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 rne￿iber 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
do￿elopment 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 COdes￿n 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¢￿tIn￿ad)
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