NDDO i u s i s s North Down Development Organisation Limited (A company limited by guarantee) Report and Financial Statements Year Ended 31 st March 2024 Charity no: NIC 101257 Company no: N1017966
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31 st Marth 2024 Contents Page No Report of the directors Report of the independent audiior ststement of financial aCtIlIeS Charity balance sheet Notes forming part of the financial statements 10-13 Detailed Statements of Financial A¢tivitles 14-15
North Down Development Organisation Limited Report5 and Financial Statements For the Year Ended 31st March 2024 Legal Directors {Trustees) Mr l ThoMon (Chairman) Mr Allstair Cathcart Mr Stephen Dunlop (resigned 29 August 2023) Mrs M Snlth MrG O'Boyle MrJ Montgomery Mr Stephen Holywood (appLNnted 29 August 2023) Chief Executive & Company Secretary Mr5 L Vance Reglstered Office Elltese House Balloo Avenue Bangor Co Down BT19 7QT Independent Audilor Bradley AcGounting and Taxation Chartered Ce"fied Accountants Suits D, Forrnatton Works Maryland Maryland Induthal Estate Baltygowan Road Belfast BT23 6BL Bankers Danske Bank 77 Main Street Bangor BT20 W Solicitors Mccoubrey Hlnds 61 Main Street Bangor BT20 SAP
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 NDDO Report for the Dlrectors, year end 31st March 2024 The trustees, who are also directors of the charity for the purposes of the Companies Act. submit thelr annual report and the financial statements indepandèntty revlewed for tha year ended 31 March 2024. The trust88s have adopted Ihe provisions of the Charities Statement of Recommended Practica (Charities SORPI (FRS 101 in preparing financlal statements of the charity In accordance with the Financial Reportirsg Standard applicable in the UK and Republic of Ireland, the Charftios Act (Northem Ireland) 2008 and The Charities (Accounts and Reports) Regulab"ons (Northern Ireland) 2015. Structure, governance and management North Down Development Organisation Limtled WDDO) was incorporated In 1984 and Is governed by Its memorandum and articles of association. It is the Local Enterprise Development Agency for the area having en set up as a Gompany fimited by guarantee and achieved ch8rit8ble status vAth HMRC in 2003. Charstable stalus was achieved on 8th December 2Q14 with the Charity Commission for Northern Ir8land- first LEA to achiave this. It is also a member of Enterprise Northern Ireland- a partnership of enterpiise centres which provide a Nl de nets¥ork of support for prospèctive and estaÈ4ished busin8sses who have chosen the entrepreneuri81 opb'on. NDDO focuses on maintainlng and ensuring quality in all areas and it is of uthiost importance and is reflected in the relevant a¢credttatrons attained by tha Organisation including the transltion to the new standard ISO 9001.'2015 along with individual staff accreditations and Iraining. The Organisation reinvests any surpluses back Into the community.. either by promsion of affordable workspace or through a w(de Tange of traini and development courses. Objectives, Activilies and Future Plans The Organisation's main objectives are to develop enterpritse in the local Council area and asslst In th8 creation, and retention, of businesses in the area and to continue to work in partnerÈhip with oiher economic development organisations. In order to promote, and encourage new business, the Organisatson provides a range of value added busln8SS SUPPOrt services including, but not restricted to. wovision of managed workspace and training for future entrepreneurs. The objectives of the Organisation are the promotion for the public benefit of urban and Tural regeneratlon In the Council area of Ards and North Down by relièf of povety in such ways as may be seen fit. the relief of unemFdoyment , the advancement of education, training or relraining. particularly among unemployed peopie and provldg them yth work expèrience. the provision of financi31 and technlcal assistance or business admce or consuliancy in order to provide training and employment opportuniti8s for unemployed people in cases of ff nanaal or other charitable need through help in setting up their own kyjsiness, assisting existing businesses and th8 creation of training and employment opportunlfjes by the provision of Vrk6paCe, bulbjlng andlor land for use on favourable term5. NDDO 18 invofved In promollng entrepreneutship and transferring business sknlls across 811 sedons of the local community and does a slgniffi¢ant amount of Work in disadvanlaged areas. The Organisation provide5 a range of training programmes including. but not restricted to, pre-start, StartUp, growth and cross border- many of the programme5 are aimed at youth and promoting entrepreneurship across all sections of the loral community, particularty in Neighbourhood Renewal areas and encouragement of micro businesses lo be creative, Innovative and forward thinknng. NDDO are the only local training organisation delivering a comrA8te portfolio of programmes designed lo support the business needs to, not only stsrtwup busin866es, a150 growth businesses. page I
