Markets Development Association Annual Report and Unaudlted Flnancial Statements for the flnancial year ended 31 March 2024 Qu&rteY st Anne'8 Hou8a 15 Church StsTet Cathedral Quarter BT1 1PG Charity Number: 1072Q3
Markets Development Assoclallon CONTENTS Pago Trustees, and Other Infomiation Trustees, Annual Report 4.10 Statement of Trustees, Responslbilities Independent Examinels R8POrt 12 statement of Financial Activities 13 Summary Income and Expenditure Account 14 Balance Sheet 15 Noles lo the Finan¢lal Statam8nts 16-20
Markets Developrnent AsBociation TRUSTEES, AND OTHER INFORMATION Tru•tse8 Mrs Aine Brady (Chairperson) Ms Barnadette Dobbin (Wi¢e-ChaiTperson) Mr James Mooney ITr6a8urer) Ms Anne Campb611 {Se¢tplaryl Ms Geraldine Freel Ms Tra¢y Conlan Ms Ann Donnelly Ms Francès M¢Nally Ms Baara Leath6m Ms Eim&ar HaeY Charlty NuMr In Northern Ireland 107203 Prlnclpal Addrèss Markets Communily Cèntre 1 Mafk&t Streèt Belfast Antrim BT13JD Independent Examiner Quarter st Anne's Houge 15 Church Stre81 Cathedral Quarter BT11PG Prfn¢lpal Bankers Ulster Bank 11-16 Donegal Squar6 6tst Bolfast BT15UB Co-operative Bank 18 Done9all Squar8 North Belfast BT15GB
Markets Development Association TRUSTEES, ANNUAL REPORT for the finanGlal year ended 31 March 2024 Th6 tru8lee8 present their Trustees, Annual Report, combining the D1ctorS, Report and Truste, Report, and th& unaudited financial statements for the flnancial year oled 31 March 2024. The financial statements ara preparad in accordance wllh the Companies Act 2Wfj, FRS 102 Yhe Flnancial R6porttng standard applicable In the UK and Republic of Irèland" and Accounting and Reporting by Charflles.. Statwanl of R80)mmended Pracllce applicable to challties preparing their financial statement8 in accordance with the Financlal Reportino Standard applicable in the UK and Republlc ol Ireland {FRS 1021. Tha TNstees' Report cDnt8ins Ihe inforrnaiion required to be providèd In Ihe Trustees, Annual R8POrt uThler Ihe Statement of Recommended Practice ISORP) guldellnes. Thè trustèes of the charity are also charlty trust99s for th& purpose of charity law and under the chaNIy'8 con8titulion are known as members of board of trustee&. In this reportlhetrustees of Markets Development Assoclallon present a summary ol its purpose, govemanc8, activities, achievements and finan8 for the financial yaar 31 Malrh 2024. The charity is a registered dwrlty and hence th8 report and r@sUS arg presented in a form which o)rnplles wllh t requirements of th8 Companl&g Act 2006 and, although nol obliged to comply with the Statsmenl of Recommended Practi appIlble in the UK and Republic of Ireland FFIS 102, the organisatton has Implemented Ils recommeThJation8 where rel8vanl in Ihese finanaal ststements. Mlsslon, Obléctlve8 and Strategy Misslon StsteThent The Association is e8t8blisheLI to help poverty. reliove sickness aThJ Ihe eldety. Also, to prcmnole the benefil gf the Inhabitants of the Maet9 District and environs (hereinafl@r de8cribed as.the area of benefill wlhout dlsllnctlon of age, x, raca. pollttcal. rellglous or other opinion, by 8ssocialing with ststutory authorftles, voluntary organisation8 and Inhablt8nts in a common effort to advan employment education. and to provld8 facilities in the inlerests of social welfrdre for recrtation or other leisure-lme ottAJpallon wtlh the object of improving the condlttons of lits for th& satd inhabllants. OhjeGtives Loong FoNard: Plan8 for tha 202412025 Financl81 Year Community Wgalth Bulldlng.. Capital Projects., we loak fOard to se¢urlng full plannina p8rmi88ion on the Tunnals Prolect in the year 8head,' we also aim tu advan¢9 the hostsl prdect through the pl8nning teM and to complete the purchase of Ihe Convent School. We wlll also comm9n( the community engagement on specific devol¢pmenl sites in th8 community to feed into an ar6a regeneration plan. Houslng: The 94 ngw hom88 on the Gasworks sile should near completion of tha conslrucllon pha8e by the end of 24125. We will continue to work with resldenls to Idonllfy thelr housing needs and supportthem in a¢¢essing se¢ure affordable housing, We wlll also begin codeslgn se88ions with the Gommunity and relevant slatutory bodles re tl housing led reg8neration of th9 Stewart StrBet site. Edu¢ation.' STEAM Program.. The MDA are currenlly meeting with QCAP regardlng Ihe plan to r8-organi88 th8 program for young p@ople aged 8-12, with the alm lo introduce young people, who Dthenmise would not have the opportunity, to delve into theworld of sdence, technology, engineerlng, art8 and maths creating pathways into UcatIon and employment frorn a young age, building on th6 succe89 of the 23124 STEAM Schem8. Communlty Educatlon Programme.. After th@ succe$¥ of the Unblocking Potential students atknding the degree in the Unlv&rsity of UL5tsr, we hope to continue with thls type of educatlonal work. We ar6 currently exploring otsr pathways for regldenls lo get back lo and bulld on Ihelr edu¢ation and exploring owortunities for r8sldents to take part in cour808 simllar tr) the Unblocklng Potential ¢our8e, Communlty Development OCN and degr0e. The Education Adlon Group aims lo meet on a bi4nontrty basls and continue to work on a local lUCatIOn stratsgy and work with QCAP to develop a platse-b8s8d approach to providing Opponities. Creative Communit8,. We wlll laun¢h the exhibltlon ol our Creative Communltie6 programme in Aprll 2024, lollow9d by a toolkit launth and a community play later In the year. Research Olrtputs will also be publishéd as part of the project Th8 Educatlon Action Group- tho Education AGtion Group wlll C¥JnmenGg an Intensiv8 community codesign process in the 24125 financial year. Health.. The work Strands of the health plan have all been devglopèd and w8 arè well progressed on 5 out of 8 section$, We will contlnue wlth this Go-creatlon strategy throughout 2024125 as we engage with th8 young paople in the Community and so 8xpect more residellt lead inilialivos to Spring out of the Health Actlon Group. 8 Market residents, 2 MDA staff memberg and 6 Queens ¥taff. Family Support Group.. we ha establish a group which Indudeg a f8cilltatorand r8sldents who havé family members that havè problem8 with Substan use. The group have recelved training and capacity building 80 they can becom self-sustsinin Wo h¢ e kaders will 8m8 e from It lo hel e8tablish furlher rou s over the next lew y&ars. Ma6ting
