CHARITY REGISTRATION NUMBER.. 107203 Mark~ets Development Association Unaudited Financial Statements 31 March 2025 Finegan Gibson Ltd Chartered accountants Causeway Tower 9 James Street South Belfast BT2 8DN
Markets Development Association Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent examiner's report to the trustees Staternent of financial activities 12 13 Statement of finaiicial position Notes to the financial statements 15
Markets Development Association Trustees. Annual Report Year ended 31 March 2025 The trustees present their report and the unaudiled financial statements of the charity for Ihè year ended 31 March 2025. Raforence and adminlstratlve detalls Registered charity name Markets Development Association Charlty registratlon number 107203 Prlnclpal office Markets C9mmunity Centre 1 Market %lreet Bplfasl BT1 3JD The trustee5 Mrs Aine Brady (Chairperson) Ms Bernadette Dobbin Ivice-chairporson) Mr James Mooney (Treasurer) Ms Anne Campbell {Secretary) Ms Gerdaline Freel Ms Tracy Conlon Ms Ann Donnelly Ms Frances McNally Ms Barbara Leathem Ms Eimear Hargey Independent examiner Conor Dolan FCA Causeway Tower 9 James Street South Belfast BT2 8DN Structure, governance and management Thè Market Development (The MDAI aims to empower the local community through the promotion of active citizenship within the communily and in the city of Belfast. The MDA strives for equality, and for promoting a righls-based 2pproaGh when Association {MDA} was established in 1995 to promole the well-being of all residents living in the Markel area of Soulh Belfast. 11 aims to develop Ihe communily into one where people want to live. work and socialise. The MDA seeks to advocate on behalf of the Market communily on socio-economic issues which impact the residents, by adopting a commLtnily development approach. The MDA engages wilh slatulory agencies, government departments, political representatives, the private sector and other stakeholders lo advance Ihe development of the Market area into a vibrant and sustainable inner-city working-dass cotnmunily in dealing with the many socio-economiG issues that impact Ihe Market communily.
Markets Development Association Trustees. Annual Report (continuéd) Year ended 31 March 2025 Objectives and activities The organisalion works on Ihe following wre objectives- 1. Housing 2. Children and Youth 3. Health 4. Community Cohesion, Community Relations and Community Safety 5. Strategic Planning, Community Infrastruclure and Sustainability 6. Education, Training, Employmenl and Employability The MDA takes a holistic approach to tackling %evDral, inlerlinked inequalities the area faces, i-LJalising Ihat none of them can be solved in isolation or without the active involvement of residents. This report outlines the progress made on Ihis work for the 202412025 financial year. Achlevements and performance Community Wealth Bullding Our Community Wealth Building strand takes in both physical regeneration and econcjmic development projects. and ranges from support for individuals with employability Iraining, through to spatial planning and the development and delivery of large economic regeneration projects. .Regeneralion & Economic Development: steady progress was made on the regeneration fronl this year with commencement of construction on 94 new homes to the south of the area {see housing, below). The Tunnels project also made headway as a full planning application was lodged in October 2023 with 3elfast City Council, and an updated Outline Business Case for the project commissioned that December. The project board meetings have also recommenced. A Preapplication Discussion on the concepi plans for a backpacker hostel al Ihe junclion of Cromac streetlormeau Avenue was also lodged wilh Council plannefs. Meanwhile a commitmenl for a £500.000 investment toward the purchase of the Sussex Place Convent School was secured in January 2024 via the Belfast City Council Neighbourhood Regeneration Fund. A furlher £300,000 from Communily Ownership Fund lowards purchase of the Convent School was secured on 19th December 2024. The full suite of application documents has now been completed and the process of Tender will take place in the next financAal year. .Funding has been secured through UKRI via The Young Foundation to fund a Communily Research Network Co-ordinator for a five year period. This role will involve working with six partner communities comprising of Ihe Market, Sandy Row, GTosvenor Road, Shankill Road. Donegall Pass and New Lodge with the aim of promoting cross community developmenl.
Markets Development Association Trustees. Annual Report (continued) Year ended 31 March 2025 Achievements and performance .Employabilily Training Support.. the amounl of resiijents supported through employability training droppèd off precipitously this year from an average of 60 70 residents lo less than 10. This was due to the ending of Ihe grant to enable the support and the ongoing application for successor funding. Funding has been secured from National Lottery Community Fund for a seven year project with £30,000 per year funding for Employability Training. This is hugely positive as the transformative effect the programme has had on peoples lives is easily demonslrabla. For instance, a review of the programme by Qup.ens Communities and Place indicated that for every £1 investe.d in the programme, an additional £3.66 was generaled in social retum. .Rebuilding the Loral Economy: we dosed off th8 collection of the R-buildinc tha Local EGonomy survey early in the 23124 financial year. We collected 307 surveys in all, whlch Équates to 120/0 of the local population or 49/0 of housaholds. This is a comprehensive dataset foi- Ihe area. and Ihe responses to the 170 queslions are a tremendous resource for future organising and programme inleNentions in the community. Dala from this sutyey was used to infomi various successful funding applications completed by MDA. Publications Grounds. A., and Murtagh, B {2024). Evaluation of the Market Communily Transformation Initiative. QCAP Research Evaluation completed on behalf of the Market Development Association Queen's Unlversity Belfast. Houslng .94 New Homes begin construction.. as noted above, the new housing development in the south of the communily commenced conslruclion in Au9USt 2023. We have been working closely with the developer, Radius Housing, and contraclor. Kelly Bros., to communicale with residents, as well as leverage in training and employment opportunities. In November 2024 the Housing For All advisory group was set up with the aim of developing a good relations and investment plan for the site with MDA undertaking a lead role within the group. .Resident Support.. throughout 23124 houslng remained a key area of support to our residents. W8 supported 184 residents on a variety of housing issues, which included repairs, transfers, homelessness and accessing housing.
