Registered number: N1604374 Charity number: NIC101440 ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Company, its Directors and advisers Trustees, report Independent examiner's report Statement of financial activities Balance sheet 9-10 Notes to the fjnancial statements 11-22
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Directors Malcolm R Johnston Paul Lindsay Simon Lennox Company registered number N1604374 Charity registered number NIC101440 Registered office The Stables 29 Purdysburn Hill Belfast BT8 8JY Accountants Miscampbell & Co Chartered Accountants 6 Annadale Avenue Belfast BT7 3JH Bankers Ulster Bank 11-16 Donegall Square East Belfast BT15UB Page 1
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The Trustees present their annual report together with the financial ststements of the Company for the 1 October 2021 to 30 September 2022. The Annual report serves the purposes of both a Trustees. report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Angello Development Foundation has the company number N1604374 and is a registerd charity, charity number NIC101440. The registered office is The Stables, 29 Purdysburn Hill, Belfast, BT8 8JY. The trustees during the period and at the report approval date are Mr M Johnston, Mr S Lennox and Mr P Lindsay. Objectives and activities a. Policies and objectives The principal object of the company is for charitable purposes only, specifically the advancement of education, the advancement of religion (specifically the Christian Faithl, the advancement of health, the relief of hardship and disadvantage, the advancement of community development, the advancement of environmental improvement and the improvement of the holistic life of communities in developing nations. b. Strategies for achieving objectives The Trust will participate only in initiatives that are reasonably conducive to the realisation of the above mentioned principal object, ensuring that its activities meet the test of being targeted for public benefit. The initiatives of the Foundation can include= 1. The provision of health improvement, 2. The promotion of rural and urban development, 3. The establishment, provision or improvement of education, mentoring andlor training programmes, 4. The promotion and provision of community services, 5. The promotion of good ethics, especially in business and the economic life of the developing nations, 6. The promotion of ethical and transformational business solutions to impact on social and economic need. The Trustees have regard to the Commission's public benefit requirement statutory guidance. c. Main activities undertaken to further the Company's purposes for the public benefit The charity has several activities running. The achievements are listed below in the Main achievements of the Company. Page 2
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Achievements and performance a. Main achievements of the Company In the period under review the general focus of the Foundation was in the following.. Supporting the development of the 'Playground' of key national leaders from around 10 frontier nations as they developed their local vision for enterprise led development. Applying the experience of the Foundation in pioneering and thought leadership in the global movement of enterprise led development, working with key international partners. Building a Global Tribe of 12 young activists to support and mentor them in their growth in community development. Making selective investments in the early-stage businesses of high impact entrepreneurs. b. Investment policy and performance In pursuit of Foundation objectives, Trustees considered and implemented investments with high projected social impact in frontier markets. Due diligence and evaluation was carried out by the Investment Committee. Trustees are satisfied with the performance and impact of its existing investments. Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy At this stage in the development of the activities of the Foundation it operates with very limited resources. The Trustees do not consider a Reserves Policy is necessary. structure, governance and management a. Constitution Angello Development Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. Page 3
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2022 Structure. governance and management (continued) b. Methods of appointment or election of Trustees The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Potential Trustees of the Company are considered by the Board. Primarily this review considered whether, in the opinion of the Board, the prospective member will help the Company meets its aims and objectives. Applicants considered suitable are then invited by the Chairman to join the Board. Each Trustee of the Company is also appointed as a member. Those serving as Trustees are invited by the existing Board on the ground of their proven ability, relevant experien, and personal interest in the work of the Foundation and there is no scheme of training for directors in advan of their appointment. c. Organisational structure and decision-making policies The Board considers the strategy of the Foundation and agrees operational priorities. Broad strategy on disbursement of grants or investments is agreed collectively by the Board. Specific grants or investments are allocated by an investment sub-committee and only made to projects or organisations with which the Trustees have become familiar. d. Financial risk management The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for future periods The Foundation will continue to look for further opportunities to advance its objectives with relevant partners. Funds held as custodian The Foundation does not hold any funds as custodian for any other trustee body. Members, Ilability The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up. Page 4
