Charity registration number NIC101440
Company registration number N1604374 (Northern Ireland)
ANGELLO DEVELOPMENT FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

ANGELLO DEVELOPMENT FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr M R Johnston
Mr P J Lindsay
Mr S J Lennox
Charity number
NIC101440
Company number
N1604374
Registered office
The Stables
29 Purdysburn Hill
Belfast
BT8 8JY
Independent examiner
Miscampbell & Co
6 AnnadaleAvenue
Belfast
BT7 3JH
Bankers
Ulster Bank
11-16 Donegall Square East
Belfast
BT15UB

ANGELLO DEVELOPMENT FOUNDATION
CONTENTS
Page
Trustees, report
Statement of trustees, responsibilities
Independent examiner's report
Statement of financial activities
Balance sheet
Notes to the financial statements
9-17

ANGELLO DEVELOPMENT FOUNDATION
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees present their annual report and financial statements for the year ended 30 September 2023. The
annual report serves the purposes of both a Trustees, report and a directors, report under company law. The
Trustees ¢onfirm that the annual report and the financial statements of the charitable company comply with the
current statutory requirements, the requirements of the charitable company's governing document and Ihe
provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in
a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) {effective
1 January 2019).
Angello Development Foundation has the company number N1604374 and is a registered 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 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.
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 initiative5 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 ststutory 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.

ANGELLO DEVELOPMENT FOUNDATION
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT> (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Achievements and performance
a. Main achievements of the Company
The general focus of the Foundation continues to be in the following..
1. Supporting the development of Ihe 'Playground' of key national leaders from around 10 frontier nations as they
developed their local vision for enterprise led development.
2. Applying the experience of the Foundation in pioneering and thought leadership in the global movement of
enterprise led development, working wilh key international partners.
3. Building a Global Tribe of 12 young activists to support and mentor them in their growth in community
development.
4. Making selective investments in the early-stage businesses of high impact entrepreneurs.
b. Investment policy and performance
In pursuit of Foundation objectives,Trustees ¢onsider and if satisfied, implement investments with high projected
social impact in frontier markers. Due diligence and evaluation is carried out by the Investment Committee. Trustees
monitor and are satisfied with the performance and impact of its existing investments.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate
resources to ¢ontinue 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.
Plans for future periods
The Foundation will continue to look for further opportunities to advance its objectives with relevant partners.
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.
The trustees, who are also the directors for the purpose of Company law, and who served during theyear and up to
the date of signature of the financial statements were..
Mr M R Johnston
Mr P J Lindsay
Mr S J Lennox

ANGELLO DEVELOPMENT FOUNDATION
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
b. Methods of appointment or election of Trusteos
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 ofthe Board, the prospective rnember 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 experience, and personal interest in the work of the Foundation and there is
no scheme of training for directors in advance of their appointment.
Organisalional 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 Ihe 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 rlsk management
The Trustees have assessed the major risks to which the Company is exposed. in particular those ￿lated 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.
Funds held as custodian trustee
The Foundation does not hold any funds as custodian for any other trustee body.
The trustees, report was approved by the Board of Trustees.
Johnston
Trus
ee
9 April 2024

ANGELLO DEVELOPMENT FOUNDATION
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees, who are also the directors of Angello Development Foundation for the purpose 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 year which give a true and fair
view of the state of affairs of the trust and of the incoming resources and application of resources, including the
income and expenditure, oflhe charitable company for that year.
In preparing these financial statements, the trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent- and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will
continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the trust 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 trust and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.

ANGELLO DEVELOPMENT FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ANGELLO DEVELOPMENT FOUNDATION
I report to the trustees on my examination of the financial statements of Angello Development FourKlalion (the trust)
for Ihe year ended 30 September 2023.
Responsibilities and basis of report
As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for Ihe
preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland)
2008.
I report in respect of my examinalion of the Charity's financial statements carried out under the Charities Act
(Northern Ireland) 2008. In carrying out my examination I have followed all the applicable Directions given by the
Charity Commission under the Charities Act (Northern Ireland) 2008.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the trust as required by section 386 ofthe 2006 Act., or
the financial statements do not accord with those records., or
the financial statements do not comply with the applicable requirements concerning the form and content of
accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the
accounts give a true and fair view which is not a matter considered as part of an independent examination.
the financial statements have not been prepared in accordance with the methods and principles of the
Stalement of Recommended Practice for accounting and reporting by charities applicable to Charities
preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK arnl
Republic of Ireland (FRS 1021.
I have no concerns and have come across no other matters in Gonne¢tion with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the financial ststements to be reached.
Patrick Mi
campbel
Mis¢ampbell & Co
6 Annadale Avenue
Belfast
BT7 3JH
Dated.. 9 April 2024