Markets Development Assoclatlon TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2024 on a weekly ba8is & supported by a profèssional facililalor the members will receive tralning in how to cop0 bgttgr wSth family membets who have Substance use issues. The group have also been co Creatlng on the health plan and wlll 8UPPOrt the ¢realion of a second famlly support group. The gro will also a$slst us wlth setting up a male only FSG whlch we hopg lo have started by eady Spring 2024. 10 residents, 1 MDA staff, 3 QCAP stsff Communlty Organlsing & Engagement.. We will continu8 lo organl8e and engag8 with r8sidents In a vartety of InnoVate way$. We aim to Secure the fvndirvJ lo commence Phase111 of the Community Transformation Initiativ&. Festlvals & Evants.. The MDA has pursued varlous fvndlng streams lo continu9 Ihg annual festlva16 and programmes wlth the aim lo build on existing programme8 and 9row bigger, in¢ludlng Chrlsknas, Halloweèn, Summer InleNention. Summer fesdval and St Patiick's Day. as wall as a¢crulng a naw oohortof volunteers that have actively become involved to help organis8 and co-de8ign upcoming f6slivals and evonts. Partnership8-. We will lt[Thu8 to play an actlve part In all lh8 partnership8 we participata In. Queens Comrnunilies and Place.. We look forward to continuing our p8ttnership wilhQGAP, and the year ahèad should see a broadenlng of ils output as our Community Wealth Building strand teglns a more Intènsive public phasè lo compliment the work of the educailon and health strands. Félle na hAbhann.' The Féile na hAbhann commiltee meets throughout ts year, and plan8 for Félle na hAbhann 2024 have commèncèd with the initial funding application belng submltted and prcyected costs and activities in place. Again, Ihls is something that Iha pathership alms to grow on a yèarly basls. Cromac Reg&neration Initiative.. w@ aim to carry out a condition survey of GRI buildiro, as well as a SROI on ILS soual impact over tho firsl dgcado of its operations. Thls will sgNe as Ihe basis of developlng a strategic plan for the next decade. ISBNP.. we will continue to play an activ8 rolg in the ISBNP, WOTking with our partners In Donegall Pas a1 Lower Ormeau to advan the quality of life for all the communlty In Ihls part Df the Inner Clty. 8tructure. Governance and Managgment Structurg The Markets Devolopment Assodalon Gomprfses of14 COMM88 Memb8rs, 4 Full Tlme Staff. 1 Part Tim& Staff ICTI Support WDrker} and a pool of 2MO local voluntsérs. The Market D8v8lopmgnt AsSOa81ion (MDA) was e8tsbliyhed in 1995 to promote the wellkning of all r•sklents living in the Ma]ket area of SoLrth Belfast. It alms to develop the Cornmun Into ong whore wpla want to live, work and socialise. The MDA seeks to advocata on béhalf of the bjlarket community on socio-economic issues whlch Impact the r881donts, by 0ptIng a community development approach. The MDA engages with statutory agendes, govemm&nt deparbronts, political representatlves, the private sector aTrJ other stakehold@rs tr) advanr£ th8 development of Ihe Market area into a vibrant and sust31nab18 inner-clty working-cla88 community. The MDA aims to empower local community through the promotlon of arlive Gitlaenship within Ihe community and in the clty of Bglfasl. Th6 MDA strive8 for equallty, and for promatlng a rSghls-based approach when d8aling with the many 8DClO-econDmiG Issues Ihal impact the Mark8t community. Governance Th8 respon8ibilittes of the staff mambers ranye from engagemort consultation, lobbying, adviog and support, organising training and edwtional programmes, delivering health and well belng projects, campawJnlng for hr)using, prryrassing tho Market Regeneratton Plan, organising public meatings, applylng for funding for Qommunity initiatives such as 8umm&r Int8tV8ntion w)grammes, sea8on8I festivili6s and er)vironeIaI projects. In addition the MDA1s rgpresentpd on a varlaty of Boards induding SU Start th8 Housing Community Ne{ark, the Inner South Bèlfast N8ighbourhood Pathership and the Cromac Regeneration Initiative, which is a cross cL4nmunlly ent8rpri8e with the Matket, Donegall Pass and the Lower Omeau. The MDA works for the b8ltervn6nt of the Mawket area through partnership WOTklng and co-productlon of plans, proieots and proorammes with the Market residents. Review of Activities, Achievements and Performance The organisation works on the following core objectlV88: 1. Housing 2, Children and Youth 3. Health 4. Community Cohgslon. Cornmunity Relations aThJ Community Safety 5. Strategic Planning, CrmunItY Infrastru¢lure and Sustainability 6. Education, Training, Employment and Employabilty The MDA takes a holi8tlo approaGh to ta¢k5irvJ 8ev8ral, interlinkod inequalltles th9 area faG8s, realising that non8 of them be solved In18olallon or without the active involvement of resldents. This teport outlines the progress made on this work for the 202312024 financlal year. Community Wealth Buildir Our ComTnunlty Waalth Bijlldlng strand lakes in both physh21 r8g8neration and economic develorrtnent projects. and