Markets Development Association Trustees. Annual Report (Continued) Year ended 31 March 2025 Education .Education Action Group- The Education Action Group has continued to meet and in the financial year has begun to convene an Education Providers Forum with local schools and other education stakeholders. We have also ran 2 themalic co-design workshops to engage the wider community on key aspects of education. Further sessions will run through 2025-26 Gulminaling in an education strategy for the Market area. .The MDA hosted another cohort of 7 residents as they undertook the Ulster University entry level couroo for a community development dFgree "unblocking Potential" The students will work through the academic year theii decide if they cali and wish to go aheae. and begin the 4 year degree in Septc..mber 2025. The MDA still assists students who entered ihis course over the past 3 pievious years .STEAM Summer Scheme - The MDAJQCAP science-based Summer was a huge hit for the 2nd year runnlng as we brought 30 Mark81 kids on advenlure of discovery of human biology. space, time and more. The children visited.. 1. W5 and had a great day crealing their own video games. 2. An amazing day at the Armagh Observatory and Planetarium building rockets and discussing black holes with the students studying Ihem for real. 3. Day 3 was spent exploring the school of electronics, electrical engineering and computer science at Queen's Universily! 4. Another excellent day spent at the Queens University School of Nursing & Midwifery with lots of fulure health care workers! 5. Wonderful night at Queen's University last celebraling with an awards ceremony & dinner pul on by our partners in QCAP. 30 young residents, 10 resident volunteers, 2 MDA staff. 2 QCAP staff We plan to run a slighlly longer STEAM program in Summer 2025 and add in elements relating lo healthy eating. o Explore Our Universe - In April we ran a collaborative projecl with local STEM centre w% which included 30 local Ghildren. They took part in a workshop in the Market Cornmunity cenlre, looking at ways in which satellite imagery and data Gould be used to solve problems in the Market Community and surrounding areas. The kids then altended 2 days of workshops in W5 where they designed software to be used by such salellites. Big Data was tho theme of the program, and you would be amazed al how well our children understood the issues facing Iheir community and their imaginative attempts to find solutions. 30 young residents, 1 MDA staff, 4 resident volunteers, 5 W5 staff We will be meeting WS to explore further collaboraliv8 work during 2025-26 Publications Robinson, G (2024)- Towards an Inclusive Innovalion Ecosyslem for Belfast.. QCAP research briefing. hltps.. H8alth., .Market Heallh Action Group.. The Markel Health Action Group was established at the end of 2022, with monthly meetings laking place from then on. resulling in a steady momentum of programs and research developing, it's hard lo believe we have been going 2 years now. The Aclior) Group is made up of 7 Market residents, 2 MDA staff members and 6 Queens staff. The first steps taken were to create a Health plan which has resulted in 6 main areas of focus. It was the first MDAIQCAP action group to be be established and has grown in depth and scope Ihroughout the year. seè some of our updates belowl
Markets Development Association Trustees, Annual Report (continued) Year ended 31 March 2025 .Subslance Use Education program: The Action Group has moved carefully through 2 separate co-creation sessions with 35 residents. We developed a programme that enhances the community's underslanding of the issue, learn ways lo address them, and then design solutions that fit the Market community and residents. own personal circumslances. Many people taking part have had firsthand experience with family members suffering from substance use and have used this to inform us along the way. The program run 8 sessions throughoul 2024-25 wilh a mix of talks & workshops. We had haalth experts, staff and volunteers from frontline services like Extem and reps from Uppar Springfield Community showing us their own programmatic responses to Ihe issue. 35 residents were involved in 2 workshops with 6 QCAP staff and 4 MDA staff. The plan for 2025-26 is lo do a raview of how the SU Lducalion progiam. went Ikien lay out plans for how ils structuie could be improved for future roll outs in the Market and othei cominunities. •Family Support Group - The Family Supporl Group has been running for a year and a half now with weekly meelings to help familios understand and cope witk, the impacts of Substance Usc. Th& group wenl through 6 months of training workshops with facilitators brought in by our partners in QCAP. The membership has been steady with a large amount of trust being established wilhin th8 group and its fantastic QCAP guide Ann Campbell. The group have ¢ompleted a group Cognitive Behavioural Therapy 10 week course in the Autumn of 2024 and a 10-we8k 5 Steps to Wellbeing course in early 2025. 10 residents, 1 MDA and 1 QCAP staff We are seeking to Start a second family support group in 2025-26 but have already identified the lack of private and available space within the area as a big barrier lo Ihis. •Communily Wellbelng Kitchen - Another program co created by Ihe MDAJ QCAP plus residents was the hugely successful Community Wellbeing Kitchen. We where able to have the trial program in May and June in which 12 residents learnt a new meal each week from our own cooks, Marie Therese Smith and Tracy Conlon. QCAP brou9hl in experis in health and nulrilion each week to encourage interactive learning and resident ownership of this topic which is so vital to human health. The program ran again in in October and November with 2 programs on pèr week. Ahmed, an engineer by day, cook by night. look the group on a sensory journey through Medilerranean cuisine Palestinian slylel Assistcd by our two resident cooks the smells and flavours where so differenl and thc food Gook8d to such a high slandard that we will definitely be exploring more recipes from this region. We continued into eady 2026 with 2 more 4 week courses with 10 residents in 8ach. The two blocks focused on toddler nutrition followed by cooking on a budget. 65 residents, 2 local facilitators. 1 MDA staff, 4 QCAP staff supporling We have a full schedule planned out for 2025-26 Ihal will look at different aspects of nutrition and also bring in more multicullural cooks and recipes. .Men's Healthy Living Group: The group first met in May wilh 2 residents, a QCAP and an MDA staff member to look at options for attracting men into local health programs. A 4-month project was PLilled logelher with a weekly hiking group & weekly wellbeing workshop by Paddy Joe from ECA gym. Although the lads were meant to start off slow, they went up Slieve Donard on the first hike and couldn't slay away from Ihe Mourne Mountains thereafter. The group completed the program by doing thè 7X7s 26-mile Mountain Marathon Walk in August and as if that was not enough used it lo raise fund for the Joe Hanratly Plaque and the Mournes Mountain Rescue Charity Big Seany wouldn't be here without their help! The mens group relaunched in Autum 2024 with the beginning of somé co-design workshops and 5 steps to wellbeing program. 18 residents, 1 MOA staff. 1 QCAP staff The group have activities planned for 2025-26 including 5 Sleps lo Wellbeing training and group CBT therapy.