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER2022 Statement of Trustees. responsibilitles The Trustee5 (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP (FRS 102); make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Companys transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mal Dire R Johnston Date: 2 May 2023 Page 5
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 Independent examinerfs report to the Trustees of Angello Development Foundation I report on the financial statements of the company for the year ended 30 September 2022 which are set out on pages 8 to 22. Respective responsibilities of charity Trustees and examiner As the company's trustees {and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to.. examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008; follow the procedures laid down in the general Directions given by the Commission under section 65{91(b) of the Charities Act. and state whether particular matters have come to my attention. Basis of independent examiner's statement I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: that accounting records were not kept in accordance with section 386 of the Companies Act 2006., that the accounts do not accord with those accounting records., that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities 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 {FRS 102); that there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and. in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Page 6
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Signed.. Dated.. 2 May 2023 Patrick Miscampbell FCA Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Page 7
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Other income 45,814 661 84,764 130,578 661 95,263 604 Total income 46.475 84,764 131,239 95,867 Expenditure on: Charitable activities 112,937 112,937 132,397 Total expenditure 112,937 112,937 132,397 Net movement in funds (66.462) 84,764 18,302 (36,530) Reconciliation of funds: Total funds brought forward Net movement in funds 178,283 (66.462) 178,283 18,302 214,813 (36, 530) 84.764 Total funds carried forward 111,821 84,764 196,585 178,283 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 11 to 22 form part of these financial statements. Page 8
ANGELLO DEVELOPMENT FOUNDATION {A company limited by guarantee REGISTERED NUMBER: N1604374 BALANCE SHEET AS AT 30 SEPTEMBER 2022 2022 2021 Note Fixed assets Investments 13 7,525 7, 525 7,525 7, 525 Current assets Debtors Cash at bank and in hand 14 229,851 3,262 181,730 30,400 233,113 212, 130 Creditors.. amounts falling due within one year 15 (44,053) (41,372) Net current assets 189,060 170, 758 Total assets less current liabilities 196,585 178,283 Total net assets 196,585 178,283 Charity funds Restricted funds: Restricted funds Unrestricted funds 17 17 84,764 111,821 178,283 Total funds 196,585 178,283 Page 9
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: N1604374 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2022 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in qljestion in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 02 May 2023 and signed on their behalf by.. Mal m R Johnston The notes on pages 11 to 22 form part of these financial statements. Page 10
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 General information Angello Development Foundation Ltd is a charity limited by guarantee. The charity is incorporated in Northern Ireland and has the company number N1604374 and is registered with Charity Commission Northern Ireland and has the Charity number NIC101440. The registered office address is The Stables, 29 Purdysburn Hill, Belfast, BT8 8JY. The principal activity of the company continued to be the advancement of religion (specifically the Christian Faith), the advancement of health, the relief of hardship and disadvantage, the advancement of community development, the advancement of environmental improvement and the improvement of the holistic life of communities in developing nations. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. 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 {FRS 102} (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Angello Development Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othewise stated in the relevant accounting policy. The financial statements are presented in Sterling (£). The level of rounding is £1. 2.2 Going concern After reviewing the company's investment strategy, forecasts and projections, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. 2.3 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page11
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred. 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments, in the Statement of financial activities. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 12
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies (continued) 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.10 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Page 13
