TEMPLEMORE AVENUE SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Re$tri¢ted funds funds 2024 2024 Total Total 2024 2023 Notos Incom8 from: Charitable activities 191,036 191.038 186,829 Charitable activities 167,000 73,794 240,794 244,633 Other 543 759 1,302 Total resourus expended 167.543 74,553 242,096 244,633 Net incomel(expendlture) for the yearl Net rnovement in funds 23,493 (74,553) {51.060) (58,0041 Fund balances at 1 April 2023 160,223 2.695,514 2,855,737 2,913,741 Fund balan¢es at 31 March 2024 183,716 2,620,961 2,804.677 2,855,737 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The slatement of financial activities also complies with the requirements for an income and expenditur8 account under the Companies Act 2006. 10-
TEMPLEMORE AVENUE SCHOOL TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Noto$ Fixed assets Tangible assets 11 2.662,630 2.733,902 Curnnt assets Debtors Cash at bank and in hand 12 7,600 145,770 10,733 123.483 153,370 134,216 Creditors: amounts falling due within one year 13 {11,3231 {12.381) Net current assets 142.047 121,835 Total assets less current liabilities 2.804,677 2.855.737 Income funds Restricted funds Unrestricted funds 15 2.620.961 183,716 2.695.514 160.223 2.804,677 2,855.737 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 bylhe Truste8s on ......................... Samuel Truslee uglas Catherine Trustoe Company Registration No. N1603783 11
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aecounting polici Charity infomation Templemore Avenue School Trust is a private company limited by guarante8 incorporated in Northern Ireland. The registered office is 55 Templemore Avenue. Belfast, BT5 4FG. 1.1 Accounting convention The financial statements have been prepared in accordance with th8 charity's Articles of Association. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommend8d Practic applicable to charities preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) {effedive 1 January 20191" The charity Is a Public Benefit Entity as defined by FRS 102. The charity has taken advanlage of the provisions in the SORP for charities applying FRS 102 Updatè Bulletin 1 not to prepare a Statement of Cash Flows. The financial sLitemenls are prepared in sterfing. which is the functional curr8ncy of the charity. Monelary amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting polieS adoptsd are set out below. 1.2 Going ¢oncern Al the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adom the going concern basis of acwunting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the tnjstees in furtheran of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose5 and uses of Ihe raslricted funds are set out in the notes to the financial stalements, 1.4 Incomo Income is recognised when the charity is legally entitled to it after any performance condltions have been mel, Ihe amounts can be measured reliably. and it is probabl8 that income will be received. Other income is recognised in the period in which it is receivable and to the exlenl the goods have been provided or on completion of the service. 12-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2024 Ac¢ounllng policios {Continuod} 1.5 Expendlture Expenditure is recognised once there is a legal or constwctive obligation to transfer economic benefit to third party, 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 ea¢h activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking ea¢h activity. Direct ¢osls attributable to a single activity are allocated directty to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of tim8 spent. and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditijre on th8 obj8Cts of the charity and include project management. Governan costs are those in¢urred in connection with administration of the charity and compliance with constitutional and statutory requirements. Charitable activities and Govemance costs are costs incurred on th8 charity's operations, including support costs and costs relating to the govemance of Ihe company apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. 1.6 Tangible fixed assets Tangible fixed ass8ts are initially measured at cost and subsequently measured al c05t or valuation, net of depreciation and any impairment losses. Depreciation is reoognised so as to write off the cost or valuation of assets less their sIdUal values over their useful lives on the following bases: Freehold property Fixiures and fittings Computer equipment Office equipment 20h per annum straight line 200A per annum ieducing balance 25°/0 per annum straight line 20'A per annum stiaight line The gain or loss arising on the disposal of an asset is d8t8rmined as the difference belween the sale proceeds and the carying value of the asset, and is recognised in the ststemenl of financial activit18S. 1.7 Impairnient 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 impaiment loss. If any such indication exists, the recoverabl8 amount of the asset is estimated in order to determine the extent of the impainnent loss {if any}. 