EAST BELFAST COMMUNITY DEVELOPMENT AGENCY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestri¢tsd Restricted funds funds 2024 2024 Totsl Total 2024 2023 Notwd Incomo from: Donations and legacies Charitable activities 1,100 190.766 1,100 910,455 284 986,314 719.689 Total income 191,866 719.689 911.555 986,598 Charitable activities 190.402 713,687 904,089 1.015,221 other 12 543 759 1,302 Total Tesources expended 190.945 714,446 905,391 1,015,221 Net incominlOut9tslng) resources before transfers 921 5,243 6,164 {28,623) Gross transfers between funds 43,798 <43,798) Net incomel{expendiiurel for the yearl Not mov•m•nt in funds 44,719 {38.555) 6,164 {28.623) Fund balances al 1 April 2023 241,517 2,756,461 2,997,978 3.026.601 Fund balances at 31 March 2024 286,236 2,717.906 3.004.142 2,997.978 The slatemenl of financial activities includes all gains and losses recognised in the y8ar. All income and expenditure derive from continuing activities. The stalement of financial aclivilies also complies with the requirements for an in¢ome and expenditure account under the Companies Act 2006. 15-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed a$sets Tangible assets Current assets Debtors Cash at bank and in hand 11 2,663,570 2,733,902 14 60,488 294,408 38,323 241,135 354,896 279,458 Credltors: amounts falling due wlthln one year 15 (14.324) (15,382) Net current assets 340.572 264,076 Total assets less current Ilabllltles 3,004,142 2,997.978 Income funds Restricted funds Unreslricted funds 16 16 2,717,906 286,236 2,756,461 241,517 3,004,142 2.997,978 These financial statements have been prepared in a¢¢ordance with the provisions applicable lo companies subject to the small companies regime. The financial slatements were approved by the Trustees on . MeTvyn Gibson Trustee Catheri Truste rdy ompany Registration No. N1031089 16-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY COMPANY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notss Fixed assets Tangible assets Curr•nt asset5 Debtors Cash at bank and in hand 11 940 14 52,889 148,638 27,590 117,652 201.527 145,242 Creditors: amounts falling due within one yoar 15 {3,000) (3,000) Net current assets 198,527 142.242 Total assets less current liabiliti¢$ 199,467 142.242 Income funds Restricted funds Unrestricted funds 16 98,945 102,522 60.947 81,295 199,467 142.242 These finan¢ial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statem8nts were approved by the Trustees on .. 13.D..ecc Mervyn Gibson Trustee Catherine P Trustee Company Reglstration No. N1031089 17-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note$ Cash flow5 from operatlng actlvltles Cash generated from operations 23 66.757 46,811 Investing activities Purchase of langible fixed assets (13,484) (27.346) Net cash used in investing activities (13,484) (27,346) Net cash used in financing actlvltles Net increase in cash and cash equivalents 53,273 19,465 Cash and cash equivalents at beginning of y8ar 241,135 221,670 Cash and cash equivalents at end of year 294,408 241,135 18-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting poli¢ie$ Charity infomiation Easl Belfast Community Development Agency is a ptivate cornpany limited by guarantee in¢orporated in Northern Ireland. The registered office is 55 Templemore Avenue. Belfast, BT5 4FG. 1.1 Accounting convention The financial ststements have been prepared in accordance with Ihe charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charilies- Statement of Recommended Practice applicable to ¢harities preparing their accounts in accordance with the Financial Rep0-ng Standard applicable in the UK and Republi¢ of Ireland (FRS 102> (effective 1 January 2019) 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 charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial staternents have been prepared under the historical cost convention. The principal a¢¢ounting policies adopted are set out below. 1.2 Basls of consolidation The financial statements ¢onsolidate the accounts of East Belfast Community Development Agency and its subsidiary undertaking csubsid1a}. 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 accounl for the year dealt with in Ihe accounts of the charity was nel incoming resources £57,225 {2023- £29,382). 1.3 Golng Concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operalicnal existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or granlors as to how th8y may be used. Th8 PU08@s and uses of the restricted funds are set out in the noles lo the financial statements. 19
