidiary alone were:
Non-current assets
Current assets
Current liabilities
Total net assets
Aggregate share capital and reserves|**2025**
**2024**
**£**
**£**
103,159
109,145
(79,479) (104,522)|
|---|---|
||23,680
4,623
15
-
(947)
(947)|
||22,748
3,676
(4,241)
(1,213)|
||18,507
2,463|
||36,641
23,609
96,982
90,064
(29,936)
(37,076)|
||95,104
76,597|
||95,104
76,597|
24
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
- **10 Tangible fixed assets Group**
**Cost** At 1 April 2024 Additions At 31 March 2025 **Depreciation and impairment** At 1 April 2024 Depreciation charged in the year At 31 March 2025 **Carrying amount** At 31 March 2025 At 31 March 2024
|**Leasehold**
**land and**
**buildings**
**Plant and**
**equipment**
**Fixtures and**
**fittings**
**£**
**£**
**£**
1,501,197
164,533
63,981
-
3,737
-
1,501,197
168,270
63,981
461,233
148,270
63,981
30,024
4,554
-
491,257
152,824
63,981
1,009,940
15,446
-
1,039,964
16,263
-|**Motor**
**vehicles**
**Equipment**
**£**
**£**
73,429
90,835
21,590-
95,019
90,835
65,948
90,835
5,175
71,123
90,835
23,896
-
7,481
-|**Total**
**£**
1,893,975
25,327|
|---|---|---|
|||1,919,302|
|||830,267
39,753|
|||870,019|
|||1,049,283|
|||1,063,708|
25
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **11 Tangible fixed assets**
Company
|**Leasehold**
**land and**
**buildings**
**Plant and**
**equipment**
**Fixtures and**
**fittings**
**£**
**£**
**£**
**Cost**
At 1 April 2024
1,501,197
143,485
63,981
Additions
-
2,815
-
At 31 March 2025
1,501,197
146,300
63,981
**Depreciation and impairment**
At 1 April 2024
461,233
143,350
63,981
Depreciation charged in the year
30,024
247
-
At 31 March 2025
491,257
143,597
63,981
**Carrying amount**
At 31 March 2025
1,009,940
2,703
-
At 31 March 2024
1,039,964
135
-|**Motor**
**vehicles**
**Equipment**
**£**
**£**
54,529
90,835
--
54,529
90,835
54,529
90,835
-
-
54,529
90,835
-
-
-
-|**Total**
**£**
1,854,027
2,815
1,856,842
813,928
30,271
844,199
1,012,643
1,040,098|
|---|---|---|
26
## **GREATER VILLAGE REGENERATION TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**12**
**Debtors**
**Amounts falling due within one**
**year:**
Other debtors
Prepayments and accrued income
Amount owed to subsidiary|**Group**
**Company**
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**
25,798
38,974
21,232
32,169
7,477
10,760
7,477
10,760
-
-
23,406
23,406
33,275
49,734
52,115
66,335|
|---|---|
**13 Creditors: amounts falling due within one year**
|
Other creditors
Accruals and deferred income
**14**
**Creditors: amounts falling due after more**
**Group and Company**
Hire purchase|**Group**
**Company**
**2025**
**2024**
**2025**
**2024**
**£ £**
**£**
**£**
16,367
12,826
4,676
5,058
11,898
9,616
10,098
8,116
28,265
22,442
14,774
13,174
**Group**
**Company**
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**
1,621
4,402
-
-|
|---|---|
27
**GREATER VILLAGE REGENERATION TRUST LTD**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
_**FOR THE YEAR ENDED 31 MARCH 2025**_
## **15 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:
|Belfast City Council
Northern Ireland Housing Executive
Department for Communities
Public Health Agency
Lottery Tools for Life
Lottery Community Fund
HUBUB
Police and Property Fund
Education Authority
South City Supermarket
Sainsbury’s
Rank
Other
Belfast Harbour Commissioners|**Movement in funds**
**Balance at**
**1 April 2024**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**31 March 2025**
**£**
**£**
**£**
**£**
-
85,325
(85,325)
-
28,284 (28,284)
-
115,015 (115,015)
-
67,392
(67,392)
-
118,136
(118,136)
10,000
-
(10,000)
4,910
-
(3,796)
1,114
-
10,000
(4,764)
5,236
-
6,000
(6,000)
14,015
(14,015)
-
10,000
(10,000)
-
30,222
(30,222)
-
15,640
(15,640)
3,000
(3,000)
14,910
503,029
(511,589)
6,350|
|---|---|
||14,910
503,029|
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.
## **16 Designated 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:
Property
||**Balance**
**at 1 April**
**2024**
**Transfers**
**Resources**
**expended**
**Balance at**
**31 March**
**2025**
**£**
**£**
**£**
**£**
1,039,964
-
(30,024)
1,009,940
1,039,964
~~-~~
~~(30,024)~~
~~1,009,940~~|**Balance**
**at 1 April**
**2024**
**Transfers**
**Resources**
**expended**
**Balance at**
**31 March**
**2025**
**£**
**£**
**£**
**£**
1,039,964
-
(30,024)
1,009,940
1,039,964
~~-~~
~~(30,024)~~
~~1,009,940~~|**Balance**
**at 1 April**
**2024**
**Transfers**
**Resources**
**expended**
**Balance at**
**31 March**
**2025**
**£**
**£**
**£**
**£**
1,039,964
-
(30,024)
1,009,940
1,039,964
~~-~~
~~(30,024)~~
~~1,009,940~~|
|---|---|---|---|
||1,039,964|~~-~~|~~(30,024)~~
|
|||||
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 2025**_
## **17 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**2025**
**2025**
**£**
**£**
Fund balances at 31 March 2025 are
represented by:
Tangible assets
1,049,283
-
Current assets/(liabilities)
234,661
6,350
Long term liabilities
(1,621)
-
1,282,323
6,350
**18**
**Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
**19**
**Cash generated from operations**
**Group**
(Deficit)/surplus for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Cash generated from operations**||**Total**
**2025**
**£**
1,049,283
241,011
(1,621)
1,288,673
**2025**
**£**
30,938
39,753
16,459
5,823
92,973|Total
2024
£
1,063,708
198,429
(4,402)
1,257,735
**2024**
**£**
15,195
38,492
4,294
(3,772)
54,209|
|---|---|---|---|
|||||
## **20 Retirement benefit schemes**
## **Defined contribution 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 £15,811 (2024 - £14,656).
## **21 Subsidiaries**
Details of the company’s subsidiaries at 31 March 2025 are as follows:
|**Name of**|**Registered**|**Nature of**|**Ownership**|
|---|---|---|---|
|**undertaking**|**office**|**business**||
|TRE-ECO|As above|Maintenance|Sole member of|
|Maintenance||Services|CIC|
|Services CIC||||
29