North Dt)wn Development Organisation Lim ited Report5 and Financial Statements For the Year Ended 31st March 2024 NDDO Report of the Dlrectors for the year end 31 st March 2024 Objeclives, Activities and Future Plans Iconlinuedl During the year ending 31 March 2024, the Organ15alion achieved the follovAng:_ GO FOR IT- NIBSUP 52 business plans were completed April 23- December 23 Go Succeed Start 18 business plans and action rI8ns completed- January 2024- March 2024 Go succeed Grow 10 clierrts 1-2-1 mentoring supported NI EESS 11 clients (5 overtargBt) Teceiving 1-2-1 mentoring support up to 20 houts and WOTkshoFts. 4 dients compieting CCEA Understanding Business Enterprise. 1 full time jobll ersTolled on Go Succeed Programme ENI Loan Fund 7 loan applications were cometed and subnMtt8d. ENI Plus SeNi¢e NDDO as a member of Enterprise Nl (ENI) and in conjunction wth them, taunched a new initialive; the ENI Pus- a poweffjjl business platlorm providing essential seNices, resources, advice. learning, benefits and substantial cost savings for businesses and business owners. NDDO has assisted promotion of the plalfomi for tsnanls and local business owners located in Ards and North Down Borough Council area. Job Fairs NDDO continued to be present at a nubar of job falrs wthin the Borough- the opportunity to promote the newtraining programme Female Peer Support Network 15 women - weew networking workshops- 8 se$sic*ns The Organisation has an overall workspace area of109.846 sq ft offering a provlslon of both workshop fadliti05 and a range of offices. Average DGcupancy during the year Yrds 90Vo and the Trustees continue to befieve Ihat this is a strategic part of the OTganisation's fulure. It is the Trustees, intention to continu8 to improve and develop this very impDrtant area of the OrganlsatiDn's operations and a progrdmme of refurbishment and reinvestment 11 conlinue. The board are 5111 intending to extend the Innotec Slte, but due to major increase5 In buildinglmaterial CDSts and otheT factors including INI timefrarnes to build, this has not wogressed but T8mains high on Ihe prfority lisLTaiks with the bank have cntinued and they are supportive when the timoframe pernwts. Occupancy levèls have decreased to 90%- cost of living continued to havg an impact on businesses e5pecialty vith the increase In home mortgage r8tes- one business rfid purch8se their own premises. A list of perfomiance indlcators are included within the IS09001'.2015 Accreditstion and these are revlewed on an annual basis. Prinapal risks to the Organisation are occupancy levels and the Gontinued dedine in training income- Gurrenttraining on the Go For It Programme is ars extension due to finlsh in Septembèr. Appointment of Trustees Following the recent merging of Coundls the apwintment ofTrustees reflects Tepresent8tion from Ihe new Ards and North Down Borough Council. Trustees. who are also directoTr of the charitable company for the purpose of company law. give theirtime and experlise on a voluntary basis and aY an active role in the affalrs of the Qrganis8tion. Tha Trustees meet on a tl-monthty b8sls where all major de(¥onS in relation lo the Organisalion are addressed. page 2
North Down Development Organisation Limited Reports and Flnancial Statements Forthe Year Ended 31sl March 2024 NDDO Report of the Dlrectors for the year end 318t March 2024 Trustee Inductton & Tralnlng Prospective Trustees are usu811y recommended by exsting Board members. and are invlted to meetwf(h tho Chipf Executive and Chaimian whert they are given an insight into the running ol the Organisation, their obligations, whal thelr role would be wrthin the Board and the aims and objectives ofth? Organlsation. They are then In1•d tts attend a Board meeting in an obsemr capacty, before deciding iftheywsh to loin the Boartl. Health and S#fetylEqual opportunitles NDDO adh¢ie tg rts Health & Safety and Equal Opportunity Polkles, which are an integral part of ts ISO 9001.-2015 FlnanGial revlew The financial results ar8 58t out on pages 7 to 12 and statEment of 1gs$Fves in note 10 to these accounts. A6 previousty mentioned , NDDO succeeded an average occupancy of 90% thrnughout th? year. Salaries and other costs hxve also been controlled a$ far as possible combating increasiny inflaliDnary PTe65ures. Is the poll¢y of the charity that unrestriclèd reseNes that have not been designatsd for a P3cUlar purpose should be maintained al a level to ensur8 that in the event of a srgnAlcant drop in ineome, it wiw be able to continue the chaiitys currènt activitl8s and debt repayments , whilo consideration is given to additional way$ to ra15e Incom& statnènt of dlsclosure of infomiatlon to Independent a¢countant. We, the direGtors Df the Gompany whr¢ held offiGe al the date ofapproval oftheso Financlal Ststements, as 58t out above, eath ¢onfirm so lar as we are awar8, that ther¢15 no relevant accounting infornlation of which th8 companls examiner are unaware,. and we havè tak¢n all th? 6tsp$ that we ought to have tsken as directors In OTdgr to make oursefves aware of any relevant