Markets Development Association Trustees. Annual Report (continued) Year ended 31 March 2025 .Sports Development.. We continued to support St Malachrfs GAC with its renewal. helping to leverage in funding for a Cul Camp for 59 children in August 2024, as well as supporting thè youth development programme every Thursday evening. .Resident Support- We had 18 residenls whom we assisted with health issues. This included help registering with the correct medical facilities. finding mental health services etc. .The other section of the Health Action Group plan which we will get started on in the next 2 years are- 1. Young people's health program co design workshops 2. Young women's mental health program Another point of note is Ihat since the statti of the action group and going into the future our University rlners have L)een running a Scoping RcAview - Assessing Impact CommuniiyIAcademic Parlnership which will give arinual data reporto on the >uccess and viability of all the prograrii sections. Publications Brady, A. & McGuigan, K. (2024). A People's Tapestry.. Sharing Stories, Breaking Cycles, Building Connections. CIP Case Study: Creative Communities (AHRC): Newcaslle. Available at-. https.. https.. Brady, A. and McGuigan, K. (2024). Northem Ireland Health & Wellbeing: Policy Paper. CIP Creative Communities (AHRC}.' Newcastle. Available at.. hltps.. M¢Guigan. K., Brady, A., Campbell, A., Loudon, E., Maguire, S., Morse, A., Higgins. K (2024). Feasibility testing of a community based, co-designed, substance use inteNenlion. QCAP Protocol. (Not for Public Dissemination) McGuigan, K., Brady, A., Campbell, A., Loudon, E., Maguire, S., Morse. A., Higgins, K12024). Feasibility testing of a Men's Support Group intervention for those with lived experience of SU issues. QCAP Protocol. (Not for Public Dissemination) Brady, A. {2024). Transforming Trauma.. Co-¢reating change through cullure with Aine Brady in Belfast {Nl). Creative Communities Podcast. Developed in collaboration with Creative Communities team (Norlhumbria University). MDA, Market communily resid8nls, with support from key partners including: Matt Faris, Pangur Ban. ArtEZ, and Market Youth Forum. Listen to the podcast.. htips.. Community Organislng & Engagement: .Community Transformation Initiative- £1.7 million pounds was secured from National Lottery Community Fund to commence Phase111. This included the funding of 5 new posts over a seven year period to oversee Community Development in areas such as Health. Education and Housing. £2 million pounds has also been secured from Urban Villagès to help with the regeneration of Ihe Tunnels Project. Co-Design for this site will take place in the next financial year. .Communily Action Groups.. The Health and Education Action Groups continued to meet, plan and deliver interventions in their respective areas, as outlined elsewhere in this reporl. .Christmas Hampers: We delivered over 170 food hampers to ev8ry family in the Market with a child under the age of 18. These were donated by Kevin McKay of Straben Ltd, in conjunction with Slims Healthy Kitchen. The hampers included all healthy options for dinners across the Christmas holidays and included the recipes for families to follow. The need for these hampers are identified due lo the ongoing cosl of living crisis and were greatly appreciated by the Gommunity. .Resident Support- We assistad 180 residents wilh a wid8 range of issues, from filling in passport forms, support with employmer)t training elc. We assisted residents in 22 cases which involved the Department for Infraslruclure. These included reporting blocked giillies. trip hazards on footways. pest infestations elc. We helped 55 residents with benefils advice and referred a further 30 lo South Belfast Advice seNice.
