Dundrum Development Association Ltd Annual Report and Unaudited Financial Statements for the financial year ended 31 March 2023 Company Number: N1033255 Charity Number: 101252
Dundrum Development Association Ltd CONTENTS Page Reference and Administrats"ve Infomation Trustees, Annual Report Statement of Trustees. Responsibilib'es Independent Examine¢s Report ststement of Financial Activities Balance Sheet Notes to the Financial Statements 10-13
Dundrum Development Association Ltd REFERENCE AND ADMINISTRATIVE INFORMATION Truste88 Deborah Boden Stephen Calvert Fran$ Flynn Dr. Patrick Mccomiskey Micheal Rodgers Paul Symington Charity Number in Northern Ireland 101252 Company Registratlon Number N1033255 Reg18tered Offlce and Prlnclpal Addre88 3 Murlough Bay Court Dundrum Down BT33 OLU Independent Examlnor Malone Accwnting 12 Causeway Road Newcastle County t)own BT33 ODL Prlnelpal Bankers Al8 {Nl> Lld 4244 Hill Street Newry County Down BT34 1AU Sollcltor• Michael F Curran 29 Cenlral Promenade County Down BT33 OAA
Dundrum Development Association Ltd TRUSTEES, ANNUAL REPORT for the finanryal year ended 31 March 2023 UNDRUM DEVELOPMENT ASSOCIATION The trustees present their Trustees. Annual Report, combining the Oirectots, Report and Trustees. Report, and the unaudiled financial slatements for the financial year ended 31 March 2023. The financial stalemenls are prepared in accordance wrth the Companies Act 2fj, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Acc(yJr,ting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in a(rdance wrth the Financial Reporting Standard applicable in the UK and Reputs1 of Iland (FRS 102). The Trustees, Report contains the infomiation required to be provided in the Tmstees. Annual Report under the Statement of Recommended Practice {SORPI guidelines. The Iruslees of the company are also charity Iruslees for the purpose of charity law ano under the company's ConStrtutn are known as members of the board of trustees. In this report Ihe trustees of Dundnjrn Development Asscoation Lld psent a summary of rts purpoge. govemance, activities, achievements and finances for the financial year 31 March 2023. The charty is a registered charity and hence the report and results are presented in a fom which complies with the requirements of the Companies Ad 2006 and, although not obliged to comply with the Sl8tement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102. the organisation h8$ Impnted its recommendation8 where relevant in th888 finanual stalements. Ml881on, ObJectlvo• and Actlvitles Ml881on Statsment The Charity's principal activities continue lo be concer1 with the follthying in Dundrum Village.. 1. The promotion of Econom Regèneralion.. 2. To address the problem of dereliction in the village.. 3. To provide financial support to all of the voluntary and sporting groups in the village. The redevelopmenl works al the site of the Dundrum Roun(ftt)wer Reslauranl were completed in the course of2021 to 2022 with the four new Properties being sold in the same peric#J. Planning pemiission has been applied for to redevelop the derelict building at 101 Main Streel Dundrum which was purchased by the Charity in March 2022 with a portion of Ihe proceeds from the aforementioned works al the sile of the Ddndrum Roundtower Restsurant. The Charity continues lo seek opportunrties lo redavekjp Other derdid sites in the village. The AssClation continues lo support all voluntary and sporting groups in the village. with these proviso8'. 1. The group musl be propety nstituted. 2. The group musl have its own Bank Account wth at least Iwo SnatUreS. 3. Full sight of the group's finances must be provided to the ASSOallon. 4. Some contribution towards the funding of any projecl must b8 provided. In the period the Charity has provided £28.116 in funding towards= Dundrum Unrted F¢)otball Club for portable Iightsng for training during the winler., 2. Creative Village Dundrum towards the cost of the lease on their new wemises.. 3. Dundrum Downshi DeveloF¥nent Association towards the cost of new windows and doors lo the lo1 Dundrum Orange Hall 4. Mudough Athletics Club towards the costs of staging their annual Gr8 run. 5. Society of Sl Vincent de Paul to assist in allaying povety in the village through the fvnding of food, energy costs, clothes and fvmltu. 6. Funding of the Pertsioners Christmas lunch The Chaiity also improved the communication links to the village wth the crealion of a publicty available bespoke website which incorporales a fvnding application form to $upport grant applications from village organisations. The end of the reporting period leaves the Assoc4ation in a strong position to pursue its objectives.