accounting infomialion and to establish that tha companl5 examineT are aware of that infomiation. Plans for future perlods and Major Rlsks The major risk affeding the companywould be a decline in thè dèmand for premises owned bythe company in the local market place. The Trustees however, are sth"sfied wf(h the company's financial progress during the year. Occupancy rates have decie#sed slightly duTing the year but demand forworkshops remain strong and the decrease Teflects the drop in Dffic¥ accomodation. A number of existing tenants now wish to develop their business to a second level and need larger space which is encouraging going fomard. The company is funded thiot)gh cash genèrated by its rental activf(es which in tum subsidise the training and seNice5 departments of the organisation. Tha rnPany has longer term financing in th* form of a fixed108n that 15 secured until 2026- when paympnt is completed then thare wal be no outstanding borrowings. The board have disrussod the future extension of tha Innotec sit$. The development of the organisations property base would assist in the creation and retention of busines5e5 in th8 local area and ongoing development of training programme6 and delwary of sam8 in partnership with other local economic development grganisations. page 3
North Down Development Organisalion Limited Reports and Financial Statements For the Year Ended 31st March 2024 Report of the Directors for the year end 31st March 2024 Public benefft statement The trustees confirm that they have complied wilh their duty as prescribed ty section 4 Ofthe Charities Act (Northem Ir81?ndl 2008 to have dug reg8rd to the Charty Commission for Northem Ireland public benefit guidance. The creation ol emrloymen( training and WO experfence for residents living In 8¢onornically and Gocially dayvod areas and consequen1ty a reduction in poveity, unemFloyment and hardsthip, leading trj a better quality ollifè for the b8neficiaries and consBqueni improvements in health and well being. Enhaneed kntt¥%4edgo about setting up and runnlng Small businesses and sodal enterprise8 rp8uIIAng in increased levels of self-emr4oyment and better prospEcts of sustainat4e development, increa8ed levels of knedge arjd trarbBferable vocational $knllE among ernp10yeesrk èxp?ri¢ncp tr8inee8. a68iGting in th? crealjon of a more educated, silled and qualified eommunty. A great sen6e among the beneficiaries of more fulfilled and purp06eful live6, result in a safer. more 6tse and coheslvp ¢ommunity. These benefits can be evldenced in recor(Is kBPt by various agenues of thè numbBf Df joIA and work experience opportunities created and numbers olthose who have succtssfully CDrnpleted training courses. Evidence can also be found In independent evaluations of the athiJes of enteTprise agentaes carried out by funding bo(fies and community Surveys of living Btandards and atbtudes. Some private benefit is obtained by owners of 6mall lyJsinesseÈ who rent units on favourat4e teTms. bLrt this is anc411aiy lo the mwn pvrpose and is greauy ou&4eighed by the gains in public benefiL ND harm arises from the8e purposes. Provision Lrftr8lnlng cour8e6 which wll 8nat49 peoF4e tD avail of the self-employment option-these coursB8 arp Iree of chafge and some indude the com etion of a Businegs Plan. The purpose of the training and mentoring 18 to encourage ¥orneone to stsrt thwr own business and wovides them wth enough infomiation and guidancè to bring their idea into fruition and equips them wth thè too to run their own business. This in tum booslB seif-confidence and self-belief and also can rolieve poverty as some of the traning ia ¢thTected specificlY to thos? in TSN or. aaS of deprivation, which can be found wthin th¢ lo1 BoTough. Young peOe ar• also targeted a8 not everyone is suittd to univer61ty or employment and prwlarttraining, again ddivèred at no cost to the p3itirApant, but Sometimes also having an accredrtation attached, is vrtal to allow a young peon to pursu8 881f-Bmrloyment Getting women back into work is also an impDrtant part of the Organisation's rernit but no one is exduded and thg Organisation is onslandy looking to improve and extend its range of programmes in orderto provide a compTehensThiè programme of training at no charge. Provision 0lworkspa¢è on slmrAe term8, provision of SOTvlce5 and ongolng support and monitoring IB an important part Df the Organisation's remrt- rentsl from the workspace provision allow6 the Organisation to wovide other essential sarviceg * a rninirnum cost orfrè$ of charge. Any 8rnall 8ufF4uses achieved are reinv981ed in the Organi6ation either by exten8ion or Improv8rn¥nt of ?xislng property, upgradè of sting services and continuBd $upport fcr bUsine6 in the earty stagB£. The TruBte86. who are drawn from th8 lo¢al comrnunty. are passionalè, that Iralnlng and mentoring, 18 a very important a6peet of the OTgani8alron's work and. while réntal Inwrne18 required in order to financ? the training. it is a fundam8ntsl part of the Organisation. Golng Con¢em The organisation'6 busin•sG a¢tivitie$, togetherY4ith faetOTS likely