1.8 Cash and cash equivalonts Cash and cash equivalents include c85h in hand, deposits held al call with banks. other short-term liquid investments with original maturilies 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 2024 Accounting policles IContlnued} 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Flnancial Instruments. and Section 12 'oth8r Financial Instruments Issues, of FRS 102 to all of its financial instwments. Financial instruments are recognised in the charity's balance sheel 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 legalty enforable right to set off the r8cognised amounts and there is an intention to settle on a net basis or to reali5e the asset and settle the liability simultaneously. Baslc financial assets Basic financial assets, whi¢h include debtors and cash and bank balances, are initially MeaSud at transaction price induding transaction costs and are subsequently catri8d at amortised st using the effective inlerest method unless the atrangemenl ¢onstitutes a financing transaction, where th8 transaction is measured at the present value of the future receipt5 discounted at a market rate of interest. Financial assets assified as receivable within one year are not amortised. Basic flnancial liabilities Basic financial liabilities, including ctedwtors and bank loans are inrtially 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 dis¢ounted at a market rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cost. using the effedive interest rate method. Trade ueditors are obligations to pay for goods or services that have been acquired in the Didinary 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 pr8sented as non-currenl liabilities. Trade creditors are re¢ognised initially at Iransaction price and subsequently measured 8t amortised cosl using the effective Inte$t method. Derecognition of financial liabililies Financial liabilities ar8 derecognised when the ¢hariiy's contraclual obligations expl or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is re¢ognised in the period in which the employ88's SeiCe$ are rec8iv8d. Termination beneffts are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or to provide termination benefits. 1.11 Retlrement beneflts Payments to defined contribution ielirement benefft schemes are charged as an expense as Ihey fall due. 1.12 Company statu5 The company is a company limited by guarantee. The members of the company are the directors named on page 2. In the event of the company being wound up, the liabilty in respect of the guarantee is limited to £1 per member of the ¢ompany. 14-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting ostimates and judgements In the application of the Charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The eslimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resulls may differ from these eslimates. The estimates and underlying assumptions are revi8W8d on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affeds only that period, or in the period of the revision and future periods where the revision affects both current and futur8 periods. Key sources of estimation un¢ertalnty Fixed A85ets The annual depreciation charge on fixed assets depends primarily on the estimaled lives of each type of asset and estimates of residual values. The dir8Ctors regularly review these asset lives and change them as necessary to reflect ¢urrent 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 Ihe useful lives is included in the accounting policies. Charitable acllvltles East Belfast Netrwork Centre 2024 East Belfast Network Centre 2023 Room hire Rent and setvirks Charges Misc8llan80us income 38,985 151,085 966 34,141 150.879 1,809 191.036 186,829 Analysis by fund Unrestricted funds 191,036 186,629 15-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities East Belfast East Belfast Network Network Centre Contre 2024 2023 staff costs Depreciation and impairment Insurance Telephone and internet costs Cleaning materials Maintenance 46.901 82,267 9,559 14,608 4,289 8.471 46,247 81,556 8.007 14,593 5,486 15,331 r 11 Heal and light Water Volunteer expens8S Bank charg8S Catering costs Miscellaneous 41.630 2,488 1,000 438 6.128 1,111 43.022 1,147 870 414 4,020 2,424 218,890 222,917 Share of support ¢osts (see note 5) Share of governance costs (see note 5) 18,000 3,904 18,000 3,716 240,794 244,633 Analysls by fund Unrestricted funds Restricted funds 167,000 73,794 171,333 73,300 240,794 244,633 Support costs Support Governance costs costs 2024 2023 Administration support costs 18.0¢)0 18,000 18,000 Audit fees 3,904 3,716 18.1)00 3.904 21,904 21,716 Analysed beeen Charitab18 activities 18,000 3.904 21,904 21,716 Governance costs includes payments to the auditor5 of £3.904 (2023- £3,716) for audit fees. 16-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other expenditure Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted fund8 funds 2023 2023 Total 2024 2023 Net loss Dn disposal of tsngible fixed assets 543 759 1.302 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediling)- Fees payable for the audil of the charty's financial statements Depreciation of owned tangible fed assets Loss on disposal of tangible fixed assets 3.904 82,267 1,302 3,716 81,556 Trustees None of the trustees (or any persons Connected with them) received any remuneration or benefits from the charity during the year. No trustee received r8imbursement of expenses in the current y8ar (2023- niD. Employegs The average monthly number of employees during Ihe year was: 2024 Number 2023 Number Employmont costs 2024 2023 Wages and salaries Other pension costs 43,227 3,674 42,890 3,357 46,901 46.247 Th8 charity is governed by the Board of Trustees and the day to day operations are supervised by the Exe¢utive Director of the charity's parent company. Consequently. no remuneration is paid by the diarity to key management personnel for their ser4i¢es to the charity. There were no employees whose annual remuneration was more Ihan £60,000. 