t4DDO U S 1 Tr4 E 5 5 North Down Development Organisation Limited (A company limited by guarantee) Report and Financial Statements Year Ended 31st March 2023 Charity no: NIC 101257 Company no: N1017966
.North Down Development Organisation Limited Reports and Finanoal Statements For th8 Year Ended 31st March 2023 NDDO Contents Page No Report of the directots Report of the independent examiner statement of financial activtties Charity balance sheet Notes fomiing part of the financial statements 9-12 Delailed Statements of Financial ActiMties 13- 14
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31 st March 2023 NDDO e s s Legal Directors (Trustees) Mr l Thompson (Chairman) Mr Alistair CathGart MT Stephen Dunlop Mrs M Smith Mr G O'Boyle Mr J Montgomery Chief Executive & Company Secretary Mrs L Vance Reglstered Office Enterprise House Balloo Avenue Bangor Co Down BT19 7QT Independent Examinor Hamitton Morris Wawh Chartgred Cettfied Accountants 34 Dltfferin Avenue Bangor Bf20 3AA Bankers Danske Bank 77 Main Street Bangor BT20 SAP Soli¢ilors Mccoubrgy Hinds 61 Main Street Bangor BT20 SAP
' North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 NDDO Report for the Directors. year end 31st March 2023 The trustees, who are also directors of the charity for the purposes of the Companies Act, submit thelr annu81 report and the financlal statements independentty reviewed for the year ended 31 March 2023. The trustees have adopted the provisions of thg Chaiities Ststement of Recommended Practice (Charities SORP) {FRS 102) in preparing financial statements of the charity in accordance with the Financial Reporling StarKJard applicable in the UK and Republic of Irelarwl, the Charitles Act (Northern Ireland) 2008 and The Charities (Accounts aNI Reports) Regulations (Northern Ireland) 2015. Structure, governance and management North Down Development Organisation Limited (NDDO) was incorporated in 1984 and is governed by its mèmorandum and 8cleS of association. It IS the Local Enterprise Development Agency for the area having teen set up as a company limited by guarantee and achieved charitable status with HMRC in 2003. Charitable status was achieved on 8th December 2014 with the Charity Commission for Northem Ireland- ffirst LEA to achieve this. It is atso a member of Enlerprise Northern Ireland., a partnetship of enteTprise centres which provide a Nl wide network of support for prospective and estabfished businesses who have chosen the entrepreneurial option. NDDO focuses on Maintaini and ensuring quality in all areas and it is of utmost importance and is reflected in the relevant accreditatrons attained by the Organisation including the transition to the new standard ISO 9001=2015 along with individual staff accreditations and training. The Organisation reinvests any surpluses back into the community- oither by provision of affordable workspace or through a wide range of training and development courses. Objectives, Activities and Future Plans The Organisation's main objectives are to develop enterprise in the local Council area and assist in the creation, and retention, of businesses in the area and to continue to work in partnership with other economic development organisations. In order to promote. and encourage new bLBiness, the Organisation provides a range of value added business support seNices including, but not reslricted to, provision of managed workspace and training for future entrepreneur5. The objectives of the Organisalion are the promotion for the public nefit of urban and rural regeneration in the Counc41 area of Ards and North Down by relief of poverty in such ways as may be seen fit. the relief of unemployment . the &Jvancement of education. tr8inirvJ or retraining, particularty among unemployed people and provide them with work experience, the provision of financial and tschnical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed p8ople in cases of financial or other charitable need through help in setting up their own business, assisting existing businesses and the creation of training and employment opportunities by the provision of workspace. building andlor land for use on favourable terms. NDDO is involved in promotlng entrepreneurship and transferring business sknlls across all sections of the local community and does slgnificant amount of work in disadvantaged areas. The Organisation provides a range of trainiro programmes including. blbt not restricted to, pre-start, start-up, growth and cross border- many of the programmes are aimed at youth and promoting entrepreneurship acr055 all sections of the local community, parbcularly in Neighbourhood Renewal areas arKI encouragement of micro businesses to be cieative, innovative and fOard thinking. NDDO are the onty local training organisation delivering a complete portfolio of programmes designed to support the business needs to, not onty start-Ltp buslnesses, but also growth businesses. page I