ANGELLO DEVELOPMENT FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
un￿$trActed Restricted
funds
funds
2023
2023
Total
Unrestrict8d Restrictsd
funds
funds
2022
2022
Total
2023
2022
Notes
Income and en
Donations and
legacies
Investments
Other income
40,759
362
497
51,894
92,653
362
497
45,814
84,764
130,578
661
661
Total income
41,618
51,894
93,512
46,475
84,764
131,239
enditure on:
Charitable activities
46,230
46,230
112,937
112,937
Net {expenditure)lincome
for the yearl
Net movement in funds
(4,612)
51,894
47,282
(66,462)
84,764
18,302
Fund balances at 1 October
2022
111,821
84,764
196,585
178,283
178,283
Fund balances at 30
September 2023
107.209
136,658
243,867
111,821
84,764
196,585
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from ¢ontinuing activities.
The statement of financial activities also ¢omplies with the requirements for an income and expenditure account
under the Companies Act 2006.

ANGELLO DEVELOPMENT FOUNDATION
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
2023
2022
Notes
Fixed assets
Investments
12
148,240
7,525
Current assets
Debtors
Cash at bank and in hand
13
264,891
57,676
229,851
3,262
322,567
233,113
Creditors: amounts falling due within
one year
15
{88,225)
(44,053)
Net current assets
234,342
189,060
Total assets less cur￿nt liabilities
382,582
196,585
Creditors: amounts falling due after
more than one year
16
(138,715)
Net assets
243,867
196,585
Income funds
Restricted funds
Unrestricted funds
18
136,658
107.209
84,764
111,821
243,867
196,585
The company is entitled to the exemption from the audit requirement Contained in section 477 of the Companies Act
2006, for the year ended 30 September 2023.
The directors a¢knowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.

ANGELLO DEVELOPMENT FOUNDATION
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
The tnembers have not required the company to obtain an audit of its financial statements for the year in question in
a¢cordan¢e with section 476.
These financial statements have been prepared in accordance with the provisions applic2ble to companies subject
to the small companies regime.
The financial statements were approved by the Trustees on 9 April 2024
Mrm
Trust
hnston
Company registration number N1604374

ANGELLO DEVELOPMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Accounting policies
Charity information
Angello Development Foundation is a private company limited by guarantee incorporated in Northern Ireland.
Their registered company number is N1604374, and their registered charity number is NIC101440. The
registered office is The Stables, 29 Purdysburn Hill, Belfast, BT8 8JY.
1.1 Accounting Convention
The financial stalements have been prepared in accordance with the twsl's [governing document], the
Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland" ("FRS 102,1 and Ihe Charities SORP "Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to Gharities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The
trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for ¢harities not to prepare a Statement of Cash
Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the histori¢al cost ¢onvention. The principal a¢¢ounting
policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust
has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees
continue to adopt the going concern basis of a¢¢ounting in preparing the financial ststements.
1.3 Charitable funds
Unrestri¢ted funds are available for use at the discretion of the trustees in furtherance of their charitable
objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and
uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met,
the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised On￿ the trust has been notified of
the donation, unless Performan￿ conditions require deferral of the amount. Income tax recoverable in relation
to donations received under GiftAid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or othejwise if the trust has been notified of an impending distribution, the
amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent
asset.

ANGELLO DEVELOPMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third paty, 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 di￿1 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 attrtbutable to a single activity are apportioned between 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 are allocated on the portion of the asset's use.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are
subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net
incomel{expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents in¢lude cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.8 Financial instruments
The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther
Financial Instruments Issues. of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party lo the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction Costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction. where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Basi¢ financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instrument5 are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are Glassified as Current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
10-

ANGELLO DEVELOPMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Accounting policies
(Continued)
Derecognltion of financial liabilities
Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or
cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are
received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to
terminate the employment of an employee or to provide termination benefits.
Critical accounting estimates and Judgements
In the application of the trust's accounting policies, the trustees are required to make judgements, estimales
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The eslimates and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the eslimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
11

