EAST BELFAST COMMUNITY DEVELOPMENT AGENCY CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total Total 2023 2022 Notes Inc mef Donations and legacies Charitable activities Other income 284 193,769 42,200 772,256 5.337 792,545 986,314 Total Income 194,053 792,545 986.598 819,793 Ex endlture on: Charitable activities 210.583 804.638 1,015.221 946,766 Net outgolng resource5 before transfers (16.530) {12,093) (28.623) (126,9731 Gross transfers beeen funds 44,617 (44,817) Net Incomollexpendlture) for the yearl Net movement In funds 28,087 (56,7101 128,823> (126,973) Fund balances at 1 April 2022 213,430 2,813,171 3,026,601 3,153,574 Fund balances at 31 March 2023 241,517 2,756,461 2,997,978 3,026,601 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 arxount under the CompaniesAct 2006. 15-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 10 2,733,902 2,788,112 12 38,323 241,135 30,008 221,670 279,458 251,678 Credllors." amounts falllng due wlthln one y•ar 13 {15,382) (13,189) Net current assets 264,076 238.489 Total assets less current Ilabllltles 2,997,978 3,026,601 Income funds Restricted funds Unrestricted funds 14 14 2,756,481 241.517 2.813,171 213.430 2,997,978 3,026,601 These financial statemenls have been prepared in accordance with Ihe Provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Trustees on Mervyn Truste• ibson Catherine Pu Trustee Company Reglstratlon No. N1031089 16-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY COMPANY BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes Current assets Debtors Cash at bank and in hand 12 27,590 117,652 24,187 91,674 145.242 115,861 Credltors: amounts lalllng due wlthln one year 13 (3,000) (3,001) Nel current assets 142,242 112,860 Income funds Restricted funds Unreslrided funds 14 60,947 81,295 19.132 93.728 142,242 112,860 These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies regime. The financial statements were approved by the Trustees on Gibson Calherine Trustee rdy Trustee Company Reglstratlon No. N1031089 17
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operating actlvltles Cash generated from operations 22 46,811 66,370 Investlng actlvltles Purchase of tangible fixed assets {27,346) 14,988) Net cash used In Investlng actlvltles (27,346> (4,988} Net cash used In flnanclng acllvltles Net Increase In cash and cash equlvalents 19,465 61,382 Cash and cash equivalents at beginning of year 221,670 160,288 Cash and cash equlvalents at end of year 241,135 221,670 18-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Charlty Inforniatlon East Belfast Community Development Agency is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 55 Templemore Avenue. Belfast, BT5 4FG. 1.1 Accounting ¢onvention The financial statements have been prepared in accordance with the charity's Memorandum and 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) leffeclive 1 January 20191" 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 charily. Monetary amounts in these financial statements are rounded to the nearest £. The financi81 statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Basls of consolldatlon The financial statements consolidate the accounts of East Belfast Community Development Agency and its subsidiary undertaking {'subsidiary'). The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure Account. The income and expenditure account for the year dealt with in the accounts of the charity was net incoming resources £29,382 (2022 - nel ouigoing resources £43,151). 1.3 Golng concern At the time of approving the financial statemenls, the trustees have a reasonable expectation thal the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject lo 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 ststements. 19-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontlnued) 1.5 Incomlng resources 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. Income tax recoverable in relation to donations received under Gift Aid or deed of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised al the time the investment income is receivable. 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. Imiere funding is received and subsequently distributed to other organisations in accordance with the donor'5 instructions it is treated as Conduit funding and, therefore, is not recognised in the Statement of Financial Activities. 1.6 Resources expended Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a 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 15 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 cosls attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single aclivity are apportioned behveen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Support costs are Ihose costs incurred directly in support of expenditure on the objects of the charity and include projecl management. Governance costs are those incurred in connection wilh administration of the company 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 to the governance of the charity apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. 1.7 Tanglble 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 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 2¥0 Straight line 200/0 reducing balance 25 % straight line 20% straight line The gain or loss arising on the disposal of an asset is determined as the difference bettNeen the sale proceeds and the carrying value of Ihe asset, and is recognised in the statement of financial activities. -20-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policles (Contlnuedl 1.8 Impalmient 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 asset is estimated in order to determine the extent of the impairment loss lif any). 