North Down Development Organisation Limited Reports and Financial Statements Forthe Year Ended 31st March 2023 NDDO Report of the Directors for the year end 31st March 2023 Oblèctlves, Activities and Future Plans (continued) During the year ending 31 March 2023, the Organisation achieved the followng:_ GO FOR IT-NIBSUP 80 businèss plans were completed April- March along with 3 direct referrals being idenlifi8d and forwarded to INI. EEP4 Year 5 Courses 9 and 10 had 17 parbclparrts submitting portfofios and achieving Accreditalion Certifficates in Enterprise. 6 of the 17 moved on to the Go Foi It Pfogramme, a further 4 secured full time employment and 5 entsred into self - employment. GO FOR IT workshops A series of 5 worksho[6 were held throughout the year and all achieved the ststutory atterKlanGe of 12. NDDO VrkShopS Four WOTkshops were held indendentlY by NDDO and were well attended. ENI Loan Fund 7 loan applications were completed arKI Subtted. ENI Plus SeTvice NDDO as a member of Enterprise Nl {ENI) and in conjunction wth them, launched a new inibative- the ENI Pus- a powerful business platrorm providing essential services, resources, advice, learning. benefits and substantial cost savings for businesses and business owners. NDDO has assisted promotion ofthe platform for tenants and local business owners located in Ards and North Down Borough Council area. Job Fairs NDDO attended a number of virtual job faits to promote the option of self employment narne Ards and North Down Jot6 Fair and North Down Local Market Partnership Start Her Up Programme NDDO in conjundion Mth the ENI nelwork delivered a prcwJramme for women 1840 interested in enteTprise- 2 parlipants were awarded £1,000 start up award The Organisation has an overall workspace area of109,846 sq ft offering a provision of both workshop facilities and a range of offices. Average occupancy during the year was 91 % and the Trustees continue to believe that this Is a strategic part of the Organisation's future. It is the Trustees. intention to continue to improve and develop this very important area of the Organisation's operations and a programme of refurbishment and reinvestment wll continue. The board are still intending to extend the Innotsc site. but due to major increases in buildinrnaterIal costs and other factots including INI timeframes to build, this ha5 not progressed but remains high on the priority Ilst.Talks with the bank have cntinued and they are supportive when the timeframe pemiits. Occupancy levels have decreased to 91% - cost of living espeaally utility increases and the increase in buslness rates folfowng Reva123 have been major factors in businesses nottsking on their own premises and this has also been reflected in the training nUrnbe coming through. A list of perfomance indicators ar6 inciuded wlhin the IS09001-.2015 Accreditation and these are reviewed on an annual basis. Principal iisks to the Orgallisation are occupancy levels and the continued decline in tr8ining income- current training on tho Go For It Programme is an extension due to finish In SeFlember. Appointment of TrnstsÈs Following the recent merging of Counols the appointment of TfU5tees rellects representation from the new Ard8 and North Down Borough Counul. Trustees. who are also directors of the charitable company for the purpose of company18w. glve Iheir time and experbse on a voluntary basis and play an activg ro19 Iri the affai of the Organisation. The Trustees meet on a kn-monthty basls where all major decislons In rel8tion to the Organisation are addressed. page 2
