Twaddell & Woodvale Residents Association statement of Financial Activities Year ended 31 March 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Note Income and 8ndowments Donations and legacies Charitable activities Inveslmenl income 1,937 72,108 273 233,675 235,812 72,108 273 124,040 189,189 54 Total income 74,318 233,675 307,993 313,283 Expenditure Expenditure on charitable activities Total expendlture 89,868 259,626 349,494 281,683 89,868 259,626 349,494 281,683 Net lexpendlturelllncome (15,550) (25,9511 141,501) 31,600 Transfers between funds 14,125) 4,125 Net movement In funds (19,6751 (21 ,826) 141,5011 31,600 Reconclliation of funds Total funds brought forward Total funds carried forward 52,688 21,826 74,514 42,914 33,013 33,013 74,514 The statement of flnancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitie5. The notes on pages 10 to 18 form part of these financial statements. Twaddell & Woodvale Residents Association Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 14 31,035 32,351 Current assets Debtors Cash at bank and in hand 933 31,959 559 78,701 32,892 79,260 Credltors: amounts falling due wlthln one year Net current assets 16 1,852 6,098 31,040 73,162 Total assets less Current liabilities 62,075 105,513 Credltors.. amounts falling due after more than one yéar Net assets 17 29,062 30,999 74,514 33,013 Funds of the charlty Restricted funds Unrestricted funds 21,826 52,688 33,013 Total charlty funds 20 33,013 74,514 These financial statements were approved by the board of trustees and aulhorised for issue on 30 October 2024, and are signed on behalf of the board by.. In Ande Trustee The noles on pages 10 to 18 form part of these flnancial statements. Twaddell & Woodvale Residents Association Notes to the Financial Statements Year ended 31 March 2024 Goneral information The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated, The address of the principal office is The Cabin, 3 Twaddell Avenue, Be5fasl, BT13 3LE. Statement of compllance These financial slatemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 1021 {Charilies SORP (FRS 102)) and the Charities Act {Northern Ireland) 2008. Twaddell Woodvale Residents Association meets the deflnilion of a public benefit entity under FRS 102. Accounting pollcles Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investmanl properties measured al fair value through income or expenditure. The flnancial statements are prepared In sterling, which is the functional currency of the enlily. Golng concern There are no material uncertainties about the charity's ability to contlnue. Disclosure exemptlons The charity has taken advantage of the exemption in SORP 2015 from the requirement to produce a cash f5ow statemenl because il is a small charity. Judgements and key sources of estlmatlon uncertainty The preparation of the financial statements requires management to make judgements, estimates and 8ssumplions that affect the amounts reported. These estimates and judgemenls 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 accounting Unrestricted funds are available for use at the discretion of the Iruslees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment, Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of Iwo sub-classes.. reslricled income funds or endowment funds. 10 Twaddell & Woodvale Residents Association Notes to the Financial Statements {conlinuedJ Year ended 31 March 2024 Accounti ng policies (continued) Incomlng resources All incoming resources are included in the statement of financial activities when enlillemenl has passed to the charity., il is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of enlillemenl lo the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement Is established. income from donated goods is measured al the fair value of the goods unless this Is impractical to measure reliably, in whioh case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when receiv&d if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of Se￿iceS is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT whioh cannot be fully recovered, and is classified under headings of the statement of financial act1Vlties to which it relates- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable Iradlng activities, and the sale of donated goods. expenditure on charilable activities includes all costs incurred by a charlty in undertaking aclivlties that further ils Gharilable aims for the benefit of its beneficiaries, Includlng