Twaddell & Woodvale Residents Associatlon Statement of Flnanclal Actlvltles Year ended 31 March 2023 2023 Restricted funds Totsl fundg Total funds 2022 Unrestrided fvnds Note Incomo and endowments Donatlons and legacies Charitable activities Investment income 2.071 189.189 121.969 124.040 189.189 233,598 36,269 25 Total Income 191.314 121,969 313.283 269.892 Exp8ndlture Exp8ndiiure on charitable activities Total oxponditure 153,822 153.822 127.861 281.683 262,037 127,861 281.683 262.037 Net Income 37.492 (5.892) 31.600 7,855 Transfers between funds {7,212) 7,212 Net movernent in funds 30.280 1.320 31,600 7.855 Reconclllallon of funds Totsl funds brought forward Total funds carrled forward 22,408 52,688 20.506 21,826 42,914 74.514 35,059 42,914 The statement of financial activities includes all gains and losses recognlsed in the year. All income arKI expenditure derive from contlnulng activities. Thg noles on pages 10 10 18 fonn part of these iln8nclal statoments.
Twaddell & Woodvale Residents Association ststernent of Flnanclal Position 31 March 2023 2023 2022 Note Flxed assets Tangible fed assets 14 32,351 31.835 Current asset6 Debtors Cash at bank and in hand 15 559 78.701 8.728 38,609 47,337 79,260 Credltors: amounts falling duo wlthln one year Net curront assots 16 6.098 3,322 44,015 75,850 73,162 105.513 Total assets less currnnt liabilltles Credltors: amounts falling duo aftar more than one year Net assets 17 30.999 32.936 74.514 42.914 Funds of the charity Restrtcted fund5 Unrestricted funds 21.826 52.688 20,506 22,408 Total charity funds 20 74.514 42.914 These financial statements were approved by th8 board of trustee5 and authorised for issue on 13 November 2023. and are signed on behalf of the board by: Colin Anderson Trustee The notos on pages 10 to 18 forni part of these ilnan¢lal ststsments.
Twaddell & Woodvale Residents Association Notes to the Flnanclal Statements Year ended 31 March 2023 Goneral Infomiatlon The Charfty is a public benefit entity and a registered charity in Northem Ireland and is unincorporated. The address of the principal office is The Cabin, 3 Twaddell Av8nue. Bebfa5t, BT13 3LA. Statement of compllance These financial statements have been prepared In compliance with FRS 102, The Flnancial RepDrting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicabl8 to charities wepaTlng their accounts in accordance with the Flnancial R8POrting Standard applicable in the UK and Republic of Ireland (FRS 102) {Charities SORP (FRS 102)) and the Charities Act (Northem Ireland) 2008. Twaddell Woodvale Residents Association meets the definilion of a public benefit entity under FRS 102. Accounting policies Basis of preparatlon The financlal statements have been prepared on the historical cost basi5. as modified by the revaluation of certain financial assets and liabilities and investment PToperties measured at fair value through income or exp8nditure. The financial staternents are prepared in 5terllng, which is the functional currency of the entEty. Going concern There are no material uncertainties about the charity's ability to continue. Dlsclosure exomptlons The charlty has taken advantage of th8 exemption in SORP 2015 from the requlrement to produce a cash flow statement because it is a small charity. Judgements and key sources of estlmatlon uncertalnty The preparation of Ihe financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund a¢countlng Unrestricted funds are available for use at the dlscretion of the twstees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for partlcular future project or commitment. Restricted funds are subjected to restrictions on thelr expenrfilure declared by the donor or through the temis of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 10
Twaddell & Woodvale Residents Associatlon Notes to the Financial Statements (conNnued) Year ended 31 March 2023 Accountlng poll¢les (contlnu In¢omlng resou0$ All incoming resources are included in the statement of financia5 activitias when entitlement has passed to th8 charity. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specifsc policles are applied to particular categori8s of income: Income from donations or grants is recognlsed when there Is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy Income is recognbsed when recelpt is probable and entitlement Is established. income from donated goods is m8asured at the fair value of the goods unless this is impractical to measure reliably. in whh case the value is derived from the cost to the donor OT the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured. No amount5 are included for the contribution of gen8ral volunteers, income from contracts for the supply of sernices is recognlsed with the delivery of the contracted seNice. This is classified as unrestricted funds un18SS there is a contraciual requirement for il to be spent on a particular purpose and turned if unspent. in which case it may be regarded as r8strlcted. Resourcos expendèd Expendilure is recognised on an a¢cwals basis as a liability is incurred. Expenditure includes any VAT which cannot be fvlly recover8d. and