2025-09-30-accounts

Company registration number NI604374 (Northern Ireland)

ANGELLO DEVELOPMENT FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

ANGELLO DEVELOPMENT FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr P J Lindsay Mr S J Lennox Mr William Dalziel

Country of incorporation

United Kingdom (Northern Ireland)

(Appointed 4 December 2024)

NI604374

Charity registration England and Wales

• Registered office Garvey Studios 8-10 Longstone Street Lisburn BT28 1TP

• Independent examiner Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH

Bankers Ulster Bank 11-16 Donegall Square East Belfast BT1 5UB

ANGELLO DEVELOPMENT FOUNDATION

CONTENTS

Page Trustees’ report 1-3 Statement of trustees' responsibilities 4 Independent examiner's report 5 : Statement of financial activities 6 Balance sheet 7-8 Notes to the financial statements 9-17

ANGELLO DEVELOPMENT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 a

The trustees present their annual report and financial statements for the year ended 30 September 2025. 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 requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Angello Development Foundation has the company number NI604374 and is a registered charity, charity number NIC 101440. The registered office is Garvey Studios, 8-10 Longstone Street, Lisburn, Northern Ireland, BT28 1TP.

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 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 and/or training programmes, 4. The promotion and provision of community services, 5. The promotion of good ethics, especially in business and the economic life of the developing nations, 6. The promotion of ethical and transformational business solutions to impact on social and economic need.

The Trustees have regard to the Commission's public benefit requirement statutory guidance.

c. Main activities undertaken to further the Company's purposes for the public benefit

The charity has several activities running. The achievements are listed below in the Main achievements of the Company.

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ANGELLO DEVELOPMENT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 international ‘Angello Network’ formed with key national leaders from 15 nations as they collectively develop 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 with key international partners.

3. Building a Business Network across numerous countries in Eastern Europe, Central Asia and Africa to establish ecosystems that support faith driven enterprise.

4. Making selective investments in the early-stage businesses of high impact entrepreneurs.

b. Investment policy and performance

In pursuit of Foundation objectives, Trustees consider 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

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

At this stage in the development of the activities of the Foundation it operates with very limited resources. The Trustees do not consider a Reserves Policy is necessary.

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 the year and up to the date of signature of the financial statements were: Mr M R Johnston (Resigned 7 March 2025) Mr P J Lindsay Mr S J Lennox Mr William Dalziel (Appointed 4 December 2024)

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ANGELLO DEVELOPMENT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms - of the Articles of Association. Potential Trustees of the Company are considered by the Board. Primarily this review ‘considered whether, in the opinion of the Board, the prospective member will help the Company meets its aims and objectives. Applicants considered suitable are then invited by the Chairman to join the Board. Each Trustee of the Company is also appointed as a member. Those serving as Trustees are invited by the existing Board on the ground of their proven ability, relevant experience, and personal interest in the work of the Foundation and there is no scheme of training for directors in advance of their appointment.

c. Organisational structure and decision-making policies

The Board considers the strategy of the Foundation and agrees operational priorities. Broad strategy on disbursement of grants or investments is agreed collectively by the Board. Specific grants or investments are allocated by an investment sub-committee and only made to projects or organisations with which the Trustees have become familiar.

d. Financial risk management

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

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.

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Mr r P J Lindindsay - ee A
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18 March 2026 a
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ANGELLO DEVELOPMENT FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

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, of the 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; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

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ANGELLO DEVELOPMENT FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ANGELLO DEVELOPMENT FOUNDATION

| report to the trustees on my examination of the financial statements of Angello Development Foundation (the trust) for the year ended 30 September 2025.

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 the preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland) 2008.

| report in respect of my examination of the Charity’s financial statements carried out under the Charities Act (Northern Ireland) 2008. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under the Charities Act (Northern Ireland) 2008.

Independent examiner's statement

• | have completed my examination. | confirm that no matters have come to my attention in connection; with; the

• examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the trust as required by section 386 of the Companies Act 2006. 2 _ the financial statements do not accord with those records; or 3 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.

