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 2024
ANGELLO DEVELOPMENT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustoes Mr M R Johnston Mr P J Lindsay Mr S J Lennox Mr Wllliam Dalziel (Appointed 4 December 2024} Charity number NIC101440 Company number N1604374 Reglstered offlce Garvey Studios 8-10 Longstone Street Lisbum BT28 1TP Independent Èxaminer Miscampbell & Co 6Annadale Avenue Belfast BT7 3JH Bankers Ulstsr Bank 11-16 Donegall Square East Belfast BT15UB
ANGELLO DEVELOPMENT FOUNDATION CONTENTS Page Trustees, report Statement of truste8s' r8sponsibilities Indep8ndent 8xamin8r's report Statement of financial activities Balance sheet Notes to the financial statements 9-17
ANGELLO DEVELOPMENT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present their annual report and financial statements for the year ended 30 September 2024 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 the financial statements of the charitable company comply with the current statutory requireménts, the requirements of the charitable company's governing document and the provisions of Ihe Ststemenl 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). Angello Development Foundation has the company number N1604374 and is a registered charity, charity number NIC101440. The registered office is Garvey Studios, 8-10 Longstone Street. Lisburn, Northern Ireland. BT28 1TP. Objectives and activities Policies and objectives The princlpal object of Ihe company is for charitable purposes only. specrfically 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 developrnent. 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 lo the realisation of the above mentioned principal object, ensuring that its activities meet the test of being targetèd for public bgnefit. 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 S8rvices. 5. The promotion of good ethics, especially in business and the economic lrfe of the developing nations. 6. The promotion of ethical and transforrnational busines5 solutions to impact on social and economic need. The Trustees have regard to the Commission's public benefit requirement Statutory guidance. Main activities undertaken to further the Company's purposes for the publwe beneflt Th8 charity has several activities running. The achievements are listed below in the Main achi8vem8nts of th8 Company.
ANGELLO DEVELOPMENT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 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 the 'Angello Network, which includes key national leaders from 12 - 14 frontier nations as they developed thelr local vision for enterprise led development. 2. Applying the experience of the Foundatlon in pioneering and thought leadership In the global mcwement of enterprise led development, working with key intemational partners. 3. Building a Global Tribe of 12 young activists to support and mentor them in their growth in community development. 4. Making s8lectivè investmants In the early-stsge businesses of high impact 8ntrepreneurs. b. Investment policy and performance In pursUIt of Foundation objectives.Trustee5 consider and if satisfied, implement investments with high projected social impact in frontier markers. Due diligence and evaluation is carried out by the Investment Corrniittee. Trustees monitor and are satisfied with the performance and impact of its existing investments. Flnanclal revlew a. Going concern After making appropriate enquiries, the Trustees have a reasonable expedation that the Company has adequate resources to continue In operational existen for the foreseeable futur8. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Reserves pollcy At this stage in the development of the activities of the Foundation it operatès with very limited resourc8s. Th8 Trustees do not consider a R6s8rves Policy is necessary. Plans for future perfods The Foundation will continue to look for further opportunities to advance its objectives with relevant partner5. Structure, governance and manag8mont Constitution Angello Dgvelopment Foundation is registered as a charitable mmpany limited by guarantee and was sel up by a Mernorandum of Association. The tru5tee5, who are also the dlrectors for the purpose of company law. and who served during the year and up to the date of signature of the financial ststements were: Mr M R Johnston Mr P J Lindsay Mr S J L8nnox Mr William Dalziel (Appointed 4 December 2024)