is classlfied under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising actNities, events. non-charit8ble trading acllvities. and the sale of donated goods. expenditure on charitable activities indudes all Costs incAJrred by a charity in undertaking activities that further its charitsble aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activitles. other expenditure includes all expenditure that is neither related to raising furKls for the charity nor part of its expenditure on Charitable activities. All Gosts are allo&ited to expenditure categories reflecting the use of the resource. Direct costs attributable to a singl8 activity are allOted directly to that activty. Shared costs are apporboned between the activities they ¢ontrTbuie to on a reasonable. justifiable and consistent basis, Tanglble assots Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impaiment losses. Any tsngible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impainnent105s8s. 11
Twaddell & Woodvale Residents Association Notes to the Flnanclal Statements f¢ontlnued) Year ended 31 March 2023 A¢¢ounling policies {conllnu4d) Tanglble assets (conllnuod) An Irrease in the carrylng amount of an ass8t as a resutt of a revaluation. is recognised in other recognised gains and losses. unless it rrSeS a charg& for Impairment that has previously been recognised as 8xp8ndltur8 Within the statement of financial activities. A decrease in Ihe Carrying amount of an asset as a result of revaluation, is recognised in other recognised galns and losses. except to which It offsets any previous revaluation gain, In which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an a55et, less Ils residual value, over the useful economic life of that asset as follovB: Freehold propety Plant and machinery Fixtures and fittings 20A straight line 89h straight line 8% straight Ilne Impalrnient of flx•d assets A review for indicators of impaimient is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Wher8 Ihe carrying value exceeds the recov8rabl8 amount. the asset is impaired accordlngty. Prior impaimients are also reviewed for possible reversal at each reporting dats. For the purposes of impairment testing, when it is not posslble to estimate th8 recoverable amount of an individual assel, an estimate Is made of the recoverable amount of the cash-generating unit to whlch th8 asset belong5. The cash-generallng unit is the smallest identifiable group of assets that includes the asset and generates cash infiows that largely independerrt of the $h infflows from other assets or groups of assets. For impalmient testlng of goodwill. the goodwill acquired in a business combination is. from the acquisition date. allocated to each of the cash-generating unils that are expected to benefit from the synergies of the combinatton, irrespective of whether other assets or liabilities of the charty are assigned to those units. Defined Contrfbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in whith the related service 15 provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in fuiure payments or a cash refund. When contributions are not expected to be settled wholly withln 12 rnonths of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recogni5ed as an experBe In the period in which it arises. 12
Twaddell & Woodvale Residents Association Notes to the Flnanclal Statements (contlnued) Year ended 31 March 2023 Donatlons and legaeies Unrestrfcted Funds Re5tri¢ted Total Funds Funds 2023 Grants TASCIT Belfast City Council International Fund for Ireland Capital Grant release Belfast City Council Woodval8 Festival CRC 30,897 8,439 82.633 30.897 8.439 82,633 1.937 1.937 134 134 2,071 121,969 124.040 Unrestrlcted Funds Restricted Total Funds Funds 2022 Grants TASCIT Belfast City Council Intemational Fund for Ireland Capital Grant release Belfast City Council Woodvale Festival CRC 30.897 4.514 120.309 30,897 4.514 120,309 1.937 75.941 1.937 75.941 77.878 155.720 233,598 Charltable actlvltles Unreslrfcted Total Funds Unrestricted Tolal Funds Funds 2023 Funds 2022 other Income Ticket Income 55 36,214 36.289 55 36.214 189.189 189,189 189,189 189.189 36,269 Investment Incom• Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 25 25 13
Twaddell & Woodvale Residents Association Notes to the Flnancial Statements fcontlnugd) Year ended 31 March 2023 Expondlture on charilable acllvltles by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Activity Costs Support costs 153.822 125.994 1,867 127.861 279,816 1,867 281.683 153.822 Unrestricted Funds Restricted Totsl Funds Funds 2022 Adivity Costs Support costs 98.859 161.418 1,760 260.277 1.760 98.859 163,178 262.037 Analysls of support costs Analysis of support costs Total 2023 Total 2022 Governance costs 1,867 1.867 1,760 Taxatlon The Charity's activities fall wlthin the exemptlons afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charg8 in these accounts. 10. Net Income Net income is stated after chargin(credIting). 2023 2022 Depreciation of tsngible fixed assets 2,604 2.410 11. Independent examlnatlon feas 2023 2022 Fees payable to the independent examiner for: Independent examination of the financial statements 1.764 1,680 14