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 NDDO Report of the Dlrectors for the year end 31st March 2023 Trusteè Induction & Training Prospactive Trustees are usualty recommended by existing Board members, and are Inviied to rneet wf(h the Chief Executive and Chaimian when they are gwen an insight into the running of the Organisation, their obligations, what th&ir role would be within the Board and the aims and objectwes of the Organisation. They are then invited to att•nd a Board meeting in on obsétver capacity, before deciding ff they wish to Joln the Board. Health and SafetyEqual opportunities NDDO adhere to ts Heath & Safety and Equal Opportunty Policies, which are an integral part of ts ISO 9001'.2015 Flnancial review The financial resuts are set out on pages 7 10 12 and statement of reseNes in note 10 to these accounts. A5 previously mentioned. NDDO succeeded an average occupancy of 91% throughout the year. Salaries and other costs have also bèan controlled as far as possible combating incrèasing iNfjationary pressures. It Is the policy of the ¢haTity that unrestricted reserves that have not been designated for a particular purpose should be maintained at a level to ensure that in the event of a significant drop in income, itwill ba ablè to conts.nua the chariV$ ¢urient actw(ties and debl repayments , while consideration is given lo addf(ional ways to raise income. Statsmènt of dl$¢losure of Inlorm*lon to Independent a¢¢ountanL We. the directors ofthe company who held office at the date of approval of these Financial Statsments, as set out abo, $a¢h ¢onfimi so far as we are aware, that. there Is no relevant accountlng infomation ofwhich the cornpanys examiner are unaware.. and we have taken all the steps that we oughtto have taken as directors in order to make Ourse•$ 8waro of any relevant accounting information and to establish Ihal the company's examiner are aware of that infomiation. Plans for future perltxl$ and M4Jor Risks Th8 major risk affècting th& company would be a de¢linè in thè dèmand for prèmisas ownod by the Company in the local market place. The Trsjstees however. are satisfied WTth the COTnpanVs financial progress during the year. Occupancy rates have decreased slightly during tho year and demand is steadily improving wrth an increase in enquiries from both inside and outside the organisation. A number of èxisting tenants now wish to develop their businès5 to a second level and need18rger space Ythich 15 encouraging going forward. The company is f¢Jnded through cash generated by rts rental aetNites which in turn subsidise the training and services departmènts of the organi5ation. The company has longerterm financing in the form of a ffixed loan that IS 5e¢ured until 2028-when payment is completed then there will be no outstanding borrowing5. The board have diseusso¢J the future oxt•nsion of the Innotec s(Ée. The development of the organisations property base would assist in the ¢reation and retention of businesses in the local area and ongoing development of training programmes and delivery of samt in partnership th other local economic development organisation5. page 3
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 NDDO Report of the Directors for the year end 31st March 2023 Publie benefft statement The trustees nfirrn that they have complied wth their duty as pre8cribed by 8eth.on 4 Of the Charitses Act (Northem Ireland) 2008 to have due regard to the Charity Comrnission for Northern Ireland putlic benefit guidance. The creation of emF4oyment. training and work experience for residents living in economically and SOLialty deprived areas and consquénly a iéduetion in povarty, unemployment and hardship, leading to a better quality of lifè foc the benefici8riè9 and consequent irnprovements in hèalth and wall being. Enhancèd knowledgè about sath.ng up and running $m811 bu$inee$e8 and soaal enterprises iesulting in increased levels of self-ernF4oyment and better prospeds of sustsinable development, increased levels of knedge and transferable vocational skills among employeeslwork experience trainees. assisting in the creation of a more educated, sknlled and qualified community. A great sense arnong the beneficiaries of more fulfilled and purposeful lives, result in safer, morè stable and cohesive community. These benefrts can be evidenced in records kept by various agenaes of thè number of jobs and work experiencè opportunth.es erèatèd and numbèrs of those who havè suceassfully completèd training coursés. Evidènca ¢8n also be found in independent evaluations of the ath"vthés of Ènterprisè agéncies (xrried OLJt by fvnding bodies and in community suNeys of living standards and attitudes. Some private benefjt is obtsined by the owner3 of small businesses who rent units on favourable terms. but this is anallary to the main purpose and is greatly Ou¥e1ghed by the gairts in public benefit No harm arises frorn these pUrSe¥. Provision of training COUTses which wll enaNe people to avail of Ihe