Markets Development Association TRUSTEES. ANNUAL REPORT for the financial year ended 31 Marth 2024 ranges from support for Indivldua18 Wlth employabllity training, through to spatial planning and the dak)pment and dalivery of large economlc regeneration proje¢ts, Regeneratlon & Economlc Development St6ady progre$8 was mado on the r6ganorallon front th15 yearwith commencement of construction on 94 new homes ts the SQLrth of the aréa (see hou8ing, below). The Tunnel8 projeGI also made headway a5 8 full planning appllcallon was lodg&d In Octobar 2023 with Belfast Clty Coun¢il. and an updated Outline Buslness Case for the project commi88ioned that ernr. Th& prol6ct board meetings have a180 recLNMm8nc8d. A Preappllcation DIScLS1on on the concept plan8 for a b8ckp8cker hostel al the lunotlon of crom Streeuomeau Avanue wa8 also lodged with Council plann8rs. Mganwhil& a commitment br a £500,0(JJ investment toward the purchase of the Sussex Plac8 Convent School was seaured In January 2a24 via the Belfa51 Clty cn(l Nelghbourhood Regeneration Fund. Employabllty Training Supportr. the amount of residents supported through employablllty trJlning dro)ed off precipitously this y8ar from an avoragg of 60 - 70 residents to a dozen. This was due to the ending of the grant to enable the support and the lgoing appliGatlon for successor fvnding. We are conftlent in Sring &Jdltlonal funding 88 the demonstrablytransforrnatlvg 6ffectthe programme has had on peoples Ilw is easlty d9monstrablo, For inslanca, review of the programme by Queens C(xnmuniiE$ and pla Indlcated that for every £1 Inves in the programm8. an addltlonal £3.68 was generated in soclal return. Rebullding th8 Local Economy: we GEO3] off tho collection of the Rabuilding the Local EGonomy survey early in the 23124 financial yoar. 14Ve collected 307 surveys In all. whlth equates to 12'A of Ihe local population or 4¢¥A of households. This is a cornprehensive dataset far the area, and the re8ponses to the 170 qugstlons are a tr8m8ndoug resource for future organising and programm8 interventions in the ¢ommunity. Housing 94 Now Homes b&Jin construction: a8 noted above. the new houslng development in the south of tha o)rnmunity Commence coNslru¢tion in August 2023. We hav6 been w01ng cSo$ely with the developer, Radius Housing, and contractor, Kelly Bros.. to comrnunicat@ with re8idenis, as well as leverage in trainlng and employment opportunllles. Resident Support.. throughout 23124 housing remained a key aff a of support to our sIdents. We 3UPPOrted 184 resldanls on a vari8ly of housing i9gues, which Included repalrs, transfer8, homelessness aGcessing hou8lng. Education Communlty Education Programme,, in partnershlp with Ulstsr Univs1tY we ran a 10 weeklong Goursa on Unblocking Potential. a qualificatlon whieh Is designed to develop o)nfiden¢e and maximl88 learning potsntial. This course ¢reatss a direct pathway into the Community Development Degree at Ulstar Unlveryity, in June 2023, 10 residants completed thi5 course with e of ihem progressing onto the degree in September 2023. There arè now (yjrranlly 10 students acros5 first and second y&ar, building 8ki11s and knowledge around developlng projects, facilltsting events, app for fundlng oppDrtunllie8, and creating opporiunities for themselv68 In terms of self-developmant and aducallon. Education Acilon Group= The Education Action Group has ts)ntlnued to meet and in th& 23124 financlal year has bagun to convene An Education Providers Forum with local schools and other education stakeholders. It has also bèén planning a 8erie8 of thomatiG co-de8lgn wotkshops lo engage the wlder communlty on key aSPeGts of education. The MDA have liai8ed with congthjction staff ofthe Kelly Brothers, who have been developing the houses on th8 Gasworks 811e. The firm have agreed to carry out in-klnd Maintenan jobs on tha Sch¢18 and Sure Stsrt to carry out repaits and upgradé toc81 faclliti8s whilst they are working wthin the community- IT OCNICour88 with W5.. MDA and residents mat with VV5 LIFE lo co-dèvg1¢Jp an accreditèd acN program in IT. Residents thal attending the Community Development Degre8 took part In the codesign and cornplotd tho Cours¢. Residents Kjentified treir indmdual need8 and how they can be supported with thelr studies. Tho pilot program will continuo into the next financlal year. STEAM Program.. In partnershlp with partn8rs at QCAP, the MDA organi5ed a dedi¢Ated wèek long program focused on young people and STEAM subJ"ects. The pr¢gram was aimed at 8-12 year olds, who otherwise would not have the opportunity, lo acce85 the workl of Scien. Technology, Engineering, Art8 and Maths. The wÈok Includ8d, tiips to Queen'8 Universlty Belfast explorfng rDbofjc8. sound and music, m¢dlcal laboratorlas, sea laboratories and mechanical engineering.. as well 88 trips lo the M8rble Aroh Caves, th6 Aquarfum, the beach and to finish the week oft, all Chltdren Invdved were gwen the opportunity lo offiaally graduate from Queen's Universlty Belfast forth)mpletlng the progrdm. This gives young rkople a chance to 8tart exploring pathway8 from a young age and in a fun way, gxplore edu(atlonal opportunlties.
Markets Development Assoclation
TRUSTEES, ANNUAL REPORT
for the financial year endod 31 March 2024
Haalth..
Thg Hgalth A¢lion Group has continued to meet, and ha3 overseen thè Work OU1n¢d bélow.