• 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

| have no concerns and have come across no other matters in connection 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. ral ,yr Patrick Miscampbell Miscampbell & Co

6 Annadale Avenue Belfast BT7 3JH

Dated: 18 March 2026

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ANGELLO DEVELOPMENT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2025	2025	2025	2024	2024	2024
	Notes		£	£	£	£	£	£
Income and endowments		from:
Donations and legacies		3	83,775	22,000	105,775	24,500	10,500	35,000
Investments		4	4,625	-	4,625	6,096	-	6,096
Other income		5	-	-	-	3,172	-	3,172
Total income			88,400	22,000	110,400	33,768	10,500	44,268
Expenditure on:
Charitable activities	6		97,300	13,471	110,771	54,337	-	54,337
Total expenditure			97,300	13,471	110,771	54,337	-	54,337
Net income/(expenditure) movement in funds		and	(8,900)	8,529	(371)	(20,569)	10,500	(10,069)
Reconciliation offunds:
Fund balances at 1 October
2024			86,640	147,158	233,798	107,209	136,658	243,867
Fund balances at 30
September2025			77,740	155,687	233,427	86,640	147,158	233,798

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

ANGELLO DEVELOPMENT FOUNDATION

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		2025		2024
	Notes	£	£	£	£
Fixed assets
Investments	13		148,240		148,240
Current assets
Debtors	14	275,717		254,886
Cash at bank and in hand		32,798		58,361
		308,515		313,247
Creditors: amounts falling due within
one year	16	(1,639)		(1,720)
Net current assets			306,876		311,527
Total assets less current liabilities			455,116		459,767
Creditors: amounts falling due after
more than one year	17		(221,689)		(225,969)
Net assets			233,427		233,798
Income funds
Restricted funds	18		155,687		147,158
Unrestricted funds			77,740		86,640
			233,427		233,798

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 2025.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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ANGELLO DEVELOPMENT FOUNDATION

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2025

ns

The members have not required the company to obtain an audit of its financial statements for the year 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 18 March 2026

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Mr P J Lindsay ee \ . vA vy
Trustee pee a OEPILE .
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Company registrationnumber NI604374

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

• 1 Accounting policies

Charity information

Angello Development Foundation is a private company limited by guarantee incorporated in Northern Ireland. Their registered company number is NI604374, and their registered charity number is NIC101440. The registered office is Garvey Studios, 8-10 Longstone Street, Lisburn, Northern Ireland, BT28 1TP.

• 1.1 Basis of preparation

The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities 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 historical cost convention. The principal accounting 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 accounting in preparing the financial statements.

• 1.3. Charitable funds Unrestricted 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 or grantors 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 once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under 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.

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

• 1 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable toa 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 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 income/(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-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 ‘Other 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 to 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.

Basic 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 instruments 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 classified 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.

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

• 1 Accounting policies

(Continued)

Derecognition 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.

2 Critical accounting estimates and judgements

In the application of the trust's accounting policies, the trustees 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 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 estimate 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.

3 Income from donations and legacies

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |funds|funds|funds|funds| |2025|2025|2025|2024|2024|2024| |£|£|£|£|£|£| |Donations|and|gifts|81,275|22,000|103,275|22,000|10,500|32,500| |Gift|aid|income|2,500|-|2,500|2,500|-|2,500| |83,775|22,000|105,775|24,500|10,500|35,000|

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4 Income from investments

Interest receivable and capital payment

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||| |---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |4,625|6,096|

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5 Other income

		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Era 92 loan	-	3,172
6	Expenditure on charitable activities
		Charitable	Charitable
		Expenditure	Expenditure
		2025	2024
		£	£
	Direct costs
	Programme activity	97,320	31,149
	Grantfunding of activities (see note 7)	8,192	4,741
	Share ofsupport and governance costs (see note 8)
	Governance	5,259	18,447
		110,771	54,337
	Analysis by fund
	Unrestricted funds	97,300	54,337
	Restricted funds	13,471	=
		110,771	54,337
7	Grants payable
		Charitable	Charitable
		Expenditure	Expenditure
		2025	2024
		£	£
	Grants to institutions:
	Other	8,192	4,741