Markets Development Association Trustees. Annual Report (¢ofttlnuedJ Year ended 31 March 2025 .Crealive Communities= In conjunction wÉth our partners in QCAP, we delivered a pilot Creative Communities project entilled Using the Arts to Empower Communities to Break Cycles of Silence. This worked with two groups of residents youths and parents to explorè issues of community, place, trauma and addiction. Through a series of creative workshops and discussions, including drama and photography sessions, the residents pul together a joint exhibition which launched in April 2024. This exhibition attracted over 80.000 visitors and received positive news coverage from BBC NI. Festivals & Events: .Community Clean ups.. We urganised monlhly clean ups of the district from April 2024 to ptember. were able to mobilis8 0'4er 100 residents and organise the groups on a grid basis for clean up actions. We held la,-ge corriinunity dinners as part of th@ clean up and managod to foite.r terrific community spirit through the actions. .Summer Interv8nlion Programme: This started on 2nd July 2024 wilh a visit to Emerald Park. We look 4 bus loads of local residents for a day of fun and family lime. •Summer Festival: The Summer Feslival 2024 was a su¢cessful week-long programme with activities for all age5. The week included a fun day- including bouncy castles, face painters. rides and food and drink with an attendance of approximately 230,. a cinema trip. altended by 90 people., a pensioners lunch in the community cenlre attended by 68 senior citizens,. an outing to Dublin Zoo for young families, a family trip lo the aquarium and a family Irip lo Ihe Ark Open farm where farnilies took part in various activities,. attended by 70 r8sidents. .Christmas Celebrations: In December 2024 the MDA hosted Iwo Christmas celebrations in the ommunity. The first was a Christmas Dinner for the Senior Cilizens of the area which included a 3-course meal, lealcoffee, music, ballots and bingo to develop a safe and social space for our elderly to engage. Secondly, the MDA organised a Santa Claus visit in the local community centre for families and young people lo enjoy. The event included Santa and his grotto, a visit from the Grinch, hot chocolate making, reindeer food making, arts and crafts. Santas Snow Globe, and refreshments. The events were funded by Radius Housing. .Sl Patrick's Day.. The MDA St Patrick's Day event is an annual activity in St Malachy's Youth Club, which is a fun day which includes face painters, hair braiding, traditional Irish music, inflatables, ride along, baby soft play and food and refreshments. Partnershlps: .Queens Communities and Place (QCAP).. Our QCAP partnership with Queen's University Belfast (QUB) continues to prosper. The Markel is the community, place-based QCAP approach is being piloted and is uniquely placed to utilise the expertise and influ8nce of QUB to fundamentally chang8 outcom8s in the area. The work of QCAP is particularly aligned with the health. education and work strands above, and has developed a number of engaged research initiative e.g. Tackling Substance Use Together and the Community Wellbeing Kitchen. The Growing up in the Market study, a three-year longitudinal project, is also ongoing, to gather lived experience from the communily over time. However the findings from year one (20221 and year two (2023} have been used to inform the action working groups and the engaged research projects that havè therefore emerged. This extensive, longitudinal study involves over 60 children and their parents and is IraGking the parlicipanl's progress over several years in relation to key Iransilion points in Iheir èducation and life course. The year one summary of findings was published on the QCAP website, key strengths identified in the community were the slrong levels of social ¢ohesion and resilience. Koy
Markets Development Association Trustees, Annual Report (continu$d) Year ended 31 March 2025 challenges raised by residenls included Ihe increase of substance use in Ihe area, the concern around the cosl-of-living crisis, and educational under achievement both in the school leaving cohort and in the adu5t cohort. Each of these areas of concern was fed into the programmatic work of QCAP. In year two the findings have provided more nuanced insight into the lived experience of the commLAnity around these challenges areas as inteNenlions are happening. Year three dala took place at the end of 2024, returning lo the field with follow on co-designed questions from the community action working groups .Cromac Regeneration Inilialive {CRI): Is a social economy project co-owned by the Market Development Association, Lower Ormeau Residents Aclion Group and DonMgall Pass Community Forum, as the 1r.dd community-has-d regerieration leads iii their respective communities. It transfgrms a historic interface site at Ihe junction of Donegall Passlormeau Road into a ci'oss-community projeut where residenls and organisations from the three areas work. organise and eduL•ate together. .Inner South Belfast Neighbourhood Partnership: The MDA is a board rneiber of the Inner South Nèighbourhood Partnership, along with groups from Donegall Pass and the Lower Ormeau. We assist with the running of its 4 sub-group- 1.Building Communities 2.Economi¢ Development 3.Educalion & Youth 4.Heallh & Wellbeing The cross-community body meets throughout the year to share Informalion and coordinate activities between the 3 areas with some recent highlights being the Fuel Support schemes that saw many Market families benefit in difficult financial limes. Four MDA staff members are involved across the subgroups, along with one resident. 24 meetings organised during the year involving 68 members, 41 of whom are community and 27 statutory represenlalives. The organisation ran its second Christmas Event on the Gasworks public space in early December with around 11,00 people attending. •Félle na hAbhann.' Along with our community partners in the Short Strand and Lower Ormeau Road. we delivered the fourth annual 'FestivaS of the River., This was a tremendous Success, and is growing year-on-year, quickly establishing itself as a highlighl of the summer months in Belfast. The highlight of the programme was the carnival along Ihe lowpath itself on Sunday 4th August, allended by in excess of 10,000 people. 10,000 people wilh likely 1000 Market residents attending, 20 resident volunteers and 3 MDA staff. This was followed by a traditional music concert in Sl George's Market on Tuesday 6th August when the Johnny Mac Quinns & Four Men & A Dog blasted out our best attended gig yet. The concert sold-out, wilh over 400 people in attendance. This year we held a second concert in St Georges with a song & Story night on August 8th. Lawrence McKeown recited passages from the book he wrote about his time on Hunger Strike with POI McAdaim complementing Ihe narrative through relevant songs we all know well. We We where very proud to slart the promotion of local talent through this years Feile with Market Man Karl Hegney opening up for Pc)l & Lawrence in what proved to be an emotionally charged evening. 600 Market residents 4 staff 22 volunteors non-residents volunteers from other areas. 3 partner organisations from locality 100 .36 Neighbourhood Partnership.. MDA is the representative for Soulh Belfast on the 6 county wide Neighbourhood Community Partnership, a lobbying group set up to engage with the Department for Communities. The group has a management board of 6 people, thè MDA director sits on Ihis board to assist with regional policies.
Markets Development Association Trustees. Annual Report {conlinued) Year ended 31 March 2025 Financial review The results for the financial year are set out on Ihe Statement of Financial Activities and additional notes are provided showing income and expenditure in greater detail. At the end of the financial year the ch8rity has assets of £115,422 {2024-£12.074) and liabilities of £3,238 (2024-£3.474)- The net assets of the charity have increased by £103,584. ReseNes Reserves are n8eded to bridge the gap between spending and reviewing income, to cover unplanned emergency repairs and other unforeseen expenditure. In the Trustaè's view. the reserves shoLJld prctrvide the charity wilfy adequate financial stability and the mean. for il to meet ils charitable activities for the foreseeable future. Thj unrestricted reserveq of Market Developments Association ai., 3131 March 2025 are £12.784. The cht4rity hav restricted reservès totalling £99.400 as at 31 March 2G25.