self-employmenl oplion-these cour6es are free of charge and some include the com eo of a Business Plan. The purpose of the training and mentoring is to encourage someone to start their own business and provides them with enough information and guidance to bring their idea into fruition and equips them with the tools to run their own busine. Thi5 in lum boosts self-confiden¢8 and self-belief and also can relieve poverty as some of the training is olrected specifically to those in TSN or, areas of deprivation. which can be found wthin the local Borough. Young people are also targeted as not everyone is suited lo university or employrnent and pre-start training. again delivered at no c03t to the partiapant. but sometimes also having an accreditation attached. is vital to allow a young person to pursue selfmployment. Getting women back into work is also an important part of the Organisation's remit but no one is excluded and the Organisation is ¢onstanlly lookn.ng to improve and extend its range of programmes In order to provide a comprehensive programma of ttaining at no ¢h8rge. Provision of WOFkspaee on sirnple terrns. provision of 8ervice8 and ongoino ¥upport and monitoring is an irnPDrtanl part of the Oigani5ation's remit- iental from the workspace provision allows the Organisation to provide other es6ential seFvices at a minimum ¢ost orfree of charge. Any small sruseS achieved are reinvested in the Organisation ef(her by extension or improvement of extsting property, upgrade of existing service8 and continued support for businesses in the earfy stsges. The Trustèès, who arè drawn from thè local community, are passionate, thatlraining and mentoring, is a very important aspect of the Organisation's YWOTk and. while iental income is requiTed in order to finance the training, it is a fundamental part of the Organisation. Going Concern The organisationb business activlties. together wlh fa¢tors likoly to affèct its futurè ¢J8v•lopment parformanctr and position art sd out above. The Trustees consider that appropriate level of occupanry are likely to be sustsined through the going concern foresight period, on the basis of level of current tenancy agreements. As a consequence. the Trustees believe thatthe eornpany is well aCed to rnanga its bugness risks successfully, despite the current economic outtook. Having considered the risks and the current environmenL the Trustees have a rèasonablè èxpedation that the Organi$ation ha$ adequate fesources to continue in operational existence for the fore8eeatAe future. Accordingly. they continue to adopt the going ¢oncern basis in preparing the annual report and accounts. Independent Exarniner A resolution proposing that Hamilton Morris Waugh be re4ppointed as an independerrt examiner ofthe charty wll be putto the Annual General Meng. page 4
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 Report of the Dlrectors forthe year ended 31 March 2023 Trustees Responsibllities Slalement The tfustees are responsible for preparing ihe Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting standards {Uniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northem Ireland requires the trnstees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applicalion of resources of the charity forthat period. In preparing these financial statements, the trustees are required to.. select Suttable accounting policies and then apply Ihem consistently., observe the methods and principles in the Charities SORP 2019 {FRS102); make judgements and estimates that are reasonable and prudent- prepare the financial statements on the going concern basis unless it is inappmpriate to presume that the charity will continue in operation. The tnjstees are responsible for keeping proper accounting records that disclose with reasonablé accuracy at anytime the financial position of the chaiity and enable them to ensure that the financial statements compFy with the Charities Act {North6m Ireland) 2008 and the Chartiies (Accounts and Reports) Regulations {Northem Ireland) 2015. The Iruslees are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps forthe prevention and d6tection of fraud and other irregularities. In so far as Ihe trustees are aware.. there is no relevant audit intomialion of which the chaiitable companws examiner is unaware., and the Iruslees have taken all steps that they ought to have taken to make themselves aware of any relevant infomiation and to establish that the audtior is awar& of that information Thls report was approved by the Board on the Zltr.4& A.iJt ZtsLS Chairman Ivan Thompson page 5