Subslanct Use Education program.. The Actlon Group has moved car8fvlly through 2 $8parats co.creallr)n
sesslons with 35 rèsld6nts. Thè goal is lo develop a programme that enhances the community's understandlng of the
188ue,18arn ways to a(Idr&s8 them, and then deslgn Solutions that fit the Market community and resid&nts' own p6rsonal
circum81ances. Many peoplg taklng part hav& had fftrsthand experfence with family Memb8r3 Suffering from substance
use and hav& used this to Infomi us along the way. We will have further codeslgn sessions aftèr Ihls raporting period
with tho airn of launching the program In early 2024. 35 r8sldents were involved In 2 wort
Markets Development Assoclatlon TRUSTEES, ANNUAL REPORT for the financial year ended 81 Marth 2024 exhibition to be launthed In April 2024. Festivals & Events.. Summer Intervention Programme: The MDA have conlinu6d to organlse posillve alternatives at conlentlous dates over the sumrner months. Thls summer intetvanllon indudos an ayvay day on the 12th of July and 8th of August to decrease thè ¢han¢& ol antl4ocial behaviour In the area. On July 12th, the MDA arranged a family trip for 170 local adults and children lo go lo Emerald Park, County Meath. This includ6d onty to th8 parf( and transport IheTr and back. Emerald Park offers many actlvltles to suit all agos, Including fairground rides, roller coasters, ¢lnemas, flight 8lmulator8, many play parks, clrcus activiues, 8hop8, rostauranls, a zoo and 8 farm 1¢h makes for an enjoyable family day out. In August 2023. the MDA organised a family trfp to Dublin Zoo 1704 residents as an approach to r¢du¢e bonfira relatd actwities lo¢ally. 11 was a positsve akomative as it includes aCtIe8 and restaurants, as well as the animals. These trips ware part of the Summer Intsrvenlion programmg and succossfulty, the were no disturbances localty in July or AUst 2023. Both trips were lunded £2500 each by Belfast City Council's Medium Grant the rem21nlng balance wa5 famity contrlbutions. Summer F¢sVal.. The Summer Festival 2023 was a suctss8ful week-lono programme wlth aCvItIeS for all ages. The week Includèd a fun day,. Including bouncy castles, lace painters. rtdes and food and drink with art attendance of approximatety 250; 8 eJnema trip. atteIed by 90 people., a pen8loners lunch in the community celllre attended by 60 senlor cltizens., an outlng to Lef8 Go Hydro for young people agBd 11-18. 45 young people took to the watèrs and a famlty trip to the Art( Open fami where families t(y)k part in various acllvlties,. allended by 70 residents. Ghrisknas Celebrations.. In Décember 2023 the MDA hosted two Chri¥lma8 celebrations in thg community. The first was a Chrlstmas Dinner for the Senior Cibzens of the area which InGluded a 3- course meal, te8lcoffee, mu91¢, ballots and blngo wlth tha alm to relntegrate local pen$ionBr8 Into the communlty POSt-Covid, and develop a safe and social space for our 8lderly lo engage. Secondly. the MDA organised a Santa Claus visit in the Ioc81 Gommunily ntre for lamilie8 and young paople to enjoy. The event Includod Sants and his grotto, a vi8it from the Grinch. hot chocolate maklng, reindeer food making, arts and crafts, Sanias Snow Globe, and refre8hrnents. The even19 were fvnded by Radius Hcbusillg, Sl Patiick's Llay.. The MDA Sl Patrl¢k's Day event Is an annual activity in St Malathy's Youth Club, which is a fun day which includes fac& paint, hair braiding, tradltlonal lrfsh muslc, Inflatables. ride along, baby soft play and food and refreshments. Queans Communit3 and Place IQCAP).. our QCAP partn6rshlp wth Qu88n's University Bollast IQUBI Gonlinud8 to prosper. The Market 18 the communlty, pla(*based QCAP approach 18 being piloted and is unlquely platyl to udllse the expertise and influence of QUB to fundamentally changg Outcomes in lh& area. Tho work of QCAP is particularly alIgnl wth the health, education and work strands abovè, and ha8 played an 8Ctive part in the community action groups. Other positive oulcomas from the parts)6rship, such 88 the Creative Communitifjg programme, are Ilsled alsawhere in this report Inner South Belfast NeighbDurho(yJ Partnership: The MDA is a board member of thè Inner SoLrth Neighbourh¢J)d Partnership, along with groups from Donggall Pass and Ihe Lower Ormeau. We as8iSt wllh the running of ils 4 sub-group.. Bullding Communiti88 2. Economic Development 3. Education & Youth Health & Wellbeing Tha ¢XOSS-communty body meets throughout tha yaar to Sharè Infomiallon & coordinate aCtilieS betNeen the 3 ar8as with some récent highlights being the Fuel Support schema that saw many Mark8t famlli68 b8nefil in difFicult financial times. Four MDA staff mgmb8r8 8tE Involv across Ihe subgroup5,
Markets Development Association TRUSTEES, ANNUAL REPORT for financlal y6ar ended 31 March 2024 alono with one resident. 24 meetings organlsed during the yaar invofvlNJ 68 member5, 41 of whom ar? communlty and 27 statutory represgntativ8s, In Dacambar of 2023 the MDA aloro wlth 4 Dther major Inner South groupg organisèd Partnarshlps first 8V6rloint f&sllv21, Christmas Fest 2023. The event was nded ljinUy by Ihg Nl Housing Exocutlve and 4 Soaal Housing pro7derS from their èxecutive Officg budgét C>f shared neighbourhood fundlng. It was a famlly focused gvont b8sid8 tha new MDA led housing dev81opment b6side the Gas Works and Included a large stage, 10 perfoer8, 15 entertainer8, food vendors and brought In over 1000 restdenls from the 3 nearby dlstrlcts inlo Inner souths flrst ever large scale cros6 community event Cromac Regéneration InltiaJve ICRII.. 18 a 80cial eoonomy prolect CO-own8d by the Market Development As8[atIOn, Lower Onreau R88idents Aotion Group and Donegall Pa3$ Communlty Forum, as the lead opmmunty-based r8generallon leads In their r&spectiV6 commuDilies. It Iransfoms a historfG Intorface sit8 at the jundion of Donogall Passlomeatj Road into a cross-community projectwhere residents and organisallDns from the three areas work, organise and edu(ats together. Féllè na hAbhann.' along wlth our community partners in the Short Strand Lower Ormeau Road. wg deliv8red the fourth annual 'Fe81ival of the River., This wa3 8 tremendous Suc5. and Is growing y&ar-on- year. qul¢kly &stablishing1ts81f as a hlghlight Df the Summor month5 in Belfast, despite its re¢ént provenanc6 and the inability to organise it in what would hav8 be6n its second year in 2020 due to thra81 of thè covld- 19 pendemic, The highlight cf ihe programmg was thè carnlval along th8 towp&lh itself on Sunday 6th August, attended by more than 10,0(K) people. This ybar, the evenl was extended onto the Ga8wDrks Land, increasing tha ¢apaclty of the day, increasing actsvibes and engaging more IoGal poopl8. Thoro added edutsational advi6$ suca as on Irlsh Languag& learning village, STEAM workshops, holistlG theraplas and arts and crats. This was followed by a tradIcal rnusl¢ concart In St Georg8'8 Mark8t on Tuesday 8th August with som8 of Ireland's fin8St Musldans, sueh as Klla. Th6 concert 8old-oul, with Over 400 people In sttendance. Foile na hAbhann Dffer8 a divelse, enjoyable and accessible prtyJramm8 for Inn&r City communities, in¢luding the Market, for whom such activlttes are usually an unaffordabla luxury. Its continued success demonstrates the appetite for suth actitIO8 wlthin the cMMunitY if they are made acce55lble and affordable. This ygars event was bigger and betterthaN ever as iwo new groups 50ined the partnership with St Malachy's GAC runnin9 the bar & An Droiehead organlsSng all th8 artist5. 600 ma81 rgsidents - 4 staff - 22 VDlunts8ts - 3 partner organisations from locallty - 100 non-residents voluntB6JB fM other aTras. Financlal Re¥lew The results for the financlal yéar ar6 set oul on page 13 and additional notgs are provid6d showbTrJ income and enditure in gr8ater detail. Results and Dlvldènds Al the end of the financial year the charity h88 assets of £12,07412023 £47,802) and liabilities of £3,47412023 £1,300}. The net assgts ol th8 Gharfty have dacreased by £137,902). Reserve$ P081tion and Policy Reserves are nee(bd to bridge the gap beknNe8n sp&ndlng 8nd reviewing inGDme, to cover unplanned emargancy repairs and other unfore5e8n &xpenditur8. In the Trustee's view, the reseNes shc)uld proiride thé charity with adequats financSal slability and the means for it to meet Ivg charitable advltles for th8 foresegable future. The unrestricted reseN68 of MarKels Development AssoGiat*)n a$ at 31st Maroh 2024 are £193. The charlty has restricted r8serve$ tolalllrwJ £8,407 as at 31 st March 2024.
