TEMPLEMORE AVENUE SCHOOL TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Restrlcted funds funds 2023 2023 Total Total 2023 2022 Notes Income from: Charitable activities 186,629 186,629 154,212 endlturo on.. Charitable activities 171,333 73,300 244,633 238,035 Not Incomel{expendlture) for the yoarl Net movement In funds 15,296 173,300) (58,004) {83,823) Fund balances at 1 April 2022 144,927 2,768,814 2,913,741 2,997,564 Fund balances at 31 March 2023 160,223 2,695,514 2,855,737 2,913,741 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. 10-
TEMPLEMORE AVENUE SCHOOL TRUST BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes Flxed assets Tangible assels 2,733,902 2,788,112 Current assets Debtors Cash at bank and in hand 10 10,733 123.483 5,821 129,996 134.218 135.817 Credltors: amounts falling due wlthln one year 11 (12,381) (10,188) Net current assets 121,835 125,629 Total assets less current Ilabllltles 2.855,737 2,913,741 Income funds Restricted funds Unrestricted funds 12 2,695,514 160,223 2,768,814 144,927 2,855.737 2,913,741 These financial s131ements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Trustees on .g.l.12.1..&4I3 Samuel Do Trvstee las Catherine P Trustee dy Company Reglstratlon No. N1603783 11
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policios Charlty Informatlon Templemore Avenue School Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 55 TemplemoreAvenue, Belfast, BT5 4FG. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Slatement of Cash Flows. The financial statements are prepared in steding, vthich is the functional currency of the charlty. Monetary amounts in these financial stalements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation thal the charity has adequate resources to continue in operalional existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charilable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restncted funds are set out in the notes lo the financial statements. 1.4 Income Income is recognised when the charity is legally enlilled to it after any performance conditions have been mel, the amounts can be measured reliably. and it is probable that income will be received. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 12-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies (Contlnued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to Ihat activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Cenlral staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project managemenl. Governance Costs are those incurred in connection with adminislralion of the charity and compliance with constitutional and statutory requirements. Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating lo the governance of the company apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of deprecialion 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-. Freehold property Fixtures and fittings Computer equipment Office equipment 20A per annum straight line 20 % per annum reducing balance 250h per annum straight line 200/0 per annum straight line The gain or loss arising on the disposal of an asset is determined as the difference befmeen the sale proceeds and the carrying value of the asset, and is recognised in Ihe statement of financial activities. 1.7 Impalrment 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 impairment loss. If any such indication exists, the recoverable amount of the assel is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid inveslments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 13-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcios (Contlnuod) 1.9 Flnanclal Instruments The charity has ele¢ted 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 re¢ognised 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 lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlal 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 receipis discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc financlal liabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing Iransaction, where the debt instrument is measured al the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al 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 interesl method. Derecognitlon of flnancial Ilabilities 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 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Company status The company is a company limited by guarantee. The members of the company are the directors named on pa9e 2. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. 14
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Crltlcal accounting estimates and judgements In the application of the charity's accounting policies, the trustees 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 estlmatlon uncertalnty Flxed Assets The annual depreciation charge on fixed assets depends primarily on the eslimaled lives of each type of asset and eslimales of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies. Charltable actlvltles East Belfast Network Centre 2023 East Belfast Network Centre 2022 Room hire Rent and services charges Miscellaneous income 34,141 160,879 1,609 19.741 133,484 987 186,629 154,212 Analysis by fund Unrestricted funds 186,629 154,212 15-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable actlvltles East Belfast East Belfast Network Network Centre Centr• 2023 2022 Staff costs Depreciation and impairment Insurance Telephone and internet costs Cleaning materials Maintenance Heat and light