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Income from donations and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations and Grants Gift aid claim 43,450 2,364 82,264 2,500 125,714 4,864 91,336 3,927 45,814 84,764 130,578 95,263 Total 2021 47, 727 48, 136 95,263 Other incoming resources Unrestricted funds 2022 Totsl funds 2022 Total funds 2021 Other incoming resources 661 661 604 Total 2021 604 604 Analysis of grants Grants to Instltutions 2022 Total funds 2022 Total funds 2021 Ethical Goods Limited, Itzinya and Patapia 96,767 96,767 126, 777 Total 2021 126,777 126, 777 Page 14
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2022 2022 Total 2022 Total 2021 Direct costs - Activities 112,937 112,937 132,397 Total 2021 84,261 48,136 132,397 Analysis of expenditure by activities Activities undertaken directly 2022 Grant funding of activities 2022 Support costs 2022 Total funds 2022 Total funds 2021 Direct costs - Activities 12,725 96,767 3,445 112,937 132.397 Total 2021 3.282 126. 777 2.338 132,397 Analysis of direct costs Total funds 2022 Total funds 2021 Actlvltles 2022 Programme activity 12,725 12,725 3,282 Total 2021 3,282 3,282 Page 15
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2022 Total funds 2021 Activities 2022 Project management Office overheads Independent examiner fees Bank fees 144 144 144 1,080 1, 032 82 1.962 1,236 103 1,962 1,236 103 3,445 3,445 2,338 Total 2021 2, 338 2,338 Governance costs Unrestricted funds 2022 Total funds 2022 Total funds 2021 Independent examiner fees 1,236 1,236 1,032 10. Independent examiner's remuneration 2022 2021 Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts 1.032 Page 16
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 11. Staff costs The average number of persons employed by the Company during the year was as follows: 2022 No. 2021 No. Trustees No employee received remuneration amounting to more than £60,000 in either year. 12. Trustees. remuneration and expenses During the year, Trustees have been reimbusred travel expenses due to charitable activities held outside Northern Ireland, such as London. Cairo and Pakistan etc. The value of Trustees, other benefits was as follows.. 2022 2021 Malcolm R Johnston Paul Lindsay Other benefits Other benefits 6,485 2,216 441 During the year ended 30 September 2022, Trustee travel expenses have been incurred of £8,701 (2021 £441). Page 17
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 13. Fixed asset investments Unlisted investments Cost or valuation At 1 October 2021 7,525 At 30 September 2022 7,525 Net book value At 30 September 2022 7,525 At 30 September 2021 7,525 14. Debtors 2022 2021 Due within one year Other debtors 229,851 181, 730 229,851 181, 730 15. Creditors: Amounts falling due within one year 2022 2021 Other loans Accruals and deferred income 42,625 1,428 40,100 1,272 44,053 41,372 Page 18
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 16. Financial instruments 2022 2021 Financial assets Financial assets measured at fair value through income and expenditure 10,787 37,925 Financial assets measured at fair value through income and expenditure comprise cash held at bank and osts of fixed asset investments in the accounts. Page 19
ANGELLO DEVELOPMENT FOUNDATION IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 17. Statement of funds Statement of funds - current year Balance at 30 September 2022 Balance at 1 October 2021 Income Expenditure Unrestricted funds General Funds 178,283 46,475 1112,937) 111,821 Restricted funds Restricted Funds- all funds 84,764 84,764 Total of funds 178,283 131,239 1112,937) 196,585 Statement of funds - prior year Balance at 30 September 2021 Balance al 1 October 2020 Income Expenditure Unrestricted funds General Funds 214,813 47,731 (84,261) 178,283 Restrlcted funds Restricted Funds - all funds 48,136 (48, 136) Total of funds 214,813 95,867 (132,397) 178,283 Page 20
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 18. Summary of funds Summary of funds - current year Balance at 30 September 2022 Balance at 1 October 2021 Income Expenditure General funds Restricted funds 178,283 46,475 84,764 1112,937) 111,821 84,764 178,283 131,239 (112,937) 196,585 Summary of funds - prior year Balance at 30 September 2021 Balance al 1 October 2020 Income Expenditure General funds Restricted funds 214,813 47,731 48, 136 (84,261) (48, 136) 178,283 214,813 95,867 (132,397) 178,283 19. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year 7,525 148,349 (44,053) 7,525 233,113 (44,053) 84,764 Total 111,821 84,764 196,585 Page 21
ANGELLO DEVELOPMENT FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 19. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Unrestricted funds 2021 Total funds 2021 Fixed asset investments Current assets Creditors due within one year 7,525 212,130 (41,372) 7, 525 212,130 (41,372) Total 178, 283 178,283 20. Related party transactions Ideal Estates (Belfast) Limited is considered to be a related paty as Malcolm Johnston, a director in Angello Development Foundation is also a director of Ideal Estates (Belfast} Limited. At the end of the year, Angello Development Foundation owed Ideal Estates (Belfast) Limited £35,000, £25,000 of which was provided as a loan in 2020, and the additonal £10,000 provided in 2022. No repayments were made during the year. Page 22