Twaddell & Woodvale Residents Association Statement of Financial Activities Year ended 31 March 2025 2025 Restricted funds Total funds Total fijnds 2024 Unrestricted funds Incoine and endowments Donations and legacies Charitable aclivf(ies Investment income 2.853 47,451 221 209.176 212.029 47.451 221 235,612 72,108 273 Total income 50.525 209,176 259.701 307,993 Expenditure Expenditure on charitable activities Total expenditure 47.314 209,349 256,663 349.494 47.314 209,349 256.663 349,494 Net incomel(expenditure) 3.211 (173) 3,038 (41.501) Transfers baiween funds (1.594) 1,594 Net movement in funds 1.617 1,421 3,038 (41.5011 Reconciliation of funds Total fijnds brought forward Total fvnds carrled forward 33.013 33,013 74,514 34.630 1,421 36,051 33,013 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 18 form part of these financial statements.
Twaddell & Woodvale Residents Association Statement of Financial Position 31 March 2025 2025 2024 Fixed assets Tangible fixed assets 14 28,319 31.035 Current assets Debtors Cash at bank and in hand 15 933 35,888 933 31.959 36,821 32.892 Creditors: amounls falllng due within one year Net current assets 16 1.964 1.852 34.857 31,040 Total assets less current liabilities 63,176 62.075 Creditors: amounts falling due after moro than one year Net assets 17 27,125 29,062 36,051 33,013 Funds of the ¢harity Reslricted funds Unrestricted funds 1.421 34,630 36,051 33.013 Total charity funds 20 33.013 These financial statements were approved by the board of trustees and authorised for issue on 11 th November 2025 and are signed on behalf of the tard by.. tyJ-4 Valerie Briggs Trustee The notes on pages 10 to 18 forni part of these financial statements.
Twaddell & Woodvale Residents Association Notes to the Financial Statements Year ended 31 March 2025 General information The charity is a public benefft entty and a registered charity in Northem Ireland and is unincorporated. The address of the principal Offi is The Cabin, 3 Twaddell Avenue. Belfast. BT13 3LC. Statement of compliance These financial statements have been prepared in Complian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practi applicable to charrlies preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008. Twaddell Woodvale Residents Association meets the definition of a public benefft entity under FRS 102. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expendtture. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are material uncertainties about the charivs ability to continue. Disclosure exemptions The charity has taken advantsge of the exemption in SORP 2015 from the requirement to produce a cash flow statement because it is a small charity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management lo 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, includin9 expectalions of future events that are believed to be reasonable under the circumStans. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charitys purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted fvnds are subject&l to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sutrpclasses". restricted income ftjnds or endowment funds. 10
Twaddell & Woodvale Residents Association Notes to the Financial Statements (conllnued) Year ended 31 March 2025 Accountlng policies (contimi Incoming resources All incoming resourGes are included in the statement of financial aGtrvities when entitlement ha3 passed lo the charity: it is probable that the ecor)omic benefrts associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific polie5 are applied to particular categories of inLX)me: income from donations or grants is recognised when there is evidence of entiuement to the gift. receipt ts probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated g¢Jods is measured at Ihe fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to Ihe donor or the estimated resale value. Donated facilities and ServIS are recognised in the accounts when recetved rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a partular purtw and retumed rf unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilty is irbcurred. Expenditure includes any VAT which cannot be fully recovered, and is dassified under headings of the statement of financial activities to which it relates- expenditure on raising fiJnds includes the costs of all fijndraising activities, events. non-charitable trading activities. and the sale of donated goods. expenditure on charitable 8Ctivrf(ies includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising fijnds for the charity nor part of its expenditure on charitsble aotivities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accajmulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated Impalmnt losses. 11
Twaddell & Woodvale Residents Association Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (confrnued) Tangible assets (contlnu•dJ An incroase in the carying amount of an a689t a8 a result of a rovaluation, is racognisad in othgr recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result 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 recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to Write off the cost or valuation of an asset, less its residual value, over the useful econom lrfe of that asset as follows: Freehold propety Plant and machinery Fixtures and fittings 2% straight line 80k straight line 8% straight lin8 Impairment of fixed 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 carying value eXedS the rccovcrable amount. the asset is irnpaired accordingly. Prior impainnents are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the reVerable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The Cashenerating unit is the smallest identifiable group of assets that includes the asset and generates cash iTfflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goc*)Ivill. the goodwi15 acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefrt from the synergies of the combination. irrespectNe of whether other assets or liabilities of the charty are assigned to those units. Deflnod contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contrtbuiions are recognised as an asset to the extent that the prepayment y11 lead to a reductK)n in future payments or a cash refund. When Contributions are not expeeAed to be ¥ettled wholly within 12 months of thc cnd of the reporting date in which the ernployees render the related service, the liabilty is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which il arises. 12