to aff¥rt its fvture develDpm8nt performance and posfflion am $•t o above. The Trustees consid¥rthat appropriate level of occup3ncy are likelyto be sustained through the going concem foresight period. on thé basis of level of current lenaney agreèments. As a con8equence, the Tru$te8B believe that the company 16 wdl aCed t¢• mangÉ its buslness rI6k8 successfully, de$yte the current economic oudook. Having considered the risk8 and thg Current environmen( the Trustsgs have a reasonabAe expectattvn that the Organisalion has adequate resources to continue In opeiational estenCe for the for¢8epaNe future. A¢coTdingly, they ¢onlinue to adopt the going eoncem in prBparlng the 8nnu81 report and accounts. Independent Auditor A resolution PfDPOSing that Bradley Accounlng and Taxation be re-apwjinted as an Indgpendent auditor of thè charfty wll be put to the Annual General Meeting. page 4
North Down Development Organisation Limited Reports and Financial Ststements For the Year Ended 31 st March 2024 NL)L>O O V 5 1 N g S S Report of the Directors for the year end 31st March 2024 TNstees Responslbllltles Statement The trustees are responslble for preparing the TNslees Annual Report and the financial staternents in accordance with applicable taw and Unlled KSngdom Accounllng Stand8rds {United Klngdom General Accepted Accounting Praclice). The law applicable to charities In Northem Ireland requires the tfustees to prepare financial statements lor each financial year which glve a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity forthat period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then appty them consistent, observe the methods and principles in Ihe CharFties SORP 2019 {FRS102); make judgements and estlmates that are reasonable and prudent., prepare the financial statements on the going ¢on¢em basls unless it is inappropriate to presume that the charitywiN continue in operatlon. The trustees are responsible for keeping proper accounllng records that dlsclose with reasonable accuracy at any time the financial posrtion of the Charty and enable them to ensure Ihatthe financial statements compty with the Charities Act (Norlhem Ireland) 2008 and the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. The tTUStees are also spOnSible for safeguarding the assets of the charity and hence for taking reasonable steps forthe prevenlion and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audft Infomiation of which the charitable company's examiner is unaware,. and the trustees have taken atl steps that they ought to have taken to make themselves aware of any relevant infomiation and to establish that the auditor is aware of that infomation This report was approved bythe Board on the 0"&4 Chaimian Ivan Thompson page 5
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 Independent Auditorfs Report to the membe of North Down Development Organisation Limited We have audited the financial statements of North Down Development Oranisation Limfted (the 'charitable companrf) for Ihe year ended 31 March 2024 which o)mprise the Ststement of Financial Activities.Charity Balance Sheet and notes to the financial statements, including sunificant aco)unling policies. The financial reporting frarnework that has been applied in their preparation is applicable Lgw and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Finanal Repong Standa applicab in Ihe UK and Republic of Iland {Uniled lfjngdom Generally Accepted Accounting Practice) and comprising Charthes SORP. In ouropinion the financial stslements.. give a true and fair view of the slate of ihe charitable company's affairs as at 31 March 2024, and of its incoming resources and application of reSoUs, induding its ineA)me and expenditure, for the year then ended", have been property prepared in accordan wth United Kingdom Generally Accepted Accounting Practi. and have been prepared in ac£ordance WU) the requirements ofthe Companres Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our pOnsibIlitieS under those standards are further desuibed in the auditor reswnsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in a¢(xJrdan with kne ethical requiremenls that are relevant to our aud of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidenc8 We have obtained is suffint and appropriate to provide a basis for our opinion. Conclusions relating to going concem In audng the financial statements, we have concluded that the trustees, use ofthe going concem basis ofaccounting in the preparation of the financial slatements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or condrtions that, indwidually or collectively. may st significant doubt on the charitable companvs ability lo continue as a going conrn fora period ofat least knlve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going cOnM are described in the relevant sections of this report Other infomation The other infomiabon comprises the infomiation included in the trustees. annual report2 otherthan the financial statements and ourauditorfs report thereon. The ttustees are responsible forthe other information. Our