Markets Development Association TRUSTEES, ANNUAL REPORT for th6 financlal year onded 31 March 2024 Truotseg The trLBtees who served throughout the financial yoar, 8x¢epl as notsd, wer6 as follows.. Mr8 Aine Brady IChalrper$onl M$ Bernadetlo Dobbin Ivice~Chairper8on) Mr Jam88 Mooney ITr9asurer) MS Anne Campbg11 <Sectary) Ms Geraldine Freel M8 TraLy Conlon M8 Ann Donnelly Ms Franc&s McN&lly Ms Barbara Leathem Ms Eim&ar Hargoy In accordance with tho Consllttjtion, th6 Iru8tee8 r6tlr6 by rotstion and. being ellglblts, offer them991v68 for r8-el¢ction. Compllan¢e with Sg¢tor.Wld¢ Leglslatlon aiid Standarts The Charity engagès pro-actively with legislaton, standard8 arKI code8 which aro devolowl for th8 S&¢toi'. Marf¢gts Development Association subscribe8 to and is ¢ompliantwilh the following: Tho Companies knt 2006 The CharitiBs SORP IFRS 1021 Volunteerg Markets Devolopment8 Association is run on a day to ¢Jay b83is via paid staff. However. duè to the nature of th6 organi5ation boing gslabli88c5 by and for the communlly, the charity rèlios on unpaid volunteers to help with thè smooth runniry of events vla promplion. attendanc6 and hands on help. Thi8 culture of voluntsering 15 always encouraged by charity as we vth the proled as a citizen's pr(¥ecL Approved by the Board of Truslo@8 on 811112£)24 and 81gned on Its b¢hall by: Mr8 ine Brady {Chalrp¢rson Trusto r Jam98 Moon9y (Trea$urer) Tru8tse 10
Markets Development Association STATEMENT OF TRUSTEES. RESPONSIBILITIES for th6 financial yaar onded 31 March 2024 The trustees, who aro also dlreciors of Markeis Dgvelopmenl Association for th6 purposes of company law, arfy r8sponsib16 for preparlng the financial statement8 in accordan¢g with applicablo law and regulallons, Ccmpany law rgqulres tha tsuslees as the diraclors lo prepare flnanGial statements for each financial year. Under that law th6 truste88 hav8 818clad lo pr&par6 th& financial 8tat&ments in accordance with United lfjrydom Generally Acceptod AGcounting Practi* (Unlled Kingdom A¢¢ounting Standards and applS¢able law} including FRS 102 The Flnaneial Reporting Standard appllcable In the UK and Republlc of Irèland. S8ction 1A {Small Entilie81. Uler Gompany law the trL18tee8 must not approve the fy)ancial statements unl888 they are s8tisfied that thoy givg 8 tru6 and falr vlgw of the stale of afPalr$ Df Ihg company and oflhe profrt or loss of tho Gompany for that perlod. In pr&parlnu thesa Ilnancial statements, the truslees aro required to.. Soleot sultablè a¢wuntini policies and apply them ¢onsistsndy, Make ludgem&nts and estimat@s Ihat reasonable and prudèntr, state whether thè financial statements have been prepared In aC¢Ordan wtth the r&lovant financial reportlng frarnowork, idonllfy th08e slandard8. and note the effect and the reasons for any mat8ri81 dèpartur6 from thos& $tandards' a1 prepare the finan(ial statements on the going concern basis unless It Es Inapproprfate to pr98ume that tha charity wlll continu9 In opgratlon. Th8 trustees ry)nfirm Ihal Ihey have cornplied wlh the above requ1ments In preparlng the financial stst6ments. The trLlStee8 ar6 rewon8ible for keeping adoquatg accounting records that are 8ufficient to Show and explaln the chartty's tr&nsaclions and di3cIo$o With regsonable accuracy at any limo the Inancbl Frf)sition of the charlty arKI 6nabla them to ensure that the financlal statem9nts comply wlth. They are also responslblg for safeguarding the assets of Ihe charlty and h8nce for taking reasonable steps for th6 provention and d8teGlion of fraud and other iryularftles. Approvèd by the Board of Tru8t9e6 on IElii12024 and Slgned on Its behalf by.. no Brady {C Truste& rperson) Mr James Mooney (Treas Trusloe rèr) 11
Markets Development Associatlon INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF MARKETS DEVELOPMENT ASSOCIATION We have examlnod the finanual stalamonts of the charity for Ihe finandal year ended 31 Mgrch 2024, which comprise th8 Statement of Finan¢lal Activities, the Summary Income and Exp&ndlture Account, the Balance Sheet and the related notes. Thls report Is made solely to the charity's members, as a boty, in a¢cordance with Chapter 3 of Part 16 of the Companles Act 2006. Ourwork has been undertaken so ihatwe might (xjmplle the financial statsments thatwa hav8 been engaged to Gompile, report to the Board of Trustees that we have done 30, state thos9 rnalters that we have agreed to State to them in Ihls report and for no oth8r purpos9, To the fullest gxtent permitted by law, we do not a• or assume re8ponsbility to anyone other than the d)arlty and the cJ)arity's Mlr8, ag a body. for our work. or for this report. Respecdvé r8sponslblllUeg of trustees and examln8r The tharty's trustees (who are also the direGtors of the company for the purpo8as of company lawl ara respon8lble for the preparation of th& financlal statements in accordan¢e with the requlrements of tre Companies Act 2006. The charfty's trustees consider that an audit is not required forthis flnanclal year under Chaptsr3 of Part 16 ofthe Companie5 Act 2C atKI that an independent examinalion Is mqulrad. It is our r88pon8ibllity to- exavnine the financlal statements under SeGthn 65 of the Charikne8 Act; follow Iha procgdurns iald down by the general Direcligns given by the Charlty Commission for Northem Ireland und&r section e5{9llbl of the Charities Act, and Stale whether particular matter5 havo corne to our attsnoon. Basls