. North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31 st March 2023 V S ¢ N l S S Report of the Independent Examiner Independent Examinerfs Report to the North Down Developmerrt Organi$ation Limited I report on the accounts of the company for the year ended 31st March 2023 which are set out on pages 7 to 12. Respective responsibilities of trustses and examiner As the charity twstees (and also the directors of the company for the purposes of company law) you S responsible for Ihe preparation of the accounts in accordance with the requirnents of the Companies Act 2006. HavTng satisfied myself thal the charity is not subject lo audit under company law, and is eligible for independent examination, il is my responsibility to.. examine the accounts under section 65 of the Charities Act (Northem Ireland) 2008. follow the procedures laid down in the general Directions gfven by the Charity Commission for Northem Ireland under sectlon 65(9)(b) of the Charities Act- and slate whether particular matters have come to my attention. Basis of independent examinetrs report I have examined your charity accounts as required under section 65 of the Charities Aci and my examlnation was cafried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under section 65(9)(b) of the Charities Acl. The examination included a review of the accounting records kept by the charity and a comparison of Ihe accounts presented wilh those recorrls. It also includes consideration of any unusual Ilen or disclosu$ in the accounts, and seeking explanations from you as charity trustees conceming any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. 1. That accounting records were not kept in accordance wlth sectlon 386 of the Companies Act 2006 2. That the accounts do not accotrl wilh those accounting records 3. That the accounts do not compty wrth the accounting requirements of section 396 ofthe Companies Act 2006 and with the melhod5 and principles of the ChaiTties Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 4. That there is fvrther infomiation needed for a proper understsnding of the accounts to be re8¢hed. Independent examineffs statement Since your charilys gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qu8ltfied to undertake the examination because l am a registered member of the Association of Chartered Certified Accountants which is one of the listed bodles I have completed my emination and have no concems in respect of the matters (1) to (4) listed above and, in conneclion with followillg the Directions of the Charity Commtssion for Northem Ireland. I have found no mattets that require drawing to your attention. Adam McDowell FCCA Independent Examiner Chartered Certified Accountants For and on behalf of Hamilton Morris Waugh 34 DuffeJin AvenLre Bangor BT20 3AA IJE )JLS page 6
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 Statement of Financial Acllvtiies Unrestricted Funds Restricted Funds Notes Total 2023 Tot81 2022 Incoming Resources Incoming resources from generated fvnds- Investment Income 519 519 471 Incornrng resources from charitable actTvilies.' Ten8nt Income SeNices 371,169 64,316 371.169 64,316 27,687 374, 721 31,291 26,681 Training Programme Government Support Total incoming resources 27,687 436.004 27,687 463,691 433, 164 Resources expended Charitable activities Establishment Management & Administration Governance costs Total resources expènded 63,418 139,707 181.484 7,690 328.881 69,374 110,386 189,776 9.410 378,946 139,707 181,484 7,690 392.299 63,418 Net incoming resources 107,123 35.731 71,392 54,218 Net movement in funds Transfer funds Fund balances brought fOard 01 April 2022 1.974,370 222,138 1.752,232 1,698,014 Fund balances carried forward at 31st March 2023 2.081,493 257,869 1,823.624 1,752,232 All of the above results are derived from ¢ontinuing activities. All gains and10sses recognised in the year are included atwe. There were no recognised gains and losses for 2023 other than those Included in the pro)It and loss account. page 7