ANGELLO DEVELOPMENT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 b. Methods of appointment or election of Trustees Th8 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 h81p the Company meets its aims and objectives. Applicants considered suit8ble are then invited by the Chairman to join the Board. Each Trustee of the Company is also appointed as a memb8r. Those seNing as Ttuste8s are invited by the existing Board on th8 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. Organisational structure and decision.making policies The Board considers the strategy of the Foundation and agrees operational priorities. Broad strategy on disbursemenl of grants or investments is agreed collectively by the Board. Specific grants or investments are allocatèd by an investmènl sub-committee and only made to projects or organisations with which Ihe Truslees have become familiar. d. Flnanclal rfsk management The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and fInanS of the Company, and are satisfied that systems and procedures are in Pla 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, rèport was approved by the Board of Trustees. ,Mr P J Lindsay/.'. TTUSteg 19 F8bruary 2025
ANGELLO DEVELOPMENT FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees, who are 8150 the directors of Angello Development Foundation for the purpose of company law, are r8spon5ible for preparing th8 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 ststements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming rèsources and application of resources, including the Income and expenditure, of the charilable company for Ihai year. In preparing these financial statements, the trustees are required to: - select sultablè accountlng pollcies and then apply them consistentty., 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 golng 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 tsking 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 FourKlation (the trust) for the y8ar 8nded 30 Sept8mb8r 2024. Responslbllltles and basls of report As the trustees of the trust (and also its dlrectors for the purposes of company law) you are responsible for the preparation of the financial ststaments in accordance with the requirements of the Charities Act (Northern Ireland) 2008. report in respect of my examination of the Charitys financial statements carried out under the Chaiities Act (Northern Ireland) 2008. In carrying out my examination I have followed all the applicabl8 Directions given by tha Charity Commission under the CharitiesAct (Northern Ireland) 2008. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attentlon in connection with the examination giving me cause to believe that in any material resp8Ct= accounting records were not kepl in respect of the trust as required by sedion 386 of the 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 fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other Ihan any requirement that the accounts give a true and fair view which is not a matter consldered as part of an independent examination. the financial statemenls have not been prepared in accordance with the methods and principles of th8 Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK a1 Republic of Ireland (FRS 102>. I have no concerns and have come across no other matters in conneGtion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Patrick Miscampbell Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Dated.. 19 February 2025
ANGELLO DEVELOPMENT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unreslricted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Notes InGome and endowments from: Donations and legacies Inv8Stm8nts Other income 24,500 6,096 3,172 10,500 35,000 6.096 3.172 40.759 362 497 51,894 92.653 362 497 Total Income 33,768 10.500 44,268 41,618 51,894 93,512 Expenditure on: Charitable activities 54,337 54.337 46,230 46,230 Total expenditure 54,337 54,337 46,230 46.230 Net In¢omel(expendlture) and movement in funds (20,569) 10.500 (10.069) 14,612) 51,894 47,282 Reconciliation of fund5: Fund balances at 1 October 2023 107.209 136,658 243,867 111,821 84,764 196,585 Fund balances at 30 Soptembar 2024 86,640 147,158 233.798 107,209 136.658 243,867 The statement of financial activities includes all galns and losses recognised in the year. All income and expenditure derive from continuing activities.
ANGELLO DEVELOPMENT FOUNDATION BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notes Flxed assets Investments 13 148,240 148,240 Current assets Debtors Cash at bank and in hand 14 254,886 58,361 264,891 57.676 313.247 322,567 Credltors: amounts falllng due wlthln one year 16 (1.720) 188,225) Net current assets 311,527 234,342 Total assets less currant Ilabilitles 459,767 382,582 Credltors: amounts falllng due after more than one year 17 (225.969) {138,715) Net assets 233,798 243.867 Income funds Restricted funds Unrestricted funds 19 147,158 86.640 136,658 107,209 233,798 243,867 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for th8 year ended 30 September 2024. The d1ctOr acknowledges his responsibilities for complying with the requirements of the Compani&s Acl 2006 with respect to aeKounting records and the preparauon of financial statements.