Dundrum Development Association Ltd TRUSTEES. ANNUAL REPORT for the finanoal year ended 31 March 2023 Structure, Govemance and Management Structure Dundrum Development ASS(latIOn Ltd acts under the govemance of its constitution dated 28 June 2016. The Charitable Company held board meelings during the year and all trustees were present at each meeting. Stephen Calvert look over as chairman from Dr Patrick Mccomiskey. Patrick will remain on the board as will another longstanding officer. Frances Flynn. who has stepped down as secretary. Frances has been replad by Deborah Boden. Results At the end of the financial year the charrty has assets of £2.C&SO.138 (2022 - £2,074,012) and liabilities of £1,641 12022 £750). The net asset5 of the charty have decreased by £{14.765). Trustees The Iru5tees who served throughout the finanaal year were as follows: Deborah Boden Stephen Calvert FranS Flynn Dr. Patrick Mccomiskey Micheal Rodgers Paul Symington In aordanCe wtth the Constttulion. the trustees retire by rotation and. being eligible. offer themselves ft)r re-election. Compliance with Sector-wide Logislation and Standanl8 The charity engages pro-actNely with legislakn"on. standards and )deS which are developed for the sector. Dundrum Development Association Ltd subscribes to and is compliant wtth the frJll¢)wing.' The Companies Act 20C The Charities SORP {FRS 1021 The Charities Act (Northem Ireland 2008) Transactions Involving Trustees No Trustee received remuneralion or any other benefft from the Chartty during the year. Approved by the Board of Trustees on 16 November 2023 and signed on its behalf by: Calvert tee . Patrick Mcco Trusteè iskey
Dundrum Development Association Ltd STATEMENT OF TRUSTEES. RESPONSIBILITIES for the financial year ended 31 March 2023 The trustees. who are also directors of Dundrum Development Association Ltd for the purposes of company law, a responsible for preparing the financial slatemenls in accordance wlth applicable law and regulations. Company law requires the trustees as the directors to prepare financial slatemenls for each finanaal year. Under that law the trustees have elected to prepa the financial statements in accordance with United Kingdom Generally Accepted Accounting Pra¢licE Iuniled Kingdom Ac£ounting Standards and applicable law) including FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the truslees must not approve the financial slalements unless they are satisfied that they give a true and faif view of the stale of affairs of the charty and of the net incorne or expendrture of the charity for that penod. In prepanng these financial statements. the trustees are required to: select suitable accounting polic¢es and apply them consislenlly., make judgements and estimates that are reasonable and pwdenl., state whether the finanaal statements have been prepared in acrA)rdance with the relevant financial reporting framework, identify those standard$. and note the effect and the reasons for any material departure from those standards". and prepare the finanrjal slatements on the going concem basis unless rt is inappropriate to presume that the rthanty will continue in operation. The trustees conffirm that they have complied with the above requ1mentS in preparing the finanual statemènts. The trustees are responsible for keeping adequate axounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with The Companies Act 20C6. They are also resF)on$ible for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approve the Boa f Trustsè on 16 November 2023 and 8ignod on Its behalf by: Stsphen Calvèrt Tru8te• Dr. Patrick McComi8koy Trustee
Dundrum Development Association Ltd INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF DUNDRUM DEVELOPMENT ASSOCIATION LTD We have examined the finanaal statements of the chanty for the financial year ended 31 March 2023. which comprise the Slalemenl of Financial Activities {incorporating an Income and Expenditure Account), the Balanc£ Sheet and the related notes. This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2(KJ6. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report *0 the 808rd of Trustees that we have done so, and state those matters that we have agreed to slate to them in this report and for no other purpose. To the fullest extenl permitted by law. we do not apt or assume SponsIbl11ty lo anyone other than the charity and the charity's members. 8$ 8 body, for our work. or for this report. Respective responsibilities of twstees and examiner The chanly's trustees (who are also the directors of the Company for the purposes of Company law) a responsible for the preparation of the financial slatemenls in accordance with the requirements of the Companies Act 20C6. The charity's Iruslees consider that an audit is not required for this financial year under Chapter 3 of Part 16 of the Companies Act 2006 and that an independent examination is required. It is our responsibility lo-. examine the financial statements under section 65 of the Charities AGt'. follow the procedures laid down by the general Directions given by the Charity Commission for Northem Ifeland under section 65{91{bl of the Charilies Acl,. and state whelher particular matters have come lo our attention. Basis of independent examlnerfs port We have examined your charity financial slatements as required under section 65 of the Charilies Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9llb) of the Charities Act. An examination