those support costs and costs relating lo the governance of the charity apportioned lo charitable activitles, other expenditLJre includes all expenditure that is neither related to raising funds for Ihe charity nor part of ils expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs allribulable lo a single aclivily are allocated directly lo that activity. Shared Gosls are apportioned between the activities they contribute lo on a reasonable, justifiable and Gonsistenl basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded at the fair value al the date of revalualion less any subsequenl accumulated depreciation and subsequenl accumulated impairmenl losses. Twaddell & Woodvale Residents Association Notes to the Financial Statements (contlntsedj Year ended 31 March 2024 Accounti ng policies (Gonlinu8dJ Tangible assets (contlnuédj An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure within the slalement of financial activities. A decrease in the carrying amount of an asset as a resull of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other r8cognisod gains and losses on the statement of financial activities. Depreclatlon Depreciatlon is calculated so as lo write off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows.. Freehold property Plant and machinery Fixtures and fittings 20/0 straight line 80/0 slraighl line 8 % straight line Impairment of flxed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. For the purposes of impairment lesling, when il is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recovorable amount of the cash-gonerating unil lo which the asset belongs. The cash-generating unit is the smallest Identifiable group of assets that includes the asset and generates cash inflows that largely ndependent of the cash inflows from oth8r assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combinatlon, irrespective of whether other assets or11abilities of the charity are assigned lo those unils. Def Ined contrlbution plans Contributions lo defined conlrlbution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead lo a reductlon in future payments or a Gash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting dale in which the employees render the related service, the liability is measured on discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which il arises. Twaddell & Woodvale Residents Association Notes to the Financial Statements fcontinued) Year ended 31 March 2024 Donations and lega¢les Unrestricted Funds Restricted Total Funds Funds 2024 Grants TASCIT Belfast City Council International Fund for Ireland Capital Grant release CRC Community Foundation Avenue Recycllng 35,783 100,000 91,672 35,783 100,000 91,672 1,937 1,937 2,500 3,720 2,500 3,720 1,937 233,675 235,612 Unreslricled Funds Restricted Total Funds Funds 2023 Grants TASCIT Belfast City Council International Fund for Ireland Capita5 Grant release CRC Communlty Foundation Avenue Recycling 30,897 8,439 82,633 30,897 8,439 82,633 1,937 134 1,937 134 2,071 121,969 124,040 Charltable actlvitl8S Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Tickel InGome 72,108 72,108 189,189 189,189 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 273 273 54 54 13 Twaddell & Woodvale Residents Association Notes to the Financial Statements {contlnuedJ Year ended 31 March 2024 Expenditure on charitable actlvities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Activily Costs Support costs 89,868 256,680 2,946 346,548 2,946 89,868 259,626 349,494 Unrestricted Funds Restricted Total Funds Funds 2023 Actlvlty Costs Support costs 153,822 125,994 1,867 279,816 1,867 153,822 127,861 281,683 Analysls of support ¢ost8 Analysis of support costs Total 2024 Total 2023 Governance costs 2,946 2,946 1,867 Taxation The Charity's acliviti8s fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no laxalion charge in these accounts. 10. Net lexpenditure)Ilncome Net lexpendilurellincome is slated after chargingl(credlting)'. 2024 2023 Depreciation of tangible fixed assets 2,718 2,604 11. Independent examination fees 2024 2023 Fees payable lo the independent examiner for.. Independent examination of the financial statements 2,118 1,764 14 Twaddell & Woodvale Residents Association Notes to the Financial Statements (contlnued) Year ended 31 March 2024 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Employer Gontributions lo pension plans 70,977 1,379 71,361 1,359 72,356 72,720 The average head counl of employees during the year was 3 (2023.. 