oflndapendent oxaminerf¥ report We have examined your charlty flnancial ststemènts as required under se¢tion 65 of the Charitles Act and our examlnatlon was carrfed olll In accordance with the gene1 Direction5 given by the Charity Commission for Northern Ireland und8r 3ection 6519llbl of the Charities Act, An exarninatlon Includes a review of the a¢(wntsng 0)rdS kept by the Ghatity and a wmparison of the financial gtatemenlg prgsgnted with those record5. bt also includes consideration of any unusu81 Itéms or dlsclosures in th8 financlal ststemenls and seeklng 8xplanations from the trustees concerning any such matters. The procedureg undertaken do nol pro)ride all Ihe evld8nce that would be required In an audtt and ngequerrtly no oplnion is givgn as to whether the accounts pTrsent a 'true and fall view and th8 report is limited to those maltory6 set out in the statement below. Independent examlnols Statsmont In connection with our examination, no matter has com6 to our altantlon whlch giv88 us (ause to believe that In, any material re¥pect'. ac¢ountlng records re not kept in a(Lo[dan wilh gectton 386 of the Companias Act 2008 the financial stslements do not accord with thos8 accountlng records the financial ststements have not been prepared in 8cixbrdan with th6 accounllng fftqulrèmants of 88Ction 395 af the Companles Act 201A and with the m8lhod$ and principles of Ihe Slatem8nt of RecofftmeThJed Practi applicable to charitie8 preparing their a0Unts In accordance wllh the Flnancial Reporting Standard appll¢abla in thg UK and Republ of Ireland (FRS102) ther8 is rther Information needed for a proper understanding of lh8 accounts lo be reached. We have no conc8rns and hav8 como across no other matters Sn ¢onnection wTth tha examinatlon to which 8tt8ntion should ba drawn In Ihls report in order to enable a proper undgr5tandlng of the flnanclal 81at8mont5 to be reached, QUARTER st Anne's House 15 Church Street Cathedral Quartor BT1 1PG Dato: ... 12
Markets Development Association STATEMENT OF FINANCIAL ACTIVITIES for Ihe Ilnanelal year end8c£ 31 March 2024 Unrestrictod Rostrlcted Funds Funds 2024 2024 Totsl Unr&sMèd Restricted Funds Funds Funds 2024 2023 2023 Total Funds 2023 Notes Income Charltable a¢ilvlUos - Grants from gov&rnments and other co-funder5 21,894 181,841 203,736 33,315 270,801 304,116 Expèndlturè Charftable adivlllos 12,692 228,945 241,637 46,848 271.123 317,971 Net Incomellgxpenditurg) 9,202 (47,1041 (37,902) 113,533) 1322) {13,8551 Transfers befvKen funds Net movemènt In funds for the financial year 9,202 (47,104) 137,9021 113,5331 {322) 113,855) Reconclliatlon of funds: Total fvnd8 bgginning of th8 year 12 {9,0091 55,511 46,502 4.524 55,833 60,357 Total fund8 at the gnd of the year 193 8,407 B,600 lg.oooi 55,511 46,5(Y2 The Statement of Flnanclal A¢tlvllies inotudes all galns and losses recDgni88d in the financial ye8r. All income and oxp6ndlELJr& tBlata to continuing activilio5. Thè no16s on pages 16 to 20 form part of tho finan¢lo1 stalements 13
Markets Development AssociaOn SUMMARY INCOME AND EXPENDITURE ACCOUNT for the financlal ye8r end 31 March 2024 statement of Flnanclal Actlvlttgs 2024 2023 Gross income unraStrad ndS Re8trictsd fijnds 21,894 481,841 203,n6 304,11 Totsl IOrne Total expendlture 203,735 1241,637) 304.116 1317,9711 Net Incomellexpenditure) {37,9021 13,8551 The charity has no regniSed gains or1058es other than the tBsults for tha flnancial yoar. Th6 results forlhe financlal year have been Galculated on the historical cost basls. Thè nole8 Dn pages 16 10 20 form parl of the finandal slalèmants 14
Markets Development Assoclatlon Company Numbgr: BALANCE SHEET 8$ at 31 March 2024 2024 2023 Notes Flxed Assets Tanglble assets 1,739 2,318 Curr6nt A880ts Dobtors Cash al bank and In hand 17,93B 27,546 10,335 10,336 45,484 Cradltofd., Amounts falllng due wlthln one y6ar 10 {3,4741 (1,3001 Nfrt Curront A88ets 861 44,184 Total As¥ets less Current Llabllltles 8,600 46,5D2 Funds Restricted trusl funds Ganèral fund (Unrestrict£> 55,511 19,0091 193 Total funds 12 8,600 46,52 These flnanclal statgmgnts have been preparad in accoftlanco wlth the special provisions relating lo small companles wlthln Part 15 of th8 CDmpanie8 Act 2006. For thg flnancial year endad 31 Marth 2024 the ¢harity was entiued tD exemption from audit under se¢tlon 477 Df the Companles Act 20(K', and no notice has been deposited under 8e¢tion 478. The trustees confimi that the members ha not r8qulrad th6 company to obtain an aLKlil of its finanal statements for the financial year in question In 8ccord8nce with section 476 of the Companles Act 2006. The Iruslees ad<no%edge th6lr sponSibl11t18 for en8uring that thg charity keeps acwunting records whlch comply wlth section 386 and forprepafing financial statsmenls which giv6 a true and fair vlew oftha statg of affalr8 of the charity as at the end of the financial year and of its profit and loss for the finan(xal yéar in 8CLDrdanc8 with the requirements of sections 3g4 and 3g5 and whlch Oth&iSe comply with the requir8m8nls of the Companies Act 2006 r95atlng to financial statements. so far as applicable lo the charity. The financial statsments have been prepared In accordan with the provisions applicable b companles subject to th Small companie8, regime aThJ in accordan with FRS 102 'The Financial Reporting Stsndard applicabl& In the UK and Republic of Irela1 applying Section 1A of that Standard. Approved by the Board of Trustsos and authorised for156ue on bohalf by 1% I I l .Iiyi4 and 8lgned on Its Mrs Ine Brady (Chairpe Tru$tee r Jam88 Moon8y ITreasur8r) Trusts T nol&8 on pages 16 to 20 form part of Ihe financlal ststeNEnts 15