indudes a review of the accounting reojrds kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial slalemenls and seeking explanations from the trustees concerning any such matters. The procedures undertaken do nol provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the aunt5 present a 'true and fair, view and the report is limited lo those matters sel out in the stslement below. In connection with our examination. no matter has come to our attention which gives us cause to believe that in, any malerial respect.. accounling records were nol kepl in accordance with section 386 of the Companies Act 2006 the financial statements do not accord with those accounting records the financial statements have not been prepared in accordance with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) there is further information needed for a proper understanding of the accounts to be reached. Independent examinorfs statement We have no concerns and have come across no other matters in connection with the examination to which attention $hould be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Aidan Malone {FCA) MALONE ACCOUNTING 12 Causeway Road Newcasue County Down BT33 ODL Date: 16 November 2023
Dundrum Development Association Ltd STATEMENT OF FINANCIAL ACTIVITIES {In¢orporating an Incomè and Expenditure Account) for the finanaal year ended 31 March 2023 Unrestricted Fund8 2023 Totsl Unrestricted Funds Funds 2023 2022 Total Funds 2022 Notes Incoming Resources Investment Inrne 17.798 17,798 4,642 4.642 Resourc Expended Raising funds Charitable activities 3,070 29.493 3.070 29,493 280,802 57.626 280,802 57.626 Totsl Re8ourc88 Expended 32,563 32,563 338,428 338.428 Net gain{lO$s88) on investments 1.046,000 1,046,IJ)O Not Sncomlngloutgoing re80urco8 fOre tron•fern (14,765) 114,7651 712.214 712,214 Nèt rnovernent In fund8 for the financial year 114,765) 114.7651 712.214 712,214 Reconclllatlon of funds: Total funds beginning of the year 12 2.073.262 2,073,262 1,361,048 1.361,048 Total lunds at the end of th• y•ar 2,058,497 2,058,497 2,073,262 2,073.262 The Statement of Financial Activities indudes all gains and k)sses recnISed in the ffinaniial year. All income and expendrture late to continuing act1vil. The notes on pages 10 10 13 form part of the finanual staterr*nts
Dundrum Development Association Ltd Company Number: N1033255 BALANCE SHEET a5 at 31 March 2023 2023 2022 Not•8 Fixed Assets Tangible assets Inveslments 230.900 230,0 230,901 230,1 Currnnt Assèts Debtors Cash at bank and in hand 188,108 1.661.129 348,108 1,495,(M)3 1,829,237 1,843,111 Credltor8: Amounts fallSng duè wSthln one year (1,6411 (7501 Net Current A880ts 1,827.596 1,842,361 Total A880ts1088 Current Llabllitlo• 2.058.497 2,073,262 Fund8 General fund (unrestricted) 2,058,497 2,073,282 Total funds 11 2.058.497 2,073,262 These finanaal slalemenls have been prepared in accordance with the sp8ual provisions relating to small companies Wbthin Part 15 of the Companies Act 2006. For the finanrial year ended 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.. and no notice has been deposited under sedion 476. The Iruslees confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with seclion 476 of the Companies Act 20C6. The Iruslees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 and for pparing financial statements which give a true and fair view of the slate of affairs of the Charity as at the end of the financial year and of its profit and loss for the financial year in arxordance with tha requirements of sections 394 and 395 and which otherwise comply with the reqUIrenIS of the Companies Act 2006 relating lo financial statements, so far as applicable lo the charity. Approved by the Board of Tru•tO08 and authorfsod for188uo on 16 N0mber 2023 and 8lgned on Its b•half Step en Colvort ustee Dr. Patrick Mccomiskoy Trustee The notes on pages 10 to 13 form part of the finano¥l Statements
Dundrum Development Association Ltd NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2023 GENERAL INFORMATION Dundrum Development Association Ltd is a company lirniled by shares incorporated in Northern Ireland. Th8 registered office ofthe company is 3 Mudough Bay Court, Dundrum, Down, BT33 OLU which is also the princip81 place of business of the company The financial $talements have been presented in Pound Sterling 1£) which is also the functional currency of the company. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistenlly in dealing with items which are considered material in relation to the charity's financial ststements. Ba818 of preparatlon The financial slalements have been prepared on the going concern basis under the historical cosl convention, modified to indude certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice {SORPI "Accounting and Reporting by Charities preparing their accounts in accordancé with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" As pemitted by the Companies Act 2006, the charity has varied the standard formals in that act for the Slalemenl of Financial Activities and the Balance Sheet. Departures from the standard formals are lo comply wilh the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. ststemenl of compllanco The financial slalemenls of the charity for the financial year ended 31 March 2023 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice ISORPI "Accounting and R8POrting by Charities preparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republi¢ of