ANGELLO DEVELOPMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Investments
Unrestricted
funds
Total
2023
2022
SEAF Investment Income
362
Other income
Unrestricted Unrestricted
funds
funds
2023
2022
other income
497
661
Charitable activities
Charitable Charitable
Expenditure Expenditure
2023
2022
Programme activity
15,296
12,725
Grant funding of activities (see note 7)
29,566
96,767
Share of support costs {see note 8)
Share of governance costs (see note 8)
<401
1,408
2,209
1,236
46,230
112,937
Grants payable
Charitable Charitable
Exponditure Expenditure
2023
2022
Grants to institutions..
Other
29,566
96.767
13-

ANGELLO DEVELOPMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Support costs
Support Governance
costs
Costs
2023
Support Governance
costs
costs
2022
Project management
Office overheads
Bank fees
Foreign exchange loss
144
1,962
103
144
1,962
103
538
{736)
158
538
(736)
158
Audit fees
1,408
1,408
1,236
1,236
(40)
1,408
1,368
2,209
1,236
3,445
Analysed be￿een
Charitable activities
(40)
1,408
1,368
2,209
1,236
3,445
Governance costs includes payments to the auditors of £1,408 (2022- £1.236) for audit fees.
Trustees
During the year, Trustees have been reimbursed travel expenses due to charitable activities held outside
Northern Ireland, such as London, Cairo and Pakistan etc. The value of Trustees travel expenses were as
follows.,
2023
2022
Malcolm R Johnston
Paul Lindsay
Travel expenses
Travel expenses
2,361
2,586
6,485
2,216
During the year ended September 2023, Twstee travel expenses have been incurred of £4,947 (2022..
£8,701).
10 Employees
The average monthly number of employees during the year was..
2023
Number
2022
Number
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from tax on income and gains falling within section 524 and 525 of the Income Tax Act
2007 or section 256 of the Taxation of Chargeable Gains Act to the extent that these are applied to its
charitable purpose.
14-

ANGELLO DEVELOPMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
12 Fixed asset investments
Unlisted
investments
Cost or valuation
At 1 October 2022
Additions
7,525
140,715
At 30 September 2023
148,240
Carrying amount
At 30 September 2023
148,240
At 30 September 2022
7,525
15-

ANGELLO DEVELOPMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
13 Debtors
2023
2022
Amounts falllng due after one year:
Other debtors
264,891
229,851
14 Loans and overdrafts
2023
2022
Other loans
222,340
42,625
Payable within one year
Payable after one year
83,625
138,715
42.625
15 Creditors: amounts falling due within one year
2023
2022
Notes
Borrowings
Deferred income
Accruals and deferred income
83,625
3,000
1,600
42,625
17
1,428
88,225
44,053
16 Creditors: amounts falling due after more than one year
2023
2022
Borrowings
138,715
17 Deferred income
2023
2022
Other deferred income
3,000
Deferred income is included in the financial statements as follows-.
2023
2022
Deferred income is included within..
Current liabilities
3,000
Movements in the year..
16-

ANGELLO DEVELOPMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
17 Deferred income
(Continued)
Deferred income at 1 October 2022
Resources deferred in the year
3,000
Deferred income at 30 September 2023
3,000
18 Restricted funds
The income funds of the charity include restrirted funds ¢omprising the following unexpended balan￿S of
donations and grants held on trust for specific purposes..
Movement
in funds
Incoming
Balance at
resources1 October 2022
Movement
in funds
Incomlng
Balance at
resources 30 September
2023
84,764
84,764
51,894
136,658
19 Analysis of net assets between funds
Unrestricted Restricted
funds
funds
2023
2023
Totsl Unrestricted Restricted
funds
funds
2022
2022
Total
2023
2022
Fund balances at 30
September 2023 are
represented by..
Investments
Current assetsl{liabilities)
Long term liabilities
148,240
97,684
{138,715)
148,240
234,342
(138,715)
7,525
104,296
7,525
189,060
136,658
84,764
107,209
136,658
243,867
111,821
84,764
196,585
20 Related party transactions
Ideal Estates (Belfast) Limited is considered to be a related party as Malcolm Johnston, a director in Angello
Development Foundation 15 also a diredor of Ideal Eststes {Belfa5t) Limited. At the end of the year, Angello
Development Foundation owed Ideal Estates (Belfast) Limited £194,715 (2022.. £35,000), £25,000 of which
was provided as a loan in 2020, £10.000 provided in 2022, and £199,715 provided in 2023. Repayments of
£40,000 (2022- nil) were made during the year.
17-