Markets Development Association Trustees, Annual Report (continu8d) Year ended 31 March 2025 Plans for future periods .Staff- We look fofward lo increasing the number of MDA staff members from four to nine. This will be made up of five posts funded through the National Lottery Communily Fund. three posts funded through Department for Communities and one post funded through UKRlfYoung Foundation. This increase in staff will help the organisalion lo fulfil its objectives. .Community Wealth Building: Capital Projecls.. we look fotward to securing full planning permission on the Tunnels Project in the year ahead. we also aim lo advance the hostel projkncl through the planning s5lStem and to complete the purcha.ve of the Coiivènt School with the mcjney secured througb, Belfast City Council and Community Ownership Fund. We will aloo ¢omn.Ipnce Ihè community engagement on specific doelopment sites in the Gommunity to feod inlo an area regeneration plati. .Housing: The 94 new homes on the Gasworks sile should near completion of the ¢onstruclion phase by the end of 24125. We will conlinue to work with residents to idenlify Iheir housing needs and support them in accessing securè and affordable housing. We will also begin Co-Design sessions with the community and relevant statulory bodies re the housing led regeneralion of the Stewart Slreet site. .Education.' STEAM Program.. The MDA are currenlly meeting wilh QCAP regarding the plan to re-organise the program for young people aged 8-12, with the aim to Introdu young people, who otherwise would not have the opportunity, to delve inlo the worfd of science, technology, engineering, arts and maths creating pathways into education and employment from a young age. building on the success of the 23124 STEAM Scheme. Community Education Programme: After the success of the Unblocking Potential students attending the degree in the University of Ulster. we hope to continue with thls type of educational work. We are currently exploring other pathways for residents to get back to and build on their education and exploring opportunities for residents to take part in courses similar to the Unblocking Potential course, Community Developmenl OCN and degree. The Education Action Group aims to meet on a bi-monthly basis and continue to work on a local education strategy and work with QCAP to develop a place-based approach to providing opportunities. Creative Communities.. We will launch the exhibition of our Creative Communities programme in April 2024, followod by a toolkit launch and a community play later in the year. Research outputs will also be published as part of the project. The Education Action Group: the Educalion Action Group will commence an intensive community COdesn process in the 24125 financial year. .Heallh.' The work strands of the heallh plan have all been developed and we are well progressed on 5 out of 8 sections. We will continue with this co-crealion stralegy throughout 2024125 as we engage with the young people in the community and so expect more resident lead initiatives to spring oul of the Health Action Group. 8 Markel residenls. 2 MDA staff members and 6 Queens staff. .Family Support Group: we have established a group which includes a facilitator and residents who have family members that have problems with substanco use. Tho group have roceived training and capacity building so they can become self-sustaining. We hope leaders will emerge from it to help establish further groups over the next few years. Meeting on a weekly basis and supporled by a professional lacilitalor the members will Teceive training in how lo cope belter with family members who have svbslance use issues. The group have also been co-crealing on the health plan and will support the creation of a second family support group. The group will also assisl us with setting up a male only FSG which we hope to have started by early Spring 2024. 10 residents, 1 MDA staff, 3 QCAP staff .Communily Organising & Engagemenl-. We will continue to organise and engage with residents in a vaiiety of innovative ways. We aim lo secLire the funding to commence Phase 111 of the Community 10
Markets Development Association Trustees, Annual Report (continued) Year ended 31 March 2025 Transformation Initiative. •Festivals & Events- The MDA has pursued various funding streams to continue the annual festivals and programmes wilh the aim to build on existing programmes and grow bigger. including Christmas. Halloween, Summer Intervention. Summer festival and St Patrick's Day. as well as accruing a new cohort of volunteers that have aclively become involved lo help organise and co-design upcoming festivals and events. •Partnerships'. We will continue lo play an active part in all the partn8rships we participate in. Queens Communities and Place.. We look forward to continuing our parlnership wilh QCAP. and the year ahead should see a broadening of ils oulput as our Community Wtsalth Building strand begins 8 more interisive put)liG phase lo Compliment the work of the educaticii and health strands. Féile na hAbhann.' The Féile na hAbhann committee meets throughout Ihe year, and plans for Féile na hAbhann 2024 have Commenced wilh the initial fundiniJ applicalion being submitted and projented costs and activitie< in plakne. Again, this is something that the partnership aims to grow on a yearly basis. Cromac Regeneration Inilialive: we aim to carry oul a condition survey of the CRI building. as well as a SROI on its social impact over the first decade of its operalions. This will serve as the basis of developing a strategic plan for the next decade. ISBNP.. we will continue to play an active role. in the ISBNP, working with our partners in Donega51 Pas and Lower Ormeau to advance the qualily of life for all the community in this part of the Inner City. The trustees. annual report was approved on 30 January 2026 and signed on behalf of Ihe board of trustees by.. Mrs Aine Brady (Chairpe Trustee Mr James Mooney (Treasurer) Trustee 11