ANGELLO DEVELOPMENT FOUNDATION BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024 The members have not required the company to obtain an audit of its flnancial statements for th8 y8ar in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 19 February 2025 Mr.P J Lindsayz. Trustee/ Company registration n mber N1604374
ANGELLO DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies Charity infomiation Angello Development Foundation is a private company limited by guarantee incorporated in Northem Ireland. Their registered company number Is N1604374, and their registered charity number is NIC101440. The registered office is Garvey Studios, 8-10 Longstone Street, Lisbum. Northem Irèland, BT28 1TP. 1.1 Accounting convention The financial statements have been prepared in accordance with the trust's Igoverning documentl. the Companies Act 2006. FRS 102 "The Flnancial Reporting Standard applicable in the UK and Republic of Ireland. (°FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities: Statsment ol 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 l January 2019). The tNst is a Public Benefit Entity as defined by FRS 102. Th8 trust has tak8n advantage of the provisions in th8 SORP for charitie5 not to pr8pare a Statement of Cash Flows. The financial statements are prepared in sleding, 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 historical cost convention. The principa5 a¢counting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statem8nts. the trustees have a reasonable expectation that th8 trust has adequate resources to continue in operational existence for the foreseeable fulure. Thus the trLBlees ontinue to adopt the going concem basis of accounting in pr8paring the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of Ihe trustees in furtherance of their charitable objectrves. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial statements. Endowment fvnds are Subject to specrfic condition5 by donors that the capital musl be malntalned 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 r8liably. and it is probable that income will be received. Cash (Jonations are recognised on receipt. other donations are recognised once the trust ha5 been nolified of the donation. unless performance conditions require deferral of th8 amount. Income tsx recoverab18 in relation to donations received undèr Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise 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 2024 Accounting policies (Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economi¢ 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 dIrt costs and shared costs. including support costs involved in undertaking each activity. Dlrect 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 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 investmènts 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 include cash in hand. deposits held at call with banks. other short-lerm liquid investments wrth original maturit18s of three months or less, and bank overdraft5. 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 financlal instruments. Financial instrum8nts ar8 recognised in the trust's balance sheet when the trust becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in th8 financial statements. when there is a legally enforceable right to set off th8 recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultsneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction pric8 including transaction costs and are subsequently carried at amorti58d cost using the effective interest method unless the 8rrangernent conslitutes 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 dassified as receivable within one year are not amortised. Baslc flnancial Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrum8nt 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 instruments are subsequently cArried at amorknsed cost. using the effectiv8 interest rate method. Trade creditors ar8 obligations to pay for goods or 5ervice5 that have been acquired in the ordinary cours8 01 operattons from suppllers. Amounts payable are classlfied as current liabilities rf payment is due within one year or less. If not, they are presented as non-cuenI liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effectlve interest method. 10-
ANGELLO DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollcles (Contlnued) Derecognition of financial liabilities Financial liabilities are derecognised when th8 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 temiinate 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 trust8es are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on hislorical experience and other factors that are considered to be relevanl. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affecls lY that period. or in the period of the revision and future period5 where the revision affects both current and future periods. Income from donations and legacies Unrestrlcted Restrlcted funds fund5 2024 2024 Total Unrestrlcted Restrlcted funds funds 2023 2023 Total 2024 2023 Donations and gifts Other 22.000 2,500 10,500 32,500 2,500 39.286 1.473 51,894 91.180 1,473 24,500 10.500 35,000 40.759 51,894 92,653 Income from Investments Unrestricted Unroslrlcted funds funds 2024 2023 SEAF Investment Income 6.096 362 11
