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 curnt 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 di1 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 beeen 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 balanS 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-