Water Volunteer expenses Bank charges Calering costs Miscellaneous 46,248 81,557 8.006 14,592 5,486 15.331 41,582 90,165 6,416 14,093 5,036 16,199 11 43,022 1,147 670 414 4.020 2,424 35,626 1,040 200 362 2,439 3,301 222,917 216,459 Share of support costs {see nole 51 Share of governance cosls (see note S) 18,000 3,716 18,000 3,576 244,633 238,035 Analysls by fund Unrestricted funds Restricted funds 171,333 73,300 154,031 84.004 244,633 238,035 Support costs Support Governance costs costs 2023 2022 Administration support costs 18,000 18,000 18,000 Audit fees 3,716 3.716 3,576 18,000 3,716 21,716 21,576 Analysed beeen Charitable activities 18,000 3,716 21.716 21.576 Govemance costs includes payments to the auditors of £3,716 (2022- £3,576) for audit fees. 16-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trustees None of the trustees (or any persons connected wilh them) received any remuneration or benefits from the charty during the year. No truslee received reimbursement of expenses in the current year (2021 nil). Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Social security ¢osts Other pension costs 37.072 5.819 3,357 33,370 4,954 3,258 46,248 41,582 The charity is governed by the Board of Trustees and the day to day operations are supervised by the Executive Director of the charity's parent company. Consequently, no remuneration is paid by the charity to key management personnel for their services to the charity. There were no employees whose annual remuneration was more than £60.000. Taxatlon The charity is exempl from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extenl that these are applied to its charitable objects. 17-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Tanglble fixed assets Freehold Flxturn$ and propgrty fittings Computer equipment Offl¢• èquipmènt Total Cosl At 1 April 2022 Additions 3,315,747 193,881 685 18,931 3.646 144.073 23.015 3,672,632 27,346 Al 31 March 2023 3,315,747 194,566 22,577 167,088 3,699,978 Depreclatlon and Impalrnient Al 1 April 2022 Depreciation charged in the year 575,479 66.315 155,980 7,628 10,213 4,252 142,848 3,363 884,520 81,556 Al 31 March 2023 641,794 163,606 14,465 146,211 966,076 Carrylng amount At 31 March 2023 2.673,953 30,960 8,112 20,877 2,733,902 At 31 March 2022 2,740,268 37,901 8,718 1,225 2,788,112 10 Debtors 2023 2022 Amounts falllng due wlthln one year: Prepayments and accrued income 10,733 5,821 11 Credltors: amounts falllng due wlthln one year 2023 2022 Other creditors Accruals and deferred Income 3,287 9,094 1,090 9,098 12,381 10,188 18-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Restrleted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purpose5'. Balanc• at 1 Aprll 2021 R•sourc•s Balance at •xp•nded 1 Apr512022 Resourc Balancè at expended 31 March 2023 East Belfast Network Centre SIF equipmenl fund 2,841,914 10,904 (73,981) 2,767,933 110,023} 881 (72,419) 2,695,514 (881) 2,852,818 (84,004) 2,768,814 (73,300) 2,695,514 13 Explanatory notes to funds Unrestrlcted funds General fund This fund is expendable at the discretion of the Irustees. Rostrlcted Funds elfas NeOrk Cen re Managed by East Belfast Community Development Agency on behalf of Templemore Avenue School Trust providing office space for 11 organisations. Also room hire to communitylvoluntary and Statutory organisations. ui I fund This fund relates lo a grant received from Social Investment Fund for the purchase of equipment for the subsidiary charity. The balance of the fund is represented by fixed assets held. 14 Analysls of net assets between funds Unrestrlcted Restrlcted funds funds 2023 2023 Total 2023 Total 2022 Fund balanS at 31 March 2023 are represented by.. Tangible assets Current assetsl{liabilities) 38,388 2,695,514 2,733,902 121.835 121,835 2,788,112 125,629 160,223 2,695,514 2,855,737 2,913,741 16 Flnancial commitments, guarantees and contlngent Ilablllties A portion of grants received may become repayable if The Trust fails to comply with the terms of the letter of offer. 19-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Operatlng lease commltments Lessor At the reporting end date the charity had contracted wilh tenants for the following minimum lease payments.. 2023 2022 thin one year Between and five years 152,525 40,480 140,525 140.525 193,005 281,050 17 Related party transactlons During the year The Trust charged East Belfast Community Development Agency {'EBCDA'}. the ultimate parent company, £42.037 {2022 £38,860} for rental of office space and room hire within the East Belfast Network Cenlre. The amount charged was based on the occupied floor area and was at a rate similar lo that charged to other charitable organisalions. During the year The Trust was Charged £18,000 (2022 £18.000} by EBCDA for administration support services. At 31 March 2023 there was an amount of £6612022 £72) due from EBCDA. 18 UltSmate Parent Undertaklng and Conlrolllng Party East Belfast Community Development Agency, a charitable company incorporated in Northern Ireland under number N1031089, is considered lo be the company's ultimate parent company. EBCDA is also registered with the Charity Commission for Northern Ireland under reference number NIC105793. The principal activity of EBCDA is the Charitable operation of various project5 to benefit the welfare of the inhabitants of East Belfast. The financial statements of The Trust are consolidated wilhin the group financial statements of EBCDA, copies of which are available from 55 Templemore Avenue. Belfast, BT5 4FG. -20-