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Contlnued) 1.5 Incoming resources Income is recognised when thè charity is legally entitled to it after any performance conditions have been met, the amounts ¢an be measured reliably. and it is probable that income will be reived. Income tax recoverable in relation lo donations reiVed under Gift Aid or deed of covenant is recognised at the ts'me ofthe donation. Income tax recoverable in relation to investment income is recognised at the lime the investmént income is receivable. Other income is recognised in the period in which it Is recèivable and to the extent Ihe goods have been provided or on completion of the service. Vvhere funding is received and subsequently distributed to other organisations in accordance with the donorf$ instwctions it is treated a$ conduit fvnding and, therefore, is not recogni5ed in the Statement of Financial Activities. 1.6 Resources expondod Expenditure is re¢ognised once there is a legal or consttuctive obligation to Iransfer 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 is classified by activty. The costs of each activity are made up of Ihe lotal of direct $1$ and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single actiwty are alloGated directly to that 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 consist8nt 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 assefs use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and indude project management. Govemance Gost$ are those incurred in ¢onne¢tion with administration of the company and compliance with constitutional and statutory requirements. Charitable activities and Govemance Costs are costs incurred on the charivs operations, induding support costs and costs relating to the goveman¢e of the charity apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. 1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequenlly measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valualion of assets less their residual values over their useful lives on the following bases- Freehold property Fixtures and fittin9S Computer equipment offi equipment 2'/ts straight line 20QA reducing balance 250A straight line 20Qh straight line The gain or loss arising on the disposal of an asset is detemined as the difference between the sale proceeds and the carrying value of the asset, and 18 recognised in the stslement of financial activities. 20-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policios Icontinued) 1.8 Impalmient of fixed assets At each reporting end date, the thaiity reviews the carying amounts of its tangible assets to determine whether there is any indication that Ihose assets have suffered an impairment loss. If any such indication exists. the recoverable amount of th8 asset is estimated in order to detennine the extent of the impairment loss (rf any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing5 in current liabilities. 1.10 Financlal Instruments The charily has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instrurrents Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in Ihe charivs balance sheet when the charity becomes party to the contractual provisions of the instrum8nt. Financial assets and liabilities are offset, with the net amounts presented in th8 financial ststements, when there is a legally enforceable righl lo set off the re¢ognised amounts and there is an intention lo settle on net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently ¢arried at amortised cost using the effective interest method unless th8 arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basi¢ flnanclal liabilities Basic financial liabilities, including credilors and bank loans are initially recognised al transaclion pri unless the arrangement constilules a financing transaction, Whe Ihe debt instrum8nt 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 inslruments 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 cours8 of operations from suppliers. Amounts payable are classified as cuent liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recogni5ed initially at transaction price and subsequently measured at amorfised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contraclual obligations expire or are discharged or cancelled. 1.11 Employoe benefit8 The ¢ost of any unused holiday entillement is recognised in the period in which the employee's seIceS are reIved. Termination benefrts are OgniSed immediately as an expense when the charily is demonstrably committed to terminate the employment of an employe8 or to provide temiination benefits. 21
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounllng policies (Continued 1.12 Retirement benefits Payments to defined contribution retirement benefrt sdiemes are charged as an expense as they fall due. Critical accounting estimate$ and ludgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions al)out the carrying amount of assets and liabilities that are not readily app8nt from other sources. The estimates and associated assumpts.ons are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from th8se estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recDgnised in the period in which the estimate is revised where the revision affeots only that period, or in the period of the vIsion and future periods where the revision affects both current and future periods. Key 80urces of ostimation