Twaddell & Woodvale Resldents Association Notes to the Flnanclal Statements fconunuedj Year ended 31 March 2023 12. Staff costs The total stsff costs and employee beneffts for the reporting p8rfod ar8 analysed as follows: 2023 2022 Wages and salaries Employer contributions to pension plans 71,361 1.359 80.816 1,359 72,720 82,175 The average head count of employees during the year was 3 (2022: 4). The average number of full-lime equivalent ernployees during the year is analysed as follows: 2023 2022 Number of staff No employee reiVed employee b8neffts of more than £60.000 during the year (2022." Nil). 13. Trustee romunerallon and expenses A charity trustse was paid or received any other benefits from employment with the Charity In the year totalling £29,5TI (2022: £29.577). 14. Tangible fixed assets Freehold propety Plant and Fixtures and machinery fittings Total Cost At 1 April 2022 Additions 58.189 27.694 3.120 17.250 103.133 3,120 At 31 Mah 2023 58,189 30.814 17,250 106.253 Depreclatlon At 1 April 2022 Charge for the year At 31 March 2023 32,978 1,455 34.433 25.652 495 12,668 654 71,298 2,604 73,902 26,147 13,322 Carrylng amount At 31 March 2023 23.756 25,211 4.667 3.928 32.351 At 31 March 2022 2.042 4,582 31,835 15. Debtors 2023 2022 Prepaym8nts and accrued Income Other debtors 289 8,439 559 8.728 15
Twaddell & Woodvale Residents Association Notes to the Flnanclal Statements (¢onllnu¢d) Year ended 31 March 2023 16. Creditors: amounts falllng duè wlthln one year 2023 2022 Accruals and deferred Income Social security and other taxes 1.764 4.334 6,098 1,155 2.167 3.322 17. Credltors: amounts falllng due after morè than one year 2023 2022 Accruals and deferred income 30,999 32,936 18. Deferred Income 2023 2022 At 1 April 2022 Amount released to income 32.936 (1.937) 30.999 34.873 (1.937) 32.936 At 31 March 2023 19. Penslons and oth•r post retirement benefits Defined contribullon plan5 The amount recognised in income or @xpenditure as an expense in rdation to defined contribution plans was £1.359 (2022: £1.359). 20. Analysos of charitable funds Unrestrictsd funds At 31 March 202 At 1 April 2022 Income Expendlture Transfe General fijnds 22.408 191.314 (153.822) (7.212) 52,688 At 31 March 202 At 1 April 2021 Income Expenditure Transfe General funds 15.873 114,172 (98,859) (8.778) 22.408 16
Twaddell & Woodvale Residents Association Notes to the Flnanclal Statements (¢onllnu8dJ Year ended 31 March 2023 20. Analysls of charltable funds (conllnu Restrlcted funds At 31 March 202 At 1 April 2022 Incom8 Expenditure Transfers Internatlonal Fund for Ireland TASCIT Belfast Clty Council Department of Forergn Affairs Northern Ireland Housing Executive Community Foundation Pears Project 82.633 30,897 8,439 {89,845) (29,577) (8,439) 7,212 1.320 430 2,640 430 5.201 5,201 405 405 13.150 20,506 13,150 21,826 121,969 (127,861) 7,212 At 31 March 202 At 1 Aprll 2021 Income Expendlture Transfer5 Intemational Fund for Ireland TASCIT Belfast City Council Department of Foreign Affairs Northern Ireland Houslng Executive Community Foundation Pears Project 120,309 30.897 4,514 (129.087) (29,577) (4.514) 8.778 1,320 430 430 5,201 5,201 405 405 13,150 19.186 13,150 20.506 155.720 (163,178) 8.778 17
Twaddell & Woodvale Residents Association Notes to the Flnanclal Statements {¢ontlnued) Year ended 31 March 2023 21. Analysls of nat assots between funds Unrestricted Funds Restricted Total Fund8 Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Credltors greater than 1 year Net assots 32.351 26.021 (6,098) {30,999) 21,275 32.351 79,260 (6,098) (30.999) 74,514 53.239 53,239 Unrestricted Funds Restricted Totsl Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 31,835 24,929 (3,322) (32.936) 20.506 31,835 47.337 (3.322) (32,936) 42.914 22,408 22.408 18
Twaddell & Woodvale Residents Association Management Infomiation Year ended 31 March 2023 Th• followlng pages do not fann part of the financial statemonts. 19
Twaddell & Woodvale Residents Association Detalled Statement of Flnancial Activltles Year ended 31 March 2023 2023 2022 Income and endowments Donallons and legaclgs TASCIT Belfast City Council Intemational Fund for Ireland Capital Grant release Belfast City Council Woodvale Festival CRC 30.897 8,439 82,633 1.937 30.897 4,514 120.309 1.937 75.941 134 124.040 233.598 Charltable actlvltles Other Income Ticket Incorne 189,189 189.189 36,214 36,269 Investment Income Bank interèst receivable 25 Total Incorne 313.283 269,892 Expènditure on charitable actlvltles Activity Costs Activltles undertaken directly Wages and Salaries Pension Costs Light & heat Project Costs Sundry Transfèrs Staff Expenses Telephone offi Expenses Depreciation Repair5 & Maintenance Insurance Travel 71.361 1.359 1.739 190.761 4.012 131 1,207 973 921 2.604 80.816 1,359 804 164.132 1,325 2.375 891 781 2.410 3,573 1,161 650 4.748 279,816 260,277 Governance costs Govemance costs - accountsncy fees Bank Interest & Charg8S 1,770 97 1,688 72 1,867 1.760 Expendlture on char51able activities 281.683 262.037 Nel Income 31.600 7.855 20