North Down Development Organisation Limited Réports and Financial Statements For the Year Ended 31st March 2023 Charity Balance Sheet as al 31st Mar¢h 2023 Company Registration Number N1017966 Note.. 2023 2022 Fixed assets Tangible assets 2,729.2S2 2,820,809 Debtors Cash at bank and in hand 23,425 526 858 5SO,283 22,0( 495,854 51T.863 Creditots: amounts falling due withln one year 103,126 105, 767 Net current assets Total assets less Current liabilities 447,157 3,176,409 412,og6 3,232,905 Creditors: amounts falling due after More than one year Net a5sels 136,080 3,040,329 192,578 3.040.327 Funds: Deferred capital grants 1216,705 1.284095 Unrestricted funds General fvnds 10 1,823,624 1.752.232 Designated funds Total funds 3 040 329 3,040,327 Forthe year ending 31 March 2023 the company was enliued to exemption from audit under section 477 ofthe Companies Act 2006 relating to small companies. Directors Responsibilities: The members have not required the company to obtsin an audtt of its accounts for the year in question in accordance with section 476., The directors acknovAedge thelr responsibililles for comptylng the requirements ofthe Act YAth respect to accounting records and the preparation of accounts. The financial statements on pages 7 to 12 were approved and authorised to13sue by the Directots on the 24th August 2021 and signed on their behall by= Chairman Ivan Thompson page 8
North Down Development Organisation Limited Reports and Financial Stat8ments For the Year Ended 31 st March 2023 NDDO B U 5 1 W l S > Notes forniing part of the financial staternents Accounting policies Basis of preparation The financial slatements have been prepared under the historical cost convention. The financial statements have been prepared In accordance with the Charibes Stalement of Recommended Practice (Charities SORP) (FRS 102), The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the Charities Act (Northern-lreland) 2008. (a) (b) Company stalus The charity is a company limited by guarantee. The members of the Gompany are the trustees named on the "Leg81" page. In the event of the charity beirvJ wound up, Ihe lialxlty in respect of the guarantee is limited to £1 per MeMr of the charity. (c) Fund accounting General funds are unrestricted fvnds which are available for use at the disGretion of the tru51ees in fvrtheran¢e of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted fijnds that have been set aside ty the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance th specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such fvnds are charged against the speclfic fund. The aim and u5¢ of ea¢h restricted fund is set out in the notes to the financial statements. Investment income and gains are allocat1 to the appropriate fund. (d) Incoming resources All incoming resource5 are included in the SOFA when the charlty is legally entitled to the incom8 and the amount can be quantified with reasonable accuracy. excludes VAT and other discounts. Rental income 1$ generated through the lease of premises owned by the organisation. Income is recognised even over the Pe0d of the lease term. Training income is for the seNices provided to entrepreneufs Within the organisation's area of operation and 15 recognised when the service has been completed in accoTdance with the programme provider's rfirections. Capital grants received in respect of the acquisition or construction of fixed assets are credited to deferred capital grants In the balance sheet and are released lo the income and expenditure account over the useful economic life of the asset for which the grant was awarded. (e) Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directty attributed lo parbcular headings they have boen allocated to activities on a basis consistent with use of the resources. Training services and costs are re¢ognised when incurred and are not deferred until the relevant programme has been completed. If) Tangible fixed assets and depreciation The company hokls property prim8rlty 8S 8 public benefit entity for the benefit of foslering busines58s. Property has been classified as tangible fixed assets and not as investment property on accordance with FRS102. Where there has been significant refurbishment costs incurred, these are treated as capital improvements, and deprgaated in accordance with the policy fates used below. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight Ilne basis over their exFeCted useful economic lives as follows.. Long leasehold land Buildings & Offices Hi-tech units Fixtures & Fittings Motor Vehicles 2% - 3.33% straight line 20k straight line 10% - 20% straight line 250h str8ight nn8 Property disposals, where the director5 feel that proceeds are Immaterial to the overall value of the land and buihjings, are crwjited gross to the fixed assets without tsking the net proceeds through the profit and loss account. page 9