ANGELLO DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 other income Unrestricted Unroslricted funds funds 2024 2023 Other Income 3,172 497 Expenditure on charitable activities Charitable Charitable Expendlturo Expendlluro 2024 2023 Direct costs Programme activity 31.149 15,296 Grant funding of activities (see note 7) 4,741 29,566 Share of support and governance costs (see note 8) Support Govemance 140) 1,408 18,447 54,337 46,230 Analysls by fund Unrestrtcted funds 54,337 46,230 Grants payable Charitable Charitabla Expendlture Expendlture 2024 2023 Grants to institulion5'. Oth8r 4.741 29,566 12-
ANGELLO DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Support and govemance costs allocated to activities 2024 2023 Office overheads Bank fees Foreign exchange loss Loans written off Governance costs 1.483 87 137 15.000 1,740 538 {736) 158 1,408 18,447 1,368 Analysed between: Charitable activities 18,447 1,368 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediting)= Fees payable for the independent examination of the charitys financial statements 1,740 1,408 10 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: 2024 2023 Malcolm R Johnston Paul Lindsay Travel expenses Travel expenses 6,359 1,762 2,361 2,586 During the year ended September 2024, Trustee travel expenses have been incurred of £8.121 (2023: £4,947). 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number The were no employees whose annual remunèration was more than £60,000. 12 Taxation The charlty Is exempt from tax on income and gains falling within sectlon 524 and 525 of th8 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. 13
ANGELLO DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 13 Fixed asset investments Unlisted Investments Cost or valuation At 1 October 2023 & 30 September 2024 148,240 Carrylng amount At 30 September 2024 148,240 At 30 September 2023 148,240 14-
ANGELLO DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 14 Debtors 2024 2023 Other debtors 254,886 264,891 15 Loans and overdrafts 2024 2023 Other loans 225,969 222,340 Payable within one year Payable after one year 83,625 138,715 225,969 16 Creditors: amounts falling due within one year 2024 2023 Notes Borrowings Deferred income Accruals and deferred incom8 83.625 3.000 1,600 18 1,720 1,720 88,225 17 Creditors: amounts falling due after more than one year 2024 2023 Borrowings 225,969 138,715 18 Deferred income 2024 2023 Other deferred income 3.000 Deferred income is included in the financial statements as follows: 2024 2023 Deferred incorne is included wlthin: Current liabilities 3,000 Movements in the year: 15-
ANGELLO DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 18 Deferred income (Contlnued) Deferred income at 1 October 2023 Released from previous periods Resources deferred in the year 3.000 (3,000) 3,000 Deferred income at 30 September 2024 3,000 19 Restrlctsd funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific condttions by donors as to how they may be used. At 1 October 2023 Incoming resources At30 September 2024 136.658 10.500 147,158 Previous year: At 1 October 2022 Incoming resources At30 September 2023 84.764 51.894 136.658 20 Unrestricted funds Th8 unrestricted funds of th8 charity cornpris8 thè unexp8nd8d balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been s8t aside out of unrestricted fund5 by the trustees for specific purposes. At 1 October 2023 Incomlng resources Resources At30 expended September 2024 General funds 107.209 33,768 (54,337) 86,640 Previous year: At 1 October 2022 Incoming resources Resources expended At30 September 2023 General funds 111,821 41,618 146,230) 107,209 16-
ANGELLO DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 21 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 30 September 2024: Investments Current assetsl(liabilities) Long tem liabilities 148,240 164,369 (225,969) 148.240 311,527 (225,969) 147,158 86,640 147,158 233,798 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 30 September 2023: Inv8Stments Current assetsl(liabililies) Long temi liabilities 148.240 97.684 (138.715) 148,240 234,342 (138,715) 136,658 107.209 136,658 243,867 22 Related party transactions Ideal Estates (Belfast) Limited was considered to be a related paty as Malcolm Johnston, a direclor in Angello Development Foundation was also a director of Ideal Eslates (Belfast) Limited. Ideal Estates has ceased and transferred all assets and liabilities lo The J. & M. Trust Limited. another relaled paty. At the end of the year, Angello Development Foundation owed Ideal Estates (Belfast) Limited £143,71512023: £194,715), £25,CKIO of which was provided as a loan in 2020. £10,000 provided in 2022, and £199,715 provided in 2023. Repayments of £56.000 {2023= £40.000) were made during the year. As Ideal Estales {Belfastl Limited transferred all assets and liabilities to The J. & M. Trust Limited, the balance of £143,715 is now payable to The J. & M. Trust Limrted. 17-