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

8	Support and governance costs allocated to activities
		2025	2024
		£	£
	Office overheads	3,218	1,483
	Bank fees	158	87
	Foreign exchange loss	.	be
	Loans written off	=	15,000
	Governance costs	1,883	1,740
		5,259	18,447
	Analysed between:
	Charitable activities	5,259	18,447
9	Net movement in funds	2025	2024
		£	£
	The net movement in funds is stated after charging/(crediting):
	Fees payable for the independent examination ofthe charity's financial
	statements	1,883	1,740

• 9

10 Trustees

Trustees are 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;

		2025	2024
		£	£
Malcolm R Johnston	Travel expenses	6,319	6,359
PaulLindsay	Travelexpenses	3,370	1,762

During the year ended September 2025, Trustee travel expenses have been incurred of £9,689 (2024: £8,121).

1. Employees

The average monthly number of employees during the year was:

2025	2024
Number	Number
3	3

There were no employees whose annual remuneration was more than £60,000.

12 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.

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

13	Fixed asset investments
		Unlisted
		investments
		£
	Cost or valuation
	At 1 October 2024 & 30 September 2025	148,240
	Carrying amount
	At 30 September 2025	148,240
	At30September2024	148,240

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

14	Debtors
		2025	2024
		£	£
	Other debtors	275,717	254,886
15	Loans and overdrafts
		2025	2024
		£	£
	Other loans	221,689	225,969
	Payable afterone year	221,689	225,969
16	Creditors: amounts falling due within one year
		2025	2024
		£	£
	Accruals and deferred income	1,639	1,720
17	Creditors: amounts falling due after more than one year
		2025	2024
		£	£
	Borrowings	221,689	225,969

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

		At	1	October	Incoming	Resources	At 30
				2024	resources	expended	September
							2025
				£	£	£	£
Restricted	funds			147,158	22,000	(13,471)	155,687
Previous	year:	At	1	October	Incoming	Resources	At 30
				2023	resources	expended	September
							2024
				£	£	£	£
Restricted	funds			136,658	10,500	-	147,158

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended 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 set aside out of unrestricted funds by the trustees for specific purposes.

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|||||||||| |---|---|---|---|---|---|---|---|---| |At|1|October|Incoming|Resources|At|30| |2024|resources|expended|September| |2025| |£|£|£|£| |General|funds|86,640|88,400|(97,300)|77,740| |Previous|year:|At|1|October|Incoming|Resources|At|30| |2023|resources|expended|September| |2024| |£|£|£|£| |General|funds|107,209|33,768|(54,337)|86,640| |Analysis|of|net|assets|between|funds| |Unrestricted|Restricted|Total| |funds|funds| |2025|2025|2025| |£|£|£| |At|30|September|2025:| |Investments|148,240|-|148,240| |Current|assets/(liabilities)|151,189|155,687|306,876| |Long|term|liabilities|(221,689)|-|(221,689)| |77,740|155,687|233,427| |Unrestricted|Restricted|Total| |funds|funds| |2024|2024|2024| |£|£|£| |At|30|September|2024:| |Investments|148,240|-|148,240| |Current|assets/ (liabilities)|164,369|147,158|311,527| |Long|term|liabilities|(225,969)|-|(225,969)| |86,640|147,158|233,798|

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20 Analysis of net assets between funds

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ANGELLO DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

21 ~+Related party transactions

Ideal Estates (Belfast) Limited was considered to be a related party as Malcolm Johnston, a director in Angello Development Foundation was also a director of Ideal Estates (Belfast) Limited. Ideal Estates ceased and transferred all assets and liabilities to The J. & M. Trust Limited, another related party.

Repayments of £6,200 (2024: £56,000) were paid to The J. & M. Trust Limited, leaving a balance of £137,515 due to be paid (2024: £143,715).

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