opinion on the finanoal statements does not cover the other infomation and, except lo the extent olherwse expliciuy stated in our report, we do not express any fonTt of assuran conclusion thereon. Our responsibility is to read the other informakn'on and, in doing so. (rjnsider whether the other information is materially inrA)nsislenl w7th the financial statement5 or our knowledge obtained in the course of the audit or othetwise appear5 to be malertalty misstated. If we identfy such malerial inconsistencies or apparent material misstatements, we are required to detemiine whelherthis gives iise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a malaial misstatement ofthis other infoThnation, we are required to report thal fact. We have nothing lo report in this regard. Opinions on olher matter5 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report, lch indudes the Istrdtegic report and thel directors, report prepared forthe purposes of company law, for the financial yearfor which the financial statements ate prepared is consistent with the financial statements. and the directors, report induded within the Irustees, report have been prepared in accordance wth applicable legal requirements. Matters on which we are required to report by ex¢option In the light of the knowledge and undeF5tanding of the charitable company and its environment obtained In the course of the audit. we have not identifEd material misstatements in the directors, report included within Ihe ITUSt*s' repo We have nothing to report in respect ofthe following matters in r81ation to thich the Companies Act 2006 requires us to rewrt to you rf, in our opinion.. adequate accounting re(K)rds have not been kept, or retums adequate for our audit have not been recewed from branches not visited by us,. or the financial statements are not in agreement wih the accoLJnting records and relum5" or certain disclosures of tnjslees, remuneration specified by law are not made., or we have not received all the infomialion and explanations we require for our audit [; or Responsibilities of trustees As explained more fvlly in the trustees. responsibileS statement set out on pages 1-5 the trustees {who are a150 the directors of Ihe charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied thatthey give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financtal statements that are free from material misstatement. whetherdue to fraud or emr. In preparing the financial statements, the trustees are responsible ft)rassessing the charitable companls ability to continue as a going concem, disclosing, as applicable, matters related to going nM and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable c£)mpany or to cease operations, or have no realistic altemalive but to do so. page 6
North Down Development OrganisatiDn Llmited Reports and Financial Statements For the Year Ended 31st March 2024 NDDO Auditor respon51bilities forthe audit of the financial sLthments Our objectives are to obtain reasonable assurance abDUt whether the financial statements as a whole are free from material rnisstalement, whether due lo fraud or error, and to issue an audilofs report thal indudes our opinion. Reasonable assuran is a high level of assuran, but is not a guarantee that an audit conducted in aC(rdan with ISAS IUKI will aayS detect a material misstatement when it exists. Misstatements can arise from fraud or emr and are conSided material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. tlrregularities, including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, ouuined above. to detect material misstatements in respect of itTegularities, including fraud.r The extent to which our procedures are capable of detecting irregularities, includtiig fraud is detsiled below.. BecAuse of the inherent limitations of an audit, there is a risk that we not detect all iegUlar1ties, including those leading lo a malerial misstalemenl in the financial statements or non-compliance with regulatn. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions refflected in the financial slatements, as we wll be less likely lo become aware of instanS of non-complian. The risk is also greater regarding IrulareS accuning due to fraud rather than error. as fraud involves intentional COnalment forgery, u)Ilusion, omission or misrepresentab'on.I As part of an audit in acLX)rdance ISAS (UKI, we exerase professional judgment and maintain professional sP.C1Srn throughout the audit. We also: Identify and assess the risks of material misstatemenl of the financial stalements. whether due to fraud or error, design and perfom audit procedures responsive to those risks. and obtain audit evKlence that is sufficient and appropiiate to provide a basis for our opinion. The risk of not detecting a material misslalement resulting from fraud is higherthan for one resulting from error, as fraud may invOe collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. Obtain an understanding of internal control relevant to the audtt in order to design audit procedures that are appropriate in the circumstances, bul