Markets Development Association NOTES TO THE FINANCIAL STATEMENTS for the finan¢lal year ènded 31 March 2024 GENERAL INFORMATION Market Developments Assoclallon is a registered charity in the unit Kingdom. Th& registerad office of the charity is l Market Stro6t. Belfa8t which ig also the prlnclpal pla(£ of business of charity. The finandal statements have been presented in Pound Starling 1£) which is also the functional currency of Ihs charfty- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accountlng policles have been applied consisiondy in dealin9 ItS which are considered mateiial in relation to the d)ariVs financial statements. Bas1$ of prepardtlon Th@ financial ststements have ten prepared on the golng concern basls under the hlstorical cost convention, modilied to include rtain items at fair value. The finanaal Statements have been Prepar In accordance wlth the Statement of Recommgnd8d Practice ISORPI 'knounting and Reporting by Charities pr8paring their accounts in accordance with the Finan(xal Reporting standa appll¢abl8 In the UK and Republic of Ireland FRS 102" apptying Section 1A of that standard. As porMNtad by the Companies Act 2006, the charSty has varied th6 standard lormats in that act for the statement of Financi81 Aclivitie5 and the Balance Shéet. D8partures from the Standard formats are to comply with the requirements of the Charldes SORP and are in compliance with 5e¢tton 4.7. 10.6 and 15.2 of that SORP. statsment of compllance Th8 linancial statements of the charity for the financial year end8d 31 March 2022 have been prepared on the goir¥J conGem basis and in accordance the Stat9mentof Recommgnded Practice {SORP)"Accounling and Rep¢rtlng by ChaTTtia8 prepaiing their accounts in aGcordance ¥th the Flnancial Reportlng St8ndard applicable in t1 UK and Republic of Irpland FRS 102 applylng S8Ctior$ 1A ol that S18ndarf. Fund accountlng The following arg Ihe ¢ategories of funds malntain8d'. Restrlct9d lunds Restricted funds represent income reIVed which ¢an only be used for particular purposes, as specified by tho donors. Su¢h purpos8s are wlthln the ovèrall objectives of the charfly. Unre5tri¢ted funds Unr¢slrict8d funds rAJnsist of Ganeral and Deslgnated funds. General funds represent amounts wh1( are expendable at Ihe discretion of the b08rd, in furthéran of the objecttves of the charity. Dosignated funds comprise unrestricted fvnds that the board has, at its discretion, set a8ide for partlcular purposes. These deslgnattons hav6 an admlnistrats've purpose only, and do n¢1 legally restiid the board'8 disctsllon to apply tho nd. Incomè Incomè Is tBcogni88d by indusion in the Stalement of Flnanclal AdvlNés only when the charity Is legalty enlltlèd lo the inme, porformance condltlons attathad to the item(81 of incame have been met, amounts involved Can be measured with sufficlenl reliability and it is prob8ble that thè Income will recelved by the charity, Income frorn charltable a¢tlvltlas Incom$ from charitab16 activities include income eaM from the suppty of setvices under contraclual arrangements and from perfomance relatsd grants which have wnditions Ihal specify the provlalon of particular 8ewlw to bè provlded by the Gharity. In¢xJme from government and other ¢o-funder8 is recognised when the tharty is18g8lly entitled lo the in(me because il Is fijlfllling the condit(on8 contained In the rfjlat fijnding agreements. Where a grant is receivgd in 2dvancA, its recognition is deferred and Includ In cr8dltors. 14knera entidament occurs bafore inCce Is received, it18 accrued In dgbtors. Grants from govgmm8nts and other co-lundors typillY include one of the followlng type8 of t*ndltions.' Performance based conditltsn8: whereby th¢ chgrty is contractually entided to fundlng onty to tho ¢Xt¢nt that the core objectlvas of the grant agreement aTr achieved. Where the charity Is meeling the core objeGlives of a grant agr8emenl, it re¢ogni3e8 the related e)oendiluro, to tha exient that it 1$ reimbursable by the donor. as infjome. 16
continued Markets Development Assoclatlon NOTES TO THE FINANCIAL STATEMENTS for the linanu81 year ended 31 MarGh 2024 -rime based condltlons: whereby Iha charSty Is {ntractuallY entltled to funding on the condition that it is utillsed in a particular period. In th898 ca8es the charily recogDi8es the income to the extent it Is ulili8ed within lh8 portod specified in the agreement, In the absence of such con(rrtions, assuming that r8c8ipI is probabl8 and the amount can be r81i8bly measured, grant Income Is rg¢ognSsed onc8 the charity is notified of entifjom¢nt. Grants received toward3 capital expenditure are credited to the Statement of Financial Actlvltles whan r8ceived or tB¢Olvable, whlchw&r is earllèr. Expendtture Expenditure 18 anatysed bets*n costs of charitable actlvit16s and ralsing fvnds. The costs of each actlvlly are 8eparately ac¢umulated and disclosed, and analysed according to thelr major comwnents. Eyndlturè is recognised when a legal or conslru¢tfve obligation exists as a result of a pa81 event, a Iransfer of econDmic benefits 18 reqLJired in setuement 2nd the amount of the obligation Can be reliably measured. Support casts are