17-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxation The chaiity is exempi from income lax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in Ihe year. 11 Tangible fixed assets Fmhold Flxturos and prortY Ilttlng8 Computer oqulpment Total gqulpment Cost At 1 April 2023 Additions Disposals 3,315.747 194.566 5,838 (6,233) 22,577 2,111 (2,552) 167,088 3,699,978 4,347 12,296 (22.225) {31,010) At 31 March 2024 3,315,747 194,171 22,136 149.210 3,881,264 Depre¢iation and Impalmient At 1 April 2023 Deprgcialion Charged in the year Eliminated in respect of disposals 641,794 66,315 163,605 6,533 {5,461) 14,465 4,194 (2.022} 146,211 5.225 (22.225) 966,075 82,267 (29,708} At 31 March 2024 708,109 164,677 16,637 129.211 1.018,634 Canying amount At 31 March 2024 2,607,838 29,494 5,499 19,999 2,662.630 At 31 March 2023 2.673,953 30,960 8,112 20,877 2.733.902 12 Debtors 2024 2023 Amounts falling due within one year: Prepayments and a¢crued income 7,600 10,733 13 Creditors: amounts falling due within one year 2024 2023 Other ¢reditors Accrua15 and deferred income 1,425 9,898 3,287 9,094 11,323 12,381 14 Retirement bonefit schemes 2024 2023 Defined Gontributlon schemes Charge to profft or loss in respect of defined ¢ontribution schemes 3.674 3,357 18-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Restriad funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specifK conditions by donors as to how they may be used. At l Aprll Resour¢e$ At 31 March 2023 expended 2024 East Belfast Network C8ntre 2,695,514 174.553} 2,620,961 Prnvious year: At 1 Aprll 2022 Resources At 31 March expendod 2023 East Belfast Network Centre SIF equipment fund 2.767,933 881 {72.419) (881) 2,695,514 2.768,814 {73,300) 2,695,514 16 Unrestrlttsd funds The unrestricted funds of the Charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incoming resour¢e$ Resources At 31 March expended 2024 General funds 16Q,223 191,036 (167,543) 183,716 Prnvious year: At 1 April 2022 Incomlng Resourc8s At 31 March resources oxpended 2023 General funds 144,927 186,629 (171,333) 160,223 19-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Explanatory notOS to funds Unrestricted funds General fund This fund is expendable at the discretion of the truste&s. Restricted Funds East Belfast Network Centre Managed by East Belfast Community Development Agency on behalf of Templemore Avenu8 School Trust providing office space for 11 organisations. Also room hire lo ¢ommunitylvoluntary and Statutory organisations. 18 Analysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Fund balances at 31 March 2024 are represented by= Tangible assets Curtenl asselsl(liabilitiesl 41.669 142,047 2,620,961 2.662,630 142.047 2,733,902 121,835 183,716 2,620,961 2.804.677 2,855,737 19 Finan¢ial ¢ommltments, guarantees and contingent liabilities A portion of grants received may beme repayable if The Trust fails to comply with the terms of the letter of offer. 20 Operatlng lease commitmonts Lessor At the reporting end date the charity had contracted with tenants for the following minimum lease payments.. 2024 2023 thin one year Beeen two and five years 31,680 8.800 152,525 40,480 40,480 193,005 -20-
TEMPLEMORE AVENUE SCHOOL TRUST NOTES TO THE FINANCIAL STATEmErs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Related party transactions During the year The Trust charged East Belfast Communty Development Agen¢y (EBCDA.). the ultimate panI company. £43.983 {2023 - £42.037) for réntal of office space and room hi within the East Belfast Netsvork Centre. The amount Charged was based on the occupied floor area and was at a rate similar to that charged to other ¢harilable organisations. During the year The Trust was charged £18,000 {2023 - £18,000) by EBCDA for administralion support Se1$. At 31 March 2024 there was an amount of £240 {2023 - £68) due from EBCDA. 22 Ultimate Parent Undertaklng and Controlling Paty East Belfast Communty Development Agency, a charitable company incorporated in Northern Ireland under number N1031089. is considered to be the companls ullimate parent company. EBCDA is also registered with the Charity Commission for Northern Ireland und8r referen number NIC105793. The principal activity of EBCDA is the charitable operation of various proj8Cts to benefit the welfare of the inhabitants of East Belfast. The financial staternents of The Trust are consolidated within the group financial statements of EBCDA. copies of which are available from 55 Templemore Avenue. Belfasl, BT5 4FG. 21