1.9 Cash and cash equlvalents 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. 1.10 Flnanclal 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 ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provision5 of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when Ihere is a legally enforceable right to set off the recognised amounts and there 18 an intention to settle on net basis or to realise the assel and settle the liability simultaneously. Baslc Ilnanclal 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 effedive interest method unless the arrangement constitutes a financing transaclion, 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. Baslc flnanclal Ilabllltles Basic financial liabililies, including creditors and bank loans are inilially 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 rale 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 operalions 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. 1.11 Employee benofits The cost of any unused holiday entitlement 15 recognised in the period in which the employee's seNices 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. 21
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles {Contlnued) 1.12 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.13 Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempl from taxation in respect of Income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Crltlcal accountlng estlmates 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 Ihat are nol 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 esllmatlon uncertalnty Flxod Assets The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these assel 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 concemed. Changes in as5el lives can have a significant impact on deprecialion and amortisation charges for the period. Detail of the useful lives is included in the accounting policies. Donatlons and legacles Unrestricted Unrostrlcted funds funds 2023 2022 Donations and gifts Other general grants 284 42,200 284 42,200 Grants recelvable for core actlvltles Belfast City Council 42,200 42,200 -22-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitsble actlvitles TAS TRUST East Belfast Development Total Total 2023 2023 2023 2022 Performance related grants Charitable rental income Other income 792.545 792,545 117,974 75,795 613,315 102,080 56,861 117,974 26,868 48,927 144,842 841,472 986,314 772,256 Analysis by fund Unrestricted funds Restricted fijnds 144,842 48,927 792.545 193,789 792,545 158,941 613,315 144,842 841.472 986.314 772,256 For the year ended 31 March 2022 Unrestricted funds Restricted funds 115,353 43,588 613,315 158,941 613,315 115,353 656,903 772,256 Perforniance related grants DFC - Community Empowerment Division DFC - Community Investment fund PHA- Investing for Health PHA- Healthy Living & Health Strategy BCC- Hardship fund Belfast City Council TEO- Communities in Transition Other Grant Income BCC- Covid Response Granls 112.629 45.169 92,447 154,945 263,830 49,385 65,188 8,952 112,829 45.169 92.447 154,945 263,830 49,385 65,188 8,952 121,670 45,242 79,321 149,071 23,468 9,184 5,455 179,904 792,545 792,545 613,315 other Income Unrestrlcted Unrestrl¢ted funds funds 2023 2022 HMRC- JRS 5,337 -23-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable activlties TAS TRUST East Belfast Develop 2023 Total Total 2023 2023 2022 Staff costs Depreciation and impairment Health development Programme costs Advertising, postage and stationery Hardship Fund Travel and subsistence Catering costs Insurance and premises costs General overheads Telephone CED Programme Promotional costs Coronavirus support group CIT expenditure 46,248 81,557 317,388 363,636 81.557 39.259 8.018 750 225.384 2,310 4.020 8,006 68,494 14,592 1.800 1,710 351,379 90.742 24.842 24,999 1,338 39.259 8.018 750 225.384 2,310 870 2,438 6,417 61,402 14,093 1,937 4,020 8,006 68,494 14,592 1,800 1,710 226,978 14,131 63,228 63,228 222.917 659,847 882,764 821,566 Share of support Costs (see note 7) Share of governance costs (See note 7) 122,330 6,411 122,330 10,127 115,758 9.442 3,716 226,633 788,588 1,015,221 946,766 Analysls by fund Unrestricted funds Restricted funds 153,333 73,300 57,250 731,338 210,583 804,638 207,466 739,300 226,633 788,588 1,015,221 946,766 For the year ended 31 March 2022 Unrestricted funds Restricted funds 136,031 84.004 71,435 655,296 207,466 739,300 220.035 726,731 946,766 -24-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support Governance costs costs 2023 2022 Staff costs Other staff costs Advertising, postage and stationery Miscellaneous Insurance and premises cost Bank charges Telephone and IT costs Room hire and meeting expenses Subscriptions and memberships CIT evaluation 103,074 1,660 1,952 678 2,898 761 1,588 404 5,315 4,000 1,329 104,403 1,660 1,952 678 2,898 761 1.588 404 5.315 4,000 99,549 730 3.899 647 2,521 1,094 2,792 346 5,426 Audit fees 8.798 8,798 8,196 122,330 10,127 132,457 125,200 Analysed beeen Charitable activities 122,330 10,127 132.457 125,200 Governance costs includes payments to the auditors of £8,798 (2022 - £8,196) for audit fees. Employees Number of employees The average monthly number of employees during the year was.. 2023 Number 2022 Number 14 14 Employmenl costs 2023 2022 Wages and salaries Social security costs Other pension costs 389,822 41,083 37,134 377,573 37,101 36,254 468,039 450,928 No employee received remuneration amounting to to more