Twaddell & Woodvale Residents Association Notes to the Financial Statements feonbnu Year ended 31 March 2025 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2025 Donatlons CRC 916 916 Grants TASCIT Belfast City Council Intemational Fund for Ireland Capital Grant release Comtnunty Foundation Avenue Recyding 35,364 86,821 80.591 35.364 86,821 80,591 1.937 2,500 3,900 1.937 2.500 3.900 2.853 209.176 212,029 Unrestricted Funds Restricted Total Funds Funds 2024 Donatlons CRC Grants TASCIT Belfast City Council Intemational Fund for Ireland Capital Grant release Community Foundation Avenue Recycling 35.783 100.000 91.672 35,783 100,000 91,672 1,937 2,500 3,720 1,937 2.500 3,720 1.937 233.675 235.612 Charltable actlvitiès Unrestricted Total Funds Unrestricted Totsl Funds Funds 2025 Funds 2024 Other Income Ticket Income 814 46.637 814 46.637 72.108 72,108 47,451 47.451 72.108 72.108 Investment income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest re1vable 221 221 273 273 13
Twaddell & Woodvale Residents Association Notes to the Financial Statements (C¢tinu•d) Year ended 31 March 2025 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Activty Costs Support costs 47.314 207,013 2,336 254,327 2,336 47.314 209.349 256.663 Unrestricted Funds Restricted Totsl Funds Funds 2024 Activity Costs Support costs 89,868 256,680 2,946 346,548 2,946 89.868 259,626 349,494 Anatysls of support costs nalysis of support costs Totsl 2025 Totsl 2024 Govemance costs 2.336 2.336 2.946 Taxatlon The Charitys aclivrties fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly. there is no taxation charge in these accounts. 10. Net in¢omel(expenditure) Net incomel(expendrture) is stated after chargin91(crediting): 2025 2024 Depreciation of tangible fixed assets 2.716 2,716 11. Independent examlnatlon fees 2025 2024 Fees payable to the independent examiner for. Independent examination of the finan(ial statements 1.946 2.118 14
Twaddell & Woodvale Residents Association Notes to the Financial Statements (contirniedj Year ended 31 March 2025 12. SLth costs The total staff costs and employee beneffts for the rewrting period are analysed as follows: 2025 2024 Wages and salaries Employer contributions to pension plans 84,263 709 70.977 1,379 84,972 72.356 The average head count of employees during the year was 3 (2024: 3). No employee received employee beneffts of more than £60.000 during the year (2024: Nil). 13. Trustee remuneration and expenses A charity trustee was paid or received any other beneffts from employment with the charity in the year totalling £34.463 (2023- £29.577). 14. Tangible fixed assets Freehold property Plant and Fixiures and machinery fittings Total Cost At 1 April 2024 and 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 58.189 32.214 17,250 107,653 35.888 1.455 26.754 607 13,976 654 76,618 2,716 37,343 27.361 14,630 79,334 Carrylng amount At 31 March 2025 20.846 4,853 2.620 28,319 At 31 March 2024 22.301 5,460 3,274 31,035 15. Debtors 2025 2024 Prepayments and accrued income 933 933 10. Greoltors: amounts falllng due wlthln one year 2025 2024 Accruals and defeed income 1,964 1,852 15
Twaddell & Woodvale Residents Association Notes to the Financial Statements f¢ontints8d) Year ended 31 March 2025 17. Creditors: amounts falling due after more than one year 2025 2024 AGGruals and deferred inGome 27,125 29,082 18. Deferred Income 2025 2024 At 1 April 2024 Amount released to income 29,062 (1,9371 27,125 30,999 (1,937) 29,062 At 31 March 2025 19. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expendiiure as an expense in relation to defined contribution plans was £709 {2024: £1,379). 20. Analysls of charitable funds Unrestrlcted funds At 1 April 2024 At 31 March 2025 Income Expenditure Transfers General funds 33.013 50.525 (47.314) (1,594) 34,630 At 1 April 2023 At 31 March 2024 Income Expenditure Transfers General funds 52,688 74.318 (89.868) (4.125) 33,013 16
Twaddell & Woodvale Residents Association Notes to the Financial Statements (continued) Year ended 31 March 2025 20. Analysis of charitable funds (¢ontinu•dJ Restricted funds At 31 March 202 Al 1 April 2024 Income Expenditure Transfers Intemational Fund for Ireland TASCIT Belfast City Council Department of Foreign Affairs Northern Ireland Housing Executive Community Foundation Pears Project Community Foundation Bright Sparks Avenue Recyding 80,591 35,364 86,821 (82.185) (33.943} (86.821) 1,594 1.421 2.5(M) 3.900 (2,500) (3.900) (209.349) 209.176 1,594 1,421 31 March 202 1 April 2023 Income Expendtture Transfers Intemational Fund for Ireland TASCIT Belfast City Council Department of Foreign Affairs Northem Ireland Housing Executive Community Foundation Pears Project Community Foundation Bright Sparks Avenue Recyding 91.672 35.783 100.0(XI {96,695) 138,423) (100,430) 5.023 2,640 430 5.201 {5.201) 405 (405) 13.150 {12.252) (898) 2,500 3.720 (2.500) (3.720) (259,626) 21.826 233.675 4.125 The transfer of unrestricted funds to restricted funds is to cover an overspend of restricted funds not covered by the funder. Therefore Ihis sperKI was covered by the charitvs general funds. 17
Twaddell & Woodvale Residents Association Notes to the Financial Statements (conrfnu8d) Year ended 31 March 2025 21. Analysis of net assots between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,176 35.400 (1.946) 27,143 1,421 28,319 36.821 (1,946) (27,143) 36,051 {27.1431 1.421 34.630 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Credilors less than 1 year Creditors greater than 1 year Net assets 1,973 32.892 (1.852) 29.062 31,035 32.892 {1,8521 (29,062) 33,013 (29,062) 33,013 22. Golng concern The financial statements have been prepared on the going conrn basis which assumes that the charity will continue in operational existence for the foreseeable future. The current level of free unrestricted reserves is £33.454 which is lower than the current level of reserves required by the Board. Since the year end the trustees have continued to review the financial postlion of the organisation and are working towards generating new income sources to improve the unrestricted reserve position and secure the organisation into Ihe bjture. 23. Contingencies A contingent liability e$ts to repay grants and Trust monies receNed should rtaIn conditions not be fulfilled by the charity. In the opinion of the Trustees. the tems of the Letters of Offers have been, or will be, complied with and no liabilty is expected. 18