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31 st March 2023 NDDO U 5 1 Fl E 5 5 Notes fomiing part of the financial S£#ments 1 Accounting policies {continued) (fj Tangible fixed assets and dèpreciatlon Depreciation is not charged on assets In the COUTSe of construction and a fvll charge for the year Is made for assets brought into use during the year. No charge for depreciation is made in the year in which an asset is disposed of. Where bulldings and equlpment are acquired with the aid of speciffic grants. the assets are capitalised arKI depreuated in accordance with the policy set out above. with the related grant credited to a deferred capital grant account and released to the income and expendlture ac¢ounl over the expected useful econonlc life of the related asset. A review for impairment of a fixed asset is carried out if events or changes in circum$tances indiGate that the carrying amount of the fixed asset may not be recoverable. (g) Pènsion costs The company operates a defined contribLrtlon $¢heme for the benefit of its employees. The costs of contribulions a written off against profits in the year they are payable. (h) Cash and cash equivalents Cash is represented by cash in hand and deposits wth financial institutions repayable without penalty on notice of not more than 24 hours. Financial instrumenls The Company only enlers into basic financial instruments transactions that resutt in the recognition of )Inancial assets and liabilities like trade and other accounts receivable and payable. loan5 from banks and other Ihird parties, Debt instruments (other than those wholly repayable or re1vable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows 8nd subsequentty at amortised cost using the effective interest method. Debt instfuments that are payable or receivable within one year, tytlcally trade payables or receNables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to tr* paid OT ceived. 2 Tolal resources expended Other direct costs include-. 2023 2022 Independent's Examiners Fees Depreciatlon- on owned assets Capital Grants releas&J Loan Interest 1,800 127,293 71.388 5,609 134,863 71,388 3 Directov remuneration The DireGtors neither received nor waived any emoluments during the year (2022.. £Nil). 4 Stsff Costs 2023 148,281 7,690 9.643 2022 f41, 793 6,097 9,339 Wage5 and salaries Social security costs Defined Pension costs The average number of employee$, GalGulated on a fuli-time equivalent basis. analysed by function was: 2023 2022 Management and adminlstratlon Training There wa5 one employee received a salary of belween £70,000 and £75.000 for the year. page 10
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31 sl March 2023 Notes fonning part of the financial slatements S Tangible fixed assets Long Leasehold Land Fixtures Fithngs & Equipment Buildings & Adaptations Hi-tech Units Motor Vehicles Total Cost At 1 April 2022 Addilions Disposals At 31 March 2023 164,353 5,168,613 10,605 329,431 155,012 32,470 34,605 32,470 34,605 5,849,879 45,210 32,470 5,862,619 164,353 5,179,218 329,431 155,012 Depreciation At 1 April 2022 Charge for year Disposals At 31 March 2023 2,707,549 178,898 119,627 22,996 3,029.070 114,813 6,588 5,892 127.293 22,996 3,133.367 22,996 2,822,362 185,486 125,519 Net book value At 31 Mar¢h 2023 164.353 2,356,856 143,945 29.493 34,605 2,729,252 At 31 March 2022 164,353 2.461,064 150,533 35.385 9,474 2,820,809 Valuation The buildings were last valued independenlly during January 2018 by Mr. Mark mcnSty MRICS & Mr Stephen Deyermond MRICS of TDK Commercial Propety Consultants. In their opinion. the fair valuation of the properties was £3,100,000 . The Irustees form an opinion that as the economy is improving and the industrial property market recovering, the current historic net book values carried in these accounts are not inappropriate,. and they do not nsIder that a revaluation is justified given the improving markeL Leasehold Land FrChase of land Wds acquire from IDB on a 999 year lease. There is no ground rent payable. There are restrictive oovenants place on the use of the land for enterprise use only. Capital Commitments Capital expendibjre contracted for. but not provided in the financial statements, was £ Nil {2022= £Nill. 6 Debtors 2023 2022 1.067 20,942 22.009 Trade debtors Prepayments and other accrued income 97 23,328 7 Creditovs: amounts falllng due within one year 2023 2,320 14,852 20.073 9,383 2022 Trade Creditors Taxation and social security costs Other Cfeditors Amals and deferred income Obligations under finance leases Loans and overdrafts 1,870 16,634 20.524 10.241 56.498 103.126 56.498 105,767 page 11