not forlhe purwse of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting pdicies used and the reasonableness ofaccounting estimates and related disclosures made by the trustees. Conclude on the apppriateness of the tnjstees, use of the going cOnM basis of accounting and. based on the audtt evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concem. Ifwe conclude that a malenal uncertainty exists, we are required tr) draw attention in our auditorfs report lo the related disclosures in the financial stalements or, if such disclosures are inadequate. to modrfy our opinion. Our conclusions are based on the audit eviden obtained up to the dale of our auditorfs reporL However, future events or condthons may cause the charitable companyto ase to continue as a going concem. Evaluate the overall presentation, structure and wnlent of the financial statements, including the disclosures, and whetherthe financial statements represent the undertying transactrons and events In a manner that achieves fair presentation lie. grves a Inje and fair vtewl. We C£Jmmuni¢ate with those charged with g0Veman regarding, among other matters, the ptanned scope and timing of the audit and sonfficant audit findings, induding any signfficanl defiaencies in intemal control that we identy during our audit. Use of ourreport This report15 made solely to the charitable company's members. as a body. in a(Ordan with Chapter 3 of Part 16 oflhe Companies Act 2006. Our audit WOFk has been undertaken so that we might state to the charitable company's members Ihose matter5 we are required to state to Ihem in an audiloffs report and for no other purpose. To Ihe fijllest extent pemiitted by law, we do not accept or assume restK)nsibility lo anyone other than the chantable company and the chantable company's rneMbe as a body. for our audil worf(, for this reporL or for the opinions we have fr)Md. MrRonan Bradley(Senior StatutoryAuditorJ Forandon b8half of BfftYleyAccounting and Taxation, Statutory Auditor Suite D, Fomiation Works Maand Maryland Industrial Estate Ballygowan Road Belfast BT23 6BL 11.11.LX page 7
North DoTr Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 NDDO SLTtement of Financial Activities Unrestricted Funds Restricted Funds Total 2024 Total 2023 Notes Incoming Resources InGonlng resources from generated funds: Investment income 479 479 519 Extmordinary Income Insuranc8 income for flo¢)d damage 55,562 SS,562 Incoming resources from charitable activities.. Tenant Income 364,964 54,221 364.964 54.221 24,540 371,169 64,316 27,687 Servlces Trdning Programme Government Support Total incoming resources 24,540 475,226 24.540 499,766 463,691 Resources expended Chaiitable activtknes Establishment Management & AdrTNnistration Extraordinary exFendlture for flo1 damage Govemance costs Total resources expended 63.959 63,418 139,707 181.484 130.853 193,709 55,562 8,301 388,425 130,853 193.709 55,562 8.301 452,384 7,690 392,299 63,959 Net incoming resources 86.801 39,419 47,382 71,392 Net movement in lunds Transfer funds Fund balanGes Ought forward 01 Awil 2023 2,081,493 257,869 1,823,624 1, 752,232 Fund balances nIed fovNard at 31st Mar¢h 2024 2.168,294 297,288 1,871,006 1.823,624 All of the above results are derived from continuing adlvlties. All gains and losses recognised In the year are included above. There were no recognised gains and losses for 2024 othèr than those Included in the profit 8nd10ss acGounL page 8
North Down Development Organisation Limited Reports 2nd Finanaal Statements For the Year Ended 31st March 2024 Charity Balance Shaet a$ at 31sl Mar¢h 2024 Company Registratlon Number N1017966 Note.. 2024 2023 Fixed a55ets Tangible assets 2,619,226 2.729,252 Debtors Cash at bank and in hand 99,060 513,642 612,702 23,425 526,858 550,2a3 Credltors: anwnts f811ing du• wilhin one year 139.863 103. 126 Net current assets Total assets less current Ilabllltles 472,839 3,092,065 447,157 3,176,409 Creditors: amounts falling due after more thon one 75,741 3.016 324 136.080 3.040.329 Net assets Funds: Defvrred capital grants 1,145,318 1,216,705 Unrestricted funds General ftEnds 10 1.871,006 1, 823,624 Designated fvnds Total funds 3 016324 3,040,329 Forthe year enthng 31 March 2024 the company was entilled to exemption fram audit under se¢tion 477 of the Companies ArA 2006 retslng to smam ¢ompanies. Directors Responslbilllies: The members have not required the company to obtain an audit of its a¢¢ounts for the year in que81iDn in accordance seclion 476,. The dlrector8 aCknOledge thelr responsibilities for complwng with the requirements of th• Actwith re5perAto accounttng records and the prep.aratlon of accounts. The financial 8t8temEnts on palles 7 to 12 were approved and authorised to issue by Ihe DiTectOTS and sluned on thelr behalf by: Chalrman Ivan Thvmpson 11-IL.LX page 9