Ireland FRS 102" Cash flow 8tatement The charity has availed of the exemption in FRS 102 from the requirement lo produce a cash flow statement because it is classified as 8 small charity. In¢omlng Ro8our¢•8 All income is recognised once the charity has entitlement to the income, it 18 probable that the inrne will be réceNed and the amount of income receivable can be measured reliably. Rg•ource• Expended All resources expended are accounted for on an accruals basis. Charitable donations represent grants given to local associations to further the purposes of the charity. Charitable activities include m8intenance and insurance. Investments Investments held as fixed assets are slated at cost less provision for any permanent diminution in value. Income from other financial fixed asset investments logelher with any related tax credit is recognised in the profit and lo$$ account in the year in which it 15 receivable. Debtorn Debtors are recognised at the settlement amount due after any dixount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Income recognised by the charity from govemmenl agenues and other co-funders, but not yet received at year end, is included in debtors. Cash at bank and In hand Cash al bank and in hand comprises cash on deposit at banks requiring less than three months, notice of withdrawal. Taxation No current or deferred taxation arises as the charity has been 9ranled charitable exemption. Irrecoverable valued added tax is expensed as incurred. 10
Dundrum Development Association Ltd NOTES TO THE FINANCIAL STATEMENTS continued for the finanaal year ended 31 March 2023 INCOME Unre8trict8d Restricted Funds Funds 2023 2022 Bank Interest Received 17,798 17,798 4,642 EXPENDITURE RAISING FUNDS Repairs & Maintenance Subcontractor costs Professional Fees 2023 3,070 2022 657 260,CIJO 20,145 3,070 280,802 CHARITABLE ACTIVITIES DlrKt Costs Support Costs 2023 2022 Costs Dundrum Downshire Development Assouation Dundrum FC St Vincent de Paul Creative Village Dundwm MurtOil9h Alhlelic Club Govemance Costs (Note 4.2) Senior Citizens. Christmas Lunch Dundrum Village Association Dundrum GAC Office costs Dundrum Cricket Club Cumran Primary School 8,1)00 8.000 5.929 s.000 s,ooo 2.500 1,338 987 500 200 39 5,929 5.000 5,000 2,500 1,338 987 500 200 39 5,000 994 2,500 8,8LKI 30.000 10.332 29,493 29.493 57,626 GOVERNANCE COSTS Dlrect Costs Other Costs Support Costs 2023 2022 Accounlanq fees & independent examinats'on 1,338 1,338 NET INCOMING RESOURCES 2023 2022 Net Incomlng Resource• arg stated after ch•ryingl(creditingl: {Surplusl on disposal of langible fued assels Independent Examine¢s rernuneration. independenl examination services 11.046.000) 1,338 11
Dundrum Development Association Ltd NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2023 TANGIBLE FIXED ASSETS Lar Total Cost At 31 March 2023 230,900 230,gJO Nfrt book value Al 31 March 2023 230,900 230,900 Al 31 March 2022 230,900 230,9XI INVESTMENTS Group and participating undertakings Total Investments Cost Al 31 Marth 2023 Net book value Al 31 March 2023 At 31 March 222 The company's investment represents 1C()Q/o ofthe issued share capital of Quay View Developments Ltd, a trading cL•mpany incorporated in Northem Ireland. DEBTORS 2023 2022 Amounts owed by group entlties 168,108 348,108 CREDITORS Amounts falling due within one year 2023 2022 Bank overdrafts Taxation and social security costs 15 735 1.641 1.641 750 10. RESERVES 2023 2022 At the beginning of the year (Deficil)ISurplus for the financial year 2.073.262 (14,765) 1,361,048 712,214 At the end of the year 2.058.497 2,073,262 12
Dundrum Development Association Ltd NOTES TO THE FINANCIAL STATEMENTS continued for the finanaal year ended 31 March 2023 11 FUNDS 11.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Funds Total Funds At 1 April 2021 Movement during thè financial year 1,361,048 712.214 1,381,048 712,214 Al 31 March 2022 Movement during the financial year 2.073.262 (14,765) 2,073,262 (14,7651 At 31 March 2023 2,058,497 2,058,497 11.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 Aprll 2022 Income Expenditure Transfern between funds Balance 31 March 2023 Unrestricted fund8 General 2,073.262 20,7C6 35.471 2,058,497 Totsl fund• 2,073.262 20,706 35,471 2,058,497 11.3 ANALYSIS OF NET ASSETS BY FUND Flx•d assets . charity use FlnanGlal fixed Current assets Current Ilabllltles Totsl Unrestricted genèral funds 230.1 1.829,237 11,641) 2,058,497 230.900 1.829,237 {1,641) 2,058,497 12. RELATED PARTY TRANSACTIONS The tharity engaged the services of Dunmore Construdion for the replacement of the village bench seat. The d1clOr of Dunmore Conslrudion is a Injslee of the charity. Fees to Dunmore Construction were agreed on nomial commercial terms. At 31 Marth 2023, fees amountsng to £1612 had been paid lo Dunmore Construction. None of the Iruslees received reimbursement of expenses, remuneration or other benefft from their work with the charity. 13. POST4ALANCE SHEET EVENTS There have been ggnificant events affeciing the Chaiity sinGe the financial year-end. FINANCIAL INSTRUMENTS The charity has elected to apply Ihe provision$ of section 11 Basic financial instruments. and section 12. The charity only has financial assets of a kind that qualify as basic finanoal instruments. Basic finanoal instruments are initially measured at their settlement value exctpt for bank loans whith are subsequently measured al amortised costs using Ihe effective interest method. 14. 13