uncertainty Fixed Assets The annual depreciation charge on fixed a55els depends prirnarity on the estimated lives of eath type of asset and estimates of residual values. The directors regularfy review these asset lives and change them as necessary to relled Current thinking on r8maining lives in light of prospective economiG utilisation and physical condition of the assets concemed. Changes in asset lives can have a significant impact on depreciation and amortisalion charges for the period. Detail of the useful lives is included in th8 accounling policies. Donations and legacies Unrestrictad Unregtiicted funds funds 2024 2023 Donations and gifts 1,100 22-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activitie5 TAS TRUST East Belfast D#v•lopmont Totsl Total 2024 2024 2024 2023 Performance related grants Charitable rental income Other income 719,689 719.689 119.680 71.086 792,545 117,974 75,795 119,680 27.372 43,714 147,052 763.403 910,455 986,314 Analysis by fund UnStriCted funds Reslrided funds 147,052 43,714 719.689 190.766 719.689 193,769 792,545 147,052 763,403 910,455 986,314 Forthe year ended 31 March 2023 Unrestricted fvnds Restricted funds 144.842 48,927 792,545 193,769 792,545 144,842 841,472 986,314 Perfomiance related grants National lottery ¢ommunily fund DFC - Communily Empowerment Dibision 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 122,598 118,451 43,372 85,366 160,430 122.598 118.451 43,372 85,366 160.430 112,629 45,169 92,447 154,945 263,830 49,385 65,188 8,952 64.570 114,897 10,005 64.570 114,897 10,005 719,689 719.689 792,545 Nel movement In funds 2024 2023 The net movement in funds is stated after chargingllcrediting)-. Fees payable for the audit of the charity's financial stal8ments Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 5,340 82,515 1.302 5,082 81,556 -23-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees None of the Irustees (or any persons nnected with them) received any remuneration or benefrts from the charity during the year. Charilable a¢tivltles TAS TRUST East Belfast Develop 2024 Total Total 2024 2024 2023 staff costs Depreciation and impainnent Health development Programme Costs Adv8rtising, postsge and stationery Hardship Fund Travel and subslstence Catering ¢osts Insurance and premises costs General overheads Telephone CED Programme Promotional costs CIT expenditure 46.901 82,267 378,372 423,273 82,267 35,234 26,717 363.636 81,556 39,259 8,018 750 225.384 2,310 4,021 8,006 68,494 14,592 1,800 1,710 63,228 35,234 26,717 2.261 2.261 6,128 9,559 60,922 14,608 1,545 3,584 95,684 6,128 9,559 59,426 14,608 1.496 1.545 3.584 95.664 218.889 542.873 761,762 882,764 Share of support costs (see note 8} Share of governance costs (se8 note 8} 131.760 6.663 131,760 10,567 122,330 10,127 222,793 681.296 904,089 1,015,221 Analysis by fund Unrestricted fvnds Restricled funds 148.999 73,794 41,403 639.893 190,402 713,687 210,583 804,638 222,793 681.296 904,089 1,015,221 For the year ended 31 March 2023 Unrestricted funds Restricted funds 153,333 73,300 57.250 731.338 210,583 804,638 226.633 788,588 1,015,221 -24-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 2023 Staff costs Depreciation Other staff costs Advertising, postage and stationery Miscellaneous Insurance and premises Cost Bank charges Telephone and IT costs Room hi and meeting 8xp8nses Subscriptions and memberships CIT evalualion 106,590 248 2,025 3,042 551 3,185 756 3,012 178 4,923 7,250 1,323 107,913 248 2,025 3,042 551 3.185 756 3.012 178 4,923 7,250 104.403 1,660 1,952 678 2,898 761 1,588 404 5,315 4,000 Audil fees 9,244 9,244 8,798 131,760 10.567 142,327 132,457 Analysed belween Charitsble aclivilies 131.760 10,567 142.327 132,457 Governan costs includes paym8nts to the auditors of £9,244 {2023- £8.798) for audit fees. Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number 16 14 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 448.058 39,025 44,103 389,823 41,083 37,133 531.186 488,039 No employee re¢eived remuneration amounting to to more than £60,000 in either year. Tolal remuneralion payable to key management personnel in the year was £66.739 {2023- £66,382). -25-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxatlon The charity is exempt from income lax and capital gains tax to th8 extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year. 11 Tanglblè fixed assets Fweehold FIXr¢S and pr(•pgrty rittings Computer •quipm•nt Offlc• equipment T¢)tal Group Cost At 1 April 2023 Additions Disposals 3,315.747 194,566 5,838 (6,233) 28.764 3,299 (4,112) 167,088 4,347 {22,225} 3,706,165 13,484 (32,570) At 31 March 2024 3,315.747 194,171 27.951 149.210 3,687,079 Depreciation and Impalmient At 1 April 2023 Depreciation Charged in the year Eliminated in respect of disposals 641,794 66,315 163,605 6.533 {5.461) 20,652 4.442 (3,582) 146.211 5.225 (22,225) 972,262 82,515 {31,268) Al 31 March 2024 708.109 164.677 21,512 129,211 1.023,509 Carrying amount At 31 March 2024 2,607,638 