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 Notes forming part of the financial 5tstements Accounting pollcies Basls of preparation The ffnanaal statements have been prepared under the historical cost convention. The financial statem?nts have been prep8Ted in accordance wryth the Charities Statement of Recommended Practice (Charities SORPI (FRS 1 D2). The Chariknes (Accounts and Reports) Regulations (Northern Ireland) 2Q15 and the Charities Act {Northemwlreland) 2008. (a) (b) Company status The charity is a company linlted by guarantee. The members of the compary are the trustees named on the"Leg81' pag9. In the event of the charfty being wound up, the lialility in respect of Ihe guarantee Is linmted to £1 per member of the tharity. (c) Fund accountlng General funds are unrestricted frjnds bthich are available for use at the discretion of the trustees In furtherance of the general otyeGtives of the charity and which have not been designated for other purposes. Designated fijnds compiise unrestricted fltnds that have been set aside by the trustees for parliGular purposeB. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which ara to be used In accordance V4fjth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Th8 Cost of raising and administering such funds are charged against the specific fvnd. The alm and use of 8ach reStriad fund is set out In the note6 to the financlal statements. Investment income and gains are alloGated to the appropriate fund. Incoming resources All incoming resources are in¢luded in the SOFA when the charity is legalty gntitled to the income and the amount can be quantified with reasonable accuracy, excludes VAT and other di5wunts. Rontal income is generated through the lease of premlses owned by the organisation. Income Is recognised eventy over the perlod of thelgase temi. Training income Is for the servlces provided to entrepreneurs ythIn the organisation's area of Operation and Is reGognised when the service has been compl&ted in accordance with the programme provider'5 directions. cats1 grants TeGelved In respert of the arquisition or constTUCtion of fixed assets are credited to defeTTed c8Vtal grants In the balance sheet and are released to the incomè and expenditure acGount over the useful econon¥c 'fe of the asset for which the grant was awardad. (d) (e) Resources expended AH expenditure is a¢Uted for on an accruals basis and has been classified under headings that aggregate all costs related to the Gategory. Where costs cannot be directtrf attributed to paitiGular headings they have been allocated to aGlivities on a ba&s consistent th use of the resourGes. Training SeiCe8 and Gosts are rgGogn15ed when incurred and are not deferred until the relevant programme has been completed. Tanglble fixed assets and depreciation The company holds property primarily as a public benofit entity for the benefit of fostering businesses. Property has been classified as tangible fixed assets and not as investment propety on aGcordance with FRS102. Whore there has bgen signlficant refurbishment Gosts incurred. these are trèated 8S CèF4tal improvemgnts, and dèpreciated in accordancè the poliGy rates used below. Depreciatlon is prOded on all tangible fixed assets at rates calculatèd to wrfte off the cost on a straight line basls over their expected use1 economic lives as follows: Long loasehold land Buildings & Offices Hi-tech units Fixtures & Flttlngs Motor Vehicles 2% - 3.33% stralght line 2% straight line 10% - 20% straight Ilne 25% stralght line Property disposals, where the director5 feel that woceeds are immaterial to the overall value of the land and Lwildings, are Gredited gross to the ffxed assets without t8ng the net proceeds through the profit and Ioss account. page 10
North Domn Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 NDDO k Il S l M E S S Notes fomiing part of the financial stalemenls 1 Accounting policies {continued) (fj Tangible fixed assets and depreciation Depreciation is not charged on assets in the course of construction and a frjll charge for the year is made for assets brought into use during the year. No charge for deprec4ation is made in the year In which an asset Is disposed of. Where buildings and equipmpnt are acquired 1th the aid of specific grarts, the assets are capltall$ed and depredated In accordance th the policy set out above, the related grant credited to a deferred capital grant account and Teleased to the income and expendFture aGcount over the expected useful economic life of ihe related asset. A review for impairment of a fixed asset Is carried out if events or changes in clr¢um5tanGes indicate that the carrying amount of the fixed asset may not be reGoveratrAe. (o) Pension costs The company operates a defined contributlon scheme forthe benefit of its employees. The Gosts of contributions are vrritten off against profits in tho year they are payable. (h) Cash and cash equlvalenls Cash is rewesented by cash in hand and deposits with financial institutions repayable without penalty on nolice of not more than 24 hours. Financial instwments The Company only enters into basic finanual instruments transactions that Tesuft in the recognition of financial assets and liaiiltties like trade and other accounts receivable and payable, loans from banks and other third partie5. Debt instruments (other than those wholly repayable or receivable withln one year), including loans and other accounts receivable and payable. are initially measured at present value of tho future cash flows and subsequently at amortlS8d cost using the effective interest method. Debt inslrum8nts that are payable or r8ceivab]e wthin one year. typically trade payables or receivables, are measured, initially and sut6equenty, at Ihe undiscounted amount of the cash OT other consideration, expocted to b8 paid or received. 