than £60,000 in either year. Total remuneration payable to key management personnel in the year was £59,702 (2022 - £56,864). -25-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trustees None of the trustees (or any persons connected with them) received any remuneralion or benefits from the charity during the year. 10 Tanglble fixed assets Freehold Flxturè$ and proporty fittings Computer equlpm•nt Office equipmfjnt Total Group Cost At 1 April 2022 Additions 3,315,747 193,881 685 25,118 3,646 144,073 23,015 3.678,819 27,346 At 31 March 2023 3,315,747 194,566 28,764 167,088 3,706,165 Depreclatlon and Impalrnient Al 1 April 2022 Depreciation charged in the year 575.479 66,315 155,980 7,626 16,400 4,252 142,848 3,363 890,707 81,556 At 31 March 2023 641,794 163,606 20,652 146,211 972,283 Carrylng amount At 31 March 2023 2,673,953 30,960 8,112 20,877 2,733,902 Al 31 March 2022 2,740.268 37,901 8,718 1,225 2,788,112 Computer equipment Total Company Cost At 1 April 2022 Additions Disposals 6,187 6,187 Al 31 March 2023 6,187 6,187 Depreclatlon and Impalmient At 1 April 2022 Depreciation charged in the year Eliminated in respect of disposals 6,187 6,187 Al 31 March 2023 6,187 6,187 Carrylng amount Al 31 March 2023 At 31 March 2022 -26-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Fixed Asset Investments Company East Belfast Community Development Agency is the sole member of Templemore Avenue School Trust, a company incorporated in Northem Ireland and limited by guarantee. The principal activity of Templemore Avenue School Trust is the operation of East Belfast Network Centre. The registered office of Templemore Avenue School Trust is 55 TemplemoreAvenue. Belfast, BT5 4FP and its results are consolidated into these financial statements. 12 Debtors 2023 2022 Amounts falllng due wlthln one year: Group Prepayments and accrued income 38.323 30,008 Company Prepayments and accrued income 27,590 24,187 27,590 24,187 13 Credltors: amounts falllng due wlthln one year 2023 2022 Group Other taxation and social security Accruals and deferred income 3,287 12,095 1,090 12,099 15,382 13,189 Company Accruals and deferred income 3,000 3,001 3,000 3,001 -27-
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EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Explanatory notes to the funds Unrestrlcted Funds Accumulated eneral fund This fund is expendable at the discretion of the directors. Included within general funds carried forward is £81,29512022 - £93,728) relating to the parent company. During the year funds totalling £44,617 were transferred from unrestricted funds to restricted funds. This reflected restricted fund balances that were shown in the financial statements where no restricted amounts remained unspent. Restrlcted Funds Core Activili Grants This funding from Belfast Cily Council and Department for Communities covers core staff costs and running costs. Also Capacity Building programme and Youth Development Progfamme. E t B Ifast Network Centre Managed by East Belfast Community Development Agency on behalf of Templemore Avenue School Trust providing office space for 11 organisations. Also room hire to communilylvolunlary and Statutory organisations. SIFe nt fund This fund relates to 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. Health develo ment ro This funding from the Public Health Agency and small one-off health related grants provides improvement and investment in heallh, to impact on the social wellbeing of the community. TE ommunities in Tfansition This contract was awarded for a Heath and Wellbeing Programme in the East Belfast Cit areas. BCC - Covid-19 Funding from Belfast City Council to provide funding lo community sector organisalions in each area of Belfast to provide relief from hardships being experienced in the community as a result of Covid-19 pandemic. BCC - Hardshi fund Funding from Belfast City Council to deliver gaslelectric top-ups for qualifying residents in East Belfast. 16 Flnanclal commitmentsy guarantees and contlngent liabllitles A portion of grants received may become repayable if The Agency fails to comply with the terms of the letter of offer. -29-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Taxatlon The charity is exempt 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. 18 Analysls of net assets between funds Unrestrlcted Restrlcted funds funds 2023 2023 Total Total 2023 2022 Fund balances al 31 March 2023 are represented by.. Tangible assels Current assetsl(liabilitiesl 38,388 2,695,514 203,129 60,947 2,733,902 264,076 2,788,112 238,489 241,517 2,756,461 2,997,978 3.026,601 19 Retlrement benefit schemes Deflned contrlbutlon schemes The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profil or loss in respect of defined contribution schemes was £37,134 {2022 - £36,254). 20 Relatod party transactlons There were no disclosable related party transactions during the year (2022 - none). 21 Condult fundlng The Agency is responsible for receiving and distributing funds on behalf of the Department for Communities. £318,266 (2022 £264,926) was received and distributed during the year and no balance was held in relation to these monies at 31 March 2023. 22 Cash generated from operatlons 2023 2022 Deficit for the year {28,623) (126,973) Adjustments for.. Depreciation and impairment of tangible fixed assets 81,557 90,742 Movements in working capital.. {Increase)Idecrease in debtors Increase in creditors (8,315) 2.192 101,584 1,017 Cash generated from operations 46,811 66.370 23 Analysis of changes In net funds The charity had no debt during the year. -30-