th08e functions that asgist the work o)f the tharily but cannot be attrlbuted to one activity. Such ¢osts ar& allocatsd to aclivilias in proportion to staff tim9 3panl or other suitable moasure for each actlvity. Tanglble flxed a88ets and depre¢latlon rangible fixed assets are staled at CDSI or at valuation, less accumulated depreciation. The charge to depwlation is calculated tD write off Ihe original cost or valuation of tanglNe flxed assetB, less their esfjmated rèsidual value, Dver their expectad useful lives as follows.. Fixtij8, littings and equipment 25% Reduclng Balance Deblor¥ Debtors arè recognlsed at the selllemenl amount due after any discount offarad. Prepayments ar8 valued at th8 amount pwaid net of any Irad@ dl8counl8 due. Income recognised bythe charity from govemm&nt agencies and other C¢>&funders, but not yet Geived at financial year end, ig induded In deblors. Cash at bank and In hand Cayh at bank and in hand comprises cash on dekX)git at banks requlrlro than three months notlc& of withdrawal. Taxatlon and deferred taxation No curr8nl or deferred taxation ali888 as the charity has b86n granted tharitable exomption. Irrecoverable valued added tax 15 expensed 88 incurred. Deferred tax18 recognlsed In ptOf all Ilmlng differances that hav& originaled but not reversed al thg balance 3heèt dale where trangaclions or eventg have occurred 8t that date that will result in an obligation to pay mora tax In the fulure. or a right lo pay less tax In the future. Timing differences ar& tMporary d1ffarenS bebNe6n tha charlty'8 taxable profi18 and Ils re8ults 88 8tated in the financial statements. Daferrod tax measurgd on an undlscountgd basis al the tax rates that are antidpated to apply in Iho periods In which th6 timing dlfferoncas ar6 exCted to JBverse, based on tax rate8 and laws that have been enacted or substantively enaGted by Ihe balance sheet date. INCOME CHARITABLE ACTIVITIES Unrestrl¢ted Restrlcted Funds Funds 2024 2023 Grants from govemments and other ¢o-fundern'. Income from ¢harltabla acliv5110$ 21,894 181,841 203,735 304,116 EXPENDITURE CHARITABLE ACTIVITIES Dlre¢t Cost5 othor costs Support Costs 2024 2023 Expenditu on Eharitable acliviles 92,234 149.403 241.637 317,971 17
continu?d Markets Development Association NOTES TO THE FINANCIAL STATEMENTS for financial year ended 31 Marth 2024 SUPPORT COSTS Charlt2ble AcliYltEes 2024 2023 General Offlce Depreciation Salari&s & other relat8d co8ls Bank charges IndeFendent Examination Professional Feos 14,153 679 134.604 67 14153 579 134,604 67 19,073 772 134,865 141 800 20,973 149,403 149,403 176,624 ANALYSIS OF SUPPORT COSTS 2024 2023 General Office Depredalton Salaries & other related costs Bank tharges Indep8ndent Examination Professional Fees 14,153 579 134,604 87 19,073 772 134,865 141 800 20,973 149A03 176.824 NET INCOME 2024 2023 Not In¢oma18 Stated after charylngllcredltlng}'. Depreciation of tsngible assels Independenl Examinals remuneration: - Indopendent examlnation $8rvKc88 579 772 EMPLOYEES AND REMUNERATION Number of employeos The average number of persons employed (including execudve Iru$taes} thè flnanclal year was a$ follows.. 2024 Numb8r 2023 Number Employees The 8tsff costs cornprise., 2024 2023 Wag08 and salaries soal Srity ¢ost5 Pènsion costs 114,132 5,796 9,049 115,763 10,891 8,211 128,977 134,865 18
conllnued Markets Development Association NOTES TO THE FINANCIAL STATEMENTS for the flnancial year end8d 31 March 2024 TANGIBLE FIXED ASSETS Flxthro$, flttlngs and Total G05t At 31 March 2024 28,6 28,695 Deprg¢iatlon At 1 April 2Q23 Charge for the fin8n¢lal year 26,3TT 579 26,377 579 At 31 March 2024 26,956 28,9S8 Net bookvaluè At 31 March 2024 1,739 1,739 At 31 March 2023 2,318 2,318 DEBTORS 2024 2023 Other d@btors Taxalion 8nd sooial 8erurity cosls 17,476 17,938 10. CREDITORS Amounts falling du8wlthln one year 2024 2023 Taxatlon and social sewrity c08ts Accrtrals and deferred income 2,174 1,300 1,300 3,474 1,300 RESERVES 2024 2023 At the b&glnning of the year Defioit for the financial year 46.502 (37,902) 60,357 113,8551 Atthe ond Dfth8 year 8,600 46.502 12. FUNDS 12.1 RECONCILIATION OF MOVEMENT IN FUNDS Unra8trlclad Restrlet#d Fund3 Funds Total Fund8 At1 April 2022 Movemont durfng the finanaal yèar 4,524 113,533) 55,833 13221 60,357 13,855) At 31 March 2023 Movement durirvJ thè flnandal year 19,0091 9,202 55,511 {47.104) 46.502 137,902} At 31 March 2024 193 8.407 8,600 19
continued Markets Development Association NOTES TO THE FINANCIAL STATEMENTS for the linanclal year ended 31 March 2024 12.2 ANALY81S OF MOVEMENTS ON FUNDS Balance l Aprll 2023 Income Expondlture Transfers between funds Balanco 31 March 2024 Restricted fund5 Natlonal LDtt6ry Community Fund Belfast Cty Council Department for Communltl&s Oth@r restricted funds The Exe¢utive Office 13,595 43,791 70,281 33,863 20,311 fj0,5g5 62.042 87.944 41,405 26,959 3.001 85 201 768 4,352 18,336 17,864 8,310 11,0(KJ 55,511 181,841 228.945 8,407 Unre5trl¢ted funds Unr8slrl¢ted General (9,009) 21,894 12,6W2 193 Total fund8 46,502 203,735 241,637 8,600 12.3 ANALYSIS OF NET ASSETS BY FUND Fixed assèts - charlty us¢ Current a880ts Current liabllitles Totsl Re8tricted trust funds 6,805 31,594 38,399 unres1ried general funds 1,739 3,530 <35,0881 {2g.7ggi 1,739 10,335 13,4741 8,6(M) 13. POST.BALANCE SHEET EVENTS There hav& be8n no significant events affecting the Charlty slnce the financAal year.end. 20