Markets Development Association Independent Examiner's Report to the Trustees of Markets Development Association Year ended 31 March 2025 I report to the trustee5 on my examination of the financial statemants of Markets Development Association ('the charity.) for the year ended 31 March 2025. Rèsponsibllities and basis of report As the trLSStees of the charity you are responsible for the preparation of the financial slatements in accordance with Ihe requirements of the Charities Act (Northern Ireland) 2008 (thè .2008 Acl,). You are satisfied that your Gharily is not required by Charity law to be audited and have chosen instead to have an independent exarr.inalion. I report in respect of my examination of Ihe charity's financial statements as carried out linder section 65 of the 2008 Act. In carrying out my examinalion I have followed Ihe general Direcliont, given by the Charity Commission for Nurlhern Irelana under soction 65(9)(b) of the 2008 Act. Independ8nt examiner's statement Since the charity's gross income exceeded £250.000 your examiner must be a membèr of a body lisled in section 65 of Ihe 2008 Act. I confirm Ihal l am qualified to undertake the examinalion because l am a member of Chartered Accouniants Ireland, which is one of the listed bodies. I havè completed my examination. I confimi that no matl8rs have come to my attention in connection with my examination giving me cause to believe that in any material respect.. accounting records were not kept as required by with section 63 of the 2008 Act,. or the financial statements do not accord with those records; or the financial statements do nol Gomply with the accounting requirements of the 2008 Act., or the financial statements do not comply with the applicabl8 requirements concerning the form and content of accounts sel out in the Charities (Accounls and Reports) Regulations 2008 olher than any requirement Ihat the accounts give a 'lrue and fairf view which is not a malter considered as part of an independent examination. I confirm that there are no other matters to which your attention should be drawn lo enable a proper understanding of the accounts lo be reached. Conor Dolan FCA Independent Examiner Causeway Tower 9 James Street South Belfast BT2 80N 30 January 2026 12
Markets Development Association Statement of Financial Activities Year ended 31 March 2025 2025 Reslricled funds Total funds 2024 Unrestricled funds Total funds Note Income and endowments Charitable activities Inveslment income 21.811 220 313,545 335,356 220 203,735 Total Income 22,031 313.545 335,576 203,735 Expenditure Eypenditure (In charitable activities Total expenditure ?22,552 231,992 241,637 9,440 222.552 231,992 241,637 Net incomel(expenditure) and nat movement in funds 12,591 90,993 103,584 (37,902) Reconciliatlon of funds Total funds brought forward Total funds Carried forward 193 8,407 8,600 46,502 8.600 12,784 99,400 112,184 The statement of financial aclivities includes all gains and losses recognised in the year. All income and 8xpenditure derive from continuing activities. The notes on pages 15 to 23 foTm part of these financial statgments. 13
Markets Development Association Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 13 1.304 1,739 Current assels Cash al bank and in hand 114.118 10,335 Credltors: amounts falling due wlthin one year F4et curreiit assets 14 3.238 3,474 110,880 6,861 -rotal assets less currenl liabilities 112.184 8,600 8,600 Net assets 112,184 Funds of the charity Reslricted funds Unr8Stricted funds 99,400 12,784 8,407 193 Total charity funds 16 112,184 8,600 These financial statements were approved by the board of trustees and aulhorised for issue on 30 January 2026. and are signed on behalf of th8 board by- Mrs Aine Brady ICh2irperson) Trustee Mr James Mooney (Treasurer) Truslee The notes on pages 15 to 23 fonn part of these finan¢ial statements. 14
Markets Development Association Notes to the Financial Statements Year ended 31 March 2025 General information The charity is a public benefit entity and a registered charily in Northern Ireland and is unincorporated. The address of the principal office is Markets Community Centre, 1 Market Street. Belfast, BT13JD, Antrim. Statement of compllance These financial statements have been prepared in compliance wilh FRS 102, 'The Financial Reporting Standard applicable in Ihe UK and the Republic of Ireland., the Ststement of -s preparing their accounts in accordance with the Recommended Practico applicable to charil-,- Finaycial Reportil Ig Standard applicable in tl)p UK and Republic of Ireland {FRo 102) (Charities SORP {FRS 102)) arid the Charilies Act (Northern Ireland) 2008. Accounting policies Basls of preparatlon Th8 financial stalements have been prepared on Ihe historical Cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared In sterling. which is the functional currency of the entity. Going con¢grn There are no material uncertainlies about the charity's abilily to continue. Judgements and key sources of estimation uncertainty In the application of the company's accounting policFes, the trustees are required to make judgements,estimales and assumptions aboul the carrying amount of assels and liabilities that are not readily apparenl from other sources. The estimates and associated assumptions are based on hisloriGal experience and other factors that are considered to be relevant. Actual results may differ from Ihese eslimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in Ihe period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where Ihe revision affects both current and future periods. Fund accountlng Unrestricted funds are available for use al the discretion of the trustees to further any of Ihe charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricled funds are subjected to restriclions on their expenditure declared by Ihe donor or through the terms of an appeal, and fall into one of Iwo sub-classès: restricted income funds or endowment funds. 15