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2023 NDDO Notes fomiing part of the financial statements 8 Creditors: amounts falling due after more Ihan one year 2023 136,080 2022 192,578 Bank Loans The amountsfall due as follows: In the second to fifth year inclusive More than five years 136,080 192,578 Total borrowngs are secured by a legal mortgage on the eompany's premlses, a fixed charge over book debts, and a floating charge on the other assets of the company. The company comLxned its fixed and floating interest rate loans into a single aoUnt at ? rate of1.5% on the present lending margin currenty at .75%. The loan is due to be repaid in 2026. 9 Deferred capltal grnnts 2023 2022 Land & build. At 31 March 2023 1,288.095 1,359,483 Released to income and ex At 31 March 2023 enditure 71.388 1,216,707 71,388 1.288.095 The caytal grants to assist building these units had conditions attached, pre and p05t competition. These Ye fulfill within the time fimits variating from years afterthe grant was awarded. The grants are not repayable theTeafter and the organisation is free to dispose of them wllhout returning any the proceeds. 10 Statement of funds At 1 April 2022 At 31 March 2023 Income Expenditure Trnnsfers General reserve 1,974,370 436,004 328.881 2,081A93 Total unrestricted funds 1974 370 328 881 2 081493 Restricted funds: Training 222,138 27,687 63,418 251,869 Total restrictsd funds 222 138 257 869 Total funds 1752 232 392 299 1823 624 11 Flnancial Instruments 2023 2022 Financial assets Financial assets measured at falr value through profit or loss 526,858 495,854 Financial liaLMlitie5 Financial liatqlities measured at amottised Gost 239,205 298,345 Financial assets measured at amortlsed Gost Gomprise Cash In hand and bank. Flnancial Liabilities measured at amorbsed cost comprise bank and asset loans, trade creditors, and sundry creditors. page 12
North Down Developmentorganisation Limited Reports and Financial Ststements Forthe Year Ended 31st March 2023 NDDO Detailed Statement of Flnancial Actlvltlès Unrestrtct•d Rfrstrl¢ted Total rotsl Funds Funds 2023 2Q2Z Incoming Resour$ Incomin resources Interest received om enerated funds.. 519 519 471 Incomin reSOurS from Tenant Ineome New building workshops New building offices Hi-Tech units Origlnal building Innotec Drive IBusiness Vlllagel aritable activit'es.. 75,506 31,053 32,843 143,066 88,701 371,169 75,506 31,053 32.843 143,066 88,701 371,169 74,978 34.013 33.535 141,770 90,425 374 721 Services Actlvities Telephone Fax Photocopiès Elettricity ReptIonISt Water Rates Postage Room Hire 403 91 13.772 12,107 3,390 42,848 12,742 5,810 624 1,885 64,316 42,848 12,742 5,810 624 1,885 64,316 433. Training ENI Co-lnnovate Exploring Enterprise Inspire Youth Start Her Up Workshops Go For It ENlStsrt Up Loan Mentoring li 2,948 5,283 5.283 36 258 22,110 36 258 22,110 23,744 27,687 27,687 Government $upport Covid-19 JRS Total incomlng resources 436.004 27,687 463,691 433,164 page 13
North Down Development Organisation Limited Reports and Financial Stalements For the year ended 31st March 2023 Detailed Slalèment of Financial Activities Unrnstrlcted Restricted Total Funds Funds 2023 Resources expended 'table activitie Wages & salaries NIC employerfs Pension 41.033 2,445 1,424 15,465 3,051 41,033 2,445 1,424 15.465 3,051 47,146 2,396 1,359 15,910 2,563 Trainlng Misc Costs 63,418 63,418 69.374 Establishment Rates 3.790 73,358 33.419 18.726 10,414 3,790 73.358 33,419 18,726 10,414 6,696 45,472 32,732 15.455 10,031 Power & Light & Heat Cleaning Insurances Repairs & maintenance Vacant prerr¥$es rates 139,707 139,707 110,386 Mana ement & Ad Inistration Wages & salaries NIC eMFOYer'S Pension costs AdvertÈsiThJ Telephone. fax & Intemet Postage and stationery Car and tr8vel Finance costs Depreciation pn on disposal asset Deferred grarrts released Bad debt provision Miscellaneou$ 107,248 5.245 8.219 1.075 5,929 3,146 1.083 5,609 127,293 14,528 71,388 84 107,248 5,245 8,219 1,075 94,647 3,701 7,980 75 5.8L 3,328 1,209 6,863 134,863 3,146 1,083 5,609 127,293 14,526 71,388 84 2.467 181,484 71,388 1.7Y2 2,467 181.484 189,776 ernance Examinets Fees Book keeping Professional 1,8(K) 4,140 1,750 7.690 1,800 4,140 1,750 7,690 1,800 5,292 2,318 9,410 Total resources expended 328,881 63,418 392,299 378,946 Total incoming resources 436,004 27,687 463,691 433,1PA Net incoming resourGe$ 107,123 35,731 71,392 218 page 14