2 Total resources expended other direct costs include.. 2024 2023 Indep?ndonVs Exarrtiners Fees Depreciation- on owned assets Cakital Grants raleased Loan Interest 1,800 120,497 71.388 4,354 127,293 71,388 5,609 3 Dlrertor, remuneration The DirfrctOTS nellher reGeived nor waived any emoluments during the year (2023: £NiD. 4 Staff Costs 2024 156,320 8,30S 9,891 2023 148,281 7,690 9,643 Wages and salaries Social sècurity costs Defined Pension costs The average number of employees, calculated on a fUltIMe equivalent basis, analysed by function was: 2024 2023 Management and admlnistralion Training There was one 8mploy88 received a salary of between £75.000 and £80,000 for the year. page 11
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 NDDO Notes formlng part of the finaneial statements 5 Tanglblo fixed assets Long Leasehold Land Fixiures Fittings & Equlpment Buildings & Adaptations Htech Unts Motor Vehlcles Total At 1 April 2023 Addrtions Disposals At 31 March 2024 164,353 5,179.218 329,431 155,012 10.472 34.605 5.662,619 10,472 164,353 5,179,218 329.431 165,484 34,605 5,873,091 Depreclatlon At 1 April 2023 2,822,363 185,486 125,519 3,133,368 Charge for year Disposa At 31 March 2024 99,103 6,588 6.154 8,652 120.497 2,921,466 192,074 131,673 8,652 3,253.865 Net book value At 31 March 2024 164,353 2,257.752 137,357 33,811 25,953 2,619,226 At 31 Mwch 2023 164.353 2.356. 855 t43,945 29,493 34.605 2. 729.251 Valuation The building$ were last valued independentty during January 2018 by Mr. ma McKin8try MRICS & Mr Stephen Deyermond MRICS of TDK Commercial Property Consuttants. In their opinlon, the fair valuation of the properties was £3,100,000. The trustees fvmi an oynion that as the economy is improving and the Industrial Ffoperty market Tecovering, the current historic net book values Caled in these account6 are not inappropriate., and they do not consider that a revaluation is justified given the imwoving market. Leasehold Land Purchase of land was acquire from IDB on a 999 year lease. There is no ground rent payat4e. There are restn'ctive covenants place on the use of the land for enterprise use only. Capltsl Commitments Capltal expenditure contracted for. but not promded In the financial statements, vras £ Nil 12023.. £Nil}. 6 Debtorts 2024 1,721 62, 122 35,217 99.060 2023 Trade debtors 97 other debtors Prepayments and other a¢crued in¢ome 23,328 23,425 Credltors: amounts falllng due wlthln one year 2024 2023 2.320 14.852 20.073 9,3&7 Trade credRor8 Taxation and social se¢urity ¢06ts Other creditors Ac¢rua and deferred income Obiigations under finance leases Loans and overdrarts 39,054 4.885 29.255 7,590 59,079 139,Be3 56,498 103,126 page 12
North Down Development Organisation Limited Reports and Finanoal Statemenls Forthe Yegr Ended 31st March 2024 Notes fomiing part of the financial sL*ements Creditors: amounts falllng due after more than one year 2024 75,741 2023 136.080 Bank Loans The amou ts fall due as follovoE: In the second to fifth year inclusiv8 More than five years 75.741 136,080 Total borrowlngs are secured by a legal mortgage on the company's preseS, a fixed charge over book debts, and a Iloating charge on the Othgr assets of the company. The company combined its fixed and ffloaling interest rate loans Into a singlo acGount at a rate of 1.5Qh on the present lendlng margin CUTrenty at.75%. The loan is due to be repaid in 2026. 9 Defevred capital grants 2024 2023 Land & bulldin At 31 March 2024 1.216,707 1,288,095 elea At 31 March 2024 71.388 1.145.319 71.388 1216 707 The Caal grants to assist building thes8 units had con(fitions attached, pre and post competsbon. These were fvffilled within the time fimits variating from M years after the grant was awarded. The grants are not rèpayable thereafter and the organisation is free to dispose of them thoUt raluming any the woce8ds. 10 Statement of funds At 1 April 2023 At 31 March 2024 Income Expenditure Transfevs General rese¢ve 2,081,493 475.226 388,425 2,168.294 Tolal unrestrlcted funds 2 081493 475 226 388 425 2168 294 Restricted funds: Training 257,869 24,540 63.959 297,288 Tolal re51rfctsd lunds 257 869 297 288 Total fvnds 1823 624 499 766 1 871006 11 Financial InstNments 2024 2023 Finandal assets Finaniial assets measured at Ir value through profit or loss 513.642 526,858 Finanaal Ilakmlitles Finan(ial liaknlities measured at amortrsed Gost 209,047 239 205 Financial assets measured at amorfjsed cost comprise Gash in hand and bank. Finan(ial Liabililies measured at arnortised cost comwise bank and asset loans. trade ffedftors, and sundry Credito. page 13