Markets Development Association Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (¢onllnue Incoming resources All incoming resources are included in the statèment of financial aclivities when entitlement has passed to th8 charity. it is probable Ihat the economic benefits associated with Ihe transaction will flow to Ihe charily and the amount can be reliably measured. The following specific policies are applied to particular categories of incomè: income from donations or orants is recognised when Ihere is evidence of entitlement lo the gift, receipt is probable an( ils amuunt can be measured reliably. legacy income is recognis*sd when receipt is probable and 8ntitlement is astablished. income from donated goL.ds is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived froni the cost to the donor or th8 eslimated resale value. Donaled facilities and services are recognised in the accounts when received if the value can be r81iably measured. No amounts are included for Ihe conlribulion of general volunteers. income from contracts for the supply of services is recognised with Ihe delivery of Ihe contracted service. This is Classified as unresiricled funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expendlture includes any VAT which cannot be fully recovered. and is Classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activilies, events, non-charilable trading aclivilies, and Ihe sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking a¢tivities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of Ihe charity apportioned to charilable activities. olher expenditure includes all expenditure that is neilher related to raising funds for the charity nor part of its expendilure on charitable activilies. All costs are allocated to expenditure categories reflecting the use of the resource. Dlrecl costs allributable lo a single activity are allocated directly to that activity. Shared costs are apportioned belween the activities they contribule to on a reasonable, juslifiable and consisteiit 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 at revalued amounts are recorded at the fair value al the dale of revaluation less any subsequenl accumulated depreciation and subsequent accumulaled impairment losses. 16
Markets Development Association Notes to the Financial Statements (rontinued) Year ended 31 March 2025 Accounting policies {continued) Tangible assets (Gontlnued) An increase in the carying amount of an assel as a result of a revaluation. is reGognised in other recognised gains and losses. unless it reverses a charge for impairmenl that has prèviously been r6cognised as expenditure within the stalement of financial aclivilies. 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 revalualion gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. DepreciatSon Depreciation is ca'culated so a- to write off Ilie cost or valualion of an asset, less its residknal value, over the use':ul economic life ol that asset as follows.. Fixtures and fittings 250/0 reducing balance Impairment of fixed assets A review for indicators of impairment Is carried out al each reporting date, with thè recoverable amount being estiniated where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairmenls ar8 also reviewed for possible reversal al each reporting dale. For the purposes of impairment testing, wh&n il is not possible to estimate the recoverable amount of an Individual asset. an eslimale is made of Ihe recoverable amount of the cash-generaling unit to which the asset belongs. The cash-gen&raling unit is the smallest identifiable group of assets that includes the asset and generates cash inflows Ihat largely independent of the cash inllows from olher assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combinalion is, from the acquisition date, allocated to each of the cash-generaling unils Ihal are expected to benefit from the synergies of the combination, irrespective of whether other assels or liabilities of the charily are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when th8 charity becomes a party to th& contractual provisions of the instwment. B2sic financial instruments are initially recognised at Ihe amount receivable or payable including any relaled transaction costs. Current assets and current liabililies are subsequently measured al the cash or other ¢onsider81ion expected to be paid or received and not discounted. Debt instruments are subsequenlly measured 8t amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the inveslmenl is subsequently measured at fair value wilh changes in fair value recognised in income and expendilure. All other such investments are subsequently measLired at cost less impairmenl. 17
Markets Development Association Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (continued) Financial instrument5 (conlinued) Other financial instruments. including derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond nomial business lerms or financed at a rate of interest that is not a markel rate, in which case the asset is measured at the present value of the future payments disGounled at a market rate of inleresl for a similar debl instrument. Other financial instruments are subsequently measured at fair value. with any changes recogj Ii%ed in the stalemenl of financial activities, with the exceptiori of hedging instruments in a desigi)aled hedging relation- Finan'"ial assets Ih-t are measured al cost or amortised cost are reviewed for objedive evidenc¥ of impairment at the end of each reportin9 dale. If there is objeclivÉ evidence of impairment, an impairn)ent loss is recognised under the appropriate heading in th8 slalement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are Individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairm8nt are recognised immedialely, to the exlenl that the reversal does not result in a carrying amount of the financial asset that exGeeds whal the carrying amount would hav8 been had the impairment nol previously been r8cognised. Definod contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the perlod in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will18ad to a reduction in future paymenis or a cash refund. When conlributions are not expected lo be settled wholly within 12 months 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 discounl is recognisèd as an expense in the period in which it arises. 18
Markets Development Association Notes to the Financial Statements (rontinued) Year ended 31 March 2025 Charitable actlvities Unrestricled Funds Restricted Total Funds Funds 2025 Ulster Supported Developing Healthy Radius Housing Belfast city council Department for Communities Innovate UK. The Young foui)dation BHSCT Summer Scheme The Executive Office National Lottery Community Fund Inner South Belfa51 Nl Housing Executive Lower Ormeau Road Other Income 5,000 4.000 20.000 48.888 89,235 28,743 99,400 198 9,735 5,000 4.000 20,000 48,888 91,422 28,743 99,400 198 9,735 2.187 3,291 2,905 2,150 3,291 2,905 2,150 19,624 19,624 21,811 313,545 335.356 UnrestriGled Funds Restricted Totsl Funds Funds 2024 Ulster Supported Developing Healthy Radius Housing Belfast city council Department for Communities Innovate UK The Young foundation BHSCT Summer Scheme The Executive Office Natior)al Lottery Communily Fund Inner South Belfast Nl Housing Executive Lower Ormeau Road Other Income 43,791 70,281 43.791 70,281 20,311 13.595 20.311 13,595 21.894 33,863 55,757 21,894 181,841 203,735 Investment Incorne Unreslricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Dividend 220 220 19