29,494 8,439 19,999 2.663,570 At 31 March 2023 2,673,953 30,960 8,112 20.877 2.733.902 Compul¢r equipment Total Company Cost Al 1 April 2023 Additions Disposals 6,187 1,188 (1,560) 6,187 1,188 (1,560} At 31 March 2024 5,815 5,815 Depreciation and impairment Al 1 April 2023 Depreciation charged in the year Eliminated in respecl of disposals 6,187 6,187 248 <1,560) (1,560) Al 31 March 2024 4,875 4,875 Carrylng amount At 31 March 2024 940 940 At 31 March 2023 -26-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Other Unrestricted Restricted funds funds Totsl Total 2024 2024 2024 2023 Net loss on disposal of tsngible fixed assets 543 759 1,302 543 759 1,302 13 Fixed Asset Investments Company East Belfast Community Developmenl Agency is th8 sole member of Templemore Avenue School Trust, a company incorporated in Northern Ireland and limited by guarantee. The principal activity of Templemore Avenue School Trust is Ihe operation of East Belfast Network Centre. The registered offi¢e of Templemore Avenue School Trust is 55 T8rnplemore Avenue, BeFfast, BT5 4FP and its results a ¢onsolidaled into these financial statements. 14 Debtors 2024 2023 Amounts falllng due within one year. Group Prepayments and accrued income 60,488 38,323 Company Prepayments and accru8d income 52,889 27,590 52,889 27,590 15 Creditors: amounts falllng due within one year 2024 2023 Group Other taxation and social security Other creditors A¢¢wals and deferred income 3,287 1,425 12,899 12,095 14,324 15,382 Company A¢cruals and deferred incoffle 3,000 3,000 3,000 3.000 -27-
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EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Explanatory note5 to the funds Unrestrlcted Funds Accumulated neral fijn This fund is expendable at the discretion of th8 directors. Included within general funds caTried forward is £102,522 (2023- £81,295) relating to the parent company. During the year funds totalling £43,798 were transf8rred from reslricted fvnds to unrestricted funds. This reflected restricted fund balances where no fiJrth8r r8strictions remained on unspent amounts. Restricted Funds Core Acti s Grants This funding from Belfast City Coun¢il and Department for Communities covers Cre staff costs and running costs. Also Capacity Building Programme and YoLrth Development Programme. East Belfast Network Centre Managed by East Belfast Community Development Agency on behalf of Templemor8 Avenue School Trust providing office space for 11 organisalions. Also, room hi lo communtylvoluntary and Statutory organisations. Health develo ment ro This funding from the Public Health Agency and small one-off health related grants provides improvement and investment in health, lo impact on the SOCAal wellbeing of the community. TEO- Communities in Transition 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 to community sector organisations in eath ar8a of Belfast to provide relief from hardships being experienced in the community as a result of ¢ovid -19 pandemic. BCC- Hardshi fund Funding from Belfast City Council to delivar gaslelectric topups for qualifying residents in East Belfast. The National Lotte Communit Fund Funding awarded for Corllmunity Connections Programme which commenced in May 2023. 18 Flnan¢lal commitrnents, guarantses and contlngont liabilities A portion of grants received may become repayable if The Agency fails to comply with the lerms of the letter of offer. 29-
EAST BELFAST COMMUNITY DEVELOPMENT AGENCY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysis of net assets between funds Unrestficted Restrlcted funds funds 2024 2024 Totsl Total 2024 2023 Fund balances at 31 March 2024 are represented by: Tangible assets Current assetsl{liabilities) 41,668 2,621,902 2.663,570 244,568 96,004 340,572 2,733,902 264.076 288,236 2,717,906 3.004,142 2,997,978 20 Retirnment benefit schemes 2024 2023 Defined contrfbutlon schemes Charg8 to profjt or loss in respect of defined contribution schemes 44.103 37,134 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of Ihe scheme are held separately from those of the charity in an independently administered fund. 21 Related party transactlons There were no disclosable relaled party transactions during the year (2023 - non8). 22 Condult funding The Agency is responsible for receiving and distributing funds on bèhalf of the Department for Communities. £300,576 (2023 - £318,266) was received and distributed during the year and no balance was held in relation to these monies at 31 March 2024. 23 Cash generated from operatlons 2024 2023 Surplusl(deficit) for the year 6,164 (28,623) Adjustments for.. Loss on disposal of tangible fixed assets Depreciation and impaimient of tangible fixed assets 1.302 82.515 81,556 Movements in working capital.. (Increase) in debtors (Decrease)lincrease in credilors (22,165) (1,059) (8,315) 2,193 Cash generated from operations 66.757 46.811 24 Analysis of changes in net funds The group had no debt during the ye8r. -30-