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 fInan￿S 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 a￿1
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 d1￿ctOr 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 dIr￿t 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-cu￿enI 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-