31. The average number of full-time equivalent ernployees during the year is analysed as follows.. 2024 2023 Number of staff No employee received employee benefits of more than £60,000 during the year (2023.. Nill. 13. Truste& romuneratlon and oxpenses A charity trustee was paid or received any other benefits from employment with the charity in the year lolalling £34,46312023', £29,577). 14. Tanglble fixed assets Freehold property Plant and Fixtures and machinery fittings Total Cost Al 1 April 2023 Additions 58,189 30,814 1,400 17,250 106,253 1,400 At 31 March 2024 58,189 32,214 17,250 107,653 Depreclatlon At 1 April 2023 Char9e for the year At 31 March 2024 34,433 1,455 26,147 607 13,322 654 73,902 2,716 35,888 26,754 13,976 76,618 Carrylng amount At 31 March 2024 22,301 5,460 3,274 31,035 At 31 March 2023 23,756 4,667 3,928 32,351 15. Debtors 2024 2023 Prepayments and accrued income 933 559 15 Twaddell & Woodvale Residents Association Notes to the Financial Statements (contiiiued) Year ended 31 March 2024 16. Credltors.. amounts falling due withln one year 2024 2023 AGGruals and deferred income Social security and other taxes 1,852 1,764 4,334 1,852 6,098 17. Creditors: amounts falllng due after more than one year 2024 2023 Accruals and deferred income 29,062 30,999 18. Deferred Income 2024 2023 At 1 April 2023 Amount released lo income 30,999 (1,937) 29,062 32,936 11,937) 30,999 At 31 March 2024 19. Pensions and other post retlrement benefits Def Ined contrlbutlon plans The amount recognised in income or expenditure as an expense in relation lo defined contribLltion plans was £1,379 (2023- £1 ,359). 20. Analysls of charitable funds Unrestricted funds At 31 March 202 Al 1 AprS12023 Income Expenditure Transfers General funds 52,688 74,318 {89,868) 14,125) 33,013 Al 31 March 202 Al 1 April 2022 Income Expenditure Transfers General funds 22,408 191,314 {153,822) 17,212) 52,688 16 Twaddell & Woodvale Residents Association Notes to the Financial Statements (continued) Year ended 31 March 2024 20. Analysis of charitable funds (contlnuédj Restricted funds At 31 March 202 Al 1 April 2023 Income Expenditure Transfers International Fund for Ireland TASCIT Belfast City Council Department of Foreign Affairs Northern Ireland Housing Executive Community Foundation Pears Project Community Foundation Bright Sparks Avenue Recycling 91,672 35,783 100,000 196,6951 (38,4231 1100,430) 5,023 2,640 430 5,201 {5,2011 405 (405) 13,150 (12,2521 1898) 2,500 3,720 {2,5001 <3,7201 {259,626) 21,826 233,675 4,125 Al 31 March 202 At 1 April 2022 Income Expenditure Transfers International Fund for Ireland TASCIT Belfast City Councll Department of Forelgn Affairs Northern Ireland Housing Executive Community Foundation Pears Project Community Foundation Bright Sparks Avenue Recycling 82,633 30,897 8,439 (89,8451 (29,5771 (8,4391 7,212 1,320 430 2,640 430 5,201 5,201 405 405 13,150 13,150 20,506 121,969 1127,861) 7,212 21,826 The transfer of unrestricted funds to restricted funds is to cover an overspend of restricted funds not covered by the funder. Therefore this spend was covered by the charity's general funds. 17 Twaddell & Woodvale Residents Association Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 21. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Credilors greater than 1 year 1,973 32,892 11,852) 29,062 31,035 32,892 11,8521 129,062) 33,013 129,0621 Net assets 33,013 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assgts 32,351 26,021 (6,0981 130,9991 21,275 32,351 79,280 16,098) 130,999) 74,514 53,239 53,239 22. Going concern The financial statements have been prepared on the going concern basis which assumes Ihat the charity will continue in operational existence for the foreseeable future. During the year the charity reported a net deficit of £41,501 for year ended 31 sl March 2024, the current level of free unrestricted reserves is £31,040 which is lower than the current level of reserves required by the Board. Since the year end the Iruslees hava continued to review the financial position of the organisalion, and are working towards generating new income sources lo improve the unrestricted reserve position and secure the organisation Into the future. 23. Contlngencies A contingent Ilability exists lo repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Truslees, the terms of the Letters of Offers have been, or wi11 be, complied with and no liabllily is expected. 18