Markets Development Association Notes to the Financial Statements (c¢tInad) Year ended 31 March 2025 Expenditure on charitable activities by fund type Unreslricted Funds Restricted Total Funds Funds 2025 Charitable Activity Support costs 6.045 3,395 173,919 48.633 179.964 52,028 9,440 222,552 231,992 Unreslricled Restricled Tolal Funds Funds 2024 Charitable Activity Support costs 12.046 646 80.188 148.757 92,234 149,403 241,637 12,692 228,945 Expendlture on charitable actlvities by actlvlty type Aclivilies undertaken direclly Support cosls Total funds 2025 Total fund 2024 Charitable Activity Governance costs 179,964 47,296 4.732 227,260 4,732 241,570 67 179,964 52,028 231,992 241,637 Analysls of support Costs Analysis of support costs Total 2025 Tolal 2024 Staff Costs General off ice Finance costs Governance cosls Depreciation 46.861 46,861 134.604 14,153 67 4.732 435 4,732 435 579 52,028 52,028 149,403 Net Incomel(expenditure) Nel incomel(expenditure) is stated after chargingl(crediling): 2025 2024 Depreciation of tangible fixed assets 435 579 20
Markets Development Association Notes to the Financial Statements (contlnued) Year ended 31 March 2025 10. Independent oxamination fees 2025 2024 Fees payable lo Ihe independent examiner for: Independent examination of the financial statements 1.200 1.300 11. Staff costs The total staff costs and empl.iyee benefits for the reporting period al-e analysed as follows: 2024 2024 Wages and salaries Social securily Gosls Employer contributions to pension plans 11a759 5.796 9,049 3.215 4,263 98,840 134,604 The average head count of employees during the year was 4 (2024.. 5). No employee received employee benefits of more than £60,000 during the year {2024: Nil). 12. Trustee r8muneratlon and expenses The charily Trustees were not paid or received any other benefits from employment with the Charity in the year (2024: NIL). They were not reimbursed for travel expenses during the year (2024..NIL). No charily trustee received payment for professional or other services supplied lo the charity (2024:NIL) 13. Tangible fixed assets Fixlures and fittlngs Cost At 1 April 2024 and 31 March 2025 Depreciatlon At 1 April 2024 Charge for the year At 31 March 2025 28,695 26,956 435 27,391 Carrying amount At 31 March 2025 1,304 At 31 March 2024 1,739 21
Markets Development Association Notes to the Financial Statements (con(inue(l) Year ended 31 March 2025 14. Creditors: amounts falling due within one year 2025 2024 Accruals and deferred income Social security and other taxes Other creditors 1.200 1.300 2.174 2,038 3,238 3,474 15. Penslons and olhgr post retirem¢nt benefits Definea contribution plans The amounl reK.ognised in income or expendilure as an expense in relation to defined contribution plans was £4.263 {2024.. £9,049). 16. Analysls of charltable funds Unrestricted funds At 31 March 202 Al 1 April 2024 Incom6 Expenditure General funds 193 22,031 {9,440) 12,784 At 31 March 202 At 1 Aprfl 2023 Income Expenditure General funds (9.009) 21,894 {12,692) 193 Restricted funds At 31 March 202 At 1 April 2024 Income Expenditur8 Innovate UK The Young Foundation National Lottery Community Fund Belfast City Council Department for Communities Other restricted funds The Executive Office Ulster Supported Developing Healthy Radius Housing 28,743 99,400 128.743) 99,400 3,001 85 201 768 4.352 {3,001) {48,973) (89,436) (768) (4,352) {5.000) (4.000) {20,000) 48,888 89,235 5,000 4.000 20,000 22
Markets Development Association Notes to the Financial Statements (continued) Year ended 31 March 2025 16. Analysis of charitable funds {¢onlinuod) Inner South Belfast Nl Housing Execulive Lower Ormeau Road BHSCT Summer Scheme 3,291 2,905 2,150 198 9.735 (3,291 } (2,905) (2,150) 1198) (9,735) (222.552) 8.407 313,545 99,400 At 31 March 202 At 1 April 2023 Income Expenditure Innovate UK The Young Foundation National Lottery Community Fund Belfast City Council Departmenl for Communilies Other restricted funds The Execulive Office Ulster Supported Developing Healthy Radius Housing Inner South Belfast Nl Housing Executive Lower Ormeau Road BHSCT Summer Scheme 13,595 43,791 70,281 33,863 20,311 (10.595) <62.042) {87,9441 {41,405) (26,959) 3,001 85 201 768 4.352 18,336 17,864 8,310 11.000 55.511 181.841 (228,945) 8,407 17. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year 1,304 12,680 (1.200) 12.784 1,304 114.118 {3,238) 112,184 101,438 (2,038) 99.400 Ngt assèts Unrestricted Funds Restricted Tolal Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year 1.739 3,530 (35,068) (29,799) 1,739 10,335 13,474) 8,600 6,805 31,594 Net assets 38,399 23
Markets Development Association Management Information Year ended 31 March 2025 The followlng pages do not form part of the financlal statements. 24
Markets Development Association Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Income and endowments Charltable activities Ulster Supported Developing Hoalthy Radius Housing Belfast city council Department for Communities Innovate UK The Young foundation BHSLT Summer Scheme The Executive Office National Lottery Community Fund Inner South Belfast Nl Housing Executive Lower Ormeau Road Other Income 5.000 4,000 20,000 48,888 91,422 28,743 43,791 70,281 198 9,735 20,311 13.595 3.291 2.905 2,150 19,624 55,757 335,356 203,735 Investment Income Dividend 220 Total income 335,576 203.735 25
Markets Development Association Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Expenditure on charltable activities Charitable Activlty Actlvlties undertaken directly Purchases Wages Employer's NIC Pension costs Rent Programme costs Light & heat Repairs & maintenanc8 Insurance Subscriptions Motor vehicle expenses Travel cosls Legal and professlonal fees It softsare and phone General expenses Repayment of Grant Consulting Operating lease payments Staff Traininglexpenses 92.234 48.082 1,625 2,272 2,838 39,005 126 6,616 971 145 1,726 2,056 600 19.636 25,094 14.684 2.872 816 10,800 179,964 92,234 Support costs Wages and salaries Employer's NIC Pension Costs General office Depreciation 43,280 1,590 1,991 119,759 5,796 9.049 14,153 579 435 47,296 149,336 Governance costs Accountancy fees Other finance cosls 4,640 92 67 4,732 67 Expgndlture on Charitable actlvltles 231,992 241,637 Net Incomel{expenditure) 103,584 (37.902) 26